Renascent Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Renascent Corp has filed its Q1 2024 10-Q report, detailing financial performance and operations for the quarter ending March 31, 2024.</b>

AI Summary

RENASANT CORP (RNST) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Renascent Corp filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Renascent Corp is incorporated in Mississippi (MS). The company's primary business is Commercial Banks (SIC 6022).

Why It Matters

For investors and stakeholders tracking RENASANT CORP, this filing contains several important signals. This filing provides investors with the latest financial data and operational updates for Renascent Corp, crucial for assessing its current performance and future outlook. As a publicly traded entity, Renascent Corp's 10-Q filings are essential for regulatory compliance and transparency, offering insights into its financial health and strategic direction.

Risk Assessment

Risk Level: low — RENASANT CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any unusual or significant events that would elevate the risk profile.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Renascent Corp's performance trends and any emerging risks or opportunities.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• RENASANT CORP (company) — FILER
• 0000715072 (company) — CENTRAL INDEX KEY
• MS (company) — STATE OF INCORPORATION
• 6022 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• TUPELO (company) — CITY
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-08 (date) — FILED AS OF DATE

FAQ

Industry Context

Renascent Corp operates within the commercial banking sector, a key component of the financial services industry.

Regulatory Implications

As a commercial bank, Renascent Corp is subject to regulations from various financial authorities, including the SEC, Federal Reserve, and state banking regulators.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review management's discussion and analysis (MD&A) for insights into performance drivers.
3. Compare key financial metrics to prior periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $5.00 — ange on which registered Common stock, $5.00 par value per share RNST The New York S

Filing Documents

• rnst-20240331.htm (10-Q) — 4619KB
• exhibit101-pbrp.htm (EX-10.1) — 78KB
• exhibit102-ltipamendment.htm (EX-10.2) — 7KB
• rnst3312024ex311.htm (EX-31.1) — 9KB
• rnst3312024ex312.htm (EX-31.2) — 9KB
• rnst3312024ex321.htm (EX-32.1) — 5KB
• rnst3312024ex322.htm (EX-32.2) — 6KB
• 0000715072-24-000130.txt (&nbsp;) — 23314KB
• rnst-20240331.xsd (EX-101.SCH) — 77KB
• rnst-20240331_cal.xml (EX-101.CAL) — 170KB
• rnst-20240331_def.xml (EX-101.DEF) — 466KB
• rnst-20240331_lab.xml (EX-101.LAB) — 993KB
• rnst-20240331_pre.xml (EX-101.PRE) — 766KB
• rnst-20240331_htm.xml (XML) — 6543KB

Financial Information

PART I Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Balance Sheets 1 Consolidated Statements of Income 2 Consolidated Statements of Comprehensive Income 3 Consolidated Statements of Changes in Shareholders' Equity 4 Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 43

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 66

Controls and Procedures

Item 4. Controls and Procedures 66

Other Information

PART II Other Information

Risk Factors

Item 1A. Risk Factors 67

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67

Other Information

Item 5. Other Information 68

Exhibits

Item 6. Exhibits 68

SIGNATURES

SIGNATURES 70 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS Renasant Corporation and Subsidiaries Consolidated Balance Sheets (In Thousands, Except Share Data) (Unaudited) March 31, 2024 December 31, 2023 Assets Cash and due from banks $ 174,349 $ 206,680 Interest-bearing balances with banks 670,051 594,671 Cash and cash equivalents 844,400 801,351 Securities held to maturity (net of allowance for credit losses of $ 32 at each of March 31, 2024 and December 31, 2023) (fair value of $ 1,085,085 and $ 1,121,830 , respectively) 1,199,111 1,221,464 Securities available for sale, at fair value 764,486 923,279 Loans held for sale, at fair value 191,440 179,756 Loans held for investment, net of unearned income 12,500,525 12,351,230 Allowance for credit losses on loans ( 201,052 ) ( 198,578 ) Loans, net 12,299,473 12,152,652 Premises and equipment, net 282,193 283,195 Other real estate owned, net 9,142 9,622 Goodwill 991,665 991,665 Other intangible assets, net 17,583 18,795 Bank-owned life insurance 385,186 382,584 Mortgage servicing rights 71,596 91,688 Other assets 289,466 304,484 Total assets $ 17,345,741 $ 17,360,535 Liabilities and shareholders' equity Liabilities Deposits Noninterest-bearing $ 3,516,164 $ 3,583,675 Interest-bearing 10,720,999 10,493,110 Total deposits 14,237,163 14,076,785 Short-term borrowings 108,121 307,577 Long-term debt 428,047 429,400 Other liabilities 250,060 249,390 Total liabilities 15,023,391 15,063,152 Shareholders' equity Preferred stock, $ 0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding — — Common stock, $ 5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 56,304,860 and 56,142,207 shares outstanding, respectively 296,483 296,483 Treasury stock, at cost – 2,991,865 and 3,154,518 shares, respectively ( 99,683 ) ( 105,249 ) Additional paid-in capital 1,303,613 1,308,281 Retained earnings 978,880 952,124 Accumulated other comprehensive loss, net of taxes ( 156,943 ) ( 15

