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 2025-08-06

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, 2025
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, 2025, 95,019,326 shares of the registrant’s common stock, par value $5.00 per share, were outstanding.

Renasant Corporation and Subsidiaries
Form 10-Q
For the Quarterly Period Ended June 30, 2025
CONTENTS
 
  Page
PART I
Item 1.
Financial Statements (Unaudited)
Consolidated Balance Sheets
1
Consolidated Statements of Income
2
Consolidated Statements of Comprehensive Income
3
Consolidated Statements of Changes in Shareholders’ Equity
4
Consolidated Statements of Cash Flows
6
Notes to Consolidated Financial Statements
7
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
50
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
77
Item 4.
Controls and Procedures
77
PART II
Item 1A.
Risk Factors
78
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
78
Item 5.
Other Information
79
Item 6.
Exhibits
79
82



PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS

Renasant Corporation and Subsidiaries
Consolidated Balance Sheets

(In Thousands, Except Share Data)
(Unaudited)
June 30,
2025		December 31, 2024
Assets
Cash and due from banks$351,941 $198,408 
Interest-bearing balances with banks1,026,671 893,624 
Cash and cash equivalents1,378,612 1,092,032 
Securities held to maturity (fair value of $984,359 and $1,002,544, respectively)
1,076,817 1,126,112 
Securities available for sale, at fair value2,471,487 831,013 
Loans held for sale, at fair value356,791 246,171 
Loans held for investment, net of unearned income18,563,447 12,885,020 
Allowance for credit losses on loans(290,770)(201,756)
Loans, net18,272,677 12,683,264 
Premises and equipment, net465,100 279,796 
Other real estate owned, net11,750 8,673 
Goodwill1,419,782 988,898 
Other intangible assets, net163,751 14,105 
Bank-owned life insurance486,613 391,810 
Mortgage servicing rights64,539 72,991 
Other assets457,056 300,003 
Total assets$26,624,975 $18,034,868 
Liabilities and shareholders’ equity
Liabilities
Deposits
Noninterest-bearing$5,356,153 $3,403,981 
Interest-bearing16,226,484 11,168,631 
Total deposits21,582,637 14,572,612 
Short-term borrowings405,349 108,018 
Long-term debt556,976 430,614 
Other liabilities301,159 245,306 
Total liabilities22,846,121 15,356,550 
Shareholders’ equity
Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding
— — 
Common stock, $5.00 par value – 250,000,000 and 150,000,000 shares authorized, respectively; 97,722,397 and 66,484,225 shares issued, respectively; 95,019,311 and 63,565,690 shares outstanding, respectively
488,612 332,421 
Treasury stock, at cost – 2,703,086 and 2,918,535 shares, respectively
(90,248)(97,196)
Additional paid-in capital2,393,566 1,491,847 
Retained earnings1,100,965 1,093,854 
Accumulated other comprehensive loss, net of taxes(114,041)(142,608)
Total shareholders’ equity3,778,854 2,678,318 
Total liabilities and shareholders’ equity$26,624,975 $18,034,868 
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,
 2025202420252024
Interest income
Loans$306,433 $201,927 $506,007 $396,625 
Securities
Taxable24,918 9,258 35,887 18,763 
Tax-exempt3,490 1,152 4,638 2,347 
Other9,057 7,874 17,696 15,655 
Total interest income343,898 220,211 564,228 433,390 
Interest expense
Deposits111,921 87,621 191,307 170,234 
Borrowings13,118 7,564 19,865 14,840 
Total interest expense125,039 95,185 211,172 185,074 
Net interest income218,859 125,026 353,056 248,316 
Provision for credit losses on loans75,400 4,300 77,450 6,938 
Provision for (recovery of) credit losses on unfunded commitments5,922 (1,000)8,622 (1,200)
Provision for credit losses81,322 3,300 86,072 5,738 
Net interest income after provision for credit losses137,537 121,726 266,984 242,578 
Noninterest income
Service charges on deposit accounts13,618 10,286 23,982 20,792 
Fees and commissions6,650 3,944 10,437 7,893 
Insurance commissions— 2,758 — 5,474 
Wealth management revenue7,345 5,684 14,412 11,353 
Mortgage banking income11,263 9,698 19,410 21,068 
Gain on debt extinguishment— — — 56 
BOLI income3,383 2,701 6,312 5,392 
Other6,075 3,691 10,176 8,115 
Total noninterest income48,334 38,762 84,729 80,143 
Noninterest expense
Salaries and employee benefits99,542 70,731 171,499 142,201 
Data processing5,438 3,945 9,527 7,752 
Net occupancy and equipment17,359 11,844 29,113 23,233 
Other real estate owned157 105 842 212 
Professional fees4,223 3,195 7,107 6,543 
Advertising and public relations4,490 3,807 8,787 8,693 
Intangible amortization8,884 1,186 9,964 2,398 
Communications3,184 2,112 5,217 4,136 
Merger and conversion related expenses20,479 — 21,270 — 
Other19,448 15,051 33,754 29,720 
Total noninterest expense183,204 111,976 297,080 224,888 
Income before income taxes2,667 48,512 54,633 97,833 
Income taxes1,649 9,666 12,097 19,578 
Net income$1,018 $38,846 $42,536 $78,255 
Basic earnings per share$0.01 $0.69 $0.54 $1.39 
Diluted earnings per share$0.01 $0.69 $0.53 $1.38 
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,
 2025202420252024
Net income$1,018 $38,846 $42,536 $78,255 
Other comprehensive income, net of tax:
Securities available for sale:
Unrealized holding gains (losses) on securities6,758 468 26,728 (4,166)
Amortization of unrealized holding losses on securities transferred to the held to maturity category2,113 2,421 4,378 4,859 
Total securities available for sale8,871 2,889 31,106 693 
Derivative instruments:
Unrealized holding losses on derivative instruments(1,365)(141)(2,687)(711)
Total derivative instruments(1,365)(141)(2,687)(711)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost74 79 148 158 
Total defined benefit pension and post-retirement benefit plans74 79 148 158 
Other comprehensive income, net of tax7,580 2,827 28,567 140 
Comprehensive income$8,598 $41,673 $71,103 $78,395 

See Notes to Consolidated Financial Statements.
3

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

(In Thousands, Except Share Data)

Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
Six Months Ended June 30, 2025SharesAmount
Balance at January 1, 202563,565,690 $332,421 $(97,196)$1,491,847 $1,093,854 $(142,608)$2,678,318 
Net income— — — — 41,518 — 41,518 
Other comprehensive income— — — — — 20,987 20,987 
Comprehensive income62,505 
Cash dividends ($0.22 per share)
— — — — (14,270)— (14,270)
Issuance of common stock for stock-based compensation awards173,777 — 5,550 (8,778)— — (3,228)
Stock-based compensation expense— — — 3,780 — — 3,780 
Balance at March 31, 202563,739,467 $332,421 $(91,646)$1,486,849 $1,121,102 $(121,621)$2,727,105 
Net income— $— $— $— $1,018 $— $1,018 
Other comprehensive income— — — — — 7,580 7,580 
Comprehensive income8,598 
Cash dividends ($0.22 per share)
— — — — (21,155)— (21,155)
Common stock issued in connection with an acquisition31,238,172 156,191 — 903,720 — — 1,059,911 
Issuance of common stock for stock-based compensation awards41,672 — 1,398 (1,307)— — 91 
Stock-based compensation expense— — — 4,304 — — 4,304 
Balance at June 30, 202595,019,311 $488,612 $(90,248)$2,393,566 $1,100,965 $(114,041)$3,778,854 
Common StockTreasury StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
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 

4
See Notes to Consolidated Financial Statements.
5
Renasant Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(In Thousands)
 Six Months Ended June 30,
 20252024
Operating activities
Net income$42,536 $78,255 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses86,072 5,738 
Depreciation, amortization and accretion11,789 16,027 
Deferred income tax (benefit) expense(608)1,142 
Proceeds from sale of MSR9,353 23,011 
Gain on sale of MSR(1,467)(3,472)
Funding of mortgage loans held for sale(794,785)(641,131)
Proceeds from sales of mortgage loans held for sale698,716 561,475 
Gains on sales of mortgage loans held for sale(9,816)(9,734)
Debt prepayment benefit— (56)
(Gains) losses on sales of premises and equipment(347)52 
Stock-based compensation expense8,084 7,366 
Decrease (increase) in other assets4,335 (6,802)
Decrease in other liabilities(25,001)(15,891)
Net cash provided by operating activities28,861 15,980 
Investing activities
Purchases of securities available for sale(946,095)(52,679)
Proceeds from sales of securities available for sale686,485 177,185 
Proceeds from call/maturities of securities available for sale113,025 42,713 
Proceeds from call/maturities of securities held to maturity52,352 50,372 
Net increase in loans(480,005)(258,608)
Purchases of premises and equipment(14,996)(6,774)
Proceeds from sales of premises and equipment1,346 289 
Proceeds from surrender of bank-owned life insurance56,255 — 
Net change in FHLB stock(5,683)2,665 
Proceeds from sales of other assets11,778 1,167 
Net cash received in acquisition of businesses261,483 — 
Other, net1,882 191 
Net cash used in investing activities(262,173)(43,479)
Financing activities
Net increase (decrease) in noninterest-bearing deposits164,306 (44,222)
Net increase in interest-bearing deposits391,930 222,650 
Net decrease in short-term borrowings(919)(74,836)
Repayment of long-term debt— (245)
Cash paid for dividends(35,425)(25,293)
Net cash provided by financing activities519,892 78,054 
Net increase in cash and cash equivalents286,580 50,555 
Cash and cash equivalents at beginning of period1,092,032 801,351 
Cash and cash equivalents at end of period$1,378,612 $851,906 
Supplemental disclosures
Cash paid for interest$199,936 $187,194 
Cash paid for income taxes$21,088 $17,958 
Noncash transactions:
Transfers of loans to other real estate owned$4,281 $1,135 
Common stock issued in acquisition of businesses$1,059,911 $— 
Recognition of operating right-of-use assets$12,251 $1,562 
Recognition of operating lease liabilities$12,251 $1,562 

See Notes to Consolidated Financial Statements.
6
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Note 1 – Summary of Significant Accounting Policies

(In Thousands)
Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”), Renasant Insurance, Inc., Park Place Capital Corporation and Continental Republic Capital, LLC (doing business as “Republic Business Credit”). On July 1, 2024, the Bank sold substantially all of the assets of Renasant Insurance, Inc. Through its subsidiaries, the Company offers a diversified range of financial, wealth management and fiduciary services to its retail and commercial customers from offices located throughout the Southeast and offers factoring and asset-based lending on a nationwide basis.
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, 2024 filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2025.
Use of Estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated 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 November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which amends the disclosure requirements in the notes to financial statements of specified information about certain costs and expenses. ASU 2024-03 will be effective January 1, 2027 and is not expected to have a significant impact on the Company’s financial statements.
Note 2 – Mergers and Acquisitions
(Dollar Amounts In Thousands, Except Share Data)
Acquisition of The First Bancshares, Inc. (“The First”)

Effective April 1, 2025, the Company completed its acquisition by merger of The First, the parent company of The First Bank, in a transaction valued at approximately $1,061,780. The Company issued 31,238,172 shares of common stock and paid approximately $1,869, net of tax benefit, to The First stock option holders for 100% of the voting equity interest in The First. At closing, The First merged with and into the Company, with the Company the surviving corporation in the merger; immediately thereafter, The First Bank merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. Before the merger, The First operated 116 banking locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida.
The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at estimated fair values on the acquisition date. The Company recorded approximately $590,494 in intangible assets which consist of goodwill of $430,884 and a core deposit intangible of $159,610. Goodwill resulted from a combination of revenue enhancements from expansion in existing markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized over its estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes.

The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s merger with The First based on their fair values on April 1, 2025.
7
Purchase Price:
Shares issued to common shareholders31,238,172 
Purchase price per share$33.93 
Value of stock paid$1,059,911 
Cash settlement for stock options, net of tax benefit1,869 
  Total purchase price
$1,061,780 
Net Assets Acquired:
Stockholders’ equity at acquisition date$993,475 
Increase (decrease) to net assets as a result of fair value adjustments
to assets acquired and liabilities assumed:
  Securities(71,772)
  Loans, including loans held for sale(152,153)
  Premises and equipment(1,596)
  Intangible assets(169,809)
  Other real estate owned2,696 
  Other assets(15,807)
  Deposits7,391 
  Borrowings2,902 
  Other liabilities15,903 
  Deferred income taxes19,666 
     Total net assets acquired
630,896 
     Goodwill resulting from merger(1)
$430,884 
(1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment.

The following table summarizes the fair value on April 1, 2025 of assets acquired and liabilities assumed on that date in connection with the merger with The First.
Cash and cash equivalents$261,484 
Securities1,457,203 
Loans, including loans held for sale5,174,903 
Premises and equipment173,174 
Bank-owned life insurance146,601 
Other real estate owned11,109 
Intangible assets590,494 
Other assets173,359 
Total assets$7,988,327 
Deposits$6,449,394 
Borrowings419,165 
Other liabilities59,857 
Total liabilities$6,928,416 
Net assets acquired over liabilities assumed$1,059,911 
Cash settlement for stock options, net of tax benefit1,869 
Total purchase price$1,061,780 

8
The following table presents additional information related to the acquired loan portfolio at the acquisition date:
April 1, 2025
PCD loans:
Par value$168,511 
Allowance for credit losses at acquisition(23,492)
Non-credit discount(4,021)
Purchase price$140,998 
Non-PCD loans:
Fair value$5,032,996 
Gross contractual amounts receivable5,233,447 
Estimate of contractual cash flows not expected to be collected62,190 

Supplemental Pro Forma Combined Condensed Consolidated Results of Operations
The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the three and six months ended June 30, 2025 and 2024 of the Company as though the merger with The First had been completed as of January 1, 2024. The unaudited pro forma information combines the historical results of The First with the Company’s historical consolidated results and applies the impact of purchase accounting adjustments such as loan discount accretion, deposit amortization and intangible assets amortization as if the merger was completed as of January 1, 2024. It excludes $20,479 of merger-related expenses and $66,612 of Day 1 acquisition provision expense from the second quarter of 2025 and instead includes such expenses in the first quarter of 2024. The pro forma information is not necessarily indicative of what would have occurred had the acquisition taken place on January 1, 2024. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Other than the aforementioned $20,479 in merger-related expenses, attributed to the first quarter of 2024, merger expenses are reflected in the period in which they were incurred.
(Unaudited)(Unaudited)
Three Months EndedSix Months Ended
 June 30,June 30,
 2025202420252024
Net interest income - pro forma $215,451 $201,496 $424,409 $403,269 
Noninterest income - pro forma $48,334 $49,552 $93,263 $101,084 
Noninterest expense - pro forma $161,735 $163,760 $364,703 $348,468 
Net income - pro forma $85,691 $65,220 $121,325 $64,926 
Earnings per share - pro forma:
Basic$0.91 $0.74 $1.28 $0.74 
Diluted$0.90 $0.74 $1.28 $0.74 
The Company has determined it is impracticable to disclose stand-alone revenues and earnings for legacy The First since April 1, 2025 due to the merging of certain processes during the second quarter of 2025.

9
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 3 – 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, 2025 or December 31, 2024.
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
June 30, 2025
Obligations of states and political subdivisions$268,798 $2,147 $(4,357)$266,588 
Residential mortgage backed securities:
Government agency mortgage backed securities674,915 2,682 (19,516)658,081 
Government agency collateralized mortgage obligations760,573 3,685 (66,528)697,730 
Commercial mortgage backed securities:
Government agency mortgage backed securities88,320 83 (1,136)87,267 
Government agency collateralized mortgage obligations406,971 1,700 (19,326)389,345 
Other debt securities374,085 938 (2,547)372,476 
$2,573,662 $11,235 $(113,410)$2,471,487 
 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2024
Obligations of states and political subdivisions$20,266 $57 $(2,269)$18,054 
Residential mortgage backed securities:
Government agency mortgage backed securities185,292 81 (24,468)160,905 
Government agency collateralized mortgage obligations475,311 75 (86,870)388,516 
Commercial mortgage backed securities:
Government agency mortgage backed securities11,373 — (751)10,622 
Government agency collateralized mortgage obligations146,510 41 (21,595)124,956 
Other debt securities130,175 440 (2,655)127,960 
$968,927 $694 $(138,608)$831,013 


10
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, 2025
Obligations of states and political subdivisions$281,456 $— $(40,761)$240,695 
Residential mortgage backed securities
Government agency mortgage backed securities348,360 — (14,376)333,984 
Government agency collateralized mortgage obligations337,493 — (25,999)311,494 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,949 — (2,379)14,570 
Government agency collateralized mortgage obligations42,807 — (6,371)36,436 
Other debt securities49,784 — (2,604)47,180 
$1,076,849 $— $(92,490)$984,359 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$1,076,817 
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
December 31, 2024
Obligations of states and political subdivisions$284,542 $3 $(42,491)$242,054 
Residential mortgage backed securities
Government agency mortgage backed securities372,414 — (25,251)347,163 
Government agency collateralized mortgage obligations354,882 — (41,506)313,376 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,961 — (2,958)14,003 
Government agency collateralized mortgage obligations43,662 — (7,317)36,345 
Other debt securities53,683 — (4,080)49,603 
$1,126,144 $3 $(123,603)$1,002,544 
Allowance for credit losses - held to maturity securities(32)
Held to maturity securities, net of allowance for credit losses$1,126,112 
Securities sold are presented in the tables below for the periods presented. On April 1, 2025, the Company acquired available for sale securities with a fair value of $1,457,203 as part of the merger with The First. Shortly after merger, certain securities from this portfolio were sold at carrying value, resulting in no gain or loss on the sale; no other securities were sold in the first six months of 2025. With respect to the securities sold during the 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.

