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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

July 22, 2025

Date of report (Date of earliest event reported)

RENASANT CORPORATION

(Exact name of registrant as specified in its charter)


Mississippi	001-13253	64-0676974
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

209 Troy Street, Tupelo, Mississippi 38804-4827

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (662) 680-1001

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $5.00 par value per share	RNST	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 22, 2025, Renasant Corporation (the “Company”) issued a press release announcing earnings for the second quarter of 2025. The press release is furnished as Exhibit 99.1 to this Form 8-K.

Item 7.01. Regulation FD Disclosure

On July 22, 2025, the Company also made available presentation materials (the “Presentation”) prepared for use with its earnings conference call on July 23, 2025. The Presentation is attached hereto and incorporated herein as Exhibit 99.2.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “focus,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any 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.

(“The First”)) into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities the Company has acquired, or may acquire, or target for acquisition, including in connection with its merger with The First; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in governmental and regulatory policy, whether applicable specifically to financial institutions or impacting the United States generally (such as, for example, changes in trade policy); (ix) increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of the Company’s merger with The First; (x) changes in the securities and foreign exchange markets; (xi) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xii) changes in the quality or composition of the Company’s loan or investment 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 the Company’s 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 the Company uses to make loans and otherwise fund the Company’s operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (xv) general economic, market or business conditions, including the impact of inflation; (xvi) changes in demand for loan and deposit products and other financial services; (xvii) concentrations of credit or deposit exposure; (xviii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xix) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xx) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xxi) geopolitical conditions, including acts or threats of terrorism and actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxii) the impact, extent and timing of technological changes; and (xxiii) other circumstances, many of which are beyond management’s control.

Management believes that the assumptions underlying Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov.

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.

Item 9.01. Financial Statements and Exhibits.

(d) The following exhibits are furnished herewith:

Exhibit No. Description

99.1 Press release issued by Renasant Corporation announcing earnings for the second quarter of 2025

99.2 Presentation materials for Renasant Corporation Second Quarter 2025 Earnings Call

104 The cover page of Renasant Corporation's Form 8-K is formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	RENASANT CORPORATION
Date: July 22, 2025	By:	/s/ Kevin D. Chapman
		Kevin D. Chapman
		Chief Executive Officer

EX-99.1 2 exhibit991_rnstx2q2025earn.htm EX-99.1 Document


Contacts:	For Media:	For Financials:
	John S. Oxford	James C. Mabry IV
	Senior Vice President	Executive Vice President
	Chief Marketing Officer	Chief Financial Officer
	(662) 680-1219	(662) 680-1281

RENASANT CORPORATION ANNOUNCES

EARNINGS FOR THE SECOND QUARTER OF 2025

TUPELO, MISSISSIPPI (July 22, 2025) - Renasant Corporation (NYSE: RNST) (the “Company”) today announced earnings results for the second quarter of 2025.


(Dollars in thousands, except earnings per share)	Three Months Ended			Six Months Ended
	Jun 30, 2025	Mar 31, 2025	Jun 30, 2024	Jun 30, 2025	Jun 30, 2024
Net income and earnings per share:
Net income	$1,018	$41,518	$38,846	$42,536	$78,255
Merger and conversion related expenses (net of tax)	(15,935)	(593)	—	(16,527)	—
Day 1 acquisition provision (net of tax)	(50,026)	—	—	(50,026)	—
Basic EPS	0.01	0.65	0.69	0.54	1.39
Diluted EPS	0.01	0.65	0.69	0.53	1.38
Adjusted diluted EPS (Non-GAAP)(1)	0.69	0.66	0.69	1.36	1.33
Impact to diluted EPS from merger and conversion related expenses (net of tax)	(0.17)	(0.01)	—	(0.21)	—
Impact to diluted EPS from Day 1 acquisition provision (net of tax)	(0.53)	—	—	(0.63)	—

“The results for the quarter reflect significant progress on the merger and integration of The First Bancshares, Inc.,” remarked Kevin D. Chapman, Chief Executive Officer of the Company. “Our employees continue to work diligently on bringing two strong companies together to better serve our customers.”

Quarterly Highlights

Merger with The First Bancshares, Inc.

•On April 1, 2025, the Company completed its merger with The First Bancshares, Inc. (“The First”). As of the effective date of the merger, The First operated 116 locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida and, net of purchase accounting adjustments, had $7.9 billion in assets, $5.2 billion in loans, and $6.4 billion in deposits

Earnings

•Net income for the second quarter of 2025 was $1.0 million, which includes merger and conversion expenses of $20.5 million and Day 1 acquisition provision for credit losses of $66.6 million; diluted EPS and adjusted diluted EPS (non-GAAP)(1) were $0.01 and $0.69, respectively

•Net interest income (fully tax equivalent) for the second quarter of 2025 was $222.7 million, up $85.3 million linked quarter, primarily due to the merger with The First

•For the second quarter of 2025, net interest margin was 3.85%, up 40 basis points linked quarter. Adjusted net interest margin (non-GAAP)(1) was 3.58%, up 16 basis points linked quarter

•Cost of total deposits was 2.12% for the second quarter of 2025, down 10 basis points linked quarter

•Noninterest income increased $11.9 million linked quarter, primarily due to the merger with The First

•Mortgage banking income increased $3.1 million linked quarter. Gain on sale of mortgage servicing rights (“MSRs”) was $1.5 million. The mortgage division generated $679.6 million in interest rate lock volume in the second quarter of 2025, up $47.5 million linked quarter. Gain on sale margin was 1.87% for the second quarter of 2025, up 45 basis points linked quarter

•Noninterest expense increased $69.3 million linked quarter, primarily due to the merger with The First. Merger and conversion expenses and core deposit intangible amortization increased $19.7 million and $7.8 million, respectively, linked quarter

Balance Sheet

•The combined company generated net organic loan growth of $311.6 million for the quarter, or 6.9% annualized

•Securities increased $1.4 billion linked quarter, which includes $1.5 billion of securities acquired from The First. In the second quarter of 2025, the Company sold a portion of the acquired securities for proceeds of $686.5 million, which were reinvested in higher yielding assets

•The combined company generated net organic deposit growth of $361.3 million for the quarter, or 6.8% annualized. Noninterest bearing deposits increased $1.8 billion linked quarter, primarily due to the merger with The First, and represented 24.8% of total deposits at June 30, 2025

Capital and Stock Repurchase Program

•Book value per share and tangible book value per share (non-GAAP)(1) decreased 7.1% and 14.7%, respectively, linked quarter, due to the merger with The First

•The Company has a $100.0 million stock repurchase program in effect through October 2025 under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. There was no buyback activity during the second quarter of 2025

Credit Quality

•The Company recorded a provision for credit losses of $81.3 million for the second quarter of 2025, which includes a $66.6 million Day 1 acquisition provision for credit losses and unfunded commitments

•The ratio of the allowance for credit losses on loans to total loans was 1.57% at June 30, 2025, up one basis point linked quarter; net loan charge-offs for the second quarter of 2025 were $12.1 million

•The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 204.97% at June 30, 2025, compared to 206.55% at March 31, 2025

