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 2024-08-07

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, 2024
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 New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of July 31, 2024, 63,557,383 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, 2024
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
48
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
74
Item 4.
Controls and Procedures
74
PART II
Item 1A.
Risk Factors
75
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
77
Item 5.
Other Information
79
Item 6.
Exhibits
79
81



PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS

Renasant Corporation and Subsidiaries
Consolidated Balance Sheets

(In Thousands, Except Share Data)
(Unaudited)
June 30,
2024		December 31, 2023
Assets
Cash and due from banks$224,302 $206,680 
Interest-bearing balances with banks627,604 594,671 
Cash and cash equivalents851,906 801,351 
Securities held to maturity (net of allowance for credit losses of $32 at each of June 30, 2024 and December 31, 2023) (fair value of $1,052,705 and $1,121,830, respectively)
1,174,663 1,221,464 
Securities available for sale, at fair value749,685 923,279 
Loans held for sale, at fair value266,406 179,756 
Loans held for investment, net of unearned income12,604,755 12,351,230 
Allowance for credit losses on loans(199,871)(198,578)
Loans, net12,404,884 12,152,652 
Premises and equipment, net280,966 283,195 
Other real estate owned, net7,366 9,622 
Goodwill991,665 991,665 
Other intangible assets, net16,397 18,795 
Bank-owned life insurance387,791 382,584 
Mortgage servicing rights72,092 91,688 
Other assets306,570 304,484 
Total assets$17,510,391 $17,360,535 
Liabilities and shareholders’ equity
Liabilities
Deposits
Noninterest-bearing$3,539,453 $3,583,675 
Interest-bearing10,715,760 10,493,110 
Total deposits14,255,213 14,076,785 
Short-term borrowings232,741 307,577 
Long-term debt428,677 429,400 
Other liabilities239,059 249,390 
Total liabilities15,155,690 15,063,152 
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; 56,367,924 and 56,142,207 shares outstanding, respectively
296,483 296,483 
Treasury stock, at cost – 2,928,801 and 3,154,518 shares, respectively
(97,534)(105,249)
Additional paid-in capital1,304,782 1,308,281 
Retained earnings1,005,086 952,124 
Accumulated other comprehensive loss, net of taxes(154,116)(154,256)
Total shareholders’ equity2,354,701 2,297,383 
Total liabilities and shareholders’ equity$17,510,391 $17,360,535 
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,
 2024202320242023
Interest income
Loans$201,927 $176,188 $396,625 $339,712 
Securities
Taxable9,258 12,300 18,763 25,553 
Tax-exempt1,152 1,700 2,347 3,538 
Other7,874 6,978 15,655 12,408 
Total interest income220,211 197,166 433,390 381,211 
Interest expense
Deposits87,621 51,391 170,234 84,257 
Borrowings7,564 15,559 14,840 30,963 
Total interest expense95,185 66,950 185,074 115,220 
Net interest income125,026 130,216 248,316 265,991 
Provision for credit losses on loans4,300 3,000 6,938 10,960 
Recovery of credit losses on unfunded commitments(1,000)(1,000)(1,200)(2,500)
Provision for credit losses3,300 2,000 5,738 8,460 
Net interest income after provision for credit losses121,726 128,216 242,578 257,531 
Noninterest income
Service charges on deposit accounts10,286 9,733 20,792 18,853 
Fees and commissions3,944 4,987 7,893 9,663 
Insurance commissions2,758 2,809 5,474 5,255 
Wealth management revenue5,684 5,338 11,353 10,478 
Mortgage banking income9,698 9,771 21,068 18,288 
Gain on debt extinguishment— — 56 — 
Net loss on sales of securities— (22,438)— (22,438)
BOLI income2,701 2,402 5,392 5,405 
Other3,691 4,624 8,115 9,015 
Total noninterest income38,762 17,226 80,143 54,519 
Noninterest expense
Salaries and employee benefits70,731 70,637 142,201 140,469 
Data processing3,945 3,684 7,752 7,317 
Net occupancy and equipment11,844 11,865 23,233 23,270 
Other real estate owned105 51 212 81 
Professional fees3,195 4,012 6,543 7,479 
Advertising and public relations3,807 3,482 8,693 8,168 
Intangible amortization1,186 1,369 2,398 2,795 
Communications2,112 2,226 4,136 4,206 
Other15,051 12,839 29,720 25,588 
Total noninterest expense111,976 110,165 224,888 219,373 
Income before income taxes48,512 35,277 97,833 92,677 
Income taxes9,666 6,634 19,578 17,956 
Net income$38,846 $28,643 $78,255 $74,721 
Basic earnings per share$0.69 $0.51 $1.39 $1.33 
Diluted earnings per share$0.69 $0.51 $1.38 $1.33 
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,
 2024202320242023
Net income$38,846 $28,643 $78,255 $74,721 
Other comprehensive income, net of tax:
Securities available for sale:
Unrealized holding gains (losses) on securities468 (15,930)(4,166)(399)
Reclassification adjustment for losses realized in net income— 16,816 — 16,816 
Amortization of unrealized holding losses on securities transferred to the held to maturity category2,421 2,252 4,859 4,580 
Total securities available for sale2,889 3,138 693 20,997 
Derivative instruments:
Unrealized holding losses on derivative instruments(141)(2,361)(711)(3,593)
Total derivative instruments(141)(2,361)(711)(3,593)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost79 86 158 172 
Total defined benefit pension and post-retirement benefit plans79 86 158 172 
Other comprehensive income, net of tax2,827 863 140 17,576 
Comprehensive income$41,673 $29,506 $78,395 $92,297 

See Notes to Consolidated Financial Statements.
3

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

(In Thousands, Except Share Data)

Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal
Six Months Ended June 30, 2024SharesAmount
Balance at January 1, 202456,142,207 $296,483 $(105,249)$1,308,281 $952,124 $(154,256)$2,297,383 
Net income— — — — 39,409 — 39,409 
Other comprehensive loss— — — — — (2,687)(2,687)
Comprehensive income36,722 
Cash dividends ($0.22 per share)
— — — — (12,653)— (12,653)
Issuance of common stock for stock-based compensation awards162,653 — 5,566 (8,660)— — (3,094)
Stock-based compensation expense— — — 3,992 — — 3,992 
Balance at March 31, 202456,304,860 $296,483 $(99,683)$1,303,613 $978,880 $(156,943)$2,322,350 
Net income— $— $— $— $38,846 $— $38,846 
Other comprehensive income— — — — — 2,827 2,827 
Comprehensive income41,673 
Cash dividends ($0.22 per share)
— — — — (12,640)— (12,640)
Issuance of common stock for stock-based compensation awards63,064 — 2,149 (2,205)— — (56)
Stock-based compensation expense— — — 3,374 — — 3,374 
Balance at June 30, 202456,367,924 $296,483 $(97,534)$1,304,782 $1,005,086 $(154,116)$2,354,701 
Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossTotal
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 

See Notes to Consolidated Financial Statements.
4
Renasant Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(In Thousands)
 Six Months Ended June 30,
 20242023
Operating activities
Net income$78,255 $74,721 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses5,738 8,460 
Depreciation, amortization and accretion16,027 18,365 
Deferred income tax expense1,142 302 
Proceeds from sale of MSR23,011 — 
Gain on sale of MSR(3,472)— 
Funding of mortgage loans held for sale(641,131)(659,921)
Proceeds from sales of mortgage loans held for sale561,475 526,853 
Gains on sales of mortgage loans held for sale(9,734)(9,417)
Losses on sales of securities— 22,438 
Debt prepayment benefit(56)— 
Losses on sales of premises and equipment52 7 
Stock-based compensation expense7,366 6,840 
Increase in other assets(6,802)(26,264)
(Decrease) increase in other liabilities(15,891)6,076 
Net cash provided by (used in) operating activities15,980 (31,540)
Investing activities
Purchases of securities available for sale(52,679)— 
Proceeds from sales of securities available for sale177,185 488,981 
Proceeds from call/maturities of securities available for sale42,713 90,830 
Proceeds from call/maturities of securities held to maturity50,372 54,123 
Net increase in loans(258,608)(363,231)
Purchases of premises and equipment(6,774)(12,353)
Proceeds from sales of premises and equipment289 — 
Net change in FHLB stock2,665 13,268 
Proceeds from sales of other assets1,167 827 
Other, net191 1,668 
Net cash (used in) provided by investing activities(43,479)274,113 
Financing activities
Net decrease in noninterest-bearing deposits(44,222)(679,803)
Net increase in interest-bearing deposits222,650 1,288,198 
Net decrease in short-term borrowings(74,836)(454,927)
Repayment of long-term debt(245)— 
Cash paid for dividends(25,293)(25,134)
Net cash provided by financing activities78,054 128,334 
Net increase in cash and cash equivalents50,555 370,907 
Cash and cash equivalents at beginning of period801,351 575,992 
Cash and cash equivalents at end of period$851,906 $946,899 
Supplemental disclosures
Cash paid for interest$187,194 $91,861 
Cash paid for income taxes$17,958 $23,071 
Noncash transactions:
Transfers of loans to other real estate owned$1,135 $4,119 
Recognition of operating right-of-use assets$1,562 $611 
Recognition of operating lease liabilities$1,562 $611 

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. See Note 15, “Subsequent Events” for a discussion of the Bank’s sale of substantially all of the assets of Renasant Insurance, Inc. effective July 1, 2024.
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, 2023 filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2024.
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 (“FASB”) 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 was effective on January 1, 2024. The adoption of this accounting pronouncement did not have an impact on the Company’s historical financial statements but could influence the Company’s decisions with respect to investments in certain tax credits prospectively.
In October 2023, FASB issued ASU 2023-06, “Disclosure Improvements” (“ASU 2023-06”), which amends the disclosure requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). ASU 2023-06 adds a number of disclosure requirements to the Codification in response to the SEC initiative to update and simplify disclosure requirements. ASU 2023-06 is to be applied prospectively, and early adoption is prohibited. For SEC reporting entities, the effective dates will be the respective effective dates of the SEC’s removal of the related disclosure requirements from Regulation S-X or Regulation S-K . If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entities. ASU 2023-06 is not expected to have significant impact on the Company’s financial statements.
In November 2023, FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which amends the disclosure requirements related to segment reporting primarily through enhanced disclosure about significant segment expenses and by requiring disclosure of segment information on an annual and interim basis. ASU 2023-07 was effective January 1, 2024 and did not have a significant impact on our financial statements or segment disclosures.
In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which enhances the transparency and decision usefulness of income tax disclosures. ASU 2023-09 will require disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. Entities will also be required to disclose income/(loss) from continuing operations before income tax expense/(benefit) disaggregated between domestic and foreign, as well as income tax expense/(benefit) from continuing operations disaggregated by federal, state and foreign. ASU 2023-09 is effective January 1, 2025 and is not expected to have a significant impact on our financial statements.
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, 2024 or December 31, 2023.
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
June 30, 2024
Obligations of states and political subdivisions$20,355 $68 $(2,273)$18,150 
Residential mortgage backed securities:
Government agency mortgage backed securities193,895 102 (26,380)167,617 
Government agency collateralized mortgage obligations420,707 — (89,746)330,961 
Commercial mortgage backed securities:
Government agency mortgage backed securities6,016 — (681)5,335 
Government agency collateralized mortgage obligations139,885 4 (22,782)117,107 
Other debt securities113,741 565 (3,791)110,515 
$894,599 $739 $(145,653)$749,685 
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2023
Obligations of states and political subdivisions$36,374 $119 $(1,883)$34,610 
Residential mortgage backed securities:
Government agency mortgage backed securities301,400 172 (24,968)276,604 
Government agency collateralized mortgage obligations485,164 — (85,883)399,281 
Commercial mortgage backed securities:
Government agency mortgage backed securities6,029 — (637)5,392 
Government agency collateralized mortgage obligations161,299 24 (21,965)139,358 
Other debt securities72,383 109 (4,458)68,034 
$1,062,649 $424 $(139,794)$923,279 


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, 2024
Obligations of states and political subdivisions$286,354 $21 $(41,326)$245,049 
Residential mortgage backed securities
Government agency mortgage backed securities399,822 — (27,382)372,440 
Government agency collateralized mortgage obligations371,232 — (38,017)333,215 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,972 — (3,058)13,914 
Government agency collateralized mortgage obligations44,191 — (7,521)36,670 
Other debt securities56,124 — (4,707)51,417 
$1,174,695 $21 $(122,011)$1,052,705 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$1,174,663 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2023
Obligations of states and political subdivisions$288,154 $74 $(33,688)$254,540 
Residential mortgage backed securities
Government agency mortgage backed securities426,264 — (20,314)405,950 
Government agency collateralized mortgage obligations387,208 — (31,670)355,538 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,983 — (2,972)14,011 
Government agency collateralized mortgage obligations44,514 — (6,977)37,537 
Other debt securities58,373 — (4,119)54,254 
$1,221,496 $74 $(99,740)$1,121,830 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$1,221,464 

Securities sold during the six months ended June 30, 2024 and the three and six months ended June 30, 2023 are presented in the tables below. With respect to the securities sold during the first six months ended June 30, 2024, the Company intended to sell these securities as of December 31, 2023, and completed the sale in January 2024. Therefore, the Company impaired the securities and recognized the loss in net income as of December 31, 2023. There were no securities sold during the second quarter of 2024.
8
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Carrying Value Immediately Prior to SaleNet ProceedsImpairment Recognized in December 2023
Six months ended June 30, 2024
Obligations of states and political subdivisions$12,301 $11,360 $(941)
Residential mortgage backed securities:
Government agency mortgage backed securities107,389 95,922 (11,467)
Government agency collateralized mortgage obligations48,300 43,990 (4,310)
Commercial mortgage backed securities:
Government agency collateralized mortgage obligations28,547 25,913 (2,634)
$196,537 $177,185 $(19,352)
Carrying ValueNet ProceedsLoss
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, 2024 and December 31, 2023, securities with a carrying value of $834,625 and $880,715, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $13,835 and $14,329 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2024 and December 31, 2023, respectively.
The amortized cost and fair value of securities at June 30, 2024 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
 
9
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Held to MaturityAvailable for Sale
 Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due within one year$1,322 $1,292 $1,001 $996 
Due after one year through five years6,319 5,853 36,378 36,558 
Due after five years through ten years126,189 110,897 38,250 34,491 
Due after ten years208,648 178,424 50,766 49,727 
Residential mortgage backed securities:
Government agency mortgage backed securities399,822 372,440 193,895 167,617 
Government agency collateralized mortgage obligations371,232 333,215 420,707 330,961 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,972 13,914 6,016 5,335 
Government agency collateralized mortgage obligations44,191 36,670 139,885 117,107 
Other debt securities— — 7,701 6,893 
$1,174,695 $1,052,705 $894,599 $749,685 
10
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, 2024
Obligations of states and political subdivisions— $— $— 7$12,928 $(2,273)7$12,928 $(2,273)
Residential mortgage backed securities:
Government agency mortgage backed securities5 9,495 (109)36154,193 (26,271)41163,688 (26,380)
Government agency collateralized mortgage obligations— — — 37330,955 (89,746)37330,955 (89,746)
Commercial mortgage backed securities:
Government agency mortgage backed securities—— — 25,335 (681)25,335 (681)
Government agency collateralized mortgage obligations27,630 (131)25106,557 (22,651)27114,187 (22,782)
Other debt securities— — — 2037,415 (3,791)2037,415 (3,791)
Total7$17,125 $(240)127$647,383 $(145,413)134$664,508 $(145,653)
December 31, 2023
Obligations of states and political subdivisions3$2,914 $(2)9$15,198 $(1,881)12$18,112 $(1,883)
Residential mortgage backed securities:
Government agency mortgage backed securities1806 (25)35166,963 (24,943)36167,769 (24,968)
Government agency collateralized mortgage obligations— — — 37354,574 (85,883)37354,574 (85,883)
Commercial mortgage backed securities:
Government agency mortgage backed securities— — — 25,392 (637)25,392 (637)
Government agency collateralized mortgage obligations— — — 25108,575 (21,965)25108,575 (21,965)
Other debt securities23,099 (195)1935,072 (4,263)2138,171 (4,458)
Total6$6,819 $(222)127$685,774 $(139,572)133$692,593 $(139,794)
11
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, 2024
Obligations of states and political subdivisions1$2,351 $(33)127$241,015 $(41,293)128$243,366 $(41,326)
Residential mortgage backed securities:
Government agency mortgage backed securities—— — 70372,441 (27,382)70372,441 (27,382)
Government agency collateralized mortgage obligations—— — 18333,214 (38,017)18333,214 (38,017)
Commercial mortgage backed securities:
Government agency mortgage backed securities—— — 113,914 (3,058)113,914 (3,058)
Government agency collateralized mortgage obligations—— — 936,670 (7,521)936,670 (7,521)
Other debt securities—— — 1051,418 (4,707)1051,418 (4,707)
Total1$2,351 $(33)235$1,048,672 $(121,978)236$1,051,023 $(122,011)
December 31, 2023
Obligations of states and political subdivisions2$2,807 $(25)126$249,995 $(33,663)128$252,802 $(33,688)
Residential mortgage backed securities:
Government agency mortgage backed securities—— — 70405,950 (20,314)70405,950 (20,314)
Government agency collateralized mortgage obligations—— — 18355,538 (31,670)18355,538 (31,670)
Commercial mortgage backed securities:
Government agency mortgage backed securities—— — 114,011 (2,972)114,011 (2,972)
Government agency collateralized mortgage obligations—— — 937,537 (6,977)937,537 (6,977)
Other debt securities—— — 1054,254 (4,119)1054,254 (4,119)
Total2$2,807 $(25)234$1,117,285 $(99,715)236$1,120,092 $(99,740)
 
The Company evaluates its available for sale investment securities in an unrealized loss position on a quarterly basis. If the Company intends to sell the security or it is more likely than not that it will be required to sell before recovery, the entire unrealized loss is recorded as a loss within noninterest income in the Consolidated Statements of Income along with a corresponding adjustment to the amortized cost basis of the security. If the Company does not intend to sell the security and it is not more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the Company evaluates if any of the unrealized loss is related to a potential credit loss. The amount related to credit loss, if any, is recognized in earnings as a provision for credit loss and a corresponding allowance for credit losses is established; each is calculated as the difference between the estimate of the discounted future contractual cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors are considered by management in the estimate of the discounted future contractual cash flows, including the financial condition of the underlying issuer, current and projected deferrals or defaults and credit ratings by nationally recognized statistical rating agencies. The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of tax.