11
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Carrying Value Immediately Prior to SaleNet ProceedsGain/(Loss)
Three months ended June 30, 2025
Obligations of other U.S. Government agencies and corporations$34,394 $34,394 $— 
Obligations of states and political subdivisions327,509 327,509 $— 
Residential mortgage backed securities:
Government agency mortgage backed securities275,910 275,910 $— 
Government agency collateralized mortgage obligations2,437 2,437 — 
Commercial mortgage backed securities:
Government agency mortgage backed securities6,541 6,541 — 
Government agency collateralized mortgage obligations6,480 6,480 — 
Other debt securities33,214 33,214 — 
$686,485 $686,485 $— 
Six months ended June 30, 2025
Obligations of other U.S. Government agencies and corporations$34,394 $34,394 $— 
Obligations of states and political subdivisions327,509 327,509 $— 
Residential mortgage backed securities:
Government agency mortgage backed securities275,910 275,910 — 
Government agency collateralized mortgage obligations2,437 2,437 — 
Commercial mortgage backed securities:
Government agency mortgage backed securities6,541 6,541 — 
Government agency collateralized mortgage obligations6,480 6,480 — 
Other debt securities33,214 33,214 — 
$686,485 $686,485 $— 
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)
At June 30, 2025 and December 31, 2024, securities with a carrying value of $1,191,329 and $818,344, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $24,947 and $25,526 were pledged as collateral for short-term borrowings and derivative instruments at June 30, 2025 and December 31, 2024, respectively.
The amortized cost and fair value of securities at June 30, 2025 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.
 
12
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$420 $419 $22,007 $22,033 
Due after one year through five years5,698 5,413 74,507 74,611 
Due after five years through ten years158,817 138,535 122,446 120,894 
Due after ten years116,521 96,328 103,075 101,420 
Residential mortgage backed securities:
Government agency mortgage backed securities348,360 333,984 674,915 658,081 
Government agency collateralized mortgage obligations337,493 311,494 760,573 697,730 
Commercial mortgage backed securities:
Government agency mortgage backed securities16,949 14,570 88,320 87,267 
Government agency collateralized mortgage obligations42,807 36,436 406,971 389,345 
Other debt securities49,784 47,180 320,848 320,106 
$1,076,849 $984,359 $2,573,662 $2,471,487 
13
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, 2025
Obligations of states and political subdivisions107 $114,704 $(2,434)7$13,096 $(1,923)114$127,800 $(4,357)
Residential mortgage backed securities:
Government agency mortgage backed securities12 153,789 (1,269)34137,165 (18,247)46290,954 (19,516)
Government agency collateralized mortgage obligations4 107,676 (552)37311,864 (65,976)41419,540 (66,528)
Commercial mortgage backed securities:
Government agency mortgage backed securities865,008 (687)25,542 (449)1070,550 (1,136)
Government agency collateralized mortgage obligations613,658 (26)25103,541 (19,300)31117,199 (19,326)
Other debt securities11 104,255 (1,134)1018,967 (1,413)21123,222 (2,547)
Total148$559,090 $(6,102)115$590,175 $(107,308)263$1,149,265 $(113,410)
December 31, 2024
Obligations of states and political subdivisions—$— $— 7$12,841 $(2,269)7$12,841 $(2,269)
Residential mortgage backed securities:
Government agency mortgage backed securities711,051 (259)34141,321 (24,208)41152,372 (24,467)
Government agency collateralized mortgage obligations3 48,879 (482)37311,964 (86,389)40360,843 (86,871)
Commercial mortgage backed securities:
Government agency mortgage backed securities2 5,248 (122)25,375 (629)410,623 (751)
Government agency collateralized mortgage obligations2 7,681 (39)25104,326 (21,556)27112,007 (21,595)
Other debt securities222,357 (218)1730,801 (2,437)1953,158 (2,655)
Total16$95,216 $(1,120)122$606,628 $(137,488)138$701,844 $(138,608)
14
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, 2025
Obligations of states and political subdivisions7$16,490 $(1,671)119$223,984 $(39,090)126$240,474 $(40,761)
Residential mortgage backed securities:
Government agency mortgage backed securities115,604 (637)66318,380 (13,739)67333,984 (14,376)
Government agency collateralized mortgage obligations—— — 18311,494 (25,999)18311,494 (25,999)
Commercial mortgage backed securities:
Government agency mortgage backed securities—— — 114,570 (2,379)114,570 (2,379)
Government agency collateralized mortgage obligations—— — 936,436 (6,371)936,436 (6,371)
Other debt securities—— — 1047,181 (2,604)1047,181 (2,604)
Total8$32,094 $(2,308)223$952,045 $(90,182)231$984,139 $(92,490)
December 31, 2024
Obligations of states and political subdivisions—$— $— 128$240,394 $(42,491)128$240,394 $(42,491)
Residential mortgage backed securities:
Government agency mortgage backed securities—— — 69347,154 (25,251)69347,154 (25,251)
Government agency collateralized mortgage obligations—— — 18313,376 (41,506)18313,376 (41,506)
Commercial mortgage backed securities:
Government agency mortgage backed securities—— — 114,002 (2,958)114,002 (2,958)
Government agency collateralized mortgage obligations—— — 936,345 (7,317)936,345 (7,317)
Other debt securities—— — 1049,603 (4,080)1049,603 (4,080)
Total—$— $— 235$1,000,874 $(123,603)235$1,000,874 $(123,603)
 
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, 2025, the Company did 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
15
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, 2025, 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 13, “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 each of June 30, 2025 and December 31, 2024. 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, 2025, all of the debt securities held to maturity were rated A or higher by the ratings agencies.

Note 4 – Loans
(In Thousands, Except Number of Loans)

For purposes of this Note 4, 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,
2025		December 31, 2024
Commercial, financial, agricultural$2,666,923 $1,885,817 
Lease financing94,559 95,071 
Real estate – construction:
Residential380,040 256,655 
Commercial959,927 836,998 
Total real estate – construction1,339,967 1,093,653 
Real estate – 1-4 family mortgage:
Primary3,082,720 2,428,076 
Home equity722,389 544,158 
Rental/investment843,334 402,938 
Land development226,236 113,705 
Total real estate – 1-4 family mortgage4,874,679 3,488,877 
Real estate – commercial mortgage:
Owner-occupied3,288,006 1,894,679 
Non-owner occupied5,953,136 4,226,937 
Land development228,992 114,452 
Total real estate – commercial mortgage9,470,134 6,236,068 
Installment loans to individuals122,176 90,014 
Gross loans18,568,438 12,889,500 
Unearned income(4,991)(4,480)
Loans, net of unearned income$18,563,447 $12,885,020 


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
16
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, 2025
Commercial, financial, agricultural$4,912 $981 $2,651,386 $2,657,279 $4,282 $3,801 $1,561 $9,644 $2,666,923 
Lease financing— — 92,884 92,884 1,102 492 81 1,675 94,559 
Real estate – construction:
Residential1,216 — 376,257 377,473 — 241 2,326 2,567 380,040 
Commercial— — 957,759 957,759 — — 2,168 2,168 959,927 
Total real estate – construction1,216 — 1,334,016 1,335,232 — 241 4,494 4,735 1,339,967 
Real estate – 1-4 family mortgage:
Primary22,546 305 3,021,659 3,044,510 3,352 24,956 9,902 38,210 3,082,720 
Home equity4,031 203 714,747 718,981 473 2,281 654 3,408 722,389 
Rental/investment1,936 — 838,938 840,874 — 1,313 1,147 2,460 843,334 
Land development— — 226,159 226,159 6 71 — 77 226,236 
Total real estate – 1-4 family mortgage28,513 508 4,801,503 4,830,524 3,831 28,621 11,703 44,155 4,874,679 
Real estate – commercial mortgage:
Owner-occupied6,414 1,477 3,251,898 3,259,789 2,208 3,556 22,453 28,217 3,288,006 
Non-owner occupied3,987 790 5,900,045 5,904,822 2,246 1,163 44,905 48,314 5,953,136 
Land development403 74 227,476 227,953 11 903 125 1,039 228,992 
Total real estate – commercial mortgage10,804 2,341 9,379,419 9,392,564 4,465 5,622 67,483 77,570 9,470,134 
Installment loans to individuals1,115 30 120,811 121,956 91 48 81 220 122,176 
Unearned income— — (4,991)(4,991)— — — — (4,991)
Loans, net of unearned income$46,560 $3,860 $18,375,028 $18,425,448 $13,771 $38,825 $85,403 $137,999 $18,563,447 
 
17
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, 2024
Commercial, financial, agricultural$807 $125 $1,883,010 $1,883,942 $245 $734 $896 $1,875 $1,885,817 
Lease financing27 — 90,961 90,988 78 614 3,391 4,083 95,071 
Real estate – construction:
Residential2,194 — 253,238 255,432 — 1,023 200 1,223 256,655 
Commercial— 16 836,982 836,998 — — — — 836,998 
Total real estate – construction2,194 16 1,090,220 1,092,430 — 1,023 200 1,223 1,093,653 
Real estate – 1-4 family mortgage:
Primary29,258 — 2,343,781 2,373,039 13,627 25,335 16,075 55,037 2,428,076 
Home equity3,186 35 537,568 540,789 941 1,094 1,334 3,369 544,158 
Rental/investment573 12 401,977 402,562 136 240 — 376 402,938 
Land development25 1,740 111,920 113,685 20 — — 20 113,705 
Total real estate – 1-4 family mortgage33,042 1,787 3,395,246 3,430,075 14,724 26,669 17,409 58,802 3,488,877 
Real estate – commercial mortgage:
Owner-occupied2,650 365 1,879,350 1,882,365 296 1,000 11,018 12,314 1,894,679 
Non-owner occupied326 — 4,197,331 4,197,657 — — 29,280 29,280 4,226,937 
Land development142 160 111,019 111,321 98 16 3,017 3,131 114,452 
Total real estate – commercial mortgage3,118 525 6,187,700 6,191,343 394 1,016 43,315 44,725 6,236,068 
Installment loans to individuals654 11 89,246 89,911 4 42 57 103 90,014 
Unearned income— — (4,480)(4,480)— — — — (4,480)
Loans, net of unearned income$39,842 $2,464 $12,731,903 $12,774,209 $15,445 $30,098 $65,268 $110,811 $12,885,020 

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, but 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 three and six months ended June 30, 2025 and 2024 and which met the disclosure criteria in ASU 2022-02 were performing in accordance with their modified terms at June 30, 2025 and 2024, respectively. There were no unused commitments at June 30, 2025. There were $338 in unused commitments at June 30, 2024. Upon the Company’s determination that a modification has subsequently become 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 5, “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, 2025 and 2024, 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.

18
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Three Months Ended June 30, 2025
Term ExtensionPayment DelayTerm Extension and Payment DelayTotal% Total Loans by Class
Commercial, financial, agricultural$— $3 $— $3 — %
Real estate – construction:
Residential— — 235 235 0.06 
Real estate – 1-4 family mortgage:
Home equity— 3 — 3 — 
Installment loans to individuals81 6 1 88 0.07 
Loans, net of unearned income$81 $12 $236 $329 — %

Six Months Ended June 30, 2025
Term ExtensionPayment DelayTerm Extension and Payment DelayInterest Rate Reduction, Term Extension and Payment DelayTotal% Total Loans by Class
Commercial, financial, agricultural$— $3 $— $— $3 — %
Real estate – construction:
Residential— — 235 — 235 0.06 %
Real estate – 1-4 family mortgage:
Home equity— 3 — — 3 — 
Real estate – commercial mortgage:
Non-owner occupied2,119 — — — 2,119 0.04 
Installment loans to individuals81 6 1 2 90 0.07 
Loans, net of unearned income$2,200 $12 $236 $2 $2,450 0.01 %

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 %

19
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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 %

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, 2025
Loan TypeFinancial Effect
Term Extension
Installment loans to individuals
Extended the term 124 months
Payment Delay
Commercial, financial, agricultural
Delayed the payment 7 months
Real estate – 1-4 family mortgage - Home Equity
Delayed the payment 39 months
Installment loans to individuals
Delayed the payment 23 months
Combination - Term Extension and Payment Delay
Real estate – Construction - Residential
Extended the term and delayed the payment 35 months
Installment loans to individuals
Extended the term and delayed the payment 60 months
Six months ended June 30, 2025
Loan TypeFinancial Effect
Term Extension
Real Estate - Commercial Mortgage - Non-owner Occupied
Extended the term 12 months
Installment loans to individuals
Extended the term 124 months
Payment Delay
Commercial, financial, agricultural
Delayed the payment 7 months
Real estate – 1-4 family mortgage - Home Equity
Delayed the payment 39 months
Installment loans to individuals
Delayed the payment 23 months
Combination - Term Extension and Payment Delay
Real estate – Construction - Residential
Extended the term and delayed the payment 35 months
Installment loans to individuals
Extended the term and delayed the payment 60 months
Combination - Interest Rate Reduction, Term Extension and Payment Delay
Installment loans to individuals
Reduced the interest rate 425 basis points and extended the term and delayed the payment 49 months