•Nonperforming loans to total loans remained at 0.76% at June 30, 2025, and criticized loans (which include classified and Special Mention loans) to total loans increased to 2.66% at June 30, 2025, compared to 2.45% at March 31, 2025, primarily due to the merger with The First

(1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

Income Statement


(Dollars in thousands, except per share data)	Three Months Ended										Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Interest income
Loans held for investment	$	301,794	$	196,566	$	199,240	$	202,655	$	198,397	$	498,360	$	390,787
Loans held for sale	4,639		3,008		3,564		4,212		3,530		7,647		5,838
Securities	28,408		12,117		10,510		10,304		10,410		40,525		21,110
Other	9,057		8,639		12,030		11,872		7,874		17,696		15,655
Total interest income	343,898		220,330		225,344		229,043		220,211		564,228		433,390
Interest expense
Deposits	111,921		79,386		85,571		90,787		87,621		191,307		170,234
Borrowings	13,118		6,747		6,891		7,258		7,564		19,865		14,840
Total interest expense	125,039		86,133		92,462		98,045		95,185		211,172		185,074
Net interest income	218,859		134,197		132,882		130,998		125,026		353,056		248,316
Provision for credit losses
Provision for loan losses	75,400		2,050		3,100		1,210		4,300		77,450		6,938

Provision for (Recovery of) unfunded commitments	5,922		2,700		(500)		(275)		(1,000)		8,622		(1,200)
Total provision for credit losses	81,322		4,750		2,600		935		3,300		86,072		5,738
Net interest income after provision for credit losses	137,537		129,447		130,282		130,063		121,726		266,984		242,578
Noninterest income	48,334		36,395		34,218		89,299		38,762		84,729		80,143
Noninterest expense	183,204		113,876		114,747		121,983		111,976		297,080		224,888
Income before income taxes	2,667		51,966		49,753		97,379		48,512		54,633		97,833
Income taxes	1,649		10,448		5,006		24,924		9,666		12,097		19,578
Net income	$	1,018	$	41,518	$	44,747	$	72,455	$	38,846	$	42,536	$	78,255

Adjusted net income (non-GAAP)(1)	$	65,877	$	42,111	$	46,458	$	42,960	$	38,846	$	107,987	$	75,421
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1)	$	103,001	$	57,507	$	54,177	$	56,238	$	51,812	$	160,508	$	100,043

Basic earnings per share	$	0.01	$	0.65	$	0.70	$	1.18	$	0.69	$	0.54	$	1.39
Diluted earnings per share	0.01		0.65		0.70		1.18		0.69		0.53		1.38
Adjusted diluted earnings per share (non-GAAP)(1)	0.69		0.66		0.73		0.70		0.69		1.36		1.33
Average basic shares outstanding	94,580,927		63,666,419		63,565,437		61,217,094		56,342,909		79,209,073		56,275,628
Average diluted shares outstanding	95,136,160		64,028,025		64,056,303		61,632,448		56,684,626		79,671,775		56,607,947
Cash dividends per common share	$	0.22	$	0.22	$	0.22	$	0.22	$	0.22	$	0.44	$	0.44

Performance Ratios


	Three Months Ended										Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Return on average assets	0.02	%	0.94	%	0.99	%	1.63	%	0.90	%	0.39	%	0.91	%
Adjusted return on average assets (non-GAAP)(1)	1.01		0.95		1.03		0.97		0.90		0.98		0.88
Return on average tangible assets (non-GAAP)(1)	0.13		1.01		1.07		1.75		0.98		0.48		0.99
Adjusted return on average tangible assets (non-GAAP)(1)	1.18		1.02		1.11		1.05		0.98		1.12		0.96
Return on average equity	0.11		6.25		6.70		11.29		6.68		2.66		6.77
Adjusted return on average equity (non-GAAP)(1)	7.06		6.34		6.96		6.69		6.68		6.76		6.52
Return on average tangible equity (non-GAAP)(1)	1.43		10.16		10.97		18.83		12.04		5.24		12.25
Adjusted return on average tangible equity (non-GAAP)(1)	13.50		10.30		11.38		11.26		12.04		12.10		11.81
Efficiency ratio (fully taxable equivalent)	67.59		65.51		67.61		54.73		67.31		66.78		67.41
Adjusted efficiency ratio (non-GAAP)(1)	57.07		64.43		65.82		64.62		66.60		59.95		67.41
Dividend payout ratio	2200.00		33.85		31.43		18.64		31.88		81.48		31.65

Capital and Balance Sheet Ratios


	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Shares outstanding	95,019,311			63,739,467			63,565,690			63,564,028			56,367,924
Market value per share	$	35.93		$	33.93		$	35.75		$	32.50		$	30.54
Book value per share	39.77			42.79			42.13			41.82			41.77
Tangible book value per share (non-GAAP)(1)	23.10			27.07			26.36			26.02			23.89
Shareholders’ equity to assets	14.19		%	14.93		%	14.85		%	14.80		%	13.45		%
Tangible common equity ratio (non-GAAP)(1)	8.77			9.99			9.84			9.76			8.16
Leverage ratio(2)	9.36			11.39			11.34			11.32			9.81
Common equity tier 1 capital ratio(2)	11.09			12.59			12.73			12.88			10.75
Tier 1 risk-based capital ratio(2)	11.09			13.35			13.50			13.67			11.53
Total risk-based capital ratio(2)	14.99			16.89			17.08			17.32			15.15

(2) Preliminary

Noninterest Income and Noninterest Expense


(Dollars in thousands)	Three Months Ended										Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Noninterest income
Service charges on deposit accounts	$	13,618	$	10,364	$	10,549	$	10,438	$	10,286	$	23,982	$	20,792
Fees and commissions	6,650		3,787		4,181		4,116		3,944		10,437		7,893
Insurance commissions	—		—		—		—		2,758		—		5,474
Wealth management revenue	7,345		7,067		6,371		5,835		5,684		14,412		11,353
Mortgage banking income	11,263		8,147		6,861		8,447		9,698		19,410		21,068

Gain on sale of insurance agency	—		—		—		53,349		—		—		—

Gain on extinguishment of debt	—		—		—		—		—		—		56
BOLI income	3,383		2,929		3,317		2,858		2,701		6,312		5,392
Other	6,075		4,101		2,939		4,256		3,691		10,176		8,115
Total noninterest income	$	48,334	$	36,395	$	34,218	$	89,299	$	38,762	$	84,729	$	80,143
Noninterest expense
Salaries and employee benefits	$	99,542	$	71,957	$	70,260	$	71,307	$	70,731	$	171,499	$	142,201
Data processing	5,438		4,089		4,145		4,133		3,945		9,527		7,752
Net occupancy and equipment	17,359		11,754		11,312		11,415		11,844		29,113		23,233
Other real estate owned	157		685		590		56		105		842		212
Professional fees	4,223		2,884		2,686		3,189		3,195		7,107		6,543
Advertising and public relations	4,490		4,297		3,840		3,677		3,807		8,787		8,693
Intangible amortization	8,884		1,080		1,133		1,160		1,186		9,964		2,398
Communications	3,184		2,033		2,067		2,176		2,112		5,217		4,136
Merger and conversion related expenses	20,479		791		2,076		11,273		—		21,270		—



