10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2015

Commission file number 001-13253

RENASANT CORPORATION
(Exact name of registrant as specified in its charter)
Mississippi	64-0676974
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
209 Troy Street, Tupelo, Mississippi	38804-4827
(Address of principal executive offices)	(Zip Code)
Registrant’s telephone number, including area code	(662) 680-1001
Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Name of each exchange on which registered
Common Stock, $5.00 par value	The NASDAQ Global Select Market

Securities registered pursuant to Section 12(g) of the Act:         None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes þ  No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ¨  No  þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ  No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes þ  No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.                                             ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	þ	Accelerated filer	¨
Non-accelerated filer	¨ (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨  No þ

As of June 30, 2015, the aggregate market value of the registrant’s common stock, $5.00 par value per share, held by non-affiliates of the registrant, computed by reference to the last sale price as reported on The NASDAQ Global Select Market for such date, was $958,810,624.

As of February 26, 2016, 40,348,115 shares of the registrant’s common stock, $5.00 par value per share, were outstanding. The registrant has no other classes of securities outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Proxy Statement relating to the 2016 Annual Meeting of Shareholders of Renasant Corporation are incorporated by reference into Part III of this Form 10-K.

Renasant Corporation and Subsidiaries

Form 10-K

For the Year Ended December 31, 2015

CONTENTS

PART I		Page
Item 1.	Business	1
Item 1A.	Risk Factors	19
Item 1B.	Unresolved Staff Comments	30
Item 2.	Properties	30
Item 3.	Legal Proceedings	30
Item 4.	Mine Safety Disclosures	31
PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	31
Item 6.	Selected Financial Data	34
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 8.	Financial Statements and Supplementary Data	63
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	133
Item 9A.	Controls and Procedures	133
Item 9B.	Other Information	133
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	133
Item 11.	Executive Compensation	134
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	134
Item 13.	Certain Relationships and Related Transactions, and Director Independence	134
Item 14.	Principal Accounting Fees and Services	134
PART IV
Item 15.	Exhibits, Financial Statement Schedules	135

PART I

This Annual Report on Form 10-K may contain or incorporate by reference statements which may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include those risks identified in Item 1A, Risk Factors, of this Form 10-K as well as significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

The information set forth in this Annual Report on Form 10-K is as of February 26, 2016, unless otherwise indicated herein.

ITEM 1. BUSINESS

General

Renasant Corporation (referred to herein as the “Company,” “we,” “our,” or “us”), a Mississippi corporation incorporated in 1982, owns and operates Renasant Bank, a Mississippi banking association with operations in Mississippi, Tennessee, Alabama, Florida and Georgia, and Renasant Insurance, Inc., a Mississippi corporation with operations in Mississippi. Renasant Insurance, Inc. is a wholly-owned subsidiary of Renasant Bank. Renasant Bank is referred to herein as the “Bank” and Renasant Insurance, Inc. is referred to herein as “Renasant Insurance.”

Our vision is to be the financial services advisor and provider of choice in each community we serve. With this vision in mind, management has organized the branch banks into community banks using a franchise concept. The franchise approach empowers community bank presidents to execute their own business plans in order to achieve our vision. Specific performance measurement tools are available to assist these presidents in determining the success of their plan implementation. A few of the ratios used in measuring the success of their business plan include:

—	return on average assets	—	net interest margin and spread
—	the efficiency ratio	—	fee income shown as a percentage of loans and deposits
—	loan and deposit growth	—	the number and type of services provided per household
—	net charge-offs to average loans	—	the percentage of loans past due and nonaccruing

While we have preserved decision-making at a local level, we have centralized our legal, accounting, investment, risk management, loan review, human resources, audit and data processing/operations functions. The centralization of these processes enables us to maintain consistent quality of these functions and achieve certain economies of scale.

Our vision is further validated through our core values. These values include (1) employees are our greatest assets, (2) quality is not negotiable and (3) clients’ trust is foremost. Centered on these values was the development of five different objectives that are the focal point of our strategic plan. Those objectives include: (1) client satisfaction and development, (2) financial soundness and profitability, (3) growth, (4) employee satisfaction and development and (5) shareholder satisfaction and development.

Members of our Board of Directors also serve as members of the Board of Directors of the Bank. Responsibility for the management of our Bank remains with the Board of Directors and officers of the Bank; however, management services rendered by the Company to the Bank are intended to supplement internal management and expand the scope of banking services normally offered by the Bank.

Definitive Merger Agreement with KeyWorth Bank

On October 20, 2015, the Company and KeyWorth Bank (“KeyWorth”), a Georgia state bank headquartered in Atlanta, Georgia, jointly announced the signing of a definitive merger agreement pursuant to which the Company will acquire KeyWorth in an all stock merger in a transaction valued at approximately $58.7 million. Under the terms of the agreement, KeyWorth will be merged with and into Renasant Bank, with Renasant Bank continuing as the surviving institution in the merger. According to the terms of the merger agreement, each KeyWorth common shareholder will have the right to receive 0.4494 shares of Renasant common stock for each share of KeyWorth common stock plus cash in lieu of fractional shares. Holders of options and warrants to acquire shares of KeyWorth common stock will receive cash in an amount equal to the positive difference (if any) between $15.00 and the exercise price of the option or warrant, as applicable. The merger is expected to qualify as a tax-free reorganization for KeyWorth shareholders.

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The acquisition is expected to close in the second quarter of 2016 and is subject to KeyWorth shareholder approval and other customary conditions set forth in the merger agreement.

KeyWorth operates six offices in the Atlanta metropolitan area and as of December 31, 2015, had approximately $407.8 million in total assets, which included approximately $252.1 million in total loans, and approximately $355.1 million in total deposits.

Acquisition of Heritage Financial Group, Inc.

On July 1, 2015, the Company completed its acquisition by merger of Heritage Financial Group, Inc. (“Heritage”), a bank holding company headquartered in Albany, Georgia, and the parent of HeritageBank of the South, a Georgia savings bank (“HeritageBank”). On the same date, HeritageBank merged with and into Renasant Bank. On July 1, 2015, Heritage operated 48 banking, mortgage and investment offices in Alabama, Georgia and Florida. The Company issued approximately 8,635,879 shares of its common stock and paid $5.9 million to Heritage stock option holders for 100% of the voting equity interest in Heritage in a transaction valued at $295.4 million. Including the effect of purchase accounting adjustments, the Company acquired assets with a fair value of $2.0 billion, which includes loans held for investment and loans held for sale with a fair value of $1.5 billion, and assumed liabilities with a fair value of $1.7 billion, including deposits with a fair value of $1.4 billion. At the acquisition date, approximately $171.2 million of goodwill and $12.3 million of core deposit intangible assets were recorded.

In connection with the acquisition of Heritage, the Bank assumed two loss-sharing agreements with the FDIC which covered Citizens Bank of Effingham (“Citizens”) and First Southern National Bank (“First Southern”). The loss-sharing agreement with the FDIC covered $214 million of Citizens assets and $140 million of First Southern assets. Pursuant to the terms of the loss-share agreements, the FDIC is obligated to reimburse the Bank for 80% of all eligible losses with respect to covered Citizens and First Southern loans, beginning with the first dollar of loss incurred. The Bank has a corresponding obligation to reimburse the FDIC for 80% of eligible recoveries with respect to covered Citizens and First Southern loans. The claim periods to submit losses to the FDIC for reimbursement ends February 29, 2016 for nonsingle family Citizens loans and February 28, 2021 for single family Citizens loans. The claim periods to submit losses to the FDIC for reimbursement ends August 31, 2016 for nonsingle family First Southern loans and August 31, 2021 for single family First Southern loans.

Acquisition of First M&F Corporation

On September 1, 2013, the Company completed its acquisition by merger of First M&F Corporation (“First M&F”), a bank holding company headquartered in Kosciusko, Mississippi, and the parent of Merchants and Farmers Bank, a Mississippi banking corporation. On the same date, Merchants and Farmers Bank was merged into Renasant Bank. On August 31, 2013, First M&F operated 35 full-service banking offices and eight insurance offices throughout Mississippi, Tennessee and Alabama. The Company issued approximately 6,175,576 shares of its common stock for 100% of the voting equity interests in First M&F in a transaction valued at $156.8 million. Including the effect of purchase accounting adjustments, the Company acquired assets with a fair value of $1.5 billion, including loans with a fair value of $899.2 million, and assumed liabilities with a fair value of $1.4 billion, including deposits with a fair value of $1.3 billion. At the acquisition date, approximately $90.1 million of goodwill and $25.0 million of core deposit intangible assets were recorded.

Acquisition of RBC Bank (USA) Trust Division

On August 31, 2011, the Company acquired the Birmingham, Alabama-based trust division of RBC Bank (USA), which services clients in Alabama and Georgia. Under the terms of the transaction, RBC Bank (USA) (which has since been acquired by PNC Bank) transferred its approximately $680 million in assets under management, comprised of personal and institutional clients with over 200 trust, custodial and escrow accounts, to a wholly-owned subsidiary, and Renasant Bank acquired all of the ownership interests in the subsidiary. The subsidiary was merged into Renasant Bank and the acquired operations were reconstituted into a separate division of Renasant Bank, titled Renasant Asset Management.

FDIC-Assisted Acquisition of Certain Assets and Liabilities of American Trust Bank

On February 4, 2011, the Bank entered into a purchase and assumption agreement with loss-share agreements with the FDIC to acquire specified assets and assume specified liabilities of American Trust Bank, a Georgia-chartered bank headquartered in Roswell, Georgia (“American Trust”). American Trust operated 3 branches in the northwest region of Georgia. In connection with the acquisition, the Bank entered into loss-share agreements with the FDIC that covered $73.7 million of American Trust loans (the “covered ATB loans”). The Bank will share in the losses on the asset pools (including single family residential mortgage loans and commercial loans) covered under the loss-share agreements. Pursuant to the terms of the loss-share agreements, the FDIC is obligated to reimburse the Bank for 80% of all eligible losses with respect to covered ATB loans, beginning with the first dollar of loss incurred. The Bank has a corresponding obligation to reimburse the FDIC for 80% of eligible recoveries with respect to

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covered ATB loans. The claim periods to submit losses to the FDIC for reimbursement ends February 28, 2016 for nonsingle family ATB loans and February 28, 2021 for single family ATB loans.

FDIC-Assisted Acquisition of Certain Assets and Liabilities of Crescent Bank & Trust Company

On July 23, 2010, the Bank acquired specified assets and assumed specified liabilities of Crescent Bank & Trust Company, a Georgia-chartered bank headquartered in Jasper, Georgia (“Crescent”), from the FDIC, as receiver for Crescent. Crescent operated 11 branches in the northwest region of Georgia. In connection with the acquisition, the Bank entered into loss-share agreements with the FDIC that covered $361.5 million of Crescent loans and $50.2 million of other real estate owned (the “covered Crescent assets”). The Bank will share in the losses on the asset pools (including single family residential mortgage loans and commercial loans) covered under the loss-share agreements. Pursuant to the terms of the loss-share agreements, the FDIC is obligated to reimburse the Bank for 80% of all eligible losses with respect to covered Crescent assets, beginning with the first dollar of loss incurred. The Bank has a corresponding obligation to reimburse the FDIC for 80% of eligible recoveries with respect to covered Crescent assets. The claim periods to submit losses to the FDIC for reimbursement ended July 25, 2015 for non-single family Crescent assets and ends July 31, 2020 for single family Crescent assets.

Operations

The Company has three reportable segments: a Community Banks segment, an Insurance segment and a Wealth Management segment. Financial information about our segments for each of the last three years, including information with respect to revenues from external customers, profit or loss and total assets for each segment is contained in Note Q, “Segment Reporting,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data.

Neither we nor the Bank have any foreign operations.

Operations of Community Banks

Substantially all of our business activities are conducted through, and substantially all of our assets and revenues are derived from, the operations of our community banks, which offer a complete range of banking and financial services to individuals and to small to medium-size businesses. These services include checking and savings accounts, business and personal loans, interim construction loans, equipment leasing, accounts receivable financing, as well as safe deposit and night depository facilities. Automated teller machines are located throughout our market area. Our Online and Mobile Banking products and our call center also provide 24-hour banking services.

As of December 31, 2015, we had 172 banking, insurance and financial services offices located throughout our markets in north and central Mississippi, Tennessee, Alabama, Florida and Georgia.

Lending Activities.  Income generated by our lending activities, in the form of both interest income and loan-related fees, comprises a substantial portion of our revenue, accounting for approximately 63.88%, 66.05% and 64.74% of our total gross revenues in 2015, 2014 and 2013, respectively. Total gross revenues consist of interest income on a fully taxable equivalent basis and noninterest income. Our lending philosophy is to minimize credit losses by following strict credit approval standards, diversifying our loan portfolio by both type and geography and conducting ongoing review and management of the loan portfolio. The following is a description of each of the principal types of loans in our loan portfolio, the relative risk of each type of loan and the steps we take to reduce credit risk. A further discussion of our risk reduction policies and procedures can be found in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, under the heading “Risk Management – Credit Risk and Allowance for Loan Losses.” Our loans are primarily generated within the market areas where our branches are located.

—     Commercial, Financial and Agricultural Loans.  Commercial, financial and agricultural loans (referred to as “commercial loans”), which accounted for approximately 11.76% of our total loans at December 31, 2015, are customarily granted to established local business customers in our market area on a fully collateralized basis to meet their credit needs. The terms and loan structure are dependent on the collateral and strength of the borrower. The loan-to-value ratios range from 50% to 85%, depending on the type of collateral. Terms are typically short term in nature and are commensurate with the secondary source of repayment that serves as our collateral.

Commercial lending generally involves different risks from those associated with commercial real estate lending or construction lending. Although commercial loans may be collateralized by equipment or other business assets, the repayment of these types of loans depends primarily on the creditworthiness and projected cash flow of the borrower (and any guarantors). Thus, the general business conditions of the local economy and the local business borrower’s ability to sell its products and services, thereby generating sufficient operating revenue to repay us under the agreed upon terms and conditions, are the chief considerations when assessing the risk of a commercial loan. The liquidation of collateral is considered a secondary source of repayment. Another source of repayment are guarantors of the loan, if any. To manage these risks, the Bank’s policy is to secure its commercial loans with both the assets of the borrowing business and any other additional collateral and guarantees that may be available. In addition, we actively monitor certain financial measures of the borrower, including advance rate,

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cash flow, collateral value and other appropriate credit factors. We use commercial loan credit scoring models for smaller level commercial loans.

—     Real Estate – 1-4 Family Mortgage.  We are active in the real estate – 1-4 family mortgage area (referred to as “residential real estate loans”), with approximately 32.06% of our total loans at December 31, 2015, being residential real estate loans. We offer 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 the principal residence of the borrower are referred to as “rental/investment” 1-4 family mortgages. We also offer loans for the preparation of residential real property prior to construction (referred to in this Annual Report as “residential land development loans”). In addition, we offer home equity lines of credit and term loans secured by first and second mortgages on the residences of borrowers 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 either retail efforts in our branches or through loans either originated by or referred by our mortgage operations. We attempt to minimize the risk associated with residential real estate loans by strictly scrutinizing the financial condition of the borrower; typically, we also limit the maximum loan-to-value ratio.

We retain loans for our portfolio when the Bank has sufficient liquidity to fund the needs of established customers and when rates are favorable to retain the loans. We also originate residential real estate loans with the intention of selling them in the secondary market to third party private investors or directly to government sponsored agencies. These loans are collateralized by one-to-four family residential real estate. When these loans are sold, we either release or retain the related servicing rights, depending on a number of factors including the pricing of such loans in the secondary market, fluctuations in interest rates that would impact the profitability of the loans, as well as other market-related conditions. Residential real estate originations to be sold are sold either on a “best efforts” basis or under a mandatory delivery sales agreement. Under a “best efforts” sales agreement, residential real estate originations are locked in at a contractual rate with third party private investors or directly with government sponsored agencies, and we are obligated to sell the mortgages to such investors only if the mortgages are closed and funded. The risk we assume is conditioned upon loan underwriting and market conditions in the national mortgage market. Under a mandatory delivery sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor if we fail to satisfy the contract. The Company does not actively market or originate subprime mortgage loans.

We also offer home equity loans or lines of credit as an option to borrowers who elect to utilize the accumulated equity in their homes by borrowing money through either a first or second lien home equity loan or line of credit. We limit our exposure to second lien home equity loans or lines of credit, which inherently carry a higher risk of loss upon default, by limiting these types of loans to borrowers with high credit scores.

—     Real Estate – Commercial Mortgage.  Our real estate – commercial mortgage loans (“commercial real estate loans”) represented approximately 46.80% of our total loans at December 31, 2015. We offer 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. Payments on these loans are dependent on the successful development and management of the business as well as the borrower’s ability to generate sufficient operating revenue to repay the loan. If our estimate of value proves to be inaccurate, the Bank must mitigate that risk by having sufficient sources of secondary repayment as well as guarantor support. In some instances, in addition to our mortgage on the underlying real estate of the business, our commercial real estate loans are secured by other non-real estate collateral, such as equipment or other assets used in the course of business.

In addition to owner-occupied commercial real estate loans, we offer 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, storage facilities, nursing homes, etc. These loans are referred to as “non-owner occupied” commercial real estate loans. We also offer 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 in this Annual Report as “commercial land development loans”). Non-owner occupied commercial real estate loans and commercial land development loans are dependent on the successful completion of the project and may be affected by adverse conditions in the real estate market or the economy as a whole.

We seek to minimize risks relating to all commercial real estate loans by limiting the maximum loan-to-value ratio and strictly scrutinizing the financial condition of the borrower, the quality of the collateral, the management of the property securing the loan and, where applicable, the financial strength of the tenant occupying the property. Loans are usually structured either to fully amortize over the term of the loan or to balloon after the third year or fifth year of the loan, typically with an amortization period not to exceed 20 years. We also actively monitor such financial measures as advance rate, cash flow, collateral value and other appropriate credit factors. We generally obtain loan guarantees from financially capable parties to the transaction based on a review of the guarantor’s financial statements.

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—     Real Estate – Construction.    Our real estate – construction loans (“construction loans”) represented approximately 6.61% of our total loans at December 31, 2015. Our 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 6 to 12 months for residential property and from 12 to 24 months for non-residential and multi-family properties. Construction lending entails significant additional risks compared to residential real estate or commercial real estate lending. A significant additional risk is that loan funds are advanced upon the security of the property under construction, which is of uncertain value prior to the completion of construction. The risk is to evaluate accurately the total loan funds required to complete a project and to ensure proper loan-to-value ratios during the construction phase. However, for many of our construction loans, the Bank engages an independent third party to actively manage the construction process to ensure advances are in line with projects or budgets. To minimize the risks associated with construction lending, we limit loan-to-value ratios to 85% of when-completed appraised values for owner-occupied and investor-owned residential or commercial properties.

—     Installment Loans to Individuals.    Installment loans to individuals (or “consumer loans”), which represented approximately 2.13% of our total loans at December 31, 2015, are granted to individuals for the purchase of personal goods. These loans are generally granted for periods ranging between one and six years at fixed rates of interest from 100 to 500 basis points above the prime interest rate quoted in The Wall Street Journal. Loss or decline of income by the borrower due to unplanned occurrences represents the primary risk of default to us. In the event of default, a shortfall in the value of the collateral may pose a loss to us in this loan category. Before granting a consumer loan, we assess the applicant’s credit history and ability to meet existing and proposed debt obligations. Although the applicant’s creditworthiness is the primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, to the proposed loan amount. We obtain a lien against the collateral securing the loan and hold title until the loan is repaid in full.

—     Equipment Financing and Leasing.    Equipment financing loans (or “lease financing loans”), which represented approximately 0.64% of our total loans at December 31, 2015, 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. Loss or decline of income by the borrower due to unplanned occurrences represents the primary risk of default to us. In the event of default, a shortfall in the value of the collateral may pose a loss to us in this loan category.  We obtain a lien against the collateral securing the loan and hold title (if applicable) until the loan is repaid in full. Transportation, manufacturing, healthcare, material handling, printing and construction are the industries that typically obtain lease financing. In addition, the not-for-profit product offered as a subset of the product line includes real estate financing for qualified customers at tax-exempt rates.

To protect against the risks associated with fluctuations in economic conditions, both in our markets and in the United States economy as a whole, management has implemented a strategy to diversify the Company’s loan portfolio by specifically reducing the concentration of construction and land development loans (both residential and commercial). To accomplish this, over the past few years management applied more stringent levels of underwriting on new originations of such loans and required principal reductions of these loans at time of renewal. The construction loan portfolio was further reduced as such loans were refinanced into permanent financing arrangements due to the completion of the construction phase of underlying projects and thus reclassified to commercial or residential real estate loans. The Company will continue this strategy to maintain the concentration of construction and land development loans in the portfolio at an acceptable level. At December 31, 2015 and 2014, construction and land development loans represented 11.19%, and 10.20%, respectively, of the total loan portfolio.

Deposit Services.  We offer a broad range of deposit services and products to our consumer and commercial clients. Through our community branch networks, we offer consumer checking accounts with free online and mobile banking, which includes bill pay and transfer features, interest bearing checking, money market accounts, savings accounts, certificates of deposit, individual retirement accounts and health savings accounts.

For our commercial clients, we offer a competitive suite of cash management products which include, but are not limited to, remote deposit capture, account reconciliation with CD-ROM statements, electronic statements, positive pay, ACH origination and wire transfer, wholesale and retail lockbox, investment sweep accounts, enhanced business Internet banking, outbound data exchange and multi-bank reporting.

The deposit services we offer accounted for approximately 12.16%, 13.00% and 12.69% of our total gross revenues in 2015, 2014 and 2013, respectively, in the form of fees for deposit services. The deposits held by our Bank have been primarily generated within the market areas where our branches are located.

Operations of Wealth Management

Through the Wealth Management segment, we offer a wide variety of fiduciary services and administer (as trustee or in other fiduciary or representative capacities) qualified retirement plans, profit sharing and other employee benefit plans, personal trusts and estates. In addition, the Wealth Management segment offers annuities, mutual funds and other investment services through a third party broker-dealer. For 2015, the Wealth Management segment contributed total revenue of $12.2 million, or 3.23%, of the

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Company’s total gross revenues. Wealth Management operations are headquartered in Tupelo, Mississippi, and Birmingham, Alabama, but our products and services are available to customers in all of our markets through our 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 2015, Renasant Insurance contributed total revenue of $9.6 million, or 2.54%, of the Company’s total gross revenues and operated ten offices - one office each in Ackerman, Brandon, Corinth, Durant, Kosciusko, Louisville, Madison, Oxford, Starkville and Tupelo, Mississippi.

Competition

Community Banks

Vigorous competition exists in all major product and geographic areas in which we conduct banking business. We compete through our Bank for available loans and deposits with state, regional and national banks in all of our service areas, as well as savings and loan associations, credit unions, finance companies, mortgage companies, insurance companies, brokerage firms and investment companies. All of these numerous institutions compete in the delivery of services and products through availability, quality and pricing, and many of our competitors are larger and have substantially greater resources than we do, including higher total assets and capitalization, greater access to capital markets and a broader offering of financial services.

Certain markets in which we operate have demographics which we believe indicate the possibility of future growth at higher rates than other markets in which we operate. The following table shows our deposit share in those markets as of June 30, 2015 (which is the latest date that such information is available):

Market	Available Deposits (in billions)		Deposit Share
Mississippi
Tupelo	$	1.9	41.1	%
DeSoto County	2.2		6.0	%
Oxford	1.0		10.8	%
Columbus	1.0		7.3	%
Starkville	0.8		23.3	%
Jackson	11.9		3.4	%
Tennessee
Memphis	22.1		1.2	%
Nashville	38.0		1.1	%
Maryville	1.9		2.3	%
Alabama
Birmingham	31.2		1.0	%
Decatur	1.7		17.4	%
Huntsville/Madison	6.3		1.4	%
Montgomery	6.1		0.6	%
Tuscaloosa	3.0		0.7	%
Florida
Columbia*	1.0		2.6	%
Gainesville*	3.4		2.4	%
Ocala*	4.3		3.6	%
Georgia
Alpharetta/Roswell	7.3		1.2	%
Canton/Woodstock	2.5		5.4	%
Cartersville/Cumming	3.3		4.7	%
Gwinnett*	13.6		1.5	%
Lowndes*	1.7		2.5	%

Source:  FDIC, As of June 30, 2015

* New location in 2015

For 2015, we maintained approximately 11% of the market share (deposit base) in our entire Mississippi area, approximately 1% in our entire Tennessee area, approximately 2% in our entire Alabama area, approximately 3% in our new Florida area and approximately 1% in our entire Georgia area.

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Wealth Management

Our Wealth Management segment competes with other banks, brokerage firms, financial advisers and trust companies, which provide one or more of the services and products that we offer. Our wealth management operations compete on the basis of available product lines, rates and fees, as well as reputation and professional expertise. No particular company or group of companies dominates this industry.

Insurance

We encounter strong competition in the markets in which we conduct insurance operations. Through our insurance subsidiary, we compete with independent insurance agencies and agencies affiliated with other banks and/or other insurance carriers. All of these agencies compete in the delivery of personal and commercial product lines. There is no dominant insurance agency in our markets.

Supervision and Regulation

General

The U.S. banking industry is highly regulated under federal and state law. We are a bank holding company registered under the Bank Holding Company Act of 1956, as amended (the “BHC Act”). As a result, we are 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; it is not a member of the Federal Reserve System. As a Mississippi bank, the Bank is subject to supervision, regulation and examination by the Mississippi Department of Banking and Consumer Finance, as the chartering entity of the bank, and by the FDIC, as the insurer of the Bank’s deposits. As a result of this extensive system of supervision and regulation, the growth and earnings performance of the Company and the Bank is affected not only by management decisions and general and local economic conditions, but also by the statutes, rules, regulations and policies administered by the Federal Reserve, the FDIC and the Mississippi Department of Banking and Consumer Finance, as well as by other federal and state regulatory authorities with jurisdiction over our operations.

The bank regulatory scheme has two primary goals: to maintain a safe and sound banking system and to facilitate the conduct of sound monetary policy. This comprehensive system of supervision and regulation is intended primarily for the protection of the FDIC’s deposit insurance fund, banks depositors and the public, rather than our shareholders or creditors. To this end, federal and state banking laws and regulations control, among other things, the types of activities in which we and the Bank may engage, permissible investments, the level of reserves that the Bank must maintain against deposits, minimum equity capital levels, the nature and amount of collateral required for loans, maximum interest rates that can be charged, the manner and amount of the dividends that may be paid, and corporate activities regarding mergers, acquisitions and the establishment of branch offices.

The description below summarizes certain elements of the bank regulatory framework applicable to us and the Bank. This summary is not, however, intended to describe all laws, regulations and policies applicable to us and the Bank, and the description is qualified in its entirety by reference to the full text of the statutes, regulations, policies, interpretative letters and other written guidance that are described below.

Dodd-Frank Act

On July 21, 2010, the President signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”). The Dodd-Frank Act has imposed new restrictions and an expanded regulatory oversight for financial institutions, including depository institutions like the Bank. Although the Dodd-Frank Act is primarily aimed at the activities of investment banks and large commercial banks, many of the provisions of the legislation will impact operations of community banks such as the Bank. In addition to the Volcker Rule, which is discussed in more detail below, the following aspects of the Dodd-Frank Act are related to our operations:

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— Tier 1 capital treatment for “hybrid” capital items like trust preferred securities is eliminated, subject to various grandfathering and transition rules.

— The deposit insurance assessment base calculation now equals the depository institution’s average consolidated total assets minus its average tangible equity during the assessment period. Previously, the deposit insurance assessment was calculated based on the insured deposits held by the institution.

— The minimum designated reserve ratio of the Deposit Insurance Fund increased 20 basis points to 1.35% of estimated annual insured deposits or assessment base. The FDIC also was directed to “offset the effect” of the increased reserve ratio for insured depository institutions with total consolidated assets of less than $10 billion.

— Bank holding companies and banks must be “well capitalized” and “well managed” in order to acquire banks located outside of their home state, which codified long-standing Federal Reserve policy. Any bank holding company electing to be treated as a financial holding company must be and remain “well capitalized” and “well managed.”

— Capital requirements for insured depository institutions are now countercyclical, such that capital requirements increase in times of economic expansion and decrease in times of economic contraction.

— The Federal Reserve established interchange transaction fees for electronic debit transactions under a restrictive “reasonable and proportional cost” per transaction standard.

— The regulation of consumer protections regarding mortgage originations, including originator compensation, minimum repayment standards and prepayment consideration, has been expanded.

— The “opt in” provisions of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1997 have been eliminated, which allows state banks to establish de novo branches in states other than the bank’s home state if the law of such other state would permit a bank chartered in that state to open a branch at that location.

The foregoing provisions may have the consequence of increasing our expenses, decreasing our revenues and changing the activities in which we choose to engage. The environment in which banking organizations will now operate, including legislative and regulatory changes affecting capital, liquidity, supervision, permissible activities, corporate governance and compensation, changes in fiscal policy and steps to eliminate government support for banking organizations, may have long-term effects on the profitability of banking organizations that cannot now be foreseen. Provisions in the legislation that revoke the Tier 1 capital treatment of trust preferred securities do not apply to the Company’s trust preferred securities because of the Company’s size. The ultimate effect of the Dodd-Frank Act and its implementing regulations on the financial services industry in general, and on us in particular, is uncertain at this time.

The Volcker Rule

On December 10, 2013, the Federal Reserve and the other federal banking regulators as well as the SEC each adopted a final rule implementing Section 619 of the Dodd-Frank Act, commonly referred to as the “Volcker Rule.” Generally speaking, the final rule prohibits a bank and its affiliates from engaging in proprietary trading and from sponsoring certain “covered funds” or from acquiring or retaining any ownership interest in such covered funds. Most private equity, venture capital and hedge funds are considered “covered funds” as are bank trust preferred collateralized debt obligations. The final rule required banking entities to divest disallowed securities by July 21, 2015, subject to extension upon application. The Volcker Rule did not impact any of our activities nor do we hold any securities that we were required to sell under the rule, but it does limit the scope of permissible activities in which we might engage in the future.

Supervision and Regulation of Renasant Corporation

General. As a bank holding company registered under the BHC Act, we are subject to the regulation and supervision applicable to bank holding companies by the Federal Reserve. The BHC Act and other federal laws subject bank holding companies to particular restrictions on the types of activities in which they may engage and to a range of supervisory requirements and activities, including regulatory enforcement actions for violations of laws and regulations. The Federal Reserve’s jurisdiction also extends to any company that we directly or indirectly control, such as any non-bank subsidiaries and other companies in which we own a controlling investment.

Scope of Permissible Activities. Under the BHC Act, we are prohibited from acquiring a direct or indirect interest in or control of more than 5% of the voting shares of any company that is not a bank or financial holding company and from engaging directly or indirectly in activities other than those of banking, managing or controlling banks or furnishing services to or performing services for our subsidiary banks. Notwithstanding the foregoing, we may engage, directly or indirectly (including through the ownership of shares of another company), in certain activities that the Federal Reserve has found to be so closely related to banking or managing and controlling banks as to be a proper incident thereto. These activities include, among others, operating a mortgage, finance, credit card or factoring company; providing certain data processing, storage and transmission services; acting as an investment or financial advisor; acting as an insurance agent for certain types of credit-related insurance; leasing personal or real property on a nonoperating basis; and providing certain stock brokerage.

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The BHC Act was substantially amended through the Financial Services Modernization Act of 1999, commonly referred to as the Gramm-Leach Bliley Act (the “GLB Act”). The GLB Act eliminated the barriers to affiliations among banks, securities firms, insurance companies and other financial services providers. A bank holding company whose subsidiary deposit institutions are “well capitalized” and “well managed” may elect to become a “financial holding company” (“FHC”) and thereby engage without prior Federal Reserve approval in certain banking and non-banking activities that are deemed to be financial in nature or incidental to financial activity. These “financial in nature” activities include securities underwriting, dealing and market making; organizing, sponsoring and managing mutual funds; insurance underwriting and agency; merchant banking activities; and other activities that the Federal Reserve has determined to be closely related to banking. No regulatory approval will be required for a financial holding company to acquire a company, other than a bank or savings association, engaged in activities that are financial in nature or incidental to activities that are financial in nature, as determined by the Federal Reserve. We have not elected to become an FHC.

A dominant theme of the GLB Act is functional regulation of financial services, with the primary regulator of the Company or its subsidiaries being the agency which traditionally regulates the activity in which the Company or its subsidiaries wish to engage. For example, the Securities and Exchange Commission (“SEC”) will regulate bank holding company securities transactions, and the various banking regulators will oversee banking activities.

Capital Adequacy Guidelines. The Federal Reserve has adopted risk-based capital guidelines for bank holding companies. The risk-based capital guidelines are designed to make regulatory capital requirements more sensitive to differences in risk profile among banks and bank holding companies to factor off-balance sheet exposure into the assessment of capital adequacy, to minimize disincentives for holding liquid, low-risk assets and to achieve greater consistency in the evaluation of the capital adequacy of major banking organizations worldwide. Under these guidelines, assets and off-balance sheet items are assigned to broad risk categories, each with appropriate weights. The resulting capital ratios represent capital as a percentage of total risk-weighted assets and off-balance sheet items. These requirements apply on a consolidated basis to bank holding companies with consolidated assets of $500 million, such as the Company.

In addition to the risk-based capital guidelines, the Federal Reserve has adopted a minimum Tier 1 capital (leverage) ratio, under which a bank holding company must maintain a minimum level of Tier 1 capital to average total consolidated assets of at least 3% in the case of a bank holding company that has the highest regulatory examination rating and is not contemplating significant growth or expansion. All other bank holding companies are expected to maintain a leverage ratio of at least 4%. This minimum leverage requirement only applies to bank holding companies on a consolidated basis if the risk based capital requirements discussed above apply.

These capital requirements are substantially similar to those imposed on the Bank under FDIC regulations and described in more detail below under the heading “Supervision and Regulation of Renasant Bank, Capital Adequacy Guidelines.” Furthermore, these capital requirements will change in connection with the Federal Reserve’s adoption of the Basel III guidelines described below.

Payment of Dividends; Source of Strength. The Federal Reserve has issued a policy statement regarding the payment of dividends by bank holding companies. This policy provides that in general a bank holding company should pay dividends only when (1) its net income available to shareholders over the last four quarters (net of dividends paid) has been sufficient to fully fund the dividends, (2) the prospective rate of earnings retention appears to be consistent with the capital needs and overall current and prospective financial condition of the bank holding company and its subsidiaries and (3) the bank holding company will continue to meet minimum regulatory capital adequacy ratios.

After the enactment of the Dodd-Frank Act (which codified long-standing Federal Reserve policy), a bank holding company is required to serve as a source of financial strength to its subsidiary banks. This means that we are expected to use available resources to provide adequate resources to the Bank, including during periods of financial stress or adversity, and to maintain the financial flexibility and capital-raising capacity to obtain additional resources for assisting the Bank where necessary. In addition, any capital loans that we make to the Bank are subordinate in right of payment to deposits and to certain other indebtedness of the Bank. In the event of our bankruptcy, any commitment by us to a federal bank regulatory agency to maintain the capital of the Bank will be assumed by the bankruptcy trustee and entitled to a priority of payment.

Acquisitions by Bank Holding Companies. The BHC Act requires every bank holding company to obtain the prior approval of the Federal Reserve before it acquires all or substantially all of the assets of any bank, merges or consolidates with another bank holding company or acquires ownership or control of any voting shares of any bank if after such acquisition it would own or control, directly or indirectly, more than 5% of the voting shares of such bank. The Federal Reserve will not approve any acquisition, merger, or consolidation that would have a substantially anti-competitive effect, unless the anti-competitive impact of the proposed transaction is clearly outweighed by a greater public interest in meeting the convenience and needs of the community to be served. The Federal Reserve also considers capital adequacy and other financial and managerial resources and future prospects of the companies and the banks concerned, together with the convenience and needs of the community to be served and the record of a

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bank holding company and its subsidiary bank(s) in combating money laundering activities, when reviewing acquisitions or mergers.

The BHC Act also prohibits a bank holding company, with certain exceptions, from itself engaging in or acquiring direct or indirect control of more than 5% of the voting shares of any company engaged in non-banking activities. The principal exception to this prohibition is for a bank holding company engaging in or acquiring shares of a company whose activities are found by the Federal Reserve to be so closely related to banking or managing banks as to be a proper incident thereto. In making determinations whether activities are closely related to banking or managing banks, the Federal Reserve is required to consider whether the performance of such activities by a bank holding company or its subsidiaries can reasonably be expected to produce benefits to the public, such as greater convenience, increased competition or gains in efficiency of resources and whether such public benefits outweigh the risks of possible adverse effects, such as decreased or unfair competition, conflicts of interest or unsound banking practices.

Control Acquisitions. Federal and state laws, including the BHC Act and the Change in Bank Control Act, impose additional prior notice or approval requirements and ongoing regulatory requirements on any investor that seeks to acquire direct or indirect “control” of an FDIC-insured depository institution or bank holding company. “Control” of a depository institution is a facts and circumstances analysis, but generally an investor is deemed to control a depository institution or other company if the investor owns or controls 25% or more of any class of voting securities. Ownership or control of 10% or more of any class of voting securities, where either the depository institution or company is a public company or no other person will own or control a greater percentage of that class of voting securities after the acquisition, is also presumed to result in the investor controlling the depository institution or other company, although this is subject to rebuttal.

Anti-Tying Restrictions. Bank holding companies and their affiliates are prohibited from tying the provision of certain services, such as extensions of credit, to other nonbanking services offered by a bank holding company or its affiliates.

Sarbanes-Oxley Act of 2002. The Sarbanes-Oxley Act of 2002 generally established a comprehensive framework to modernize and reform the oversight of public company auditing, improve the quality and transparency of financial reporting by those companies and strengthen the independence of auditors. Among other things, the legislation:

- Created the Public Company Accounting Oversight Board. The Public Company Accounting Oversight Board is empowered to set auditing, quality control and ethics standards, to inspect registered public accounting firms, to conduct investigations and to take disciplinary actions, subject to SEC oversight and review;

- Strengthened auditor independence from corporate management by, among other things, limiting the scope of consulting services that auditors can offer their public company audit clients;

- Heightened the responsibility of public company directors and senior managers for the quality of the financial reporting and disclosure made by their companies. A number of provisions to deter wrongdoing by corporate management were also adopted;

- Imposed a number of new corporate disclosure requirements; and

- Imposed a range of new criminal penalties for fraud and other wrongful acts, as well as extended the period during which certain types of lawsuits can be brought against a company or its insiders.

The Financial Institutions Reform, Recovery and Enforcement Act of 1989. Bank holding companies are allowed to acquire savings associations under The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”). Deposit insurance premiums for banks and savings associations were increased as a result of FIRREA, and losses incurred by the FDIC in connection with the default or assistance of troubled federally-insured financial institutions are required to be reimbursed by other federally-insured financial institutions.

Supervision and Regulation of the Bank

General. As a Mississippi-chartered bank, the Bank is subject to the regulation and supervision of the Mississippi Department of Banking and Consumer Finance. As an FDIC-insured institution, the Bank is subject to the regulation and supervision of the FDIC. The regulations of the FDIC and the Mississippi Department of Banking and Consumer Finance affect virtually all of the Bank’s activities, including the minimum level of capital, the ability to pay dividends, mergers and acquisitions, borrowing and the ability to expand through new branches or acquisitions and various other matters.

Insurance of Deposits. The deposits of the Bank are insured by the Deposit Insurance Fund (the “DIF”), which the FDIC administers. Pursuant to the Dodd-Frank Act, deposit insurance on most accounts was increased to $250,000.

To fund the DIF, FDIC-insured banks are required to pay deposit insurance assessments to the FDIC. For institutions like the Bank with less than $10 billion in assets, the amount of the assessment is based on its risk classification. The higher an institution’s risk classification, the higher its rate of assessments (on the assumption that such institutions pose a greater risk of loss to the DIF). An institution’s risk classification is assigned based on its capital levels and the level of supervisory concern that the institution poses to the regulators. In addition, the FDIC can impose special assessments in certain instances.

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In addition, all institutions with deposits insured by the FDIC must pay assessments to fund interest payments on bonds issued by the Financing Corporation, a mixed-ownership government corporation established as a financing vehicle for the Federal Savings & Loan Insurance Corporation. The assessment rate for the first quarter of fiscal 2016 is .0058% of insured deposits and is adjusted quarterly. These assessments will continue until the bonds mature in 2019 (the corporation’s ability to issue new debt has been terminated).

The FDIC may terminate the deposit insurance of any insured depository institution, including the Bank, if it determines after a hearing that the institution has engaged or is engaging in unsafe or unsound practices, is in an unsafe or unsound condition to continue operations or has violated any applicable law, regulation, order or any condition imposed by an agreement with the FDIC. For an institution with no tangible capital, deposit insurance may be temporarily suspended during the hearing process for the permanent termination of insurance. If the FDIC terminates an institution’s deposit insurance, accounts insured at the time of the termination, less withdrawals, will continue to be insured for a period of six months to two years, as determined by the FDIC. We are not aware of any existing circumstances which would result in termination of the Bank’s deposit insurance.

Interstate Banking and Branching. Under Mississippi law, the Bank may establish additional branch offices within Mississippi, subject to the approval of the Mississippi Department of Banking and Consumer Finance. After the Dodd-Frank Act, we can also establish additional branch offices outside of Mississippi, subject to prior regulatory approval, so long as the laws of the state where the branch is to be located would permit a state bank chartered in that state to establish a branch. Finally, we may also establish offices in other states by merging with banks or by purchasing branches of other banks in other states, subject to certain restrictions.

Dividends. The restrictions and guidelines with respect to the Company’s payment of dividends are described above. As a practical matter, for so long as our operations chiefly consist of ownership of the Bank, the Bank will remain our source of dividend payments, and our ability to pay dividends will be subject to any restrictions applicable to the Bank.

The ability of the Bank to pay dividends is restricted by federal and state laws, regulations and policies. Under Mississippi law, a Mississippi bank may not pay dividends unless its earned surplus is in excess of three times capital stock. A Mississippi bank with earned surplus in excess of three times capital stock may pay a dividend, subject to the approval of the Mississippi Department of Banking and Consumer Finance. In addition, the FDIC must approve any payment of dividends by the Bank. Accordingly, the approval of these supervisory authorities is required prior to the Bank paying dividends to the Company. Federal Reserve regulations also limit the amount the Bank may loan to the Company unless such loans are collateralized by specific obligations.

Capital Adequacy Guidelines. The FDIC has promulgated risk-based capital guidelines similar to, and with the same underlying purposes as, those established by the Federal Reserve with respect to bank holding companies. Under those guidelines, assets and off-balance sheet items are assigned to broad risk categories, each with appropriate weights. The resulting capital ratios represent capital as a percentage of total risk-weighted assets and off-balance sheet items.

-     Current Guidelines. Bank assets are given risk-weights of varying percentages based on risk-based capital guidelines. In addition, certain off-balance sheet items are given similar credit conversion factors to convert them to asset-equivalent amounts to which an appropriate risk-weight will apply. Those computations result in the total risk-weighted assets. Most loans are assigned to the 100% risk category, except for performing loans fully secured by first liens on one-to-four family residential property, which carry a 50% risk weighting. Most investment securities (including, primarily, general obligation claims of states or other political subdivisions of the United States) are assigned to the 20% category, except for municipal or state revenue bonds, which have a 50% risk-weight, and direct obligations of the U.S. Treasury or obligations backed by the full faith and credit of the U.S. Government, which have a 0% risk-weight. In converting off-balance sheet items, direct credit substitutes, including general guarantees and standby letters of credit backing financial obligations, are given a 100% risk weighting. Transaction-related contingencies such as bid bonds, standby letters of credit backing nonfinancial obligations and undrawn commitments (including commercial credit lines with a maturity of more than one year), have a 50% risk weighting. Short-term commercial letters of credit have a 20% risk weighting, and certain short-term unconditionally cancelable commitments have a 0% risk weighting.

The minimum ratio of total capital to risk-weighted assets required by FDIC regulations (including certain off-balance sheet activities, such as standby letters of credit) is 8%. At least 4% of total capital must be “Tier 1 capital,” consisting of common stockholders’ equity and qualifying preferred stock or hybrid instruments, less certain goodwill items and other intangible assets. The remainder, or “Tier 2 capital,” may consist of, among other things, (a) the allowance for loan losses of up to 1.25% of risk weighted assets, (b) unrealized gains on certain equity securities, (c) non-qualifying preferred stock, (d) hybrid capital instruments and (e) qualifying subordinated debt and intermediate-term preferred stock up to 50% of Tier 1 capital. Total capital is the sum of Tier 1 and Tier 2 capital less reciprocal holdings of other banking organizations’ capital instruments, investments in unconsolidated subsidiaries and any other deductions as determined by the FDIC.

In addition to the risk-based capital guidelines, the FDIC has adopted a minimum Tier 1 capital (leverage) ratio, under which a bank must maintain a minimum level of Tier 1 capital to average total consolidated assets. For a bank that has the highest

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regulatory examination rating and is not contemplating significant growth or expansion, the leverage ratio must be at least 3%; all other banks are expected to maintain a leverage ratio of at least 4%.

-     Prompt Corrective Action. Under Section 38 of the Federal Deposit Insurance Act (the “FDIA”), each federal banking agency is required to implement a system of prompt corrective action for institutions that it regulates. The federal banking agencies (including the FDIC) have adopted substantially similar regulations to implement this mandate. Under the regulations, a bank is (i) “well capitalized” if it has total risk-based capital of 10% or more, has a Tier 1 risk-based ratio of 6% or more, has a Tier 1 leverage capital ratio of 5% or more and is not subject to any order or final capital directive to meet and maintain a specific capital level for any capital measure, (ii) “adequately capitalized” if it has a total risk-based capital ratio of 8% or more, a Tier 1 risk-based capital ratio of 4% or more and a Tier 1 leverage capital ratio of 4% or more (3% under certain circumstances) and does not meet the definition of “well capitalized”, (iii) “undercapitalized” if it has a total risk-based capital ratio that is less than 8%, a Tier 1 risk-based capital ratio that is less than 4% or a Tier 1 leverage capital ratio that is less than 4% (3% under certain circumstances), (iv) “significantly undercapitalized” if it has a total risk-based ratio that is less than 6%, a Tier 1 risk-based capital ratio that is less than 3% or a Tier 1 leverage capital ratio that is less than 3%, and (v) “critically undercapitalized” if it has a ratio of tangible equity to total assets that is equal to or less than 2%.

The capital classification of a bank affects the frequency of regulatory examinations, the bank’s ability to engage in certain activities and the deposit insurance premiums paid by the bank. In addition, federal banking regulators must take various mandatory supervisory actions, and may take other discretionary actions, with respect to institutions in the three undercapitalized categories. The severity of the action depends upon the capital category in which the institution is placed. An institution that is categorized as undercapitalized, significantly undercapitalized or critically undercapitalized is required to submit an acceptable capital restoration plan to its appropriate federal banking agency. An undercapitalized institution also is generally prohibited from increasing its average total assets, making acquisitions, establishing any branches or engaging in any new line of business, except under an accepted capital restoration plan or with FDIC approval. Generally, banking regulators must appoint a receiver or conservator for an institution that is critically undercapitalized.

Section 38 of the FDIA and the regulations promulgated thereunder also specify circumstances under which the FDIC may reclassify a well-capitalized bank as adequately capitalized and may require an adequately capitalized bank or an undercapitalized bank to comply with supervisory actions as if it were in the next lower category (except that the FDIC may not reclassify a significantly undercapitalized bank as critically undercapitalized).

-     Basel III. The current risk-based capital guidelines that apply to both the Company and the Bank are based on the 1988 capital accord, referred to as Basel I, of the Basel Committee on Banking Supervision, a committee of central banks and bank supervisors, as implemented by federal bank regulators. In 2004, the Basel Committee published a new capital accord, Basel II. Basel II modifies risk weightings in an attempt to make capital requirements more risk-sensitive and provides two approaches for setting capital standards for credit risk - an “advanced,” internal ratings-based approach tailored to individual institutions’ circumstances and a “standardized” approach that bases risk weightings on external credit assessments to a much greater extent than permitted under existing risk-based capital guidelines. Basel II also sets capital requirements for operational risk and refines the existing capital requirements for market risk exposures. In 2007, U.S. federal banking agencies adopted final rules implementing the advanced approaches of Basel II for “core” bank holding companies and banks having $250 billion or more in total consolidated assets or $10 billion or more of foreign exposures. These rules did not apply to the Bank or the Company.

In December 2010, the Basel Committee released a final framework for a strengthened set of capital requirements, known as “Basel III”. In early July 2013, each of the U.S. federal banking agencies adopted final rules relevant to us: (1) the Basel III regulatory capital reforms and (2) the “standardized approach of Basel II for non-core banks and bank holding companies,” such as the Bank and the Company. The capital framework under Basel III will replace the existing regulatory capital rules for all banks, savings associations and U.S. bank holding companies with greater than $500 million in total assets, and all savings and loan holding companies.

In July 2013, the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency approved the implementation of the Basel III regulatory capital reforms and issued rules effecting certain changes required by the Dodd-Frank Act (the “Basel III Rules”) that call for broad and comprehensive revision of regulatory capital standards for U.S. banking organizations. The Basel III Rules implemented a new common equity Tier 1 minimum capital requirement (“CET1”), a higher minimum Tier 1 capital requirement and other items affecting the calculation of the numerator of a banking organization’s risk-based capital ratios. Additionally, the Basel III Rules apply limits to a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not maintain a "capital conservation buffer," which is a specified amount of CET1 capital in addition to the amount necessary to meet its minimum risk-based capital requirements. For a detailed discussion of the new CET1 ratio and the impact on the Company, see Note P, “Regulatory Matters,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data.

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The Company and the Bank are now required to comply with the Basel III rules, although certain parts of the rules will not be fully phased-in until January 1, 2019. The final Basel III rules regarding our regulatory capital ratios, which are now fully phased in, made the following changes:

- We are now required to maintain a ratio of common equity Tier 1 capital to total risk-weighted assets of not less than 4.5%;

- The minimum leverage capital ratio has been increased to 4% for all banking organizations (previously banking organizations that were highly rated and were not contemplating significant growth or expansion were allowed to maintain a 3% minimum leverage capital ratio);

- The minimum Tier 1 risk-based capital ratio has been increased from 4% to 6%; and

- The minimum total risked-based capital ratio that we are required to maintain remained at 8%. We and the Bank meet all minimum capital requirements under the Basel III rules as currently in effect.

The final Basel III rules also changed the capital categories for insured depository institutions for purposes of prompt corrective action. Under the final rules, to be well capitalized, an insured depository institution must maintain a minimum common equity Tier 1 capital ratio of at least 6.5% (this is a new requirement), a Tier 1 risk-based capital ratio of at least 8% (up form 6%), a total risk-based capital ratio of at least 10.0%, and a leverage capital ratio of at least 5%. In addition, the final Basel III rules established more conservative standards for including an instrument in regulatory capital and imposed certain deductions from and adjustments to the measure of common equity Tier 1 capital.

The Basel II standardized approach revised the method for calculating risk-weighted assets to enhance risk sensitivity, particularly with respect to equity exposures to investment funds (including mutual funds), foreign exposures and residential real estate assets. It also established alternatives to credit ratings for calculating risk-weighted assets consistent with section 939A of the Dodd-Frank Act.

Finally, as noted above, the Basel III rules limit payment of dividends, common stock repurchases and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer.” When fully phased in on January 1, 2019, the required capital conservation buffer will be 2.5% of common equity Tier 1 capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements; as of January 1, 2016, the capital conservation buffer is 0.625% of risk-weighted assets.

These provisions, as well as any other aspects of current or proposed regulatory or legislative changes to laws applicable to the financial industry, may impact the profitability of our business activities and may change certain of our business practices, including the ability to offer new products, obtain financing, attract deposits, make loans, and achieve satisfactory interest spreads, and could expose us to additional costs, including increased compliance costs. These changes also may require us to invest significant management attention and resources to make any necessary changes to operations in order to comply, and could therefore also materially and adversely affect our business, financial condition and results of operations.

Activities and Investments of Insured State-Chartered Banks. Section 24 of the FDIA generally limits the activities and equity investments of FDIC-insured, state-chartered banks to those that are permissible for national banks. Under regulations dealing with equity investments, an insured state bank generally may not directly or indirectly acquire or retain any equity investment of a type, or in an amount, that is not permissible for a national bank. An insured state bank is not prohibited from, among other things, taking the following actions:

- acquiring or retaining a majority interest in a subsidiary;

- investing as a limited partner in a partnership the sole purpose of which is direct or indirect investment in the acquisition, rehabilitation or new construction of a qualified housing project, provided that such limited partnership investments may not exceed 2% of the bank’s total assets;

- acquiring up to 10% of the voting stock of a company that solely provides or reinsures directors’, trustees’ and officers’ liability insurance coverage or bankers’ blanket bond group insurance coverage for insured depository institutions; and

- acquiring or retaining the voting shares of a depository institution if certain requirements are met.

Under FDIC regulations, insured banks engaging in impermissible activities, or banks that wish to engage in otherwise impermissible activities, may seek approval from the FDIC to continue or commence such activities, as the case may be. The FDIC will not approve such an application if the bank does not meet its minimum capital requirements or the proposed activities present a significant risk to the FDIC insurance fund.

Safety and Soundness. The federal banking agencies, including the FDIC, have implemented rules and guidelines concerning standards for safety and soundness required pursuant to Section 39 of the FDIA. In general, the standards relate to operational and managerial matters, asset quality and earnings and compensation. The operational and managerial standards cover (1) internal controls and information systems, (2) internal audit systems, (3) loan documentation, (4) credit underwriting, (5) interest rate exposure, (6) asset growth and (7) compensation, fees and benefits. Under the asset quality and earnings standards, the Bank must

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establish and maintain systems to identify problem assets and prevent deterioration in those assets and to evaluate and monitor earnings and ensure that earnings are sufficient to maintain adequate capital reserves. Finally, the compensation standard states that compensation will be considered excessive if it is unreasonable or disproportionate to the services actually performed by the individual being compensated.

If an insured state-chartered bank fails to meet any of the standards promulgated by regulation, then such institution will be required to submit a plan within 30 days to the FDIC specifying the steps it will take to correct the deficiency. In the event that an insured state-chartered bank fails to submit or fails in any material respect to implement a compliance plan within the time allowed by the federal banking agency, Section 39 of the FDIA provides that the FDIC must order the institution to correct the deficiency. The FDIC may also (1) restrict asset growth; (2) require the bank to increase its ratio of tangible equity to assets; (3) restrict the rates of interest that the bank may pay; or (4) take any other action that would better carry out the purpose of prompt corrective action. We believe that the Bank has been and will continue to be in compliance with each of these standards.

Federal Reserve System. The Federal Reserve requires all depository institutions to maintain reserves against their transaction accounts (primarily NOW and Super NOW checking accounts) and non-personal time deposits. The required reserves must be maintained in the form of vault cash or an account at a Federal Reserve bank. At December 31, 2015, the Bank was in compliance with its reserve requirements.

Community Reinvestment Act. 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. The FDIC’s assessment is taken into account when evaluating any application we submit for, among other things, approval of the acquisition or establishment of a branch or other deposit facility, an office relocation, a merger or the acquisition of shares of capital stock of another financial institution. The Bank has undertaken significant actions to comply with the CRA, and it received a “satisfactory” rating by the FDIC with respect to its CRA compliance. Both the U.S. Congress and banking regulatory agencies have proposed substantial changes to the CRA and fair lending laws, rules and regulations, and there can be no certainty as to the effect, if any, that any such changes would have on us or the Bank.

Financial Privacy Requirements. Federal law and regulations limit a financial institution’s ability to share consumer financial information with unaffiliated third parties. Specifically, these provisions require all financial institutions offering financial products or services to retail customers to provide such customers with the financial institution’s privacy policy and provide such customers the opportunity to “opt out” of the sharing of personal financial information with unaffiliated third parties. The sharing of information for marketing purposes is also subject to limitations. The Bank currently has privacy protection policy and procedures in place, which we believe complies with all applicable regulations.

Anti-Money Laundering. Federal anti-money laundering rules impose various requirements on financial institutions intended to prevent the use of the U.S. financial system to fund terrorist activities. These provisions include a requirement that financial institutions operating in the United States have anti-money laundering compliance programs, due diligence policies and controls to ensure the detection and reporting of money laundering. Such compliance programs supplement existing compliance requirements, also applicable to financial institutions, under the Bank Secrecy Act and the Office of Foreign Assets Control Regulations. The Bank has established policies and procedures to ensure compliance with the federal anti-laundering provisions.

Supervision and Regulation of our Wealth Management and Insurance Operations

Our Wealth Management and Insurance operations are subject to licensing requirements and regulation under the laws of the United States and the State of Mississippi. The laws and regulations are primarily for the benefit of clients. In all jurisdictions, the applicable laws and regulations are subject to amendment by regulatory authorities. Generally, such authorities are vested with relatively broad discretion to grant, renew and revoke licenses and approvals and to implement regulations. Licenses may be denied or revoked for various reasons, including the violation of such regulations, conviction of crimes and the like. Other possible sanctions which may be imposed for violation of regulations include suspension of individual employees, limitations on engaging in a particular business for a specified period of time, censures and fines.

Monetary Policy and Economic Controls

We and the Bank are affected by the policies of regulatory authorities, including the Federal Reserve. An important function of the Federal Reserve is to regulate the national supply of bank credit in order to stabilize prices. Among the instruments of monetary policy used by the Federal Reserve to implement these objectives are open market operations in U.S. Government securities, changes in the discount rate on bank borrowings and changes in reserve requirements against bank deposits. These instruments are used in varying degrees to influence overall growth of bank loans, investments and deposits and may also affect interest rates charged on loans or paid for deposits.

The monetary policies of the Federal Reserve have had a significant effect on the operating results of commercial banks in the past and are expected to do so in the future. In view of changing conditions in the national economy and in the various money markets, as well as the effect of actions by monetary and fiscal authorities including the Federal Reserve, the effect on our, and the Bank’s, future business and earnings cannot be predicted with accuracy.

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Sources and Availability of Funds

The funds essential to our, and our Bank’s, business consist primarily of funds derived from customer deposits, securities sold under repurchase agreements, and Federal Home Loan Bank advances. The availability of such funds is primarily dependent upon the economic policies of the federal government, the economy in general and the general credit market for loans.

Personnel

At December 31, 2015, we employed 1,996 people throughout all of our segments on a full-time equivalent basis. Of this total, the Bank accounted for 1,930 employees (inclusive of employees in our Community Banks and Wealth Management segments), and Renasant Insurance employed 66 individuals. The Company has no additional employees; however, at December 31, 2015, 15 employees of the Bank served as officers of the Company in addition to their positions with the Bank.

Dependence Upon a Single Customer

No material portion of our loans have been made to, nor have our deposits been obtained from, a single or small group of customers; the loss of any single customer or small group of customers with respect to any of our reportable segments would not have a materially adverse effect on our business as a whole or with respect to that segment in particular. A discussion of concentrations of credit in our loan portfolio is set forth under the heading “Financial Condition - Loans” in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Available Information

Our Internet address is www.renasant.com, and the Bank's Internet address is www.renasantbank.com. We make available at this address, under the link “SEC Filings” under the “Investor Relations” tab, free of charge, our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

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Table 1 – Distribution of Assets, Liabilities and Shareholders’ Equity; Interest Rates and Interest Differential

(In Thousands)

The following table sets forth average balance sheet data, including all major categories of interest-earning assets and interest-bearing liabilities, together with the interest earned or interest paid and the average yield or average rate on each such category for the years ended December 31, 2015, 2014 and 2013:

	2015						2014						2013
	Average Balance		Interest Income/ Expense		Yield/    Rate		Average Balance		Interest Income/ Expense		Yield/    Rate		Average Balance		Interest Income/ Expense		Yield/    Rate
Assets
Interest-earning assets:
Loans(1)	$	4,836,002	$	237,408	4.91	%	$	3,941,015	$	200,844	5.10	%	$	3,214,567	$	159,587	4.96	%
Securities:
Taxable(2)	732,016		15,946		2.18		698,808		16,026		2.29		556,039		12,975		2.33
Tax-exempt	331,206		16,709		5.04		303,641		15,981		5.26		243,916		13,618		5.58
Total securities	1,063,222		32,655		3.07		1,002,449		32,007		3.19		799,955		26,593		3.32
Interest-bearing balances with banks	74,776		215		0.29		138,299		395		0.29		100,147		248		0.25
Total interest-earning assets	5,974,000		270,278		4.52		5,081,763		233,246		4.59		4,114,669		186,428		4.53
Cash and due from banks	102,417						87,964						66,283
Intangible assets	379,500						301,104						228,632
FDIC loss-share indemnification asset	8,928						20,617						33,306
Other assets	410,193						325,069						288,633
Total assets	$	6,875,038					$	5,816,517					$	4,731,523
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(3)	2,596,362		4,721		0.18		2,198,260		4,516		0.21		1,685,220		4,174		0.25
Savings deposits	433,838		321		0.07		346,608		289		0.08		280,509		682		0.24
Time deposits	1,392,171		8,673		0.62		1,412,200		11,411		0.81		1,317,086		12,262		0.93
Total interest-bearing deposits	4,422,371		13,715		0.31		3,957,068		16,216		0.41		3,282,815		17,118		0.52
Borrowed funds	376,208		7,950		2.11		186,236		7,711		4.14		173,161		6,353		3.67
Total interest-bearing liabilities	4,798,579		21,665		0.45		4,143,304		23,927		0.58		3,455,976		23,471		0.68
Noninterest-bearing deposits	1,125,969						921,903						666,147
Other liabilities	73,543						59,508						52,173
Shareholders’ equity	876,947						691,802						557,227
Total liabilities and shareholders’ equity	$	6,875,038					$	5,816,517					$	4,731,523
Net interest income/ net interest margin			$	248,613	4.16	%			$	209,319	4.12	%			$	162,957	3.96	%

(1)Includes mortgage loans held for sale and shown net of unearned income.

(2)U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which we operate.

(3)Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

The average balances of nonaccruing assets are included in this table. Interest income and weighted average yields on tax-exempt loans and securities have been computed on a fully tax equivalent basis assuming a federal tax rate of 35% and a state tax rate of 3.6%, which is net of federal tax benefit.

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Table 2 – Volume/Rate Analysis

(In Thousands)

The following table sets forth a summary of the changes in interest earned, on a tax equivalent basis, and interest paid resulting from changes in volume and rates for the Company for the years ended December 31, as indicated:

	2015 Compared to 2014									2014 Compared to 2013
	Volume			Rate			Net(1)			Volume		Rate			Net(1)
Interest income:
Loans (2)	$	43,614		$	(7,050	)	$	36,564		$	36,921	$	4,336		$	41,257
Securities:
Taxable	1,445			(1,525		)	(80		)	3,270		(219		)	3,051
Tax-exempt	1,339			(611		)	728			3,085		(722		)	2,363
Interest-bearing balances with banks	(182		)	2			(180		)	105		42			147
Total interest-earning assets	46,216			(9,184		)	37,032			43,381		3,437			46,818
Interest expense:
Interest-bearing demand deposits	561			(356		)	205			666		(403		)	263
Savings deposits	58			(26		)	32			219		(612		)	(393		)
Time deposits	(160		)	(2,578		)	(2,738		)	1,026		(1,877		)	(851		)
Borrowed funds	460			(221		)	239			503		855			1,358
Total interest-bearing liabilities	919			(3,181		)	(2,262		)	2,414		(2,037		)	377
Change in net interest income	$	45,297		$	(6,003	)	$	39,294		$	40,967	$	5,474		$	46,441

⁽¹⁾  Changes not solely due to volume or rate have been allocated on a pro-rata basis using the absolute ratio value of amounts calculated.

⁽²⁾  Includes mortgage loans held for sale and shown net of unearned income.

Table 3 – Investment Portfolio

(In Thousands)

The following table sets forth the scheduled maturity distribution and weighted average yield based on the amortized cost of our investment portfolio as of December 31, 2015. Information regarding the carrying value of the investment securities listed below as of December 31, 2015, 2014 and 2013 is contained under the heading “Financial Condition – Investments” and “Results of Operations – Net Interest Income” in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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	Amount		Yield
Held to Maturity:
Obligations of other U.S. Government agencies and corporations
Maturing within one year	$	500	0.30	%
Maturing after one year through five years	34,554		1.59	%
Maturing after five years through ten years	66,101		2.04	%
Obligations of states and political subdivisions
Maturing within one year	16,573		3.84	%
Maturing after one year through five years	62,174		4.06	%
Maturing after five years through ten years	148,155		3.71	%
Maturing after ten years	130,343		5.03	%
Available for Sale:
Obligations of other U.S. Government agencies and corporations
Maturing after one year through five years	6,093		2.47	%
Trust preferred securities
Maturing after ten years	24,770		1.10	%
Residential mortgage backed securities:
Government agency MBS	362,669		2.05	%
Government agency CMO	168,916		2.10	%
Commercial mortgage backed securities:
Government agency MBS	58,864		4.27	%
Government agency CMO	4,947		3.55	%
Other debt securities	18,899		2.26	%
Other equity securities	2,500		7.01	%
	$	1,106,058	3.07	%

Weighted average yields on tax-exempt obligations have been computed on a fully tax equivalent basis assuming a federal tax rate of 35% and a state tax rate of 3.6%, which is net of federal tax benefit.

Table 4 – Loan Portfolio

(In Thousands)

The following table sets forth loans, net of unearned income, outstanding at December 31, 2015, which, based on remaining scheduled repayments of principal, are due in the periods indicated. Loans with balloon payments and longer amortizations are often repriced and extended beyond the initial maturity when credit conditions remain satisfactory. Demand loans, loans having no stated schedule of repayments and no stated maturity, and overdrafts are reported below as due in one year or less. For information regarding the loan balances in each of the categories listed below as of the end of each of the last five years, see Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, under the heading “Financial Condition – Loans.” See “Risk Management – Credit Risk and Allowance for Loan Losses” in Item 7 for information regarding the risk elements applicable to, and a summary of our loan loss experience with respect to, the loans in each of the categories listed below.

	One Year or Less		After One Year Through Five Years		After Five Years		Total
Commercial, financial, agricultural	$	295,122	$	274,051	$	67,664	$	636,837
Lease financing	501		23,877		10,437		34,815
Real estate – construction	232,923		41,658		83,084		357,665
Real estate – 1-4 family mortgage	545,623		554,599		635,101		1,735,323
Real estate – commercial mortgage	591,918		1,359,250		582,561		2,533,729
Installment loans to individuals	42,114		64,358		8,621		115,093
	$	1,708,201	$	2,317,793	$	1,387,468	$	5,413,462

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The following table sets forth the fixed and variable rate loans maturing or scheduled to reprice after one year as of December 31, 2015:

	Interest Sensitivity
	Fixed            Rate		Variable         Rate
Due after one year through five years	$	2,000,529	$	317,264
Due after five years	909,367		478,101
	$	2,909,896	$	795,365

Table 5 – Deposits

(In Thousands)

The following table shows the maturity of certificates of deposit and other time deposits of $100 or more at December 31, 2015:

	Certificates of Deposit		Other
Three Months or Less	$	124,268	$	18,758
Over Three through Six Months	92,817		3,874
Over Six through Twelve Months	128,631		21,303
Over 12 Months	351,603		8,201
	$	697,319	$	52,136

ITEM 1A. RISK FACTORS

In addition to the other information contained in or incorporated by reference into this Form 10-K and the exhibits hereto, the following risk factors should be considered carefully in evaluating our business. The risks disclosed below, either alone or in combination, could materially adversely affect the business, financial condition or results of operations of the Company. Additional risks not presently known to us, or that we currently deem immaterial, may also adversely affect our business, financial condition or results of operations.

Risks Related To Our Business and Industry

Our business may be adversely affected by current economic conditions in general and specifically in our Mississippi, Tennessee, Alabama, Florida and Georgia markets.

General business and economic conditions in the United States and abroad can materially affect our business and operations. A weak U.S. economy is likely to cause uncertainty about the federal fiscal policymaking process, the medium and long-term fiscal outlook of the federal government and future tax rates. In addition, economic conditions in foreign countries, including uncertainty over the stability of the euro currency, could affect the stability of global financial markets, which could hinder U.S. economic growth.

Weak economic conditions are characterized by deflation, fluctuations in debt and equity capital markets, a lack of liquidity and/or depressed prices in the secondary market for mortgage loans, increased delinquencies on mortgage, consumer and commercial loans, residential and commercial real estate price declines and lower home sales and commercial activity. The current economic environment in the United States is also characterized by interest rates at historically low levels, which impacts our ability to attract deposits and to generate attractive earnings through our investment portfolio. All of these factors are detrimental to our business, and the interplay between these factors can be complex and/or unpredictable. Our business is also significantly affected by monetary and related policies of the U.S. federal government and its agencies. Changes in any of these policies are influenced by macroeconomic conditions and other factors that are beyond our control. Adverse economic conditions and government policy responses to such conditions could have a material adverse effect on our business, financial condition, results of operations and growth prospects.

More particularly, much of our business development and marketing strategy is directed toward fulfilling the banking and financial services needs of small to medium-sized businesses. Such businesses generally have fewer financial resources in terms of capital or borrowing capacity than larger entities. If general economic conditions negatively impact our Mississippi, Tennessee, Alabama,

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Florida and Georgia markets generally and these businesses are adversely affected, our financial condition and results of operations may be negatively affected.

We are subject to lending risk.

There are inherent risks associated with our lending activities. These risks include, among other things, the impact of changes in interest rates and changes in the economic conditions in the markets where we operate as well as those across the United States. Increases in interest rates and/or weakening economic conditions could adversely impact the ability of borrowers to repay outstanding loans or the value of the collateral securing these loans. For the reasons explained below, if current trends in the housing and real estate markets continue, we may experience higher than normal delinquencies and credit losses.

As of December 31, 2015, approximately 65.17% of our loan portfolio consisted of commercial, construction and commercial real estate loans. These types of loans are generally viewed as having more risk to our financial condition than other types of loans due primarily to the large amounts loaned to individual borrowers. Because the loan portfolio contains a significant number of commercial, construction and commercial real estate loans with relatively large balances, the deterioration of one or a few of these loans could cause a significant increase in nonperforming loans. An increase in nonperforming loans could result in a net loss of earnings from these loans, an increase in the provision for possible loan losses and an increase in loan charge-offs, all of which could have a material adverse effect on our financial condition and results of operations.

Our commercial, construction and commercial real estate loan portfolios are discussed in more detail under the heading “Operations – Operations of Community Banks” in Item 1, Business.

We have a high concentration of loans secured by real estate.

At December 31, 2015, approximately 85.47% of our loan portfolio had real estate as a primary or secondary component of the collateral securing the loan. The real estate provides an alternate source of repayment in the event of a default by the borrower. Real estate values have generally recovered since the recent recession, but any adverse change in our markets could significantly impair the value of the particular collateral securing our loans and our ability to sell the collateral upon foreclosure for an amount necessary to satisfy the borrower’s obligations to us. Furthermore, in a declining real estate market, we often will need to further increase our allowance for loan losses to address the deterioration in the value of the real estate securing our loans. This was the case from 2008 to 2012. Any of the foregoing could have a material adverse effect on our financial condition and results of operations.

We have a concentration of credit exposure in commercial real estate.

At December 31, 2015, we had approximately $2.5 billion in commercial real estate loans, representing approximately 46.80% of our loans outstanding on that date. In addition to the general risks associated with our lending activities described above, including the effects of declines in real estate values, commercial real estate loans are subject to additional risks. Commercial real estate loans depend on cash flows from the property to service the debt. Cash flows, either in the form of rental income or the proceeds from sales of commercial real estate, may be affected significantly by general economic conditions. A downturn in the local economy generally or in occupancy rates where the property is located could increase the likelihood of default.

In addition, as a result of the downturn in United States real estate markets during the 2008-2009 recession, banking regulators have given commercial real estate lending greater scrutiny and, in some instances, have required banks with higher levels of commercial real estate loans to implement improved underwriting, internal controls, risk management policies and portfolio stress testing, as well as possibly higher levels of allowances for loan losses and capital levels as a result of commercial real estate lending growth and exposure. Any of these factors could have a material adverse effect on our financial condition and results of operations.

We depend on the accuracy and completeness of information furnished by others about customers and counterparties.

In deciding whether to extend credit or enter into other transactions, we often rely on information furnished by or on behalf of customers and counterparties, including financial statements, credit reports, other financial information and appraisals of the value of collateral. We may also rely on representations of those customers, counterparties or other third parties, such as independent auditors, as to the accuracy and completeness of that information. Reliance on inaccurate or misleading financial statements, credit reports, other financial information or appraisals could have a material adverse effect on our business and, in turn, our financial condition and results of operations.

Our allowance for possible loan losses may be insufficient, and we may be required to further increase our provision for loan losses.

Although we try to maintain diversification within our loan portfolio in order to minimize the effect of economic conditions within a particular industry, management also maintains an allowance for loan losses, which is a reserve established through a provision for loan losses charged to expense, to absorb probable credit losses inherent in the entire loan portfolio. The appropriate level of the allowance is based on management’s ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including collateral impairment. Among other considerations in establishing the allowance

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for loan losses, management considers economic conditions reflected within industry segments, the unemployment rate in our markets, loan segmentation and historical losses that are inherent in the loan portfolio. The determination of the appropriate level of the allowance for loan losses inherently involves a high degree of subjectivity and requires management to make significant estimates of current credit risks and future trends, all of which may undergo material changes. Changes in economic conditions affecting borrowers, new information regarding existing loans, identification of additional problem loans and other factors, both within and outside of our control, may require an increase in the allowance for loan losses.

The recent recession in the United States highlighted the inherent difficulty in estimating with precision the extent to which credit risks and future trends need to be addressed through a provision to our allowance for loan losses. Any worsening of the current economic conditions could cause us to experience higher than normal delinquencies and credit losses. As a result, we may be required to make further increases in our provision for loan losses and to charge off additional loans in the future, which could materially adversely affect our financial condition and results of operations.

In addition, bank regulatory agencies periodically review the allowance for loan losses and may require an increase in the provision for loan losses or the recognition of further loan charge-offs, based on judgments different than those of management. In addition, if charge-offs in future periods exceed the allowance for loan losses, we will need additional provisions to increase the allowance for loan losses. Any increases in the allowance for loan losses will result in a decrease in net income and, possibly, capital and may have a material adverse effect on our financial condition and results of operations. A discussion of the policies and procedures related to management’s process for determining the appropriate level of the allowance for loan losses is set forth under the heading “Risk Management – Credit Risk and Allowance for Loan Losses” in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

We are subject to interest rate risk.

Our earnings and cash flows are largely dependent upon our net interest income. Net interest income is the difference between interest earned on assets, such as loans and securities, and the cost of interest-bearing liabilities, such as deposits and borrowed funds. Interest rates are highly sensitive to many factors that are beyond our control, including general economic conditions and policies of various governmental and regulatory agencies and, in particular, the Federal Reserve. In light of improving labor markets and its assessment of the rate of inflation, the Federal Reserve increased the federal funds target rate by 25 basis point in December 2015 and has indicated that gradual increases in the federal funds target rate are warranted, but it noted that the federal funds rate is likely for the foreseeable future to remain below levels that are expected to prevail in the longer run. Changes in monetary policy, including changes in interest rates, could influence not only the interest we receive on loans and securities and the amount of interest we pay on deposits and borrowings, but such changes could also affect (1) our ability to originate loans and obtain deposits, which could reduce the amount of fee income generated, and (2) the fair value of our financial assets and liabilities.

Our financial results are constantly exposed to market risk.

Market risk refers to the probability of variations in net interest income or the fair value of our assets and liabilities due to changes in interest rates, among other things. The primary source of market risk to us is the impact of changes in interest rates on net interest income. We are subject to market risk because of the following factors:

— Assets and liabilities may mature or reprice at different times. For example, if assets reprice more slowly than liabilities and interest rates are generally rising, earnings may initially decline.

— Assets and liabilities may reprice at the same time but by different amounts. For example, when interest rates are generally rising, we may increase rates charged on loans by an amount that is less than the general increase in market interest rates because of intense pricing competition. Also, risk occurs when assets and liabilities have similar repricing frequencies but are tied to different market interest rate indices that may not move in tandem.

— Short-term and long-term market interest rates may change by different amounts, i.e., the shape of the yield curve may affect new loan yields and funding costs differently.

— The remaining maturity of various assets and liabilities may shorten or lengthen as interest rates change. For example, if long-term mortgage interest rates decline sharply, mortgage-backed securities held in our securities portfolio may prepay significantly earlier than anticipated, which could reduce portfolio income. If prepayment rates increase, we would be required to amortize net premiums into income over a shorter period of time, thereby reducing the corresponding asset yield and net interest income.

— Interest rates may have an indirect impact on loan demand, credit losses, loan origination volume, the value of financial assets and financial liabilities, gains and losses on sales of securities and loans, the value of mortgage servicing rights and other sources of earnings.

Although management believes it has implemented effective asset and liability management strategies to reduce market risk on the results of our operations, these strategies are based on assumptions that may be incorrect. Any substantial, unexpected, prolonged change in market interest rates could have a material adverse effect on our financial condition and results of operations.

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Volatility in interest rates may also result in disintermediation, which is the flow of funds away from financial institutions into direct investments, such as U.S. Government and Agency securities and other investment vehicles, including mutual funds, which generally pay higher rates of return than financial institutions because of the absence of federal insurance premiums and reserve requirements. Disintermediation could also result in material adverse effects on our financial condition and results of operations.

A discussion of our policies and procedures used to identify, assess and manage certain interest rate risk is set forth under the heading “Risk Management – Interest Rate Risk” in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Liquidity needs could adversely affect our results of operations and financial condition.

Maintaining adequate liquidity is crucial to the operation of our business. We need sufficient liquidity to meet customer loan requests, deposit maturities and withdrawals and other cash commitments arising in both the ordinary course of business and in other unpredictable circumstances. We rely on dividends from the Bank as our primary source of funds. The primary source of the Bank’s funds are customer deposits and loan repayments. While scheduled loan repayments are a relatively stable source of funds, they are subject to the ability of borrowers to repay the loans. The ability of borrowers to repay loans can be adversely affected by a number of factors, including changes in economic conditions, adverse trends or events affecting business industry groups, reductions in real estate values or markets, business closings or lay-offs, inclement weather, natural disasters and international instability. Additionally, deposit levels may be affected by a number of factors, including rates paid by competitors, general interest rate levels, returns available to customers on alternative investments and general economic conditions. Accordingly, we may be required from time to time to rely on secondary sources of liquidity to meet withdrawal demands or otherwise fund operations or to support growth. Such sources include Federal Home Loan Bank advances and federal funds lines of credit from correspondent banks. While we believe that these sources are currently adequate, there can be no assurance they will be sufficient to meet future liquidity demands.

If the aforementioned sources of liquidity are not adequate for our needs, we may attempt to raise additional capital in the capital markets. Our ability to raise additional capital, if needed, will depend on conditions in such markets at that time, which are outside our control, and on our financial performance. Accordingly, we cannot assure you of our ability to raise additional capital in this manner.

If we are unable to meet our liquidity needs, we may be required to slow or discontinue loan growth, capital expenditures or other investments or liquidate assets.

Our risk management framework may not be effective in mitigating risk and loss to us.

We are subject to numerous risks, including lending risk, interest rate risk, liquidity risk and market risk, among other risks encountered in the ordinary course of our operations. We have put in place processes and procedures designed to identify, measure, monitor, report and analyze these risks. However, all risk management frameworks are inherently limited when current procedures cannot anticipate the existence or future development of currently unanticipated or unknown risks, and we may have underestimated the impact of known risks. The recent recession and the heightened regulatory scrutiny of financial institutions that resulted therefrom, coupled with increases in the scope and complexity of our operations, among other things, have increased the level of risk that we must manage. Accordingly, we could suffer losses as a result of our failure to properly anticipate and manage these risks.

Our business strategy includes the continuation of growth plans, and our financial condition and results of operations could be negatively affected if we fail to grow or fail to manage our growth effectively.

We have grown our business outside our Mississippi footprint through the acquisition of entire financial institutions and through de novo branching. Since the beginning of 2011, we have opened eight de novo branches, acquired specified assets and the operations of, and assumed specified liabilities of, Crescent and American Trust in two FDIC-assisted transactions and acquired the RBC Bank (USA) trust division. We also acquired First M&F and its wholly-owned subsidiary, Merchants and Farmers Bank on September 1, 2013 and acquired Heritage and its wholly-owned subsidiary HeritageBank on July 1, 2015. In addition, as noted above in Item 1, Business, on October 20, 2015, the Company and KeyWorth, a Georgia state bank headquartered in Atlanta, Georgia, jointly announced the signing of a definitive merger agreement pursuant to which the Company will acquire KeyWorth in an all stock merger. As evidenced by our pending acquisition of KeyWorth, we intend to continue pursuing a growth strategy for our business through de novo branching and to evaluate attractive acquisition opportunities that are presented to us. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies when expanding their franchise, including the following (all of which are generally applicable to an analysis of the risks relating to our pending acquisition of KeyWorth):

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Management of Growth.  We may be unable to successfully:

— maintain loan quality in the context of significant loan growth;

— maintain adequate management personnel and systems to oversee such growth;

— maintain adequate internal audit, loan review and compliance functions; and

— implement additional policies, procedures and operating systems required to support such growth.

Operating Results.  There is no assurance that existing offices or future offices will maintain or achieve deposit levels, loan balances or other operating results necessary to avoid losses or produce profits. Our growth and de novo branching strategy necessarily entails growth in overhead expenses as we routinely add new offices and staff. Our historical results may not be indicative of future results or results that may be achieved as we continue to increase the number and concentration of our branch offices. Should any new location be unprofitable or marginally profitable, or should any existing location experience a decline in profitability or incur losses, the adverse effect on our results of operations and financial condition could be more significant than would be the case for a larger company.

Development of Offices.  There are considerable costs involved in opening branches, and new branches generally do not generate sufficient revenues to offset their costs until they have been in operation for at least a year or more. Accordingly, our de novo branches can be expected to negatively impact our earnings for some period of time until the branches reach certain economies of scale. Our expenses could be further increased if we encounter delays in opening any of our de novo branches. We may be unable to accomplish future branch expansion plans due to a lack of available satisfactory sites, difficulties in acquiring such sites, increased expenses or loss of potential sites due to complexities associated with zoning and permitting processes, higher than anticipated merger and acquisition costs or other factors. Finally, we have no assurance our de novo branches or branches that we may acquire will be successful even after they have been established or acquired, as the case may be.

Expansion into New Markets.  Much of our recent growth has been focused in the highly-competitive metropolitan areas of Memphis and Nashville, Tennessee, Birmingham and Huntsville, Alabama, Atlanta, Georgia, east Tennessee as well as our new branches in Gainesville and Ocala, Florida that are a result of our acquisition with Heritage. In these growth markets we face competition from a wide array of financial institutions, including much larger, well-established financial institutions. Upon completion of our acquisition of KeyWorth, we will increase our presence in the northern suburbs of Atlanta, a highly attractive and competitive market. The acquisition of KeyWorth will provide additional scale in the Atlanta market with $407 million in assets and a strong core deposit base.

Regulatory and Economic Factors.  Our growth and expansion plans may be adversely affected by a number of regulatory and economic developments or other events. Failure to obtain required regulatory approvals, changes in laws and regulations or other regulatory developments and changes in prevailing economic conditions or other unanticipated events may prevent or adversely affect our continued growth and expansion. Such factors may cause us to alter our growth and expansion plans or slow or halt the growth and expansion process, which may prevent us from entering certain target markets or allow competitors to gain or retain market share in our existing or expected markets.

Failure to successfully address these issues could have a material adverse effect on our financial condition and results of operations, and could adversely affect our ability to successfully implement our business strategy. Also, if our growth occurs more slowly than anticipated or declines, our operating results could be materially adversely affected.

We may fail to realize the anticipated benefits of our recent and pending acquisitions.

The success of our acquisition of Heritage and, if completed, our acquisition of KeyWorth will depend on, among other things, our ability to realize anticipated cost savings and to integrate the acquired assets and operations in a manner that permits growth opportunities and does not materially disrupt our existing customer relationships or result in decreased revenues resulting from any loss of customers. If we are not able to successfully achieve these objectives, the anticipated benefits of the acquisition may not be realized fully or at all or may take longer to realize than expected. Additionally, we will make fair value estimates of certain assets and liabilities in recording each acquisition. Actual values of these assets and liabilities could differ from our estimates, which could result in our not achieving the anticipated benefits of the particular acquisition.

We cannot assure you that our acquisitions will have positive results, including results relating to: correctly assessing the asset quality of the assets acquired; the total cost of integration, including management attention and resources; the time required to complete the integration successfully; the amount of longer-term cost savings; being able to profitably deploy funds acquired in the transaction; retaining the existing client relationships; or the overall performance of the combined business.

Our future growth and profitability depends, in part, on our ability to successfully manage the combined operations. Integration of an acquired business can be complex and costly, and we may encounter a number of difficulties, such as:

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— deposit attrition, customer loss and revenue loss;

— the loss of key employees;

— the disruption of our operations and business;

— our inability to maintain and increase competitive presence;

— possible inconsistencies in standards, control procedures and policies; and/or

— unexpected problems with costs, operations, personnel, technology and credit.

Additionally, general market and economic conditions or governmental actions affecting the financial industry generally may inhibit our successful integration of the operations acquired.

Notwithstanding our loss-share arrangements with the FDIC with respect to some of the assets that we acquired, we may continue to experience increased credit costs or need to take additional markdowns and make additional provisions to the allowance for loan losses on the Crescent, American Trust, Citizens and First Southern loans acquired. Similar circumstances could arise resulting from our acquisition of Heritage or, if completed, our acquisition of KeyWorth. Any of these actions could adversely affect our financial condition and results of operations in the future. There is no assurance that as our integration efforts continue in connection with the Heritage acquisition or, if completed, our integration of KeyWorth, other unanticipated costs, including the diversion of personnel, or losses will not be incurred. In addition, the attention and effort devoted to the integration of an acquired business may divert management’s attention from other important issues and could harm our business.

We may experience difficulty in managing the loan portfolios acquired from Crescent, American Trust, Citizens and First Southern within the limits of the loss protection provided by the FDIC.

In connection with the acquisitions of Crescent’s and American Trust’s respective assets and operations and the assumption of their liabilities, the Bank entered into loss-share arrangements with the FDIC that covered approximately $700 million of acquired assets in the aggregate. As part of our acquisition of Heritage, the Bank assumed the loss-share agreements between Heritage and the FDIC relating to Citizens and First Southern, which covered approximately $354 million of acquired assets in the aggregate.

In addition, each Purchase and Assumption Agreement with the FDIC provides that after the 10th anniversary of the acquisition, the FDIC has a right to recover a portion of its shared-loss reimbursements if losses on the covered assets are less than certain thresholds: $242 million for Crescent, $16 million for American Trust, $57 million for Citizens and $40 million for First Southern. The loss-share agreements applicable to single-family residential mortgage loans provide for FDIC loss-share and Bank reimbursement to the FDIC to run for ten years, and the loss-share agreement applicable to commercial and other assets provides for FDIC loss-share and Bank reimbursement to the FDIC to run for five years, with additional recovery sharing for three years thereafter.

The FDIC has the right to refuse or delay loss-share payments for loan losses if we do not adhere to the terms of the loss-share agreements. Also, any charge-offs that we experience after the terms of the loss-share agreements have ended would not be recoverable from the FDIC.

Certain provisions of the loss-share agreements entered into with the FDIC may have anti-takeover effects and could limit our ability to engage in certain strategic transactions that our board of directors believes would be in the best interests of shareholders.

The FDIC’s agreement to bear 80% of qualifying losses on single family residential loans for ten years and commercial loans for five years is a significant asset of the Company and a feature of the Crescent and American Trust acquisitions without which we would not have entered into these transactions (and the FDIC’s similar agreement in favor of Heritage with respect to Citizens and First Southern increased the attractiveness of the Heritage acquisition). Our agreements with the FDIC (including the agreements pertaining to Citizens and First Southern that we assumed in the Heritage acquisition) require that we receive FDIC consent, which may be withheld by the FDIC in its sole discretion, prior to us or our shareholders engaging in certain transactions. If any such transaction is completed without prior FDIC consent, the FDIC would have the right to discontinue either or both of the loss-share arrangements.

Among other things, prior FDIC consent is required for (1) a merger or consolidation of the Company with or into another company if our shareholders will own less than 2/3 of the combined company, (2) a sale of all or substantially all of the assets of the Bank, or (3) a sale of shares by one or more of our shareholders that will effect a change in control of the Bank, as determined by the FDIC with reference to the standards set forth in the Change in Bank Control Act (generally, the acquisition of between 10% and 25% of our voting securities where the presumption of control is not rebutted, or the acquisition of more than 25% of our voting securities). It is unlikely that we would have any ability to control or prevent such a sale by our shareholders. If we or any shareholder desired to enter into any such transaction, there can be no assurances that the FDIC would grant its consent in a timely manner,

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without conditions, or at all. If one of these transactions were to occur without prior FDIC consent and the FDIC withdrew its loss-share protection, there could be a material adverse impact on the Company.

We may face risks with respect to future acquisitions.

When we attempt to expand our business through mergers and acquisitions (including FDIC-assisted transactions), we seek targets that are culturally similar to us, have experienced management and possess either significant market presence or have potential for improved profitability through economies of scale or expanded services or, in the case of FDIC-assisted transactions, on account of the loss-share arrangements with the FDIC associated with such transactions. We believe that our pending acquisition of KeyWorth meets these criteria. In addition to the general risks associated with our growth plans and the particular risks associated with FDIC-assisted transactions both of which are highlighted above, in general acquiring other banks, businesses or branches involves various risks commonly associated with acquisitions, including, among other things:

— the time and costs associated with identifying and evaluating potential acquisition and merger targets;

— inaccuracies in the estimates and judgments used to evaluate credit, operations, management and market risks with respect to the target institution;

— the time and costs of evaluating new markets, hiring experienced local management and opening new bank locations, and the time lags between these activities and the generation of sufficient assets and deposits to support the costs of the expansion;

— our ability to finance an acquisition and possible dilution to our existing shareholders;

— the diversion of our management’s attention to the negotiation of a transaction;

— the incurrence of an impairment of goodwill associated with an acquisition and adverse effects on our results of operations;

— entry into new markets where we lack experience; and

— risks associated with integrating the operations and personnel of the acquired business, as discussed above in the context of the KeyWorth transaction.

All of the foregoing matters are applicable to our pending acquisition of KeyWorth.

We expect to continue to evaluate merger and acquisition opportunities (including FDIC-assisted transactions) that are presented to us and conduct due diligence activities related to possible transactions with other financial institutions. As a result, merger or acquisition discussions and, in some cases, negotiations may take place and future mergers or acquisitions involving cash, debt or equity securities may occur at any time. Historically, acquisitions of non-failed financial institutions involve the payment of a premium over book and market values, and, therefore, some dilution of our book value and net income per common share may occur in connection with any future transaction (which may be the case as a result of the Heritage acquisition). Failure to realize the expected revenue increases, cost savings, increases in geographic or product presence and/or other projected benefits from an acquisition could have a material adverse effect on our financial condition and results of operations.

Competition in our industry is intense and may adversely affect our profitability.

We face substantial competition in all areas of our operations from a variety of different competitors, many of which are larger and have substantially greater resources than we have, including higher total assets and capitalization, greater access to capital markets and a broader offering of financial services. Such competitors primarily include national, regional and community banks within the various markets in which we operate. We also face competition from many other types of financial institutions, including savings and loans, credit unions, finance companies, brokerage firms, insurance companies, factoring companies and other financial intermediaries. The information under the heading “Competition” in Item 1, Business, provides more information regarding the competitive conditions in our growth markets.

Our industry could become even more competitive as a result of legislative, regulatory and technological changes and continued consolidation. The consolidation of financial institutions in connection with the 2008-2009 recession has continued to the present time, and we expect additional consolidation to occur as a result of such recession as well as on account of elevated regulatory compliance costs. Banks, securities firms and insurance companies can merge under the umbrella of a financial holding company, which can offer virtually any type of financial service, including banking, securities underwriting, insurance (both agency and underwriting) and merchant banking. Also, as highlighted by our discussion of the Dodd-Frank Act, legislative and regulatory changes on both the federal and state level may materially affect competitive conditions in our industry. Finally, technology has lowered barriers to entry and made it possible for non-banks to offer products and services traditionally provided by banks, such as automatic transfer and automatic payment systems. Many of our competitors have fewer regulatory constraints and may have lower cost structures.