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) Note 1 – Summary of Significant Accounting Policies (In Thousands) Nature of Operations : Renasant Corporation (referred to herein as the "Company") owns and operates Renasant Bank ("Renasant Bank" or the "Bank"), Renasant Insurance, Inc., Park Place Capital Corporation and Continental Republic Capital, LLC (doing business as "Republic Business Credit"). Through its subsidiaries, the Company offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers from offices located throughout the Southeast and offers factoring and asset-based lending on a nationwide basis. Basis of Presentation : The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company's significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission on February 23, 2024. Use of Estimates : The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material. Impact of Recently-Issued Accoun

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) Note 2 – Securities (In Thousands, Except Number of Securities) The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below. There was no allowance for credit losses allocated to any of the Company's available for sale securities as of March 31, 2024 or December 31, 2023. Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2024 Obligations of states and political subdivisions $ 21,669 $ 88 $ ( 1,994 ) $ 19,763 Residential mortgage backed securities: Government agency mortgage backed securities 198,253 99 ( 26,073 ) 172,279 Government agency collateralized mortgage obligations 431,344 — ( 90,453 ) 340,891 Commercial mortgage backed securities: Government agency mortgage backed securities 6,023 — ( 679 ) 5,344 Government agency collateralized mortgage obligations 137,524 — ( 22,702 ) 114,822 Other debt securities 115,235 583 ( 4,431 ) 111,387 $ 910,048 $ 770 $ ( 146,332 ) $ 764,486 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2023 Obligations of states and political subdivisions $ 36,374 $ 119 $ ( 1,883 ) $ 34,610 Residential mortgage backed securities: Government agency mortgage backed securities 301,400 172 ( 24,968 ) 276,604 Government agency collateralized mortgage obligations 485,164 — ( 85,883 ) 399,281 Commercial mortgage backed securities: Government agency mortgage backed securities 6,029 — ( 637 ) 5,392 Government agency collateralized mortgage obligations 161,299 24 ( 21,965 ) 139,358 Other debt securities 72,383 109 ( 4,458 ) 68,034 $ 1,062,649 $ 424 $ ( 139,794 ) $ 923,279 7 Table of Contents Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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 March 31, 2024 Obligations of states and political subdivisions $ 287,255 $ 51 $ ( 37,550 ) $ 249,756 Residential mortgage backed securities Government agency mortgage backed securities 414,485 — ( 24,465 ) 390,020 Government agency collateralized mortgage obligations 379,244 — ( 36,971 ) 342,273 Commercial mortgage backed securities: Government agency mortgage backed securities 16,977 — ( 3,056 ) 13,921 Government agency collateralized mortgage obligations 44,360 — ( 7,411 ) 36,949 Other debt securities 56,822 — ( 4,656 ) 52,166 $ 1,199,143 $ 51 $ ( 114,109 ) $ 1,085,085 Allowance for credit losses - held to maturity securities ( 32 ) Held to maturity securities, net of allowance for credit losses $ 1,199,111 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2023 Obligations of states and political subdivisions $ 288,154 $ 74 $ ( 33,688 ) $ 254,540 Residential mortgage backed securities Government agency mortgage backed securities 426,264 — ( 20,314 ) 405,950 Government agency collateralized mortgage obligations 387,208 — ( 31,670 ) 355,538 Commercial mortgage backed securities: Government agency mortgage backed securities 16,983 — ( 2,972 ) 14,011 Government agency collateralized mortgage obligations 44,514 — ( 6,977 ) 37,537 Other debt securities 58,373 — ( 4,119 ) 54,254 $ 1,221,496 $ 74 $ ( 99,740 ) $ 1,121,830 Allowance for credit losses - held to maturity securities ( 32 ) Held to maturity securities, net of allowance for credit losses $ 1,221,464 Securities sold were as follows for the three months ended March 31, 2024. The Company intended to sell these securities as of December 31, 2023, and completed the sale in January 2024. Therefore, the Company impaired