Other	19,448		14,306		16,638		13,597		15,051		33,754		29,720
Total noninterest expense	$	183,204	$	113,876	$	114,747	$	121,983	$	111,976	$	297,080	$	224,888

Mortgage Banking Income


(Dollars in thousands)	Three Months Ended										Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Gain on sales of loans, net	$	5,316	$	4,500	$	2,379	$	4,499	$	5,199	$	9,816	$	9,734
Fees, net	3,740		2,317		2,850		2,646		2,866		6,057		4,720
Mortgage servicing income, net	2,207		1,330		1,632		1,302		1,633		3,537		6,614

Total mortgage banking income	$	11,263	$	8,147	$	6,861	$	8,447	$	9,698	$	19,410	$	21,068

Balance Sheet


(Dollars in thousands)	As of
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024
Assets
Cash and cash equivalents	$	1,378,612	$	1,091,339	$	1,092,032	$	1,275,620	$	851,906
Securities held to maturity, at amortized cost	1,076,817		1,101,901		1,126,112		1,150,531		1,174,663
Securities available for sale, at fair value	2,471,487		1,002,056		831,013		764,844		749,685
Loans held for sale, at fair value	356,791		226,003		246,171		291,735		266,406
Loans held for investment	18,563,447		13,055,593		12,885,020		12,627,648		12,604,755
Allowance for credit losses on loans	(290,770)		(203,931)		(201,756)		(200,378)		(199,871)
Loans, net	18,272,677		12,851,662		12,683,264		12,427,270		12,404,884
Premises and equipment, net	465,100		279,011		279,796		280,550		280,966
Other real estate owned	11,750		8,654		8,673		9,136		7,366

Goodwill	1,419,782		988,898		988,898		988,898		991,665
Other intangibles	163,751		13,025		14,105		15,238		16,397
Bank-owned life insurance	486,613		337,502		391,810		389,138		387,791
Mortgage servicing rights	64,539		72,902		72,991		71,990		72,092
Other assets	457,056		298,428		300,003		293,890		306,570
Total assets	$	26,624,975	$	18,271,381	$	18,034,868	$	17,958,840	$	17,510,391

Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing	$	5,356,153	$	3,541,375	$	3,403,981	$	3,529,801	$	3,539,453
Interest-bearing	16,226,484		11,230,720		11,168,631		10,979,950		10,715,760
Total deposits	21,582,637		14,772,095		14,572,612		14,509,751		14,255,213
Short-term borrowings	405,349		108,015		108,018		108,732		232,741
Long-term debt	556,976		433,309		430,614		433,177		428,677
Other liabilities	301,159		230,857		245,306		249,102		239,059
Total liabilities	22,846,121		15,544,276		15,356,550		15,300,762		15,155,690

Shareholders’ equity:

Common stock	488,612		332,421		332,421		332,421		296,483
Treasury stock	(90,248)		(91,646)		(97,196)		(97,251)		(97,534)
Additional paid-in capital	2,393,566		1,486,849		1,491,847		1,488,678		1,304,782
Retained earnings	1,100,965		1,121,102		1,093,854		1,063,324		1,005,086
Accumulated other comprehensive loss	(114,041)		(121,621)		(142,608)		(129,094)		(154,116)
Total shareholders’ equity	3,778,854		2,727,105		2,678,318		2,658,078		2,354,701
Total liabilities and shareholders’ equity	$	26,624,975	$	18,271,381	$	18,034,868	$	17,958,840	$	17,510,391

Net Interest Income and Net Interest Margin


(Dollars in thousands)	Three Months Ended
	June 30, 2025						March 31, 2025						June 30, 2024
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-earning assets:
Loans held for investment	$	18,448,000	$	304,834	6.63	%	$	12,966,869	$	199,504	6.24	%	$	12,575,651	$	200,670	6.41	%
Loans held for sale	287,855		4,639		6.45	%	200,917		3,008		5.99	%	219,826		3,530		6.42	%
Taxable securities	3,106,565		24,917		3.21	%	1,883,535		10,971		2.33	%	1,832,002		9,258		2.02	%
Tax-exempt securities	462,732		4,309		3.72	%	259,800		1,443		2.22	%	263,937		1,451		2.20	%
Total securities	3,569,297		29,226		3.28	%	2,143,335		12,414		2.32	%	2,095,939		10,709		2.04	%
Interest-bearing balances with banks	901,803		9,057		4.03	%	824,743		8,639		4.25	%	595,030		7,874		5.32	%
Total interest-earning assets	23,206,955		347,756		6.01	%	16,135,864		223,565		5.61	%	15,486,446		222,783		5.77	%
Cash and due from banks	357,338						181,869						187,519
Intangible assets	1,589,490						1,002,511						1,008,638
Other assets	1,029,082						669,392						688,766
Total assets	$	26,182,865					$	17,989,636					$	17,371,369
Interest-bearing liabilities:
Interest-bearing demand(1)	$	11,191,443	$	76,542	2.74	%	$	7,835,617	$	54,710	2.83	%	$	7,094,411	$	56,132	3.17	%
Savings deposits	1,322,007		1,032		0.31	%	813,451		711		0.35	%	839,638		729		0.35	%
Brokered deposits	—		—		—	%	—		—		—	%	294,650		3,944		5.37	%
Time deposits	3,404,482		34,347		4.05	%	2,474,218		23,965		3.93	%	2,487,873		26,816		4.34	%
Total interest-bearing deposits	15,917,932		111,921		2.82	%	11,123,286		79,386		2.89	%	10,716,572		87,621		3.28	%
Borrowed funds	1,036,045		13,118		5.07	%	556,734		6,747		4.88	%	583,965		7,564		5.19	%
Total interest-bearing liabilities	16,953,977		125,039		2.96	%	11,680,020		86,133		2.99	%	11,300,537		95,185		3.38	%
Noninterest-bearing deposits	5,233,976						3,408,830						3,509,109
Other liabilities	249,861						208,105						223,992
Shareholders’ equity	3,745,051						2,692,681						2,337,731
Total liabilities and shareholders’ equity	$	26,182,865					$	17,989,636					$	17,371,369
Net interest income/ net interest margin			$	222,717	3.85	%			$	137,432	3.45	%			$	127,598	3.31	%
Cost of funding					2.26	%					2.31	%					2.58	%
Cost of total deposits					2.12	%					2.22	%					2.47	%