As of June 30, 2024, the Company does not intend to sell any of the 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 maturity. Furthermore, more than 90% of available for sale securities have the explicit or implicit backing of the federal government. Performance of these securities has been in line with broader market price performance, indicating that increases in market-based, risk-free rates, and not credit-related factors, are driving losses. When determining the fair value of
12
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
the contractual cash flows for municipal and corporate securities, the Company considers historical experience with credit sensitive securities, current market conditions, the financial condition of the underlying issuer, current credit ratings, ratings changes and outlook, explicit and implicit guarantees, or insurance programs. Based upon its review of these factors as of June 30, 2024, the Company determined that all such losses resulted from factors not deemed credit-related. As a result, no credit-related impairment was recognized in current earnings, and all unrealized losses for available for sale securities were recorded in other comprehensive income (loss). See Note 11, “Other Comprehensive Income” for more information on the Company’s unrealized losses on securities.

The allowance for credit losses on held to maturity securities was $32 at June 30, 2024 and December 31, 2023. The Company monitors the credit quality of debt securities held to maturity using bond investment grades assigned by nationally recognized statistical ratings agencies. Updated investment grades are obtained as they become available from agencies. As of June 30, 2024, all of the amortized cost of debt securities held to maturity were rated A or higher by the ratings agencies.

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,
2024		December 31, 2023
Commercial, financial, agricultural$1,847,762 $1,871,821 
Lease financing108,178 122,807 
Real estate – construction:
Residential275,966 269,616 
Commercial1,079,459 1,063,781 
Total real estate – construction1,355,425 1,333,397 
Real estate – 1-4 family mortgage:
Primary2,415,150 2,422,482 
Home equity529,803 522,688 
Rental/investment388,305 373,755 
Land development102,560 120,994 
Total real estate – 1-4 family mortgage3,435,818 3,439,919 
Real estate – commercial mortgage:
Owner-occupied1,724,601 1,648,961 
Non-owner occupied3,938,351 3,733,174 
Land development103,526 104,415 
Total real estate – commercial mortgage5,766,478 5,486,550 
Installment loans to individuals96,276 103,523 
Gross loans12,609,937 12,358,017 
Unearned income(5,182)(6,787)
Loans, net of unearned income$12,604,755 $12,351,230 


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
13
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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.

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, 2024
Commercial, financial, agricultural$1,248 $22 $1,840,648 $1,841,918 $257 $1,296 $4,291 $5,844 $1,847,762 
Lease financing1,274 — 106,902 108,176 — — 2 2 108,178 
Real estate – construction:
Residential4,151 — 271,815 275,966 — — — — 275,966 
Commercial4,518 — 1,074,941 1,079,459 — — — — 1,079,459 
Total real estate – construction8,669 — 1,346,756 1,355,425 — — — — 1,355,425 
Real estate – 1-4 family mortgage:
Primary10,226 211 2,351,121 2,361,558 5,800 26,338 21,454 53,592 2,415,150 
Home equity2,751 — 523,819 526,570 1,508 868 857 3,233 529,803 
Rental/investment209 — 387,153 387,362 57 780 106 943 388,305 
Land development152 — 102,368 102,520 — 29 11 40 102,560 
Total real estate – 1-4 family mortgage13,338 211 3,364,461 3,378,010 7,365 28,015 22,428 57,808 3,435,818 
Real estate – commercial mortgage:
Owner-occupied1,722 — 1,716,627 1,718,349 437 701 5,114 6,252 1,724,601 
Non-owner occupied733 — 3,913,194 3,913,927 356 153 23,915 24,424 3,938,351 
Land development547 — 99,769 100,316 103 17 3,090 3,210 103,526 
Total real estate – commercial mortgage3,002 — 5,729,590 5,732,592 896 871 32,119 33,886 5,766,478 
Installment loans to individuals976 7 95,038 96,021 51 111 93 255 96,276 
Unearned income— — (5,182)(5,182)— — — — (5,182)
Loans, net of unearned income$28,507 $240 $12,478,213 $12,506,960 $8,569 $30,293 $58,933 $97,795 $12,604,755 
 
14
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Accruing LoansNonaccruing Loans 
 30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		30-89 Days
Past Due		90 Days
or More
Past Due		Current
Loans		Total
Loans		Total
Loans
December 31, 2023
Commercial, financial, agricultural$1,098 $483 $1,864,441 $1,866,022 $1,310 $1,296 $3,193 $5,799 $1,871,821 
Lease financing687 — 122,120 122,807 — — — — 122,807 
Real estate – construction:
Residential— — 269,616 269,616 — — — — 269,616 
Commercial— — 1,063,781 1,063,781 — — — — 1,063,781 
Total real estate – construction— — 1,333,397 1,333,397 — — — — 1,333,397 
Real estate – 1-4 family mortgage:
Primary33,679 — 2,344,629 2,378,308 9,454 19,394 15,326 44,174 2,422,482 
Home equity3,004 — 516,835 519,839 987 868 994 2,849 522,688 
Rental/investment9 58 371,508 371,575 43 1,786 351 2,180 373,755 
Land development206 — 120,769 120,975 — 19 — 19 120,994 
Total real estate – 1-4 family mortgage36,898 58 3,353,741 3,390,697 10,484 22,067 16,671 49,222 3,439,919 
Real estate – commercial mortgage:
Owner-occupied4,867 — 1,640,721 1,645,588 131 1,904 1,338 3,373 1,648,961 
Non-owner occupied9,161 — 3,714,239 3,723,400 6,740 — 3,034 9,774 3,733,174 
Land development90 — 104,025 104,115 — 259 41 300 104,415 
Total real estate – commercial mortgage14,118 — 5,458,985 5,473,103 6,871 2,163 4,413 13,447 5,486,550 
Installment loans to individuals1,230 13 101,932 103,175 13 4 331 348 103,523 
Unearned income— — (6,787)(6,787)— — — — (6,787)
Loans, net of unearned income$54,031 $554 $12,227,829 $12,282,414 $18,678 $25,530 $24,608 $68,816 $12,351,230 

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 (including extension of the amortization period), or a term extension, excluding covenant waivers and modification of contingent acceleration clauses, are required to be disclosed in accordance with ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). All modifications for the six months ended June 30, 2024 and 2023 and which met the disclosure criteria in ASU 2022-02 were performing in accordance with their modified terms at June 30, 2024 and 2023, respectively. Unused commitments totaled $338 at June 30, 2024. There were $1,600 in unused commitments at June 30, 2023. Upon the Company’s determination that a modification 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.

The following tables present the amortized cost basis of loans that were experiencing financial difficulty, modified during the three and six months ended June 30, 2024 and 2023, respectively, and required to be disclosed under ASU 2022-02, by class of financing receivable and by type of modification. The percentage of the amortized cost basis for each class of disclosed modifications as compared to the amortized cost basis of each class of loans is also presented below.

15
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Three Months Ended June 30, 2024
Term ExtensionTerm Extension and Payment DelayInterest Rate Reduction, Term Extension and Payment DelayTotal% Total Loans by Class
Commercial, financial, agricultural$— $— $138 $138 0.01 %
Real estate – commercial mortgage:
Non-owner occupied2,506 — — 2,506 0.06 
Installment loans to individuals— 1 — 1 — 
Loans, net of unearned income$2,506 $1 $138 $2,645 0.02 %


Six Months Ended June 30, 2024
Interest Rate ReductionTerm ExtensionPayment DelayTerm Extension and Payment DelayInterest Rate Reduction and Term ExtensionInterest Rate Reduction, Term Extension and Payment DelayTotal% Total Loans by Class
Commercial, financial, agricultural$1,741 $165 $— $517 $— $138 $2,561 0.14 %
Real estate – 1-4 family mortgage:
Primary— 33 246 — — — 279 0.01 
Real estate – commercial mortgage:
Owner-occupied7,431 187 — — 270 — 7,888 0.46 
Non-owner occupied— 2,506 89 — — — 2,595 0.07 
Total real estate – commercial mortgage7,431 2,693 89 — 270 — 10,483 0.18 
Installment loans to individuals— — 14 1 — — 15 0.02 
Loans, net of unearned income$9,172 $2,891 $349 $518 $270 $138 $13,338 0.11 %

Three Months Ended June 30, 2023
Interest Rate ReductionTerm ExtensionPayment DelayTotal% Total Loans by Class
Commercial, financial, agricultural$— $1,210 $— $1,210 0.07 %
Real estate – construction:
Residential— 4,366 — 4,366 1.42 
Real estate – 1-4 family mortgage:
Home equity9 — — 9 — 
Real estate – commercial mortgage:
Land development— 97 277 374 0.33 
Loans, net of unearned income$9 $5,673 $277 $5,959 0.05 %


16
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Six Months Ended June 30, 2023
Interest Rate ReductionTerm ExtensionPayment DelayTotal% Total Loans by Class
Commercial, financial, agricultural$— $1,210 $— $1,210 0.07 %
Real estate – construction:
Residential— 4,366 — 4,366 1.42 
Real estate – 1-4 family mortgage:
Home equity9 — — 9 — 
Real estate – commercial mortgage:
Owner-occupied155 — — 155 0.01 
Non-owner occupied1,026 — — 1,026 0.03 
Land development— 97 277 374 0.33 
Total real estate – commercial mortgage1,181 97 277 1,555 0.03 %
Loans, net of unearned income$1,190 $5,673 $277 $7,140 0.06 %

The following tables present the weighted average financial effect of loan modifications requiring disclosure under ASU 2022-02 by class of financing receivable for the periods presented.

Three months ended June 30, 2024
Loan TypeFinancial Effect
Term Extension
Real Estate - Commercial Mortgage - Non-owner Occupied
Extended the term 8 months
Combination - Term Extension and Payment Delay
Installment loans to individuals
Extended the term and delayed the payment 61 months
Combination - Interest Rate Reduction, Term Extension and Payment Delay
Commercial, financial, agricultural
Reduced the interest rate 181 basis points and extended the term and delayed the payment 59 months
Installment loans to individuals
Reduced the interest rate 324 basis points and extended the term and delayed the payment 60 months

17
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Six months ended June 30, 2024
Loan TypeFinancial Effect
Interest Rate Reduction
Commercial, financial, agricultural
Reduced the interest rate 39 basis points
Real Estate - Commercial Mortgage - Owner Occupied
Reduced the interest rate 47 basis points
Term Extension
Commercial, financial, agricultural
Extended the term 7 months
Real estate – 1-4 family mortgage - Primary
Extended the term 24 months
Real Estate - Commercial Mortgage - Owner Occupied
Extended the term 10 months
Real Estate - Commercial Mortgage - Non-owner Occupied
Extended the term 8 months
Payment Delay
Real estate – 1-4 family mortgage - Primary
Delayed the payment 36 months
Real Estate - Commercial Mortgage - Owner Occupied
Delayed the payment 9 months
Real Estate - Commercial Mortgage - Non-owner Occupied
Delayed the payment 17 months
Combination - Term Extension and Payment Delay
Commercial, financial, agricultural
Extended the term and delayed the payment 42 months
Installment loans to individuals
Extended the term and delayed the payment 61 months
Interest Rate Reduction and Term Extension
Real Estate - Commercial Mortgage - Owner Occupied
Reduced the interest rate 275 basis points and extended the term and delayed the payment 21 months
Combination - Interest Rate Reduction, Term Extension and Payment Delay
Commercial, financial, agricultural
Reduced the interest rate 181 basis points and extended the term and delayed the payment 59 months
Installment loans to individuals
Reduced the interest rate 324 basis points and extended the term and delayed the payment 60 months
Three months ended June 30, 2023
Loan TypeFinancial Effect
Interest Rate Reduction
Real estate – 1-4 family mortgage - Home Equity
Reduced the interest rate 300 basis points
Term Extension
Commercial, financial, agricultural
Extended the term 2 months
Real estate – Construction - Residential
Extended the term 5 months
Real Estate - Commercial Mortgage - Land Development
Extended the term 8 months
Payment Delay
Real Estate - Commercial Mortgage - Land Development
Delayed the payment 3 months
18
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Six months ended June 30, 2023
Loan TypeFinancial Effect
Interest Rate Reduction
Real estate – 1-4 family mortgage - Home Equity
Reduced the interest rate 300 basis points
Real Estate - Commercial Mortgage - Owner Occupied
Reduced the interest rate 68 basis points
Real Estate - Commercial Mortgage - Non-owner Occupied
Reduced the interest rate 12 basis points
Term Extension
Commercial, financial, agricultural
Extended the term 2 months
Real estate – Construction - Residential
Extended the term 5 months
Real Estate - Commercial Mortgage - Land Development
Extended the term 8 months
Payment Delay
Real Estate - Commercial Mortgage - Land Development
Delayed the payment 3 months
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. 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 that, 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
 20242023202220212020PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2024
Commercial, Financial, Agricultural$117,838 $271,757 $257,778 $148,375 $85,797 $77,080 $864,555 $4,340 $1,827,520 
Pass109,925 269,269 242,743 147,816 85,070 72,226 830,193 3,087 1,760,329 
Special Mention397 2,010 211 235 151 463 16,925 — 20,392 
Substandard7,516 478 14,824 324 576 4,391 17,437 1,253 46,799 
Lease Financing Receivables$8,550 $29,675 $44,676 $10,615 $4,617 $4,842 $— $— $102,975 
Pass8,550 27,643 39,907 10,373 3,136 4,556 — — 94,165 
Special Mention— 1,377 3,744 242 1,481 286 — — 7,130 
Substandard— 655 1,025 — — — — — 1,680 
Real Estate - Construction$187,007 $261,141 $614,046 $186,394 $— $359 $19,770 $— $1,268,717 
Residential110,625 69,701 7,041 — — 359 1,532 — 189,258 
Pass110,460 65,742 5,742 — — 359 1,532 — 183,835 
Special Mention165 2,754 — — — — — — 2,919 
Substandard— 1,205 1,299 — — — — — 2,504 
Commercial76,382 191,440 607,005 186,394 — — 18,238 — 1,079,459 
Pass76,382 179,132 581,982 186,394 — — 18,238 — 1,042,128 
Special Mention— 12,308 25,023 — — — — — 37,331 
Substandard— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$75,861 $126,561 $150,861 $81,526 $38,046 $38,446 $34,783 $1,515 $547,599 
19
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20242023202220212020PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Primary3,001 6,692 7,952 5,733 3,149 7,600 1,334 856 36,317 
Pass3,001 6,503 7,766 5,232 3,149 6,811 1,334 856 34,652 
Special Mention— — — — — 26 — — 26 
Substandard— 189 186 501 — 763 — — 1,639 
Home Equity— 1,011 10 967 — 47 28,599 — 30,634 
Pass— 1,011 10 967 — — 28,406 — 30,394 
Special Mention— — — — — — 193 — 193 
Substandard— — — — — 47 — — 47 
Rental/Investment45,826 88,334 120,435 67,238 34,546 28,097 2,851 659 387,986 
Pass45,740 87,777 120,284 66,854 33,864 27,330 2,851 388 385,088 
Special Mention— 60 47 — 31 — — — 138 
Substandard86 497 104 384 651 767 — 271 2,760 
Land Development27,034 30,524 22,464 7,588 351 2,702 1,999 — 92,662 
Pass27,034 30,524 21,790 7,588 351 2,702 1,999 — 91,988 
Special Mention— — 674 — — — — — 674 
Substandard— — — — — — — — — 
Real Estate - Commercial Mortgage$463,713 $717,550 $1,625,884 $1,104,896 $667,052 $980,087 $152,436 $43,342 $5,754,960 
Owner-Occupied153,401 260,077 351,019 303,140 205,489 385,046 63,222 3,080 1,724,474 
Pass153,371 252,407 338,915 301,575 203,621 377,264 63,222 2,816 1,693,191 
Special Mention— 4,477 6,519 871 137 3,183 — — 15,187 
Substandard30 3,193 5,585 694 1,731 4,599 — 264 16,096 
Non-Owner Occupied288,445 442,967 1,246,797 790,682 458,148 586,970 84,237 40,082 3,938,328 
Pass283,338 438,999 1,240,424 770,844 454,225 521,278 84,237 31,919 3,825,264 
Special Mention4,990 1,336 6,200 19,151 1,149 21,043 — — 53,869 
Substandard117 2,632 173 687 2,774 44,649 — 8,163 59,195 
Land Development21,867 14,506 28,068 11,074 3,415 8,071 4,977 180 92,158 
Pass21,867 14,183 24,461 10,857 3,278 7,856 4,955 180 87,637 
Special Mention— 300 150 34 — — — — 484 
Substandard— 23 3,457 183 137 215 22 — 4,037 
Installment loans to individuals$4 $— $— $— $— $— $— $— $4 
Pass4 — — — — — — — 4 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$852,973 $1,406,684 $2,693,245 $1,531,806 $795,512 $1,100,814 $1,071,544 $49,197 $9,501,775 
Pass839,672 1,373,190 2,624,024 1,508,500 786,694 1,020,382 1,036,967 39,246 9,228,675 
Special Mention5,552 24,622 42,568 20,533 2,949 25,001 17,118 — 138,343 
Substandard7,749 8,872 26,653 2,773 5,869 55,431 17,459 9,951 134,757 


