Company: RNST
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000715072-25-000234
Chunk: 219

Company: RENASANT CORP
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 8
Chunk 219
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. Interest rate lock commitments and originations of mortgage loans to be sold totaled $590,160 and $425,482, respectively, in the third quarter of 2025 compared to $543,597 and $412,059, respectively, for the same period in 2024. The increase in interest rate lock commitments for the three months ended September 30, 2025 as compared to the same period in 2024 was due to the slight decrease in mortgage interest rates during the third quarter of 2025 as compared to the same period in 2024. Interest rate lock commitments and originations of mortgage loans to be sold totaled $1,901,918 and $1,220,267 in the nine months ended September 30, 2025 compared to $1,548,198 and $1,053,190 for the same period in 2024. The high rates in 2024 significantly dampened demand for mortgages nationwide.  In the second quarter of 2025 and the first quarter of 2024, the Company sold a portion of its mortgage servicing rights portfolio with a carrying value of $7,886 and $19,539, respectively, for a pre-tax gain of 

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$1,467 and $3,472, respectively. The table below presents the components of mortgage banking income included in noninterest income for the periods presented.

Three Months Ended September 30,Nine Months Ended September 30,2025 20242025 2024Gain on sales of loans, net (1)$5,270 $4,499 $15,086 $14,233 Fees, net3,050 2,646 9,107 7,366 Mortgage servicing income, net(2)697 1,302 4,234 7,916 Mortgage banking income, net$9,017 $8,447 $28,427 $29,515 

(1) Gain on sales of loans, net includes pipeline fair value adjustments

(2) Mortgage servicing income, net includes gain on sale of MSR

BOLI income is derived from changes in the cash surrender value of the bank-owned life insurance policies and proceeds received upon the death of covered individuals. BOLI income was $4,235 for the three months ended September 30, 2025 as compared to $2,858 for the same period in 2024, and $10,547 for the nine months