Financial Analysis

Mergers and Acquisitions (Dollar amounts in thousands, except per 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 $1,052,690. The Company issued 30,811,851 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. 426,321 shares of unvested restricted stock awards of The First were assumed and converted into restricted stock awards of Renasant, subject to the same terms and conditions. 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 Company incurred transaction costs of $49,331 during the year ended December 31, 2025. These transaction costs are reported in the line item Merger and conversion-related expenses in the Consolidated Statements of Income. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at estimated fair values as of the acquisition date. The Company re …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk (In Thousands) Loan commitments are made to accommodate the financial needs of the Companys 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 Companys normal credit policies. Collateral (e.g., securities, receivables, inventory, equipment, etc.) is obtained based on managements credit assessment of the customer. The Companys unfunded loan commitments (unfunded loans and unused lines of credit) and standby letters of credit outstanding at December 31, 2025 were $3,662,810 and $122,367, respectively, compared to $2,856,308 and $90,267, respectively, at December 31, 2024. For information on the allowance for credit losses on unfunded loan commitments, see Note 5, Allowance for Credit Losses. Various claims and lawsuits are pending against the Company and Renasant Bank. In the opinion of management, after consultation with legal counsel, resolution of these matters is not expected to have a material effect on the consolidated financial statements. Market risk resulting from interest rate changes on particular off-balance sheet financial instruments may be offset by other on - or off-balance sheet transactions. Interest rate sensitivity is monitored by the Company for determinin …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Employee Benefit and Deferred Compensation Plans (Dollar in Thousands, Except Share Data) Pension and Post-retirement Medical Plans The Company sponsors a noncontributory defined benefit pension plan, under which participation and benefit accruals ceased as of December 31, 1996. The Companys funding policy is to contribute annually to the plan an amount not less than the minimum required contribution, as determined annually by consulting actuaries in accordance with funding standards imposed under the Internal Revenue Code of 1986, as amended (the Code). No contributions were made or required in 2025 or 2024. The Company does not anticipate that a contribution will be required in 2026. The plans accumulated benefit obligation and projected benefit obligation are substantially the same since benefit accruals have ceased. The accumulated benefit obligation was $18,590 and $18,685 at December 31, 2025 and 2024, respectively. There is no additional minimum pension liability required to be recognized. The Company provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Companys group medical plan. Employees eligible to participate must (i) have been employed by the Company and enrolled in the Companys group medical plan as of December 31, 2004 and (ii) retire from the Company between ages 55 and 65 with at least 15 years of service or 70 points (points determined as the sum of the employees age and years of service). The C …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