 Term Loans Amortized Cost Basis by Origination Year
 20232022202120202019PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
December 31, 2023
Commercial, Financial, Agricultural$312,902 $289,264 $162,535 $98,894 $51,162 $38,518 $883,302 $19,440 $1,856,017 
20
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
Pass311,312 288,249 161,902 97,771 50,936 32,169 870,792 19,338 1,832,469 
Special Mention893 364 10 294 — 291 914 63 2,829 
Substandard697 651 623 829 226 6,058 11,596 39 20,719 
Lease Financing Receivables$32,842 $49,628 $12,317 $13,553 $5,969 $1,700 $— $— $116,009 
Pass32,842 47,050 12,317 11,735 5,443 1,395 — — 110,782 
Watch— 2,578 — 1,818 526 305 — — 5,227 
Substandard— — — — — — — — — 
Real Estate - Construction$320,889 $581,201 $308,442 $16,066 $— $1,823 $1,225 $— $1,229,646 
Residential149,399 12,883 1,989 — — 369 1,225 — 165,865 
Pass146,535 10,147 1,989 — — 369 1,225 — 160,265 
Special Mention2,415 — — — — — — — 2,415 
Substandard449 2,736 — — — — — — 3,185 
Commercial171,490 568,318 306,453 16,066 — 1,454 — — 1,063,781 
Pass142,917 568,318 306,453 16,066 — 1,454 — — 1,035,208 
Special Mention28,573 — — — — — — — 28,573 
Substandard— — — — — — — — — 
21
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 - 1-4 Family Mortgage$145,568 $176,724 $100,757 $41,542 $19,753 $30,783 $30,889 $1,834 $547,850 
Primary8,512 8,729 6,194 3,943 1,792 8,573 3,272 915 41,930 
Pass8,134 8,511 5,859 3,943 1,781 8,140 3,272 915 40,555 
Special Mention183 — — — — 34 — — 217 
Substandard195 218 335 — 11 399 — — 1,158 
Home Equity1,107 10 996 — — 16 20,628 74 22,831 
Pass1,107 10 996 — — 1 20,628 — 22,742 
Special Mention— — — — — — — — — 
Substandard— — — — — 15 — 74 89 
Rental/Investment89,760 129,241 75,457 37,171 17,817 18,721 4,678 845 373,690 
Pass89,135 128,939 74,330 35,388 16,670 18,109 4,678 583 367,832 
Special Mention63 47 256 4 50 42 — — 462 
Substandard562 255 871 1,779 1,097 570 — 262 5,396 
Land Development46,189 38,744 18,110 428 144 3,473 2,311 — 109,399 
Pass46,151 38,744 18,110 409 144 3,372 2,311 — 109,241 
Special Mention— — — — — 101 — — 101 
Substandard38 — — 19 — — — — 57 
Real Estate - Commercial Mortgage$716,844 $1,572,099 $1,111,564 $717,571 $429,783 $723,344 $176,617 $26,252 $5,474,074 
Owner-Occupied264,589 336,491 321,491 214,365 164,931 283,517 60,200 3,247 1,648,831 
Pass260,831 325,575 318,391 212,368 159,552 275,088 56,453 2,977 1,611,235 
Special Mention562 1,147 890 107 3,385 2,953 25 — 9,069 
Substandard3,196 9,769 2,210 1,890 1,994 5,476 3,722 270 28,527 
Non-Owner Occupied432,769 1,195,500 776,264 499,290 260,355 434,541 111,609 22,821 3,733,149 
Pass428,740 1,194,864 761,476 494,971 223,264 398,188 111,609 13,774 3,626,886 
Special Mention1,339 454 14,422 4,111 14,001 12,677 — — 47,004 
Substandard2,690 182 366 208 23,090 23,676 — 9,047 59,259 
Land Development19,486 40,108 13,809 3,916 4,497 5,286 4,808 184 92,094 
Pass18,996 36,479 13,567 3,775 4,479 5,046 4,776 184 87,302 
Special Mention432 3,334 36 — — — — — 3,802 
Substandard58 295 206 141 18 240 32 — 990 
Installment loans to individuals$— $— $— $— $3 $— $— $— $3 
Pass— — — — 3 — — — 3 
Special Mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total loans subject to risk rating$1,529,045 $2,668,916 $1,695,615 $887,626 $506,670 $796,168 $1,092,033 $47,526 $9,223,599 
Pass1,486,700 2,646,886 1,675,390 876,426 462,272 743,331 1,075,744 37,771 9,004,520 
Special Mention34,460 7,924 15,614 6,334 17,962 16,403 939 63 99,699 
Substandard7,885 14,106 4,611 4,866 26,436 36,434 15,350 9,692 119,380 

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
22
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20242023202220212020PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2024
Commercial, Financial, Agricultural$— $— $— $— $— $20,242 $— $— $20,242 
Performing Loans— — — — — 20,242 — — 20,242 
Non-Performing Loans— — — — — — — — — 
Lease Financing Receivables$— $— $— $— $— $21 $— $— $21 
Performing Loans— — — — — 21 — — 21 
Non-Performing Loans— — — — — — — — — 
Real Estate - Construction$10,380 $47,740 $20,128 $7,543 $— $— $911 $6 $86,708 
Residential10,380 47,740 20,128 7,543 — — 911 6 86,708 
Performing Loans10,380 47,740 20,128 7,543 — — 911 6 86,708 
Non-Performing Loans— — — — — — — — — 
Commercial— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$71,586 $335,732 $730,309 $513,980 $298,266 $439,675 $487,564 $11,107 $2,888,219 
Primary70,395 332,308 727,631 511,985 297,509 438,964 4 37 2,378,833 
Performing Loans70,395 330,649 715,186 504,788 287,282 417,312 4 37 2,325,653 
Non-Performing Loans— 1,659 12,445 7,197 10,227 21,652 — — 53,180 
Home Equity— — 1 111 — 427 487,560 11,070 499,169 
Performing Loans— — 1 111 — 421 487,407 7,995 495,935 
Non-Performing Loans— — — — — 6 153 3,075 3,234 
Rental/Investment— — — 259 — 60 — — 319 
Performing Loans— — — 259 — 60 — — 319 
Non-Performing Loans— — — — — — — — — 
Land Development1,191 3,424 2,677 1,625 757 224 — — 9,898 
Performing Loans1,191 3,395 2,677 1,614 757 224 — — 9,858 
Non-Performing Loans— 29 — 11 — — — — 40 
Real Estate - Commercial Mortgage$863 $3,355 $2,071 $2,777 $1,706 $746 $— $— $11,518 
Owner-Occupied— — — — 124 3 — — 127 
Performing Loans— — — — 124 3 — — 127 
Non-Performing Loans— — — — — — — — — 
Non-Owner Occupied— — — — 23 — — — 23 
Performing Loans— — — — 23 — — — 23 
Non-Performing Loans— — — — — — — — — 
Land Development863 3,355 2,071 2,777 1,559 743 — — 11,368 
Performing Loans863 3,355 1,953 2,777 1,557 743 — — 11,248 
Non-Performing Loans— — 118 — 2 — — — 120 
Installment loans to individuals$22,058 $19,011 $11,432 $5,256 $1,972 $21,315 $15,109 $119 $96,272 
Performing Loans22,042 18,944 11,421 5,220 1,966 21,222 15,079 114 96,008 
Non-Performing Loans16 67 11 36 6 93 30 5 264 
Total loans not subject to risk rating$104,887 $405,838 $763,940 $529,556 $301,944 $481,999 $503,584 $11,232 $3,102,980 
Performing Loans104,871 404,083 751,366 522,312 291,709 460,248 503,401 8,152 3,046,142 
Non-Performing Loans16 1,755 12,574 7,244 10,235 21,751 183 3,080 56,838 
23
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20232022202120202019PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
December 31, 2023
Commercial, Financial, Agricultural$— $— $— $— $— $15,804 $— $— $15,804 
Performing Loans— — — — — 15,804 — — 15,804 
Non-Performing Loans— — — — — — — — — 
Lease Financing Receivables$— $— $— $— $— $11 $— $— $11 
Performing Loans— — — — — 11 — — 11 
Non-Performing Loans— — — — — — — — — 
Real Estate - Construction$48,003 $41,070 $14,158 $— $— $— $490 $30 $103,751 
Residential48,003 41,070 14,158 — — — 490 30 103,751 
Performing Loans48,003 41,070 14,158 — — — 490 30 103,751 
Non-Performing Loans— — — — — — — — — 
Commercial— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$339,406 $731,088 $536,544 $312,015 $133,852 $339,842 $493,515 $5,807 $2,892,069 
Primary334,103 727,993 534,667 311,199 133,433 339,111 — 46 2,380,552 
Performing Loans333,751 720,759 528,383 302,065 128,859 322,677 — 46 2,336,540 
Non-Performing Loans352 7,234 6,284 9,134 4,574 16,434 — — 44,012 
Home Equity— — 111 — — 470 493,515 5,761 499,857 
Performing Loans— — 111 — — 466 491,849 4,584 497,010 
Non-Performing Loans— — — — — 4 1,666 1,177 2,847 
Rental/Investment— — — — — 65 — — 65 
Performing Loans— — — — — 65 — — 65 
Non-Performing Loans— — — — — — — — — 
Land Development5,303 3,095 1,766 816 419 196 — — 11,595 
Performing Loans5,303 3,095 1,766 816 419 196 — — 11,595 
Non-Performing Loans— — — — — — — — — 
Real Estate - Commercial Mortgage$3,640 $2,674 $3,054 $1,890 $902 $316 $— $— $12,476 
Owner-Occupied— — — 126 — 4 — — 130 
Performing Loans— — — 126 — 4 — — 130 
Non-Performing Loans— — — — — — — — — 
Non-Owner Occupied— — — 25 — — — — 25 
Performing Loans— — — 25 — — — — 25 
Non-Performing Loans— — — — — — — — — 
Land Development3,640 2,674 3,054 1,739 902 312 — — 12,321 
Performing Loans3,640 2,383 3,054 1,736 902 312 — — 12,027 
Non-Performing Loans— 291 — 3 — — — — 294 
Installment loans to individuals$35,274 $17,322 $7,121 $2,827 $9,786 $17,276 $13,769 $145 $103,520 
Performing Loans35,112 17,229 7,121 2,824 9,754 17,206 13,769 145 103,160 
Non-Performing Loans162 93 — 3 32 70 — — 360 
Total loans not subject to risk rating$426,323 $792,154 $560,877 $316,732 $144,540 $373,249 $507,774 $5,982 $3,127,631 
Performing Loans425,809 784,536 554,593 307,592 139,934 356,741 506,108 4,805 3,080,118 
Non-Performing Loans514 7,618 6,284 9,140 4,606 16,508 1,666 1,177 47,513 
24
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following tables disclose gross charge-offs by year of origination for the six months ended June 30, 2024 and year ended December 31, 2023, respectively:

June 30, 202420242023202220212020PriorRevolving LoansTotal Charge-offs
Commercial, financial, agricultural$— $— $73 $— $— $251 $211 $535 
Real estate – 1-4 family mortgage:
Primary— — 116 27 — 55 — 198 
Home equity— — — — — 47 — 47 
Rental/investment— — — — — 45 — 45 
Total real estate – 1-4 family mortgage— — 116 27 — 147 — 290 
Real estate – commercial mortgage:
Owner-occupied— — 37 — — — — 37 
Non-owner occupied— — — — — 5,690 — 5,690 
Total real estate – commercial mortgage— — 37 — — 5,690 — 5,727 
Installment loans to individuals— 30 58 — — 642 — 730 
Loans, net of unearned income$— $30 $284 $27 $— $6,730 $211 $7,282 

December 31, 202320232022202120202019PriorRevolving LoansTotal Charge-offs
Commercial, financial, agricultural$898 $1,909 $235 $131 $635 $4,165 $865 $8,838 
Lease financing883 273 248 72 48 — — 1,524 
Real estate – construction:
Residential— 57 — — — — — 57 
Real estate – 1-4 family mortgage:
Primary— 17 — — — 92 — 109 
Home equity— — — — 25 90 — 115 
Rental/investment— — 91 72 10 20 — 193 
Total real estate – 1-4 family mortgage— 17 91 72 35 202 — 417 
Real estate – commercial mortgage:
Owner-occupied— — — — — 582 — 582 
Non-owner occupied— — — — — 4,986 — 4,986 
Total real estate – commercial mortgage— — — — — 5,568 — 5,568 
Installment loans to individuals29 45 43 35 7 2,477 — 2,636 
Loans, net of unearned income$1,810 $2,301 $617 $310 $725 $12,412 $865 $19,040 
25
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 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, 2023.
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, 2024 and December 31, 2023, the Company had accrued interest receivable for loans of $56,403 and $54,804, 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 $1,245 as of June 30, 2024 and December 31, 2023.
26
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, 2024
Allowance for credit losses:
Beginning balance$45,921 $17,317 $47,566 $78,725 $2,554 $8,969 $201,052 
Charge-offs(186)— (208)(5,727)— (251)(6,372)
Recoveries525 — 25 99 10 232 891 
Net (charge-offs) recoveries339 — (183)(5,628)10 (19)(5,481)
Provision for (recovery of) credit losses on loans(1,309)1,579 38 4,028 (49)13 4,300 
Ending balance$44,951 $18,896 $47,421 $77,125 $2,515 $8,963 $199,871 
Six Months Ended June 30, 2024
Allowance for credit losses:
Beginning balance$43,980 $18,612 $47,283 $77,020 $2,515 $9,168 $198,578 
Charge-offs(535)(290)(5,727)(730)(7,282)
Recoveries871 73 105 18 570 1,637 
Net (charge-offs) recoveries336 — (217)(5,622)18 (160)(5,645)
Provision for (recovery of) credit losses on loans635 284 355 5,727 (18)(45)6,938 
Ending balance$44,951 $18,896 $47,421 $77,125 $2,515 $8,963 $199,871 
Period-End Amount Allocated to:
Individually evaluated$8,514 $— $— $1,220 $— $270 $10,004 
Collectively evaluated 36,437 18,896 47,421 75,905 2,515 8,693 189,867 
Ending balance$44,951 $18,896 $47,421 $77,125 $2,515 $8,963 $199,871 
Loans:
Individually evaluated$14,211 $— $6,942 $32,579 $— $270 $54,002 
Collectively evaluated 1,833,551 1,355,425 3,428,876 5,733,899 102,996 96,006 12,550,753 
Ending balance$1,847,762 $1,355,425 $3,435,818 $5,766,478 $102,996 $96,276 $12,604,755 
Nonaccruing loans with no allowance for credit losses$230 $— $6,318 $20,640 $— $— $27,188 