20
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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
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 - Non-owner Occupied
Delayed the payment 17 months
Installment loans to individuals
Delayed the payment 60 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
Combination - Interest Rate Reduction and Term Extension
Real Estate - Commercial Mortgage - Owner Occupied
Reduced the interest rate 275 basis points and extended the term 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
Credit Quality
For commercial and commercial real estate loans, 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:
21
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20252024202320222021PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2025
Commercial, Financial, Agricultural$363,452 $368,496 $261,941 $280,698 $175,840 $178,431 $1,007,753 $3,781 $2,640,392 
Pass362,626 356,330 238,997 274,078 174,343 173,593 989,924 8 2,569,899 
Special Mention152 3,574 20,104 46 534 2,532 8,309 — 35,251 
Classified674 8,592 2,840 6,574 963 2,306 9,520 3,773 35,242 
Lease Financing Receivables$6,396 $12,117 $16,805 $38,917 $9,246 $6,087 $— $— $89,568 
Pass6,372 12,117 15,283 37,146 9,231 6,087 — — 86,236 
Special Mention— — — 41 — — — — 41 
Classified24 — 1,522 1,730 15 — — — 3,291 
Real Estate - Construction$227,648 $413,999 $309,818 $259,094 $17,637 $— $25,466 $463 $1,254,125 
Residential148,212 126,531 13,185 1,160 — — 5,110 — 294,198 
Pass146,121 126,531 12,144 919 — — 5,110 — 290,825 
Special Mention— — — — — — — — — 
Classified2,091 — 1,041 241 — — — — 3,373 
Commercial79,436 287,468 296,633 257,934 17,637 — 20,356 463 959,927 
Pass79,436 287,466 278,468 250,055 17,637 — 20,356 463 933,881 
Special Mention— — — 5,714 — — — — 5,714 
Classified— 2 18,165 2,165 — — — — 20,332 
Real Estate - 1-4 Family Mortgage$222,521 $275,236 $188,138 $240,088 $132,292 $101,279 $49,728 $136 $1,209,418 
Primary14,066 9,701 5,060 7,397 4,562 6,866 1,110 85 48,847 
Pass13,986 9,490 4,936 7,087 4,159 5,941 1,110 85 46,794 
Special Mention— 211 — 141 — — — — 352 
Classified80 — 124 169 403 925 — — 1,701 
Home Equity13,515 15,489 14,608 6,755 3,578 537 45,975 51 100,508 
Pass13,515 15,355 14,412 5,958 3,578 537 45,975 — 99,330 
Special Mention— — — 500 — — — — 500 
Classified— 134 196 297 — — — 51 678 
Rental/Investment143,337 155,250 134,213 203,488 115,484 89,189 2,065 — 843,026 
Pass142,398 154,545 132,831 202,063 114,186 86,697 2,065 — 834,785 
Special Mention— 177 551 442 97 51 — — 1,318 
Classified939 528 831 983 1,201 2,441 — — 6,923 
Land Development51,603 94,796 34,257 22,448 8,668 4,687 578 — 217,037 
Pass51,603 91,874 34,257 22,404 8,668 4,681 578 — 214,065 
Special Mention— 2,894 — — — — — — 2,894 
Classified— 28 — 44 — 6 — — 78 
Real Estate - Commercial Mortgage$1,122,213 $1,461,267 $1,070,715 $2,556,743 $1,373,714 $1,567,366 $305,979 $2,315 $9,460,312 
Owner-Occupied230,020 598,141 468,551 609,345 486,567 700,684 194,381 196 3,287,885 
Pass229,452 586,351 454,260 594,813 472,115 663,719 183,808 196 3,184,714 
Special Mention279 5,408 3,836 2,314 1,354 16,290 9,482 — 38,963 
Classified289 6,382 10,455 12,218 13,098 20,675 1,091 — 64,208 
Non-Owner Occupied837,936 797,019 580,260 1,916,477 864,610 852,848 101,867 2,119 5,953,136 
Pass822,423 768,947 576,859 1,813,876 855,010 787,722 101,867 — 5,726,704 
Special Mention— 5,887 17 56,601 1,879 8,316 — — 72,700 
Classified15,513 22,185 3,384 46,000 7,721 56,810 — 2,119 153,732 
Land Development54,257 66,107 21,904 30,921 22,537 13,834 9,731 — 219,291 
22
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20252024202320222021PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
Pass54,117 64,088 20,896 29,796 22,373 13,451 9,731 — 214,452 
Special Mention140 1,168 773 — — 115 — — 2,196 
Classified— 851 235 1,125 164 268 — — 2,643 
Installment loans to individuals$2 $2 $— $— $— $— $— $— $4 
Pass2 2 — — — — — — 4 
Special Mention— — — — — — — — — 
Classified— — — — — — — — — 
Total loans subject to risk rating$1,942,232 $2,531,117 $1,847,417 $3,375,540 $1,708,729 $1,853,163 $1,388,926 $6,695 $14,653,819 
Pass1,922,051 2,473,096 1,783,343 3,238,195 1,681,300 1,742,428 1,360,524 752 14,201,689 
Special Mention571 19,319 25,281 65,799 3,864 27,304 17,791 — 159,929 
Classified19,610 38,702 38,793 71,546 23,565 83,431 10,611 5,943 292,201 


 Term Loans Amortized Cost Basis by Origination Year
 20242023202220212020PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
December 31, 2024
Commercial, Financial, Agricultural$292,917 $208,900 $228,690 $113,192 $66,121 $54,163 $898,772 $2,889 $1,865,644 
Pass287,632 206,087 213,209 112,527 64,780 52,756 874,104 2,767 1,813,862 
Special Mention591 1,613 185 242 107 378 7,006 — 10,122 
Classified4,694 1,200 15,296 423 1,234 1,029 17,662 122 41,660 
Lease Financing Receivables$12,239 $22,339 $39,738 $9,125 $3,724 $3,426 $— $— $90,591 
Pass12,239 17,225 34,637 8,778 2,587 3,246 — — 78,712 
Watch— 1,261 3,254 173 1,137 180 — — 6,005 
Classified— 3,853 1,847 174 — — — — 5,874 
Real Estate - Construction$353,568 $243,827 $382,439 $18,443 $— $625 $20,096 $— $1,018,998 
Residential162,966 15,455 1,708 — — 625 1,246 — 182,000 
Pass160,772 14,673 1,467 — — 625 1,246 — 178,783 
Special Mention2,194 — — — — — — — 2,194 
Classified— 782 241 — — — — — 1,023 
Commercial190,602 228,372 380,731 18,443 — — 18,850 — 836,998 
Pass190,602 216,051 380,731 18,443 — — 18,850 — 824,677 
Special Mention— 12,321 — — — — — — 12,321 
Classified— — — — — — — — — 
23
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
Real Estate - 1-4 Family Mortgage$187,587 $110,606 $120,025 $66,034 $33,800 $26,150 $35,740 $1,150 $581,092 
Primary10,925 5,336 7,865 4,247 2,463 6,534 1,704 796 39,870 
Pass10,925 5,126 7,558 3,979 2,463 5,776 1,704 796 38,327 
Special Mention— — 143 — — — — — 143 
Classified— 210 164 268 — 758 — — 1,400 
Home Equity966 1,005 7 937 — 35 28,976 51 31,977 
Pass966 1,005 7 937 — — 28,976 — 31,891 
Special Mention— — — — — — — — — 
Classified— — — — — 35 — 51 86 
Rental/Investment96,447 83,682 108,436 59,836 31,029 18,146 4,745 303 402,624 
Pass95,903 82,878 108,296 59,553 30,936 17,487 4,745 213 400,011 
Special Mention180 564 44 52 24 — — — 864 
Classified364 240 96 231 69 659 — 90 1,749 
Land Development79,249 20,583 3,717 1,014 308 1,435 315 — 106,621 
Pass79,150 20,583 1,977 1,014 308 1,435 315 — 104,782 
Special Mention99 — 1,740 — — — — — 1,839 
Classified— — — — — — — — — 
Real Estate - Commercial Mortgage$996,574 $708,788 $1,807,169 $1,009,177 $622,818 $792,959 $251,819 $35,475 $6,224,779 
Owner-Occupied373,353 271,445 339,116 275,077 190,911 304,663 137,023 2,969 1,894,557 
Pass372,183 261,624 330,018 271,228 188,860 299,578 130,847 2,717 1,857,055 
Special Mention948 348 388 850 131 1,538 — — 4,203 
Classified222 9,473 8,710 2,999 1,920 3,547 6,176 252 33,299 
Non-Owner Occupied576,021 427,715 1,447,377 724,161 428,874 484,792 105,645 32,331 4,226,916 
Pass554,095 427,339 1,354,418 718,043 425,291 430,220 105,645 24,360 4,039,411 
Special Mention4,900 21 77,741 814 1,138 8,254 — — 92,868 
Classified17,026 355 15,218 5,304 2,445 46,318 — 7,971 94,637 
Land Development47,200 9,628 20,676 9,939 3,033 3,504 9,151 175 103,306 
Pass47,134 9,585 17,187 9,735 2,783 3,468 9,151 175 99,218 
Special Mention66 24 142 31 59 — — — 322 
Classified— 19 3,347 173 191 36 — — 3,766 
Installment loans to individuals$5 $— $— $— $— $— $— $— $5 
Pass5 — — — — — — — 5 
Special Mention— — — — — — — — — 
Classified— — — — — — — — — 
Total loans subject to risk rating$1,842,890 $1,294,460 $2,578,061 $1,215,971 $726,463 $877,323 $1,206,427 $39,514 $9,781,109 
Pass1,811,606 1,262,176 2,449,505 1,204,237 718,008 814,591 1,175,583 31,028 9,466,734 
Special Mention8,978 16,152 83,637 2,162 2,596 10,350 7,006 — 130,881 
Classified22,306 16,132 44,919 9,572 5,859 52,382 23,838 8,486 183,494 

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:
24
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20252024202320222021PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
June 30, 2025
Commercial, Financial, Agricultural$26,414 $— $— $— $— $— $117 $— $26,531 
Performing Loans26,414 — — — — — 117 — 26,531 
Non-Performing Loans— — — — — — — — — 
Lease Financing Receivables$— $— $— $— $— $— $— $— $— 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - Construction$17,584 $46,026 $12,602 $7,136 $1,985 $— $— $509 $85,842 
Residential17,584 46,026 12,602 7,136 1,985 — — 509 85,842 
Performing Loans17,584 46,026 12,602 7,136 1,985 — — 509 85,842 
Non-Performing Loans— — — — — — — — — 
Commercial— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$228,799 $245,903 $409,349 $856,259 $591,851 $823,687 $495,972 $13,441 $3,665,261 
Primary217,095 223,196 384,399 833,049 577,852 798,282 — — 3,033,873 
Performing Loans216,920 221,556 381,120 823,579 574,223 778,996 — — 2,996,394 
Non-Performing Loans175 1,640 3,279 9,470 3,629 19,286 — — 37,479 
Home Equity7,811 21,905 23,261 22,131 12,704 24,656 495,972 13,441 621,881 
Performing Loans7,811 21,857 22,863 21,835 12,704 24,085 495,899 11,349 618,403 
Non-Performing Loans— 48 398 296 — 571 73 2,092 3,478 
Rental/Investment— — — — 253 55 — — 308 
Performing Loans— — — — 253 55 — — 308 
Non-Performing Loans— — — — — — — — — 
Land Development3,893 802 1,689 1,079 1,042 694 — — 9,199 
Performing Loans3,893 802 1,689 1,079 1,036 694 — — 9,193 
Non-Performing Loans— — — — 6 — — — 6 
Real Estate - Commercial Mortgage$1,479 $1,301 $2,136 $1,508 $2,460 $938 $— $— $9,822 
Owner-Occupied— — — — — 121 — — 121 
Performing Loans— — — — — 121 — — 121 
Non-Performing Loans— — — — — — — — — 
Non-Owner Occupied— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Land Development1,479 1,301 2,136 1,508 2,460 817 — — 9,701 
Performing Loans1,479 1,301 2,051 1,389 2,460 806 — — 9,486 
Non-Performing Loans— — 85 119 — 11 — — 215 
Installment loans to individuals$29,574 $27,339 $16,533 $9,887 $4,975 $16,280 $17,335 $249 $122,172 
Performing Loans29,574 27,336 16,482 9,820 4,974 16,155 17,335 249 121,925 
Non-Performing Loans— 3 51 67 1 125 — — 247 
Total loans not subject to risk rating$303,850 $320,569 $440,620 $874,790 $601,271 $840,905 $513,424 $14,199 $3,909,628 
Performing Loans303,675 318,878 436,807 864,838 597,635 820,912 513,351 12,107 3,868,203 
Non-Performing Loans175 1,691 3,813 9,952 3,636 19,993 73 2,092 41,425 
25
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 Term Loans Amortized Cost Basis by Origination Year
 20242023202220212020PriorRevolving LoansRevolving Loans Converted to TermTotal
Loans
December 31, 2024
Commercial, Financial, Agricultural$— $— $— $— $— $20,173 $— $— $20,173 
Performing Loans— — — — — 20,173 — — 20,173 
Non-Performing Loans— — — — — — — — — 
Lease Financing Receivables$— $— $— $— $— $— $— $— $— 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - Construction$37,714 $23,301 $11,210 $2,056 $— $— $108 $266 $74,655 
Residential37,714 23,301 11,210 2,056 — — 108 266 74,655 
Performing Loans37,514 23,301 11,210 2,056 — — 108 266 74,455 
Non-Performing Loans200 — — — — — — — 200 
Commercial— — — — — — — — — 
Performing Loans— — — — — — — — — 
Non-Performing Loans— — — — — — — — — 
Real Estate - 1-4 Family Mortgage$154,305 $341,962 $708,223 $492,408 $280,382 $417,656 $499,157 $13,692 $2,907,785 
Primary152,511 340,032 706,868 490,903 279,683 417,316 — 893 2,388,206 
Performing Loans152,207 336,019 692,470 485,325 269,503 397,394 — 893 2,333,811 
Non-Performing Loans304 4,013 14,398 5,578 10,180 19,922 — — 54,395 
Home Equity30 — — — — 195 499,157 12,799 512,181 
Performing Loans30 — — — — 177 499,052 9,553 508,812 
Non-Performing Loans— — — — — 18 105 3,246 3,369 
Rental/Investment— — — 256 — 58 — — 314 
Performing Loans— — — 256 — 58 — — 314 
Non-Performing Loans— — — — — — — — — 
Land Development1,764 1,930 1,355 1,249 699 87 — — 7,084 
Performing Loans1,764 1,919 1,355 1,240 699 87 — — 7,064 
Non-Performing Loans— 11 — 9 — — — — 20 
Real Estate - Commercial Mortgage$2,614 $2,350 $1,902 $2,567 $1,460 $396 $— $— $11,289 
Owner-Occupied— — — — 121 1 — — 122 
Performing Loans— — — — 121 1 — — 122 
Non-Performing Loans— — — — — — — — — 
Non-Owner Occupied— — — — 21 — — — 21 
Performing Loans— — — — 21 — — — 21 
Non-Performing Loans— — — — — — — — — 
Land Development2,614 2,350 1,902 2,567 1,318 395 — — 11,146 
Performing Loans2,614 2,350 1,789 2,567 1,317 395 — — 11,032 
Non-Performing Loans— — 113 — 1 — — — 114 
Installment loans to individuals$32,598 $11,488 $7,971 $3,815 $1,317 $17,261 $15,530 $29 $90,009 
Performing Loans32,561 11,472 7,971 3,802 1,317 17,212 15,529 29 89,893 
Non-Performing Loans37 16 — 13 — 49 1 — 116 
Total loans not subject to risk rating$227,231 $379,101 $729,306 $500,846 $283,159 $455,486 $514,795 $13,987 $3,103,911 
Performing Loans226,690 375,061 714,795 495,246 272,978 435,497 514,689 10,741 3,045,697 
Non-Performing Loans541 4,040 14,511 5,600 10,181 19,989 106 3,246 58,214 
26
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, 2025 and year ended December 31, 2024, respectively:

June 30, 202520252024202320222021PriorRevolving LoansTotal Charge-offs
Commercial, financial, agricultural$— $101 $194 $90 $4,923 $399 $210 $5,917 
Lease financing— — 2,340 20 34 — — 2,394 
Real estate – construction:
Residential— — 105 — — — — 105 
Real estate – 1-4 family mortgage:
Primary— — 18 190 64 154 — 426 
Home equity— — — — 92 109 — 201 
Rental/investment— — — — — 1 — 1 
Total real estate – 1-4 family mortgage— — 18 190 156 264 — 628 
Real estate – commercial mortgage:
Owner-occupied— — — — — 463 3,942 4,405 
Installment loans to individuals— 95 53 3 15 490 3 659 
Loans, net of unearned income$— $196 $2,710 $303 $5,128 $1,616 $4,155 $14,108 

December 31, 202420242023202220212020PriorRevolving LoansTotal Charge-offs
Commercial, financial, agricultural$— $46 $152 $879 $4 $2,975 $407 $4,463 
Lease financing— 336 306 — — — — 642 
Real estate – construction:
Residential— — 145 — — — — 145 
Real estate – 1-4 family mortgage:
Primary— 29 195 35 110 102 — 471 
Home equity— — 329 — — 121 — 450 
Rental/investment— — — — — 45 — 45 
Total real estate – 1-4 family mortgage— 29 524 35 110 268 — 966 
Real estate – commercial mortgage:
Owner-occupied— — 37 — — — — 37 
Non-owner occupied— — — — — 5,693 — 5,693 
Land development— — — — — 7 — 7 
Total real estate – commercial mortgage— — 37 — — 5,700 — 5,737 
Installment loans to individuals36 110 69 15 3 1,623 — 1,856 
Loans, net of unearned income$36 $521 $1,233 $929 $117 $10,566 $407 $13,809 

Note 5 – 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 quantifiable. 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
27
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
in Note 1, “Summary of 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, 2024, filed with the SEC on February 26, 2025.
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, 2025 and December 31, 2024, the Company had accrued interest receivable for loans of $72,205 and $54,395, respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets.
28
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, 2025
Allowance for credit losses:
Beginning balance$38,441 $16,561 $50,711 $88,080 $3,644 $6,494 $203,931 
Initial impact of purchased credit deteriorated (“PCD”) loans acquired
7,140 1,997 264 14,090 — 2 23,493 
Charge-offs(5,823)(105)(319)(3,944)(2,394)(394)(12,979)
Recoveries627 — 37 116 4 141 925 
Net charge-offs(5,196)(105)(282)(3,828)(2,390)(253)(12,054)
Provision for (recovery of) credit losses on loans19,291 3,331 15,010 37,230 681 (143)75,400 
Ending balance$59,676 $21,784 $65,703 $135,572 $1,935 $6,100 $290,770 
Six Months Ended June 30, 2025
Allowance for credit losses:
Beginning balance$38,527 $15,126 $47,761 $90,204 $3,368 $6,770 $201,756 
Initial impact of PCD loans acquired during the period7,140 1,997 264 14,090 — 2 23,493 
Charge-offs(5,917)(105)(628)(4,405)(2,394)(659)(14,108)
Recoveries1,585 — 70 122 13 389 2,179 
Net charge-offs(4,332)(105)(558)(4,283)(2,381)(270)(11,929)
Provision for (recovery of) credit losses on loans18,341 4,766 18,236 35,561 948 (402)77,450 
Ending balance$59,676 $21,784 $65,703 $135,572 $1,935 $6,100 $290,770 
Period-End Amount Allocated to:
Individually evaluated$9,604 $1,993 $— $16,068 $— $270 $27,935 
Collectively evaluated 50,072 19,791 65,703 119,504 1,935 5,830 262,835 
Ending balance$59,676 $21,784 $65,703 $135,572 $1,935 $6,100 $290,770 
Loans:
Individually evaluated$20,316 $16,045 $4,776 $65,012 $899 $270 $107,318 
Collectively evaluated 2,646,607 1,323,922 4,869,903 9,405,122 88,669 121,906 18,456,129 
Ending balance$2,666,923 $1,339,967 $4,874,679 $9,470,134 $89,568 $122,176 $18,563,447 
Nonaccruing loans with no allowance for credit losses$— $2,332 $4,275 $14,362 $899 $— $21,868 


