Company: RNST
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000715072-25-000054
Chunk: 124

Company: RENASANT CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 124
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 reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. A roll-forward of the allowance for credit losses on unfunded commitments is shown in the table below.

Year Ended December 31,20242023Allowance for credit losses on unfunded loan commitments:Beginning balance$16,918 $20,118 Recovery of credit losses on unfunded loan commitments(1,975)(3,200)Ending balance$14,943 $16,918 

52

Nonperforming Assets. Nonperforming assets consist of nonperforming loans and other real estate owned. Nonperforming loans are loans on which the accrual of interest has stopped and loans that are contractually 90 days past due on which interest continues to accrue. Generally, the accrual of interest is discontinued when the full collection of principal or interest is in doubt or when the payment of principal or interest has been contractually 90 days past due, unless the obligation is both well secured and in the process of collection. Management, the problem asset resolution committee and our loan review staff closely monitor loans that are considered to be nonperforming.

Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for credit losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included in “Other real estate owned” in the Consolidated Statements of Income. 

The following table provides details of the Company’s nonperforming assets as of December 31 for each of the years presented. 

20242023Nonaccruing loans$110,811 $68,816 Accruing loans past due 90 days or more2,464 554 Total nonperforming loans113,275 69,370 Other real estate owned8,673 9,622 Total nonperforming assets$121,948 $78,992 Nonperforming loans to total loans0.88 %0.56 %Nonaccruing loans to total loans0.88 %0.56 %Nonperforming assets to total assets0.68 %0.46 %

The level of nonperforming loans increased $43,905 from December 31, 2023, while other real estate owned decreased $949 during