Company: RNST
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000715072-25-000180
Chunk: 97

Company: RENASANT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 97
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 income is protected when market rates fall below the floor strike rate.

For more information about the Company’s derivatives, see Note 9, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements.

Shareholders’ Equity and Regulatory Matters

Total shareholders’ equity of the Company was $2,727,105 at March 31, 2025 compared to $2,678,318 at December 31, 2024. Book value per share was $42.79 and $42.13 at March 31, 2025 and December 31, 2024, respectively. The growth in shareholders’ equity was attributable to current period earnings and declines in accumulated other comprehensive loss, offset by dividends declared.

In October 2024, the Company’s Board of Directors approved a stock repurchase program, authorizing the Company to repurchase up to $100,000 of its outstanding common stock, either in open market purchases or privately-negotiated transactions. The program will remain in effect through October 2025 or, if earlier, the repurchase of the entire amount of common stock authorized to be repurchased. The Company did not repurchase any of its common stock in the first quarter of 2025.

The Company has junior subordinated debentures with a carrying value of $114,150 at March 31, 2025, of which $110,559 was included in the Company’s Tier 1 capital as of such date. In light of the Company’s completion of its merger with The First on April 1, 2025, all of the Company’s junior subordinated debentures are now included in Tier 2 capital, as required under Federal Reserve guidelines.

The Company has subordinated notes with a par value of $336,400 at March 31, 2025, of which $334,290 is included in the Company’s Tier 2 capital. 

The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that bank holding companies and banks must maintain. Those guidelines specify capital tiers, which include the following classifications:

Capital TiersTier 1 Capital toAverage Assets(Leverage)Common Equity Tier 1 toRisk - Weighted AssetsTier 1 Capital toRisk - WeightedAssets Total Capital toRisk - WeightedAssetsWell capitalized5% or above6.5% or