Company: RNST
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000715072-25-000234
Chunk: 85

Company: RENASANT CORP
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 1
Chunk 85
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5 and December 31, 2024, respectively, and represented 17.47% and 15.48% of total deposits as of September 30, 2025 and December 31, 2024, respectively.

59

Borrowed Funds

Total borrowings may include federal funds purchased, securities sold under agreements to repurchase, advances from the Federal Home Loan Bank of Dallas (the “FHLB”), borrowings from the Federal Reserve Discount Window, subordinated notes and junior subordinated debentures and are classified on the Consolidated Balance Sheets as either short-term borrowings or long-term debt. Short-term borrowings have original maturities less than one year and typically consist of federal funds purchased, securities sold under agreements to repurchase, and short-term FHLB advances. The Company assumed $298,250 of FHLB advances as a result of its merger with The First. We also increased short-term FHLB borrowings in the first nine months of 2025 primarily to fund loan growth, particularly in the second and third quarters of 2025. The following table presents our short-term borrowings by type as of the dates presented:

September 30, 2025December 31, 2024Security repurchase agreements$6,063 $8,018 Short-term borrowings from the FHLB600,000 100,000 $606,063 $108,018 

Long-term debt typically consists of long-term FHLB advances, our junior subordinated debentures and our subordinated notes. The Company assumed $95,262 of subordinated notes and $25,653 of junior subordinated debentures as a result of its merger with The First. The following table presents our long-term debt by type as of the dates presented:

September 30, 2025December 31, 2024Junior subordinated debentures$140,355 $113,916 Subordinated notes418,523 316,698 $558,878 $430,614 

Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and to meet day-to-day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits (which has not been the case in recent periods). Advances from the FHLB are collateralized by a blanket lien on the Bank’s loans. The Company