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 2023-08-04

Renasant Corp - 10-Q quarterly report FY


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ________________________________________________________
FORM 10-Q
 ________________________________________________________
(Mark One)
☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 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
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Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of July 31, 2023, 56,136,863 shares of the registrant’s common stock, $5.00 par value per share, were outstanding.

Renasant Corporation and Subsidiaries
Form 10-Q
For the Quarterly Period Ended June 30, 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
43
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
70
Item 4.
Controls and Procedures
70
PART II
Item 1A.
Risk Factors
71
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
71
Item 5.
Other Information
72
Item 6.
Exhibits
72
73



PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS

Renasant Corporation and Subsidiaries
Consolidated Balance Sheets

(In Thousands, Except Share Data)
(Unaudited)
June 30,
2023		December 31, 2022
Assets
Cash and due from banks$211,452 $193,513 
Interest-bearing balances with banks735,447 382,479 
Cash and cash equivalents946,899 575,992 
Securities held to maturity (net of allowance for credit losses of $32 at each of June 30, 2023 and December 31, 2022) (fair value of $1,153,541 and $1,206,540, respectively)
1,273,044 1,324,040 
Securities available for sale, at fair value950,930 1,533,942 
Loans held for sale, at fair value249,615 110,105 
Loans held for investment, net of unearned income11,930,516 11,578,304 
Allowance for credit losses on loans(194,391)(192,090)
Loans, net11,736,125 11,386,214 
Premises and equipment, net285,952 283,595 
Other real estate owned, net5,120 1,763 
Goodwill991,665 991,708 
Other intangible assets, net21,381 24,176 
Bank-owned life insurance377,649 373,808 
Mortgage servicing rights87,432 84,448 
Other assets298,530 298,385 
Total assets$17,224,342 $16,988,176 
Liabilities and shareholders’ equity
Liabilities
Deposits
Noninterest-bearing$3,878,953 $4,558,756 
Interest-bearing10,216,408 8,928,210 
Total deposits14,095,361 13,486,966 
Short-term borrowings257,305 712,232 
Long-term debt429,630 428,133 
Other liabilities233,418 224,829 
Total liabilities15,015,714 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; 56,132,478 and 55,953,104 shares outstanding, respectively
296,483 296,483 
Treasury stock, at cost – 3,164,247 and 3,343,621 shares, respectively
(105,589)(111,577)
Additional paid-in capital1,301,883 1,302,422 
Retained earnings907,312 857,725 
Accumulated other comprehensive loss, net of taxes(191,461)(209,037)
Total shareholders’ equity2,208,628 2,136,016 
Total liabilities and shareholders’ equity$17,224,342 $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 EndedSix Months Ended
 June 30,June 30,
 2023202220232022
Interest income
Loans$176,188 $108,995 $339,712 $207,687 
Securities
Taxable12,300 10,567 25,553 19,501 
Tax-exempt1,700 1,904 3,538 3,805 
Other6,978 1,954 12,408 2,618 
Total interest income197,166 123,420 381,211 233,611 
Interest expense
Deposits51,391 5,018 84,257 10,655 
Borrowings15,559 4,887 30,963 9,812 
Total interest expense66,950 9,905 115,220 20,467 
Net interest income130,216 113,515 265,991 213,144 
Provision for credit losses on loans3,000 2,000 10,960 3,500 
Net interest income after provision for credit losses127,216 111,515 255,031 209,644 
Noninterest income
Service charges on deposit accounts9,733 9,734 18,853 19,296 
Fees and commissions4,987 4,668 9,663 8,650 
Insurance commissions2,809 2,591 5,255 5,145 
Wealth management revenue5,338 5,711 10,478 11,635 
Mortgage banking income9,771 8,316 18,288 17,949 
Net loss on sales of securities(22,438)— (22,438)— 
BOLI income2,402 2,331 5,405 4,484 
Other4,624 3,863 9,015 7,513 
Total noninterest income17,226 37,214 54,519 74,672 
Noninterest expense
Salaries and employee benefits70,637 65,580 140,469 127,819 
Data processing3,684 3,590 7,317 7,853 
Net occupancy and equipment11,865 11,155 23,270 22,431 
Other real estate owned51 (187)81 (428)
Professional fees4,012 2,778 7,479 5,929 
Advertising and public relations3,482 3,406 8,168 7,465 
Intangible amortization1,369 1,310 2,795 2,676 
Communications2,226 1,904 4,206 3,931 
Merger and conversion related expenses— — — 687 
Restructuring charges— 1,187 — 732 
Other11,839 7,471 23,088 13,204 
Total noninterest expense109,165 98,194 216,873 192,299 
Income before income taxes35,277 50,535 92,677 92,017 
Income taxes6,634 10,857 17,956 18,792 
Net income$28,643 $39,678 $74,721 $73,225 
Basic earnings per share$0.51 $0.71 $1.33 $1.31 
Diluted earnings per share$0.51 $0.71 $1.33 $1.30 
Cash dividends per common share$0.22 $0.22 $0.44 $0.44 
See Notes to Consolidated Financial Statements.
2
Renasant Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)
(In Thousands)
 
Three Months EndedSix Months Ended
 June 30,June 30,
 2023202220232022
Net income$28,643 $39,678 $74,721 $73,225 
Other comprehensive income (loss), net of tax:
Securities available for sale:
Unrealized holding losses on securities(15,930)(56,958)(399)(157,420)
Reclassification adjustment for losses realized in net income16,816 — 16,816 — 
Amortization of unrealized holding losses (gains) on securities transferred to the held to maturity category2,252 (164)4,580 (238)
Total securities available for sale3,138 (57,122)20,997 (157,658)
Derivative instruments:
Unrealized holding (losses) gains on derivative instruments(2,361)6,262 (3,593)12,641 
Total derivative instruments(2,361)6,262 (3,593)12,641 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost86 31 172 62 
Total defined benefit pension and post-retirement benefit plans86 31 172 62 
Other comprehensive income (loss), net of tax863 (50,829)17,576 (144,955)
Comprehensive income (loss)$29,506 $(11,151)$92,297 $(71,730)

See Notes to Consolidated Financial Statements.
3

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

(In Thousands, Except Share Data)

Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Six Months Ended June 30, 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 
Net income— $— $— $— $28,643 $— $28,643 
Other comprehensive income— — — — — 863 863 
Comprehensive income29,506 
Cash dividends ($0.22 per share)
— — — — (12,573)— (12,573)
Issuance of common stock for stock-based compensation awards58,820 — 1,970 (970)— — 1,000 
Stock-based compensation expense— — — 3,395 — — 3,395 
Balance at June 30, 202356,132,478 $296,483 $(105,589)$1,301,883 $907,312 $(191,461)$2,208,628 
Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal
Six Months Ended June 30, 2022SharesAmount
Balance at January 1, 202255,756,233 $296,483 $(118,027)$1,300,192 $741,648 $(10,443)$2,209,853 
Net income— — — — 33,547 — 33,547 
Other comprehensive loss— — — — — (94,126)(94,126)
Comprehensive loss(60,579)
Cash dividends ($0.22 per share)
— — — — (12,505)— (12,505)
Issuance of common stock for stock-based compensation awards124,433 — 3,977 (6,442)— — (2,465)
Stock-based compensation expense— — — 3,338 — — 3,338 
Balance at March 31, 202255,880,666 $296,483 $(114,050)$1,297,088 $762,690 $(104,569)$2,137,642 
Net income— $— $— $— $39,678 $— $39,678 
Other comprehensive loss— — — — — (50,829)(50,829)
Comprehensive loss(11,151)
Cash dividends ($0.22 per share)
— — — — (12,488)— (12,488)
Issuance of common stock for stock-based compensation awards51,351 — 1,755 (1,833)— — (78)
Stock-based compensation expense— — — 2,952 — — 2,952 
Balance at June 30, 202255,932,017 $296,483 $(112,295)$1,298,207 $789,880 $(155,398)$2,116,877 

See Notes to Consolidated Financial Statements.
4
Renasant Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(In Thousands)
 Six Months Ended June 30,
 20232022
Operating activities
Net income$74,721 $73,225 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Provision for credit losses10,960 3,500 
Depreciation, amortization and accretion18,365 23,947 
Deferred income tax expense302 5,150 
Funding of mortgage loans held for sale(659,921)(1,076,613)
Proceeds from sales of mortgage loans held for sale526,853 1,345,924 
Gains on sales of mortgage loans held for sale(9,417)(9,537)
Losses on sales of securities22,438 — 
Losses (gains) on sales of premises and equipment7 (236)
Stock-based compensation expense6,840 6,290 
Increase in other assets(26,264)(2,867)
Increase (decrease) in other liabilities3,576 (19,077)
Net cash (used in) provided by operating activities(31,540)349,706 
Investing activities
Purchases of securities available for sale— (609,752)
Proceeds from sales of securities available for sale488,981 — 
Proceeds from call/maturities of securities available for sale90,830 249,394 
Purchases of securities held to maturity— (91,803)
Proceeds from call/maturities of securities held to maturity54,123 17,262 
Net increase in loans(363,231)(555,936)
Purchases of premises and equipment(12,353)(5,865)
Proceeds from sales of premises and equipment— 933 
Purchase of bank-owned life insurance— (80,000)
Net change in FHLB stock13,268 (3,526)
Proceeds from sales of other assets827 1,524 
Net cash paid in acquisition of businesses— (10,066)
Other, net1,668 622 
Net cash provided by (used in) investing activities274,113 (1,087,213)
Financing activities
Net (decrease) increase in noninterest-bearing deposits(679,803)23,273 
Net increase (decrease) in interest-bearing deposits1,288,198 (165,068)
Net (decrease) increase in short-term borrowings(454,927)69,215 
Repayment of long-term debt— (32,417)
Cash paid for dividends(25,134)(24,993)
Net cash provided by (used in) financing activities128,334 (129,990)
Net increase (decrease) in cash and cash equivalents370,907 (867,497)
Cash and cash equivalents at beginning of period575,992 1,877,965 
Cash and cash equivalents at end of period$946,899 $1,010,468 
Supplemental disclosures
Cash paid for interest$91,861 $19,959 
Cash paid for income taxes$23,071 $6,367 
Noncash transactions:
Transfers of loans to other real estate owned$4,119 $1,284 
Recognition of operating right-of-use assets$611 $1,595 
Recognition of operating lease liabilities$611 $1,595 

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 and 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 purchases 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 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“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 June 30, 2023 or December 31, 2022.
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
June 30, 2023
Obligations of states and political subdivisions$41,474 $16 $(3,439)$38,051 
Residential mortgage backed securities:
Government agency mortgage backed securities328,760 28 (42,751)286,037 
Government agency collateralized mortgage obligations516,474 — (101,385)415,089 
Commercial mortgage backed securities:
Government agency mortgage backed securities6,042 — (797)5,245 
Government agency collateralized mortgage obligations164,320 — (25,508)138,812 
Other debt securities73,049 316 (5,669)67,696 
$1,130,119 $360 $(179,549)$950,930 
 
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
June 30, 2023
Obligations of states and political subdivisions$289,949 $23 $(42,782)$247,190 
Residential mortgage backed securities
Government agency mortgage backed securities455,199 — (25,797)429,402 
Government agency collateralized mortgage obligations405,793 — (35,372)370,421 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,995 — (3,231)13,764 
Government agency collateralized mortgage obligations44,913 — (7,318)37,595 
Other debt securities60,227 — (5,058)55,169 
$1,273,076 $23 $(119,558)$1,153,541 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$1,273,044 
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 

Securities sold were as follows for the three and six months ended June 30, 2023. There were no securities sold during the three and six months ended June 30, 2022.
8
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Carrying ValueNet Proceeds(Loss)
Three months ended June 30, 2023
Obligations of other U.S. Government agencies and corporations$170,000 $164,915 $(5,085)
Obligations of states and political subdivisions104,950 99,439 $(5,511)
Residential mortgage backed securities:
Government agency mortgage backed securities137,196 130,602 $(6,594)
Government agency collateralized mortgage obligations54,028 51,101 (2,927)
Commercial mortgage backed securities:
Government agency mortgage backed securities5,048 4,825 (223)
Government agency collateralized mortgage obligations40,197 38,099 (2,098)
$511,419 $488,981 $(22,438)
Six months ended June 30, 2023
Obligations of other U.S. Government agencies and corporations$170,000 $164,915 $(5,085)
Obligations of states and political subdivisions104,950 99,439 (5,511)
Residential mortgage backed securities:
Government agency mortgage backed securities137,196 130,602 (6,594)
Government agency collateralized mortgage obligations54,028 51,101 (2,927)
Commercial mortgage backed securities:
Government agency mortgage backed securities5,048 4,825 (223)
Government agency collateralized mortgage obligations40,197 38,099 (2,098)
$511,419 $488,981 $(22,438)
At June 30, 2023 and December 31, 2022, securities with a carrying value of $771,201 and $824,417, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $14,822 and $18,184 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2023 and December 31, 2022, respectively.
The amortized cost and fair value of securities at June 30, 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.
 
