Company: RNST
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000715072-25-000180
Chunk: 163

Company: RENASANT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 163
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 needs and to supply securities to be used in collateralizing certain deposits and certain types of borrowings. The securities portfolio also serves as an outlet to deploy excess liquidity and generate interest income rather than hold excess funds as cash. The following table shows the carrying value of our securities portfolio by investment type and the percentage of such investment type relative to the entire securities portfolio as of the dates presented:

March 31, 2025December 31, 2024BalancePercentage ofPortfolioBalancePercentage ofPortfolioObligations of other U.S. Government agencies and corporations$— — %$— — %Obligations of states and political subdivisions301,882 14.35 302,596 15.46 Mortgage-backed securities1,590,376 75.59 1,472,918 75.26 Other debt securities211,731 10.06 181,643 9.28 $2,103,989 100.00 %$1,957,157 100.00 %Allowance for credit losses - held to maturity securities(32)(32)Securities, net of allowance for credit losses$2,103,957 $1,957,125 

The Company purchased $175,815 and $46,975 in investment securities during the three months ended March 31, 2025 and 2024, respectively.

Proceeds from maturities, calls and principal payments on securities during the first three months of 2025 totaled $56,789.  No securities were sold during the first quarter of 2025. Proceeds from the maturities, calls and principal payments on securities during the first three months of 2024 totaled $46,307. During the first quarter of 2024, the Company sold from the available for sale portfolio municipal securities, residential mortgage backed securities and commercial mortgage backed securities for net proceeds of $177,185. The Company intended to sell these securities as of December 31, 2023; therefore, the Company impaired the securities and recognized the loss in net income as of December 31, 2023. The carrying value of the securities immediately prior to the impairment was $196,537, and the impairment charge was $19,352. No loss was recorded in the first three months of 2024. 

42

During the third quarter of 2022, the Company transferred, at fair value, $882,927 of securities from the