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Our ability to compete successfully depends on a number of factors, including, among other things:

— the ability to develop, maintain and build upon long-term customer relationships based on top quality service, high ethical standards and safe and sound assets;

— the ability to expand our market position;

— the scope, relevance and pricing of products and services offered to meet customer needs and demands;

— the rate at which we introduce new products and services relative to our competitors;

— customer satisfaction with our level of service; and

— industry and general economic trends.

Failure to perform in any of these areas could significantly weaken our competitive position, which could adversely affect our growth and profitability, which, in turn, could have a material adverse effect on our financial condition and results of operations.

We may be adversely affected by the soundness of other financial institutions.

Entities within the financial services industry are interrelated as a result of trading, clearing, counterparty and other relationships. We have exposure to many different industries and counterparties and from time to time execute transactions with counterparties in the financial services industry, including commercial banks, brokers and dealers, investment banks and other institutional clients. Many of these transactions expose us to credit risk in the event of a default by a counterparty or client. In addition, our credit risk may be exacerbated when the collateral we hold cannot be realized upon or is liquidated at prices not sufficient to recover the full amount of the credit due to us. Any such losses could have a material adverse effect on our financial condition and results of operations.

We are subject to extensive government regulation, and such regulation could limit or restrict our activities and adversely affect our earnings.

We and the Bank are subject to extensive federal and state regulation and supervision. Banking regulations are primarily intended to protect depositors’ funds, federal deposit insurance funds and the banking system as a whole. These regulations affect our lending practices, capital structure, investment practices, dividend policy and growth, among other things. Furthermore, as discussed below, the Dodd-Frank Act has resulted in significant changes to the regulations governing banks and other financial institutions, and other changes to such regulations have been proposed. Changes to statutes, regulations or regulatory policies, including changes in interpretation or implementation of the foregoing, could affect us and/or the Bank in substantial and unpredictable ways. Such changes could subject us to additional costs, limit the types of financial services and products we may offer and/or increase the ability of non-banks to offer competing financial services and products, among other things.

Under regulatory capital adequacy guidelines and other regulatory requirements, we and the Bank must meet guidelines that include quantitative measures of assets, liabilities and certain off-balance sheet items, subject to qualitative judgments by regulators about components, risk weightings and other factors. If we fail to meet these minimum capital guidelines and other regulatory requirements, our financial condition would be materially and adversely affected. Our failure to maintain the status of “well capitalized” under our regulatory framework could affect the confidence of our customers in us, thus compromising our competitive position. In addition, failure to maintain the status of “well capitalized” under our regulatory framework or “well managed” under regulatory examination procedures could compromise our status as a bank holding company and related eligibility for a streamlined review process for merger or acquisition proposals and would result in higher deposit insurance premiums assessed by the FDIC.

We are also subject to various privacy, data protection and information security laws. Under the GLB Act, we are subject to limitations on our ability to share our customers’ nonpublic personal information with unaffiliated parties, and we are required to provide certain disclosures to our customers about out data collection and security practices. Customers have the right to opt out of our disclosure of their personal financial information to unaffiliated parties. Finally, the GLB Act requires us to develop, implement and maintain a written comprehensive information security program containing appropriate safeguards for our customer’s nonpublic personal information. New laws and regulations have also been proposed that could increase our privacy, data protection and information security compliance costs. Our failure to comply with new or existing privacy, data protection and information security laws and regulations could result in material regulatory or governmental investigations and/or fines, sanctions and other expenses.

As a public company, we are also subject to laws, regulations and standards relating to corporate governance and public disclosure in addition to the Dodd-Frank Act, including the Sarbanes-Oxley Act of 2002 and SEC regulations. These laws, regulations and standards are subject to varying interpretations in many cases, and as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies, which could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We are committed to maintaining high standards of corporate governance and public disclosure. As a result, our efforts to comply with evolving laws, regulations

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and standards have resulted in, and are likely to continue to result in, increased expenses and a diversion of management time and attention.

Failure to comply with laws, regulations or policies could also result in sanctions by regulatory agencies and/or civil money penalties, which could have a material adverse effect on our business, financial condition and results of operations. While we have policies and procedures designed to prevent any such violations, there can be no assurance that such violations will not occur. The information under the heading “Supervision and Regulation” in Item 1, Business, and Note P, “Regulatory Matters,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data, provides more information regarding the regulatory environment in which we and the Bank operate.

Financial reform legislation enacted by Congress will, among other things, tighten capital standards and result in new laws and regulations that likely will increase our costs of operations.

The Dodd-Frank Act was signed into law on July 21, 2010. This law significantly changed the then-existing bank regulatory structure and affected the lending, deposit, investment, trading and operating activities of financial institutions and their holding companies. For example, a provision of the Dodd-Frank Act eliminated the federal prohibitions on paying interest on demand deposits, thus allowing businesses to have interest-bearing checking accounts. The Dodd-Frank Act also broadened the base for FDIC insurance assessments. Assessments are now based on the average consolidated total assets less tangible equity capital of a financial institution. The Dodd-Frank Act also permanently increased the maximum amount of deposit insurance for banks, savings institutions and credit unions to $250,000 per depositor, retroactive to January 1, 2009.

The Dodd-Frank Act also requires publicly traded companies to give stockholders a non-binding vote on executive compensation and so-called “golden parachute” payments in certain circumstances. The Federal Reserve Board has also proposed rules prohibiting excessive compensation paid to bank holding company executives, regardless of whether the company is publicly traded or not.

The Dodd-Frank Act created a new Consumer Financial Protection Bureau (the “CFPB”) with broad powers to supervise and enforce consumer protection laws. The CFPB has broad rule-making authority for a wide range of consumer protection laws that apply to all banks and savings institutions, including the authority to prohibit “unfair, deceptive or abusive” acts and practices. The CFPB has examination and enforcement authority over all banks and savings institutions with more than $10 billion in assets. Institutions such as the Bank with $10 billion or less in assets will continue to be examined for compliance with the consumer laws by their primary bank regulators. The Dodd-Frank Act also weakened the federal preemption rules that were applicable for national banks and federal savings associations, and gave state attorneys general the ability to enforce federal consumer protection laws.

It is difficult to predict at this time what specific impact the Dodd-Frank Act and the yet to be written implementing rules and regulations will have on us. However, it is expected that at a minimum our operating and compliance costs will increase, and our interest expense could increase.

Changes in accounting standards issued by the Financial Accounting Standards Board (“FASB”) or other standard-setting bodies may adversely affect our financial statements.

Our financial statements are subject to the application of accounting principles generally accepted in the United States (“GAAP”), which are periodically revised and/or expanded. Accordingly, from time to time we are required to adopt new or revised accounting standards issued by FASB. Market conditions have prompted accounting standard setters to promulgate new guidance which further interprets or seeks to revise accounting pronouncements related to financial instruments, structures or transactions as well as to issue new standards expanding disclosures. The impact of accounting developments that have been issued but not yet implemented is disclosed in our annual reports on Form 10-K and our quarterly reports on Form 10-Q. An assessment of proposed standards is not provided as such proposals are subject to change through the exposure process and, therefore, the effects on our financial statements cannot be meaningfully assessed. It is possible that future accounting standards that we are required to adopt could change the current accounting treatment that we apply to our consolidated financial statements and that such changes could have a material effect on our financial condition and results of operations.

Our information systems may experience a security breach, computer virus or disruption of service.

The Bank provides its customers the ability to bank online. The secure transmission of confidential information over the Internet is a critical element of online banking. While we use qualified third party vendors to test and audit our network, our network could become vulnerable to unauthorized access, computer viruses, phishing schemes, cyber-attacks and other security problems. The Bank may be required to spend significant capital and other resources to protect against the threat of security breaches and computer viruses, or to alleviate problems caused by security breaches or viruses. To the extent that our activities or the activities of our customers involve the storage and transmission of confidential information, security breaches and viruses could expose us or the Bank to claims, litigation and other possible liabilities. Any inability to prevent security breaches or computer viruses could also cause existing customers to lose confidence in the Bank’s systems and could adversely affect its reputation and its ability to generate deposits. Any failures, interruptions or security breaches could result in damage to our reputation, a loss of customer business,

27

increased regulatory scrutiny, or possible exposure to financial liability, any of which could have a material adverse effect on our financial condition and results of operations.

We may not be able to attract and retain skilled people.

Our success depends in part on our ability to retain key executives and to attract and retain additional qualified personnel who have experience both in sophisticated banking matters and in operating a bank of our size. Competition for such personnel can be intense in the banking industry, and we may not be successful in attracting or retaining the personnel we require. The unexpected loss of one or more of our key personnel could have a material adverse effect on our business because of their skills, knowledge of our markets, years of industry experience and the difficulty of promptly finding qualified replacements. We expect to effectively compete in this area by offering financial packages that are competitive within the industry.

We are subject to environmental liability risk associated with lending activities.

A significant portion of our loan portfolio is secured by real property. During the ordinary course of business, we may foreclose on and take title to properties securing certain loans. In doing so, there is a risk that hazardous or toxic substances could be found on these properties. If hazardous or toxic substances are found, we may be liable for remediation costs, as well as for personal injury and property damage. Environmental laws may require us to incur substantial expenses and may materially reduce the affected property’s value or limit our ability to use or sell the affected property. The remediation costs and any other financial liabilities associated with an environmental hazard could have a material adverse effect on our financial condition and results of operations. In addition, future laws or more stringent interpretations or enforcement policies with respect to existing laws may increase our exposure to environmental liability. Although management has policies and procedures to perform an environmental review before the loan is recorded and before initiating any foreclosure action on real property, these reviews may not be sufficient to detect all potential environmental hazards.

Severe weather, natural disasters, acts of war or terrorism and other external events could significantly impact our business.

Severe weather, natural disasters, acts of war or terrorism and other adverse external events could have a significant impact on our ability to conduct business. Such events, like the 2010 Tennessee floods that impacted our Nashville, Tennessee offices and the April 2011 storms that devastated much of east Mississippi and west Alabama, could affect the stability of our deposit base, impair the ability of borrowers to repay outstanding loans, impair the value of collateral securing loans, cause significant property damage, result in loss of revenue and/or cause us to incur additional expenses. With the recent acquisition of Heritage, we now have operations in Florida that could be impacted by hurricanes. Although management has established disaster recovery policies and procedures, the occurrence of any such event could have a material adverse effect on our business, which, in turn, could have a material adverse effect on our financial condition and results of operations.

Risks Associated With Our Common Stock

Our stock price can be volatile.

Stock price volatility may make it more difficult for an investor to resell our common stock when desired and at attractive prices. Our stock price can fluctuate significantly in response to a variety of factors including, among other things:

— actual or anticipated variations in quarterly results of operations;

— recommendations by securities analysts;

— operating and stock price performance of other companies that investors deem comparable to us;

— news reports relating to trends, concerns and other issues in the banking and financial services industry;

— perceptions in the marketplace regarding us and/or our competitors;

— new technology used, or services offered, by us or our competitors;

— significant acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving us or our competitors;

— failure to integrate acquisitions or realize anticipated benefits from acquisitions;

— changes in government regulations; and

— geopolitical conditions such as acts or threats of terrorism or military conflicts.

General market fluctuations, industry factors and general economic and political conditions and events, such as economic slowdowns or recessions, interest rate changes or credit loss trends, could also cause our stock price to decrease regardless of operating results.

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The trading volume in our common stock is less than that of other larger bank holding companies.

Although our common stock is listed for trading on The NASDAQ Global Select Market, the average daily trading volume in our common stock is lower than other publicly traded companies, generally less than that of many of our competitors and other larger bank holding companies. For the two months ended February 26, 2016, the average daily trading volume for Renasant common stock was 170,532 shares per day. A public trading market having the desired characteristics of depth, liquidity and orderliness depends on the presence in the marketplace of willing buyers and sellers of our common stock at any given time. This presence depends on the individual decisions of investors and general economic and market conditions over which we have no control. Significant sales of our common stock, or the expectation of these sales, could cause volatility in the price of our common stock.

Our ability to declare and pay dividends is limited by law, and we may be unable to pay future dividends.

We are a separate and distinct legal entity from the Bank, and we receive substantially all of our revenue from dividends from the Bank. These dividends are the principal source of funds to pay dividends on our common stock and interest and principal on debt. Various federal and/or state laws and regulations limit the amount of dividends that the Bank may pay to us. In the event the Bank is unable to pay dividends to us, we may not be able to service debt, pay obligations or pay dividends on our common stock. The inability to receive dividends from the Bank could have a material adverse effect on our business, financial condition and results of operations. The information under Note O, “Restrictions on Cash, Bank Dividends, Loans or Advances,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data, provides a detailed discussion about the restrictions governing the Bank’s ability to transfer funds to us.

Holders of our junior subordinated debentures have rights that are senior to those of our common shareholders.

We have supported a portion of our growth through the issuance of trust preferred securities from special purpose trusts and accompanying junior subordinated debentures. Also, in connection with the First M&F, Heritage Financial Holding Corporation and Capital Bancorp, Inc. mergers, we assumed junior subordinated debentures. At December 31, 2015, we had trust preferred securities and accompanying junior subordinated debentures with a carrying value of $95.1 million. Payments of the principal and interest on the trust preferred securities of these trusts are conditionally guaranteed by us. Further, the junior subordinated debentures we issued to the trusts are senior to our shares of common stock. As a result, we must make payments on the junior subordinated debentures before any dividends can be paid on our common stock and, in the event of our bankruptcy, dissolution or liquidation, the holders of the junior subordinated debentures must be satisfied before any distributions can be made on our common stock. We have the right to defer distributions on our junior subordinated debentures (and the related trust preferred securities) for up to five years, during which time no dividends may be paid on our common stock.

An investment in our common stock is not an insured deposit.

Our common stock is not a bank deposit and, therefore, is not insured against loss by the FDIC, any deposit insurance fund or by any other public or private entity. Investment in our common stock is inherently risky for the reasons described in this “Risk Factors” section and elsewhere in this Annual Report on Form 10-K and is subject to the same market forces that affect the price of common stock in any company. As a result, an investor may lose some or all of his investment in our common stock.

Our Articles of Incorporation and Bylaws, as well as certain banking laws, could decrease our chances of being acquired even if our acquisition is in our shareholders’ best interests.

Provisions of our Articles of Incorporation and Bylaws and federal banking laws, including regulatory approval requirements, could make it more difficult for a third party to acquire us, even if doing so would be perceived to be beneficial to our shareholders. The combination of these provisions impedes a non-negotiated merger or other business combination, which, in turn, could adversely affect the market price of our common stock.

Our issuance of preferred stock could adversely affect holders of our common stock and discourage a takeover.

Our shareholders authorized the Board of Directors to issue up to 5,000,000 shares of preferred stock without any further action on the part of our shareholders. Our Board of Directors also has the power, without shareholder approval, to set the terms of any series of preferred stock that may be issued, including voting rights, dividend rights, preferences over our common stock with respect to dividends or in the event of a dissolution, liquidation or winding up and other terms. In the event that we issue preferred stock in the future that has preference over our common stock with respect to payment of dividends or upon our liquidation, dissolution or winding up, or if we issue preferred stock with voting rights that dilute the voting power of our common stock, the rights of the holders of our common stock or the market price of our common stock could be adversely affected. In addition, the ability of our Board of Directors to issue shares of preferred stock without any action on the part of our shareholders may impede a takeover of us and prevent a transaction perceived to be favorable to our shareholders.

Shares eligible for future sale could have a dilutive effect.

Shares of our common stock eligible for future sale, including those that may be issued in any other private or public offering of our common stock for cash or as incentives under incentive plans, could have a dilutive effect on the market for our common stock

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and could adversely affect market prices. As of February 26, 2016, there were 75,000,000 shares of our common stock authorized, of which 40,348,115 shares were outstanding. At our Annual Meeting of Shareholders to be held on April 26, 2016, our shareholders will be asked to approve, among other things, an amendment to our Articles of Incorporation to increase the number of shares of our common stock authorized for issuance to 150,000,000 shares.

The FDIC’s Statement of Policy on the Acquisition of Failed Insured Depository Institutions may restrict our activities and those of certain investors in us.

On August 26, 2009, the FDIC adopted the final Statement of Policy on the Acquisition of Failed Insured Depository Institutions (the “Statement”). The Statement purports to provide guidance concerning the standards for more than de minimis investments in acquirers of deposit liabilities and the operations of failed insured depository institutions. The Statement applies to private investors in a company, including any company acquired to facilitate bidding on failed banks or thrifts that is proposing to, directly or indirectly, assume deposit liabilities, or such liabilities and assets, from the resolution of a failed insured depository institution. By its terms, the Statement does not apply to investors with 5% or less of the total voting power of an acquired depository institution or its bank or thrift holding company (provided there is no evidence of concerted action by these investors). When applicable, among other things, covered investors (other than certain mutual funds) are prohibited by the Statement from selling their securities in the relevant institution for three years. In addition, covered investors must disclose to the FDIC information about the investors and all entities in the ownership chain, including information as to the size of the capital fund or funds, its diversification, the return profile, the marketing documents, the management team and the business model, as well as such other information as is determined to be necessary to assure compliance with the Statement. Furthermore, among other restrictions, the acquired institution must maintain a ratio of Tier 1 common equity to total assets of at least 10% for a period of three years from the time of acquisition; thereafter, the institution must maintain capital such that it is “well capitalized” during the remaining period of ownership by the covered investor. In addition, under the Statement, covered investors employing ownership structures utilizing entities that are domiciled in Secrecy Law Jurisdictions (as defined in the Statement) would not be eligible to own a direct or indirect interest in an insured depository institution, subject to certain exceptions.

The Statement may be applicable to private investors in us and, in the event of any such private investors covered by the Statement, will be applicable to us. Furthermore, because the applicability of the Statement depends in large part on the specific investor, we may not know at any given point of time whether the Statement applies to any investor and, accordingly, to us. Each investor must make its own determination concerning whether the Statement applies to it and its investment in us. Each investor is cautioned to consult its own legal advisors concerning such matters. We cannot assure investors that the Statement will not be applicable to us.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES

The main office of the Company is located at 209 Troy Street, Tupelo, Mississippi. Various departments occupy each floor of the five-story building. The Technology Center, also located in Tupelo, houses electronic data processing, document preparation, document imaging, loan servicing and deposit operations.

As of December 31, 2015, Renasant operated 131 full-service branches, 13 limited-service branches and an ATM network, which includes 133 ATMs at on-premise locations and 17 ATMs located at off-premise sites. Our Community Banks and Wealth Management segments operate out of all of these offices.

The Bank owns 102 of its 131 full-service branch banking facilities. The remaining 29 full-service branches are under lease agreements. The Bank owns 11 of the 13 limited-service branches. The Bank also operates 21 locations used exclusively for Mortgage Banking, of these 3 are owned by the Bank with the remaining 18 under lease agreements. The 49 banking facilities that are occupied under leases have unexpired terms ranging from 1 to 30 years.

Renasant Insurance, a wholly-owned subsidiary of the Bank, owns seven offices - one each in Ackerman, Corinth, Durant, Kosciusko, Louisville, Starkville and Tupelo, Mississippi.

None of our properties are subject to any material encumbrances.

ITEM 3. LEGAL PROCEEDINGS

As previously disclosed in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2015, on December 31, 2014, a putative stockholder class action lawsuit, Stein v. Heritage Financial Group, Inc. et al., was filed in the Circuit Court for Baltimore City, Maryland, Civil Division (the “Court”), against Heritage Financial Group, Inc. (“Heritage”), the members of its board of directors, HeritageBank of the South, the Company and Renasant Bank in connection

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with the Company’s acquisition of Heritage. While the defendants believed these actions were without merit, in order to avoid the expense of litigation, Heritage, HeritageBank of the South, the Company and Renasant Bank entered into a Stipulation and Agreement of Compromise and Settlement (“Settlement Agreement”) with the plaintiff in which Heritage, without admission of liability, agreed to make certain disclosures related to the merger agreement in supplemental materials filed with the SEC in a Form 8-K on May 18, 2015.  In November 2015, the Court approved the Settlement Agreement, which included payment of attorney’s fees and costs of $262,500.  This approval and payment concluded the litigation.

Other than the foregoing, there are no material pending legal proceedings to which the Company, the Bank, Renasant Insurance

or any other subsidiaries are a party or to which any of their property is subject, and no such legal proceedings were terminated

in the fourth quarter of 2015.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information and Dividends

The Company’s common stock trades on The NASDAQ Global Select Market (“NASDAQ”) under the ticker symbol “RNST.” On February 26, 2016, the Company had approximately 12,716 shareholders of record and the closing sales price of the Company’s common stock was $31.78. The following table sets forth the high and low sales price for the Company’s common stock for each quarterly period for the fiscal years ended December 31, 2015 and 2014 as reported on NASDAQ, and the amount of cash dividends declared during each quarterly period during such fiscal years:

	Dividends Per Share		Prices
			High		Low
2015
1st Quarter	$	0.17	$	30.09	$	26.14
2nd Quarter	0.17		33.47		28.98
3rd Quarter	0.17		33.86		29.50
4th Quarter	0.17		37.28		31.88
2014
1st Quarter	$	0.17	$	31.47	$	26.77
2nd Quarter	0.17		29.94		26.17
3rd Quarter	0.17		29.98		26.95
4th Quarter	0.17		30.68		26.60

The Company declares dividends on a quarterly basis. Funds for the payment of cash dividends are obtained from dividends received by the Company from the Bank. Accordingly, the declaration and payment of cash dividends by the Company depends upon the Bank’s earnings, financial condition, general economic conditions, compliance with regulatory requirements and other factors. Restrictions on the Bank’s ability to transfer funds to the Company in the form of cash dividends exist under federal and state law and regulations. See Note O, “Restrictions on Cash, Bank Dividends, Loans or Advances,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data, for a discussion of these restrictions. These restrictions do not, and are not expected in the future to, materially limit the Company’s ability to pay dividends to its shareholders in an amount consistent with the Company’s history of dividend payments.

Please refer to Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, for a discussion of the securities authorized for issuance under the Company’s equity compensation plans.

Issuer Purchases of Equity Securities

During the three month period ended December 31, 2015, the Company repurchased shares of its common stock as indicated in the following table:

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	Total Number of Shares Repurchased		Average Price per Share		Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Plans	Maximum Number of Shares or Approximate Dollar Value That May Yet Be Purchased Under Share Repurchase Plans
October 1, 2015 to October 31, 2015	—		$	—	—	—
November 1, 2015 to November 31, 2015	—		—		—	—
December 1, 2015 to December 31, 2015	9,830	(1)	34.41		—	—
Total	9,830		$	34.41	—	—

(1) 20,750 shares of restricted stock were awarded to certain employees under the Renasant Corporation 2011 Long-Term Incentive Plan or as inducement awards in connection with completed acquisitions vested on December 31, 2015. The Company withheld 9,830 of such shares to satisfy federal and state tax liabilities related to the vesting of the shares.

Unregistered Sales of Equity Securities

The Company did not sell any unregistered equity securities during 2015.

Stock Performance Graph

The following performance graph compares the performance of our common stock to the NASDAQ Market Index and to a peer group of regional southeast bank holding companies (which includes the Company) for our reporting period. The performance graph assumes that the value of the investment in our common stock, the NASDAQ Market Index and the peer group of regional southeast bank holding companies was $100 at December 31, 2010, and that all dividends were reinvested.

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	Period Ending December 31,
	2010		2011		2012		2013		2014		2015
Renasant Corporation	$	100.00	$	93.08	$	123.65	$	208.81	$	196.63	$	238.89
NASDAQ Market Index	100.00		99.21		116.82		163.75		188.03		201.40
SNL Southeast Bank Index(1)	100.00		58.51		97.19		131.70		148.33		146.02

(1) The SNL Geographic Index, Southeast Banks, is a peer group of 90 regional bank holding companies, whose common stock is traded either on the New York Stock Exchange, NYSE Amex or NASDAQ, and who are headquartered in Alabama, Arkansas, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and West Virginia.

There can be no assurance that our common stock performance will continue in the future with the same or similar trends depicted in the performance graph above. We will not make or endorse any predictions as to future stock performance. The information provided under the heading “Stock Performance Graph” shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to its proxy regulations or to the liabilities of Section 18 of the Securities Exchange Act of 1934, as amended, other than as provided in Item 201 of Regulation S-K. The information provided in this section shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

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ITEM 6. SELECTED FINANCIAL DATA⁽¹⁾ 

(In Thousands, Except Share Data) (Unaudited)

Year Ended December 31,	2015			2014			2013			2012			2011
Interest income	$	263,023		$	226,409		$	180,604		$	159,313		$	170,687
Interest expense	21,665			23,927			23,471			25,975			41,401
Net interest income	241,358			202,482			157,133			133,338			129,286
Provision for loan losses	4,750			6,167			10,350			18,125			22,350
Noninterest income	108,270			80,509			71,891			68,711			64,699
Noninterest expense	245,114			190,937			172,928			150,459			136,960
Income before income taxes	99,764			85,887			45,746			33,465			34,675
Income taxes	31,750			26,305			12,259			6,828			9,043
Net income	$	68,014		$	59,582		$	33,487		$	26,637		$	25,632
Per Common Share
Net income – Basic	$	1.89		$	1.89		$	1.23		$	1.06		$	1.02
Net income – Diluted	1.88			1.88			1.22			1.06			1.02
Book value at December 31	25.73			22.56			21.21			19.80			19.44
Closing price(2)	34.41			28.93			31.46			19.14			15.00
Cash dividends declared and paid	0.68			0.68			0.68			0.68			0.68
Dividend payout	36.17		%	36.17		%	55.74		%	64.15		%	66.67		%
At December 31,
Assets	$	7,926,496		$	5,805,129		$	5,746,270		$	4,178,616		$	4,202,008
Loans, net of unearned income	5,413,462			3,987,874			3,881,018			2,810,253			2,581,084
Securities	1,105,205			983,747			913,329			674,077			796,341
Deposits	6,218,602			4,838,418			4,841,912			3,461,221			3,412,237
Borrowings	570,496			188,825			171,875			164,706			254,709
Shareholders’ equity	1,036,818			711,651			665,652			498,208			487,202
Selected Ratios
Return on average:
Total assets	0.99		%	1.02		%	0.71		%	0.64		%	0.60		%
Shareholders’ equity	7.76		%	8.61		%	6.01		%	5.39		%	5.34		%
Average shareholders’ equity to average assets	12.76		%	11.89		%	11.78		%	11.96		%	11.27		%
At December 31,
Shareholders’ equity to assets	13.08		%	12.26		%	11.58		%	11.92		%	11.59		%
Allowance for loan losses to total loans, net of unearned income(3)	1.11		%	1.29		%	1.65		%	1.72		%	1.98		%
Allowance for loan losses to nonperforming loans(3)	283.46		%	209.49		%	248.90		%	146.90		%	127.00		%
Nonperforming loans to total loans, net of unearned income(3)	0.39		%	0.62		%	0.66		%	1.17		%	1.56		%

(1) Selected consolidated financial data includes the effect of mergers and other acquisition transactions from the date of each merger or other transaction. On July 1, 2015, Renasant Corporation acquired Heritage Financial Group, Inc., a Maryland corporation (“Heritage”), headquartered in Albany, Georgia. On September 1, 2013, Renasant Corporation acquired First M&F Corporation, a Mississippi corporation (“First M&F”), headquartered in Kosciusko, Mississippi. On February 4, 2011, the Bank acquired specified assets and assumed specified liabilities of American Trust Bank, a Georgia-chartered bank headquartered in Roswell, Georgia (“American Trust”), from the Federal Deposit Insurance Corporation (“FDIC”), as receiver for American Trust. Refer to Item 1, Business, and Note B, “Mergers and Acquisitions,” in the Notes to Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, for additional information about mergers and other acquisition transactions.

(2) Reflects the closing price on The NASDAQ Global Select Market on the last trading day of the Company’s fiscal year.

(3) Excludes assets acquired from Heritage and First M&F and assets covered under loss-share agreements with the FDIC.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(In Thousands, Except Share Data)

Performance Overview

Net income was $68,014 for 2015 compared to $59,582 for 2014 and $33,487 for 2013. The fluctuation in net income since 2013 was influenced by a number of factors:

— Effective July 1, 2015, the Company completed its acquisition by merger with Heritage Financial Group, Inc. (“Heritage”), a bank holding company headquartered in Albany, Georgia, in a transaction valued at $295,380. The Company issued approximately 8.6 million shares of common stock and paid $5,915 to Heritage stock option holders for 100% of the voting equity interest in Heritage. On July 1, 2015, Heritage operated 48 banking, mortgage and investment offices in Alabama, Georgia and Florida. Including the effect of purchase accounting adjustments, which are still being finalized by the Company and are subject to change, the Company acquired assets with a fair value of $2,014,882, including loans both held for sale and held for investment with a fair value of $1,460,242, and assumed liabilities with a fair value of $1,719,502, including deposits with a fair value of $1,375,354. The Company recorded approximately $183,438 in intangible assets which consist of goodwill of $171,182 and a core deposit intangible of $12,256.

— On September 1, 2013, the Company completed its acquisition of First M&F Corporation (“First M&F”), a bank holding company headquartered in Kosciusko, Mississippi, which operated 35 full-service banking offices and eight insurance offices throughout Mississippi, Tennessee and Alabama. The Company issued approximately 6.2 million shares of its common stock for 100% of the voting equity interests in First M&F in a transaction valued at $156,845. Including the effect of purchase accounting adjustments, the Company acquired assets with a fair value of $1,516,603 including loans with a fair value of $899,236, and assumed liabilities with a fair value of $1,361,079, including deposits with a fair value of $1,325,872. At the acquisition date, approximately $90,127 of goodwill and $25,032 of core deposit intangible assets were recorded.

— Net interest income increased 19.20% to $241,358 for 2015 as compared to $202,482 for 2014; net interest income was $157,133 for 2013. Interest income on a tax equivalent basis increased 15.88% to $270,278 for 2015 from $233,246 for 2014. The increase from 2014 to 2015 was due primarily to the increase in average earnings assets from the acquisition of Heritage. Interest expense decreased 9.45% to $21,665 for 2015 compared to $23,927 for 2014; interest expense was $23,471 for 2013.

— Net charge-offs as a percentage of average loans decreased to 0.10% in 2015 compared to 0.29% in 2014. Net charge-offs as a percentage of average loans was 0.22% in 2013. The provision for loan losses was $4,750 for 2015 compared to $6,167 for 2014 and $10,350 for 2013.

— Noninterest income was $108,270 for 2015 compared to $80,509 for 2014 and $71,891 for 2013. The growth in noninterest income in 2015 when compared to 2014 is primarily attributable to the Heritage acquisition, the addition of the Heritage mortgage division and growth in our mortgage division. The Company also experienced an increase in income from the Insurance and Wealth Management divisions after the acquisition of First M&F which was completed late in the third quarter of 2013. Our goal is to continue developing products that generate noninterest income in order to diversify our revenue streams.

— Noninterest expenses were $245,114 for 2015 compared to $190,937 for 2014 and $172,928 for 2013. The increase in noninterest expense during the three year period is primarily attributable to the integration of operating expenses of the acquired Heritage and First M&F operations. The Company recorded merger expenses in connection with these acquisitions of $11,614, $694, and $6,027 in 2015, 2014 and 2013, respectively.

— Loans, net of unearned income, were $5,413,462 at December 31, 2015 compared to $3,987,874 in 2014 and $3,881,018 in 2013. Excluding the acquired loans of $1,583,028 at December 31, 2015, the portfolio increased in size by $562,948 from December 31, 2014.

— Deposits totaled $6,218,602 at December 31, 2015 compared to $4,838,418 at December 31, 2014 and $4,841,912 at December 31, 2013. The growth in deposits from 2015 to 2014 was attributable to the acquisition of Heritage, which added $1,266,921 in deposits at December 31, 2014. Management’s strategy to build and maintain a stable source of funding through core deposits, driven by noninterest-bearing deposits, has allowed for certain higher costing time deposits to mature or expire without renewal, some of which have been replaced with noninterest-bearing deposits and other lower costing deposits.

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A historical look at key performance indicators is presented below.

	2015			2014			2013			2012			2011
Diluted EPS	$	1.88		$	1.88		$	1.22		$	1.06		$	1.02
Diluted EPS Growth	—		%	54.10		%	15.09		%	3.92		%	(26.09		)%
Return on Average Assets	0.99		%	1.02		%	0.71		%	0.64		%	0.60		%
Return on Average Shareholders’ Equity	7.76		%	8.61		%	6.01		%	5.39		%	5.34		%

Critical Accounting Policies

Our financial statements are prepared using accounting estimates for various accounts. Wherever feasible, we utilize third-party information to provide management with estimates. Although independent third parties are engaged to assist us in the estimation process, management evaluates the results, challenges assumptions used and considers other factors which could impact these estimates. We monitor the status of proposed and newly issued accounting standards to evaluate the impact on our financial condition and results of operations. Our accounting policies, including the impact of newly issued accounting standards, are discussed in further detail in Note A, “Significant Accounting Policies,” in the Notes to Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data. The following discussion presents some of the more significant estimates used in preparing our financial statements.

Allowance for Loan Losses

The accounting policy most important to the presentation of our financial statements relates to the allowance for loan losses and the related provision for loan losses. The allowance for loan losses is available to absorb probable credit losses inherent in the entire loan portfolio. The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including collective impairment as recognized under the Financial Accounting Standards Board Accounting Standards Codification Topic (“ASC”) 450, “Contingencies” (“ASC 450”). Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310, “Receivables” (“ASC 310”). The balance of the loans determined to be impaired under ASC 310 and the related allowance is included in management’s estimation and analysis of the allowance for loan losses. The determination of the appropriate level of the allowance is sensitive to a variety of internal factors, primarily historical loss ratios and assigned risk ratings, and external factors, primarily the economic environment. Additionally, the estimate of the allowance required to absorb credit losses in the entire portfolio may change due to shifts in the mix and level of loan balances outstanding and in prevailing economic conditions, as evidenced by changes in real estate demand and values, interest rates, unemployment rates and energy costs. While no one factor is dominant, each could cause actual loan losses to differ materially from originally estimated amounts. For a discussion of other considerations in establishing the allowance for loan losses and our loan policies and procedures for addressing credit risk, please refer to the disclosures in this Item under the heading “Risk Management – Credit Risk and Allowance for Loan Losses.”

Certain loans acquired in acquisitions or mergers are accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”). ASC 310-30 prohibits the carryover of an allowance for loan losses for loans acquired in which the acquirer concludes that it will not collect the contractual amount. As a result, these loans are carried at values which represent management’s estimate of the future cash flows of these loans. Increases in expected cash flows to be collected from the contractual cash flows are required to be recognized as an adjustment of the loan’s yield over its remaining life, while decreases in expected cash flows are required to be recognized as an impairment. A more detailed discussion of loans accounted for under ASC 310-30, which were acquired in connection with our mergers with Heritage in 2015, First M&F in 2013, Capital Bancorp, Inc. in 2007 and with Heritage Financial Holding Corporation in 2005 and our acquisitions of Crescent and American Trust in FDIC-assisted transactions in 2010 and 2011, respectively, is set forth below under the heading “Risk Management – Credit Risk and Allowance for Loan Losses” and in Note D, “Loans and the Allowance for Loan Losses,” in the Notes to Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data.

Other-Than-Temporary-Impairment on Investment Securities

On a quarterly basis, we evaluate our investment portfolio for other-than-temporary-impairment (“OTTI”) in accordance with ASC 320, “Investments – Debt and Equity Securities.” An investment security is considered impaired if the fair value of the security is less than its cost or amortized cost basis. Impairment is considered to be other-than-temporary if the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or the security’s maturity. When impairment of an equity security is considered to be other-than-temporary, the security is written down to its fair value and an impairment loss is recorded in earnings. When impairment of a debt security is considered to be other-than-temporary, the security is written down to its fair value. The amount of OTTI recorded as a loss in earnings depends on whether we intend to sell the debt security and whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If we intend to sell the debt security or more

likely than not will be required to sell the security before recovery of its amortized cost basis, the entire difference between the security’s amortized cost basis and its fair value is recorded as an impairment loss in earnings. If we do not intend to sell the debt security and it is not more likely than not that we will be required to sell the security before recovery of its amortized cost basis, OTTI is separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss is recognized in earnings. The amount related to other market factors is recognized in other comprehensive income, net of applicable taxes.

The amount of OTTI recorded in earnings as a credit loss is dependent upon management’s estimate of discounted future cash flows expected from the investment security. The difference between the expected cash flows and the amortized cost basis of the security is considered to be credit loss. The remaining difference between the fair value and the amortized cost basis of the security is considered to be related to all other market factors. Our estimate of discounted future cash flows incorporates a number of assumptions based on both qualitative and quantitative factors. Performance indicators of the security’s underlying assets, including credit ratings and current and projected default and deferral rates, as well as the credit quality and capital ratios of the issuing institutions are considered in the analysis. Changes in these assumptions could impact the amount of OTTI recognized as a credit loss in earnings. For additional information regarding the evaluation of our securities portfolio for OTTI, please refer to Note A, “Significant Accounting Policies,” and Note C, “Securities,” in the Notes to Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data.

Intangible Assets

Our intangible assets consist primarily of goodwill, core deposit intangibles, and customer relationship intangibles. Goodwill arises from business combinations and represents the value attributable to unidentifiable intangible elements of the business acquired. We review the goodwill of each of our reporting units (that is, our reportable segments for financial accounting purposes) for impairment on an annual basis, or more often, if events or circumstances indicate that it is more likely than not that the fair value of the reporting unit is below the carrying value of its equity. In determining the fair value of our reporting units, we use both the market and discounted cash flow approaches. The market approach averages the values derived by applying a market multiple, based on observed purchase transactions, to the book value, tangible book value, loan and/or deposit balances and the last twelve months adjusted and unadjusted net income. The discounted cash flow approach requires assumptions about short and long-term net cash flow growth rates for each reporting unit, as well as discount rates. Long-term net cash flow forecasts are developed for each reporting unit by considering several key business drivers such as new business initiatives, market share changes, anticipated loan and deposit growth, historical performance, and industry and economic trends, among other considerations.

We assess the reasonableness of the estimated fair value of the reporting units by reference to our market capitalization; however, due to the significant volatility in the equity markets with respect to the financial institution sector since 2008, we also consulted supplemental information based on observable market multiples, adjusting to reflect our specific factors, as well as current market conditions.

The estimated fair value of a reporting unit is highly sensitive to changes in the estimates and assumptions. In some instances changes in these assumptions could impact whether the fair value of a reporting unit is greater than its carrying value. We perform sensitivity analyses around these assumptions in order to assess the reasonableness of the assumptions and the resulting estimated fair values. If the carrying value of a reporting unit’s equity exceeds its estimated fair value, we then calculate the fair value of the reporting unit’s implied goodwill. Implied goodwill is the excess fair value of a reporting unit (as determined using the above-described methodology) over the fair value of its net assets and is calculated by determining the fair value of the reporting unit’s assets and liabilities, including previously unrecognized intangible assets, on an individual basis. This calculation is performed in the same manner as goodwill is recognized in a business combination. Significant judgment and estimates are involved in estimating the fair value of the assets and liabilities of the reporting unit.

Other identifiable intangible assets, primarily core deposit intangibles and customer relationship intangibles, are reviewed at least annually for events or circumstances which could impact the recoverability of the intangible asset, such as loss of core deposits, increased competition or adverse changes in the economy. To the extent any other identifiable intangible asset is deemed unrecoverable, an impairment loss would be recorded as a noninterest expense to reduce the carrying amount. These events or circumstances, when or if they occur, could be material to our operating results for any particular reporting period.

Benefit Plans and Stock Based Compensation

Our independent actuary firm prepares actuarial valuations of our pension cost under ASC 715, “Compensation – Retirement Benefits” (“ASC 715”). The discount rate utilized in the December 31, 2015 valuation was 4.00%, compared to 4.83% in 2014. Actual plan assets as of December 31, 2015 were used in the calculation and the expected long-term return on plan assets assumed for this valuation was 8.00%. Changes in these assumptions and estimates can materially affect the benefit plan obligation and the funded status of the plan which in turn may impact shareholders’ equity through an adjustment to accumulated other comprehensive income and future pension expense. The pension plan covered under ASC 715 was frozen as of December 31, 1996.

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The Company recognizes compensation expense for all share-based payments to employees in accordance with ASC 718, “Compensation – Stock Compensation.” We utilize the Black-Scholes model for determining fair value of our options. Determining the fair value of, and ultimately the expense we recognize related to, our stock options requires us to make assumptions regarding dividend yields, expected stock price volatility, estimated forfeitures and the expected life of the option. Changes in these assumptions and estimates can materially affect the calculated fair value of stock-based compensation and the related expense to be recognized. Due to the low historical forfeiture rate, the Company did not estimate any forfeitures in determining the fair value of options granted in 2015, 2014 and 2013. Changes in this assumption in the future could result in lower expenses related to the Company’s stock options. For a description of our assumptions utilized in calculating the fair value of our share-based payments, please refer to Note N, “Employee Benefit and Deferred Compensation Plans,” in the Notes to Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data.

Business Combinations, Accounting for Acquired Loans and Related Assets

The Company accounts for its acquisitions under ASC 805, “Business Combinations,” which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. No allowance for loan losses related to the acquired loans is recorded on the acquisition date because the fair value measurements incorporate assumptions regarding credit risk. The fair value measurements of acquired loans are based on estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows.

Over the life of the acquired loans, the Company continues to estimate cash flows expected to be collected on individual loans or on pools of loans sharing common risk characteristics. The Company evaluates, as of the end of each fiscal quarter, the present value of the acquired loans determined using the effective interest rates. If the cash flows expected to be collected have decreased, the Company recognizes a provision for loan loss in its consolidated statement of income; for any increases in cash flows expected to be collected, the Company adjusts the amount of accretable yield recognized on a prospective basis over the loan’s or pool’s remaining life.

Because the FDIC will reimburse the Company for losses related to a portion of the loans acquired in the Crescent, American Trust, Citizens Bank of Effingham and First Southern National Bank transactions (see “Loans” below), an indemnification asset is recorded at fair value at the acquisition date. The indemnification asset is recognized at the same time as the indemnified loans and measured on the same basis, subject to collectability or contractual limitations. The fair value of the indemnification asset reflects the reimbursements expected to be received from the FDIC, using an appropriate discount rate, which reflects counterparty credit risk and other uncertainties.

The indemnification asset is measured on the same basis as the related indemnified loans. Subsequent changes to the fair value of the indemnification asset also follow that model. Decreases in the future cash flows expected to be collected on the loans immediately increase the fair value of the indemnification asset. Increases in the future cash flows expected to be collected on the loans decrease the fair value of the indemnification asset, with such decrease being accreted into interest income over (1) the same period or (2) the life of the fair value of the indemnification asset, whichever is shorter. Loss assumptions used in the basis of the indemnified loans are consistent with the loss assumptions used to measure the indemnification asset. Fair value accounting incorporates into the fair value of the indemnification asset an element of the time value of money, which is accreted back into income over the life of the shared loss agreements.

Upon the determination of an incurred loss the indemnification asset will be reduced by the amount owed by the FDIC. A corresponding receivable is recorded on the balance sheet until cash is received from the FDIC.

Mortgage Servicing Rights

The Company recognizes as assets the right to service certain mortgage loans for others, known as mortgage servicing rights. The mortgage servicing rights are carried at the lower of cost or fair value. Mortgage servicing rights are amortized in proportion to and over the period of estimated servicing income. External valuations of the fair value of the mortgage servicing rights are obtained monthly and determined using various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs mortgage interest rates and other factors. These assumptions can, and generally will, change as market condition and interest rates change resulting in fluctuations of the fair value. The Company does not currently hedge the mortgage servicing right asset. At December 31, 2015, the Company’s mortgage servicing asset was valued at $29,642. For additional information regarding our mortgage servicing rights, please refer to Note H - “Mortgage Servicing Rights,” in the Notes to Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data.

Other Real Estate Owned

Other real estate owned consists of properties obtained through foreclosure or acceptance of a deed in lieu of foreclosure in satisfaction of a loan obligation. Other real estate owned is initially recorded at fair market value based on appraised value less selling costs, estimated as of the date acquired, with any loss recognized as a charge-off through the allowance for loan losses.

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Reductions in the carrying value subsequent to acquisition are charged to earnings. The fair value of other real estate owned is derived primarily from independent appraisers. Our internal policies generally require OREO properties to be appraised every 12 months. Significant judgments and complex estimates are required in estimating the fair value of other real estate owned, and the period of time within which such estimates can be considered current is significantly shortened during periods of market volatility, as experienced during the last few years. As a result, the net proceeds realized from sales transactions could differ significantly from appraisals, comparable sales, and other estimates used to determine the fair value of other real estate owned.

Income Taxes

Accrued taxes represent the estimated amount payable to or receivable from taxing jurisdictions, either currently or in the future, and are reported, on a net basis, as a component of “Other assets” in the Consolidated Balance Sheets. The calculation of our income tax expense is complex and requires the use of many estimates and judgments in its determination.

Management’s determination of the realization of the net deferred tax asset is based upon management’s judgment of various future events and uncertainties, including the timing and amount of future income earned by certain subsidiaries and the implementation of various tax plans to maximize realization of the deferred tax asset. Management believes that the Company and its subsidiaries will generate sufficient operating earnings to realize the deferred tax assets.

For certain business plans enacted by the Company, management bases the estimates of related tax liabilities on its belief that future events will validate management’s current assumptions regarding the ultimate outcome of tax-related exposures. As part of this process, management consults with its outside advisers to assess the relative merits and risks of our proposed tax treatment of such business plans. Although we have received from these outside advisers opinions that our proposed tax treatment should prevail, the examination of our income tax returns, changes in tax law and regulatory guidance may impact the tax treatment of these transactions and resulting provisions for income taxes.

We believe that we employ appropriate methods for these calculations and that the results of such calculations closely approximate the actual cost. We review the calculated results for reasonableness and compare those calculations to prior period costs. We also consider the effect of current economic conditions on the calculations.

For additional information regarding our income tax accounting, please refer to Note A, “Significant Accounting Policies,” in the Notes to Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data.

Financial Condition

The following discussion provides details regarding the changes in significant balance sheet accounts at December 31, 2015 compared to December 31, 2014 and December 31, 2013.

Total assets were $7,926,496 at December 31, 2015 compared to $5,805,129 at December 31, 2014 and $5,746,270 at December 31, 2013. The acquisition of Heritage increased total assets $2,014,882 at July 1, 2015.

Investments

The securities portfolio is used to provide a source for meeting liquidity needs and to supply securities to be used in collateralizing certain deposits and other types of borrowings. The following table shows the carrying value of our securities portfolio by investment type and the percentage of such investment type relative to the entire securities portfolio, at December 31:

	2015				2014				2013
	Balance		% of Portfolio		Balance		% of Portfolio		Balance		% of Portfolio
Obligations of other U.S. Government agencies and corporations	$	107,355	9.71	%	$	131,228	13.34	%	$	131,129	14.36	%
Obligations of states and political subdivisions	357,245		32.32		305,082		31.01		287,014		31.43
Mortgage-backed securities	597,463		54.07		506,152		51.45		453,644		49.67
Trust preferred securities	19,469		1.76		19,756		2.01		17,671		1.93
Other debt securities	19,333		1.75		17,930		1.82		19,554		2.14
Other equity securities	4,340		0.39		3,599		0.37		4,317		0.47
	$	1,105,205	100.00	%	$	983,747	100.00	%	$	913,329	100.00	%

The balance of our securities portfolio at December 31, 2015 increased $121,458 to $1,105,205 from $983,747 at December 31, 2014. The acquisition of Heritage added $177,849 in investment securities. During 2015, we purchased $216,141 in investment

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securities. Mortgage-backed securities and collateralized mortgage obligations (“CMOs”), in the aggregate, comprised 33.36% of the purchases. CMOs are included in the “Mortgage-backed securities” line item in the above table. The mortgage-backed securities and CMOs held in our investment portfolio are primarily issued by government sponsored entities. U.S. Government Agency securities and municipal securities accounted for 46.73% and 19.91%, respectively, of total securities purchased in 2015. There were $8,348 of securities sold during 2015 resulting in a net gain of $96. Proceeds from maturities, calls and sales of securities during 2015 totaled $265,556.

The balance of our investment portfolio at December 31, 2014 increased $70,418 to $983,747 compared to $913,329 at December 31, 2013. During 2014, we purchased $280,164 in investment securities. Mortgage-backed securities and CMOs, in the aggregate, comprised 44.26% of the purchases. U.S. Government Agency securities and municipal securities accounted for 41.40% and 14.24%, respectively, of total securities purchased in 2014. The carrying value of securities sold during 2014 totaled $724 resulting in a net gain of $375. Proceeds from maturities, calls and sales of securities during 2014 totaled $217,417.

At December 31, 2015 , unrealized losses of $9,545 were recorded on available for sale investment securities with a carrying value of $309,549. At December 31, 2014 and 2013, unrealized losses of $10,466 and $20,041, respectively, were recorded on investment securities with a carrying value of $203,467 and $279,165, respectively. The Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period greater than twelve months, the Company has experienced an overall improvement in the fair value of its investment portfolio and is collecting principal and interest payments from the respective issuers as scheduled. As such, the Company did not record any other-than-temporary impairment for the years ended December 31, 2015, 2014 or 2013.

The Company holds investments in pooled trust preferred securities. This portfolio had a cost basis of $24,770 and $26,400 and a fair value of $19,469 and $19,756 at December 31, 2015 and December 31, 2014, respectively. The investment in pooled trust preferred securities consists of three securities representing interests in various tranches of trusts collateralized by debt issued by over 250 financial institutions. Management’s determination of the fair value of each of its holdings is based on the current credit ratings, the known deferrals and defaults by the underlying issuing financial institutions and the degree to which future deferrals and defaults would be required to occur before the cash flow for our tranches is negatively impacted. The Company’s quarterly evaluation of these investments for other-than-temporary-impairment resulted in no additional write-downs during 2015, 2014 or 2013. Furthermore, the Company’s analysis of the pooled trust preferred securities during the second quarter of 2015 supported a return to accrual status for one of the three securities (XXVI). During the second quarter of 2014, the Company’s analysis supported a return to accrual status for one of the other securities (XXIII). An observed history of principal and interest payments combined with improved qualitative and quantitative factors described above justified the accrual of interest on these securities. However, the remaining security (XXIV) is still in “payment in kind” status where interest payments are not expected until a future date and therefore, the qualitative and quantitative factors described above do not justify a return to accrual status at this time. As a result, pooled trust preferred security XXIV remains classified as nonaccruing asset at December 31, 2015, and investment interest is recorded on the cash-basis method until qualifying for return to accrual status. For more information about the Company’s trust preferred securities, see Note C, “Securities,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data, in this report.

Loans

Loans, excluding mortgage loans held for sale, are the Company’s most significant earning asset, comprising 68.30%, 68.70% and 67.54% of total assets at December 31, 2015, 2014 and 2013, respectively. The table below sets forth the balance of loans outstanding by loan type at December 31:

	2015		2014		2013		2012		2011
Commercial, financial, agricultural	$	636,837	$	483,283	$	468,963	$	317,050	$	278,091
Lease financing	34,815		10,114		52		195		328
Real estate – construction	357,665		212,061		161,436		105,706		81,235
Real estate – 1-4 family mortgage	1,735,323		1,236,360		1,208,233		903,423		824,627
Real estate – commercial mortgage	2,533,729		1,956,914		1,950,572		1,426,643		1,336,635
Installment loans to individuals	115,093		89,142		91,762		57,241		60,168
Total loans, net of unearned income	$	5,413,462	$	3,987,874	$	3,881,018	$	2,810,258	$	2,581,084

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The following table presents the percentage of loans, by category, to total loans at December 31 for the last five years:

	2015		2014		2013		2012		2011
Commercial, financial, agricultural	11.76	%	12.12	%	12.08	%	11.28	%	10.77	%
Lease financing	0.64		0.25		—		0.01		0.01
Real estate – construction	6.61		5.32		4.16		3.76		3.15
Real estate – 1-4 family mortgage	32.06		31.00		31.13		32.15		31.95
Real estate – commercial mortgage	46.80		49.07		50.26		50.76		51.79
Installment loans to individuals	2.13		2.24		2.37		2.04		2.33
Total	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%

Loan concentrations are considered to exist when there are amounts loaned to a number of borrowers engaged in similar activities which would cause them to be similarly impacted by economic or other conditions. At December 31, 2015, there were no concentrations of loans exceeding 10% of total loans other than loans disclosed in the table above.

Total loans at December 31, 2015 were $5,413,462, an increase of $1,425,588 from $3,987,874 at December 31, 2014. Total loans were $3,881,018 at December 31, 2013. Loans increased $1,122,197 in 2015 as a result of our completion of the Heritage acquisition on July 1, 2015. Loans covered under loss-share agreements with the FDIC (referred to as “covered loans”) were $93,142 at December 31, 2015, a decrease of $49,899, or 34.88%, compared to $143,041 at December 31, 2014. The Company’s acquisition of Heritage added two FDIC loss-share agreements, increasing the Company’s loans covered under loss sharing agreement by $40,751 at December 31, 2015. Loans covered under loss-share agreements with the FDIC were $181,674 at December 31, 2013. For covered loans, the FDIC will reimburse the Bank 80% of the losses incurred on these loans. The Bank has a corresponding obligation to reimburse the FDIC for 80% of eligible recoveries with respect to these loans. Management intends to continue the Company’s aggressive efforts to bring those covered loans that are commercial in nature to resolution and thus the balance of covered loans is expected to continue to decline. The loss-share agreements applicable to this portfolio provide reimbursement for qualifying losses on single-family residential loans for ten years, which ends on July 31, 2020 for loans acquired from Crescent Bank & Trust Company (“Crescent”), February 28, 2021 for loans acquired from American Trust Bank (“American Trust”), February 28, 2021 for loans acquired from Citizens Bank of Effingham (“Citizens”) and August 31, 2021 for loans acquired from First Southern National Bank (“First Southern”). For qualifying losses on commercial loans, reimbursement runs for five years, which ended July 25, 2015 for Crescent loans and ends February 5, 2016 for American Trust loans, February 18, 2016 for Citizens loans and August 19, 2016 for First Southern loans. As a result of the expiration of the loss-share agreement on Crescent commercial loans, the Company reclassified loans totaling $62,582 from acquired covered loans to acquired non-covered loans, $46,000 of which was still remaining at December 31, 2015. This reclassification explains most of the decrease in the covered loans balance, which decrease was offset by the increase in covered loans resulting from the Heritage acquisition.

Loans not covered under loss-share agreements with the FDIC at December 31, 2015 were $5,320,320, compared to $3,844,833 at December 31, 2014 and $3,699,344 at December 31, 2013. Loans acquired and not covered under loss sharing agreements totaled $1,489,886 at December 31, 2015 compared to $577,347 at December 31, 2014 and $813,543 at December 31, 2013. Excluding the loans acquired from Heritage, First M&F or in FDIC-assisted transactions (whether or not covered by loss-share agreements) (collectively referred to as “acquired loans”), loans increased $562,948 during 2015 to $3,830,434 from $3,267,486 at December 31, 2014. The Company experienced loan growth across all categories of loans with loans from our new commercial business lines, which consist of asset-based lending, equipment leasing and healthcare banking groups, contributing $53,663 of the total increase in loans from December 31, 2014.

Excluding acquired loans, loans increased $381,685 during 2014 to $3,267,486 from $2,885,801 at December 31, 2013. The increase in non-acquired loans was attributable to growth in owner and non-owner occupied commercial real estate loans and commercial loans, as well as loan production generated by de novo expansion from 2011 to 2013.

Looking at the change in loans geographically, non-acquired loans in our Mississippi markets increased by $204,516 while non-acquired loans in our Alabama, Tennessee, Georgia, and Florida markets increased by $68,127, $134,756, $138,627, and $25,547, respectively, when compared to December 31, 2014 (the Company entered its Florida markets on July 1, 2015 as a result of the Heritage acquisition).

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The following tables provide a breakdown of covered loans and loans not covered under loss-share agreements as of the dates presented:

	December 31, 2015
	Not Acquired		Acquired and Covered Under Loss Share		Acquired and Non-covered		Total Loans
Commercial, financial, agricultural	$	485,407	$	2,406	$	149,024	$	636,837
Lease financing	34,815		—		—		34,815
Real estate – construction:
Residential	123,711		91		44,813		168,615
Commercial	166,006		39		20,524		186,569
Condominiums	1,984		—		497		2,481
Total real estate – construction	291,701		130		65,834		357,665
Real estate – 1-4 family mortgage:
Primary	661,135		27,270		343,504		1,031,909
Home equity	304,045		9,120		69,090		382,255
Rental/investment	196,217		7,686		48,063		251,966
Land development	42,831		1,912		24,450		69,193
Total real estate – 1-4 family mortgage	1,204,228		45,988		485,107		1,735,323
Real estate – commercial mortgage:
Owner-occupied	709,598		15,297		357,659		1,082,554
Non-owner occupied	896,060		24,343		351,856		1,272,259
Land development	123,391		4,910		50,615		178,916
Total real estate – commercial mortgage	1,729,049		44,550		760,130		2,533,729
Installment loans to individuals	85,234		68		29,791		115,093
Total loans, net of unearned income	$	3,830,434	$	93,142	$	1,489,886	$	5,413,462

	December 31, 2014
	Not Acquired		Acquired and Covered Under Loss Share		Acquired and Non-covered		Total Loans
Commercial, financial, agricultural	$	418,501	$	6,684	$	58,098	$	483,283
Lease financing	10,114		—		—		10,114
Real estate – construction:
Residential	92,183		—		1,090		93,273
Commercial	116,129		—		134		116,263
Condominiums	2,525		—		—		2,525
Total real estate – construction	210,837		—		1,224		212,061
Real estate – 1-4 family mortgage:
Primary	563,750		15,827		122,158		701,735
Home equity	256,321		8,875		30,840		296,036
Rental/investment	153,230		15,618		22,031		190,879
Land development	41,111		3,697		2,902		47,710
Total real estate – 1-4 family mortgage	1,014,412		44,017		177,931		1,236,360
Real estate – commercial mortgage:
Owner-occupied	649,402		47,658		168,301		865,361
Non-owner occupied	775,364		29,737		139,327		944,428
Land development	114,184		14,909		18,032		147,125
Total real estate – commercial mortgage	1,538,950		92,304		325,660		1,956,914
Installment loans to individuals	74,672		36		14,434		89,142
Total loans, net of unearned income	$	3,267,486	$	143,041	$	577,347	$	3,987,874

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	December 31, 2013
	Not Acquired		Acquired and Covered Under Loss Share		Acquired and Non-covered		Total Loans
Commercial, financial, agricultural	$	341,600	$	9,546	$	117,817	$	468,963
Lease financing	52		—		—		52
Real estate – construction:
Residential	62,577		1,648		7,907		72,132
Commercial	84,498		—		4,279		88,777
Condominiums	—		—		527		527
Total real estate – construction	147,075		1,648		12,713		161,436
Real estate – 1-4 family mortgage:
Primary	531,956		16,586		153,909		702,451
Home equity	196,387		13,167		34,482		244,036
Rental/investment	142,488		19,754		31,124		193,366
Land development	57,971		4,959		5,450		68,380
Total real estate – 1-4 family mortgage	928,802		54,466		224,965		1,208,233
Real estate – commercial mortgage:
Owner-occupied	563,104		54,294		172,520		789,918
Non-owner occupied	727,744		31,855		229,559		989,158
Land development	113,769		29,837		27,890		171,496
Total real estate – commercial mortgage	1,404,617		115,986		429,969		1,950,572
Installment loans to individuals	63,655		28		28,079		91,762
Total loans, net of unearned income	$	2,885,801	$	181,674	$	813,543	$	3,881,018

Loans secured by real estate represented 85.47%, 85.39%, 85.55%, 86.67% and 86.88% of the Company’s total loan portfolio at December 31, 2015, 2014, 2013, 2012 and 2011, respectively. The following table provides further details of the types of loans in the Company’s loan portfolio secured by real estate at December 31:

	2015		2014		2013		2012		2011
Real estate – construction:
Residential	$	168,615	$	93,273	$	72,132	$	48,453	$	31,802
Commercial	186,569		116,263		88,777		56,201		47,620
Condominiums	2,481		2,525		527		1,052		1,813
Total real estate – construction	357,665		212,061		161,436		105,706		81,235
Real estate – 1-4 family mortgage:
Primary	1,031,909		701,735		702,451		466,282		373,193
Home equity	382,255		296,036		244,036		198,781		193,140
Rental/investment	251,966		190,879		193,366		156,956		167,364
Land development	69,193		47,710		68,380		81,404		90,930
Total real estate – 1-4 family mortgage	1,735,323		1,236,360		1,208,233		903,423		824,627
Real estate – commercial mortgage:
Owner-occupied	1,082,554		865,361		789,918		640,906		641,220
Non-owner occupied	1,272,259		944,428		989,158		638,486		529,524
Land development	178,916		147,125		171,496		147,251		165,891
Total real estate – commercial mortgage	2,533,729		1,956,914		1,950,572		1,426,643		1,336,635
Total loans secured by real estate	$	4,626,717	$	3,405,335	$	3,320,241	$	2,435,772	$	2,242,497

Mortgage Loans Held for Sale

Mortgage loans held for sale were $225,254 at December 31, 2015 compared to $25,628 at December 31, 2014 and $33,440 at December 31, 2013. The increase in mortgage loans held for sale is attributable to the addition of the Heritage mortgage operations and increased production in Renasant’s existing mortgage operations coupled with the Company's election to carry these loans on the balance sheet for a longer period of time to collect additional interest payments while the market for the sale of these loans

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did not decline such that our gains from the eventual sales of these loans would be negatively impacted. Originations of mortgage loans to be sold totaled $1,483,937 in 2015, $547,402 in 2014 and $619,526 in 2013. The increase in mortgage loan originations from 2014 is due to an increase in mortgage activity driven by historically low mortgage rates and the addition of Heritage’s mortgage operations. For the twelve months endedDecember 31, 2015, originations of mortgage loans from the Company’s existing mortgage operations were $824,550 while originations from Heritage's mortgage operations during the six months after the acquisition date were $659,387.

Mortgage loans to be sold are sold either on a “best efforts” basis or under a mandatory delivery sales agreement. Under a “best efforts” sales agreement, residential real estate originations are locked in at a contractual rate with third party private investors or directly with government sponsored agencies, and the Company is obligated to sell the mortgages to such investors only if the mortgages are closed and funded. The risk we assume is conditioned upon loan underwriting and market conditions in the national mortgage market. Under a mandatory delivery sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor if we fail to satisfy the contract. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. These loans are typically sold within thirty days after the loan is funded; however, in recent quarters, the Company has elected to hold these loans longer than thirty days to collect additional interest payments. Although loan fees and some interest income are derived from mortgage loans held for sale, the main source of income is gains from the sale of these loans in the secondary market.

Deposits

Noninterest-Bearing Deposits to Total Deposits
2015	2014	2013
20.56%	19.01%	17.68%

The Company relies on deposits as its major source of funds. Total deposits were $6,218,602, $4,838,418 and $4,841,912 at December 31, 2015, December 31, 2014 and December 31, 2013, respectively. Noninterest-bearing deposits were $1,278,337, $919,872 and $856,020 at December 31, 2015, December 31, 2014 and December 31, 2013, respectively, while interest-bearing deposits were $4,940,265, $3,918,546 and $3,985,892 at December 31, 2015, December 31, 2014 and December 31, 2013, respectively. The acquisition of Heritage increased total deposits by $1,375,354 at the acquisition date. This consisted of noninterest-bearing deposits of $279,123 and interest-bearing deposits of $1,096,231. Management continues to focus on growing and maintaining a stable source of funding, specifically core deposits, and allowing more costly deposits, including certain time deposits, to mature. The source of funds that we select depends on the terms and how those terms assist us in mitigating interest rate risk, maintaining our liquidity position and managing our net interest margin. Accordingly, funds are only acquired when needed and at a rate that is prudent under the circumstances.

Public fund deposits are those of counties, municipalities, or other political subdivisions and may be readily obtained based on the Company’s pricing bid in comparison with competitors. Since public fund deposits are obtained through a bid process, these deposit balances may fluctuate as competitive and market forces change. The Company has focused on growing stable sources of deposits which has resulted in the Company relying less on public fund deposits. However, the Company continues to participate in the bidding process for public fund deposits when it is reasonable under the circumstances. Our public fund transaction accounts are principally obtained from municipalities including school boards and utilities. Public fund deposits at December 31, 2015 were $775,385 compared to $654,423 at December 31, 2014 and $420,539 at December 31, 2013.

Looking at the change in deposits geographically and excluding the deposits from the Heritage acquisition, deposits in our Mississippi, Tennessee and Alabama markets increased by $59,686, $21,746 and $50,905, respectively, from December 31, 2014 while deposits in our Georgia markets decreased by $32,542 from December 31, 2014.

Borrowed Funds

Total borrowings include securities sold under agreements to repurchase, overnight borrowings, advances from the FHLB and junior subordinated debentures and are classified on the Consolidated Balance Sheets as either short-term borrowings or long-term debt. Short-term borrowings have original maturities less than one year and typically include securities sold under agreements to repurchase, overnight borrowings and FHLB advances. There was $422,279 of short-term borrowings on the balance sheet at December 31, 2015, consisting of security repurchase agreements of $22,279 and overnight borrowings from the FHLB of $400,000 compared to security repurchase agreements of $6,103 and overnight borrowings from the FHLB of $26,300 at December 31, 2014. The increase in short-term borrowings from the prior year-end is attributable to the increased production in Renasant’s existing mortgage operations as well as the addition of Heritage’s mortgage operations as overnight borrowings are often used to fund mortgage loans held for sale.

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At December 31, 2015, long-term debt totaled $148,217 compared to $156,422 at December 31, 2014. Funds are borrowed from the FHLB primarily to match-fund against certain loans, negating interest rate exposure when rates rise. Such match-funded loans are typically large, fixed rate commercial or real estate loans with long-term maturities. Long-term FHLB advances were $52,930 and $61,611 at December 31, 2015 and December 31, 2014, respectively. At December 31, 2015, $261 of the total FHLB advances outstanding were scheduled to mature within twelve months or less. The Company had $1,659,779 of availability on unused lines of credit with the FHLB at December 31, 2015 compared to $1,592,550 at December 31, 2014. The cost of our FHLB advances was 4.14%, 4.15% and 4.22% for 2015, 2014, and 2013, respectively.

The Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors. The trusts used the proceeds from the issuance of their preferred capital securities and common securities (collectively referred to as “capital securities”) to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired.) The debentures are the trusts’ only assets and interest payments from the debentures finance the distributions paid on the capital securities. The Company’s junior subordinated debentures totaled $95,095 at December 31, 2015 compared to $94,574 at December 31, 2014 and $94,187 at December 31, 2013. In connection with the acquisition of First M&F on September 1, 2013, the Company assumed $30,928 in fixed/floating rate junior subordinated deferrable interest debentures payable to First M&F Statutory Trust I that mature in March 2036. The acquired subordinated debentures require interest to be paid quarterly at a rate of 90-day LIBOR plus 1.33%. The fair value adjustment on the junior subordinated debentures of $12,371 will be amortized on a straight line basis over their remaining life. The debentures owned by First M&F Statutory Trust I are currently redeemable at par.

Results of Operations

Net Income

Net income for the year ended December 31, 2015 was $68,014 compared to net income of $59,582 for the year ended December 31, 2014 and $33,487 for the year ended December 31, 2013. Basic earnings per share for each of the years ended December 31, 2015 and December 31, 2014 were $1.89 as compared to $1.23 for the year ended December 31, 2013. Diluted earnings per share for each of the years ended December 31, 2015 and December 31, 2014 were $1.88 as compared to $1.22 for the year ended December 31, 2013. During the twelve months ended December 31, 2015, the Company recognized $11,614 in pre-tax merger expenses compared to $694 and $6,027 recognized in 2014 and 2013, respectively.

Net Interest Income

Net interest income, the difference between interest earned on assets and the cost of interest-bearing liabilities, is the largest component of our net income, comprising 69.66% of total net revenue in 2015. Total net revenue consists of net interest income on a fully taxable equivalent basis and noninterest income. The primary concerns in managing net interest income are the volume, mix and repricing of assets and liabilities.

Net interest income increased 19.20% to $241,358 for 2015 compared to $202,482 in 2014 and $157,133 in 2013. On a tax equivalent basis, net interest income increased $39,294 to $248,613 in 2015 as compared to $209,319 and $162,957 in 2014 and 2013, respectively.

Net Interest Margin – Tax Equivalent
2015	2014	2013
4.16%	4.12%	3.96%

Net interest margin, the tax equivalent net yield on earning assets, increased to 4.16% during 2015 from 4.12% in 2014 and 3.96% in 2013. Additional interest income recognized in connection with the acceleration of pay downs and payoffs from acquired loans increased our net interest margin by 14 basis points for the twelve months ended December 31, 2015 compared to an increase of 17 basis points and 5 basis points in 2014 and 2013, respectively. Net interest margin and net interest income are influenced by internal and external factors. Internal factors include balance sheet changes on both volume and mix and pricing decisions. External factors include changes in market interest rates, competition and the shape of the interest rate yield curve.

Interest income, on a tax equivalent basis, was $270,278 for 2015 compared to $233,246 for 2014, an increase of $37,032. Interest income, on a tax equivalent basis, was $186,428 for 2013. The increase in interest income, on a tax equivalent basis, is due primarily to the acquisitions of Heritage in July 2015 and First M&F in September 2013 offset by a decrease in loan yields which is a result of replacing higher rate maturing loans with new or renewed loans at current market rates which are generally lower due to the current interest rate environment. Excluding the contribution from Heritage, the Company has also experienced a decrease in the average balance of the securities portfolio from 2014 as proceeds from maturities and calls were used to fund loan growth rather than be reinvested in the securities portfolio.

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The following table presents the percentage of total average earning assets, by type and yield, for 2015, 2014 and 2013:

	Percentage of Total						Yield
	2015		2014		2013		2015		2014		2013
Loans	80.95	%	77.55	%	78.13	%	4.91	%	5.10	%	4.96	%
Securities	17.80		19.73		19.44		3.07		3.19		3.32
Other	1.25		2.72		2.43		0.29		0.29		0.25
Total earning assets	100.00	%	100.00	%	100.00	%	4.52	%	4.59	%	4.53	%

In 2015 loan income, on a tax equivalent basis, increased $36,564 to $237,408 from $200,844 in 2014. Loan income, on a tax equivalent basis, was $159,587 in 2013. The average balance of loans was $4,836,002 in 2015 compared to $3,941,015 and $3,214,567 in 2014 and 2013, respectively. The increase in loan income and the average balance of loans from 2013 to 2015 is primarily due to the acquisitions of Heritage and First M&F as well as increased production in the commercial and secondary mortgage loan markets.

The tax equivalent yield on loans was 4.91% for 2015, a 19 basis point decrease from the same period in 2014. The decrease in loan yields was primarily a result of replacing higher rate maturing loans with new or renewed loans at current market rates which are generally lower due to the current interest rate environment. Furthermore, lower levels of accelerated accretion have been recognized in 2015 when compared to 2014 resulting from lower levels of payoffs from the acquired loan portfolio. The tax equivalent yield on loans was 5.10% for 2014 compared to 4.96% in 2013. The increase in loan yields from 2013 to 2014 was primarily a result of accelerated accretion of nonaccretable difference on the acquired loan portfolio due to higher than expected levels of payoffs from the First M&F portfolio, offset partially by replacing higher rate maturing loans with new or renewed loans at current market rates which were generally lower in 2014 due to the prevailing interest rate environment. The accelerated accretion on the acquired loan portfolio increased our loan yield by 18 basis points in 2015 compared to 22 basis points and 6 basis points in 2014 and 2013, respectively.

In 2015, investment income, on a tax equivalent basis, increased $648 to $32,655 from $32,007 in 2014. Investment income, on a tax equivalent basis, was $26,593 in 2013. The average balance in the investment portfolio in 2015 was $1,063,222 compared to $1,002,449 and $799,955 in 2014 and 2013, respectively. The tax equivalent yield on the investment portfolio in 2015 was 3.07% compared to 3.19% and 3.32% for 2014 and 2013, respectively. The contribution from Heritage in 2015 was nearly offset by a reduction in the balance of the securities portfolio. Proceeds from maturities and calls of higher yielding securities were either redeployed to fund loan growth or reinvested in lower earning securities accounting for both the decrease in the average balance of investments, excluding the impact from Heritage and First M&F, and tax equivalent yield thereon when compared to 2014 and 2013. The reinvestment rates on securities were lower due to the generally lower interest rate environment.

Interest expense was $21,665 in 2015 compared to $23,927 and $23,471 in 2014 and 2013, respectively. The average balance of interest-bearing liabilities in 2015 was $4,798,579 compared to $4,143,304 and $3,455,976 in 2014 and 2013, respectively. The contributions to interest-bearing liabilities from the Heritage and First M&F acquisitions were more than offset by a shift in the mix of our deposits from higher costing time deposits to lower costing interest-bearing and noninterest-bearing deposits, and when combined with the declining interest rate environment, resulted in an overall decrease in interest expense since 2013. The Company continues to seek changes in the mix of our interest-bearing liabilities in which we utilize lower costing deposits to replace higher costing liabilities, specifically time deposits. The cost of interest-bearing liabilities was 0.45% for the twelve months ended December 31, 2015 as compared to 0.58% and 0.68% for the twelve months ended December 31, 2014 and 2013, respectively.

The following table presents, by type, the Company’s funding sources, which consist of total average deposits and borrowed funds, and the total cost of each funding source for each of the years presented:

	Percentage of Total						Cost of Funds
	2015		2014		2013		2015		2014		2013
Noninterest-bearing demand	19.01	%	18.20	%	16.16	%	—	%	—	%	—	%
Interest-bearing demand	43.82		43.40		40.88		0.18		0.21		0.25
Savings	7.32		6.84		6.81		0.07		0.08		0.24
Time deposits	23.50		27.88		31.95		0.62		0.81		0.93
Long-term Federal Home Loan Bank advances	0.98		1.38		1.90		4.14		4.15		4.22
Other borrowed funds	5.37		2.30		2.30		1.74		4.13		3.21
Total deposits and borrowed funds	100.00	%	100.00	%	100.00	%	0.37	%	0.47	%	0.57	%

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Interest expense on deposits was $13,715, $16,216 and $17,118 for 2015, 2014 and 2013, respectively. The cost of total deposits was 0.25%, 0.33%, and 0.43% for the years ending December 31, 2015, 2014, and 2013, respectively. The cost of interest-bearing deposits was 0.31%, 0.41% and 0.52% for the same periods.

Average Interest-Bearing Deposits to Total Average Deposits
2015	2014	2013
79.71%	81.10%	83.13%

Interest expense on total borrowings was $7,950, $7,711 and $6,353 for the years ending December 31, 2015, 2014 and 2013, respectively, while the cost of total borrowings was 2.11%, 4.14% and 3.67% for the years ended December 31, 2015, 2014 and 2013, respectively. The improvement in the cost of total borrowings from previous years is driven by a higher average balance of overnight borrowings from the Federal Home Loan Bank which incur a much lower rate of interest. The increase is attributable to the increased production in Renasant’s existing mortgage operations as well as the addition of Heritage’s mortgage operations as overnight borrowings are often used to fund mortgage loans held for sale. A more detailed discussion of the cost of our funding sources is set forth below under the heading “Liquidity and Capital Resources” in this item. Additionally, for more information about our outstanding subordinated debentures, see Note K, “Long-Term Debt,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data.

Noninterest Income

Noninterest Income to Average Assets
(Excludes securities gains/losses)
2015	2014	2013
1.57%	1.38%	1.52%

Total noninterest income includes fees generated from deposit services and other fees and commissions, income from our insurance, wealth management and mortgage banking operations, realized gains on the sale of securities and all other noninterest income. Our focus is to develop and enhance our products that generate noninterest income in order to diversify our revenue sources. Noninterest income as a percentage of total net revenues was 30.34%, 27.78% and 30.61% for 2015, 2014 and 2013.

Noninterest income was $108,270 for the year ended December 31, 2015, an increase of $27,761, or 34.48%, as compared to $80,509 for 2014. The increase in noninterest income and its related components is primarily attributable to the Heritage acquisition, Heritage’s mortgage operations and a significant increase in mortgage revenue from the Company’s existing mortgage operations due to increased production as a result of continued decreases in interest rates and recent mortgage originator hires. Noninterest income was $71,891 for the year ended December 31, 2013.

Service charges on deposit accounts include maintenance fees on accounts, per item charges, account enhancement charges for additional packaged benefits and overdraft fees. Service charges on deposit accounts were $29,269, $26,756 and $21,559 for the twelve months ended December 31, 2015, 2014 and 2013, respectively. Overdraft fees, the largest component of service charges on deposits, were $20,870 for the twelve months ended December 31, 2015 compared to $19,434 and $16,265 for the same period in 2014 and 2013, respectively.

Fees and commissions increased to $16,091 in 2015 as compared to $14,231 and $11,675 for the same period in 2014 and 2013, respectively. Fees and commissions include fees related to deposit services, such as ATM fees and interchange fees on debit card transactions, as well as servicing income from non-mortgage loans serviced by the Company. Interchange fees on debit card transactions, the largest component of fees and commissions, were $14,269 for the twelve months ended December 31, 2015 compared to $11,925 and $9,686 for the same period in 2014 and 2013, respectively.

Through Renasant Insurance, we offer a range of commercial and personal insurance products through major insurance carriers. Income earned on insurance products was $8,423, $8,194 and $4,976 for the years ended December 31, 2015, 2014 and 2013, respectively. The First M&F acquisition was the primary factor contributing to the increase in insurance revenues from 2013 to 2014. Contingency income is a bonus received from the insurance underwriters and is based both on commission income and claims experience on our clients’ policies during the previous year. Increases and decreases in contingency income are reflective of corresponding increases and decreases in the amount of claims paid by insurance carriers. Contingency income, which is included in “Other noninterest income” in the Consolidated Statements of Income, was $553, $605 and $256 for 2015, 2014 and 2013, respectively.

The Trust division within the Wealth Management segment operates on a custodial basis which includes administration of benefit plans, as well as accounting and money management for trust accounts. The division manages a number of trust accounts inclusive

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of personal and corporate benefit accounts, self-directed IRAs, and custodial accounts. 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 the type of account. Additionally, the Financial Services division within the Wealth Management segment provides specialized products and services to our customers, which include fixed and variable annuities, mutual funds, and stocks offered through a third party provider. Wealth Management revenue was $9,808 for 2015 compared to $8,545 for 2014 and $7,574 for 2013. The market value of trust assets under management was $2,929,597, $2,646,391 and $2,409,534 at December 31, 2015, 2014 and 2013, respectively.

The following table presents the components of mortgage banking income included in noninterest income at December 31:

	2015		2014		2013
Mortgage servicing income, net	$	127	$	544	$	274
Gain on sales of loans, net	25,292		8,594		11,573
Fees, net	10,396		5,724		6,988
Mortgage banking income, net	$	35,815	$	14,862	$	18,835

Mortgage banking income is derived from the origination and sale of mortgage loans and the servicing of mortgage loans that the Company has sold but retained the right to service. Mortgage banking income was $35,815 for 2015 compared to $14,862 and $18,835 for 2014 and 2013, respectively. Mortgage loans to be sold are sold either on a “best efforts” basis or under a mandatory delivery sales agreement with gains and losses realized at the time consideration is received and all other criteria for sales treatment have been met. Although loan fees and some interest income are derived from mortgage loans held for sale, the main source of income is gains from the sale of these loans in the secondary market. Gains on the sale of mortgage loans held for sale were $25,292, $8,594, and $11,573 for the twelve months ended December 31, 2015, 2014 and 2013, respectively. Originations of mortgage loans to be sold totaled $1,483,937 in 2015, $547,402 in 2014 and $619,526 in 2013. The increase in mortgage loan originations from 2014 is due to an increase in mortgage activity driven by historically low mortgage rates and the addition of Heritage’s mortgage operations. For the twelve months endedDecember 31, 2015, originations of mortgage loans from the Company’s existing mortgage operations were $824,550 while originations from Heritage's mortgage operations during the six months after the acquisition date were $659,387.

Noninterest income for the twelve months ended December 31, 2015 include the Company’s sale of its pooled trust preferred security XIII in the second quarter of 2015 with a carrying value of $1,117 at the time of sale for net proceeds of $1,213 resulting in a gain of $96. Furthermore, the Company sold certain investments acquired from Heritage shortly after the acquisition date with a carrying value of $7,231 at the time of sale for net proceeds of $7,231, resulting in no gain or loss on the sale. Gains on sales of securities for the twelve months ended2014 were $375, resulting from the sale of approximately $724 in securities. Gains on sales of securities for 2013 were $54, resulting from the sale of approximately $13,420 in securities.

Noninterest Expense

Noninterest Expense to Average Assets
2015	2014	2013
3.57%	3.28%	3.65%

Noninterest expense was $245,114, $190,937 and $172,928 for 2015, 2014 and 2013, respectively. The increase in noninterest expenses and its related components from 2014 is primarily attributable to the Heritage acquisition, and the increase from 2013 is primarily attributable to the First M&F acquisition. The Company recorded merger expense related to these acquisitions of $11,614, $694 and $6,027 in 2015, 2014 and 2013, respectively.

Salaries and employee benefits is the largest component of noninterest expenses and represented 59.20%, 60.29% and 57.12% of total noninterest expense at December 31, 2015, 2014 and 2013, respectively. During 2015, salaries and employee benefits increased$30,003, or 26.07%, to $145,111 as compared to $115,108 for 2014. The increase in salaries and employee benefits is attributable to the addition of the Heritage operations and higher levels of commissions paid in our mortgage banking division. Salaries and employee benefits increased $16,328 in 2014 from $98,780 recognized in 2013. The increase was primarily due to the addition of the First M&F operations as well as the desire to retain professional personnel required for a growing infrastructure in order to mitigate increasing information security risk and to bolster regulatory compliance areas.

The compensation expense recorded in connection with grants of stock options and awards of restricted stock, which is included within salaries and employee benefits, was $3,663, $3,649 and $2,666 for 2015, 2014 and 2013, respectively. Restricted stock

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awards in all three years were subject to the satisfaction of performance-based conditions attained. In 2015, 2014 and 2013, performance conditions were met and compensation expense was recognized in accordance with performance.

Data processing costs increased $2,646, or 23.21%, to $14,046 in 2015 from $11,400 in 2014. The increase from 2014 was primarily attributable to the Heritage acquisition and the addition of enhancements to our products and services, including mobile banking and small business Internet banking platforms. Data processing costs increased $2,530 in 2014 from $8,870 in 2013. The increase from 2013 was attributable to the addition of the First M&F deposit and loan customer databases, offset by cost savings achieved through efforts to improve the cost structure of loan and deposit processing by renegotiating contracts with data processing service providers.

Net occupancy and equipment expense in 2015 was $26,987, an increase of $6,735, compared to $20,252 for 2014. In addition to the occupancy and equipment expense of Heritage operations, the increase in occupancy and equipment expense is attributable to the completion of full service banking facilities placed into operation during the fourth quarter of 2014 and an operations annex location placed into operation in the first quarter of 2015. Net occupancy and equipment expense increased $3,295 for 2014 compared to $16,957 for 2013. The increase is attributable to occupancy costs associated with the acquisition of First M&F as well as the Company’s de novo expansions from 2011 to 2013.

Expenses related to other real estate owned for 2015 were $3,045, compared to $4,593 in 2014 and $6,966 in 2013. Expenses on other real estate owned for 2015 include write downs of $2,157 of the carrying value to fair value on certain pieces of property held in other real estate owned compared to write downs of $2,434 and $3,270 in 2014 and 2013, respectively. Other real estate owned with a cost basis of $21,424 was sold during 2015, resulting in a net gain of $582 compared to other real estate owned with a cost basis of $28,807 sold during 2014 for a net gain of $151. Other real estate owned with a cost basis of $60,241 was sold during 2013, resulting in a net loss of $590.

Professional fees include fees for legal and accounting services. Professional fees were $4,384 for 2015 as compared to $4,485 for 2014 and $5,540 for 2013. While the Company experienced a slight decrease in professional fees year over year, professional fees remain elevated in large part due to additional legal, accounting and consulting fees associated with compliance costs of newly enacted as well as existing banking and governmental regulation. Professional fees attributable to legal fees associated with loan workouts and foreclosure proceedings remain at higher levels in correlation with the overall economic downturn and credit deterioration identified in our loan portfolio and the Company’s efforts to bring these credits to resolution.

Advertising and public relations expense was $6,112 for 2015, an increase of $189 compared to $5,923 for 2014. Advertising and public relations expense increased$293 for 2014 compared to $5,630 for 2013. These year-over-year increases are attributable to advertising and marketing costs associated with the Company’s expansion into new markets.

Amortization of intangible assets totaled $6,069 for 2015 compared to $5,606 for 2014 and $2,869 for 2013. 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 1.5 years to 10.5 years. The increase in amortization expense in 2015 is attributable to the amortization of the core deposit intangible recognized in connection with the Heritage acquisition, and the increase in 2014 is attributable to amortization of the core deposit intangible recognized in connection with the First M&F acquisition.

Communication expenses are those expenses incurred for communication to clients and between employees. Communication expenses were $7,278 for 2015 as compared to $5,949 for 2014 and $4,777 for 2013. In addition to the contribution from the Heritage and First M&F acquisitions, the Company has incurred expenses to increase the bandwidth of data lines throughout our footprint, accounting for the increase in expense during the three year period ended December 31, 2015.

Efficiency Ratio
2015	2014	2013
68.68%	65.88%	73.63%

The efficiency ratio is one measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. That is, the ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. The Company calculates this ratio by dividing noninterest expense by the sum of net interest income on a fully tax equivalent basis and noninterest income. Merger expenses contributed approximately 325 basis points to the efficiency ratio for 2015 compared to 24 basis points and 257 basis points in 2014 and 2013, respectively. We remain committed to aggressively managing our costs within the framework of our business model. We expect the efficiency ratio (excluding the impact of merger expenses) to continue to improve from levels reported in 2014 and 2013 from revenue growth while at the same time controlling noninterest expenses.

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Income Taxes

Income tax expense for 2015, 2014 and 2013 was $31,750, $26,305 and $12,259, respectively. The effective tax rates for those years were 31.83%, 30.63% and 26.80%, respectively. The increased effective tax rate for 2015 as compared to 2014 and 2013 is the result of the Company experiencing improvements in its financial results throughout 2013, 2014 and into 2015, including the contribution from Heritage and First M&F, resulting in higher levels of taxable income.

Risk Management

The management of risk is an on-going process. Primary risks that are associated with the Company include credit, interest rate and liquidity risk. Credit and interest rate risk are discussed below, while liquidity risk is discussed in the next subsection under the heading “Liquidity and Capital Resources.”

Credit Risk and Allowance for Loan Losses

Inherent in any lending activity is credit risk, that is, the risk of loss should a borrower default. Credit risk is monitored and managed on an ongoing basis by a credit administration department, senior loan committee, a loss management committee and the Board of Directors loan committee. Credit quality, adherence to policies and loss mitigation are major concerns of credit administration and these committees. The Company’s central appraisal review department reviews and approves third-party appraisals obtained by the Company on real estate collateral and monitors loan maturities to ensure updated appraisals are obtained. This department is managed by a State Certified General Real Estate Appraiser and employs an additional State Certified General Real Estate appraiser, Appraisal Intern Appraiser and four evaluators.

We have a number of documented loan policies and procedures that set forth the approval and monitoring process of the lending function. Adherence to these policies and procedures is monitored by management and the Board of Directors. A number of committees and an underwriting staff oversee the lending operations of the Company. These include in-house loan and loss management committees and the Board of Directors loan committee and problem loan review committee. In addition, we maintain a loan review staff to independently monitor loan quality and lending practices. Loan review personnel monitor and, if necessary, adjust the grades assigned to loans through periodic examination, focusing its review on commercial and real estate loans rather than consumer and consumer mortgage loans.

In compliance with loan policy, the lending staff is given lending limits based on their knowledge and experience. In addition, each lending officer’s prior performance is evaluated for credit quality and compliance as a tool for establishing and enhancing lending limits. Before funds are advanced on consumer and commercial loans below certain dollar thresholds, loans are reviewed and scored using centralized underwriting methodologies. Loan quality or “risk-rating” grades are assigned based upon certain factors, which include the scoring of the loans. This information is used to assist management in monitoring the credit quality. Loan requests of amounts greater than an officer’s lending limits are reviewed by senior credit officers, in-house loan committees or the Board of Directors.

For commercial and commercial real estate secured loans, risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Loan grades range from 1 to 9, with 1 being loans with the least credit risk. Allowance factors established by management are applied to the total balance of loans in each grade to determine the amount needed in the allowance for loan losses. The allowance factors are established based on historical loss ratios experienced by the Company for these loan types, as well as the credit quality criteria underlying each grade, adjusted for trends and expectations about losses inherent in our existing portfolios. In making these adjustments to the allowance factors, management takes into consideration factors which it believes are causing, or are likely in the future to cause, losses within our loan portfolio but which may not be fully reflected in our historical loss ratios. For portfolio balances of consumer, consumer mortgage and certain other similar loan types, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria.

The loss management committee and the Board of Directors problem loan review committee monitor loans that are past due or those that have been downgraded and placed on the Company’s internal watch list due to a decline in the collateral value or cash flow of the debtor; the committees then adjust loan grades accordingly. This information is used to assist management in monitoring credit quality. In addition, the Company’s portfolio management committee monitors and identifies risks within the Company’s loan portfolio by focusing its efforts on reviewing and analyzing loans which are not on the Company’s internal watch list. The portfolio management committee monitors loans in portfolios or regions that management believes could be stressed or experiencing credit deterioration.

A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for problem loans of $500 or greater by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. For real estate collateral, the fair market value of the collateral is based upon a recent appraisal

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by a qualified and licensed appraiser of the underlying collateral. When the ultimate collectability of a loan’s principal is in doubt, wholly or partially, the loan is placed on nonaccrual.

After all collection efforts have failed, collateral securing loans may be repossessed and sold or, for loans secured by real estate, foreclosure proceedings are initiated. The collateral is sold at public auction for fair market value (based upon recent appraisals described in the above paragraph), with fees associated with the foreclosure being deducted from the sales price. The purchase price is applied to the outstanding loan balance. If the loan balance is greater than the sales proceeds, the deficient balance is sent to the Board of Directors’ loan committee for charge-off approval. These charge-offs reduce the allowance for loan losses.

The Company experienced improved credit quality measures and the lowest levels of charge-offs since the 2008-2009 recession due in part to the pace of the economic recovery, declining unemployment levels, improved labor participation rate, improved performance of the housing market, and the Company’s continued efforts to bring problem credits to resolution. The Company's practice is to charge off estimated losses as soon as such loss is identified and reasonably quantified. Net charge-offs for 2015 were $4,602, or 0.10% as a percentage of average loans, compared to net charge-offs of $11,543, or 0.29%, for 2014 and $7,032, or 0.22%, for 2013.

The allowance for loan losses is available to absorb probable credit losses inherent in the entire loan portfolio. The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including collective impairment as recognized under ASC 450. Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310. The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Other considerations in establishing the allowance for loan losses include economic conditions reflected within industry segments, the unemployment rate in our markets, loan segmentation and historical losses that are inherent in the loan portfolio. The allowance for loan losses is established after input from management, loan review and the loss management committee. An evaluation of the adequacy of the allowance is calculated quarterly based on the types of loans, an analysis of credit losses and risk in the portfolio, economic conditions and trends within each of these factors. In addition, on a regular basis, management and the Board of Directors review loan ratios. These ratios include the allowance for loan losses as a percentage of total loans, net charge-offs as a percentage of average loans, the provision for loan losses as a percentage of average loans, nonperforming loans as a percentage of total loans and the allowance coverage on nonperforming loans. Also, management reviews past due ratios by officer, community bank and the Company as a whole. The allowance for loan losses was $42,437, $42,289 and $47,665 at December 31, 2015, 2014 and 2013, respectively.