27
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, 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 evaluated30,537 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 evaluated1,707,652 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 
 
The Company recorded a provision for credit losses on loans of $4,300 during the second quarter of 2024, as compared to a provision for credit losses on loans of $3,000 recorded in the second quarter of 2023. 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 for credit losses on loans of $4,300 in the second quarter of 2024 was primarily driven by loan growth and changes in credit metrics that influence the Company’s expectations of future losses, including but not limited to the balance of nonperforming loans, underlying collateral values, and historical levels of charge-offs.
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
28
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, 2023.
The following tables provide a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented.
Three Months Ended June 30,20242023
Allowance for credit losses on unfunded loan commitments:
Beginning balance$16,718 $18,618 
Recovery of credit losses on unfunded loan commitments(1,000)(1,000)
Ending balance$15,718 $17,618 
Six Months Ended June 30,20242023
Allowance for credit losses on unfunded loan commitments:
Beginning balance$16,918 $20,118 
Recovery of credit losses on unfunded loan commitments(1,200)(2,500)
Ending balance$15,718 $17,618 

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, 2024December 31, 2023
Residential real estate$1,004 $1,211 
Commercial real estate6,336 8,407 
Residential land development19 4 
Commercial land development7 — 
Total$7,366 $9,622 

Changes in the Company’s OREO were as follows:
 
Total
OREO
Balance at January 1, 2024$9,622 
Transfers of loans1,135 
Impairments(67)
Dispositions(1,052)
Other(2,272)
Balance at June 30, 2024$7,366 

At June 30, 2024 and December 31, 2023, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $2,182 and $395, respectively.
Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:
 
29
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Three Months EndedSix Months Ended
 June 30,June 30,
 2024202320242023
Repairs and maintenance$147 $28 $211 $44 
Property taxes and insurance23 11 52 122 
Impairments39 8 67 8 
Net (gains) losses on OREO sales(102)6 (115)(89)
Rental income(2)(2)(3)(4)
Total$105 $51 $212 $81 


Note 6 – Goodwill and Other Intangible Assets
(In Thousands)
The carrying amounts of goodwill by operating segments for the six months ended June 30, 2024 are set forth in the table below.
 Community BanksInsuranceTotal
Balance at January 1, 2024$988,898 $2,767 $991,665 
Additions to goodwill and other adjustments— — — 
Balance at June 30, 2024$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, 2024
Core deposit intangibles$82,492 $(70,185)$12,307 
Customer relationship intangible7,670 (3,580)4,090 
Total finite-lived intangible assets$90,162 $(73,765)$16,397 
December 31, 2023
Core deposit intangibles$82,492 $(68,383)$14,109 
Customer relationship intangible7,670 (2,984)4,686 
Total finite-lived intangible assets$90,162 $(71,367)$18,795 

Current year amortization expense for finite-lived intangible assets is presented in the table below.
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Amortization expense for:
  Core deposit intangibles$888 $1,034 $1,802 $2,126 
  Customer relationship intangible298 335 596 669 
Total intangible amortization$1,186 $1,369 $2,398 $2,795 

The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2024 and the succeeding four years is summarized as follows:
30
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Core Deposit IntangiblesCustomer Relationship IntangibleTotal
2024$3,498 $1,192 $4,690 
20253,102 1,048 4,150 
20262,899 860 3,759 
20272,774 628 3,402 
20281,836 483 2,319 

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, 2024 or 2023.
During the first quarter of 2024, the Company sold MSRs relating to mortgage loans having an aggregate unpaid principal balance of $2,013,235 to a third party for net proceeds of $23,011, resulting in a gain of $3,472.
Changes in the Company’s MSRs were as follows:
Balance at January 1, 2024$91,688 
Sale of MSRs(19,539)
Capitalization4,669 
Amortization(4,726)
Balance at June 30, 2024$72,092 

Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
 
31
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
June 30, 2024December 31, 2023
Unpaid principal balance$5,874,481 $7,826,182 
Weighted-average prepayment speed (CPR)8.87 %8.77 %
Estimated impact of a 10% increase$(3,066)$(2,653)
Estimated impact of a 20% increase(5,941)(5,457)
Discount rate11.09 %10.85 %
Estimated impact of a 10% increase$(3,924)$(4,753)
Estimated impact of a 20% increase(7,557)(9,149)
Weighted-average coupon interest rate4.13 %3.88 %
Weighted-average servicing fee (basis points)36.06 33.24 
Weighted-average remaining maturity (in years)7.507.50

The Company recorded servicing fees of $3,780 and $4,674 for the three months ended June 30, 2024 and 2023, respectively, and servicing fees of $7,869 and $8,939 for the six months ended June 30, 2024 and 2023, 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,
 2024202320242023
Interest cost$227 $248 $6 $5 
Expected return on plan assets(248)(309)— — 
Recognized actuarial loss (gain)129 131 (24)(16)
Net periodic benefit cost (return)$108 $70 $(18)$(11)
Pension BenefitsOther Benefits
Six Months EndedSix Months Ended
 June 30,June 30,
 2024202320242023
Interest cost$454 $497 $11 $11 
Expected return on plan assets(496)(618)— — 
Recognized actuarial loss (gain)258 262 (47)(31)
Net periodic benefit cost (return)$216 $141 $(36)$(20)

32
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Incentive Compensation Plans
The Company maintains a long-term equity compensation plan that provides for the grant of stock options and the award of restricted stock. There were no stock options granted or outstanding, nor compensation expense associated with options recorded, during the six months ended June 30, 2024 or 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, 2024:

Performance-Based Restricted StockWeighted Average Grant-Date Fair ValueTime-Based Restricted StockWeighted Average Grant-Date Fair Value
Nonvested at beginning of period169,575 $36.38 779,564 $36.20 
Awarded95,048 33.44 347,918 32.86 
Vested— — (283,143)35.86 
Cancelled— — (27,751)33.91 
Nonvested at end of period264,623 $35.32 816,588 $34.98 

During the six months ended June 30, 2024, the Company reissued 203,248 shares from treasury in connection with awards of restricted stock. The Company recorded total stock-based compensation expense of $3,374 and $3,395 for the three months ended June 30, 2024 and 2023, respectively, and $7,366 and $6,840 for the six months ended June 30, 2024 and 2023, 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:
33
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Balance SheetJune 30, 2024December 31, 2023
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative assets:
  Interest rate contractsOther Assets$642,619 $13,944 $532,279 $13,567 
  Interest rate lock commitmentsOther Assets138,881 1,882 61,957 1,483 
Forward commitmentsOther Assets136,000 486 20,000 43 
Totals$917,500 $16,312 $614,236 $15,093 
Derivative liabilities:
  Interest rate contractsOther Liabilities$646,002 $14,016 $535,725 $13,567 
Interest rate lock commitmentsOther Liabilities12,285 41 2,292 — 
  Forward commitmentsOther Liabilities164,000 697 165,000 2,605 
Totals$822,287 $14,754 $703,017 $16,172 
Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Interest rate contracts:
Included in interest income on loans$3,239 $1,804 $6,430 $3,546 
Interest rate lock commitments:
Included in mortgage banking income(420)(1,686)388 551 
Forward commitments
Included in mortgage banking income284 1,041 2,351 2,424 
Total$3,103 $1,159 $9,169 $6,521 
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 following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented:
 Balance SheetJune 30, 2024December 31, 2023
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative assets:
  Interest rate swapsOther Assets$130,000 $23,626 $130,000 $21,486 
  Interest rate collarsOther Assets— — 200,000 572 
Total$130,000 $23,626 $330,000 $22,058 
Derivative liabilities:
  Interest rate collarsOther Liabilities$450,000 $2,905 $250,000 $384 
Totals$450,000 $2,905 $250,000 $384 
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, 2024 or 2023. The impact on other comprehensive income for the six months ended June 30, 2024 and 2023 is discussed in Note 11, “Other Comprehensive Income.”
34
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Derivatives designated as fair value hedges
Fair value hedges protect against changes in the fair value of an asset, liability, or firm commitment. The Company enters into interest rate swap agreements to manage interest rate exposure on certain of the Company’s fixed-rate subordinated notes. The agreements convert the fixed interest rates to variable interest rates.
The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented:
 Balance SheetJune 30, 2024December 31, 2023
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative liabilities:
  Interest rate swapsOther Liabilities$100,000 $18,391 $100,000 $17,052 
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,
 Location2024202320242023
Derivative liabilities:
  Interest rate swaps - subordinated notesInterest Expense$173 $(1,939)$(1,338)$582 
Derivative liabilities - hedged items:
  Interest rate swaps - subordinated notesInterest Expense$(173)$1,939 $1,338 $(582)
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, 2024December 31, 2023June 30, 2024December 31, 2023
Long-term debt$80,540 $81,791 $18,390 $17,052 
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:

35
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Offsetting Derivative AssetsOffsetting Derivative Liabilities
June 30,
2024		December 31, 2023June 30,
2024		December 31, 2023
Gross amounts recognized$35,654 $29,284 $33,598 $26,425 
Gross amounts offset in the Consolidated Balance Sheets— — — — 
Net amounts presented in the Consolidated Balance Sheets35,654 29,284 33,598 26,425 
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments30,418 23,863 30,418 23,863 
Financial collateral pledged— — 236 1,074 
Net amounts$5,236 $5,421 $2,944 $1,488 

Note 10 – 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 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.
36
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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, 2024
Financial assets:
Securities available for sale$— $749,685 $— $749,685 
Derivative instruments— 39,938 — 39,938 
Mortgage loans held for sale in loans held for sale— 266,406 — 266,406 
Total financial assets$— $1,056,029 $— $1,056,029 
Financial liabilities:
Derivative instruments:$— $36,050 $— $36,050 

Level 1Level 2Level 3Totals
December 31, 2023
Financial assets:
Securities available for sale$— $923,279 $— $923,279 
Derivative instruments— 37,151 — 37,151 
Mortgage loans held for sale in loans held for sale— 179,756 — 179,756 
Total financial assets$— $1,140,186 $— $1,140,186 
Financial liabilities:
Derivative instruments$— $33,608 $— $33,608 

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, 2024.
For the six months ended June 30, 2024 and 2023, 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, 2024Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $20,826 $20,826 
OREO— — 61 61 
Total$— $— $20,887 $20,887 
 
37
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
December 31, 2023Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $21,303 $21,303 
Total$— $— $21,303 $21,303 

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 $23,203 and $22,328 at June 30, 2024 and December 31, 2023, respectively, and a specific reserve for these loans of $2,377 and $1,025 was included in the allowance for credit losses as of such dates.
Other real estate owned: OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3.
The following table presents OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets as of June 30, 2024. There was no impairment recognized during 2023 of OREO assets still held in the Consolidated Balance Sheets as of December 31, 2023.
 
June 30,
2024
Carrying amount prior to remeasurement$99 
Impairment recognized in results of operations(38)
Fair value$61 

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, 2024 and December 31, 2023. There were no valuation adjustments on MSRs during the six months ended June 30, 2024 or 2023.
The following table presents information as of June 30, 2024 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:
 
Financial instrumentFair
Value		Valuation TechniqueSignificant
Unobservable Inputs		Range of Inputs
Individually evaluated loans, net of allowance for credit losses$20,826 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$61 Appraised value of property less estimated costs to sellEstimated costs to sell
4-10%




38
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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 loss of $251 and net gain of $1,133 resulting from fair value changes of these mortgage loans were recorded in income during the six months ended June 30, 2024 and 2023, respectively. These amounts do 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, 2024 and December 31, 2023:
 
Aggregate
Fair Value		Aggregate
Unpaid
Principal
Balance		Difference
June 30, 2024
Mortgage loans held for sale measured at fair value$266,406 $261,395 $5,011 
December 31, 2023
Mortgage loans held for sale measured at fair value$179,756 $174,471 $5,285 

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, 2024Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$851,906 $851,906 $— $— $851,906 
Securities held to maturity1,174,663 — 1,052,705 — 1,052,705 
Securities available for sale749,685 — 749,685 — 749,685 
Loans held for sale266,406 — 266,406 — 266,406 
Loans, net12,404,884 — — 11,932,069 11,932,069 
Mortgage servicing rights72,092 — — 97,781 97,781 
Derivative instruments39,938 — 39,938 — 39,938 
Financial liabilities
Deposits$14,255,213 $11,556,358 $2,682,808 $— $14,239,166 
Short-term borrowings232,741 232,741 — — 232,741 
Junior subordinated debentures113,447 — 97,655 — 97,655 
Subordinated notes315,230 — 271,793 — 271,793 
Derivative instruments36,050 — 36,050 — 36,050 
 
39
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
  Fair Value
As of December 31, 2023Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$801,351 $801,351 $— $— $801,351 
Securities held to maturity1,221,464 — 1,121,830 — 1,121,830 
Securities available for sale923,279 — 923,279 — 923,279 
Loans held for sale179,756 — 179,756 — 179,756 
Loans, net12,152,652 — — 11,594,363 11,594,363 
Mortgage servicing rights91,688 — — 117,664 117,664 
Derivative instruments37,151 — 37,151 — 37,151 
Financial liabilities
Deposits$14,076,785 $11,381,556 $2,678,494 $— $14,060,050 
Short-term borrowings307,577 307,577 — — 307,577 
Junior subordinated debentures112,978 — 96,435 — 96,435 
Subordinated notes316,422 — 255,192 — 255,192 
Derivative instruments33,608 — 33,608 — 33,608 
40
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 11 – Other Comprehensive Income
(In Thousands)
Changes in the components of other comprehensive income, net of tax, were as follows for the periods presented:
 
Pre-TaxTax Expense
(Benefit)		Net of Tax
Three months ended June 30, 2024
Securities available for sale:
Unrealized holding gains on securities$648 $180 $468 
Amortization of unrealized holding losses on securities transferred to the held to maturity category3,252 831 2,421 
Total securities available for sale3,900 1,011 2,889 
Derivative instruments:
Unrealized holding losses on derivative instruments(188)(47)(141)
Total derivative instruments(188)(47)(141)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost105 26 79 
Total defined benefit pension and post-retirement benefit plans105 26 79 
Total other comprehensive income$3,817 $990 $2,827 
Three months ended June 30, 2023
Securities available for sale:
Unrealized holding losses on securities$(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 $863 
41
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Pre-TaxTax Expense
(Benefit)		Net of Tax
Six months ended June 30, 2024
Securities available for sale:
Unrealized holding losses on securities$(5,544)$(1,378)$(4,166)
Amortization of unrealized holding losses on securities transferred to the held to maturity category6,527 1,668 4,859 
Total securities available for sale983 290 693 
Derivative instruments:
Unrealized holding losses on derivative instruments(953)(242)(711)
Total derivative instruments(953)(242)(711)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost211 53 158 
Total defined benefit pension and post-retirement benefit plans211 53 158 
Total other comprehensive income$241 $101 $140 
Six months ended June 30, 2023
Securities available for sale:
Unrealized holding losses on securities$(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 

The accumulated balances for each component of other comprehensive loss, net of tax, were as follows as of the dates presented:
 
June 30,
2024		December 31, 2023
Unrealized losses on securities$(162,791)$(163,484)
Unrealized gains on derivative instruments16,340 17,051 
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations(7,665)(7,823)
Total accumulated other comprehensive loss$(154,116)$(154,256)
42
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Note 12 – 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,
 20242023
Basic
Net income applicable to common stock$38,846 $28,643 
Average common shares outstanding56,342,909 56,107,881 
Net income per common share - basic$0.69 $0.51 
Diluted
Net income applicable to common stock$38,846 $28,643 
Average common shares outstanding56,342,909 56,107,881 
Effect of dilutive stock-based compensation341,717 287,772 
Average common shares outstanding - diluted56,684,626 56,395,653 
Net income per common share - diluted$0.69 $0.51 

Six Months Ended
 June 30,
 20242023
Basic
Net income applicable to common stock$78,255 $74,721 
Average common shares outstanding56,275,628 56,058,585 
Net income per common share - basic$1.39 $1.33 
Diluted
Net income applicable to common stock$78,255 $74,721 
Average common shares outstanding56,275,628 56,058,585 
Effect of dilutive stock-based compensation332,319 271,710 
Average common shares outstanding - diluted56,607,947 56,330,295 
Net income per common share - diluted$1.38 $1.33 

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,
 20242023
Number of shares1,000179,226

Six Months Ended
 June 30,
 20242023
Number of shares5,449182,226


43
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 13 – Regulatory Matters
(In Thousands)
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

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

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

 June 30, 2024December 31, 2023
 AmountRatioAmountRatio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)$1,621,168 9.81 %$1,578,918 9.62 %
Common Equity Tier 1 Capital to Risk-Weighted Assets1,511,312 10.75 %1,469,531 10.52 %
Tier 1 Capital to Risk-Weighted Assets1,621,168 11.53 %1,578,918 11.30 %
Total Capital to Risk-Weighted Assets2,130,901 15.15 %2,085,531 14.93 %
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)$1,752,876 10.61 %$1,714,965 10.45 %
Common Equity Tier 1 Capital to Risk-Weighted Assets1,752,876 12.44 %1,714,965 12.25 %
Tier 1 Capital to Risk-Weighted Assets1,752,876 12.44 %1,714,965 12.25 %
Total Capital to Risk-Weighted Assets1,929,307 13.69 %1,888,104 13.49 %

The Company elected to take advantage of transitional relief offered by the Federal Reserve and the FDIC to delay for two years the estimated impact of ASC Topic 326, “Financial Instruments - Credit Losses” (“ASC 326”), often referred to as CECL, on regulatory capital, followed by a three-year transitional period to phase out the capital benefit provided by the two-year delay. The three-year transitional period began on January 1, 2022.