(1) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

Net Interest Income and Net Interest Margin, continued


(Dollars in thousands)	Six Months Ended
	June 30, 2025					June 30, 2024
	Average Balance		Interest Income/ Expense		Yield/ Rate	Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-earning assets:
Loans held for investment	$	15,722,576	$	504,338	6.47%	$	12,491,814	$	395,310	6.35%
Loans held for sale	244,626		7,647		6.25%	187,604		5,838		6.22%
Taxable securities	2,498,428		35,888		2.87%	1,861,909		18,763		2.02%
Tax-exempt securities	361,827		5,752		3.18%	267,108		2,956		2.21%
Total securities	2,860,255		41,640		2.91%	2,129,017		21,719		2.04%
Interest-bearing balances with banks	863,486		17,696		4.13%	582,683		15,655		5.40%
Total interest-earning assets	19,690,943		571,321		5.84%	15,391,118		438,522		5.72%
Cash and due from banks	270,088					188,011
Intangible assets	1,297,622					1,009,232
Other assets	850,231					701,770
Total assets	$	22,108,884				$	17,290,131
Interest-bearing liabilities:
Interest-bearing demand(1)	$	9,522,800	$	131,252	2.78%	$	7,025,200	$	108,632	3.10%
Savings deposits	1,069,134		1,743		0.33%	850,018		1,459		0.34%
Brokered deposits	—		—		—%	370,129		9,931		5.38%
Time deposits	2,941,920		58,312		3.99%	2,403,646		50,212		4.20%
Total interest-bearing deposits	13,533,854		191,307		2.85%	10,648,993		170,234		3.21%
Borrowed funds	797,714		19,865		5.00%	573,182		14,840		5.19%
Total interest-bearing liabilities	14,331,568		211,172		2.97%	11,222,175		185,074		3.31%
Noninterest-bearing deposits	4,326,445					3,513,860
Other liabilities	229,098					228,090
Shareholders’ equity	3,221,773					2,326,006
Total liabilities and shareholders’ equity	$	22,108,884				$	17,290,131
Net interest income/ net interest margin			$	360,149	3.68%			$	253,448	3.30%
Cost of funding					2.28%					2.52%
Cost of total deposits					2.16%					2.41%

(1) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

Loan Portfolio


(Dollars in thousands)	As of
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024
Loan Portfolio:
Commercial, financial, agricultural	$	2,666,923	$	1,888,580	$	1,885,817	$	1,804,961	$	1,847,762
Lease financing	89,568		85,412		90,591		98,159		102,996
Real estate - construction	1,339,967		1,090,862		1,093,653		1,198,838		1,355,425
Real estate - 1-4 family mortgages	4,874,679		3,583,080		3,488,877		3,440,038		3,435,818
Real estate - commercial mortgages	9,470,134		6,320,120		6,236,068		5,995,152		5,766,478
Installment loans to individuals	122,176		87,539		90,014		90,500		96,276
Total loans	$	18,563,447	$	13,055,593	$	12,885,020	$	12,627,648	$	12,604,755

Credit Quality and Allowance for Credit Losses on Loans


(Dollars in thousands)	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
Nonperforming Assets:
Nonaccruing loans	$	137,999		$	98,638		$	110,811		$	113,872		$	97,795
Loans 90 days or more past due	3,860			95			2,464			5,351			240
Total nonperforming loans	141,859			98,733			113,275			119,223			98,035
Other real estate owned	11,750			8,654			8,673			9,136			7,366
Total nonperforming assets	$	153,609		$	107,387		$	121,948		$	128,359		$	105,401

Criticized Loans
Classified loans	$	333,626		$	224,654		$	241,708		$	218,135		$	191,595
Special Mention loans	159,931			95,778			130,882			163,804			138,343
Criticized loans(1)	$	493,557		$	320,432		$	372,590		$	381,939		$	329,938

Allowance for credit losses on loans	$	290,770		$	203,931		$	201,756		$	200,378		$	199,871
Net loan charge-offs (recoveries)	$	12,054		$	(125)		$	1,722		$	703		$	5,481
Annualized net loan charge-offs / average loans	0.26		%	—		%	0.05		%	0.02		%	0.18		%
Nonperforming loans / total loans	0.76			0.76			0.88			0.94			0.78
Nonperforming assets / total assets	0.58			0.59			0.68			0.71			0.60
Allowance for credit losses on loans / total loans	1.57			1.56			1.57			1.59			1.59
Allowance for credit losses on loans / nonperforming loans	204.97			206.55			178.11			168.07			203.88
Criticized loans / total loans	2.66			2.45			2.89			3.02			2.62

(1) Criticized loans include classified and Special Mention loans.

CONFERENCE CALL INFORMATION:

A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, July 23, 2025.

The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=gtM01rRI. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2025 Second Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com after the call and will remain accessible for one year. A replay can be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 6698526 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until August 6, 2025.

ABOUT RENASANT CORPORATION:

Renasant Corporation is the parent of Renasant Bank, a 121-year-old financial services institution. Renasant has assets of approximately $26.6 billion and operates 300 banking, lending, mortgage and wealth management offices throughout the Southeast and also offers factoring and asset-based lending on a nationwide basis.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

Important factors currently known to management that could cause the Company’s actual results to differ materially from those in forward-looking statements include the following: (i) the Company’s ability to efficiently integrate acquisitions (including its recently-completed merger with The First into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities the Company has acquired, or may acquire, or target for acquisition, including in connection with its merger with The First; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in governmental and regulatory policy, whether applicable specifically to financial institutions or impacting the United States generally (such as, for example, changes in trade policy); (ix) increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of the Company’s merger with The First; (x) changes in the securities and foreign exchange markets; (xi) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xii) changes in the quality or composition of the Company’s loan or investment 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 the Company’s 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 the Company uses to make loans and otherwise fund the Company’s operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (xv) general economic, market or business conditions, including the impact of inflation; (xvi) changes in demand for loan and deposit products and other financial services; (xvii) concentrations of credit or deposit exposure; (xviii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xix) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xx) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xxi) geopolitical conditions, including acts or threats of terrorism and actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxii) the impact, extent and timing of technological changes; and (xxiii) other circumstances, many of which are beyond management’s control.

Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov.

NON-GAAP FINANCIAL MEASURES:

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), this press release and the presentation slides furnished to the SEC on the same Form 8-K as this release contain non-GAAP financial measures, namely, (i) adjusted loan yield, (ii) adjusted net interest income and margin, (iii) pre-provision net revenue (including on an as-adjusted basis), (iv) adjusted net income, (v) adjusted diluted earnings per share, (vi) tangible book value per share, (vii) the tangible common equity ratio, (viii) the adjusted return on average assets and on average equity and certain other performance ratios (namely, the ratio of pre-provision net revenue to average assets and the return on average tangible assets and on average tangible common equity (including each of the foregoing on an as-adjusted basis)), and (ix) the adjusted efficiency ratio.

These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, including related amortization, and/or certain gains or charges (such as, for the second quarter of 2025, merger and conversion expenses, the Day 1 acquisition provision for credit losses and unfunded commitments, and gain on sales of MSRs), with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below under the caption “Non-GAAP Reconciliations”.

