Company: RNST
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000715072-25-000180
Chunk: 221

Company: RENASANT CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 221
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Noninterest expense was $113,949 and $112,912 for the first quarter of 2025 and 2024, respectively. The increase is primarily due to $791 in expenses relating to the proposed merger with The First.

Salaries and employee benefits increased $487 to $71,957 for the first quarter of 2025 as compared to $71,470 for the same period in 2024. The change in salaries and employee benefits is primarily due to annual merit increases implemented in April 2024 and increased mortgage commissions, driven by increased mortgage production, offset by salary and employee benefit savings following the sale of our insurance agency in July 2024.

Data processing costs were $4,089 in the first quarter of 2025 as compared to $3,807 for the same period in 2024. The Company continues to examine new and existing contracts to negotiate favorable terms to offset the increased variable cost components of our data processing costs, such as new accounts and increased transaction volume.

Net occupancy and equipment expense for the first quarter of 2025 was $11,754, as compared to $11,389 for the same period in 2024.

Professional fees include fees for legal and accounting services, such as routine litigation matters, external audit services as well as assistance in complying with newly-enacted and existing banking and other governmental regulations. Professional fees were $2,884 for the first quarter of 2025 as compared to $3,348 for the same period in 2024.

Advertising and public relations expense was $4,297 for the first quarter of 2025 as compared to $4,886 for the same period in 2024. During the three months ended March 31, 2025 and 2024, the Company contributed approximately $925 and $1,055, respectively, to charitable organizations throughout Mississippi and Georgia, which contributions are included in our advertising and public relations expense, for which it received a dollar-for-dollar tax credit.

Amortization of intangible assets totaled $1,080 and $1,212 for the first quarter of 2025 and 2024. This amortization relates to finite-lived intangible assets which are being amortized over the useful lives as determined at acquisition. These finite-lived intangible assets have remaining estimated useful lives ranging from approximately 1 year to 6 years.

Communication expenses, those expenses incurred for communication to clients and between employees, were $2,033 for the first quarter of 2025 as compared to $2,024