 Held to MaturityAvailable for Sale
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due within one year$— $— $8,630 $8,599 
Due after one year through five years3,294 3,115 37,323 37,428 
Due after five years through ten years70,241 61,158 51,728 44,978 
Due after ten years216,413 182,917 16,769 14,671 
Residential mortgage backed securities:
Government agency mortgage backed securities455,199 429,402 328,760 286,037 
Government agency collateralized mortgage obligations405,793 370,421 516,474 415,089 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,995 13,764 6,042 5,245 
Government agency collateralized mortgage obligations44,913 37,595 164,320 138,812 
Other debt securities60,228 55,169 73 71 
$1,273,076 $1,153,541 $1,130,119 $950,930 
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:
June 30, 2023
Obligations of states and political subdivisions107,827 (35)1023,073 (3,404)2030,900 (3,439)
Residential mortgage backed securities:
Government agency mortgage backed securities46,673 (368)46275,823 (42,383)50282,496 (42,751)
Government agency collateralized mortgage obligations0— — 41415,090 (101,385)41415,090 (101,385)
Commercial mortgage backed securities:
Government agency mortgage backed securities—— — 25,245 (797)25,245 (797)
Government agency collateralized mortgage obligations11,131 (38)26137,681 (25,470)27138,812 (25,508)
Other debt securities35,492 (800)1832,171 (4,869)2137,663 (5,669)
Total18$21,123 $(1,241)143$889,083 $(178,308)161$910,206 $(179,549)
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:
June 30, 2023
Obligations of states and political subdivisions126$242,673 $(42,767)1$426 $(15)127$243,099 $(42,782)
Residential mortgage backed securities:
Government agency mortgage backed securities239,028 (1,387)68395,220 (24,410)70434,248 (25,797)
Government agency collateralized mortgage obligations126,396 (1,278)17344,025 (34,094)18370,421 (35,372)
Commercial mortgage backed securities:
Government agency mortgage backed securities—— — 113,764 (3,231)113,764 (3,231)
Government agency collateralized mortgage obligations14,290 (298)833,305 (7,020)937,595 (7,318)
Other debt securities—— — 1050,323 (5,058)1050,323 (5,058)
Total130$312,387 $(45,730)105$837,063 $(73,828)235$1,149,450 $(119,558)
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.

As of June 30, 2023, the Company does not intend to sell any securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period longer than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. Based upon its review of securities with unrealized losses as of June 30, 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 six months of 2023.

The allowance for credit losses on held to maturity securities was $32 at June 30, 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 June 30, 2023, all 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)
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:
 
June 30,
2023		December 31, 2022
Commercial, financial, agricultural$1,729,070 $1,673,883 
Lease financing129,998 122,167 
Real estate – construction:
Residential308,401 355,500 
Commercial1,060,618 974,837 
Total real estate – construction1,369,019 1,330,337 
Real estate – 1-4 family mortgage:
Primary2,372,739 2,222,856 
Home equity502,341 501,906 
Rental/investment335,509 334,382 
Land development138,065 157,119 
Total real estate – 1-4 family mortgage3,348,654 3,216,263 
Real estate – commercial mortgage:
Owner-occupied1,553,890 1,539,296 
Non-owner occupied3,585,160 3,452,910 
Land development113,429 125,857 
Total real estate – commercial mortgage5,252,479 5,118,063 
Installment loans to individuals108,924 124,745 
Gross loans11,938,144 11,585,458 
Unearned income(7,628)(7,154)
Loans, net of unearned income$11,930,516 $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.
12
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following tables provide an aging of past due accruing and nonaccruing loans, segregated by class, as of the dates presented:
 Accruing LoansNonaccruing Loans 
 30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		Total
Loans
June 30, 2023
Commercial, financial, agricultural$238 $228 $1,721,134 $1,721,600 $14 $1,904 $5,552 $7,470 $1,729,070 
Lease financing— — 129,998 129,998 — — — — 129,998 
Real estate – construction:
Residential— — 308,401 308,401 — — — — 308,401 
Commercial— — 1,060,618 1,060,618 — — — — 1,060,618 
Total real estate – construction— — 1,369,019 1,369,019 — — — — 1,369,019 
Real estate – 1-4 family mortgage:
Primary6,127 — 2,330,145 2,336,272 4,350 17,260 14,857 36,467 2,372,739 
Home equity2,340 — 497,702 500,042 296 835 1,168 2,299 502,341 
Rental/investment146 1 332,277 332,424 319 2,236 530 3,085 335,509 
Land development64 — 137,982 138,046 — 3 16 19 138,065 
Total real estate – 1-4 family mortgage8,677 1 3,298,106 3,306,784 4,965 20,334 16,571 41,870 3,348,654 
Real estate – commercial mortgage:
Owner-occupied1,110 20,999 1,528,758 1,550,867 — 1,639 1,384 3,023 1,553,890 
Non-owner occupied741 15,092 3,566,577 3,582,410 — — 2,750 2,750 3,585,160 
Land development414 — 112,961 113,375 7 — 47 54 113,429 
Total real estate – commercial mortgage2,265 36,091 5,208,296 5,246,652 7 1,639 4,181 5,827 5,252,479 
Installment loans to individuals966 1 107,685 108,652 25 123 124 272 108,924 
Unearned income— — (7,628)(7,628)— — — — (7,628)
Loans, net of unearned income$12,146 $36,321 $11,826,610 $11,875,077 $5,011 $24,000 $26,428 $55,439 $11,930,516 
 
13
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Accruing LoansNonaccruing Loans 
 30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		Total
Loans
December 31, 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 Accounting Standards Update 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). At June 30, 2023, these loan modifications were performing in accordance with their modified terms and unused commitments totaled $1,600. 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.
14
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following table presents the amortized cost basis of loans that were both experiencing financial difficulty and modified during the three months and six months ended June 30, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of loans is also presented below.

Three Months EndedSix Months Ended
Interest Rate ReductionTerm ExtensionPayment DelayTotal% Total Loans by ClassInterest Rate ReductionTerm ExtensionPayment DelayTotal% Total Loans by Class
Commercial, financial, agricultural$— $1,210 $— $1,210 0.07 %$— $1,210 $— $1,210 0.07 %
Real estate – construction:
Residential— 4,366 — 4,366 1.42 — 4,366 — 4,366 1.42 
Total real estate – construction— 4,366 — 4,366 0.32 — 4,366 — 4,366 0.32 
Real estate – 1-4 family mortgage:
Home equity9 — — 9 — 9 — — 9 — 
Total real estate – 1-4 family mortgage9 — — 9 — 9 — — 9 — 
Real estate – commercial mortgage:
Owner-occupied— — — — — 155 — — 155 0.01 
Non-owner occupied— — — — — 1,026 — — 1,026 0.03 
Land development— 97 277 374 0.33 — 97 277 374 0.33 
Total real estate – commercial mortgage— 97 277 374 0.01 1,181 97 277 1,555 0.03 
Loans, net of unearned income$9 $5,673 $277 $5,959 0.05 %$1,190 $5,673 $277 $7,140 0.06 %

The following table presents the weighted average financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three and six months ended June 30, 2023.

Three Months EndedSix Months Ended
Interest Rate Reduction (in basis points)Term Extension (in months)Payment Delay (in months)Interest Rate Reduction (in basis points)Term Extension (in months)Payment Delay (in months)
Commercial, financial, agricultural— 2.1 — — 2.1 — 
Real estate – construction:
Residential— 4.7 — — 4.7 — 
Real estate – 1-4 family mortgage:
Home equity300 — — 300 — — 
Real estate – commercial mortgage:
Owner-occupied— — — 68 — — 
Non-owner occupied— — — 12 — — 
Land development— 8.4 3.0 — 8.4 3.0 
Loans, net of unearned income300 4.2 3.0 21 4.2 3.0 
Credit Quality
For loans with a commercial purpose, internal risk-rating grades are assigned by lending, credit administration and loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan.
15
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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 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
June 30, 2023
Commercial, Financial, Agricultural$160,357 $337,339 $181,509 $115,728 $57,124 $48,682 $807,867 $8,310 $1,716,916 
Pass159,095 330,341 180,712 114,617 56,481 38,893 792,703 8,071 1,680,913 
Special Mention108 255 84 882 122 1,360 3,437 73 6,321 
Substandard1,154 6,743 713 229 521 8,429 11,727 166 29,682 
Lease Financing Receivables$23,672 $54,488 $15,192 $16,291 $8,155 $4,572 $— $— $122,370 
Pass23,672 51,207 14,852 14,069 7,209 3,461 — — 114,470 
Special Mention— 2,903 — 2,148 880 1,111 — — 7,042 
Substandard— 378 340 74 66 — — — 858 
Real Estate - Construction$185,727 $550,565 $401,648 $90,582 $— $1,881 $20,208 $— $1,250,611 
Residential115,937 65,608 4,667 — — 375 3,406 — 189,993 
Pass115,701 60,205 4,667 — — 375 3,406 — 184,354 
Special Mention— 1,273 — — — — — — 1,273 
Substandard236 4,130 — — — — — — 4,366 
Commercial69,790 484,957 396,981 90,582 — 1,506 16,802 — 1,060,618 
Pass69,790 484,957 396,835 90,582 — 1,506 16,802 — 1,060,472 
Special Mention— — 146 — — — — — 146 
Substandard— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$59,631 $198,349 $119,937 $46,460 $21,573 $45,521 $26,542 $1,978 $519,991 
Primary4,982 10,317 6,702 4,437 2,030 10,265 1,684 972 41,389 
Pass4,797 10,093 6,484 4,437 2,017 9,788 1,684 972 40,272 
Special Mention185 — — — — 41 — — 226 
Substandard— 224 218 — 13 436 — — 891 
Home Equity1,258 188 1,066 — 36 26 16,086 102 18,762 
Pass1,258 188 1,024 — 36 3 16,038 — 18,547 
Special Mention— — — — — — — — — 
Substandard— — 42 — — 23 48 102 215 
Rental/Investment32,640 130,610 77,454 41,538 19,341 26,730 6,169 904 335,386 
Pass32,183 129,979 76,118 39,050 17,653 24,885 6,169 688 326,725 
Special Mention49 244 64 6 53 210 — — 626 
Substandard408 387 1,272 2,482 1,635 1,635 — 216 8,035 
Land Development20,751 57,234 34,715 485 166 8,500 2,603 — 124,454 
Pass20,711 57,184 34,715 466 166 8,356 2,603 — 124,201 
Special Mention— 50 — — — 101 — — 151 
Substandard40 — — 19 — 43 — — 102 
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
Real Estate - Commercial Mortgage$299,282 $1,632,288 $1,081,857 $703,409 $451,560 $920,297 $125,452 $24,729 $5,238,874 
Owner-Occupied88,498 324,773 327,055 225,311 166,529 362,717 55,483 3,395 1,553,761 
Pass87,853 313,918 323,360 221,598 162,782 340,878 46,343 3,110 1,499,842 
Special Mention322 — 2,281 1,115 405 679 19 — 4,821 
Substandard323 10,855 1,414 2,598 3,342 21,160 9,121 285 49,098 
Non-Owner Occupied201,254 1,258,819 739,030 472,819 279,605 548,488 63,974 21,145 3,585,134 
Pass201,225 1,255,224 736,016 472,819 256,063 466,144 63,974 11,960 3,463,425 
Special Mention29 463 2,633 — 7,007 25,645 — — 35,777 
Substandard— 3,132 381 — 16,535 56,699 — 9,185 85,932 
Land Development9,530 48,696 15,772 5,279 5,426 9,092 5,995 189 99,979 
Pass9,495 48,194 15,452 4,836 5,404 8,635 5,938 189 98,143 
Special Mention— 193 38 — — — — — 231 
Substandard35 309 282 443 22 457 57 — 1,605 
Installment loans to individuals$— $— $— $— $13 $— $— $— $13 
Pass— — — — 13 — — — 13 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$728,669 $2,773,029 $1,800,143 $972,470 $538,425 $1,020,953 $980,069 $35,017 $8,848,775 
Pass725,780 2,741,490 1,790,235 962,474 507,824 902,924 955,660 24,990 8,611,377 
Special Mention693 5,381 5,246 4,151 8,467 29,147 3,456 73 56,614 
Substandard2,196 26,158 4,662 5,845 22,134 88,882 20,953 9,954 180,784 


