Company: RNST
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000715072-25-000211
Chunk: 133

Company: RENASANT CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 8
Chunk 133
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 have a significant impact on the Company’s financial statements.

Note 2 – Mergers and Acquisitions

(Dollar Amounts In Thousands, Except Share Data)Acquisition of The First Bancshares, Inc. (“The First”)Effective April 1, 2025, the Company completed its acquisition by merger of The First, the parent company of The First Bank, in a transaction valued at approximately $1,061,780.  The Company issued 31,238,172 shares of common stock and paid approximately $1,869, net of tax benefit, to The First stock option holders for 100% of the voting equity interest in The First. At closing, The First merged with and into the Company, with the Company the surviving corporation in the merger; immediately thereafter, The First Bank merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. Before the merger, The First operated 116 banking locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida.The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at estimated fair values on the acquisition date. The Company recorded approximately $590,494 in intangible assets which consist of goodwill of $430,884 and a core deposit intangible of $159,610.  Goodwill resulted from a combination of revenue enhancements from expansion in existing markets and efficiencies resulting from operational synergies.  The fair value of the core deposit intangible is being amortized over its estimated useful life, currently expected to be approximately 10 years.  The goodwill is not deductible for income tax purposes.  The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s merger with The First based on their fair values on April 1, 2025. 

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Table of Contents

Purchase Price:Shares issued to common shareholders31,238,172 Purchase price per share$33.93 Value of stock paid$1,059,911 Cash settlement for stock options, net of tax benefit1,869   Total purchase price$1,061,780 Net Assets Acquired:Stockholders’ equity at acquisition date$993,475 Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed:  Securities(71,772)  Loans, including loans held for sale(152,153)  Premises and equipment(1,596)  Int