Renascent Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Renascent Corp submitted its 2023 10-K, detailing financial performance and corporate structure.</b>

AI Summary

RENASANT CORP (RNST) filed a Annual Report (10-K) with the SEC on February 23, 2024. Renascent Corp filed its 2023 Form 10-K on February 23, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as common stock, treasury stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed for multiple year-ends. The company's principal business address is 209 Troy Street, Tupelo, MS 38804-4827. Renascent Corp was formerly known as Peoples Holding Co, with a name change effective July 3, 1992.

Why It Matters

For investors and stakeholders tracking RENASANT CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Renascent Corp's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data, including equity components and historical performance, allows stakeholders to track trends and make informed investment decisions regarding Renascent Corp.

Risk Assessment

Risk Level: medium — RENASANT CORP shows moderate risk based on this filing. The filing is a standard 10-K for a publicly traded company, indicating a medium level of risk associated with regulatory compliance and financial reporting, typical for this type of disclosure.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Renascent Corp's financial position and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 1992-07-03 — Date of Name Change (Former company name transition)

Key Players & Entities

• RENASANT CORP (company) — Filer name
• 0000715072 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• MS (company) — State of Incorporation
• 209 TROY STREET (company) — Business Address Street 1
• TUPELO (company) — Business Address City
• 38804-4827 (company) — Business Address ZIP
• PEOPLES HOLDING CO (company) — Former Company Name

FAQ

Industry Context

Renascent Corp operates within the commercial banking sector, as indicated by its SIC code 6022. This sector is subject to significant regulatory oversight and economic sensitivity.

Regulatory Implications

As a commercial bank, Renascent Corp is subject to regulations from various financial authorities, including the SEC, and operates under specific banking laws that govern its operations, capital requirements, and risk management.

What Investors Should Do

1. Review the detailed financial statements for fiscal year 2023.
2. Analyze the risk factors section for potential business challenges.
3. Compare key financial metrics with previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing a year-end summary. Specific comparisons to the prior filing (likely a 2022 10-K) would require access to that document.

Key Financial Figures

• $5.00 — ange on which registered Common stock, $5.00 par value per share RNST The New York S
• $2.1 billion — e on the secondary market approximately $2.1 billion in residential real estate loans 3 t

Filing Documents

• rnst-20231231.htm (10-K) — 6293KB
• amdtno4tomcgrawempagrex1019.htm (EX-10.19) — 12KB
• rnst12312023ex21_subsidiar.htm (EX-21) — 23KB
• ex23_horneconsentx2023.htm (EX-23) — 3KB
• rnst12312023exhibit311.htm (EX-31.1) — 12KB
• rnst12312023exhibit312.htm (EX-31.2) — 11KB
• rnst12312023exhibit321.htm (EX-32.1) — 8KB
• rnst12312023exhibit322.htm (EX-32.2) — 8KB
• exh97-clawbackpolicy.htm (EX-97) — 13KB
• exh97-clawbackpolicy001.jpg (GRAPHIC) — 55KB
• exh97-clawbackpolicy002.jpg (GRAPHIC) — 237KB
• exh97-clawbackpolicy003.jpg (GRAPHIC) — 253KB
• exh97-clawbackpolicy004.jpg (GRAPHIC) — 167KB
• exh97-clawbackpolicy005.jpg (GRAPHIC) — 137KB
• rnst-20231231_g1.jpg (GRAPHIC) — 122KB
• rnst-20231231_g2.jpg (GRAPHIC) — 7KB
• rnst-20231231_g3.jpg (GRAPHIC) — 23KB
• 0000715072-24-000042.txt (&nbsp;) — 32841KB
• rnst-20231231.xsd (EX-101.SCH) — 123KB
• rnst-20231231_cal.xml (EX-101.CAL) — 251KB
• rnst-20231231_def.xml (EX-101.DEF) — 709KB
• rnst-20231231_lab.xml (EX-101.LAB) — 1611KB
• rnst-20231231_pre.xml (EX-101.PRE) — 1169KB
• rnst-20231231_htm.xml (XML) — 8099KB

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 28

Cybersecurity

Item 1C. Cybersecurity 28

Properties

Item 2. Properties 32

Legal Proceedings

Item 3. Legal Proceedings 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33

[Reserved]

Item 6. [Reserved] 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 62

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 63

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 135

Controls and Procedures

Item 9A. Controls and Procedures 135

Other Information

Item 9B. Other Information 135

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 135 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 135

Executive Compensation

Item 11. Executive Compensation 136

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 136

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 136

Principal Account ant Fees and Services

Item 14. Principal Account ant Fees and Services 136 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 137

Form 10-K Summary

Item 16. Form 10-K Summary 141

SIGNATURES

SIGNATURES S- 1 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K may contain or incorporate by reference statements regarding Renasant Corporation (referred to herein as the "Company", "we", "our", or "us") that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "projects," "anticipates," "intends," "estimates," "plans," "potential," "focus," "possible," "may increase," "may fluctuate," "will likely result," and similar expressions, or future or conditional verbs such as "will," "should," "would" and "could," are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company's future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company's management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company's control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Important factors currently known to management that could cause our actual results to differ materially from those in forward-looking statements include the following: the Company's ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in t

BUSINESS

ITEM 1. BUSINESS General Renasant Corporation, a Mississippi corporation incorporated in 1982, owns and operates Renasant Bank, a Mississippi banking corporation with operations throughout the Southeast as well as offering factoring and asset-based lending on a nationwide basis. Renasant Bank, in turn, owns and operates Renasant Insurance, Inc., a Mississippi corporation with operations in Mississippi, Park Place Capital Corporation, a Tennessee corporation with operations across our footprint, and Continental Republic Capital, LLC (doing business as "Republic Business Credit"), a Louisiana limited liability company with nationwide operations. In this Annual Report, Renasant Bank is sometimes referred to as the "Bank," while Renasant Insurance, Inc. is referred to as "Renasant Insurance," Park Place Capital Corporation is referred to as "Park Place Capital," and Continental Republic Capital, LLC is referred to as "Republic Business Credit." Our vision is to be the financial services advisor and provider of choice in each community we serve. With this vision in mind, management has organized the branch banks into community banks using a franchise concept. The franchise approach empowers community bank presidents to execute their own business plans in order to achieve our vision. Specific performance measurement tools are available to assist these presidents in determining the success of their plan implementation. A few of the ratios used in measuring the success of their business plan include: — return on average assets — net interest margin and spread — the efficiency ratio — fee income shown as a percentage of loans and deposits — loan and deposit growth — the volume and cost of deposits — net charge-offs to average loans — the percentage of loans past due and nonaccruing While we have preserved decision-making at a local level, we have centralized our legal, accounting, investment, risk management, loan review, human resources, audit and data processing/

View Full Filing

View this 10-K filing on SEC EDGAR