Fair Value Measurements (In Thousands) Recurring Fair Value Measurements The Company carries certain assets and liabilities at fair value on a recurring basis. The Companys recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Companys election to carry certain eligible assets and liabilities at fair value. Assets and liabilities that are required to be carried at fair value 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. The following methods and assumptions are used by the Company to estimate the fair values of the Companys financial assets and liabilities that are measured on a recurring basis: Securities available for sale : Securities available for sale consist of debt securities, such as obligations of U.S. Government agencies and corporations and mortgage-backed securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Suc …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets (In Thousands) Changes in the carrying amount of goodwill during the years ended December 31, 2025 were as follows: Community Banks Insurance Total Balance at December 31, 2023 $ 988,898 $ 2,767 $ 991,665 Sale of the insurance agency (2,767) (2,767) Balance at December 31, 2024 988,898 988,898 Additions to goodwill from The First merger 418,196 418,196 Divestiture of SGIS (1,254) (1,254) Balance at December 31, 2025 $ 1,405,840 $ $ 1,405,840 The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Amount Accumulated Amortization Net Carrying Amount December 31, 2025 Core deposit intangible $ 242,102 $ (97,936) $ 144,166 Customer relationship intangible 7,670 (5,224) 2,446 Total finite-lived intangible assets $ 249,772 $ (103,160) $ 146,612 December 31, 2024 Core deposit intangible $ 82,492 $ (71,881) $ 10,611 Customer relationship intangible 7,670 (4,176) 3,494 Total finite-lived intangible assets $ 90,162 $ (76,057) $ 14,105 Total intangible amortization expense, which includes amortization expense for both core deposit intangibles and customer relationship intangibles, for the years ended December 31, 2025, 2024 and 2023 was $27,103, $4,691 and $5,380, respectively. The remaining weighted average life of finite-lived intangible assets is 8.84 years at December 31, 2025. The remaining weighted average life of finite-lived intangible assets acquired during 2025 is 9.25 years at Dece …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes (In Thousands) Significant components of the provision for income taxes from continuing operations are as follows for the periods presented: Year Ended December 31, 2025 2024 2023 Current Federal $ 42,732 $ 42,179 $ 36,138 State 1,041 2,680 1,376 43,773 44,859 37,514 Deferred Federal 2,448 7,028 (1,187) State (761) (2,379) (3,818) 1,687 4,649 (5,005) $ 45,460 $ 49,508 $ 32,509 Total income tax expense does not reflect the tax effects of items that are included in other comprehensive income each period. The tax effects included each period resulted in net expense in other comprehensive income of $17,634, $4,012 and $19,716 in 2025, 2024 and 2023, respectively. We do not have any foreign operations, and accordingly all net income before income tax relates exclusively to operations within the United States. The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows for the period presented in accordance with ASU 2023-09: Year Ended December 31, 2025 Amount Rate US federal statutory income tax rate $ 47,614 21.00 % State and local income taxes, net of federal income tax effects (1) 236 0.10 % Tax credits and related income tax effects Low income housing tax credits and other tax benefits, net of proportional amortization (2) (1,026) (0.45) % Transferrable energy tax credits, net of cost (3) (529) (0.23) % Nontaxable or nondeductible items Tax-exempt interest income (3,226) (1.42) % Bank …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases (In Thousands) The Company enters into leases in both lessor and lessee capacities. Lessor Arrangements The Company finances various types of equipment arrangements for customers through operating, direct financing and sales-type leases. As of December 31, 2025 and 2024, the net investment in these leases was $29,531 and $30,846, comprised of $25,124 and $26,655 in lease receivables, $8,035 and $7,961 in residual balances and $3,628 and $3,770 in deferred income, respectively. In order to mitigate potential exposure to residual asset risk, the Company utilizes first amendment or terminal rental adjustment clause leases. For the years ended December 31, 2025 and 2024, the Company generated $960 and $1,080 in income from these leases, respectively, which is included in interest income on loans on the Consolidated Statements of Income. The maturities of the lessor arrangements outstanding at December 31, 2025 is presented in the table below. 2026 $ 409 2027 123 2028 380 2029 6,983 2030 2,640 Thereafter 18,996 Total lease receivables $ 29,531 Lessee Arrangements As of December 31, 2025 and 2024, right-of-use assets totaled $55,920 and $46,811 and lease liabilities totaled $57,227 and $49,385, respectively. These amounts are included in Premises and equipment, net and Other liabilities on the Consolidated Balance Sheets. The table below provides the components of lease cost and supplemental information for the periods presented. Year ended December 31, 2025 2024 Operating l …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Long-Term Debt (In Thousands) Long-term debt as of December 31, 2025 and 2024 is summarized as follows: 2025 2024 Federal Home Loan Bank advances $ $ Junior subordinated debentures 140,632 113,916 Subordinated notes 359,124 316,698 Total long-term debt $ 499,756 $ 430,614 Federal Home Loan Bank Advances Long-term FHLB borrowings are used to match fund fixed rate loans in order to minimize interest rate risk and also are used to meet day-to-day liquidity needs, particularly when the cost of such borrowings compares favorably to the rates required to attract deposits. The Company did not have any outstanding long-term advances from the FHLB during 2025 and 2024. The total amount of the credit available to the Company from the FHLB at December 31, 2025 was $5,574,759. Junior Subordinated Debentures The Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors. The trusts used the proceeds from the issuance of their preferred capital securities and common securities (collectively referred to as capital securities) to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired). The debentures are the trusts only assets and interest payments from the debentures finance the distributions paid on the capital securities. Distributions on the capital securities are payable quarterly at a rate per annum …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Impact of Recently-Issued Accounting Standards and Pronouncements : In December 2023, FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as information on income taxes paid. Entities are also required to disclose income/(loss) from continuing operations before income tax expense/(benefit) disaggregated between domestic and foreign, as well as income tax expense/(benefit) from continuing operations disaggregated by federal, state and foreign. ASU 2023-09 was adopted on January 1, 2025 and such required disclosures have been incorporated herein on a prospective basis. The adoption of this ASU did not have a material impact on the Companys financial statements beyond the additional required disclosures. In November 2024, FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires public business entities to provide additional disaggregated information about certain income statement expense captions in the notes to the financial statements. The standard requires disclosure of specified natural expense categories, such as employee compensation, depreciation, and intangible asset amortization, within relevant expense captions, as well as qualitative …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Segment Reporting (In Thousands) The operations of the Companys 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-size businesses including checking and savings accounts, business and personal loans, asset-based lending, factoring, equipment leasing and treasury management services, as well as safe deposit and night depository facilities. The 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. The Company maintained an insurance segment through Renasant Insurance, Inc., which offered all lines of commercial and personal insurance through major carriers. Effective July 1, 2024, the Bank sold substantially all of the assets of Renasant Insurance, Inc. The Companys report …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Significant Accounting Policies (Dollar amounts 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, Continental Republic Capital, LLC (doing business as Republic Business Credit) and Southwest Georgia Insurance Services, Inc. On July 1, 2024, the Bank sold substantially all of the assets of Renasant Insurance, Inc., and on December 31, 2025, the Bank sold substantially all of the assets of Southwest Georgia Insurance Services, Inc. Following theses sales, the relevant entity discontinued its insurance agency operations. 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 the Company offers factoring and asset-based lending on a nationwide basis. Use of Estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to change include the allowance for credit losses and the fair value of assets acquired and liabilities assumed as part of a bu …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