Provision for Loan Losses to Average Loans
2015	2014	2013
0.10%	0.16%	0.32%

The provision for loan losses charged to operating expense is an amount which, in the judgment of management, is necessary to maintain the allowance for loan losses at a level that is believed to be adequate to meet the inherent risks of losses in our loan portfolio. Factors considered by management in determining the amount of the provision for loan losses include the internal risk rating of individual credits, historical and current trends in net charge-offs, trends in nonperforming loans, trends in past due loans, trends in the market values of underlying collateral securing loans and the current economic conditions in the markets in which we operate. The provision for purchased loans is calculated when there is evidence the loan has deteriorated from performance expectations established in conjunction with the determination of Day 1 Fair Values (the outstanding customer balance of a purchased loan less any credit and/or yield discount applied against the purchased loan) or since our most recent review of such portfolio’s performance. Purchased loans either (1) exceeded the performance expectations established in determining the Day 1 Fair Values, resulting in a reversal of any previous provision for such loans or (2) deteriorated from the performance expectations established in determining the Day 1 Fair Values, resulting in partial or full charge-offs of the carrying value of such purchased loans. If the purchased loan continues to exceed expectations subsequent to the reversal of previously established provision, then an adjustment to accretable yield is warranted, which has a positive impact on interest income.

The Company has recorded lower levels of provision for loan losses since 2011 in response to improved overall economic conditions discussed previously and improved credit quality conditions. Since 2011, the Company has experienced lower levels of classified loans and nonperforming loans, which is illustrated in the nonperforming loan tables provided later in this section. In addition, the Company has experienced improved credit quality measures. These factors have justified a decrease in the provision for loan losses for 2015 as compared to 2014 and 2013. The provision for loan losses was $4,750, $6,167 and $10,350 for 2015, 2014 and 2013, respectively.

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	2015		2014		2013		2012		2011
Specific reserves for impaired loans	$	7,600	$	10,256	$	14,650	$	17,597	$	15,410
Allocated reserves for remaining portfolio	33,131		30,308		32,371		26,750		28,930
Acquired with deteriorated credit quality	1,706		1,725		644		—		—
Total	$	42,437	$	42,289	$	47,665	$	44,347	$	44,340

A majority of the loans acquired in the Company’s FDIC-assisted acquisitions (including the covered loans acquired as part of the Heritage acquisition) and certain loans acquired and not covered under the Company’s FDIC loss-share agreements are accounted for under ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and are carried at values which, in management’s opinion, reflect the estimated future cash flows, based on the facts and circumstances surrounding each respective loan at the date of acquisition. The fair value of loans accounted for in accordance with ASC 310-30 was $336,165 and $344,425 at December 31, 2015 and 2014, respectively. The Company continually monitors these loans as part of our normal credit review and monitoring procedures for changes in the estimated future cash flows; to the extent future cash flows deteriorate below initial projections, the Company may be required to reserve for these loans in the allowance for loan losses through future provision for loan losses. The provision for loan losses charged to operating expense attributable to loans accounted for under ASC 310-30 totaled $1,706, $1,725 and $644 during 2015, 2014 and 2013, respectively, which includes $62, $722 and $509 for 2015, 2014 and 2013, respectively, that was attributable to loans covered by loss-share agreements with the FDIC.

The following table presents the allocation of the allowance for loan losses by loan category at December 31 for each of the years presented.

	2015		2014		2013		2012		2011
Commercial, financial, agricultural	$	4,186	$	3,305	$	3,090	$	3,307	$	4,197
Lease financing	—		—		—		1		1
Real estate – construction	1,852		1,415		1,091		711		1,073
Real estate – 1-4 family mortgage	13,908		13,549		18,629		18,347		17,191
Real estate – commercial mortgage	21,111		22,759		23,688		21,416		20,979
Installment loans to individuals	1,380		$	1,261	1,167		565		899
Total	$	42,437	$	42,289	$	47,665	$	44,347	$	44,340

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The table below reflects the activity in the allowance for loan losses for the years ended December 31:

	2015			2014			2013			2012			2011
Balance at beginning of year	$	42,289		$	47,665		$	44,347		$	44,340		$	45,415
Provision for loan losses	4,750			6,167			10,350			18,125			22,350
Charge-offs
Commercial, financial, agricultural	943			1,516			1,184			4,923			2,037
Lease financing	419			—			—			—			—
Real estate – construction	26			—			—			187			836
Real estate – 1-4 family mortgage	2,173			5,662			3,093			9,231			16,755
Real estate – commercial mortgage	2,613			6,186			4,782			5,828			5,792
Installment loans to individuals	602			495			492			386			373
Total charge-offs	6,776			13,859			9,551			20,555			25,793
Recoveries
Commercial, financial, agricultural	361			455			356			531			272
Lease financing	—			—			—			—			—
Real estate – construction	26			33			75			34			110
Real estate – 1-4 family mortgage	1,064			1,325			1,044			1,330			767
Real estate – commercial mortgage	614			436			980			455			1,056
Installment loans to individuals	109			67			64			87			163
Total recoveries	2,174			2,316			2,519			2,437			2,368
Net charge-offs	4,602			11,543			7,032			18,118			23,425
Balance at end of year	$	42,437		$	42,289		$	47,665		$	44,347		$	44,340
Net charge-offs to average loans	0.10		%	0.29		%	0.22		%	0.67		%	0.91		%
Net charge-offs to allowance for loan losses	10.84		%	27.30		%	14.75		%	40.86		%	52.83		%
Allowance for loan losses to loans	0.78		%	1.06		%	1.23		%	1.58		%	1.72		%
Allowance for loan losses to loans(1)	1.11		%	1.29		%	1.65		%	1.72		%	1.98		%
Allowance for loan losses to nonperforming loans(1)	283.46		%	209.49		%	248.90		%	146.90		%	127.00		%

(1) Excludes loans and nonperforming loans acquired from Heritage, First M&F and FDIC assisted acquisitions.

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The following table provides further details of the Company’s net charge-offs of loans secured by real estate for the years ended December 31:

	2015			2014			2013			2012		2011
Real estate – construction:
Residential	$	5		$	(33	)	$	(75	)	$	149	$	724
Commercial	—			—			—			4		2
Condominiums	(5		)	—			—			—		—
Total real estate – construction	—			(33		)	(75		)	153		726
Real estate – 1-4 family mortgage:
Primary	1,141			953			469			1,109		1,570
Home equity	68			878			1,019			2,542		1,721
Rental/investment	179			702			344			1,668		3,813
Land development	(279		)	1,804			217			2,582		8,884
Total real estate – 1-4 family mortgage	1,109			4,337			2,049			7,901		15,988
Real estate – commercial mortgage:
Owner-occupied	1,976			1,649			802			1,039		3,123
Non-owner occupied	177			2,981			2,235			2,781		(282		)
Land development	(154		)	1,120			765			1,553		1,895
Total real estate – commercial mortgage	1,999			5,750			3,802			5,373		4,736
Total net charge-offs of loans secured by real estate	$	3,108		$	10,054		$	5,776		$	13,427	$	21,450

Nonperforming Assets

Nonperforming assets consist of nonperforming loans, other real estate owned and nonaccruing securities available-for-sale. Nonperforming loans are those on which the accrual of interest has stopped or loans which are contractually 90 days past due on which interest continues to accrue. Generally, the accrual of interest is discontinued when the full collection of principal or interest is in doubt or when the payment of principal or interest has been contractually 90 days past due, unless the obligation is both well secured and in the process of collection. Management, the loss management committee and our loan review staff closely monitor loans that are considered to be nonperforming.

Debt securities may be transferred to nonaccrual status where the recognition of investment interest is discontinued. A number of qualitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the determination of whether a debt security should be transferred to nonaccrual status. The interest on these nonaccrual investment securities is accounted for on the cash-basis method until qualifying for return to accrual status. Nonaccruing securities available-for-sale consist of one of the Company’s three investments in pooled trust preferred securities issued by financial institutions, which are discussed earlier in this section under the heading “Investments”.

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The following table provides details of the Company’s nonperforming assets that are not acquired and not covered by FDIC loss-share agreements (“Not Acquired”), nonperforming assets that have been acquired and are covered by loss-share agreements with the FDIC (“Acquired Covered Assets”), and nonperforming assets acquired and not covered by loss-share agreements with the FDIC (“Acquired Non-covered”) as of the dates presented:

	Not Acquired		Acquired Covered Assets		Acquired Non-covered		Total
December 31, 2015
Nonaccruing loans	$	13,645	$	3,319	$	12,070	$	29,034
Accruing loans past due 90 days or more	1,326		3,609		11,458		16,393
Total nonperforming loans	14,971		6,928		23,528		45,427
Other real estate owned	12,987		2,818		19,597		35,402
Total nonperforming loans and OREO	27,958		9,746		43,125		80,829
Nonaccruing securities available-for-sale, at fair value	10,448		—		—		10,448
Total nonperforming assets	$	38,406	$	9,746	$	43,125	$	91,277
Nonperforming loans to total loans							0.84		%
Nonperforming assets to total assets							1.15		%
December 31, 2014
Nonaccruing loans	$	18,781	$	24,172	$	1,443	$	44,396
Accruing loans past due 90 days or more	1,406		48		9,259		10,713
Total nonperforming loans	20,187		24,220		10,702		55,109
Other real estate owned	17,087		6,368		11,017		34,472
Total nonperforming loans and OREO	37,274		30,588		21,719		89,581
Nonaccruing securities available-for-sale, at fair value	12,347						12,347
Total nonperforming assets	$	49,621	$	30,588	$	21,719	$	101,928
Nonperforming loans to total loans							1.38		%
Nonperforming assets to total assets							1.76		%
December 31, 2013
Nonaccruing loans	$	16,863	$	49,194	$	6,274	$	72,331
Accruing loans past due 90 days or more	2,287		—		1,899		4,186
Total nonperforming loans	19,150		49,194		8,173		76,517
Other real estate owned	27,543		12,942		12,402		52,887
Total nonperforming loans and OREO	46,693		62,136		20,575		129,404
Nonaccruing securities available-for-sale, at fair value	17,671						17,671
Total nonperforming assets	$	64,364	$	62,136	$	20,575	$	147,075
Nonperforming loans to total loans							1.97		%
Nonperforming assets to total assets							2.25		%

Due to the significant difference in the accounting for the loans and other real estate owned covered by loss-share agreements and loss mitigation offered under the loss-share agreements with the FDIC, the Company believes that excluding the covered assets from its asset quality measures provides a more meaningful presentation of the Company’s asset quality. The asset quality measures surrounding the Company’s nonperforming assets discussed in the remainder of this section exclude covered assets relating to the Company’s FDIC-assisted acquisitions.

Restructured Loans

Another category of assets which contribute to our credit risk is restructured loans. Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days past due or placed on nonaccrual status are reported as nonperforming loans.

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The following table shows the principal amounts of nonperforming and restructured loans as of December 31 of each year presented. All loans where information exists about possible credit problems that would cause us to have serious doubts about the borrower’s ability to comply with the current repayment terms of the loan have been reflected in the table below.

	2015			2014			2013			2012			2011
Nonaccruing loans	$	25,715		$	20,224		$	23,137		$	26,881		$	31,154
Accruing loans past due 90 days or more	12,784			10,665			4,186			3,307			3,760
Total nonperforming loans	38,499			30,889			27,323			30,188			34,914
Restructured loans	13,453			14,337			21,478			29,436			36,311
Total nonperforming and restructured loans	$	51,952		$	45,226		$	48,801		$	59,624		$	71,225
Nonperforming loans to loans	0.72		%	0.80		%	0.74		%	1.17		%	1.56		%

Acquired nonperforming loans that are not covered by FDIC loss-share agreements totaled $23,528 at December 31, 2015 which consisted of $12,070 in loans on nonaccrual status and $11,458 in accruing loans past due 90 days or more. The recent acquisition of Heritage added $7,665 of acquired, non-covered, nonperforming loans, while the First M&F merger contributed $4,815 of such loans at December 31, 2015. Excluding the nonperforming loans from the First M&F and Heritage acquisitions, nonperforming loans decreased $5,216, or 25.84%, from December 31, 2014 and decreased $4,179 from December 31, 2013. The following table presents nonperforming loans, not subject to a loss-share agreement, by loan category at December 31 for each of the years presented.

	2015		2014		2013		2012		2011
Commercial, financial, agricultural	$	1,266	$	1,279	$	1,524	$	1,641	$	3,505
Real estate – construction:
Residential	176		200		—		—		489
Commercial	—		—		—		—		—
Condominiums	—		—		—		—		—
Total real estate – construction	176		200		—		—		489
Real estate – 1-4 family mortgage:
Primary	6,957		5,616		4,323		6,708		5,242
Home equity	1,073		944		916		860		1,013
Rental/investment	4,284		2,884		1,972		4,100		5,757
Land development	2,048		558		2,969		4,260		1,739
Total real estate – 1-4 family mortgage	14,362		10,002		10,180		15,928		13,751
Real estate – commercial mortgage:
Owner-occupied	8,574		5,413		1,306		2,313		2,342
Non-owner occupied	7,645		10,506		13,288		8,665		11,741
Land development	6,320		3,398		850		1,313		2,413
Total real estate – commercial mortgage	22,539		19,317		15,444		12,291		16,496
Installment loans to individuals	156		91		175		328		673
Total nonperforming loans	$	38,499	$	30,889	$	27,323	$	30,188	$	34,914

While the level of nonperforming loans increased slightly from 2014, due primarily to our acquisition of Heritage, the Company continues its efforts to bring problem credits to resolution. Total nonperforming loans as a percentage of total loans were 0.72% as of December 31, 2015 as compared to 0.80% as of December 31, 2014 and 0.74% as of December 31, 2013. The Company’s coverage ratio, or its allowance for loan losses as a percentage of nonperforming loans, was 110.23% as of December 31, 2015 as compared to 136.91% as of December 31, 2014 and 174.44% as of December 31, 2013.

Management has evaluated the aforementioned loans and other loans classified as nonperforming and believes that all nonperforming loans have been adequately reserved for in the allowance for loan losses at December 31, 2015. Management also continually monitors past due loans for potential credit quality deterioration. Total loans 30-89 days past due were $14,412 at December 31, 2015 as compared to $15,501 at December 31, 2014. The acquisition of Heritage contributed $4,920 of acquired, non-covered, loans 30-89 days past due, while the First M&F merger contributed $2,177 of loans 30-89 days past due at December 31, 2015. The First M&F merger added $5,132 of loans 30-89 days past due at December 31, 2014.

As shown above, restructured loans totaled $13,453 at December 31, 2015 compared to $14,337 at December 31, 2014. At December 31, 2015, total loans restructured through interest rate concessions represented 53% of total restructured loans, while

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loans restructured by a concession in payment terms represented the remainder. The following table provides further details of the Company’s restructured loans at December 31, 2015 and 2014:

	2015		2014
Commercial, financial, agricultural	$	257	$	507
Real estate – 1-4 family mortgage:
Primary	4,309		3,230
Home equity	—		—
Rental/investment	1,455		1,337
Land development	14		—
Total real estate – 1-4 family mortgage	5,778		4,567
Real estate – commercial mortgage:
Owner-occupied	3,214		2,896
Non-owner occupied	3,596		5,973
Land development	541		394
Total real estate – commercial mortgage	7,351		9,263
Installment loans to individuals	67		—
Total restructured loans	$	13,453	$	14,337

Changes in the Company’s restructured loans are set forth in the table below.

	2015			2014
Balance as of January 1	$	14,337		$	21,478
Additional loans with concessions	13,418			3,554
Reductions due to:
Reclassified as nonperforming	(3,145		)	(3,196		)
Paid in full	(8,127		)	(6,659		)
Transfer to other real estate owned	—			—
Charge-offs	(56		)	(191		)
Paydowns	(751		)	(649		)
Lapse of concession period	—			—
TDR reclassified as performing loan	(2,223		)	—
Balance as of December 31	$	13,453		$	14,337

Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for loan losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included in “Other real estate owned” in the Consolidated Statements of Income. Other real estate owned with a cost basis of $13,483 was sold during the year ended December 31, 2015, resulting in a net gain of $408, while other real estate owned with a cost basis of $18,379 was sold during the year ended December 31, 2014, resulting in a net gain of $129.

The following table provides details of the Company’s other real estate owned not covered under loss-sharing agreements with the FDIC as of December 31, 2015 and 2014:

	2015		2014
Residential real estate	$	4,265	$	4,549
Commercial real estate	11,041		9,179
Residential land development	4,595		4,990
Commercial land development	12,683		9,386
Total other real estate owned	$	32,584	$	28,104

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Other real estate owned, acquired and not covered in the Heritage merger had a balance of $6,059, while the acquisition of First M&F contributed $7,031 at December 31, 2015. Other real estate owned from the acquisition of First M&F was $11,017 at December 31, 2014. Changes in the Company’s other real estate owned were as follows:

	2015			2014
Balance as of January 1	$	28,104		$	39,945
Acquired from Heritage	6,250			—
Transfer of balance from covered OREO	3,431			—
Transfers of loans	10,372			8,529
Capitalized improvements	—			—
Impairments	(2,065		)	(1,786		)
Dispositions	(13,483		)	(18,379		)
Other	(25		)	(205		)
Balance as of December 31	$	32,584		$	28,104

Interest Rate Risk

Market risk is the risk of loss from adverse changes in market prices and rates. The majority of assets and liabilities of a financial institution are monetary in nature and therefore differ greatly from most commercial and industrial companies that have significant investments in fixed assets and inventories. Our market risk arises primarily from interest rate risk inherent in lending and deposit-taking activities. Management believes a significant impact on the Company’s financial results stems from our ability to react to changes in interest rates. To that end, management actively monitors and manages our interest rate risk exposure.

We have an Asset/Liability Committee (“ALCO”) which is authorized by the Board of Directors to monitor our interest rate sensitivity and to make decisions relating to that process. The ALCO’s goal is to structure our asset/liability composition to maximize net interest income while managing interest rate risk so as to minimize the adverse impact of changes in interest rates on net interest income and capital. Profitability is affected by fluctuations in interest rates. A sudden and substantial change in interest rates may adversely impact our earnings because the interest rates borne by assets and liabilities do not change at the same speed, to the same extent or on the same basis.

We utilize an asset/liability model as the primary quantitative tool in measuring the amount of interest rate risk associated with changing market rates. The model is used to perform both net interest income forecast simulations for multiple year horizons, and economic value of equity (“EVE”) analyses, under various interest rate scenarios.

Net interest income simulations measure the short and medium-term earnings exposure from changes in market interest rates in a rigorous and explicit fashion. Our current financial position is combined with assumptions regarding future business to calculate net interest income under varying hypothetical rate scenarios. EVE measures our long-term earnings exposure from changes in market rates of interest. EVE is defined as the present value of assets minus the present value of liabilities at a point in time for a given set of market rate assumptions. An increase in EVE due to a specified rate change indicates an improvement in the long-term earnings capacity of the balance sheet assuming that the rate change remains in effect over the life of the current balance sheet.

The following table presents the projected impact of a change in interest rates on (1) static EVE and (2) earnings at risk (that is, net interest income) for the 1-12 and 13-24 month periods commencing January 1, 2016, in each case as compared to the result under rates present in the market on December 31, 2015. The changes in interest rates assume an instantaneous and parallel shift in the yield curve and does not take into account changes in the slope of the yield curve. On account of the present position of the target federal funds rate, the Company did not perform an analysis assuming a downward movement in rates.

	Percentage Change In:
Immediate Change in Rates of:	Economic Value Equity (EVE)	Earning at Risk (EAR) (Net Interest Income)
	Static	1-12 Months	13-24 Months
+400	14.68%	(0.71)%	6.10%
+300	11.31%	(0.10)%	5.13%
+200	11.18%	0.22%	3.91%
+100	10.45%	0.20%	2.21%

The rate shock results for the net interest income simulations for the next twenty-four months produce a slightly asset sensitive position at December 31, 2015. The Company’s interest rate risk strategy is to remain in a slightly asset sensitive position with a focus on balance sheet strategies that will result in a more asset sensitive position over time.  To accomplish this strategy, the

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Company has focused on increasing variable rate loan production and generating deposits that are less sensitive to increases in interest rates. This shift is due largely to the reduction in interest sensitive, but low yielding, short term investments as well as the shift in deposits from higher rate fixed rate time deposits to lower cost but variable rate transaction deposits. 

The preceding measures assume no change in the size or asset/liability compositions of the balance sheet. Thus, the measures do not reflect actions the ALCO may undertake in response to such changes in interest rates. The above results of the interest rate shock analysis are within the parameters set by the Board of Directors. The scenarios assume instantaneous movements in interest rates in increments of 100, 200, 300 and 400 basis points. As interest rates are adjusted over a period of time, it is our strategy to proactively change the volume and mix of our balance sheet in order to mitigate our interest rate risk. The computation of the prospective effects of hypothetical interest rate changes requires numerous assumptions regarding characteristics of new business and the behavior of existing positions. These business assumptions are based upon our experience, business plans and published industry experience. Key assumptions employed in the model include asset prepayment speeds, competitive factors, the relative price sensitivity of certain assets and liabilities and the expected life of non-maturity deposits. Because these assumptions are inherently uncertain, actual results will differ from simulated results.

The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, caps and/or floors, as part of its ongoing efforts to mitigate its interest rate risk exposure and to facilitate the needs of its customers. The Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. At December 31, 2015, the Company had notional amounts of $68,409 on interest rate contracts with corporate customers and $68,409 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts and certain fixed-rate loans.

In March and April 2012, the Company entered into two interest rate swap agreements which took effect in March, 2014. Under these agreements, the Company receives a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pays a fixed rate of interest of 4.42% and 5.49%. The agreements, which both terminate in March 2022, are accounted for as cash flow hedges to reduce the variability in cash flows resulting from changes in interest rates on $32,000 of the Company’s junior subordinated debentures. In connection with its acquisition of First M&F, the Company assumed an interest rate swap designed to convert floating rate interest payments into fixed rate payments. Based on the terms of the agreement, which terminates in March 2018, the Company will receive a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pay a fixed rate of interest. The interest rate swap is accounted for as a cash flow hedge to reduce the variability in cash flows resulting from changes in interest rates on $30,000 of the junior subordinated debentures assumed in the acquisition of First M&F.

On June 5, 2014, the Company entered into two forward interest rate swap contracts on floating rate liabilities at the Bank level with notional amounts of $15,000 each. The interest rate swap contracts are accounted for as cash flow hedges with the objective of protecting against any interest rate volatility on future FHLB borrowings for a four-year and five-year period beginning June 1, 2018 and December 3, 2018 and ending June 2022 and June 2023, respectively. Under these contracts, the Bank will pay a fixed interest rate of 3.593% and 3.738%, respectively, and will receive a variable interest rate based on the three-month LIBOR with quarterly net settlements.

The Company also enters into interest rate lock commitments with its customers to mitigate the Company’s interest rate risk associated with its commitments to fund fixed-rate residential mortgage loans. Under the interest rate lock commitments, interest rates for a mortgage loan are locked in with the customer for a period of time, typically thirty days. Once an interest rate lock commitment is entered into with a customer, the Company also enters into a forward commitment to sell the residential mortgage loan to secondary market investors. Accordingly, the Company does not incur risk if the interest rate lock commitment in the pipeline fails to close.

For more information about the Company’s derivative financial instruments, see Note S, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data.

Liquidity and Capital Resources

Liquidity management is the ability to meet the cash flow requirements of customers who may be either depositors wishing to withdraw funds or borrowers needing assurance that sufficient funds will be available to meet their credit needs.

Core deposits, which are deposits excluding time deposits and public fund deposits, are a major source of funds used by Renasant Bank to meet cash flow needs. Maintaining the ability to acquire these funds as needed in a variety of markets is the key to assuring Renasant Bank’s liquidity. Management continually monitors the liquidity and non-core dependency ratios to ensure compliance with targets established by the Asset/Liability Management Committee (“ALCO”).

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Our investment portfolio is another alternative for meeting liquidity needs. These assets generally have readily available markets that offer conversions to cash as needed. Within the next twelve months the securities portfolio is forecasted to generate cash flow through principal payments and maturities equal to 14.14% of the carrying value of the total securities portfolio. Securities within our investment portfolio are also used to secure certain deposit types and short-term borrowings. At December 31, 2015, securities with a carrying value of $718,767 were pledged to secure government, public, trust, and other deposits and as collateral for short-term borrowings and derivative instruments as compared to $633,599 at December 31, 2014.

Other sources available for meeting liquidity needs include federal funds purchased and advances from the FHLB. Interest is charged at the prevailing market rate on federal funds purchased and FHLB advances. Federal funds are short term borrowings, generally overnight borrowings, between financial institutions that are used to maintain reserve requirements at the Federal Reserve Bank. The balance of outstanding federal funds purchased at December 31, 2015 was $400,000. Outstanding federal funds purchased on December 31, 2014 was $26,300. Funds obtained from the FHLB are used primarily to match-fund fixed rate loans in order to minimize interest rate risk and may also be used to meet day to day liquidity needs, particularly when the cost of such borrowing compares favorably to the rates that we would be required to pay to attract deposits. At December 31, 2015, the balance of our outstanding advances with the FHLB was $52,930. The total amount of the remaining credit available to us from the FHLB at December 31, 2015 was $1,659,779. We also maintain lines of credit with other commercial banks totaling $75,000. These are unsecured, uncommitted lines of credit maturing at various times within the next twelve months. There were no amounts outstanding under these lines of credit at December 31, 2015 or 2014, respectively.

The following table presents, by type, the Company’s funding sources, which consist of total average deposits and borrowed funds, and the total cost of each funding source for each of the years presented:

	Percentage of Total						Cost of Funds
	2015		2014		2013		2015		2014		2013
Noninterest-bearing demand	19.01	%	18.20	%	16.16	%	—	%	—	%	0
Interest-bearing demand	43.82		43.40		40.88		0.18		0.21		0.25
Savings	7.32		6.84		6.81		0.07		0.08		0.24
Time deposits	23.50		27.88		31.95		0.62		0.81		0.93
Long-term Federal Home Loan Bank advances	0.98		1.38		1.90		4.14		4.15		4.22
Other borrowed funds	5.37		2.30		2.30		1.74		4.13		3.21
Total deposits and borrowed funds	100.00	%	100.00	%	100.00	%	0.37	%	0.47	%	0.57	%

Our strategy in choosing funds is focused on minimizing cost along with considering our balance sheet composition and interest rate risk position. Accordingly, management targets growth of non-interest bearing deposits. While we do not control the types of deposit instruments our clients choose, we do influence those choices with the rates and the deposit specials we offer. We constantly monitor our funds position and evaluate the effect that various funding sources have on our financial position. Our cost of funds decreased 10 basis points in 2015, 2014, and 2013 as management improved our funding mix using non-interest bearing or lower costing deposits and repaying higher costing funding including time deposits and borrowed funds.

Cash and cash equivalents were $211,571 at December 31, 2015, compared to $161,583 at December 31, 2014 and $246,648 at December 31, 2013. Cash used in investing activities for the year ended December 31, 2015 was $247,431 compared to cash used in investing activities of $202,802 in 2014 and $57,150 in 2013. Proceeds from the sale, maturity or call of securities within our investment portfolio were $265,556 for 2015 compared to $217,417 for 2014 and $206,515 in 2013. For 2015, these proceeds from the investment portfolio were primarily reinvested back into the security portfolio or used to fund loan growth. Purchases of investment securities were $216,141 for 2015 compared to $280,164 for 2014 and $233,221 for 2013.

Cash provided by financing activities for the year ended December 31, 2015 was $44,794 compared to cash used in financing activities for the year ended December 31, 2014 of $6,946 and cash provided by financing activities during 2013 of $18,092. Overall deposits increased $2,218 for the year ended December 31, 2015 compared to a decrease of $3,494 for the same period in 2014 and an increase of $54,661 for the year end 2013.

Restrictions on Bank Dividends, Loans and Advances

The Company’s liquidity and capital resources, as well as its ability to pay dividends to our shareholders, are substantially dependent on the ability of the Bank to transfer funds to the Company in the form of dividends, loans and advances. Under Mississippi law, a Mississippi bank may not pay dividends unless its earned surplus is in excess of three times capital stock. A Mississippi bank with earned surplus in excess of three times capital stock may pay a dividend, subject to the approval of the Mississippi Department of Banking and Consumer Finance. Accordingly, the approval of this supervisory authority is required prior to the Bank paying dividends to the Company.

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Federal Reserve regulations also limit the amount the Bank may loan to the Company unless such loans are collateralized by specific obligations. At December 31, 2015, the maximum amount available for transfer from the Bank to the Company in the form of loans was $70,159. The Company maintains a line of credit collateralized by cash with the Bank totaling $3,030. There were no amounts outstanding under this line of credit at December 31, 2015. These restrictions did not have any impact on the Company’s ability to meet its cash obligations, nor does management expect such restrictions to materially impact the Company’s ability to meet its currently-anticipated cash obligations.

Off-Balance Sheet Transactions

The Company enters into loan commitments and standby letters of credit in the normal course of its business. Loan commitments are made to accommodate the financial needs of the Company’s customers. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies. Collateral (e.g., securities, receivables, inventory, equipment, etc.) is obtained based on management’s credit assessment of the customer.

Loan commitments and standby letters of credit do not necessarily represent future cash requirements of the Company in that while the borrower has the ability to draw upon these commitments at any time, these commitments often expire without being drawn upon. The Company’s unfunded loan commitments and standby letters of credit outstanding at December 31, 2015, 2014 and 2013 were as follows:

	2015		2014		2013
Loan commitments	$	1,131,842	$	706,972	$	630,266
Standby letters of credit	37,063		31,804		30,062

The Company closely monitors the amount of remaining future commitments to borrowers in light of prevailing economic conditions and adjusts these commitments as necessary. The Company will continue this process as new commitments are entered into or existing commitments are renewed.

For more information about the Company’s off-balance sheet transactions, see Note L, “Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk,” in the Notes to Consolidated Financial Statements of the Company in Item 8, Financial Statements and Supplementary Data.

Contractual Obligations

The following table presents, as of December 31, 2015, significant fixed and determinable contractual obligations to third parties by payment date. The Note Reference below refers to the applicable footnote in the Notes to Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data.

		Payments Due In:
	Note Reference	Less Than One Year		One to Three Years		Three to Five Years		Over Five Years		Total
Operating leases	E	$	4,231	$	6,968	$	5,559	$	6,984	$	23,742
Deposits without a stated maturity(1)	I	4,723,311		—		—		—		4,723,311
Time deposits	I	826,306		475,256		168,019		25,710		1,495,291
Short-term borrowings	J	422,279		—		—		—		422,279
Federal Home Loan Bank advances	K	261		41,584		5,154		5,931		52,930
Junior subordinated debentures	K	—		—		—		95,095		95,095
Purchase obligations(2)		—		—		192		—		192
Total contractual obligations		$	5,976,388	$	523,808	$	178,924	$	133,720	$	6,812,840

(1) Excludes interest.

(2) Purchase obligations represent obligations under agreements to purchase goods or services that are enforceable and legally binding on the Company and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. The purchase obligation amounts presented above primarily relate to certain contractual payments for capital expenditures expected to be incurred in connection with construction and remodeling projects.

60

Shareholders’ Equity and Regulatory Matters

Total shareholders’ equity of the Company was $1,036,818 and $711,651 at December 31, 2015 and 2014, respectively. Book value per share was $25.73 and $22.56 at December 31, 2015 and 2014, respectively. The growth in shareholders’ equity was attributable to the acquisition of Heritage as well as earnings retention offset by dividends declared and changes in accumulated other comprehensive income.

On September 15, 2015, the Company filed a shelf registration statement with the SEC. The shelf registration statement, which was effective upon filing, allows the Company to raise capital from time to time through the sale of common stock, preferred stock, debt securities, warrants and units, or a combination thereof, subject to market conditions. Specific terms and prices will be determined at the time of any offering under a separate prospectus supplement that the Company will be required to file with the SEC at the time of the specific offering. The proceeds of the sale of securities, if and when offered, will be used for general corporate purposes as described in any prospectus supplement and could include the expansion of the Company’s banking, insurance and wealth management operations as well as other business opportunities.

The Company has junior subordinated debentures with a carrying value of $95,095 at December 31, 2015, of which $91,907 are included in the Company’s Tier 1 capital. Federal Reserve guidelines limiting the amount of securities that, similar to our junior subordinated debentures, are includable in Tier 1 capital, but these guidelines did not impact the amount of debentures we include in Tier 1 capital. Although our existing junior subordinated debentures are unaffected by these Federal Reserve guidelines, on account of changes enacted as part of the Dodd-Frank Act, any trust preferred securities issued after May 19, 2010 may not be included in Tier 1 capital.

The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that banks must maintain. Those guidelines specify capital tiers, which include the following classifications:

Capital Tiers	Tier 1 Capital to Average Assets (Leverage)	Common Equity Tier 1 to Risk - Weighted Assets	Tier 1 Capital to Risk – Weighted Assets	Total Capital to Risk – Weighted Assets
Well capitalized	5% or above	6.5% or above	8% or above	10% or above
Adequately capitalized	4% or above	4.5% or above	6% or above	8% or above
Undercapitalized	Less than 4%	Less than 4.5%	Less than 6%	Less than 8%
Significantly undercapitalized	Less than 3%	Less than 3%	Less than 4%	Less than 6%
Critically undercapitalized	Tangible Equity / Total Assets less than 2%

61

The following table includes the capital ratios and capital amounts for the Company and the Bank for the years presented:

	Actual				Minimum Capital Requirement to be Well Capitalized				Minimum Capital Requirement to be Adequately Capitalized
	Amount		Ratio		Amount		Ratio		Amount		Ratio
December 31, 2015
Renasant Corporation:
Tier 1 leverage ratio	$	681,731	9.16	%	$	371,968	5.00	%	$	297,574	4.00	%
Common equity tier 1 capital ratio	591,356		9.99	%	384,830		6.50	%	266,421		4.50	%
Tier 1 risk-based capital ratio	681,731		11.51	%	473,637		8.00	%	355,228		6.00	%
Total risk-based capital ratio	729,321		12.32	%	592,047		10.00	%	473,637		8.00	%
Renasant Bank:
Tier 1 leverage ratio	$	654,830	8.82	%	$	371,183	5.00	%	$	296,946	4.00	%
Common equity tier 1 capital ratio	654,830		11.09	%	383,660		6.50	%	265,611		4.50	%
Tier 1 risk-based capital ratio	654,830		11.09	%	472,198		8.00	%	354,148		6.00	%
Total risk-based capital ratio	701,591		11.89	%	590,247		10.00	%	472,198		8.00	%
December 31, 2014
Renasant Corporation:
Tier 1 leverage ratio	$	521,124	9.53	%	$	273,289	5.00	%	$	218,631	4.00	%
Common equity tier 1 capital ratio	—		—	%	—		—	%	—		—	%
Tier 1 risk-based capital ratio	521,124		12.45	%	251,129		6.00	%	167,419		4.00	%
Total risk-based capital ratio	566,514		13.54	%	418,548		10.00	%	334,839		8.00	%
Renasant Bank:
Tier 1 leverage ratio	$	503,316	9.23	%	$	272,529	5.00	%	$	218,023	4.00	%
Common equity tier 1 capital ratio	—		—	%	—		—	%	—		—	%
Tier 1 risk-based capital ratio	503,316		12.06	%	250,381		6.00	%	166,921		4.00	%
Total risk-based capital ratio	548,124		13.14	%	417,302		10.00	%	333,841		8.00	%

In July 2013, the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency approved the implementation of the Basel III regulatory capital reforms and issued rules effecting certain changes required by the Dodd-Frank Act that call for broad and comprehensive revision of regulatory capital standards for U.S. banking organizations (the “Basel III Rules”). The Basel III Rules implemented a new common equity Tier 1 minimum capital requirement, a higher minimum Tier 1 capital requirement and other items that affected the calculation of the numerator of a banking organization’s risk-based capital ratios. Additionally, the Basel III Rules apply limits to a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not maintain a "capital conservation buffer," which is a specified amount of common equity Tier 1 capital in addition to the amount necessary to meet its minimum risk-based capital requirements.

The new common equity Tier 1 capital ratio includes common equity as defined under accounting principles generally accepted in the United States and does not include any other type of non-common equity under accounting principles generally accepted in the United States. Banks are now required to have common equity Tier 1 capital of 4.5% of average assets, Tier 1 capital of 6% of average assets, as compared to the current 4%, and total capital of 8% of risk-weighted assets to be categorized as adequately capitalized. The Basel III Rules require the phase-out of trust preferred securities as Tier 1 capital of bank holding companies of the Company’s size in equal installments over a defined period.

Further, the Basel III Rules changed the agencies’ general risk-based capital requirements for determining risk-weighted assets, which will affect the calculation of the denominator of a banking organization’s risk-based capital ratios. The Basel III Rules have revised the agencies’ rules for calculating risk-weighted assets to enhance risk sensitivity and will incorporate certain international capital standards of the Basel Committee on Banking Supervision set forth in the standardized approach of the “International Convergence of Capital Measurement and Capital Standards: A Revised Framework”.

62

The calculation of risk-weighted assets in the denominator of the Basel III capital ratios would be adjusted to reflect the higher risk nature of certain types of loans. Specifically, as applicable to the Company and the Bank:

— Residential mortgages: Replaces the current 50% risk weight for performing residential first-lien mortgages and a 100% risk-weight for all other mortgages with a risk weight of between 35% and 200% determined by the mortgage’s loan-to-value ratio and whether the mortgage falls into one of two categories based on eight criteria that include the term, use of negative amortization and balloon payments, certain rate increases and documented and verified borrower income.

— Commercial mortgages: Replaces the current 100% risk weight with a 150% risk weight for certain high volatility commercial real estate acquisition, development and construction loans.

— Nonperforming loans: Replaces the current 100% risk weight with a 150% risk weight for loans, other than residential mortgages, that are 90 days past due or on nonaccrual status.

Generally, the new Basel III Rules became effective on January 1, 2015, although parts of the Basel III Rules will be phased in through 2019. Management is reviewing the new rules to assess their impact on the Company.

SEC Form 10-K

A COPY OF THIS ANNUAL REPORT ON FORM 10-K, AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, MAY BE OBTAINED WITHOUT CHARGE BY DIRECTING A WRITTEN REQUEST TO: JOHN S. OXFORD, VICE PRESIDENT AND DIRECTOR OF EXTERNAL AFFAIRS, RENASANT CORPORATION, 209 TROY STREET, TUPELO, MISSISSIPPI, 38804-4827.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Please refer to the discussion found under the headings “Risk Management – Interest Rate Risk” and “Liquidity and Capital Resources” in Management’s Discussion and Analysis of Financial Condition and Results of Operations above for the disclosures required pursuant to this Item 7A.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The Consolidated Financial Statements of the Company meeting the requirements of Regulation S-X are included on the succeeding pages of this Item. All schedules have been omitted because they are not required or are not applicable.

63

RENASANT CORPORATION AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

Years Ended December 31, 2015, 2014 and 2013

CONTENTS

	Page
Report on Management’s Assessment of Internal Control over Financial Reporting	65
Reports of Independent Registered Public Accounting Firm	66
Consolidated Balance Sheets	68
Consolidated Statements of Income	69
Consolidated Statements of Comprehensive Income	70
Consolidated Statements of Changes in Shareholders’ Equity	71
Consolidated Statements of Cash Flows	72
Notes to Consolidated Financial Statements	73

64

Report on Management’s Assessment of Internal Control over Financial Reporting

Renasant Corporation (the “Company”) is responsible for the preparation, integrity and fair presentation of the consolidated financial statements included in this annual report. The consolidated financial statements and notes included in this annual report have been prepared in conformity with accounting principles generally accepted in the United States and necessarily include some amounts that are based on management’s best estimates and judgments.

Management of the Company is responsible for establishing and maintaining effective internal control over financial reporting designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. The Company’s internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

The system of internal control over financial reporting as it relates to the financial statements is evaluated for effectiveness by management and tested for reliability through a program of internal audits. Actions are taken to correct potential deficiencies as they are identified. Any system of internal control, no matter how well designed, has inherent limitations, including the possibility that a control can be circumvented or overridden, and misstatements due to error or fraud may occur and not be detected. Also, because of changes in conditions, internal control effectiveness may vary over time. Accordingly, even an effective system of internal control will provide only reasonable assurance with respect to financial statement preparation.

Management, with the participation of the Company’s principal executive officer and principal financial officer, conducted an assessment of the effectiveness of the Company’s system of internal control over financial reporting as of December 31, 2015, based on criteria for effective internal control over financial reporting described in the “Internal Control - Integrated Framework,” (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has concluded that, as of December 31, 2015, the Company’s system of internal control over financial reporting is effective and meets the criteria of the “Internal Control – Integrated Framework”. HORNE LLP, the Company’s independent registered public accounting firm that has audited the Company’s financial statements included in this annual report, has issued an attestation report on the Company’s internal control over financial reporting which is included herein.

E. Robinson McGraw	Kevin D. Chapman
Chairman and	Executive Vice President and
Chief Executive Officer	Chief Financial Officer
February 29, 2016

65

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders

Renasant Corporation

Tupelo, Mississippi

We have audited the accompanying consolidated balance sheets of Renasant Corporation and subsidiaries (the “Company”) as of December 31, 2015 and 2014, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2015. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2015 and 2014, and the results of its operations and cash flows for each of the three years in the period ended December 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control — Integrated Framework updated by the Committee of Sponsoring Organizations of the Treadway Commission in 2013, and our report dated February 29, 2016 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Memphis, Tennessee

February 29, 2016

66

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders

Renasant Corporation

Tupelo, Mississippi

We have audited Renasant Corporation and subsidiaries’ (the “Company”) internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control — Integrated Framework updated by the Committee of Sponsoring Organizations of the Treadway Commission in 2013. The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Report on Management’s Assessment of Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. A company’s internal control over financial reporting includes those policies and procedures that (a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (c) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control — Integrated Framework updated by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of the Company as of December 31, 2015 and 2014, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2015 and our report dated February 29, 2016 expressed an unqualified opinion.

Memphis, Tennessee

February 29, 2016

67

Renasant Corporation and Subsidiaries

Consolidated Balance Sheets

(In Thousands, Except Share Data)

	December 31,
	2015			2014
Assets
Cash and due from banks	$	177,007		$	95,793
Interest-bearing balances with banks	34,564			65,790
Cash and cash equivalents	211,571			161,583
Securities held to maturity (fair value of $473,753 and $442,488, respectively)	458,400			430,163
Securities available for sale, at fair value	646,805			553,584
Mortgage loans held for sale, at fair value	225,254			25,628
Loans, net of unearned income:
Acquired and covered by FDIC loss-share agreements (“covered loans”)	93,142			143,041
Acquired and non-covered by FDIC loss-share agreements (“acquired non-covered loans”)	1,489,886			577,347
Not acquired	3,830,434			3,267,486
Total loans, net of unearned income	5,413,462			3,987,874
Allowance for loan losses	(42,437		)	(42,289		)
Loans, net	5,371,025			3,945,585
Premises and equipment, net	169,128			113,735
Other real estate owned:
Covered by FDIC loss-share agreements	2,818			6,368
Not covered by FDIC loss-share agreements	32,584			28,104
Total other real estate owned, net	35,402			34,472
Goodwill	445,871			274,706
Other intangible assets, net	28,811			22,624
FDIC loss-share indemnification asset	7,149			12,516
Other assets	327,080			230,533
Total assets	$	7,926,496		$	5,805,129
Liabilities and shareholders’ equity
Liabilities
Deposits
Noninterest-bearing	$	1,278,337		$	919,872
Interest-bearing	4,940,265			3,918,546
Total deposits	6,218,602			4,838,418
Short-term borrowings	422,279			32,403
Long-term debt	148,217			156,422
Other liabilities	100,580			66,235
Total liabilities	6,889,678			5,093,478
Shareholders’ equity
Preferred stock, $.01 par value – 5,000,000 shares authorized; no shares issued and outstanding	—			—
Common stock, $5.00 par value – 75,000,000 shares authorized, 41,292,045 and 32,656,166 shares issued, respectively; 40,293,291 and 31,545,145 shares outstanding, respectively	206,460			163,281
Treasury stock, at cost	(22,385		)	(22,128		)
Additional paid-in capital	585,938			345,213
Retained earnings	276,340			232,883
Accumulated other comprehensive loss, net of taxes	(9,535		)	(7,598		)
Total shareholders’ equity	1,036,818			711,651
Total liabilities and shareholders’ equity	$	7,926,496		$	5,805,129

See Notes to Consolidated Financial Statements.

68

Renasant Corporation and Subsidiaries

Consolidated Statements of Income

(In Thousands, Except Share Data)

	Year Ended December 31,
	2015		2014		2013
Interest income
Loans	$	236,262	$	199,844	$	158,947
Securities
Taxable	17,026		17,096		13,397
Tax-exempt	9,520		9,073		8,012
Other	215		396		248
Total interest income	263,023		226,409		180,604
Interest expense
Deposits	13,715		16,216		17,118
Borrowings	7,950		7,711		6,353
Total interest expense	21,665		23,927		23,471
Net interest income	241,358		202,482		157,133
Provision for loan losses	4,750		6,167		10,350
Net interest income after provision for loan losses	236,608		196,315		146,783
Noninterest income
Service charges on deposit accounts	29,269		26,756		21,559
Fees and commissions	16,091		14,231		11,675
Insurance commissions	8,423		8,194		4,976
Wealth management revenue	9,808		8,545		7,574
Mortgage banking income	35,815		14,862		18,835
Net gains on sales of securities	96		375		54
BOLI income	3,612		2,985		4,085
Other	5,156		4,561		3,133
Total noninterest income	108,270		80,509		71,891
Noninterest expense
Salaries and employee benefits	145,111		115,108		98,780
Data processing	14,046		11,400		8,870
Net occupancy and equipment	26,987		20,252		16,957
Other real estate owned	3,045		4,593		6,966
Professional fees	4,384		4,485		5,540
Advertising and public relations	6,112		5,923		5,630
Intangible amortization	6,069		5,606		2,869
Communications	7,278		5,949		4,777
Merger-related expenses	11,614		694		6,027
Other	20,468		16,927		16,512
Total noninterest expense	245,114		190,937		172,928
Income before income taxes	99,764		85,887		45,746
Income taxes	31,750		26,305		12,259
Net income	$	68,014	$	59,582	$	33,487
Basic earnings per share	$	1.89	$	1.89	$	1.23
Diluted earnings per share	$	1.88	$	1.88	$	1.22
Cash dividends per common share	$	0.68	$	0.68	$	0.68

See Notes to Consolidated Financial Statements.

69

Renasant Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income

(In Thousands)

	Year Ended December 31,
	2015			2014			2013
Net income	$	68,014		$	59,582		$	33,487
Other comprehensive income, net of tax:
Securities available for sale:
Unrealized holding (losses) gains on securities	(351		)	7,731			(6,869		)
Reclassification adjustment for (gains) losses realized in net income	(59		)	(232		)	71
Amortization of unrealized holding gains on securities transferred to the held to maturity category	(110		)	(156		)	(215		)
Total securities available for sale	(520		)	7,343			(7,013		)
Derivative instruments:
Unrealized holding (losses) gains on derivative instruments	(249		)	(1,622		)	1,325
Reclassification adjustment for gains realized in net income	—			—			(125		)
Total derivative instruments	(249		)	(1,622		)	1,200
Defined benefit pension and post-retirement benefit plans:
Net (loss) gain arising during the period	(1,435		)	(1,529		)	1,957
Less amortization of net actuarial loss recognized in net periodic pension cost	267			183			384
Total defined benefit pension and post-retirement benefit plans	(1,168		)	(1,346		)	2,341
Other comprehensive (loss) income, net of tax	(1,937		)	4,375			(3,472		)
Comprehensive income	$	66,077		$	63,957		$	30,015

See Notes to Consolidated Financial Statements.

70

Renasant Corporation and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

(In Thousands, Except Share Data)

	Common Stock				Treasury Stock			Additional Paid-In Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss)
	Shares		Amount														Total
Balance at January 1, 2013	25,157,637		$	133,579	$	(25,626	)	$	218,128		$	180,628		$	(8,501	)	$	498,208
Net income											33,487						33,487
Changes in other comprehensive income (loss)														(3,472		)	(3,472		)
Comprehensive income																	30,015
Cash dividends ($0.68 per share)											(19,303		)				(19,303		)
Common stock issued in connection with an acquisition	6,175,576		29,702		4,074			121,748									155,524
Repurchase of shares in connection with an acquisition related to stock-based compensation awards	(59,342	)			(1,496		)										(1,496		)
Issuance of common stock for stock-based compensation awards	113,797				25			(130		)							(105		)
Stock-based compensation expense								2,806									2,806
Other, net											3						3
Balance at December 31, 2013	31,387,668		$	163,281	$	(23,023	)	$	342,552		$	194,815		$	(11,973	)	$	665,652
Net income											59,582						59,582
Changes in other comprehensive income (loss)														4,375			4,375
Comprehensive income																	63,957
Cash dividends ($0.68 per share)											(21,518		)				(21,518		)
Issuance of common stock for stock-based compensation awards	157,477				895			(1,248		)							(353		)
Stock-based compensation expense								3,909									3,909
Other, net											4						4
Balance at December 31, 2014	31,545,145		$	163,281	$	(22,128	)	$	345,213		$	232,883		$	(7,598	)	$	711,651
Net income											68,014						68,014
Changes in other comprehensive income (loss)														(1,937		)	(1,937		)
Comprehensive income																	66,077
Cash dividends ($0.68 per share)											(24,557		)				(24,557		)
Common stock issued in connection with the acquisition	8,635,879		43,179					238,351									281,530
Repurchase of shares in connection with acquisition related to stock-based compensation awards	(18,635	)			(608		)										(608		)
Issuance of common stock for stock-based compensation awards	130,902				351			(2,073		)							(1,722		)
Stock-based compensation expense								4,435									4,435
Other, net								12									12
Balance at December 31, 2015	40,293,291		$	206,460	$	(22,385	)	$	585,938		$	276,340		$	(9,535	)	$	1,036,818

See Notes to Consolidated Financial Statements.

71

Renasant Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(In Thousands, Except Share Data)

	Year Ended December 31,
	2015			2014			2013
Operating activities
Net income	$	68,014		$	59,582		$	33,487
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	4,750			6,167			10,350
Depreciation, amortization and accretion	5,953			8,104			9,096
Deferred income tax expense (benefit)	13,751			9,291			(285		)
Funding of mortgage loans held for sale	(1,483,937		)	(547,402		)	(619,526		)
Proceeds from sales of mortgage loans held for sale	1,647,648			563,808			625,749
Gains on sales of mortgage loans held for sale	(25,292		)	(8,594		)	(11,573		)
Gains on sales of securities	(96		)	(375		)	(54		)
Losses (gains) on sales of premises and equipment	105			(72		)	58
Stock-based compensation	4,435			3,909			2,806
Decrease in FDIC loss-share indemnification asset, net of accretion	4,409			14,399			26,308
Decrease in other assets	12,705			21,303			73,733
Increase (decrease) in other liabilities	180			(5,437		)	3,137
Net cash provided by operating activities	252,625			124,683			153,286
Investing activities
Purchases of securities available for sale	(72,114		)	(124,296		)	(163,146		)
Proceeds from sales of securities available for sale	8,444			1,099			9,015
Proceeds from call/maturities of securities available for sale	111,663			80,305			80,758
Purchases of securities held to maturity	(144,027		)	(155,868		)	(70,075		)
Proceeds from sales of securities held to maturity	—			—			4,459
Proceeds from call/maturities of securities held to maturity	145,449			136,013			112,283
Net increase in loans	(298,676		)	(120,787		)	(192,399		)
Purchases of premises and equipment	(25,165		)	(22,179		)	(8,050		)
Proceeds from sales of premises and equipment	2,219			2,911			—
Net cash received in acquisition	24,776			—			170,005
Net cash used in investing activities	(247,431		)	(202,802		)	(57,150		)
Financing activities
Net increase in noninterest-bearing deposits	79,342			63,852			652
Net (decrease) increase in interest-bearing deposits	(77,124		)	(67,346		)	54,009
Net increase (decrease) in short-term borrowings	375,220			30,120			(9,760		)
Proceeds from long-term debt	40			—			—
Repayment of long-term debt	(308,766		)	(13,557		)	(8,073		)
Cash paid for dividends	(24,557		)	(21,518		)	(19,303		)
Cash received on exercise of stock options	102			401			277
Excess tax benefits from exercise of stock options	537			1,102			290
Net cash provided by (used in) financing activities	44,794			(6,946		)	18,092
Net increase (decrease) in cash and cash equivalents	49,988			(85,065		)	114,228
Cash and cash equivalents at beginning of year	161,583			246,648			132,420
Cash and cash equivalents at end of year	$	211,571		$	161,583		$	246,648
Supplemental disclosures
Cash paid for interest	$	21,615		$	24,103		$	23,302
Cash paid for income taxes	$	18,610		$	17,503		$	12,771
Noncash transactions:
Transfers of loans to other real estate	$	14,935		$	15,692		$	13,747
Financed sales of other real estate owned	$	1,134		$	860		$	6,912

See Notes to Consolidated Financial Statements.

72

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note A – Significant Accounting Policies

(In Thousands, Except Share Data)

Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”) and Renasant Insurance, Inc. The Company offers a diversified range of financial, fiduciary and insurance services to its retail and commercial customers through its subsidiaries and full service offices located throughout north and central Mississippi, Tennessee, north and central Alabama, north Georgia and Florida.

Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Consolidation: In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic (“ASC”) 810, “Consolidation” (“ASC 810”), a company’s consolidated financial statements are required to include subsidiaries in which the company has a controlling financial interest. The accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. The Company is not the primary beneficiary of any variable interest entity as defined by ASC 810.

Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Securities: Debt securities are classified as held to maturity when purchased if management has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Securities not classified as held to maturity or trading are classified as available for sale. Presently, the Company has no intention of establishing a trading classification. Available for sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income within shareholders’ equity.

The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts. Such amortization and accretion is included in interest income from securities. Dividend income is included in interest income from securities. Realized gains and losses on sales of securities are reflected under the line item “Net gains on sales of securities” on the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method.

The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis in accordance with ASC 320, “Investments - Debt and Equity Securities.” Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. Impairment is considered to be other-than-temporary if the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or the security’s maturity. When impairment of an equity security is considered to be other-than-temporary, the security is written down to its fair value and an impairment loss is recorded as a loss within noninterest income in the Consolidated Statements of Income. When impairment of a debt security is considered to be other-than-temporary, the security is written down to its fair value. The amount of OTTI recorded as a loss within noninterest income depends on whether an entity intends to sell the debt security and whether it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis. If an entity intends to, or has decided to, sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, OTTI must be recognized in earnings in an amount equal to the entire difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the debt security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, OTTI is separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss is recognized in earnings and is calculated as the difference between the estimate of discounted future cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the estimate of the discounted future cash flows. The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of applicable taxes.

Furthermore, debt securities may be transferred to a nonaccrual status where the recognition of investment interest is discontinued. A number of qualitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the determination of whether the debt security should be transferred to nonaccrual status. The interest on these nonaccrual investment securities is accounted for on the cash-basis method until the debt security qualifies for return to accrual status. See Note C, “Securities,” for further details regarding the Company’s securities portfolio.

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Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note A – Significant Accounting Policies (continued)

Securities Sold Under Agreements to Repurchase: Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party.

Mortgage Loans Held for Sale: Mortgage loans held for sale represent residential mortgage loans held for sale. The Company has elected to carry these loans at fair value as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”). Mortgage loans held for sale are classified separately on the Consolidated Balance Sheets. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. These realized and unrealized gains and losses are classified under the line item “Mortgage banking income” on the Consolidated Statements of Income.

Loans and the Allowance for Loan Losses: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans. Renasant Bank defers certain nonrefundable loan origination fees as well as the direct costs of originating or acquiring loans. The deferred fees and costs are then amortized over the term of the note for all loans with payment schedules. Those loans with no payment schedule are amortized using the interest method. The amortization of these deferred fees is presented as an adjustment to the yield on loans. Interest income is accrued on the unpaid principal balance.

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial and construction loans above a minimum dollar amount threshold by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated collectively for impairment. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value.

Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days past due or have been placed on nonaccrual status are reported as nonperforming loans.

See Note D, “Loans and the Allowance for Loan Losses,” for disclosures regarding the Company’s past due and nonaccrual loans, impaired loans and restructured loans.

The allowance for loan losses is maintained at a level believed adequate by management to absorb probable credit losses inherent in the entire loan portfolio. The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including collective impairment as recognized under ASC 450, “Contingencies”. Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310, “Receivables” (“ASC 310”). The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Management and the internal loan review staff evaluate the adequacy of the allowance for loan losses quarterly. The allowance for loan losses is evaluated based on a continuing assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including its risk rating system,

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Notes to Consolidated Financial Statements

Note A – Significant Accounting Policies (continued)

regulatory guidance and economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is established through a provision for loan losses charged to earnings resulting from measurements of inherent credit risk in the loan portfolio and estimates of probable losses or impairments of individual loans. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

Business Combinations, Accounting for Acquired Loans and Related Assets: Business combinations are accounted for by applying the acquisition method in accordance with ASC 805, “Business Combinations” (“ASC 805”). Under the acquisition method, identifiable assets acquired and liabilities assumed and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. Acquisition costs incurred by the Company are expensed as incurred.

Loans acquired in business combinations with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit-impaired. Acquired credit-impaired loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality, in accordance with ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. Increases in expected cash flows to be collected on these loans are recognized as an adjustment of the loan’s yield over its remaining life, while decreases in expected cash flows are recognized as an impairment.

In connection with the acquisition of specified assets and assumption of specified liabilities of Crescent Bank and Trust (“Crescent”) in July 2010 and American Trust Bank (“American Trust”) in February 2011, the Bank entered into loss-share agreements with the Federal Deposits Insurance Corporation (“FDIC”). Furthermore, in connection with the acquisition of Heritage, the Bank entered into two loss-sharing agreements with the FDIC which covered Citizens Bank of Effingham (“Citizens”) and First Southern National Bank (“First Southern”). Acquired loans covered under loss-share agreements with the FDIC are recorded, as of their respective acquisition dates, at fair value. The fair value of these loans represents the expected discounted cash flows to be received over the lives of the loans, taking into account the Company’s estimate of future credit losses on the loans. These loans are initially excluded from the calculation of the allowance for loan losses because the fair value measurement incorporates an estimate of losses on acquired loans. The Company monitors future cash flows on these loans; to the extent future cash flows deteriorate below initial projections, the Company reserves for these loans in the allowance for loan losses through the provision for loan losses. The Company recorded a provision for loan losses of $62 and $722 on account of the loans covered under loss-share agreements during the years ended December 31, 2015 and 2014, respectively.

In these Notes to Consolidated Financial Statements, the Company refers to loans acquired and subject to the loss-share agreements as “covered loans” or “loans covered under loss-share agreements” and loans acquired that are not subject to the loss-share agreements as “acquired non-covered loans” or “loans not covered under loss-share agreements.”

As part of the loan portfolio and other real estate owned fair value estimation in connection with FDIC-assisted acquisitions, a FDIC loss-share indemnification asset is established, which represents the present value of the estimated losses on covered assets to be reimbursed by the FDIC. The estimated losses are based on the same cash flow estimates used in determining the fair value of the covered assets. The FDIC loss-share indemnification asset is reduced as losses are recognized on covered assets and loss-share payments are received from the FDIC. Realized losses in excess of estimates as of the date of the acquisition increase the FDIC loss-share indemnification asset. Conversely, when realized losses are less than these estimates, the portion of the FDIC loss-share indemnification asset no longer expected to result in a payment from the FDIC is amortized into interest income using the effective interest method.

75

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note A – Significant Accounting Policies (continued)

Changes in the FDIC loss-share indemnification asset were as follows:

	2015			2014
Balance at January 1	$	12,516		$	26,273
Additions through acquisition	2,673			—
Realized losses in excess of initial estimates on:
Loans	872			6,293
OREO	362			2,593
Reimbursable expenses	1,170			335
Amortization	(4,865		)	(9,195		)
Reimbursements received from the FDIC	(5,579		)	(13,783		)
Balance at December 31	$	7,149		$	12,516

Premises and Equipment: Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by use of the straight-line method for furniture, fixtures, equipment, autos and premises. The annual provisions for depreciation have been computed primarily using estimated lives of forty years for premises, seven years for furniture and equipment and three to five years for computer equipment and autos. Leasehold improvements are expensed over the period of the leases or the estimated useful life of the improvements, whichever is shorter.

Other Real Estate Owned: Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are initially recorded into other real estate at fair market value less cost to sell and are subsequently carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for loan losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included under the line item “Other real estate owned” in the Consolidated Statements of Income.

Mortgage Servicing Rights: The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights, included in “Other assets” on the Consolidated Balance Sheets, are recognized as a separate asset on the date the corresponding mortgage loan is sold. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, and other factors. Mortgage servicing rights were carried at amortized cost at December 31, 2015 and 2014, respectively. Impairment losses on mortgage servicing rights are recognized to the extent by which the unamortized cost exceeds fair value. No impairment losses on mortgage servicing rights were recognized in earnings for the years ended December 31, 2015, 2014 or 2013.

Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangibles with finite lives are amortized over their estimated useful lives. Goodwill and other intangible assets are subject to impairment testing annually or more frequently if events or circumstances indicate possible impairment. Goodwill is assigned to the Company’s reporting segments. Fair values of reporting segments are determined using either discounted cash flow analyses based on internal financial forecasts or, if available, market-based valuation multiples for comparable businesses. Other intangible assets, consisting of core deposit intangibles, are reviewed for events or circumstances which could impact the recoverability of the intangible asset, such as a loss of core deposits, increased competition or adverse changes in the economy. No impairment was identified for the Company’s goodwill or its other intangible assets as a result of the testing performed during 2015, 2014 or 2013.

Bank-Owned Life Insurance: Bank-owned life insurance (“BOLI”) is an institutionally-priced insurance product that is specifically designed for purchase by insured depository institutions. The Company has purchased such insurance policies on certain employees, with Renasant Bank being listed as the primary beneficiary. The carrying value of BOLI is recorded at the cash surrender value of the policies, net of any applicable surrender charges. The carrying value of BOLI included in the Consolidated Balance Sheets under the line item “Other assets” at December 31, 2015 and 2014 was $141,067 and $112,597, respectively. In connection with the acquisition of Heritage, the Company acquired BOLI with a cash surrender value of $25,297 at the acquisition date. Changes in the value of the cash surrender value of the policies are reflected under the line item “BOLI income” on the Consolidated Statements of Income.

76

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note A – Significant Accounting Policies (continued)

Insurance Agency Revenues: Renasant Insurance, Inc. is a full-service insurance agency offering all lines of commercial and personal insurance through major third-party insurance carriers. Commissions and fees are recognized when earned based on contractual terms and conditions of insurance policies with the insurance carriers. These commissions and fees are classified under the line item “Insurance commissions” on the Consolidated Statements of Income. Contingency fee income paid by the insurance carriers is recognized upon receipt and classified under the line item “Other noninterest income” on the Consolidated Statements of Income.

Trust and Financial Services Revenues: The Company offers trust services as well as various alternative investment products, including annuities and mutual funds. Trust revenues are recognized on the accrual basis in accordance with the contractual terms of the trust. Commissions and fees from the sale of annuities and mutual funds are recognized when earned based on contractual terms with the third party broker-dealer. These commissions and fees are classified under the line item “Wealth management revenue” on the Consolidated Statements of Income.

Income Taxes: Income taxes are accounted for under the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. It is the Company’s policy to recognize interest and penalties, if incurred, related to unrecognized tax benefits in income tax expense. The Company and its subsidiaries file a consolidated federal income tax return. Renasant Bank provides for income taxes on a separate-return basis and remits to the Company amounts determined to be currently payable.

Deferred income taxes, included in “Other assets” on the Consolidated Balance Sheets, reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes that the Company and its subsidiaries will realize a substantial majority of the deferred tax assets. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized through a charge to income tax expense.

Fair Value Measurements: ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). See Note R, “Fair Value Measurements,” for further details regarding the Company’s methods and assumptions used to estimate the fair values of the Company’s financial assets and liabilities.

Derivative Instruments and Hedging Activities: The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure. Derivative financial instruments are included in the Consolidated Balance Sheets line item “Other assets” or “Other liabilities” at fair value in accordance with ASC 815, “Derivatives and Hedging.”

Cash flow hedges are utilized to mitigate the exposure to variability in expected future cash flows or other types of forecasted transactions. For the Company’s derivatives designated as cash flow hedges, changes in the fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method.

The Company also utilizes derivative instruments that are not designated as hedging instruments. The Company enters into interest rate cap and/or floor agreements with its customers and then enters into an offsetting derivative contract position with other financial institutions to mitigate the interest rate risk associated with these customer contracts. Because these derivative instruments are not designated as hedging instruments, changes in the fair value of the derivative instruments are recognized currently in earnings.

The Company enters into interest rate lock commitments on certain residential mortgage loans with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate mortgage loans. Under such commitments, interest rates for a mortgage loan are typically locked in for up to forty-five days with the customer. These interest rate lock commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of the commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income.

The Company utilizes two methods to deliver mortgage loans to be sold to an investor. Under a “best efforts” sales agreement, the Company enters into a sales agreement with an investor in the secondary market to sell the loan when an interest rate lock

77

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note A – Significant Accounting Policies (continued)

commitment is entered into with a customer, as described above. Under a “best efforts” sales agreement, the Company is obligated to sell the mortgage loan to the investor only if the loan is closed and funded. Thus, the Company will not incur any liability to an investor if the mortgage loan commitment in the pipeline fails to close. Under a mandatory delivery sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor should the Company fail to satisfy the contract. Mandatory delivery mortgage loan commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of these commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income.

Treasury Stock: Treasury stock is recorded at cost. Shares held in treasury are not retired.

Retirement Plans: The Company sponsors a noncontributory pension plan and provides retiree heath care benefits for certain employees. Our independent actuary firm prepares actuarial valuations of our pension cost and obligation under ASC 715, “Compensation – Retirement Benefits” ("ASC 715") using assumptions and estimates derived in accordance with the guidance set forth in ASC 715. Expense related to the plans is included under the line item "Salaries and employee benefits" on the Consolidated Statements of Income. Actuarial gains and losses are recognized in accumulated other comprehensive income, net of tax, until they are amortized as a component of plan expense.

Stock-Based Compensation: Compensation expense for option grants and restricted stock awards is determined based on the estimated fair value of the stock options and restricted stock on the applicable grant or award date. Further, compensation expense is based on an estimate of the number of option grants expected to vest and is recognized over the option’s vesting period. The Company did not estimate any option forfeitures for 2015, 2014 or 2013 due to the low historical forfeiture rate. Expense associated with the Company’s stock-based compensation is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. The Company recognizes compensation expense for all share-based payments to employees in accordance with ASC 718, “Compensation – Stock Compensation.” See Note N, “Employee Benefit and Deferred Compensation Plans,” for further details regarding the Company’s stock-based compensation.

Earnings Per Common Share: Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution assuming outstanding stock options were exercised into common shares, calculated in accordance with the treasury stock method. See Note W, “Net Income Per Common Share,” for the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations.

Subsequent Events: The Company has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred through the date of issuance of its financial statements, and has determined that no significant events occurred after December 31, 2015 but prior to the issuance of these financial statements that would have a material impact on its Consolidated Financial Statements.

Impact of Recently-Issued Accounting Standards and Pronouncements:

In January 2015, the FASB issued ASU 2015-01, “Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) –Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.”ASU 2015-01 eliminates from GAAP the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. ASU 2015-01 is effective for interim and annual periods beginning after December 15, 2015. ASU 2015-01 is not expected to have a significant impact on the Company’s financial position, results of operations, or its financial statement disclosures.

In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which amends the consolidation requirements of ASU 810 by changing the consolidation analysis required under GAAP. The revised guidance amends the consolidation analysis based on certain fee arrangements or relationships to the reporting entity and, for limited partnerships, requires entities to consider the limited partner’s rights relative to the general partner. ASU 2015-02 is effective for annual and interim periods beginning after December 15, 2015. ASU 2015-02 is not expected to have a significant impact on the Company’s financial position, results of operations, or its financial statement disclosures.

In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. In August 2015, the FASB issued ASU 2015-15 to clarify the Securities and Exchange Commission (“SEC”) staff’s position on presenting and measuring

78

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note A – Significant Accounting Policies (continued)

debt issue costs related to line-of-credit arrangements. ASU 2015-03 and ASU 2015-15 are effective for interim and annual periods beginning after December 15, 2015. ASU 2015-03 and ASU 2015-15 are not expected to have a significant impact on the Company’s financial position, results of operations, or its financial statement disclosures.

In September 2015, the FASB issued ASU 2015-16 “Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 requires entities to recognize measurement period adjustments during the reporting period in which the adjustments are determined. The income effects, if any, of a measurement period adjustment are cumulative and are to be reported in the period in which the adjustment to a provisional amount is determined. Also, ASU 2015-16 requires presentation on the face of the income statement or in the notes the effect of the measurement period adjustment as if the adjustment had been recognized at acquisition date. ASU 2015-16 is effective for fiscal periods beginning after December 15, 2016 and should be applied prospectively to measurement period adjustments that occur after the effective date. The Company is evaluating the impact that ASU 2015-16 will have on its financial position, results of operations, and its financial statement disclosures.

In November 2015, the FASB issued ASU 2015-17 “Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 requires all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for fiscal periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is evaluating the impact that ASU 2015-17.

In January 2016, FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 revises the accounting for the classification and measurement of investments in equity securities and revises the presentation of certain fair value changes for financial liabilities measured at fair value. For equity securities, the guidance in ASU 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires presenting, in other comprehensive income, the change in fair value that relates to a change in instrument-specific credit risk. ASU 2016-01 also eliminates the disclosure assumptions used to estimate fair value for financial instruments measured at amortized cost and requires disclosure of an exit price notion in determining the fair value of financial instruments measured at amortized cost. ASU 2016-01 is effective for interim and annual periods beginning after December 15, 2017. The Company is evaluating the impact, if any, that ASU 2016-01 will have on its financial position, results of operations, and its financial statement disclosures.

In February 2016, FASB issued ASU 2016-02, “Leases (Topic 842)”.  ASU 2016-02 amends the accounting model and disclosure requirements for leases.  The current accounting model for leases distinguishes between capital leases, which are recognized on-balance sheet, and operating leases, which are not.  Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under current U.S. GAAP, and operating leases.  Further, a lessee will recognize a lease liability and a right-of-use asset for all leases with a term greater than 12 months on its balance sheet regardless of the lease’s classification, which may significantly increase reported assets and liabilities.  The accounting model and disclosure requirements for lessors remains substantially unchanged from current U.S. GAAP.  ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018.   The Company is evaluating the impact ASU 2016-02 will have on its financial position, results of operations, and other financial disclosures.

Proposed Accounting Pronouncements – In December 2012, the FASB announced a project related to the impairment of financial instruments in an effort to provide new guidance that would significantly change how entities measure and recognize credit impairment for certain financial assets. While completion of the project and related guidance is still pending, it is anticipated that new guidance will replace the current incurred loss model that is utilized in estimating the allowance for loan and lease losses with a model that requires management to estimate all contractual cash flows that are not expected to be collected over the life of the loan. The FASB describes this revised model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The proposed scope of FASB’s CECL model would include loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. The final issuance date and the implementation date of the CECL guidance is currently pending, and the Company will continue to monitor FASB’s progress on this topic.

79

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note B – Mergers and Acquisitions

(Dollar amounts in thousands)

Definitive merger agreement with KeyWorth Bank

On October 20, 2015, the Company and KeyWorth Bank (“KeyWorth”), a Georgia state bank headquartered in Atlanta, Georgia, jointly announced the signing of a definitive merger agreement pursuant to which the Company will acquire KeyWorth in an all-stock merger in a transaction valued at approximately $58,700 as of the announcement date. Under the terms of the agreement, KeyWorth will be merged with and into Renasant Bank, with Renasant Bank continuing as the surviving institution in the Merger.

According to the terms of the merger agreement, each KeyWorth common shareholder will have the right to receive 0.4494 shares of Renasant common stock for each share of KeyWorth common stock, and the merger is expected to qualify as a tax-free reorganization for KeyWorth shareholders.

KeyWorth operates six offices in the Atlanta metropolitan area and as of December 31, 2015, had approximately $407,782 in total assets, which included approximately $252,092 in total loans, and approximately $355,117 in total deposits.

The acquisition is expected to close in the second quarter of 2016 and is subject to KeyWorth shareholder approval and other customary conditions set forth in the merger agreement.

Acquisition of Heritage Financial Group, Inc.

Effective July 1, 2015, the Company completed its acquisition by merger with Heritage Financial Group, Inc. (“Heritage”) in a transaction valued at $295,380. The Company issued 8,635,879 shares of common stock and paid $5,915 to Heritage stock option holders for 100% of the voting equity interest in Heritage. At closing, Heritage merged with and into the Company, with the Company surviving the merger. On the same date, HeritageBank of the South, Heritage’s wholly-owned subsidiary (“HeritageBank”), was merged into Renasant Bank. On July 1, 2015, Heritage operated 48 banking, mortgage and investment offices in Alabama, Georgia and Florida.

The Company recorded approximately $183,438 in intangible assets which consist of goodwill of $171,182 and a core deposit intangible of $12,256. Goodwill resulted from a combination of revenue enhancements from expansion into new markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes.

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Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note B - Mergers and Acquisitions (continued)

The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s acquisition of Heritage based on their fair values on July 1, 2015. The Company is finalizing the fair value of certain assets and liabilities. As a result, the adjustments included in the following table are preliminary and may change.

Purchase Price:
Shares issued to common shareholders	8,635,879
Fair value of common stock on date of issuance	$	32.60
Value of stock paid				$	281,530
Cash paid for fractional shares				26
Cash settlement for stock options				5,915
Deal charges paid on behalf of Heritage				7,909
Total Purchase Price				$	295,380
Net Assets Acquired:
Stockholders’ equity at acquisition date	$	160,652
Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed:
Securities	(1,401		)
Mortgage loans held for sale	(2,640		)
Loans, net of Heritage’s allowance for loan losses	(15,524		)
Fixed assets	(7,169		)
Intangible assets, net of Heritage’s existing core deposit intangible	18,193
Other real estate owned	1,390
FDIC loss-share indemnification asset	(15,247		)
Other assets	3,182
Deposits	(3,776		)
Other liabilities	(2,882		)
Deferred income taxes	(10,580		)
Total Net Assets Acquired				124,198
Goodwill resulting from merger(1)				$	171,182

⁽¹⁾The goodwill resulting from the merger has been assigned to the Community Banks operating segment.

81

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note B - Mergers and Acquisitions (continued)

The following table summarizes the fair value of assets acquired and liabilities assumed at acquisition date in connection with the merger with Heritage. The Company is finalizing the fair value of certain assets and liabilities. As a result, the adjustments included in the following table are preliminary and may change.

Cash and cash equivalents	$	38,626
Securities	177,849
Loans, including mortgage loans held for sale, net of unearned income	1,460,242
Premises and equipment	42,164
Other real estate owned	9,972
Intangible assets	183,438
Other assets	102,591
Total assets	2,014,882
Deposits	1,375,354
Borrowings	314,656
Other liabilities	29,492
Total liabilities	1,719,502

The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the twelve months ended December 31, 2015 and 2014 of the Company as though the merger with Heritage had been completed as of January 1, 2014. The unaudited estimated pro forma information combines the historical consolidated results of Heritage with the Company’s historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2014. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred.

	Twelve Months Ended
	December 31,
	2015		2014
Interest income	$	301,226	$	305,868
Interest expense	21,858		29,575
Net interest income	279,368		276,293
Provision for loan and lease losses	5,050		7,736
Noninterest income	135,379		107,218
Noninterest expense	309,803		270,868
Income before income taxes	99,894		104,907
Income taxes	31,772		32,723
Net income	$	68,122	$	72,184
Earnings per share:
Basic	$	1.69	$	1.80
Diluted	$	1.68	$	1.79

The Company’s consolidated financial statements as of and for the year ended December 31, 2015 include the impact of Heritage’s operations since the acquisition date. Due to the system conversion during the third quarter of 2015 and the integration of Heritage’s operating activities into the Company’s existing operations, historical reporting for Heritage operations is impracticable, and, therefore, disclosure of the amounts of revenue and expenses of Heritage included in the Company’s Consolidated Statement of Income since the acquisition date is impracticable.

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Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note B - Mergers and Acquisitions (continued)

Acquisition of First M&F Corporation

On September 1, 2013, the Company completed its acquisition by merger of First M&F Corporation (“First M&F”), a bank holding company headquartered in Kosciusko, Mississippi, and the parent of Merchants and Farmers Bank, a Mississippi banking corporation. On the same date, Merchants and Farmers Bank was merged into Renasant Bank. On August 31, 2013, First M&F operated 43 banking and insurance locations in Mississippi, Alabama and Tennessee. The Company issued 6,175,576 shares of its common stock for 100% of the voting equity interests in First M&F. The aggregate transaction value, including the dilutive impact of First M&F’s stock based compensation assumed by the Company, was $156,845.

The Company recorded approximately $115,159 in intangible assets which consist of goodwill of $90,127 and core deposit intangible of $25,032. Goodwill resulted from a combination of revenue enhancements from expansion into new markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes.

The Company assumed $30,928 in fixed/floating rate junior subordinated deferrable interest debentures payable to First M&F Statutory Trust I that mature in March 2036. The acquired subordinated debentures require interest to be paid quarterly at a rate of 90-day LIBOR plus 1.33%. The fair value adjustment on the junior subordinated debentures of $12,371 is being amortized on a straight line basis over the remaining life.

Note C – Securities

(In Thousands, Except Number of Securities)

The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2015
Obligations of other U.S. Government agencies and corporations	$	101,155	$	26	$	(1,214	)	$	99,967
Obligations of states and political subdivisions	357,245		16,636		(95		)	373,786
	$	458,400	$	16,662	$	(1,309	)	$	473,753
December 31, 2014
Obligations of other U.S. Government agencies and corporations	$	125,081	$	10	$	(2,915	)	$	122,176
Obligations of states and political subdivisions	305,082		15,428		(198		)	320,312
	$	430,163	$	15,438	$	(3,113	)	$	442,488

In light of the ongoing fiscal uncertainty in state and local governments, the Company analyzes its exposure to potential losses in its security portfolio on at least a quarterly basis. Management reviews the underlying credit rating and analyzes the financial condition of the respective issuers. Based on this analysis, the Company sold certain securities representing obligations of state and political subdivisions that were classified as held to maturity during 2013. The securities sold showed significant credit deterioration in that an analysis of the financial condition of the respective issuers showed the issuers were operating at net deficits with little to no financial cushion to offset future contingencies. The securities sold in 2013 had carrying values of $4,290, and the Company recognized a net gain of $169 on the sales during the year ended December 31, 2013. No securities classified as held to maturity were sold during the years ended December 31, 2015 or December 31, 2014.

83

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note C - Securities (continued)

The amortized cost and fair value of securities available for sale were as follows as of the dates presented:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2015
Obligations of other U.S. Government agencies and corporations	$	6,093	$	126	$	(19	)	$	6,200
Residential mortgage backed securities:
Government agency mortgage backed securities	362,669		3,649		(1,778		)	364,540
Government agency collateralized mortgage obligations	168,916		1,449		(2,305		)	168,060
Commercial mortgage backed securities:
Government agency mortgage backed securities	58,864		1,002		(107		)	59,759
Government agency collateralized mortgage obligations	4,947		158		(1		)	5,104
Trust preferred securities	24,770		—		(5,301		)	19,469
Other debt securities	18,899		468		(34		)	19,333
Other equity securities	2,500		1,840		—			4,340
	$	647,658	$	8,692	$	(9,545	)	$	646,805

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2014
Obligations of other U.S. Government agencies and corporations	$	6,119	$	147	$	(119	)	$	6,147
Residential mortgage backed securities:
Government agency mortgage backed securities	292,283		4,908		(832		)	296,359
Government agency collateralized mortgage obligations	158,436		1,523		(2,523		)	157,436
Commercial mortgage backed securities:
Government agency mortgage backed securities	45,714		1,608		(137		)	47,185
Government agency collateralized mortgage obligations	4,970		202		—			5,172
Trust preferred securities	26,400		137		(6,781		)	19,756
Other debt securities	17,517		487		(74		)	17,930
Other equity securities	2,331		1,268		—			3,599
	$	553,770	$	10,280	$	(10,466	)	$	553,584

During the year ended December 31, 2015, the Company sold its pooled trust preferred security XIII with a carrying value of $1,117 at the time of sale for net proceeds of $1,213 resulting in a gain of $96. Furthermore, the Company sold certain investments acquired from Heritage shortly after acquisition with an aggregate carrying value of $7,231 at the time of sale for net proceeds of $7,231, resulting in no gain or loss on the sale. During the same period in 2014 and 2013, the Company sold securities with a carrying value at the time of sale of $724 and $9,130, respectively, for net proceeds of $1,099 and $9,015, respectively, resulting in a gain of $375 and a loss of $115, respectively.

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Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note C - Securities (continued)

Gross realized gains and gross realized losses on sales of securities available for sale for the years 2015, 2014 and 2013 were as follows:

	Year Ended December 31,
	2015		2014		2013
Gross gains on sales of securities available for sale	$	96	$	375	$	—
Gross losses on sales of securities available for sale	—		—		(115		)
Gain/(loss) on sales of securities available for sale, net	$	96	$	375	$	(115	)

At December 31, 2015 and 2014, securities with a carrying value of approximately $679,492 and $617,189, respectively, were pledged to secure government, public, trust, and other deposits. Securities with a carrying value of $39,275 and $16,410 were pledged as collateral for short-term borrowings and derivative instruments at December 31, 2015 and 2014, respectively.

The amortized cost and fair value of securities at December 31, 2015 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	17,073	$	17,255	$	—	$	—
Due after one year through five years	96,728		98,992		6,093		6,200
Due after five years through ten years	214,256		219,865		—		—
Due after ten years	130,343		137,641		24,770		19,469
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—		362,669		364,540
Government agency collateralized mortgage obligations	—		—		168,916		168,060
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—		58,864		59,759
Government agency collateralized mortgage obligations	—		—		4,947		5,104
Other debt securities	—		—		18,899		19,333
Other equity securities	—		—		2,500		4,340
	$	458,400	$	473,753	$	647,658	$	646,805

85

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note C - Securities (continued)

The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position as of the dates presented:

	Less than 12 Months						12 Months or More						Total
	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Held to Maturity:
December 31, 2015
Obligations of other U.S. Government agencies and corporations	10	$	31,567	$	(414	)	8	$	38,688	$	(800	)	18	$	70,255	$	(1,214	)
Obligations of states and political subdivisions	6	4,815		(53		)	7	4,921		(42		)	13	9,736		(95		)
Total	16	$	36,382	$	(467	)	15	$	43,609	$	(842	)	31	$	79,991	$	(1,309	)
December 31, 2014
Obligations of other U.S. Government agencies and corporations	2	$	1,000	$	(1	)	26	$	119,174	$	(2,914	)	28	$	120,174	$	(2,915	)
Obligations of states and political subdivisions	3	3,353		(29		)	16	10,052		(169		)	19	13,405		(198		)
Total	5	$	4,353	$	(30	)	42	$	129,226	$	(3,083	)	47	$	133,579	$	(3,113	)

86

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note C - Securities (continued)

	Less than 12 Months						12 Months or More						Total
	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Available for Sale:
December 31, 2015
Obligations of other U.S. Government agencies and corporations	1	$	3,981	$	(19	)	0	$	—	$	—		1	$	3,981	$	(19	)
Residential mortgage backed securities:
Government agency mortgage backed securities	34	130,306		(937		)	9	27,431		(841		)	43	157,737		(1,778		)
Government agency collateralized mortgage obligations	25	52,128		(347		)	16	51,574		(1,958		)	41	103,702		(2,305		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	8	16,782		(104		)	1	814		(3		)	9	17,596		(107		)
Government agency collateralized mortgage obligations	1	1,882		(1		)	0	—		—			1	1,882		(1		)
Trust preferred securities	0	—		—			3	19,469		(5,301		)	3	19,469		(5,301		)
Other debt securities	1	1,316		(3		)	2	3,866		(31		)	3	5,182		(34		)
Other equity securities	0	—		—			0	—		—			0	—		—
Total	70	$	206,395	$	(1,411	)	31	$	103,154	$	(8,134	)	101	$	309,549	$	(9,545	)
December 31, 2014
Obligations of other U.S. Government agencies and corporations	0	$	—	$	—		1	$	3,881	$	(119	)	1	$	3,881	$	(119	)
Residential mortgage backed securities:
Government agency mortgage backed securities	3	18,924		(39		)	13	49,612		(793		)	16	68,536		(832		)
Government agency collateralized mortgage obligations	6	32,169		(138		)	18	65,552		(2,385		)	24	97,721		(2,523		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	0	—		—			3	10,651		(137		)	3	10,651		(137		)
Government agency collateralized mortgage obligations	0	—		—			0	—		—			0	—		—
Trust preferred securities	0	—		—			3	18,503		(6,781		)	3	18,503		(6,781		)
Other debt securities	0	—		—			2	4,175		(74		)	2	4,175		(74		)
Other equity securities	0	—		—			0	—		—			0	—		—
Total	9	$	51,093	$	(177	)	40	$	152,374	$	(10,289	)	49	$	203,467	$	(10,466	)

The Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period greater than twelve months, the Company has experienced an overall improvement in the fair value of its investment portfolio and is collecting principal and interest payments from the respective issuers as scheduled. As such, the Company did not record any other-than-temporary impairment for the years ended December 31, 2015 or 2014.

The Company holds investments in pooled trust preferred securities that had a cost basis of $24,770 and $26,400 and a fair value of $19,469 and $19,756 at December 31, 2015 and 2014, respectively. The investments in pooled trust preferred securities consist of three securities representing interests in various tranches of trusts collateralized by debt issued by over 250 financial institutions. Management’s determination of the fair value of each of its holdings in pooled trust preferred securities is based on the current credit ratings, the known deferrals and defaults by the underlying issuing financial institutions and the degree to which future deferrals and defaults would be required to occur before the cash flow for the Company’s tranches is negatively impacted. In addition, management continually monitors key credit quality and capital ratios of the issuing institutions. This determination is further supported by quarterly valuations, which are performed by third parties, of each security obtained by the Company. The Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments, before recovery of the investments’ amortized cost, which may be at maturity. At December 31, 2015, management

87

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note C - Securities (continued)

did not, and does not currently, believe such securities will be settled at a price less than the amortized cost of the investment, but the Company previously concluded that it was probable that there had been an adverse change in estimated cash flows for all three trust preferred securities and recognized credit related impairment losses on these securities in 2010 and 2011. For the years ended December 31, 2015, 2014, and 2013, the Company determined the pooled trust preferred securities and their estimated cash flow were fairly valued, and no additional impairment was recognized during these periods.

The Company’s analysis of the pooled trust preferred securities during the second quarter of 2015 supported a return to accrual status for one of the three securities (XXVI). During the second quarter of 2014, the Company’s analysis supported a return to accrual status for one of the other securities (XXIII). An observed history of principal and interest payments combined with improved qualitative and quantitative factors described above justified the accrual of interest on these securities. However, the remaining security (XXIV) is still in “payment in kind” status where interest payments are not expected until a future date and therefore, the qualitative and quantitative factors described above do not justify a return to accrual status at this time. As a result, pooled trust preferred security XXIV remains classified as a nonaccruing asset at December 31, 2015, and investment interest is recorded on the cash-basis method until qualifying for return to accrual status.

The following table provides information regarding the Company’s investments in pooled trust preferred securities at December 31, 2015:

Name	Single/ Pooled	Class/ Tranche	Amortized Cost		Fair Value		Unrealized Gain (Loss)			Lowest Credit Rating	Issuers Currently in Deferral or Default
XXIII	Pooled	B-2	$	8,473	$	5,950	$	(2,523	)	Baa3	19%
XXIV	Pooled	B-2	12,076		10,449		(1,627		)	Caa2	28%
XXVI	Pooled	B-2	4,221		3,070		(1,151		)	Ba3	25%
			$	24,770	$	19,469	$	(5,301	)

The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income:

	2015			2014
Balance at January 1	$	(3,337	)	$	(3,337	)
Additions related to credit losses for which OTTI was not previously recognized	—			—
Increases in credit loss for which OTTI was previously recognized	—			—
Balance at December 31	$	(3,337	)	$	(3,337	)

Note D – Loans and the Allowance for Loan Losses

(In Thousands, Except Number of Loans)

The following is a summary of loans at December 31:

	2015			2014
Commercial, financial, agricultural	$	636,837		$	483,283
Lease financing	35,978			10,427
Real estate – construction	357,665			212,061
Real estate – 1-4 family mortgage	1,735,323			1,236,360
Real estate – commercial mortgage	2,533,729			1,956,914
Installment loans to individuals	115,093			89,142
Gross loans	5,414,625			3,988,187
Unearned income	(1,163		)	(313		)
Loans, net of unearned income	5,413,462			3,987,874
Allowance for loan losses	(42,437		)	(42,289		)
Net loans	$	5,371,025		$	3,945,585

88

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note D – Loans and the Allowance for Loan Losses (continued)

Past Due and Nonaccrual Loans

The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:

	Accruing Loans										Nonaccruing Loans
	30-89 Days Past Due		90 Days or More Past Due		Current Loans			Total Loans			30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		Total Loans
December 31, 2015
Commercial, financial, agricultural	$	1,296	$	1,077	$	634,037		$	636,410		$	30	$	133	$	264	$	427	$	636,837
Lease financing	—		—		35,978			35,978			—		—		—		—		35,978
Real estate – construction	69		176		357,420			357,665			—		—		—		—		357,665
Real estate – 1-4 family mortgage	9,196		6,457		1,707,230			1,722,883			528		3,663		8,249		12,440		1,735,323
Real estate – commercial mortgage	4,849		8,581		2,504,192			2,517,622			568		2,263		13,276		16,107		2,533,729
Installment loans to individuals	260		102		114,671			115,033			—		53		7		60		115,093
Unearned income	—		—		(1,163		)	(1,163		)	—		—		—		—		(1,163		)
Total	$	15,670	$	16,393	$	5,352,365		$	5,384,428		$	1,126	$	6,112	$	21,796	$	29,034	$	5,413,462
December 31, 2014
Commercial, financial, agricultural	$	1,113	$	636	$	480,332		$	482,081		$	16	$	820	$	366	$	1,202	$	483,283
Lease financing	462		—		9,965			10,427			—		—		—		—		10,427
Real estate – construction	—		37		211,860			211,897			—		164		—		164		212,061
Real estate – 1-4 family mortgage	8,398		2,382		1,212,214			1,222,994			355		4,604		8,407		13,366		1,236,360
Real estate – commercial mortgage	6,924		7,637		1,912,758			1,927,319			1,826		16,928		10,841		29,595		1,956,914
Installment loans to individuals	269		21		88,782			89,072			—		59		11		70		89,142
Unearned income	—		—		(313		)	(313		)	—		—		—		—		(313		)
Total	$	17,166	$	10,713	$	3,915,598		$	3,943,477		$	2,197	$	22,575	$	19,625	$	44,397	$	3,987,874

Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were two restructured loans totaling $314 that were contractually 90 days past due or more and still accruing at December 31, 2015. There were no restructured loans contractually 90 days past due or more and still accruing at December 31, 2014. The outstanding balance of restructured loans on nonaccrual status was $13,517 and $11,392 at December 31, 2015 and 2014, respectively.

89

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note D – Loans and the Allowance for Loan Losses (continued)

Impaired Loans

Impaired loans recognized in conformity with ASC 310, segregated by class, were as follows as of the dates and periods presented:

	As of December 31, 2015						Year Ended December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	5,555	$	6,242	$	359	$	5,300	$	229
Lease financing	—		—		—		—		—
Real estate – construction	2,698		2,710		20		899		78
Real estate – 1-4 family mortgage	32,352		34,195		4,731		32,961		1,193
Real estate – commercial mortgage	70,580		78,119		4,195		74,830		3,155
Installment loans to individuals	491		784		1		491		15
Total	$	111,676	$	122,050	$	9,306	$	114,481	$	4,670
With no related allowance recorded:
Commercial, financial, agricultural	$	12	$	1,140	$	—	$	93	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	6,019		8,707		—		7,055		28
Real estate – commercial mortgage	4,998		7,689		—		5,744		115
Installment loans to individuals	7		16		—		18		—
Total	$	11,036	$	17,552	$	—	$	12,910	$	143
Totals	$	122,712	$	139,602	$	9,306	$	127,391	$	4,813

	As of December 31, 2014						Year Ended December 31, 2014
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	7,214	$	7,718	$	285	$	7,025	$	319
Lease financing	—		—		—		—		—
Real estate – construction	164		164		—		155		—
Real estate – 1-4 family mortgage	30,805		33,901		5,066		32,697		1,468
Real estate – commercial mortgage	81,257		104,404		6,629		89,939		4,338
Installment loans to individuals	560		853		1		598		35
Total	$	120,000	$	147,040	$	11,981	$	130,414	$	6,160
With no related allowance recorded:
Commercial, financial, agricultural	$	249	$	2,364	$	—	$	1,428	$	80
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	5,886		9,191		—		8,222		194
Real estate – commercial mortgage	16,032		26,344		—		24,381		913
Installment loans to individuals	17		48		—		56		1
Total	$	22,184	$	37,947	$	—	$	34,087	$	1,188
Totals	$	142,184	$	184,987	$	11,981	$	164,501	$	7,348

90

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note D – Loans and the Allowance for Loan Losses (continued)

The average recorded investment in impaired loans for the year ended December 31, 2013 was $123,756. Interest income recognized on impaired loans for the year ended December 31, 2013 was $1,820.