Note 14 – 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.
44
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
•The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers. Effective July 1, 2024, the Bank sold substantially all of the assets of its Insurance segment. See Note 15, “Subsequent Events” for more discussion.
•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, 2024
Net interest income (loss)$131,424 $461 $16 $(6,875)$125,026 
Provision for credit losses3,300 — — — 3,300 
Noninterest income (loss)29,729 2,877 6,568 (412)38,762 
Noninterest expense104,617 2,245 4,751 363 111,976 
Income (loss) before income taxes53,236 1,093 1,833 (7,650)48,512 
Income tax expense (benefit)11,276 284 80 (1,974)9,666 
Net income (loss)$41,960 $809 $1,753 $(5,676)$38,846 
Total assets$17,462,835 $41,988 $5,043 $525 $17,510,391 
Goodwill$988,898 $2,767 — — $991,665 
Three months ended June 30, 2023
Net interest income (loss)$136,381 $428 $17 $(6,610)$130,216 
Provision for credit losses2,000 — — — 2,000 
Noninterest income (loss)8,747 2,859 6,050 (430)17,226 
Noninterest expense103,282 2,070 4,407 406 110,165 
Income (loss) before income taxes39,846 1,217 1,660 (7,446)35,277 
Income tax expense (benefit)8,258 316 (18)(1,922)6,634 
Net income (loss)$31,588 $901 $1,678 $(5,524)$28,643 
Total assets$17,181,988 $37,867 $4,757 $(270)$17,224,342 
Goodwill$988,898 $2,767 — — $991,665 
45
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Six months ended June 30, 2024
Net interest income (loss)$261,110 $942 $32 $(13,768)$248,316 
Provision for credit losses5,738 — — — 5,738 
Noninterest income (loss)61,220 6,473 13,201 (751)80,143 
Noninterest expense209,784 4,392 9,936 776 224,888 
Income (loss) before income taxes106,808 3,023 3,297 (15,295)97,833 
Income tax expense (benefit)22,640 785 100 (3,947)19,578 
Net income (loss)$84,168 $2,238 $3,197 $(11,348)$78,255 
Total assets$17,462,835 $41,988 $5,043 $525 $17,510,391 
Goodwill$988,898 $2,767 $— $— $991,665 
Six months ended June 30, 2023
Net interest income (loss)$278,169 $714 $36 $(12,928)$265,991 
Provision for credit losses8,460 — — — 8,460 
Noninterest income (loss)37,240 6,221 11,862 (804)54,519 
Noninterest expense205,163 4,109 9,335 766 219,373 
Income (loss) before income taxes101,786 2,826 2,563 (14,498)92,677 
Income tax expense (benefit)20,980 732 (14)(3,742)17,956 
Net income (loss)$80,806 $2,094 $2,577 $(10,756)$74,721 
Total assets$17,181,988 $37,867 $4,757 $(270)$17,224,342 
Goodwill$988,898 $2,767 $— $— $991,665 
46
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 15 – Subsequent Events
(In Thousands, Except Share Amounts)
Sale of Renasant Insurance, Inc.
Effective July 1, 2024, Renasant Bank sold substantially all of the assets of Renasant Insurance, Inc. for cash proceeds to Renasant Bank of $56,390. The sale resulted in an estimated after-tax impact to earnings of $36,400, which is net of estimated transaction-related expenses. The financial effects of the sale will be reflected in the third quarter of 2024.
Proposed Merger with The First Bancshares, Inc.
On July 29, 2024, the Company and The First Bancshares, Inc., a Mississippi corporation (“The First”), entered into an agreement and plan of merger, dated as of July 29, 2024 (the “Merger Agreement”), pursuant to which, subject to the terms and conditions set forth therein, among other things, The First will merge with and into the Company, with the Company as the surviving entity in such merger (the “Merger”). Immediately following the Merger, The First’s subsidiary bank and Renasant Bank will enter into a subsidiary plan of merger, pursuant to which The First’s subsidiary bank will merge with and into Renasant Bank immediately after the Merger, with Renasant Bank as the surviving entity in such merger. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each outstanding share of common stock of The First will be converted into the right to receive one share of common stock of the Company.
The Merger is expected to close in the first half of 2025 and is subject to certain closing conditions, including the receipt of required regulatory approvals and requisite approval by the stockholders of each company.
Offering of Common Stock
On July 31, 2024, the Company completed its public offering of an aggregate of 7,187,500 shares of its common stock at a price of $32.00 per share, including 937,500 shares of common stock upon the exercise in full by the underwriters of their option to purchase additional shares. The aggregate gross proceeds were $230,000. The net proceeds of the offering after deducting underwriting discounts and other estimated offering expenses are expected to be approximately $217,000. The Company intends to use the net proceeds of the offering for general corporate purposes to support its continued growth, including investments in Renasant Bank and future strategic acquisitions.
47
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”, “Renasant”, “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 (including its recently-announced acquisition of The First Bancshares, Inc. described under the “Recent Developments” heading below) 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 (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities we have acquired, or may acquire, or target for acquisition, including in connection with the proposed merger with The First Bancshares, Inc.; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in policy by regulatory agencies or increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of our proposed merger with The First Bancshares, Inc.; (ix) changes in the securities and foreign exchange markets; (x) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xi) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio; (xii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiii) 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; (xiv) general economic, market or business conditions, including the impact of inflation; (xv) changes in demand for loan and deposit products and other financial services; (xvi) concentrations of credit or deposit exposure; (xvii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xviii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xix) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xx) geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxi) the impact, extent and timing of technological changes; and (xxii) 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.

48
Recent Developments
Sale of Renasant Insurance, Inc.
Effective July 1, 2024, Renasant Bank sold substantially all of the assets of Renasant Insurance, Inc. for cash proceeds to Renasant Bank of $56,390. The sale resulted in an estimated after-tax impact to earnings of $36,400, which is net of estimated transaction-related expenses. The financial effects of the sale will be reflected in the third quarter of 2024.
Proposed Merger with The First Bancshares, Inc.
On July 29, 2024, the Company and The First Bancshares, Inc., a Mississippi corporation (“The First”), entered into an agreement and plan of merger, dated as of July 29, 2024 (the “Merger Agreement”), pursuant to which, subject to the terms and conditions set forth therein, among other things, The First will merge with and into the Company, with the Company as the surviving entity in such merger (the “Merger”). Immediately following the Merger, The First’s subsidiary bank and Renasant Bank will enter into a subsidiary plan of merger, pursuant to which The First’s subsidiary bank will merge with and into Renasant Bank immediately after the Merger, with Renasant Bank as the surviving entity in such merger. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each outstanding share of common stock of The First will be converted into the right to receive one share of common stock of the Company.
The Merger is expected to close in the first half of 2025 and is subject to certain closing conditions, including the receipt of required regulatory approvals and requisite approval by the stockholders of each company.
Offering of Common Stock
On July 31, 2024, the Company completed its public offering of an aggregate of 7,187,500 shares of its common stock at a price of $32.00 per share, including 937,500 shares of common stock upon the exercise in full by the underwriters of their option to purchase additional shares. The aggregate gross proceeds were $230,000. The net proceeds of the offering after deducting underwriting discounts and other estimated offering expenses are expected to be approximately $217,000. The Company intends to use the net proceeds of the offering for general corporate purposes to support its continued growth, including investments in Renasant Bank and future strategic acquisitions.

Financial Condition
The following discussion provides details regarding the changes in significant balance sheet accounts at June 30, 2024 compared to December 31, 2023.
Assets
Total assets were $17,510,391 at June 30, 2024 compared to $17,360,535 at December 31, 2023.
Investments
The securities portfolio is used to provide a source for meeting liquidity needs and to supply securities to be used in collateralizing certain deposits and certain types of borrowings. The securities portfolio also serves as an outlet to deploy excess liquidity and generate interest income rather than hold excess funds as cash. The following table shows the carrying value of our securities portfolio by investment type and the percentage of such investment type relative to the entire securities portfolio as of the dates presented:
49
June 30, 2024December 31, 2023
BalancePercentage of
Portfolio		BalancePercentage of
Portfolio
Obligations of other U.S. Government agencies and corporations$— — %$— — %
Obligations of states and political subdivisions304,504 15.82 322,764 15.05 
Mortgage-backed securities1,453,237 75.52 1,695,604 79.06 
Other debt securities166,639 8.66 126,407 5.89 
$1,924,380 100.00 %$2,144,775 100.00 %
Allowance for credit losses - held to maturity securities(32)(32)
Securities, net of allowance for credit losses$1,924,348 $2,144,743 
During the six months ended June 30, 2024, the Company purchased $52,679 in investment securities. The Company did not purchase any investment securities during the first half of 2023.
Proceeds from maturities, calls and principal payments on securities during the first six months of 2024 totaled $93,085. During the first quarter of 2024, the Company sold from the available for sale portfolio municipal securities, residential mortgage backed securities and commercial mortgage backed securities for net proceeds of $177,185. The Company intended to sell these securities as of December 31, 2023; therefore, the Company impaired the securities and recognized the loss in net income as of December 31, 2023. The carrying value of the securities immediately prior to the impairment was $196,537, and the impairment charge was $19,352. No additional loss was recorded in the first half of 2024. The Company did not sell any securities during the second quarter of 2024. Proceeds from the 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 during the first half of 2023.
During the third quarter of 2022, the Company transferred, at fair value, $882,927 of securities from the available for sale portfolio to the held to maturity portfolio as the Company has the intent and ability to hold these securities until their maturity. The related net unrealized losses of $99,675 (after tax losses of $74,307) remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities. At June 30, 2024, the net unrealized after tax losses remaining to be amortized in accumulated other comprehensive income (loss) was $53,662. No gains or losses were recognized at the time of transfer.
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 $266,406 at June 30, 2024, as compared to $179,756 at December 31, 2023. Mortgage loans to be sold are sold either on a “best efforts” basis or under a mandatory delivery sales agreement. Under a “best efforts” sales agreement, residential real estate originations are locked in at a contractual rate with third party private investors or directly with government sponsored agencies, and the Company is obligated to sell the mortgages to such investors only if the mortgages are closed and funded. The risk we assume is conditioned upon loan underwriting and market conditions in the national mortgage market. Under a mandatory delivery sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor if we fail to satisfy the contract. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. Our standard practice is to sell the loans within 30-40 days after the loan is funded. Although loan fees and some interest income are derived from mortgage loans held for sale, the main source of income is gains from the sale of these loans in the secondary market.
Loans
Total loans, excluding loans held for sale, were $12,604,755 at June 30, 2024 and $12,351,230 at December 31, 2023.
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:
50
 June 30, 2024December 31, 2023
 Total
Loans		Percentage of Total LoansTotal
Loans		Percentage of Total Loans
Commercial, financial, agricultural$1,847,762 14.66 %$1,871,821 15.15 %
Lease financing, net of unearned income102,996 0.82 116,020 0.94 
Real estate – construction:
Residential275,966 2.19 269,616 2.18 
Commercial1,079,459 8.56 1,063,781 8.61 
Total real estate – construction1,355,425 10.75 1,333,397 10.79 
Real estate – 1-4 family mortgage:
Primary2,415,150 19.16 2,422,482 19.61 
Home equity529,803 4.20 522,688 4.23 
Rental/investment388,305 3.08 373,755 3.03 
Land development102,560 0.82 120,994 0.98 
Total real estate – 1-4 family mortgage3,435,818 27.26 3,439,919 27.85 
Real estate – commercial mortgage:
Owner-occupied1,724,601 13.68 1,648,961 13.35 
Non-owner occupied3,938,351 31.25 3,733,174 30.23 
Land development103,526 0.82 104,415 0.85 
Total real estate – commercial mortgage5,766,478 45.75 5,486,550 44.43 
Installment loans to individuals96,276 0.76 103,523 0.84 
Total loans, net of unearned income$12,604,755 100.00 %$12,351,230 100.00 %

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, 2024, 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 $14,255,213 and $14,076,785 at June 30, 2024 and December 31, 2023, respectively. Noninterest-bearing deposits were $3,539,453 and $3,583,675 at June 30, 2024 and December 31, 2023, respectively, while interest-bearing deposits were $10,715,760 and $10,493,110 at June 30, 2024 and December 31, 2023, respectively. Interest-bearing deposits included brokered deposits of $158,868 and $461,441 at June 30, 2024 and December 31, 2023, 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 24.83% of total deposits at June 30, 2024, as compared to 25.46% of total deposits at December 31, 2023. The decrease in noninterest-bearing deposits as a percentage of total deposits primarily reflects 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 due to the elevated interest rate environment that continued in the first half of 2024. Under certain circumstances, management may elect to acquire non-core deposits (in the form of brokered deposits) or public fund deposits (which are deposits of counties, municipalities or other political subdivisions). The source of funds that we select depends on the terms of the deposits and how those terms assist us in mitigating interest rate risk, maintaining our liquidity position and managing our net interest margin; business factors, described in the following paragraph, may lead us to obtain public deposits. 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
51
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 $2,157,072 and $1,866,495 at June 30, 2024 and December 31, 2023, respectively, and represented 15.13% and 13.26% of total deposits as of June 30, 2024 and December 31, 2023, 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 consist of 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, 2024December 31, 2023
Security repurchase agreements$7,741 $7,577 
Short-term borrowings from the FHLB225,000 300,000 
$232,741 $307,577 
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, 2024December 31, 2023
Junior subordinated debentures$113,447 $112,978 
Subordinated notes315,230 316,422 
$428,677 $429,400 
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, 2024 or December 31, 2023. All advances from the FHLB are collateralized by a blanket lien on the Bank’s loans. The Company had $2,709,670 of availability on unused lines of credit with the FHLB at June 30, 2024, as compared to $2,922,315 at December 31, 2023. The Company also had credit available at the Federal Reserve Discount Window in the amount of $588,890 with no borrowings outstanding at June 30, 2024 or December 31, 2023.
The Company has issued subordinated notes, the proceeds of which have been used for general corporate purposes, including providing capital to support the Company’s growth organically or through strategic acquisitions, repaying indebtedness and financing investments and capital expenditures, and for investments in Renasant Bank as regulatory capital. The subordinated notes qualify as Tier 2 capital under current regulatory guidelines.
The Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors. The trusts used the proceeds from the issuance of their preferred capital securities and common securities (collectively referred to as “capital securities”) to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired). The debentures are the trusts’ only assets and interest payments from the debentures finance the distributions paid on the capital securities.