None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company’s calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

Non-GAAP Reconciliations


(Dollars in thousands, except per share data)	Three Months Ended										Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Adjusted Pre-Provision Net Revenue (“PPNR”)
Net income (GAAP)	$	1,018	$	41,518	$	44,747	$	72,455	$	38,846	$	42,536	$	78,255
Income taxes	1,649		10,448		5,006		24,924		9,666		12,097		19,578
Provision for credit losses (including unfunded commitments)	81,322		4,750		2,600		935		3,300		86,072		5,738
Pre-provision net revenue (non-GAAP)	$	83,989	$	56,716	$	52,353	$	98,314	$	51,812	$	140,705	$	103,571
Merger and conversion expense	20,479		791		2,076		11,273		—		21,270		—

Gain on extinguishment of debt	—		—		—		—		—		—		(56)

Gain on sales of MSR	(1,467)		—		(252)		—		—		(1,467)		(3,472)



Gain on sale of insurance agency	—		—		—		(53,349)		—		—		—


Adjusted pre-provision net revenue (non-GAAP)	$	103,001	$	57,507	$	54,177	$	56,238	$	51,812	$	160,508	$	100,043

Adjusted Net Income and Adjusted Tangible Net Income
Net income (GAAP)	$	1,018	$	41,518	$	44,747	$	72,455	$	38,846	$	42,536	$	78,255
Amortization of intangibles	8,884		1,080		1,133		1,160		1,186		9,964		2,398
Tax effect of adjustments noted above(1)	(2,212)		(270)		(283)		(296)		(233)		(2,481)		(470)
Tangible net income (non-GAAP)	$	7,690	$	42,328	$	45,597	$	73,319	$	39,799	$	50,019	$	80,183

Net income (GAAP)	$	1,018	$	41,518	$	44,747	$	72,455	$	38,846	$	42,536	$	78,255
Merger and conversion expense	20,479		791		2,076		11,273		—		21,270		—
Day 1 acquisition provision for loan losses	62,190		—		—		—		—		62,190		—
Day 1 acquisition provision for unfunded commitments	4,422		—		—		—		—		4,422		—

Gain on extinguishment of debt	—		—		—		—		—		—		(56)

Gain on sales of MSR	(1,467)		—		(252)		—		—		(1,467)		(3,472)




Gain on sale of insurance agency	—		—		—		(53,349)		—		—		—


Tax effect of adjustments noted above(1)	(20,765)		(198)		(113)		12,581		—		(20,964)		694
Adjusted net income (non-GAAP)	$	65,877	$	42,111	$	46,458	$	42,960	$	38,846	$	107,987	$	75,421
Amortization of intangibles	8,884		1,080		1,133		1,160		1,186		9,964		2,398
Tax effect of adjustments noted above(1)	(2,212)		(270)		(283)		(296)		(233)		(2,481)		(470)
Adjusted tangible net income (non-GAAP)	$	72,549	$	42,921	$	47,308	$	43,824	$	39,799	$	115,470	$	77,349
Tangible Assets and Tangible Shareholders’ Equity
Average shareholders’ equity (GAAP)	$	3,745,051	$	2,692,681	$	2,656,885	$	2,553,586	$	2,337,731	$	3,221,773	$	2,326,006
Average intangible assets	(1,589,490)		(1,002,511)		(1,003,551)		(1,004,701)		(1,008,638)		(1,297,622)		(1,009,232)
Average tangible shareholders’ equity (non-GAAP)	$	2,155,561	$	1,690,170	$	1,653,334	$	1,548,885	$	1,329,093	$	1,924,151	$	1,316,774

Average assets (GAAP)	$	26,182,865	$	17,989,636	$	17,943,148	$	17,681,664	$	17,371,369	$	22,108,884	$	17,290,131
Average intangible assets	(1,589,490)		(1,002,511)		(1,003,551)		(1,004,701)		(1,008,638)		(1,297,622)		(1,009,232)
Average tangible assets (non-GAAP)	$	24,593,375	$	16,987,125	$	16,939,597	$	16,676,963	$	16,362,731	$	20,811,262	$	16,280,899



Shareholders’ equity (GAAP)	$	3,778,854		$	2,727,105		$	2,678,318		$	2,658,078		$	2,354,701		$	3,778,854		$	2,354,701
Intangible assets	(1,583,533)			(1,001,923)			(1,003,003)			(1,004,136)			(1,008,062)			(1,583,533)			(1,008,062)
Tangible shareholders’ equity (non-GAAP)	$	2,195,321		$	1,725,182		$	1,675,315		$	1,653,942		$	1,346,639		$	2,195,321		$	1,346,639

Total assets (GAAP)	$	26,624,975		$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391		$	26,624,975		$	17,510,391
Intangible assets	(1,583,533)			(1,001,923)			(1,003,003)			(1,004,136)			(1,008,062)			(1,583,533)			(1,008,062)
Total tangible assets (non-GAAP)	$	25,041,442		$	17,269,458		$	17,031,865		$	16,954,704		$	16,502,329		$	25,041,442		$	16,502,329

Adjusted Performance Ratios
Return on average assets (GAAP)	0.02		%	0.94		%	0.99		%	1.63		%	0.90		%	0.39		%	0.91		%
Adjusted return on average assets (non-GAAP)	1.01			0.95			1.03			0.97			0.90			0.98			0.88
Return on average tangible assets (non-GAAP)	0.13			1.01			1.07			1.75			0.98			0.48			0.99
Pre-provision net revenue to average assets (non-GAAP)	1.29			1.28			1.16			2.21			1.20			1.28			1.20
Adjusted pre-provision net revenue to average assets (non-GAAP)	1.58			1.30			1.20			1.27			1.20			1.46			1.16
Adjusted return on average tangible assets (non-GAAP)	1.18			1.02			1.11			1.05			0.98			1.12			0.96
Return on average equity (GAAP)	0.11			6.25			6.70			11.29			6.68			2.66			6.77
Adjusted return on average equity (non-GAAP)	7.06			6.34			6.96			6.69			6.68			6.76			6.52
Return on average tangible equity (non-GAAP)	1.43			10.16			10.97			18.83			12.04			5.24			12.25
Adjusted return on average tangible equity (non-GAAP)	13.50			10.30			11.38			11.26			12.04			12.10			11.81

Adjusted Diluted Earnings Per Share
Average diluted shares outstanding	95,136,160			64,028,025			64,056,303			61,632,448			56,684,626			79,671,775			56,607,947

Diluted earnings per share (GAAP)	$	0.01		$	0.65		$	0.70		$	1.18		$	0.69		$	0.53		$	1.38
Adjusted diluted earnings per share (non-GAAP)	$	0.69		$	0.66		$	0.73		$	0.70		$	0.69		$	1.36		$	1.33

Tangible Book Value Per Share
Shares outstanding	95,019,311			63,739,467			63,565,690			63,564,028			56,367,924			95,019,311			56,367,924

Book value per share (GAAP)	$	39.77		$	42.79		$	42.13		$	41.82		$	41.77		$	39.77		$	41.77
Tangible book value per share (non-GAAP)	$	23.10		$	27.07		$	26.36		$	26.02		$	23.89		$	23.10		$	23.89

Tangible Common Equity Ratio
Shareholders’ equity to assets (GAAP)	14.19		%	14.93		%	14.85		%	14.80		%	13.45		%	14.19		%	13.45		%
Tangible common equity ratio (non-GAAP)	8.77		%	9.99		%	9.84		%	9.76		%	8.16		%	8.77		%	8.16		%
Adjusted Efficiency Ratio
Net interest income (FTE) (GAAP)	$	222,717		$	137,432		$	135,502		$	133,576		$	127,598		$	360,149		$	253,448


Total noninterest income (GAAP)	$	48,334		$	36,395		$	34,218		$	89,299		$	38,762		$	84,729		$	80,143

