Company: RNST
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000715072-25-000180
Chunk: 68

Company: RENASANT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 68
---
 municipalities, including school boards and utilities. Public fund deposits were $2,351,241 and 

44

$2,256,461 at March 31, 2025 and December 31, 2024, respectively, and represented 15.92% and 15.48% of total deposits as of March 31, 2025 and December 31, 2024, respectively.

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 following table presents our short-term borrowings by type as of the dates presented:

March 31, 2025December 31, 2024Security repurchase agreements$8,015 $8,018 Short-term borrowings from the FHLB100,000 100,000 $108,015 $108,018 

Long-term debt typically consists of long-term FHLB advances, our junior subordinated debentures and our subordinated notes.  The following table presents our long-term debt by type as of the dates presented:

March 31, 2025December 31, 2024Junior subordinated debentures$114,150 $113,916 Subordinated notes319,159 316,698 $433,309 $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 had $3,816,162 of availability on unused lines of credit with the FHLB at March 31, 2025, as compared to $4,004,630 at December 31, 2024. The Company also had credit available at the Federal Reserve Discount Window