 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 

18
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
 Term Loans Amortized Cost Basis by Origination Year
 20232022202120202019PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2023
Commercial, Financial, Agricultural$— $13 $— $— $— $12,141 $— $— $12,154 
Performing Loans— 13 — — — 12,141 — — 12,154 
Non-Performing Loans— — — — — — — — — 
Real Estate - Construction$13,699 $71,472 $33,228 $— $— $— $9 $— $118,408 
Residential13,699 71,472 33,228 — — — 9 — 118,408 
Performing Loans13,699 71,472 33,228 — — — 9 — 118,408 
Non-Performing Loans— — — — — — — — — 
Commercial— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$212,571 $715,606 $548,966 $331,405 $145,876 $391,344 $477,190 $5,705 $2,828,663 
Primary209,042 710,207 546,177 330,520 145,348 390,002 — 54 2,331,350 
Performing Loans208,984 706,836 542,180 323,546 140,598 372,881 — 54 2,295,079 
Non-Performing Loans58 3,371 3,997 6,974 4,750 17,121 — — 36,271 
Home Equity— — 111 — — 627 477,190 5,651 483,579 
Performing Loans— — 111 — — 562 475,953 4,653 481,279 
Non-Performing Loans— — — — — 65 1,237 998 2,300 
Rental/Investment— — — — — 123 — — 123 
Performing Loans— — — — — 123 — — 123 
Non-Performing Loans— — — — — — — — — 
Land Development3,529 5,399 2,678 885 528 592 — — 13,611 
Performing Loans3,529 5,399 2,678 885 528 592 — — 13,611 
Non-Performing Loans— — — — — — — — — 
Real Estate - Commercial Mortgage$2,816 $3,768 $3,223 $2,203 $1,046 $549 $— $— $13,605 
Owner-Occupied— — — 129 — — — — 129 
Performing Loans— — — 129 — — — — 129 
Non-Performing Loans— — — — — — — — — 
Non-Owner Occupied— — — 26 — — — — 26 
Performing Loans— — — 26 — — — — 26 
Non-Performing Loans— — — — — — — — — 
Land Development2,816 3,768 3,223 2,048 1,046 549 — — 13,450 
Performing Loans2,816 3,725 3,223 2,044 1,046 549 — — 13,403 
Non-Performing Loans— 43 — 4 — — — — 47 
Installment loans to individuals$21,153 $25,881 $10,415 $4,340 $11,782 $21,476 $13,843 $21 $108,911 
Performing Loans21,153 25,779 10,413 4,309 11,745 21,382 13,843 15 108,639 
Non-Performing Loans— 102 2 31 37 94 — 6 272 
Total loans not subject to risk rating$250,239 $816,740 $595,832 $337,948 $158,704 $425,510 $491,042 $5,726 $3,081,741 
Performing Loans250,181 813,224 591,833 330,939 153,917 408,230 489,805 4,722 3,042,851 
Non-Performing Loans58 3,516 3,999 7,009 4,787 17,280 1,237 1,004 38,890 
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 discloses gross charge-offs by year of origination for the six months ended June 30:

20232022202120202019PriorRevolving LoansTotal Charge-offs
Commercial, financial, agricultural$17 $403 $118 $120 $— $3,945 $865 $5,468 
Real estate – construction:
Residential— 57 — — — — — 57 
Real estate – 1-4 family mortgage:
Primary— — — — — 57 — 57 
Home equity— — — — 25 82 — 107 
Rental/investment— 51 — — — — — 51 
Total real estate – 1-4 family mortgage— 51 — — 25 139 — 215 
Real estate – commercial mortgage:
Owner-occupied— — — — — 525 — 525 
Non-owner occupied— — — 2,442 — 2,545 — 4,987 
Total real estate – commercial mortgage— — — 2,442 — 3,070 — 5,512 
Installment loans to individuals3 37 38 5 2 1,305 — 1,390 
Loans, net of unearned income$20 $548 $156 $2,567 $27 $8,459 $865 $12,642 
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 June 30, 2023 and December 31, 2022, the Company had accrued interest receivable for loans of $51,410 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 $1,231 and $1,248 as of June 30, 2023 and December 31, 2022, respectively.

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 June 30, 2023
Allowance for credit losses:
Beginning balance$44,678 $19,959 $45,981 $72,770 $2,437 $9,467 $195,292 
Charge-offs(4,939)(57)(212)(397)— (580)(6,185)
Recoveries1,274 — 170 278 6 556 2,284 
Net (charge-offs) recoveries(3,665)(57)(42)(119)6 (24)(3,901)
Provision for (recovery of) credit losses on loans297 (777)495 3,016 37 (68)3,000 
Ending balance$41,310 $19,125 $46,434 $75,667 $2,480 $9,375 $194,391 
Six Months Ended June 30, 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 loans acquired during the period(26)— — — — — (26)
Charge-offs(5,468)(57)(215)(5,512)— (1,390)(12,642)
Recoveries1,999 — 194 489 11 1,316 4,009 
Net (charge-offs) recoveries(3,469)(57)(21)(5,023)11 (74)(8,633)
Provision for (recovery of) credit losses on loans550 68 1,728 8,892 6 (284)10,960 
Ending balance$41,310 $19,125 $46,434 $75,667 $2,480 $9,375 $194,391 
Period-End Amount Allocated to:
Individually evaluated$10,773 $— $703 $1,269 $— $270 $13,015 
Collectively evaluated 30,537 19,125 45,731 74,398 2,480 9,105 181,376 
Ending balance$41,310 $19,125 $46,434 $75,667 $2,480 $9,375 $194,391 
Loans:
Individually evaluated$21,418 $— $13,545 $40,239 $— $270 $75,472 
Collectively evaluated 1,707,652 1,369,019 3,335,109 5,212,240 122,370 108,654 11,855,044 
Ending balance$1,729,070 $1,369,019 $3,348,654 $5,252,479 $122,370 $108,924 $11,930,516 
Nonaccruing loans with no allowance for credit losses$2,021 $— $10,516 $3,969 $— $— $16,506 


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 June 30, 2022
Allowance for credit losses:
Beginning balance$33,606 $18,411 $36,848 $65,231 $1,582 $10,790 $166,468 
Charge-offs(2,239)— (161)(708)— (850)(3,958)
Recoveries431 — 169 192 11 818 1,621 
Net (charge-offs) recoveries(1,808)— 8 (516)11 (32)(2,337)
Provision for (recovery of) credit losses on loans(1,605)(1,121)5,054 (342)209 (195)2,000 
Ending balance$30,193 $17,290 $41,910 $64,373 $1,802 $10,563 $166,131 
Six Months Ended June 30, 2022
Allowance for credit losses:
Beginning balance$33,922 $16,419 $32,356 $68,940 $1,486 $11,048 $164,171 
Initial impact of purchased credit deteriorated loans acquired during the period1,648 — — — — — 1,648 
Charge-offs(4,341)— (324)(714)(7)(1,629)(7,015)
Recoveries1,567 — 347 347 23 1,543 3,827 
Net (charge-offs) recoveries(2,774)— 23 (367)16 (86)(3,188)
Provision for (recovery of) credit losses on loans(2,603)871 9,531 (4,200)300 (399)3,500 
Ending balance$30,193 $17,290 $41,910 $64,373 $1,802 $10,563 $166,131 
Period-End Amount Allocated to:
Individually evaluated$4,567 $— $85 $1,674 $— $570 $6,896 
Collectively evaluated25,626 17,290 41,825 62,699 1,802 9,993 159,235 
Ending balance$30,193 $17,290 $41,910 $64,373 $1,802 $10,563 $166,131 
Loans:
Individually evaluated$9,534 $— $4,127 $11,716 $— $570 $25,947 
Collectively evaluated1,487,738 1,126,363 3,025,956 4,705,797 101,350 130,593 10,577,797 
Ending balance$1,497,272 $1,126,363 $3,030,083 $4,717,513 $101,350 $131,163 $10,603,744 
Nonaccruing loans with no allowance for credit losses$849 $— $3,594 $3,492 $— $— $7,935 
 
The Company recorded a provision for credit losses of $3,000 during the second quarter of 2023, as compared to a provision for credit losses $2,000 recorded in the second 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 second quarter as compared to the provision in the second quarter of the prior year was driven by loan growth.
Allowance for Credit Losses on Unfunded Loan Commitments
The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “Other liabilities” line item on the Consolidated Balance Sheets. For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses on unfunded loan commitments, please refer to the discussion in
24
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 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 June 30,20232022
Allowance for credit losses on unfunded loan commitments:
Beginning balance$18,618 $19,485 
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense) (1,000)450 
Ending balance$17,618 $19,935 
Six Months Ended June 30,20232022
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)(2,500)(100)
Ending balance$17,618 $19,935 

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:
 
June 30, 2023December 31, 2022
Residential real estate$459 $699 
Commercial real estate3,481 62 
Residential land development448 246 
Commercial land development732 756 
Total$5,120 $1,763 

Changes in the Company’s OREO were as follows:
 
Total
OREO
Balance at January 1, 2023$1,763 
Transfers of loans4,119 
Impairments(8)
Dispositions(738)
Other(16)
Balance at June 30, 2023$5,120 

At June 30, 2023 and December 31, 2022, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $2,735 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:
 
25
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Three Months EndedSix Months Ended
 June 30,June 30,
 2023202220232022
Repairs and maintenance$28 $17 $44 $20 
Property taxes and insurance11 27 122 62 
Impairments8 37 8 51 
Net losses (gains) on OREO sales6 (266)(89)(557)
Rental income(2)(2)(4)(4)
Total$51 $(187)$81 $(428)


Note 6 – Goodwill and Other Intangible Assets
(In Thousands)
The carrying amounts of goodwill by operating segments for the six months ended June 30, 2023 are set forth in the table below. The deduction from goodwill resulted from measurement period adjustments following the RBC acquisition and is primarily related to adjustments on the fair value of other liabilities.
 Community BanksInsuranceTotal
Balance at January 1, 2023$988,941 $2,767 $991,708 
Deductions to goodwill and other adjustments(43)— (43)
Balance at June 30, 2023$988,898 $2,767 $991,665 

The following table provides a summary of finite-lived intangible assets as of the dates presented:
 
Gross Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
June 30, 2023
Core deposit intangibles$82,492 $(66,466)$16,026 
Customer relationship intangible7,670 (2,315)5,355 
Total finite-lived intangible assets$90,162 $(68,781)$21,381 
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 EndedSix Months Ended
June 30,June 30,
2023202220232022
Amortization expense for:
  Core deposit intangibles$1,034 $1,264 $2,126 $2,585 
  Customer relationship intangible335 46 669 91 
Total intangible amortization$1,369 $1,310 $2,795 $2,676 

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:
26
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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 six months ended June 30, 2023 or 2022.
Changes in the Company’s MSRs were as follows:
Balance at January 1, 2023$84,448 
Capitalization7,717 
Amortization(4,733)
Balance at June 30, 2023$87,432 

Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
 
June 30, 2023December 31, 2022
Unpaid principal balance$7,612,976 $7,494,413 
Weighted-average prepayment speed (CPR)7.43 %7.00 %
Estimated impact of a 10% increase$(2,245)$(1,765)
Estimated impact of a 20% increase(4,791)(3,957)
Discount rate10.32 %10.30 %
Estimated impact of a 10% increase$(5,414)$(5,393)
Estimated impact of a 20% increase(10,400)(10,354)
Weighted-average coupon interest rate3.67 %3.51 %
Weighted-average servicing fee (basis points)32.62 32.44 
Weighted-average remaining maturity (in years)8.088.33

27
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The Company recorded servicing fees of $4,674 and $5,000 for the three months ended June 30, 2023 and 2022, respectively, and servicing fees of $8,939 and $9,423 for the six months ended June 30, 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
 June 30,June 30,
 2023202220232022
Service cost $— $— $— $1 
Interest cost248 185 5 3 
Expected return on plan assets(309)(421)— — 
Recognized actuarial loss (gain)131 61 (16)(19)
Net periodic benefit cost (return)$70 $(175)$(11)$(15)
Pension BenefitsOther Benefits
Six Months EndedSix Months Ended
 June 30,June 30,
 2023202220232022
Service cost$— $— $— $2 
Interest cost497 369 11 6 
Expected return on plan assets(618)(842)— — 
Recognized actuarial loss (gain)262 122 (31)(38)
Net periodic benefit cost (return)$141 $(351)$(20)$(30)

Incentive Compensation Plans
The Company maintains a long-term equity compensation plan that provides for the grant of stock options and the award of restricted stock. There were no stock options granted, nor compensation expense associated with options recorded, during the six months ended June 30, 2023 or 2022. There were no stock options outstanding as of June 30, 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 six months ended June 30, 2023:

28
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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 
Awarded81,867 35.57 334,467 35.52 
Vested— — (199,122)35.37 
Cancelled— — (28,999)35.49 
Nonvested at end of period237,705 $36.01 786,749 $36.17 