Gain on sales of MSR	(1,467)			—			(252)			—			—			(1,467)			(3,472)

Gain on extinguishment of debt	—			—			—			—			—			—			(56)
Gain on sale of insurance agency	—			—			—			(53,349)			—			—			—

Total adjusted noninterest income (non-GAAP)	$	46,867		$	36,395		$	33,966		$	35,950		$	38,762		$	83,262		$	76,615

Noninterest expense (GAAP)	$	183,204		$	113,876		$	114,747		$	121,983		$	111,976		$	297,080		$	224,888
Amortization of intangibles	(8,884)			(1,080)			(1,133)			(1,160)			(1,186)			(9,964)			(2,398)
Merger and conversion expense	(20,479)			(791)			(2,076)			(11,273)			—			(21,270)			—




Total adjusted noninterest expense (non-GAAP)	$	153,841		$	112,005		$	111,538		$	109,550		$	110,790		$	265,846		$	222,490

Efficiency ratio (GAAP)	67.59		%	65.51		%	67.61		%	54.73		%	67.31		%	66.78		%	67.41		%
Adjusted efficiency ratio (non-GAAP)	57.07		%	64.43		%	65.82		%	64.62		%	66.60		%	59.95		%	67.41		%

Adjusted Net Interest Income and Adjusted Net Interest Margin
Net interest income (FTE) (GAAP)	$	222,717		$	137,432		$	135,502		$	133,576		$	127,598		$	360,149		$	253,448
Net interest income collected on problem loans	(2,779)			(1,026)			(151)			(642)			146			(3,805)			23
Accretion recognized on purchased loans	(17,834)			(558)			(616)			(1,089)			(897)			(18,392)			(1,697)
Amortization recognized on purchased time deposits	4,396			—			—			—			—			4,396			—
Amortization recognized on purchased long term borrowings	1,072			—			—			—			—			1,072			—
Adjustments to net interest income	$	(15,145)		$	(1,584)		$	(767)		$	(1,731)		$	(751)		$	(16,729)		$	(1,674)
Adjusted net interest income (FTE) (non-GAAP)	$	207,572		$	135,848		$	134,735		$	131,845		$	126,847		$	343,420		$	251,774

Net interest margin (GAAP)	3.85		%	3.45		%	3.36		%	3.36		%	3.31		%	3.68		%	3.30		%
Adjusted net interest margin (non-GAAP)	3.58		%	3.42		%	3.34		%	3.32		%	3.29		%	3.51		%	3.28		%

Adjusted Loan Yield
Loan interest income (FTE) (GAAP)	$	304,834		$	199,504		$	201,562		$	204,935		$	200,670		$	504,338		$	395,310
Net interest income collected on problem loans	(2,779)			(1,026)			(151)			(642)			146			(3,805)			23
Accretion recognized on purchased loans	(17,834)			(558)			(616)			(1,089)			(897)			(18,392)			(1,697)
Adjusted loan interest income (FTE) (non-GAAP)	$	284,221		$	197,920		$	200,795		$	203,204		$	199,919		$	482,141		$	393,636

Loan yield (GAAP)	6.63		%	6.24		%	6.29		%	6.47		%	6.41		%	6.47		%	6.35		%
Adjusted loan yield (non-GAAP)	6.18		%	6.19		%	6.27		%	6.41		%	6.38		%	6.18		%	6.32		%

(1) Tax effect is calculated based on the respective legal entity’s appropriate federal and state tax rates (as applicable) for the period, and includes the estimated impact of both current and deferred tax expense.

###

EX-99.2 3 rnstq22025earningsdeck_f.htm EX-99.2 rnstq22025earningsdeck_f

Second Quarter 2025 Earnings Call

This presentation may contain various statements about Renasant Corporation (“Renasant,” “we,” “our,” or “us”) that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “focus,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about our future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. We believe 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 our control. In addition, these forward-looking statements are subject to assumptions about future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements; such differences may be material. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. 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) Renasant’s ability to efficiently integrate acquisitions (including its recently-completed merger with The First Bancshares, Inc.) (“The First”) into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into Renasant, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities we have acquired, or may acquire, or target for acquisition, including in connection with our merger with The First; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in governmental and regulatory policy, whether applicable specifically to financial institutions or impacting the United States generally (such as, for example, changes in trade policy); (ix) increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of our merger with The First; (x) changes in the securities and foreign exchange markets; (xi) Renasant’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 our 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) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xx) civil unrest, natural disasters, epidemics and other catastrophic events in our geographic area; (xxi) geopolitical conditions, including acts or threats of terrorism, and actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxii) the impact, extent and timing of technological changes; and (xxiii) other circumstances, many of which are beyond management’s control. Management believes that the assumptions underlying our forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in Renasant’s filings with the Securities and Exchange Commission (“SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov. We undertake no obligation, and specifically disclaim any obligation, to update or revise our 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. Forward-Looking Statements 2

Snapshot Assets: $26.6 billion Loans: 18.6 Deposits: 21.6 Equity: 3.8 Loans and Deposits by State MS 24% AL 22%FL 12% LA 5% GA 27% TN 10% Loans MS 39% AL 14% FL 9% LA 3% GA 28% TN 7% Deposits Footprint *Republic Business Credit operates on a nationwide basis. Locations in California, Illinois and Texas are not shown. Overview 3 Note: As of June 30, 2025 *

• On April 1, 2025, the Company completed its merger with The First Bancshares, Inc. (“The First”). As of the acquisition date, The First operated 116 locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida and, net of purchase accounting adjustments, had $7.9 billion in assets, $5.2 billion in loans, and $6.4 billion in deposits • Net income was $1.0 million with diluted EPS of $0.01, which was impacted by merger and conversion expenses of $20.5 million and Day 1 acquisition provision for credit losses of $66.6 million; adjusted diluted EPS (non-GAAP)(1) was $0.69 • Net interest margin was 3.85%, up 40 basis points linked quarter; adjusted net interest margin (non-GAAP)(1) was 3.58%, up 16 basis points linked quarter • The combined company generated net organic loan growth of $311.6 million for the quarter, or 6.9% annualized, and net organic deposit growth of $361.3 million, or 6.8% annualized • Cost of total deposits decreased 10 basis points to 2.12%; noninterest-bearing deposits represented 24.8% of total deposits • The ratio of allowance for credit losses on loans to total loans increased 1 basis point to 1.57% • Nonperforming loans to total loans held constant at 0.76% Second Quarter Highlights 4(1) Adjusted diluted EPS and Adjusted net interest margin are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”.