Restructured Loans

The following table presents restructured loans segregated by class as of the dates presented:

	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
December 31, 2015
Commercial, financial, agricultural	1	$	257	$	257
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	63	6,588		5,778
Real estate – commercial mortgage	21	9,023		7,351
Installment loans to individuals	1	67		67
Total	86	$	15,935	$	13,453
December 31, 2014
Commercial, financial, agricultural	2	$	507	$	507
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	35	5,212		4,567
Real estate – commercial mortgage	16	10,590		9,263
Installment loans to individuals	—	—		—
Total	53	$	16,309	$	14,337

91

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note D – Loans and the Allowance for Loan Losses (continued)

Changes in the Company’s restructured loans are set forth in the table below.

	Number of Loans		Recorded Investment
Totals at January 1, 2013	41		$	21,478
Additional loans with concessions	25		3,554
Reductions due to:
Reclassified as nonperforming	(5	)	(3,196		)
Paid in full	(6	)	(6,659		)
Charge-offs	(2	)	(191		)
Transfer to other real estate owned	—		—
Principal paydowns			(649		)
Lapse of concession period	—		—
Totals at December 31, 2014	53		$	14,337
Additional loans with concessions	63		13,418
Reductions due to:
Reclassified as nonperforming	(7	)	(3,145		)
Paid in full	(21	)	(8,127		)
Charge-offs	(1	)	(56		)
Transfer to other real estate owned	—		—
Principal paydowns	—		(751		)
Lapse of concession period	—		—
TDR reclassified as performing loan	(1	)	$	(2,223	)
Totals at December 31, 2015	86		$	13,453

The allocated allowance for loan losses attributable to restructured loans was $979 and $1,547 at December 31, 2015 and 2014, respectively. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2015 and six thousand dollars in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2014.

Credit Quality

For commercial and commercial real estate secured loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of commercial and commercial real estate secured loans. Loan grades range between 1 and 9, with 1 being loans with the least credit risk. Loans that migrate toward the “Pass” grade (those with a risk rating between 1 and 4) or within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor. The “Watch” grade (those with a risk rating of 5) is utilized on a temporary basis for “Pass” grade loans where a significant risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 6 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:

92

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note D – Loans and the Allowance for Loan Losses (continued)

	Pass		Watch		Substandard		Total
December 31, 2015
Commercial, financial, agricultural	$	465,185	$	8,498	$	1,734	$	475,417
Real estate – construction	273,398		483		—		273,881
Real estate – 1-4 family mortgage	275,269		9,712		15,460		300,441
Real estate – commercial mortgage	1,968,352		27,175		20,683		2,016,210
Installment loans to individuals	51		—		5		56
Total	$	2,982,255	$	45,868	$	37,882	$	3,066,005
December 31, 2014
Commercial, financial, agricultural	$	337,998	$	5,255	$	1,451	$	344,704
Real estate – construction	150,683		855		—		151,538
Real estate – 1-4 family mortgage	122,608		6,079		11,479		140,166
Real estate – commercial mortgage	1,389,787		31,109		33,554		1,454,450
Installment loans to individuals	1,402		—		—		1,402
Total	$	2,002,478	$	43,298	$	46,484	$	2,092,260

For portfolio balances of consumer, consumer mortgage and certain other similar loan types, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Performing		Non-Performing		Total
December 31, 2015
Commercial, financial, agricultural	$	144,838	$	93	$	144,931
Lease financing	34,815		—		34,815
Real estate – construction	81,035		—		81,035
Real estate – 1-4 family mortgage	1,340,356		2,877		1,343,233
Real estate – commercial mortgage	294,042		867		294,909
Installment loans to individuals	112,275		94		112,369
Total	$	2,007,361	$	3,931	$	2,011,292
December 31, 2014
Commercial, financial, agricultural	$	114,996	$	179	$	115,175
Lease financing	10,114		—		10,114
Real estate – construction	60,323		200		60,523
Real estate – 1-4 family mortgage	1,010,645		2,730		1,013,375
Real estate – commercial mortgage	266,867		1,352		268,219
Installment loans to individuals	83,744		39		83,783
Total	$	1,546,689	$	4,500	$	1,551,189

93

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note D – Loans and the Allowance for Loan Losses (continued)

Loans Acquired with Deteriorated Credit Quality

Loans acquired in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented:

	Impaired Covered Loans		Other Covered Loans		Not Covered Loans		Total
December 31, 2015
Commercial, financial, agricultural	$	1,370	$	389	$	14,730	$	16,489
Lease financing	—		—		—		—
Real estate – construction	—		91		2,658		2,749
Real estate – 1-4 family mortgage	6,358		24,996		60,295		91,649
Real estate – commercial mortgage	15,120		18,606		188,884		222,610
Installment loans to individuals	—		43		2,625		2,668
Total	$	22,848	$	44,125	$	269,192	$	336,165
December 31, 2014
Commercial, financial, agricultural	$	—	$	6,684	$	16,720	$	23,404
Lease financing	—		—		—		—
Real estate – construction	—		—		—		—
Real estate – 1-4 family mortgage	420		43,597		38,802		82,819
Real estate – commercial mortgage	7,584		84,720		141,941		234,245
Installment loans to individuals	—		36		3,921		3,957
Total	$	8,004	$	135,037	$	201,384	$	344,425

The following table presents the fair value of loans determined to be impaired at the time of acquisition and determined not to be impaired at the time of acquisition as of the dates presented:

	Impaired Covered Loans			Other Covered Loans			Not Covered Loans			Total
December 31, 2015
Contractually-required principal and interest	$	24,152		$	54,963		$	388,662		$	467,777
Nonaccretable difference(1)	(1,304		)	(7,138		)	(74,878		)	(83,320		)
Cash flows expected to be collected	22,848			47,825			313,784			384,457
Accretable yield(2)	—			(3,700		)	(44,592		)	(48,292		)
Fair value	$	22,848		$	44,125		$	269,192		$	336,165
December 31, 2014
Contractually-required principal and interest	$	32,451		$	163,271		$	281,716		$	477,438
Nonaccretable difference(1)	(24,446		)	(25,611		)	(50,523		)	(100,580		)
Cash flows expected to be collected	8,005			137,660			231,193			376,858
Accretable yield(2)	(1		)	(2,623		)	(29,809		)	(32,433		)
Fair value	$	8,004		$	135,037		$	201,384		$	344,425

⁽¹⁾  Represents contractual principal cash flows of $83,078 and $95,081, respectively, and interest cash flows of $241 and $5,499, respectively, not expected to be collected.

⁽²⁾  Represents contractual interest payments expected to be collected of $2,312 and $2,798, respectively, and purchase discount of $45,980 and $29,635, respectively.

94

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note D – Loans and the Allowance for Loan Losses (continued)

Changes in the accretable yield of loans acquired with deteriorated credit quality were as follows:

	Impaired Covered Loans				Other Covered Loans			Not Covered Loans			Total
Balance at January 1, 2014	$	(1	)		$	(3,758	)	$	(36,191	)	$	(39,950	)
Additions through acquisition	—				—			—			—
Reclasses from nonaccretable difference	(104		)		(6,343		)	(683		)	(7,130		)
Accretion	104				7,478			6,006			13,588
Charge-off	—				—			1,059			1,059
Balance at December 31, 2014	$	(1	)		$	(2,623	)	$	(29,809	)	$	(32,433	)
Additions through acquisition	—				(4,939		)	(23,107		)	(28,046		)
Reclasses from nonaccretable difference	(914		)		(528		)	(5,175		)	(6,617		)
Accretion	915				4,390			11,907			17,212
Charge-off	—			—	—			1,592			1,592
Balance at December 31, 2015	$	—			$	(3,700	)	$	(44,592	)	$	(48,292	)

The following table presents the fair value of loans acquired from Heritage as of the July 1, 2015 acquisition date.

At acquisition date:	July 1, 2015
Contractually-required principal and interest	$	1,205,159
Nonaccretable difference	14,260
Cash flows expected to be collected	1,190,899
Accretable yield	68,702
Fair value	$	1,122,197

Allowance for Loan Losses

The following table provides a rollforward of the allowance for loan losses and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented:

	Commercial			Real Estate  - Construction			Real Estate - 1-4 Family Mortgage			Real Estate  - Commercial Mortgage			Installment and Other(1)			Total
Year Ended December 31, 2015
Allowance for loan losses:
Beginning balance	$	3,305		$	1,415		$	13,549		$	22,759		$	1,261		$	42,289
Charge-offs	(943		)	(26		)	(2,173		)	(2,613		)	(1,021		)	(6,776		)
Recoveries	361			26			1,064			614			109			2,174
Net charge-offs	(582		)	—			(1,109		)	(1,999		)	(912		)	(4,602		)
Provision for loan losses	1,489			435			650			312			1,027			3,913
Benefit attributable to FDIC loss-share agreements	(64		)	—			(91		)	(717		)	—			(872		)
Recoveries payable to FDIC	38			2			909			756			4			1,709
Provision for loan losses charged to operations	1,463			437			1,468			351			1,031			4,750
Ending balance	$	4,186		$	1,852		$	13,908		$	21,111		$	1,380		$	42,437
Period-End Amount Allocated to:
Individually evaluated for impairment	$	6		$	20		$	4,475		$	3,099		$	—		$	7,600
Collectively evaluated for impairment	3,827			1,832			9,177			16,916			1,379			33,131
Acquired with deteriorated credit quality	353			—			256			1,096			1			1,706
Ending balance	$	4,186		$	1,852		$	13,908		$	21,111		$	1,380		$	42,437

95

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note D – Loans and the Allowance for Loan Losses (continued)

	Commercial			Real Estate  - Construction		Real Estate - 1-4 Family Mortgage			Real Estate  - Commercial Mortgage			Installment and Other(1)			Total
Year Ended December 31, 2014
Allowance for loan losses:
Beginning balance	$	3,090		$	1,091	$	18,629		$	23,688		$	1,167		$	47,665
Charge-offs	(1,516		)	—		(5,662		)	(6,186		)	(495		)	(13,859		)
Recoveries	455			33		1,325			436			67			2,316
Net charge-offs	(1,061		)	33		(4,337		)	(5,750		)	(428		)	(11,543		)
Provision for loan losses	1,297			290		(452		)	9,260			522			10,917
Benefit attributable to FDIC loss-share agreements	(204		)	—		(816		)	(5,258		)	—			(6,278		)
Recoveries payable to FDIC	183			1		525			819			—			1,528
Provision for loan losses charged to operations	1,276			291		(743		)	4,821			522			6,167
Ending balance	$	3,305		$	1,415	$	13,549		$	22,759		$	1,261		$	42,289
Period-End Amount Allocated to:
Individually evaluated for impairment	$	5		$	—	$	4,786		$	5,465		$	—		$	10,256
Collectively evaluated for impairment	3,020			1,415		8,483			16,130			1,260			30,308
Acquired with deteriorated credit quality	280			—		280			1,164			1			1,725
Ending balance	$	3,305		$	1,415	$	13,549		$	22,759		$	1,261		$	42,289
Year Ended December 31, 2013
Allowance for loan losses:
Beginning balance	$	3,307		$	711	$	18,347		$	21,416		$	566		$	44,347
Charge-offs	(1,184		)	—		(3,093		)	(4,782		)	(492		)	(9,551		)
Recoveries	356			75		1,044			980			64			2,519
Net charge-offs	(828		)	75		(2,049		)	(3,802		)	(428		)	(7,032		)
Provision for loan losses	982			304		2,496			6,927			1,029			11,738
Benefit attributable to FDIC loss-share agreements	(403		)	—		(1,039		)	(919		)	—			(2,361		)
Recoveries payable to FDIC	32			1		874			66			—			973
Provision for loan losses charged to operations	$	611		$	305	$	2,331		$	6,074		$	1,029		$	10,350
Ending balance	$	3,090		$	1,091	$	18,629		$	23,688		$	1,167		$	47,665
Period-End Amount Allocated to:
Individually evaluated for impairment	$	260		$	—	$	7,353		$	7,036		$	1		$	14,650
Collectively evaluated for impairment	2,624			1,091		11,257			16,369			1,030			32,371
Acquired with deteriorated credit quality	206			—		19			283			136			644
Ending balance	$	3,090		$	1,091	$	18,629		$	23,688		$	1,167		$	47,665

⁽¹⁾  Includes lease financing receivables.

96

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note D – Loans and the Allowance for Loan Losses (continued)

The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:

	Commercial		Real Estate  - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Installment and Other(1)		Total
December 31, 2015
Individually evaluated for impairment	$	370	$	2,698	$	16,650	$	16,819	$	90	$	36,627
Collectively evaluated for impairment	619,978		352,218		1,627,024		2,294,300		147,150		5,040,670
Acquired with deteriorated credit quality	16,489		2,749		91,649		222,610		2,668		336,165
Ending balance	$	636,837	$	357,665	$	1,735,323	$	2,533,729	$	149,908	$	5,413,462
December 31, 2014
Individually evaluated for impairment	$	984	$	164	$	18,401	$	29,079	$	21	$	48,649
Collectively evaluated for impairment	458,895		211,897		1,135,140		1,693,590		95,278		3,594,800
Acquired with deteriorated credit quality	23,404		—		82,819		234,245		3,957		344,425
Ending balance	$	483,283	$	212,061	$	1,236,360	$	1,956,914	$	99,256	$	3,987,874

⁽¹⁾  Includes lease financing receivables.

Related Party Loans

Certain executive officers and directors of Renasant Bank and their associates are customers of and have other transactions with Renasant Bank. Related party loans and commitments are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the Company or the Bank and do not involve more than a normal risk of collectability or present other unfavorable features. A summary of the changes in related party loans follows:

Loans at December 31, 2014	$	18,029
New loans and advances	1,517
Payments received	(5,108		)
Changes in related parties	1,575
Loans at December 31, 2015	$	16,013

No related party loans were classified as past due, nonaccrual, impaired or restructured at December 31, 2015 or 2014. Unfunded commitments to certain executive officers and directors and their associates totaled $5,780 and $5,184 at December 31, 2015 and 2014, respectively.

Note E – Premises and Equipment

(In Thousands)

Bank premises and equipment at December 31 are summarized as follows:

	2015			2014
Premises	$	170,624		$	121,434
Leasehold improvements	7,207			6,296
Furniture and equipment	38,003			28,955
Computer equipment	15,230			11,342
Autos	219			216
Total	231,283			168,243
Accumulated depreciation	(62,155		)	(54,508		)
Net	$	169,128		$	113,735

97

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note E – Premises and Equipment (continued)

Depreciation expense was $8,689, $6,613 and $5,479 for the years ended December 31, 2015, 2014 and 2013, respectively.

The Company has operating leases which extend to 2025 for certain land and office locations. Leases that expire are generally expected to be renewed or replaced by other leases. Rental expense was $3,688, $2,909 and $2,722 for 2015, 2014 and 2013, respectively. The following is a summary of future minimum lease payments for years following December 31, 2015:

2016	$	4,231
2017	3,649
2018	3,319
2019	3,127
2020	2,432
Thereafter	6,984
Total	$	23,742

Note F – Other Real Estate Owned

(In Thousands)

The following table provides details of the Company’s other real estate owned (“OREO”) covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs, as of the dates presented:

	Covered OREO		Not Covered OREO		Total OREO
December 31, 2015
Residential real estate	$	529	$	4,265	$	4,794
Commercial real estate	346		11,041		11,387
Residential land development	1		4,595		4,596
Commercial land development	1,942		12,683		14,625
Total	$	2,818	$	32,584	$	35,402
December 31, 2014
Residential real estate	$	657	$	4,549	$	5,206
Commercial real estate	470		9,179		9,649
Residential land development	2,445		4,990		7,435
Commercial land development	2,796		9,386		12,182
Total	$	6,368	$	28,104	$	34,472

98

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note F – Other Real Estate Owned (continued)

Changes in the Company’s OREO covered and not covered under a loss-share agreement were as follows:

	Covered OREO			Not Covered OREO			Total OREO
Balance at December 31, 2013	$	12,942		$	39,945		$	52,887
Acquired OREO	—			—			—
Transfers of loans	7,794			8,529			16,323
Capitalized improvements	—			—			—
Impairments(1)	(3,242		)	(1,786		)	(5,028		)
Dispositions	(10,428		)	(18,379		)	(28,807		)
Other	(698		)	(205		)	(903		)
Balance at December 31, 2014	$	6,368		$	28,104		$	34,472
Acquired OREO	3,722			6,250			9,972
Transfer of balance to non-covered OREO(2)	(3,431		)	3,431			—
Transfers of loans	4,563			10,372			14,935
Capitalized improvements	—			—			—
Impairments(1)	(454		)	(2,065		)	(2,519		)
Dispositions	(7,941		)	(13,483		)	(21,424		)
Other	(9		)	(25		)	(34		)
Balance at December 31, 2015	$	2,818		$	32,584		$	35,402

(1) Of the total impairment charges of $3,242 recorded for covered OREO in 2014, $648 was included in the Consolidated Statements of Income for the year ended December 31, 2014, while the remaining $2,594 increased the FDIC loss-share indemnification asset. Of the total impairment charges of $454 recorded for covered OREO in 2015, $92 was included in the Consolidated Statements of Income for the year ended December 31, 2015, while the remaining $362 increased the FDIC loss-share indemnification asset.

(2) Represents a transfer of balance on non-single family assets of Crescent Bank & Trust Company. The claims period to submit losses to the FDIC for reimbursement ended July 25, 2015 for non-single family assets.

Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows:

	Year Ended December 31,
	2015			2014			2013
Repairs and maintenance	$	840		$	2,129		$	2,191
Property taxes and insurance	809			372			1,272
Impairments	2,157			2,434			3,270
Net (gains) losses on OREO sales	(582		)	(151		)	590
Rental income	(179		)	(191		)	(357		)
Total	$	3,045		$	4,593		$	6,966

99

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note G – Goodwill and Other Intangible Assets

(In Thousands)

Changes in the carrying amount of goodwill during the years ended December 31, 2015 and 2014 were as follows:

	Goodwill
Balance at December 31, 2013	$	276,100
Adjustment to previously recorded goodwill	(1,394		)
Balance at December 31, 2014	$	274,706
Addition to goodwill from Heritage acquisition	171,182
Adjustment to previously recorded goodwill	(17		)
Balance at December 31, 2015	$	445,871

The adjustment to previously recorded goodwill in 2015 reflects tax benefits associated with the exercise of stock options assumed in connection with prior acquisitions. The adjustment to previously recorded goodwill in 2014 reflects tax benefits associated with the exercise of stock options assumed in connection with prior acquisitions as well as valuation adjustments to fixed assets and branch sales associated with our purchase of First M&F.

The following table provides a summary of finite-lived intangible assets as of the dates presented:

	Gross  Carrying Amount		Accumulated Amortization			Net Carrying Amount
December 31, 2015
Core deposit intangible	$	45,982	$	(18,572	)	$	27,410
Customer relationship intangible	1,970		(569		)	1,401
Total finite-lived intangible assets	$	47,952	$	(19,141	)	$	28,811
December 31, 2014
Core deposit intangible	$	33,726	$	(12,635	)	$	21,091
Customer relationship intangible	1,970		(437		)	1,533
Total finite-lived intangible assets	$	35,696	$	(13,072	)	$	22,624

Aggregate amortization expense for the years ended December 31, 2015, 2014 and 2013 was $6,069, $5,606 and $2,869, respectively. The estimated amortization expense of finite-lived intangible assets for future periods is summarized as follows:

2016	$	6,458
2017	5,504
2018	4,701
2019	3,962
2020	3,112
Thereafter	5,074
Total	$	28,811

100

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note H – Mortgage Servicing Rights

(In Thousands)

Changes in the Company’s mortgage servicing rights were as follows:

Carrying value at January 1, 2015	$	11,662
Additions through acquisition	10,429
Capitalization	10,793
Amortization	(3,242		)
Carrying value at December 31, 2015	$	29,642

Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31, 2015 are as follows:

Unpaid principal balance	$	3,090,839
Weighted-average prepayment speed (CPR)	8.89		%
Estimated impact of a 10% increase	$	(1,203	)
Estimated impact of a 20% increase	(2,330		)
Discount rate	9.51		%
Estimated impact of a 100bp increase	$	(1,357	)
Estimated impact of a 200bp increase	(2,612		)
Weighted-average coupon interest rate	3.97		%
Weighted-average servicing fee (basis points)	25.04
Weighted-average remaining maturity (in years)	15.23

Note I – Deposits

(In Thousands)

The following is a summary of deposits as of December 31:

	2015		2014
Noninterest-bearing deposits	$	1,278,337	$	919,872
Interest-bearing demand deposits	2,945,438		2,255,954
Savings deposits	499,536		356,440
Time deposits	1,495,291		1,306,152
Total deposits	$	6,218,602	$	4,838,418

The approximate scheduled maturities of time deposits at December 31, 2015 are as follows:

2016	$	826,306
2017	261,202
2018	214,054
2019	68,633
2020	99,386
Thereafter	25,710
Total	$	1,495,291

101

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note I – Deposits (continued)

The aggregate amount of time deposits in denominations of $100 or more at December 31, 2015 and 2014 was $749,455 and $664,035, respectively. Certain executive officers and directors had amounts on deposit with Renasant Bank of approximately$16,576 and $12,192 at December 31, 2015 and 2014, respectively.

Note J – Short-Term Borrowings

(In Thousands)

Short-term borrowings as of December 31 are summarized as follows:

	2015		2014
Securities sold under agreements to repurchase	$	22,279	$	6,103
Overnight borrowings	400,000		26,300
Total short-term borrowings	$	422,279	$	32,403

Securities sold under agreements to repurchase (“repurchase agreements”) represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. The securities used as collateral consist primarily of U.S. Government agency mortgage-backed securities, U.S. Government agency collateralized mortgage obligations, obligations of U.S. Government agencies, and obligations of states and political subdivisions. All securities are maintained by the Company’s safekeeping agents. These securities are reviewed by the Company on a daily basis, and the Company may be required to provide additional collateral due to changes in the fair market value of these securities. The terms of the Company’s repurchase agreements are continuous but may be cancelled at any time by the Company or the customer.

The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows:

	Average Balances						Cost of Funds
	2015		2014		2013		2015		2014		2013
Overnight borrowings	$	207,575	$	17,899	$	8,072	0.18	%	0.17	%	0.17	%
Securities sold under agreements to repurchase	15,515		4,334		5,107		0.21		0.15		0.17
Total short-term borrowings	$	223,090	$	22,233	$	13,179	0.18	%	0.17	%	0.17	%

The Company maintains lines of credit with correspondent banks totaling $75,000 at December 31, 2015. Interest is charged at the market federal funds rate on all advances. There were no amounts outstanding under these lines of credit at December 31, 2015 or 2014.

Note K – Long-Term Debt

(In Thousands)

Long-term debt as of December 31, 2015 and 2014 is summarized as follows:

	2015		2014
Federal Home Loan Bank advances	$	52,930	$	61,611
Other long-term debt	192		237
Junior subordinated debentures	95,095		94,574
Total long-term debt	$	148,217	$	156,422

Federal Home Loan Bank advances

Long-term advances from the FHLB outstanding at December 31, 2015 had maturities ranging from 2015 to 2030 with a combination of fixed and floating rates ranging from 1.09% to 7.93%. Weighted-average interest rates on outstanding advances at December 31, 2015 and 2014 were 4.06% and 4.16%, respectively. These advances are collateralized by a blanket lien on the Company’s mortgage loans. The Company had availability on unused lines of credit with the FHLB of $1,659,779 at December 31, 2015.

102

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note K – Long-Term Debt (continued)

There were no FHLB payments made prior to contractual maturity or related penalties for the years ended December 31, 2015 or 2014.

Junior subordinated debentures

The Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors. The trusts used the proceeds from the issuance of their preferred capital securities and common securities (collectively referred to as “capital securities”) to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired). The debentures are the trusts’ only assets and interest payments from the debentures finance the distributions paid on the capital securities. Distributions on the capital securities are payable quarterly at a rate per annum equal to the interest rate being earned by the trusts on the debentures held by the trusts. The capital securities are subject to mandatory redemption, in whole or in part, upon repayment of the debentures. The Company has entered into an agreement which fully and unconditionally guarantees the capital securities subject to the terms of the guarantee.

The following table provides details on the debentures as of December 31, 2015:

	Principal Amount		Interest Rate		Year of Maturity	Amount Included in Tier 1 Capital
PHC Statutory Trust I	$	20,619	3.09	%	2033	$	20,000
PHC Statutory Trust II	31,959		2.38		2035	31,000
Heritage Financial Statutory Trust I	10,310		10.20		2031	10,000
Capital Bancorp Capital Trust I	12,372		2.10		2035	12,000
First M&F Statutory Trust I	30,928		1.84		2036	18,907

During 2003, the Company formed PHC Statutory Trust I to provide funds for the cash portion of the Renasant Bancshares, Inc. acquisition. The interest rate for PHC Statutory Trust I reprices quarterly equal to the three-month LIBOR at the determination date plus 285 basis points. In April 2012, the Company entered into an interest rate swap agreement effective March 17, 2014, pursuant to which the Company receives a variable rate of interest based on the three-month LIBOR plus a spread of 2.85% and pays a fixed rate of interest of 5.49%. The debentures owned by PHC Statutory Trust I are currently redeemable at par.

During 2005, the Company formed PHC Statutory Trust II to provide funds for the cash portion of the Heritage Financial Holding Corporation (“HFHC”) acquisition. The interest rate for PHC Statutory Trust II reprices quarterly equal to the three-month LIBOR at the determination date plus 187 basis points. The debentures owned by PHC Statutory Trust II are currently redeemable at par.

In connection with the acquisition of HFHC, the Company assumed the debentures issued by Heritage Financial Statutory Trust I. The premium associated with the Company’s assumption of the debentures issued by Heritage Financial Statutory Trust I, which was fully amortized as of February 2015, had a carrying value of $27 at December 31, 2014. The interest rate for Heritage Financial Statutory Trust I is fixed at 10.20% per annum. On or after February 22, 2021, the debentures owned by Heritage Financial Statutory Trust I may be redeemed at par.

In connection with the acquisition of Capital Bancorp, Inc. (“Capital”) in 2007, the Company assumed the debentures issued to Capital Bancorp Capital Trust I. The discount associated with the Company’s assumption of the debentures issued to Capital Bancorp Capital Trust I was fully amortized during 2010. The interest rate for Capital Bancorp Capital Trust I reprices quarterly equal to the three-month LIBOR plus 150 basis points. In March 2012, the Company entered into an interest rate swap agreement effective March 31, 2014, whereby, beginning on the effective date, the Company will receive a variable rate of interest based on the three-month LIBOR plus a spread of 1.50% and pay a fixed rate of interest of 4.42%. The debentures owned by Capital Bancorp Capital Trust I are currently redeemable at par.

In connection with the acquisition of First M&F, the Company assumed the debentures issued to First M&F Statutory Trust I. The discount associated with the Company’s assumption of the debentures issued to First M&F Statutory Trust I had a carrying value of $11,093 at December 31, 2015 and $11,641 at December 31, 2014. The discount is being amortized through March 2036. The interest for First M&F Statutory Trust I reprices quarterly equal to the three-month LIBOR plus a spread of 133 basis points. The Company also assumed from First M&F a pay-fixed, receive-floating interest rate swap, maturing on March 15, 2018, which calls for the Company to pay a fixed rate of 3.795% and receive a variable rate of three-month LIBOR plus a spread of 133 basis points on a quarterly basis. The debentures owned by First M&F Statutory Trust I are currently redeemable at par.

103

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note K – Long-Term Debt (continued)

The Company has classified $91,907 of the debentures described in the above paragraphs as Tier 1 capital. The Federal Reserve Board issued guidance in March 2005 providing more strict quantitative limits on the amount of securities, similar to the junior subordinated debentures issued or assumed by the Company, that are includable in Tier 1 capital. The new guidance, which became effective in March 2009, did not impact the amount of debentures the Company includes in Tier 1 capital. Furthermore, the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act have no effect on the treatment of these debentures as Tier 1 capital.

For more information about the Company’s derivative financial instruments, see Note S, “Derivative Instruments.”

The aggregate stated maturities of long-term debt outstanding at December 31, 2015, are summarized as follows:

2016	$	261
2017	—
2018	41,584
2019	2,269
2020	2,885
Thereafter	101,218
Total	$	148,217

Note L – Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk

(In Thousands)

Loan commitments are made to accommodate the financial needs of the Company’s customers. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies. Collateral (e.g., securities, receivables, inventory, equipment, etc.) is obtained based on management’s credit assessment of the customer. The Company’s unfunded loan commitments (unfunded loans and unused lines of credit) and standby letters of credit outstanding at December 31, 2015 were $1,131,842 and $37,063, respectively, compared to $706,972 and $31,804, respectively, at December 31, 2014.

Various claims and lawsuits are pending against the Company and Renasant Bank. In the opinion of management, after consultation with legal counsel, resolution of these matters is not expected to have a material effect on the consolidated financial statements.

Market risk resulting from interest rate changes on particular off-balance sheet financial instruments may be offset by other on - or off-balance sheet transactions. Interest rate sensitivity is monitored by the Company for determining the net effect of potential changes in interest rates on the market value of both on- and off-balance sheet financial instruments.

Note M – Income Taxes

(In Thousands)

Significant components of the provision for income taxes (benefits) are as follows for the periods presented:

	Year Ended December 31,
	2015		2014		2013
Current
Federal	$	17,004	$	16,474	$	12,092
State	995		540		452
	17,999		17,014		12,544
Deferred
Federal	12,625		8,649		(169		)
State	1,126		642		(116		)
	13,751		9,291		(285		)
	$	31,750	$	26,305	$	12,259

104

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note M – Income Taxes (continued)

The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows:

	Year Ended December 31,
	2015			2014			2013
Tax at U.S. statutory rate	$	34,918		$	30,061		$	16,011
Increase (decrease) in taxes resulting from:
Tax-exempt interest income	(3,377		)	(3,215		)	(2,765		)
BOLI income	(1,264		)	(1,045		)	(1,430		)
Investment tax credits	(1,390		)	(1,390		)	(1,063		)
Amortization of investment in low-income housing tax credits	1,734			1,594			998
State income tax expense, net of federal benefit	1,378			921			383
Decrease to valuation allowance	—			(152		)	(164		)
Other items, net	(249		)	(469		)	289
	$	31,750		$	26,305		$	12,259

Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented:

	December 31,
	2015		2014
Deferred tax assets
Allowance for loan losses	$	17,430	$	16,581
Loans	26,239		19,073
Deferred compensation	17,060		9,678
Net unrealized losses on securities	6,065		4,777
Impairment of assets	3,271		4,397
Net operating loss carryforwards	3,681		1,414
Other	7,499		3,315
Gross deferred tax assets	81,245		59,235
Valuation allowance on state net operating loss carryforwards	—		—
Total deferred tax assets	81,245		59,235
Deferred tax liabilities
FDIC Indemnification Asset	1,927		4,193
Investment in partnerships	2,507		2,613
Core deposit intangible	3,386		2,257
Depreciation	673		2,801
Mortgage servicing rights	4,032		—
Subordinated debt	4,287		4,490
Other	2,364		738
Total deferred tax liabilities	19,176		17,092
Net deferred tax assets	$	62,069	$	42,143

The Company and its subsidiaries file a consolidated U.S. federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 2012 through 2014. The Company and its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2012 through 2014.

105

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note M – Income Taxes (continued)

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 is as follows:

	2015			2014		2013
Balance at January 1	$	2,653		$	2,178	$	1,723
Additions based on positions related to current period	367			475		455
Additions based on positions related to prior period	—			—		—
Reductions based on positions related to prior period	(201		)	—		—
Settlements	(1,334		)	—		—
Reductions due to lapse of statute of limitations	—			—		—
Balance at December 31	$	1,485		$	2,653	$	2,178

If ultimately recognized, the Company does not anticipate any material increase in the effective tax rate for 2015 relative to any tax positions taken prior to January 1, 2015. The Company had accrued $125, $686 and $569 for interest and penalties related to unrecognized tax benefits as of December 31, 2015, 2014 and 2013, respectively.

Note N – 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. As a result of the acquisition of First M&F, the M&F Bank pension plan, under which accruals had ceased prior to the acquisition date, was merged into the Company’s existing pension plan during the fourth quarter of 2013. The Company’s funding policy is to contribute annually to the plan an amount at least equal to the minimum amount determined by consulting actuaries in accordance with the requirements of the Internal Revenue Code of 1986, as amended. No contributions were made to the pension plan in 2015 or 2014. The Company does not anticipate that a contribution will be required in 2016. In connection with the acquisition of Heritage in 2015, the Company assumed the defined benefit pension plan maintained by HeritageBank, under which accruals had ceased and which had been terminated by HeritageBank immediately prior to the acquisition date. Complete distribution of pension benefits under this plan is anticipated to occur once determinations as to the status of the plan’s termination have been received from the Pension Benefit Guarantee Corporation and the Internal Revenue Service. Each plan’s accumulated benefit obligation and respective projected benefit obligation are substantially the same since benefit accruals under each plan have ceased. The accumulated benefit obligation for the Renasant legacy plan was $27,856 and $28,087 at December 31, 2015 and 2014, respectively. The accumulated benefit obligation for the assumed HeritageBank plan was $12,913 at December 31, 2015. There is no additional minimum pension liability required to be recognized for either plan.

The Company also provides retiree health care 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 Company has accounted for its obligation related to these retiree benefits in accordance with ASC 715, “Compensation – Retirement Benefits.” The assumed rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) for the next year is 5.6%. Increasing or decreasing the assumed health care cost trend rates by one percentage point in each year would not materially increase or decrease the accumulated post-retirement benefit obligation or the service and interest cost components of net periodic post-retirement benefit costs as of December 31, 2015, and for the year then ended.

106

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note N – Employee Benefit and Deferred Compensation Plans (continued)

Information relating to the legacy Renasant defined benefit pension plan (“Pension Benefits - Renasant”), the assumed HeritageBank defined benefit pension plan (“Pension Benefits - HeritageBank”) and post-retirement health and life plan (“Other Benefits”) as of December 31, 2015 and 2014 is as follows:

	Pension Benefits Renasant						Pension Benefits HeritageBank					Other Benefits
	2015			2014			2015			2014		2015			2014
Change in benefit obligation
Benefit obligation at beginning of year	$	28,087		$	27,364		$	—		$	—	$	1,941		$	2,082
Service cost	—			—			—			—		17			14
Interest cost	1,095			1,292			305			—		60			84
Plan participants’ contributions	—			—			—			—		82			77
Actuarial loss (gain)	605			2,601			(685		)	—		(37		)	(118		)
Benefits paid	(1,931		)	(3,170		)	(15		)	—		(359		)	(198		)
Settlements	—			—			(2,187		)	—		—			—
Addition from business combination	—			—			15,495			—		—			—
Benefit obligation at end of year	$	27,856		$	28,087		$	12,913		$	—	$	1,704		$	1,941
Change in fair value of plan assets
Fair value of plan assets at beginning of year	$	26,532		$	27,989		$	—		$	—
Actual return on plan assets	(167		)	1,713			(21		)	—
Contribution by employer	—			—			—			—
Benefits paid	(1,931		)	(3,170		)	(15		)	—
Settlements							(2,187		)	—
Addition from business combination	—			—			14,681			—
Fair value of plan assets at end of year	$	24,434		$	26,532		$	12,458		$	—
Funded status at end of year	$	(3,422	)	$	(1,555	)	$	(455	)	$	—	$	(1,704	)	$	(1,941	)
Weighted-average assumptions as of December 31
Discount rate used to determine the benefit obligation	4.56		%	4.00		%	4.27		%	N/A		3.63		%	3.22		%

The discount rate assumptions at December 31, 2015 were determined using a yield curve approach. A yield curve was developed for a selection of high quality fixed-income investments whose cash flows approximate the timing and amount of expected cash flows from the benefit plans. The selected discount rate is the rate that produces the same present value of the benefit plan’s projected benefit payments.

107

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note N – Employee Benefit and Deferred Compensation Plans (continued)

The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health and life plans for the year ended December 31, 2015, 2014 and 2013 are as follows:

	Pension Benefits Renasant									Pension Benefits HeritageBank(1)			Other Benefits
	2015			2014			2013			2015			2015			2014			2013
Service cost	$	—		$	—		$	—		$	—		$	17		$	14		$	28
Interest cost	1,095			1,292			899			305			60			84			70
Expected return on plan assets	(2,040		)	(2,160		)	(1,445		)	(216		)	—			—			—
Prior service cost recognized	—			—			—			—			—			—			—
Recognized actuarial loss	331			207			427			—			101			89			195
Settlement/curtailment/termination losses	—			453			—			(65		)	—			—			—
Net periodic benefit cost	(614		)	(208		)	(119		)	24			178			187			293
Net actuarial loss/(gain) arising during the period	2,812			3,047			(3,675		)	(448		)	(37		)	(118		)	505
Net Settlement/curtailment/termination losses	—			(453		)	—			65
Amortization of net actuarial loss recognized in net periodic pension cost	(331		)	(207		)	(427		)	—			(101		)	(89		)	(195		)
Total recognized in other comprehensive income	2,481			2,387			(4,102		)	(383		)	(138		)	(207		)	310
Total recognized in net periodic benefit cost and other comprehensive income	$	1,867		$	2,179		$	(4,221	)	$	(359	)	$	40		$	(20	)	$	603
Weighted-average assumptions as of December 31
Discount rate used to determine net periodic pension cost	4.00		%	4.83		%	3.90		%	4.00		%	3.22		%	4.66		%	3.04		%
Expected return on plan assets	8.00		%	8.00		%	8.00		%	3.00		%	N/A			N/A			N/A

⁽¹⁾ Net periodic benefit cost and other amounts recognized in other comprehensive income for the assumed HeritageBank defined benefit pension plan were recognized in the Company’s results of operations beginning on the date of acquisition; therefore, disclosure of amounts recognized in prior periods is not necessary.

Future estimated benefit payments under the defined benefit pension plans and post-retirement health and life plan are as follows:

	Pension Benefits Renasant		Pension Benefits HeritageBank		Other Benefits
2016	$	2,005	$	12,913	$	251
2017	2,002		—		249
2018	2,011		—		249
2019	2,013		—		212
2020	2,006		—		190
2021 - 2025	9,676		—		746

108

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note N – Employee Benefit and Deferred Compensation Plans (continued)

Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2015 are as follows:

	Pension Benefits Renasant		Pension Benefits HeritageBank			Other Benefits
Prior service cost	$	—	$	—		$	—
Actuarial loss	11,915		(383		)	550
Total	$	11,915	$	(383	)	$	550

The estimated costs that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are as follows:

	Pension Benefits Renasant		Pension Benefits HeritageBank		Other Benefits
Prior service cost	$	—	$	—	$	—
Actuarial loss	400		—		68
Total	$	400	$	—	$	68

The investment objective for the legacy Renasant defined benefit pension plan is to achieve above average income and moderate long term growth, while the investment objective for the Heritage defined benefit pension plan is to preserve capital pending the distribution of pension benefits upon its dissolution. An investment committee appointed by management seeks to accomplish this objective by combining an equity income strategy (approximately 60% to 70%), which generally invests in larger capitalization common stocks, and an intermediate fixed income strategy (approximately 30% to 40%), which generally invests in U.S. Government securities and investment grade corporate bonds. In response to the current interest rate environment, the committee has begun allocating assets to the higher end of the target range for equity funds in order to lessen the impact of anticipated rising interest rates on the fixed income funds. It is the investment committee’s intent to give the investment managers flexibility within the overall guidelines with respect to investment decisions and their timing. However, significant modifications of any previously approved investments or anticipated use of derivatives to execute investment strategies must be approved by the committee.

The plan’s expected long-term rate of return was estimated using market benchmarks for investment classes applied to the plan’s target asset allocation. The expected return on investment classes was computed using a valuation methodology which projected future returns based on current equity valuations rather than historical returns.

The fair values of the Company’s defined benefit pension plan assets by category for both the legacy Renasant defined benefit pension plan and the assumed HeritageBank defined benefit pension plan at December 31, 2015 and 2014 follow below. The plan assets of the assumed HeritageBank defined benefit pension plan were fully invested in cash and cash equivalents at December 31, 2015. Equity securities consist primarily of common stocks of both U.S. companies and international companies that are traded in active markets and are valued based on quoted market prices of identical assets (Level 1). The Company's investments in registered investment companies consist primarily of investments in funds that invest in investment grade fixed income securities. These investments are traded in active markets and are valued based on quoted market prices of identical assets (Level 1). Fixed income securities consist of U.S. Government securities, investment grade corporate bonds, and municipal obligations. The fair values of these instruments are based on quoted market prices of similar instruments or a discounted cash flow model (Level 2).

109

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note N – Employee Benefit and Deferred Compensation Plans (continued)

	Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
December 31, 2015
Cash and cash equivalents	$	13,927	$	—	$	—	$	13,927
Equity securities:
U.S. large cap companies	9,277		—		—		9,277
U.S. mid cap companies	5,085		—		—		5,085
U.S. small cap companies	1,516		—		—		1,516
International companies	1,505		—		—		1,505
Investments in registered investment companies	848		—		—		848
Fixed income securities:
U.S. government bonds	—		1,883		—		1,883
Corporate bonds	—		2,750		—		2,750
Municipal obligations	—		101		—		101
	$	32,158	$	4,734	$	—	$	36,892

	Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
December 31, 2014
Cash and cash equivalents	$	1,882	$	—	$	—	$	1,882
Equity securities:
U.S. large cap companies	9,144		—		—		9,144
U.S. mid cap companies	5,210		—		—		5,210
U.S. small cap companies	2,791		—		—		2,791
International companies	1,489		—		—		1,489
Investments in registered investment companies	898		—		—		898
Fixed income securities:
U.S. government bonds	—		2,003		—		2,003
Corporate bonds	—		3,008		—		3,008
Municipal obligations	—		107		—		107
	$	21,414	$	5,118	$	—	$	26,532

The Company maintains a 401(k) plan, which is a contributory plan. Employees may contribute pre-tax earnings, subject to a maximum established annually by the IRS. The Company matches employee deferrals, up to 4% of compensation. The Company also makes a nondiscretionary contribution for each eligible employee in an amount equal to 5% of plan compensation and 5% of plan compensation in excess of the Social Security wage base. Employees are automatically enrolled in the plan when employment commences. Company contributions are allocated to participants who are employed on the last day of each plan year and credited with 1000 hours of service during the year. The Company’s costs related to the 401(k) plan, excluding employee deferrals, in 2015, 2014 and 2013 were $9,271, $7,230 and $5,488, respectively.

In connection with the Heritage acquisition, the Company assumed the HeritageBank of the South 401(k) Plan maintained by HeritageBank, under which all accruals had ceased and which had been terminated by HeritageBank immediately prior to the acquisition date. Distribution of benefits under this plan made solely on account of its termination is anticipated to occur once a determination as to its qualified status in connection with its termination has been received from the Internal Revenue Service. There was no impact on the Company's consolidated financial statements as of and for the year ended December 31, 2015 associated with this plan.

110

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note N – Employee Benefit and Deferred Compensation Plans (continued)

The Company adopted the “Performance Based Rewards” incentive compensation plan on January 1, 2001, under which annual cash bonuses are paid to eligible officers and employees, subject to the attainment of designated performance criteria. The Company designates minimum levels of performance for all applicable profit centers and rewards employees on performance over the minimum level. The expense associated with the plan for 2015, 2014 and 2013 was $3,608, $4,100 and $4,376, respectively.

The Company maintains three deferred compensation plans: a Deferred Stock Unit Plan and two conventional deferred compensation plans. Nonemployee directors may defer all or any portion of their fees and retainer to the Deferred Stock Unit Plan or the deferred compensation plan maintained for their benefit. Officers may defer base salary and bonus to the Deferred Stock Unit Plan or salary to the deferred compensation plan maintained for their benefit, subject to limits that are determined annually by the Company. Amounts credited to the Deferred Stock Unit Plan are invested in units representing shares of the Company’s common stock. Amounts credited to the conventional deferred compensation plans are invested at the discretion of each participant from among designated investment alternatives. Directors and officers who participated in these deferred compensation plans on or before December 31, 2006, may invest in a preferential interest rate investment that is derived from the Moody’s Average Corporate Bond Rate, adjusted monthly, and the beneficiaries of participants in the deferred compensation plans as of such date may receive a preretirement death benefit in excess of the amounts credited to plan accounts at the time of death. All of the Company’s deferred compensation plans are unfunded. It is anticipated that the two conventional deferred compensation plans will result in no additional cost to the Company because life insurance policies on the lives of the participants have been purchased in amounts estimated to be sufficient to pay plan benefits. The Company is both the owner and beneficiary of the life insurance policies. The expense recorded in 2015, 2014 and 2013 for the Company’s deferred compensation plans, inclusive of deferrals, was $1,225, $1,383 and $2,088, respectively.

In connection with the Heritage acquisition, the Company assumed the Heritage Financial Group Deferred Compensation and Excess/Matching Contribution Plan maintained by Heritage, under which all accruals had ceased and which had been terminated by Heritage immediately prior to the acquisition date. The distribution of accrued account balances was effected as soon as practicable following the acquisition date. There was no other impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2015 associated with this plan.

The Company assumed four supplemental executive retirement plans (SERPs) in connection with the acquisition of Capital in 2007. The SERPs were established by Capital to provide supplemental retirement benefits. The plans provide four officers of the Company specified annual benefits based upon a projected retirement date. These benefits are payable for a 15-year period after retirement. The supplemental executive retirement liabilities totaled $3,364 and $3,094 at December 31, 2015 and 2014, respectively. The plans are not qualified under Section 401 of the Internal Revenue Code.

In connection with the Heritage acquisition, the Company assumed the Heritage Financial Group Employee Stock Ownership Plan (“the Heritage ESOP”) maintained by Heritage, under which all accruals had ceased and which had been terminated by Heritage immediately prior to the acquisition date. As of the date of acquisition, the Heritage ESOP had a loan outstanding, inclusive of accrued interest, of $2,839 due to Heritage which was assumed by the Company. Unallocated shares of Company common stock pledged as collateral for the loan were sold in order to repay the loan in full, including any accrued interest. Any unallocated shares of Company common stock that remained after the repayment of the loan were allocated to the accounts of the participants. Distribution of benefits under the Heritage ESOP made solely on account of its termination is anticipated to occur once a determination as to its qualified status in connection with its termination has been received from the Internal Revenue Service. Other than the transactions recorded in connection with the loan repayment, there was no impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2015 associated with this plan.

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 cancelled upon the termination of a participant’s employment. The Company recorded compensation expense of $73, $262 and $469 for the years ended December 31, 2015, 2014 and 2013, respectively, for options granted under the plan. There were no stock options granted during the years ended December 31, 2015 or December 31, 2014.

111

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note N – Employee Benefit and Deferred Compensation Plans (continued)

The fair value of the options granted during the year ended December 31, 2013 was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:

	2013 Grant
Dividend yield	3.55		%
Expected volatility	37		%
Risk-free interest rate	0.76		%
Expected lives	6 years
Weighted average fair value	$	4.47

The following table summarizes information about options issued under the long-term equity incentive plan as of and for the three years ended December 31, 2015:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at January 1, 2013	1,279,248		$	18.79
Assumed in acquisition	11,557		21.16
Granted	52,500		19.14
Exercised	(272,957	)	19.22
Forfeited	(10,000	)	27.20
Outstanding at December 31, 2013	1,060,348		$	18.64	4.89	$	13,592
Exercisable at December 31, 2013	843,237		$	19.21	4.08	$	10,331
Granted	—		—
Exercised	(227,499	)	18.39
Forfeited	(1,899	)	20.77
Outstanding at December 31, 2014	830,950		$	18.70	4.48	$	8,680
Exercisable at December 31, 2014	745,949		$	18.95	4.15	$	7,628
Granted	—		—
Exercised	(201,371	)	20.82
Forfeited	(8,133	)	29.45
Outstanding at December 31, 2015	621,446		$	17.88	3.91	$	10,274
Exercisable at December 31, 2015	606,027		$	17.85	3.83	$	10,038

The total intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013 was $2,445, $2,519 and $1,655, respectively. The total grant date fair value of options vested during the same periods was $235, $458, and $535, respectively.

112

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note N – Employee Benefit and Deferred Compensation Plans (continued)

The Company awards performance-based restricted stock to executives and other officers 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 upon the Company 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 grant is the closing price of the Company’s common stock on the day immediately preceding the grant date. The Company recorded compensation expense of $3,884, $3,647 and $2,330 for the years ended December 31, 2015, 2014 and 2013, respectively, for restricted stock awarded under the plan. The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2015:

	Performance- Based Restricted Stock			Weighted Average Grant-Date Fair Value		Time- Based Restricted Stock			Weighted Average Grant-Date Fair Value
Nonvested at beginning of year	—			$	—	38,336			$	27.26
Granted	97,666			28.93		103,588		(2)	31.56
Vested	(94,916	)	(1)	28.93		(32,236	)		29.54
Cancelled	(2,750	)		28.93		(4,250	)		25.54
Nonvested at end of year	—			$	—	105,438			$	31.04

⁽¹⁾ In January 2015, the Company awarded 81,750 shares of performance-based restricted stock based on the target level of performance goals of which 2,750 were cancelled prior to the attainment of performance goals. The Company exceeded the financial performance measures for the award; therefore, an additional 15,916 shares were issued for a total award of 94,916 shares.

⁽²⁾ Includes shares of time-based restricted stock granted as an inducement award to certain employees in connection with the Heritage acquisition. This award was made outside the Company's long-term equity incentive plan.

Unrecognized stock-based compensation expense related to restricted stock totaled $1,463 at December 31, 2015. At such date, the weighted average period over which this unrecognized expense is expected to be recognized was approximately 1.7 years. There was no unrecognized stock-based compensation expense related to stock options at December 31, 2015.

At December 31, 2015, an aggregate of 1,030,578 shares of Company common stock were reserved for issuance under the Company’s employee benefit plans.

Note O – Restrictions on Cash, Bank Dividends, Loans or Advances

(In Thousands)

Renasant Bank is required to maintain minimum average balances with the Federal Reserve. At December 31, 2015 and 2014, Renasant Bank’s reserve requirements with the Federal Reserve were $55,237 and $52,295, respectively, with which it was in full compliance.

The Company’s ability to pay dividends to its shareholders is substantially dependent on the ability of Renasant Bank to transfer funds to the Company in the form of dividends, loans and advances. Under Mississippi law, a Mississippi bank may not pay dividends unless its earned surplus is in excess of three times capital stock. A Mississippi bank with earned surplus in excess of three times capital stock may pay a dividend, subject to the approval of the Mississippi Department of Banking and Consumer Finance. Accordingly, the approval of this supervisory authority is required prior to Renasant Bank paying dividends to the Company.

Federal Reserve regulations also limit the amount Renasant Bank may loan to the Company unless such loans are collateralized by specific obligations. At December 31, 2015, the maximum amount available for transfer from Renasant Bank to the Company in the form of loans was $70,159. As of December 31, 2015, no loans from the Bank to the Company were outstanding.

In connection with the acquisition of First M&F, the Company assumed an interest rate swap agreement designed to convert floating rate interest payments on subordinated debentures into fixed rate payments. The Company had pledged interest bearing bank balances as collateral to the interest rate swap counterparty in the amounts of $1,970 at December 31, 2015.

113

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note P – Regulatory Matters

(In Thousands)

Renasant Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on Renasant Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Renasant Bank must meet specific capital guidelines that involve quantitative measures of Renasant Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Renasant Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that banks must maintain. Those guidelines specify capital tiers, which include the following classifications:

Capital Tiers	Tier 1 Capital to Average Assets (Leverage)	Common Equity Tier 1 to Risk - Weighted Assets	Tier 1 Capital to Risk – Weighted Assets	Total Capital to Risk – Weighted Assets
Well capitalized	5% or above	6.5% or above	8% or above	10% or above
Adequately capitalized	4% or above	4.5% or above	6% or above	8% or above
Undercapitalized	Less than 4%	Less than 4.5%	Less than 6%	Less than 8%
Significantly undercapitalized	Less than 3%	Less than 3%	Less than 4%	Less than 6%
Critically undercapitalized	Tangible Equity / Total Assets less than 2%

The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of December 31:

	2015				2014
	Amount		Ratio		Amount		Ratio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)	$	681,731	9.16	%	$	521,124	9.53	%
Common Equity Tier 1 Capital to Risk-Weighted Assets	591,356		9.99	%	—		—	%
Tier 1 Capital to Risk-Weighted Assets	681,731		11.51	%	521,124		12.45	%
Total Capital to Risk-Weighted Assets	729,321		12.32	%	566,514		13.54	%
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)	$	654,830	8.82	%	$	503,316	9.23	%
Common Equity Tier 1 Capital to Risk-Weighted Assets	654,830		11.09	%	—		—	%
Tier 1 Capital to Risk-Weighted Assets	654,830		11.09	%	503,316		12.06	%
Total Capital to Risk-Weighted Assets	701,591		11.89	%	548,124		13.14	%

In July 2013, the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency approved the implementation of the Basel III regulatory capital reforms and issued rules effecting certain changes required by the Dodd-Frank Act (the “Basel III Rules”) that call for broad and comprehensive revision of regulatory capital standards for U.S. banking organizations. The Basel III Rules implemented a new common equity Tier 1 minimum capital requirement (“CET1”), a higher minimum Tier 1 capital requirement and other items affecting the calculation of the numerator of a banking organization’s risk-based capital ratios. Additionally, the Basel III Rules apply limits to a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a specified amount of CET1 capital in addition to the amount necessary to meet its minimum risk-based capital requirements.

The new CET1 capital ratio includes common equity as defined under GAAP and does not include any other type of non-common equity under GAAP. Banks must now maintain CET1 capital of 4.5% of average assets, Tier 1 capital of 6% of average assets and total capital of 8% of risk-weighted assets to be categorized as adequately capitalized.

114

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note P – Regulatory Matters (continued)

Further, the Basel III Rules changed the agencies’ general risk-based capital requirements for determining risk-weighted assets, which affect the calculation of the denominator of a banking organization’s risk-based capital ratios. The Basel III Rules have revised the agencies’ rules for calculating risk-weighted assets to enhance risk sensitivity and to incorporate certain international capital standards of the Basel Committee on Banking Supervision set forth in the standardized approach of the “International Convergence of Capital Measurement and Capital Standards: A Revised Framework”.

The calculation of risk-weighted assets in the denominator of the Basel III capital ratios has been adjusted to reflect the higher risk nature of certain types of loans. Specifically, as applicable to the Company and Renasant Bank:

— Residential mortgages: Replaces the current 50% risk weight for performing residential first-lien mortgages and a 100% risk-weight for all other mortgages with a risk weight of between 35% and 200% determined by the mortgage’s loan-to-value ratio and whether the mortgage falls into one of two categories based on eight criteria that include the term, use of negative amortization and balloon payments, certain rate increases and documented and verified borrower income.

— Commercial mortgages: Replaces the current 100% risk weight with a 150% risk weight for certain high volatility commercial real estate acquisition, development and construction loans.

— Nonperforming loans: Replaces the current 100% risk weight with a 150% risk weight for loans, other than residential mortgages, that are 90 days past due or on nonaccrual status.

The Final Rules also introduce a new capital conservation buffer designed to absorb losses during periods of economic stress. The capital conservation buffer is composed entirely of CET1, on top of these minimum risk-weighted asset ratios. In addition, the Final Rules provide for a countercyclical capital buffer applicable only to certain covered institutions. It is not expected that the countercyclical capital buffer will be applicable to Renasant Corporation or Renasant Bank. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum but below the capital conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The implementation of the capital conservation buffer began on January 1, 2016 at the 0.625% level and be phased in over a 4-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019).

Generally, the new Basel III Rules became effective on January 1, 2015, although parts of the Basel III Rules will be phased in through 2019.

Note Q – Segment Reporting

(In Thousands)

The operations of the Company’s reportable segments are described as follows:

• The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-sized businesses including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities.

• The Insurance segment includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers.

• The Wealth Management segment offers a broad range of fiduciary services which includes the administration and management of trust accounts including personal and corporate benefit accounts, self-directed IRA’s, and custodial accounts. In addition, the Wealth Management segment offers annuities, mutual funds and other investment services through a third party broker-dealer.

In order to give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment. Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio, as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment. Included in “Other” are the operations of the holding company and other eliminations which are necessary for purposes of reconciling to the consolidated amounts.

115

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note Q – Segment Reporting (continued)

The following table provides financial information for the Company’s operating segments as of and for the years ended December 31, 20152014 and 2013:

	Community Banks		Insurance		Wealth Management			Other			Consolidated
2015
Net interest income	$	244,242	$	311	$	1,688		$	(4,883	)	$	241,358
Provision for loan losses	4,752		—		(2		)	—			4,750
Noninterest income	88,498		9,340		10,559			(127		)	108,270
Noninterest expense	228,248		6,900		9,130			836			245,114
Income before income taxes	99,740		2,751		3,119			(5,846		)	99,764
Income taxes	32,941		1,078		—			(2,269		)	31,750
Net income (loss)	$	66,799	$	1,673	$	3,119		$	(3,577	)	$	68,014
Total assets	$	7,833,084	$	22,550	$	46,035		$	24,827		$	7,926,496
Goodwill	443,104		2,767		—			—			445,871
2014
Net interest income	$	205,353	$	237	$	1,332		$	(4,440	)	$	202,482
Provision for loan losses	6,249		—		(82		)	—			6,167
Noninterest income	61,973		9,055		8,997			484			80,509
Noninterest expense	175,660		6,441		8,111			725			190,937
Income before income taxes	85,417		2,851		2,300			(4,681		)	85,887
Income taxes	27,037		1,114		—			(1,846		)	26,305
Net income (loss)	$	58,380	$	1,737	$	2,300		$	(2,835	)	$	59,582
Total assets	$	5,720,995	$	20,472	$	44,275		$	19,387		$	5,805,129
Goodwill	271,939		2,767		—			—			274,706
2013
Net interest income	$	158,322	$	135	$	1,275		$	(2,599	)	$	157,133
Provision for loan losses	10,219		—		131			—			10,350
Noninterest income	58,648		5,619		7,552			72			71,891
Noninterest expense	160,704		4,268		7,133			823			172,928
Income before income taxes	46,047		1,486		1,563			(3,350		)	45,746
Income taxes	13,036		575		—			(1,352		)	12,259
Net income (loss)	$	33,011	$	911	$	1,563		$	(1,998	)	$	33,487
Total assets	$	5,671,428	$	17,312	$	44,360		$	13,170		$	5,746,270
Goodwill	273,343		2,757		—			—			276,100

Note R – Fair Value Measurements

(In Thousands)

Recurring Fair Value Measurements

The Company carries certain assets and liabilities at fair value on a recurring basis in accordance with applicable standards. The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets and liabilities at fair value. Assets and liabilities that are required to be carried at fair value include securities available for sale and derivative instruments. The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis as permitted under the guidance in ASC 825.

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Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note R – Fair Value Measurements (continued)

The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis:

Securities available for sale: Securities available for sale consist primarily of debt securities, such as obligations of U.S. Government agencies and corporations, mortgage-backed securities, trust preferred securities, and other debt and equity securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy.

Derivative instruments: The Company uses derivatives to manage various financial risks. Most of the Company’s derivative contracts are actively traded in over-the-counter markets and are valued using discounted cash flow models which incorporate observable market based inputs including current market interest rates, credit spreads, and other factors. Such instruments are categorized within Level 2 of the fair value hierarchy and include interest rate swaps and other interest rate contracts including interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy.

Mortgage loans held for sale: Mortgage loans held for sale are primarily agency loans which trade in active secondary markets. The fair value of these instruments is derived from current market pricing for similar loans, adjusted for differences in loan characteristics, including servicing and risk. Because the valuation is based on external pricing of similar instruments, mortgage loans held for sale are classified within Level 2 of the fair value hierarchy.

117

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note R – Fair Value Measurements (continued)

The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:

	Level 1		Level 2		Level 3		Totals
December 31, 2015
Financial assets:
Securities available for sale:
Obligations of other U.S. Government agencies and corporations	$	—	$	6,200	$	—	$	6,200
Residential mortgage-backed securities:
Government agency mortgage backed securities	—		364,540		—		364,540
Government agency collateralized mortgage obligations	—		168,060		—		168,060
Commercial mortgage-backed securities:
Government agency mortgage backed securities	—		59,759		—		59,759
Government agency collateralized mortgage obligations	—		5,104		—		5,104
Trust preferred securities	—		—		19,469		19,469
Other debt securities	—		19,333		—		19,333
Other equity securities	—		4,340		—		4,340
Total securities available for sale	—		627,336		19,469		646,805
Derivative instruments:
Interest rate swap	—		—		—		—
Interest rate contracts	—		2,544		—		2,544
Interest rate lock commitments	—		4,508		—		4,508
Forward commitments	—		446		—		446
Total derivative instruments	—		7,498		—		7,498
Mortgage loans held for sale	—		225,254		—		225,254
Total financial assets	$	—	$	860,088	$	19,469	$	879,557
Financial liabilities:
Derivative instruments:
Interest rate swap	$	—	$	4,266	$	—	$	4,266
Interest rate contracts	—		2,544		—		2,544
Interest rate lock commitments	—		—		—		—
Forward commitments	—		509		—		509
Total derivative instruments	—		7,319		—		7,319
Total financial liabilities	$	—	$	7,319	$	—	$	7,319

118

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note R – Fair Value Measurements (continued)

	Level 1		Level 2		Level 3		Totals
December 31, 2014
Financial assets:
Securities available for sale:
Obligations of other U.S. Government agencies and corporations	$	—	$	6,147	$	—	$	6,147
Residential mortgage-backed securities:
Government agency mortgage backed securities	—		296,359		—		296,359
Government agency collateralized mortgage obligations	—		157,436		—		157,436
Commercial mortgage-backed securities:
Government agency mortgage backed securities	—		47,185		—		47,185
Government agency collateralized mortgage obligations	—		5,172		—		5,172
Trust preferred securities	—		—		19,756		19,756
Other debt securities	—		17,930		—		17,930
Other equity securities	—		3,599		—		3,599
Total securities available for sale	—		533,828		19,756		553,584
Derivative instruments:
Interest rate swap	—		—		—		—
Interest rate contracts	—		2,142		—		2,142
Interest rate lock commitments	—		1,584		—		1,584
Forward commitments	—		5		—		5
Total derivative instruments	—		3,731		—		3,731
Mortgage loans held for sale	—		25,628		—		25,628
Total financial assets	$	—	$	563,187	$	19,756	$	582,943
Financial liabilities:
Derivative instruments:
Interest rate swap	$	—	$	3,847	$	—	$	3,847
Interest rate contracts	—		2,143		—		2,143
Interest rate lock commitments	—		—		—		—
Forward commitments	—		303		—		303
Total derivative instruments	—		6,293		—		6,293
Total financial liabilities	$	—	$	6,293	$	—	$	6,293

The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy.

119

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note R – Fair Value Measurements (continued)

The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs:

	Securities available for sale
	Trust preferred securities			Total
Balance at January 1, 2014	$	17,671		$	17,671
Realized (gains) losses included in net income, net of premium amortization	33			33
Unrealized gains included in other comprehensive income	3,216			3,216
Reclassification adjustment	—			—
Sales	—			—
Issues	—			—
Settlements	(1,164		)	(1,164		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at December 31, 2014	$	19,756		$	19,756
Realized (gains) losses included in net income, net of premium amortization	(62		)	(62		)
Unrealized gains included in other comprehensive income	1,439			1,439
Sales	(1,117		)	(1,117		)
Issues	—			—
Settlements	(547		)	(547		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at December 31, 2015	$	19,469		$	19,469

For 2015 and 2014, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs.

The following table presents information as of December 31, 2015 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis:

Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Trust preferred securities	$	19,469	Discounted cash flows	Default rate	0-100%

120

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note R – Fair Value Measurements (continued)

Nonrecurring Fair Value Measurements

Certain assets may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following table provides the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:

	Level 1		Level 2		Level 3		Totals
December 31, 2015
Impaired loans	$	—	$	—	$	6,508	$	6,508
OREO	—		—		12,839		12,839
Total	$	—	$	—	$	19,347	$	19,347

	Level 1		Level 2		Level 3		Totals
December 31, 2014
Impaired loans	$	—	$	—	$	12,360	$	12,360
OREO	—		—		4,460		4,460
Total	$	—	$	—	$	16,820	$	16,820

The following methods and assumptions are used by the Company to estimate the fair values of the Company’s assets measured on a nonrecurring basis:

Impaired loans: Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Impaired loans covered under loss-share agreements were recorded at their fair value upon the acquisition date, and no fair value adjustments were necessary for loans still carried on the balance sheet at December 31, 2015 or 2014, respectively. Impaired loans not covered under loss-share agreements that were measured or re-measured at fair value had a carrying value of $7,191 and $13,349 at December 31, 2015 and December 31, 2014, respectively, and a specific reserve for these loans of $683 and $989 was included in the allowance for loan losses for the same periods ended.

Other real estate owned: OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO covered under loss-share agreements is recorded at its fair value at its acquisition date. OREO not covered under loss-share agreements acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3.

121

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note R – Fair Value Measurements (continued)

The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented:

	December 31, 2015			December 31, 2014
OREO covered under loss-share agreements:
Carrying amount prior to remeasurement	$	—		$	3,162
Impairment recognized in results of operations	—			(185		)
Increase in FDIC loss-share indemnification asset	—			(742		)
Receivable from other guarantor	—			(422		)
Fair value	$	—		$	1,813
OREO not covered under loss-share agreements:
Carrying amount prior to remeasurement	$	14,726		$	3,513
Impairment recognized in results of operations	(1,887		)	(866		)
Fair value	$	12,839		$	2,647

The following table presents information as of December 31, 2015 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:

Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Impaired loans	$	6,508	Appraised value of collateral less estimated costs to sell	Estimated costs to sell	4-10%
OREO	$	12,839	Appraised value of property less estimated costs to sell	Estimated costs to sell	4-10%

Fair Value Option

The Company elected to measure all mortgage loans originated for sale on or after July 1, 2012 at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them.

Net losses of $1,099 resulting from fair value changes of these mortgage loans were recorded in income during 2015. The amount does not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans. The change in fair value of both mortgage loans held for sale and the related derivative instruments are recorded in “Mortgage banking income” in the Consolidated Statements of Income.

The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. Interest income on mortgage loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income on the Consolidated Statements of Income.

122

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note R – Fair Value Measurements (continued)

The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2015:

	Aggregate Fair  Value		Aggregate Unpaid Principal Balance		Difference
Mortgage loans held for sale measured at fair value	$	225,254	$	219,352	$	5,902
Past due loans of 90 days or more	—		—		—
Nonaccrual loans	—		—		—

Fair Value of Financial Instruments

The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:

			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
December 31, 2015
Financial assets
Cash and cash equivalents	$	211,571	$	211,571	$	—	$	—	$	211,571
Securities held to maturity	458,400		—		473,753		—		473,753
Securities available for sale	646,805		—		627,336		19,469		646,805
Mortgage loans held for sale	225,254		—		225,254		—		225,254
Loans covered under loss-share agreements	93,142		—		—		92,528		92,528
Loans not covered under loss-share agreements, net	5,277,883		—		—		5,208,630		5,208,630
FDIC loss-share indemnification asset	7,149		—		—		7,149		7,149
Mortgage servicing rights	29,642		—		—		33,283		33,283
Derivative instruments	7,498		—		7,498		—		7,498
Financial liabilities
Deposits	$	6,218,602	$	4,723,312	$	1,502,202	$	—	$	6,225,514
Short-term borrowings	422,279		422,279		—		—		422,279
Other long-term borrowings	192		192		—		—		192
Federal Home Loan Bank advances	52,930		—		56,101		—		56,101
Junior subordinated debentures	95,095		—		78,095		—		78,095
Derivative instruments	7,319		—		7,319		—		7,319

123

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note R – Fair Value Measurements (continued)

			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
December 31, 2014
Financial assets
Cash and cash equivalents	$	161,583	$	161,583	$	—	$	—	$	161,583
Securities held to maturity	430,163		—		442,488		—		442,488
Securities available for sale	553,584		—		533,828		19,756		553,584
Mortgage loans held for sale	25,628		—		25,628		—		25,628
Loans covered under loss-share agreements	143,041		—		—		143,487		143,487
Loans not covered under loss-share agreements, net	3,844,833		—		—		3,751,727		3,751,727
Mortgage servicing rights	11,662		—		—		12,378		12,378
FDIC loss-share indemnification asset	12,516		—		—		12,516		12,516
Derivative instruments	3,731		—		3,731		—		3,731
Financial liabilities
Deposits	$	4,838,418	$	3,532,266	$	1,309,421	$	—	$	4,841,687
Short-term borrowings	32,403		32,403		—		—		32,403
Other long-term borrowings	237		237		—		—		237
Federal Home Loan Bank advances	61,611		—		92,532		—		92,532
Junior subordinated debentures	94,574		—		80,971		—		80,971
Derivative instruments	6,293		—		6,293		—		6,293

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring or nonrecurring basis are discussed previously.

Cash and cash equivalents: Cash and cash equivalents consist of cash and due from banks and interest-bearing balances with banks. The carrying amount reported in the Consolidated Balance Sheets for cash and cash equivalents approximates fair value based on the short-term nature of these assets.

Securities held to maturity: Securities held to maturity consist of debt securities such as obligations of U.S. Government agencies, states, and other political subdivisions. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy.

Loans covered under loss-share agreements: The fair value of loans covered under loss-share agreements is based on the net present value of future cash proceeds expected to be received using discount rates that are derived from current market rates and reflect the level of interest risk in the covered loans.

Loans not covered under loss-share agreements: For variable-rate loans not covered under loss-share agreements that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values of fixed-rate loans not covered under loss-share agreements, including mortgages, commercial, agricultural and consumer loans, are estimated using a discounted cash flow analysis based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality.

Mortgage servicing rights: The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and

124

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note R – Fair Value Measurements (continued)

other factors. Because these factors are not all observable and include management’s assumptions, mortgage servicing rights are classified within Level 3 of the fair value hierarchy. Mortgage servicing rights were carried at amortized cost at December 31, 2015 and 2014, respectively, and no impairment charges were recognized in earnings during 2015 or 2014.

FDIC loss-share indemnification asset: The fair value of the FDIC loss-share indemnification asset is based on the net present value of future cash flows expected to be received from the FDIC under the provisions of the loss-share agreements using a discount rate that is based on current market rates for the underlying covered loans. Current market rates are used in light of the uncertainty of the timing and receipt of the loss-share reimbursement from the FDIC.

Deposits: The fair values disclosed for demand deposits, both interest-bearing and noninterest-bearing, are, by definition, equal to the amount payable on demand at the reporting date. Such deposits are classified within Level 1 of the fair value hierarchy. The fair values of certificates of deposit and individual retirement accounts are estimated using a discounted cash flow based on currently effective interest rates for similar types of deposits. These deposits are classified within Level 2 of the fair value hierarchy.

Short-term borrowings: Short-term borrowings consist of securities sold under agreements to repurchase and overnight borrowings. The fair value of these borrowings approximates the carrying value of the amounts reported in the Consolidated Balance Sheets for each respective account given the short-term nature of the liabilities.

Federal Home Loan Bank advances: The fair value for FHLB advances is determined by discounting the expected future cash outflows using current market rates for similar borrowings, or Level 2 inputs.

Junior subordinated debentures: The fair value for the Company’s junior subordinated debentures is determined using quoted market prices for similar instruments traded in active markets.

Note S – Derivative Instruments

(In Thousands)

The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, caps and/or floors, as part of its ongoing efforts to mitigate its interest rate risk exposure and to facilitate the needs of its customers. The Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. At December 31, 2015, the Company had notional amounts of $68,409 on interest rate contracts with corporate customers and $68,409 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts.

On June 5, 2014, the Company entered into two forward interest rate swap contracts on floating rate liabilities at the Bank level with notional amounts of $15,000 each. The interest rate swap contracts are accounted for as cash flow hedges with the objective of protecting against any interest rate volatility on future FHLB borrowings for a four-year and five-year period beginning June 1, 2018 and December 3, 2018 and ending June 2022 and June 2023, respectively. Under these contracts, Renasant Bank will pay a fixed interest rate of interest, and will receive a variable interest rate based on the three-month LIBOR plus a pre-determined spread, with quarterly net settlements.

In March and April 2012, the Company entered into two interest rate swap agreements effective March 30, 2014 and March 17, 2014, respectively. Under these swap agreements, the Company receives a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pays a fixed rate of interest. The agreements, which both terminate in March 2022, are accounted for as cash flow hedges to reduce the variability in cash flows resulting from changes in interest rates on $32,000 of the Company’s junior subordinated debentures.

In connection with its acquisition of First M&F, the Company assumed an interest rate swap designed to convert floating rate interest payments into fixed rate payments. Based on the terms of the agreement, which terminates in March 2018, the Company will receive a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pay a fixed rate of interest. The interest rate swap is accounted for as a cash flow hedge to reduce the variability in cash flows resulting from changes in interest rates on $30,000 of the junior subordinated debentures assumed in the acquisition of First M&F.

In May 2010, the Company terminated two interest rate swaps, each designated as a cash flow hedge, designed to convert the variable interest rate on an aggregate of $75,000 of loans to a fixed rate. As of the termination date, there were $1,679 of deferred gains related to the swaps, which were amortized into interest income over the designated hedging periods which ended in August 2012 and August 2013. Deferred gains related to the swaps of $203 were amortized into net interest income for the year ended

125

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note S – Derivative Instruments (continued)

December 31, 2013. No deferred gains related to the swaps were amortized into net interest income for the years ended December 31, 2015 and 2014.

The Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate residential mortgage loans. The notional amount of commitments to fund fixed-rate mortgage loans was $251,676 and $62,288 at December 31, 2015 and 2014, respectively. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors. The notional amount of commitments to sell residential mortgage loans to secondary market investors was $293,500 and $52,000 at December 31, 2015 and 2014, respectively.

The following table provides details on the Company’s derivative financial instruments as of the dates presented:

		Fair Value
	Balance Sheet	December 31,
	Location	2015		2014
Derivative assets:
Not designated as hedging instruments:
Interest rate contracts	Other Assets	$	2,544	$	2,142
Interest rate lock commitments	Other Assets	4,508		1,584
Forward commitments	Other Assets	446		5
Totals		$	7,498	$	3,731
Derivative liabilities:
Designated as hedging instruments:
Interest rate swap	Other Liabilities	$	4,266	$	3,847
Totals		$	4,266	$	3,847
Not designated as hedging instruments:
Interest rate contracts	Other Liabilities	$	2,544	$	2,143
Forward commitments	Other Liabilities	509		303
Totals		$	3,053	$	2,446

Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows:

	Year Ended December 31,
	2015			2014			2013
Derivatives designated as cash flow hedging instruments:
Interest rate swap:
Included in interest income on loans	$	—		$	—		$	203
Total	$	—		$	—		$	203
Derivatives not designated as hedging instruments:
Interest rate contracts:
Included in interest income on loans	$	2,200		$	2,961		$	3,193
Included in other noninterest expense	—			—			69
Interest rate lock commitments:
Included in mortgage banking income	(530		)	1,171			(1,159		)
Forward commitments
Included in mortgage banking income	(1,917		)	(609		)	509
Total	$	(247	)	$	3,523		$	2,612

126

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note S – Derivative Instruments (continued)

For the Company’s derivatives designated as cash flow hedges, changes in fair value of the cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. The impact of the ineffective portion for the year ended December 31, 2013 on earnings is shown in the table above. There were no ineffective portions for the years ended December 31, 2015 and 2014. The impact on other comprehensive income for the years ended December 31, 2015, 2014, and 2013, can be seen at Note V, “Other Comprehensive Income.”

Offsetting

Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of setoff” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements; however, the Company has not elected to offset such financial instruments in the consolidated balance sheets. The following table presents the Company’s gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:

	Offsetting Derivative Assets				Offsetting Derivative Liabilities
	December 31, 2015		December 31, 2014		December 31, 2015		December 31, 2014
Gross amounts recognized	$	446	$	5	$	6,454	$	5,182
Gross amounts offset in the consolidated balance sheets	—		—		—		—
Net amounts presented in the consolidated balance sheets	446		5		6,454		5,182
Gross amounts not offset in the consolidated balance sheets
Financial instruments	282		5		282		5
Financial collateral pledged	—		—		6,020		4,879
Net amounts	$	164	$	—	$	152	$	298

127

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note T – Renasant Corporation (Parent Company Only) Condensed Financial Information

(In Thousands)

Balance Sheets

	December 31,
	2015		2014
Assets
Cash and cash equivalents(1)	$	11,107	$	9,968
Investments	9,711		8,050
Investment in bank subsidiary(2)	1,101,580		786,125
Accrued interest receivable on bank balances(2)	5		5
Intercompany receivable (payable)(2)	2,450		(577		)
Other assets	10,560		5,945
Total assets	$	1,135,413	$	809,516
Liabilities and shareholders’ equity
Junior subordinated debentures	$	95,095	$	94,574
Other liabilities	3,500		3,291
Shareholders’ equity	1,036,818		711,651
Total liabilities and shareholders’ equity	$	1,135,413	$	809,516

(1) Eliminates in consolidation, except for $1,970 which is pledged as collateral and held at a non-subsidiary bank.

(2) Eliminates in consolidation

Statements of Income

	Year Ended December 31,
	2015			2014			2013
Income
Dividends from bank subsidiary(1)	$	24,557		$	21,518		$	19,303
Interest income from bank subsidiary(1)	7			8			10
Other dividends	266			749			492
Other income	58			71			39
Total income	24,888			22,346			19,844
Expenses	6,823			5,513			3,892
Income before income tax benefit and equity in undistributed net income of bank subsidiary	18,065			16,833			15,952
Income tax benefit	(2,521		)	(1,846		)	(1,352		)
Equity in undistributed net income of bank subsidiary(1)	47,428			40,903			16,183
Net income	$	68,014		$	59,582		$	33,487

(1) Eliminates in consolidation

128

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note T – Renasant Corporation (Parent Company Only) Condensed Financial Information (continued)

Statements of Cash Flows

	Year Ended December 31,
	2015			2014			2013
Operating activities
Net income	$	68,014		$	59,582		$	33,487
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of securities	—			(375		)	—
Equity in undistributed net income of bank subsidiary	(47,428		)	(40,903		)	(16,183		)
Amortization/depreciation/accretion	579			385			21
(Increase) decrease in other assets	(1,377		)	1,345			1,969
Increase (decrease) in other liabilities	1,088			2,591			(122		)
Net cash provided by operating activities	20,876			22,625			19,172
Investing activities
Purchases of securities held to maturity and available for sale	(2,183		)	(1,781		)	(1,420		)
Sales and maturities of securities held to maturity and available for sale	1,089			1,142			3,000
Net cash received in acquisition	5,292			—			3,917
Other investing activities	—			(64		)	—
Net cash (used in) provided by investing activities	4,198			(703		)	5,497
Financing activities
Cash paid for dividends	(24,557		)	(21,518		)	(19,303		)
Cash received on exercise of stock-based compensation	102			401			276
Excess tax benefits from exercise of stock options	520			940			198
Repayments of advances from bank subsidiary	—			(1,500		)	—
Net cash used in financing activities	(23,935		)	(21,677		)	(18,829		)
Increase in cash and cash equivalents	1,139			245			5,840
Cash and cash equivalents at beginning of year	9,968			9,723			3,883
Cash and cash equivalents at end of year	$	11,107		$	9,968		$	9,723

129

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note U – Quarterly Results of Operations

(In Thousands, Except Share Data) (Unaudited)

The following table sets forth a summary of the unaudited quarterly results of operations.

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2015
Interest income	$	54,166	$	56,769	$	74,300	$	77,788
Interest expense	5,385		5,155		5,688		5,437
Net interest income	48,781		51,614		68,612		72,351
Provision for loan losses	1,075		1,175		750		1,750
Noninterest income	21,870		22,879		32,079		31,442
Noninterest expense	47,319		51,082		75,979		70,734
Income before income taxes	22,257		22,236		23,962		31,309
Income taxes	7,017		6,842		7,742		10,149
Net income	$	15,240	$	15,394	$	16,220	$	21,160
Basic earnings per share	$	0.48	$	0.49	$	0.40	$	0.53
Diluted earnings per share	$	0.48	$	0.48	$	0.40	$	0.52
2014
Interest income	$	56,178	$	58,277	$	56,358	$	55,596
Interest expense	6,228		6,139		5,931		5,629
Net interest income	49,950		52,138		50,427		49,967
Provision for loan losses	1,450		1,450		2,217		1,050
Noninterest income	18,594		19,443		22,531		19,941
Noninterest expense	47,602		49,337		48,098		45,900
Income before income taxes	19,492		20,794		22,643		22,958
Income taxes	5,895		5,941		7,108		7,361
Net income	$	13,597	$	14,853	$	15,535	$	15,597
Basic earnings per share	$	0.43	$	0.47	$	0.49	$	0.49
Diluted earnings per share	$	0.43	$	0.47	$	0.49	$	0.49

See Note B, “Mergers and Acquisitions” above for a discussion of the effect on the Company’s results of operations of its acquisition of Heritage in the third quarter of 2015.

130

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Notes to Consolidated Financial Statements

Note V – Other Comprehensive Income

(In Thousands)

Changes in the components of other comprehensive income, net of tax, were as follows:

	Pre-Tax			Tax  Expense (Benefit)			Net of Tax
Year Ended December 31, 2015
Securities available for sale:
Unrealized holding losses on securities	$	(571	)	$	(220	)	$	(351	)
Non-credit related portion of other-than-temporary impairment on securities	—			—			—
Reclassification adjustment for gains realized in net income(1)	(96		)	(37		)	(59		)
Amortization of unrealized holding gains on securities transferred to the held to maturity category	(178		)	(68		)	(110		)
Total securities available for sale	(845		)	(325		)	(520		)
Derivative instruments:
Unrealized holding losses on derivative instruments	(420		)	(171		)	(249		)
Reclassification adjustment for gains realized in net income(2)	—			—			—
Total derivative instruments	(420		)	(171		)	(249		)
Defined benefit pension and post-retirement benefit plans:
Net loss arising during the period	(2,393		)	(958		)	(1,435		)
Amortization of net actuarial loss recognized in net periodic pension cost(3)	432			165			267
Total defined benefit pension and post-retirement benefit plans	(1,961		)	(793		)	(1,168		)
Total other comprehensive loss	$	(3,226	)	$	(1,289	)	$	(1,937	)
Year Ended December 31, 2014
Securities available for sale:
Unrealized holding gains on securities	$	12,520		$	4,789		$	7,731
Non-credit related portion of other-than-temporary impairment on securities	—			—			—
Reclassification adjustment for gains realized in net income(1)	(375		)	(143		)	(232		)
Amortization of unrealized holding gains on securities transferred to the held to maturity category	(253		)	(97		)	(156		)
Total securities available for sale	11,892			4,549			7,343
Derivative instruments:
Unrealized holding losses on derivative instruments	(2,627		)	(1,005		)	(1,622		)
Reclassification adjustment for gains realized in net income(2)	—			—			—
Total derivative instruments	(2,627		)	(1,005		)	(1,622		)
Defined benefit pension and post-retirement benefit plans:
Net loss arising during the period	(2,476		)	(947		)	(1,529		)
Amortization of net actuarial loss recognized in net periodic pension cost(3)	296			113			183
Total defined benefit pension and post-retirement benefit plans	(2,180		)	(834		)	(1,346		)
Total other comprehensive income	$	7,085		$	2,710		$	4,375

131

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements

Note V – Other Comprehensive Income (continued)

	Pre-Tax			Tax  Expense (Benefit)			Net of Tax
Year Ended December 31, 2013
Securities available for sale:
Unrealized holding losses on securities	$	(11,124	)	$	(4,255	)	$	(6,869	)
Non-credit related portion of other-than-temporary impairment on securities	—			—			—
Reclassification adjustment for gains realized in net income(1)	115			44			71
Amortization of unrealized holding gains on securities transferred to the held to maturity category	(348		)	(133		)	(215		)
Total securities available for sale	(11,357		)	(4,344		)	(7,013		)
Derivative instruments:
Unrealized holding gains on derivative instruments	2,146			821			1,325
Reclassification adjustment for gains realized in net income(2)	(203		)	(78		)	(125		)
Total derivative instruments	1,943			743			1,200
Defined benefit pension and post-retirement benefit plans:
Net gain arising during the period	3,170			1,213			1,957
Amortization of net actuarial loss recognized in net periodic pension cost(3)	622			238			384
Total defined benefit pension and post-retirement benefit plans	3,792			1,451			2,341
Total other comprehensive loss	$	(5,622	)	$	(2,150	)	$	(3,472	)

⁽¹⁾Included in Net gains on sales of securities in the Consolidated Statements of Income

⁽²⁾Included in Interest income on loans in the Consolidated Statements of Income

⁽³⁾Included in Salaries and employee benefits in the Consolidated Statements of Income

The accumulated balances for each component of other comprehensive income, net of tax, at December 31 were as follows:

	2015			2014			2013
Unrealized gains on securities	$	16,500		$	17,759		$	10,370
Non-credit related portion of other-than-temporary impairment on securities	(16,735		)	(17,474		)	(17,428		)
Unrealized losses on derivative instruments	(1,882		)	(1,633		)	(12		)
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations	(7,418		)	(6,250		)	(4,903		)
Total accumulated other comprehensive loss	$	(9,535	)	$	(7,598	)	$	(11,973	)

132

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Notes to Consolidated Financial Statements

Note W – Net Income Per Common Share

(In Thousands, Except Share Data)

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, including restricted shares, assuming outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:

	Year Ended December 31,
	2015		2014		2013
Basic
Net income applicable to common stock	$	68,014	$	59,582	$	33,487
Average common shares outstanding	35,971,877		31,499,498		27,269,613
Net income per common share—basic	$	1.89	$	1.89	$	1.23
Diluted
Net income applicable to common stock	$	68,014	$	59,582	$	33,487
Average common shares outstanding	35,971,877		31,499,498		27,269,613
Effect of dilutive stock-based compensation	255,562		260,149		191,144
Average common shares outstanding—diluted	36,227,439		31,759,647		27,460,757
Net income per common share—diluted	$	1.88	$	1.88	$	1.22

Stock options that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:

	Year Ended
	December 31,
	2015	2014	2013
Number of shares	—	109,068	164,540
Range of exercise prices	—	$29.57 - $30.63	$19.14 - $30.63

Note X – Investments in Qualified Affordable Housing Projects

(In Thousands)

The Company has investments in qualified affordable housing projects (“QAHPs”) that provide low income housing tax credits and operating loss benefits over an extended period.  At December 31, 2015 and December 31, 2014, the Company’s carrying value of QAHPs was $7,666 and $8,993, respectively. The Company has no remaining funding obligations related to the QAHPs.  The investments in QAHPs are being accounted for using the effective yield method. The investments in QAHPs are included in “Other assets” on the Consolidated Balance Sheets.

Components of the Company's investments in qualified affordable housing projects were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented:

	Year Ended
	December 31,
	2015			2014
Investment amortization	$	1,328		$	1,594
Tax credits and other benefits	(1,883		)	(2,265		)
Total	$	(555	)	$	(671	)

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Based upon their evaluation as of December 31, 2015, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) are effective for ensuring that information the Company is required to disclose in reports that it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

Management’s Annual Report on Internal Control over Financial Reporting and Attestation Report of Independent Registered Public Accounting Firm

The information required to be furnished pursuant to this item is set forth under the headings “Report on Management’s Assessment of Internal Control over Financial Reporting” and “Reports of Independent Registered Public Accounting Firm” in the Company’s Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data.

Changes in Internal Control over Financial Reporting

There were no changes to internal control over financial reporting during the fourth quarter of 2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

None.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Executive Officers of the Company

The information appearing under the heading “Executive Officers” in the Company’s Definitive Proxy Statement for its 2016 Annual Meeting of Shareholders is incorporated herein by reference.

Code of Ethics

The Company has adopted a code of business conduct and ethics in compliance with Item 406 of Regulation S-K that applies to the Company’s principal executive officer, principal financial officer, principal accounting officer and controller. The Company’s Code of Ethics is available on its website at www.renasant.com by clicking on the following: “Investor Relations” - “Corporate Overview” - “Governance Documents” - “Code of Ethics.” Any person may request a free copy of the Code of Ethics from the Company by sending a request to the following address: Renasant Corporation, 209 Troy Street, Tupelo, Mississippi, 38804-4827, Attention: Chief Financial Officer. The Company intends to satisfy the disclosure requirement under Item 5.05(c) of Form 8-K regarding an amendment to, or waiver from, a provision of the Company’s Code of Ethics by posting such information on its website, at the address specified above.

133

Directors of the Company, Shareholder Recommendations of Director Candidates, Audit Committee Members and Section 16(a) Beneficial Ownership Reporting Compliance

The information appearing under the headings “Board of Directors” and “Stock Ownership” in the Company’s Definitive Proxy Statement for its 2016 Annual Meeting of Shareholders is incorporated herein by reference.

ITEM 11. EXECUTIVE COMPENSATION

The information appearing under the headings “Board of Directors,” “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Compensation Committee Interlocks and Insider Participation” and “Compensation Tables” in the Company’s Definitive Proxy Statement for its 2016 Annual Meeting of Shareholders is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The information appearing under the headings “Stock Ownership” and “Proposal 3 - Amendment of 2011 Long-Term Incentive Compensation Plan to Increase Available Shares” in the Company’s Definitive Proxy Statement for its 2016 Annual Meeting of Shareholders is incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

The information appearing under the heading “Board of Directors” in the Company’s Definitive Proxy Statement for its 2016 Annual Meeting of Shareholders is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The information appearing under the heading “Independent Registered Public Accountants” in the Company’s Definitive Proxy Statement for its 2016 Annual Meeting of Shareholders is incorporated herein by reference.

