Company: RNST
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0000715072-25-000234
Chunk: 134

Company: RENASANT CORP
Filing Date: 2025-11-07
Form: 10-Q
Item: Item 8
Chunk 134
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 Florida.  The Company incurred transaction costs of $17,494 and $38,764 during the three and nine months ended September 30, 2025.  The Company incurred transaction costs of $4,746 during the three and nine months ended September 30, 2024.  These transaction costs are reported in the line item “Merger and conversion related expenses” in the Consolidated Statements of Income. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at estimated fair values as of the acquisition date. The Company recorded approximately $582,423 in intangible assets which consist of goodwill of $422,813 and a core deposit intangible of $159,610.  Goodwill resulted from a combination of revenue enhancements from expansion in existing markets and efficiencies resulting from operational synergies.  The calculation of goodwill is subject to change as additional information becomes available during the measurement period. As a result of the various measurement period adjustments identified during the third quarter of 2025, the estimated fair value of goodwill as of the acquisition date decreased by $8,071, from $430,884 to $422,813. The fair value of the core deposit intangible is being amortized over its estimated useful life, currently expected to be approximately 10 years.  The goodwill is not deductible for income tax purposes.  The Company assumed the outstanding short-term borrowings and long-term debt of The First. Short-term borrowings consisted of $298,250 in short-term advances from the Federal Home Loan Bank. Long-term debt consisted of $95,262 and $25,653 in subordinated notes and junior subordinated debentures, respectively.   The following table summarizes the calculation of the purchase price in connection with the Company’s merger with The First. Purchase Price:Shares issued to common shareholders, excluding unvested restricted stock awards30,811,851 Purchase price per share$33.93 Value of stock paid$1,045,446 Fair value of converted unvested restricted stock awards for pre-combination service5,375 Cash settlement for stock options, net of tax benefit1,869   Total purchase price$1,052,690 The following table summarizes the fair value on April 1, 2025 of assets acquired and liabilities assumed on that date in connection with the merger with The First.

9

As Reported by The FirstPreliminary AdjustmentsMeasurement Period AdjustmentsFair Value of Net Assets Acquired at