# RENASANT CORP (RNST)

Informational only - not investment advice.

CIK: 0000715072
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-03-02
SEC page: https://www.sec.gov/edgar/browse/?CIK=715072
Filing source: https://www.sec.gov/Archives/edgar/data/715072/000071507226000017/rnst-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-02 · accession 0000715072-26-000017 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000715072.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,262,259,000 USD | 2025 | verified |
| Net income | 181,272,000 USD | 2025 | verified |
| Assets | 26,751,426,000 USD | 2025 | verified |
| Free cash flow | 237,751,000 USD | 2025 | computed |
| Net margin | 14.36% | 2025 | computed |
| Revenue YoY | +42.18% | 2025 | computed |
| ROE | 4.67% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | RNST | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 14.4% | 21.9% | 18 | 149 |
| Revenue growth | 42.2% | 6.0% | 96 | 148 |
| FCF margin | 18.8% | 23.8% | 28 | 133 |
| ROE | 4.7% | 9.6% | 8 | 149 |
| ROA | 0.7% | 1.1% | 11 | 149 |
| Liabilities / equity | 5.89 | 8.04 | 8 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1262259000 | USD | 2025 | 2026-03-02 |
| Net income | 181272000 | USD | 2025 | 2026-03-02 |
| Assets | 26751426000 | USD | 2025 | 2026-03-02 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000715072.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 329,138,000 | 374,750,000 | 461,854,000 | 542,580,000 | 498,132,000 | 468,685,000 | 541,810,000 | 797,319,000 | 887,777,000 | 1,262,259,000 |
| Net income | 90,930,000 | 92,188,000 | 146,920,000 | 167,596,000 | 83,651,000 | 175,892,000 | 166,068,000 | 144,678,000 | 195,457,000 | 181,272,000 |
| Diluted EPS | 2.17 | 1.96 | 2.79 | 2.88 | 1.48 | 3.12 | 2.95 | 2.56 | 3.27 | 2.07 |
| Operating cash flow | 163,797,000 | 207,042,000 | 82,112,000 | 163,623,000 | 82,242,000 | 142,659,000 | 574,045,000 | 148,553,000 | 106,415,000 | 271,471,000 |
| Capital expenditures | 13,560,000 | 13,047,000 | 22,360,000 | 34,966,000 | 28,270,000 | 20,516,000 | 14,838,000 | 21,634,000 | 13,645,000 | 33,720,000 |
| Dividends paid | 29,734,000 | 34,416,000 | 43,614,000 | 50,901,000 | 50,134,000 | 50,017,000 | 49,991,000 | 50,279,000 | 53,727,000 | 78,604,000 |
| Share buybacks | 0.00 | 0.00 | 7,062,000 | 62,944,000 | 24,569,000 | 21,315,000 | 0.00 | 0.00 | 0.00 | 13,336,000 |
| Assets | 8,699,851,000 | 9,829,981,000 | 12,934,878,000 | 13,400,618,000 | 14,929,612,000 | 16,810,311,000 | 16,988,176,000 | 17,360,535,000 | 18,034,868,000 | 26,751,426,000 |
| Liabilities | 7,466,968,000 | 8,314,998,000 | 10,890,965,000 | 11,274,929,000 | 12,796,879,000 | 14,600,458,000 | 14,852,160,000 | 15,063,152,000 | 15,356,550,000 | 22,866,521,000 |
| Stockholders' equity | 1,232,883,000 | 1,514,983,000 | 2,043,913,000 | 2,125,689,000 | 2,132,733,000 | 2,209,853,000 | 2,136,016,000 | 2,297,383,000 | 2,678,318,000 | 3,884,905,000 |
| Cash and cash equivalents | 306,224,000 | 281,453,000 | 569,111,000 | 414,930,000 | 633,203,000 | 1,877,965,000 | 575,992,000 | 801,351,000 | 1,092,032,000 | 1,070,718,000 |
| Free cash flow | 150,237,000 | 193,995,000 | 59,752,000 | 128,657,000 | 53,972,000 | 122,143,000 | 559,207,000 | 126,919,000 | 92,770,000 | 237,751,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 27.63% | 24.60% | 31.81% | 30.89% | 16.79% | 37.53% | 30.65% | 18.15% | 22.02% | 14.36% |
| Return on equity | 7.38% | 6.09% | 7.19% | 7.88% | 3.92% | 7.96% | 7.77% | 6.30% | 7.30% | 4.67% |
| Return on assets | 1.05% | 0.94% | 1.14% | 1.25% | 0.56% | 1.05% | 0.98% | 0.83% | 1.08% | 0.68% |
| Liabilities / equity | 6.06 | 5.49 | 5.33 | 5.30 | 6.00 | 6.61 | 6.95 | 6.56 | 5.73 | 5.89 |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/RNST/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000715072.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.83 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.82 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.51 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 205,677,000 | 41,833,000 | 0.74 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 210,431,000 | 28,124,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 213,179,000 | 39,409,000 | 0.70 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 220,211,000 | 38,846,000 | 0.69 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 229,043,000 | 72,455,000 | 1.18 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 225,344,000 | 44,746,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 220,330,000 | 41,518,000 | 0.65 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 343,898,000 | 1,018,000 | 0.01 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 351,098,000 | 59,788,000 | 0.63 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 346,933,000 | 78,948,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 338,120,000 | 88,228,000 | 0.94 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 340,440,000 | 87,091,000 | 0.94 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from RNST's latest 10-K: [/company/RNST/business/](/company/RNST/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from RNST's latest 10-K: [/company/RNST/risk-factors/](/company/RNST/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/715072/000071507226000072/rnst-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