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PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a) - (1)  Financial Statements
The following consolidated financial statements and supplementary information for the fiscal years ended December 31, 2015, 2014 and 2013 are included in Part II, Item 8, Financial Statements and Supplementary Data:
(i)	Report on Management’s Assessment of Internal Control over Financial Reporting
(ii)	Reports of Independent Registered Public Accounting Firm
(iii)	Consolidated Balance Sheets – December 31, 2015 and 2014
(iv)	Consolidated Statements of Income – Years ended December 31, 2015, 2014 and 2013
(v)	Consolidated Statements of Comprehensive Income – Years ended December 31, 2015, 2014 and 2013
(vi)	Consolidated Statements of Changes in Shareholders’ Equity – Years ended December 31, 2015, 2014 and 2013
(vii)	Consolidated Statements of Cash Flows – Years ended December 31, 2015, 2014 and 2013
(viii)	Notes to Consolidated Financial Statements
(a) - (2) Financial Statement Schedules
All schedules have been omitted because they are either not applicable or the required information has been included in the consolidated financial statements or notes thereto.
(a) - (3) Exhibits required by Item 601 of Regulation S-K
(2)(i)	Agreement and Plan of Merger by and among Renasant Corporation, Renasant Bank, First M&F Corporation and Merchants and Farmers Bank dated as of February 6, 2013, as amended(1)
(2)(ii)	Agreement and Plan of Merger by and among Renasant Corporation, Renasant Bank, Heritage Financial Group, Inc. and HeritageBank of the South dated as of December 10, 2014(2)
(2)(iii)	Agreement and Plan of Merger by and among Renasant Corporation, Renasant Bank and KeyWorth Bank dated as of October 20, 2015(3)
(3)(i)	Articles of Incorporation of the Company, as amended(4)
(3)(ii)	Restated Bylaws of the Company (5)
(4)(i)	Articles of Incorporation of the Company, as amended(4)
(4)(ii)	Restated Bylaws of the Company (5)
(10)(i)	The Peoples Holding Company 2001 Long-Term Incentive Plan, as amended*(6)
(10)(ii)	Renasant Corporation Deferred Stock Unit Plan, as amended*(7)
(10)(v)	Description of Performance Based Rewards Bonus Plan*(8)
(10)(vi)	Renasant Bank Executive Deferred Income Plan, as amended*(9)
(10)(vii)	Renasant Bank Directors’ Deferred Fee Plan, as amended*(10)
(10)(viii)	Employment Agreement dated as of June 29, 2007 by and between R. Rick Hart and Renasant Corporation, as amended.*(11)
(10)(ix)	Termination and Release Agreement dated as of June 29, 2007 by and among R. Rick Hart, Capital Bancorp, Inc., Capital Bank & Trust Company and Renasant Corporation.*(12)
(10)(x)	Second Amendment to the Capital Bank & Trust Company Supplemental Executive Retirement Plan Agreement dated August 20, 2003 for R. Rick Hart, executed June 29, 2007.*(13)
(10)(xi)	Second Amendment to the Capital Bank & Trust Company Supplemental Executive Retirement Plan Agreement dated July 10, 2006 for R. Rick Hart, executed June 29, 2007.*(14)
(10)(xii)	Supplemental Agreement to the Capital Bancorp, Inc. 2001 Stock Option Plan for R. Rick Hart, executed June 29, 2007.*(15)

135

(10)(xiii)	Renasant Corporation Plan of Assumption of Capital Bancorp, Inc. 2001 Stock Option Plan.*(16)
(10)(xiv)	Renasant Corporation Plan of Assumption of Capital Bancorp, Inc. Director Deferred Stock Compensation Plan*(17)
(10)(xv)	Executive Employment Agreement dated January 2, 2008 by and between E. Robinson McGraw and Renasant Corporation*(18)
(10)(xvi)	Renasant Corporation Severance Pay Plan*(19)
(10)(xvii)	The Renasant Corporation 2011 Long-Term Incentive Compensation Plan, as amended*(20)
(10)(xviii)	Renasant Corporation Legacy Option Plan*(21)
(10)(xix)	Executive Employment Agreement dated December 10, 2014 by and between Heritage Financial Group, Inc. and O. Leonard Dorminey, as assumed by Renasant Corporation pursuant to that certain Assumption Agreement dated as of June 26, 2015 by and between Renasant Corporation and O. Leonard Dorminey. (22)
(10)(xx)	Executive Employment Agreement dated January 12, 2016, between Renasant Corporation and Kevin D. Chapman(23)
(10)(xxi)	Executive Employment Agreement dated January 12, 2016, between Renasant Corporation and C. Mitchell Waycaster(24)
(10)(xxii)	Executive Employment Agreement dated January 12, 2016, between Renasant Corporation and Michael D. Ross(24)
(21)	Subsidiaries of the Registrant
(23)	Consent of Independent Registered Public Accounting Firm
(31)(i)	Certification of the Principal Executive Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(31)(ii)	Certification of the Principal Financial Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(32)(i)	Certification of the Principal Executive Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(32)(ii)	Certification of the Principal Financial Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(101)	The following materials from Renasant Corporation’s Annual Report on Form 10-K for the year ended December 31, 2015 were formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014, (ii) Consolidated Statements of Income for the years ended December 31, 2015, 2014 and 2013, (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014 and 2013, (iv) Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2015, 2014 and 2013, (v) Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013 and (vi) Notes to Consolidated Financial Statements.

*	Management contract or compensatory plan or arrangement required to be filed as an exhibit to this Form 10-K pursuant to Item 15(b) of Form 10-K.
(1)	Filed as exhibit 2.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on February 11, 2013 and incorporated herein by reference.
(2)	Filed as exhibit 2.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on December 15, 2014 and incorporated herein by reference.
(3)	Filed as exhibit 2.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on October 23, 2015 and incorporated herein by reference.
(4)	Filed as exhibit 3.1 to the Form 10-Q of the Company filed with the Securities and Exchange Commission on May 9, 2005 and incorporated herein by reference.
(5)	Filed as exhibit 3.2 to the Pre-Effective Amendment No. 1 to form S-4 Registration Statement of the Company (File No. 333-208753 filed with the Securities and Exchange Commission on January 29, 2016 and incorporated herein by reference.
(6)	Filed as exhibits 4.1 and 4.2 to the Form S-8 Registration Statement of the Company (File No. 333-102152) filed with the Securities and Exchange Commission on December 23, 2002 and, as to Amendment No. 1 to the plan, as Appendix B to the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission on March 14, 2005, and, as to Amendment No. 2 to the plan, as Exhibit 99.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on July 19, 2006, each of which is incorporated herein by reference.

136

(7)	Filed as exhibits 4.3 and 4.4 to the Form S-8 Registration Statement of the Company (File No. 333-102152) filed with the Securities and Exchange Commission on December 23, 2002, and, as to the amendment and restatement of the plan, as exhibit 99.2 to the Form 8-K of the Company filed with the Securities and Exchange Commission on July 19, 2006, and, as to the amendments to the amended and restated plan, as exhibit 99.1 to the Form S-8 Registration Statement of the Company (File No. 333-141185) filed with the Securities and Exchange Commission on June 29, 2007, as exhibit 10.2 to the Form 8-K of the Company filed with the Securities and Exchange Commission on February 17, 2009, and as exhibit 99.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on January 23, 2012, each of which is incorporated herein by reference.
(8)	Filed under Item 1.01 of the Form 8-K of the Company filed with the Securities and Exchange Commission on February 3, 2005 and incorporated herein by reference.
(9)	Filed as exhibit 99.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on January 5, 2007, and, as to the amendment of the plan, as exhibit 10.3 to the Form 8-K of the Company filed with the Securities and Exchange Commission on February 17, 2009, each of which is incorporated herein by reference.
(10)	Filed as exhibit 99.2 to the Form 8-K of the Company filed with the Securities and Exchange Commission on January 5, 2007, and, as to the amendment of the plan, as exhibit 10.4 to the Form 8-K of the Company filed with the Securities and Exchange Commission on February 17, 2009, each of which is incorporated herein by reference.
(11)	Filed as exhibit 10.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on July 6, 2007, and, as to the amendment to the employment agreement, as exhibit 10.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on March 7, 2012, each of which is incorporated herein by reference.
(12)	Filed as exhibit 10.2 to the Form 8-K of the Company filed with the Securities and Exchange Commission on July 6, 2007 and incorporated herein by reference.
(13)	Filed as exhibit 10.4 to the Form 8-K of the Company filed with the Securities and Exchange Commission on July 6, 2007 and incorporated herein by reference.
(14)	Filed as exhibit 10.5 to the Form 8-K of the Company filed with the Securities and Exchange Commission on July 6, 2007 and incorporated herein by reference.
(15)	Filed as exhibit 10.8 to the Form 8-K of the Company filed with the Securities and Exchange Commission on July 6, 2007 and incorporated herein by reference.
(16)	Filed as exhibit 99.1 to the Form S-8 Registration Statement of the Company (File No. 333-144694) filed with the Securities and Exchange Commission on July 19, 2007 and incorporated herein by reference.
(17)	Filed as exhibit 99.2 to the Form S-8 Registration Statement of the Company (File No. 333-144694) filed with the Securities and Exchange Commission on July 19, 2007 and incorporated herein by reference.
(18)	Filed as exhibit 10.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on March 7, 2008 and incorporated herein by reference.
(19)	Filed as exhibit 10.5 to the Form 8-K of the Company filed with the Securities and Exchange Commission on February 17, 2009 and incorporated herein by reference.
(20)	Filed as exhibit 99.2 to the Form S-8 Registration Statement of the Company (File No. 333-179973) filed with the Securities and Exchange Commission on March 7, 2012 and incorporated herein by reference.
(21)	Filed as exhibit 10(i) to the Form 10-Q of the Company filed with the Securities and Exchange Commission on November 8, 2013 and incorporated herein by reference.
(22)	Filed as exhibits 10(i) and 10(ii), respectively, to the Form 10-Q of the Company filed with the Securities and Exchange Commission on August 7, 2015 and incorporated herein by reference.
(23)	Filed as exhibit 10.1 to the Form 8-K of the Company filed with the Securities and Exchange Commission on January 13, 2016 and incorporated herein by reference.
(24)	Filed as exhibit 10.2 to the Form 8-K of the Company filed with the Securities and Exchange Commission on January 13, 2016 and incorporated herein by reference.
(25)	Filed as exhibit 10.3 to the Form 8-K of the Company filed with the Securities and Exchange Commission on January 13, 2016 and incorporated herein by reference.

The Company does not have any long-term debt instruments under which securities are authorized exceeding ten percent of the total assets of the Company and its subsidiaries on a consolidated basis. The Company will furnish to the Securities and Exchange Commission, upon its request, a copy of all long-term debt instruments.

137

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		RENASANT CORPORATION
Date:	February 29, 2016	by:	/s/ E. Robinson McGraw
			E. Robinson McGraw
			Chairman and
			Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Date:	February 29, 2016	by:	/s/ William M. Beasley
			William M. Beasley
			Director
Date:	February 29, 2016	by:	/s/ George H. Booth, II
			George H. Booth, II
			Director
Date:	February 29, 2016	by:	/s/ Frank B. Brooks
			Frank B. Brooks
			Director
Date:	February 29, 2016	by:	/s/ Kevin D. Chapman
			Kevin D. Chapman
			Executive Vice President and
			Chief Financial Officer
			(Principal Financial and Accounting Officer)
Date:	February 29, 2016	by:	/s/ Hollis C. Cheek
			Hollis C. Cheek
			Director
Date:	February 29, 2016	by:	/s/ John M. Creekmore
			John M. Creekmore
			Vice Chairman of the Board and Director
Date:	February 29, 2016	by:	/s/ Albert J. Dale, III
			Albert J. Dale, III
			Director
Date:	February 29, 2016	by:	/s/ Jill V. Deer
			Jill V. Deer
			Director

S-1

Date:	February 29, 2016	by:	/s/ Marshall H. Dickerson
			Marshall H. Dickerson
			Director
Date:	February 29, 2016	by:	/s/ John T. Foy
			John T. Foy
			Director
Date:	February 29, 2016	by:	/s/ R. Rick Hart
			R. Rick Hart
			Executive Vice President and Director
Date:	February 29, 2016	by:	/s/ Richard L. Heyer, Jr.
			Richard L. Heyer, Jr.
			Director
Date:	February 29, 2016	by:	/s/ Neal A. Holland, Jr.
			Neal A. Holland, Jr.
			Director
Date:	February 29, 2016	by:	/s/ E. Robinson McGraw
			E. Robinson McGraw
			Chairman of the Board, Director,
			Chief Executive Officer
			(Principal Executive Officer)
Date:	February 29, 2016	by:	/s/ J. Niles McNeel
			J. Niles McNeel
			Director
Date:	February 29, 2016	by:	/s/ Hugh S. Potts, Jr.
			Hugh S. Potts, Jr.
			Director
Date:	February 29, 2016	by:	/s/ Fred F. Sharpe
			Fred F. Sharpe
			Director
Date:	February 29, 2016	by:	/s/ Michael D. Shmerling
			Michael D. Shmerling
			Director

S-2

EXHIBIT INDEX

Exhibit Number	Description
(21)	Subsidiaries of the Registrant
(23)	Consent of Independent Registered Public Accounting Firm
(31)(i)	Certification of the Principal Executive Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(31)(ii)	Certification of the Principal Financial Officer, as required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(32)(i)	Certification of the Principal Executive Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(32)(ii)	Certification of the Principal Financial Officer, as required pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(101)	The following materials from Renasant Corporation’s Annual Report on Form 10-K for the year ended December 31, 2013 were formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of December 31, 2013 and December 31, 2012, (ii) Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011, (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2013, 2012 and 2011, (iv) Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2013, 2012 and 2011, (v) Consolidated Statements of Cash Flows for the years ended December 31, 2013, 2012 and 2011 and (vi) Notes to Consolidated Financial Statements.

EX-12

Exhibit 12

Renasant Corporation and Subsidiaries

Calculation of Ratio of Earnings to Fixed Charges

(In Thousands)

The following table sets forth the consolidated ratios of earnings to fixed charges of Renasant Corporation (the “Company”) for the periods shown below. No shares of the Company's preferred stock were outstanding, and the Company did not pay dividends on preferred stock, during these periods. No shares of the Company's preferred stock are currently outstanding. As a result, the ratios of earnings to fixed charges and preferred stock dividends are the same as the ratios of earnings to fixed charges for these periods.

	Years Ended December 31,
	2016			2015			2014			2013			2012		2011
Earnings:
Net income before income taxes	$	135,777		$	99,764		$	85,887		$	45,746		$	33,465	$	34,675
Fixed charges (see below)	26,554			19,722			23,051			23,683			26,975		42,388
Total earnings	$	162,331		$	119,486		$	108,938		$	69,429		$	60,440	$	77,063
Fixed Charges:
Interest expensed and capitalized on deposits	$	17,856		$	13,715		$	16,216		$	17,118		$	19,030	$	31,729
Interest expensed and capitalized on other debt	10,291			7,950			7,711			6,353			6,945		9,672
Amortized premiums and discounts related to deposits	(2,484		)	(2,611		)	(1,425		)	(632		)	—		—
Amortized premiums and discounts related to other indebtedness	(548		)	(521		)	(387		)	(21		)	161		161
Estimate of the interest expense within rental expense	1,439			1,189			936			865			839		826
Total fixed charges	$	26,554		$	19,722		$	23,051		$	23,683		$	26,975	$	42,388
Ratio of Earnings to Fixed Charges:
Excluding Interest on Deposits	13.14			12.58			11.40			7.36			5.21		4.25
Including Interest on Deposits	6.11			6.06			4.73			2.93			2.24		1.82

The ratios of earnings to fixed charges are computed by dividing (1) income (loss) before income taxes and fixed charges by (2) total fixed charges. For purposes of computing these ratios:

• fixed charges, including interest on deposits, includes all interest expense, amortized premiums and discounts related to deposits and other indebtedness, and the estimated portion of rental expense attributable to interest, net of income from subleases; and

• fixed charges, excluding interest on deposits, includes interest expense (other than on deposits), amortized premiums and discounts related to indebtedness (but not deposits), and the estimated portion of rental expense attributable to interest, net of income from subleases.

EX-21

Exhibit 21

Subsidiaries of the Registrant

Name	Jurisdiction of Incorporation/Organization	Holder of Outstanding Stock
Renasant Bank	Mississippi	Renasant Corporation
Primeco, Inc.	Delaware	Renasant Bank
Renasant Leasing Corp. II	Tennessee	Renasant Bank
Renasant Investment Corp.	Delaware	Renasant Leasing Corp. II
Renasant Capital Corp. II	Maryland	Renasant Investment Corp.
Renasant Insurance, Inc.	Mississippi	Renasant Bank
American Trust, LLC	Georgia	Renasant Bank
ATB Alpharetta, LLC	Georgia	Renasant Bank
PHC Statutory Trust I	Connecticut	Renasant Corporation (1)
PHC Statutory Trust II	Delaware	Renasant Corporation (1)
Heritage Financial Statutory Trust I	Connecticut	Renasant Corporation (1)
Capital Bancorp Capital Trust I	Delaware	Renasant Corporation (1)
First M&F Statutory Trust I	Mississippi	Renasant Corporation (1)
M&F Business Credit, Inc.	Mississippi	Renasant Bank
Merchants & Farmers Bank Securities Corp.	Mississippi	Renasant Bank
MS Statewide Title, LLC	Mississippi	Renasant Bank
M&F Step Up, LLC	Mississippi	Renasant Bank
Heritage Real Estate Holdings Company, Inc.	Georgia	Renasant Bank
Heritage Asset Management, Inc.	Georgia	Renasant Bank

⁽¹⁾ Renasant Corporation is the holder of the Trusts’ common securities.

EX-23

Exhibit 23

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statements (Form S-3 No. 333-134305, Form S-3 No. 333-141335, Form S-3 No. 333-160482, Form S-3 No. 333-168981, Form S-3 No. 333-183735, Form S-3 No. 333-206966, Form S-8 No. 333-102152, Form S-8 No. 333-104445, Form S-8 No. 333-117987, Form S-8 No. 333-122514, Form S-8 No. 333-122515, Form S-8 No. 333-122951, Form S-8 No. 333-137037, Form S-8 No. 333-144185, Form S-8 No. 333-144694, Form S-8 No. 333-150355, Form S-8 No. 333-179973, Form S-8 No. 333-191017, Form S-8 No. 333-191023, Form S-8 No. 333-197555 and Form S-8 No. 333-207620) of Renasant Corporation and any related Prospectus of our report dated February 29, 2016, related to our audit of the consolidated financial statements and internal control over financial reporting of Renasant Corporation included in this Annual Report on Form 10-K for the year ended December 31, 2015.

Memphis, Tennessee

February 29, 2016

EX-31.1

Exhibit (31)(i)

CERTIFICATIONS

I, E. Robinson McGraw, certify that:

1.     I have reviewed this annual report on Form 10-K for the year ended December 31, 2015 of Renasant Corporation;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.  The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 29, 2016	by:	/s/ E. Robinson McGraw
			E. Robinson McGraw
			Chairman of the Board, Director,
			and Chief Executive Officer
			(Principal Executive Officer)

EX-31.2

Exhibit (31)(ii)

CERTIFICATIONS

I, Kevin D. Chapman, certify that:

1.     I have reviewed this annual report on Form 10-K for the year ended December 31, 2015 of Renasant Corporation;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.   The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 29, 2016	by:	/s/ Kevin D. Chapman
			Kevin D. Chapman
			Executive Vice President and
			Chief Financial Officer
			(Principal Financial Officer)

EX-32.1

Exhibit (32)(i)

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of Renasant Corporation (the “Company”) for the period ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, E. Robinson McGraw, Chief Executive Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date:	February 29, 2016	by:	/s/ E. Robinson McGraw
			E. Robinson McGraw
			Chairman of the Board, Director,
			and Chief Executive Officer
			(Principal Executive Officer)

EX-32.2

Exhibit (32)(ii)

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report on Form 10-K of Renasant Corporation (the “Company”) for the period ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kevin D. Chapman, Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date:	February 29, 2016	by:	/s/ Kevin D. Chapman
			Kevin D. Chapman
			Executive Vice President and
			Chief Financial Officer
			(Principal Financial Officer)

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 23, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	RENASANT CORP
Entity Central Index Key	0000715072
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding		44,356,461
Entity Public Float			$ 1,306,566,806

XML

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and due from banks	$ 160,570,000	$ 177,007,000
Interest-bearing balances with banks	145,654,000	34,564,000
Cash and cash equivalents	306,224,000	211,571,000
Securities held to maturity (fair value of $362,893 and $473,753, respectively)	356,282,000	458,400,000
Securities available for sale, at fair value	674,248,000	646,805,000
Mortgage loans held for sale, at fair value	177,866,000	225,254,000
Loans, net of unearned income:
Total loans, net of unearned income	6,202,709,000	5,413,462,000
Allowance for loan losses	(42,737,000)	(42,437,000)
Loans, net	6,159,972,000	5,371,025,000
Premises and equipment, net	179,223,000	169,128,000
Other real estate owned:
Purchased	5,929,000	12,986,000
Non purchased	17,370,000	22,416,000
Total other real estate owned, net	23,299,000	35,402,000
Goodwill	470,534,000	445,871,000
Other intangible assets, net	24,074,000	28,811,000
FDIC loss share indemnification asset	0	7,149,000
Bank-owned life insurance	152,305,000	141,067,000
Mortgage servicing rights	26,302,000	29,642,000
Other assets	149,522,000	156,371,000
Total assets	8,699,851,000	7,926,496,000
Deposits
Noninterest-bearing	1,561,357,000	1,278,337,000
Interest-bearing	5,497,780,000	4,940,265,000
Total deposits	7,059,137,000	6,218,602,000
Short-term borrowings	109,676,000	422,279,000
Long-term debt	202,459,000	148,217,000
Other liabilities	95,696,000	100,580,000
Total liabilities	7,466,968,000	6,889,678,000
Shareholders’ equity
Preferred stock, $.01 par value – 5,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $5.00 par value – 150,000,000 and 75,000,000 shares authorized, respectively, 45,107,066 and 41,292,045 shares issued, respectively; 44,332,273 and 40,293,291 shares outstanding, respectively	225,535,000	206,460,000
Treasury stock, at cost	(21,692,000)	(22,385,000)
Additional paid-in capital	707,408,000	585,938,000
Retained earnings	337,536,000	276,340,000
Accumulated other comprehensive loss, net of taxes	(15,904,000)	(9,535,000)
Total shareholders’ equity	1,232,883,000	1,036,818,000
Total liabilities and shareholders’ equity	8,699,851,000	7,926,496,000
Non-Purchased
Loans, net of unearned income:
Total loans, net of unearned income	4,713,572,000	3,830,434,000
Purchased
Loans, net of unearned income:
Total loans, net of unearned income	$ 1,489,137,000	$ 1,583,028,000

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Securities held to maturity, fair value	$ 362,893	$ 473,753
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	5,000,000	5,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 5	$ 5.00
Common stock, shares authorized (shares)	150,000,000	75,000,000
Common stock, shares issued (shares)	45,107,066	41,292,045
Common stock, shares outstanding (shares)	44,323,273	40,293,291

XML

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income
Loans	$ 302,314	$ 236,262	$ 199,844
Securities
Taxable	16,551	17,026	17,096
Tax-exempt	9,814	9,520	9,073
Other	459	215	396
Total interest income	329,138	263,023	226,409
Interest expense
Deposits	17,856	13,715	16,216
Borrowings	10,291	7,950	7,711
Total interest expense	28,147	21,665	23,927
Net interest income	300,991	241,358	202,482
Provision for loan losses	7,530	4,750	6,167
Net interest income after provision for loan losses	293,461	236,608	196,315
Noninterest income
Service charges on deposit accounts	31,875	29,269	26,756
Fees and commissions	18,814	15,761	14,012
Insurance commissions	8,508	8,423	8,194
Wealth management revenue	11,652	9,808	8,545
Mortgage banking income	49,443	35,815	14,862
Net gains on sales of securities	1,186	96	375
BOLI income	4,635	3,612	2,985
Other	11,302	5,486	4,780
Total noninterest income	137,415	108,270	80,509
Noninterest expense
Salaries and employee benefits	172,448	145,111	115,108
Data processing	17,723	14,251	11,570
Net occupancy and equipment	34,394	26,987	20,252
Other real estate owned	5,696	3,045	4,593
Professional fees	5,358	4,384	4,485
Advertising and public relations	7,080	6,112	5,923
Intangible amortization	6,747	6,069	5,606
Communications	8,329	7,278	5,949
Merger-related expenses	4,023	11,614	694
Extinguishment of debt	2,539	0	0
Loss share termination	2,053	0	0
Other	28,709	20,263	16,757
Total noninterest expense	295,099	245,114	190,937
Income before income taxes	135,777	99,764	85,887
Income taxes	44,847	31,750	26,305
Net income	$ 90,930	$ 68,014	$ 59,582
Basic earnings per share (usd per share)	$ 2.18	$ 1.89	$ 1.89
Diluted earnings per share (usd per share)	2.17	1.88	1.88
Cash dividends per common share (usd per share)	$ 0.71	$ 0.68	$ 0.68

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 90,930	$ 68,014	$ 59,582
Securities available for sale:
Unrealized holding (losses) gains on securities	(6,206)	(351)	7,731
Reclassification adjustment for gains realized in net income	(727)	(59)	(232)
Amortization of unrealized holding gains on securities transferred to the held to maturity category	(61)	(110)	(156)
Total securities available for sale	(6,994)	(520)	7,343
Derivative instruments:
Unrealized holding gains (losses) on derivative instruments	527	(249)	(1,622)
Total derivative instruments	527	(249)	(1,622)
Defined benefit pension and post-retirement benefit plans:
Net gain (loss) arising during the period	31	(1,435)	(1,529)
Less amortization of net actuarial loss recognized in net periodic pension cost	302	267	183
Less amortization of net actuarial loss recognized in net periodic pension cost	(235)	0	0
Total defined benefit pension and post-retirement benefit plans	98	(1,168)	(1,346)
Other comprehensive (loss) income, net of tax	(6,369)	(1,937)	4,375
Comprehensive income	$ 84,561	$ 66,077	$ 63,957

XML

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance (shares) at Dec. 31, 2013		31,387,668
Beginning Balance at Dec. 31, 2013	$ 665,652	$ 163,281	$ (23,023)	$ 342,552	$ 194,815	$ (11,973)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	59,582				59,582
Changes in other comprehensive income (loss)	4,375					4,375
Comprehensive income	63,957
Cash dividends	(21,518)				(21,518)
Issuance of common stock for stock-based compensation awards (shares)		157,477
Issuance of common stock for stock-based compensation awards	(353)		895	(1,248)
Stock-based compensation expense	3,909			3,909
Other, net	4
Ending Balance (shares) at Dec. 31, 2014		31,545,145
Ending Balance at Dec. 31, 2014	711,651	$ 163,281	(22,128)	345,213	232,883	(7,598)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	68,014				68,014
Changes in other comprehensive income (loss)	(1,937)					(1,937)
Comprehensive income	66,077
Cash dividends	(24,557)				(24,557)
Common stock issued in connection with an acquisition (in shares)		8,635,879
Common stock issued in connection with an acquisition	281,530	$ 43,179		238,351
Repurchase of shares in connection with an acquisition related to stock-based compensation awards (shares)		(18,635)
Repurchase of shares in connection with acquisition related to stock-based compensation awards	(608)		(608)
Issuance of common stock for stock-based compensation awards (shares)		130,902
Issuance of common stock for stock-based compensation awards	(1,722)		351	(2,073)
Stock-based compensation expense	4,435			4,435
Other, net	12			12
Ending Balance (shares) at Dec. 31, 2015		40,293,291
Ending Balance at Dec. 31, 2015	1,036,818	$ 206,460	(22,385)	585,938	276,340	(9,535)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	90,930				90,930
Changes in other comprehensive income (loss)	(6,369)					(6,369)
Comprehensive income	84,561
Cash dividends	(29,734)				(29,734)
Common stock issued in connection with an acquisition (in shares)		1,680,021
Common stock issued in connection with an acquisition	55,290	$ 8,400		46,890
Issuance of common stock for stock-based compensation awards (shares)		223,961
Issuance of common stock for stock-based compensation awards	(1,652)		693	(2,345)
Stock-based compensation expense	3,117			3,117
Common stock issued in public offering (shares)		2,135,000
Common stock issued in public offering	84,105	$ 10,675		73,430
Shares vested through Heritage acquisition	378			378
Ending Balance (shares) at Dec. 31, 2016		44,332,273
Ending Balance at Dec. 31, 2016	$ 1,232,883	$ 225,535	$ (21,692)	$ 707,408	$ 337,536	$ (15,904)

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Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (usd per share)	$ 0.71	$ 0.68	$ 0.68

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income	$ 90,930	$ 68,014	$ 59,582
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses	7,530	4,750	6,167
Depreciation, amortization and accretion	207	5,953	8,104
Deferred income tax expense	11,037	13,751	9,291
Funding of mortgage loans held for sale	(1,951,144)	(1,483,937)	(547,402)
Proceeds from sales of mortgage loans held for sale	2,031,036	1,647,648	563,808
Gains on sales of mortgage loans held for sale	(31,654)	(25,292)	(8,594)
Gains on sales of securities	(1,186)	(96)	(375)
Loss on extinguishment of debt	2,539	0	0
Losses (gains) on sales of premises and equipment	115	105	(72)
Stock-based compensation	3,117	4,435	3,909
Decrease in FDIC loss share indemnification asset, net of accretion and amortization	2,891	4,409	14,399
Loss on termination of FDIC loss share agreements	2,053	0	0
Decrease in other assets	13,020	12,705	21,303
(Decrease) increase in other liabilities	(16,694)	180	(5,437)
Net cash provided by operating activities	163,797	252,625	124,683
Investing activities
Purchases of securities available for sale	(140,133)	(72,114)	(124,296)
Proceeds from sales of securities available for sale	4,028	8,444	1,099
Proceeds from call/maturities of securities available for sale	158,359	111,663	80,305
Purchases of securities held to maturity	(15,267)	(144,027)	(155,868)
Proceeds from call/maturities of securities held to maturity	119,405	145,449	136,013
Net increase in loans	(504,640)	(298,676)	(120,787)
Purchases of premises and equipment	(13,560)	(25,165)	(22,179)
Proceeds from sales of premises and equipment	2,462	2,219	2,911
Proceeds from sales of other assets	16,939	0	0
Payment made to FDIC to terminate loss share agreements	(4,849)	0	0
Net cash received in acquisition	25,263	24,776	0
Net cash used in investing activities	(351,993)	(247,431)	(202,802)
Financing activities
Net increase in noninterest-bearing deposits	209,943	79,342	63,852
Net (decrease) increase in interest-bearing deposits	279,146	(77,124)	(67,346)
Net (decrease) increase in short-term borrowings	(314,952)	375,220	30,120
Proceeds from long-term debt	98,385	40	0
Repayment of long-term debt	(47,230)	(308,766)	(13,557)
Cash paid for dividends	(29,734)	(24,557)	(21,518)
Cash received on exercise of stock options	415	102	401
Excess tax benefits from exercise of stock options	2,771	537	1,102
Proceeds from equity offering	84,105	0	0
Net cash provided by (used in) financing activities	282,849	44,794	(6,946)
Net increase (decrease) in cash and cash equivalents	94,653	49,988	(85,065)
Cash and cash equivalents at beginning of year	211,571	161,583	246,648
Cash and cash equivalents at end of year	306,224	211,571	161,583
Supplemental disclosures
Cash paid for interest	25,871	21,615	24,103
Cash paid for income taxes	22,731	18,610	17,503
Noncash transactions:
Transfers of loans to other real estate	8,870	14,935	15,692
Financed sales of other real estate owned	2,070	1,134	860
Transfers of loans held for sale to loan portfolio	17,838	11,096	0
Common stock issued in acquisition of businesses	$ 55,290	$ 281,530	$ 0

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Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

(In Thousands, Except Share Data)

Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”) and Renasant Insurance, Inc. The Company offers a diversified range of financial, fiduciary and insurance services to its retail and commercial customers through its subsidiaries and full service offices located throughout north and central Mississippi, Tennessee, Alabama, Georgia and Florida.

Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Consolidation: In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic (“ASC”) 810, “Consolidation” (“ASC 810”), a company’s consolidated financial statements are required to include subsidiaries in which the company has a controlling financial interest. The accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. The Company is not the primary beneficiary of any variable interest entity as defined by ASC 810.

Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Securities: Debt securities are classified as held to maturity when purchased if management has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Presently, the Company has no intention of establishing a trading classification. Securities not classified as held to maturity or trading are classified as available for sale. Available for sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income within shareholders’ equity.

The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts. Such amortization and accretion is included in interest income from securities. Dividend income is included in interest income from securities. Realized gains and losses on sales of securities are reflected under the line item “Net gains on sales of securities” on the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method.

The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis in accordance with ASC 320, “Investments - Debt and Equity Securities.” Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. Impairment is considered to be other-than-temporary if the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or the security’s maturity. When impairment of an equity security is considered to be other-than-temporary, the security is written down to its fair value and an impairment loss is recorded as a loss within noninterest income in the Consolidated Statements of Income. When impairment of a debt security is considered to be other-than-temporary, the security is written down to its fair value. The amount of OTTI recorded as a loss within noninterest income depends on whether an entity intends to sell the debt security and whether it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis. If an entity intends to, or has decided to, sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, OTTI must be recognized in earnings in an amount equal to the entire difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the debt security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, OTTI is separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss is recognized in earnings and is calculated as the difference between the estimate of discounted future cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the estimate of the discounted future cash flows. The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of applicable taxes.

Furthermore, debt securities may be transferred to nonaccrual status where the recognition of investment interest is discontinued. A number of qualitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the determination of whether the debt security should be transferred to nonaccrual status. The interest on these nonaccrual investment securities is accounted for on the cash-basis method until the debt security qualifies for return to accrual status. See Note 3, “Securities,” for further details regarding the Company’s securities portfolio.

Securities Sold Under Agreements to Repurchase: Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party.

Mortgage Loans Held for Sale: Mortgage loans held for sale represent residential mortgage loans held for sale. The Company has elected to carry these loans at fair value as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”). Mortgage loans held for sale are classified separately on the Consolidated Balance Sheets. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. These realized and unrealized gains and losses are classified under the line item “Mortgage banking income” on the Consolidated Statements of Income.

Loans and the Allowance for Loan Losses: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans. Renasant Bank defers certain nonrefundable loan origination fees as well as the direct costs of originating or acquiring loans. The deferred fees and costs are then amortized over the term of the note for all loans with payment schedules. Those loans with no payment schedule are amortized using the interest method. The amortization of these deferred fees is presented as an adjustment to the yield on loans. Interest income is accrued on the unpaid principal balance.

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial and construction loans above a minimum dollar amount threshold by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated collectively for impairment. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value.

Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days past due or have been placed on nonaccrual status are reported as nonperforming loans.

See Note 4, “ Non Purchased Loans,” Note 5, “Purchased Loans,” and Note 6, “ Allowance for Loan Losses” for disclosures regarding the Company’s past due and nonaccrual loans, impaired loans and restructured loans.

The allowance for loan losses is maintained at a level believed adequate by management to absorb probable credit losses inherent in the entire loan portfolio. The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including collective impairment as recognized under ASC 450, “Contingencies”. Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310, “Receivables” (“ASC 310”). The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Management and the internal loan review staff evaluate the adequacy of the allowance for loan losses quarterly. The allowance for loan losses is evaluated based on a continuing assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including its risk rating system, regulatory guidance and economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is established through a provision for loan losses charged to earnings resulting from measurements of inherent credit risk in the loan portfolio and estimates of probable losses or impairments of individual loans. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

Business Combinations, Accounting for Purchased Loans and Related Assets: Business combinations are accounted for by applying the acquisition method in accordance with ASC 805, “Business Combinations” (“ASC 805”). Under the acquisition method, identifiable assets acquired and liabilities assumed and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. Acquisition costs incurred by the Company are expensed as incurred.

Loans purchased in business combinations with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit-impaired. Purchased credit deteriorated loans are accounted for in accordance with ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. Increases in expected cash flows to be collected on these loans are recognized as an adjustment of the loan’s yield over its remaining life, while decreases in expected cash flows are recognized as an impairment.

FDIC-Assisted Acquisitions:

During 2010 and 2011, the Bank acquired substantially all of the assets and assumed substantially all of the deposits and certain other liabilities of the following two failed financial institutions in FDIC-assisted acquisitions:

• July 2010, Crescent Bank and Trust Company (Jasper, GA)

• February 2011, American Trust Bank (Roswell, GA)

During 2015, in connection with the acquisition of HeritageBank (as defined below in Note 2, “Mergers and Acquisitions”), the Bank assumed two additional loss share agreements that HeritageBank had entered into in connection with its acquisition of substantially all of the assets and assumption of substantially all of the deposits and certain other liabilities of the following two failed financial institutions in FDIC-assisted acquisitions:

• February 2011, Citizens Bank of Effingham (Springfield, GA)

• August 2011, First Southern National Bank (Statesboro, GA)

A significant portion of the loans and foreclosed assets acquired in each of these FDIC-assisted acquisitions were subject to loss share agreements with the FDIC whereby the Company was indemnified against a portion of the losses on such loans and foreclosed assets.

On December 8, 2016, the Bank entered into an agreement with the Federal Deposit Insurance Corporation (the “FDIC”) that terminated all of the Bank’s loss share agreements, resulting in a payment by the Company to the FDIC of $4,849. All rights and obligations of the parties under these loss share agreements, including the claw-back provisions, terminated effective December 8, 2016. As a result, all recoveries, gains, charge-offs, losses and expenses related to assets previously covered under loss share are recognized entirely by the Company going forward. Notwithstanding the termination of loss share with the FDIC, the terms of the purchase and assumption agreements for each of these FDIC assisted acquisitions continue to require the FDIC to indemnify the Company against certain claims, including claims with respect to assets, liabilities or any affiliate not acquired or otherwise assumed by the Bank and with respect to claims based on any action by directors, officers or employees of the relevant failed financial institutions.

Changes in the FDIC loss share indemnification asset for the two years ended December 31, 2016, were as follows:

	2016			2015
Balance at January 1	$	7,149		$	12,516
Additions through acquisition	(260		)	2,673
Realized losses in excess of initial estimates on:
Loans	265			872
OREO	97			362
Reimbursable expenses	—			1,170
Amortization	(797		)	(4,865		)
Reimbursements received from the FDIC	(2,987		)	(5,579		)
Termination of FDIC loss share agreements	(3,467		)	—
Balance at December 31	$	—		$	7,149

At December 31, 2016, the Company had $28,090 in loans and $487 in other real estate owned (“OREO”) which had been previously covered under these loss share agreements.

Premises and Equipment: Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by use of the straight-line method for furniture, fixtures, equipment, autos and premises. The annual provisions for depreciation have been computed primarily using estimated lives of forty years for premises, seven years for furniture and equipment and three to five years for computer equipment and autos. Leasehold improvements are expensed over the period of the leases or the estimated useful life of the improvements, whichever is shorter.

Other Real Estate Owned: Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are initially recorded into other real estate at fair market value less cost to sell and are subsequently carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for loan losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included under the line item “Other real estate owned” in the Consolidated Statements of Income.

Mortgage Servicing Rights: The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights are recognized as a separate asset on the date the corresponding mortgage loan is sold. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, mortgage interest rates and other factors. Mortgage servicing rights were carried at amortized cost at December 31, 2016 and 2015, respectively. Impairment losses on mortgage servicing rights are recognized to the extent by which the unamortized cost exceeds fair value. Changes to the fair value of the mortgage servicing rights are recorded as part of Mortgage banking income in the Consolidated Statements of Income.

Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangibles with finite lives are amortized over their estimated useful lives. Goodwill and other intangible assets are subject to impairment testing annually or more frequently if events or circumstances indicate possible impairment. Goodwill is assigned to the Company’s reporting segments. In determining the fair value of the Company's reporting units, management uses the market approach. If, based on the results of the market approach further analysis is needed, the discounted cash flow approach is utilized. Other intangible assets, consisting of core deposit intangibles, are reviewed for events or circumstances which could impact the recoverability of the intangible asset, such as a loss of core deposits, increased competition or adverse changes in the economy. No impairment was identified for the Company’s goodwill or its other intangible assets as a result of the testing performed during 2016, 2015 or 2014.

Bank-Owned Life Insurance: Bank-owned life insurance (“BOLI”) is an institutionally-priced insurance product that is specifically designed for purchase by insured depository institutions. The Company has purchased such insurance policies on certain employees, with Renasant Bank being listed as the primary beneficiary. The carrying value of BOLI is recorded at the cash surrender value of the policies, net of any applicable surrender charges. In connection with the acquisitions of KeyWorth and Heritage (each as defined below in Note 2, “Mergers and Acquisitions”), the Company acquired BOLI with a cash surrender value of $8,376 and $25,297, respectively, at the acquisition date. Changes in the value of the cash surrender value of the policies are reflected under the line item “BOLI income” on the Consolidated Statements of Income.

Insurance Agency Revenues: Renasant Insurance, Inc. is a full-service insurance agency offering all lines of commercial and personal insurance through major third-party insurance carriers. Commissions and fees are recognized when earned based on contractual terms and conditions of insurance policies with the insurance carriers. These commissions and fees are classified under the line item “Insurance commissions” on the Consolidated Statements of Income. Contingency fee income paid by the insurance carriers is recognized upon receipt and classified under the line item “Other noninterest income” on the Consolidated Statements of Income.

Trust and Financial Services Revenues: The Company offers trust services as well as various alternative investment products, including annuities and mutual funds. Trust revenues are recognized on the accrual basis in accordance with the contractual terms of the trust. Commissions and fees from the sale of annuities and mutual funds are recognized when earned based on contractual terms with the third party broker-dealer. These commissions and fees are classified under the line item “Wealth management revenue” on the Consolidated Statements of Income.

Income Taxes: Income taxes are accounted for under the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. It is the Company’s policy to recognize interest and penalties, if incurred, related to unrecognized tax benefits in income tax expense. The Company and its subsidiaries file a consolidated federal income tax return. Renasant Bank provides for income taxes on a separate-return basis and remits to the Company amounts determined to be currently payable.

Deferred income taxes, included in “Other assets” on the Consolidated Balance Sheets, reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes that the Company and its subsidiaries will realize a substantial majority of the deferred tax assets. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized through a charge to income tax expense.

The Company acquired federal and state net operating losses as part of the Heritage acquisition. The federal net operating loss acquired totaled $18,321. The Company expects to utilize the federal and state net operating losses prior to expiration. Because the benefits are expected to be fully realized, the Company recorded no valuation allowance against the net operating losses for the year ended December 31, 2016 or 2015, respectively. See Note 16, “Income Taxes,” for further details regarding the Company’s net operating losses.

Fair Value Measurements: ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). See Note 18, “Fair Value Measurements,” for further details regarding the Company’s methods and assumptions used to estimate the fair values of the Company’s financial assets and liabilities.

Derivative Instruments and Hedging Activities: The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure. Derivative financial instruments are included in the Consolidated Balance Sheets line item “Other assets” or “Other liabilities” at fair value in accordance with ASC 815, “Derivatives and Hedging.”

Cash flow hedges are utilized to mitigate the exposure to variability in expected future cash flows or other types of forecasted transactions. For the Company’s derivatives designated as cash flow hedges, changes in the fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method.

The Company also utilizes derivative instruments that are not designated as hedging instruments. The Company enters into interest rate cap and/or floor agreements with its customers and then enters into an offsetting derivative contract position with other financial institutions to mitigate the interest rate risk associated with these customer contracts. Because these derivative instruments are not designated as hedging instruments, changes in the fair value of the derivative instruments are recognized currently in earnings.

The Company enters into interest rate lock commitments on certain residential mortgage loans with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate mortgage loans. Under such commitments, interest rates for a mortgage loan are typically locked in for up to forty-five days with the customer. These interest rate lock commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of the commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income.

The Company utilizes two methods to deliver mortgage loans to be sold to an investor. Under a “best efforts” sales agreement, the Company enters into a sales agreement with an investor in the secondary market to sell the loan when an interest rate lock commitment is entered into with a customer, as described above. Under a “best efforts” sales agreement, the Company is obligated to sell the mortgage loan to the investor only if the loan is closed and funded. Thus, the Company will not incur any liability to an investor if the mortgage loan commitment in the pipeline fails to close. Under a “mandatory delivery” sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor should the Company fail to satisfy the contract. These types of mortgage loan commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of these commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income.

Treasury Stock: Treasury stock is recorded at cost. Shares held in treasury are not retired.

Retirement Plans: The Company sponsors a noncontributory pension plan and provides retiree health care benefits for certain employees. In connection with its acquisition of Heritage, the Company also assumed a defined benefit pension plan maintained by HeritageBank. All benefits under this plan were finally distributed in August 2016. The Company’s independent actuary firm prepares actuarial valuations of pension cost and obligation under ASC 715, “Compensation – Retirement Benefits” ("ASC 715") using assumptions and estimates derived in accordance with the guidance set forth in ASC 715. Expense related to the plans is included under the line item "Salaries and employee benefits" on the Consolidated Statements of Income. Actuarial gains and losses are recognized in accumulated other comprehensive income, net of tax, until they are amortized as a component of plan expense. See Note 14, "Employee Benefit and Deferred Compensation Plans," for further details regarding the Company's retirement plans.

Stock-Based Compensation: Compensation expense for option grants and restricted stock awards is determined based on the estimated fair value of the stock options and restricted stock on the applicable grant or award date and is recognized over the respective award's vesting period. Given the low historical forfeiture rate, the Company does not incorporate an estimate for forfeitures when determining compensation expense for stock options and restricted stock awards. Expense associated with the Company’s stock-based compensation is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. The Company recognizes compensation expense for all share-based payments to employees in accordance with ASC 718, “Compensation – Stock Compensation.” See Note 14, “Employee Benefit and Deferred Compensation Plans,” for further details regarding the Company’s stock-based compensation.

Earnings Per Common Share: Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution assuming outstanding stock options were exercised into common shares, calculated in accordance with the treasury stock method. See Note 21, “Net Income Per Common Share,” for the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations.

Impact of Recently-Issued Accounting Standards and Pronouncements:

In September 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-16 “Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 requires entities to recognize measurement period adjustments during the reporting period in which the adjustments are determined. The income effects, if any, of a measurement period adjustment are cumulative and are to be reported in the period in which the adjustment to a provisional amount is determined. Also, ASU 2015-16 requires presentation on the face of the income statement or in the notes the effect of the measurement period adjustment as if the adjustment had been recognized at acquisition date. ASU 2015-16 is effective for fiscal periods beginning after December 15, 2016 and should be applied prospectively to measurement period adjustments that occur after the effective date. The Company is evaluating the impact that ASU 2015-16 will have on its financial position, results of operations, and its financial statement disclosures.

In November 2015, the FASB issued ASU 2015-17 “Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 requires all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for fiscal periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is evaluating the impact that ASU 2015-17.

In January 2016, FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 revises the accounting for the classification and measurement of investments in equity securities and revises the presentation of certain fair value changes for financial liabilities measured at fair value. For equity securities, the guidance in ASU 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires presenting, in other comprehensive income, the change in fair value that relates to a change in instrument-specific credit risk. ASU 2016-01 also eliminates the disclosure assumptions used to estimate fair value for financial instruments measured at amortized cost and requires disclosure of an exit price notion in determining the fair value of financial instruments measured at amortized cost. ASU 2016-01 is effective for interim and annual periods beginning after December 15, 2017. The Company is evaluating the impact, if any, that ASU 2016-01 will have on its financial position, results of operations, and its financial statement disclosures.

In February 2016, FASB issued ASU 2016-02, “Leases (Topic 842)”.  ASU 2016-02 amends the accounting model and disclosure requirements for leases.  The current accounting model for leases distinguishes between capital leases, which are recognized on-balance sheet, and operating leases, which are not.  Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under current U.S. GAAP, and operating leases.  Further, a lessee will recognize a lease liability and a right-of-use asset for all leases with a term greater than 12 months on its balance sheet regardless of the lease’s classification, which may significantly increase reported assets and liabilities.  The accounting model and disclosure requirements for lessors remains substantially unchanged from current U.S. GAAP.  ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018.   The Company is evaluating the impact ASU 2016-02 will have on its financial position, results of operations, and other financial statement disclosures.

In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”).  ASU 2016-07 requires an investor to initially apply the equity method of accounting from the date it qualifies for that method, i.e., the date the investor obtains significant influence over the operating and financial policies of an investee. The ASU eliminates the previous requirement to retroactively adjust the investment and record a cumulative catch up for the periods that the investment had been held but did not qualify for the equity method of accounting. For public companies, the amendments in ASU 2016-07 are effective for interim and annual periods beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method.  Management is currently evaluating the provisions of ASU 2016-07 to determine the potential impact the new standard will have on the Company’s consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718):  Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”).  ASU 2016-09 is intended to reduce complexity in accounting standards by simplifying several aspects of the accounting for share-based payment transactions, including (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes. The amendments of ASU 2016-09 are effective for interim and annual periods beginning after December 15, 2016.  Management is currently evaluating the impact this ASU will have on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The update will significantly change the way entities recognize impairment on many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the asset's remaining life. The FASB describes this impairment recognition model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The scope of FASB’s CECL model would include loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. For public companies, this update becomes effective for interim and annual periods beginning after December 15, 2019. Management is currently evaluating the impact this ASU will have on the Company’s consolidated financial statements and will continue to monitor FASB’s progress on this topic.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows, including (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions and (8) separately identifiable cash flows and application of the predominance principle. For public companies, this amendment becomes effective for interim and annual periods beginning after December 15, 2017. The ASU only impacts the presentation of specific items within the Statement of Cash Flows and is not expected to have a material impact to the Company.

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other.” ASU 2017-04 will amend and simplify current goodwill impairment testing to eliminate Step 2 from the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the quantitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for the Company on January 1, 2020 and is not expected to have a significant impact on the Company’s financial statements.

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Mergers and Acquisitions

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Mergers and Acquisitions

Mergers and Acquisitions

(Dollar amounts in thousands)

Acquisition of KeyWorth Bank

Effective April 1, 2016, the Company completed its acquisition of KeyWorth Bank (“KeyWorth”) in a transaction valued at approximately $58,884. The Company issued 1,680,021 shares of common stock and paid approximately $3,594 to KeyWorth stock option and warrant holders for 100% of the voting equity interest in KeyWorth. At closing, KeyWorth merged with and into Renasant Bank, with Renasant Bank the surviving banking corporation in the merger.

As a result of the KeyWorth acquisition, the Company acquired total assets with an estimated fair value of $415,232, total loans with an estimated fair value of $272,330 and total deposits with an estimated fair value of $348,961, and six banking locations in the Atlanta metropolitan area. The Company is finalizing the fair value of property and equipment related to the KeyWorth acquisition.

The Company recorded approximately $22,643 in intangible assets which consist of goodwill of $20,633 and a core deposit intangible of $2,010. Goodwill resulted from a combination of revenue enhancements from expansion into new markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes.

Acquisition of Heritage Financial Group, Inc.

Effective July 1, 2015, the Company completed its acquisition by merger with Heritage Financial Group, Inc. (“Heritage”) in a transaction valued at $295,444. The Company issued 8,635,879 shares of common stock and paid $5,915 to Heritage stock option holders for 100% of the voting equity interest in Heritage. At closing, Heritage merged with and into the Company, with the Company surviving the merger. On the same date, HeritageBank of the South, Heritage’s wholly-owned subsidiary (“HeritageBank”), was merged into Renasant Bank. On July 1, 2015, Heritage operated 48 banking, mortgage and investment offices in Alabama, Georgia and Florida.

The Company recorded approximately $187,468 in intangible assets which consist of goodwill of $175,212 and a core deposit intangible of $12,256. Goodwill resulted from a combination of revenue enhancements from expansion into new markets and efficiencies resulting from operational synergies. The fair value of the core deposit intangible is being amortized on an accelerated basis over the estimated useful life, currently expected to be approximately 10 years. The goodwill is not deductible for income tax purposes.

The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s acquisition of Heritage based on their fair values on July 1, 2015.

Purchase Price:
Shares issued to common shareholders	8,635,879
Fair value of common stock on date of issuance	$	32.60
Value of stock paid				$	281,530
Cash paid for fractional shares				26
Cash settlement for stock options				5,915
Deal charges paid on behalf of Heritage				7,973
Total Purchase Price				$	295,444
Net Assets Acquired:
Stockholders’ equity at acquisition date	$	160,652
Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed:
Securities	(1,401		)
Mortgage loans held for sale	(3,158		)
Loans, net of Heritage’s allowance for loan losses	(16,837		)
Fixed assets	(6,419		)
Intangible assets, net of Heritage’s existing core deposit intangible	18,193
Other real estate owned	1,390
FDIC loss share indemnification asset	(15,507		)
Other assets	3,045
Deposits	(3,776		)
Other liabilities	(7,873		)
Deferred income taxes	(8,077		)
Total Net Assets Acquired				120,232
Goodwill resulting from merger(1)				$	175,212

⁽¹⁾ The goodwill resulting from the merger has been assigned to the Community Banks operating segment.

The following table summarizes the fair value of assets acquired and liabilities assumed at acquisition date in connection with the merger with Heritage.

Cash and cash equivalents	$	38,626
Securities	177,849
Loans, including mortgage loans held for sale, net of unearned income	1,458,411
Premises and equipment	42,914
Other real estate owned	9,972
Intangible assets	187,468
Other assets	104,737
Total assets	2,019,977
Deposits	1,375,354
Borrowings	314,656
Other liabilities	34,523
Total liabilities	1,724,533

The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the twelve months ended December 31, 2016 and 2015 of the Company as though the merger with Heritage had been completed as of January 1, 2014. The unaudited estimated pro forma information combines the historical consolidated results of Heritage with the Company’s historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2014. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred.

	Twelve Months Ended
	December 31,
	2016		2015
Interest income	$	329,138	$	301,226
Interest expense	28,147		21,858
Net interest income	300,991		279,368
Provision for loan and lease losses	7,530		5,050
Noninterest income	137,231		135,379
Noninterest expense	294,915		309,803
Income before income taxes	135,777		99,894
Income taxes	44,847		31,772
Net income	$	90,930	$	68,122
Earnings per share:
Basic	$	2.18	$	1.69
Diluted	$	2.17	$	1.68

The Company’s consolidated financial statements as of and for the years ended December 31, 2016 and 2015 include the impact of Heritage’s operations since the acquisition date. Due to the system conversion during the third quarter of 2015 and the integration of Heritage’s operating activities into the Company’s existing operations, historical reporting for Heritage operations is impracticable, and, therefore, disclosure of the amounts of revenue and expenses of Heritage included in the Company’s Consolidated Statement of Income since the acquisition date is impracticable.

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Securities

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Securities

Securities

(In Thousands, Except Number of Securities)

The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2016
Obligations of other U.S. Government agencies and corporations	$	14,101	$	4	$	(187	)	$	13,918
Obligations of states and political subdivisions	342,181		8,572		(1,778		)	348,975
	$	356,282	$	8,576	$	(1,965	)	$	362,893
December 31, 2015
Obligations of other U.S. Government agencies and corporations	$	101,155	$	26	$	(1,214	)	$	99,967
Obligations of states and political subdivisions	357,245		16,636		(95		)	373,786
	$	458,400	$	16,662	$	(1,309	)	$	473,753

The amortized cost and fair value of securities available for sale were as follows as of the dates presented:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2016
Obligations of other U.S. Government agencies and corporations	$	2,066	$	92	$	—		$	2,158
Residential mortgage backed securities:
Government agency mortgage backed securities	414,019		1,941		(6,643		)	409,317
Government agency collateralized mortgage obligations	171,362		831		(3,367		)	168,826
Commercial mortgage backed securities:
Government agency mortgage backed securities	50,628		696		(461		)	50,863
Government agency collateralized mortgage obligations	2,528		38		(16		)	2,550
Trust preferred securities	23,749		—		(5,360		)	18,389
Other debt securities	22,053		310		(218		)	22,145
Other equity securities	—		—		—			—
	$	686,405	$	3,908	$	(16,065	)	$	674,248

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2015
Obligations of other U.S. Government agencies and corporations	$	6,093	$	126	$	(19	)	$	6,200
Residential mortgage backed securities:
Government agency mortgage backed securities	362,669		3,649		(1,778		)	364,540
Government agency collateralized mortgage obligations	168,916		1,449		(2,305		)	168,060
Commercial mortgage backed securities:
Government agency mortgage backed securities	58,864		1,002		(107		)	59,759
Government agency collateralized mortgage obligations	4,947		158		(1		)	5,104
Trust preferred securities	24,770		—		(5,301		)	19,469
Other debt securities	18,899		468		(34		)	19,333
Other equity securities	2,500		1,840		—			4,340
	$	647,658	$	8,692	$	(9,545	)	$	646,805

During the year ended December 31, 2016, the Company sold "other equity securities" with a carrying value of $2,842 at the time of sale for net proceeds of $4,028 resulting in a gain of $1,186. During the same period in 2015 and 2014, the Company sold securities with a carrying value at the time of sale of $1,117 and $724, respectively, for net proceeds of $1,213 and $1,099, respectively, resulting in a gain of $96 and $375, respectively. Also in 2015, the Company sold certain investments acquired from Heritage shortly after acquisition with an aggregate carrying value of $7,231 at the time of sale for net proceeds of $7,231, resulting in no gain or loss on the sale.

Gross realized gains and gross realized losses on sales of securities available for sale for the years 2016, 2015 and 2014 were as follows:

	Year Ended December 31,
	2016			2015		2014
Gross gains on sales of securities available for sale	$	1,257		$	96	$	375
Gross losses on sales of securities available for sale	(71		)	—		—
Gain on sales of securities available for sale, net	$	1,186		$	96	$	375

At December 31, 2016 and 2015, securities with a carrying value of approximately $642,447 and $679,492, respectively, were pledged to secure government, public, trust, and other deposits. Securities with a carrying value of $24,426 and $39,275 were pledged as collateral for short-term borrowings and derivative instruments at December 31, 2016 and 2015, respectively.

The amortized cost and fair value of securities at December 31, 2016 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	11,419	$	11,504	$	—	$	—
Due after one year through five years	110,979		114,123		2,066		2,158
Due after five years through ten years	129,883		131,145		1,047		1,039
Due after ten years	104,001		106,121		23,749		18,389
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—		414,019		409,317
Government agency collateralized mortgage obligations	—		—		171,362		168,826
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—		50,628		50,863
Government agency collateralized mortgage obligations	—		—		2,528		2,550
Other debt securities	—		—		21,006		21,106
Other equity securities	—		—		—		—
	$	356,282	$	362,893	$	686,405	$	674,248

The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position as of the dates presented:

	Less than 12 Months						12 Months or More						Total
	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Held to Maturity:
December 31, 2016
Obligations of other U.S. Government agencies and corporations	4	$	11,915	$	(187	)	0	$	—	$	—		4	$	11,915	$	(187	)
Obligations of states and political subdivisions	102	83,362		(1,778		)	0	—		—			102	83,362		(1,778		)
Total	106	$	95,277	$	(1,965	)	0	$	—	$	—		106	$	95,277	$	(1,965	)
December 31, 2015
Obligations of other U.S. Government agencies and corporations	10	$	31,567	$	(414	)	8	$	38,688	$	(800	)	18	$	70,255	$	(1,214	)
Obligations of states and political subdivisions	6	4,815		(53		)	7	4,921		(42		)	13	9,736		(95		)
Total	16	$	36,382	$	(467	)	15	$	43,609	$	(842	)	31	$	79,991	$	(1,309	)

	Less than 12 Months						12 Months or More						Total
	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Available for Sale:
December 31, 2016
Obligations of other U.S. Government agencies and corporations	0	$	—	$	—		0	$	—	$	—		0	$	—	$	—
Residential mortgage backed securities:
Government agency mortgage backed securities	131	298,400		(6,042		)	5	11,504		(601		)	136	309,904		(6,643		)
Government agency collateralized mortgage obligations	40	97,356		(1,845		)	14	33,786		(1,522		)	54	131,142		(3,367		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	9	21,933		(453		)	2	1,101		(8		)	11	23,034		(461		)
Government agency collateralized mortgage obligations	1	1,729		(16		)	0	—		—			1	1,729		(16		)
Trust preferred securities	0	—		—			3	18,389		(5,360		)	3	18,389		(5,360		)
Other debt securities	3	7,946		(208		)	2	2,475		(10		)	5	10,421		(218		)
Other equity securities	0	—		—			0	—		—			0	—		—
Total	184	$	427,364	$	(8,564	)	26	$	67,255	$	(7,501	)	210	$	494,619	$	(16,065	)
December 31, 2015
Obligations of other U.S. Government agencies and corporations	1	$	3,981	$	(19	)	0	$	—	$	—		1	$	3,981	$	(19	)
Residential mortgage backed securities:
Government agency mortgage backed securities	34	130,306		(937		)	9	27,431		(841		)	43	157,737		(1,778		)
Government agency collateralized mortgage obligations	25	52,128		(347		)	16	51,574		(1,958		)	41	103,702		(2,305		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	8	16,782		(104		)	1	814		(3		)	9	17,596		(107		)
Government agency collateralized mortgage obligations	1	1,882		(1		)	0	—		—			1	1,882		(1		)
Trust preferred securities	0	—		—			3	19,469		(5,301		)	3	19,469		(5,301		)
Other debt securities	1	1,316		(3		)	2	3,866		(31		)	3	5,182		(34		)
Other equity securities	0	—		—			0	—		—			0	—		—
Total	70	$	206,395	$	(1,411	)	31	$	103,154	$	(8,134	)	101	$	309,549	$	(9,545	)

The Company does not intend to sell any of the securities in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any such security prior to the recovery of its amortized cost basis, which may be maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period greater than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. As such, the Company did not record any other-than-temporary impairment for the years ended December 31, 2016 or 2015.

The Company holds investments in pooled trust preferred securities that had a cost basis of $23,749 and $24,770 and a fair value of $18,389 and $19,469 at December 31, 2016 and 2015, respectively. The investments in pooled trust preferred securities consist of three securities representing interests in various tranches of trusts collateralized by debt issued by over 250 financial institutions. Management’s determination of the fair value of each of its holdings in pooled trust preferred securities is based on the current credit ratings, the known deferrals and defaults by the underlying issuing financial institutions and the degree to which future deferrals and defaults would be required to occur before the cash flow for the Company’s tranches is negatively impacted. In addition, management continually monitors key credit quality and capital ratios of the issuing institutions. This determination is further supported by quarterly valuations, which are performed by third parties, of each security obtained by the Company. The Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments, before recovery of the investments’ amortized cost, which may be at maturity. At December 31, 2016, management did not, and does not currently, believe such securities will be settled at a price less than the amortized cost of the investment, but the Company previously concluded that it was probable that there had been an adverse change in estimated cash flows for all three trust preferred securities and recognized credit related impairment losses on these securities in 2010 and 2011. For the years ended December 31, 2016, 2015, and 2014, the Company determined the pooled trust preferred securities and their estimated cash flow were fairly valued, and no additional impairment was recognized during these periods.

The Company’s analysis of the pooled trust preferred securities during 2015 supported a return to accrual status for one of the three securities (XXVI). During 2014, the Company’s analysis supported a return to accrual status for one of the other securities (XXIII). An observed history of principal and interest payments combined with improved qualitative and quantitative factors described above justified the accrual of interest on these securities. Based on the qualitative and quantitative factors described above, a return to accrual status of the remaining security (XXIV) is not justified at this time and as a result, pooled trust preferred security XXIV remains classified as a nonaccruing asset at December 31, 2016. Investment interest on this security is recorded on the cash-basis method until qualifying for return to accrual status.

The following table provides information regarding the Company’s investments in pooled trust preferred securities at December 31, 2016:

Name	Single/ Pooled	Class/ Tranche	Amortized Cost		Fair Value		Unrealized Gain (Loss)			Lowest Credit Rating	Issuers Currently in Deferral or Default
XXIII	Pooled	B-2	$	8,293	$	5,680	$	(2,613	)	Baa3	17%
XXIV	Pooled	B-2	11,242		9,646		(1,596		)	Caa2	24%
XXVI	Pooled	B-2	4,214		3,063		(1,151		)	Ba3	19%
			$	23,749	$	18,389	$	(5,360	)

The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income:

	2016			2015
Balance at January 1	$	(3,337	)	$	(3,337	)
Additions related to credit losses for which OTTI was not previously recognized	—			—
Increases in credit loss for which OTTI was previously recognized	—			—
Balance at December 31	$	(3,337	)	$	(3,337	)

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Non Purchased Loans

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Non Purchased Loans

Non Purchased Loans

(In Thousands, Except Number of Loans)

For purposes of this Note 4, all references to “loans” mean non purchased loans.

The following is a summary of non purchased loans and leases at December 31:

	2016			2015
Commercial, financial, agricultural	$	589,290		$	485,407
Lease financing	49,250			35,978
Real estate – construction	483,926			291,701
Real estate – 1-4 family mortgage	1,425,730			1,204,228
Real estate – commercial mortgage	2,075,137			1,729,049
Installment loans to individuals	92,648			85,234
Gross loans	4,715,981			3,831,597
Unearned income	(2,409		)	(1,163		)
Loans, net of unearned income	4,713,572			3,830,434

Past Due and Nonaccrual Loans

The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:

	Accruing Loans										Nonaccruing Loans
	30-89 Days Past Due		90 Days or More Past Due		Current Loans			Total Loans			30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		Total Loans
December 31, 2016
Commercial, financial, agricultural	$	811	$	720	$	586,730		$	588,261		$	—	$	932	$	97	$	1,029	$	589,290
Lease financing	193		—		48,919			49,112			—		138		—		138		49,250
Real estate – construction	995		—		482,931			483,926			—		—		—		—		483,926
Real estate – 1-4 family mortgage	6,189		1,136		1,414,254			1,421,579			161		1,222		2,768		4,151		1,425,730
Real estate – commercial mortgage	2,283		99		2,066,821			2,069,203			580		2,778		2,576		5,934		2,075,137
Installment loans to individuals	324		124		92,179			92,627			—		21		—		21		92,648
Unearned income	—		—		(2,409		)	(2,409		)	—		—		—		—		(2,409		)
Total	$	10,795	$	2,079	$	4,689,425		$	4,702,299		$	741	$	5,091	$	5,441	$	11,273	$	4,713,572
December 31, 2015
Commercial, financial, agricultural	$	176	$	38	$	485,095		$	485,309		$	30	$	68	$	—	$	98	$	485,407
Lease financing	—		—		35,978			35,978			—		—		—		—		35,978
Real estate – construction	68		—		291,633			291,701			—		—		—		—		291,701
Real estate – 1-4 family mortgage	4,461		807		1,192,318			1,197,586			370		1,857		4,415		6,642		1,204,228
Real estate – commercial mortgage	2,391		425		1,719,329			1,722,145			568		1,668		4,668		6,904		1,729,049
Installment loans to individuals	167		56		85,011			85,234			—		—		—		—		85,234
Unearned income	—		—		(1,163		)	(1,163		)	—		—		—		—		(1,163		)
Total	$	7,263	$	1,326	$	3,808,201		$	3,816,790		$	968	$	3,593	$	9,083	$	13,644	$	3,830,434

Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There was one restructured loan totaling $69 that was contractually 90 days past due or more and still accruing at December 31, 2016. There was one restructured loan totaling $38 that was contractually 90 days past due or more and still accruing at December 31, 2015. The outstanding balance of restructured loans on nonaccrual status was $6,164 and $8,739 at December 31, 2016 and 2015, respectively.

Impaired Loans

Impaired loans recognized in conformity with ASC 310-20, segregated by class, were as follows as of the dates and periods presented:

	As of December 31, 2016						Year Ended December 31, 2016
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	1,175	$	1,539	$	136	$	856	$	28
Lease financing	—		—		—		—		—
Real estate – construction	517		517		1		469		26
Real estate – 1-4 family mortgage	9,207		10,823		1,091		9,603		225
Real estate – commercial mortgage	10,053		13,667		2,397		11,180		305
Installment loans to individuals	87		87		1		98		2
Total	$	21,039	$	26,633	$	3,626	$	22,206	$	586
With no related allowance recorded:
Commercial, financial, agricultural	$	—	$	38	$	—	$	24	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	—		—		—		41		—
Real estate – commercial mortgage	568		1,340		—		938		38
Installment loans to individuals	—		—		—		—		—
Total	$	568	$	1,378	$	—	$	1,003	$	38
Totals	$	21,607	$	28,011	$	3,626	$	23,209	$	624

	As of December 31, 2015						Year Ended December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	344	$	531	$	6	$	508	$	17
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	15,995		17,518		4,474		16,751		366
Real estate – commercial mortgage	15,626		18,918		2,906		17,059		469
Installment loans to individuals	67		67		—		67		2
Total	$	32,032	$	37,034	$	7,386	$	34,385	$	854
With no related allowance recorded:
Commercial, financial, agricultural	$	12	$	760	$	—	$	43	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	—		—		—		—		—
Real estate – commercial mortgage	—		—		—		—		—
Installment loans to individuals	—		—		—		—		—
Total	$	12	$	760	$	—	$	43	$	—
Totals	$	32,044	$	37,794	$	7,386	$	34,428	$	854

The average recorded investment in impaired loans for the year ended December 31, 2014 was $48,351. Interest income recognized on impaired loans for the year ended December 31, 2014 was $1,942.

Restructured Loans

The following table presents restructured loans segregated by class as of the dates presented:

	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
December 31, 2016
Commercial, financial, agricultural	—	$	—	$	—
Lease financing	—	—		—
Real estate – construction	1	510		518
Real estate – 1-4 family mortgage	43	4,498		4,105
Real estate – commercial mortgage	8	4,324		2,758
Installment loans to individuals	1	66		66
Total	53	$	9,398	$	7,447
December 31, 2015
Commercial, financial, agricultural	1	$	257	$	257
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	46	5,249		4,754
Real estate – commercial mortgage	11	6,365		5,174
Installment loans to individuals	1	67		67
Total	59	$	11,938	$	10,252

Changes in the Company’s restructured loans are set forth in the table below.

	Number of Loans		Recorded Investment
Totals at January 1, 2015	49		$	13,879
Additional loans with concessions	39		10,077
Reductions due to:
Reclassified as nonperforming	(6	)	(2,870		)
Paid in full	(21	)	(8,127		)
Charge-offs	(1	)	(56		)
Transfer to other real estate owned	—		—
Principal paydowns	—		(428		)
Lapse of concession period	—		—
TDR reclassified as performing loan	(1	)	$	(2,223	)
Totals at December 31, 2015	59		$	10,252
Additional loans with concessions	16		2,075
Reductions due to:
Reclassified as nonperforming	(4	)	(1,406		)
Paid in full	(16	)	(2,233		)
Charge-offs	(1	)	(275		)
Transfer to other real estate owned	(1	)	(51		)
Principal paydowns	—		(915		)
Lapse of concession period	—		—
TDR reclassified as performing loan	—		$	—
Totals at December 31, 2016	53		$	7,447

The allocated allowance for loan losses attributable to restructured loans was $283 and $884 at December 31, 2016 and 2015, respectively. The Company had $2 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2016 and zero dollars in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2015.

Credit Quality

For commercial and commercial real estate secured loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of commercial and commercial real estate secured loans. Loan grades range between 1 and 9, with 1 being loans with the least credit risk. Loans that migrate toward the “Pass” grade (those with a risk rating between 1 and 4) or within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor. The “Watch” grade (those with a risk rating of 5) is utilized on a temporary basis for “Pass” grade loans where a significant risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 6 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:

	Pass		Watch		Substandard		Total
December 31, 2016
Commercial, financial, agricultural	$	434,323	$	4,531	$	850	$	439,704
Real estate – construction	402,156		393		—		402,549
Real estate – 1-4 family mortgage	190,882		3,374		6,129		200,385
Real estate – commercial mortgage	1,734,523		18,118		13,088		1,765,729
Installment loans to individuals	—		—		—		—
Total	$	2,761,884	$	26,416	$	20,067	$	2,808,367
December 31, 2015
Commercial, financial, agricultural	$	336,583	$	8,146	$	690	$	345,419
Real estate – construction	223,962		483		—		224,445
Real estate – 1-4 family mortgage	138,852		5,163		11,688		155,703
Real estate – commercial mortgage	1,406,188		22,142		18,964		1,447,294
Installment loans to individuals	52		—		5		57
Total	$	2,105,637	$	35,934	$	31,347	$	2,172,918

For portfolio balances of consumer, consumer mortgage and certain other similar loan types, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Performing		Non-Performing		Total
December 31, 2016
Commercial, financial, agricultural	$	148,499	$	1,087	$	149,586
Lease financing	46,703		138		46,841
Real estate – construction	81,377		—		81,377
Real estate – 1-4 family mortgage	1,222,816		2,529		1,225,345
Real estate – commercial mortgage	308,609		799		309,408
Installment loans to individuals	92,504		144		92,648
Total	$	1,900,508	$	4,697	$	1,905,205
December 31, 2015
Commercial, financial, agricultural	$	139,895	$	93	$	139,988
Lease financing	34,815		—		34,815
Real estate – construction	67,256		—		67,256
Real estate – 1-4 family mortgage	1,046,100		2,425		1,048,525
Real estate – commercial mortgage	280,888		867		281,755
Installment loans to individuals	85,121		56		85,177
Total	$	1,654,075	$	3,441	$	1,657,516

Related Party Loans

Certain executive officers and directors of Renasant Bank and their associates are customers of and have other transactions with Renasant Bank. Related party loans and commitments are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the Company or the Bank and do not involve more than a normal risk of collectability or present other unfavorable features. A summary of the changes in related party loans follows:

Loans at December 31, 2015	$	16,013
New loans and advances	576
Payments received	(3,532		)
Changes in related parties	1,211
Loans at December 31, 2016	$	14,268

No related party loans were classified as past due, nonaccrual, impaired or restructured at December 31, 2016 or 2015. Unfunded commitments to certain executive officers and directors and their associates totaled $5,933 and $5,780 at December 31, 2016 and 2015, respectively.

Purchased Loans

(In Thousands, Except Number of Loans)

For purposes of this Note 5, all references to “loans” mean purchased loans.

The following is a summary of purchased loans at December 31:

	2016		2015
Commercial, financial, agricultural	$	128,200	$	151,430
Lease financing	—		—
Real estate – construction	68,753		65,964
Real estate – 1-4 family mortgage	452,447		531,095
Real estate – commercial mortgage	823,758		804,680
Installment loans to individuals	15,979		29,859
Gross loans	1,489,137		1,583,028
Unearned income	—		—
Loans, net of unearned income	1,489,137		1,583,028

Past Due and Nonaccrual Loans

The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:

	Accruing Loans								Nonaccruing Loans
	30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		Total Loans
December 31, 2016
Commercial, financial, agricultural	$	823	$	990	$	125,417	$	127,230	$	260	$	381	$	329	$	970	$	128,200
Lease financing	—		—		—		—		—		—		—		—		—
Real estate – construction	527		321		67,760		68,608		—		145		—		145		68,753
Real estate – 1-4 family mortgage	4,572		3,382		440,258		448,212		417		2,047		1,771		4,235		452,447
Real estate – commercial mortgage	3,045		6,112		808,886		818,043		—		2,661		3,054		5,715		823,758
Installment loans to individuals	96		10		15,591		15,697		—		156		126		282		15,979
Unearned income	—		—		—		—		—		—		—		—		—
Total	$	9,063	$	10,815	$	1,457,912	$	1,477,790	$	677	$	5,390	$	5,280	$	11,347	$	1,489,137
December 31, 2015
Commercial, financial, agricultural	$	1,120	$	1,039	$	148,942	$	151,101	$	—	$	65	$	264	$	329	$	151,430
Lease financing	—		—		—		—		—		—		—		—		—
Real estate – construction	—		176		65,788		65,964		—		—		—		—		65,964
Real estate – 1-4 family mortgage	4,735		5,650		514,912		525,297		158		1,806		3,834		5,798		531,095
Real estate – commercial mortgage	2,458		8,156		784,863		795,477		—		595		8,608		9,203		804,680
Installment loans to individuals	94		46		29,659		29,799		—		53		7		60		29,859
Unearned income	—		—		—		—		—		—		—		—		—
Total	$	8,407	$	15,067	$	1,544,164	$	1,567,638	$	158	$	2,519	$	12,713	$	15,390	$	1,583,028

Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were three restructured loan totaling $56 that was contractually 90 days past due or more and still accruing at December 31, 2016. There was one restructured loan totaling $275 that was contractually 90 days past due or more and still accruing at December 31, 2015. The outstanding balance of restructured loans on nonaccrual status was $1,206 and $4,778 at December 31, 2016 and 2015, respectively.

Impaired Loans

Purchased non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310-20, segregated by class, were as follows as of the dates and periods presented:

	As of December 31, 2016						Year Ended December 31, 2016
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	487	$	503	$	310	$	500	$	2
Lease financing	—		—		—		—		—
Real estate – construction	145		147		—		148		—
Real estate – 1-4 family mortgage	1,496		1,538		43		1,535		7
Real estate – commercial mortgage	2,275		2,299		48		2,273		111
Installment loans to individuals	135		159		114		161		—
Total	$	4,538	$	4,646	$	515	$	4,617	$	120
With no related allowance recorded:
Commercial, financial, agricultural	$	224	$	229	$	—	$	172	$	4
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	1,385		1,557		—		1,550		33
Real estate – commercial mortgage	183		186		—		194		11
Installment loans to individuals	55		56		—		61		—
Total	$	1,847	$	2,028	$	—	$	1,977	$	48
Totals	$	6,385	$	6,674	$	515	$	6,594	$	168

	As of December 31, 2015						Year Ended December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	14	$	17	$	—	$	18	$	—
Lease financing	—		—		—		—		—
Real estate – construction	2,698		2,710		20		899		78
Real estate – 1-4 family mortgage	655		675		1		712		28
Real estate – commercial mortgage	1,193		1,251		193		1,223		19
Installment loans to individuals	23		23		—		8		—
Total	$	4,583	$	4,676	$	214	$	2,860	$	125
With no related allowance recorded:
Commercial, financial, agricultural	$	—	$	—	$	—	$	—	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	—		—		—		—		—
Real estate – commercial mortgage	—		—		—		—		—
Installment loans to individuals	—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—
Totals	$	4,583	$	4,676	$	214	$	2,860	$	125

Purchased credit deteriorated loans recognized in conformity with ASC 310-30, segregated by class, were as follows as of the dates and periods presented:

	As of December 31, 2016						Year Ended December 31, 2016
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	4,555	$	5,038	$	372	$	4,728	$	207
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	21,887		23,128		841		23,021		1,015
Real estate – commercial mortgage	62,449		70,970		1,606		62,759		2,674
Installment loans to individuals	366		368		1		382		13
Total	$	89,257	$	99,504	$	2,820	$	90,890	$	3,909
With no related allowance recorded:
Commercial, financial, agricultural	$	7,439	$	15,659	$	—	$	10,304	$	819
Lease financing	—		—		—		—		—
Real estate – construction	840		1,141		—		648		38
Real estate – 1-4 family mortgage	50,065		63,597		—		64,306		2,636
Real estate – commercial mortgage	122,538		158,105		—		149,917		7,053
Installment loans to individuals	1,619		2,098		—		1,967		77
Total	$	182,501	$	240,600	$	—	$	227,142	$	10,623
Totals	$	271,758	$	340,104	$	2,820	$	318,032	$	14,532

	As of December 31, 2015						Year Ended December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	5,197	$	5,694	$	353	$	4,774	$	212
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	15,702		16,002		256		15,498		799
Real estate – commercial mortgage	53,762		57,950		1,096		56,548		2,667
Installment loans to individuals	400		694		1		416		13
Total	$	75,061	$	80,340	$	1,706	$	77,236	$	3,691
With no related allowance recorded:
Commercial, financial, agricultural	$	11,292	$	21,355	$	—	$	10,830	$	1,106
Lease financing	—		—		—		—		—
Real estate – construction	2,749		2,916		—		1,114		108
Real estate – 1-4 family mortgage	75,947		93,291		—		82,562		3,258
Real estate – commercial mortgage	168,848		229,871		—		180,326		9,546
Installment loans to individuals	2,268		2,738		—		2,942		119
Total	$	261,104	$	350,171	$	—	$	277,774	$	14,137
Totals	$	336,165	$	430,511	$	1,706	$	355,010	$	17,828

The average recorded investment in impaired loans for the year ended December 31, 2014 was $2,037 . Interest income recognized on impaired loans for the year ended December 31, 2014 was $59.

Restructured Loans

The following table presents restructured loans segregated by class as of the dates presented:

	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
December 31, 2016
Commercial, financial, agricultural	1	$	41	$	17
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	30	2,754		2,081
Real estate – commercial mortgage	11	2,641		1,930
Installment loans to individuals	—	—		—
Total	42	$	5,436	$	4,028
December 31, 2015
Commercial, financial, agricultural	—	$	—	$	—
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	17	1,339		1,024
Real estate – commercial mortgage	9	2,658		2,177
Installment loans to individuals	—	—		—
Total	26	$	3,997	$	3,201

Changes in the Company’s restructured loans are set forth in the table below.

	Number of Loans		Recorded Investment
Totals at January 1, 2015	4		$	458
Additional loans with concessions	23		3,341
Reductions due to:
Reclassified as nonperforming	(1	)	(275		)
Paid in full	—		—
Charge-offs	—		—
Transfer to other real estate owned	—		—
Principal paydowns	—		(323		)
Lapse of concession period	—		—
TDR reclassified as performing loan	—		$	—
Totals at December 31, 2015	26		$	3,201
Additional loans with concessions	25		2,472
Reductions due to:
Reclassified as nonperforming	(4	)	(216		)
Paid in full	(5	)	(1,297		)
Charge-offs	—		—
Transfer to other real estate owned	—		—
Principal paydowns	—		(132		)
Lapse of concession period	—		—
TDR reclassified as performing loan	—		$	—
Totals at December 31, 2016	42		$	4,028

The allocated allowance for loan losses attributable to restructured loans was $35 and $95 at December 31, 2016 and 2015, respectively. The Company had $3 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2016 and zero dollars in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2015.

Credit Quality

The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:

	Pass		Watch		Substandard		Total
December 31, 2016
Commercial, financial, agricultural	$	102,777	$	2,370	$	1,491	$	106,638
Real estate – construction	61,206		2,640		—		63,846
Real estate – 1-4 family mortgage	105,265		7,665		364		113,294
Real estate – commercial mortgage	608,192		8,445		723		617,360
Installment loans to individuals	—		—		114		114
Total	$	877,440	$	21,120	$	2,692	$	901,252
December 31, 2015
Commercial, financial, agricultural	$	128,602	$	352	$	1,044	$	129,998
Real estate – construction	49,436		—		—		49,436
Real estate – 1-4 family mortgage	136,417		4,549		3,772		144,738
Real estate – commercial mortgage	562,164		5,033		1,719		568,916
Installment loans to individuals	—		—		—		—
Total	$	876,619	$	9,934	$	6,535	$	893,088

The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Performing			Non-Performing		Total
December 31, 2016
Commercial, financial, agricultural	$	9,489		$	79	$	9,568
Lease financing	—			—		—
Real estate – construction	3,601		5	466		4,067
Real estate – 1-4 family mortgage	265,697			1,504		267,201
Real estate – commercial mortgage	21,353			58		21,411
Installment loans to individuals	13,712			168		13,880
Total	$	313,852		$	2,275	$	316,127
December 31, 2015
Commercial, financial, agricultural	$	4,943		$	—	$	4,943
Lease financing	—			—		—
Real estate – construction	13,779			—		13,779
Real estate – 1-4 family mortgage	294,256			452		294,708
Real estate – commercial mortgage	13,154			—		13,154
Installment loans to individuals	27,153			38		27,191
Total	$	353,285		$	490	$	353,775

Loans Purchased with Deteriorated Credit Quality

Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented:

	Total Purchased Credit Deteriorated Loans
December 31, 2016
Commercial, financial, agricultural	$	11,994
Lease financing	—
Real estate – construction	840
Real estate – 1-4 family mortgage	71,952
Real estate – commercial mortgage	184,987
Installment loans to individuals	1,985
Total	$	271,758
December 31, 2015
Commercial, financial, agricultural	$	16,489
Lease financing	—
Real estate – construction	2,749
Real estate – 1-4 family mortgage	91,649
Real estate – commercial mortgage	222,610
Installment loans to individuals	2,668
Total	$	336,165

The following table presents the fair value of loans determined to be impaired at the time of acquisition:

	Total Purchased Credit Deteriorated Loans
December 31, 2016
Contractually-required principal and interest	$	389,798
Nonaccretable difference(1)	(81,714		)
Cash flows expected to be collected	308,084
Accretable yield(2)	(36,326		)
Fair value	$	271,758
December 31, 2015
Contractually-required principal and interest	$	467,777
Nonaccretable difference(1)	(83,320		)
Cash flows expected to be collected	384,457
Accretable yield(2)	(48,292		)
Fair value	$	336,165

⁽¹⁾  Represents contractual principal cash flows of $81,673 and $83,078, respectively, and interest cash flows of $41 and $241, respectively, not expected to be collected.

⁽²⁾  Represents contractual interest payments expected to be collected of $1,776 and $2,312, respectively, and purchase discounts of $34,550 and $45,980, respectively.

Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows:

	Total Purchased Credit Deteriorated Loans
Balance at January 1, 2015	$	(32,433	)
Additions through acquisition	(28,046		)
Reclasses from nonaccretable difference	(6,617		)
Accretion	17,212
Charge-off	1,592
Balance at December 31, 2015	$	(48,292	)
Additions through acquisition	(4,037		)
Reclasses from nonaccretable difference	(950		)
Accretion	14,711
Charge-off	2,242
Balance at December 31, 2016	$	(36,326	)

The following table presents the fair value of loans purchased from KeyWorth as of the April 1, 2016 acquisition date.

At acquisition date:	April 1, 2016
Contractually-required principal and interest	$	289,495
Nonaccretable difference	3,848
Cash flows expected to be collected	285,647
Accretable yield	13,317
Fair value	$	272,330

The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:

	Commercial		Real Estate  - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Installment and Other(1)		Total
December 31, 2016
Individually evaluated for impairment	$	487	$	145	$	1,496	$	2,275	$	135	$	4,538
Collectively evaluated for impairment	115,719		67,768		378,999		636,496		13,859		1,212,841
Acquired with deteriorated credit quality	11,994		840		71,952		184,987		1,985		271,758
Ending balance	$	128,200	$	68,753	$	452,447	$	823,758	$	15,979	$	1,489,137
December 31, 2015
Individually evaluated for impairment	$	14	$	2,698	$	655	$	1,193	$	23	$	4,583
Collectively evaluated for impairment	134,927		60,517		438,791		580,877		27,168		1,242,280
Acquired with deteriorated credit quality	16,489		2,749		91,649		222,610		2,668		336,165
Ending balance	$	151,430	$	65,964	$	531,095	$	804,680	$	29,859	$	1,583,028

⁽¹⁾  Includes lease financing receivables.

XML

Purchased Loans

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Purchased Loans

Non Purchased Loans

(In Thousands, Except Number of Loans)

For purposes of this Note 4, all references to “loans” mean non purchased loans.

The following is a summary of non purchased loans and leases at December 31:

	2016			2015
Commercial, financial, agricultural	$	589,290		$	485,407
Lease financing	49,250			35,978
Real estate – construction	483,926			291,701
Real estate – 1-4 family mortgage	1,425,730			1,204,228
Real estate – commercial mortgage	2,075,137			1,729,049
Installment loans to individuals	92,648			85,234
Gross loans	4,715,981			3,831,597
Unearned income	(2,409		)	(1,163		)
Loans, net of unearned income	4,713,572			3,830,434

Past Due and Nonaccrual Loans

The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:

	Accruing Loans										Nonaccruing Loans
	30-89 Days Past Due		90 Days or More Past Due		Current Loans			Total Loans			30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		Total Loans
December 31, 2016
Commercial, financial, agricultural	$	811	$	720	$	586,730		$	588,261		$	—	$	932	$	97	$	1,029	$	589,290
Lease financing	193		—		48,919			49,112			—		138		—		138		49,250
Real estate – construction	995		—		482,931			483,926			—		—		—		—		483,926
Real estate – 1-4 family mortgage	6,189		1,136		1,414,254			1,421,579			161		1,222		2,768		4,151		1,425,730
Real estate – commercial mortgage	2,283		99		2,066,821			2,069,203			580		2,778		2,576		5,934		2,075,137
Installment loans to individuals	324		124		92,179			92,627			—		21		—		21		92,648
Unearned income	—		—		(2,409		)	(2,409		)	—		—		—		—		(2,409		)
Total	$	10,795	$	2,079	$	4,689,425		$	4,702,299		$	741	$	5,091	$	5,441	$	11,273	$	4,713,572
December 31, 2015
Commercial, financial, agricultural	$	176	$	38	$	485,095		$	485,309		$	30	$	68	$	—	$	98	$	485,407
Lease financing	—		—		35,978			35,978			—		—		—		—		35,978
Real estate – construction	68		—		291,633			291,701			—		—		—		—		291,701
Real estate – 1-4 family mortgage	4,461		807		1,192,318			1,197,586			370		1,857		4,415		6,642		1,204,228
Real estate – commercial mortgage	2,391		425		1,719,329			1,722,145			568		1,668		4,668		6,904		1,729,049
Installment loans to individuals	167		56		85,011			85,234			—		—		—		—		85,234
Unearned income	—		—		(1,163		)	(1,163		)	—		—		—		—		(1,163		)
Total	$	7,263	$	1,326	$	3,808,201		$	3,816,790		$	968	$	3,593	$	9,083	$	13,644	$	3,830,434

Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There was one restructured loan totaling $69 that was contractually 90 days past due or more and still accruing at December 31, 2016. There was one restructured loan totaling $38 that was contractually 90 days past due or more and still accruing at December 31, 2015. The outstanding balance of restructured loans on nonaccrual status was $6,164 and $8,739 at December 31, 2016 and 2015, respectively.

Impaired Loans

Impaired loans recognized in conformity with ASC 310-20, segregated by class, were as follows as of the dates and periods presented:

	As of December 31, 2016						Year Ended December 31, 2016
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	1,175	$	1,539	$	136	$	856	$	28
Lease financing	—		—		—		—		—
Real estate – construction	517		517		1		469		26
Real estate – 1-4 family mortgage	9,207		10,823		1,091		9,603		225
Real estate – commercial mortgage	10,053		13,667		2,397		11,180		305
Installment loans to individuals	87		87		1		98		2
Total	$	21,039	$	26,633	$	3,626	$	22,206	$	586
With no related allowance recorded:
Commercial, financial, agricultural	$	—	$	38	$	—	$	24	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	—		—		—		41		—
Real estate – commercial mortgage	568		1,340		—		938		38
Installment loans to individuals	—		—		—		—		—
Total	$	568	$	1,378	$	—	$	1,003	$	38
Totals	$	21,607	$	28,011	$	3,626	$	23,209	$	624

	As of December 31, 2015						Year Ended December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	344	$	531	$	6	$	508	$	17
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	15,995		17,518		4,474		16,751		366
Real estate – commercial mortgage	15,626		18,918		2,906		17,059		469
Installment loans to individuals	67		67		—		67		2
Total	$	32,032	$	37,034	$	7,386	$	34,385	$	854
With no related allowance recorded:
Commercial, financial, agricultural	$	12	$	760	$	—	$	43	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	—		—		—		—		—
Real estate – commercial mortgage	—		—		—		—		—
Installment loans to individuals	—		—		—		—		—
Total	$	12	$	760	$	—	$	43	$	—
Totals	$	32,044	$	37,794	$	7,386	$	34,428	$	854

The average recorded investment in impaired loans for the year ended December 31, 2014 was $48,351. Interest income recognized on impaired loans for the year ended December 31, 2014 was $1,942.

Restructured Loans

The following table presents restructured loans segregated by class as of the dates presented:

	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
December 31, 2016
Commercial, financial, agricultural	—	$	—	$	—
Lease financing	—	—		—
Real estate – construction	1	510		518
Real estate – 1-4 family mortgage	43	4,498		4,105
Real estate – commercial mortgage	8	4,324		2,758
Installment loans to individuals	1	66		66
Total	53	$	9,398	$	7,447
December 31, 2015
Commercial, financial, agricultural	1	$	257	$	257
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	46	5,249		4,754
Real estate – commercial mortgage	11	6,365		5,174
Installment loans to individuals	1	67		67
Total	59	$	11,938	$	10,252

Changes in the Company’s restructured loans are set forth in the table below.

	Number of Loans		Recorded Investment
Totals at January 1, 2015	49		$	13,879
Additional loans with concessions	39		10,077
Reductions due to:
Reclassified as nonperforming	(6	)	(2,870		)
Paid in full	(21	)	(8,127		)
Charge-offs	(1	)	(56		)
Transfer to other real estate owned	—		—
Principal paydowns	—		(428		)
Lapse of concession period	—		—
TDR reclassified as performing loan	(1	)	$	(2,223	)
Totals at December 31, 2015	59		$	10,252
Additional loans with concessions	16		2,075
Reductions due to:
Reclassified as nonperforming	(4	)	(1,406		)
Paid in full	(16	)	(2,233		)
Charge-offs	(1	)	(275		)
Transfer to other real estate owned	(1	)	(51		)
Principal paydowns	—		(915		)
Lapse of concession period	—		—
TDR reclassified as performing loan	—		$	—
Totals at December 31, 2016	53		$	7,447

The allocated allowance for loan losses attributable to restructured loans was $283 and $884 at December 31, 2016 and 2015, respectively. The Company had $2 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2016 and zero dollars in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2015.