During the six months ended June 30, 2023, the Company reissued 142,012 shares from treasury in connection with awards of restricted stock. The Company recorded total stock-based compensation expense of $3,395 and $2,952 for the three months ended June 30, 2023 and 2022, respectively, and $6,840 and $6,290 for the six months ended June 30, 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:
 Balance SheetJune 30, 2023December 31, 2022
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative assets:
  Interest rate contractsOther Assets$510,641 $11,483 $258,646 $11,354 
  Interest rate lock commitmentsOther Assets86,727 1,712 92,901 1,231 
Forward commitmentsOther Assets256,000 1,787 84,000 484 
Totals$853,368 $14,982 $435,547 $13,069 
Derivative liabilities:
  Interest rate contractsOther Liabilities$436,028 $11,483 $258,646 $11,354 
Interest rate lock commitmentsOther Liabilities8,422 27 19,488 98 
  Forward commitmentsOther Liabilities25,000 78 73,000 1,198 
Totals$469,450 $11,588 $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:
29
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Interest rate contracts:
Included in interest income on loans$1,804 $390 $3,546 $444 
Interest rate lock commitments:
Included in mortgage banking income(1,686)3,404 551 (2,420)
Forward commitments
Included in mortgage banking income1,041 (10,607)2,424 (419)
Total$1,159 $(6,813)$6,521 $(2,395)
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 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 June 30, 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 SheetJune 30, 2023December 31, 2022
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative assets:
  Interest rate swapsOther Assets$330,000 $23,764 $130,000 $24,514 
  Interest rate collarsOther Assets— — 200,000 464 
Total$330,000 $23,764 $330,000 $24,978 
Derivative liabilities:
  Interest rate swapsOther Liabilities$— $— $— $— 
  Interest rate collarsOther Liabilities450,000 4,355 250,000 746 
Totals$450,000 $4,355 $250,000 $746 
Changes in fair value of the cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. There were no ineffective portions for the six months ended June 30, 2023 or 2022. The impact on other comprehensive income for the six months ended June 30, 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 variable interest rates.
The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented:
30
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Balance SheetJune 30, 2023December 31, 2022
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative liabilities:
  Interest rate swapsOther Liabilities$300,000 $19,208 $100,000 $19,789 
The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented:
 Amount of Gain (Loss) Recognized in Income
Income StatementThree Months Ended June 30,Six Months Ended June 30,
 Location2023202220232022
Derivative liabilities:
  Interest rate swaps - subordinated notesInterest Expense$(1,939)$(3,805)$582 $(10,148)
Derivative liabilities - hedged items:
  Interest rate swaps - subordinated notesInterest Expense$1,939 $3,805 $(582)$10,148 
The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented:
Carrying Amount of the Hedged LiabilityCumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability
Balance Sheet LocationJune 30, 2023December 31, 2022June 30, 2023December 31, 2022
Long-term debt$79,550 $78,881 $19,207 $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:

Offsetting Derivative AssetsOffsetting Derivative Liabilities
June 30,
2023		December 31, 2022June 30,
2023		December 31, 2022
Gross amounts recognized$36,832 $36,493 $23,894 $22,056 
Gross amounts offset in the Consolidated Balance Sheets— — — — 
Net amounts presented in the Consolidated Balance Sheets36,832 36,493 23,894 22,056 
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments23,842 22,056 23,842 22,056 
Financial collateral pledged— — — — 
Net amounts$12,990 $14,437 $52 $— 

Note 10 – Income Taxes
(In Thousands)
31
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented.

June 30,December 31,
20232022
Deferred tax assets
Allowance for credit losses$52,475 $52,551 
Loans2,173 2,518 
Deferred compensation12,449 14,447 
Net unrealized losses on securities63,874 70,999 
Impairment of assets220 316 
Net operating loss carryforwards151 497 
Investment in partnerships1,366 1,164 
Lease liabilities under operating leases14,004 14,641 
Other5,897 3,523 
Total deferred tax assets152,609 160,656 
Deferred tax liabilities
Fixed assets10,340 10,342 
Mortgage servicing rights20,386 19,624 
Junior subordinated debt1,827 1,948 
Intangibles2,539 2,702 
Lease right-of-use asset13,363 14,018 
Other1,173 1,614 
Total deferred tax liabilities49,628 50,248 
Net deferred tax assets$102,981 $110,408 

For the six months ended June 30, 2023 and 2022, the Company recorded a provision for income taxes totaling $17,956 and $18,792, 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.

Note 11 – Fair Value Measurements
(In Thousands)
Fair Value Measurements and the Fair Level Hierarchy
Accounting Standards Codification (“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
32
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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:
 
Level 1Level 2Level 3Totals
June 30, 2023
Financial assets:
Securities available for sale$— $950,930 $— $950,930 
Derivative instruments— 38,746 — 38,746 
Mortgage loans held for sale in loans held for sale— 249,615 — 249,615 
Total financial assets$— $1,239,291 $— $1,239,291 
Financial liabilities:
Derivative instruments:$— $35,151 $— $35,151 

33
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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 six months ended June 30, 2023.
For the six months ended June 30, 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:
 
June 30, 2023Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $51,537 $51,537 
OREO— — 37 37 
Total$— $— $51,574 $51,574 
 
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:

Individually evaluated loans: Individually evaluated loans are reviewed and evaluated for credit losses on at least a quarterly basis for additional impairment and adjusted accordingly, 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 that were measured or re-measured at fair value had a carrying value of $63,680 and $18,288 at June 30, 2023 and December 31, 2022, respectively, and a specific reserve for these loans of $12,143 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,
34
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3.
The following table presents OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets as of the dates presented:
 
June 30,
2023		December 31, 2022
Carrying amount prior to remeasurement$45 $1,842 
Impairment recognized in results of operations(8)(79)
Fair value$37 $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 June 30, 2023 and December 31, 2022. There were no valuation adjustments on MSRs during the six months ended June 30, 2023 or 2022.
The following table presents information as of June 30, 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$51,537 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$37 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 $1,133 and net loss of $9,528 resulting from fair value changes of these mortgage loans were recorded in income during the six months ended June 30, 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.
The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. Interest income on mortgage loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income on the Consolidated Statements of Income.
The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of June 30, 2023 and December 31, 2022:
 
35
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Aggregate
Fair Value		Aggregate
Unpaid
Principal
Balance		Difference
June 30, 2023
Mortgage loans held for sale measured at fair value$249,615 $246,520 $3,095 
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 June 30, 2023Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$946,899 $946,899 $— $— $946,899 
Securities held to maturity1,273,044 — 1,153,541 — 1,153,541 
Securities available for sale950,930 — 950,930 — 950,930 
Loans held for sale249,615 — 249,615 — 249,615 
Loans, net11,736,125 — — 11,059,520 11,059,520 
Mortgage servicing rights87,432 — — 125,055 125,055 
Derivative instruments38,746 — 38,746 — 38,746 
Financial liabilities
Deposits$14,095,361 $11,139,951 $2,917,822 $— $14,057,773 
Short-term borrowings257,305 257,305 — — 257,305 
Junior subordinated debentures112,510 — 93,243 — 93,243 
Subordinated notes317,120 — 258,250 — 258,250 
Derivative instruments35,151 — 35,151 — 35,151 
 
  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 June 30, 2023
Securities available for sale:
Unrealized holding losses on securities$(21,283)$(5,353)$(15,930)
Reclassification adjustment for losses realized in net income22,438 5,622 16,816 
Amortization of unrealized holding losses on securities transferred to the held to maturity category3,026 774 2,252 
Total securities available for sale4,181 1,043 3,138 
Derivative instruments:
Unrealized holding losses on derivative instruments(3,167)(806)(2,361)
Total derivative instruments(3,167)(806)(2,361)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost115 29 86 
Total defined benefit pension and post-retirement benefit plans115 29 86 
Total other comprehensive income$1,129 $266 $863 
Three months ended June 30, 2022
Securities available for sale:
Unrealized holding losses on securities$(76,405)$(19,447)$(56,958)
Amortization of unrealized holding gains on securities transferred to the held to maturity category(220)(56)(164)
Total securities available for sale(76,625)(19,503)(57,122)
Derivative instruments:
Unrealized holding gains on derivative instruments8,401 2,139 6,262 
Total derivative instruments8,401 2,139 6,262 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost41 10 31 
Total defined benefit pension and post-retirement benefit plans41 10 31 
Total other comprehensive loss$(68,183)$(17,354)$(50,829)
37
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Pre-TaxTax Expense
(Benefit)		Net of Tax
Six months ended June 30, 2023
Securities available for sale:
Unrealized holding losses on securities$(569)$(170)$(399)
Reclassification adjustment for losses realized in net income22,438 5,622 16,816 
Amortization of unrealized holding losses on securities transferred to the held to maturity category6,154 1,574 4,580 
Total securities available for sale28,023 7,026 20,997 
Derivative instruments:
Unrealized holding losses on derivative instruments(4,823)(1,230)(3,593)
Total derivative instruments(4,823)(1,230)(3,593)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost231 59 172 
Total defined benefit pension and post-retirement benefit plans231 59 172 
Total other comprehensive income$23,431 $5,855 $17,576 
Six months ended June 30, 2022
Securities available for sale:
Unrealized holding losses on securities$(211,161)$(53,741)$(157,420)
Amortization of unrealized holding gains on securities transferred to the held to maturity category(319)(81)(238)
Total securities available for sale(211,480)(53,822)(157,658)
Derivative instruments:
Unrealized holding gains on derivative instruments16,957 4,316 12,641 
Total derivative instruments16,957 4,316 12,641 
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost83 21 62 
Total defined benefit pension and post-retirement benefit plans83 21 62 
Total other comprehensive loss$(194,440)$(49,485)$(144,955)

The accumulated balances for each component of other comprehensive loss, net of tax, were as follows as of the dates presented:
 
June 30,
2023		December 31, 2022
Unrealized losses on securities$(198,769)$(219,766)
Unrealized gains on derivative instruments15,363 18,956 
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations(8,055)(8,227)
Total accumulated other comprehensive loss$(191,461)$(209,037)
38
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
 June 30,
 20232022
Basic
Net income applicable to common stock$28,643 $39,678 
Average common shares outstanding56,107,881 55,906,755 
Net income per common share - basic$0.51 $0.71 
Diluted
Net income applicable to common stock$28,643 $39,678 
Average common shares outstanding56,107,881 55,906,755 
Effect of dilutive stock-based compensation287,772 276,090 
Average common shares outstanding - diluted56,395,653 56,182,845 
Net income per common share - diluted$0.51 $0.71 

Six Months Ended
 June 30,
 20232022
Basic
Net income applicable to common stock$74,721 $73,225 
Average common shares outstanding56,058,585 55,858,243 
Net income per common share - basic$1.33 $1.31 
Diluted
Net income applicable to common stock$74,721 $73,225 
Average common shares outstanding56,058,585 55,858,243 
Effect of dilutive stock-based compensation271,710 272,519 
Average common shares outstanding - diluted56,330,295 56,130,762 
Net income per common share - diluted$1.33 $1.30 

Stock-based compensation awards that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:
Three Months Ended
 June 30,
 20232022
Number of shares179,226213,953

Six Months Ended
 June 30,
 20232022
Number of shares182,226214,203

Note 14 – Regulatory Matters
39
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
(In Thousands)
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications:
Capital TiersTier 1 Capital to
Average Assets
(Leverage)		Common Equity Tier 1 to
Risk - Weighted Assets		Tier 1 Capital to
Risk - Weighted
Assets		 Total Capital to
Risk - Weighted
Assets
Well capitalized
5% or above
6.5% or above
 
8% or above
 
10% or above
Adequately capitalized
4% or above
4.5% or above
 
6% or above
 
8% or above
Undercapitalized
Less than 4%
Less than 4.5%
 
Less than 6%
 
Less than 8%
Significantly undercapitalized
Less than 3%
Less than 3%
 
Less than 4%
 
Less than 6%
Critically undercapitalized
 Tangible Equity / Total Assets less than 2%

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

 June 30, 2023December 31, 2022
 AmountRatioAmountRatio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)$1,524,545 9.22 %$1,481,197 9.36 %
Common Equity Tier 1 Capital to Risk-Weighted Assets1,415,626 10.30 %1,372,747 10.21 %
Tier 1 Capital to Risk-Weighted Assets1,524,545 11.09 %1,481,197 11.01 %
Total Capital to Risk-Weighted Assets2,028,793 14.76 %1,968,001 14.63 %
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)$1,668,033 10.09 %$1,630,389 10.30 %
Common Equity Tier 1 Capital to Risk-Weighted Assets1,668,033 12.06 %1,630,389 12.10 %
Tier 1 Capital to Risk-Weighted Assets1,668,033 12.06 %1,630,389 12.10 %
Total Capital to Risk-Weighted Assets1,835,954 13.27 %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 June 30, 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.