Results of Operations
Net Income
Net income for the second quarter of 2024 was $38,846 compared to net income of $28,643 for the second quarter of 2023. Basic and diluted earnings per share (“EPS”) for the second quarter of 2024 were $0.69, as compared to basic and diluted EPS of $0.51 for the second quarter of 2023. Net income for the six months ended June 30, 2024, was $78,255 compared to net income of $74,721 for the same period in 2023. Basic and diluted EPS were $1.39 and $1.38, respectively for the first six months of 2024 as compared to $1.33 for the first six months of 2023.
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From time to time, the Company incurs expenses and charges or recognizes valuation adjustments in connection with certain transactions with respect to which management is unable to accurately predict when these items will be incurred or, when incurred, the amount of such items. The following table presents the impact of these items on reported EPS for the dates presented.
Three Months Ended
 June 30, 2024June 30, 2023
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
Loss on sale of securities$— $— $— $22,438 $18,085 $0.32 
Six Months Ended
 June 30, 2024June 30, 2023
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
Gain on sale of MSR$3,472 $2,777 $0.05 $— $— $— 
Loss on sale of securities— — — 22,438 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 76.70% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the second quarter of 2024. The primary concerns in managing net interest income are the volume, mix and repricing of assets and liabilities.
Net interest income was $125,026 and $248,316 for the three and six months ended June 30, 2024, as compared to $130,216 and $265,991for the same periods in 2023. On a tax equivalent basis, net interest income was $127,598 and $253,448 for the three and six months ended June 30, 2024, as compared to $133,085 and $271,614 for the same periods in 2023.
The following table sets forth average balance sheet data, including all major categories of interest-earning assets and interest-bearing liabilities, together with the interest earned or interest paid and the average yield or average rate paid on each such category on a tax-equivalent basis for the periods presented:
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 Three Months Ended June 30,
 20242023
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment$12,575,651 $200,670 6.41 %$11,877,592 $175,549 5.93 %
Loans held for sale219,826 3,530 6.42 192,539 2,990 6.21 
Securities:
Taxable1,832,002 9,258 2.02 2,481,712 12,353 1.99 
Tax-exempt(1)
263,937 1,451 2.20 367,410 2,165 2.36 
Interest-bearing balances with banks595,030 7,874 5.32 524,307 6,978 5.34 
Total interest-earning assets15,486,446 222,783 5.77 15,443,560 200,035 5.19 
Cash and due from banks187,519 189,668 
Intangible assets1,008,638 1,013,811 
Other assets688,766 690,885 
Total assets$17,371,369 $17,337,924 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$7,094,411 $56,132 3.17 %$6,114,067 $29,185 1.91 %
Savings deposits839,638 729 0.35 1,004,096 813 0.32 
Brokered deposits294,650 3,944 5.37 809,613 10,295 5.10 
Time deposits2,487,873 26,816 4.34 1,735,567 11,098 2.57 
Total interest-bearing deposits10,716,572 87,621 3.28 9,663,343 51,391 2.13 
Borrowed funds564,672 7,564 5.37 1,204,968 15,559 5.18 
Total interest-bearing liabilities11,281,244 95,185 3.39 10,868,311 66,950 2.47 
Noninterest-bearing deposits3,509,109 4,039,087 
Other liabilities243,285 212,818 
Shareholders’ equity2,337,731 2,217,708 
Total liabilities and shareholders’ equity$17,371,369 $17,337,924 
Net interest income/net interest margin$127,598 3.31 %$133,085 3.45 %
(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,
 20242023
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment$12,491,814 $395,310 6.35 %$11,783,585 $339,519 5.81 %
Loans held for sale187,604 5,838 6.22 148,221 4,727 6.38 
Securities:
Taxable1,861,909 18,763 2.02 2,557,997 25,670 2.01 
Tax-exempt(1)
267,108 2,956 2.21 382,130 4,510 2.36 
Interest-bearing balances with banks582,683 15,655 5.40 494,434 12,408 5.06 
Total interest-earning assets15,391,118 438,522 5.72 15,366,367 386,834 5.07 
Cash and due from banks188,011 193,703 
Intangible assets1,009,232 1,012,690 
Other assets701,770 675,648 
Total assets$17,290,131 $17,248,408 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$7,025,200 $108,632 3.10 %$6,090,549 $49,483 1.64 %
Savings deposits850,018 1,459 0.34 1,028,315 1,639 0.32 
Brokered deposits370,129 9,931 5.38 603,822 14,713 4.91 
Time deposits2,403,646 50,212 4.20 1,650,683 18,422 2.25 
Total interest-bearing deposits10,648,993 170,234 3.21 9,373,369 84,257 1.81 
Borrowed funds554,618 14,840 5.36 1,243,049 30,963 5.01 
Total interest-bearing liabilities11,203,611 185,074 3.32 10,616,418 115,220 2.19 
Noninterest-bearing deposits3,513,860 4,212,081 
Other liabilities246,654 217,573 
Shareholders’ equity2,326,006 2,202,336 
Total liabilities and shareholders’ equity$17,290,131 $17,248,408 
Net interest income/net interest margin$253,448 3.30 %$271,614 3.56 %
(1)U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.
(2)Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.
The average balances of nonaccruing assets are included in the tables above. Interest income and weighted average yields on tax-exempt loans and securities have been computed on a fully tax equivalent basis assuming a federal tax rate of 21%.
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 decrease in net interest income for the three and six months ended June 30, 2024, as compared to the same periods in 2023, was the rising rate environment that began in 2022 and continued throughout 2023. The higher interest rates benefited yields on earning assets, but this increase was more than offset by an increase in interest expense. The rising interest rates negatively impacted both the cost and mix of our funding sources. 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 rate environment and accessing alternative sources of liquidity, such as brokered deposits.
The following tables set forth a summary of the changes in interest earned, on a tax equivalent basis, and interest paid resulting from changes in volume and rates for the Company for the three and six months ended June 30, 2024, as compared to the same
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periods in 2023 (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, 2024 Compared to the Three Months Ended June 30, 2023
VolumeRateNet
Interest income:
Loans held for investment$10,573 $14,548 $25,121 
Loans held for sale435 105 540 
Securities:
Taxable(3,246)151 (3,095)
Tax-exempt(577)(137)(714)
Interest-bearing balances with banks919 (23)896 
Total interest-earning assets8,104 14,644 22,748 
Interest expense:
Interest-bearing demand deposits5,278 21,669 26,947 
Savings deposits(140)56 (84)
Brokered deposits(6,864)513 (6,351)
Time deposits6,065 9,653 15,718 
Borrowed funds(8,536)541 (7,995)
Total interest-bearing liabilities(4,197)32,432 28,235 
Change in net interest income$12,301 $(17,788)$(5,487)
Six months ended June 30, 2024 Compared to the Six Months Ended June 30, 2023
VolumeRateNet
Interest income:
Loans held for investment$21,479 $34,312 $55,791 
Loans held for sale1,226 (115)1,111 
Securities:
Taxable(7,013)105 (6,908)
Tax-exempt(1,287)(267)(1,554)
Interest-bearing balances with banks2,355 892 3,247 
Total interest-earning assets16,760 34,927 51,687 
Interest expense:
Interest-bearing demand deposits8,668 50,481 59,149 
Savings deposits(292)112 (180)
Brokered deposits(6,086)1,304 (4,782)
Time deposits10,964 20,825 31,789 
Borrowed funds(18,130)2,007 (16,123)
Total interest-bearing liabilities(4,876)74,729 69,853 
Change in net interest income$21,636 $(39,802)$(18,166)

Interest income, on a tax equivalent basis, was $222,783 and $438,522 for the three and six months ended June 30, 2024, as compared to $200,035 and $386,834 for the same periods in 2023. The increase in interest income, on a tax equivalent basis, for the three and six months ended June 30, 2024, as compared to the same time periods in 2023 is due primarily to interest rate increases by the Federal Reserve beginning in 2022 and continuing into 2023.
The following table presents the percentage of total average earning assets, by type and yield, for the periods presented:
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 Percentage of Total Average Earning AssetsYield
Three Months EndedThree Months Ended
 June 30,June 30,
 2024202320242023
Loans held for investment81.20 %76.91 %6.41 %5.93 %
Loans held for sale1.42 1.25 6.42 6.21 
Securities13.53 18.45 2.04 2.04 
Other3.85 3.39 5.32 5.34 
Total earning assets100.00 %100.00 %5.77 %5.19 %

 Percentage of Total Average Earning AssetsYield
Six Months EndedSix Months Ended
 June 30,June 30,
 2024202320242023
Loans held for investment81.16 %76.68 %6.35 %5.81 %
Loans held for sale1.22 0.96 6.22 6.38 
Securities13.83 19.13 2.04 2.05 
Interest-bearing balances with banks3.79 3.23 5.40 5.06 
Total earning assets100.00 %100.00 %5.72 %5.07 %

For the second quarter of 2024, interest income on loans held for investment, on a tax equivalent basis, increased $25,121 to $200,670 from $175,549 for the same period in 2023. For the six months ended June 30, 2024, interest income on loans held for investment, on a tax equivalent basis, increased $55,791 to $395,310 from $339,519 in the same period in 2023. The Federal Reserve continued to raise interest rates in 2023, which positively impacted the Company’s loan pricing, and the year-to-date average balance of loans held for investment increased $708,229 from June 2023, thereby resulting in the increase in interest income on loans held for investment for the three and six months ended June 30, 2024, as compared to the same periods in 2023.
The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans held for investment, loan yield and net interest margin is shown in the following table for the periods presented.
Three Months EndedSix Months Ended
 June 30,June 30,
 2024202320242023
Net interest income collected on problem loans$(146)$364 $(23)$756 
Accretable yield recognized on purchased loans897 874 1,697 1,759 
Total impact to interest income on loans$751 $1,238 $1,674 $2,515 
Impact to loan yield0.02 %0.04 %0.03 %0.04 %
Impact to net interest margin0.02 %0.03 %0.02 %0.03 %
For the second quarter of 2024, interest income on loans held for sale (consisting of mortgage loans held for sale) increased $540 to $3,530 from $2,990 for the same period in 2023. For the six months ended June 30, 2024, interest income on loans held for sale (consisting of mortgage loans held for sale), increased $1,111 to $5,838 from $4,727 for the same period in 2023.
Investment income, on a tax equivalent basis, decreased $3,809 to $10,709 for the second quarter of 2024 from $14,518 for the second quarter of 2023. Investment income, on a tax equivalent basis, decreased $8,461 to $21,719 for the six months ended June 30, 2024 from $30,180 for the same period in 2023. The Company sold a portion of its securities portfolio in each of the first quarter of 2024 and the second quarter of 2023, driving the decrease to investment income for both the three and six months ended June 30, 2024. The tax equivalent yield on the investment portfolio for both the second quarter of 2024 and 2023
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was 2.04%. The tax equivalent yield on the investment portfolio for both the six months ended June 30, 2024 was 2.04%, down one basis point from 2.05% for the same period in 2023.
Interest expense was $95,185 for the second quarter of 2024 as compared to $66,950 for the same period in 2023. Interest expense for the six months ended June 30, 2024 was $185,074 as compared to $115,220 for the same period in 2023.
The following table presents, by type, the Company’s funding sources, which consist of total average deposits and borrowed funds, and the total cost of each funding source for the periods presented:
 Percentage of Total Average Deposits and Borrowed FundsCost of Funds
Three Months EndedThree Months Ended
 June 30,June 30,
 2024202320242023
Noninterest-bearing demand23.73 %27.10 %— %— %
Interest-bearing demand47.97 41.01 3.17 1.91 
Savings5.68 6.74 0.35 0.32 
Brokered deposits1.99 5.43 5.37 5.10 
Time deposits16.82 11.64 4.34 2.57 
Short term borrowings0.93 5.19 1.92 4.62 
Subordinated notes2.12 2.14 5.83 5.57 
Other borrowed funds0.76 0.75 8.24 7.86 
Total deposits and borrowed funds100.00 %100.00 %2.58 %1.80 %

 Percentage of Total Average Deposits and Borrowed FundsCost of Funds
Six Months EndedSix Months Ended
 June 30,June 30,
 2024202320242023
Noninterest-bearing demand23.88 %28.41 %— %— %
Interest-bearing demand47.73 41.07 3.10 1.64 
Savings5.78 6.94 0.34 0.32 
Brokered deposits2.51 4.07 5.38 4.91 
Time deposits16.33 11.13 4.20 2.25 
Short-term borrowings0.86 5.48 1.59 4.46 
Subordinated notes2.14 2.14 5.83 5.45 
Other long term borrowings0.77 0.76 8.26 7.77 
Total deposits and borrowed funds100.00 %100.00 %2.52 %1.57 %
Interest expense on deposits was $87,621 and $51,391 for the three months ended June 30, 2024 and 2023, respectively. The cost of total deposits was 2.47% and 1.50% for the same respective periods. Interest expense on deposits was $170,234 and $84,257 for the six months ended June 30, 2024 and 2023, respectively, and the cost of total deposits was 2.41% and 1.25% 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 high interest rate environment. Following the bank failures and broader industry concerns about bank liquidity that arose in March 2023, the Company maintained additional on-balance sheet liquidity, primarily in the form of brokered deposits and short-term FHLB advances. As risks abated, the Company repaid the advances and has allowed brokered deposits to mature, mitigating to some degree, the impact of rising rates on our deposit costs. 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 $7,564 and $15,559 for the three months ended June 30, 2024 and 2023, respectively. Interest expense on total borrowings was $14,840 and $30,963 for the six months ended June 30, 2024 and 2023, respectively. The decrease in interest expense on borrowings is a result of the repayment of FHLB borrowings during 2023 and the first quarter of 2024.
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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,
2024 20232024 2023
0.90% 0.40%0.93% 0.64%
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 $38,762 for the second quarter of 2024 as compared to $17,226 for the same period in 2023. Noninterest income was $80,143 for the six months ended June 30, 2024 as compared to $54,519 for the same period in 2023. The increase over the three and six month periods is primarily due to the impact of the $22,438 loss on the sale of securities to noninterest income in during June 2023. Noninterest income in future periods will be negatively impacted by the sale of substantially all of Renasant Insurance, Inc.’s assets, as described under the “Recent Developments” heading above.
Service charges on deposit accounts include maintenance fees on accounts, per item charges, account enhancement charges for additional packaged benefits and overdraft fees (which encompasses traditional overdraft fees as well as non-sufficient funds fees). Service charges on deposit accounts were $10,286 and $9,733 for the second quarter of 2024 and 2023, respectively, and $20,792 and $18,853 for the six months ended June 30, 2024 and 2023, respectively. Overdraft fees, the largest component of service charges on deposits, were $5,003 for the three months ended June 30, 2024, as compared to $5,088 for the same period in 2023. These fees were $10,259 for the six months ended June 30, 2024 compared to $9,669 for the same period in 2023.
Fees and commissions were $3,944 during the second quarter of 2024 as compared to $4,987 for the same period in 2023, and were $7,893 for the first six months of 2024 as compared to $9,663 for the same period in 2023. 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 2024, interchange fees were $2,321 as compared to $2,467 for the same period in 2023. Interchange fees were $4,451 for the six months ended June 30, 2024 as compared to $4,793 for the same period in 2023.
Through Renasant Insurance, we offer a range of commercial and personal insurance products through major insurance carriers. Income earned on insurance products was $2,758 and $2,809 for the three months ended June 30, 2024 and 2023, respectively, and was $5,474 and $5,255 for the six months ended June 30, 2024 and 2023, 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 $114 and $46 for the three months ended June 30, 2024 and 2023, respectively, and $987 and $956 for the six months ended June 30, 2024 and 2023, 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 $5,684 for the second quarter of 2024 compared to $5,338 for the same period in 2023, and was $11,353 for the six months ended June 30, 2024 compared to $10,478 for the same period in 2023. The market value of assets under management or administration was $5,502,476 and $5,135,465 at June 30, 2024 and June 30, 2023, 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 $560,303 and $380,707, respectively, in the second quarter of 2024 compared to $610,611 and $400,975, respectively for the same period in 2023. Interest rate lock commitments and originations of mortgage loans to be sold totaled $1,004,601 and $643,131 in the six months ended June 30, 2024 compared to $1,240,443 and $659,921 for the same period in 2023. The decrease in interest rate lock commitments was due to continued
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increases in mortgage interest rates during 2023, significantly dampening demand for mortgages nationwide. In the first quarter of 2024, the Company sold a portion of its mortgage servicing rights portfolio with a carrying value of $19,539 for a pre-tax gain of $3,472. 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,
2024 20232024 2023
Gain on sales of loans, net (1)
$5,199 $4,646 $9,734 $9,416 
Fees, net2,866 2,859 4,720 4,665 
Mortgage servicing income, net(2)
1,633 2,266 6,614 4,207 
Mortgage banking income, net$9,698 $9,771 $21,068 $18,288 
(1) Gain on sales of loans, net includes pipeline fair value adjustments
(2) Mortgage servicing income, net includes gain on sale of MSR
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 $2,701 for the three months ended June 30, 2024 as compared to $2,402 for the same period in 2023, and $5,392 for the six months ended June 30, 2024 as compared to $5,405 for the same period in 2023.
Other noninterest income was $3,691 and $4,624 for the three months ended June 30, 2024 and 2023, respectively, and was $8,115 and $9,015 for the six months ended June 30, 2024 and 2023, respectively. Other noninterest income includes income from our SBA banking division, our capital markets division and other miscellaneous income and can fluctuate based on production in our SBA banking and capital markets divisions and recognition of other seasonal income items.
Noninterest Expense
Noninterest Expense to Average Assets
Three Months Ended June 30,Six Months Ended June 30,
2024 20232024 2023
2.59%2.55%2.62% 2.56%
Noninterest expense was $111,976 and $110,165 for the second quarter of 2024 and 2023, respectively, and was $224,888 and $219,373 for the six months ended June 30, 2024 and 2023, respectively.
Salaries and employee benefits increased $94 to $70,731 for the second quarter of 2024 as compared to $70,637 for the same period in 2023. Salaries and employee benefits increased $1,732 to $142,201 for the six months ended June 30, 2024 as compared to $140,469 for the same period in 2023. The minimal change in salaries and employee benefits is primarily due to annual merit increases implemented in April 2024 offset by decreases in salaries and benefits within our mortgage division attributable to declines in mortgage production.
Data processing costs were $3,945 in the second quarter of 2024 as compared to $3,684 for the same period in 2023 and were $7,752 for the six months ended June 30, 2024 as compared to $7,317 for the same period in 2023. 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 2024 was $11,844, as compared to $11,865 for the same period in 2023. These expenses for the first six months of 2024 were $23,233, as compared to $23,270 for the same period in 2023.
Professional fees include fees for legal and accounting services, such as routine litigation matters, external audit services as well as assistance in complying with newly-enacted and existing banking and governmental regulations. Professional fees were $3,195 for the second quarter of 2024 as compared to $4,012 for the same period in 2023 and were $6,543 for the six months ended June 30, 2024 as compared to $7,479 for the same period in 2023.
Advertising and public relations expense was $3,807 for the second quarter of 2024 as compared to $3,482 for the same period in 2023 and was $8,693 for the six months ended June 30, 2024 as compared to $8,168 for the same period in 2023. During the six months ended June 30, 2024 and 2023, the Company contributed approximately $1,305 and $1,292, respectively, to charitable organizations throughout Mississippi and Georgia, which contributions are included in our advertising and public relations expense, for which it received a dollar-for-dollar tax credit.
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Amortization of intangible assets totaled $1,186 and $1,369 for the second quarter of 2024 and 2023 and $2,398 and $2,795 for the six months ended June 30, 2024 and 2023, respectively. This amortization relates to finite-lived intangible assets which are being amortized over the useful lives as determined at acquisition. These finite-lived intangible assets have remaining estimated useful lives ranging from approximately 1 year to 7 years.
Communication expenses, those expenses incurred for communication to clients and between employees, were $2,112 for the second quarter of 2024 as compared to $2,226 for the same period in 2023. Communication expenses were $4,136 for the six months ended June 30, 2024 as compared to $4,206 for the same period in 2023.
Other noninterest expense includes business development and travel expenses, other discretionary expenses, loan fees expense and other miscellaneous fees and operating expenses. Other noninterest expense was $15,051 and $29,720 for the three and six months ended June 30, 2024 as compared to $12,839 and $25,588 for the same periods in 2023. The increase in other noninterest expense is primarily attributable to lower mortgage deferred loan origination expense in the first half of 2024 compared to the same period in 2023. The amount of loan origination expense deferred is directly correlated to the volume and mix of our loan production during the period. The Company also accrued $700 for an FDIC deposit insurance special assessment in the first quarter of 2024.
Efficiency Ratio
Efficiency Ratio
Three Months Ended June 30,Six Months Ended June 30,
2024 20232024 2023
Efficiency ratio67.31 %73.29 %67.41 % 67.26 %