Credit Quality

For commercial and commercial real estate secured loans, internal risk-rating grades are assigned by lending, credit administration or loan review personnel, based on an analysis of the financial and collateral strength and other credit attributes underlying each loan. Management analyzes the resulting ratings, as well as other external statistics and factors such as delinquency, to track the migration performance of the portfolio balances of commercial and commercial real estate secured loans. Loan grades range between 1 and 9, with 1 being loans with the least credit risk. Loans that migrate toward the “Pass” grade (those with a risk rating between 1 and 4) or within the “Pass” grade generally have a lower risk of loss and therefore a lower risk factor. The “Watch” grade (those with a risk rating of 5) is utilized on a temporary basis for “Pass” grade loans where a significant risk-modifying action is anticipated in the near term. Loans that migrate toward the “Substandard” grade (those with a risk rating between 6 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances. The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:

	Pass		Watch		Substandard		Total
December 31, 2016
Commercial, financial, agricultural	$	434,323	$	4,531	$	850	$	439,704
Real estate – construction	402,156		393		—		402,549
Real estate – 1-4 family mortgage	190,882		3,374		6,129		200,385
Real estate – commercial mortgage	1,734,523		18,118		13,088		1,765,729
Installment loans to individuals	—		—		—		—
Total	$	2,761,884	$	26,416	$	20,067	$	2,808,367
December 31, 2015
Commercial, financial, agricultural	$	336,583	$	8,146	$	690	$	345,419
Real estate – construction	223,962		483		—		224,445
Real estate – 1-4 family mortgage	138,852		5,163		11,688		155,703
Real estate – commercial mortgage	1,406,188		22,142		18,964		1,447,294
Installment loans to individuals	52		—		5		57
Total	$	2,105,637	$	35,934	$	31,347	$	2,172,918

For portfolio balances of consumer, consumer mortgage and certain other similar loan types, allowance factors are determined based on historical loss ratios by portfolio for the preceding eight quarters and may be adjusted by other qualitative criteria. The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Performing		Non-Performing		Total
December 31, 2016
Commercial, financial, agricultural	$	148,499	$	1,087	$	149,586
Lease financing	46,703		138		46,841
Real estate – construction	81,377		—		81,377
Real estate – 1-4 family mortgage	1,222,816		2,529		1,225,345
Real estate – commercial mortgage	308,609		799		309,408
Installment loans to individuals	92,504		144		92,648
Total	$	1,900,508	$	4,697	$	1,905,205
December 31, 2015
Commercial, financial, agricultural	$	139,895	$	93	$	139,988
Lease financing	34,815		—		34,815
Real estate – construction	67,256		—		67,256
Real estate – 1-4 family mortgage	1,046,100		2,425		1,048,525
Real estate – commercial mortgage	280,888		867		281,755
Installment loans to individuals	85,121		56		85,177
Total	$	1,654,075	$	3,441	$	1,657,516

Related Party Loans

Certain executive officers and directors of Renasant Bank and their associates are customers of and have other transactions with Renasant Bank. Related party loans and commitments are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with persons not related to the Company or the Bank and do not involve more than a normal risk of collectability or present other unfavorable features. A summary of the changes in related party loans follows:

Loans at December 31, 2015	$	16,013
New loans and advances	576
Payments received	(3,532		)
Changes in related parties	1,211
Loans at December 31, 2016	$	14,268

No related party loans were classified as past due, nonaccrual, impaired or restructured at December 31, 2016 or 2015. Unfunded commitments to certain executive officers and directors and their associates totaled $5,933 and $5,780 at December 31, 2016 and 2015, respectively.

Purchased Loans

(In Thousands, Except Number of Loans)

For purposes of this Note 5, all references to “loans” mean purchased loans.

The following is a summary of purchased loans at December 31:

	2016		2015
Commercial, financial, agricultural	$	128,200	$	151,430
Lease financing	—		—
Real estate – construction	68,753		65,964
Real estate – 1-4 family mortgage	452,447		531,095
Real estate – commercial mortgage	823,758		804,680
Installment loans to individuals	15,979		29,859
Gross loans	1,489,137		1,583,028
Unearned income	—		—
Loans, net of unearned income	1,489,137		1,583,028

Past Due and Nonaccrual Loans

The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:

	Accruing Loans								Nonaccruing Loans
	30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		Total Loans
December 31, 2016
Commercial, financial, agricultural	$	823	$	990	$	125,417	$	127,230	$	260	$	381	$	329	$	970	$	128,200
Lease financing	—		—		—		—		—		—		—		—		—
Real estate – construction	527		321		67,760		68,608		—		145		—		145		68,753
Real estate – 1-4 family mortgage	4,572		3,382		440,258		448,212		417		2,047		1,771		4,235		452,447
Real estate – commercial mortgage	3,045		6,112		808,886		818,043		—		2,661		3,054		5,715		823,758
Installment loans to individuals	96		10		15,591		15,697		—		156		126		282		15,979
Unearned income	—		—		—		—		—		—		—		—		—
Total	$	9,063	$	10,815	$	1,457,912	$	1,477,790	$	677	$	5,390	$	5,280	$	11,347	$	1,489,137
December 31, 2015
Commercial, financial, agricultural	$	1,120	$	1,039	$	148,942	$	151,101	$	—	$	65	$	264	$	329	$	151,430
Lease financing	—		—		—		—		—		—		—		—		—
Real estate – construction	—		176		65,788		65,964		—		—		—		—		65,964
Real estate – 1-4 family mortgage	4,735		5,650		514,912		525,297		158		1,806		3,834		5,798		531,095
Real estate – commercial mortgage	2,458		8,156		784,863		795,477		—		595		8,608		9,203		804,680
Installment loans to individuals	94		46		29,659		29,799		—		53		7		60		29,859
Unearned income	—		—		—		—		—		—		—		—		—
Total	$	8,407	$	15,067	$	1,544,164	$	1,567,638	$	158	$	2,519	$	12,713	$	15,390	$	1,583,028

Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days or more past due or placed on nonaccrual status are reported as nonperforming loans. There were three restructured loan totaling $56 that was contractually 90 days past due or more and still accruing at December 31, 2016. There was one restructured loan totaling $275 that was contractually 90 days past due or more and still accruing at December 31, 2015. The outstanding balance of restructured loans on nonaccrual status was $1,206 and $4,778 at December 31, 2016 and 2015, respectively.

Impaired Loans

Purchased non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310-20, segregated by class, were as follows as of the dates and periods presented:

	As of December 31, 2016						Year Ended December 31, 2016
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	487	$	503	$	310	$	500	$	2
Lease financing	—		—		—		—		—
Real estate – construction	145		147		—		148		—
Real estate – 1-4 family mortgage	1,496		1,538		43		1,535		7
Real estate – commercial mortgage	2,275		2,299		48		2,273		111
Installment loans to individuals	135		159		114		161		—
Total	$	4,538	$	4,646	$	515	$	4,617	$	120
With no related allowance recorded:
Commercial, financial, agricultural	$	224	$	229	$	—	$	172	$	4
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	1,385		1,557		—		1,550		33
Real estate – commercial mortgage	183		186		—		194		11
Installment loans to individuals	55		56		—		61		—
Total	$	1,847	$	2,028	$	—	$	1,977	$	48
Totals	$	6,385	$	6,674	$	515	$	6,594	$	168

	As of December 31, 2015						Year Ended December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	14	$	17	$	—	$	18	$	—
Lease financing	—		—		—		—		—
Real estate – construction	2,698		2,710		20		899		78
Real estate – 1-4 family mortgage	655		675		1		712		28
Real estate – commercial mortgage	1,193		1,251		193		1,223		19
Installment loans to individuals	23		23		—		8		—
Total	$	4,583	$	4,676	$	214	$	2,860	$	125
With no related allowance recorded:
Commercial, financial, agricultural	$	—	$	—	$	—	$	—	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	—		—		—		—		—
Real estate – commercial mortgage	—		—		—		—		—
Installment loans to individuals	—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—
Totals	$	4,583	$	4,676	$	214	$	2,860	$	125

Purchased credit deteriorated loans recognized in conformity with ASC 310-30, segregated by class, were as follows as of the dates and periods presented:

	As of December 31, 2016						Year Ended December 31, 2016
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	4,555	$	5,038	$	372	$	4,728	$	207
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	21,887		23,128		841		23,021		1,015
Real estate – commercial mortgage	62,449		70,970		1,606		62,759		2,674
Installment loans to individuals	366		368		1		382		13
Total	$	89,257	$	99,504	$	2,820	$	90,890	$	3,909
With no related allowance recorded:
Commercial, financial, agricultural	$	7,439	$	15,659	$	—	$	10,304	$	819
Lease financing	—		—		—		—		—
Real estate – construction	840		1,141		—		648		38
Real estate – 1-4 family mortgage	50,065		63,597		—		64,306		2,636
Real estate – commercial mortgage	122,538		158,105		—		149,917		7,053
Installment loans to individuals	1,619		2,098		—		1,967		77
Total	$	182,501	$	240,600	$	—	$	227,142	$	10,623
Totals	$	271,758	$	340,104	$	2,820	$	318,032	$	14,532

	As of December 31, 2015						Year Ended December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	5,197	$	5,694	$	353	$	4,774	$	212
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	15,702		16,002		256		15,498		799
Real estate – commercial mortgage	53,762		57,950		1,096		56,548		2,667
Installment loans to individuals	400		694		1		416		13
Total	$	75,061	$	80,340	$	1,706	$	77,236	$	3,691
With no related allowance recorded:
Commercial, financial, agricultural	$	11,292	$	21,355	$	—	$	10,830	$	1,106
Lease financing	—		—		—		—		—
Real estate – construction	2,749		2,916		—		1,114		108
Real estate – 1-4 family mortgage	75,947		93,291		—		82,562		3,258
Real estate – commercial mortgage	168,848		229,871		—		180,326		9,546
Installment loans to individuals	2,268		2,738		—		2,942		119
Total	$	261,104	$	350,171	$	—	$	277,774	$	14,137
Totals	$	336,165	$	430,511	$	1,706	$	355,010	$	17,828

The average recorded investment in impaired loans for the year ended December 31, 2014 was $2,037 . Interest income recognized on impaired loans for the year ended December 31, 2014 was $59.

Restructured Loans

The following table presents restructured loans segregated by class as of the dates presented:

	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
December 31, 2016
Commercial, financial, agricultural	1	$	41	$	17
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	30	2,754		2,081
Real estate – commercial mortgage	11	2,641		1,930
Installment loans to individuals	—	—		—
Total	42	$	5,436	$	4,028
December 31, 2015
Commercial, financial, agricultural	—	$	—	$	—
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	17	1,339		1,024
Real estate – commercial mortgage	9	2,658		2,177
Installment loans to individuals	—	—		—
Total	26	$	3,997	$	3,201

Changes in the Company’s restructured loans are set forth in the table below.

	Number of Loans		Recorded Investment
Totals at January 1, 2015	4		$	458
Additional loans with concessions	23		3,341
Reductions due to:
Reclassified as nonperforming	(1	)	(275		)
Paid in full	—		—
Charge-offs	—		—
Transfer to other real estate owned	—		—
Principal paydowns	—		(323		)
Lapse of concession period	—		—
TDR reclassified as performing loan	—		$	—
Totals at December 31, 2015	26		$	3,201
Additional loans with concessions	25		2,472
Reductions due to:
Reclassified as nonperforming	(4	)	(216		)
Paid in full	(5	)	(1,297		)
Charge-offs	—		—
Transfer to other real estate owned	—		—
Principal paydowns	—		(132		)
Lapse of concession period	—		—
TDR reclassified as performing loan	—		$	—
Totals at December 31, 2016	42		$	4,028

The allocated allowance for loan losses attributable to restructured loans was $35 and $95 at December 31, 2016 and 2015, respectively. The Company had $3 remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2016 and zero dollars in remaining availability under commitments to lend additional funds on these restructured loans at December 31, 2015.

Credit Quality

The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:

	Pass		Watch		Substandard		Total
December 31, 2016
Commercial, financial, agricultural	$	102,777	$	2,370	$	1,491	$	106,638
Real estate – construction	61,206		2,640		—		63,846
Real estate – 1-4 family mortgage	105,265		7,665		364		113,294
Real estate – commercial mortgage	608,192		8,445		723		617,360
Installment loans to individuals	—		—		114		114
Total	$	877,440	$	21,120	$	2,692	$	901,252
December 31, 2015
Commercial, financial, agricultural	$	128,602	$	352	$	1,044	$	129,998
Real estate – construction	49,436		—		—		49,436
Real estate – 1-4 family mortgage	136,417		4,549		3,772		144,738
Real estate – commercial mortgage	562,164		5,033		1,719		568,916
Installment loans to individuals	—		—		—		—
Total	$	876,619	$	9,934	$	6,535	$	893,088

The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Performing			Non-Performing		Total
December 31, 2016
Commercial, financial, agricultural	$	9,489		$	79	$	9,568
Lease financing	—			—		—
Real estate – construction	3,601		5	466		4,067
Real estate – 1-4 family mortgage	265,697			1,504		267,201
Real estate – commercial mortgage	21,353			58		21,411
Installment loans to individuals	13,712			168		13,880
Total	$	313,852		$	2,275	$	316,127
December 31, 2015
Commercial, financial, agricultural	$	4,943		$	—	$	4,943
Lease financing	—			—		—
Real estate – construction	13,779			—		13,779
Real estate – 1-4 family mortgage	294,256			452		294,708
Real estate – commercial mortgage	13,154			—		13,154
Installment loans to individuals	27,153			38		27,191
Total	$	353,285		$	490	$	353,775

Loans Purchased with Deteriorated Credit Quality

Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented:

	Total Purchased Credit Deteriorated Loans
December 31, 2016
Commercial, financial, agricultural	$	11,994
Lease financing	—
Real estate – construction	840
Real estate – 1-4 family mortgage	71,952
Real estate – commercial mortgage	184,987
Installment loans to individuals	1,985
Total	$	271,758
December 31, 2015
Commercial, financial, agricultural	$	16,489
Lease financing	—
Real estate – construction	2,749
Real estate – 1-4 family mortgage	91,649
Real estate – commercial mortgage	222,610
Installment loans to individuals	2,668
Total	$	336,165

The following table presents the fair value of loans determined to be impaired at the time of acquisition:

	Total Purchased Credit Deteriorated Loans
December 31, 2016
Contractually-required principal and interest	$	389,798
Nonaccretable difference(1)	(81,714		)
Cash flows expected to be collected	308,084
Accretable yield(2)	(36,326		)
Fair value	$	271,758
December 31, 2015
Contractually-required principal and interest	$	467,777
Nonaccretable difference(1)	(83,320		)
Cash flows expected to be collected	384,457
Accretable yield(2)	(48,292		)
Fair value	$	336,165

⁽¹⁾  Represents contractual principal cash flows of $81,673 and $83,078, respectively, and interest cash flows of $41 and $241, respectively, not expected to be collected.

⁽²⁾  Represents contractual interest payments expected to be collected of $1,776 and $2,312, respectively, and purchase discounts of $34,550 and $45,980, respectively.

Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows:

	Total Purchased Credit Deteriorated Loans
Balance at January 1, 2015	$	(32,433	)
Additions through acquisition	(28,046		)
Reclasses from nonaccretable difference	(6,617		)
Accretion	17,212
Charge-off	1,592
Balance at December 31, 2015	$	(48,292	)
Additions through acquisition	(4,037		)
Reclasses from nonaccretable difference	(950		)
Accretion	14,711
Charge-off	2,242
Balance at December 31, 2016	$	(36,326	)

The following table presents the fair value of loans purchased from KeyWorth as of the April 1, 2016 acquisition date.

At acquisition date:	April 1, 2016
Contractually-required principal and interest	$	289,495
Nonaccretable difference	3,848
Cash flows expected to be collected	285,647
Accretable yield	13,317
Fair value	$	272,330

The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:

	Commercial		Real Estate  - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Installment and Other(1)		Total
December 31, 2016
Individually evaluated for impairment	$	487	$	145	$	1,496	$	2,275	$	135	$	4,538
Collectively evaluated for impairment	115,719		67,768		378,999		636,496		13,859		1,212,841
Acquired with deteriorated credit quality	11,994		840		71,952		184,987		1,985		271,758
Ending balance	$	128,200	$	68,753	$	452,447	$	823,758	$	15,979	$	1,489,137
December 31, 2015
Individually evaluated for impairment	$	14	$	2,698	$	655	$	1,193	$	23	$	4,583
Collectively evaluated for impairment	134,927		60,517		438,791		580,877		27,168		1,242,280
Acquired with deteriorated credit quality	16,489		2,749		91,649		222,610		2,668		336,165
Ending balance	$	151,430	$	65,964	$	531,095	$	804,680	$	29,859	$	1,583,028

⁽¹⁾  Includes lease financing receivables.

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Allowance for Loan Losses

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Allowance for Loan Losses

Allowance for Loan Losses

(In Thousands, Except Number of Loans)

The following is a summary of non purchased and purchased loans and leases at December 31:

	2016			2015
Commercial, financial, agricultural	$	717,490		$	636,837
Lease financing	49,250			35,978
Real estate – construction	552,679			357,665
Real estate – 1-4 family mortgage	1,878,177			1,735,323
Real estate – commercial mortgage	2,898,895			2,533,729
Installment loans to individuals	108,627			115,093
Gross loans	6,205,118			5,414,625
Unearned income	(2,409		)	(1,163		)
Loans, net of unearned income	6,202,709			5,413,462
Allowance for loan losses	(42,737		)	(42,437		)
Net loans	$	6,159,972		$	5,371,025

Allowance for Loan Losses

The following table provides a rollforward of the allowance for loan losses and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented:

	Commercial			Real Estate  - Construction		Real Estate - 1-4 Family Mortgage			Real Estate  - Commercial Mortgage			Installment and Other(1)			Total
Year Ended December 31, 2016
Allowance for loan losses:
Beginning balance	$	4,186		$	1,852	$	13,908		$	21,111		$	1,380		$	42,437
Charge-offs	(2,725		)	—		(3,906		)	(2,123		)	(717		)	(9,471		)
Recoveries	331			47		997			757			109			2,241
Net charge-offs	(2,394		)	47		(2,909		)	(1,366		)	(608		)	(7,230		)
Provision for loan losses	3,716			364		2,616			(879		)	787			6,604
Benefit attributable to FDIC loss share agreements	(61		)	—		(115		)	(48		)	(41		)	(265		)
Recoveries payable to FDIC	39			117		794			241			—			1,191
Provision for loan losses charged to operations	3,694			481		3,295			(686		)	746			7,530
Ending balance	$	5,486		$	2,380	$	14,294		$	19,059		$	1,518		$	42,737
Period-End Amount Allocated to:
Individually evaluated for impairment	$	446		$	1	$	1,134		$	2,445		$	115		$	4,141
Collectively evaluated for impairment	4,668			2,379		12,319			15,008			1,402			35,776
Acquired with deteriorated credit quality	372			—		841			1,606			1			2,820
Ending balance	$	5,486		$	2,380	$	14,294		$	19,059		$	1,518		$	42,737

	Commercial			Real Estate  - Construction			Real Estate - 1-4 Family Mortgage			Real Estate  - Commercial Mortgage			Installment and Other(1)			Total
Year Ended December 31, 2015
Allowance for loan losses:
Beginning balance	$	3,305		$	1,415		$	13,549		$	22,759		$	1,261		$	42,289
Charge-offs	(943		)	(26		)	(2,173		)	(2,613		)	(1,021		)	(6,776		)
Recoveries	361			26			1,064			614			109			2,174
Net charge-offs	(582		)	—			(1,109		)	(1,999		)	(912		)	(4,602		)
Provision for loan losses	1,489			435			650			312			1,027			3,913
Benefit attributable to FDIC loss share agreements	(64		)	—			(91		)	(717		)	—			(872		)
Recoveries payable to FDIC	38			2			909			756			4			1,709
Provision for loan losses charged to operations	1,463			437			1,468			351			1,031			4,750
Ending balance	$	4,186		$	1,852		$	13,908		$	21,111		$	1,380		$	42,437
Period-End Amount Allocated to:
Individually evaluated for impairment	$	6		$	20		$	4,475		$	3,099		$	—		$	7,600
Collectively evaluated for impairment	3,827			1,832			9,177			16,916			1,379			33,131
Acquired with deteriorated credit quality	353			—			256			1,096			1			1,706
Ending balance	$	4,186		$	1,852		$	13,908		$	21,111		$	1,380		$	42,437
Year Ended December 31, 2014
Allowance for loan losses:
Beginning balance	$	3,090		$	1,091		$	18,629		$	23,688		$	1,167		$	47,665
Charge-offs	(1,516		)	—			(5,662		)	(6,186		)	(495		)	(13,859		)
Recoveries	455			33			1,325			436			67			2,316
Net charge-offs	(1,061		)	33			(4,337		)	(5,750		)	(428		)	(11,543		)
Provision for loan losses	1,297			290			(452		)	9,260			522			10,917
Benefit attributable to FDIC loss share agreements	(204		)	—			(816		)	(5,258		)	—			(6,278		)
Recoveries payable to FDIC	183			1			525			819			—			1,528
Provision for loan losses charged to operations	$	1,276		$	291		$	(743	)	$	4,821		$	522		$	6,167
Ending balance	$	3,305		$	1,415		$	13,549		$	22,759		$	1,261		$	42,289
Period-End Amount Allocated to:
Individually evaluated for impairment	$	5		$	—		$	4,786		$	5,465		$	—		$	10,256
Collectively evaluated for impairment	3,020			1,415			8,483			16,130			1,260			30,308
Acquired with deteriorated credit quality	280			—			280			1,164			1			1,725
Ending balance	$	3,305		$	1,415		$	13,549		$	22,759		$	1,261		$	42,289

⁽¹⁾  Includes lease financing receivables.

The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:

	Commercial		Real Estate  - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Installment and Other(1)		Total
December 31, 2016
Individually evaluated for impairment	$	1,886	$	662	$	12,088	$	13,079	$	277	$	27,992
Collectively evaluated for impairment	703,610		551,177		1,794,137		2,700,829		153,206		5,902,959
Acquired with deteriorated credit quality	11,994		840		71,952		184,987		1,985		271,758
Ending balance	$	717,490	$	552,679	$	1,878,177	$	2,898,895	$	155,468	$	6,202,709
December 31, 2015
Individually evaluated for impairment	$	370	$	2,698	$	16,650	$	16,819	$	90	$	36,627
Collectively evaluated for impairment	619,978		352,218		1,627,024		2,294,300		147,150		5,040,670
Acquired with deteriorated credit quality	16,489		2,749		91,649		222,610		2,668		336,165
Ending balance	$	636,837	$	357,665	$	1,735,323	$	2,533,729	$	149,908	$	5,413,462

⁽¹⁾  Includes lease financing receivables.

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Premises and Equipment

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Premises and Equipment

Premises and Equipment

(In Thousands)

Bank premises and equipment at December 31 are summarized as follows:

	2016			2015
Premises	$	183,957		$	170,624
Leasehold improvements	7,862			7,207
Furniture and equipment	42,166			38,003
Computer equipment	13,548			15,230
Autos	252			219
Total	247,785			231,283
Accumulated depreciation	(68,562		)	(62,155		)
Net	$	179,223		$	169,128

Depreciation expense was $12,066, $8,689 and $6,613 for the years ended December 31, 2016, 2015 and 2014, respectively.

The Company has operating leases which extend to 2028 for certain land and office locations. Leases that expire are generally expected to be renewed or replaced by other leases. Rental expense was $4,460, $3,688 and $2,909 for 2016, 2015 and 2014, respectively. The following is a summary of future minimum lease payments for years following December 31, 2016:

2017	$	4,526
2018	4,145
2019	3,440
2020	2,801
2021	1,713
Thereafter	5,634
Total	$	22,259

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Other Real Estate Owned

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Other Real Estate Owned

Other Real Estate Owned

(In Thousands)

The following table provides details of the Company’s other real estate owned (“OREO”) purchased and non purchased, net of valuation allowances and direct write-downs, as of the dates presented:

	Purchased OREO		Non Purchased OREO		Total OREO
December 31, 2016
Residential real estate	$	2,230	$	699	$	2,929
Commercial real estate	6,401		1,680		8,081
Residential land development	2,344		1,688		4,032
Commercial land development	6,395		1,862		8,257
Total	$	17,370	$	5,929	$	23,299
December 31, 2015
Residential real estate	$	2,707	$	2,087	$	4,794
Commercial real estate	6,283		5,104		11,387
Residential land development	1,717		2,879		4,596
Commercial land development	11,709		2,916		14,625
Total	$	22,416	$	12,986	$	35,402

Changes in the Company’s purchased and non purchased OREO were as follows:

	Purchased OREO			Non Purchased OREO			Total OREO
Balance at December 31, 2014	$	17,386		$	17,086		$	34,472
Purchased OREO	9,972			—			9,972
Transfers of loans	11,642			3,293			14,935
Impairments(1)	(1,033		)	(1,486		)	(2,519		)
Dispositions	(15,551		)	(5,873		)	(21,424		)
Other	—			(34		)	(34		)
Balance at December 31, 2015	$	22,416		$	12,986		$	35,402
Purchased OREO	—			—			—
Transfers of loans	7,935			935			8,870
Impairments(1)	(1,631		)	(1,484		)	(3,115		)
Dispositions	(11,071		)	(6,458		)	(17,529		)
Other	(279		)	(50		)	(329		)
Balance at December 31, 2016	$	17,370		$	5,929		$	23,299

(1) Of the total impairment charges of $2,519 recorded for OREO in 2015, $2,157 was included in the Consolidated Statements of Income for the year ended December 31, 2015, while the remaining $362 increased the FDIC loss-share indemnification asset. Of the total impairment charges of $3,115 recorded for OREO in 2016, $3,018 was included in the Consolidated Statements of Income for the year ended December 31, 2016, while the remaining $97 increased the FDIC loss share indemnification asset prior to the termination of the Company's loss share agreements effective December 8, 2016.

Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows:

	Year Ended December 31,
	2016			2015			2014
Repairs and maintenance	$	962		$	840		$	2,129
Property taxes and insurance	1,374			809			372
Impairments	3,018			2,157			2,434
Net (gains) losses on OREO sales	590			(582		)	(151		)
Rental income	(248		)	(179		)	(191		)
Total	$	5,696		$	3,045		$	4,593

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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

(In Thousands)

Changes in the carrying amount of goodwill during the years ended December 31, 2016 and 2015 were as follows:

	Community Banks			Insurance		Total
Balance at December 31, 2014	$	271,939		$	2,767	$	274,706
Addition to goodwill from Heritage acquisition	171,182			—		171,182
Adjustment to previously recorded goodwill	(17		)	—		(17		)
Balance at December 31, 2015	$	443,104		$	2,767	$	445,871
Addition to goodwill from KeyWorth acquisition	20,633			—		20,633
Adjustment to previously recorded goodwill	4,030			—		4,030
Balance at December 31, 2016	$	467,767		$	2,767	$	470,534

The addition to goodwill in 2016 from the KeyWorth acquisition and in 2015 from the Heritage acquisition represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in the transaction. The Company is finalizing the fair values of property and equipment related to the KeyWorth acquisition; as such, the recorded balance of goodwill is subject to change. The adjustment to previously recorded goodwill is due to valuation adjustments on property and equipment as well as certain loans acquired from Heritage. The adjustment to previously recorded goodwill in 2015 reflects tax benefits associated with the exercise of stock options assumed in connection with prior acquisitions.

The following table provides a summary of finite-lived intangible assets as of the dates presented:

	Gross  Carrying Amount		Accumulated Amortization			Net Carrying Amount
December 31, 2016
Core deposit intangible	$	47,992	$	(25,188	)	$	22,804
Customer relationship intangible	1,970		(700		)	1,270
Total finite-lived intangible assets	$	49,962	$	(25,888	)	$	24,074
December 31, 2015
Core deposit intangible	$	45,982	$	(18,572	)	$	27,410
Customer relationship intangible	1,970		(569		)	1,401
Total finite-lived intangible assets	$	47,952	$	(19,141	)	$	28,811

Core deposit intangible amortization expense for the years ended December 31, 2016, 2015 and 2014 was $6,616, $5,938 and $5,475, respectively. Customer relationship intangible amortization expense for the years ended December 31, 2016, 2015 and 2014 was $131 each year. The estimated amortization expense of finite-lived intangible assets for the five succeeding fiscal years is summarized as follows:

	Core Deposit Intangibles		Customer Relationship Intangible		Total
2017	$	5,723	$	131	$	5,854
2018	4,881		131		5,012
2019	4,101		131		4,232
2020	3,213		131		3,344
2021	2,273		131		2,404

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Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2016

Transfers and Servicing [Abstract]

Mortgage Servicing Rights

Mortgage Servicing Rights

(In Thousands)

Changes in the Company’s mortgage servicing rights (“MSRs”) were as follows:

Carrying value at January 1, 2015	$	11,662
Additions through acquisition	10,429
Capitalization	10,793
Amortization	(3,242		)
Carrying value at December 31, 2015	$	29,642
Sale of MSRs	(18,477		)
Capitalization	18,061
Amortization	(2,884		)
Impairment	(40		)
Carrying value at December 31, 2016	$	26,302

In 2016, the Company sold MSRs relating to mortgage loans having an aggregate unpaid principal balance totaling $1,830,444 to a third party for net proceeds of $18,508. There were no sales of MSRs in 2015 and 2014.

Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows:

	2016			2015			2014
Unpaid principal balance	$	2,763,344		$	3,090,839		$	1,178,390
Weighted-average prepayment speed (CPR)	7.34		%	8.89		%	8.25		%
Estimated impact of a 10% increase	$	(1,034	)	$	(1,203	)	$	(1,038	)
Estimated impact of a 20% increase	(2,010		)	(2,330		)	(1,441		)
Discount rate	9.64		%	9.51		%	10.76		%
Estimated impact of a 100bp increase	$	(1,368	)	$	(1,357	)	$	(1,010	)
Estimated impact of a 200bp increase	(2,629		)	(2,612		)	(1,378		)
Weighted-average coupon interest rate	3.83		%	3.97		%	3.84		%
Weighted-average servicing fee (basis points)	25.87			25.04			25.04
Weighted-average remaining maturity (in years)	11.11			15.23			24.41

The Company recorded servicing fees of $3,212, $3,369 and $1,805, respectively, for each of the twelve months ended December 31, 2016, 2015 and 2014. These fees are included under the line item “Mortgage banking income” in the Consolidated Statements of Income.

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Deposits

12 Months Ended

Dec. 31, 2016

Banking and Thrift [Abstract]

Deposits

Deposits

(In Thousands)

The following is a summary of deposits as of December 31:

	2016		2015
Noninterest-bearing deposits	$	1,561,357	$	1,278,337
Interest-bearing demand deposits	3,333,896		2,945,438
Savings deposits	543,131		499,536
Time deposits	1,620,753		1,495,291
Total deposits	$	7,059,137	$	6,218,602

The approximate scheduled maturities of time deposits at December 31, 2016 are as follows:

2017	$	734,286
2018	388,825
2019	326,032
2020	114,157
2021	45,278
Thereafter	12,175
Total	$	1,620,753

The aggregate amount of time deposits in denominations of $250 or more at December 31, 2016 and 2015 was $313,409 and $222,419, respectively. Certain executive officers and directors had amounts on deposit with Renasant Bank of approximately$28,107 and $16,576 at December 31, 2016 and 2015, respectively.

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Short-Term Borrowings

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Short-Term Borrowings

Short-Term Borrowings

(In Thousands)

Short-term borrowings as of December 31 are summarized as follows:

	2016		2015
Securities sold under agreements to repurchase	$	9,676	$	22,279
Federal Home Loan Bank short-term advances	100,000		400,000
Total short-term borrowings	$	109,676	$	422,279

Securities sold under agreements to repurchase (“repurchase agreements”) represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. The securities used as collateral consist primarily of U.S. Government agency mortgage-backed securities, U.S. Government agency collateralized mortgage obligations, obligations of U.S. Government agencies, and obligations of states and political subdivisions. All securities are maintained by the Company’s safekeeping agents. These securities are reviewed by the Company on a daily basis, and the Company may be required to provide additional collateral due to changes in the fair market value of these securities. The terms of the Company’s repurchase agreements are continuous but may be cancelled at any time by the Company or the customer.

The Federal Home Loan Bank short-term advances are comprised of borrowings with original maturities of less than one year.

The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows:

	Average Balances						Cost of Funds
	2016		2015		2014		2016		2015		2014
Federal Home Loan Bank short-term advances	$	344,724	$	207,575	$	17,899	0.46	%	0.18	%	0.17	%
Securities sold under agreements to repurchase	12,205		15,515		4,334		0.20		0.21		0.15
Total short-term borrowings	$	356,929	$	223,090	$	22,233	0.45	%	0.18	%	0.17	%

The Company maintains lines of credit with correspondent banks totaling $75,000 at December 31, 2016. Interest is charged at the market federal funds rate on all advances. There were no amounts outstanding under these lines of credit at December 31, 2016 or 2015.

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Long-Term Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

(In Thousands)

Long-term debt as of December 31, 2016 and 2015 is summarized as follows:

	2016		2015
Federal Home Loan Bank advances	$	8,542	$	52,930
Other long-term debt	147		192
Junior subordinated debentures	95,643		95,095
Subordinated notes	98,127		—
Total long-term debt	$	202,459	$	148,217

Federal Home Loan Bank advances

Long-term advances from the FHLB outstanding at December 31, 2016 had maturities ranging from 2018 to 2039 with a combination of fixed and floating rates ranging from 1.09% to 6.46%. Weighted-average interest rates on outstanding advances at December 31, 2016 and 2015 were 3.47% and 4.06%, respectively. These advances are collateralized by a blanket lien on the Company’s loans. The Company had availability on unused lines of credit with the FHLB of $2,633,543 at December 31, 2016.

In connection with the prepayment of $42,369 in long-term advances from the FHLB during 2016, the Company incurred penalty charges of $2,539, which is recorded in other non interest expense on the Consolidated Statement of Income. The Company did not prepay any outstanding long-term advances from the FHLB during 2015 or 2014.

Junior subordinated debentures

The Company owns the outstanding common securities of business trusts that issued corporation-obligated mandatorily redeemable preferred capital securities to third-party investors. The trusts used the proceeds from the issuance of their preferred capital securities and common securities (collectively referred to as “capital securities”) to buy floating rate junior subordinated debentures issued by the Company (or by companies that the Company subsequently acquired). The debentures are the trusts’ only assets and interest payments from the debentures finance the distributions paid on the capital securities. Distributions on the capital securities are payable quarterly at a rate per annum equal to the interest rate being earned by the trusts on the debentures held by the trusts. The capital securities are subject to mandatory redemption, in whole or in part, upon repayment of the debentures. The Company has entered into an agreement which fully and unconditionally guarantees the capital securities subject to the terms of the guarantee.

The following table provides details on the debentures as of December 31, 2016:

	Principal Amount		Interest Rate		Year of Maturity	Amount Included in Tier 1 Capital
PHC Statutory Trust I	$	20,619	3.84	%	2033	$	20,000
PHC Statutory Trust II	31,959		2.83		2035	31,000
Heritage Financial Statutory Trust I	10,310		10.20		2031	10,000
Capital Bancorp Capital Trust I	12,372		2.50		2035	12,000
First M&F Statutory Trust I	30,928		2.29		2036	19,455

During 2003, the Company formed PHC Statutory Trust I to provide funds for the cash portion of the Renasant Bancshares, Inc. acquisition. The interest rate for PHC Statutory Trust I reprices quarterly equal to the three-month LIBOR at the determination date plus 285 basis points. In April 2012, the Company entered into an interest rate swap agreement effective March 17, 2014, pursuant to which the Company receives a variable rate of interest based on the three-month LIBOR plus a spread of 2.85% and pays a fixed rate of interest of 5.49%. The debentures owned by PHC Statutory Trust I are currently redeemable at par.

During 2005, the Company formed PHC Statutory Trust II to provide funds for the cash portion of the Heritage Financial Holding Corporation (“HFHC”) acquisition. The interest rate for PHC Statutory Trust II reprices quarterly equal to the three-month LIBOR at the determination date plus 187 basis points. The debentures owned by PHC Statutory Trust II are currently redeemable at par.

In connection with the acquisition of HFHC, the Company assumed the debentures issued by Heritage Financial Statutory Trust I. The premium associated with the Company’s assumption of the debentures issued by Heritage Financial Statutory Trust I was fully amortized as of February 2015. The interest rate for Heritage Financial Statutory Trust I is fixed at 10.20% per annum. On or after February 22, 2021, the debentures owned by Heritage Financial Statutory Trust I may be redeemed at par. On February 22, 2017, the Company redeemed this debenture, incurring a prepayment penalty. See Note 27, “Subsequent Events,” for further information regarding this redemption.

In connection with the acquisition of Capital Bancorp, Inc. (“Capital”) in 2007, the Company assumed the debentures issued to Capital Bancorp Capital Trust I. The discount associated with the Company’s assumption of the debentures issued to Capital Bancorp Capital Trust I was fully amortized during 2010. The interest rate for Capital Bancorp Capital Trust I reprices quarterly equal to the three-month LIBOR plus 150 basis points. In March 2012, the Company entered into an interest rate swap agreement effective March 31, 2014, whereby the Company receives a variable rate of interest based on the three-month LIBOR plus a spread of 1.50% and pays a fixed rate of interest of 4.42%. The debentures owned by Capital Bancorp Capital Trust I are currently redeemable at par.

In connection with the acquisition of First M&F, the Company assumed the debentures issued to First M&F Statutory Trust I. The discount associated with the Company’s assumption of the debentures issued to First M&F Statutory Trust I had a carrying value of $10,545 at December 31, 2016 and $11,093 at December 31, 2015. The discount is being amortized through March 2036. The interest for First M&F Statutory Trust I reprices quarterly equal to the three-month LIBOR plus a spread of 133 basis points. The Company also assumed from First M&F a pay-fixed, receive-floating interest rate swap, maturing on March 15, 2018, which calls for the Company to pay a fixed rate of 3.795% and receive a variable rate of three-month LIBOR plus a spread of 133 basis points on a quarterly basis. The debentures owned by First M&F Statutory Trust I are currently redeemable at par.

The Company has classified $92,455 of the debentures described in the above paragraphs as Tier 1 capital. The Federal Reserve Board issued guidance in March 2005 providing more strict quantitative limits on the amount of securities, similar to the junior subordinated debentures issued or assumed by the Company, that are includable in Tier 1 capital. The new guidance, which became effective in March 2009, did not impact the amount of debentures the Company includes in Tier 1 capital. Furthermore, the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act have no effect on the treatment of these debentures as Tier 1 capital.

For more information about the Company’s derivative financial instruments, see Note 15, “Derivative Instruments.”

Subordinated notes

On August 22, 2016, the Company issued and sold in an underwritten public offering $60,000 aggregate principal amount of its 5.00% Fixed-to-Floating Rate Subordinated Notes due 2026 (the “2026 Notes”) and $40,000 aggregate principal amount of its 5.50% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “2031 Notes”; the 2026 Notes and the 2031 Notes are referred to collectively as the “Notes”), at a public offering price equal to 100% of the aggregate principal amounts of the Notes. The net proceeds from the sale of the Notes to the Company were approximately $98,167, after giving effect to the underwriting discount of 1.50% and expenses of the offering of the Notes.

The 2026 Notes will mature on September 1, 2026. Until but excluding September 1, 2021, the Company will pay interest on the 2026 Notes semi-annually in arrears on each March 1 and September 1, commencing March 1, 2017, at a fixed annual interest rate equal to 5.00%. From and including September 1, 2021 to but excluding the maturity date or the date of earlier redemption, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus a spread of 384 basis points, payable quarterly in arrears on each March 1, June 1, September 1 and December 1. Notwithstanding the foregoing, in the event that three-month LIBOR is less than zero, three-month LIBOR shall be deemed to be zero. The Company may, beginning with the interest payment date of September 1, 2021 and on any interest payment date thereafter, redeem the 2026 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption.

The 2031 Notes will mature on September 1, 2031. Until but excluding September 1, 2026, the Company will pay interest on the 2031 Notes semi-annually in arrears on each March 1 and September 1, commencing March 1, 2017, at a fixed annual interest rate equal to 5.50%. From and including September 1, 2026 to but excluding the maturity date or the date of earlier redemption, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR rate plus a spread of 407.1 basis points, payable quarterly in arrears on each March 1, June 1, September 1 and December 1. Notwithstanding the foregoing, in the event that three-month LIBOR is less than zero, three-month LIBOR shall be deemed to be zero. The Company may, beginning with the interest payment date of September 1, 2026 and on any interest payment date thereafter, redeem the 2031 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2031 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption.

The Company may also redeem the 2026 Notes and the 2031 Notes at any time, at the Company’s option, in whole or in part, if: (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the 2026 Notes or the 2031 Notes, as applicable, for U.S. federal income tax purposes; (ii) a subsequent event occurs that could preclude the 2026 Notes or the 2031 Notes, as applicable, from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended; in each case, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus any accrued and unpaid interest to but excluding the redemption date. There is no sinking fund for the benefit of the 2026 Notes or 2031 Notes, and neither the 2026 Notes nor the 2031 Notes are convertible or exchangeable.

The aggregate stated maturities of long-term debt outstanding at December 31, 2016, are summarized as follows:

2017	$	—
2018	326
2019	147
2020	615
2021	—
Thereafter	201,371
Total	$	202,459

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Employee Benefit and Deferred Compensation Plans

12 Months Ended

Dec. 31, 2016

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. The Company’s funding policy is to contribute annually to the plan an amount at least equal to the minimum amount determined by consulting actuaries in accordance with the requirements of the Internal Revenue Code of 1986, as amended. No contributions were made to the pension plan in 2016 or 2015. The Company does not anticipate that a contribution will be required in 2017. The plan’s accumulated benefit obligation and respective projected benefit obligation are substantially the same since benefit accruals under the plan have ceased. The accumulated benefit obligation for the plan was $28,012 and $27,856 at December 31, 2016 and 2015, respectively. There is no additional minimum pension liability required to be recognized.

In connection with the acquisition of Heritage in 2015, the Company assumed the defined benefit pension plan maintained by HeritageBank, under which accruals had ceased and which 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 care 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 Company contributed $152 and $278 to the plan in 2016 and 2015, respectively. The Company expects to contribute approximately $247 in 2017.

The Company has accounted for its obligation related to these retiree benefits in accordance with ASC 715, “Compensation – Retirement Benefits.” The assumed rate of increase in the per capita cost of covered benefits (i.e., health care cost trend rate) for the next year is 5.9%. Increasing or decreasing the assumed health care cost trend rates by one percentage point in each year would not materially increase or decrease the accumulated post-retirement benefit obligation or the service and interest cost components of net periodic post-retirement benefit costs as of December 31, 2016, and for the year then ended.

Information relating to the legacy Renasant defined benefit pension plan (“Pension Benefits - Renasant”), the assumed HeritageBank defined benefit pension plan (“Pension Benefits - HeritageBank”) and post-retirement health and life plan (“Other Benefits”) as of December 31, 2016 and 2015 is as follows:

	Pension Benefits Renasant						Pension Benefits HeritageBank						Other Benefits
	2016			2015			2016			2015			2016			2015
Change in benefit obligation
Benefit obligation at beginning of year	$	27,856		$	28,087		$	12,913		$	—		$	1,704		$	1,941
Service cost	—			—			—			—			12			17
Interest cost	1,216			1,095			172			305			58			60
Plan participants’ contributions	—			—			—			—			76			82
Actuarial loss (gain)	(115		)	605			(481		)	(685		)	(56		)	(37		)
Benefits paid	(2,018		)	(1,931		)	(22		)	(15		)	(228		)	(359		)
Settlements(1)	—			—			(11,509		)	(2,187		)	—			—
Transfer from HeritageBank Pension Plan	1,073			—			(1,073		)	—			—			—
Addition from business combination	—			—			—			15,495			—			—
Benefit obligation at end of year	$	28,012		$	27,856		$	—		$	12,913		$	1,566		$	1,704
Change in fair value of plan assets
Fair value of plan assets at beginning of year	$	24,434		$	26,532		$	12,458		$	—
Actual return on plan assets	1,752			(167		)	29			(21		)
Contribution by employer	—			—			142			—
Benefits paid	(2,018		)	(1,931		)	(22		)	(15		)
Settlements	—			—			(11,509		)	(2,187		)
Expenses paid from plan trust	—			—			(25		)	—
Transfer from HeritageBank Pension Plan	1,073			—			(1,073		)	—
Addition from business combination	—			—			—			14,681
Fair value of plan assets at end of year	$	25,241		$	24,434		$	—		$	12,458
Funded status at end of year	$	(2,771	)	$	(3,422	)	$	—		$	(455	)	$	(1,566	)	$	(1,704	)
Weighted-average assumptions as of December 31
Discount rate used to determine the benefit obligation	4.35		%	4.56		%	—		%	4.27		%	3.57		%	3.63		%

⁽¹⁾  Settlements from the HeritageBank defined benefit pension plan represent the lump sum payments made to participants upon final distribution of benefits as a result of the plan's termination.

The discount rate assumptions at December 31, 2016 were determined using a yield curve approach. A yield curve was developed for a selection of high quality fixed-income investments whose cash flows approximate the timing and amount of expected cash flows from the benefit plans. The selected discount rate is the rate that produces the same present value of the benefit plan’s projected benefit payments.

The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health and life plans for the year ended December 31, 2016, 2015 and 2014 are as follows:

	Pension Benefits Renasant									Pension Benefits HeritageBank(1)						Other Benefits
	2016			2015			2014			2016			2015			2016			2015			2014
Service cost	$	—		$	—		$	—		$	—		$	—		$	12		$	17		$	14
Interest cost	1,216			1,095			1,292			172			305			58			60			84
Expected return on plan assets	(1,872		)	(2,040		)	(2,160		)	(113		)	(216		)	—			—			—
Prior service cost recognized	—			—			—			—			—			—			—			—
Recognized actuarial loss	404			331			207			—			—			76			101			89
Settlement/curtailment/termination losses	—			—			453			(780		)	(65		)	—			—			—
Net periodic benefit cost	(252		)	(614		)	(208		)	(721		)	24			146			178			187
Net actuarial loss/(gain) arising during the period	5			2,812			3,047			(397		)	(448		)	(56		)	(37		)	(118		)
Net Settlement/curtailment/termination losses	—			—			(453		)	780			65
Amortization of net actuarial loss recognized in net periodic pension cost	(404		)	(331		)	(207		)	—			—			(76		)	(101		)	(89		)
Total recognized in other comprehensive income	(399		)	2,481			2,387			383			(383		)	(132		)	(138		)	(207		)
Total recognized in net periodic benefit cost and other comprehensive income	$	(651	)	$	1,867		$	2,179		$	(338	)	$	(359	)	$	14		$	40		$	(20	)
Weighted-average assumptions as of December 31
Discount rate used to determine net periodic pension cost	4.56		%	4.00		%	4.83		%	4.27		%	4.00		%	3.63		%	3.22		%	4.66		%
Expected return on plan assets	8.00		%	8.00		%	8.00		%	3.00		%	3.00		%	N/A			N/A			N/A

⁽¹⁾ Net periodic benefit cost and other amounts recognized in other comprehensive income for the assumed HeritageBank defined benefit pension plan were recognized in the Company’s results of operations beginning on the date of acquisition; therefore, disclosure of amounts recognized in prior periods is not necessary.

Future estimated benefit payments under the Renasant defined benefit pension plan and post-retirement health and life plan are as follows:

	Pension Benefits Renasant		Other Benefits
2017	$	2,050	$	247
2018	2,073		241
2019	2,080		203
2020	2,080		184
2021	2,084		180
2022 - 2026	9,983		616

Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2016 are as follows:

	Pension Benefits Renasant		Other Benefits
Prior service cost	$	—	$	—
Actuarial loss	11,515		418
Total	$	11,515	$	418

The estimated costs that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are as follows:

	Pension Benefits Renasant		Other Benefits
Prior service cost	$	—	$	—
Actuarial loss	400		50
Total	$	400	$	50

The investment objective for the Renasant defined benefit pension plan is to achieve above average income and moderate long term growth. An investment committee appointed by management seeks to accomplish this objective by combining an equity income strategy (approximately 65% to 75%), which generally invests in larger capitalization common stocks, and an intermediate fixed income strategy (approximately 25% to 35%), which generally invests in U.S. Government securities and investment grade corporate bonds. In response to the current interest rate environment, the committee has begun allocating assets to the higher end of the target range for equity funds in order to lessen the impact of anticipated rising interest rates on the fixed income funds. It is the investment committee’s intent to give the investment managers flexibility within the overall guidelines with respect to investment decisions and their timing. However, significant modifications of any previously approved investments or anticipated use of derivatives to execute investment strategies must be approved by the committee.

The plan’s expected long-term rate of return was estimated using market benchmarks for investment classes applied to the plan’s target asset allocation. The expected return on investment classes was computed using a valuation methodology which projected future returns based on current equity valuations rather than historical returns.

The fair values of the Company’s defined benefit pension plan assets by category at December 31, 2016 and 2015 follow below. Corporate stocks consist primarily of common stocks of both U.S. companies and international companies that are traded in active markets and are valued based on quoted market prices of identical assets (Level 1). The Company's investments in registered investment companies consist primarily of investments in funds that invest in investment grade fixed income securities. These investments are traded in active markets and are valued based on quoted market prices of identical assets (Level 1). Fixed income securities consist of U.S. Government securities, investment grade corporate debt, and foreign and municipal obligations. The fair values of these instruments are based on quoted market prices of similar instruments or a discounted cash flow model (Level 2).

	Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
December 31, 2016
Cash and cash equivalents	$	1,639	$	—	$	—	$	1,639
U.S. government securities	—		2,270		—		2,270
Corporate debt	—		1,991		—		1,991
Corporate stocks	17,823		—		—		17,823
Investments in registered investment companies	871		—		—		871
Foreign obligations	—		647		—		647
Municipal obligations	—		—		—		—
	$	20,333	$	4,908	$	—	$	25,241

	Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
December 31, 2015
Cash and cash equivalents	$	13,927	$	—	$	—	$	13,927
U.S. government securities	—		1,883		—		1,883
Corporate debt	—		2,442		—		2,442
Corporate stocks	17,383		—		—		17,383
Investments in registered investment companies	848		—		—		848
Foreign obligations	—		308		—		308
Municipal obligations	—		101		—		101
	$	32,158	$	4,734	$	—	$	36,892

The Company maintains a 401(k) plan, which is a contributory plan. Employees may contribute pre-tax earnings, subject to a maximum established annually by the IRS. The Company matches employee deferrals, up to 4% of compensation. The Company also makes a nondiscretionary contribution for each eligible employee in an amount equal to 5% of plan compensation and 5% of plan compensation in excess of the Social Security wage base. Employees are automatically enrolled in the plan when employment commences. Company contributions are allocated to participants who are employed on the last day of each plan year and credited with 1000 hours of service during the year. The Company’s costs related to the 401(k) plan, excluding employee deferrals, in 2016, 2015 and 2014 were $10,762, $9,271 and $7,230, respectively.

In connection with the Heritage acquisition, the Company assumed the HeritageBank of the South 401(k) Plan maintained by HeritageBank, under which all accruals had ceased and which had been terminated by HeritageBank immediately prior to the acquisition date. Similarly, in connection with the KeyWorth acquisition, the Company assumed the KeyWorth Bank 401(k) Plan maintained by KeyWorth, under which all accruals had ceased and which had been terminated by KeyWorth immediately prior to the acquisition date. Distribution of benefits under each of these plans made solely on account of their termination was completed in June of 2016. There was no impact on the Company's consolidated financial statements as of and for the years ended December 31, 2016 or 2015 associated with these plans.

Under the Company's “Performance Based Rewards” incentive compensation plan, annual cash bonuses are paid to eligible officers and employees, subject to the attainment of designated performance criteria. The Company designates minimum levels of performance for all applicable profit centers and rewards employees on performance over the minimum level. The expense associated with the plan for 2016, 2015 and 2014 was $2,307, $3,608 and $4,100, respectively.

The Company maintains three deferred compensation plans: a Deferred Stock Unit Plan and two conventional deferred compensation plans. Nonemployee directors may defer all or any portion of their fees and retainer to the Deferred Stock Unit Plan or the deferred compensation plan maintained for their benefit. Officers may defer base salary and bonus to the Deferred Stock Unit Plan or salary to the deferred compensation plan maintained for their benefit, subject to limits that are determined annually by the Company. Amounts credited to the Deferred Stock Unit Plan are invested in units representing shares of the Company’s common stock. Amounts credited to the conventional deferred compensation plans are invested at the discretion of each participant from among designated investment alternatives. Directors and officers who participated in these deferred compensation plans on or before December 31, 2006, may invest in a preferential interest rate investment that is derived from the Moody’s Average Corporate Bond Rate, adjusted monthly, and the beneficiaries of participants in the deferred compensation plans as of such date may receive a preretirement death benefit in excess of the amounts credited to plan accounts at the time of death. All of the Company’s deferred compensation plans are unfunded. It is anticipated that the two conventional deferred compensation plans will result in no additional cost to the Company because life insurance policies on the lives of the participants have been purchased in amounts estimated to be sufficient to pay plan benefits. The Company is both the owner and beneficiary of the life insurance policies. The expense recorded in 2016, 2015 and 2014 for the Company’s deferred compensation plans, inclusive of deferrals, was $1,537, $1,225 and $1,383, respectively.

In connection with the Heritage acquisition, the Company assumed the Heritage Financial Group Deferred Compensation and Excess/Matching Contribution Plan maintained by Heritage, under which all accruals had ceased and which had been terminated by Heritage immediately prior to the acquisition date. The distribution of accrued account balances was effected as soon as practicable following the acquisition date. There was no other impact on the Company’s consolidated financial statements as of and for the years ended December 31, 2016 or 2015 associated with this plan.

The Company assumed four supplemental executive retirement plans (SERPs) in connection with the acquisition of Capital in 2007. The SERPs were established by Capital to provide supplemental retirement benefits. The plans provide four officers of the Company specified annual benefits based upon a projected retirement date. These benefits are payable for a 15-year period after retirement. The supplemental executive retirement liabilities totaled $3,543 and $3,364 at December 31, 2016 and 2015, respectively. The plans are not qualified under Section 401 of the Internal Revenue Code.

In connection with the KeyWorth acquisition, the Company assumed four SERPs which were established by KeyWorth to provide supplemental retirement benefits to certain executive officers, under which all accruals had ceased and which had been terminated by KeyWorth immediately prior to the acquisition date. The distribution of accrued account balances was effected as soon as practicable following the acquisition date. There was no other impact on the Company's consolidated financial statements as of and for the year ended December 31, 2016.

In connection with the Heritage acquisition, the Company assumed the Heritage Financial Group Employee Stock Ownership Plan (“the Heritage ESOP”) maintained by Heritage, under which all accruals had ceased and which had been terminated by Heritage immediately prior to the acquisition date. As of the date of acquisition, the Heritage ESOP had a loan outstanding, inclusive of accrued interest, of $2,839 due to Heritage which was assumed by the Company. In 2015, unallocated shares of Company common stock pledged as collateral for the loan were sold in order to repay the loan in full, including any accrued interest. Any unallocated shares of Company common stock that remained after the repayment of the loan were allocated to the accounts of the participants. Distribution of benefits under the Heritage ESOP made solely on account of its termination was completed in June of 2016. Other than the transactions recorded in connection with the loan repayment in 2015, there was no impact on the Company’s consolidated financial statements as of and for the years ended December 31, 2016 or 2015 associated with this plan.

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 cancelled upon the termination of a participant’s employment. There were no stock options granted during the years ended December 31, 2016, 2015 or 2014. The Company recorded compensation expense of $73 and $262 for the years ended December 31, 2015 and 2014, respectively, for options granted under the plan. There was no compensation expense associated with options recorded for the year ended December 31, 2016.

The following table summarizes information about options issued under the long-term equity incentive plan as of and for the three years ended December 31, 2016:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at January 1, 2014	1,060,348		$	18.64
Granted	—		—
Exercised	(227,499	)	18.39
Forfeited	(1,899	)	20.77
Outstanding at December 31, 2014	830,950		$	18.70	4.48	$	8,680
Exercisable at December 31, 2014	745,949		$	18.95	4.15	$	7,628
Granted	—		—
Exercised	(201,371	)	20.82
Forfeited	(8,133	)	29.45
Outstanding at December 31, 2015	621,446		$	17.88	3.91	$	10,274
Exercisable at December 31, 2015	606,027		$	17.85	3.83	$	10,038
Granted	—		—
Exercised	(435,177	)	18.67
Forfeited	(644	)	29.67
Outstanding at December 31, 2016	185,625		$	15.97	3.91	$	4,872
Exercisable at December 31, 2016	185,625		$	15.97	3.91	$	4,872

The total intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was $8,323, $2,445 and $2,519, respectively. The total grant date fair value of options vested during the same periods was $78, $235, and $458, respectively.

The Company awards performance-based restricted stock to executives and other officers 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. Target performance levels are derived from the Company's budget, with threshold performance set at approximately 5% below target and superior performance set at approximately 5% above target. Performance-based restricted stock is granted 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 upon the Company meeting or exceeding the 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 grant is the closing price of the Company’s common stock on the day immediately preceding the grant date. The Company recorded compensation expense of $3,117, $3,884 and $3,647 for the years ended December 31, 2016, 2015 and 2014, respectively, for restricted stock awarded under the plan. The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2016:

	Performance- Based Restricted Stock(1)		Weighted Average Grant-Date Fair Value		Time- Based Restricted Stock		Weighted Average Grant-Date Fair Value
Nonvested at beginning of year	—		$	—	105,438		$	31.04
Granted	61,700		31.12		52,005		31.74
Vested	(52,045	)	31.12		(21,138	)	27.53
Cancelled	(9,655	)	31.12		(18,960	)	32.40
Nonvested at end of year	—		$	—	117,345		$	31.76

⁽¹⁾ In January 2016, the Company awarded 61,700 shares of performance-based restricted stock based on the target level of performance goals. The Company's year-end results were between the threshold and target performance levels; therefore, 9,655 shares were cancelled for a total award of 52,045 shares.

Unrecognized stock-based compensation expense related to restricted stock totaled $1,129 at December 31, 2016. At such date, the weighted average period over which this unrecognized expense is expected to be recognized was approximately 1.45 years. There was no unrecognized stock-based compensation expense related to stock options at December 31, 2016.

At December 31, 2016, an aggregate of 2,072,583 shares of Company common stock were reserved for issuance under the Company’s employee benefit plans.

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Derivative Instruments

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

(In Thousands)

The Company utilizes derivative financial instruments, including interest rate contracts such as swaps, caps and/or floors, as part of its ongoing efforts to mitigate its interest rate risk exposure and to facilitate the needs of its customers. The Company enters into derivative instruments that are not designated as hedging instruments to help its commercial customers manage their exposure to interest rate fluctuations. To mitigate the interest rate risk associated with these customer contracts, the Company enters into an offsetting derivative contract position. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. At December 31, 2016, the Company had notional amounts of $82,202 on interest rate contracts with corporate customers and $82,202 in offsetting interest rate contracts with other financial institutions to mitigate the Company’s rate exposure on its corporate customers’ contracts.

In June 2014, the Company entered into two forward interest rate swap contracts on floating rate liabilities at the Bank level with notional amounts of $15,000 each. The interest rate swap contracts are accounted for as cash flow hedges with the objective of protecting against any interest rate volatility on future FHLB borrowings for a four-year and five-year period beginning June 1, 2018 and December 3, 2018 and ending June 2022 and June 2023, respectively. Under these contracts, Renasant Bank will pay a fixed interest rate of interest, and will receive a variable interest rate based on the three-month LIBOR plus a pre-determined spread, with quarterly net settlements.

In March and April 2012, the Company entered into two interest rate swap agreements effective March 30, 2014 and March 17, 2014, respectively. Under these swap agreements, the Company receives a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pays a fixed rate of interest. The agreements, which both terminate in March 2022, are accounted for as cash flow hedges to reduce the variability in cash flows resulting from changes in interest rates on $32,000 of the Company’s junior subordinated debentures.

In connection with its acquisition of First M&F, the Company assumed an interest rate swap designed to convert floating rate interest payments into fixed rate payments. Based on the terms of the agreement, which terminates in March 2018, the Company will receive a variable rate of interest based on the three-month LIBOR plus a pre-determined spread and pay a fixed rate of interest. The interest rate swap is accounted for as a cash flow hedge to reduce the variability in cash flows resulting from changes in interest rates on $30,000 of the junior subordinated debentures assumed in the acquisition of First M&F.

The Company enters into interest rate lock commitments with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate residential mortgage loans. The notional amount of commitments to fund fixed-rate mortgage loans was $120,050 and $251,676 at December 31, 2016 and 2015, respectively. The Company also enters into forward commitments to sell residential mortgage loans to secondary market investors. The notional amount of commitments to sell residential mortgage loans to secondary market investors was $257,000 and $293,500 at December 31, 2016 and 2015, respectively.

The following table provides details on the Company’s derivative financial instruments as of the dates presented:

		Fair Value
	Balance Sheet	December 31,
	Location	2016		2015
Derivative assets:
Not designated as hedging instruments:
Interest rate contracts	Other Assets	$	1,985	$	2,544
Interest rate lock commitments	Other Assets	2,643		4,508
Forward commitments	Other Assets	4,480		446
Totals		$	9,108	$	7,498
Derivative liabilities:
Designated as hedging instruments:
Interest rate swap	Other Liabilities	$	3,410	$	4,266
Totals		$	3,410	$	4,266
Not designated as hedging instruments:
Interest rate contracts	Other Liabilities	$	1,985	$	2,544
Interest rate lock commitments	Other Liabilities	246		—
Forward commitments	Other Liabilities	269		509
Totals		$	2,500	$	3,053

Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows:

	Year Ended December 31,
	2016			2015			2014
Derivatives not designated as hedging instruments:
Interest rate contracts:
Included in interest income on loans	$	2,402		$	2,200		$	2,961
Interest rate lock commitments:
Included in mortgage banking income	(2,111		)	(530		)	1,171
Forward commitments
Included in mortgage banking income	4,275			(1,917		)	(609		)
Total	$	4,566		$	(247	)	$	3,523

For the Company’s derivatives designated as cash flow hedges, changes in fair value of the cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method. There were no ineffective portions for the years ended December 31, 2016, 2015 and 2014. The impact on other comprehensive income for the years ended December 31, 2016, 2015, and 2014, can be seen at Note 19, “Other Comprehensive Income.”

Offsetting

Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of setoff” exists or when the instruments are subject to an enforceable master netting agreement, which includes the right of the non-defaulting party or non-affected party to offset recognized amounts, including collateral posted with the counterparty, to determine a net receivable or net payable upon early termination of the agreement. Certain of the Company’s derivative instruments are subject to master netting agreements; however, the Company has not elected to offset such financial instruments in the consolidated balance sheets. The following table presents the Company’s gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:

	Offsetting Derivative Assets				Offsetting Derivative Liabilities
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015
Gross amounts recognized	$	4,778	$	446	$	4,893	$	6,454
Gross amounts offset in the consolidated balance sheets	—		—		—		—
Net amounts presented in the consolidated balance sheets	4,778		446		4,893		6,454
Gross amounts not offset in the consolidated balance sheets
Financial instruments	567		282		567		282
Financial collateral pledged	—		—		4,326		6,020
Net amounts	$	4,211	$	164	$	—	$	152

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Income Taxes

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

(In Thousands)

Significant components of the provision for income taxes (benefits) are as follows for the periods presented:

	Year Ended December 31,
	2016		2015		2014
Current
Federal	$	31,679	$	17,004	$	16,474
State	2,131		995		540
	33,810		17,999		17,014
Deferred
Federal	10,480		12,625		8,649
State	557		1,126		642
	11,037		13,751		9,291
	$	44,847	$	31,750	$	26,305

The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows:

	Year Ended December 31,
	2016			2015			2014
Tax at U.S. statutory rate	$	47,522		$	34,918		$	30,061
Increase (decrease) in taxes resulting from:
Tax-exempt interest income	(3,467		)	(3,377		)	(3,215		)
BOLI income	(1,622		)	(1,264		)	(1,045		)
Investment tax credits	(1,390		)	(1,390		)	(1,390		)
Amortization of investment in low-income housing tax credits	1,742			1,734			1,594
State income tax expense, net of federal benefit	1,747			1,378			921
Decrease to valuation allowance	—			—			(152		)
Other items, net	315			(249		)	(469		)
	$	44,847		$	31,750		$	26,305

Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented:

	December 31,
	2016		2015
Deferred tax assets
Allowance for loan losses	$	19,934	$	17,430
Loans	23,240		26,239
Deferred compensation	11,254		17,060
Net unrealized losses on securities	10,096		6,065
Impairment of assets	2,512		3,271
Net operating loss carryforwards	2,867		3,681
Other	7,149		7,499
Gross deferred tax assets	77,052		81,245
Valuation allowance on state net operating loss carryforwards	—		—
Total deferred tax assets	77,052		81,245
Deferred tax liabilities
FDIC indemnification asset	—		1,927
Investment in partnerships	1,556		2,507
Core deposit intangible	—		3,386
Depreciation	2,517		673
Mortgage servicing rights	3,360		4,032
Subordinated debt	4,111		4,287
Other	2,876		2,364
Total deferred tax liabilities	14,420		19,176
Net deferred tax assets	$	62,632	$	62,069

The Company and its subsidiaries file a consolidated U.S. federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ending December 31, 2013 through 2015. The Company and its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the years ended December 31, 2013 through 2015.

The Company acquired federal and state net operating losses as part of the Heritage acquisition. The federal net operating loss acquired totaled $18,321, of which $6,883 remained to be utilized as of December 31, 2016, while state net operating losses totaled $17,168, of which $11,412 remained to be utilized as of December 31, 2016. Both the federal and state net operating losses will expire at various dates beginning in 2031.

The Company expects to utilize the federal and state net operating losses prior to expiration. Because the benefits are expected to be fully realized, the Company recorded no valuation allowance against the net operating losses for the year end December 31, 2016.

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 is as follows:

	2016		2015			2014
Balance at January 1	$	1,485	$	2,653		$	2,178
Additions based on positions related to current period	25		367			475
Additions based on positions related to prior period	—		—			—
Reductions based on positions related to prior period	—		(201		)	—
Settlements	—		(1,334		)	—
Reductions due to lapse of statute of limitations	—		—			—
Balance at December 31	$	1,510	$	1,485		$	2,653

If ultimately recognized, the Company does not anticipate any material increase in the effective tax rate for 2016 relative to any tax positions taken prior to January 1, 2016. The Company had accrued $169, $125 and $686 for interest and penalties related to unrecognized tax benefits as of December 31, 2016, 2015 and 2014, respectively.

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Investments in Qualified Affordable Housing Projects

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments in Qualified Affordable Housing Projects

Investments in Qualified Affordable Housing Projects

(In Thousands)

The Company has investments in qualified affordable housing projects (“QAHPs”) that provide low income housing tax credits and operating loss benefits over an extended period.  At December 31, 2016 and December 31, 2015, the Company’s carrying value of QAHPs was $6,331 and $7,666, respectively. The Company has no remaining funding obligations related to the QAHPs.  The investments in QAHPs are being accounted for using the effective yield method. The investments in QAHPs are included in “Other assets” on the Consolidated Balance Sheets.

Components of the Company's investments in qualified affordable housing projects were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented:

	Year Ended
	December 31,
	2016			2015
Investment amortization	$	1,335		$	1,328
Tax credits and other benefits	(1,927		)	(1,883		)
Total	$	(592	)	$	(555	)

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Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

(In Thousands)

Recurring Fair Value Measurements

The Company carries certain assets and liabilities at fair value on a recurring basis in accordance with applicable standards. The Company’s recurring fair value measurements are based on the requirement to carry such assets and liabilities at fair value or the Company’s election to carry certain eligible assets and liabilities at fair value. Assets and liabilities that are required to be carried at fair value include securities available for sale and derivative instruments. The Company has elected to carry mortgage loans held for sale at fair value on a recurring basis as permitted under the guidance in ASC 825.

The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets and liabilities that are measured on a recurring basis:

Securities available for sale: Securities available for sale consist primarily of debt securities, such as obligations of U.S. Government agencies and corporations, mortgage-backed securities, trust preferred securities, and other debt and equity securities. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy.

Derivative instruments: The Company uses derivatives to manage various financial risks. Most of the Company’s derivative contracts are actively traded in over-the-counter markets and are valued using discounted cash flow models which incorporate observable market based inputs including current market interest rates, credit spreads, and other factors. Such instruments are categorized within Level 2 of the fair value hierarchy and include interest rate swaps and other interest rate contracts including interest rate caps and/or floors. The Company’s interest rate lock commitments are valued using current market prices for mortgage-backed securities with similar characteristics, adjusted for certain factors including servicing and risk. The value of the Company’s forward commitments is based on current prices for securities backed by similar types of loans. Because these assumptions are observable in active markets, the Company’s interest rate lock commitments and forward commitments are categorized within Level 2 of the fair value hierarchy.

Mortgage loans held for sale: Mortgage loans held for sale are primarily agency loans which trade in active secondary markets. The fair value of these instruments is derived from current market pricing for similar loans, adjusted for differences in loan characteristics, including servicing and risk. Because the valuation is based on external pricing of similar instruments, mortgage loans held for sale are classified within Level 2 of the fair value hierarchy.

The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:

	Level 1		Level 2		Level 3		Totals
December 31, 2016
Financial assets:
Securities available for sale:
Obligations of other U.S. Government agencies and corporations	$	—	$	2,158	$	—	$	2,158
Residential mortgage-backed securities:
Government agency-mortgage backed securities	—		409,317		—		409,317
Government agency collateralized mortgage obligations	—		168,826		—		168,826
Commercial mortgage-backed securities:
Government agency-mortgage backed securities	—		50,863		—		50,863
Government agency collateralized mortgage obligations	—		2,550		—		2,550
Trust preferred securities	—		—		18,389		18,389
Other debt securities	—		22,145		—		22,145
Total securities available for sale	—		655,859		18,389		674,248
Derivative instruments:
Interest rate contracts	—		1,985		—		1,985
Interest rate lock commitments	—		2,643		—		2,643
Forward commitments	—		4,480		—		4,480
Total derivative instruments	—		9,108		—		9,108
Mortgage loans held for sale	—		177,866		—		177,866
Total financial assets	$	—	$	842,833	$	18,389	$	861,222
Financial liabilities:
Derivative instruments:
Interest rate swap	$	—	$	3,410	$	—	$	3,410
Interest rate contracts	—		1,985		—		1,985
Interest rate lock commitments	—		246		—		246
Forward commitments	—		269		—		269
Total derivative instruments	—		5,910		—		5,910
Total financial liabilities	$	—	$	5,910	$	—	$	5,910

	Level 1		Level 2		Level 3		Totals
December 31, 2015
Financial assets:
Securities available for sale:
Obligations of other U.S. Government agencies and corporations	$	—	$	6,200	$	—	$	6,200
Residential mortgage-backed securities:
Government agency mortgage-backed securities	—		364,540		—		364,540
Government agency collateralized mortgage obligations	—		168,060		—		168,060
Commercial mortgage-backed securities:
Government agency-mortgage backed securities	—		59,759		—		59,759
Government agency collateralized mortgage obligations	—		5,104		—		5,104
Trust preferred securities	—		—		19,469		19,469
Other debt securities	—		19,333		—		19,333
Other equity securities	—		4,340		—		4,340
Total securities available for sale	—		627,336		19,469		646,805
Derivative instruments:
Interest rate contracts	—		2,544		—		2,544
Interest rate lock commitments	—		4,508		—		4,508
Forward commitments	—		446		—		446
Total derivative instruments	—		7,498		—		7,498
Mortgage loans held for sale	—		225,254		—		225,254
Total financial assets	$	—	$	860,088	$	19,469	$	879,557
Financial liabilities:
Derivative instruments:
Interest rate swap	$	—	$	4,266	$	—	$	4,266
Interest rate contracts	—		2,544		—		2,544
Forward commitments	—		509		—		509
Total derivative instruments	—		7,319		—		7,319
Total financial liabilities	$	—	$	7,319	$	—	$	7,319

The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may cause reclassification of certain assets or liabilities within the fair value hierarchy.

The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs:

	Securities available for sale
	Trust preferred securities
Balance at January 1, 2015	$	19,756
Realized (gains) losses included in net income, net of premium amortization	(62		)
Unrealized gains included in other comprehensive income	1,439
Sales	(1,117		)
Issues	—
Settlements	(547		)
Transfers into Level 3	—
Transfers out of Level 3	—
Balance at December 31, 2015	$	19,469
Realized (gains) losses included in net income, net of premium amortization	33
Unrealized gains included in other comprehensive income	(59		)
Sales	—
Issues	—
Settlements	(1,054		)
Transfers into Level 3	—
Transfers out of Level 3	—
Balance at December 31, 2016	$	18,389

For 2016 and 2015, there were no gains or losses included in earnings that were attributable to the change in unrealized gains or losses related to assets or liabilities held at the end of each respective period that were measured on a recurring basis using significant unobservable inputs.

The following table presents information as of December 31, 2016 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis:

Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Trust preferred securities	$	18,389	Discounted cash flows	Default rate	0-100%

Nonrecurring Fair Value Measurements

Certain assets may be recorded at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically are a result of the application of the lower of cost or market accounting or a write-down occurring during the period. The following table provides the fair value measurement for assets measured at fair value on a nonrecurring basis that were still held on the Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:

	Level 1		Level 2		Level 3		Totals
December 31, 2016
Impaired loans	$	—	$	—	$	4,101	$	4,101
OREO	—		—		6,741		6,741
Mortgage servicing rights	—		—		26,302		26,302
Total	$	—	$	—	$	37,144	$	37,144

	Level 1		Level 2		Level 3		Totals
December 31, 2015
Impaired loans	$	—	$	—	$	6,508	$	6,508
OREO	—		—		12,839		12,839
Total	$	—	$	—	$	19,347	$	19,347

The following methods and assumptions are used by the Company to estimate the fair values of the Company’s assets measured on a nonrecurring basis:

Impaired loans: Loans considered impaired are reserved for at the time the loan is identified as impaired taking into account the fair value of the collateral less estimated selling costs. Collateral may be real estate and/or business assets including but not limited to equipment, inventory and accounts receivable. The fair value of real estate is determined based on appraisals by qualified licensed appraisers. The fair value of the business assets is generally based on amounts reported on the business’s financial statements. Appraised and reported values may be adjusted based on changes in market conditions from the time of valuation and management’s knowledge of the client and the client’s business. Since not all valuation inputs are observable, these nonrecurring fair value determinations are classified as Level 3. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Impaired loans that were measured or re-measured at fair value had a carrying value of $4,406 and $7,191 at December 31, 2016 and December 31, 2015, respectively, and a specific reserve for these loans of $305 and $683 was included in the allowance for loan losses for the same periods ended.

Other real estate owned: OREO is comprised of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. OREO acquired in settlement of indebtedness is recorded at the fair value of the real estate less estimated costs to sell. Subsequently, it may be necessary to record nonrecurring fair value adjustments for declines in fair value. Fair value, when recorded, is determined based on appraisals by qualified licensed appraisers and adjusted for management’s estimates of costs to sell. Accordingly, values for OREO are classified as Level 3.

The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented:

	December 31, 2016			December 31, 2015
Carrying amount prior to remeasurement	$	8,290		$	14,726
Impairment recognized in results of operations	(1,549		)	(1,887		)
Fair value	$	6,741		$	12,839

Mortgage servicing rights: The Company retains the right to service certain mortgage loans that it sells to secondary market investors. Mortgage servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. Because these factors are not all observable and include management’s assumptions, mortgage servicing rights are classified within Level 3 of the fair value hierarchy. Mortgage servicing rights were carried at amortized cost at December 31, 2016 and December 31, 2015, and $40 in impairment charges were recognized in earnings for the twelve months ended December 31, 2016. There were no impairment charges recognized in earnings in 2015.

The following table presents information as of December 31, 2016 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:

Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Impaired loans	$	4,101	Appraised value of collateral less estimated costs to sell	Estimated costs to sell	4-10%
OREO	$	6,741	Appraised value of property less estimated costs to sell	Estimated costs to sell	4-10%

Fair Value Option

The Company elected to measure all mortgage loans originated for sale on or after July 1, 2012 at fair value under the fair value option as permitted under ASC 825. Electing to measure these assets at fair value reduces certain timing differences and better matches the changes in fair value of the loans with changes in the fair value of derivative instruments used to economically hedge them.

Net losses of $4,851 resulting from fair value changes of these mortgage loans were recorded in income during 2016. The amount does not reflect changes in fair values of related derivative instruments used to hedge exposure to market-related risks associated with these mortgage loans. The change in fair value of both mortgage loans held for sale and the related derivative instruments are recorded in “Mortgage banking income” in the Consolidated Statements of Income.

The Company’s valuation of mortgage loans held for sale incorporates an assumption for credit risk; however, given the short-term period that the Company holds these loans, valuation adjustments attributable to instrument-specific credit risk is nominal. Interest income on mortgage loans held for sale measured at fair value is accrued as it is earned based on contractual rates and is reflected in loan interest income on the Consolidated Statements of Income.

The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2016:

	Aggregate Fair  Value		Aggregate Unpaid Principal Balance		Difference
Mortgage loans held for sale	$	177,866	$	175,964	$	1,902
Past due loans of 90 days or more	—		—		—
Nonaccrual loans	—		—		—

Fair Value of Financial Instruments

The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:

			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
December 31, 2016
Financial assets
Cash and cash equivalents	$	306,224	$	306,224	$	—	$	—	$	306,224
Securities held to maturity	356,282		—		362,893		—		362,893
Securities available for sale	674,248		—		655,859		18,389		674,248
Mortgage loans held for sale	177,866		—		177,866		—		177,866
Loans, net	6,159,972		—		—		5,989,790		5,989,790
Mortgage servicing rights	26,302		—		—		32,064		32,064
Derivative instruments	9,108		—		9,108		—		9,108
Financial liabilities
Deposits	$	7,059,137	$	5,438,384	$	1,631,027	$	—	$	7,069,411
Short-term borrowings	109,676		109,676		—		—		109,676
Other long-term borrowings	147		147		—		—		147
Federal Home Loan Bank advances	8,542		—		8,777		—		8,777
Junior subordinated debentures	95,643		—		73,301		—		73,301
Subordinated notes	98,127		—		101,000		—		101,000
Derivative instruments	5,910		—		5,910		—		5,910

			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
December 31, 2015
Financial assets
Cash and cash equivalents	$	211,571	$	211,571	$	—	$	—	$	211,571
Securities held to maturity	458,400		—		473,753		—		473,753
Securities available for sale	646,805		—		627,336		19,469		646,805
Mortgage loans held for sale	225,254		—		225,254		—		225,254
Loans covered under loss-share agreements	93,142		—		—		92,528		92,528
Loans not covered under loss-share agreements, net	5,277,883		—		—		5,208,630		5,208,630
Mortgage servicing rights	29,642		—		—		33,283		33,283
FDIC loss-share indemnification asset	7,149		—		—		7,149		7,149
Derivative instruments	7,498		—		7,498		—		7,498
Financial liabilities
Deposits	$	6,218,602	$	4,723,312	$	1,502,202	$	—	$	6,225,514
Short-term borrowings	422,279		422,279		—		—		422,279
Other long-term borrowings	192		192		—		—		192
Federal Home Loan Bank advances	52,930		—		56,101		—		56,101
Junior subordinated debentures	95,095		—		78,095		—		78,095
Derivative instruments	7,319		—		7,319		—		7,319

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. The methodologies for estimating the fair value of financial assets and liabilities that are measured at fair value on a recurring or nonrecurring basis are discussed previously.

Cash and cash equivalents: Cash and cash equivalents consist of cash and due from banks and interest-bearing balances with banks. The carrying amount reported in the Consolidated Balance Sheets for cash and cash equivalents approximates fair value based on the short-term nature of these assets.

Securities held to maturity: Securities held to maturity consist of debt securities such as obligations of U.S. Government agencies, states, and other political subdivisions. Where quoted market prices in active markets are available, securities are classified within Level 1 of the fair value hierarchy. If quoted prices from active markets are not available, fair values are based on quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active, or model-based valuation techniques where all significant assumptions are observable in the market. Such instruments are classified within Level 2 of the fair value hierarchy. When assumptions used in model-based valuation techniques are not observable in the market, the assumptions used by management reflect estimates of assumptions used by other market participants in determining fair value. When there is limited transparency around the inputs to the valuation, the instruments are classified within Level 3 of the fair value hierarchy.

Loans covered under loss share agreements: The fair value of loans covered under loss share agreements is based on the net present value of future cash proceeds expected to be received using discount rates that are derived from current market rates and reflect the level of interest risk in the covered loans. As discussed in Note 1, “Significant Accounting Policies,” on December 8, 2016, the Bank entered into an agreement with the FDIC that terminated all of the Bank’s loss share agreements; therefore, there were no loans covered under loss share agreements at December 31, 2016.

Loans and Loans not covered under loss share agreements: For variable-rate loans and loans not covered under loss share agreements that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Fair values of fixed-rate loans and loans not covered under loss-share agreements, including mortgages, commercial, agricultural and consumer loans, are estimated using a discounted cash flow analysis based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Due to the termination of the loss share agreements discussed above, all portfolio loans are shown together for the year-ended December 31, 2016.

Mortgage servicing rights: Mortgage servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, market discount rates, prepayment speeds, servicing costs, and other factors. Because these factors are not all observable and include management’s assumptions, mortgage servicing rights are classified within Level 3 of the fair value hierarchy.

FDIC loss share indemnification asset: The fair value of the FDIC loss share indemnification asset is based on the net present value of future cash flows expected to be received from the FDIC under the provisions of the loss share agreements using a discount rate that is based on current market rates for the underlying covered loans. Current market rates are used in light of the uncertainty of the timing and receipt of the loss share reimbursement from the FDIC. As discussed above, the loss-share agreements were terminated during 2016 and therefore there is no indemnification asset as of December 31, 2016.

Deposits: The fair values disclosed for demand deposits, both interest-bearing and noninterest-bearing, are, by definition, equal to the amount payable on demand at the reporting date. Such deposits are classified within Level 1 of the fair value hierarchy. The fair values of certificates of deposit and individual retirement accounts are estimated using a discounted cash flow based on currently effective interest rates for similar types of deposits. These deposits are classified within Level 2 of the fair value hierarchy.

Short-term borrowings: Short-term borrowings consist of securities sold under agreements to repurchase and short-term FHLB advances. The fair value of these borrowings approximates the carrying value of the amounts reported in the Consolidated Balance Sheets for each respective account given the short-term nature of the liabilities.

Federal Home Loan Bank advances: The fair value for FHLB advances is determined by discounting the expected future cash outflows using current market rates for similar borrowings, or Level 2 inputs.

Junior subordinated debentures and subordinated notes: The fair value for the Company’s junior subordinated debentures and subordinated notes is determined using quoted market prices for similar instruments traded in active markets.

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Other Comprehensive Income

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Other Comprehensive Income

Other Comprehensive Income

(In Thousands)

Changes in the components of other comprehensive income, net of tax, were as follows:

	Pre-Tax			Tax  Expense (Benefit)			Net of Tax
Year Ended December 31, 2016
Securities available for sale:
Unrealized holding losses on securities	$	(10,119	)	$	(3,913	)	$	(6,206	)
Reclassification adjustment for gains realized in net income(1)	(1,186		)	(459		)	(727		)
Amortization of unrealized holding gains on securities transferred to the held to maturity category	(99		)	(38		)	(61		)
Total securities available for sale	(11,404		)	(4,410		)	(6,994		)
Derivative instruments:
Unrealized holding gains on derivative instruments	856			329			527
Total derivative instruments	856			329			527
Defined benefit pension and post-retirement benefit plans:
Net gain arising during the period	51			20			31
Amortization of net actuarial loss recognized in net periodic pension cost(2)	480			178			302
Reclassification adjustment for net settlement gain realized in net income(2)	(383		)	(148		)	(235		)
Total defined benefit pension and post-retirement benefit plans	148			50			98
Total other comprehensive loss	$	(10,400	)	$	(4,031	)	$	(6,369	)
Year Ended December 31, 2015
Securities available for sale:
Unrealized holding losses on securities	$	(571	)	$	(220	)	$	(351	)
Reclassification adjustment for gains realized in net income(1)	(96		)	(37		)	(59		)
Amortization of unrealized holding gains on securities transferred to the held to maturity category	(178		)	(68		)	(110		)
Total securities available for sale	(845		)	(325		)	(520		)
Derivative instruments:
Unrealized holding losses on derivative instruments	(420		)	(171		)	(249		)
Total derivative instruments	(420		)	(171		)	(249		)
Defined benefit pension and post-retirement benefit plans:
Net loss arising during the period	(2,393		)	(958		)	(1,435		)
Amortization of net actuarial loss recognized in net periodic pension cost(2)	432			165			267
Total defined benefit pension and post-retirement benefit plans	(1,961		)	(793		)	(1,168		)
Total other comprehensive loss	$	(3,226	)	$	(1,289	)	$	(1,937	)

	Pre-Tax			Tax  Expense (Benefit)			Net of Tax
Year Ended December 31, 2014
Securities available for sale:
Unrealized holding gains on securities	$	12,520		$	4,789		$	7,731
Reclassification adjustment for gains realized in net income(1)	(375		)	(143		)	(232		)
Amortization of unrealized holding gains on securities transferred to the held to maturity category	(253		)	(97		)	(156		)
Total securities available for sale	11,892			4,549			7,343
Derivative instruments:
Unrealized holding losses on derivative instruments	(2,627		)	(1,005		)	(1,622		)
Total derivative instruments	(2,627		)	(1,005		)	(1,622		)
Defined benefit pension and post-retirement benefit plans:
Net loss arising during the period	(2,476		)	(947		)	(1,529		)
Amortization of net actuarial loss recognized in net periodic pension cost(2)	296			113			183
Total defined benefit pension and post-retirement benefit plans	(2,180		)	(834		)	(1,346		)
Total other comprehensive income	$	7,085		$	2,710		$	4,375

⁽¹⁾ Included in Net gains on sales of securities in the Consolidated Statements of Income

⁽²⁾ Included in Salaries and employee benefits in the Consolidated Statements of Income

The accumulated balances for each component of other comprehensive income, net of tax, at December 31 were as follows:

	2016			2015			2014
Unrealized gains on securities	$	9,490		$	16,500		$	17,759
Non-credit related portion of other-than-temporary impairment on securities	(16,719		)	(16,735		)	(17,474		)
Unrealized losses on derivative instruments	(1,355		)	(1,882		)	(1,633		)
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations	(7,320		)	(7,418		)	(6,250		)
Total accumulated other comprehensive loss	$	(15,904	)	$	(9,535	)	$	(7,598	)

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Quarterly Results of Operations

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

Quarterly Results of Operations

(In Thousands, Except Share Data) (Unaudited)

The following table sets forth a summary of the unaudited quarterly results of operations.

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2016
Interest income	$	76,259	$	84,008	$	83,032	$	85,840
Interest expense	6,205		6,851		7,301		7,791
Net interest income	70,054		77,157		75,731		78,049
Provision for loan losses	1,800		1,430		2,650		1,650
Noninterest income	33,302		35,586		38,272		30,071
Noninterest expense	69,814		77,259		76,468		71,374
Income before income taxes	31,742		34,054		34,885		35,096
Income taxes	10,526		11,154		11,706		11,461
Net income	$	21,216	$	22,900	$	23,179	$	23,635
Basic earnings per share	$	0.53	$	0.54	$	0.55	$	0.56
Diluted earnings per share	$	0.52	$	0.54	$	0.55	$	0.55
2015
Interest income	$	54,166	$	56,769	$	74,300	$	77,788
Interest expense	5,385		5,155		5,688		5,437
Net interest income	48,781		51,614		68,612		72,351
Provision for loan losses	1,075		1,175		750		1,750
Noninterest income	21,870		22,879		32,079		31,442
Noninterest expense	47,319		51,082		75,979		70,734
Income before income taxes	22,257		22,236		23,962		31,309
Income taxes	7,017		6,842		7,742		10,149
Net income	$	15,240	$	15,394	$	16,220	$	21,160
Basic earnings per share	$	0.48	$	0.49	$	0.40	$	0.53
Diluted earnings per share	$	0.48	$	0.48	$	0.40	$	0.52

See Note 2, “Mergers and Acquisitions” above for a discussion of the effect on the Company’s results of operations of its acquisitions of Heritage in the third quarter of 2015 and KeyWorth in the second quarter of 2016.

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Net Income Per Common Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Net Income Per Common Share

Net Income Per Common Share

(In Thousands, Except Share Data)

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding, including restricted shares, assuming outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows for the periods presented:

	Year Ended December 31,
	2016		2015		2014
Basic
Net income applicable to common stock	$	90,930	$	68,014	$	59,582
Average common shares outstanding	41,737,636		35,971,877		31,499,498
Net income per common share—basic	$	2.18	$	1.89	$	1.89
Diluted
Net income applicable to common stock	$	90,930	$	68,014	$	59,582
Average common shares outstanding	41,737,636		35,971,877		31,499,498
Effect of dilutive stock-based compensation	251,819		255,562		260,149
Average common shares outstanding—diluted	41,989,455		36,227,439		31,759,647
Net income per common share—diluted	$	2.17	$	1.88	$	1.88

Stock options that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:

	Year Ended
	December 31,
	2016	2015	2014
Number of shares	—	—	109,068
Range of exercise prices	—	—	$29.57 - $30.63

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Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk

Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk

(In Thousands)

Loan commitments are made to accommodate the financial needs of the Company’s customers. Standby letters of credit commit the Company to make payments on behalf of customers when certain specified future events occur. Both arrangements have credit risk essentially the same as that involved in extending loans to customers and are subject to the Company’s normal credit policies. Collateral (e.g., securities, receivables, inventory, equipment, etc.) is obtained based on management’s credit assessment of the customer. The Company’s unfunded loan commitments (unfunded loans and unused lines of credit) and standby letters of credit outstanding at December 31, 2016 were $1,263,059 and $44,086, respectively, compared to $1,131,842 and $37,063, respectively, at December 31, 2015.

Various claims and lawsuits are pending against the Company and Renasant Bank. In the opinion of management, after consultation with legal counsel, resolution of these matters is not expected to have a material effect on the consolidated financial statements.

Market risk resulting from interest rate changes on particular off-balance sheet financial instruments may be offset by other on - or off-balance sheet transactions. Interest rate sensitivity is monitored by the Company for determining the net effect of potential changes in interest rates on the market value of both on- and off-balance sheet financial instruments.

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Restrictions on Cash, Securities, Bank Dividends, Loans or Advances

12 Months Ended

Dec. 31, 2016

Regulated Operations [Abstract]

Restrictions on Cash, Securities, Bank Dividends, Loans or Advances

Restrictions on Cash, Securities, Bank Dividends, Loans or Advances

(In Thousands)

Renasant Bank is required to maintain minimum average balances with the Federal Reserve. At December 31, 2016 and 2015, Renasant Bank’s reserve requirements with the Federal Reserve were $109,044 and $55,237, respectively, with which it was in full compliance.

The Company's balance of FHLB stock, which is carried at amortized cost, at December 31, 2016 and 2015, was $9,589 and $22,839, respectively. The required investment for the same time period was $7,611 and $20,885, respectively.

The Company’s ability to pay dividends to its shareholders is substantially dependent on the ability of Renasant Bank to transfer funds to the Company in the form of dividends, loans and advances. Under Mississippi law, a Mississippi bank may not pay dividends unless its earned surplus is in excess of three times capital stock. A Mississippi bank with earned surplus in excess of three times capital stock may pay a dividend, subject to the approval of the Mississippi Department of Banking and Consumer Finance. Accordingly, the approval of this supervisory authority is required prior to Renasant Bank paying dividends to the Company. At December 31, 2016, the Bank's earned surplus exceeded the Bank's capital stock by more than ten times. In addition, the FDIC must approve the payment of dividends under certain circumstances.

Federal Reserve regulations also limit the amount Renasant Bank may loan to the Company unless such loans are collateralized by specific obligations. At December 31, 2016, the maximum amount available for transfer from Renasant Bank to the Company in the form of loans was $87,191. As of December 31, 2016, no loans from the Bank to the Company were outstanding.