29
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, 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 recoveries (charge-offs) 339 — (183)(5,628)10 (19)(5,481)
(Recovery of) provision for 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 
Initial impact of purchased credit deteriorated loans acquired during the period— — — — — — — 
Charge-offs(535)— (290)(5,727)— (730)(7,282)
Recoveries871 — 73 105 18 570 1,637 
Net recoveries (charge-offs) 336 — (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 evaluated36,437 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 evaluated1,833,551 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 
 
The Company recorded a provision for credit losses on loans of $75,400 during the second quarter of 2025, as compared to a provision for credit losses on loans of $4,300 recorded in the second quarter of 2024. 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 $75,400 in the second quarter of 2025 was primarily driven by the Day 1 acquisition provision related to the merger with The First, as well as loan growth and changes in credit metrics that influenced 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, all considered in the context of the existing balance of the allowance for credit losses.
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
30
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
for determining the amount of the allowance for credit losses on unfunded loan commitments, please refer to the discussion in Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025.
The following table provides a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented.
Three Months Ended June 30,20252024
Allowance for credit losses on unfunded loan commitments:
Beginning balance$17,643 $16,718 
Provision for (recovery of) credit losses on unfunded loan commitments5,922 (1,000)
Ending balance$23,565 $15,718 
Six Months Ended June 30,20252024
Allowance for credit losses on unfunded loan commitments:
Beginning balance$14,943 $16,918 
Provision for (recovery of) credit losses on unfunded loan commitments8,622 (1,200)
Ending balance$23,565 $15,718 

The Company recorded a provision for credit losses on unfunded loan commitments of $5,922 during the second quarter of 2025, as compared to a recovery of credit losses on unfunded loan commitments of $1,000 recorded in the second quarter of 2024. The $5,922 provision for credit losses on unfunded commitments in the second quarter of 2025 was primarily driven by the $4,422 of Day 1 acquisition provision related to the merger with The First.
Note 6 – 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, 2025December 31, 2024
Residential real estate$5,701 $2,966 
Commercial real estate4,426 5,681 
Residential land development24 19 
Commercial land development1,599 7 
Total$11,750 $8,673 

Changes in the Company’s OREO were as follows:
 
Total
OREO
Balance at January 1, 2025$8,673 
Acquired OREO11,109 
Transfers of loans4,281 
Impairments(585)
Dispositions(11,713)
Other(15)
Balance at June 30, 2025$11,750 

31
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
At June 30, 2025 and December 31, 2024, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $390 and $505, respectively.
Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows for the periods presented:
 
Three Months EndedSix Months Ended
 June 30,June 30,
 2025202420252024
Repairs and maintenance$155 $147 $229 $211 
Property taxes and insurance48 23 97 52 
Impairments21 39 585 67 
Net gains on OREO sales(63)(102)(65)(115)
Rental income(4)(2)(4)(3)
Total$157 $105 $842 $212 


Note 7 – Goodwill and Other Intangible Assets
(In Thousands)
The carrying amounts of goodwill by operating segments for the six months ended June 30, 2025 are set forth in the table below.
 Community BanksTotal
Balance at January 1, 2025$988,898 $988,898 
Additions to goodwill from The First merger430,884 430,884 
Balance at June 30, 2025$1,419,782 $1,419,782 

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, 2025
Core deposit intangibles$242,102 $(81,321)$160,781 
Customer relationship intangible7,670 (4,700)2,970 
Total finite-lived intangible assets$249,772 $(86,021)$163,751 
December 31, 2024
Core deposit intangibles$82,492 $(71,881)$10,611 
Customer relationship intangible7,670 (4,176)3,494 
Total finite-lived intangible assets$90,162 $(76,057)$14,105 

Amortization expense for finite-lived intangible assets is presented in the table below.
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Amortization expense for:
  Core deposit intangibles$8,622 $888 $9,440 $1,802 
  Customer relationship intangible262 298 524 596 
Total intangible amortization$8,884 $1,186 $9,964 $2,398 

32
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)


Note 8 – Mortgage Servicing Rights
(In Thousands)
The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights (“MSRs”) are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions, including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors, and is subject to significant fluctuation as a result of actual prepayment speeds, default rates and losses differing from estimates thereof. For example, an increase in mortgage interest rates or a decrease in actual prepayment speeds may cause positive adjustments to the valuation of the Company’s MSRs.
MSRs are evaluated for impairment (or reversals of prior impairments) quarterly based upon the fair value of the rights as compared to the carrying amount. Impairment is recognized through a valuation allowance in the amount that unamortized cost exceeds fair value. If the Company later determines that all or a portion of the impairment no longer exists, a reduction of the valuation allowance may be recorded as an increase to income. Changes in valuation allowances related to servicing rights are reported in “Mortgage banking income” on the Consolidated Statements of Income.
There was no valuation adjustment on MSRs during the six months ended June 30, 2025 or 2024.
Changes in the Company’s MSRs were as follows:
Balance at January 1, 2025$72,991 
Sale of MSRs(7,886)
Capitalization4,021 
Amortization(4,587)
Balance at June 30, 2025$64,539 

Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:
 
June 30, 2025December 31, 2024
Unpaid principal balance$5,529,115 $5,874,481 
Weighted-average prepayment speed (CPR)9.84 %8.87 %
Estimated impact of a 10% increase$(2,816)$(3,066)
Estimated impact of a 20% increase(5,437)(5,941)
Discount rate10.49 %11.09 %
Estimated impact of a 10% increase$(3,193)$(3,924)
Estimated impact of a 20% increase(6,151)(7,557)
Weighted-average coupon interest rate4.45 %4.13 %
Weighted-average servicing fee (basis points)34.11 36.06 
Weighted-average remaining maturity (in years)7.17.5

The Company recorded servicing fees of $3,001 and $3,780 for the three months ended June 30, 2025 and 2024, respectively, and $6,656 and $7,869 for the six months ended June 30, 2025 and 2024, respectively, all of which are included in “Mortgage banking income” in the Consolidated Statements of Income.

Note 9 - Employee Benefit and Deferred Compensation Plans
(In Thousands, Except Share Data)
33
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

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,
 2025202420252024
Interest cost$237 $227 $5 $6 
Expected return on plan assets(267)(248)— — 
Recognized actuarial loss (gain)122 129 (22)(24)
Net periodic benefit cost (return)$92 $108 $(17)$(18)
Pension BenefitsOther Benefits
Six Months EndedSix Months Ended
 June 30,June 30,
 2025202420252024
Interest cost$474 $454 $10 $11 
Expected return on plan assets(534)(496)— — 
Recognized actuarial loss (gain)243 258 (44)(47)
Net periodic benefit cost (return)$183 $216 $(34)$(36)

Incentive Compensation Plans
The Company maintains the 2020 Long-Term Incentive Compensation Plan, a long-term equity compensation plan that provides for the award of restricted stock and the grant of stock options. The Company 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, 2025:

Performance-Based Restricted StockWeighted Average Grant-Date Fair ValueTime-Based Restricted StockWeighted Average Grant-Date Fair Value
Nonvested at beginning of period203,115 $34.32 801,181 $35.08 
Awarded75,644 36.17 342,020 35.24 
Vested— — (247,442)37.03 
Cancelled— — (9,140)35.17 
Nonvested at end of period278,759 $34.82 886,619 $34.60 

The Company inherited a separate long-term equity compensation plan, The First Bancshares, Inc. 2007 Stock Incentive Plan (as amended, the “2007 Stock Incentive Plan”) through its merger with The First. Awards outstanding as of the date of the merger were converted into adjusted restricted stock awards in respect to Renasant common stock, subject to the same terms and conditions.
The following table summarizes the changes in restricted stock since the merger date for the three months ended June 30, 2025:
34
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Time-Based Restricted StockWeighted Average Grant-Date Fair Value
Nonvested at beginning of period— $— 
Awarded (converted)426,321 33.93 
Vested(1,000)33.93 
Cancelled— — 
Nonvested at end of period425,321 $33.93 

During the six months ended June 30, 2025, the Company reissued 208,299 shares from treasury in connection with awards of restricted stock. The Company recorded total stock-based compensation expense of $4,304 and $3,374 for the three months ended June 30, 2025 and 2024, respectively, and $8,084 and $7,366 for the six months ended June 30, 2025 and 2024, respectively.
There were no stock options granted or outstanding, nor compensation expense associated with options recorded, during the six months ended June 30, 2025 or 2024.

Note 10 – Derivative Instruments
(In Thousands)
The Company uses certain derivative instruments to meet the needs of customers as well as to manage the interest rate risk associated with certain transactions.
Non-hedge derivatives
The Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations (which are included within the “interest rate contracts” line items in the tables below). 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.

35
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented:
 Balance SheetJune 30, 2025December 31, 2024
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative assets:
  Interest rate contractsOther Assets$1,429,422 $29,332 $877,051 $14,071 
  Interest rate lock commitmentsOther Assets165,367 2,727 64,365 861 
Forward commitmentsOther Assets— — 174,000 1,242 
Totals$1,594,789 $32,059 $1,115,416 $16,174 
Derivative liabilities:
  Interest rate contractsOther Liabilities$1,429,734 $29,353 $880,371 $14,094 
Interest rate lock commitmentsOther Liabilities1,642 14 1,829 122 
  Forward commitmentsOther Liabilities354,000 3,397 52,000 86 
Totals$1,785,376 $32,764 $934,200 $14,302 
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,
 2025202420252024
Interest rate contracts:
Included in interest income on loans$6,092 $3,239 $8,981 $6,430 
Interest rate lock commitments:
Included in mortgage banking income525 (420)1,973 388 
Forward commitments
Included in mortgage banking income(2,033)284 (4,552)2,351 
Total$4,584 $3,103 $6,402 $9,169 
Derivatives designated as cash flow hedges
Cash flow hedge relationships mitigate exposure to the variability of future cash flows 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 and loans, respectively. The swap hedging strategy converts the variable interest rate on the forecasted borrowings to a fixed interest rate. The collar hedging strategy limits the benefit to interest income when rates exceed the cap but protects interest income from interest rate fluctuations below the floor strike rate.
The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented:
 Balance SheetJune 30, 2025December 31, 2024
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative assets:
  Interest rate swapsOther Assets$130,000 $18,022 $130,000 $22,780 
  Interest rate collarsOther Assets450,000 548 — — 
Total$580,000 $18,570 $130,000 $22,780 
Derivative liabilities:
  Interest rate collarsOther Liabilities$— $— $450,000 $598 
Totals$— $— $450,000 $598 
Changes in fair value of 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
36
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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, 2025 or 2024. The impact on other comprehensive income for the six months ended June 30, 2025 and 2024 is discussed in Note 13, “Other Comprehensive Income.”
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, 2025December 31, 2024
 LocationNotional AmountFair ValueNotional AmountFair Value
Derivative liabilities:
  Interest rate swapsOther Liabilities$100,000 $13,440 $100,000 $17,369 
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,
 Location2025202420252024
Derivative liabilities:
  Interest rate swaps - subordinated notesInterest Expense$1,691 $173 $3,929 $(1,338)
Derivative liabilities - hedged items:
  Interest rate swaps - subordinated notesInterest Expense$(1,691)$(173)$(3,928)$1,338 
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, 2025December 31, 2024June 30, 2025December 31, 2024
Long-term debt$85,663 $81,648 $13,440 $17,369 

Credit Derivatives
The Company has both bought and sold credit protection in the form of risk participation agreements. These risk participations, which meet the definition of credit derivatives, were entered into in the ordinary course of business to help its commercial customers manage their exposure to interest rate fluctuations. Risk participations in which credit protection has been purchased entitle the Company to receive a payment from the counterparty if the customer fails to make payment on any amounts due to the Company upon early termination of the swap transaction. The Company’s bought risk participation agreements have maturities between 2028 and 2030. For contracts where the Company sold credit protection, it would be required to make payment to the counterparty if the customer fails to make payment on any amounts due to the counterparty upon early termination of the swap transaction. The Company’s sold risk participation agreements have maturities between 2025 and 2030.
The maximum potential amount of future payments under these contracts as of June 30, 2025 was approximately $1,252. This scenario occurs if variable interest rates were at zero percent and all counterparties defaulted with zero recovery. The fair value of risk participation agreements at June 30, 2025 and 2024 was immaterial.
Offsetting
37
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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 as of the dates presented:

Offsetting Derivative AssetsOffsetting Derivative Liabilities
June 30,
2025		December 31, 2024June 30,
2025		December 31, 2024
Gross amounts recognized$23,925 $34,505 $22,191 $28,550 
Gross amounts offset in the Consolidated Balance Sheets— — — — 
Net amounts presented in the Consolidated Balance Sheets23,925 34,505 22,191 28,550 
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments18,794 27,939 18,794 27,939 
Financial collateral pledged— — 1,321 611 
Net amounts$5,131 $6,566 $2,076 $— 

Note 11 – Income Taxes
For the six months ended June 30, 2025 and 2024, the effective tax rate was 22.14% and 20.01%, respectively. The year-over-year increase in the Company’s effective tax rate was driven primarily by increases in nondeductible expenses, primarily related to the Company’s merger with The First, and increases in state taxes. The Company calculated the provision for income taxes by applying the estimated annual effective tax rate to year-to-date pre-tax income, and adjusting for discrete items that occurred during the period.
Note 12 – 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 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
38
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
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 risk participations, interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy.
Mortgage loans held for sale in loans held for sale: Mortgage loans held for sale are primarily agency loans which trade in active secondary markets. The fair value of these instruments is derived from current market pricing for similar loans, adjusted for differences in loan characteristics, including servicing and risk. Because the valuation is based on external pricing of similar instruments, mortgage loans held for sale are classified within Level 2 of the fair value hierarchy.
The following tables present assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:
 
Level 1Level 2Level 3Totals
June 30, 2025
Financial assets:
Securities available for sale$— $2,471,487 $— $2,471,487 
Derivative instruments— 50,629 — 50,629 
Mortgage loans held for sale in loans held for sale— 356,791 — 356,791 
Total financial assets$— $2,878,907 $— $2,878,907 
Financial liabilities:
Derivative instruments:$— $46,204 $— $46,204 

Level 1Level 2Level 3Totals
December 31, 2024
Financial assets:
Securities available for sale$— $831,013 $— $831,013 
Derivative instruments— 38,954 — 38,954 
Mortgage loans held for sale in loans held for sale— 246,171 — 246,171 
Total financial assets$— $1,116,138 $— $1,116,138 
Financial liabilities:
Derivative instruments$— $32,268 $— $32,268 

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, 2025.
For the six months ended June 30, 2025 and 2024, 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.
39
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
 
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, 2025Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $42,838 $42,838 
OREO— — 3,151 3,151 
Total$— $— $45,989 $45,989 
 
December 31, 2024Level 1Level 2Level 3Totals
Individually evaluated loans, net of allowance for credit losses$— $— $38,374 $38,374 
OREO— — $3,666 3,666 
Total$— $— $42,040 $42,040 

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 $65,862 and $53,157 at June 30, 2025 and December 31, 2024, respectively, and a specific reserve for these loans of $23,024 and $14,782 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, as of the dates presented, OREO measured at fair value on a nonrecurring basis that was still held on the Consolidated Balance Sheets at period-end:
 
June 30,
2025		December 31, 2024
Carrying amount prior to remeasurement$3,736 $4,038 
Impairment recognized in results of operations(585)(372)
Fair value$3,151 $3,666 

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, 2025 and December 31, 2024. There were no valuation adjustments on MSRs during the six months ended June 30, 2025 or 2024.
40
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
The following table presents information as of June 30, 2025 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$42,838 Appraised value of collateral less estimated costs to sellEstimated costs to sell
4-10%
OREO$3,151 Appraised value of property less estimated costs to sellEstimated costs to sell
4-10%