The efficiency ratio is a measure of productivity in the banking industry. (This ratio is a measure of our ability to turn expenses into revenue. That is, the ratio is designed to reflect the percentage of one dollar that we must expend to generate a dollar of revenue.) The Company calculates this ratio by dividing noninterest expense by the sum of net interest income on a fully tax equivalent basis and noninterest income. We remain committed to aggressively managing our costs within the framework of our business model. Our goal is to improve the efficiency ratio over time from currently reported levels as a result of revenue growth while at the same time controlling noninterest expenses.
Income Taxes
Income tax expense for the second quarter of 2024 and 2023 was $9,666 and $6,634, respectively, and $19,578 and $17,956 for the six months ended June 30, 2024 and 2023, respectively. The increase is primarily due to a rise in pre-tax income.

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
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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 or potentially the chief credit officer.
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 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 2024 were $5,645, or 0.09% of average loans (annualized), compared to net charge-offs of $8,633, or 0.15% of average loans (annualized), for the same period in 2023. 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
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performing (using risk ratings) to default using life-of-loan analysis periods, and (b) the historical severity of loss, based on the aggregate net lifetime losses incurred per loan pool.

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

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

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

The following table presents the allocation of the allowance for credit losses on loans by loan category and the percentage of loans in each category to total loans as of the dates presented:
 
June 30, 2024December 31, 2023June 30, 2023
Balance% of TotalBalance% of TotalBalance% of Total
Commercial, financial, agricultural$44,951 14.66 %$43,980 15.15 %$41,310 14.49 %
Lease financing2,515 0.82 2,515 0.94 2,480 1.03 
Real estate – construction18,896 10.75 18,612 10.79 19,125 11.47 
Real estate – 1-4 family mortgage47,421 27.26 47,283 27.85 46,434 28.07 
Real estate – commercial mortgage77,125 45.75 77,020 44.43 75,667 44.03 
Installment loans to individuals8,963 0.76 9,168 0.84 9,375 0.91 
Total$199,871 100.00 %$198,578 100.00 %$194,391 100.00 %

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 on loans of $4,300 in the second quarter of 2024 and $6,938 in the first half of 2024, as compared to $3,000 in the second quarter of 2023 and $10,960 in the first half of 2023. 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. Loan growth as well as changes in credit metrics influencing our expectations of future credit losses resulted in the Company’s model indicating that the aforementioned provision for credit losses on loans was appropriate during the first half of 2024.
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,
 2024202320242023
Balance at beginning of period$201,052 $195,292 $198,578 $192,090 
Impact of purchased credit deteriorated loans acquired during the period— — — (26)
Charge-offs
Commercial, financial, agricultural186 4,939 535 5,468 
Real estate – 1-4 family mortgage208 212 290 215 
Real estate – commercial mortgage5,727 397 5,727 5,512 
Installment loans to individuals251 580 730 1,390 
Total charge-offs6,372 6,185 7,282 12,642 
Recoveries
Commercial, financial, agricultural525 1,274 871 1,999 
Lease financing10 6 18 11 
Real estate – 1-4 family mortgage25 170 73 194 
Real estate – commercial mortgage99 278 105 489 
Installment loans to individuals232 556 570 1,316 
Total recoveries891 2,284 1,637 4,009 
Net charge-offs5,481 3,901 5,645 8,633 
Provision for credit losses on loans4,300 3,000 6,938 10,960 
Balance at end of period$199,871 $194,391 $199,871 $194,391 
Net charge-offs (annualized) to average loans0.18 %0.13 %0.09 %0.15 %
Net charge-offs to allowance for credit losses on loans2.74 %2.01 %2.82 4.44 
Allowance for credit losses on loans to:
Total loans1.59 1.63 
Nonperforming loans203.88 211.85 
Nonaccrual loans204.38 350.64 


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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, 2024June 30, 2023
Net Charge-offs (Recoveries)Average LoansAnnualized Net Charge-offs (Recoveries) to Average LoansNet Charge-offs (Recoveries)Average LoansAnnualized Net Charge-offs (Recoveries) to Average Loans
Commercial, financial, agricultural$(336)$1,860,832(0.04)%$3,469$1,734,7090.40%
Lease financing(18)105,877(0.03)(11)118,892(0.02)%
Real estate – construction—1,319,572—571,327,0280.01%
Real estate – 1-4 family mortgage2173,422,4330.01213,362,300—%
Real estate – commercial mortgage5,6225,684,8810.205,0235,125,1920.20%
Installment loans to individuals16098,2190.3374115,4640.13%
Total$5,645$12,491,8140.09%$8,633$11,783,5850.15%

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,
 2024202320242023
Real estate – construction:
Residential$— $57 $— $57 
Total real estate – construction— 57 — 57 
Real estate – 1-4 family mortgage:
Primary168 (55)160 (65)
Home equity18 102 19 99 
Rental/investment(3)1 38 (1)
Land development(1)(6)(1)(12)
Total real estate – 1-4 family mortgage182 42 216 21 
Real estate – commercial mortgage:
Owner-occupied(55)396 (59)318 
Non-owner occupied5,686 (277)5,683 4,705 
Total real estate – commercial mortgage5,631 119 5,624 5,023 
Total net charge-offs of loans secured by real estate$5,813 $218 $5,840 $5,101 

Allowance for Credit Losses on Unfunded Commitments; Provision for Credit Losses on Unfunded Commitments. The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “Other liabilities” line item on the Consolidated Balance Sheets. Management estimates the amount of expected losses on unfunded loan commitments by calculating a likelihood of funding over the contractual period for exposures that are not unconditionally cancellable by the Company and applying the loss factors used in the allowance for credit losses on loans methodology described above to unfunded commitments for each loan type. No credit loss estimate is reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. A roll-forward of the allowance for credit losses on unfunded commitments is shown in the table below.
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Three Months Ended June 30,20242023
Allowance for credit losses on unfunded loan commitments:
Beginning balance$16,718 $18,618 
Recovery of provision for credit losses on unfunded loan commitments(1,000)(1,000)
Ending balance$15,718 $17,618 
Six Months Ended June 30,20242023
Allowance for credit losses on unfunded loan commitments:
Beginning balance$16,918 $20,118 
Recovery of provision for credit losses on unfunded loan commitments(1,200)(2,500)
Ending balance$15,718 $17,618 
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, but loans may also be placed on nonaccrual status at an earlier date if collection of principal or interest is considered doubtful. 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, 2024December 31, 2023
Nonaccruing loans$97,795 $68,816 
Accruing loans past due 90 days or more240 554 
Total nonperforming loans98,035 69,370 
Other real estate owned7,366 9,622 
Total nonperforming assets$105,401 $78,992 
Nonperforming loans to total loans0.78 %0.56 %
Nonaccruing loans to total loans0.78 %0.56 %
Nonperforming assets to total assets0.60 %0.46 %

The following table presents nonperforming loans by loan category as of the dates presented:
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June 30,
2024		December 31, 2023June 30,
2023
Commercial, financial, agricultural$5,866 $6,282 $7,698 
Real estate – construction:
Residential— — — 
Total real estate – construction— — — 
Real estate – 1-4 family mortgage:
Primary53,803 44,174 36,467 
Home equity3,233 2,849 2,299 
Rental/investment943 2,238 3,086 
Land development40 19 19 
Total real estate – 1-4 family mortgage58,019 49,280 41,871 
Real estate – commercial mortgage:
Owner-occupied6,252 3,373 24,022 
Non-owner occupied24,424 9,774 17,842 
Land development3,210 300 54 
Total real estate – commercial mortgage33,886 13,447 41,918 
Installment loans to individuals262 361 273 
Total nonperforming loans$98,035 $69,370 $91,760 

Total nonperforming loans as a percentage of total loans were 0.78% as of June 30, 2024 as compared to 0.56% and 0.77% as of December 31, 2023 and June 30, 2023, respectively. The Company’s coverage ratio, or its allowance for credit losses on loans as a percentage of nonperforming loans, was 203.88% as of June 30, 2024 as compared to 286.26% as of December 31, 2023 and 211.85% as of June 30, 2023.
Management has evaluated loans classified as nonperforming and believes that all nonperforming loans have been adequately reserved for in the allowance for credit losses at June 30, 2024. Management also continually monitors past due loans for potential credit quality deterioration. Total loans 30-89 days past due but still accruing interest were $28,507, or 0.23% of total loans, at June 30, 2024 as compared to $54,031, or 0.44% of total loans, at December 31, 2023 and $12,146, or 0.10% of total loans, at June 30, 2023.
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 (including an extension of the amortization period), or a term extension, excluding covenant waivers and modification of contingent acceleration clauses, are required to be disclosed in accordance with ASU 2022-02, “Financial Instruments - Credit Losses (Topic326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”). All modifications for the six months ended June 30, 2024 and 2023 and which met the disclosure criteria in ASU 2022-02 were performing in accordance with their modified terms at June 30, 2024 and 2023, respectively. The total amortized cost basis of loans that were experiencing financial difficulty, modified during the six months ended June 30, 2024 and 2023, were $13,338 and $7,140, respectively. Unused commitments totaled $338 and $1,600 at June 30, 2024 and 2023, respectively. 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. For more information about loan modifications made to borrowers experiencing financial difficulty, see the information under the heading “Certain Modifications to Borrowers Experiencing Financial Difficulty” in Note 3, “Loans,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements.
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,
2024		December 31, 2023June 30,
2023
Residential real estate$1,004 $1,211 $459 
Commercial real estate6,336 8,407 3,481 
Residential land development19 4 448 
Commercial land development7 — 732 
Total other real estate owned$7,366 $9,622 $5,120 

Changes in the Company’s other real estate owned were as follows:
20242023
Balance at January 1$9,622 $1,763 
Transfers of loans1,135 4,119 
Impairments(67)(8)
Dispositions(1,052)(738)
Other(2,272)(16)
Balance at June 30$7,366 $5,120 

Other real estate owned with a cost basis of $1,052 was sold during the six months ended June 30, 2024, resulting in a net gain of $115, while 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.
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, we actively monitor and manage our interest rate risk exposure. We have an Asset/Liability Committee (“ALCO”), which is comprised of various members of senior management and 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.
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, 2024, in each case as compared to the result under rates present in the market on June 30, 2024. 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
+1002.73%2.45%3.63%
-100(4.01)%(3.35)%(4.61)%
-200(9.18)%(6.98)%(9.59)%

The rate shock results for the net interest income simulations for the next 24 months produce an asset sensitive position at June 30, 2024. 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 next 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) and core deposits are not sufficient for meeting our current and anticipated short- or long-term liquidity needs. During the first half of 2024, brokered deposits decreased by $302,840 as compared to the balance at December 31, 2023. The Bank obtained brokered deposits in the amount of $120,345 during the first half of 2024 and paid down brokered deposits of $423,185 during the same period. 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 10.88% 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, 2024, securities with a carrying value of $848,460 were pledged to secure government, public fund and trust deposits and as collateral for short-term borrowings and derivative instruments as compared to securities with a carrying value of $895,044 similarly pledged at December 31, 2023.
Other sources available for meeting liquidity needs include federal funds purchased, short-term and long-term advances from the FHLB and borrowings from the Federal Reserve Discount Window. Interest is charged at the prevailing market rate on federal funds purchased and FHLB advances. There were $225,000 in short-term borrowings from the FHLB at June 30, 2024, as compared to $300,000 at December 31, 2023. 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
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long-term advances with the FHLB at June 30, 2024 or December 31, 2023. The total amount of the remaining credit available to us from the FHLB at June 30, 2024 was $2,709,670. The credit available at the Federal Reserve Discount Window at June 30, 2024 was $588,890 with no borrowings outstanding as of such date. We also maintain lines of credit with other commercial banks totaling $160,000. These are unsecured lines of credit with the majority maturing at various times within the next twelve months. There were no amounts outstanding under these lines of credit at June 30, 2024 or December 31, 2023.
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 and wealth management operations as well as other business opportunities. Our common stock offering described under the “Recent Developments” heading above reflects our access of the capital markets as described in this paragraph. In addition, in previous years, we have accessed the capital markets to generate liquidity in the form of 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 $315,230 at June 30, 2024.
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,
 2024202320242023
Noninterest-bearing demand23.88 %28.41 %— %— %
Interest-bearing demand47.73 41.07 3.10 1.64 
Savings5.78 6.94 0.34 0.32 
Brokered deposits2.51 4.07 5.38 4.91 
Time deposits16.33 11.13 4.20 2.25 
Short-term borrowings0.86 5.48 1.59 4.46 
Subordinated notes2.14 2.14 5.83 5.45 
Other borrowed funds0.77 0.76 8.26 7.77 
Total deposits and borrowed funds100.00 %100.00 %2.52 %1.57 %

