Company: RNST
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000715072-25-000211
Chunk: 267

Company: RENASANT CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 2
Chunk 267
---
30, 2025 and June 30, 2024, respectively. The Company acquired approximately $471,000 of assets under management through its merger with The First.

Mortgage banking income is derived from the origination and sale of mortgage loans and the servicing of mortgage loans that the Company has sold but retained the right to service. 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. Interest rate lock commitments and originations of mortgage loans to be sold totaled $679,633 and $491,627, respectively, in the second quarter of 2025 compared to $560,303 and $380,707, respectively, for the same period in 2024. The increase in interest rate lock commitments for the three months ended June 30, 2025 as compared to the same period in 2024 was due to the slight decrease in mortgage interest rates during the first quarter of 2025 as compared to the same period in 2024. Interest rate lock commitments and originations of mortgage loans to be sold totaled $1,311,758 and $794,785 in the six months ended June 30, 2025 compared to $1,004,601 and $643,131 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 $1,467 and $3,472, respectively. The table below presents the components of mortgage banking income included in noninterest income for the periods presented.

61

Three Months Ended June 30,Six Months Ended June 30,2025 20242025 2024Gain on sales of loans, net (1)$5,316 $5,199 $9,816 $9,734 Fees, net3,740 2,866 6,057 4,720 Mortgage servicing income, net(2)2,207 1,633 3,537 6,614 Mortgage banking income, net$11,263 $9,698 $19,410 $21,068 

(1) Gain on sales of loans