Fair Value Option
The Company has elected to measure all mortgage loans held for sale at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them.
A net gain of $5,209 and net loss of $251 resulting from fair value changes of these mortgage loans were recorded in income during the six months ended June 30, 2025 and 2024, 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, 2025 and December 31, 2024:
 
Aggregate
Fair Value		Aggregate
Unpaid
Principal
Balance		Difference
June 30, 2025
Mortgage loans held for sale measured at fair value$356,791 $349,629 $7,162 
December 31, 2024
Mortgage loans held for sale measured at fair value$246,171 $244,218 $1,953 

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:
 
41
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
  Fair Value
As of June 30, 2025Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$1,378,612 $1,378,612 $— $— $1,378,612 
Securities held to maturity1,076,817 — 984,359 — 984,359 
Securities available for sale2,471,487 — 2,471,487 — 2,471,487 
Loans held for sale356,791 — 356,791 — 356,791 
Loans, net18,272,677 — — 18,123,260 18,123,260 
Mortgage servicing rights64,539 — — 80,772 80,772 
Derivative instruments50,629 — 50,629 — 50,629 
Financial liabilities
Deposits$21,582,637 $21,567,625 $— $21,567,625 
Short-term borrowings405,349 405,349 — — 405,349 
Junior subordinated debentures140,079 — 125,033 — 125,033 
Subordinated notes416,896 — 405,750 — 405,750 
Derivative instruments46,204 — 46,204 — 46,204 
 
  Fair Value
As of December 31, 2024Carrying
Value		Level 1Level 2Level 3Total
Financial assets
Cash and cash equivalents$1,092,032 $1,092,032 $— $— $1,092,032 
Securities held to maturity1,126,112 — 1,002,544 — 1,002,544 
Securities available for sale831,013 — 831,013 — 831,013 
Loans held for sale246,171 — 246,171 — 246,171 
Loans, net12,683,264 — — 12,340,638 12,340,638 
Mortgage servicing rights72,991 — — 96,290 96,290 
Derivative instruments38,954 — 38,954 — 38,954 
Financial liabilities
Deposits$14,572,612 $14,570,304 $— $14,570,304 
Short-term borrowings108,018 108,018 — — 108,018 
Junior subordinated debentures113,916 — 100,668 — 100,668 
Subordinated notes316,698 — 295,868 — 295,868 
Derivative instruments32,268 — 32,268 — 32,268 
42
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 13 – 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, 2025
Securities available for sale:
Unrealized holding gains on securities$9,040 $2,282 $6,758 
Amortization of unrealized holding losses on securities transferred to the held to maturity category2,840 727 2,113 
Total securities available for sale11,880 3,009 8,871 
Derivative instruments:
Unrealized holding losses on derivative instruments(1,835)(470)(1,365)
Total derivative instruments(1,835)(470)(1,365)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost100 26 74 
Total defined benefit pension and post-retirement benefit plans100 26 74 
Total other comprehensive income$10,145 $2,565 $7,580 
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 
43
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Pre-TaxTax Expense
(Benefit)		Net of Tax
Six months ended June 30, 2025
Securities available for sale:
Unrealized holding gains on securities$35,727 $8,999 $26,728 
Amortization of unrealized holding losses on securities transferred to the held to maturity category5,884 1,506 4,378 
Total securities available for sale41,611 10,505 31,106 
Derivative instruments:
Unrealized holding losses on derivative instruments(3,612)(925)(2,687)
Total derivative instruments(3,612)(925)(2,687)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost199 51 148 
Total defined benefit pension and post-retirement benefit plans199 51 148 
Total other comprehensive income$38,198 $9,631 $28,567 
Six months ended June 30, 2024
Securities available for sale:
Unrealized holding losses on securities$(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 

The accumulated balances for each component of other comprehensive loss, net of tax, were as follows as of the dates presented:
 
June 30,
2025		December 31, 2024
Unrealized losses on securities$(121,828)$(152,934)
Unrealized gains on derivative instruments14,742 17,429 
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations(6,955)(7,103)
Total accumulated other comprehensive loss$(114,041)$(142,608)
44
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

Note 14 – Net Income Per Common Share
(In Thousands, Except Share and Per 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,
 20252024
Basic
Net income applicable to common stock$1,018 $38,846 
Average common shares outstanding94,580,927 56,342,909 
Net income per common share - basic$0.01 $0.69 
Diluted
Net income applicable to common stock$1,018 $38,846 
Average common shares outstanding94,580,927 56,342,909 
Effect of dilutive stock-based compensation555,233 341,717 
Average common shares outstanding - diluted95,136,160 56,684,626 
Net income per common share - diluted$0.01 $0.69 

Six Months Ended
 June 30,
 20252024
Basic
Net income applicable to common stock$42,536 $78,255 
Average common shares outstanding79,209,073 56,275,628 
Net income per common share - basic$0.54 $1.39 
Diluted
Net income applicable to common stock$42,536 $78,255 
Average common shares outstanding79,209,073 56,275,628 
Effect of dilutive stock-based compensation462,702 332,319 
Average common shares outstanding - diluted79,671,775 56,607,947 
Net income per common share - diluted$0.53 $1.38 

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,
 20252024
Number of shares5001,000

Six Months Ended
 June 30,
 20252024
Number of shares1,4005,449


45
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Note 15 – Regulatory Matters
(In Thousands)
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a 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, risk-based capital and leverage ratios for the Company and for the Bank as of the dates presented:

 June 30, 2025December 31, 2024
 AmountRatioAmountRatio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)$2,314,564 9.36 %$1,935,522 11.34 %
Common Equity Tier 1 Capital to Risk-Weighted Assets2,314,564 11.08 %1,825,197 12.73 %
Tier 1 Capital to Risk-Weighted Assets2,314,564 11.08 %1,935,522 13.50 %
Total Capital to Risk-Weighted Assets3,128,661 14.97 %2,449,129 17.08 %
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)$2,480,714 10.05 %$1,843,123 10.80 %
Common Equity Tier 1 Capital to Risk-Weighted Assets2,480,714 11.88 %1,843,123 12.85 %
Tier 1 Capital to Risk-Weighted Assets2,480,714 11.88 %1,843,123 12.85 %
Total Capital to Risk-Weighted Assets2,742,024 13.13 %2,022,737 14.10 %

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; the Company’s and the Bank’s capital ratios at June 30, 2025 now fully reflect the impact of ASC 326.

Note 16 – Segment Reporting
(In Thousands)
The operations of the Company’s reportable segments are described as follows:
•The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-sized businesses including checking and savings accounts, business and personal loans, asset-based lending, factoring, equipment leasing and treasury management services, as well as safe deposit and night depository facilities.
46
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
•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. The Financial Services division also provides administrative and compliance services for certain mutual funds.
For periods prior to the third quarter of 2024, the Company maintained an Insurance segment that included a full service insurance agency. Effective July 1, 2024, the Bank sold substantially all of the assets of its Insurance segment.
The Company’s reportable segments are determined by the Chief Executive Officer, who is the designated chief operating decision maker (“CODM”), based upon information provided about the Company’s products and services. The CODM evaluates the financial performance of the segments by evaluating revenue streams, significant expenses and budget to actual results, and provides guidance in strategy and the allocation of resources.
In order to give the CODM a more precise indication of the income and expenses controlled by each segment, the results of operations for each segment reflect its own direct revenues and expenses. 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 that are necessary for purposes of reconciling to the consolidated amounts. Accounting policies for each segment are the same as those described 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, 2024, filed with the SEC on February 26, 2025.
The following tables provide financial information for the Company’s operating segments as of and for the periods presented:
Community
Banks		Wealth
Management		OtherConsolidated
Three months ended June 30, 2025
Total interest income$343,875 $— $23 $343,898 
Total interest expense116,242 — 8,797 125,039 
Net interest income (loss)$227,633 $— $(8,774)$218,859 
Provision for credit losses81,322 — — 81,322 
Noninterest income (loss)41,424 7,406 (496)48,334 
Salaries and employee benefits95,985 3,557 — 99,542 
Net occupancy and equipment17,112 214 33 17,359 
Other segment expenses(1)
65,276 1,123 (96)66,303 
Income (loss) before income taxes$9,362 $2,512 $(9,207)$2,667 
Income tax expense (benefit)3,917 134 (2,402)1,649 
Net income (loss)$5,445 $2,378 $(6,805)$1,018 
Total assets$26,598,942 $6,110 $19,923 $26,624,975 
Goodwill1,419,782 — — 1,419,782 
47
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Three months ended June 30, 2024
Total interest income$219,708 $461 $16 $26 $220,211 
Total interest expense88,284 — — 6,901 95,185 
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 
Salaries and employee benefits65,723 1,839 3,169 — 70,731 
Net occupancy and equipment11,513 131 200 — 11,844 
Other segment expenses(2)
27,381 275 1,382 363 29,401 
Income (loss) before income taxes$53,236 $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 
Goodwill988,898 2,767 — — 991,665 
Community
Banks		Wealth
Management		OtherConsolidated
Six months ended June 30, 2025
Total interest income$564,182 $— $46 $564,228 
Total interest expense195,876 — 15,296 211,172 
Net interest income (loss)$368,306 $— $(15,250)$353,056 
Provision for credit losses86,072 — — 86,072 
Noninterest income (loss)70,785 14,881 (937)84,729 
Salaries and employee benefits164,139 7,360 — 171,499 
Net occupancy and equipment28,662 418 33 29,113 
Other segment expenses(1)
93,962 2,104 402 96,468 
Income (loss) before income taxes$66,256 $4,999 $(16,622)$54,633 
Income tax expense (benefit)16,120 237 (4,260)12,097 
Net income (loss)$50,136 $4,762 $(12,362)$42,536 
Total assets$26,598,942 $6,110 $19,923 $26,624,975 
Goodwill1,419,782 — — 1,419,782 
Community
Banks		InsuranceWealth
Management		OtherConsolidated
Six months ended June 30, 2024
Total interest income$432,363 $942 $32 53 $433,390 
Total interest expense171,253 — — 13,821 185,074 
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 
Salaries and employee benefits132,124 3,619 6,458 — 142,201 
Net occupancy and equipment22,617 220 396 — 23,233 
Other segment expenses(2)
55,043 553 3,082 776 59,454 
Income (loss) before income taxes$106,808 $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 
Goodwill988,898 2,767 — — 991,665 
48
Renasant Corporation and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)
(1)    Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications, merger and conversion related expenses and other miscellaneous expenses. Other segment expenses for Wealth Management include data processing, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses.
(2)    Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses. Other segment expenses for Insurance included data processing, legal and professional fees, advertising and public relations, communications and other miscellaneous expenses. Other segment expenses for Wealth Management include data processing, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses.
49
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-completed merger with The First Bancshares, Inc. (“The First”)) 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 Company’s merger with The First; (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, 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 governmental and regulatory policy, whether applicable specifically to financial institutions or impacting the United States generally (such as, for example, changes in trade policy); (ix) increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of the Company’s merger with The First; (x) changes in the securities and foreign exchange markets; (xi) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xii) changes in the quality or composition of the Company’s loan or investment securities 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 portfolio; (xiii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiv) 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; (xv) general economic, market or business conditions, including the impact of inflation; (xvi) changes in demand for loan and deposit products and other financial services; (xvii) concentrations of credit or deposit exposure; (xviii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xix) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xx) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xxi) geopolitical conditions, including acts or threats of terrorism and 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; (xxii) the impact, extent and timing of technological changes; and (xxiii) 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.

50
Financial Condition
The following discussion provides details regarding the changes in significant balance sheet accounts at June 30, 2025 compared to December 31, 2024.
Mergers and Acquisitions
On April 1, 2025 the Company completed its merger with The First. At closing, The First merged with and into the Company, with the Company the surviving corporation in the merger; immediately thereafter, The First Bank merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. For more information, including the fair value of assets acquired and liabilities assumed, see Note 2, “Mergers and Acquisitions,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements, in this report.
Assets
Total assets were $26,624,975 at June 30, 2025, compared to $18,034,868 at December 31, 2024. The acquisition of The First increased total assets $7,988,327 at April 1, 2025.
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:
June 30, 2025December 31, 2024
BalancePercentage of
Portfolio		BalancePercentage of
Portfolio
Obligations of states and political subdivisions$548,044 15.45 %$302,596 15.46 %
Mortgage-backed securities2,578,032 72.65 1,472,918 75.26 
Other debt securities422,260 11.90 181,643 9.28 
$3,548,336 100.00 %$1,957,157 100.00 %
Allowance for credit losses - held to maturity securities(32)(32)
Securities, net of allowance for credit losses$3,548,304 $1,957,125 
The merger with The First contributed approximately $1,457,203 to the securities portfolio at April 1, 2025. The Company purchased $946,095 and $52,679 in investment securities during the six months ended June 30, 2025 and 2024, respectively.
Proceeds from maturities, calls and principal payments on securities during the first six months of 2025 totaled $165,377. Shortly after the merger with The First, certain securities from the acquired portfolio were sold at carrying value, resulting in net proceeds of $686,485. No gain or loss on sales of securities was recorded in the first half of 2025. Proceeds from the 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 loss on sales of securities was recorded in the first six months of 2024.
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, 2025, the net unrealized after tax losses remaining to be amortized in accumulated other comprehensive income (loss) was $44,668. No gains or losses were recognized at the time of transfer.
For more information about the Company’s security portfolio, see Note 3, “Securities,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements, in this report.
51
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 $356,791 at June 30, 2025, as compared to $246,171 at December 31, 2024. 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 $18,563,447 at June 30, 2025 and $12,885,020 at December 31, 2024. The acquisition of The First increased total loans $5,196,239 at April 1, 2025.
The table below sets forth the balance of loans outstanding, net of unearned income and excluding loans held for sale, by loan type and the percentage of each loan type to total loans as of the dates presented:
 June 30, 2025December 31, 2024
 Total
Loans		Percentage of Total LoansTotal
Loans		Percentage of Total Loans
Commercial, financial, agricultural$2,666,923 14.37 %$1,885,817 14.64 %
Lease financing, net of unearned income89,568 0.48 90,591 0.70 
Real estate – construction:
Residential380,040 2.05 256,655 1.99 
Commercial959,927 5.17 836,998 6.50 
Total real estate – construction1,339,967 7.22 1,093,653 8.49 
Real estate – 1-4 family mortgage:
Primary3,082,720 16.61 2,428,076 18.84 
Home equity722,389 3.89 544,158 4.22 
Rental/investment843,334 4.54 402,938 3.13 
Land development226,236 1.22 113,705 0.88 
Total real estate – 1-4 family mortgage4,874,679 26.26 3,488,877 27.07 
Real estate – commercial mortgage:
Owner-occupied3,288,006 17.71 1,894,679 14.70 
Non-owner occupied5,953,136 32.07 4,226,937 32.81 
Land development228,992 1.23 114,452 0.89 
Total real estate – commercial mortgage9,470,134 51.01 6,236,068 48.40 
Installment loans to individuals122,176 0.66 90,014 0.70 
Total loans, net of unearned income$18,563,447 100.00 %$12,885,020 100.00 %

