Company: RNST
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000715072-25-000180
Chunk: 44

Company: RENASANT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 44
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 into forward commitments to sell residential mortgage loans to secondary market investors. The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented:

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Table of ContentsRenasant Corporation and SubsidiariesNotes to Consolidated Financial Statements (Unaudited)

 Balance SheetMarch 31, 2025December 31, 2024 LocationNotional AmountFair ValueNotional AmountFair ValueDerivative assets:  Interest rate contractsOther Assets$910,697 $14,887 $877,051 $14,071   Interest rate lock commitmentsOther Assets158,289 2,244 64,365 861 Forward commitmentsOther Assets45,000 26 174,000 1,242 Totals$1,113,986 $17,157 $1,115,416 $16,174 Derivative liabilities:  Interest rate contractsOther Liabilities$911,021 $14,899 $880,371 $14,094 Interest rate lock commitmentsOther Liabilities13,067 57 1,829 122   Forward commitmentsOther Liabilities215,000 1,390 52,000 86 Totals$1,139,088 $16,346 $934,200 $14,302 Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented:Three Months Ended March 31, 20252024Interest rate contracts:Included in interest income on loans$2,889 $3,191 Interest rate lock commitments:Included in mortgage banking income1,448 808 Forward commitmentsIncluded in mortgage banking income(2,519)2,067 Total$1,818 $6,066 Derivatives designated as cash flow hedgesCash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses both interest rate swap contracts and interest rate collars in an effort to manage future interest rate exposure on borrowings and loans, respectively. The swap hedging strategy converts the variable interest rate on the forecasted borrowings to a fixed interest rate. The collar hedging strategy limits the benefit to interest income when rates exceed the cap but protects interest income from interest rate fluctuations below the floor strike rate.The following table provides a summary of the Company’s derivatives designated as cash flow hedges as