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Regulatory Matters

12 Months Ended

Dec. 31, 2016

Banking and Thrift [Abstract]

Regulatory Matters

Regulatory Matters

(In Thousands)

Renasant Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on Renasant Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Renasant Bank must meet specific capital guidelines that involve quantitative measures of Renasant Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Renasant Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that banks must maintain. Those guidelines specify capital tiers, which include the following classifications:

Capital Tiers	Tier 1 Capital to Average Assets (Leverage)	Common Equity Tier 1 to Risk - Weighted Assets	Tier 1 Capital to Risk – Weighted Assets	Total Capital to Risk – Weighted Assets
Well capitalized	5% or above	6.5% or above	8% or above	10% or above
Adequately capitalized	4% or above	4.5% or above	6% or above	8% or above
Undercapitalized	Less than 4%	Less than 4.5%	Less than 6%	Less than 8%
Significantly undercapitalized	Less than 3%	Less than 3%	Less than 4%	Less than 6%
Critically undercapitalized	Tangible Equity / Total Assets less than 2%

The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of December 31:

	2016				2015
	Amount		Ratio		Amount		Ratio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)	$	858,850	10.59	%	$	681,731	9.16	%
Common Equity Tier 1 Capital to Risk-Weighted Assets	766,560		11.47	%	591,356		9.99	%
Tier 1 Capital to Risk-Weighted Assets	858,850		12.86	%	681,731		11.51	%
Total Capital to Risk-Weighted Assets	1,004,038		15.03	%	729,321		12.32	%
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)	$	824,850	10.20	%	$	654,830	8.82	%
Common Equity Tier 1 Capital to Risk-Weighted Assets	824,850		12.38	%	654,830		11.09	%
Tier 1 Capital to Risk-Weighted Assets	824,850		12.38	%	654,830		11.09	%
Total Capital to Risk-Weighted Assets	871,911		13.09	%	701,591		11.89	%

In July 2013, the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency approved the implementation of the Basel III regulatory capital reforms and issued rules effecting certain changes required by the Dodd-Frank Act (the “Basel III Rules”) that call for broad and comprehensive revision of regulatory capital standards for U.S. banking organizations. The Basel III Rules implemented a new common equity Tier 1 minimum capital requirement (“CET1”), a higher minimum Tier 1 capital requirement and other items affecting the calculation of the numerator of a banking organization’s risk-based capital ratios. Additionally, the Basel III Rules apply limits to a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a specified amount of CET1 capital in addition to the amount necessary to meet its minimum risk-based capital requirements.

The CET1 capital ratio includes common equity as defined under GAAP and does not include any other type of non-common equity under GAAP. Banks must now maintain CET1 capital of 4.5% of average assets, Tier 1 capital of 6% of average assets and total capital of 8% of risk-weighted assets to be categorized as adequately capitalized.

Further, the Basel III Rules changed the agencies’ general risk-based capital requirements for determining risk-weighted assets, which affect the calculation of the denominator of a banking organization’s risk-based capital ratios. The Basel III Rules have revised the agencies’ rules for calculating risk-weighted assets to enhance risk sensitivity and to incorporate certain international capital standards of the Basel Committee on Banking Supervision set forth in the standardized approach of the “International Convergence of Capital Measurement and Capital Standards: A Revised Framework”.

The calculation of risk-weighted assets in the denominator of the Basel III capital ratios has been adjusted to reflect the higher risk nature of certain types of loans. Specifically, as applicable to the Company and Renasant Bank:

— Residential mortgages: Replaced the current 50% risk weight for performing residential first-lien mortgages and a 100% risk-weight for all other mortgages with a risk weight of between 35% and 200% determined by the mortgage’s loan-to-value ratio and whether the mortgage falls into one of two categories based on eight criteria that include the term, use of negative amortization and balloon payments, certain rate increases and documented and verified borrower income.

— Commercial mortgages: Replaced the current 100% risk weight with a 150% risk weight for certain high volatility commercial real estate acquisition, development and construction loans.

— Nonperforming loans: Replaced the current 100% risk weight with a 150% risk weight for loans, other than residential mortgages, that are 90 days past due or on nonaccrual status.

The Final Rules also introduced a capital conservation buffer designed to absorb losses during periods of economic stress. The capital conservation buffer is composed entirely of CET1, on top of these minimum risk-weighted asset ratios. In addition, the Final Rules provide for a countercyclical capital buffer applicable only to certain covered institutions. It is not expected that the countercyclical capital buffer will be applicable to Renasant Corporation or Renasant Bank. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum but below the capital conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The implementation of the capital conservation buffer began on January 1, 2016 at the 0.625% level and will be phased in over a 4-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019).

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Segment Reporting

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

(In Thousands)

The operations of the Company’s reportable segments are described as follows:

• The Community Banks segment delivers a complete range of banking and financial services to individuals and small to medium-size businesses including checking and savings accounts, business and personal loans, equipment leasing, as well as safe deposit and night depository facilities.

• The Insurance segment includes a full service insurance agency offering all lines of commercial and personal insurance through major carriers.

• The Wealth Management segment offers a broad range of fiduciary services which includes the administration and management of trust accounts including personal and corporate benefit accounts, self-directed IRA’s, and custodial accounts. In addition, the Wealth Management segment offers annuities, mutual funds and other investment services through a third party broker-dealer.

In order to give the Company’s divisional management a more precise indication of the income and expenses they can control, the results of operations for the Community Banks, the Insurance and the Wealth Management segments reflect the direct revenues and expenses of each respective segment. Indirect revenues and expenses, including but not limited to income from the Company’s investment portfolio, as well as certain costs associated with data processing and back office functions, primarily support the operations of the community banks and, therefore, are included in the results of the Community Banks segment. Included in “Other” are the operations of the holding company and other eliminations which are necessary for purposes of reconciling to the consolidated amounts.

The following table provides financial information for the Company’s operating segments as of and for the years ended December 31, 2016, 2015 and 2014:

	Community Banks		Insurance		Wealth Management			Other			Consolidated
2016
Net interest income	$	305,583	$	350	$	1,846		$	(6,788	)	$	300,991
Provision for loan losses	7,530		—		—			—			7,530
Noninterest income	114,615		10,074		12,354			372			137,415
Noninterest expense	276,260		6,873		11,099			867			295,099
Income before income taxes	136,408		3,551		3,101			(7,283		)	135,777
Income taxes	46,352		1,385		—			(2,890		)	44,847
Net income (loss)	$	90,056	$	2,166	$	3,101		$	(4,393	)	$	90,930
Total assets	$	8,602,022	$	23,693	$	54,857		$	19,279		$	8,699,851
Goodwill	467,767		2,767		—			—			470,534
2015
Net interest income	$	244,242	$	311	$	1,688		$	(4,883	)	$	241,358
Provision for loan losses	4,752		—		(2		)	—			4,750
Noninterest income	88,498		9,340		10,559			(127		)	108,270
Noninterest expense	228,248		6,900		9,130			836			245,114
Income before income taxes	99,740		2,751		3,119			(5,846		)	99,764
Income taxes	32,941		1,078		—			(2,269		)	31,750
Net income (loss)	$	66,799	$	1,673	$	3,119		$	(3,577	)	$	68,014
Total assets	$	7,833,084	$	22,550	$	46,035		$	24,827		$	7,926,496
Goodwill	443,104		2,767		—			—			445,871
2014
Net interest income	$	205,353	$	237	$	1,332		$	(4,440	)	$	202,482
Provision for loan losses	6,249		—		(82		)	—			6,167
Noninterest income	61,973		9,055		8,997			484			80,509
Noninterest expense	175,660		6,441		8,111			725			190,937
Income before income taxes	85,417		2,851		2,300			(4,681		)	85,887
Income taxes	27,037		1,114		—			(1,846		)	26,305
Net income (loss)	$	58,380	$	1,737	$	2,300		$	(2,835	)	$	59,582
Total assets	$	5,720,995	$	20,472	$	44,275		$	19,387		$	5,805,129
Goodwill	271,939		2,767		—			—			274,706

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Renasant Corporation (Parent Company Only) Condensed Financial Information

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Renasant Corporation (Parent Company Only) Condensed Financial Information

Renasant Corporation (Parent Company Only) Condensed Financial Information

(In Thousands)

Balance Sheets

	December 31,
	2016		2015
Assets
Cash and cash equivalents(1)	$	121,233	$	11,107
Investments	4,327		9,711
Investment in bank subsidiary(2)	1,291,686		1,101,580
Accrued interest receivable on bank balances(2)	5		5
Intercompany receivable(2)	2,771		2,450
Other assets	11,508		10,560
Total assets	$	1,431,530	$	1,135,413
Liabilities and shareholders’ equity
Junior subordinated debentures	$	95,643	$	95,095
Subordinated notes	98,127		—
Other liabilities	4,877		3,500
Shareholders’ equity	1,232,883		1,036,818
Total liabilities and shareholders’ equity	$	1,431,530	$	1,135,413

(1) Eliminates in consolidation, with the exception of $1,970 pledged for collateral and held at non-subsidiary bank in 2015

(2) Eliminates in consolidation

Statements of Income

	Year Ended December 31,
	2016			2015			2014
Income
Dividends from bank subsidiary(1)	$	29,733		$	24,557		$	21,518
Interest income from bank subsidiary(1)	8			7			8
Other dividends	469			266			749
Other income	1,275			58			71
Total income	31,485			24,888			22,346
Expenses	9,036			6,823			5,513
Income before income tax benefit and equity in undistributed net income of bank subsidiary	22,449			18,065			16,833
Income tax benefit	(2,890		)	(2,521		)	(1,846		)
Equity in undistributed net income of bank subsidiary(1)	65,591			47,428			40,903
Net income	$	90,930		$	68,014		$	59,582

(1) Eliminates in consolidation

Statements of Cash Flows

	Year Ended December 31,
	2016			2015			2014
Operating activities
Net income	$	90,930		$	68,014		$	59,582
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of securities	(1,186		)	—			(375		)
Equity in undistributed net income of bank subsidiary	(65,591		)	(47,428		)	(40,903		)
Amortization/depreciation/accretion	560			579			385
(Increase) decrease in other assets	(556		)	(1,377		)	1,345
Increase in other liabilities	564			1,088			2,591
Net cash provided by operating activities	24,721			20,876			22,625
Investing activities
Purchases of securities held to maturity and available for sale	(1,380		)	(2,183		)	(1,781		)
Sales and maturities of securities held to maturity and available for sale	6,101			1,089			1,142
Investment in subsidiaries	(75,000		)	—			—
Net cash received in acquisition	—			5,292			—
Other investing activities	—			—			(64		)
Net cash (used in) provided by investing activities	(70,279		)	4,198			(703		)
Financing activities
Cash paid for dividends	(29,734		)	(24,557		)	(21,518		)
Cash received on exercise of stock-based compensation	415			102			401
Excess tax benefits from exercise of stock options	2,771			520			940
Repayments of advances from bank subsidiary	—			—			(1,500		)
Proceeds from issuance of long-term debt	98,127			—			—
Proceeds from equity offering	84,105			—			—
Net cash provided by (used in) financing activities	155,684			(23,935		)	(21,677		)
Increase in cash and cash equivalents	110,126			1,139			245
Cash and cash equivalents at beginning of year	11,107			9,968			9,723
Cash and cash equivalents at end of year	$	121,233		$	11,107		$	9,968

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Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

(In Thousands)

Merger with Metropolitan BancGroup, Inc.

On January 17, 2017, the Company and Metropolitan BancGroup, Inc. (“Metropolitan”), the parent company of Metropolitan Bank, jointly announced the signing of a definitive merger agreement pursuant to which the Company will acquire Metropolitan in an all-stock merger in a transaction valued at approximately $190,200. Under the terms of the agreement, Metropolitan will be merged with and into Renasant, and Renasant will be the surviving corporation. Immediately after the merger of Metropolitan with and into Renasant, Metropolitan Bank will merge with and into Renasant Bank, with Renasant Bank continuing as the surviving bank corporation in the merger.

According to the terms of the merger agreement, each Metropolitan common shareholder will have the right to receive 0.6066 shares of Renasant common stock for each share of Metropolitan common stock, and the merger is expected to qualify as a tax-free reorganization for Metropolitan shareholders.

Metropolitan operates eight offices in Nashville and Memphis, Tennessee and the Jackson, MS MSA and as of December 31, 2016, had approximately $1,156,000 in total assets, which included approximately $917,600 in total loans, and approximately$887,600 in total deposits.

The acquisition is expected to close in the third quarter of 2017 and is subject to regulatory approval, Metropolitan shareholder approval, and other customary conditions set forth in the merger agreement.

Redemption of Junior Subordinated Debentures - Heritage Financial Statutory Trust I

On February 22, 2017, the Company redeemed the Heritage Financial Statutory Trust I junior subordinated debentures. The debentures were redeemed for an aggregate amount of $10,520, which included the principal amount of $10,310 and a prepayment penalty of $210. Prior to the redemption, the Company obtained all required board and regulatory approval.

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Nature of Operations

Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”) and Renasant Insurance, Inc. The Company offers a diversified range of financial, fiduciary and insurance services to its retail and commercial customers through its subsidiaries and full service offices located throughout north and central Mississippi, Tennessee, Alabama, Georgia and Florida.

Use of Estimates

Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Consolidation

Consolidation: In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic (“ASC”) 810, “Consolidation” (“ASC 810”), a company’s consolidated financial statements are required to include subsidiaries in which the company has a controlling financial interest. The accompanying Consolidated Financial Statements and these Notes to Consolidated Financial Statements include the accounts of the Company and its consolidated subsidiaries, all of which are wholly-owned. All intercompany balances and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year presentation. The Company is not the primary beneficiary of any variable interest entity as defined by ASC 810.

Cash and Cash Equivalents

Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Securities

Securities: Debt securities are classified as held to maturity when purchased if management has the positive intent and ability to hold the securities to maturity. Held to maturity securities are stated at amortized cost. Presently, the Company has no intention of establishing a trading classification. Securities not classified as held to maturity or trading are classified as available for sale. Available for sale securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income within shareholders’ equity.

The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts. Such amortization and accretion is included in interest income from securities. Dividend income is included in interest income from securities. Realized gains and losses on sales of securities are reflected under the line item “Net gains on sales of securities” on the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method.

The Company evaluates its investment portfolio for other-than-temporary-impairment (“OTTI”) on a quarterly basis in accordance with ASC 320, “Investments - Debt and Equity Securities.” Impairment is assessed at the individual security level. The Company considers an investment security impaired if the fair value of the security is less than its cost or amortized cost basis. Impairment is considered to be other-than-temporary if the Company intends to sell the investment security or if the Company does not expect to recover the entire amortized cost basis of the security before the Company is required to sell the security or the security’s maturity. When impairment of an equity security is considered to be other-than-temporary, the security is written down to its fair value and an impairment loss is recorded as a loss within noninterest income in the Consolidated Statements of Income. When impairment of a debt security is considered to be other-than-temporary, the security is written down to its fair value. The amount of OTTI recorded as a loss within noninterest income depends on whether an entity intends to sell the debt security and whether it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis. If an entity intends to, or has decided to, sell the debt security or more likely than not will be required to sell the security before recovery of its amortized cost basis, OTTI must be recognized in earnings in an amount equal to the entire difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the debt security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, OTTI is separated into the amount representing credit loss and the amount related to all other market factors. The amount related to credit loss is recognized in earnings and is calculated as the difference between the estimate of discounted future cash flows and the amortized cost basis of the security. A number of qualitative and quantitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the estimate of the discounted future cash flows. The remaining difference between the fair value and the amortized cost basis of the security is considered the amount related to other market factors and is recognized in other comprehensive income, net of applicable taxes.

Furthermore, debt securities may be transferred to nonaccrual status where the recognition of investment interest is discontinued. A number of qualitative factors, including but not limited to the financial condition of the underlying issuer and current and projected deferrals or defaults, are considered by management in the determination of whether the debt security should be transferred to nonaccrual status. The interest on these nonaccrual investment securities is accounted for on the cash-basis method until the debt security qualifies for return to accrual status. See Note 3, “Securities,” for further details regarding the Company’s securities portfolio.

Securities Sold Under Agreements to Repurchase

Securities Sold Under Agreements to Repurchase: Securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were sold. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be sold or repledged by the secured party.

Mortgage Loans Held for Sale

Mortgage Loans Held for Sale: Mortgage loans held for sale represent residential mortgage loans held for sale. The Company has elected to carry these loans at fair value as permitted under the guidance in ASC 825, “Financial Instruments” (“ASC 825”). Mortgage loans held for sale are classified separately on the Consolidated Balance Sheets. Gains and losses are realized at the time consideration is received and all other criteria for sales treatment have been met. These realized and unrealized gains and losses are classified under the line item “Mortgage banking income” on the Consolidated Statements of Income.

Loans and the Allowance for Loan Losses

Loans and the Allowance for Loan Losses: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for loan losses and any deferred fees or costs on originated loans. Renasant Bank defers certain nonrefundable loan origination fees as well as the direct costs of originating or acquiring loans. The deferred fees and costs are then amortized over the term of the note for all loans with payment schedules. Those loans with no payment schedule are amortized using the interest method. The amortization of these deferred fees is presented as an adjustment to the yield on loans. Interest income is accrued on the unpaid principal balance.

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Generally, the recognition of interest on mortgage and commercial loans is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Consumer and other retail loans are typically charged-off no later than the time the loan is 120 days past due. In all cases, loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Loans may be placed on nonaccrual regardless of whether or not such loans are considered past due. All interest accrued for the current year, but not collected, for loans that are placed on nonaccrual or charged-off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impairment is measured on a loan-by-loan basis for commercial and construction loans above a minimum dollar amount threshold by either the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are evaluated collectively for impairment. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. Once the recorded balance has been reduced to zero, future cash receipts are applied to interest income, to the extent any interest has been foregone, and then they are recorded as recoveries of any amounts previously charged-off. For impaired loans, a specific reserve is established to adjust the carrying value of the loan to its estimated net realizable value.

Restructured loans are those for which concessions have been granted to the borrower due to a deterioration of the borrower’s financial condition and are performing in accordance with the new terms. Such concessions may include reduction in interest rates or deferral of interest or principal payments. In evaluating whether to restructure a loan, management analyzes the long-term financial condition of the borrower, including guarantor and collateral support, to determine whether the proposed concessions will increase the likelihood of repayment of principal and interest. Restructured loans that are not performing in accordance with their restructured terms that are either contractually 90 days past due or have been placed on nonaccrual status are reported as nonperforming loans.

See Note 4, “ Non Purchased Loans,” Note 5, “Purchased Loans,” and Note 6, “ Allowance for Loan Losses” for disclosures regarding the Company’s past due and nonaccrual loans, impaired loans and restructured loans.

The allowance for loan losses is maintained at a level believed adequate by management to absorb probable credit losses inherent in the entire loan portfolio. The appropriate level of the allowance is based on an ongoing analysis of the loan portfolio and represents an amount that management deems adequate to provide for inherent losses, including collective impairment as recognized under ASC 450, “Contingencies”. Collective impairment is calculated based on loans grouped by grade. Another component of the allowance is losses on loans assessed as impaired under ASC 310, “Receivables” (“ASC 310”). The balance of these loans and their related allowance is included in management’s estimation and analysis of the allowance for loan losses. Management and the internal loan review staff evaluate the adequacy of the allowance for loan losses quarterly. The allowance for loan losses is evaluated based on a continuing assessment of problem loans, the types of loans, historical loss experience, new lending products, emerging credit trends, changes in the size and character of loan categories and other factors, including its risk rating system, regulatory guidance and economic conditions. This evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. The allowance for loan losses is established through a provision for loan losses charged to earnings resulting from measurements of inherent credit risk in the loan portfolio and estimates of probable losses or impairments of individual loans. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance.

Business Combinations, Accounting for Purchased Loans and Related Assets

Business Combinations, Accounting for Purchased Loans and Related Assets: Business combinations are accounted for by applying the acquisition method in accordance with ASC 805, “Business Combinations” (“ASC 805”). Under the acquisition method, identifiable assets acquired and liabilities assumed and any non-controlling interest in the acquiree at the acquisition date are measured at their fair values as of that date and are recognized separately from goodwill. Results of operations of the acquired entities are included in the Consolidated Statements of Income from the date of acquisition. Acquisition costs incurred by the Company are expensed as incurred.

Loans purchased in business combinations with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit-impaired. Purchased credit deteriorated loans are accounted for in accordance with ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC 310-30”), and initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loans. Increases in expected cash flows to be collected on these loans are recognized as an adjustment of the loan’s yield over its remaining life, while decreases in expected cash flows are recognized as an impairment.

FDIC-Assisted Acquisitions:

During 2010 and 2011, the Bank acquired substantially all of the assets and assumed substantially all of the deposits and certain other liabilities of the following two failed financial institutions in FDIC-assisted acquisitions:

• July 2010, Crescent Bank and Trust Company (Jasper, GA)

• February 2011, American Trust Bank (Roswell, GA)

During 2015, in connection with the acquisition of HeritageBank (as defined below in Note 2, “Mergers and Acquisitions”), the Bank assumed two additional loss share agreements that HeritageBank had entered into in connection with its acquisition of substantially all of the assets and assumption of substantially all of the deposits and certain other liabilities of the following two failed financial institutions in FDIC-assisted acquisitions:

• February 2011, Citizens Bank of Effingham (Springfield, GA)

• August 2011, First Southern National Bank (Statesboro, GA)

A significant portion of the loans and foreclosed assets acquired in each of these FDIC-assisted acquisitions were subject to loss share agreements with the FDIC whereby the Company was indemnified against a portion of the losses on such loans and foreclosed assets.

On December 8, 2016, the Bank entered into an agreement with the Federal Deposit Insurance Corporation (the “FDIC”) that terminated all of the Bank’s loss share agreements, resulting in a payment by the Company to the FDIC of $4,849. All rights and obligations of the parties under these loss share agreements, including the claw-back provisions, terminated effective December 8, 2016. As a result, all recoveries, gains, charge-offs, losses and expenses related to assets previously covered under loss share are recognized entirely by the Company going forward. Notwithstanding the termination of loss share with the FDIC, the terms of the purchase and assumption agreements for each of these FDIC assisted acquisitions continue to require the FDIC to indemnify the Company against certain claims, including claims with respect to assets, liabilities or any affiliate not acquired or otherwise assumed by the Bank and with respect to claims based on any action by directors, officers or employees of the relevant failed financial institutions.

Premises and Equipment

Premises and Equipment: Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily by use of the straight-line method for furniture, fixtures, equipment, autos and premises. The annual provisions for depreciation have been computed primarily using estimated lives of forty years for premises, seven years for furniture and equipment and three to five years for computer equipment and autos. Leasehold improvements are expensed over the period of the leases or the estimated useful life of the improvements, whichever is shorter.

Other Real Estate Owned

Other Real Estate Owned: Other real estate owned consists of properties acquired through foreclosure or acceptance of a deed in lieu of foreclosure. These properties are initially recorded into other real estate at fair market value less cost to sell and are subsequently carried at the lower of cost or fair market value based on appraised value less estimated selling costs. Losses arising at the time of foreclosure of properties are charged against the allowance for loan losses. Reductions in the carrying value subsequent to acquisition are charged to earnings and are included under the line item “Other real estate owned” in the Consolidated Statements of Income.

Mortgage Servicing Rights

Mortgage Servicing Rights: The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights are recognized as a separate asset on the date the corresponding mortgage loan is sold. Mortgage servicing rights are amortized in proportion to and over the period of estimated net servicing income. These servicing rights are carried at the lower of amortized cost or fair value. Fair value is determined using an income approach with various assumptions including expected cash flows, prepayment speeds, market discount rates, servicing costs, mortgage interest rates and other factors. Mortgage servicing rights were carried at amortized cost at December 31, 2016 and 2015, respectively. Impairment losses on mortgage servicing rights are recognized to the extent by which the unamortized cost exceeds fair value.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets: Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be distinguished from goodwill because of contractual or other legal rights. Intangibles with finite lives are amortized over their estimated useful lives. Goodwill and other intangible assets are subject to impairment testing annually or more frequently if events or circumstances indicate possible impairment. Goodwill is assigned to the Company’s reporting segments. In determining the fair value of the Company's reporting units, management uses the market approach. If, based on the results of the market approach further analysis is needed, the discounted cash flow approach is utilized. Other intangible assets, consisting of core deposit intangibles, are reviewed for events or circumstances which could impact the recoverability of the intangible asset, such as a loss of core deposits, increased competition or adverse changes in the economy.

Bank-Owned Life Insurance

Bank-Owned Life Insurance: Bank-owned life insurance (“BOLI”) is an institutionally-priced insurance product that is specifically designed for purchase by insured depository institutions. The Company has purchased such insurance policies on certain employees, with Renasant Bank being listed as the primary beneficiary. The carrying value of BOLI is recorded at the cash surrender value of the policies, net of any applicable surrender charges. In connection with the acquisitions of KeyWorth and Heritage (each as defined below in Note 2, “Mergers and Acquisitions”), the Company acquired BOLI with a cash surrender value of $8,376 and $25,297, respectively, at the acquisition date. Changes in the value of the cash surrender value of the policies are reflected under the line item “BOLI income” on the Consolidated Statements of Income.

Insurance Agency Revenues

Insurance Agency Revenues: Renasant Insurance, Inc. is a full-service insurance agency offering all lines of commercial and personal insurance through major third-party insurance carriers. Commissions and fees are recognized when earned based on contractual terms and conditions of insurance policies with the insurance carriers. These commissions and fees are classified under the line item “Insurance commissions” on the Consolidated Statements of Income. Contingency fee income paid by the insurance carriers is recognized upon receipt and classified under the line item “Other noninterest income” on the Consolidated Statements of Income.

Trust and Financial Services Revenue

Trust and Financial Services Revenues: The Company offers trust services as well as various alternative investment products, including annuities and mutual funds. Trust revenues are recognized on the accrual basis in accordance with the contractual terms of the trust. Commissions and fees from the sale of annuities and mutual funds are recognized when earned based on contractual terms with the third party broker-dealer. These commissions and fees are classified under the line item “Wealth management revenue” on the Consolidated Statements of Income.

Income Taxes

Income Taxes: Income taxes are accounted for under the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. It is the Company’s policy to recognize interest and penalties, if incurred, related to unrecognized tax benefits in income tax expense. The Company and its subsidiaries file a consolidated federal income tax return. Renasant Bank provides for income taxes on a separate-return basis and remits to the Company amounts determined to be currently payable.

Deferred income taxes, included in “Other assets” on the Consolidated Balance Sheets, reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes that the Company and its subsidiaries will realize a substantial majority of the deferred tax assets. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized through a charge to income tax expense.

Fair Value Measurements

Fair Value Measurements: ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3). See Note 18, “Fair Value Measurements,” for further details regarding the Company’s methods and assumptions used to estimate the fair values of the Company’s financial assets and liabilities.

Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities: The Company utilizes derivative financial instruments as part of its ongoing efforts to manage its interest rate risk exposure. Derivative financial instruments are included in the Consolidated Balance Sheets line item “Other assets” or “Other liabilities” at fair value in accordance with ASC 815, “Derivatives and Hedging.”

Cash flow hedges are utilized to mitigate the exposure to variability in expected future cash flows or other types of forecasted transactions. For the Company’s derivatives designated as cash flow hedges, changes in the fair value of cash flow hedges are, to the extent that the hedging relationship is effective, recorded as other comprehensive income and are subsequently recognized in earnings at the same time that the hedged item is recognized in earnings. The ineffective portions of the changes in fair value of the hedging instruments are immediately recognized in earnings. The assessment of the effectiveness of the hedging relationship is evaluated under the hypothetical derivative method.

The Company also utilizes derivative instruments that are not designated as hedging instruments. The Company enters into interest rate cap and/or floor agreements with its customers and then enters into an offsetting derivative contract position with other financial institutions to mitigate the interest rate risk associated with these customer contracts. Because these derivative instruments are not designated as hedging instruments, changes in the fair value of the derivative instruments are recognized currently in earnings.

The Company enters into interest rate lock commitments on certain residential mortgage loans with its customers to mitigate the interest rate risk associated with the commitments to fund fixed-rate mortgage loans. Under such commitments, interest rates for a mortgage loan are typically locked in for up to forty-five days with the customer. These interest rate lock commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of the commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income.

The Company utilizes two methods to deliver mortgage loans to be sold to an investor. Under a “best efforts” sales agreement, the Company enters into a sales agreement with an investor in the secondary market to sell the loan when an interest rate lock commitment is entered into with a customer, as described above. Under a “best efforts” sales agreement, the Company is obligated to sell the mortgage loan to the investor only if the loan is closed and funded. Thus, the Company will not incur any liability to an investor if the mortgage loan commitment in the pipeline fails to close. Under a “mandatory delivery” sales agreement, the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price and delivery date. Penalties are paid to the investor should the Company fail to satisfy the contract. These types of mortgage loan commitments are recorded at fair value in the Company’s Consolidated Balance Sheets. Gains and losses arising from changes in the valuation of these commitments are recognized currently in earnings and are reflected under the line item “Mortgage banking income” on the Consolidated Statements of Income.

Treasury Stock

Treasury Stock: Treasury stock is recorded at cost. Shares held in treasury are not retired.

Retirement Plans

Retirement Plans: The Company sponsors a noncontributory pension plan and provides retiree health care benefits for certain employees. In connection with its acquisition of Heritage, the Company also assumed a defined benefit pension plan maintained by HeritageBank. All benefits under this plan were finally distributed in August 2016. The Company’s independent actuary firm prepares actuarial valuations of pension cost and obligation under ASC 715, “Compensation – Retirement Benefits” ("ASC 715") using assumptions and estimates derived in accordance with the guidance set forth in ASC 715. Expense related to the plans is included under the line item "Salaries and employee benefits" on the Consolidated Statements of Income. Actuarial gains and losses are recognized in accumulated other comprehensive income, net of tax, until they are amortized as a component of plan expense.

Stock-Based Compensation

Stock-Based Compensation: Compensation expense for option grants and restricted stock awards is determined based on the estimated fair value of the stock options and restricted stock on the applicable grant or award date and is recognized over the respective award's vesting period. Given the low historical forfeiture rate, the Company does not incorporate an estimate for forfeitures when determining compensation expense for stock options and restricted stock awards. Expense associated with the Company’s stock-based compensation is included under the line item “Salaries and employee benefits” on the Consolidated Statements of Income. The Company recognizes compensation expense for all share-based payments to employees in accordance with ASC 718, “Compensation – Stock Compensation.” See Note 14, “Employee Benefit and Deferred Compensation Plans,” for further details regarding the Company’s stock-based compensation.

Earnings Per Common Share

Earnings Per Common Share: Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution assuming outstanding stock options were exercised into common shares, calculated in accordance with the treasury stock method. See Note 21, “Net Income Per Common Share,” for the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations.

Impact of Recently-Issued Accounting Standards and Pronouncements

Impact of Recently-Issued Accounting Standards and Pronouncements:

In September 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-16 “Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 requires entities to recognize measurement period adjustments during the reporting period in which the adjustments are determined. The income effects, if any, of a measurement period adjustment are cumulative and are to be reported in the period in which the adjustment to a provisional amount is determined. Also, ASU 2015-16 requires presentation on the face of the income statement or in the notes the effect of the measurement period adjustment as if the adjustment had been recognized at acquisition date. ASU 2015-16 is effective for fiscal periods beginning after December 15, 2016 and should be applied prospectively to measurement period adjustments that occur after the effective date. The Company is evaluating the impact that ASU 2015-16 will have on its financial position, results of operations, and its financial statement disclosures.

In November 2015, the FASB issued ASU 2015-17 “Balance Sheet Classification of Deferred Taxes.” ASU 2015-17 requires all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for fiscal periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is evaluating the impact that ASU 2015-17.

In January 2016, FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 revises the accounting for the classification and measurement of investments in equity securities and revises the presentation of certain fair value changes for financial liabilities measured at fair value. For equity securities, the guidance in ASU 2016-01 requires equity investments to be measured at fair value with changes in fair value recognized in net income. For financial liabilities that are measured at fair value in accordance with the fair value option, the guidance requires presenting, in other comprehensive income, the change in fair value that relates to a change in instrument-specific credit risk. ASU 2016-01 also eliminates the disclosure assumptions used to estimate fair value for financial instruments measured at amortized cost and requires disclosure of an exit price notion in determining the fair value of financial instruments measured at amortized cost. ASU 2016-01 is effective for interim and annual periods beginning after December 15, 2017. The Company is evaluating the impact, if any, that ASU 2016-01 will have on its financial position, results of operations, and its financial statement disclosures.

In February 2016, FASB issued ASU 2016-02, “Leases (Topic 842)”.  ASU 2016-02 amends the accounting model and disclosure requirements for leases.  The current accounting model for leases distinguishes between capital leases, which are recognized on-balance sheet, and operating leases, which are not.  Under the new standard, the lease classifications are defined as finance leases, which are similar to capital leases under current U.S. GAAP, and operating leases.  Further, a lessee will recognize a lease liability and a right-of-use asset for all leases with a term greater than 12 months on its balance sheet regardless of the lease’s classification, which may significantly increase reported assets and liabilities.  The accounting model and disclosure requirements for lessors remains substantially unchanged from current U.S. GAAP.  ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018.   The Company is evaluating the impact ASU 2016-02 will have on its financial position, results of operations, and other financial statement disclosures.

In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”).  ASU 2016-07 requires an investor to initially apply the equity method of accounting from the date it qualifies for that method, i.e., the date the investor obtains significant influence over the operating and financial policies of an investee. The ASU eliminates the previous requirement to retroactively adjust the investment and record a cumulative catch up for the periods that the investment had been held but did not qualify for the equity method of accounting. For public companies, the amendments in ASU 2016-07 are effective for interim and annual periods beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method.  Management is currently evaluating the provisions of ASU 2016-07 to determine the potential impact the new standard will have on the Company’s consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718):  Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”).  ASU 2016-09 is intended to reduce complexity in accounting standards by simplifying several aspects of the accounting for share-based payment transactions, including (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax withholding purposes. The amendments of ASU 2016-09 are effective for interim and annual periods beginning after December 15, 2016.  Management is currently evaluating the impact this ASU will have on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The update will significantly change the way entities recognize impairment on many financial assets by requiring immediate recognition of estimated credit losses expected to occur over the asset's remaining life. The FASB describes this impairment recognition model as the current expected credit loss (“CECL”) model and believes the CECL model will result in more timely recognition of credit losses since the CECL model incorporates expected credit losses versus incurred credit losses. The scope of FASB’s CECL model would include loans, held-to-maturity debt instruments, lease receivables, loan commitments and financial guarantees that are not accounted for at fair value. For public companies, this update becomes effective for interim and annual periods beginning after December 15, 2019. Management is currently evaluating the impact this ASU will have on the Company’s consolidated financial statements and will continue to monitor FASB’s progress on this topic.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is intended to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows, including (1) debt prepayment or debt extinguishment costs, (2) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, (3) contingent consideration payments made after a business combination, (4) proceeds from the settlement of insurance claims, (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (6) distributions received from equity method investees, (7) beneficial interests in securitization transactions and (8) separately identifiable cash flows and application of the predominance principle. For public companies, this amendment becomes effective for interim and annual periods beginning after December 15, 2017. The ASU only impacts the presentation of specific items within the Statement of Cash Flows and is not expected to have a material impact to the Company.

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other.” ASU 2017-04 will amend and simplify current goodwill impairment testing to eliminate Step 2 from the current provisions. Under the new guidance, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the quantitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 will be effective for the Company on January 1, 2020 and is not expected to have a significant impact on the Company’s financial statements.

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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Changes in the FDIC loss-share indemnification asset

Changes in the FDIC loss share indemnification asset for the two years ended December 31, 2016, were as follows:

	2016			2015
Balance at January 1	$	7,149		$	12,516
Additions through acquisition	(260		)	2,673
Realized losses in excess of initial estimates on:
Loans	265			872
OREO	97			362
Reimbursable expenses	—			1,170
Amortization	(797		)	(4,865		)
Reimbursements received from the FDIC	(2,987		)	(5,579		)
Termination of FDIC loss share agreements	(3,467		)	—
Balance at December 31	$	—		$	7,149

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Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the allocation of purchase price to assets and liabilities acquired in connection with the Company’s acquisition of Heritage based on their fair values on July 1, 2015.

Purchase Price:
Shares issued to common shareholders	8,635,879
Fair value of common stock on date of issuance	$	32.60
Value of stock paid				$	281,530
Cash paid for fractional shares				26
Cash settlement for stock options				5,915
Deal charges paid on behalf of Heritage				7,973
Total Purchase Price				$	295,444
Net Assets Acquired:
Stockholders’ equity at acquisition date	$	160,652
Increase (decrease) to net assets as a result of fair value adjustments to assets acquired and liabilities assumed:
Securities	(1,401		)
Mortgage loans held for sale	(3,158		)
Loans, net of Heritage’s allowance for loan losses	(16,837		)
Fixed assets	(6,419		)
Intangible assets, net of Heritage’s existing core deposit intangible	18,193
Other real estate owned	1,390
FDIC loss share indemnification asset	(15,507		)
Other assets	3,045
Deposits	(3,776		)
Other liabilities	(7,873		)
Deferred income taxes	(8,077		)
Total Net Assets Acquired				120,232
Goodwill resulting from merger(1)				$	175,212

⁽¹⁾ The goodwill resulting from the merger has been assigned to the Community Banks operating segment.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of assets acquired and liabilities assumed at acquisition date in connection with the merger with Heritage.

Cash and cash equivalents	$	38,626
Securities	177,849
Loans, including mortgage loans held for sale, net of unearned income	1,458,411
Premises and equipment	42,914
Other real estate owned	9,972
Intangible assets	187,468
Other assets	104,737
Total assets	2,019,977
Deposits	1,375,354
Borrowings	314,656
Other liabilities	34,523
Total liabilities	1,724,533

Business Acquisition, Pro Forma Information

The following unaudited pro forma combined condensed consolidated financial information presents the results of operations for the twelve months ended December 31, 2016 and 2015 of the Company as though the merger with Heritage had been completed as of January 1, 2014. The unaudited estimated pro forma information combines the historical consolidated results of Heritage with the Company’s historical consolidated results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the periods presented. The pro forma information is not indicative of what would have occurred had the acquisition taken place on January 1, 2014. The pro forma information does not include the effect of any cost-saving or revenue-enhancing strategies. Merger expenses are reflected in the period in which they were incurred.

	Twelve Months Ended
	December 31,
	2016		2015
Interest income	$	329,138	$	301,226
Interest expense	28,147		21,858
Net interest income	300,991		279,368
Provision for loan and lease losses	7,530		5,050
Noninterest income	137,231		135,379
Noninterest expense	294,915		309,803
Income before income taxes	135,777		99,894
Income taxes	44,847		31,772
Net income	$	90,930	$	68,122
Earnings per share:
Basic	$	2.18	$	1.69
Diluted	$	2.17	$	1.68

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Securities (Tables)

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Amortized cost and fair value of securities held to maturity

The amortized cost and fair value of securities held to maturity were as follows as of the dates presented:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2016
Obligations of other U.S. Government agencies and corporations	$	14,101	$	4	$	(187	)	$	13,918
Obligations of states and political subdivisions	342,181		8,572		(1,778		)	348,975
	$	356,282	$	8,576	$	(1,965	)	$	362,893
December 31, 2015
Obligations of other U.S. Government agencies and corporations	$	101,155	$	26	$	(1,214	)	$	99,967
Obligations of states and political subdivisions	357,245		16,636		(95		)	373,786
	$	458,400	$	16,662	$	(1,309	)	$	473,753

Amortized cost and fair value of securities available for sale

The amortized cost and fair value of securities available for sale were as follows as of the dates presented:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2016
Obligations of other U.S. Government agencies and corporations	$	2,066	$	92	$	—		$	2,158
Residential mortgage backed securities:
Government agency mortgage backed securities	414,019		1,941		(6,643		)	409,317
Government agency collateralized mortgage obligations	171,362		831		(3,367		)	168,826
Commercial mortgage backed securities:
Government agency mortgage backed securities	50,628		696		(461		)	50,863
Government agency collateralized mortgage obligations	2,528		38		(16		)	2,550
Trust preferred securities	23,749		—		(5,360		)	18,389
Other debt securities	22,053		310		(218		)	22,145
Other equity securities	—		—		—			—
	$	686,405	$	3,908	$	(16,065	)	$	674,248

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2015
Obligations of other U.S. Government agencies and corporations	$	6,093	$	126	$	(19	)	$	6,200
Residential mortgage backed securities:
Government agency mortgage backed securities	362,669		3,649		(1,778		)	364,540
Government agency collateralized mortgage obligations	168,916		1,449		(2,305		)	168,060
Commercial mortgage backed securities:
Government agency mortgage backed securities	58,864		1,002		(107		)	59,759
Government agency collateralized mortgage obligations	4,947		158		(1		)	5,104
Trust preferred securities	24,770		—		(5,301		)	19,469
Other debt securities	18,899		468		(34		)	19,333
Other equity securities	2,500		1,840		—			4,340
	$	647,658	$	8,692	$	(9,545	)	$	646,805

Gross realized gains and gross realized losses on sales of securities available for sale

Gross realized gains and gross realized losses on sales of securities available for sale for the years 2016, 2015 and 2014 were as follows:

	Year Ended December 31,
	2016			2015		2014
Gross gains on sales of securities available for sale	$	1,257		$	96	$	375
Gross losses on sales of securities available for sale	(71		)	—		—
Gain on sales of securities available for sale, net	$	1,186		$	96	$	375

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at December 31, 2016 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

	Held to Maturity				Available for Sale
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due within one year	$	11,419	$	11,504	$	—	$	—
Due after one year through five years	110,979		114,123		2,066		2,158
Due after five years through ten years	129,883		131,145		1,047		1,039
Due after ten years	104,001		106,121		23,749		18,389
Residential mortgage backed securities:
Government agency mortgage backed securities	—		—		414,019		409,317
Government agency collateralized mortgage obligations	—		—		171,362		168,826
Commercial mortgage backed securities:
Government agency mortgage backed securities	—		—		50,628		50,863
Government agency collateralized mortgage obligations	—		—		2,528		2,550
Other debt securities	—		—		21,006		21,106
Other equity securities	—		—		—		—
	$	356,282	$	362,893	$	686,405	$	674,248

Unrealized losses and fair value by investment category

The following table presents the gross unrealized losses and fair value of investment securities, aggregated by investment category and the length of time the investments have been in a continuous unrealized loss position as of the dates presented:

	Less than 12 Months						12 Months or More						Total
	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Held to Maturity:
December 31, 2016
Obligations of other U.S. Government agencies and corporations	4	$	11,915	$	(187	)	0	$	—	$	—		4	$	11,915	$	(187	)
Obligations of states and political subdivisions	102	83,362		(1,778		)	0	—		—			102	83,362		(1,778		)
Total	106	$	95,277	$	(1,965	)	0	$	—	$	—		106	$	95,277	$	(1,965	)
December 31, 2015
Obligations of other U.S. Government agencies and corporations	10	$	31,567	$	(414	)	8	$	38,688	$	(800	)	18	$	70,255	$	(1,214	)
Obligations of states and political subdivisions	6	4,815		(53		)	7	4,921		(42		)	13	9,736		(95		)
Total	16	$	36,382	$	(467	)	15	$	43,609	$	(842	)	31	$	79,991	$	(1,309	)

	Less than 12 Months						12 Months or More						Total
	#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses			#	Fair Value		Unrealized Losses
Available for Sale:
December 31, 2016
Obligations of other U.S. Government agencies and corporations	0	$	—	$	—		0	$	—	$	—		0	$	—	$	—
Residential mortgage backed securities:
Government agency mortgage backed securities	131	298,400		(6,042		)	5	11,504		(601		)	136	309,904		(6,643		)
Government agency collateralized mortgage obligations	40	97,356		(1,845		)	14	33,786		(1,522		)	54	131,142		(3,367		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	9	21,933		(453		)	2	1,101		(8		)	11	23,034		(461		)
Government agency collateralized mortgage obligations	1	1,729		(16		)	0	—		—			1	1,729		(16		)
Trust preferred securities	0	—		—			3	18,389		(5,360		)	3	18,389		(5,360		)
Other debt securities	3	7,946		(208		)	2	2,475		(10		)	5	10,421		(218		)
Other equity securities	0	—		—			0	—		—			0	—		—
Total	184	$	427,364	$	(8,564	)	26	$	67,255	$	(7,501	)	210	$	494,619	$	(16,065	)
December 31, 2015
Obligations of other U.S. Government agencies and corporations	1	$	3,981	$	(19	)	0	$	—	$	—		1	$	3,981	$	(19	)
Residential mortgage backed securities:
Government agency mortgage backed securities	34	130,306		(937		)	9	27,431		(841		)	43	157,737		(1,778		)
Government agency collateralized mortgage obligations	25	52,128		(347		)	16	51,574		(1,958		)	41	103,702		(2,305		)
Commercial mortgage backed securities:
Government agency mortgage backed securities	8	16,782		(104		)	1	814		(3		)	9	17,596		(107		)
Government agency collateralized mortgage obligations	1	1,882		(1		)	0	—		—			1	1,882		(1		)
Trust preferred securities	0	—		—			3	19,469		(5,301		)	3	19,469		(5,301		)
Other debt securities	1	1,316		(3		)	2	3,866		(31		)	3	5,182		(34		)
Other equity securities	0	—		—			0	—		—			0	—		—
Total	70	$	206,395	$	(1,411	)	31	$	103,154	$	(8,134	)	101	$	309,549	$	(9,545	)

Investments in pooled trust preferred securities

The following table provides information regarding the Company’s investments in pooled trust preferred securities at December 31, 2016:

Name	Single/ Pooled	Class/ Tranche	Amortized Cost		Fair Value		Unrealized Gain (Loss)			Lowest Credit Rating	Issuers Currently in Deferral or Default
XXIII	Pooled	B-2	$	8,293	$	5,680	$	(2,613	)	Baa3	17%
XXIV	Pooled	B-2	11,242		9,646		(1,596		)	Caa2	24%
XXVI	Pooled	B-2	4,214		3,063		(1,151		)	Ba3	19%
			$	23,749	$	18,389	$	(5,360	)

Cumulative credit related losses recognized in earnings

The following table provides a summary of the cumulative credit related losses recognized in earnings for which a portion of OTTI has been recognized in other comprehensive income:

	2016			2015
Balance at January 1	$	(3,337	)	$	(3,337	)
Additions related to credit losses for which OTTI was not previously recognized	—			—
Increases in credit loss for which OTTI was previously recognized	—			—
Balance at December 31	$	(3,337	)	$	(3,337	)

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Non Purchased Loans (Tables)

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Summary of loans

The following is a summary of non purchased loans and leases at December 31:

	2016			2015
Commercial, financial, agricultural	$	589,290		$	485,407
Lease financing	49,250			35,978
Real estate – construction	483,926			291,701
Real estate – 1-4 family mortgage	1,425,730			1,204,228
Real estate – commercial mortgage	2,075,137			1,729,049
Installment loans to individuals	92,648			85,234
Gross loans	4,715,981			3,831,597
Unearned income	(2,409		)	(1,163		)
Loans, net of unearned income	4,713,572			3,830,434

The following is a summary of purchased loans at December 31:

	2016		2015
Commercial, financial, agricultural	$	128,200	$	151,430
Lease financing	—		—
Real estate – construction	68,753		65,964
Real estate – 1-4 family mortgage	452,447		531,095
Real estate – commercial mortgage	823,758		804,680
Installment loans to individuals	15,979		29,859
Gross loans	1,489,137		1,583,028
Unearned income	—		—
Loans, net of unearned income	1,489,137		1,583,028

The following is a summary of non purchased and purchased loans and leases at December 31:

	2016			2015
Commercial, financial, agricultural	$	717,490		$	636,837
Lease financing	49,250			35,978
Real estate – construction	552,679			357,665
Real estate – 1-4 family mortgage	1,878,177			1,735,323
Real estate – commercial mortgage	2,898,895			2,533,729
Installment loans to individuals	108,627			115,093
Gross loans	6,205,118			5,414,625
Unearned income	(2,409		)	(1,163		)
Loans, net of unearned income	6,202,709			5,413,462
Allowance for loan losses	(42,737		)	(42,437		)
Net loans	$	6,159,972		$	5,371,025

Past due and nonaccrual loans

The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:

	Accruing Loans										Nonaccruing Loans
	30-89 Days Past Due		90 Days or More Past Due		Current Loans			Total Loans			30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		Total Loans
December 31, 2016
Commercial, financial, agricultural	$	811	$	720	$	586,730		$	588,261		$	—	$	932	$	97	$	1,029	$	589,290
Lease financing	193		—		48,919			49,112			—		138		—		138		49,250
Real estate – construction	995		—		482,931			483,926			—		—		—		—		483,926
Real estate – 1-4 family mortgage	6,189		1,136		1,414,254			1,421,579			161		1,222		2,768		4,151		1,425,730
Real estate – commercial mortgage	2,283		99		2,066,821			2,069,203			580		2,778		2,576		5,934		2,075,137
Installment loans to individuals	324		124		92,179			92,627			—		21		—		21		92,648
Unearned income	—		—		(2,409		)	(2,409		)	—		—		—		—		(2,409		)
Total	$	10,795	$	2,079	$	4,689,425		$	4,702,299		$	741	$	5,091	$	5,441	$	11,273	$	4,713,572
December 31, 2015
Commercial, financial, agricultural	$	176	$	38	$	485,095		$	485,309		$	30	$	68	$	—	$	98	$	485,407
Lease financing	—		—		35,978			35,978			—		—		—		—		35,978
Real estate – construction	68		—		291,633			291,701			—		—		—		—		291,701
Real estate – 1-4 family mortgage	4,461		807		1,192,318			1,197,586			370		1,857		4,415		6,642		1,204,228
Real estate – commercial mortgage	2,391		425		1,719,329			1,722,145			568		1,668		4,668		6,904		1,729,049
Installment loans to individuals	167		56		85,011			85,234			—		—		—		—		85,234
Unearned income	—		—		(1,163		)	(1,163		)	—		—		—		—		(1,163		)
Total	$	7,263	$	1,326	$	3,808,201		$	3,816,790		$	968	$	3,593	$	9,083	$	13,644	$	3,830,434

The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:

	Accruing Loans								Nonaccruing Loans
	30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		Total Loans
December 31, 2016
Commercial, financial, agricultural	$	823	$	990	$	125,417	$	127,230	$	260	$	381	$	329	$	970	$	128,200
Lease financing	—		—		—		—		—		—		—		—		—
Real estate – construction	527		321		67,760		68,608		—		145		—		145		68,753
Real estate – 1-4 family mortgage	4,572		3,382		440,258		448,212		417		2,047		1,771		4,235		452,447
Real estate – commercial mortgage	3,045		6,112		808,886		818,043		—		2,661		3,054		5,715		823,758
Installment loans to individuals	96		10		15,591		15,697		—		156		126		282		15,979
Unearned income	—		—		—		—		—		—		—		—		—
Total	$	9,063	$	10,815	$	1,457,912	$	1,477,790	$	677	$	5,390	$	5,280	$	11,347	$	1,489,137
December 31, 2015
Commercial, financial, agricultural	$	1,120	$	1,039	$	148,942	$	151,101	$	—	$	65	$	264	$	329	$	151,430
Lease financing	—		—		—		—		—		—		—		—		—
Real estate – construction	—		176		65,788		65,964		—		—		—		—		65,964
Real estate – 1-4 family mortgage	4,735		5,650		514,912		525,297		158		1,806		3,834		5,798		531,095
Real estate – commercial mortgage	2,458		8,156		784,863		795,477		—		595		8,608		9,203		804,680
Installment loans to individuals	94		46		29,659		29,799		—		53		7		60		29,859
Unearned income	—		—		—		—		—		—		—		—		—
Total	$	8,407	$	15,067	$	1,544,164	$	1,567,638	$	158	$	2,519	$	12,713	$	15,390	$	1,583,028

Impaired loans

Impaired loans recognized in conformity with ASC 310-20, segregated by class, were as follows as of the dates and periods presented:

	As of December 31, 2016						Year Ended December 31, 2016
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	1,175	$	1,539	$	136	$	856	$	28
Lease financing	—		—		—		—		—
Real estate – construction	517		517		1		469		26
Real estate – 1-4 family mortgage	9,207		10,823		1,091		9,603		225
Real estate – commercial mortgage	10,053		13,667		2,397		11,180		305
Installment loans to individuals	87		87		1		98		2
Total	$	21,039	$	26,633	$	3,626	$	22,206	$	586
With no related allowance recorded:
Commercial, financial, agricultural	$	—	$	38	$	—	$	24	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	—		—		—		41		—
Real estate – commercial mortgage	568		1,340		—		938		38
Installment loans to individuals	—		—		—		—		—
Total	$	568	$	1,378	$	—	$	1,003	$	38
Totals	$	21,607	$	28,011	$	3,626	$	23,209	$	624

	As of December 31, 2015						Year Ended December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	344	$	531	$	6	$	508	$	17
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	15,995		17,518		4,474		16,751		366
Real estate – commercial mortgage	15,626		18,918		2,906		17,059		469
Installment loans to individuals	67		67		—		67		2
Total	$	32,032	$	37,034	$	7,386	$	34,385	$	854
With no related allowance recorded:
Commercial, financial, agricultural	$	12	$	760	$	—	$	43	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	—		—		—		—		—
Real estate – commercial mortgage	—		—		—		—		—
Installment loans to individuals	—		—		—		—		—
Total	$	12	$	760	$	—	$	43	$	—
Totals	$	32,044	$	37,794	$	7,386	$	34,428	$	854

Purchased non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310-20, segregated by class, were as follows as of the dates and periods presented:

	As of December 31, 2016						Year Ended December 31, 2016
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	487	$	503	$	310	$	500	$	2
Lease financing	—		—		—		—		—
Real estate – construction	145		147		—		148		—
Real estate – 1-4 family mortgage	1,496		1,538		43		1,535		7
Real estate – commercial mortgage	2,275		2,299		48		2,273		111
Installment loans to individuals	135		159		114		161		—
Total	$	4,538	$	4,646	$	515	$	4,617	$	120
With no related allowance recorded:
Commercial, financial, agricultural	$	224	$	229	$	—	$	172	$	4
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	1,385		1,557		—		1,550		33
Real estate – commercial mortgage	183		186		—		194		11
Installment loans to individuals	55		56		—		61		—
Total	$	1,847	$	2,028	$	—	$	1,977	$	48
Totals	$	6,385	$	6,674	$	515	$	6,594	$	168

	As of December 31, 2015						Year Ended December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	14	$	17	$	—	$	18	$	—
Lease financing	—		—		—		—		—
Real estate – construction	2,698		2,710		20		899		78
Real estate – 1-4 family mortgage	655		675		1		712		28
Real estate – commercial mortgage	1,193		1,251		193		1,223		19
Installment loans to individuals	23		23		—		8		—
Total	$	4,583	$	4,676	$	214	$	2,860	$	125
With no related allowance recorded:
Commercial, financial, agricultural	$	—	$	—	$	—	$	—	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	—		—		—		—		—
Real estate – commercial mortgage	—		—		—		—		—
Installment loans to individuals	—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—
Totals	$	4,583	$	4,676	$	214	$	2,860	$	125

Restructured loans

The following table presents restructured loans segregated by class as of the dates presented:

	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
December 31, 2016
Commercial, financial, agricultural	—	$	—	$	—
Lease financing	—	—		—
Real estate – construction	1	510		518
Real estate – 1-4 family mortgage	43	4,498		4,105
Real estate – commercial mortgage	8	4,324		2,758
Installment loans to individuals	1	66		66
Total	53	$	9,398	$	7,447
December 31, 2015
Commercial, financial, agricultural	1	$	257	$	257
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	46	5,249		4,754
Real estate – commercial mortgage	11	6,365		5,174
Installment loans to individuals	1	67		67
Total	59	$	11,938	$	10,252

The following table presents restructured loans segregated by class as of the dates presented:

	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
December 31, 2016
Commercial, financial, agricultural	1	$	41	$	17
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	30	2,754		2,081
Real estate – commercial mortgage	11	2,641		1,930
Installment loans to individuals	—	—		—
Total	42	$	5,436	$	4,028
December 31, 2015
Commercial, financial, agricultural	—	$	—	$	—
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	17	1,339		1,024
Real estate – commercial mortgage	9	2,658		2,177
Installment loans to individuals	—	—		—
Total	26	$	3,997	$	3,201

Changes in restructured loans

Changes in the Company’s restructured loans are set forth in the table below.

	Number of Loans		Recorded Investment
Totals at January 1, 2015	49		$	13,879
Additional loans with concessions	39		10,077
Reductions due to:
Reclassified as nonperforming	(6	)	(2,870		)
Paid in full	(21	)	(8,127		)
Charge-offs	(1	)	(56		)
Transfer to other real estate owned	—		—
Principal paydowns	—		(428		)
Lapse of concession period	—		—
TDR reclassified as performing loan	(1	)	$	(2,223	)
Totals at December 31, 2015	59		$	10,252
Additional loans with concessions	16		2,075
Reductions due to:
Reclassified as nonperforming	(4	)	(1,406		)
Paid in full	(16	)	(2,233		)
Charge-offs	(1	)	(275		)
Transfer to other real estate owned	(1	)	(51		)
Principal paydowns	—		(915		)
Lapse of concession period	—		—
TDR reclassified as performing loan	—		$	—
Totals at December 31, 2016	53		$	7,447

Changes in the Company’s restructured loans are set forth in the table below.

	Number of Loans		Recorded Investment
Totals at January 1, 2015	4		$	458
Additional loans with concessions	23		3,341
Reductions due to:
Reclassified as nonperforming	(1	)	(275		)
Paid in full	—		—
Charge-offs	—		—
Transfer to other real estate owned	—		—
Principal paydowns	—		(323		)
Lapse of concession period	—		—
TDR reclassified as performing loan	—		$	—
Totals at December 31, 2015	26		$	3,201
Additional loans with concessions	25		2,472
Reductions due to:
Reclassified as nonperforming	(4	)	(216		)
Paid in full	(5	)	(1,297		)
Charge-offs	—		—
Transfer to other real estate owned	—		—
Principal paydowns	—		(132		)
Lapse of concession period	—		—
TDR reclassified as performing loan	—		$	—
Totals at December 31, 2016	42		$	4,028

Loan portfolio by risk-rating grades

The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:

	Pass		Watch		Substandard		Total
December 31, 2016
Commercial, financial, agricultural	$	434,323	$	4,531	$	850	$	439,704
Real estate – construction	402,156		393		—		402,549
Real estate – 1-4 family mortgage	190,882		3,374		6,129		200,385
Real estate – commercial mortgage	1,734,523		18,118		13,088		1,765,729
Installment loans to individuals	—		—		—		—
Total	$	2,761,884	$	26,416	$	20,067	$	2,808,367
December 31, 2015
Commercial, financial, agricultural	$	336,583	$	8,146	$	690	$	345,419
Real estate – construction	223,962		483		—		224,445
Real estate – 1-4 family mortgage	138,852		5,163		11,688		155,703
Real estate – commercial mortgage	1,406,188		22,142		18,964		1,447,294
Installment loans to individuals	52		—		5		57
Total	$	2,105,637	$	35,934	$	31,347	$	2,172,918

The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:

	Pass		Watch		Substandard		Total
December 31, 2016
Commercial, financial, agricultural	$	102,777	$	2,370	$	1,491	$	106,638
Real estate – construction	61,206		2,640		—		63,846
Real estate – 1-4 family mortgage	105,265		7,665		364		113,294
Real estate – commercial mortgage	608,192		8,445		723		617,360
Installment loans to individuals	—		—		114		114
Total	$	877,440	$	21,120	$	2,692	$	901,252
December 31, 2015
Commercial, financial, agricultural	$	128,602	$	352	$	1,044	$	129,998
Real estate – construction	49,436		—		—		49,436
Real estate – 1-4 family mortgage	136,417		4,549		3,772		144,738
Real estate – commercial mortgage	562,164		5,033		1,719		568,916
Installment loans to individuals	—		—		—		—
Total	$	876,619	$	9,934	$	6,535	$	893,088

Loan portfolio not subject to risk rating

The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Performing		Non-Performing		Total
December 31, 2016
Commercial, financial, agricultural	$	148,499	$	1,087	$	149,586
Lease financing	46,703		138		46,841
Real estate – construction	81,377		—		81,377
Real estate – 1-4 family mortgage	1,222,816		2,529		1,225,345
Real estate – commercial mortgage	308,609		799		309,408
Installment loans to individuals	92,504		144		92,648
Total	$	1,900,508	$	4,697	$	1,905,205
December 31, 2015
Commercial, financial, agricultural	$	139,895	$	93	$	139,988
Lease financing	34,815		—		34,815
Real estate – construction	67,256		—		67,256
Real estate – 1-4 family mortgage	1,046,100		2,425		1,048,525
Real estate – commercial mortgage	280,888		867		281,755
Installment loans to individuals	85,121		56		85,177
Total	$	1,654,075	$	3,441	$	1,657,516

The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Performing			Non-Performing		Total
December 31, 2016
Commercial, financial, agricultural	$	9,489		$	79	$	9,568
Lease financing	—			—		—
Real estate – construction	3,601		5	466		4,067
Real estate – 1-4 family mortgage	265,697			1,504		267,201
Real estate – commercial mortgage	21,353			58		21,411
Installment loans to individuals	13,712			168		13,880
Total	$	313,852		$	2,275	$	316,127
December 31, 2015
Commercial, financial, agricultural	$	4,943		$	—	$	4,943
Lease financing	—			—		—
Real estate – construction	13,779			—		13,779
Real estate – 1-4 family mortgage	294,256			452		294,708
Real estate – commercial mortgage	13,154			—		13,154
Installment loans to individuals	27,153			38		27,191
Total	$	353,285		$	490	$	353,775

Related party loans

A summary of the changes in related party loans follows:

Loans at December 31, 2015	$	16,013
New loans and advances	576
Payments received	(3,532		)
Changes in related parties	1,211
Loans at December 31, 2016	$	14,268

XML

Purchased Loans (Tables)

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Summary of loans

The following is a summary of non purchased loans and leases at December 31:

	2016			2015
Commercial, financial, agricultural	$	589,290		$	485,407
Lease financing	49,250			35,978
Real estate – construction	483,926			291,701
Real estate – 1-4 family mortgage	1,425,730			1,204,228
Real estate – commercial mortgage	2,075,137			1,729,049
Installment loans to individuals	92,648			85,234
Gross loans	4,715,981			3,831,597
Unearned income	(2,409		)	(1,163		)
Loans, net of unearned income	4,713,572			3,830,434

The following is a summary of purchased loans at December 31:

	2016		2015
Commercial, financial, agricultural	$	128,200	$	151,430
Lease financing	—		—
Real estate – construction	68,753		65,964
Real estate – 1-4 family mortgage	452,447		531,095
Real estate – commercial mortgage	823,758		804,680
Installment loans to individuals	15,979		29,859
Gross loans	1,489,137		1,583,028
Unearned income	—		—
Loans, net of unearned income	1,489,137		1,583,028

The following is a summary of non purchased and purchased loans and leases at December 31:

	2016			2015
Commercial, financial, agricultural	$	717,490		$	636,837
Lease financing	49,250			35,978
Real estate – construction	552,679			357,665
Real estate – 1-4 family mortgage	1,878,177			1,735,323
Real estate – commercial mortgage	2,898,895			2,533,729
Installment loans to individuals	108,627			115,093
Gross loans	6,205,118			5,414,625
Unearned income	(2,409		)	(1,163		)
Loans, net of unearned income	6,202,709			5,413,462
Allowance for loan losses	(42,737		)	(42,437		)
Net loans	$	6,159,972		$	5,371,025

Past due and nonaccrual loans

The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:

	Accruing Loans										Nonaccruing Loans
	30-89 Days Past Due		90 Days or More Past Due		Current Loans			Total Loans			30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		Total Loans
December 31, 2016
Commercial, financial, agricultural	$	811	$	720	$	586,730		$	588,261		$	—	$	932	$	97	$	1,029	$	589,290
Lease financing	193		—		48,919			49,112			—		138		—		138		49,250
Real estate – construction	995		—		482,931			483,926			—		—		—		—		483,926
Real estate – 1-4 family mortgage	6,189		1,136		1,414,254			1,421,579			161		1,222		2,768		4,151		1,425,730
Real estate – commercial mortgage	2,283		99		2,066,821			2,069,203			580		2,778		2,576		5,934		2,075,137
Installment loans to individuals	324		124		92,179			92,627			—		21		—		21		92,648
Unearned income	—		—		(2,409		)	(2,409		)	—		—		—		—		(2,409		)
Total	$	10,795	$	2,079	$	4,689,425		$	4,702,299		$	741	$	5,091	$	5,441	$	11,273	$	4,713,572
December 31, 2015
Commercial, financial, agricultural	$	176	$	38	$	485,095		$	485,309		$	30	$	68	$	—	$	98	$	485,407
Lease financing	—		—		35,978			35,978			—		—		—		—		35,978
Real estate – construction	68		—		291,633			291,701			—		—		—		—		291,701
Real estate – 1-4 family mortgage	4,461		807		1,192,318			1,197,586			370		1,857		4,415		6,642		1,204,228
Real estate – commercial mortgage	2,391		425		1,719,329			1,722,145			568		1,668		4,668		6,904		1,729,049
Installment loans to individuals	167		56		85,011			85,234			—		—		—		—		85,234
Unearned income	—		—		(1,163		)	(1,163		)	—		—		—		—		(1,163		)
Total	$	7,263	$	1,326	$	3,808,201		$	3,816,790		$	968	$	3,593	$	9,083	$	13,644	$	3,830,434

The following table provides an aging of past due and nonaccrual loans, segregated by class, as of the dates presented:

	Accruing Loans								Nonaccruing Loans
	30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		30-89 Days Past Due		90 Days or More Past Due		Current Loans		Total Loans		Total Loans
December 31, 2016
Commercial, financial, agricultural	$	823	$	990	$	125,417	$	127,230	$	260	$	381	$	329	$	970	$	128,200
Lease financing	—		—		—		—		—		—		—		—		—
Real estate – construction	527		321		67,760		68,608		—		145		—		145		68,753
Real estate – 1-4 family mortgage	4,572		3,382		440,258		448,212		417		2,047		1,771		4,235		452,447
Real estate – commercial mortgage	3,045		6,112		808,886		818,043		—		2,661		3,054		5,715		823,758
Installment loans to individuals	96		10		15,591		15,697		—		156		126		282		15,979
Unearned income	—		—		—		—		—		—		—		—		—
Total	$	9,063	$	10,815	$	1,457,912	$	1,477,790	$	677	$	5,390	$	5,280	$	11,347	$	1,489,137
December 31, 2015
Commercial, financial, agricultural	$	1,120	$	1,039	$	148,942	$	151,101	$	—	$	65	$	264	$	329	$	151,430
Lease financing	—		—		—		—		—		—		—		—		—
Real estate – construction	—		176		65,788		65,964		—		—		—		—		65,964
Real estate – 1-4 family mortgage	4,735		5,650		514,912		525,297		158		1,806		3,834		5,798		531,095
Real estate – commercial mortgage	2,458		8,156		784,863		795,477		—		595		8,608		9,203		804,680
Installment loans to individuals	94		46		29,659		29,799		—		53		7		60		29,859
Unearned income	—		—		—		—		—		—		—		—		—
Total	$	8,407	$	15,067	$	1,544,164	$	1,567,638	$	158	$	2,519	$	12,713	$	15,390	$	1,583,028

Impaired loans

Impaired loans recognized in conformity with ASC 310-20, segregated by class, were as follows as of the dates and periods presented:

	As of December 31, 2016						Year Ended December 31, 2016
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	1,175	$	1,539	$	136	$	856	$	28
Lease financing	—		—		—		—		—
Real estate – construction	517		517		1		469		26
Real estate – 1-4 family mortgage	9,207		10,823		1,091		9,603		225
Real estate – commercial mortgage	10,053		13,667		2,397		11,180		305
Installment loans to individuals	87		87		1		98		2
Total	$	21,039	$	26,633	$	3,626	$	22,206	$	586
With no related allowance recorded:
Commercial, financial, agricultural	$	—	$	38	$	—	$	24	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	—		—		—		41		—
Real estate – commercial mortgage	568		1,340		—		938		38
Installment loans to individuals	—		—		—		—		—
Total	$	568	$	1,378	$	—	$	1,003	$	38
Totals	$	21,607	$	28,011	$	3,626	$	23,209	$	624

	As of December 31, 2015						Year Ended December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	344	$	531	$	6	$	508	$	17
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	15,995		17,518		4,474		16,751		366
Real estate – commercial mortgage	15,626		18,918		2,906		17,059		469
Installment loans to individuals	67		67		—		67		2
Total	$	32,032	$	37,034	$	7,386	$	34,385	$	854
With no related allowance recorded:
Commercial, financial, agricultural	$	12	$	760	$	—	$	43	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	—		—		—		—		—
Real estate – commercial mortgage	—		—		—		—		—
Installment loans to individuals	—		—		—		—		—
Total	$	12	$	760	$	—	$	43	$	—
Totals	$	32,044	$	37,794	$	7,386	$	34,428	$	854

Purchased non credit deteriorated loans that were subsequently impaired and recognized in conformity with ASC 310-20, segregated by class, were as follows as of the dates and periods presented:

	As of December 31, 2016						Year Ended December 31, 2016
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	487	$	503	$	310	$	500	$	2
Lease financing	—		—		—		—		—
Real estate – construction	145		147		—		148		—
Real estate – 1-4 family mortgage	1,496		1,538		43		1,535		7
Real estate – commercial mortgage	2,275		2,299		48		2,273		111
Installment loans to individuals	135		159		114		161		—
Total	$	4,538	$	4,646	$	515	$	4,617	$	120
With no related allowance recorded:
Commercial, financial, agricultural	$	224	$	229	$	—	$	172	$	4
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	1,385		1,557		—		1,550		33
Real estate – commercial mortgage	183		186		—		194		11
Installment loans to individuals	55		56		—		61		—
Total	$	1,847	$	2,028	$	—	$	1,977	$	48
Totals	$	6,385	$	6,674	$	515	$	6,594	$	168

	As of December 31, 2015						Year Ended December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	14	$	17	$	—	$	18	$	—
Lease financing	—		—		—		—		—
Real estate – construction	2,698		2,710		20		899		78
Real estate – 1-4 family mortgage	655		675		1		712		28
Real estate – commercial mortgage	1,193		1,251		193		1,223		19
Installment loans to individuals	23		23		—		8		—
Total	$	4,583	$	4,676	$	214	$	2,860	$	125
With no related allowance recorded:
Commercial, financial, agricultural	$	—	$	—	$	—	$	—	$	—
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	—		—		—		—		—
Real estate – commercial mortgage	—		—		—		—		—
Installment loans to individuals	—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—
Totals	$	4,583	$	4,676	$	214	$	2,860	$	125

Purchased credit deteriorated loans

Purchased credit deteriorated loans recognized in conformity with ASC 310-30, segregated by class, were as follows as of the dates and periods presented:

	As of December 31, 2016						Year Ended December 31, 2016
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	4,555	$	5,038	$	372	$	4,728	$	207
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	21,887		23,128		841		23,021		1,015
Real estate – commercial mortgage	62,449		70,970		1,606		62,759		2,674
Installment loans to individuals	366		368		1		382		13
Total	$	89,257	$	99,504	$	2,820	$	90,890	$	3,909
With no related allowance recorded:
Commercial, financial, agricultural	$	7,439	$	15,659	$	—	$	10,304	$	819
Lease financing	—		—		—		—		—
Real estate – construction	840		1,141		—		648		38
Real estate – 1-4 family mortgage	50,065		63,597		—		64,306		2,636
Real estate – commercial mortgage	122,538		158,105		—		149,917		7,053
Installment loans to individuals	1,619		2,098		—		1,967		77
Total	$	182,501	$	240,600	$	—	$	227,142	$	10,623
Totals	$	271,758	$	340,104	$	2,820	$	318,032	$	14,532

	As of December 31, 2015						Year Ended December 31, 2015
	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With a related allowance recorded:
Commercial, financial, agricultural	$	5,197	$	5,694	$	353	$	4,774	$	212
Lease financing	—		—		—		—		—
Real estate – construction	—		—		—		—		—
Real estate – 1-4 family mortgage	15,702		16,002		256		15,498		799
Real estate – commercial mortgage	53,762		57,950		1,096		56,548		2,667
Installment loans to individuals	400		694		1		416		13
Total	$	75,061	$	80,340	$	1,706	$	77,236	$	3,691
With no related allowance recorded:
Commercial, financial, agricultural	$	11,292	$	21,355	$	—	$	10,830	$	1,106
Lease financing	—		—		—		—		—
Real estate – construction	2,749		2,916		—		1,114		108
Real estate – 1-4 family mortgage	75,947		93,291		—		82,562		3,258
Real estate – commercial mortgage	168,848		229,871		—		180,326		9,546
Installment loans to individuals	2,268		2,738		—		2,942		119
Total	$	261,104	$	350,171	$	—	$	277,774	$	14,137
Totals	$	336,165	$	430,511	$	1,706	$	355,010	$	17,828

Restructured loans

The following table presents restructured loans segregated by class as of the dates presented:

	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
December 31, 2016
Commercial, financial, agricultural	—	$	—	$	—
Lease financing	—	—		—
Real estate – construction	1	510		518
Real estate – 1-4 family mortgage	43	4,498		4,105
Real estate – commercial mortgage	8	4,324		2,758
Installment loans to individuals	1	66		66
Total	53	$	9,398	$	7,447
December 31, 2015
Commercial, financial, agricultural	1	$	257	$	257
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	46	5,249		4,754
Real estate – commercial mortgage	11	6,365		5,174
Installment loans to individuals	1	67		67
Total	59	$	11,938	$	10,252

The following table presents restructured loans segregated by class as of the dates presented:

	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
December 31, 2016
Commercial, financial, agricultural	1	$	41	$	17
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	30	2,754		2,081
Real estate – commercial mortgage	11	2,641		1,930
Installment loans to individuals	—	—		—
Total	42	$	5,436	$	4,028
December 31, 2015
Commercial, financial, agricultural	—	$	—	$	—
Lease financing	—	—		—
Real estate – construction	—	—		—
Real estate – 1-4 family mortgage	17	1,339		1,024
Real estate – commercial mortgage	9	2,658		2,177
Installment loans to individuals	—	—		—
Total	26	$	3,997	$	3,201

Changes in restructured loans

Changes in the Company’s restructured loans are set forth in the table below.

	Number of Loans		Recorded Investment
Totals at January 1, 2015	49		$	13,879
Additional loans with concessions	39		10,077
Reductions due to:
Reclassified as nonperforming	(6	)	(2,870		)
Paid in full	(21	)	(8,127		)
Charge-offs	(1	)	(56		)
Transfer to other real estate owned	—		—
Principal paydowns	—		(428		)
Lapse of concession period	—		—
TDR reclassified as performing loan	(1	)	$	(2,223	)
Totals at December 31, 2015	59		$	10,252
Additional loans with concessions	16		2,075
Reductions due to:
Reclassified as nonperforming	(4	)	(1,406		)
Paid in full	(16	)	(2,233		)
Charge-offs	(1	)	(275		)
Transfer to other real estate owned	(1	)	(51		)
Principal paydowns	—		(915		)
Lapse of concession period	—		—
TDR reclassified as performing loan	—		$	—
Totals at December 31, 2016	53		$	7,447

Changes in the Company’s restructured loans are set forth in the table below.

	Number of Loans		Recorded Investment
Totals at January 1, 2015	4		$	458
Additional loans with concessions	23		3,341
Reductions due to:
Reclassified as nonperforming	(1	)	(275		)
Paid in full	—		—
Charge-offs	—		—
Transfer to other real estate owned	—		—
Principal paydowns	—		(323		)
Lapse of concession period	—		—
TDR reclassified as performing loan	—		$	—
Totals at December 31, 2015	26		$	3,201
Additional loans with concessions	25		2,472
Reductions due to:
Reclassified as nonperforming	(4	)	(216		)
Paid in full	(5	)	(1,297		)
Charge-offs	—		—
Transfer to other real estate owned	—		—
Principal paydowns	—		(132		)
Lapse of concession period	—		—
TDR reclassified as performing loan	—		$	—
Totals at December 31, 2016	42		$	4,028

Loan portfolio by risk-rating grades

The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:

	Pass		Watch		Substandard		Total
December 31, 2016
Commercial, financial, agricultural	$	434,323	$	4,531	$	850	$	439,704
Real estate – construction	402,156		393		—		402,549
Real estate – 1-4 family mortgage	190,882		3,374		6,129		200,385
Real estate – commercial mortgage	1,734,523		18,118		13,088		1,765,729
Installment loans to individuals	—		—		—		—
Total	$	2,761,884	$	26,416	$	20,067	$	2,808,367
December 31, 2015
Commercial, financial, agricultural	$	336,583	$	8,146	$	690	$	345,419
Real estate – construction	223,962		483		—		224,445
Real estate – 1-4 family mortgage	138,852		5,163		11,688		155,703
Real estate – commercial mortgage	1,406,188		22,142		18,964		1,447,294
Installment loans to individuals	52		—		5		57
Total	$	2,105,637	$	35,934	$	31,347	$	2,172,918

The following table presents the Company’s loan portfolio by risk-rating grades as of the dates presented:

	Pass		Watch		Substandard		Total
December 31, 2016
Commercial, financial, agricultural	$	102,777	$	2,370	$	1,491	$	106,638
Real estate – construction	61,206		2,640		—		63,846
Real estate – 1-4 family mortgage	105,265		7,665		364		113,294
Real estate – commercial mortgage	608,192		8,445		723		617,360
Installment loans to individuals	—		—		114		114
Total	$	877,440	$	21,120	$	2,692	$	901,252
December 31, 2015
Commercial, financial, agricultural	$	128,602	$	352	$	1,044	$	129,998
Real estate – construction	49,436		—		—		49,436
Real estate – 1-4 family mortgage	136,417		4,549		3,772		144,738
Real estate – commercial mortgage	562,164		5,033		1,719		568,916
Installment loans to individuals	—		—		—		—
Total	$	876,619	$	9,934	$	6,535	$	893,088

Loan portfolio not subject to risk rating

The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Performing		Non-Performing		Total
December 31, 2016
Commercial, financial, agricultural	$	148,499	$	1,087	$	149,586
Lease financing	46,703		138		46,841
Real estate – construction	81,377		—		81,377
Real estate – 1-4 family mortgage	1,222,816		2,529		1,225,345
Real estate – commercial mortgage	308,609		799		309,408
Installment loans to individuals	92,504		144		92,648
Total	$	1,900,508	$	4,697	$	1,905,205
December 31, 2015
Commercial, financial, agricultural	$	139,895	$	93	$	139,988
Lease financing	34,815		—		34,815
Real estate – construction	67,256		—		67,256
Real estate – 1-4 family mortgage	1,046,100		2,425		1,048,525
Real estate – commercial mortgage	280,888		867		281,755
Installment loans to individuals	85,121		56		85,177
Total	$	1,654,075	$	3,441	$	1,657,516

The following table presents the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Performing			Non-Performing		Total
December 31, 2016
Commercial, financial, agricultural	$	9,489		$	79	$	9,568
Lease financing	—			—		—
Real estate – construction	3,601		5	466		4,067
Real estate – 1-4 family mortgage	265,697			1,504		267,201
Real estate – commercial mortgage	21,353			58		21,411
Installment loans to individuals	13,712			168		13,880
Total	$	313,852		$	2,275	$	316,127
December 31, 2015
Commercial, financial, agricultural	$	4,943		$	—	$	4,943
Lease financing	—			—		—
Real estate – construction	13,779			—		13,779
Real estate – 1-4 family mortgage	294,256			452		294,708
Real estate – commercial mortgage	13,154			—		13,154
Installment loans to individuals	27,153			38		27,191
Total	$	353,285		$	490	$	353,775

Loans acquired with deteriorated credit quality

Loans purchased in business combinations that exhibited, at the date of acquisition, evidence of deterioration of the credit quality since origination, such that it was probable that all contractually required payments would not be collected, were as follows as of the dates presented:

	Total Purchased Credit Deteriorated Loans
December 31, 2016
Commercial, financial, agricultural	$	11,994
Lease financing	—
Real estate – construction	840
Real estate – 1-4 family mortgage	71,952
Real estate – commercial mortgage	184,987
Installment loans to individuals	1,985
Total	$	271,758
December 31, 2015
Commercial, financial, agricultural	$	16,489
Lease financing	—
Real estate – construction	2,749
Real estate – 1-4 family mortgage	91,649
Real estate – commercial mortgage	222,610
Installment loans to individuals	2,668
Total	$	336,165

Fair value of loans determined to be impaired and not to be impaired at the time of acquisition

The following table presents the fair value of loans determined to be impaired at the time of acquisition:

	Total Purchased Credit Deteriorated Loans
December 31, 2016
Contractually-required principal and interest	$	389,798
Nonaccretable difference(1)	(81,714		)
Cash flows expected to be collected	308,084
Accretable yield(2)	(36,326		)
Fair value	$	271,758
December 31, 2015
Contractually-required principal and interest	$	467,777
Nonaccretable difference(1)	(83,320		)
Cash flows expected to be collected	384,457
Accretable yield(2)	(48,292		)
Fair value	$	336,165

⁽¹⁾  Represents contractual principal cash flows of $81,673 and $83,078, respectively, and interest cash flows of $41 and $241, respectively, not expected to be collected.

⁽²⁾  Represents contractual interest payments expected to be collected of $1,776 and $2,312, respectively, and purchase discounts of $34,550 and $45,980, respectively.

The following table presents the fair value of loans purchased from KeyWorth as of the April 1, 2016 acquisition date.

At acquisition date:	April 1, 2016
Contractually-required principal and interest	$	289,495
Nonaccretable difference	3,848
Cash flows expected to be collected	285,647
Accretable yield	13,317
Fair value	$	272,330

Changes in accretable yield of loans acquired with deteriorated credit quality

Changes in the accretable yield of loans purchased with deteriorated credit quality were as follows:

	Total Purchased Credit Deteriorated Loans
Balance at January 1, 2015	$	(32,433	)
Additions through acquisition	(28,046		)
Reclasses from nonaccretable difference	(6,617		)
Accretion	17,212
Charge-off	1,592
Balance at December 31, 2015	$	(48,292	)
Additions through acquisition	(4,037		)
Reclasses from nonaccretable difference	(950		)
Accretion	14,711
Charge-off	2,242
Balance at December 31, 2016	$	(36,326	)

Investment in loans, net of unearned income on impairment methodology

The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:

	Commercial		Real Estate  - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Installment and Other(1)		Total
December 31, 2016
Individually evaluated for impairment	$	487	$	145	$	1,496	$	2,275	$	135	$	4,538
Collectively evaluated for impairment	115,719		67,768		378,999		636,496		13,859		1,212,841
Acquired with deteriorated credit quality	11,994		840		71,952		184,987		1,985		271,758
Ending balance	$	128,200	$	68,753	$	452,447	$	823,758	$	15,979	$	1,489,137
December 31, 2015
Individually evaluated for impairment	$	14	$	2,698	$	655	$	1,193	$	23	$	4,583
Collectively evaluated for impairment	134,927		60,517		438,791		580,877		27,168		1,242,280
Acquired with deteriorated credit quality	16,489		2,749		91,649		222,610		2,668		336,165
Ending balance	$	151,430	$	65,964	$	531,095	$	804,680	$	29,859	$	1,583,028

⁽¹⁾  Includes lease financing receivables.

The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:

	Commercial		Real Estate  - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Installment and Other(1)		Total
December 31, 2016
Individually evaluated for impairment	$	1,886	$	662	$	12,088	$	13,079	$	277	$	27,992
Collectively evaluated for impairment	703,610		551,177		1,794,137		2,700,829		153,206		5,902,959
Acquired with deteriorated credit quality	11,994		840		71,952		184,987		1,985		271,758
Ending balance	$	717,490	$	552,679	$	1,878,177	$	2,898,895	$	155,468	$	6,202,709
December 31, 2015
Individually evaluated for impairment	$	370	$	2,698	$	16,650	$	16,819	$	90	$	36,627
Collectively evaluated for impairment	619,978		352,218		1,627,024		2,294,300		147,150		5,040,670
Acquired with deteriorated credit quality	16,489		2,749		91,649		222,610		2,668		336,165
Ending balance	$	636,837	$	357,665	$	1,735,323	$	2,533,729	$	149,908	$	5,413,462

⁽¹⁾  Includes lease financing receivables.

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Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Summary of loans

The following is a summary of non purchased loans and leases at December 31:

	2016			2015
Commercial, financial, agricultural	$	589,290		$	485,407
Lease financing	49,250			35,978
Real estate – construction	483,926			291,701
Real estate – 1-4 family mortgage	1,425,730			1,204,228
Real estate – commercial mortgage	2,075,137			1,729,049
Installment loans to individuals	92,648			85,234
Gross loans	4,715,981			3,831,597
Unearned income	(2,409		)	(1,163		)
Loans, net of unearned income	4,713,572			3,830,434

The following is a summary of purchased loans at December 31:

	2016		2015
Commercial, financial, agricultural	$	128,200	$	151,430
Lease financing	—		—
Real estate – construction	68,753		65,964
Real estate – 1-4 family mortgage	452,447		531,095
Real estate – commercial mortgage	823,758		804,680
Installment loans to individuals	15,979		29,859
Gross loans	1,489,137		1,583,028
Unearned income	—		—
Loans, net of unearned income	1,489,137		1,583,028

The following is a summary of non purchased and purchased loans and leases at December 31:

	2016			2015
Commercial, financial, agricultural	$	717,490		$	636,837
Lease financing	49,250			35,978
Real estate – construction	552,679			357,665
Real estate – 1-4 family mortgage	1,878,177			1,735,323
Real estate – commercial mortgage	2,898,895			2,533,729
Installment loans to individuals	108,627			115,093
Gross loans	6,205,118			5,414,625
Unearned income	(2,409		)	(1,163		)
Loans, net of unearned income	6,202,709			5,413,462
Allowance for loan losses	(42,737		)	(42,437		)
Net loans	$	6,159,972		$	5,371,025

Rollforward of the allowance for loan losses

The following table provides a rollforward of the allowance for loan losses and a breakdown of the ending balance of the allowance based on the Company’s impairment methodology for the periods presented:

	Commercial			Real Estate  - Construction		Real Estate - 1-4 Family Mortgage			Real Estate  - Commercial Mortgage			Installment and Other(1)			Total
Year Ended December 31, 2016
Allowance for loan losses:
Beginning balance	$	4,186		$	1,852	$	13,908		$	21,111		$	1,380		$	42,437
Charge-offs	(2,725		)	—		(3,906		)	(2,123		)	(717		)	(9,471		)
Recoveries	331			47		997			757			109			2,241
Net charge-offs	(2,394		)	47		(2,909		)	(1,366		)	(608		)	(7,230		)
Provision for loan losses	3,716			364		2,616			(879		)	787			6,604
Benefit attributable to FDIC loss share agreements	(61		)	—		(115		)	(48		)	(41		)	(265		)
Recoveries payable to FDIC	39			117		794			241			—			1,191
Provision for loan losses charged to operations	3,694			481		3,295			(686		)	746			7,530
Ending balance	$	5,486		$	2,380	$	14,294		$	19,059		$	1,518		$	42,737
Period-End Amount Allocated to:
Individually evaluated for impairment	$	446		$	1	$	1,134		$	2,445		$	115		$	4,141
Collectively evaluated for impairment	4,668			2,379		12,319			15,008			1,402			35,776
Acquired with deteriorated credit quality	372			—		841			1,606			1			2,820
Ending balance	$	5,486		$	2,380	$	14,294		$	19,059		$	1,518		$	42,737

	Commercial			Real Estate  - Construction			Real Estate - 1-4 Family Mortgage			Real Estate  - Commercial Mortgage			Installment and Other(1)			Total
Year Ended December 31, 2015
Allowance for loan losses:
Beginning balance	$	3,305		$	1,415		$	13,549		$	22,759		$	1,261		$	42,289
Charge-offs	(943		)	(26		)	(2,173		)	(2,613		)	(1,021		)	(6,776		)
Recoveries	361			26			1,064			614			109			2,174
Net charge-offs	(582		)	—			(1,109		)	(1,999		)	(912		)	(4,602		)
Provision for loan losses	1,489			435			650			312			1,027			3,913
Benefit attributable to FDIC loss share agreements	(64		)	—			(91		)	(717		)	—			(872		)
Recoveries payable to FDIC	38			2			909			756			4			1,709
Provision for loan losses charged to operations	1,463			437			1,468			351			1,031			4,750
Ending balance	$	4,186		$	1,852		$	13,908		$	21,111		$	1,380		$	42,437
Period-End Amount Allocated to:
Individually evaluated for impairment	$	6		$	20		$	4,475		$	3,099		$	—		$	7,600
Collectively evaluated for impairment	3,827			1,832			9,177			16,916			1,379			33,131
Acquired with deteriorated credit quality	353			—			256			1,096			1			1,706
Ending balance	$	4,186		$	1,852		$	13,908		$	21,111		$	1,380		$	42,437
Year Ended December 31, 2014
Allowance for loan losses:
Beginning balance	$	3,090		$	1,091		$	18,629		$	23,688		$	1,167		$	47,665
Charge-offs	(1,516		)	—			(5,662		)	(6,186		)	(495		)	(13,859		)
Recoveries	455			33			1,325			436			67			2,316
Net charge-offs	(1,061		)	33			(4,337		)	(5,750		)	(428		)	(11,543		)
Provision for loan losses	1,297			290			(452		)	9,260			522			10,917
Benefit attributable to FDIC loss share agreements	(204		)	—			(816		)	(5,258		)	—			(6,278		)
Recoveries payable to FDIC	183			1			525			819			—			1,528
Provision for loan losses charged to operations	$	1,276		$	291		$	(743	)	$	4,821		$	522		$	6,167
Ending balance	$	3,305		$	1,415		$	13,549		$	22,759		$	1,261		$	42,289
Period-End Amount Allocated to:
Individually evaluated for impairment	$	5		$	—		$	4,786		$	5,465		$	—		$	10,256
Collectively evaluated for impairment	3,020			1,415			8,483			16,130			1,260			30,308
Acquired with deteriorated credit quality	280			—			280			1,164			1			1,725
Ending balance	$	3,305		$	1,415		$	13,549		$	22,759		$	1,261		$	42,289

⁽¹⁾  Includes lease financing receivables.

Investment in loans, net of unearned income on impairment methodology

The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:

	Commercial		Real Estate  - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Installment and Other(1)		Total
December 31, 2016
Individually evaluated for impairment	$	487	$	145	$	1,496	$	2,275	$	135	$	4,538
Collectively evaluated for impairment	115,719		67,768		378,999		636,496		13,859		1,212,841
Acquired with deteriorated credit quality	11,994		840		71,952		184,987		1,985		271,758
Ending balance	$	128,200	$	68,753	$	452,447	$	823,758	$	15,979	$	1,489,137
December 31, 2015
Individually evaluated for impairment	$	14	$	2,698	$	655	$	1,193	$	23	$	4,583
Collectively evaluated for impairment	134,927		60,517		438,791		580,877		27,168		1,242,280
Acquired with deteriorated credit quality	16,489		2,749		91,649		222,610		2,668		336,165
Ending balance	$	151,430	$	65,964	$	531,095	$	804,680	$	29,859	$	1,583,028

⁽¹⁾  Includes lease financing receivables.

The following table provides the recorded investment in loans, net of unearned income, based on the Company’s impairment methodology as of the dates presented:

	Commercial		Real Estate  - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Installment and Other(1)		Total
December 31, 2016
Individually evaluated for impairment	$	1,886	$	662	$	12,088	$	13,079	$	277	$	27,992
Collectively evaluated for impairment	703,610		551,177		1,794,137		2,700,829		153,206		5,902,959
Acquired with deteriorated credit quality	11,994		840		71,952		184,987		1,985		271,758
Ending balance	$	717,490	$	552,679	$	1,878,177	$	2,898,895	$	155,468	$	6,202,709
December 31, 2015
Individually evaluated for impairment	$	370	$	2,698	$	16,650	$	16,819	$	90	$	36,627
Collectively evaluated for impairment	619,978		352,218		1,627,024		2,294,300		147,150		5,040,670
Acquired with deteriorated credit quality	16,489		2,749		91,649		222,610		2,668		336,165
Ending balance	$	636,837	$	357,665	$	1,735,323	$	2,533,729	$	149,908	$	5,413,462

⁽¹⁾  Includes lease financing receivables.