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 $1,052,690. The Company issued 30,811,851 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 Company incurred transaction costs of $17,494 and $38,764 during the three and nine months ended September 30, 2025. The Company incurred transaction costs of $4,746 during the three and nine months ended September 30, 2024. These transaction costs are reported in the line item Merger and conversion related expenses in the Consolidated Statements of Income. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at estimated fair values as of the acquisition date. The Company recorded approximately $582,423 in intangib …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Employee Benefit and Deferred Compensation Plans (In Thousands, Except Share Data) Pension and Post-retirement Medical Plans The Company sponsors a noncontributory defined benefit pension plan, under which participation and benefit accruals ceased as of December 31, 1996, and it provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Companys 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 Benefits Other Benefits Three Months Ended Three Months Ended September 30, September 30, 2025 2024 2025 2024 Interest cost $ 237 $ 227 $ 5 $ 5 Expected return on plan assets (267) (249) Recognized actuarial loss (gain) 121 129 (22) (23) Net periodic benefit cost (return) $ 91 $ 107 $ (17) $ (18) Pension Benefits Other Benefits Nine Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Interest cost $ 711 $ 681 $ 15 $ 16 Expected return on plan assets (801) (745) Recognized actuarial loss (gain) 364 387 (66) (70) Net periodic benefit cost (return) $ 274 $ 323 $ (51) $ (54) 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 …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

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), next 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 Companys recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Companys 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, Finan …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangible Assets (In Thousands) The carrying amounts of goodwill by operating segments for the nine months ended September 30, 2025 and 2024 are set forth in the table below. 2025 2024 Community Banks Total Community Banks Insurance Total Balance at January 1 $ 988,898 $ 988,898 $ 988,898 $ 2,767 $ 991,665 Additions to goodwill from The First merger 422,813 422,813 Sale of the insurance agency (2,767) (2,767) Balance at September 30 $ 1,411,711 $ 1,411,711 $ 988,898 $ $ 988,898 The following table provides a summary of finite-lived intangible assets as of the dates presented: Gross Carrying Amount Accumulated Amortization Net Carrying Amount September 30, 2025 Core deposit intangibles $ 242,102 $ (89,733) $ 152,369 Customer relationship intangible 7,670 (4,962) 2,708 Total finite-lived intangible assets $ 249,772 $ (94,695) $ 155,077 December 31, 2024 Core deposit intangibles $ 82,492 $ (71,881) $ 10,611 Customer relationship intangible 7,670 (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 Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Amortization expense for: Core deposit intangibles $ 8,412 $ 862 $ 17,852 $ 2,664 Customer relationship intangible 262 298 786 894 Total intangible amortization $ 8,674 $ 1,160 $ 18,638 $ 3,558 The remaining weighted average life of finite-lived intangible assets is 9. …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes For the nine months ended September 30, 2025 and 2024, the effective tax rate was 21.23% and 22.80%, respectively. The Companys sale of its insurance business in the third quarter of 2024 resulted in a significant discrete tax expense during such period, which contributed to the year-over-year decrease in the Companys effective tax rate. 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. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Impact of Recently-Issued Accounting Standards and Pronouncements : In November 2024, the Financial Accounting Standards Board (FASB) 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 Companys financial statements. In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which enhances the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as information on income taxes paid. Entities will also be required to disclose income/(loss) from continuing operations before income tax expense/(benefit) disaggregated between domestic and foreign, as well as income tax expense/(benefit) from continuing operations disaggregated by federal, state and foreign. ASU 2023-09 was effective January 1, 2025 and did not have a significant impact on our financial statements. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), wh …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Segment Reporting (In Thousands) The operations of the Companys reportable segments are described as follows: The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-sized businesses including checking and savings accounts, business and personal loans, asset-based lending, factoring, equipment leasing and treasury management services, as well as safe deposit and night depository facilities. The 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 Companys reportable segments are determ …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

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), 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 its subsidiary, 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 statement of the results for the interim periods presented have been included. For further information regarding the Companys significant accounting policies, refer to the audited consolidated financial s …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Subsequent Events (In Thousands, Except Share Amounts) Subordinated Debt Redemption On October 1, 2025, the Company redeemed $60,000 in subordinated notes assumed in connection with its merger with The First.

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