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) At March 31, 2024 and December 31, 2023, securities with a carrying value of $ 799,198 and $ 880,715 , respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $ 14,106 and $ 14,329 were pledged as collateral for short-term borrowings and derivative instruments at March 31, 2024 and December 31, 2023, respectively. The amortized cost and fair value of securities at March 31, 2024 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. Held to Maturity Available for Sale Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ — $ — $ 2,274 $ 2,231 Due after one year through five years 7,705 7,249 35,762 36,003 Due after five years through ten years 112,024 99,428 38,877 34,712 Due after ten years 224,348 195,245 52,283 51,365 Residential mortgage backed securities: Government agency mortgage backed securities 414,485 390,020 198,253 172,279 Government agency collateralized mortgage obligations 379,244 342,273 431,344 340,891 Commercial mortgage backed securities: Government agency mortgage backed securities 16,977 13,921 6,023 5,344 Government agency collateralized mortgage obligations 44,360 36,949 137,524 114,822 Other debt securities — — 7,708 6,839 $ 1,199,143 $ 1,085,085 $ 910,048 $ 764,486 9 Table of Contents Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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 Months 12 Months or More Total # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Available for Sale: March 31, 2024 Obligations of states and political subdivisions — $ — $ — 7 $ 13,253 $ ( 1,994 ) 7 $ 13,253 $ ( 1,994 ) Residential mortgage backed securities: Government agency mortgage backed securities 4 6,720 ( 45 ) 36 161,215 ( 26,028 ) 40 167,935 ( 26,073 ) Government agency collateralized mortgage obligations — — — 37 340,806 ( 90,453 ) 37 340,806 ( 90,453 ) Commercial mortgage backed securities: Government agency mortgage backed securities — — — 2 5,344 ( 679 ) 2 5,344 ( 679 ) Government agency collateralized mortgage obligations 2 7,694 ( 87 ) 25 107,128 ( 22,615 ) 27 114,822 ( 22,702 ) Other debt securities — — — 21 37,296 ( 4,431 ) 21 37,296 ( 4,431 ) Total 6 $ 14,414 $ ( 132 ) 128 $ 665,042 $ ( 146,200 ) 134 $ 679,456 $ ( 146,332 ) December 31, 2023 Obligations of states and political subdivisions 3 $ 2,914 $ ( 2 ) 9 $ 15,198 $ ( 1,881 ) 12 $ 18,112 $ ( 1,883 ) Residential mortgage backed securities: Government agency mortgage backed securities 1 806 ( 25 ) 35 166,963 ( 24,943 ) 36 167,769 ( 24,968 ) Government agency collateralized mortgage obligations — — — 37 354,574 ( 85,883 ) 37 354,574 ( 85,883 ) Commercial mortgage backed securities: Government agency mortgage backed securities — — — 2 5,392 ( 637 ) 2 5,392 ( 637 ) Government agency collateralized mortgage obligations — — — 25 108,575 ( 21,965 ) 25 108,575 ( 21,965 ) Other debt securities 2 3,099 ( 195 ) 19 35,072 ( 4,263 ) 21 38,171 ( 4,458 ) Total 6 $ 6,819 $ ( 222 ) 127 $ 685,774 $ ( 139,572 ) 133 $ 692,593 $ ( 139,794 ) 10 Table of Contents Renasant Corporation

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) Less than 12 Months 12 Months or More Total # Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Held to Maturity: March 31, 2024 Obligations of states and political subdivisions 1 $ 2,372 $ ( 16 ) 127 $ 245,670 $ ( 37,534 ) 128 $ 248,042 $ ( 37,550 ) Residential mortgage backed securities: Government agency mortgage backed securities — — — 70 390,021 ( 24,465 ) 70 390,021 ( 24,465 ) Government agency collateralized mortgage obligations — — — 18 342,272 ( 36,971 ) 18 342,272 ( 36,971 ) Commercial mortgage backed securities: Government agency mortgage backed securities — — — 1 13,921 ( 3,056 ) 1 13,921 ( 3,056 ) Government agency collateralized mortgage obligations — — — 9 36,949 ( 7,411 ) 9 36,949 ( 7,411 ) Other debt securities — — — 10 52,167 ( 4,656 ) 10 52,167 ( 4,656 ) Total 1 $ 2,372 $ ( 16 ) 235 $ 1,081,000 $ ( 114,093 ) 236 $ 1,083,372 $ ( 114,109 ) December 31, 2023 Obligations of states and political subdivisions 2 $ 2,807 $ ( 25 ) 126 $ 249,995 $ ( 33,663 ) 128 $ 252,802 $ ( 33,688 ) Residential mortgage backed securities: Government agency mortgage backed securities — — — 70 405,950 ( 20,314 ) 70 405,950 ( 20,314 ) Government agency collateralized mortgage obligations — — — 18 355,538 ( 31,670 ) 18 355,538 ( 31,670 ) Commercial mortgage backed securities: Government agency mortgage backed securities — — — 1 14,011 ( 2,972 ) 1 14,011 ( 2,972 ) Government agency collateralized mortgage obligations — — — 9 37,537 ( 6,977 ) 9 37,537 ( 6,977 ) Other debt securities — — — 10 54,254 ( 4,119 ) 10 54,254 ( 4,119 ) Total 2 $ 2,807 $ ( 25 ) 234 $ 1,117,285 $ ( 99,715 ) 236 $ 1,120,092 $ ( 99,740 ) The Company evaluates its available for sale investment securities in an unrealized loss position on a quarterly basis. If the Company intends to sell the security or it is more likely than not that it will be required to sell before recovery, the entir

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