About Renasant

Renasant Corporation operates as the bank holding company for Renasant Bank that offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers from offices located throughout the Southeast as well as offers factoring and asset-based lending on a nationwide basis. The company owns and operates Renasant Bank ('Renasant Bank' or the 'Bank'), Renasant Insurance, Inc., Park Place Capital Corporation and Continental Republic Capital, LLC (doing business as 'Republic Business Credit'). Operations The company has three reportable segments: Community Banks, Insurance, and Wealth Management. The company does not have any foreign operations. Operations of Community Banks Substantially all of the company's business activities are conducted through, and substantially all of the company's assets and revenues are derived from, the operations of the company's community banks, which offer a complete range of banking and financial services to individuals and to businesses of all sizes. These services include business and personal loans, interim construction loans, specialty commercial lending, factoring and asset-based lending, treasury management services and checking and savings accounts, as well as safe deposit boxes and night depository facilities. Automated teller machines are located throughout the company's market area, and the company has interactive teller machines in many of the company's urban markets. The company's Online and Mobile Banking products and the company's call center also provide 24-hour banking services. The company has banking, lending and mortgage offices located throughout the company's markets in the Southeast, while the company's subsidiary Republic Business Credit had four stand-alone offices in California, Illinois, Louisiana and Texas. Customers may also conduct many banking transactions, such as opening deposit accounts and applying for certain types of loans, through the company's Online and Mobile Banking Products. Lending Activities The company's commercial lending group provides banking services to corporations or other business customers and originates loans for general corporate purposes, such as financing for commercial and industrial projects or income producing commercial real estate. Also included in the company's commercial lending group are experienced lenders within the company's specialty lines of business, which consist of the company's asset-based lending, Small Business Administration lending, healthcare, factoring, and equipment lease financing banking groups. The company's personal banking group provides small consumer installment loans, residential real estate loans, lines of credit and construction financing and originates conventional first and second mortgages. The company's loans are primarily generated within the market areas where the company's offices are located. Commercial, Financial and Agricultural Loans Commercial, financial and agricultural loans (referred to as 'C&I loans'), which accounted for approximately 15.15% of the company's total loans at December 31, 2023, are customarily granted to established local business customers in the company's market area on a fully collateralized basis to meet their credit needs. The company use C&I loan credit scoring models for smaller-size loans. The company's factoring receivables are categorized as C&I loans. Real Estate - 1-4 Family Mortgage The company is active in the real estate - 1-4 family mortgage area (referred to as 'residential real estate loans'). The company offers both first and second mortgages on residential real estate. Loans secured by residential real estate in which the property is the principal residence of the borrower are referred to as 'primary' 1-4 family mortgages. Loans secured by residential real estate in which the property is rented to tenants or is not otherwise the principal residence of the borrower are referred to as 'rental/investment' 1-4 family mortgages. The company also offers loans for the preparation of residential real property prior to construction (referred to as 'residential land development loans'). In addition, the company offers home equity loans or lines of credit and term loans secured by first and second mortgages on the residences of borrowers who elect to use the accumulated equity in their homes for purchases, refinances, home improvements, education and other personal expenditures. Both fixed and variable rate loans are offered with competitive terms and fees. Originations of residential real estate loans are generated through retail efforts in the company's branches or originations by or referrals from the company's Mortgage division or online by the company's retail mortgage originators. The company retains residential real estate loans in its portfolio when the bank has sufficient liquidity to fund the needs of established customers and when rates are favorable to retain the loans. Retained portfolio loans are made primarily through the bank's variable-rate mortgage product offerings. As noted above, the company also originates residential real estate loans with the intention of selling them in the secondary market to third party private investors or directly to government sponsored entities. In addition to the origination channels mentioned above, mortgage loans held for sale are also originated through wholesale relationships where the company purchases loans from smaller banks, credit unions and brokerage shops. The company does not actively market or originate subprime mortgage loans. Real Estate - Commercial Mortgage The company's real estate - commercial mortgage loans ('commercial real estate loans') represented approximately 44.43% of the company's total loans at December 31, 2023. Included in this portfolio are loans in which the owner develops a property with the intention of locating its business there. These loans are referred to as 'owner-occupied' commercial real estate loans. In some instances, in addition to the company's mortgage on the underlying real estate of the business, the company's commercial real estate loans are secured by other non-real estate collateral, such as equipment or other assets used in the business. In addition to owner-occupied commercial real estate loans, the company offers loans in which the owner develops a property where the source of repayment of the loan will come from the sale or lease of the developed property, for example, retail shopping centers, hotels and storage facilities. These loans are referred to as 'non-owner occupied' commercial real estate loans. The company also offers commercial real estate loans to developers of commercial properties for purposes of site acquisition and preparation and other development prior to actual construction (referred to as 'commercial land development loans'). Real Estate - Construction The company's real estate - construction loans ('construction loans') represented approximately 10.79% of the company's total loans as of December 31, 2023. The company's construction loan portfolio consists of loans for the construction of single family residential properties, multi-family properties and commercial projects. Maturities for construction loans generally range from six to 12 months for residential property and from 24 to 36 months for non-residential and multi-family properties. Similar to non-owner occupied