Company: RNST
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000715072-25-000180
Chunk: 219

Company: RENASANT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 219
---
 insurance agency business on July 1, 2024. Noninterest income for the first quarter of 2024 included income earned on insurance products in the amount of $2,716, while the Company did not earn any such income in the first quarter of 2025.

Service charges on deposit accounts include maintenance fees on accounts, per item charges, account enhancement charges for additional packaged benefits and overdraft fees (which encompasses traditional overdraft fees as well as non-sufficient funds fees). Service charges on deposit accounts were $10,364 and $10,506 for the first quarter of 2025 and 2024, respectively. Overdraft fees, the largest component of service charges on deposits, were $5,140 for the three months ended March 31, 2025, as compared to $5,256 for the same period in 2024.

Fees and commissions were $3,860 during the first quarter of 2025 as compared to $3,949 for the same period in 2024. Fees and commissions include fees related to deposit services, such as ATM fees and interchange fees on debit card transactions, and lending services, such as collateral management fees and unused commitment fees. For the first quarter of 2025, interchange fees were $2,013 as compared to $2,130 for the same period in 2024.

Our Wealth Management segment has two divisions: Trust and Financial Services. The Trust division operates on a custodial basis, which includes administration of benefit plans, as well as accounting and money management for trust accounts. The division manages a number of trust accounts inclusive of personal and corporate benefit accounts, IRAs, and custodial accounts. Fees for managing these accounts are based on changes in market values of the assets under management in the account, with the amount of the fee depending on the type of account. The Financial Services division provides specialized products and services to our customers, which include fixed and variable annuities, mutual funds, and stocks offered through a third party provider. Wealth Management revenue was $7,067 for the first quarter of 2025 compared to $5,669 for the same period in 2024. The market value of assets under management or administration was $6,469,093 and $5,386,011 at March 31, 2025 and March 31, 2024, respectively.

Mortgage banking income is derived from the origination and sale of mortgage loans and the servicing of mortgage loans that the Company has sold but retained the