Balance Sheet $14,255 $14,510 $14,573 $14,772 $21,583 $0 $5,000 $10 ,000 $15 ,000 $20 ,000 $25 ,000 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Deposits $12,605 $12,628 $12,885 $13,056 $18,563 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Loans $2,355 $2,658 $2,678 $2,727 $3,779 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Equity Note: Dollars in millions Note: In millions $17,510 $17,959 $18,035 $18,271 $26,625 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Assets

6 Core Deposit Funding Composition Granularity • Average deposit account balance is $35 thousand; commercial and consumer deposit accounts, excluding time deposit accounts, average approximately $92 thousand and $13 thousand, respectively • Top 20 depositors, excluding public funds, comprise 4.1% of total deposits Customer Mix Consumer 50% Commercial 31% Public Funds 19% Note: As of June 30, 2025 *Includes money market 25% 53% 6% 16% Noninterest-bearing Interest-bearing* Savings Time

7 Liquidity Position Cash and Securities to Total Assets 15.9% 17.8% 16.9% 17.5% 18.5% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Loans to Deposits 88% 87% 88% 88% 86% $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Average Interest Earning Asset Mix (2Q 2025) 80% 1% 15% 4% Loans Held for Investment Loans Held for Sale Securities Interest Bearing Balances with Banks

8 Capital 13.45% 14.80% 14.85% 14.93% 14.19% 8.16% 9.76% 9.84% 9.99% 8.77% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Equity to Assets / Tangible Common Equity Ratio (non-GAAP)* Shareholders' equity to assets Tangible common equity ratio (non-GAAP)* $41.77 $41.82 $42.13 $42.79 $39.77 $23.89 $26.02 $26.36 $27.07 $23.10 $5 $10 $15 $20 $25 $30 $35 $40 $45 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Book Value / TBV (non-GAAP)* Book Value Tangible Book Value (non-GAAP)* * Tangible Common Equity Ratio and Tangible Book Value are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. 10.75% 12.88% 12.73% 12.59% 11.09% 15.15% 17.32% 17.08% 16.89% 14.99% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 CET1 / TRBC Common equity tier 1 capital ratio Total risk-based capital ratio Highlights • The Company has a $100.0 million stock repurchase program under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. There was no buyback activity during the second quarter of 2025

9 Asset Quality 2.62% 3.02% 2.89% 2.45% 2.66% 2.00% 2.50% 3.00% 3.50% 4.00% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Criticized Loans/Total Loans 0.23% 0.14% 0.31% 0.31% 0.25% 0.0% 0.5% 1.0% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Loans 30-89 Days Past Due/ Total Loans 0.18% 0.02% 0.05% 0.00% 0.26% 0.0% 0.5% 1.0% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Net Charge-offs / Average Loans 1.59% 1.59% 1.57% 1.56% 1.57% 0.0% 1.0% 2.0% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Allowance/Total Loans 204% 168% 178% 207% 205% 0% 200% 400% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Allowance/Nonperforming Loans 0.60% 0.71% 0.68% 0.59% 0.58% 0.0% 0.5% 1.0% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 NPAs/Total Assets

10 Profitability Note: Dollars in millions except per share amounts. *Adjusted Diluted EPS, Adjusted Net Income, Adjusted Net Interest Income (FTE), PPNR and Adjusted PPNR are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. $0.69 $1.18 $0.70 $0.65 $0.01 $0.69 $0.70 $0.73 $0.66 $0.69 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Diluted EPS / Adjusted Diluted EPS (non-GAAP)* Diluted EPS (GAAP) Adjusted Diluted EPS (non-GAAP)* $127.6 $133.6 $135.5 $137.4 $222.7 $126.8 $131.8 $134.7 $135.8 $207.6 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Net Interest Income (FTE) / Adjusted Net Interest Income (FTE) (non-GAAP)* Net interest income (FTE) Adjusted net interest income (FTE) (non-GAAP)* $51.8 $98.3 $52.4 $56.7 $84.0 $51.8 $56.2 $54.2 $57.5 $103.0 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 PPNR (non-GAAP)* / Adjusted PPNR (non-GAAP)* PPNR (non-GAAP)* Adjusted PPNR (non-GAAP)* $38.8 $72.5 $44.7 $41.5 $1.0 $38.8 $43.0 $46.5 $42.1 $65.9 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Net Income / Adjusted Net Income (non-GAAP)* Net Income Adjusted Net Income (non-GAAP)*

11 Profitability Ratios *Adjusted ROAA, Adjusted ROTCE, PPNR/Average Assets, Adjusted PPNR/Average Assets and Adjusted Efficiency Ratio are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. 6.68% 11.29% 6.70% 6.25% 0.11% 12.04% 11.26% 11.38% 10.30% 13.50% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ROAE / Adjusted ROTCE (non-GAAP)* ROAE (GAAP) ROTCE (Adjusted) (non-GAAP)* 0.90% 1.63% 0.99% 0.94% 0.02% 0.90% 0.97% 1.03% 0.95% 1.01% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 ROAA / Adjusted ROAA (non-GAAP*) ROAA (GAAP) ROAA (Adjusted) (non-GAAP)* 67% 55% 68% 66% 68% 67% 65% 66% 64% 57% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Efficiency Ratio / Adjusted Efficiency Ratio (non-GAAP)* Efficiency Ratio (GAAP) Adjusted Efficiency Ratio (non-GAAP)* 1.20% 2.21% 1.16% 1.28% 1.29%1.20% 1.27% 1.20% 1.30% 1.58% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 PPNR (non-GAAP)* / Adjusted PPNR Ratios (non- GAAP)* PPNR/Average Assets (non-GAAP)* Adjusted PPNR/Average Assets (non-GAAP)*

12 Net Interest Margin (FTE), Loan Yield and Cost of Deposits *Adjusted Net Interest Margin (FTE) and Adjusted Loan Yield are non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is included in the earnings release furnished to the SEC on the same Form 8-K as this presentation under the heading “Non-GAAP Reconciliations”. 3.31% 3.36% 3.36% 3.45% 3.85% 3.29% 3.32% 3.34% 3.42% 3.58% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Net Interest Margin (FTE) / Adjusted Net Interest Margin (FTE)(non-GAAP)* Net Interest Margin Adjusted Net Interest Margin (FTE)(non-GAAP)* 6.41% 6.47% 6.29% 6.24% 6.63% 6.38% 6.41% 6.27% 6.19% 6.18% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Loan Yield / Adjusted Loan Yield (non-GAAP)* Loan yield Adjusted Loan Yield (non-GAAP)* 2.47% 2.51% 2.35% 2.22% 2.12% 3.28% 3.32% 3.09% 2.89% 2.82% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Cost of Deposits Total cost of deposits Cost of total interest-bearing deposits • Normal accretion and accelerated accretion recognized on acquired loans were $13.2 million and $4.6 million, respectively, for the second quarter of 2025, which included normal credit accretion and accelerated credit accretion of $5.5 million and $2.7 million, respectively Accretion

Noninterest Income $38.8 $89.3 $34.2 $36.4 $48.3 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Noninterest Income • Noninterest income increased $11.9 million linked quarter, primarily due to the merger with The First and a gain on sale of MSRs of $1.5 million Note: Dollars in millions. 13 Service Charges 28% Fees and Commissions 14%Wealth Management 15% Mortgage Banking 23% Other 20% Mix - 2Q 2025($ in thousands) 1Q25 2Q25 Change Service charges 10,364$ 13,618$ 3,254$ Fees and commissions 3,787 6,650 2,863 Wealth management 7,067 7,345 278 Mortgage banking 8,147 11,263 3,116 BOLI 2,929 3,383 454 Other 4,101 6,075 1,974 Total 36,395$ 48,334$ 11,939$