The estimated amount of uninsured and uncollateralized deposits at June 30, 2024 was $4,499,972. Collateralized public funds over FDIC insurance limits were $1,743,346 at June 30, 2024.
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 $851,906 at June 30, 2024, as compared to $946,899 at June 30, 2023. Cash used in investing activities for the six months ended June 30, 2024 was $43,479, as compared to cash provided by investing activities of $274,113 for the six months ended June 30, 2023. Proceeds from the sale, maturity or call of securities within our investment portfolio were $270,270 for the six months ended June 30, 2024, as compared to $633,934 for the same period in 2023. A portion of the securities portfolio was sold during the first quarter of 2024, resulting in proceeds of $177,185 of which a portion were used to purchase higher yielding securities, while the remainder was used to fund loan growth. A portion of the securities portfolio was sold during the second quarter of 2023, resulting in proceeds of $488,981 which were used to pay off short-term FHLB borrowings and to fund loan growth. Purchases of investment securities were $52,679 during the first six months of 2024. There were no purchases of investment securities for the same period in 2023.
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Cash provided by financing activities for the six months ended June 30, 2024 was $78,054, as compared to cash provided by financing activities of $128,334 for the same period in 2023. Deposits increased $178,428 and $608,395 for the six months ended June 30, 2024 and 2023, respectively.
Restrictions on Bank Dividends, Loans and Advances
The Company’s liquidity and capital resources, as well as its ability to pay dividends to its shareholders, are substantially dependent on the ability of Renasant Bank to transfer funds to the Company in the form of dividends, loans and advances. Under Mississippi law, a Mississippi bank may not pay dividends unless its earned surplus is in excess of three times capital stock. A Mississippi bank with earned surplus in excess of three times capital stock may pay a dividend, subject to the approval of the Mississippi Department of Banking and Consumer Finance (the “DBCF”). In addition, the FDIC also has the authority to prohibit the Bank from engaging in business practices that the FDIC considers to be unsafe or unsound, which, depending on 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, 2024, the maximum amount available for transfer from the Bank to the Company in the form of loans was $192,931. 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, 2024.
These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the six months ended June 30, 2024, 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, 2024December 31, 2023
Loan commitments$2,911,618 $3,091,997 
Standby letters of credit85,304 113,970 

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, 2024, the Company had notional amounts of $642,619 on interest rate contracts with corporate customers and $646,002 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.
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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 and interest rate collars 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 as a fair value hedge. Under this contract, the Company pays a variable rate of interest and receives a fixed rate of interest.
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 $2,354,701 at June 30, 2024 compared to $2,297,383 at December 31, 2023. Book value per share was $41.77 and $40.92 at June 30, 2024 and December 31, 2023, respectively. The growth in shareholders’ equity was attributable to current period earnings and changes in accumulated other comprehensive income, offset by dividends declared.
In October 2023, 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 through October 2024 or, if earlier, the repurchase of the entire amount of common stock authorized to be repurchased. The Company did not repurchase any of its common stock under the stock repurchase plan in the first half of 2024.
The Company has junior subordinated debentures with a carrying value of $113,447 at June 30, 2024, of which $109,856 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, 2024. 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 complete the proposed merger with The First Bancshares (or 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 $336,400 at June 30, 2024, of which $333,621 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, 2024
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,511,312 10.75 %$914,242 6.50 %$984,568 7.00 %
Tier 1 risk-based capital ratio1,621,168 11.53 1,125,220 8.00 1,195,547 8.50 
Total risk-based capital ratio2,130,901 15.15 1,406,526 10.00 1,476,852 10.50 
Leverage capital ratios:
Tier 1 leverage ratio1,621,168 9.81 826,328 5.00 661,062 4.00 
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,752,876 12.44 %$915,917 6.50 %$986,372 7.00 %
Tier 1 risk-based capital ratio1,752,876 12.44 1,127,282 8.00 1,197,737 8.50 
Total risk-based capital ratio1,929,307 13.69 1,409,103 10.00 1,479,558 10.50 
Leverage capital ratios:
Tier 1 leverage ratio1,752,876 10.61 826,134 5.00 660,908 4.00 
December 31, 2023
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,469,531 10.52 %$908,163 6.50 %$978,022 7.00 %
Tier 1 risk-based capital ratio1,578,918 11.30 1,117,740 8.00 1,187,598 8.50 
Total risk-based capital ratio2,085,531 14.93 1,397,175 10.00 1,467,033 10.50 
Leverage capital ratios:
Tier 1 leverage ratio1,578,918 9.62 820,428 5.00 656,342 4.00 
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,714,965 12.25 %$909,711 6.50 %$979,689 7.00 %
Tier 1 risk-based capital ratio1,714,965 12.25 1,119,644 8.00 1,189,622 8.50 
Total risk-based capital ratio1,888,104 13.49 1,399,556 10.00 1,469,533 10.50 
Leverage capital ratios:
Tier 1 leverage ratio1,714,965 10.45 820,761 5.00 656,608 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 13, “Regulatory Matters,” in the Notes to the Consolidated Financial Statements of the Company in Item 1, Financial Statements.
Critical Accounting Estimates
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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, “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, 2023, filed with the Securities and Exchange Commission on February 23, 2024. Actual amounts and values as of the balance sheet dates may be materially different from 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, 2023. Since December 31, 2023, 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, 2023. For additional information regarding our market risk, see our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 23, 2024.

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, 2023.
On July 29, 2024, the Company announced that it had entered into a definitive merger agreement with The First under which the Company will acquire The First in an all-stock transaction. The following represents material changes in the Company’s risk factors from the risk factors set forth in our Annual Report on Form 10-K.
Risks Related to the Merger
Failure to complete the Merger could negatively affect our share price, future business and financial results.
Although we anticipate closing the Merger in the first half of 2025, we cannot guarantee when, or whether, the Merger will be completed. The completion of the Merger is subject to a number of customary conditions which must be fulfilled in order to complete the merger.
If the Merger is not completed for any reason, our ongoing business and financial results may be adversely affected and we will be subject to several risks, including:
•having to pay certain significant transaction costs without realizing any of the anticipated benefits of completing the Merger;
•failing to pursue other beneficial opportunities due to the focus of our management on the Merger, without realizing any of the anticipated benefits of completing the Merger;
•declines in our share price to the extent that the current market prices reflect an assumption by the market that the Merger will be completed; and
•becoming subject to litigation related to any failure to complete the Merger.
Regulatory approvals may not be received, may take longer than expected or may impose conditions that are not presently anticipated, cannot be met, or that could have an adverse effect on the combined company following the consummation of the Merger.
Before the Merger may be completed, various approvals, consents and/or non-objections must be obtained from bank regulatory authorities, including the Federal Reserve, FDIC, and the DBCF. Additionally, the U.S. Department of Justice has between 15 and 30 days following approval of the Merger by the Federal Reserve and FDIC, respectively, to challenge the approval on antitrust grounds.
In determining whether to grant their approvals, the regulatory agencies consider a variety of factors, including the regulatory standing of each party. These approvals could be delayed or not obtained at all, including due to an adverse development in either party’s regulatory standing or in any other factors considered by regulators in granting such approvals; governmental, political or community group inquiries, investigations or opposition; or changes in legislation or the political or regulatory environment generally.
The approvals that are granted may impose terms and conditions, limitations, obligations or costs, or place restrictions on the conduct of the combined company’s business or require changes to the terms of the Merger. There can be no assurance that regulators will not impose any such conditions, limitations, obligations or restrictions and that such conditions, limitations, obligations or restrictions will not have the effect of delaying the completion of any of the Merger, imposing additional material costs on or materially limiting the revenues of the combined company following the Merger or otherwise reduce the anticipated benefits of the Merger if the Merger were consummated successfully within the expected timeframe. In addition, there can be no assurance that any such conditions, terms, obligations or restrictions will not result in the delay or abandonment of the Merger. The completion of the Merger is conditioned on the receipt of the requisite regulatory approvals without the imposition of any materially financially burdensome regulatory condition and the expiration of all statutory waiting periods. Additionally, the completion of the Merger is conditioned on the absence of certain laws, orders, injunctions or decrees issued by any court or governmental entity of competent jurisdiction that would prevent, prohibit or make illegal the completion of the Merger or any of the other transactions contemplated by the Merger Agreement.
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The federal banking agencies are in the process of revising their merger policies. In March 2024, the FDIC published proposed revisions to its Statement of Policy on Bank Merger Transactions that may change the way the FDIC reviews bank merger applications. While the Federal Reserve has not issued a similar proposal, Federal Reserve Vice Chair for Supervision Michael Barr has stated that the Federal Reserve is working with the Department of Justice to update guidelines setting forth standards for the review of the competitive impact of a transaction. These pending regulatory revisions create uncertainty regarding the standards that the agencies may apply to their review of bank mergers and may make it more difficult and/or costly to obtain regulatory approval or otherwise result in more burdensome conditions in approval orders than the agencies have previously imposed. Additionally, the agencies may begin to apply new standards before they formally finalize the changes to their merger policies.
Our ongoing business and financial results may be adversely affected by a delay in receipt of necessary regulatory approvals, a denial of a regulatory application, or the imposition of a burdensome regulatory condition.
Combining Renasant and The First may be more difficult, costly or time consuming than expected, and we may fail to realize the anticipated benefits of the Merger.
The success of the Merger will depend on, among other things, our ability to integrate The First into our business in a manner that facilitates growth opportunities and achieves the anticipated benefits of the Merger. If we are not able to successfully achieve these objectives, the anticipated benefits of the Merger may not be realized fully or at all or may take longer to realize than expected. In addition, the actual cost savings and anticipated benefits of the Merger could be less than anticipated, and integration may result in additional unforeseen expenses.
There is a significant degree of difficulty inherent in the process of integrating an acquisition, including challenges consolidating certain operations and functions (including regulatory functions), integrating technologies, organizations, procedures, policies and operations, addressing differences in the business cultures of Renasant and The First and retaining key personnel. The integration will be complex and time consuming and may involve delays or additional and unforeseen expenses. The integration process and other disruptions resulting from the Merger may also disrupt our ongoing business. Any failure to successfully or cost-effectively integrate The First following the closing of the Merger as well as any delays encountered in the integration process, could have an adverse effect on the revenues, levels of expenses and operating results of the combined company following the completion of the Merger, which may adversely affect the value of the common stock of the combined company following the completion of the merge.
Shareholder litigation could prevent or delay the completion of the Merger or otherwise negatively impact our business, financial condition and results of operations.
Shareholders of Renasant and/or The First may file lawsuits against Renasant, The First and/or the directors and officers of either company in connection with the Merger. One of the conditions to the closing of the Merger is that no law, order, injunction or decree issued by any court or governmental entity of competent jurisdiction would restrict, prohibit or make illegal the completion of the Merger or any of the other transactions contemplated by the Merger Agreement be in effect. If any plaintiff were successful in obtaining an injunction prohibiting Renasant or The First from completing the Merger or any of the other transactions contemplated by the Merger Agreement, then such injunction may delay or prevent the effectiveness of the Merger and could result in significant costs to us, including any cost associated with the indemnification of our directors and officers. We may incur costs in connection with the defense or settlement of any shareholder lawsuits filed in connection with the Merger. Shareholder lawsuits may divert management attention from management of our business or operations. Such litigation could have an adverse effect on our business, financial condition and results of operations and could prevent or delay the completion of the Merger.
We and The First will be subject to various uncertainties while the Merger is pending that could adversely affect our financial results or the anticipated benefits of the Merger.
Uncertainty about the effect of the Merger on counterparties to contracts, employees and other parties may have an adverse effect on us or the anticipated benefits of the Merger. These uncertainties could cause contract counterparties and others who deal with us or The First to seek to change existing business relationships with us or The First, and may impair our and The First’s ability to attract, retain and motivate key personnel until the Merger is completed and for a period of time thereafter. Employee retention and recruitment may be particularly challenging prior to completion of the Merger, as our employees and prospective employees, and the employees and prospective employees of The First, may experience uncertainty about their future roles with us following the Merger.
The pursuit of the Merger and the preparation for the integration of the two companies may place a significant burden on management and internal resources. Any significant diversion of management attention away from ongoing business and any difficulties encountered in the transition and integration process could affect our financial results prior to and/or following the
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completion of the Merger and could limit us from pursuing attractive business opportunities and making other changes to our business prior to completion of the Merger or termination of the Merger Agreement.
The First may have liabilities that are not known to us.
In connection with the Merger, we will assume all of The First’s liabilities by operation of law. There may be liabilities that we failed or were unable to discover in the course of performing due diligence investigations into The First, or we may not have correctly assessed the significance of certain liabilities of The First identified in the course of our due diligence. Any such liabilities, individually or in the aggregate, could have an adverse effect on our business, financial condition and results of operations.
We expect to incur substantial transaction costs in connection with the Merger.
We expect to incur a significant amount of non-recurring expenses in connection with the Merger, including legal, accounting, consulting and other expenses. In general, these expenses are payable by us whether or not the Merger is completed. Additional unanticipated costs may be incurred following consummation of the Merger in the course of the integration of our businesses and the business of The First. We cannot be certain that the elimination of duplicative costs or the realization of other efficiencies related to the integration of the two businesses will offset the transaction and integration costs in the near term, or at all.
The unaudited pro forma financial information included as an exhibit to our Current Report on Form 8-K filed on July 29, 2024, is presented for illustrative purposes only and does not purport to be indicative of our financial condition or results of operations following the completion of the Merger.
The unaudited pro forma financial information included as an exhibit to our Current Report on Form 8-K filed on July 29, 2024, is presented for illustrative purposes only, is based on various adjustments, assumptions and preliminary estimates and may not be an indication of our financial condition or results of operations following the consummation of the Merger for several reasons. Our actual financial condition and results of operations following the consummation of the Merger may not be consistent with, or evident from, the pro forma financial statements. In addition, the assumptions used in preparing the pro forma financial information may not prove to be accurate, and other factors may affect our financial condition or results of operations following the consummation of the Merger. Our potential for future business success and operating profitability must be considered in light of the risks, uncertainties, expenses and difficulties typically encountered by recently combined companies.
The Merger may be completed on different terms from those contained in the Merger Agreement.
Prior to the completion of the Merger, we and The First may, by mutual agreement, amend or alter the terms of the Merger Agreement, including with respect to, among other things, the merger consideration or any covenants or agreements with respect to the parties’ respective operations during the pendency of the Merger Agreement. Any such amendments or alterations may have negative consequences to us.

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, 2024, the Company repurchased shares of its common stock as indicated in the following table:
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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, 2024 to April 30, 20241,352 $30.35 — $100,000 
May 1, 2024 to May 31, 20245,585 29.40 — 100,000 
June 1, 2024 to June 30, 20244,210 29.46 — 100,000 
Total11,147 $29.54 — 
(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 2023 under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. This plan will remain in effect through October 2024 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 2024 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, 2024, 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 arrangement” or “non-Rule 10b5-1 trading arrangement” (each as defined in Item 408(a) of Regulation S-K).


Item 6. EXHIBITS
 
Exhibit
Number		 Description
1(i)
2(i)
(3)(i) 
(3)(ii)
(3)(iii) 
(3)(iv)
(3)(v) 
(3)(vi)
(4)(i)
10(i)
10(ii)
(31)(i) 
(31)(ii) 
(32)(i) 
(32)(ii) 
(101) The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 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, 2024, formatted in Inline XBRL (included in Exhibit 101).

(1)Filed as exhibit 1(i) to the Form 8-K of the Company filed with the Securities and Exchange Commission (the “Commission”) on July 30, 2024 and incorporated herein by reference.
(2)Filed as exhibit 2(i) to the Form 8-K of the Company filed with the Commission on July 29, 2024, and incorporated herein by reference.
(3)Filed as exhibit 3.1 to the Form 10-Q of the Company filed with the Commission on May 10, 2016, and incorporated herein by reference.
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Table of Contents
(4)Filed as exhibit 3(i) to the Form 8-K the Company filed with the Commission on April 25, 2024, and incorporated herein by reference.
(5)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.
(6)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.
(7)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.
(8)Filed as exhibit 3(ii) to the Form 8-K of the Company filed with the Commission on October 27, 2023, and incorporated herein by reference.
(9)Filed as exhibit 10(i) to the Form 10-Q of the Company filed with the Commission on May 8, 2024, and incorporated herein by reference.
(10)Filed as exhibit 10(ii) to the Form 10-Q of the Company filed with the Commission on May 8, 2024, 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.
80
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 7, 2024/s/ C. Mitchell Waycaster
 C. Mitchell Waycaster
 Chief Executive Officer
 (Principal Executive Officer)
Date:August 7, 2024/s/ James C. Mabry IV
 James C. Mabry IV
 Executive Vice President and
 Chief Financial Officer
 (Principal Financial Officer)
81

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