Company: RNST
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000715072-25-000234
Chunk: 121

Company: RENASANT CORP
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 1
Chunk 121
---
 interest rate swap contract on its subordinated notes that is accounted for as a fair value hedge. Under this contract, the Company pays a variable rate of interest and receives a fixed rate of interest. The Company utilizes interest rate collars to protect against interest rate fluctuations on certain variable-rate loans. Under these contracts, interest income is limited to the interest rate cap; however, interest income is protected when market rates fall below the floor strike rate.

For more information about the Company’s derivatives, see Note 10, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements.

Shareholders’ Equity and Regulatory Matters

Total shareholders’ equity of the Company was $3,825,778 at September 30, 2025 compared to $2,678,318 at December 31, 2024. Book value per share was $40.26 and $42.13 at September 30, 2025 and December 31, 2024, respectively. The growth in shareholders’ equity is attributable to the merger with The First, current period earnings and declines in accumulated other comprehensive loss, offset by dividends declared.

Effective October 28, 2025, the Company’s Board of Directors approved a $150.0 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. This plan, which will remain in effect until the earlier of October 2026 or the repurchase of the entire amount authorized under the plan, replaces the Company’s $100.0 million stock repurchase program that expired October 2025.

The Company has junior subordinated debentures with a carrying value of $140,355 at September 30, 2025, of which $135,959 was included in the Company’s Tier 2 capital.

The Company has subordinated notes with a par value of $433,400 at September 30, 2025, of which $418,523 is included in the Company’s Tier 2 capital. On October 1, 2025, the Company redeemed $60,000 in subordinated notes assumed as part of its merger with The First.

The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications:

Capital TiersTier 1 Capital toAverage Assets(L