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Employee Benefit and Deferred Compensation Plans | 9 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Employee Benefit and Deferred Compensation Plans | Employee Benefit and Deferred Compensation Plans (In Thousands, Except Share Data) Pension and Post-retirement Medical Plans The Company sponsors a noncontributory defined benefit pension plan, under which participation and benefit accruals ceased as of December 31, 1996, and it provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Company’s group medical plan. Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows:
| Pension Benefits |  |  |  | Other Benefits
| Three Months Ended |  |  |  | Three Months Ended
| September 30, |  |  |  | September 30,
| 2024 |  | 2023 |  |  |  |  |  | 2024 |  | 2023
Interest cost | $ | 227 |  |  | $ | 249 |  |  |  |  |  |  | $ | 5 |  |  | $ | 6 |
Expected return on plan assets | (249) |  |  | (309) |  |  |  |  |  |  | — |  |  | — |
Recognized actuarial loss (gain) | 129 |  |  | 131 |  |  |  |  |  |  | (23) |  |  | (15) |
Net periodic benefit cost (return) | $ | 107 |  |  | $ | 71 |  |  |  |  |  |  | $ | (18) |  |  | $ | (9) |
| Pension Benefits |  |  |  | Other Benefits
| Nine Months Ended |  |  |  | Nine Months Ended
| September 30, |  |  |  | September 30,
| 2024 |  | 2023 |  |  |  |  |  | 2024 |  | 2023
Interest cost | $ | 681 |  |  | $ | 746 |  |  |  |  |  |  | $ | 16 |  |  | $ | 17 |
Expected return on plan assets | (745) |  |  | (927) |  |  |  |  |  |  | — |  |  | — |
Recognized actuarial loss (gain) | 387 |  |  | 393 |  |  |  |  |  |  | (70) |  |  | (46) |
Net periodic benefit cost (return) | $ | 323 |  |  | $ | 212 |  |  |  |  |  |  | $ | (54) |  |  | $ | (29) |
Incentive Compensation Plans The Company maintains a long-term equity compensation plan that provides for the grant of stock options and the award of restricted stock. There were no stock options granted or outstanding, nor compensation expense associated with options recorded, during the nine months ended September 30, 2024 or 2023.
The Company also awards performance-based restricted stock to executives and other officers and employees and time-based restricted stock to non-employee directors, executives, and other officers and employees. The following table summarizes the changes in restricted stock as of and for the nine months ended September 30, 2024:
|  | 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 |  | 169,575 |  |  | $ | 36.38 |  |  | 779,564 |  |  | $ | 36.20 |
Awarded |  | 95,048 |  |  | 33.44 |  |  | 348,918 |  |  | 32.87 |
Vested |  | — |  |  | — |  |  | (296,350) |  |  | 35.53 |
Cancelled |  | — |  |  | — |  |  | (28,751) |  |  | 33.90 |
Nonvested at end of period |  | 264,623 |  |  | $ | 35.32 |  |  | 803,381 |  |  | $ | 35.08 |
During the nine months ended September 30, 2024, the Company reissued 224,629 shares from treasury in connection with awards of restricted stock. The Company recorded total stock-based compensation expense of $3,273 and $3,424 for the three months ended September 30, 2024 and 2023, respectively, and $10,639 and $10,264 for the nine months ended September 30, 2024 and 2023, 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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