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Employee Benefit and Deferred Compensation Plans | 3 Months Ended
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Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract] |
Employee Benefit and Deferred Compensation Plans | Employee Benefit and Deferred Compensation Plans (In Thousands, Except Share Data) The Company sponsors a noncontributory defined benefit pension plan, under which participation and future benefit accruals ceased as of December 31, 1996. In connection with the acquisition of Heritage Financial Group, Inc. (“Heritage”)) in July 2015, the Company assumed the noncontributory defined benefit pension plan maintained by HeritageBank of the South, Heritage's wholly-owned banking subsidiary (“HeritageBank”), under which accruals had ceased and the plan had been terminated by HeritageBank immediately prior to the acquisition date. Final distribution of all benefits under the plan was completed in August 2016. The Company also provides retiree health benefits for certain employees who were employed by the Company and enrolled in the Company's health plan as of December 31, 2004. To receive benefits, an eligible employee must retire from service with the Company and its affiliates between age 55 and 65 and be credited with at least 15 years of service or with 70 points, determined as the sum of age and service at retirement. The Company periodically determines the portion of the premium to be paid by each eligible retiree and the portion to be paid by the Company. Coverage ceases when an employee attains age 65 and is eligible for Medicare. The Company also provides life insurance coverage for each retiree in the face amount of $5 until age 70. Retirees can purchase additional insurance or continue coverage beyond age 70 at their sole expense. The plan expense for the legacy Renasant defined benefit pension plan (“Pension Benefits - Renasant”), the assumed HeritageBank defined pension plan (“Pension Benefits - HeritageBank”) and post-retirement health and life plans (“Other Benefits”) for the periods presented was as follows:
| Pension Benefits |  | Pension Benefits |  |
| Renasant |  | HeritageBank |  | Other Benefits
| Three Months Ended |  | Three Months Ended |  | Three Months Ended
| March 31, |  | March 31, |  | March 31,
| 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 4 |
Interest cost | 293 |  |  | 306 |  |  | — |  |  | 69 |  |  | 13 |  |  | 14 |
Expected (return) on plan assets | (484 | ) |  | (469 | ) |  | — |  |  | (45 | ) |  | — |  |  | — |
Prior service cost recognized | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recognized actuarial loss | 100 |  |  | 100 |  |  | — |  |  | — |  |  | 13 |  |  | 17 |
Settlement/curtailment/termination gains | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit (return) cost | $ | (91 | ) |  | $ | (63 | ) |  | $ | — |  |  | $ | 24 |  |  | $ | 29 |  |  | $ | 35 |
In March 2011, the Company adopted a long-term equity incentive plan, which provides for the grant of stock options and the award of restricted stock. The plan replaced the long-term incentive plan adopted in 2001, which expired in October 2011. The Company issues shares of treasury stock to satisfy stock options exercised or restricted stock granted under the plan. Options granted under the plan allow participants to acquire shares of the Company's common stock at a fixed exercise price and expire ten years after the grant date. Options vest and become exercisable in installments over a three-year period measured from the grant date. Options that have not vested are forfeited and canceled upon the termination of a participant's employment. There were no stock options granted during the three months ended March 31, 2017 or 2016. The following table summarizes the changes in stock options as of and for the three months ended March 31, 2017:
|  | Shares |  | Weighted Average Exercise Price
Options outstanding at beginning of period |  | 185,625 |  |  | $ | 15.97 |
Granted |  | — |  |  | — |
Exercised |  | (43,250 | ) |  | 15.69 |
Forfeited |  | — |  |  | — |
Options outstanding at end of period |  | 142,375 |  |  | $ | 16.06 |
The Company awards performance-based restricted stock to executives and other officers and employees and time-based restricted stock to directors, executives and other officers and employees under the long-term equity incentive plan. The performance-based restricted stock vests upon completion of a one-year service period and the attainment of certain performance goals. Performance-based restricted stock is issued at the target level; the number of shares ultimately awarded is determined at the end of each year and may be increased or decreased depending on the Company falling short of, meeting or exceeding financial performance measures defined by the Board of Directors. Time-based restricted stock vests at the end of the service period defined in the respective grant. The fair value of each restricted stock award is the closing price of the Company's common stock on the day immediately preceding the award date. The following table summarizes the changes in restricted stock as of and for the three months ended March 31, 2017:
|  | Performance-Based Restricted Stock |  | Weighted Average Grant-Date Fair Value |  | Time- Based Restricted Stock |  | Weighted Average Grant-Date Fair Value
Nonvested at beginning of period |  | — |  |  | $ | — |  |  | 117,345 |  |  | $ | 31.76 |
Awarded |  | 54,450 |  |  | 42.22 |  |  | 75,725 |  |  | 42.22 |
Vested |  | — |  |  | — |  |  | (30,500 | ) |  | 31.65 |
Cancelled |  | — |  |  | — |  |  | — |  |  | — |
Nonvested at end of period |  | 54,450 |  |  | $ | 42.22 |  |  | 162,570 |  |  | $ | 36.65 |
During the three months ended March 31, 2017, the Company reissued 62,434 shares from treasury in connection with the exercise of stock options and awards of restricted stock. The Company recorded total stock-based compensation expense of $1,174 and $859 for the three months ended March 31, 2017 and 2016, respectively.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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