40
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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, 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 June 30, 2023
Net interest income (loss)$136,370 $428 $28 $(6,610)$130,216 
Provision for credit losses3,000 — — — 3,000 
Noninterest income (loss)8,931 2,859 5,866 (430)17,226 
Noninterest expense102,044 2,070 4,645 406 109,165 
Income (loss) before income taxes40,257 1,217 1,249 (7,446)35,277 
Income tax expense (benefit)8,258 316 (18)(1,922)6,634 
Net income (loss)$31,999 $901 $1,267 $(5,524)$28,643 
Total assets$17,181,988 $37,867 $4,757 $(270)$17,224,342 
Goodwill$988,898 $2,767 — — $991,665 
Three months ended June 30, 2022
Net interest income (loss)$117,580 $95 $529 $(4,689)$113,515 
Provision for credit losses2,000 — — — 2,000 
Noninterest income (loss)28,729 2,611 6,315 (441)37,214 
Noninterest expense91,249 2,005 4,591 349 98,194 
Income (loss) before income taxes53,060 701 2,253 (5,479)50,535 
Income tax expense (benefit)12,093 185 — (1,421)10,857 
Net income (loss)$40,967 $516 $2,253 $(4,058)$39,678 
Total assets$16,520,685 $34,264 $65,709 $(2,557)$16,618,101 
Goodwill$943,524 $2,767 — — $946,291 
41
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Six months ended June 30, 2023
Net interest income (loss)$278,153 $714 $52 $(12,928)$265,991 
Provision for credit losses10,960 — — — 10,960 
Noninterest income (loss)37,652 6,221 11,450 (804)54,519 
Noninterest expense202,663 4,109 9,335 766 216,873 
Income (loss) before income taxes102,182 2,826 2,167 (14,498)92,677 
Income tax expense (benefit)20,980 732 (14)(3,742)17,956 
Net income (loss)$81,202 $2,094 $2,181 $(10,756)$74,721 
Total assets$17,181,988 $37,867 $4,757 $(270)$17,224,342 
Goodwill$988,898 $2,767 $— $— $991,665 
Six months ended June 30, 2022
Net interest income (loss)$221,512 $188 $1,019 $(9,575)$213,144 
Provision for credit losses3,500 — — — 3,500 
Noninterest income (loss)57,035 5,708 12,820 (891)74,672 
Noninterest expense178,120 4,121 9,346 712 192,299 
Income (loss) before income taxes96,927 1,775 4,493 (11,178)92,017 
Income tax expense (benefit)21,224 466 — (2,898)18,792 
Net income (loss)$75,703 $1,309 $4,493 $(8,280)$73,225 
Total assets$16,520,685 $34,264 $65,709 $(2,557)$16,618,101 
Goodwill$943,524 $2,767 $— $— $946,291 
42
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) concentrations of credit or deposit 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 June 30, 2023 compared to December 31, 2022.
Assets
Total assets were $17,224,342 at June 30, 2023 compared to $16,988,176 at December 31, 2022.
Investments
43
The securities portfolio is used to provide a source for meeting liquidity needs and to supply securities to be used in collateralizing certain deposits and certain types of borrowings. The securities portfolio also serves as an outlet to deploy excess liquidity and generate interest income rather than hold such excess funds as cash. The following table shows the carrying value of our securities portfolio by investment type and the percentage of such investment type relative to the entire securities portfolio as of the dates presented:
June 30, 2023December 31, 2022
BalancePercentage of
Portfolio		BalancePercentage of
Portfolio
Obligations of other U.S. Government agencies and corporations$— — %$164,660 5.76 %
Obligations of states and political subdivisions328,000 14.75 436,788 15.28 
Mortgage-backed securities1,768,083 79.50 2,122,855 74.28 
Other debt securities127,923 5.75 133,711 4.68 
$2,224,006 100.00 %$2,858,014 100.00 %
Allowance for credit losses - held to maturity securities(32)(32)
Securities, net of allowance for credit losses$2,223,974 $2,857,982 
The Company did not purchase any securities during the six months ended June 30, 2023. During the six months ended June 30, 2022, the Company deployed a portion of excess liquidity into the securities portfolio and purchased $701,555 in investment securities. Mortgage-backed securities and collateralized mortgage obligations (“CMOs”), in the aggregate, comprised approximately 60% of these purchases. CMOs are included in the “Mortgage-backed securities” line item in the above table. The mortgage-backed securities and CMOs held in our investment portfolio are primarily issued by government sponsored entities. Obligations of other U.S. Government agencies and corporations comprised approximately 21% of purchases made during the first six months of 2022. Obligations of state and political subdivisions comprised approximately 6% of purchases made during the first six months of 2022. Other debt securities in our investment portfolio, consisting of corporate debt securities, issuances from the Small Business Administration (“SBA”) and subordinated debt issuances, comprised the remaining approximately 13% of purchases made during the first six months of 2022.
During the third quarter of 2022, the Company transferred, at fair value, $882,927 of securities from the available for sale portfolio to the held to maturity portfolio as the Company has the intent and ability to hold these securities until their maturity. The related net unrealized losses of $99,675 (after tax losses of $74,307) remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities. At June 30, 2023, the net unrealized after tax losses remaining to be amortized in accumulated other comprehensive income (loss) was $64,033. No gains or losses were recognized at the time of transfer.
Proceeds from maturities, calls and principal payments on securities during the first six months of 2023 totaled $144,953. The Company sold from the available for sale portfolio agency securities, municipal securities, residential mortgage backed securities and commercial mortgage backed securities with a carrying value of $511,419 at the time of sale for net proceeds of $488,981, resulting in a net loss on sale of $22,438 for the three and six months ended June 30, 2023. Proceeds from the maturities, calls and principal payments on securities during the first six months of 2022 totaled $266,656. The Company did not sell any securities during the first six 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 $249,615 at June 30, 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
44
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 $11,930,516 at June 30, 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:
 June 30, 2023December 31, 2022
 Total
Loans		Percentage of Total LoansTotal
Loans		Percentage of Total Loans
Commercial, financial, agricultural$1,729,070 14.49 %$1,673,883 14.46 %
Lease financing, net of unearned income122,370 1.03 115,013 0.99 
Real estate – construction:
Residential308,401 2.58 355,500 3.07 
Commercial1,060,618 8.89 974,837 8.42 
Total real estate – construction1,369,019 11.47 1,330,337 11.49 
Real estate – 1-4 family mortgage:
Primary2,372,739 19.89 2,222,856 19.20 
Home equity502,341 4.21 501,906 4.33 
Rental/investment335,509 2.81 334,382 2.89 
Land development138,065 1.16 157,119 1.36 
Total real estate – 1-4 family mortgage3,348,654 28.07 3,216,263 27.78 
Real estate – commercial mortgage:
Owner-occupied1,553,890 13.03 1,539,296 13.29 
Non-owner occupied3,585,160 30.05 3,452,910 29.82 
Land development113,429 0.95 125,857 1.09 
Total real estate – commercial mortgage5,252,479 44.03 5,118,063 44.20 
Installment loans to individuals108,924 0.91 124,745 1.08 
Total loans, net of unearned income$11,930,516 100.00 %$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 June 30, 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 primary source of funds. Total deposits were $14,095,361 and $13,486,966 at June 30, 2023 and December 31, 2022, respectively. Noninterest-bearing deposits were $3,878,953 and $4,558,756 at June 30, 2023 and December 31, 2022, respectively, while interest-bearing deposits were $10,216,408 and $8,928,210 at June 30, 2023 and December 31, 2022, respectively. Interest-bearing deposits included brokered deposits of $1,080,958 and $233,133 at June 30, 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 27.52% of total deposits at June 30, 2023, as compared to 33.80% of total deposits at December 31, 2022. The decrease in noninterest-bearing deposits as a percentage of total deposits reflects both deposit customers transferring noninterest-bearing deposits to interest-bearing deposits such as money market funds offered by the Company, other financial institutions and other financial services companies, and the impact of our increase in brokered deposits in the first six months of 2023 as compared to brokered deposits at December 31, 2022, as management elected to maintain a high level of on-balance sheet liquidity in light of the conditions affecting financial institutions nationwide. Under certain circumstances, management may elect to acquire non-core deposits (in the form of brokered deposits) or public fund
45
deposits (which are deposits of counties, municipalities or other political subdivisions). The source of funds that we select depends on the terms and how those terms assist us in mitigating interest rate risk, maintaining our liquidity position and managing our net interest margin. Accordingly, funds are acquired to meet anticipated funding needs at the rate and with other terms that, in management’s view, best address our interest rate risk, liquidity and net interest margin parameters.
Public fund deposits may be readily obtained based on the Company’s pricing bid in comparison with competitors. Because public fund deposits are obtained through a bid process, these deposit balances may fluctuate as competitive and market forces change. Although the Company has focused on growing stable sources of deposits to reduce reliance on public fund deposits, it participates in the bidding process for public fund deposits when pricing and other terms make it reasonable given market conditions or when management perceives that other factors, such as the public entity’s use of our treasury management or other products and services, make such participation advisable. Our public fund transaction accounts are principally obtained from public universities and municipalities, including school boards and utilities. Public fund deposits were $1,850,108 and $1,760,460 at June 30, 2023 and December 31, 2022, respectively, and represented 13.13% and 13.05% of total deposits as of June 30, 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:
June 30, 2023December 31, 2022
Security repurchase agreements$7,305 $12,232 
Short-term borrowings from the FHLB250,000 700,000 
$257,305 $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:
June 30, 2023December 31, 2022
Junior subordinated debentures$112,510 $112,042 
Subordinated notes317,120 316,091 
$429,630 $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 June 30, 2023 or December 31, 2022. All advances from the FHLB are collateralized by a blanket lien on the Bank’s loans. The Company had $3,484,050 of availability on unused lines of credit with the FHLB at June 30, 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
46
Net income for the second quarter of 2023 was $28,643 compared to net income of $39,678 for the second quarter of 2022. Basic and diluted earnings per share (“EPS”) for the second quarter of 2023 were $0.51 as compared to basic and diluted EPS of $0.71 for the second quarter of 2022. Net income for the six months ended June 30, 2023, was $74,721 compared to net income of $73,225 for the same period in 2022. Basic and diluted EPS were $1.33 for the first six months of 2023 as compared to $1.31 and $1.30, respectively, for the first six months of 2022.
From time to time, the Company incurs expenses and charges or recognizes valuation adjustments in connection with certain transactions with respect to which management is unable to accurately predict when these items will be incurred or, when incurred, the amount of such items. The following table presents the impact of these items on reported EPS for the dates presented.
Three Months Ended
 June 30, 2023June 30, 2022
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
Restructuring charges$— $— $— $1,187 $932 $0.01 
Loss on sale of securities22,438 18,085 0.32 — — — 
Six Months Ended
 June 30, 2023June 30, 2022
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
Merger and conversion expenses$— $— $— $687 $547 $0.01 
Restructuring charges— — — 732 583 0.01 
Loss on sale of securities22,438 17,870 0.31 — — — 
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 88.54% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the second 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 $130,216 and $265,991 for the three and six months ended June 30, 2023, as compared to $113,515 and $213,144 for the same periods in 2022. On a tax equivalent basis, net interest income was $133,085 and $271,614 for the three and six months ended June 30, 2023, as compared to $115,321 and $216,704 for the same periods 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:
47
 Three Months Ended June 30,
 20232022
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment$11,877,592 $175,549 5.93 %$10,477,036 $107,612 4.12 %
Loans held for sale192,539 2,990 6.21 227,435 2,586 4.55 
Securities:
Taxable2,435,442 12,089 1.99 2,684,624 10,355 1.54 
Tax-exempt(1)
413,680 2,429 2.35 451,878 2,719 2.41 
Interest-bearing balances with banks524,307 6,978 5.34 1,004,226 1,954 0.78 
Total interest-earning assets15,443,560 200,035 5.19 14,845,199 125,226 3.38 
Cash and due from banks189,668 206,882 
Intangible assets1,013,811 968,441 
Other assets690,885 610,768 
Total assets$17,337,924 $16,631,290 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$6,114,067 $29,185 1.91 %$6,571,905 $3,598 0.22 %
Savings deposits1,004,096 813 0.32 1,137,607 147 0.05 
Brokered deposits810,087 10,090 5.00 — — — 
Time deposits1,735,093 11,303 2.61 1,303,735 1,273 0.39 
Total interest-bearing deposits9,663,343 51,391 2.13 9,013,247 5,018 0.22 
Borrowed funds1,204,968 15,559 5.18 543,728 4,887 3.60 
Total interest-bearing liabilities10,868,311 66,950 2.47 9,556,975 9,905 0.42 
Noninterest-bearing deposits4,039,087 4,714,161 
Other liabilities212,818 182,617 
Shareholders’ equity2,217,708 2,177,537 
Total liabilities and shareholders’ equity$17,337,924 $16,631,290 
Net interest income/net interest margin$133,085 3.45 %$115,321 3.11 %
(1)U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.
(2)Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.
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 Six Months Ended June 30,
 20232022
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment$11,783,585 $339,519 5.81 %$10,293,949 $204,613 4.00 %
Loans held for sale148,221 4,727 6.38 278,722 5,449 3.91 
Securities:
Taxable2,511,373 25,143 2.00 2,592,645 19,137 1.48 
Tax-exempt(1)
428,754 5,037 2.35 445,154 5,354 2.41 
Interest-bearing balances with banks494,434 12,408 5.06 1,233,241 2,618 0.43 
Total interest-earning assets15,366,367 386,834 5.07 14,843,711 237,171 3.21 
Cash and due from banks193,703 206,559 
Intangible assets1,012,690 966,956 
Other assets675,648 647,254 
Total assets$17,248,408 $16,664,480 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$6,090,549 $49,483 1.64 %$6,603,986 $7,245 0.22 %
Savings deposits1,028,315 1,639 0.32 1,117,724 286 0.05 
Brokered deposits604,158 14,408 4.81 — — — 
Time deposits1,650,347 18,727 2.29 1,339,022 3,124 0.47 
Total interest-bearing deposits9,373,369 84,257 1.81 9,060,732 10,655 0.24 
Borrowed funds1,243,049 30,963 5.01 514,940 9,812 3.82 
Total interest-bearing liabilities10,616,418 115,220 2.19 9,575,672 20,467 0.43 
Noninterest-bearing deposits4,212,081 4,683,446 
Other liabilities217,573 191,938 
Shareholders’ equity2,202,336 2,213,424 
Total liabilities and shareholders’ equity$17,248,408 $16,664,480 
Net interest income/net interest margin$271,614 3.56 %$216,704 2.94 %
(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 factor to the increase in net interest income for the six months ended June 30, 2023, as compared to the same period in 2022, was the rising rate environment throughout 2022 and thus far in 2023. The higher interest rates benefited yields on earning assets, which, coupled with steady loan growth, resulted in an increase in interest income year over year. This increase was offset to some degree by an increase in interest expense. The rising interest rates negatively impacted both the cost and mix of our funding sources, and the Company’s decision to increase on-balance sheet liquidity following the bank failures in March 2023 has also resulted in higher cost of funds and interest expense. The Company has continued its efforts to mitigate 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
49
deposits. In the first half 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 significantly increasing its brokered deposits and borrowed funds in the first six months of 2023, as compared to the same period in 2022 in order to maintain robust on-balance sheet liquidity.
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 six months ended June 30, 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 June 30, 2023 Compared to the Three Months Ended June 30, 2022
VolumeRateNet
Interest income:
Loans held for investment$15,853 $52,084 $67,937 
Loans held for sale(438)842 404 
Securities:
Taxable(1,021)2,755 1,734 
Tax-exempt(225)(65)(290)
Interest-bearing balances with banks(1,346)6,370 5,024 
Total interest-earning assets12,823 61,986 74,809 
Interest expense:
Interest-bearing demand deposits(268)25,855 25,587 
Savings deposits(19)685 666 
Brokered deposits10,090 — 10,090 
Time deposits552 9,478 10,030 
Borrowed funds7,857 2,815 10,672 
Total interest-bearing liabilities18,212 38,833 57,045 
Change in net interest income$(5,389)$23,153 $17,764 
Six months ended June 30, 2023 Compared to the Six Months Ended June 30, 2022
VolumeRateNet
Interest income:
Loans held for investment$32,902 $102,004 $134,906 
Loans held for sale(3,213)2,491 (722)
Securities:
Taxable(608)6,614 6,006 
Tax-exempt(195)(122)(317)
Interest-bearing balances with banks(2,458)12,248 9,790 
Total interest-earning assets26,428 123,235 149,663 
Interest expense:
Interest-bearing demand deposits(606)42,844 42,238 
Savings deposits(24)1,377 1,353 
Brokered deposits14,408 — 14,408 
Time deposits885 14,718 15,603 
Borrowed funds17,334 3,817 21,151 
Total interest-bearing liabilities31,997 62,756 94,753 
Change in net interest income$(5,569)$60,479 $54,910 