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,” or 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) our ability to efficiently integrate acquisitions into our 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; (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) our ability to remediate the material weakness in the Company’s internal control over financial reporting identified in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on March 2, 2026; (vi) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring, mortgage lending and auto lending industries; (vii) the financial resources of, and products available from, competitors; (viii) changes in laws and regulations as well as changes in accounting standards; (ix) 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); (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 portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of our investment securities portfolio; (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) losses resulting from fraudulent activity, including loan and deposit fraud and social engineering attacks targeting our customers, employees and third party vendors; (xx) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses, including as a result of sophisticated attacks using artificial intelligence (“AI”) and similar tools; (xxi) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xxii) 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; (xxiii) the impact, extent and timing of technological changes, including the rapid development of AI technologies; and (xxiv) other circumstances, many of which are beyond management’s control.

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.

49

Table of Contents

Financial Condition

The following discussion provides details regarding the changes in significant balance sheet accounts at June 30, 2026 compared to December 31, 2025.

Assets

[[GREPCENT_TABLE]]
[["Assets","June 30, 2026","","December 31, 2025","","$ Change","","% Change"],["Cash and cash equivalents","$","881,203","","","$","1,070,718","","","$","(189,515)","","","(17.7)","%"],["Securities held to maturity, at amortized cost","983,032","","","1,030,073","","","(47,041)","","","(4.6)"],["Securities available for sale, at fair value","2,842,424","","","2,560,818","","","281,606","","","11.0"],["Loans held for sale, at fair value","241,588","","","265,959","","","(24,371)","","","(9.2)"],["Loans held for investment","19,196,172","","","19,047,039","","","149,133","","","0.8"],["Allowance for credit losses","(296,008)","","","(293,955)","","","(2,053)","","","0.7"],["Loans, net","18,900,164","","","18,753,084","","","147,080","","","0.8"],["Premises and equipment","464,020","","","465,141","","","(1,121)","","","(0.2)"],["Other real estate owned, net","15,571","","","15,191","","","380","","","2.5"],["Goodwill","1,417,538","","","1,405,840","","","11,698","","","0.8"],["Other intangible assets, net","138,022","","","146,612","","","(8,590)","","","(5.9)"],["Bank-owned life insurance","495,235","","","492,541","","","2,694","","","0.5"],["Mortgage servicing rights, net","65,816","","","65,271","","","545","","","0.8"],["Other assets","560,386","","","480,178","","","80,208","","","16.7"],["Total assets","$","27,004,999","","","$","26,751,426","","","$","253,573","","","0.9","%"]]
[[/GREPCENT_TABLE]]