Loan concentrations are considered to exist when there are loans 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, 2025, there were no concentrations of loans exceeding 10% of total loans other than loans disclosed in the table above. Non-owner occupied commercial mortgage term loans was the largest concentration and comprised 32.07% of total loans at June 30, 2025. The following table presents the loan segments, determined by collateral type, within the non-owner occupied commercial mortgage loan category as of the date presented.
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June 30, 2025
BalanceAverage Loan SizePercentage of Total LoansWeighted-Average Loan-to-ValuePercentage 30-89 Days Past DuePercentage
Non-performing
Hotels$761,812 $4,481 4.10 %55 %0.32 %— %
Self Storage550,2862,4932.97 54 0.04 — 
Multi-Family1,321,2462,7137.12 52 — 0.06 
Office - Medical352,8002,0631.90 49 0.06 — 
Office - Non-Medical510,6238442.75 56 0.03 6.46 
Retail1,066,8801,1695.75 54 0.08 0.26 
Senior Housing365,3416,7661.97 61 — 3.22 
Warehouse/Industrial861,7222,2444.64 54 — 0.09 
Other162,4269440.87 54 0.10 — 
Total non-owner occupied commercial mortgage term loans$5,953,136 $1,894 32.07 %54 %0.07 %0.82 %
Bank-owned life insurance
The Company holds bank-owned life insurance policies (“BOLI”) on certain employees. The carrying value of these policies was $486,613 and $391,810 at June 30, 2025 and December 31, 2024, respectively. The Company acquired $146,601 of BOLI as a result of its merger with The First. The Company elected to surrender $56,255 of BOLI with below market yields during the first quarter of 2025. The proceeds were deployed into higher yielding assets.
Deposits
The Company relies on deposits as its primary source of funds. Total deposits were $21,582,637 and $14,572,612 at June 30, 2025 and December 31, 2024, respectively. Noninterest-bearing deposits were $5,356,153 and $3,403,981 at June 30, 2025 and December 31, 2024, respectively, while interest-bearing deposits were $16,226,484 and $11,168,631 at June 30, 2025 and December 31, 2024, respectively. The merger with The First increased total deposits at April 1, 2025 by $6,449,394, which consisted of $1,787,866 and $4,661,527 of noninterest-bearing deposit and interest-bearing deposits, 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 24.82% of total deposits at June 30, 2025, as compared to 23.36% of total deposits at December 31, 2024. The slight increase in noninterest-bearing deposits as a percentage of total deposits was driven by the seasonal inflow of public fund deposits as well as the acquisition of The First as its noninterest-bearing deposits represented 27.72% of its total deposits on the date of acquisition. 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 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 $3,916,060 and $2,256,461 at June 30, 2025 and December 31, 2024, respectively, and represented 18.14% and 15.48% of total deposits as of June 30, 2025 and December 31, 2024, respectively.
Borrowed Funds
53
Total borrowings may include federal funds purchased, securities sold under agreements to repurchase, advances from the Federal Home Loan Bank of Dallas (the “FHLB”), borrowings from the Federal Reserve Discount Window, 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. As a result of the acquisition of The First, short-term borrowings from the FHLB increased $298,250. The following table presents our short-term borrowings by type as of the dates presented:
June 30, 2025December 31, 2024
Security repurchase agreements$5,349 $8,018 
Short-term borrowings from the FHLB400,000 100,000 
$405,349 $108,018 
Long-term debt typically consists of long-term FHLB advances, our junior subordinated debentures and our subordinated notes. The Company acquired through its merger with The First subordinated notes and junior subordinated notes in the amounts of $95,262 and $25,653, respectively. The following table presents our long-term debt by type as of the dates presented:
June 30, 2025December 31, 2024
Junior subordinated debentures$140,079 $113,916 
Subordinated notes416,896 316,698 
$556,975 $430,614 
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 (which has not been the case in recent periods). Advances from the FHLB are collateralized by a blanket lien on the Bank’s loans. The Company had $5,067,251 of availability on unused lines of credit with the FHLB at June 30, 2025, as compared to $4,004,630 at December 31, 2024. The Company also had credit available at the Federal Reserve Discount Window in the amount of $636,245.
The Company has issued subordinated notes, and the Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors, the proceeds of which were used to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired). The proceeds generated by the Company’s subordinated notes and trust preferred securities transactions 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 and trust preferred securities qualify as Tier 2 capital under current regulatory guidelines.
Results of Operations
Net Income
Net income for the second quarter of 2025 was $1,018 compared to net income of $38,846 for the second quarter of 2024. Basic and diluted earnings per share (“EPS”) for the second quarter of 2025 were $0.01, as compared to basic and diluted EPS of $0.69 for the second quarter of 2024. Net income for the six months ended June 30, 2025, was $42,536 compared to net income of $78,255 for the same period in 2024. Basic and diluted EPS were $0.54 and $0.53, respectively for the first six months of 2025 as compared to $1.39 and $1.38 for the first six months of 2024.
From time to time, the Company incurs expenses and charges or recognizes valuation adjustments in connection with certain transactions with respect to which management is unable to accurately predict when these items will be incurred or, when incurred, the amount of such items. The following table presents the impact of these items on reported EPS for the dates presented.
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Three Months Ended
 June 30, 2025June 30, 2024
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
Merger and conversion expenses$(20,479)$(15,875)$(0.17)$— $— $— 
Day 1 acquisition provision(66,612)(50,026)(0.53)$— $— $— 
Gain on sale of MSR1,467 1,102 0.01 $— $— $— 
Six Months Ended
 June 30, 2025June 30, 2024
Pre-taxAfter-taxImpact to Diluted EPSPre-taxAfter-taxImpact to Diluted EPS
Merger and conversion expenses$(21,270)$(16,470)$(0.21)$— $— $— 
Day 1 acquisition provision(66,612)(50,026)(0.63)— — — 
Gain on sale of MSR1,467 1,102 0.01 3,472 2,777 0.05 
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 82.17% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the second quarter of 2025. The primary concerns in managing net interest income are the volume, mix and repricing of assets and liabilities.
Net interest income was $218,859 and $353,056 for the three and six months ended June 30, 2025, as compared to $125,026 and $248,316 for the same period in 2024. On a tax equivalent basis, net interest income was $222,717 and $360,149 for the three and six months ended June 30, 2025, as compared to $127,598 and $253,448 for the same period in 2024.
The following tables set forth average balance sheet data, including all major categories of interest-earning assets and interest-bearing liabilities, together with the interest earned or interest paid and the average yield or average rate paid on each such category on a tax-equivalent basis for the periods presented:
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 Three Months Ended June 30,
 20252024
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment$18,448,000 $304,834 6.63 %$12,575,651 $200,670 6.41 %
Loans held for sale287,855 4,639 6.45 219,826 3,530 6.42 
Securities:
Taxable3,106,565 24,917 3.21 1,832,002 9,258 2.02 
Tax-exempt(1)
462,732 4,309 3.72 263,937 1,451 2.20 
Interest-bearing balances with banks901,803 9,057 4.03 595,030 7,874 5.32 
Total interest-earning assets23,206,955 347,756 6.01 15,486,446 222,783 5.77 
Cash and due from banks357,338 187,519 
Intangible assets1,589,490 1,008,638 
Other assets1,029,082 688,766 
Total assets$26,182,865 $17,371,369 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$11,191,443 $76,542 2.74 %$7,094,411 $56,132 3.17 %
Savings deposits1,322,007 1,032 0.31 839,638 729 0.35 
Brokered deposits— — — 294,650 3,944 5.37 
Time deposits3,404,482 34,347 4.05 2,487,873 26,816 4.34 
Total interest-bearing deposits15,917,932 111,921 2.82 10,716,572 87,621 3.27 
Borrowed funds1,036,045 13,118 5.07 583,965 7,564 5.19 
Total interest-bearing liabilities16,953,977 125,039 2.96 11,300,537 95,185 3.37 
Noninterest-bearing deposits5,233,976 3,509,109 
Other liabilities249,861 223,992 
Shareholders’ equity3,745,051 2,337,731 
Total liabilities and shareholders’ equity$26,182,865 $17,371,369 
Net interest income/net interest margin$222,717 3.85 %$127,598 3.31 %
(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,
 20252024
 Average
Balance		Interest
Income/
Expense		Yield/
Rate		Average
Balance		Interest
Income/
Expense		Yield/
Rate
Assets
Interest-earning assets:
Loans held for investment$15,722,576 $504,338 6.47 %$12,491,814 $395,310 6.35 %
Loans held for sale244,6267,6476.25 187,6045,8386.22 
Securities:
Taxable2,498,42835,8882.87 1,861,90918,7632.02 
Tax-exempt(1)
361,8275,7523.18 267,1082,9562.21 
Interest-bearing balances with banks863,48617,6964.13 582,68315,6555.40 
Total interest-earning assets19,690,943571,3215.84 15,391,118438,5225.72 
Cash and due from banks270,088188,011
Intangible assets1,297,6221,009,232
Other assets850,231701,770
Total assets$22,108,884 $17,290,131 
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)
$9,522,800 $131,252 2.78 %$7,025,200 $108,632 3.10 %
Savings deposits1,069,1341,7430.33 850,0181,4590.34 
Brokered deposits——— 370,1299,9315.38 
Time deposits2,941,92058,3123.99 2,403,64650,2124.20 
Total interest-bearing deposits13,533,854191,3072.85 10,648,993170,2343.21 
Borrowed funds797,71419,8655.00 573,18214,8405.19 
Total interest-bearing liabilities14,331,568211,1722.97 11,222,175185,0743.31 
Noninterest-bearing deposits4,326,4453,513,860
Other liabilities229,098228,090
Shareholders’ equity3,221,7732,326,006
Total liabilities and shareholders’ equity$22,108,884 $17,290,131 
Net interest income/net interest margin$360,149 3.68 %$253,448 3.30 %
(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 addition of The First’s loan portfolio, strong organic loan growth and the Federal Reserve lowering the federal funds rate by 100 basis points in the second half of 2024 were the largest contributing factors to the increase in net interest income for the three and six months ended June 30, 2025, as compared to the same periods in 2024. The lower interest rates, and the addition of The First’s deposits generated a positive impact to both the cost and mix of our funding sources. The Company has continued its efforts to mitigate increases in the cost of funding due to competition or otherwise through maintaining noninterest-bearing deposits and staying disciplined yet competitive in pricing on interest-bearing deposits in the current rate environment.
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The following tables set forth a summary of the changes in interest earned, on a tax equivalent basis, and interest paid resulting from changes in volume and rates for the Company for the three and six months ended June 30, 2025, as compared to the same periods in 2024 (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, 2025 Compared to the Three Months Ended June 30, 2024
VolumeRateNet
Interest income:
Loans held for investment$97,032 $7,132 $104,164 
Loans held for sale1,093 16 1,109 
Securities:
Taxable8,479 7,180 15,659 
Tax-exempt1,491 1,367 2,858 
Interest-bearing balances with banks3,379 (2,196)1,183 
Total interest-earning assets111,474 13,499 124,973 
Interest expense:
Interest-bearing demand deposits28,710 (8,300)20,410 
Savings deposits391 (88)303 
Brokered deposits(3,944)— (3,944)
Time deposits9,387 (1,856)7,531 
Borrowed funds5,728 (174)5,554 
Total interest-bearing liabilities40,272 (10,418)29,854 
Change in net interest income$71,202 $23,917 $95,119 
Six months ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
VolumeRateNet
Interest income:
Loans held for investment$101,604 $7,424 $109,028 
Loans held for sale1,781 28 1,809 
Securities:
Taxable7,676 9,449 17,125 
Tax-exempt1,249 1,547 2,796 
Interest-bearing balances with banks3,824 (1,783)2,041 
Total interest-earning assets116,134 16,665 132,799 
Interest expense:
Interest-bearing demand deposits26,122 (3,502)22,620 
Savings deposits293 (9)284 
Brokered deposits(9,931)— (9,931)
Time deposits8,656 (556)8,100 
Borrowed funds5,087 (62)5,025 
Total interest-bearing liabilities30,227 (4,129)26,098 
Change in net interest income$85,907 $20,794 $106,701 

Interest income, on a tax equivalent basis, was $347,756 and $571,321 for the three and six months ended June 30, 2025, as compared to $222,783 and $438,522 for the same period in 2024. The increase in interest income, on a tax equivalent basis, for the three and six months ended June 30, 2025, as compared to the same time periods in 2024 is due primarily to the addition of The First’s loan portfolio.
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The following tables present the percentage of total average earning assets, by type and yield, for the periods presented:
 Percentage of Total Average Earning AssetsYield
Three Months EndedThree Months Ended
 June 30,June 30,
 2025202420252024
Loans held for investment79.49 %81.20 %6.63 %6.41 %
Loans held for sale1.24 1.42 6.45 6.42 
Securities15.38 13.53 3.28 2.04 
Other3.89 3.85 4.03 5.32 
Total earning assets100.00 %100.00 %6.01 %5.77 %

 Percentage of Total Average Earning AssetsYield
Six Months EndedSix Months Ended
 June 30,June 30,
 2025202420252024
Loans held for investment79.84 %81.16 %6.47 %6.35 %
Loans held for sale1.24 1.22 6.25 6.22 
Securities14.53 13.83 2.94 2.04 
Interest-bearing balances with banks4.39 3.79 4.13 5.40 
Total earning assets100.00 %100.00 %5.84 %5.72 %

For the second quarter of 2025, interest income on loans held for investment, on a tax equivalent basis, increased $104,164 to $304,834 from $200,670 for the same period in 2024. For the six months ended June 30, 2025, interest income on loans held for investment, on a tax equivalent basis, increased $109,028 to $504,338 from $395,310 in the same period of 2024. Driven largely by the addition of $5,196,239 in loans held for investment through our merger with The First on April l, 2025, the year-to-date average balance of loans held for investment increased $3,230,762 from June 2024, thereby resulting in the increase in interest income on loans held for investment for the three and six months ended June 30, 2025, as compared to the same periods in 2024.
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,
 2025202420252024
Net interest income collected on problem loans$2,779 $(146)$3,805 $(23)
Accretable yield recognized on purchased loans17,834 897 18,392 1,697 
Total impact to interest income on loans$20,613 $751 $22,197 $1,674 
Impact to loan yield0.45 %0.02 %0.29 %0.03 %
Impact to net interest margin0.27 %0.02 %0.17 %0.02 %
Interest income on loans held for sale (consisting of mortgage loans held for sale) increased $1,109 to $4,639 for the second quarter of 2025 from $3,530 for the same period in 2024. Interest income on loans held for sale (consisting of mortgage loans held for sale) for the six months ended June 30, 2025 was $7,647 as compared to $5,838 for the same period in 2024.
Investment income, on a tax equivalent basis, increased $18,517 to $29,226 for the second quarter of 2025 from $10,709 for the second quarter of 2024, primarily due to the acquisition of The First’s investment portfolio. Investment income, on a tax equivalent basis, increased $19,921 to $41,640 for the six months ended June 30, 2025 from $21,719 for the same period in 2024. The tax equivalent yield on the investment portfolio for the second quarter of 2025 was 3.28%, up 124 basis points from
59
2.04% for the same period in 2024. The tax equivalent yield on the investment portfolio for the six months ended June 30, 2025 was 2.94%, up 90 basis points from 2.04% for the same period in 2024.
Interest expense was $125,039 for the second quarter of 2025 as compared to $95,185 for the same period in 2024. Interest expense for the six months ended June 30, 2025 was $211,172 as compared to $185,074 for the same period in 2024. The increase in interest expense was primarily due to the assumption of The First’s deposits and borrowed funds.
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,
 2025202420252024
Noninterest-bearing demand23.59 %23.69 %— %— %
Interest-bearing demand50.44 47.90 2.74 3.17 
Savings5.96 5.67 0.31 0.35 
Brokered deposits— 1.99 — 5.37 
Time deposits15.34 16.80 4.05 4.34 
Short term borrowings2.10 0.93 3.72 1.92 
Subordinated notes1.94 2.25 5.70 5.50 
Other borrowed funds0.63 0.77 7.66 8.24 
Total deposits and borrowed funds100.00 %100.00 %2.26 %2.58 %