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Interest income, on a tax equivalent basis, was $200,035 and $386,834 for the three and six months ended June 30, 2023, as compared to $125,226 and $237,171 for the same periods in 2022. The increase in interest income, on a tax equivalent basis, for the three and six months ended June 30, 2023 as compared to the same time periods 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
 June 30,June 30,
 2023202220232022
Loans held for investment76.91 %70.57 %5.93 %4.12 %
Loans held for sale1.25 1.53 6.21 4.55 
Securities18.45 21.13 2.04 1.67 
Other3.39 6.77 5.34 0.78 
Total earning assets100.00 %100.00 %5.19 %3.38 %

 Percentage of Total Average Earning AssetsYield
Six Months EndedSix Months Ended
 June 30,June 30,
 2023202220232022
Loans held for investment76.68 %69.35 %5.81 %4.00 %
Loans held for sale0.96 1.88 6.38 3.91 
Securities19.13 20.47 2.05 1.61 
Interest-bearing balances with banks3.23 8.30 5.06 0.43 
Total earning assets100.00 %100.00 %5.07 %3.21 %

For the second quarter of 2023, interest income on loans held for investment, on a tax equivalent basis, increased $67,937 to $175,549 from $107,612 for the same period in 2022. For the six months ended June 30, 2023, interest income on loans held for investment, on a tax equivalent basis, increased $134,906 to $339,519 from $204,613 in the same period in 2022. The Federal Reserve began to raise interest rates in March 2022, which positively impacted the Company’s loan pricing, and the year-to-date average balance of loans held for investment increased $1,489,636 from June 2022, thereby resulting in the increase in interest income on loans held for investment for the three and six months ended June 30, 2023, as compared to the same periods in 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.
Three Months EndedSix Months Ended
 June 30,June 30,
 2023202220232022
Net interest income collected on problem loans$364 $2,276 $756 $2,710 
Accretable yield recognized on purchased loans(1)
874 2,021 1,759 3,256 
Total impact to interest income on loans$1,238 $4,297 $2,515 $5,966 
Impact to loan yield0.04 %0.16 %0.04 %0.12 %
Impact to net interest margin0.03 %0.12 %0.03 %0.08 %
(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $289 and $1,183 for the second quarter of 2023 and 2022, respectively. The impact was $550 and
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$1,556 for the six months ended June 30, 2023 and 2022, respectively. This additional interest income increased total loan yield by one basis point and five basis points for the second quarter of 2023 and 2022, respectively, while increasing net interest margin by one and three basis points for the same respective periods. For the six months ended June 30, 2023 and 2022, the additional interest income increased total loan yields by one and three basis points, respectively, while increasing net interest margin by one and two basis points, respectively.
For the second quarter of 2023, interest income on loans held for sale (consisting of mortgage loans held for sale) increased $404 to $2,990 from $2,586 for the same period in 2022. For the six months ended June 30, 2023, interest income on loans held for sale (consisting of mortgage loans held for sale), decreased $722 to $4,727 from $5,449 for the same period in 2022.
Investment income, on a tax equivalent basis, increased $1,444 to $14,518 for the second quarter of 2023 from $13,074 for the second quarter of 2022. Investment income, on a tax equivalent basis, increased $5,689 to $30,180 for the six months ended June 30, 2023 from $24,491 for the same period in 2022. The tax equivalent yield on the investment portfolio for the second quarter of 2023 was 2.04%, up 37 basis points from 1.67% for the same period in 2022. The tax equivalent yield on the investment portfolio for the six months ended June 30, 2023 was 2.05%, up 44 basis points from 1.61% in the same period in 2022. The increase in taxable equivalent yield on securities for the three and six months ended June 30, 2023 as compared to the same periods in 2022 was due to purchases of higher yielding securities during 2022. The increase in yield led to the growth in investment income, on a tax equivalent basis. The aforementioned sale of securities during the first six months of 2023 had a nominal impact to investment income for the three and six months ended June 30, 2023.
Interest expense was $66,950 for the second quarter of 2023 as compared to $9,905 for the same period in 2022. Interest expense for the six months ended June 30, 2023 was $115,220 as compared to $20,467 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
 June 30,June 30,
 2023202220232022
Noninterest-bearing demand27.10 %33.03 %— %— %
Interest-bearing demand41.01 46.05 1.91 0.22 
Savings6.74 7.97 0.32 0.05 
Brokered deposits5.43 — 5.00 — 
Time deposits11.64 9.14 2.61 0.39 
Short term borrowings5.19 0.78 4.62 0.69 
Long-term Federal Home Loan Bank advances— — — 1.88 
Subordinated notes2.14 2.25 5.57 4.36 
Other borrowed funds0.75 0.78 7.86 4.33 
Total deposits and borrowed funds100.00 %100.00 %1.80 %0.28 %

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 Percentage of Total Average Deposits and Borrowed FundsCost of Funds
Six Months EndedSix Months Ended
 June 30,June 30,
 2023202220232022
Noninterest-bearing demand28.41 %32.85 %— %— %
Interest-bearing demand41.07 46.31 1.64 0.22 
Savings6.94 7.84 0.32 0.05 
Brokered deposits4.07 — 4.81 — 
Time deposits11.13 9.39 2.29 0.47 
Short-term borrowings5.48 0.49 4.46 0.65 
Long-term Federal Home Loan Bank advances— — — 1.87 
Subordinated notes2.14 2.34 5.45 4.31 
Other long term borrowings0.76 0.78 7.77 4.37 
Total deposits and borrowed funds100.00 %100.00 %1.57 %0.29 %

