Company: RNST
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0000715072-25-000211
Chunk: 75

Company: RENASANT CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Item 1
Chunk 75
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00 %$1,957,157 100.00 %Allowance for credit losses - held to maturity securities(32)(32)Securities, net of allowance for credit losses$3,548,304 $1,957,125 

The merger with The First contributed approximately $1,457,203 to the securities portfolio at April 1, 2025. The Company purchased $946,095 and $52,679 in investment securities during the six months ended June 30, 2025 and 2024, respectively.

Proceeds from maturities, calls and principal payments on securities during the first six months of 2025 totaled $165,377. Shortly after the merger with The First, certain securities from the acquired portfolio were sold at carrying value, resulting in net proceeds of $686,485. No gain or loss on sales of securities was recorded in the first half of 2025. Proceeds from the maturities, calls and principal payments on securities during the first six months of 2024 totaled $93,085. 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 on sales of securities was recorded in the first six months of 2024. 

During the third quarter of 2022, the Company transferred, at fair value, $882,927 of securities from the available for sale portfolio to the held to maturity portfolio as the Company has the intent and ability to hold these securities until their maturity. The related net unrealized losses of $99,675 (after tax losses of $74,307) remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, offsetting the related amortization of discount on the transferred securities. At June 30, 2025, the net unrealized after tax losses remaining to be amortized in accumulated other comprehensive income (loss) was $44,668. No gains or losses were recognized at the time of transfer.

For more information about the Company’s security portfolio, see Note