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Mergers and Acquisitions | 3 Months Ended
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Mar. 31, 2026
Business Combination [Abstract] |
Mergers and Acquisitions | Mergers and Acquisitions (Dollar Amounts In Thousands, Except Share Data) Acquisition of The First Bancshares, Inc. (“The First”) Effective April 1, 2025, the Company completed its acquisition by merger of The First, the parent company of The First Bank, in a transaction valued at approximately $1,052,690. The Company issued 30,811,851 shares of common stock and paid approximately $1,869, net of tax benefit, to The First stock option holders for 100% of the voting equity interest in The First. At closing, The First merged with and into the Company, with the Company the surviving corporation in the merger; immediately thereafter, The First Bank merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger. Before the merger, The First operated 116 banking locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida. No transaction costs were incurred during the three months ended March 31, 2026. The Company incurred transaction costs of $791 during the three months ended March 31, 2025. These transaction costs are reported in the line item “Merger and conversion related expenses” in the Consolidated Statements of Income. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at estimated fair values as of the acquisition date. The Company recorded approximately $584,499 in intangible assets, which consisted of goodwill of $419,023, a core deposit intangible of $165,476 and a customer relationship intangible of $5,866 associated with Southwest Georgia Insurance Services, Inc. (“SGIS”), The First’s wholly-owned insurance subsidiary. Goodwill resulted from a combination of revenue enhancements from expansion in existing markets and efficiencies resulting from operational synergies. As a result of the various measurement period adjustments identified during the first quarter of 2026, the estimated fair value of goodwill as of the acquisition date increased by $827, from $418,196 to $419,023. The fair value of the core deposit intangible is being amortized over its estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes. On December 31, 2025, substantially all of the assets and certain liabilities of SGIS, including the customer relationship intangible, were sold, with no gain or loss recognized on the sale. The Company assumed the outstanding short-term borrowings and long-term debt of The First. Short-term borrowings consisted of $298,250 in short-term advances from the Federal Home Loan Bank. Long-term debt consisted of $95,262 and $25,653 in subordinated notes and junior subordinated debentures, respectively. The following table summarizes the calculation of the purchase price in connection with the Company’s merger with The First.
Purchase Price: |  |
Shares issued to common shareholders, excluding unvested restricted stock awards |  | 30,811,851 |
Purchase price per share |  | $ | 33.93 |
Value of stock paid |  | $ | 1,045,446 |
Fair value of converted unvested restricted stock awards for pre-combination service |  | 5,375 |
Cash settlement for stock options, net of tax benefit |  | 1,869 |
Total purchase price |  | $ | 1,052,690 |
The following table summarizes the fair value on April 1, 2025 of assets acquired and liabilities assumed on that date in connection with the merger with The First.
|  |  |  |  | Preliminary Fair Value of Net Assets Acquired at Date of Acquisition |  | Measurement Period Adjustments |  | Fair Value of Net Assets Acquired
Cash and cash equivalents |  |  |  |  | $ | 263,352 |  |  | $ | — |  |  | $ | 263,352 |
Securities |  |  |  |  | 1,457,377 |  |  | — |  |  | 1,457,377 |
Loans, including loans held for sale |  |  |  |  | 5,173,334 |  |  | — |  |  | 5,173,334 |
Premises and equipment |  |  |  |  | 181,754 |  |  | (2,125) |  |  | 179,629 |
Bank-owned life insurance |  |  |  |  | 146,601 |  |  | — |  |  | 146,601 |
Other real estate owned |  |  |  |  | 11,032 |  |  | — |  |  | 11,032 |
Core deposit intangible |  |  |  |  | 165,476 |  |  | — |  |  | 165,476 |
Other assets |  |  |  |  | 173,885 |  |  | 1,742 |  |  | 175,627 |
Total assets |  |  |  |  | $ | 7,572,811 |  |  | $ | (383) |  |  | $ | 7,572,428 |
Deposits |  |  |  |  | $ | 6,449,393 |  |  | $ | — |  |  | 6,449,393 |
Borrowings |  |  |  |  | 419,165 |  |  | — |  |  | 419,165 |
Other liabilities |  |  |  |  | 69,759 |  |  | 444 |  |  | 70,203 |
Total liabilities |  |  |  |  | $ | 6,938,317 |  |  | $ | 444 |  |  | $ | 6,938,761 |
Net identifiable assets acquired over liabilities assumed |  |  |  |  | $ | 634,494 |  |  | $ | (827) |  |  | $ | 633,667 |
Goodwill(1) |  |  |  |  | 418,196 |  |  | 827 |  |  | 419,023 |
Net assets acquired over liabilities assumed |  |  |  |  | $ | 1,052,690 |  |  | $ | — |  |  | $ | 1,052,690 |
(1) The goodwill resulting from the merger has been assigned to the Community Banks operating segment. The following table presents additional information related to the acquired loan portfolio at the acquisition date on April 1, 2025:
| April 1, 2025
Purchased Credit-Deteriorated (“PCD”) loans: |
Par value | $ | 168,511 |
Allowance for credit losses at acquisition | (25,003) |
Non-credit discount | (4,021) |
Purchase price | $ | 139,487 |
Non-PCD loans: |
Fair value | $ | 5,032,996 |
Gross contractual amounts receivable | 5,233,447 |
Estimate of contractual cash flows not expected to be collected | 62,190 |
The Company has determined it is impracticable to disclose stand-alone revenues and earnings for legacy The First since April 1, 2025 due to the merging of certain processes during the second quarter of 2025.

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