Company: RNST
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000715072-25-000180
Chunk: 237

Company: RENASANT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 237
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, subject to market conditions. Specific terms and prices will be determined at the time of any offering under a separate prospectus supplement that the Company will file with the SEC at the time of the specific offering. The proceeds of the sale of securities, if and when offered, will be used for general corporate purposes or as otherwise described in the prospectus supplement applicable to the offering and could include the expansion of the Company’s banking and wealth management operations as well as other business opportunities. Our common stock offering completed in July 2024 reflects our access of the capital markets as described in this paragraph. In addition, in previous years, we have accessed the capital markets to generate liquidity in the form of subordinated notes. We have also assumed subordinated notes as part of acquisitions. The carrying value of subordinated notes, net of unamortized debt issuance costs, was $319,159 at March 31, 2025.

The following table presents, by type, the Company’s funding sources, which consist of total average deposits and borrowed funds, and the total cost of each funding source for the periods presented:

 Percentage of Total Average Deposits and Borrowed FundsCost of FundsThree Months EndedThree Months Ended March 31,March 31, 2025202420252024Noninterest-bearing demand22.59 %24.03 %— %— %Interest-bearing demand51.93 47.50 2.83 3.03 Savings5.39 5.88 0.35 0.34 Brokered deposits— 3.04 — 5.39 Time deposits16.40 15.84 3.93 4.06 Short-term borrowings0.72 0.79 0.88 1.20 Subordinated notes2.21 2.16 5.15 5.83 Other borrowed funds0.76 0.76 7.88 8.28 Total deposits and borrowed funds100.00 %100.00 %2.31 %2.46 %

The estimated amount of uninsured and uncollateralized deposits at March 31, 2025 was $4,676,719. Collateralized public funds over FDIC insurance limits were $1,941,187 at March 31, 2025.

Our strategy in choosing funds is focused on minimizing cost in the context of our balance sheet composition, interest rate risk position and liquidity forecast.