Interest expense on deposits was $51,391 and $5,018 for the three months ended June 30, 2023 and 2022, respectively. The cost of total deposits was 1.50% and 0.15% for the same respective periods. Interest expense on deposits was $84,257 and $10,655 for the six months ended June 30, 2023 and 2022, respectively, and the cost of total deposits was 1.25% and 0.16% for the same respective periods. 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.
Interest expense on total borrowings was $15,559 and $4,887 for the three months ended June 30, 2023 and 2022, respectively. Interest expense on total borrowings was $30,963 and $9,812 for the six months ended June 30, 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 half of 2023. The repayment of FHLB borrowings during the second quarter of 2023 had a nominal impact to interest expense for the three and six months ended June 30, 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 June 30,Six Months Ended June 30,
2023 20222023 2022
0.40% 0.90%0.64% 0.90%
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 and losses 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 $17,226 for the second quarter of 2023 as compared to $37,214 for the same period in 2022. Noninterest income was $54,519 for the six months ended June 30, 2023 as compared to $74,672 for the same period in 2022. The decrease over the three and six month periods is primarily due to the $22,438 loss on the sale of securities during June 2023.
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 $9,733 and $9,734 for the second quarter of 2023 and 2022, respectively, and $18,853 and $19,296 for the six months ended June 30, 2023 and 2022, respectively. Overdraft fees, the largest component of service charges on deposits, were $5,088 for the three months ended June 30, 2023, as compared to $5,249 for the same period in 2022. These fees were $9,669 for the six months ended June 30, 2023 compared to $10,428 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
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1, 2023. The fees eliminated totaled approximately $1,300 for the second quarter of 2022 and $2,600 for the first six months of 2022.
Fees and commissions were $4,987 during the second quarter of 2023 as compared to $4,668 for the same period in 2022, and were $9,663 for the first six months of 2023 as compared to $8,650 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, and lending services, such as collateral management fees and unused commitment fees. For the second quarter of 2023, interchange fees were $2,467 as compared to $2,646 for the same period in 2022. Interchange fees were $4,793 for the six months ended June 30, 2023 as compared to $5,078 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 $2,809 and $2,591 for the three months ended June 30, 2023 and 2022, respectively, and was $5,255 and $5,145 for the six months ended June 30, 2023 and 2022, respectively. Contingency income is a bonus received from the insurance underwriters and is based both on commission income and claims experience on our clients’ policies during the previous year. Increases and decreases in contingency income are reflective of corresponding increases and decreases in the number of claims paid by insurance carriers. Contingency income, which is included in “Other noninterest income” in the Consolidated Statements of Income, was $46 and $15 for the three months ended June 30, 2023 and 2022, respectively, and $956 and $549 for the six months ended June 30, 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 $5,338 for the second quarter of 2023 compared to $5,711 for the same period in 2022, and was $10,478 for the six months ended June 30, 2023 compared to $11,635 for the same period in 2022. The market value of assets under management or administration was $5,135,465 and $5,084,867 at June 30, 2023 and June 30, 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 $610,611 and $400,975, respectively, in the second quarter of 2023 compared to $866,048 and $481,568, respectively for the same period in 2022. Interest rate lock commitments and originations of mortgage loans to be sold totaled $1,240,443 and $659,921 in the six months ended June 30, 2023 compared to $2,040,194 and $1,076,613 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. The table below presents the components of mortgage banking income included in noninterest income for the periods presented.
Three Months Ended June 30,Six Months Ended June 30,
2023 20222023 2022
Gain on sales of loans, net (1)
$4,646 $3,490 $9,416 $9,537 
Fees, net2,859 3,064 4,665 6,117 
Mortgage servicing income, net2,266 1,762 4,207 2,295 
Mortgage banking income, net$9,771 $8,316 $18,288 $17,949 
(1) Gain on sales of loans, net includes pipeline fair value adjustments
Bank-owned life insurance (“BOLI”) income is derived from changes in the cash surrender value of the bank-owned life insurance policies and proceeds received upon the death of covered individuals. BOLI income was $2,402 for the three months ended June 30, 2023 as compared to $2,331 for the same period in 2022, and $5,405 for the six months ended June 30, 2023 as compared to $4,484 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 half of 2023.
Other noninterest income was $4,624 and $3,863 for the three months ended June 30, 2023 and 2022, respectively, and was $9,015 and $7,513 for the six months ended June 30, 2023 and 2022, respectively. Other noninterest income includes income
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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 June 30,Six Months Ended June 30,
2023 20222023 2022
2.53%2.37%2.54% 2.33%
Noninterest expense was $109,165 and $98,194 for the second quarter of 2023 and 2022, respectively, and was $216,873 and $192,299 for the six months ended June 30, 2023 and 2022, respectively.
Salaries and employee benefits increased $5,057 to $70,637 for the second quarter of 2023 as compared to $65,580 for the same period in 2022. Salaries and employee benefits increased $12,650 to $140,469 for the six months ended June 30, 2023 as compared to $127,819 for the same period in 2022. The increase in salaries and employee benefits is primarily due to increases in the minimum wage we pay our employees that were implemented in May 2022 along with annual merit increases implemented in April 2023. The acquisition of RBC added $3,174 to salaries and employee benefits expense in the first half of 2023.
Data processing costs were $3,684 in the second quarter of 2023 as compared to $3,590 for the same period in 2022 and were $7,317 for the six months ended June 30, 2023 as compared to $7,853 for the same period in 2022. The Company continues to examine new and existing contracts to negotiate favorable terms to offset the increased variable cost components of our data processing costs, such as new accounts and increased transaction volume.
Net occupancy and equipment expense for the second quarter of 2023 was $11,865, as compared to $11,155 for the same period in 2022. These expenses for the first six months of 2023 were $23,270, as compared to $22,431 for the same period in 2022
For the second quarter of 2023 the Company had expenses of $51 related to other real estate owned as compared to a net gain of $187 for the same period in 2022. These expenses were $81 for the six months ended June 30, 2023 as compared to a net gain of $428 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 $8 and $51 for the first six months of 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, other real estate owned with a cost basis of $738 and $967, respectively, was sold, resulting in a net gain of $89 and $557, 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 $4,012 for the second quarter of 2023 as compared to $2,778 for the same period in 2022, and $7,479 for the six months ended June 30, 2023 as compared to $5,929 for the same period in 2022.
Advertising and public relations expense was $3,482 for the second quarter of 2023 as compared to $3,406 for the same period in 2022, and $8,168 for the six months ended June 30, 2023 as compared to $7,465 for the same period in 2022. During the six months ended June 30, 2023 and 2022, the Company contributed approximately $1,292 and $1,350, respectively, to charitable organizations throughout Mississippi, Alabama 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 $1,369 and $1,310 for the second quarter of 2023 and 2022, respectively, and $2,795 and $2,676 for the six months ended June 30, 2023 and 2022, respectively. This amortization relates to finite-lived intangible assets which are being amortized over the useful lives as determined at acquisition. These finite-lived intangible assets have remaining estimated useful lives ranging from approximately 1 year to 8 years.
Communication expenses, those expenses incurred for communication to clients and between employees, were $2,226 for the second quarter of 2023 as compared to $1,904 for the same period in 2022. Communication expenses were $4,206 for the six months ended June 30, 2023 as compared to $3,931 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 $11,839 and $23,088 for the three and six months ended June 30, 2023 as compared to $7,471 and $13,204 for the same periods in 2022. The increase in other noninterest expense is primarily attributable to lower deferred loan origination expense in the first half 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 period. A negative provision (recovery) for unfunded commitments of
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$1,000 and $2,500 was recorded for the three and six months ended June 30, 2023. There was a provision for unfunded commitments of $450 for the second quarter of 2022 and a recovery of provision for unfunded commitments of $100 for the six months ended June 30, 2022.
Efficiency Ratio
Efficiency Ratio
Three Months Ended June 30,Six Months Ended June 30,
2023 20222023 2022
Efficiency ratio72.63 %64.37 %66.50 % 66.00 %

The efficiency ratio is a measure of productivity in the banking industry. (This ratio is a measure of our ability to turn expenses into revenue. That is, the ratio is designed to reflect the percentage of one dollar that we must expend to generate a dollar of revenue.) The Company calculates this ratio by dividing noninterest expense by the sum of net interest income on a fully tax equivalent basis and noninterest income. The loss on the sale of securities reduced the efficiency ratio by 9.44% and 6.22% for the three and six months ended June 30, 2023, respectively. We remain committed to aggressively managing our costs within the framework of our business model. Our goal is to improve the efficiency ratio over time from currently reported levels as a result of revenue growth while at the same time controlling noninterest expenses.
Income Taxes
Income tax expense for the second quarter of 2023 and 2022 was $6,634 and $10,857, respectively, and $17,956 and $18,792 for the six months ended June 30, 2023 and 2022, respectively. The Company recognized tax credits of approximately $1,292 in the first half of 2023 (as mentioned above in the advertising and public relations discussion) as compared to approximately $1,350 in the first half 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 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, internal risk-rating grades are assigned by lending, credit administration and loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Loan grades range from 10 to 95, with 10 being loans with the least credit risk.
Management’s problem asset resolution committee and the Board of Directors’ Credit Review Committee monitor loans that are past due or those that have been downgraded to criticized due to a decline in the collateral value or cash flow of the
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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 or private sale 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 six months of 2023 were $8,633, or 0.15% of average loans (annualized), compared to net charge-offs of $3,188, or 0.06% 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.

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.
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•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:
 
June 30, 2023December 31, 2022June 30, 2022
Balance% of TotalBalance% of TotalBalance% of Total
Commercial, financial, agricultural$41,310 14.49 %$44,255 14.46 %$30,193 14.12 %
Lease financing2,480 1.03 %2,463 0.99 %1,802 0.96 %
Real estate – construction19,125 11.47 %19,114 11.49 %17,290 10.62 %
Real estate – 1-4 family mortgage46,434 28.07 %44,727 27.78 %41,910 28.57 %
Real estate – commercial mortgage75,667 44.03 %71,798 44.20 %64,373 44.49 %
Installment loans to individuals9,375 0.91 %9,733 1.08 %10,563 1.24 %
Total$194,391 100.00 %$192,090 100.00 %$166,131 100.00 %

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 $3,000 in the second quarter of 2023 and $10,960 in the first half of 2023, as compared to $2,000 in the second quarter of 2022 and $3,500 in the first half 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 first six months of 2023 as compared to the same period in 2022 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 EndedSix Months Ended
 June 30,June 30,
 2023202220232022
Balance at beginning of period$195,292 $166,468 $192,090 $164,171 
Impact of purchased credit deteriorated loans acquired during the period— — (26)1,648 
Charge-offs
Commercial, financial, agricultural4,939 2,239 5,468 4,341 
Lease financing— — — 7 
Real estate – 1-4 family mortgage212 161 215 324 
Real estate – commercial mortgage397 708 5,512 714 
Installment loans to individuals580 850 1,390 1,629 
Total charge-offs6,185 3,958 12,642 7,015 
Recoveries
Commercial, financial, agricultural1,274 431 1,999 1,567 
Lease financing6 11 11 23 
Real estate – 1-4 family mortgage170 169 194 347 
Real estate – commercial mortgage278 192 489 347 
Installment loans to individuals556 818 1,316 1,543 
Total recoveries2,284 1,621 4,009 3,827 
Net charge-offs3,901 2,337 8,633 3,188 
Provision for credit losses on loans3,000 2,000 10,960 3,500 
Balance at end of period$194,391 $166,131 $194,391 $166,131 
Net charge-offs (annualized) to average loans0.13 %0.09 %0.15 %0.06 %
Net charge-offs to allowance for credit losses on loans2.01 1.41 4.44 1.92 
Allowance for credit losses on loans to:
Total loans1.63 1.57 
Nonperforming loans211.85 373.21 
Nonaccrual loans350.64 378.46 


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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:

Six Months Ended
June 30, 2023June 30, 2022
Net Charge-offs (Recoveries)Average LoansAnnualized Net Charge-offs to Average LoansNet Charge-offs (Recoveries)Average LoansAnnualized Net Charge-offs to Average Loans
Commercial, financial, agricultural$3,469$1,734,7090.40%$2,774$1,457,1640.38%
Lease financing(11)118,892(0.02)(16)89,479(0.04)
Real estate – construction571,327,0280.01—1,114,992—
Real estate – 1-4 family mortgage213,362,300—(23)2,894,206—
Real estate – commercial mortgage5,0235,125,1920.203674,601,3530.02
Installment loans to individuals74115,4640.1386136,7550.13
Total$8,633$11,783,5850.15%$3,188$10,293,9490.06%

The following table provides further details of the Company’s net charge-offs (recoveries) of loans secured by real estate for the periods presented:
 
Three Months EndedSix Months Ended
 June 30,June 30,
 2023202220232022
Real estate – construction:
Residential$57 $— $57 $— 
Total real estate – construction57 — 57 — 
Real estate – 1-4 family mortgage:
Primary(55)95 (65)157 
Home equity102 (70)99 (48)
Rental/investment1 (19)(1)(21)
Land development(6)(14)(12)(111)
Total real estate – 1-4 family mortgage42 (8)21 (23)
Real estate – commercial mortgage:
Owner-occupied396 675 318 526 
Non-owner occupied(277)(2)4,705 (2)
Land development— (157)— (157)
Total real estate – commercial mortgage119 516 5,023 367 
Total net charge-offs (recoveries) of loans secured by real estate$218 $508 $5,101 $344 

Allowance for Credit Losses on Unfunded Commitments; Provision for Credit Losses on Unfunded Commitments. The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “Other liabilities” line item on the Consolidated Balance Sheets. Management estimates the amount of expected losses on unfunded loan commitments by calculating a likelihood of funding over the contractual period for exposures that are not unconditionally cancellable by the Company and applying the loss factors used in the allowance for credit losses on loans methodology described above to unfunded commitments for each loan type. No credit loss estimate is reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. A roll-forward of the allowance for credit losses on unfunded commitments is shown in the tables below.
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Three Months Ended June 30,20232022
Allowance for credit losses on unfunded loan commitments:
Beginning balance$18,618 $19,485 
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense)(1,000)450 
Ending balance$17,618 $19,935 
Six Months Ended June 30,20232022
Allowance for credit losses on unfunded loan commitments:
Beginning balance$20,118 $20,035 
Recovery of provision for credit losses on unfunded loan commitments (included in other noninterest expense)(2,500)(100)
Ending balance$17,618 $19,935 
Nonperforming Assets. Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans are those on which the accrual of interest has stopped or loans which are contractually 90 days past due on which interest continues to accrue. Generally, the accrual of interest is discontinued when the full collection of principal or interest is in doubt or when the payment of principal or interest has been contractually 90 days past due, unless the obligation is both well secured and in the process of collection. Management, the problem asset resolution committee and our loan review staff closely monitor loans that are considered to be nonperforming.
Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for credit losses on loans. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included in “Other real estate owned” in the Consolidated Statements of Income.
The following table provides details of the Company’s nonperforming assets as of the dates presented.
June 30, 2023December 31, 2022
Nonaccruing loans$55,439 $56,545 
Accruing loans past due 90 days or more36,321 331 
Total nonperforming loans91,760 56,876 
Other real estate owned5,120 1,763 
Total nonperforming assets$96,880 $58,639 
Nonperforming loans to total loans0.77 %0.49 %
Nonaccruing loans to total loans0.46 %0.49 %
Nonperforming assets to total assets0.56 %0.35 %