 Percentage of Total Average Deposits and Borrowed FundsCost of Funds
Six Months EndedSix Months Ended
 June 30,June 30,
 2025202420252024
Noninterest-bearing demand23.19 %23.85 %— %— %
Interest-bearing demand51.04 47.67 2.78 3.10 
Savings5.73 5.77 0.33 0.34 
Brokered deposits— 2.51 — 5.38 
Time deposits15.77 16.31 3.99 4.20 
Short-term borrowings1.54 0.86 3.19 1.59 
Subordinated notes2.05 2.26 5.46 5.51 
Other long term borrowings0.68 0.77 7.76 8.26 
Total deposits and borrowed funds100.00 %100.00 %2.28 %2.52 %
Interest expense on deposits was $111,921 and $87,621 for the three months ended June 30, 2025 and 2024, respectively, and the cost of total deposits was 2.12% and 2.47% for the same respective periods. The increase in deposit expense and decrease in cost is attributable to the acquisition of The First’s deposits. The cost of total deposits was also affected by the Federal Reserve’s rate cuts during the second half of 2024. As liquidity risks abated, the Company also repaid advances and allowed brokered deposits to mature, which lowered 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 $13,118 and $7,564 for the three months ended June 30, 2025 and 2024, respectively. Interest expense on total borrowings was $19,865 and $14,840 for the six months ended June 30, 2025 and 2024, respectively. The increase in interest expense on borrowings is a result of the merger with The First.
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
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Noninterest Income to Average Assets
Three Months Ended June 30,Six Months Ended June 30,
2025 20242025 2024
0.74% 0.90%0.77% 0.93%
Total noninterest income includes fees generated from deposit services and other fees and commissions, income from our 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 $48,334 for the second quarter of 2025 as compared to $38,762 for the same period in 2024. Noninterest income was $84,729 for the six months ended June 30, 2025 as compared to $80,143 for the same period in 2024. The increase in noninterest income for both the three and six months ended June 30, 2025 was primarily driven by the additional income associated with the acquisition of The First’s operations.
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 $13,618 and $10,286 for the second quarter of 2025 and 2024, respectively, and $23,982 and $20,792 for the six months ended June 30, 2025 and 2024, respectively. Overdraft fees, the largest component of service charges on deposits, were $6,759 for the three months ended June 30, 2025, as compared to $5,003 for the same period in 2024. These fees were $11,900 for the six months ended June 30, 2025 compared to $10,259 for the same period in 2024.
Fees and commissions were $6,650 during the second quarter of 2025 as compared to $3,944 for the same period in 2024, and were $10,437 for the first six months of 2025 as compared to $7,893 for the same period in 2024. 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 2025, interchange fees were $4,194 as compared to $2,321 for the same period in 2024. Interchange fees were $6,207 for the six months ended June 30, 2025 as compared to $4,451 for the same period in 2024.
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 $7,345 for the second quarter of 2025 compared to $5,684 for the same period in 2024, and was $14,412 for the six months ended June 30, 2025 compared to $11,353 for the same period in 2024. The market value of assets under management or administration was $7,347,104 and $5,502,476 at June 30, 2025 and June 30, 2024, respectively. The Company acquired approximately $471,000 of assets under management through its merger with The First.
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 $679,633 and $491,627, respectively, in the second quarter of 2025 compared to $560,303 and $380,707, respectively, for the same period in 2024. The increase in interest rate lock commitments for the three months ended June 30, 2025 as compared to the same period in 2024 was due to the slight decrease in mortgage interest rates during the first quarter of 2025 as compared to the same period in 2024. Interest rate lock commitments and originations of mortgage loans to be sold totaled $1,311,758 and $794,785 in the six months ended June 30, 2025 compared to $1,004,601 and $643,131 for the same period in 2024. The high rates in 2024 significantly dampened demand for mortgages nationwide. In the second quarter of 2025 and the first quarter of 2024, the Company sold a portion of its mortgage servicing rights portfolio with a carrying value of $7,886 and $19,539, respectively, for a pre-tax gain of $1,467 and $3,472, respectively. The table below presents the components of mortgage banking income included in noninterest income for the periods presented.
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Three Months Ended June 30,Six Months Ended June 30,
2025 20242025 2024
Gain on sales of loans, net (1)
$5,316 $5,199 $9,816 $9,734 
Fees, net3,740 2,866 6,057 4,720 
Mortgage servicing income, net(2)
2,207 1,633 3,537 6,614 
Mortgage banking income, net$11,263 $9,698 $19,410 $21,068 
(1) Gain on sales of loans, net includes pipeline fair value adjustments
(2) Mortgage servicing income, net includes gain on sale of MSR
BOLI income is derived from changes in the cash surrender value of the bank-owned life insurance policies and proceeds received upon the death of covered individuals. BOLI income was $3,383 for the three months ended June 30, 2025 as compared to $2,701 for the same period in 2024, and $6,312 for the six months ended June 30, 2025 as compared to $5,392 for the same period in 2024. The increase in BOLI income is primarily due to the acquisition of BOLI from The First with a cash surrender value of $146,601.
Other noninterest income was $6,075 and $3,691 for the three months ended June 30, 2025 and 2024, respectively, and was $10,176 and $8,115 for the six months ended June 30, 2025 and 2024, 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,
2025 20242025 2024
2.81%2.59%2.71% 2.62%
Noninterest expense was $183,204 and $111,976 for the second quarter of 2025 and 2024, respectively, and was $297,080 and $224,888 for the six months ended June 30, 2025 and 2024, respectively. The increase is primarily due to $21,270 in expenses relating to the merger with The First and additional expenses associated with the operations of The First.
Salaries and employee benefits increased $28,811 to $99,542 for the second quarter of 2025 as compared to $70,731 for the same period in 2024. Salaries and employee benefits increased $29,298 to $171,499 for the six months ended June 30, 2025 as compared to $142,201 for the same period in 2024. The increase in salaries and employee benefits is primarily attributable to the addition of The First employees, and to a lesser extent to annual merit increases implemented in April 2025.
Data processing costs were $5,438 in the second quarter of 2025 as compared to $3,945 for the same period in 2024 and were $9,527 for the six months ended June 30, 2025 as compared to $7,752 for the same period in 2024. The increase in data processing costs is attributable to the acquisition of The First and the cost associated with operating two core systems. Core systems were converted during the third quarter of 2025. 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 2025 was $17,359, as compared to $11,844 for the same period in 2024. These expenses for the first six months of 2025 were $29,113, as compared to $23,233 for the same period in 2024. The increase in net occupancy and equipment expense is primarily due to the additional locations and assets attributable to the merger with The First.
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 other governmental regulations. Professional fees were $4,223 for the second quarter of 2025 as compared to $3,195 for the same period in 2024 and were $7,107 for the six months ended June 30, 2025 as compared to $6,543 for the same period in 2024.
Advertising and public relations expense was $4,490 for the second quarter of 2025 as compared to $3,807 for the same period in 2024 and was $8,787 for the six months ended June 30, 2025 as compared to $8,693 for the same period in 2024. During the six months ended June 30, 2025 and 2024, the Company contributed approximately $925 and $1,305, 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 $8,884 and $1,186 for the second quarter of 2025 and 2024, respectively, and $9,964 and $2,398 for the six months ended June 30, 2025 and 2024, respectively. This amortization relates to finite-lived intangible assets which are being amortized over the useful lives as determined at acquisition. The increase for the three and six months ended June 30, 2025 is primarily due to the addition of the core deposit intangible associated with our merger with The First. These finite-lived intangible assets have remaining estimated useful lives ranging from approximately 1 year to 10 years.
Communication expenses, those expenses incurred for communication to clients and between employees, were $3,184 for the second quarter of 2025 as compared to $2,112 for the same period in 2024. Communication expenses were $5,217 for the six months ended June 30, 2025 as compared to $4,136 for the same period in 2024.
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 $19,448 for the second quarter of 2025 as compared to $15,051 for the same period in 2024 and was $33,754 for the six months ended June 30, 2025 as compared to $29,720 for the same period in 2024.
Efficiency Ratio
Efficiency Ratio
Three Months Ended June 30,Six Months Ended June 30,
2025 20242025 2024
Efficiency ratio67.59 %67.31 %66.78 % 67.41 %

The efficiency ratio is a measure of productivity in the banking industry. (This ratio is a measure of our ability to turn expenses into revenue. That is, the ratio is designed to reflect the percentage of one dollar that we must expend to generate a dollar of revenue.) The Company calculates this ratio by dividing noninterest expense by the sum of net interest income on a fully tax equivalent basis and noninterest income. The improvement in our efficiency ratio for the six months ended June 30, 2025 as compared to the same period in 2024 was driven by the increase in our net interest income and is a reflection of our commitment to aggressively manage 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 and eliminating duplicative expenses as we continue to integrate The First into our business model throughout the remainder of 2025.
Income Taxes
Income tax expense for the second quarter of 2025 and 2024 was $1,649 and $9,666, respectively, and $12,097 and $19,578 for the six months ended June 30, 2025 and 2024, respectively. The decrease in income tax expense is primarily due to the decrease in pre-tax income caused by expenses associated with our merger with The First.

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 the Allowance for Credit Losses on Loans and Unfunded Commitments
Management of Credit Risk – Roles and Responsibilities. Inherent in any lending activity is credit risk related to asset quality deterioration and its impact on capital should a borrower default. Credit risk is monitored and managed on an ongoing basis using a cross-functional and multi-layered approach that includes the Company’s loan production, credit administration (including appraisal review), and internal loan review functions. The Board of Directors, and specifically its Credit Review Committee, provide oversight and governance of the Company’s credit risk management process.
The first line of defense against credit risk is embedded within our lending function. An integral part of a lending officer’s responsibilities is to assess credit risk at the inception of the lending relationship, monitor ongoing risk over the life of the loan, and report any changes in asset quality or other components of credit risk to the appropriate parties within the Company. The Company’s policies and procedures governing our lending function provide guidelines for assigning lending limits based on a lending officer’s knowledge and experience. These lending limits are monitored on an ongoing basis for appropriateness based on evaluations of the credit quality and compliance with the approved terms of the loan agreements within such lending officer’s loan portfolio. Based on the Company’s risk appetite and procedures for the management of loan concentrations (by
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geography, collateral type and other criteria), a lending officer may be subject to additional levels of approval for new loan originations, so that more technical expertise and greater oversight are allocated to such portfolio.
The Company’s credit administration function is considered the second line of defense against credit risk. Oversight of the Company’s lending operations (including adherence to our policies and procedures governing the loan underwriting and monitoring process), ongoing credit quality monitoring and loss mitigation are the primary focus areas of credit administration. This includes monitoring the loan portfolio to ensure it is properly underwritten, evaluating credit quality metrics to identify indicators of potential loss and assigning risk rating grades which appropriately reflect the potential risk of loss.
The Company’s central appraisal review department, which operates within credit administration, engages, reviews and approves third-party appraisals obtained by the Company on real estate collateral in accordance with banking regulations. This department is managed by a State Certified General Real Estate Appraiser and employs other trained appraisers and evaluators.
The internal loan review function is considered the third line of defense and operates independently of credit administration to monitor the Company’s lending practices and loan quality. Loan review personnel evaluate and, if necessary, adjust the risk rating grades assigned to loans through periodic examination, focusing their review on commercial and real estate loans, and the consumer loan portfolio.
Finally, the Company’s internal audit department provides oversight of all of the above functions. Internal audit staff reviews, among other things, whether these units are operating in adherence to their respective policies, processes and procedures. The internal audit department reports independently to the Board’s Audit Committee.
Management of Credit Risk – Risk Measurement Practices. For commercial and commercial real estate secured loans, internal risk-rating grades are assigned based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Risk rating grades are evaluated on an ongoing basis over the life of the loan. The Company maintains an internal risk rating scale that aligns with regulatory risk classifications. For more information about the Company’s risk rating grades, see the information under the heading “Credit Quality” in Note 4, “Loans,” in the Notes to Consolidated Financial Statements in Item 1, Financial Statements, in this report.
In response to changes in the economic, geopolitical, or operating environments impacting the Company’s loan portfolio, the Company may implement additional or enhanced risk management practices. The Company adjusts its processes to the current environment and evaluates the sensitivity of industry sectors, loan types and underlying collateral to changes in macroeconomic factors. Such factors include, but are not limited to, changes in interest rates, inflation on goods, labor costs, and supply chain disruptions. When such factors indicate that a heightened level of credit risk may impact our portfolio, risk management procedures are expanded to include enhanced oversight of past due loans, documented plans for resolving problem loans, enhanced exception monitoring as well as targeted reviews of loans within certain risk classifications. The Company uses information from these risk measurement processes to formulate its credit risk appetite statement, which is used to manage production activity and concentrations within the portfolio, whether by collateral type, industry, geography, relationship size or others factors, such that the Company’s loan mix is consistent with its risk tolerance and does not expose the Company to undue risk. For more information about the Company’s evaluation of loan concentrations, see the information under the heading “Loans” in the Financial Condition section above.
Management of Credit Risk – Loss Identification. Loans that are past due or not in compliance with financial or performance covenants, or that are otherwise adversely rated are subject to enhanced scrutiny and monitoring through a variety of processes within our special assets department, which is a division of credit administration. Results and findings are reported to management’s problem asset resolution committee and the Board of Directors Credit Review Committee. When the ultimate collectability of a loan’s principal becomes doubtful, the loan is placed on nonaccrual.
The Company’s practice is to charge off estimated losses as soon as such loss is identified and reasonably quantifiable. If the value of the collateral after consideration of disposition costs is less than the loan balance, a charge off is recorded to reduce the allowance for credit losses on loans. Charge-offs reflect the realization of losses in the portfolio that were recognized previously through the provision for credit losses on loans. Net charge-offs for the three and six months ended June 30, 2025 were $12,054, or 0.26% of average loans (annualized), and $11,929, or 0.15% of average loans (annualized), respectively, compared to net charge-offs of $5,481, or 0.18% of average loans (annualized) and $5,645, or 0.09% of average loans (annualized), for the same periods in 2024. After collection efforts have been exhausted or a settlement agreement is reached with the borrower, underlying collateral is liquidated.
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.
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The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including loans evaluated on a collective (pooled) basis and those evaluated on an individual basis as set forth in ASC 326. The credit loss estimation process involves procedures to appropriately consider the unique characteristics of the Company’s loan portfolio segments. Credit quality is assessed and monitored by evaluating various attributes, and the results of those evaluations are utilized in underwriting new loans and in the Company’s process for the estimation of expected credit losses. Credit quality monitoring procedures and indicators can include an assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories, and other factors, including our risk rating system, regulatory guidance and economic conditions, such as the unemployment rate and change in GDP in the national and local economies as well as trends in the market values of underlying collateral securing loans, all as determined based on input from management, loan review staff and other sources. This evaluation is complex and inherently subjective, as it requires estimates by management that are inherently uncertain and therefore susceptible to significant revision as more information becomes available. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and provision for credit loss in those future periods.
The methodology for estimating the amount of expected credit losses reported in the allowance for credit losses has two basic components: first, a collective or pooled component for estimated expected credit losses for pools of loans that share similar risk characteristics; and second, an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans.

•The allowance for credit losses for loans that share similar risk characteristics with other loans is calculated on a collective (or pooled) basis, where such loans are segregated into loan portfolio segments. In determining the allowance for credit losses on loans evaluated on a collective basis, the Company further categorizes the loan segments based on risk rating. The Company uses two CECL models: (1) for the Real Estate - 1-4 Family Mortgage, Real Estate - Construction and the Installment Loans to Individuals portfolio segments, the Company uses a loss rate model, based on average historical life-of-loan loss rates, and (2) for the Commercial, Real Estate - Commercial Mortgage and Lease Financing portfolio segments, the Company uses a probability of default/loss given default model, which calculates an expected loss percentage for each loan pool by considering (a) the probability of default, based on the migration of loans from performing (using risk ratings) to default using life-of-loan analysis periods, and (b) the historical severity of loss, based on the aggregate net lifetime losses incurred per loan pool.

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

•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, management and the Board of Directors review loan ratios on a regular basis. 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.
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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, 2025December 31, 2024June 30, 2024
Balance% of TotalBalance% of TotalBalance% of Total
Commercial, financial, agricultural$59,676 14.37 %$38,527 14.64 %$44,951 14.95 %
Lease financing1,935 0.48 3,368 0.70 2,515 0.86 
Real estate – construction21,784 7.22 15,126 8.49 18,896 9.95 
Real estate – 1-4 family mortgage65,703 26.26 47,761 27.07 47,421 27.43 
Real estate – commercial mortgage135,572 51.01 90,204 48.40 77,125 46.03 
Installment loans to individuals6,100 0.66 6,770 0.70 8,963 0.78 
Total$290,770 100.00 %$201,756 100.00 %$199,871 100.00 %

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 $75,400 in the second quarter of 2025 and $77,450 in the first half of 2025, as compared to $4,300 in the second quarter of 2024 and $6,938 in the first half of 2024. Included in the 2025 recorded provision for credit losses on loans is $62,190 of Day 1 acquisition provision associated with the merger with The First. 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, including the addition of loans acquired from The First, as well as changes in credit metrics that influenced our expectations of future credit losses, considered in the context of the existing balance of the allowance for 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 2025.
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,
 2025202420252024
Balance at beginning of period$203,931 $201,052 $201,756 $198,578 
Impact of purchased credit deteriorated loans acquired during the period23,493 — 23,493 — 
Charge-offs
Commercial, financial, agricultural5,823 186 5,917 535 
Lease financing2,394 — 2,394 — 
Real estate – construction105 — 105 — 
Real estate – 1-4 family mortgage319 208 628 290 
Real estate – commercial mortgage3,944 5,727 4,405 5,727 
Installment loans to individuals394 251 659 730 
Total charge-offs12,979 6,372 14,108 7,282 
Recoveries
Commercial, financial, agricultural627 525 1,585 871 
Lease financing4 10 13 18 
Real estate – 1-4 family mortgage37 25 70 73 
Real estate – commercial mortgage116 99 122 105 
Installment loans to individuals141 232 389 570 
Total recoveries925 891 2,179 1,637 
Net charge-offs12,054 5,481 11,929 5,645 
Provision for credit losses on loans75,400 4,300 77,450 6,938 
Balance at end of period$290,770 $199,871 $290,770 $199,871 
Net charge-offs (annualized) to average loans0.26 %0.18 %0.15 %0.09 %
Net charge-offs to allowance for credit losses on loans4.15 %2.74 %4.10 %2.82 %
Allowance for credit losses on loans to:
Total loans1.57 %1.59 %
Nonperforming loans204.97 %203.88 %
Nonaccrual loans210.70 %204.38 %


