Company: RNST
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000715072-25-000180
Chunk: 176

Company: RENASANT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 176
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 income is gains from the sale of these loans in the secondary market. Interest rate lock commitments and originations of mortgage loans to be sold totaled $632,125 and $303,158, respectively, in the first quarter of 2025 compared to $444,297 and $260,424, respectively for the same period in 2024. The increase in interest rate lock commitments for the three months ended March 31, 2025 as compared to the same period in 2024 was due to the slight decrease in mortgage interest rates during the first quarter of 2025 as compared to the same period in 2024. The high rates in 2024 significantly dampened demand for mortgages nationwide. In the first quarter of 2024, the Company sold a portion of its mortgage servicing rights portfolio with a carrying value of $19,539 for a pre-tax gain of $3,472. The table below presents the components of mortgage banking income included in noninterest income for the periods presented.

Three Months Ended March 31,2025 2024Gain on sales of loans, net (1)$4,500 $4,535 Fees, net2,317 1,854 Mortgage servicing income, net(2)1,330 4,981 Mortgage banking income, net$8,147 $11,370 

(1) Gain on sales of loans, net includes pipeline fair value adjustments

(2) Mortgage servicing income, net includes gain on sale of MSR

BOLI income is derived from changes in the cash surrender value of the bank-owned life insurance policies and proceeds received upon the death of covered individuals. BOLI income was $2,929 for the three months ended March 31, 2025 as compared to $2,691 for the same period in 2024.

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Other noninterest income was $4,101 and $4,424 for the three months ended March 31, 2025 and 2024, respectively. Other noninterest income includes income from our SBA banking division, our capital markets division and other miscellaneous income and can fluctuate based on production in our SBA banking and capital markets divisions and recognition of other seasonal income items.

Noninterest Expense

Noninterest Expense to Average AssetsThree Months Ended March 31,2025 20242.57%2.64%

Noninterest expense was $113,949 and $112,912 for the first quarter of 2025 and