The following table presents nonperforming loans by loan category as of the dates presented:
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June 30,
2023		December 31, 2022June 30,
2022
Commercial, financial, agricultural$7,698 $12,543 $6,199 
Lease financing— — — 
Real estate – construction:
Residential— 77 — 
Commercial— — — 
Total real estate – construction— 77 — 
Real estate – 1-4 family mortgage:
Primary36,467 30,076 22,440 
Home equity2,299 1,909 2,082 
Rental/investment3,086 1,014 1,034 
Land development19 82 598 
Total real estate – 1-4 family mortgage41,871 33,081 26,154 
Real estate – commercial mortgage:
Owner-occupied24,022 5,499 5,991 
Non-owner occupied17,842 5,342 5,630 
Land development54 71 186 
Total real estate – commercial mortgage41,918 10,912 11,807 
Installment loans to individuals273 263 354 
Total nonperforming loans$91,760 $56,876 $44,514 

Total nonperforming loans as a percentage of total loans were 0.77% as of June 30, 2023 as compared to 0.49% and 0.42% as of December 31, 2022 and June 30, 2022, respectively. The increase in nonperforming loans is primarily due to two relationships, both of which are well collateralized 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 211.85% as of June 30, 2023 as compared to 337.73% as of December 31, 2022 and 373.21% as of June 30, 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 June 30, 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 $12,146, or 0.10% of total loans, at June 30, 2023 as compared to $58,703, or 0.51% of total loans, at December 31, 2022 and $16,910, or 0.16% of total loans, at June 30, 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. At June 30, 2023, these loan modifications were performing in accordance with their modified terms and unused commitments totaled $1,600. Upon the Company’s determination that a modified loan has been subsequently deemed uncollectible, the loan, or portion of the loan, is charged off, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted accordingly. See Note 4, “Allowance for Credit Losses,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements for more information on the allowance for credit losses.
The following table presents the amortized cost basis of loans that were both experiencing financial difficulty and modified during the three months and six months ended June 30, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of loans is also presented below.
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Three Months EndedSix Months Ended
Interest Rate ReductionTerm ExtensionPayment DelayTotal% Total Loans by ClassInterest Rate ReductionTerm ExtensionPayment DelayTotal% Total Loans by Class
Commercial, financial, agricultural$— $1,210 $— $1,210 0.07 %$— $1,210 $— $1,210 0.07 %
Real estate – construction:
Residential— 4,366 — 4,366 1.42 — 4,366 — 4,366 1.42 
Total real estate – construction— 4,366 — 4,366 0.32 — 4,366 — 4,366 0.32 
Real estate – 1-4 family mortgage:
Home equity9 — — 9 — 9 — — 9 — 
Total real estate – 1-4 family mortgage9 — — 9 — 9 — — 9 — 
Real estate – commercial mortgage:
Owner-occupied— — — — — 155 — — 155 0.01 
Non-owner occupied— — — — — 1,026 — — 1,026 0.03 
Land development— 97 277 374 0.33 — 97 277 374 0.33 
Total real estate – commercial mortgage— 97 277 374 0.01 1,181 97 277 1,555 0.03 
Loans, net of unearned income$9 $5,673 $277 $5,959 0.05 %$1,190 $5,673 $277 $7,140 0.06 %

The following table presents the weighted average financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three and six months ended June 30, 2023.

Three Months EndedSix Months Ended
Interest Rate Reduction (in basis points)Term Extension (in months)Payment Delay (in months)Interest Rate Reduction (in basis points)Term Extension (in months)Payment Delay (in months)
Commercial, financial, agricultural— 2.1 — — 2.1 — 
Real estate – construction:
Residential— 4.7 — — 4.7 — 
Real estate – 1-4 family mortgage:
Home equity300 — — 300 — — 
Real estate – commercial mortgage:
Owner-occupied— — — 68 — — 
Non-owner occupied— — — 12 — — 
Land development— 8.4 3.0 — 8.4 3.0 
Loans, net of unearned income300 4.2 3.0 21 4.2 3.0 

The following table provides details of the Company’s other real estate owned, net of valuation allowance and direct write-downs, as of the dates presented:
 
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June 30,
2023		December 31, 2022June 30,
2022
Residential real estate$459 $699 $1,251 
Commercial real estate3,481 62 101 
Residential land development448 246 261 
Commercial land development732 756 1,194 
Total other real estate owned$5,120 $1,763 $2,807 

Changes in the Company’s other real estate owned were as follows:
20232022
Balance at January 1$1,763 $2,540 
Transfers of loans4,119 1,284 
Impairments(8)(51)
Dispositions(738)(967)
Other(16)1 
Balance at June 30$5,120 $2,807 

Other real estate owned with a cost basis of $738 was sold during the six months ended June 30, 2023, resulting in a net gain of $89, while other real estate owned with a cost basis of $967 was sold during the six months ended June 30, 2022, resulting in a net gain of $557.
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 interest rate sensitivity and liquidity risk, over the short-, medium, and long-term, and to make decisions relating to these processes. The ALCO’s goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk and preserving adequate liquidity so as to minimize the adverse impact of changes in interest rates on net interest income, liquidity and capital. We regularly monitor liquidity and stress our liquidity position in various simulated scenarios, which are incorporated in our contingency funding plan outlining different potential liquidity environments. The ALCO uses an asset/liability model as the primary quantitative tool in measuring the amount of interest rate risk associated with changing market rates. The model is used to perform both net interest income forecast simulations for multiple year horizons and economic value of equity (“EVE”) analyses, each under various interest rate scenarios, 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 July 1, 2023, in each case as compared to the result under rates present in the market on June 30, 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
+2004.22%6.79%8.62%
+1002.50%3.45%4.34%
-100(3.67)%(4.29)%(5.22)%
-200(9.05)%(9.24)%(11.31)%

The rate shock results for the net interest income simulations for the next 24 months produce an asset sensitive position at June 30, 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 and deposits, the impact of market conditions on the securities yields and interest rates of our borrowings, how responsive our deposit repricing is to the change in market rates and the expected life of non-maturity deposits. These business assumptions are based upon our experience, business plans and published industry experience; however, such assumptions may not necessarily reflect the manner or timing in which cash flows, asset yields and liability costs respond to changes in market rates. Because these assumptions are inherently uncertain, actual results will differ from simulated results.
The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, collars, caps and/or floors, 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 half of 2023, brokered deposits increased by $847,825 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 10.43% of the carrying value of the total securities portfolio. Securities within our investment portfolio are also used to secure certain deposit types, short-term borrowings and derivative instruments. At June 30, 2023, securities with a carrying value of $786,023 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 $250,000 in short-term borrowings from the FHLB at June 30, 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 June 30, 2023 or December 31, 2022. The total amount of the remaining credit available to us from the FHLB at June 30, 2023 was $3,484,050. We also maintain lines of credit with other commercial banks totaling $180,000. These are unsecured lines of credit with the
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majority maturing at various times within the next twelve months. There were no amounts outstanding under these lines of credit at June 30, 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 $317,120 at June 30, 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
Six Months EndedSix Months Ended
 June 30,June 30,
 2023202220232022
Noninterest-bearing demand28.41 %32.85 %— %— %
Interest-bearing demand41.07 46.31 1.64 0.22 
Savings6.94 7.84 0.32 0.05 
Brokered deposits4.07 — 4.81 — 
Time deposits11.13 9.39 2.29 0.47 
Short-term borrowings5.48 0.49 4.46 0.65 
Long-term Federal Home Loan Bank advances— — — 1.87 
Subordinated notes2.14 2.34 5.45 4.31 
Other borrowed funds0.76 0.78 7.77 4.37 
Total deposits and borrowed funds100.00 %100.00 %1.57 %0.29 %

The estimated amount of uninsured and uncollateralized deposits at June 30, 2023 was $3,885,983. Collateralized public funds over the FDIC insurance limits were $1,448,039.
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 $946,899 at June 30, 2023, as compared to $1,010,468 at June 30, 2022. Cash provided by investing activities for the six months ended June 30, 2023 was $274,113, as compared to cash used in investing activities of $1,087,213 for the six months ended June 30, 2022. Proceeds from the sale, maturity or call of securities within our investment portfolio were $633,934 for the six months ended June 30, 2023, as compared to $266,656 for the same period in 2022. A portion of the securities portfolio was sold during the second quarter, resulting in proceeds of $488,981 which were used to pay off short-term FHLB borrowings. Other 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 six months of 2023, as compared to $701,555 for the same period in 2022.
Cash provided by financing activities for the six months ended June 30, 2023 was $128,334, as compared to cash used in financing activities of $129,990 for the same period in 2022. Deposits increased $608,395 and decreased $141,795 for the six months ended June 30, 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 June 30, 2023, the maximum amount available for transfer from the Bank to the Company in the form of loans was $183,595. The Company maintains a $3,000 line of credit collateralized by cash with the Bank. There were no amounts outstanding under this line of credit at June 30, 2023.
These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the six months ended June 30, 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:
June 30, 2023December 31, 2022
Loan commitments$3,268,716 $3,577,614 
Standby letters of credit117,786 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 June 30, 2023, the Company had notional amounts of $510,641 on interest rate contracts with corporate customers and $436,028 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. The Company entered into an interest rate swap contract on its subordinated notes that is accounted for
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as a fair value hedge. Under this contract, the Company pays a variable rate of interest 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 $2,208,628 at June 30, 2023 compared to $2,136,016 at December 31, 2022. Book value per share was $39.35 and $38.18 at June 30, 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 second quarter of 2023.
The Company has junior subordinated debentures with a carrying value of $112,510 at June 30, 2023, of which $108,919 is included in the Company’s Tier 1 capital. Federal Reserve guidelines limit the amount of securities that, similar to our junior subordinated debentures, are includable in Tier 1 capital, but these guidelines did not impact the debentures we include in Tier 1 capital at June 30, 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 June 30, 2023, of which $336,327 is included in the Company’s Tier 2 capital.
The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications:
Capital TiersTier 1 Capital to
Average Assets
(Leverage)		Common Equity Tier 1 to
Risk - Weighted Assets		Tier 1 Capital to
Risk - Weighted
Assets		 Total Capital to
Risk - Weighted
Assets
Well capitalized5% or above6.5% or above 8% or above 10% or above
Adequately capitalized4% or above4.5% or above 6% or above 8% or above
UndercapitalizedLess than 4%Less than 4.5% Less than 6% Less than 8%
Significantly undercapitalizedLess than 3%Less than 3% Less than 4% Less than 6%
Critically undercapitalized Tangible Equity / Total Assets less than 2%

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The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of the dates presented:
 ActualMinimum Capital
Requirement to be
Well Capitalized		Minimum Capital
Requirement to be
Adequately
Capitalized (including the Capital Conservation Buffer)
 AmountRatioAmountRatioAmountRatio
June 30, 2023
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,415,626 10.30 %$893,220 6.50 %$961,929 7.00 %
Tier 1 risk-based capital ratio1,524,545 11.09 1,099,348 8.00 1,168,057 8.50 
Total risk-based capital ratio2,028,793 14.76 1,374,185 10.00 1,442,894 10.50 
Leverage capital ratios:
Tier 1 leverage ratio1,524,545 9.22 826,868 5.00 661,495 4.00 
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,668,033 12.06 %$899,078 6.50 %$968,237 7.00 %
Tier 1 risk-based capital ratio1,668,033 12.06 1,106,557 8.00 1,175,717 8.50 
Total risk-based capital ratio1,835,954 13.27 1,383,196 10.00 1,452,356 10.50 
Leverage capital ratios:
Tier 1 leverage ratio1,668,033 10.09 826,954 5.00 661,563 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 June 30, 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)
April 1, 2023 to April 30, 2023253 $29.82 — $100,000 
May 1, 2023 to May 31, 2023227 26.34 — 100,000 
June 1, 2023 to June 30, 2023358 29.48 — 100,000 
Total838 $28.73 — 
(1)All shares in this column represent shares of Renasant Corporation stock withheld to satisfy the federal and state tax liabilities related to the vesting of time-based restricted stock awards.
(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 second 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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Item 5. OTHER INFORMATION

Trading Plans
During the quarter ended June 30, 2023, no director or officer (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) adopted or terminated any “Rule 10b5-1 trading arrangements” or “non-Rule 10b5-1 trading arrangements” (each as defined in Item 408(a) of Regulation S-K).


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 June 30, 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 June 30, 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:August 4, 2023/s/ C. Mitchell Waycaster
 C. Mitchell Waycaster
 Chief Executive Officer
 (Principal Executive Officer)
Date:August 4, 2023/s/ James C. Mabry IV
 James C. Mabry IV
 Executive Vice President and
 Chief Financial Officer
 (Principal Financial Officer)
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