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

Six Months Ended
June 30, 2025June 30, 2024
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$4,332$2,171,8920.40%$(336)$1,860,832(0.04)%
Lease financing2,38187,1895.51%(18)105,877(0.03)%
Real estate – construction1051,240,7070.02%—1,319,572—%
Real estate – 1-4 family mortgage5584,193,2290.03%2173,422,4330.01%
Real estate – commercial mortgage4,2837,923,6770.11%5,6225,684,8810.20%
Installment loans to individuals270105,8820.51%16098,2190.33%
Total$11,929$15,722,5760.15%$5,645$12,491,8140.09%

The following table provides further details of the Company’s net charge-offs of loans secured by real estate for the periods presented:
 
Three Months EndedSix Months Ended
 June 30,June 30,
 2025202420252024
Real estate – construction:
Residential$105 $— $105 $— 
Total real estate – construction105 — 105 — 
Real estate – 1-4 family mortgage:
Primary152 169 391 161 
Home equity130 18 190 19 
Rental/investment— (3)(23)38 
Land development— (1)— (1)
Total real estate – 1-4 family mortgage282 183 558 217 
Real estate – commercial mortgage:
Owner-occupied3,884 (56)4,341 (59)
Non-owner occupied(55)5,684 (57)5,681 
Land development(1)— (1)— 
Total real estate – commercial mortgage3,828 5,628 4,283 5,622 
Total net charge-offs of loans secured by real estate$4,215 $5,811 $4,946 $5,839 

Allowance for Credit Losses on Unfunded Commitments; Provision for Credit Losses on Unfunded Commitments. The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “Other liabilities” line item on the Consolidated Balance Sheets. Management estimates the amount of expected losses on unfunded loan commitments by calculating a likelihood of funding over the contractual period for exposures that are not unconditionally cancellable by the Company and applying the loss factors used in the allowance for credit losses on loans methodology described above to unfunded commitments for each loan type. No credit loss estimate is reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. A roll-forward of the allowance for credit losses on unfunded commitments is shown in the tables below.
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Three Months Ended June 30,20252024
Allowance for credit losses on unfunded loan commitments:
Beginning balance$17,643 $16,718 
Provision for (recovery of) credit losses on unfunded loan commitments5,922 (1,000)
Ending balance$23,565 $15,718 
Six Months Ended June 30,20252024
Allowance for credit losses on unfunded loan commitments:
Beginning balance$14,943 $16,918 
Provision for (recovery of) credit losses on unfunded loan commitments8,622 (1,200)
Ending balance$23,565 $15,718 
The increase in the provision for credit losses on unfunded commitments during the three and six months ended June 30, 2025, as compared to the same periods in 2024 was largely driven by the Day 1 acquisition provision of $4,422 associated with our merger with The First.
Nonperforming Assets. Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans are those on which the accrual of interest has stopped or loans which are contractually 90 days past due on which interest continues to accrue. Generally, the accrual of interest is discontinued when the full collection of principal or interest is in doubt or when the payment of principal or interest has been contractually 90 days past due, unless the obligation is both well secured and in the process of collection. Management, the problem asset resolution committee and our loan review staff closely monitor loans that are considered to be nonperforming.
Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for credit losses on loans. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included in “Other real estate owned” in the Consolidated Statements of Income.
The following table provides details of the Company’s nonperforming assets as of the dates presented.
June 30, 2025December 31, 2024
Nonaccruing loans$137,999 $110,811 
Accruing loans past due 90 days or more3,860 2,464 
Total nonperforming loans141,859 113,275 
Other real estate owned11,750 8,673 
Total nonperforming assets$153,609 $121,948 
Nonperforming loans to total loans0.76 %0.88 %
Nonaccruing loans to total loans0.74 %0.88 %
Nonperforming assets to total assets0.58 %0.68 %

The following table presents nonperforming loans by loan category as of the dates presented:
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June 30,
2025		December 31, 2024June 30,
2024
Commercial, financial, agricultural$10,625 $2,000 $5,866 
Lease financing1,675 4,083 2 
Real estate – construction:
Residential2,567 1,223 — 
Commercial2,168 16 — 
Total real estate – construction4,735 1,239 — 
Real estate – 1-4 family mortgage:
Primary38,515 55,037 53,803 
Home equity3,611 3,404 3,233 
Rental/investment2,460 388 943 
Land development77 1,760 40 
Total real estate – 1-4 family mortgage44,663 60,589 58,019 
Real estate – commercial mortgage:
Owner-occupied29,694 12,679 6,252 
Non-owner occupied49,104 29,280 24,424 
Land development1,113 3,291 3,210 
Total real estate – commercial mortgage79,911 45,250 33,886 
Installment loans to individuals250 114 262 
Total nonperforming loans$141,859 $113,275 $98,035 

Total nonperforming loans as a percentage of total loans were 0.76% as of June 30, 2025 as compared to 0.88% and 0.78% as of December 31, 2024 and June 30, 2024, respectively. The Company’s coverage ratio, or its allowance for credit losses on loans as a percentage of nonperforming loans, was 204.97% as of June 30, 2025 as compared to 178.11% as of December 31, 2024 and 203.88% as of June 30, 2024.
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, 2025. Management also continually monitors past due loans for potential credit quality deterioration. Total loans 30-89 days past due but still accruing interest were $46,560, or 0.25% of total loans, at June 30, 2025 as compared to $39,842, or 0.31% of total loans, at December 31, 2024 and $28,507, or 0.23% of total loans, at June 30, 2024.
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, but 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 three and six months ended June 30, 2025 and 2024 and which met the disclosure criteria in ASU 2022-02 were performing in accordance with their modified terms at June 30, 2025 and 2024, respectively. The total amortized cost basis of loans that were experiencing financial difficulty, modified during the three and six months ended June 30, 2025 were $329 and $2,450, respectively, as compared to $2,645, and $13,338, respectively, for the same periods in 2024. There were no unused commitments at June 30, 2025, and unused commitments were $338 at June 30, 2024. Upon the Company’s determination that a modified loan has subsequently become 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 4, “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,
2025		December 31, 2024June 30,
2024
Residential real estate$5,701 $2,966 $1,004 
Commercial real estate4,426 5,681 6,336 
Residential land development24 19 19 
Commercial land development1,599 7 7 
Total other real estate owned$11,750 $8,673 $7,366 

Changes in the Company’s other real estate owned were as follows:
20252024
Balance at January 1$8,673 $9,622 
Acquired OREO11,109 — 
Transfers of loans4,281 1,135 
Impairments(585)(67)
Dispositions(11,713)(1,052)
Other(15)(2,272)
Balance at June 30$11,750 $7,366 

Other real estate owned with a cost basis of $11,713 was sold during the six months ended June 30, 2025, resulting in a net gain of $65, while 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.
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, 2025, in each case as compared to the result
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under rates present in the market on June 30, 2025. 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.
 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
+1002.79%2.51%4.15%
-100(4.09)%(3.04)%(4.81)%
-200(9.35)%(5.41)%(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, 2025. 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 10, “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. We did not hold any brokered deposits at June 30, 2025 or December 31, 2024. 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 12.79% 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, 2025, securities with a carrying value of $1,216,276 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 $843,870 similarly pledged at December 31, 2024.
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, FHLB advances and borrowings from the Federal Reserve Discount Window. There were $400,000 in short-term borrowings from the FHLB at June 30, 2025 and December 31, 2024. 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,
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particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits. There were no outstanding long-term advances with the FHLB at June 30, 2025 or December 31, 2024. The total amount of the remaining credit available to us from the FHLB at June 30, 2025 was $5,067,251. The credit available at the Federal Reserve Discount Window at June 30, 2025 was $636,245 with no borrowings outstanding as of such date. We also maintain lines of credit with other commercial banks totaling $150,000. 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, 2025 or December 31, 2024.
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 completed in July 2024 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 $416,896 at June 30, 2025.
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,
 2025202420252024
Noninterest-bearing demand23.19 %23.85 %— %— %
Interest-bearing demand51.04 47.67 2.78 3.10 
Savings5.73 5.77 0.33 0.34 
Brokered deposits— 2.51 — 5.38 
Time deposits15.77 16.31 3.99 4.20 
Short-term borrowings1.54 0.86 3.19 1.59 
Subordinated notes2.05 2.26 5.46 5.51 
Other borrowed funds0.68 0.77 7.76 8.26 
Total deposits and borrowed funds100.00 %100.00 %2.28 %2.52 %

The estimated amount of uninsured and uncollateralized deposits at June 30, 2025 was $6,259,510. Collateralized public funds over FDIC insurance limits were $3,039,016 at June 30, 2025.
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 $1,378,612 at June 30, 2025, as compared to $851,906 at June 30, 2024. The increase is largely driven by growth in deposits and our acquisition of The First.
Cash used in investing activities for the six months ended June 30, 2025 was $262,173, as compared to cash used in investing activities of $43,479 for the six months ended June 30, 2024. Proceeds from the sale, maturity or call of securities within our investment portfolio were $851,862 for the six months ended June 30, 2025, as compared to $270,270 for the same period in 2024. Shortly after merger with The First, certain securities from the acquired portfolio were sold at carrying value, resulting in proceeds of $686,485. A portion of the securities portfolio was also 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
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growth. Purchases of investment securities were $946,095 during the first six months of 2025 and $52,679 for the same period in 2024. The Company received $261,483 in net cash from its acquisition of The First.
Cash provided by financing activities for the six months ended June 30, 2025 was $519,892, as compared to cash provided by financing activities of $78,054 for the same period in 2024. Deposits increased $556,236 and $178,428 for the six months ended June 30, 2025 and 2024, 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, 2025, the maximum amount available for transfer from the Bank to the Company in the form of loans was $274,176. 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, 2025.
These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the six months ended June 30, 2025, 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, 2025December 31, 2024
Loan commitments$4,190,916 $2,856,308 
Standby letters of credit92,703 90,267 

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, risk participations, 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, 2025, the Company had notional amounts of $1,429,422 on interest rate contracts with
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corporate customers and $1,429,734 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts and certain fixed rate loans.
Additionally, the Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate and adjustable rate residential mortgage loans and also enters into forward commitments to sell residential mortgage loans to secondary market investors.
The Company also enters into interest rate swap contracts on its FHLB borrowings and its junior subordinated debentures that are accounted for as cash flow hedges. Under each of these contracts, the Company pays a fixed rate of interest and receives a variable rate of interest. The Company entered into an interest rate swap contract on its subordinated notes that is accounted for as a fair value hedge. Under this contract, the Company pays a variable rate of interest and receives a fixed rate of interest. The Company utilizes interest rate collars to protect against interest rate fluctuations on certain variable-rate loans. Under these contracts, interest income is limited to the interest rate cap; however, interest income is protected when market rates fall below the floor strike rate.
For more information about the Company’s derivatives, see Note 10, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements.

Shareholders’ Equity and Regulatory Matters
Total shareholders’ equity of the Company was $3,778,854 at June 30, 2025 compared to $2,678,318 at December 31, 2024. Book value per share was $39.77 and $42.13 at June 30, 2025 and December 31, 2024, respectively. The growth in shareholders’ equity is attributable to the merger with The First, current period earnings and declines in accumulated other comprehensive loss, offset by dividends declared.
In October 2024, 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 2025 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 in the first half of 2025.
The Company has junior subordinated debentures with a carrying value of $140,079 at June 30, 2025, of which $135,682 was included in the Company’s Tier 2 capital.
The Company has subordinated notes with a par value of $433,400 at June 30, 2025, of which $416,879 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, 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, 2025
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$2,314,564 11.08 %$1,358,118 6.50 %$1,462,589 7.00 %
Tier 1 risk-based capital ratio2,314,564 11.08 1,671,530 8.00 1,776,001 8.50 
Total risk-based capital ratio3,128,661 14.97 2,089,413 10.00 2,193,883 10.50 
Leverage capital ratios:
Tier 1 leverage ratio2,314,564 9.36 1,235,856 5.00 988,685 4.00 
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$2,480,714 11.88 %$1,357,025 6.50 %$1,461,411 7.00 %
Tier 1 risk-based capital ratio2,480,714 11.88 1,670,184 8.00 1,774,571 8.50 
Total risk-based capital ratio2,742,024 13.13 2,087,730 10.00 2,192,117 10.50 
Leverage capital ratios:
Tier 1 leverage ratio2,480,714 10.05 1,234,471 5.00 987,577 4.00 
December 31, 2024
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,825,197 12.73 %$932,162 6.50 %$1,003,867 7.00 %
Tier 1 risk-based capital ratio1,935,522 13.50 1,147,276 8.00 1,218,981 8.50 
Total risk-based capital ratio2,449,129 17.08 1,434,095 10.00 1,505,800 10.50 
Leverage capital ratios:
Tier 1 leverage ratio1,935,522 11.34 853,556 5.00 682,845 4.00 
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio$1,843,123 12.85 %$932,552 6.50 %$1,004,287 7.00 %
Tier 1 risk-based capital ratio1,843,123 12.85 1,147,756 8.00 1,219,491 8.50 
Total risk-based capital ratio2,022,737 14.10 1,434,695 10.00 1,506,430 10.50 
Leverage capital ratios:
Tier 1 leverage ratio1,843,123 10.80 852,933 5.00 682,346 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; the full impact of CECL is reflected in our capital ratios as of June 30, 2025.
For more information regarding the capital adequacy guidelines applicable to the Company and Renasant Bank, please refer to Note 15, “Regulatory Matters,” in the Notes to the Consolidated Financial Statements of the Company in Item 1, Financial Statements.
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Critical Accounting Estimates
We have identified certain accounting estimates that involve significant judgment and estimates which can have a material impact on our financial condition or results of operations. Our accounting policies are more fully described in Note 1, “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, 2024, filed with the Securities and Exchange Commission on February 26, 2025. 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, 2024. Since December 31, 2024, 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, 2024. For additional information regarding our market risk, see our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 26, 2025.

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, 2024. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Unregistered Sales of Equity Securities
None.

Issuer Purchases of Equity Securities

During the three month period ended June 30, 2025, the Company repurchased shares of its common stock as indicated in the following table:
Total Number of Shares Purchased(1)
Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Share Repurchase Plans
Maximum Number or Approximate Dollar Value of Shares That May Yet Be Purchased Under Share Repurchase Plans(2)(3)
April 1, 2025 to April 30, 20251,840 $29.64 — $100,000 
May 1, 2025 to May 31, 2025375 34.90 — 100,000 
June 1, 2025 to June 30, 2025584 35.80 — 100,000 
Total2,799 $31.63 — 
(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 2024 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 2025 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 2025 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, 2025, 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
2.1
3.1 
3.2
4.1
4.2 
4.3 
4.4 
4.5 
4.6 


4.7
4.8
4.9
4.10
4.11
4.12
4.13
4.14
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Table of Contents
4.15


4.16


10.1
10.2
31.1
31.2

32.1


32.2


101 The following materials from Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 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).
104The cover page of Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL (included in Exhibit 101).

(1)Filed as exhibit 2(i) to the Form 8-K of the Company filed with the Securities and Exchange Commission (the “Commission”) on July 29, 2024, and incorporated herein by reference. The disclosure schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule will be furnished supplementally to the Commission upon request; provided, however, that the Company may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended for any document so furnished.
(2)Filed as exhibit 3(ii) to the Form 8-K of the Company filed with the Commission on October 24, 2024, and incorporated herein by reference.
(3)Filed as exhibit 4.1 to the Form 8-Kof the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(4)Filed as exhibit 4.2 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(5)Filed as exhibit 4.3 to the Form 8-K of the Company filed with the Commission on April 4, 202, and incorporated herein by reference.
(6)Filed as exhibit 4.4 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(7)Filed as exhibit 4.5 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(8)Filed as exhibit 4.6 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(9)Filed as exhibit 4.7 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(10)Filed as exhibit 4.8 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(11)Filed as exhibit 4.9 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(12)Filed as exhibit 4.10 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(13)Filed as exhibit 4.11 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
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(14)Filed as exhibit 4.12 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(15)Filed as exhibit 4.13 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(16)Filed as exhibit 4.14 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(17)Filed as exhibit 4.15 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(18)Filed as exhibit 4.16 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(19)Filed as exhibit 10.1 to the Form 8-K of the Company filed with the Commission on April 4, 2025, and incorporated herein by reference.
(20)Filed as exhibit 10.2 to the Form 8-K of the Company filed with the Commission on April 4, 2025, 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 Commission, upon its request, a copy of all long-term debt instruments.
81
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 RENASANT CORPORATION
 (Registrant)
Date:August 6, 2025/s/ Kevin D. Chapman
 Kevin D. Chapman
 President and Chief Executive Officer
 (Principal Executive Officer)
Date:August 6, 2025/s/ James C. Mabry IV
 James C. Mabry IV
 Executive Vice President and
 Chief Financial Officer
 (Principal Financial Officer)
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