Investments

The securities portfolio is used to meet 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:

[[GREPCENT_TABLE]]
[["","June 30, 2026","","December 31, 2025"],["","Balance","","Percentage of Portfolio","","Balance","","Percentage of Portfolio"],["Obligations of states and political subdivisions","$","555,445","","","14.52","%","","$","552,209","","","15.38","%"],["Mortgage-backed securities","2,882,868","","","75.36","","","2,642,946","","","73.60"],["Other debt securities","387,175","","","10.12","","","395,768","","","11.02"],["","$","3,825,488","","","100.00","%","","$","3,590,923","","","100.00","%"],["Allowance for credit losses - held to maturity securities","(32)","","","","","(32)"],["Securities, net of allowance for credit losses","$","3,825,456","","","","","$","3,590,891"]]
[[/GREPCENT_TABLE]]

The Company purchased $541,398 and $946,095 in investment securities during the six months ended June 30, 2026 and 2025, respectively.

Proceeds from maturities, calls and principal payments on securities during the first six months of 2026 totaled $287,997. Proceeds from the maturities, calls and principal payments on securities during the first six months of 2025 totaled $165,377. No gain or loss on sales of securities was recorded in the first half of 2026 or 2025.

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, 2026, the net unrealized after tax losses remaining to be amortized in accumulated other comprehensive income (loss) was $36,544. No gains or losses were recognized at the time of transfer.

50

Table of Contents

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.

Loans Held for Sale

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 approximately 45 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

The table below sets forth the balance of loa

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/715072/000071507226000017/rnst-20251231.htm
Complete FY 2025 MD&A: /company/RNST/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-03-02
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(In Thousands, Except Share Data)

The following discussion and analysis of our financial condition as of December 31, 2025 and 2024 and results of operations for each of the years then ended should be read together with the cautionary language regarding forward-looking statements at the beginning of this Annual Report on Form 10-K and the consolidated financial statements and related notes included in Part II, Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K, as well as Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025, which provides a discussion of 2023 items and year-to-year comparisons between 2024 and 2023 that are not included in this Annual Report on Form 10-K.

Performance Overview

Net income was $181,272 for 2025 compared to $195,457 for 2024. Basic and diluted earnings per share (“EPS”) were $2.09 and $2.07, respectively, for 2025 compared to $3.29 and $3.27, respectively, for 2024. At December 31, 2025, total assets increased to $26,751,426 from $18,034,868 at December 31, 2024. The changes in our financial condition and results of operations from 2024 to 2025 were driven by a number of factors, the most prominent of which are highlighted below:

[[GREPCENT_TABLE]]
[["\u2014","On April 1, 2025, the Company completed its merger with The First. As of the effective date of the merger, The First operated 116 locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida, and had $7,572,811 in assets, $5,173,334 in loans and $6,449,393 in deposits, net of purchase accounting adjustments."],["\u2014","In October 2025, the Company redeemed $60,000 in subordinated notes assumed as part of the merger with The First."],["\u2014","The Company repurchased, at an average price of $34.29, 388,940 shares of its common stock in the fourth quarter of 2025 as part of its publicly-announced stock repurchase program."],["\u2014","Net interest income increased $291,773 to $803,969 for 2025 as compared to $512,196 for 2024. The increase from 2024 to 2025 was primarily due to the addition of The First\u2019s loan portfolio and strong organic loan growth in 2025."],["\u2014","Net charge-offs as a percentage of average loans were 0.15% and 0.06% in 2025 and 2024, respectively. The Company recorded a provision for credit losses on loans of $107,457 in 2025 as compared to a provision for credit losses on loans of $9,273 in 2024. This increase is primarily due to the Day 1 provision recognized in the merger with The First and strong organic loan growth in 2025."],["\u2014","Noninterest income was $181,880 for 2025 compared to $203,660 for 2024. The decrease in noninterest income is primarily attributable to the elevated level of noninterest income in 2024 from the sale of Renasant Insurance, Inc. that resulted in a pre-tax gross gain on sale of $53,349, offset by fee and other noninterest income generated from the operations acquired in the merger with The First."],["\u2014","Noninterest expense was $651,660 and $461,618 for 2025 and 2024, respectively. The increase in noninterest expense is primarily attributable to the additional operations and merger and conversion-related expenses in connection with the Company\u2019s merger with The First."],["\u2014","Loans held for investment, net of unearned income, were $19,047,039 at December 31, 2025 compared to $12,885,020 at December 31, 2024. The Company acquired $5,173,334 of loans from the merger with The First."],["\u2014","Deposits totaled $21,473,070 at December 31, 2025 compared to $14,572,612 at December 31, 2024. The Company assumed $6,449,393 of deposits from the merger with The First."]]
[[/GREPCENT_TABLE]]

34

A historical look at key performance indicators is presented below.

[[GREPCENT_TABLE]]
[["","2025","","2024","","2023"],["Diluted EPS","$","2.07","","","$","3.27","","","$","2.56"],["Adjusted Diluted EPS(1)","$","3.06","","","$","2.76","","","$","3.15"],["Net Interest Margin","3.79","%","","3.34","%","","3.45","%"],["Adjusted Net Interest Margin(1)","3.57","%","","3.31","%","","3.42","%"],["Shareholders\u2019 Equity to Assets","14.52","%","","14.85","%","","13.23","%"],["Tangible Shareholders\u2019 Equity to Tangible Assets(1)","9.26","%","","9.84","%","","7.87","%"],["Return on Average Assets","0.74","%","","1.11","%","","0.84","%"],["Adjusted Return on Average Assets(1)","1.10","%","","0.94","%","","1.03","%"],["Return on Average Tangible Assets(1)","0.88","%","","1.20","%","","0.92","%"],["Return on Average Shareholders\u2019 Equity","5.14","%","","7.92","%","","6.50","%"],["Return on Average Tangible Common Equity(1)","9.65","%","","13.63","%","","12.29","%"],["Adjusted Return on Average Tangible Common Equity(1)","13.79","%","","11.55","%","","15.02","%"],["Efficiency Ratio","65.00","%","","63.57","%","","68.33","%"],["Adjusted Efficiency Ratio(1)","57.46","%","","66.30","%","","63.48","%"]]
[[/GREPCENT_TABLE]]

(1) These performance indicators are non-GAAP financial measures. A reconciliation of these financial measures from GAAP to non-GAAP as well as an explanation of why the Company provides these non-GAAP financial measures can be found under the “Non-GAAP Financial Measures” heading at the end of this Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Critical Accounting Estimates

Our financial statements are prepared using accounting estimates for various accounts. Wherever feasible, we utilize third-party information to provide management with estimates. Although independent third parties are engaged to assist us in the estimation process, management evaluates the results, challenges assumptions and considers other factors that could impact these estimates. We monitor the status of proposed and newly issued accounting standards to evaluate the impact (or potential impact) on our financial condition and results of operations or on the preparation of our financial statements. Our accounting policies, including the impact of newly issued accounting standards, are discussed in detail in Note 1, “Significant Accounting Policies,” in the Notes to Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in this report. The following discussion supplements the discussion of our significant accounting policies in the financial statements.