commercial real estate loans, the source of repayment of a construction loan comes from the sale or lease of newly-constructed property, although often construction loans are repaid with the proceeds of a commercial real estate loan that the company makes to the owner or lessor of the newly-constructed property. Installment Loans to Individuals Installment loans to individuals (or 'consumer loans'), which represented approximately 0.84% of the company's total loans at December 31, 2023, are granted to individuals for the purchase of personal goods. The company obtains a lien against the collateral securing the loan and holds title until the loan is repaid in full. Equipment Financing and Leasing Equipment financing loans (or 'lease financing loans'), which represented approximately 0.94% of the company's total loans at December 31, 2023, are granted to provide capital to businesses for commercial equipment needs. These loans are generally granted for periods ranging between two and five years at fixed rates of interest. Transportation, manufacturing, healthcare, material handling, printing and construction are the industries that typically obtain lease financing. In addition, the company offers a product tailored to qualified not-for-profit customers that provides real estate financing at tax-exempt rates. Investment Activities The company primarily acquires mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities, such as FNMA, FHLMC and GNMA (colloquially known as 'Fannie Mae,' 'Freddie Mac' and 'Ginnie Mae,' respectively), as well as municipal securities. The company also holds investments in corporate debt and pooled trust preferred securities. Deposit Services The company offers a broad range of deposit services and products to the company's consumer and commercial clients. Through the company's community branch networks, the company offers consumer checking accounts with free online and mobile banking, which includes bill pay and transfer features, remote deposit capture, peer-to-peer payment, interest bearing checking, money market accounts, savings accounts, certificates of deposit, individual retirement accounts and health savings accounts. For the company's commercial clients, the company offers competitive checking and savings services and a suite of treasury management products, including remote deposit capture, account reconciliation, electronic statements, fraud protection via positive pay, ACH origination and wire transfer, lockbox services, overnight investment sweep options, enhanced business Internet banking and mobile banking. Excluding brokered deposits, the deposits held by the bank have been primarily generated within the market areas where the company's branches are located. Operations of Wealth Management The company's Wealth Management segment operates through two divisions: Trust and Financial Services. The Trust division, which is housed in the bank's trust department, offers a wide variety of fiduciary and custodial services, including investment advisory, accounting and administrative services (acting as trustee or in other capacities) for qualified retirement and other employee benefit plans, IRAs, personal trusts and estates. The company's 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 services the company provides and the type of account. The Financial Services division, which primarily operates through Park Place Capital (although the bank's trust department maintains some legacy financial service operations), offers specialized products and services to the company's customers. These products and services include fixed and variable annuities, mutual funds and stocks, some of which are offered through a third party provider. Park Place Capital also provides administrative and compliance services for certain mutual funds. Wealth Management operations are headquartered in Tupelo, Mississippi, and Birmingham, Alabama, but the company's products and services are available to customers in all of the company's markets through its community banks. Operations of Insurance Renasant Insurance is a full-service insurance agency offering all lines of commercial and personal insurance through major carriers. For 2023, Renasant Insurance operated offices throughout north and north central Mississippi. Supervision and Regulation The company is a bank holding company registered under the Bank Holding Company Act of 1956, as amended (the BHC Act). As a result, the company is subject to supervision, regulation, and examination by the Board of Governors of the Federal Reserve System (the Federal Reserve). The bank is a commercial bank chartered under the laws of the state of Mississippi. The bank is not a member of the Federal Reserve System. As a Mississippi non-member bank, the bank is subject to supervision, regulation, and examination by the Mississippi Department of Banking and Consumer Finance (the 'DBCF'), as the chartering entity of the bank; and by the FDIC, as the insurer of the bank's deposits. As an institution with more than $10 billion in assets, the company is subject to examination by the Consumer Financial Protection Bureau (the 'CFPB') for compliance with federal consumer protection laws. A dominant theme of the GLB Act (the Financial Services Modernization Act of 1999 (commonly referred to as the Gramm-Leach Bliley Act) is functional regulation of financial services, with the primary regulator of the company or its subsidiaries being the agency that traditionally regulates the activity in which the company or its subsidiaries wish to engage. As a publicly-traded company, the company is also subject to laws, rules and regulations, as well as the standards of self-regulatory organizations, relating to corporate governance, financial reporting and public disclosure, and auditor independence, including the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the 'Dodd-Frank Act'), SEC (Securities and Exchange Commission) rules and regulations, and Nasdaq (NASDAQ Global Select Market) listing rules. As a Mississippi-chartered bank, the bank is subject to the regulation and supervision of the DBCF. As an FDIC-insured institution that is not a member of the Federal Reserve (Board of Governors of the Federal Reserve System), the bank is subject to the regulation and supervision of the FDIC. The deposits of the bank are insured through the Deposit Insurance Fund (the 'DIF') up to $250,000 for most accounts. The company is subject to a broad array of federal and state laws designed to protect consumers in connection with its lending activities, including the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Truth in Lending Act, the Truth in Savings Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, the Electronic Funds Transfer Act, and in some cases, their respective state law counterparts. The CFPB, which is an independent bureau within the Federal Reserve, has broad regulatory, supervisory and enforcement authority over the company's offering and provision of consumer financial products and services under these laws. Under the Community Reinvestment Act (the 'CRA'), the FDIC assesses the bank's record in meeting the credit needs of its entire community, including low- and moderate-income neighborhoods. History Renasant Corporation was founded in 1904. The company, a Mississippi corporation, was incorporated in 1982.