14 Noninterest Expense ($ in thousands) 1Q25 2Q25 Change Salaries and employee benefits 71,957$ 99,542$ 27,585$ Data processing 4,089 5,438 1,349 Net occupancy and equipment 11,754 17,328 5,574 Advertising and public relations 4,297 4,490 193 Merger and conversion expenses 791 20,479 19,688 Intangible amortization 1,080 8,884 7,804 Other 19,908 27,043 7,135 Total 113,876$ 183,204$ 69,328$ $112.0 $122.0 $114.7 $113.9 $183.2 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Salaries and employee benefits 54% Data processing 3% Net occupancy and equipment 10% Advertising and public relations 2% Merger and conversion expenses 11% Intangible amortization 5% Other 15% Mix - 2Q 2025 • Noninterest expense increased $69.3 million linked quarter, primarily related to the merger with The First. Merger and conversion expenses increased $19.7 million linked quarter. Core deposit intangible amortization increased $7.8 million for the quarter ($ in millions)

Appendix

16 Available Liquidity and Uninsured Deposits $13.6 $6.3 Available sources Uninsured and uncollateralized deposits Uninsured Deposits Uncollateralized 6.3$ 29.2 % Collateralized public funds 3.0 13.9 Total 9.3$ 43.1 % % of Total Deposits Internal Sources Cash and cash equivalents 1.4$ Unencumbered securities 2.0 External Sources FHLB borrowing capacity(1) 5.1 Federal Reserve Discount Window 0.6 Other(2) 4.5 Total 13.6$ Liquidity Sources Note: As of June 30, 2025; dollars in billions (1) Does not include loans participated to REITs that could be moved to Renasant Bank and pledged for additional capacity (2) Includes untapped brokered CDs (per internal policy limits) and unsecured lines of credit

17 Securities Composition (amortized cost) Highlights • Amortized cost of $3.7 billion; GAAP value of $3.5 billion, which represents 13.3% of total assets • Acquired $1.5 billion in securities from The First • Sold $686.5 million of The First securities and reinvested at higher rates • Duration of 4.0 years • 30% of portfolio HTM based on par value o 23.9% of HTM are CRA investments o 10.2% of HTM are Municipals • Unrealized losses in AOCI on securities totaled $162.1 million ($121.8 million, net of tax); unrealized losses in AOCI on HTM securities totaled $59.9 million ($44.7 million, net of tax) Note: As of June 30, 2025 Agency CMO 30% Agency MBS 28% Municipal 15% Agency CMBS 15% SBA 10% Other 2% $3.7 Billion

18 Non-Owner Occupied CRE – Term* Non-Owner Occupied CRE – Term* Note: As of June 30, 2025. LTV is calculated using the most recent appraisal available. *Excludes construction 14% 13% 9% 22% 6% 9% 18% 6% 3% Warehouse/Industrial Hotels Self Storage Multi-family Medical Office Office (non-medical) Retail Senior Housing Other % of Loans 32.1% Avg Loan Size1 $2.0 million WA LTV 0.07% 0.82% 53.9% 30-89 Days NPLs2 Highlights Office (Non-Medical) Multi-Family Amount $510.6- $1,321.2- Avg Loan Size1 1.0-- 2.9- % of Loans 2.8% 7.1% Past Due2 6.5 0.1 ACL Reserve3 4.2 1.2 WA LTV 55.7 52.1 Loans <75% LTV 87.5 95.1 In Footprint 93.6 99.3 Q2 Loan Growth 63.5 25.7 (1) Based on commitment amount (2) Includes non accrual loans; eighty-eight percent of Office past dues are represented by three loans (3) Includes reserves for both loans accounted for in pools and those individually evaluated Note: Dollars in millions

19 Construction Composition Note: As of June 30, 2025; LTV is calculated using the most recent appraisal available. Highlights 29% 12% 18% 8% 3% 14% 10% 3% 3% 1-4 Family Commercial Owner-Occupied Multi-family Office Retail Self Storage Warehouse / Industrial Hotels Senior Housing Average Loan Size1 $1.74 million % of Total Loans 7.2% Past Due or Nonaccrual 0.4-- Weighted Average LTV 61.9- (1) Based on commitment amount

Forward-Looking Statements 20 ACL / Loss Absorption ($ in thousands) ACL ACL as a % of Loans ACL ACL as a % of Loans Commercial, Financial, Agricultural 38,240$ 2.02 59,552$ 2.23 Lease Financing Receivables 3,644 4.27 1,935 2.16 Real Estate - 1-4 Family Mortgage 50,913 1.42 65,828 1.35 Real Estate - Commercial Mortgage 88,080 1.39 135,572 1.43 Real Estate - Construction 16,561 1.51 21,784 1.63 Installment loans to individuals 6,493 7.46 6,099 4.99 Allowance for Credit Losses on Loans 203,931 1.56 290,770 1.57 Allowance for Credit Losses on Deferred Interest 688 688 Reserve for Unfunded Commitments 17,643 23,566 Total Reserves 222,262 315,024 Purchase Accounting Discounts 4,463 192,348 Total Loss Absorption Capacity 226,725$ 507,372$ 6/30/20253/31/2025

21 Q2 ACL Activity $203.9 $(12.0) $13.2 $23.5 $62.2 $290.8 Axis Title Q1 ACL NCO Provision PCD Non-PCD Q2 ACL A xi s Ti tle Note: Dollars in millions. (1) Net charge-offs (2) Excludes day 1 acquisition provision for acquired loans from The First (3) Loans purchased with more than insignificant credit deterioration 21 3

22 Mortgage Banking Mortgage Banking Income ($ in thousands) 2Q24 1Q25 2Q25 Gain on sales of loans, net 5,199$ 4,500$ 5,316$ Fees, net 2,866 2,317 3,740 Mortgage servicing income, net 1,633 1,330 2,207 Mortgage banking income, net 9,698$ 8,147$ 11,263$ $560.3 $543.6 $482.3 $632.1 $679.6 $- $100 $200 $300 $400 $500 $600 $700 $800 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 Locked Volume (in millions) Mix (in %) 2Q24 1Q25 2Q25 Wholesale 43 39 33 Retail 57 61 67 Purchase 91 80 84 Refinance 9 20 16 Gain on sale margin* 1.69% 1.56% 2.01% 1.42% 1.87% 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 *Gain on sale margin excludes pipeline fair value adjustments and buyback reserve activity included in “Gain on sales of loans, net” in the table above

Selected Purchase Accounting Adjustments (1) 23 Selected Purchase Accounting Adjustments ($ in millions) Estimate at Announcement Actual at Close Fair Value Marks Loans $189.0 $143.5 Securities HTM 45.2 58.0 Credit Marks Purchased Credit Deteriorated (“PCD”) Loans 27.0 23.5 Non-PCD Loans 50.1 62.2 Intangible Assets Core Deposit Intangibles 166.1 159.6 Note: Due to the Company’s evaluation of post-merger activity and the extensive information gathering and management review processes required to properly record acquired assets and liabilities, the Company considers its valuations of The First’s assets and liabilities to be provisional estimates as management continues to identify and assess information regarding the nature of these assets and liabilities for the associated valuation assumptions and methodologies used.