Allowance for Credit Losses on Loans

The allowance for credit losses and the related provision for credit losses is the accounting estimate most important to the presentation of our financial statements that involves considerable subjective judgment and evaluation by management. The allowance for credit losses is an estimate of expected losses inherent within the Company’s loans held for investment portfolio and is maintained at a level believed adequate by management to absorb such expected credit losses, as prescribed by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic (“ASC”) 326, “Financial Instruments - Credit Losses” (“ASC 326”; ASC 326 is also referred to herein as “CECL”). The discussion under the heading “Loans and the Allowance for Credit Losses” in Note 1, “Significant Accounting Policies,” in the Notes to Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in this report provides more information regarding the estimates and assumptions, and the uncertainties underlying such estimates and assumptions, involved in the calculation of the allowance for credit losses. Although we consider all reasonably-available information that we believe is relevant to making the assumptions that underlie the Company’s determination of the appropriate amount of the allowance for credit losses, if actual economic or other conditions ultimately differ substantially from the assumptions we used in making the evaluation, then future adjustments (positive or negative) to the allowance may be necessary, although it is difficult to quantify within any degree of precision the extent of the adjustment that may be necessary if actual conditions vary from our assumptions. Additionally, banking regulators periodically review our allowance for credit losses and may require us to recognize adjustments to the allowance based on their subjective judgment of information available to them at the time of their examination. Management evaluates the adequacy of the allowance for credit losses on a quarterly basis.

For more information about our loan policies and procedures for addressing credit risk, as well as for a discussion of the changes in the allowance for credit losses in 2025 and 2024, please refer to the disclosures in this Item under the heading “Risk Management – Credit Risk and Allowance for Credit Losses for Loans and Unfunded Commitments.”

35

Business Combinations, Accounting for Purchased Loans

The Company accounts for its acquisitions under ASC 805, “Business Combinations,” which requires the use of the acquisition method of accounting. For more information about the accounting for acquisitions, including the estimates and assumptions, and uncertainties underlying such estimates and assumptions, please refer to the information under the heading “Business Combinations, Accounting for Purchased Credit Deteriorated Loans and Related Assets” in Note 1, “Significant Accounting Policies,” in the Notes to Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in this report.

Additional details about loans acquired in connection with our acquisitions is set forth below under the heading “Risk Management – Credit Risk and Allowance for Credit Losses for Loans and Unfunded Commitments.”

Financial Condition

The following discussion provides details regarding the changes in significant balance sheet accounts at December 31, 2025 compared to December 31, 2024. Total assets were $26,751,426 at December 31, 2025 compared to $18,034,868 at December 31, 2024. The acquisition of The First increased total assets by $7,572,811 at April 1, 2025.

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 in Item 8, Financial Statements and Supplementary Data, in this report.

Securities

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 other types of borrowings. The securities portfolio also serves as an outlet to deploy excess liquidity rather than hold such 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 at December 31:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/RNST/mda/fy2025/
All MD&A years: /company/RNST/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/RNST/mda/fy2024/): filed 2025-02-26; accession 0000715072-25-000054 (https://www.sec.gov/Archives/edgar/data/715072/000071507225000054/rnst-20241231.htm)
- [FY 2023 MD&A](/company/RNST/mda/fy2023/): filed 2024-02-23; accession 0000715072-24-000042 (https://www.sec.gov/Archives/edgar/data/715072/000071507224000042/rnst-20231231.htm)
- [FY 2022 MD&A](/company/RNST/mda/fy2022/): filed 2023-02-24; accession 0000715072-23-000054 (https://www.sec.gov/Archives/edgar/data/715072/000071507223000054/rnst-20221231.htm)
- [FY 2021 MD&A](/company/RNST/mda/fy2021/): filed 2022-02-25; accession 0000715072-22-000091 (https://www.sec.gov/Archives/edgar/data/715072/000071507222000091/rnst-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/RNST.md · JSON record: /company/RNST.json · verified financials: /company/RNST/financials.json / /company/RNST/financials.csv · machine TOC for the whole site: /llms.txt