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Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Bank premises and equipment

Bank premises and equipment at December 31 are summarized as follows:

	2016			2015
Premises	$	183,957		$	170,624
Leasehold improvements	7,862			7,207
Furniture and equipment	42,166			38,003
Computer equipment	13,548			15,230
Autos	252			219
Total	247,785			231,283
Accumulated depreciation	(68,562		)	(62,155		)
Net	$	179,223		$	169,128

Summary of future minimum lease payments

The following is a summary of future minimum lease payments for years following December 31, 2016:

2017	$	4,526
2018	4,145
2019	3,440
2020	2,801
2021	1,713
Thereafter	5,634
Total	$	22,259

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Other Real Estate Owned (Tables)

12 Months Ended

Dec. 31, 2016

Real Estate [Abstract]

Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs

The following table provides details of the Company’s other real estate owned (“OREO”) purchased and non purchased, net of valuation allowances and direct write-downs, as of the dates presented:

	Purchased OREO		Non Purchased OREO		Total OREO
December 31, 2016
Residential real estate	$	2,230	$	699	$	2,929
Commercial real estate	6,401		1,680		8,081
Residential land development	2,344		1,688		4,032
Commercial land development	6,395		1,862		8,257
Total	$	17,370	$	5,929	$	23,299
December 31, 2015
Residential real estate	$	2,707	$	2,087	$	4,794
Commercial real estate	6,283		5,104		11,387
Residential land development	1,717		2,879		4,596
Commercial land development	11,709		2,916		14,625
Total	$	22,416	$	12,986	$	35,402

Changes in OREO covered and not covered under a loss-share agreement

Changes in the Company’s purchased and non purchased OREO were as follows:

	Purchased OREO			Non Purchased OREO			Total OREO
Balance at December 31, 2014	$	17,386		$	17,086		$	34,472
Purchased OREO	9,972			—			9,972
Transfers of loans	11,642			3,293			14,935
Impairments(1)	(1,033		)	(1,486		)	(2,519		)
Dispositions	(15,551		)	(5,873		)	(21,424		)
Other	—			(34		)	(34		)
Balance at December 31, 2015	$	22,416		$	12,986		$	35,402
Purchased OREO	—			—			—
Transfers of loans	7,935			935			8,870
Impairments(1)	(1,631		)	(1,484		)	(3,115		)
Dispositions	(11,071		)	(6,458		)	(17,529		)
Other	(279		)	(50		)	(329		)
Balance at December 31, 2016	$	17,370		$	5,929		$	23,299

(1) Of the total impairment charges of $2,519 recorded for OREO in 2015, $2,157 was included in the Consolidated Statements of Income for the year ended December 31, 2015, while the remaining $362 increased the FDIC loss-share indemnification asset. Of the total impairment charges of $3,115 recorded for OREO in 2016, $3,018 was included in the Consolidated Statements of Income for the year ended December 31, 2016, while the remaining $97 increased the FDIC loss share indemnification asset prior to the termination of the Company's loss share agreements effective December 8, 2016.

Components of "Other real estate owned" in the Consolidated Statements of Income

Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows:

	Year Ended December 31,
	2016			2015			2014
Repairs and maintenance	$	962		$	840		$	2,129
Property taxes and insurance	1,374			809			372
Impairments	3,018			2,157			2,434
Net (gains) losses on OREO sales	590			(582		)	(151		)
Rental income	(248		)	(179		)	(191		)
Total	$	5,696		$	3,045		$	4,593

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Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill

Changes in the carrying amount of goodwill during the years ended December 31, 2016 and 2015 were as follows:

	Community Banks			Insurance		Total
Balance at December 31, 2014	$	271,939		$	2,767	$	274,706
Addition to goodwill from Heritage acquisition	171,182			—		171,182
Adjustment to previously recorded goodwill	(17		)	—		(17		)
Balance at December 31, 2015	$	443,104		$	2,767	$	445,871
Addition to goodwill from KeyWorth acquisition	20,633			—		20,633
Adjustment to previously recorded goodwill	4,030			—		4,030
Balance at December 31, 2016	$	467,767		$	2,767	$	470,534

Summary of finite-lived intangible assets

The following table provides a summary of finite-lived intangible assets as of the dates presented:

	Gross  Carrying Amount		Accumulated Amortization			Net Carrying Amount
December 31, 2016
Core deposit intangible	$	47,992	$	(25,188	)	$	22,804
Customer relationship intangible	1,970		(700		)	1,270
Total finite-lived intangible assets	$	49,962	$	(25,888	)	$	24,074
December 31, 2015
Core deposit intangible	$	45,982	$	(18,572	)	$	27,410
Customer relationship intangible	1,970		(569		)	1,401
Total finite-lived intangible assets	$	47,952	$	(19,141	)	$	28,811

Estimated amortization expense of finite-lived intangible assets for future periods

The estimated amortization expense of finite-lived intangible assets for the five succeeding fiscal years is summarized as follows:

	Core Deposit Intangibles		Customer Relationship Intangible		Total
2017	$	5,723	$	131	$	5,854
2018	4,881		131		5,012
2019	4,101		131		4,232
2020	3,213		131		3,344
2021	2,273		131		2,404

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Mortgage Servicing Rights (Tables)

12 Months Ended

Dec. 31, 2016

Transfers and Servicing [Abstract]

Changes in the Company's mortgage servicing rights

Changes in the Company’s mortgage servicing rights (“MSRs”) were as follows:

Carrying value at January 1, 2015	$	11,662
Additions through acquisition	10,429
Capitalization	10,793
Amortization	(3,242		)
Carrying value at December 31, 2015	$	29,642
Sale of MSRs	(18,477		)
Capitalization	18,061
Amortization	(2,884		)
Impairment	(40		)
Carrying value at December 31, 2016	$	26,302

Data and key economic assumptions related to the Company's mortgage servicing rights

Data and key economic assumptions related to the Company’s mortgage servicing rights as of December 31 are as follows:

	2016			2015			2014
Unpaid principal balance	$	2,763,344		$	3,090,839		$	1,178,390
Weighted-average prepayment speed (CPR)	7.34		%	8.89		%	8.25		%
Estimated impact of a 10% increase	$	(1,034	)	$	(1,203	)	$	(1,038	)
Estimated impact of a 20% increase	(2,010		)	(2,330		)	(1,441		)
Discount rate	9.64		%	9.51		%	10.76		%
Estimated impact of a 100bp increase	$	(1,368	)	$	(1,357	)	$	(1,010	)
Estimated impact of a 200bp increase	(2,629		)	(2,612		)	(1,378		)
Weighted-average coupon interest rate	3.83		%	3.97		%	3.84		%
Weighted-average servicing fee (basis points)	25.87			25.04			25.04
Weighted-average remaining maturity (in years)	11.11			15.23			24.41

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Deposit (Tables)

12 Months Ended

Dec. 31, 2016

Banking and Thrift [Abstract]

Schedule of deposits

The following is a summary of deposits as of December 31:

	2016		2015
Noninterest-bearing deposits	$	1,561,357	$	1,278,337
Interest-bearing demand deposits	3,333,896		2,945,438
Savings deposits	543,131		499,536
Time deposits	1,620,753		1,495,291
Total deposits	$	7,059,137	$	6,218,602

Schedule of maturities time deposits

The approximate scheduled maturities of time deposits at December 31, 2016 are as follows:

2017	$	734,286
2018	388,825
2019	326,032
2020	114,157
2021	45,278
Thereafter	12,175
Total	$	1,620,753

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Short-Term Borrowings (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Short-term borrowings

Short-term borrowings as of December 31 are summarized as follows:

	2016		2015
Securities sold under agreements to repurchase	$	9,676	$	22,279
Federal Home Loan Bank short-term advances	100,000		400,000
Total short-term borrowings	$	109,676	$	422,279

Average balances and cost of funds of short-term borrowings

The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows:

	Average Balances						Cost of Funds
	2016		2015		2014		2016		2015		2014
Federal Home Loan Bank short-term advances	$	344,724	$	207,575	$	17,899	0.46	%	0.18	%	0.17	%
Securities sold under agreements to repurchase	12,205		15,515		4,334		0.20		0.21		0.15
Total short-term borrowings	$	356,929	$	223,090	$	22,233	0.45	%	0.18	%	0.17	%

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Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Long-term debt

Long-term debt as of December 31, 2016 and 2015 is summarized as follows:

	2016		2015
Federal Home Loan Bank advances	$	8,542	$	52,930
Other long-term debt	147		192
Junior subordinated debentures	95,643		95,095
Subordinated notes	98,127		—
Total long-term debt	$	202,459	$	148,217

Debentures

The following table provides details on the debentures as of December 31, 2016:

	Principal Amount		Interest Rate		Year of Maturity	Amount Included in Tier 1 Capital
PHC Statutory Trust I	$	20,619	3.84	%	2033	$	20,000
PHC Statutory Trust II	31,959		2.83		2035	31,000
Heritage Financial Statutory Trust I	10,310		10.20		2031	10,000
Capital Bancorp Capital Trust I	12,372		2.50		2035	12,000
First M&F Statutory Trust I	30,928		2.29		2036	19,455

Aggregate stated maturities of long-term debt outstanding

The aggregate stated maturities of long-term debt outstanding at December 31, 2016, are summarized as follows:

2017	$	—
2018	326
2019	147
2020	615
2021	—
Thereafter	201,371
Total	$	202,459

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Employee Benefit and Deferred Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Information relating to the defined benefit pension plan and post-retirement health and life plans

Information relating to the legacy Renasant defined benefit pension plan (“Pension Benefits - Renasant”), the assumed HeritageBank defined benefit pension plan (“Pension Benefits - HeritageBank”) and post-retirement health and life plan (“Other Benefits”) as of December 31, 2016 and 2015 is as follows:

	Pension Benefits Renasant						Pension Benefits HeritageBank						Other Benefits
	2016			2015			2016			2015			2016			2015
Change in benefit obligation
Benefit obligation at beginning of year	$	27,856		$	28,087		$	12,913		$	—		$	1,704		$	1,941
Service cost	—			—			—			—			12			17
Interest cost	1,216			1,095			172			305			58			60
Plan participants’ contributions	—			—			—			—			76			82
Actuarial loss (gain)	(115		)	605			(481		)	(685		)	(56		)	(37		)
Benefits paid	(2,018		)	(1,931		)	(22		)	(15		)	(228		)	(359		)
Settlements(1)	—			—			(11,509		)	(2,187		)	—			—
Transfer from HeritageBank Pension Plan	1,073			—			(1,073		)	—			—			—
Addition from business combination	—			—			—			15,495			—			—
Benefit obligation at end of year	$	28,012		$	27,856		$	—		$	12,913		$	1,566		$	1,704
Change in fair value of plan assets
Fair value of plan assets at beginning of year	$	24,434		$	26,532		$	12,458		$	—
Actual return on plan assets	1,752			(167		)	29			(21		)
Contribution by employer	—			—			142			—
Benefits paid	(2,018		)	(1,931		)	(22		)	(15		)
Settlements	—			—			(11,509		)	(2,187		)
Expenses paid from plan trust	—			—			(25		)	—
Transfer from HeritageBank Pension Plan	1,073			—			(1,073		)	—
Addition from business combination	—			—			—			14,681
Fair value of plan assets at end of year	$	25,241		$	24,434		$	—		$	12,458
Funded status at end of year	$	(2,771	)	$	(3,422	)	$	—		$	(455	)	$	(1,566	)	$	(1,704	)
Weighted-average assumptions as of December 31
Discount rate used to determine the benefit obligation	4.35		%	4.56		%	—		%	4.27		%	3.57		%	3.63		%

⁽¹⁾  Settlements from the HeritageBank defined benefit pension plan represent the lump sum payments made to participants upon final distribution of benefits as a result of the plan's termination.

Plan expense for noncontributory benefit pension plan and post-retirement health and life plans

The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health and life plans for the year ended December 31, 2016, 2015 and 2014 are as follows:

	Pension Benefits Renasant									Pension Benefits HeritageBank(1)						Other Benefits
	2016			2015			2014			2016			2015			2016			2015			2014
Service cost	$	—		$	—		$	—		$	—		$	—		$	12		$	17		$	14
Interest cost	1,216			1,095			1,292			172			305			58			60			84
Expected return on plan assets	(1,872		)	(2,040		)	(2,160		)	(113		)	(216		)	—			—			—
Prior service cost recognized	—			—			—			—			—			—			—			—
Recognized actuarial loss	404			331			207			—			—			76			101			89
Settlement/curtailment/termination losses	—			—			453			(780		)	(65		)	—			—			—
Net periodic benefit cost	(252		)	(614		)	(208		)	(721		)	24			146			178			187
Net actuarial loss/(gain) arising during the period	5			2,812			3,047			(397		)	(448		)	(56		)	(37		)	(118		)
Net Settlement/curtailment/termination losses	—			—			(453		)	780			65
Amortization of net actuarial loss recognized in net periodic pension cost	(404		)	(331		)	(207		)	—			—			(76		)	(101		)	(89		)
Total recognized in other comprehensive income	(399		)	2,481			2,387			383			(383		)	(132		)	(138		)	(207		)
Total recognized in net periodic benefit cost and other comprehensive income	$	(651	)	$	1,867		$	2,179		$	(338	)	$	(359	)	$	14		$	40		$	(20	)
Weighted-average assumptions as of December 31
Discount rate used to determine net periodic pension cost	4.56		%	4.00		%	4.83		%	4.27		%	4.00		%	3.63		%	3.22		%	4.66		%
Expected return on plan assets	8.00		%	8.00		%	8.00		%	3.00		%	3.00		%	N/A			N/A			N/A

⁽¹⁾ Net periodic benefit cost and other amounts recognized in other comprehensive income for the assumed HeritageBank defined benefit pension plan were recognized in the Company’s results of operations beginning on the date of acquisition; therefore, disclosure of amounts recognized in prior periods is not necessary.

Future estimated benefit payments under the defined benefit pension plan and post-retirement health and life plan

Future estimated benefit payments under the Renasant defined benefit pension plan and post-retirement health and life plan are as follows:

	Pension Benefits Renasant		Other Benefits
2017	$	2,050	$	247
2018	2,073		241
2019	2,080		203
2020	2,080		184
2021	2,084		180
2022 - 2026	9,983		616

Amounts recognized in accumulated other comprehensive income, net of tax

Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2016 are as follows:

	Pension Benefits Renasant		Other Benefits
Prior service cost	$	—	$	—
Actuarial loss	11,515		418
Total	$	11,515	$	418

Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost

The estimated costs that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are as follows:

	Pension Benefits Renasant		Other Benefits
Prior service cost	$	—	$	—
Actuarial loss	400		50
Total	$	400	$	50

Fair values of defined benefit pension plan assets by category of the firm

The fair values of these instruments are based on quoted market prices of similar instruments or a discounted cash flow model (Level 2).

	Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
December 31, 2016
Cash and cash equivalents	$	1,639	$	—	$	—	$	1,639
U.S. government securities	—		2,270		—		2,270
Corporate debt	—		1,991		—		1,991
Corporate stocks	17,823		—		—		17,823
Investments in registered investment companies	871		—		—		871
Foreign obligations	—		647		—		647
Municipal obligations	—		—		—		—
	$	20,333	$	4,908	$	—	$	25,241

	Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
December 31, 2015
Cash and cash equivalents	$	13,927	$	—	$	—	$	13,927
U.S. government securities	—		1,883		—		1,883
Corporate debt	—		2,442		—		2,442
Corporate stocks	17,383		—		—		17,383
Investments in registered investment companies	848		—		—		848
Foreign obligations	—		308		—		308
Municipal obligations	—		101		—		101
	$	32,158	$	4,734	$	—	$	36,892

Summarizes information about options issued under the long-term equity incentive plan

The following table summarizes information about options issued under the long-term equity incentive plan as of and for the three years ended December 31, 2016:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
Outstanding at January 1, 2014	1,060,348		$	18.64
Granted	—		—
Exercised	(227,499	)	18.39
Forfeited	(1,899	)	20.77
Outstanding at December 31, 2014	830,950		$	18.70	4.48	$	8,680
Exercisable at December 31, 2014	745,949		$	18.95	4.15	$	7,628
Granted	—		—
Exercised	(201,371	)	20.82
Forfeited	(8,133	)	29.45
Outstanding at December 31, 2015	621,446		$	17.88	3.91	$	10,274
Exercisable at December 31, 2015	606,027		$	17.85	3.83	$	10,038
Granted	—		—
Exercised	(435,177	)	18.67
Forfeited	(644	)	29.67
Outstanding at December 31, 2016	185,625		$	15.97	3.91	$	4,872
Exercisable at December 31, 2016	185,625		$	15.97	3.91	$	4,872

Summary of the changes in restricted stock

The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2016:

	Performance- Based Restricted Stock(1)		Weighted Average Grant-Date Fair Value		Time- Based Restricted Stock		Weighted Average Grant-Date Fair Value
Nonvested at beginning of year	—		$	—	105,438		$	31.04
Granted	61,700		31.12		52,005		31.74
Vested	(52,045	)	31.12		(21,138	)	27.53
Cancelled	(9,655	)	31.12		(18,960	)	32.40
Nonvested at end of year	—		$	—	117,345		$	31.76

⁽¹⁾ In January 2016, the Company awarded 61,700 shares of performance-based restricted stock based on the target level of performance goals. The Company's year-end results were between the threshold and target performance levels; therefore, 9,655 shares were cancelled for a total award of 52,045 shares.

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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative financial instruments

The following table provides details on the Company’s derivative financial instruments as of the dates presented:

		Fair Value
	Balance Sheet	December 31,
	Location	2016		2015
Derivative assets:
Not designated as hedging instruments:
Interest rate contracts	Other Assets	$	1,985	$	2,544
Interest rate lock commitments	Other Assets	2,643		4,508
Forward commitments	Other Assets	4,480		446
Totals		$	9,108	$	7,498
Derivative liabilities:
Designated as hedging instruments:
Interest rate swap	Other Liabilities	$	3,410	$	4,266
Totals		$	3,410	$	4,266
Not designated as hedging instruments:
Interest rate contracts	Other Liabilities	$	1,985	$	2,544
Interest rate lock commitments	Other Liabilities	246		—
Forward commitments	Other Liabilities	269		509
Totals		$	2,500	$	3,053

Gains (losses) on derivative financial instruments included in the Consolidated Statements of Income

Gains (losses) included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows:

	Year Ended December 31,
	2016			2015			2014
Derivatives not designated as hedging instruments:
Interest rate contracts:
Included in interest income on loans	$	2,402		$	2,200		$	2,961
Interest rate lock commitments:
Included in mortgage banking income	(2,111		)	(530		)	1,171
Forward commitments
Included in mortgage banking income	4,275			(1,917		)	(609		)
Total	$	4,566		$	(247	)	$	3,523

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

The following table presents the Company’s gross derivative positions as recognized in the consolidated balance sheets as well as the net derivative positions, including collateral pledged to the extent the application of such collateral did not reduce the net derivative liability position below zero, had the Company elected to offset those instruments subject to an enforceable master netting agreement:

	Offsetting Derivative Assets				Offsetting Derivative Liabilities
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015
Gross amounts recognized	$	4,778	$	446	$	4,893	$	6,454
Gross amounts offset in the consolidated balance sheets	—		—		—		—
Net amounts presented in the consolidated balance sheets	4,778		446		4,893		6,454
Gross amounts not offset in the consolidated balance sheets
Financial instruments	567		282		567		282
Financial collateral pledged	—		—		4,326		6,020
Net amounts	$	4,211	$	164	$	—	$	152

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

Significant components of the provision for income taxes (benefits) are as follows for the periods presented:

	Year Ended December 31,
	2016		2015		2014
Current
Federal	$	31,679	$	17,004	$	16,474
State	2,131		995		540
	33,810		17,999		17,014
Deferred
Federal	10,480		12,625		8,649
State	557		1,126		642
	11,037		13,751		9,291
	$	44,847	$	31,750	$	26,305

Components of the Company's investments in qualified affordable housing projects were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented:

	Year Ended
	December 31,
	2016			2015
Investment amortization	$	1,335		$	1,328
Tax credits and other benefits	(1,927		)	(1,883		)
Total	$	(592	)	$	(555	)

Reconciliation of income taxes computed at the United States federal statutory tax rates

The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows:

	Year Ended December 31,
	2016			2015			2014
Tax at U.S. statutory rate	$	47,522		$	34,918		$	30,061
Increase (decrease) in taxes resulting from:
Tax-exempt interest income	(3,467		)	(3,377		)	(3,215		)
BOLI income	(1,622		)	(1,264		)	(1,045		)
Investment tax credits	(1,390		)	(1,390		)	(1,390		)
Amortization of investment in low-income housing tax credits	1,742			1,734			1,594
State income tax expense, net of federal benefit	1,747			1,378			921
Decrease to valuation allowance	—			—			(152		)
Other items, net	315			(249		)	(469		)
	$	44,847		$	31,750		$	26,305

Significant components of the Company's deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented:

	December 31,
	2016		2015
Deferred tax assets
Allowance for loan losses	$	19,934	$	17,430
Loans	23,240		26,239
Deferred compensation	11,254		17,060
Net unrealized losses on securities	10,096		6,065
Impairment of assets	2,512		3,271
Net operating loss carryforwards	2,867		3,681
Other	7,149		7,499
Gross deferred tax assets	77,052		81,245
Valuation allowance on state net operating loss carryforwards	—		—
Total deferred tax assets	77,052		81,245
Deferred tax liabilities
FDIC indemnification asset	—		1,927
Investment in partnerships	1,556		2,507
Core deposit intangible	—		3,386
Depreciation	2,517		673
Mortgage servicing rights	3,360		4,032
Subordinated debt	4,111		4,287
Other	2,876		2,364
Total deferred tax liabilities	14,420		19,176
Net deferred tax assets	$	62,632	$	62,069

Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 is as follows:

	2016		2015			2014
Balance at January 1	$	1,485	$	2,653		$	2,178
Additions based on positions related to current period	25		367			475
Additions based on positions related to prior period	—		—			—
Reductions based on positions related to prior period	—		(201		)	—
Settlements	—		(1,334		)	—
Reductions due to lapse of statute of limitations	—		—			—
Balance at December 31	$	1,510	$	1,485		$	2,653

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Investments in Qualified Affordable Housing Projects (Tables)

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Components of qualified affordable housing projects included in income taxes

Significant components of the provision for income taxes (benefits) are as follows for the periods presented:

	Year Ended December 31,
	2016		2015		2014
Current
Federal	$	31,679	$	17,004	$	16,474
State	2,131		995		540
	33,810		17,999		17,014
Deferred
Federal	10,480		12,625		8,649
State	557		1,126		642
	11,037		13,751		9,291
	$	44,847	$	31,750	$	26,305

Components of the Company's investments in qualified affordable housing projects were included in the line item “Income taxes” in the Consolidated Statements of Income for the periods presented:

	Year Ended
	December 31,
	2016			2015
Investment amortization	$	1,335		$	1,328
Tax credits and other benefits	(1,927		)	(1,883		)
Total	$	(592	)	$	(555	)

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair values of financial assets and liabilities measured on a recurring basis

The following table presents assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:

	Level 1		Level 2		Level 3		Totals
December 31, 2016
Financial assets:
Securities available for sale:
Obligations of other U.S. Government agencies and corporations	$	—	$	2,158	$	—	$	2,158
Residential mortgage-backed securities:
Government agency-mortgage backed securities	—		409,317		—		409,317
Government agency collateralized mortgage obligations	—		168,826		—		168,826
Commercial mortgage-backed securities:
Government agency-mortgage backed securities	—		50,863		—		50,863
Government agency collateralized mortgage obligations	—		2,550		—		2,550
Trust preferred securities	—		—		18,389		18,389
Other debt securities	—		22,145		—		22,145
Total securities available for sale	—		655,859		18,389		674,248
Derivative instruments:
Interest rate contracts	—		1,985		—		1,985
Interest rate lock commitments	—		2,643		—		2,643
Forward commitments	—		4,480		—		4,480
Total derivative instruments	—		9,108		—		9,108
Mortgage loans held for sale	—		177,866		—		177,866
Total financial assets	$	—	$	842,833	$	18,389	$	861,222
Financial liabilities:
Derivative instruments:
Interest rate swap	$	—	$	3,410	$	—	$	3,410
Interest rate contracts	—		1,985		—		1,985
Interest rate lock commitments	—		246		—		246
Forward commitments	—		269		—		269
Total derivative instruments	—		5,910		—		5,910
Total financial liabilities	$	—	$	5,910	$	—	$	5,910

	Level 1		Level 2		Level 3		Totals
December 31, 2015
Financial assets:
Securities available for sale:
Obligations of other U.S. Government agencies and corporations	$	—	$	6,200	$	—	$	6,200
Residential mortgage-backed securities:
Government agency mortgage-backed securities	—		364,540		—		364,540
Government agency collateralized mortgage obligations	—		168,060		—		168,060
Commercial mortgage-backed securities:
Government agency-mortgage backed securities	—		59,759		—		59,759
Government agency collateralized mortgage obligations	—		5,104		—		5,104
Trust preferred securities	—		—		19,469		19,469
Other debt securities	—		19,333		—		19,333
Other equity securities	—		4,340		—		4,340
Total securities available for sale	—		627,336		19,469		646,805
Derivative instruments:
Interest rate contracts	—		2,544		—		2,544
Interest rate lock commitments	—		4,508		—		4,508
Forward commitments	—		446		—		446
Total derivative instruments	—		7,498		—		7,498
Mortgage loans held for sale	—		225,254		—		225,254
Total financial assets	$	—	$	860,088	$	19,469	$	879,557
Financial liabilities:
Derivative instruments:
Interest rate swap	$	—	$	4,266	$	—	$	4,266
Interest rate contracts	—		2,544		—		2,544
Forward commitments	—		509		—		509
Total derivative instruments	—		7,319		—		7,319
Total financial liabilities	$	—	$	7,319	$	—	$	7,319

Reconciliation for assets and liabilities measured at fair value on a recurring basis

The following tables provide a reconciliation for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs, or Level 3 inputs:

	Securities available for sale
	Trust preferred securities
Balance at January 1, 2015	$	19,756
Realized (gains) losses included in net income, net of premium amortization	(62		)
Unrealized gains included in other comprehensive income	1,439
Sales	(1,117		)
Issues	—
Settlements	(547		)
Transfers into Level 3	—
Transfers out of Level 3	—
Balance at December 31, 2015	$	19,469
Realized (gains) losses included in net income, net of premium amortization	33
Unrealized gains included in other comprehensive income	(59		)
Sales	—
Issues	—
Settlements	(1,054		)
Transfers into Level 3	—
Transfers out of Level 3	—
Balance at December 31, 2016	$	18,389

Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on recurring basis

The following table presents information as of December 31, 2016 about significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis:

Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Trust preferred securities	$	18,389	Discounted cash flows	Default rate	0-100%

Impaired loans measured at fair value on a nonrecurring basis

Consolidated Balance Sheets as of the dates presented and the level within the fair value hierarchy each is classified:

	Level 1		Level 2		Level 3		Totals
December 31, 2016
Impaired loans	$	—	$	—	$	4,101	$	4,101
OREO	—		—		6,741		6,741
Mortgage servicing rights	—		—		26,302		26,302
Total	$	—	$	—	$	37,144	$	37,144

	Level 1		Level 2		Level 3		Totals
December 31, 2015
Impaired loans	$	—	$	—	$	6,508	$	6,508
OREO	—		—		12,839		12,839
Total	$	—	$	—	$	19,347	$	19,347

OREO measured at fair value on a nonrecurring basis

The following table presents OREO measured at fair value on a nonrecurring basis that was still held in the Consolidated Balance Sheets as of the dates presented:

	December 31, 2016			December 31, 2015
Carrying amount prior to remeasurement	$	8,290		$	14,726
Impairment recognized in results of operations	(1,549		)	(1,887		)
Fair value	$	6,741		$	12,839

Significant unobservable inputs (Level 3) used in valuation of assets and liabilities measured at fair value on non recurring basis

The following table presents information as of December 31, 2016 about significant unobservable inputs (Level 3) used in the valuation of assets measured at fair value on a nonrecurring basis:

Financial instrument	Fair Value		Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Impaired loans	$	4,101	Appraised value of collateral less estimated costs to sell	Estimated costs to sell	4-10%
OREO	$	6,741	Appraised value of property less estimated costs to sell	Estimated costs to sell	4-10%

Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value

The following table summarizes the differences between the fair value and the principal balance for mortgage loans held for sale measured at fair value as of December 31, 2016:

	Aggregate Fair  Value		Aggregate Unpaid Principal Balance		Difference
Mortgage loans held for sale	$	177,866	$	175,964	$	1,902
Past due loans of 90 days or more	—		—		—
Nonaccrual loans	—		—		—

Assets and liabilities not measured and reported at fair value on a recurring basis or nonrecurring basis

The carrying amounts and estimated fair values of the Company’s financial instruments, including those assets and liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis, were as follows as of the dates presented:

			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
December 31, 2016
Financial assets
Cash and cash equivalents	$	306,224	$	306,224	$	—	$	—	$	306,224
Securities held to maturity	356,282		—		362,893		—		362,893
Securities available for sale	674,248		—		655,859		18,389		674,248
Mortgage loans held for sale	177,866		—		177,866		—		177,866
Loans, net	6,159,972		—		—		5,989,790		5,989,790
Mortgage servicing rights	26,302		—		—		32,064		32,064
Derivative instruments	9,108		—		9,108		—		9,108
Financial liabilities
Deposits	$	7,059,137	$	5,438,384	$	1,631,027	$	—	$	7,069,411
Short-term borrowings	109,676		109,676		—		—		109,676
Other long-term borrowings	147		147		—		—		147
Federal Home Loan Bank advances	8,542		—		8,777		—		8,777
Junior subordinated debentures	95,643		—		73,301		—		73,301
Subordinated notes	98,127		—		101,000		—		101,000
Derivative instruments	5,910		—		5,910		—		5,910

			Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Total
December 31, 2015
Financial assets
Cash and cash equivalents	$	211,571	$	211,571	$	—	$	—	$	211,571
Securities held to maturity	458,400		—		473,753		—		473,753
Securities available for sale	646,805		—		627,336		19,469		646,805
Mortgage loans held for sale	225,254		—		225,254		—		225,254
Loans covered under loss-share agreements	93,142		—		—		92,528		92,528
Loans not covered under loss-share agreements, net	5,277,883		—		—		5,208,630		5,208,630
Mortgage servicing rights	29,642		—		—		33,283		33,283
FDIC loss-share indemnification asset	7,149		—		—		7,149		7,149
Derivative instruments	7,498		—		7,498		—		7,498
Financial liabilities
Deposits	$	6,218,602	$	4,723,312	$	1,502,202	$	—	$	6,225,514
Short-term borrowings	422,279		422,279		—		—		422,279
Other long-term borrowings	192		192		—		—		192
Federal Home Loan Bank advances	52,930		—		56,101		—		56,101
Junior subordinated debentures	95,095		—		78,095		—		78,095
Derivative instruments	7,319		—		7,319		—		7,319

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Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Changes in the components of other comprehensive income

Changes in the components of other comprehensive income, net of tax, were as follows:

	Pre-Tax			Tax  Expense (Benefit)			Net of Tax
Year Ended December 31, 2016
Securities available for sale:
Unrealized holding losses on securities	$	(10,119	)	$	(3,913	)	$	(6,206	)
Reclassification adjustment for gains realized in net income(1)	(1,186		)	(459		)	(727		)
Amortization of unrealized holding gains on securities transferred to the held to maturity category	(99		)	(38		)	(61		)
Total securities available for sale	(11,404		)	(4,410		)	(6,994		)
Derivative instruments:
Unrealized holding gains on derivative instruments	856			329			527
Total derivative instruments	856			329			527
Defined benefit pension and post-retirement benefit plans:
Net gain arising during the period	51			20			31
Amortization of net actuarial loss recognized in net periodic pension cost(2)	480			178			302
Reclassification adjustment for net settlement gain realized in net income(2)	(383		)	(148		)	(235		)
Total defined benefit pension and post-retirement benefit plans	148			50			98
Total other comprehensive loss	$	(10,400	)	$	(4,031	)	$	(6,369	)
Year Ended December 31, 2015
Securities available for sale:
Unrealized holding losses on securities	$	(571	)	$	(220	)	$	(351	)
Reclassification adjustment for gains realized in net income(1)	(96		)	(37		)	(59		)
Amortization of unrealized holding gains on securities transferred to the held to maturity category	(178		)	(68		)	(110		)
Total securities available for sale	(845		)	(325		)	(520		)
Derivative instruments:
Unrealized holding losses on derivative instruments	(420		)	(171		)	(249		)
Total derivative instruments	(420		)	(171		)	(249		)
Defined benefit pension and post-retirement benefit plans:
Net loss arising during the period	(2,393		)	(958		)	(1,435		)
Amortization of net actuarial loss recognized in net periodic pension cost(2)	432			165			267
Total defined benefit pension and post-retirement benefit plans	(1,961		)	(793		)	(1,168		)
Total other comprehensive loss	$	(3,226	)	$	(1,289	)	$	(1,937	)

	Pre-Tax			Tax  Expense (Benefit)			Net of Tax
Year Ended December 31, 2014
Securities available for sale:
Unrealized holding gains on securities	$	12,520		$	4,789		$	7,731
Reclassification adjustment for gains realized in net income(1)	(375		)	(143		)	(232		)
Amortization of unrealized holding gains on securities transferred to the held to maturity category	(253		)	(97		)	(156		)
Total securities available for sale	11,892			4,549			7,343
Derivative instruments:
Unrealized holding losses on derivative instruments	(2,627		)	(1,005		)	(1,622		)
Total derivative instruments	(2,627		)	(1,005		)	(1,622		)
Defined benefit pension and post-retirement benefit plans:
Net loss arising during the period	(2,476		)	(947		)	(1,529		)
Amortization of net actuarial loss recognized in net periodic pension cost(2)	296			113			183
Total defined benefit pension and post-retirement benefit plans	(2,180		)	(834		)	(1,346		)
Total other comprehensive income	$	7,085		$	2,710		$	4,375

⁽¹⁾ Included in Net gains on sales of securities in the Consolidated Statements of Income

⁽²⁾ Included in Salaries and employee benefits in the Consolidated Statements of Income

Accumulated balances for each component of other comprehensive income, net of tax

The accumulated balances for each component of other comprehensive income, net of tax, at December 31 were as follows:

	2016			2015			2014
Unrealized gains on securities	$	9,490		$	16,500		$	17,759
Non-credit related portion of other-than-temporary impairment on securities	(16,719		)	(16,735		)	(17,474		)
Unrealized losses on derivative instruments	(1,355		)	(1,882		)	(1,633		)
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations	(7,320		)	(7,418		)	(6,250		)
Total accumulated other comprehensive loss	$	(15,904	)	$	(9,535	)	$	(7,598	)

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Quarterly Results of Operations (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Summary of the unaudited quarterly results of operations

The following table sets forth a summary of the unaudited quarterly results of operations.

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2016
Interest income	$	76,259	$	84,008	$	83,032	$	85,840
Interest expense	6,205		6,851		7,301		7,791
Net interest income	70,054		77,157		75,731		78,049
Provision for loan losses	1,800		1,430		2,650		1,650
Noninterest income	33,302		35,586		38,272		30,071
Noninterest expense	69,814		77,259		76,468		71,374
Income before income taxes	31,742		34,054		34,885		35,096
Income taxes	10,526		11,154		11,706		11,461
Net income	$	21,216	$	22,900	$	23,179	$	23,635
Basic earnings per share	$	0.53	$	0.54	$	0.55	$	0.56
Diluted earnings per share	$	0.52	$	0.54	$	0.55	$	0.55
2015
Interest income	$	54,166	$	56,769	$	74,300	$	77,788
Interest expense	5,385		5,155		5,688		5,437
Net interest income	48,781		51,614		68,612		72,351
Provision for loan losses	1,075		1,175		750		1,750
Noninterest income	21,870		22,879		32,079		31,442
Noninterest expense	47,319		51,082		75,979		70,734
Income before income taxes	22,257		22,236		23,962		31,309
Income taxes	7,017		6,842		7,742		10,149
Net income	$	15,240	$	15,394	$	16,220	$	21,160
Basic earnings per share	$	0.48	$	0.49	$	0.40	$	0.53
Diluted earnings per share	$	0.48	$	0.48	$	0.40	$	0.52

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Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Basic and diluted net income per common share

Basic and diluted net income per common share calculations are as follows for the periods presented:

	Year Ended December 31,
	2016		2015		2014
Basic
Net income applicable to common stock	$	90,930	$	68,014	$	59,582
Average common shares outstanding	41,737,636		35,971,877		31,499,498
Net income per common share—basic	$	2.18	$	1.89	$	1.89
Diluted
Net income applicable to common stock	$	90,930	$	68,014	$	59,582
Average common shares outstanding	41,737,636		35,971,877		31,499,498
Effect of dilutive stock-based compensation	251,819		255,562		260,149
Average common shares outstanding—diluted	41,989,455		36,227,439		31,759,647
Net income per common share—diluted	$	2.17	$	1.88	$	1.88

Schedule of potentially dilutive securities excluded from computation of earnings per share

Stock options that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:

	Year Ended
	December 31,
	2016	2015	2014
Number of shares	—	—	109,068
Range of exercise prices	—	—	$29.57 - $30.63

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Regulatory Matters (Tables)

12 Months Ended

Dec. 31, 2016

Banking and Thrift [Abstract]

Guidelines specify capital tiers

The Federal Reserve, the FDIC and the Office of the Comptroller of the Currency have issued guidelines governing the levels of capital that banks must maintain. Those guidelines specify capital tiers, which include the following classifications:

Capital Tiers	Tier 1 Capital to Average Assets (Leverage)	Common Equity Tier 1 to Risk - Weighted Assets	Tier 1 Capital to Risk – Weighted Assets	Total Capital to Risk – Weighted Assets
Well capitalized	5% or above	6.5% or above	8% or above	10% or above
Adequately capitalized	4% or above	4.5% or above	6% or above	8% or above
Undercapitalized	Less than 4%	Less than 4.5%	Less than 6%	Less than 8%
Significantly undercapitalized	Less than 3%	Less than 3%	Less than 4%	Less than 6%
Critically undercapitalized	Tangible Equity / Total Assets less than 2%

Capital and risk-based capital and leverage ratios for the Company and for Renasant Bank

The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of December 31:

	2016				2015
	Amount		Ratio		Amount		Ratio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)	$	858,850	10.59	%	$	681,731	9.16	%
Common Equity Tier 1 Capital to Risk-Weighted Assets	766,560		11.47	%	591,356		9.99	%
Tier 1 Capital to Risk-Weighted Assets	858,850		12.86	%	681,731		11.51	%
Total Capital to Risk-Weighted Assets	1,004,038		15.03	%	729,321		12.32	%
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)	$	824,850	10.20	%	$	654,830	8.82	%
Common Equity Tier 1 Capital to Risk-Weighted Assets	824,850		12.38	%	654,830		11.09	%
Tier 1 Capital to Risk-Weighted Assets	824,850		12.38	%	654,830		11.09	%
Total Capital to Risk-Weighted Assets	871,911		13.09	%	701,591		11.89	%

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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Financial information for operating segments

The following table provides financial information for the Company’s operating segments as of and for the years ended December 31, 2016, 2015 and 2014:

	Community Banks		Insurance		Wealth Management			Other			Consolidated
2016
Net interest income	$	305,583	$	350	$	1,846		$	(6,788	)	$	300,991
Provision for loan losses	7,530		—		—			—			7,530
Noninterest income	114,615		10,074		12,354			372			137,415
Noninterest expense	276,260		6,873		11,099			867			295,099
Income before income taxes	136,408		3,551		3,101			(7,283		)	135,777
Income taxes	46,352		1,385		—			(2,890		)	44,847
Net income (loss)	$	90,056	$	2,166	$	3,101		$	(4,393	)	$	90,930
Total assets	$	8,602,022	$	23,693	$	54,857		$	19,279		$	8,699,851
Goodwill	467,767		2,767		—			—			470,534
2015
Net interest income	$	244,242	$	311	$	1,688		$	(4,883	)	$	241,358
Provision for loan losses	4,752		—		(2		)	—			4,750
Noninterest income	88,498		9,340		10,559			(127		)	108,270
Noninterest expense	228,248		6,900		9,130			836			245,114
Income before income taxes	99,740		2,751		3,119			(5,846		)	99,764
Income taxes	32,941		1,078		—			(2,269		)	31,750
Net income (loss)	$	66,799	$	1,673	$	3,119		$	(3,577	)	$	68,014
Total assets	$	7,833,084	$	22,550	$	46,035		$	24,827		$	7,926,496
Goodwill	443,104		2,767		—			—			445,871
2014
Net interest income	$	205,353	$	237	$	1,332		$	(4,440	)	$	202,482
Provision for loan losses	6,249		—		(82		)	—			6,167
Noninterest income	61,973		9,055		8,997			484			80,509
Noninterest expense	175,660		6,441		8,111			725			190,937
Income before income taxes	85,417		2,851		2,300			(4,681		)	85,887
Income taxes	27,037		1,114		—			(1,846		)	26,305
Net income (loss)	$	58,380	$	1,737	$	2,300		$	(2,835	)	$	59,582
Total assets	$	5,720,995	$	20,472	$	44,275		$	19,387		$	5,805,129
Goodwill	271,939		2,767		—			—			274,706

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Renasant Corporation (Parent Company Only) Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Balance Sheets

Balance Sheets

	December 31,
	2016		2015
Assets
Cash and cash equivalents(1)	$	121,233	$	11,107
Investments	4,327		9,711
Investment in bank subsidiary(2)	1,291,686		1,101,580
Accrued interest receivable on bank balances(2)	5		5
Intercompany receivable(2)	2,771		2,450
Other assets	11,508		10,560
Total assets	$	1,431,530	$	1,135,413
Liabilities and shareholders’ equity
Junior subordinated debentures	$	95,643	$	95,095
Subordinated notes	98,127		—
Other liabilities	4,877		3,500
Shareholders’ equity	1,232,883		1,036,818
Total liabilities and shareholders’ equity	$	1,431,530	$	1,135,413

(1) Eliminates in consolidation, with the exception of $1,970 pledged for collateral and held at non-subsidiary bank in 2015

(2) Eliminates in consolidation

Statements of Income

Statements of Income

	Year Ended December 31,
	2016			2015			2014
Income
Dividends from bank subsidiary(1)	$	29,733		$	24,557		$	21,518
Interest income from bank subsidiary(1)	8			7			8
Other dividends	469			266			749
Other income	1,275			58			71
Total income	31,485			24,888			22,346
Expenses	9,036			6,823			5,513
Income before income tax benefit and equity in undistributed net income of bank subsidiary	22,449			18,065			16,833
Income tax benefit	(2,890		)	(2,521		)	(1,846		)
Equity in undistributed net income of bank subsidiary(1)	65,591			47,428			40,903
Net income	$	90,930		$	68,014		$	59,582

(1) Eliminates in consolidation

Statements of Cash Flows

Statements of Cash Flows

	Year Ended December 31,
	2016			2015			2014
Operating activities
Net income	$	90,930		$	68,014		$	59,582
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of securities	(1,186		)	—			(375		)
Equity in undistributed net income of bank subsidiary	(65,591		)	(47,428		)	(40,903		)
Amortization/depreciation/accretion	560			579			385
(Increase) decrease in other assets	(556		)	(1,377		)	1,345
Increase in other liabilities	564			1,088			2,591
Net cash provided by operating activities	24,721			20,876			22,625
Investing activities
Purchases of securities held to maturity and available for sale	(1,380		)	(2,183		)	(1,781		)
Sales and maturities of securities held to maturity and available for sale	6,101			1,089			1,142
Investment in subsidiaries	(75,000		)	—			—
Net cash received in acquisition	—			5,292			—
Other investing activities	—			—			(64		)
Net cash (used in) provided by investing activities	(70,279		)	4,198			(703		)
Financing activities
Cash paid for dividends	(29,734		)	(24,557		)	(21,518		)
Cash received on exercise of stock-based compensation	415			102			401
Excess tax benefits from exercise of stock options	2,771			520			940
Repayments of advances from bank subsidiary	—			—			(1,500		)
Proceeds from issuance of long-term debt	98,127			—			—
Proceeds from equity offering	84,105			—			—
Net cash provided by (used in) financing activities	155,684			(23,935		)	(21,677		)
Increase in cash and cash equivalents	110,126			1,139			245
Cash and cash equivalents at beginning of year	11,107			9,968			9,723
Cash and cash equivalents at end of year	$	121,233		$	11,107		$	9,968

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Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Changes in the FDIC loss-share indemnification asset
Balance at January 1	$ 7,149,000	$ 12,516,000
Additions through acquisition	(260,000)	2,673,000
Realized losses in excess of initial estimates on:
Loans	265,000	872,000
OREO	97,000	362,000
Reimbursable expenses	0	1,170,000
Amortization	(797,000)	(4,865,000)
Reimbursements received from the FDIC	(2,987,000)	(5,579,000)
Termination of FDIC loss share agreements	(3,467,000)	0
Balance at December 31	$ 0	$ 7,149,000

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Significant Accounting Policies (Details Textual)	9 Months Ended	12 Months Ended
	Sep. 30, 2015 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Apr. 01, 2016 USD ($)	Jul. 01, 2015 USD ($) agreement
Accounting Policies [Abstract]
Date of discontinued recognition of interest on mortgage and commercial loans		90 days
Consumer and other retail loan due date		120 days
Minimum duration for past due residential loans to be considered as nonperforming		90 days
Payments made to FDIC to terminate loss share agreements		$ 4,849,000	$ 0	$ 0
Previously covered loans		28,090,000
Previously covered OREO		487,000
Significant Accounting Policies (Textual) [Abstract]
MSR impairment (recovery)	$ 0	40,000	0
Impairment of company's goodwill		$ 0	$ 0	$ 0
Lock in period for interest rates		45 days
Premises
Significant Accounting Policies (Textual) [Abstract]
Estimated life (in years)		40 years
Furniture and equipment
Significant Accounting Policies (Textual) [Abstract]
Estimated life (in years)		7 years
Maximum | Computer equipment
Significant Accounting Policies (Textual) [Abstract]
Estimated life (in years)		5 years
Minimum | Computer equipment
Significant Accounting Policies (Textual) [Abstract]
Estimated life (in years)		3 years
KeyWorth Bank
Significant Accounting Policies (Textual) [Abstract]
Cash surrender value of life insurance					$ 8,376,000
Heritage Financial Group
Significant Accounting Policies (Textual) [Abstract]
Number of loss sharing agreements acquired | agreement						2
Cash surrender value of life insurance						$ 25,297,000
Heritage Financial Group | Federal
Significant Accounting Policies (Textual) [Abstract]
Operating loss carryforwards		$ 6,883,000				$ 18,321,000

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Mergers and Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 01, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Value of stock paid		$ 55,290	$ 281,530	$ 0
Deal charges paid on behalf of Heritage		4,023	11,614	694
Goodwill		$ 470,534	$ 445,871	$ 274,706
Heritage Financial Group
Business Acquisition [Line Items]
Fair value of common stock on date of issuance (usd per share)	$ 32.60
Value of stock paid	$ 281,530
Cash paid for fractional shares	26
Cash settlement for stock options	5,915
Deal charges paid on behalf of Heritage	7,973
Total Purchase Price	295,444
Stockholders’ equity at acquisition date	160,652
Total net assets acquired	120,232
Goodwill	$ 175,212
Heritage Financial Group | Common Stock
Business Acquisition [Line Items]
Shares issued to common shareholders (shares)	8,635,879
Heritage Financial Group | Deposits
Business Acquisition [Line Items]
Liabilities, fair value adjustment	$ (3,776)
Heritage Financial Group | Other liabilities
Business Acquisition [Line Items]
Liabilities, fair value adjustment	(7,873)
Heritage Financial Group | Deferred income taxes
Business Acquisition [Line Items]
Liabilities, fair value adjustment	(8,077)
Heritage Financial Group | Securities
Business Acquisition [Line Items]
Assets, fair value adjustment	(1,401)
Heritage Financial Group | Mortgage loans held for sale
Business Acquisition [Line Items]
Assets, fair value adjustment	(3,158)
Heritage Financial Group | Loans, net of Heritage’s allowance for loan losses
Business Acquisition [Line Items]
Assets, fair value adjustment	(16,837)
Heritage Financial Group | Fixed assets
Business Acquisition [Line Items]
Assets, fair value adjustment	(6,419)
Heritage Financial Group | Intangible assets, net of Heritage’s existing core deposit intangible
Business Acquisition [Line Items]
Assets, fair value adjustment	18,193
Heritage Financial Group | Other real estate owned
Business Acquisition [Line Items]
Assets, fair value adjustment	1,390
Heritage Financial Group | FDIC loss share indemnification asset
Business Acquisition [Line Items]
Assets, fair value adjustment	(15,507)
Heritage Financial Group | Other assets
Business Acquisition [Line Items]
Assets, fair value adjustment	$ 3,045

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Mergers and Acquisitions (Details 1) - Heritage Financial Group $ in Thousands	Jul. 01, 2015 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 38,626
Securities	177,849
Premises and equipment	42,914
Other real estate owned	9,972
Intangible assets	187,468
Other assets	104,737
Total assets	2,019,977
Deposits	1,375,354
Borrowings	314,656
Other liabilities	34,523
Total liabilities	1,724,533
Loans
Business Acquisition [Line Items]
Loans, including mortgage loans held for sale, net of unearned income	$ 1,458,411

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Mergers and Acquisitions (Details 2) - Heritage Financial Group - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition [Line Items]
Interest income	$ 329,138	$ 301,226
Interest expense	28,147	21,858
Net interest income	300,991	279,368
Provision for loan and lease losses	7,530	5,050
Noninterest income	137,231	135,379
Noninterest expense	294,915	309,803
Income before income taxes	135,777	99,894
Income taxes	44,847	31,772
Net income	$ 90,930	$ 68,122
Earnings per share, basic (usd per share)	$ 2.18	$ 1.69
Earnings per share, diluted (usd per share)	$ 2.17	$ 1.68

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Mergers and Acquisitions (Details Textual) $ in Thousands	Apr. 01, 2016 USD ($) branch shares	Jul. 01, 2015 USD ($) branch shares	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 470,534	$ 445,871	$ 274,706
Intangible acquired			$ 24,074	$ 28,811
KeyWorth Bank
Business Acquisition [Line Items]
Transaction value	$ 58,884
Consideration paid to stock option and warrant holders	$ 3,594
Percentage of voting interests acquired (percent)	100.00%
Total net assets acquired	$ 415,232
Borrowings	$ 272,330
Number of offices in operation | branch	6
Intangible assets	$ 22,643
Goodwill	20,633
Intangible acquired	$ 2,010
Useful life (in years)	10 years
KeyWorth Bank | Core deposit intangible
Business Acquisition [Line Items]
Deposits assumed	$ 348,961
KeyWorth Bank | Common Stock
Business Acquisition [Line Items]
Shares issued to common shareholders (shares) | shares	1,680,021
Heritage Financial Group
Business Acquisition [Line Items]
Transaction value		$ 295,444
Consideration paid to stock option and warrant holders		$ 5,915
Percentage of voting interests acquired (percent)		100.00%
Total net assets acquired		$ 120,232
Borrowings		$ 314,656
Number of banking, mortgage, and investment offices (branches) | branch		48
Intangible assets		$ 187,468
Goodwill		175,212
Intangible acquired		$ 12,256
Heritage Financial Group | Core deposit intangible
Business Acquisition [Line Items]
Useful life (in years)		10 years
Heritage Financial Group | Common Stock
Business Acquisition [Line Items]
Shares issued to common shareholders (shares) | shares		8,635,879

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Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Amortized cost and fair value of securities held to maturity
Amortized Cost	$ 356,282	$ 458,400
Gross Unrealized Gains	8,576	16,662
Gross Unrealized Losses	(1,965)	(1,309)
Fair Value	362,893	473,753
Obligations of other U.S. Government agencies and corporations
Amortized cost and fair value of securities held to maturity
Amortized Cost	14,101	101,155
Gross Unrealized Gains	4	26
Gross Unrealized Losses	(187)	(1,214)
Fair Value	13,918	99,967
Obligations of states and political subdivisions
Amortized cost and fair value of securities held to maturity
Amortized Cost	342,181	357,245
Gross Unrealized Gains	8,572	16,636
Gross Unrealized Losses	(1,778)	(95)
Fair Value	$ 348,975	$ 373,786

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Securities (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Amortized cost and fair value of securities available for sale
Amortized Cost	$ 686,405	$ 647,658
Gross Unrealized Gains	3,908	8,692
Gross Unrealized Losses	(16,065)	(9,545)
Fair Value	674,248	646,805
Trust preferred securities
Amortized cost and fair value of securities available for sale
Amortized Cost	23,749	24,770
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(5,360)	(5,301)
Fair Value	18,389	19,469
Other debt securities
Amortized cost and fair value of securities available for sale
Amortized Cost	22,053	18,899
Gross Unrealized Gains	310	468
Gross Unrealized Losses	(218)	(34)
Fair Value	22,145	19,333
Other equity securities
Amortized cost and fair value of securities available for sale
Amortized Cost	0	2,500
Gross Unrealized Gains	0	1,840
Gross Unrealized Losses	0	0
Fair Value	0	4,340
Obligations of other U.S. Government agencies and corporations
Amortized cost and fair value of securities available for sale
Amortized Cost	2,066	6,093
Gross Unrealized Gains	92	126
Gross Unrealized Losses	0	(19)
Fair Value	2,158	6,200
Government agency mortgage backed securities | Residential mortgage backed securities:
Amortized cost and fair value of securities available for sale
Amortized Cost	414,019	362,669
Gross Unrealized Gains	1,941	3,649
Gross Unrealized Losses	(6,643)	(1,778)
Fair Value	409,317	364,540
Government agency mortgage backed securities | Commercial mortgage backed securities:
Amortized cost and fair value of securities available for sale
Amortized Cost	50,628	58,864
Gross Unrealized Gains	696	1,002
Gross Unrealized Losses	(461)	(107)
Fair Value	50,863	59,759
Government agency collateralized mortgage obligations | Residential mortgage backed securities:
Amortized cost and fair value of securities available for sale
Amortized Cost	171,362	168,916
Gross Unrealized Gains	831	1,449
Gross Unrealized Losses	(3,367)	(2,305)
Fair Value	168,826	168,060
Government agency collateralized mortgage obligations | Commercial mortgage backed securities:
Amortized cost and fair value of securities available for sale
Amortized Cost	2,528	4,947
Gross Unrealized Gains	38	158
Gross Unrealized Losses	(16)	(1)
Fair Value	$ 2,550	$ 5,104

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Securities (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Gross realized gains and gross realized losses on sales of securities available for sale
Gross gains on sales of securities available for sale	$ 1,257	$ 96	$ 375
Gross losses on sales of securities available for sale	(71)	0	0
Gain on sales of securities available for sale, net	$ 1,186	$ 96	$ 375

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Securities (Details 3) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Held-to-maturity Securities, Amortized Cost Basis [Abstract]
Due within one year	$ 11,419
Due after one year through five years	110,979
Due after five years through ten years	129,883
Due after ten years	104,001
Held-to-maturity Securities, Fair Value [Abstract]
Due within one year	11,504
Due after one year through five years	114,123
Due after five years through ten years	131,145
Due after ten years	106,121
Available-for-sale Securities, Amortized Cost Basis [Abstract]
Due within one year	0
Due after one year through five years	2,066
Due after five years through ten years	1,047
Due after ten years	23,749
Available-for-sale Securities, Fair Value [Abstract]
Due within one year	0
Due after one year through five years	2,158
Due after five years through ten years	1,039
Due after ten years	18,389
Held to maturity, amortized cost	356,282	$ 458,400
Held to maturity, fair value	362,893	473,753
Amortized Cost	686,405	1,117	$ 724
Securities available for sale, at fair value	674,248	646,805
Other debt securities
Available-for-sale Securities, Fair Value [Abstract]
Held to maturity, amortized cost	0
Held to maturity, fair value	0
Amortized Cost	21,006
Securities available for sale, at fair value	21,106
Other equity securities
Available-for-sale Securities, Fair Value [Abstract]
Held to maturity, amortized cost	0
Held to maturity, fair value	0
Amortized Cost	0
Securities available for sale, at fair value	0	4,340
Government agency mortgage backed securities | Residential mortgage backed securities:
Available-for-sale Securities, Fair Value [Abstract]
Held to maturity, amortized cost	0
Held to maturity, fair value	0
Amortized Cost	414,019
Securities available for sale, at fair value	409,317	364,540
Government agency mortgage backed securities | Commercial mortgage backed securities:
Available-for-sale Securities, Fair Value [Abstract]
Held to maturity, amortized cost	0
Held to maturity, fair value	0
Amortized Cost	50,628
Securities available for sale, at fair value	50,863	59,759
Government agency collateralized mortgage obligations | Residential mortgage backed securities:
Available-for-sale Securities, Fair Value [Abstract]
Held to maturity, amortized cost	0
Held to maturity, fair value	0
Amortized Cost	171,362
Securities available for sale, at fair value	168,826	168,060
Government agency collateralized mortgage obligations | Commercial mortgage backed securities:
Available-for-sale Securities, Fair Value [Abstract]
Held to maturity, amortized cost	0
Held to maturity, fair value	0
Amortized Cost	2,528
Securities available for sale, at fair value	$ 2,550	$ 5,104

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Securities (Details 4) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) security	Dec. 31, 2015 USD ($) security
Held to Maturity:
Number of positions, less than 12 months (securities) | security	106	16
Number of positions, 12 months or more (securities) | security	0	15
Number of positions (securities) | security	106	31
Fair Value, Less than 12 Months	$ 95,277	$ 36,382
Fair Value, 12 Months or More	0	43,609
Fair Value, Total	95,277	79,991
Unrealized Losses, Less than 12 months	(1,965)	(467)
Unrealized Losses, 12 Months or More	0	(842)
Unrealized Losses, Total	$ (1,965)	$ (1,309)
Available for Sale:
Number of positions, less than 12 months (securities) | security	184	70
Number of positions, 12 months or more (securities) | security	26	31
Number of positions (securities) | security	210	101
Fair Value, Less than 12 Months	$ 427,364	$ 206,395
Fair Value, 12 Months or More	67,255	103,154
Fair Value, Total	494,619	309,549
Unrealized Losses, Less than 12 months	(8,564)	(1,411)
Unrealized Losses, 12 Months or More	(7,501)	(8,134)
Unrealized Losses, Total	$ (16,065)	$ (9,545)
Trust preferred securities
Available for Sale:
Number of positions, less than 12 months (securities) | security	0	0
Number of positions, 12 months or more (securities) | security	3	3
Number of positions (securities) | security	3	3
Fair Value, Less than 12 Months	$ 0	$ 0
Fair Value, 12 Months or More	18,389	19,469
Fair Value, Total	18,389	19,469
Unrealized Losses, Less than 12 months	0	0
Unrealized Losses, 12 Months or More	(5,360)	(5,301)
Unrealized Losses, Total	$ (5,360)	$ (5,301)
Other debt securities
Available for Sale:
Number of positions, less than 12 months (securities) | security	3	1
Number of positions, 12 months or more (securities) | security	2	2
Number of positions (securities) | security	5	3
Fair Value, Less than 12 Months	$ 7,946	$ 1,316
Fair Value, 12 Months or More	2,475	3,866
Fair Value, Total	10,421	5,182
Unrealized Losses, Less than 12 months	(208)	(3)
Unrealized Losses, 12 Months or More	(10)	(31)
Unrealized Losses, Total	$ (218)	$ (34)
Other equity securities
Available for Sale:
Number of positions, less than 12 months (securities) | security	0	0
Number of positions, 12 months or more (securities) | security	0	0
Number of positions (securities) | security	0	0
Fair Value, Less than 12 Months	$ 0	$ 0
Fair Value, 12 Months or More	0	0
Fair Value, Total	0	0
Unrealized Losses, Less than 12 months	0	0
Unrealized Losses, 12 Months or More	0	0
Unrealized Losses, Total	$ 0	$ 0
Obligations of other U.S. Government agencies and corporations
Held to Maturity:
Number of positions, less than 12 months (securities) | security	4	10
Number of positions, 12 months or more (securities) | security	0	8
Number of positions (securities) | security	4	18
Fair Value, Less than 12 Months	$ 11,915	$ 31,567
Fair Value, 12 Months or More	0	38,688
Fair Value, Total	11,915	70,255
Unrealized Losses, Less than 12 months	(187)	(414)
Unrealized Losses, 12 Months or More	0	(800)
Unrealized Losses, Total	$ (187)	$ (1,214)
Available for Sale:
Number of positions, less than 12 months (securities) | security	0	1
Number of positions, 12 months or more (securities) | security	0	0
Number of positions (securities) | security	0	1
Fair Value, Less than 12 Months	$ 0	$ 3,981
Fair Value, 12 Months or More	0	0
Fair Value, Total	0	3,981
Unrealized Losses, Less than 12 months	0	(19)
Unrealized Losses, 12 Months or More	0	0
Unrealized Losses, Total	$ 0	$ (19)
Obligations of states and political subdivisions
Held to Maturity:
Number of positions, less than 12 months (securities) | security	102	6
Number of positions, 12 months or more (securities) | security	0	7
Number of positions (securities) | security	102	13
Fair Value, Less than 12 Months	$ 83,362	$ 4,815
Fair Value, 12 Months or More	0	4,921
Fair Value, Total	83,362	9,736
Unrealized Losses, Less than 12 months	(1,778)	(53)
Unrealized Losses, 12 Months or More	0	(42)
Unrealized Losses, Total	$ (1,778)	$ (95)
Government agency mortgage backed securities | Residential mortgage backed securities:
Available for Sale:
Number of positions, less than 12 months (securities) | security	131	34
Number of positions, 12 months or more (securities) | security	5	9
Number of positions (securities) | security	136	43
Fair Value, Less than 12 Months	$ 298,400	$ 130,306
Fair Value, 12 Months or More	11,504	27,431
Fair Value, Total	309,904	157,737
Unrealized Losses, Less than 12 months	(6,042)	(937)
Unrealized Losses, 12 Months or More	(601)	(841)
Unrealized Losses, Total	$ (6,643)	$ (1,778)
Government agency mortgage backed securities | Commercial mortgage backed securities:
Available for Sale:
Number of positions, less than 12 months (securities) | security	9	8
Number of positions, 12 months or more (securities) | security	2	1
Number of positions (securities) | security	11	9
Fair Value, Less than 12 Months	$ 21,933	$ 16,782
Fair Value, 12 Months or More	1,101	814
Fair Value, Total	23,034	17,596
Unrealized Losses, Less than 12 months	(453)	(104)
Unrealized Losses, 12 Months or More	(8)	(3)
Unrealized Losses, Total	$ (461)	$ (107)
Government agency collateralized mortgage obligations | Residential mortgage backed securities:
Available for Sale:
Number of positions, less than 12 months (securities) | security	40	25
Number of positions, 12 months or more (securities) | security	14	16
Number of positions (securities) | security	54	41
Fair Value, Less than 12 Months	$ 97,356	$ 52,128
Fair Value, 12 Months or More	33,786	51,574
Fair Value, Total	131,142	103,702
Unrealized Losses, Less than 12 months	(1,845)	(347)
Unrealized Losses, 12 Months or More	(1,522)	(1,958)
Unrealized Losses, Total	$ (3,367)	$ (2,305)
Government agency collateralized mortgage obligations | Commercial mortgage backed securities:
Available for Sale:
Number of positions, less than 12 months (securities) | security	1	1
Number of positions, 12 months or more (securities) | security	0	0
Number of positions (securities) | security	1	1
Fair Value, Less than 12 Months	$ 1,729	$ 1,882
Fair Value, 12 Months or More	0	0
Fair Value, Total	1,729	1,882
Unrealized Losses, Less than 12 months	(16)	(1)
Unrealized Losses, 12 Months or More	0	0
Unrealized Losses, Total	$ (16)	$ (1)

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Securities (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments in pooled trust preferred securities
Amortized Cost	$ 686,405	$ 1,117	$ 724
Fair Value	674,248	646,805
Trust preferred securities
Investments in pooled trust preferred securities
Amortized Cost	23,749	24,770
Fair Value	18,389	$ 19,469
Unrealized Gain (Loss)	(5,360)
XXIII
Investments in pooled trust preferred securities
Amortized Cost	8,293
Fair Value	5,680
Unrealized Gain (Loss)	$ (2,613)
Issuers currently in deferral or default (percent)	17.00%
XXIV
Investments in pooled trust preferred securities
Amortized Cost	$ 11,242
Fair Value	9,646
Unrealized Gain (Loss)	$ (1,596)
Issuers currently in deferral or default (percent)	24.00%
XXVI
Investments in pooled trust preferred securities
Amortized Cost	$ 4,214
Fair Value	3,063
Unrealized Gain (Loss)	$ (1,151)
Issuers currently in deferral or default (percent)	19.00%

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Securities (Details 6) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cumulative credit related losses recognized in earnings
Balance at January 1	$ (3,337)	$ (3,337)
Additions related to credit losses for which OTTI was not previously recognized	0	0
Increases in credit loss for which OTTI was previously recognized	0	0
Balance at December 31	$ (3,337)	$ (3,337)

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Securities (Details Textual)	12 Months Ended
	Dec. 31, 2016 USD ($) security	Dec. 31, 2016 USD ($)	Dec. 31, 2016 USD ($) Tranche	Dec. 31, 2016 USD ($) institution	Dec. 31, 2015 USD ($) security	Dec. 31, 2014 USD ($) security
Schedule of Available-for-sale Securities [Line Items]
Investments in pooled trust preferred securities, cost basis	$ 686,405,000	$ 686,405,000	$ 686,405,000	$ 686,405,000	$ 1,117,000	$ 724,000
Available-for-sale securities, net proceeds					1,213,000	1,099,000
Available-for-sale securities, gross realized gain (loss)		1,186,000			96,000	$ 375,000
Securities available for sale, at fair value	$ 674,248,000	674,248,000	$ 674,248,000	$ 674,248,000	$ 646,805,000
Number of securities representing interests in tranches of trusts (tranches)	3		3		3
Number of institutions issuing debt (institutions) | institution				250
Number of securities, return to accrual status | security					1	1
Trust preferred securities
Schedule of Available-for-sale Securities [Line Items]
Investments in pooled trust preferred securities, cost basis	$ 23,749,000	23,749,000	$ 23,749,000	$ 23,749,000	$ 24,770,000
Securities available for sale, at fair value	18,389,000	18,389,000	18,389,000	18,389,000	19,469,000
Other than temporary impairment losses		0			0	$ 0
Secure government, public and trust deposits
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities pledged as collateral	642,447,000	642,447,000	642,447,000	642,447,000	679,492,000
Short-term borrowings
Schedule of Available-for-sale Securities [Line Items]
Available for sale securities pledged as collateral	24,426,000	24,426,000	24,426,000	24,426,000	39,275,000
Heritage Financial Group
Schedule of Available-for-sale Securities [Line Items]
Investments in pooled trust preferred securities, cost basis					7,231,000
Available-for-sale securities, net proceeds					7,231,000
Available-for-sale securities, gross realized gain (loss)					0
Trust preferred securities
Schedule of Available-for-sale Securities [Line Items]
Securities available for sale, at fair value	18,389,000	18,389,000	18,389,000	18,389,000	$ 19,469,000
Trust preferred securities | Pooled Trust Preferred Securities Xiii
Schedule of Available-for-sale Securities [Line Items]
Investments in pooled trust preferred securities, cost basis	$ 2,842,000	2,842,000	$ 2,842,000	$ 2,842,000
Available-for-sale securities, net proceeds		4,028,000
Available-for-sale securities, gross realized gain (loss)		$ 1,186,000

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Non Purchased Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Summary of loans
Gross loans	$ 6,205,118	$ 5,414,625
Unearned income	(2,409)	(1,163)
Loans, net of unearned income	6,202,709	5,413,462
Commercial, financial, agricultural
Summary of loans
Gross loans	717,490	636,837
Loans, net of unearned income	717,490	636,837
Lease financing
Summary of loans
Gross loans	49,250	35,978
Real estate – construction
Summary of loans
Gross loans	552,679	357,665
Loans, net of unearned income	552,679	357,665
Real estate – 1-4 family mortgage
Summary of loans
Gross loans	1,878,177	1,735,323
Loans, net of unearned income	1,878,177	1,735,323
Real estate – commercial mortgage
Summary of loans
Gross loans	2,898,895	2,533,729
Loans, net of unearned income	2,898,895	2,533,729
Installment loans to individuals
Summary of loans
Gross loans	108,627	115,093
Loans, net of unearned income	155,468	149,908
Non-Purchased
Summary of loans
Gross loans	4,715,981	3,831,597
Unearned income	(2,409)	(1,163)
Loans, net of unearned income	4,713,572	3,830,434
Non-Purchased | Commercial, financial, agricultural
Summary of loans
Gross loans	589,290	485,407
Non-Purchased | Lease financing
Summary of loans
Gross loans	49,250	35,978
Non-Purchased | Real estate – construction
Summary of loans
Gross loans	483,926	291,701
Non-Purchased | Real estate – 1-4 family mortgage
Summary of loans
Gross loans	1,425,730	1,204,228
Non-Purchased | Real estate – commercial mortgage
Summary of loans
Gross loans	2,075,137	1,729,049
Non-Purchased | Installment loans to individuals
Summary of loans
Gross loans	$ 92,648	$ 85,234

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Non Purchased Loans (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Past due and nonaccrual loans
Total loans, gross	$ 6,205,118	$ 5,414,625
Unearned income	(2,409)	(1,163)
Loans, net of unearned income	6,202,709	5,413,462
Commercial, financial, agricultural
Past due and nonaccrual loans
Total loans, gross	717,490	636,837
Loans, net of unearned income	717,490	636,837
Lease financing
Past due and nonaccrual loans
Total loans, gross	49,250	35,978
Real estate – construction
Past due and nonaccrual loans
Total loans, gross	552,679	357,665
Loans, net of unearned income	552,679	357,665
Real estate – 1-4 family mortgage
Past due and nonaccrual loans
Total loans, gross	1,878,177	1,735,323
Loans, net of unearned income	1,878,177	1,735,323
Real estate – commercial mortgage
Past due and nonaccrual loans
Total loans, gross	2,898,895	2,533,729
Loans, net of unearned income	2,898,895	2,533,729
Installment loans to individuals
Past due and nonaccrual loans
Total loans, gross	108,627	115,093
Loans, net of unearned income	155,468	149,908
Non-Purchased
Past due and nonaccrual loans
Total loans, gross	4,715,981	3,831,597
Unearned income	(2,409)	(1,163)
Loans, net of unearned income	4,713,572	3,830,434
Non-Purchased | Accruing Loans
Past due and nonaccrual loans
Current Loans	4,689,425	3,808,201
Unearned income	(2,409)	(1,163)
Loans, net of unearned income	4,702,299	3,816,790
Non-Purchased | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	10,795	7,263
Non-Purchased | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	2,079	1,326
Non-Purchased | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	5,441	9,083
Unearned income	0	0
Loans, net of unearned income	11,273	13,644
Non-Purchased | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	741	968
Non-Purchased | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	5,091	3,593
Non-Purchased | Commercial, financial, agricultural
Past due and nonaccrual loans
Total loans, gross	589,290	485,407
Non-Purchased | Commercial, financial, agricultural | Accruing Loans
Past due and nonaccrual loans
Current Loans	586,730	485,095
Total loans, gross	588,261	485,309
Non-Purchased | Commercial, financial, agricultural | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	811	176
Non-Purchased | Commercial, financial, agricultural | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	720	38
Non-Purchased | Commercial, financial, agricultural | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	97	0
Total loans, gross	1,029	98
Non-Purchased | Commercial, financial, agricultural | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	0	30
Non-Purchased | Commercial, financial, agricultural | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	932	68
Non-Purchased | Lease financing
Past due and nonaccrual loans
Total loans, gross	49,250	35,978
Non-Purchased | Lease financing | Accruing Loans
Past due and nonaccrual loans
Current Loans	48,919	35,978
Total loans, gross	49,112	35,978
Non-Purchased | Lease financing | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	193	0
Non-Purchased | Lease financing | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	0	0
Non-Purchased | Lease financing | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	0	0
Total loans, gross	138	0
Non-Purchased | Lease financing | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	0	0
Non-Purchased | Lease financing | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	138	0
Non-Purchased | Real estate – construction
Past due and nonaccrual loans
Total loans, gross	483,926	291,701
Non-Purchased | Real estate – construction | Accruing Loans
Past due and nonaccrual loans
Current Loans	482,931	291,633
Total loans, gross	483,926	291,701
Non-Purchased | Real estate – construction | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	995	68
Non-Purchased | Real estate – construction | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	0	0
Non-Purchased | Real estate – construction | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	0	0
Total loans, gross	0	0
Non-Purchased | Real estate – construction | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	0	0
Non-Purchased | Real estate – construction | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	0	0
Non-Purchased | Real estate – 1-4 family mortgage
Past due and nonaccrual loans
Total loans, gross	1,425,730	1,204,228
Non-Purchased | Real estate – 1-4 family mortgage | Accruing Loans
Past due and nonaccrual loans
Current Loans	1,414,254	1,192,318
Total loans, gross	1,421,579	1,197,586
Non-Purchased | Real estate – 1-4 family mortgage | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	6,189	4,461
Non-Purchased | Real estate – 1-4 family mortgage | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	1,136	807
Non-Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	2,768	4,415
Total loans, gross	4,151	6,642
Non-Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	161	370
Non-Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	1,222	1,857
Non-Purchased | Real estate – commercial mortgage
Past due and nonaccrual loans
Total loans, gross	2,075,137	1,729,049
Non-Purchased | Real estate – commercial mortgage | Accruing Loans
Past due and nonaccrual loans
Current Loans	2,066,821	1,719,329
Total loans, gross	2,069,203	1,722,145
Non-Purchased | Real estate – commercial mortgage | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	2,283	2,391
Non-Purchased | Real estate – commercial mortgage | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	99	425
Non-Purchased | Real estate – commercial mortgage | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	2,576	4,668
Total loans, gross	5,934	6,904
Non-Purchased | Real estate – commercial mortgage | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	580	568
Non-Purchased | Real estate – commercial mortgage | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	2,778	1,668
Non-Purchased | Installment loans to individuals
Past due and nonaccrual loans
Total loans, gross	92,648	85,234
Non-Purchased | Installment loans to individuals | Accruing Loans
Past due and nonaccrual loans
Current Loans	92,179	85,011
Total loans, gross	92,627	85,234
Non-Purchased | Installment loans to individuals | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	324	167
Non-Purchased | Installment loans to individuals | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	124	56
Non-Purchased | Installment loans to individuals | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	0	0
Total loans, gross	21	0
Non-Purchased | Installment loans to individuals | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	0	0
Non-Purchased | Installment loans to individuals | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	$ 21	$ 0

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Non Purchased Loans (Details 2) - Non-Purchased - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Impaired loans
Recorded Investment With Allowance	$ 21,039	$ 32,032
Recorded Investment With No Allowance	568	12
Total Recorded Investment	21,607	32,044
Unpaid Principal Balance With Allowance	26,633	37,034
Unpaid Principal Balance With no Allowance	1,378	760
Total Unpaid Principal Balance	28,011	37,794
With Related Allowance	3,626	7,386
With No Related Allowance	0	0
Related Allowance	3,626	7,386
Average Recorded Investment With Related Allowance	22,206	34,385
Average Recorded Investment With No Related Allowance	1,003	43
Average recorded investment in impaired loans	23,209	34,428	$ 48,351
Interest Income Recognized With Related Allowance	586	854
Interest Income Recognized With No Related Allowance	38	0
Interest Income, Total	624	854
Commercial, financial, agricultural
Impaired loans
Recorded Investment With Allowance	1,175	344
Recorded Investment With No Allowance	0	12
Unpaid Principal Balance With Allowance	1,539	531
Unpaid Principal Balance With no Allowance	38	760
With Related Allowance	136	6
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	856	508
Average Recorded Investment With No Related Allowance	24	43
Interest Income Recognized With Related Allowance	28	17
Interest Income Recognized With No Related Allowance	0	0
Lease financing
Impaired loans
Recorded Investment With Allowance	0	0
Recorded Investment With No Allowance	0	0
Unpaid Principal Balance With Allowance	0	0
Unpaid Principal Balance With no Allowance	0	0
With Related Allowance	0	0
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	0	0
Average Recorded Investment With No Related Allowance	0	0
Interest Income Recognized With Related Allowance	0	0
Interest Income Recognized With No Related Allowance	0	0
Real estate – construction
Impaired loans
Recorded Investment With Allowance	517	0
Recorded Investment With No Allowance	0	0
Unpaid Principal Balance With Allowance	517	0
Unpaid Principal Balance With no Allowance	0	0
With Related Allowance	1	0
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	469	0
Average Recorded Investment With No Related Allowance	0	0
Interest Income Recognized With Related Allowance	26	0
Interest Income Recognized With No Related Allowance	0	0
Real estate – 1-4 family mortgage
Impaired loans
Recorded Investment With Allowance	9,207	15,995
Recorded Investment With No Allowance	0	0
Unpaid Principal Balance With Allowance	10,823	17,518
Unpaid Principal Balance With no Allowance	0	0
With Related Allowance	1,091	4,474
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	9,603	16,751
Average Recorded Investment With No Related Allowance	41	0
Interest Income Recognized With Related Allowance	225	366
Interest Income Recognized With No Related Allowance	0	0
Real estate – commercial mortgage
Impaired loans
Recorded Investment With Allowance	10,053	15,626
Recorded Investment With No Allowance	568	0
Unpaid Principal Balance With Allowance	13,667	18,918
Unpaid Principal Balance With no Allowance	1,340	0
With Related Allowance	2,397	2,906
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	11,180	17,059
Average Recorded Investment With No Related Allowance	938	0
Interest Income Recognized With Related Allowance	305	469
Interest Income Recognized With No Related Allowance	38	0
Installment loans to individuals
Impaired loans
Recorded Investment With Allowance	87	67
Recorded Investment With No Allowance	0	0
Unpaid Principal Balance With Allowance	87	67
Unpaid Principal Balance With no Allowance	0	0
With Related Allowance	1	0
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	98	67
Average Recorded Investment With No Related Allowance	0	0
Interest Income Recognized With Related Allowance	2	2
Interest Income Recognized With No Related Allowance	$ 0	$ 0

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Non Purchased Loans (Details 3) - Non-Purchased $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) loan	Dec. 31, 2015 USD ($) loan
Restructured loans
Number of Loans (loans) | loan	53	59
Pre-Modification Outstanding Recorded Investment	$ 9,398	$ 11,938
Post-Modification Outstanding Recorded Investment	$ 7,447	$ 10,252
Commercial, financial, agricultural
Restructured loans
Number of Loans (loans) | loan	0	1
Pre-Modification Outstanding Recorded Investment	$ 0	$ 257
Post-Modification Outstanding Recorded Investment	$ 0	$ 257
Lease financing
Restructured loans
Number of Loans (loans) | loan	0	0
Pre-Modification Outstanding Recorded Investment	$ 0	$ 0
Post-Modification Outstanding Recorded Investment	$ 0	$ 0
Real estate – construction
Restructured loans
Number of Loans (loans) | loan	1	0
Pre-Modification Outstanding Recorded Investment	$ 510	$ 0
Post-Modification Outstanding Recorded Investment	$ 518	$ 0
Real estate – 1-4 family mortgage
Restructured loans
Number of Loans (loans) | loan	43	46
Pre-Modification Outstanding Recorded Investment	$ 4,498	$ 5,249
Post-Modification Outstanding Recorded Investment	$ 4,105	$ 4,754
Real estate – commercial mortgage
Restructured loans
Number of Loans (loans) | loan	8	11
Pre-Modification Outstanding Recorded Investment	$ 4,324	$ 6,365
Post-Modification Outstanding Recorded Investment	$ 2,758	$ 5,174
Installment loans to individuals
Restructured loans
Number of Loans (loans) | loan	1	1
Pre-Modification Outstanding Recorded Investment	$ 66	$ 67
Post-Modification Outstanding Recorded Investment	$ 66	$ 67

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Non Purchased Loans (Details 4) - Non-Purchased $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) loan	Dec. 31, 2015 USD ($) loan
Number of Loans
Beginning balance (loans) | loan	59	49
Additional loans with concessions (loans) | loan	16	39
Reclassified as nonperforming (loans) | loan	(4)	(6)
Paid in full (loans) | loan	(16)	(21)
Charge-offs (loans) | loan	(1)	(1)
Transfer to other real estate owned (loans) | loan	(1)	0
Principal paydowns (loans) | loan	0	0
Lapse of concession period (loans) | loan	0	0
TDR reclassified as performing loan (loans) | loan	0	(1)
Ending balance (loans) | loan	53	59
Recorded Investment
Beginning balance | $	$ 10,252	$ 13,879
Additional loans with concessions | $	2,075	10,077
Reclassified as nonperforming | $	(1,406)	(2,870)
Paid in full | $	(2,233)	(8,127)
Charge-offs | $	(275)	(56)
Transfer to other real estate owned | $	(51)	0
Principal paydowns | $	(915)	(428)
Lapse of concession period | $	0	0
TDR reclassified as performing loan | $	0	(2,223)
Ending balance | $	$ 7,447	$ 10,252

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Non Purchased Loans (Details 5) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Loan portfolio by risk-rating grades
Total	$ 6,202,709	$ 5,413,462
Commercial, financial, agricultural
Loan portfolio by risk-rating grades
Total	717,490	636,837
Real estate – construction
Loan portfolio by risk-rating grades
Total	552,679	357,665
Real estate – 1-4 family mortgage
Loan portfolio by risk-rating grades
Total	1,878,177	1,735,323
Real estate – commercial mortgage
Loan portfolio by risk-rating grades
Total	2,898,895	2,533,729
Installment loans to individuals
Loan portfolio by risk-rating grades
Total	155,468	149,908
Non-Purchased
Loan portfolio by risk-rating grades
Total	4,713,572	3,830,434
Non-Purchased | Internal Noninvestment Grade
Loan portfolio by risk-rating grades
Total	2,808,367	2,172,918
Non-Purchased | Pass
Loan portfolio by risk-rating grades
Total	2,761,884	2,105,637
Non-Purchased | Watch
Loan portfolio by risk-rating grades
Total	26,416	35,934
Non-Purchased | Substandard
Loan portfolio by risk-rating grades
Total	20,067	31,347
Non-Purchased | Commercial, financial, agricultural | Internal Noninvestment Grade
Loan portfolio by risk-rating grades
Total	439,704	345,419
Non-Purchased | Commercial, financial, agricultural | Pass
Loan portfolio by risk-rating grades
Total	434,323	336,583
Non-Purchased | Commercial, financial, agricultural | Watch
Loan portfolio by risk-rating grades
Total	4,531	8,146
Non-Purchased | Commercial, financial, agricultural | Substandard
Loan portfolio by risk-rating grades
Total	850	690
Non-Purchased | Real estate – construction | Internal Noninvestment Grade
Loan portfolio by risk-rating grades
Total	402,549	224,445
Non-Purchased | Real estate – construction | Pass
Loan portfolio by risk-rating grades
Total	402,156	223,962
Non-Purchased | Real estate – construction | Watch
Loan portfolio by risk-rating grades
Total	393	483
Non-Purchased | Real estate – construction | Substandard
Loan portfolio by risk-rating grades
Total	0	0
Non-Purchased | Real estate – 1-4 family mortgage | Internal Noninvestment Grade
Loan portfolio by risk-rating grades
Total	200,385	155,703
Non-Purchased | Real estate – 1-4 family mortgage | Pass
Loan portfolio by risk-rating grades
Total	190,882	138,852
Non-Purchased | Real estate – 1-4 family mortgage | Watch
Loan portfolio by risk-rating grades
Total	3,374	5,163
Non-Purchased | Real estate – 1-4 family mortgage | Substandard
Loan portfolio by risk-rating grades
Total	6,129	11,688
Non-Purchased | Real estate – commercial mortgage | Internal Noninvestment Grade
Loan portfolio by risk-rating grades
Total	1,765,729	1,447,294
Non-Purchased | Real estate – commercial mortgage | Pass
Loan portfolio by risk-rating grades
Total	1,734,523	1,406,188
Non-Purchased | Real estate – commercial mortgage | Watch
Loan portfolio by risk-rating grades
Total	18,118	22,142
Non-Purchased | Real estate – commercial mortgage | Substandard
Loan portfolio by risk-rating grades
Total	13,088	18,964
Non-Purchased | Installment loans to individuals | Internal Noninvestment Grade
Loan portfolio by risk-rating grades
Total	0	57
Non-Purchased | Installment loans to individuals | Pass
Loan portfolio by risk-rating grades
Total	0	52
Non-Purchased | Installment loans to individuals | Watch
Loan portfolio by risk-rating grades
Total	0	0
Non-Purchased | Installment loans to individuals | Substandard
Loan portfolio by risk-rating grades
Total	$ 0	$ 5

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Non Purchased Loans (Details 6) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Loan portfolio not subject to risk rating
Total	$ 6,202,709	$ 5,413,462
Commercial, financial, agricultural
Loan portfolio not subject to risk rating
Total	717,490	636,837
Real estate – construction
Loan portfolio not subject to risk rating
Total	552,679	357,665
Real estate – 1-4 family mortgage
Loan portfolio not subject to risk rating
Total	1,878,177	1,735,323
Real estate – commercial mortgage
Loan portfolio not subject to risk rating
Total	2,898,895	2,533,729
Installment loans to individuals
Loan portfolio not subject to risk rating
Total	155,468	149,908
Non-Purchased
Loan portfolio not subject to risk rating
Total	4,713,572	3,830,434
Non-Purchased | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	1,905,205	1,657,516
Non-Purchased | Performing
Loan portfolio not subject to risk rating
Total	1,900,508	1,654,075
Non-Purchased | Non-Performing
Loan portfolio not subject to risk rating
Total	4,697	3,441
Non-Purchased | Commercial, financial, agricultural | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	149,586	139,988
Non-Purchased | Commercial, financial, agricultural | Performing
Loan portfolio not subject to risk rating
Total	148,499	139,895
Non-Purchased | Commercial, financial, agricultural | Non-Performing
Loan portfolio not subject to risk rating
Total	1,087	93
Non-Purchased | Lease financing | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	46,841	34,815
Non-Purchased | Lease financing | Performing
Loan portfolio not subject to risk rating
Total	46,703	34,815
Non-Purchased | Lease financing | Non-Performing
Loan portfolio not subject to risk rating
Total	138	0
Non-Purchased | Real estate – construction | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	81,377	67,256
Non-Purchased | Real estate – construction | Performing
Loan portfolio not subject to risk rating
Total	81,377	67,256
Non-Purchased | Real estate – construction | Non-Performing
Loan portfolio not subject to risk rating
Total	0	0
Non-Purchased | Real estate – 1-4 family mortgage | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	1,225,345	1,048,525
Non-Purchased | Real estate – 1-4 family mortgage | Performing
Loan portfolio not subject to risk rating
Total	1,222,816	1,046,100
Non-Purchased | Real estate – 1-4 family mortgage | Non-Performing
Loan portfolio not subject to risk rating
Total	2,529	2,425
Non-Purchased | Real estate – commercial mortgage | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	309,408	281,755
Non-Purchased | Real estate – commercial mortgage | Performing
Loan portfolio not subject to risk rating
Total	308,609	280,888
Non-Purchased | Real estate – commercial mortgage | Non-Performing
Loan portfolio not subject to risk rating
Total	799	867
Non-Purchased | Installment loans to individuals | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	92,648	85,177
Non-Purchased | Installment loans to individuals | Performing
Loan portfolio not subject to risk rating
Total	92,504	85,121
Non-Purchased | Installment loans to individuals | Non-Performing
Loan portfolio not subject to risk rating
Total	$ 144	$ 56

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Non Purchased Loans (Details 7) - Non-Purchased $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Related Party Loans
Loans at December 31, 2015	$ 16,013
New loans and advances	576
Payments received	(3,532)
Changes in related parties	1,211
Loans at December 31, 2016	$ 14,268

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Non Purchased Loans (Details Textual)	12 Months Ended
	Dec. 31, 2016 USD ($) loan_grade loan	Dec. 31, 2015 USD ($) loan	Dec. 31, 2014 USD ($)
Loans and Allowance for Loan Losses (Textual) [Abstract]
Restructured loans discontinued past due period	90 days
Allowance for loan losses attributable to restructured loans	$ 42,737,000	$ 42,437,000
Non-Purchased
Loans and Allowance for Loan Losses (Textual) [Abstract]
Nonperforming loans charged off past due period	90 days
Number of restructured loans | loan	1	1
Restructured loans discontinued past due period	90 days	90 days
Average recorded investment in impaired loans	$ 23,209,000	$ 34,428,000	$ 48,351,000
Interest income recognized on impaired loans			$ 1,942,000
Remaining availability under commitments to lend additional funds on restructured loans	2,000	0
Unfunded commitment	$ 5,933,000	5,780,000
Non-Purchased | Minimum
Loans and Allowance for Loan Losses (Textual) [Abstract]
Loan grades range (loan grade) | loan_grade	1
Non-Purchased | Maximum
Loans and Allowance for Loan Losses (Textual) [Abstract]
Loan grades range (loan grade) | loan_grade	9
Non-Purchased | Pass | Minimum
Loans and Allowance for Loan Losses (Textual) [Abstract]
Loan grades range (loan grade) | loan_grade	1
Non-Purchased | Pass | Maximum
Loans and Allowance for Loan Losses (Textual) [Abstract]
Loan grades range (loan grade) | loan_grade	4
Non-Purchased | Watch
Loans and Allowance for Loan Losses (Textual) [Abstract]
Loan grades range (loan grade) | loan_grade	5
Non-Purchased | Substandard | Minimum
Loans and Allowance for Loan Losses (Textual) [Abstract]
Loan grades range (loan grade) | loan_grade	6
Non-Purchased | Substandard | Maximum
Loans and Allowance for Loan Losses (Textual) [Abstract]
Loan grades range (loan grade) | loan_grade	9
Non-Purchased | Nonaccruing Loans
Loans and Allowance for Loan Losses (Textual) [Abstract]
Outstanding balance of restructured loans	$ 69,000	38,000
Non-Purchased | Restructured Loans
Loans and Allowance for Loan Losses (Textual) [Abstract]
Outstanding balance of restructured loans	6,164,000	8,739,000
Allowance for loan losses attributable to restructured loans	$ 283,000	$ 884,000

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Purchased Loans (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Summary of loans
Gross loans	$ 6,205,118	$ 5,414,625
Unearned income	(2,409)	(1,163)
Loans, net of unearned income	6,202,709	5,413,462
Purchased
Summary of loans
Gross loans	1,489,137	1,583,028
Unearned income	0	0
Loans, net of unearned income	1,489,137	1,583,028
Commercial, financial, agricultural
Summary of loans
Gross loans	717,490	636,837
Loans, net of unearned income	717,490	636,837
Commercial, financial, agricultural | Purchased
Summary of loans
Gross loans	128,200	151,430
Loans, net of unearned income	128,200	151,430
Lease financing
Summary of loans
Gross loans	49,250	35,978
Lease financing | Purchased
Summary of loans
Gross loans	0	0
Real estate – construction
Summary of loans
Gross loans	552,679	357,665
Loans, net of unearned income	552,679	357,665
Real estate – construction | Purchased
Summary of loans
Gross loans	68,753	65,964
Loans, net of unearned income	68,753	65,964
Real estate – 1-4 family mortgage
Summary of loans
Gross loans	1,878,177	1,735,323
Loans, net of unearned income	1,878,177	1,735,323
Real estate – 1-4 family mortgage | Purchased
Summary of loans
Gross loans	452,447	531,095
Loans, net of unearned income	452,447	531,095
Real estate – commercial mortgage
Summary of loans
Gross loans	2,898,895	2,533,729
Loans, net of unearned income	2,898,895	2,533,729
Real estate – commercial mortgage | Purchased
Summary of loans
Gross loans	823,758	804,680
Loans, net of unearned income	823,758	804,680
Installment loans to individuals
Summary of loans
Gross loans	108,627	115,093
Loans, net of unearned income	155,468	149,908
Installment loans to individuals | Purchased
Summary of loans
Gross loans	15,979	29,859
Loans, net of unearned income	$ 15,979	$ 29,859

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Purchased Loans (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Past due and nonaccrual loans
Total loans, gross	$ 6,205,118	$ 5,414,625
Unearned income	(2,409)	(1,163)
Loans, net of unearned income	6,202,709	5,413,462
Commercial, financial, agricultural
Past due and nonaccrual loans
Total loans, gross	717,490	636,837
Loans, net of unearned income	717,490	636,837
Lease financing
Past due and nonaccrual loans
Total loans, gross	49,250	35,978
Real estate – construction
Past due and nonaccrual loans
Total loans, gross	552,679	357,665
Loans, net of unearned income	552,679	357,665
Real estate – 1-4 family mortgage
Past due and nonaccrual loans
Total loans, gross	1,878,177	1,735,323
Loans, net of unearned income	1,878,177	1,735,323
Real estate – commercial mortgage
Past due and nonaccrual loans
Total loans, gross	2,898,895	2,533,729
Loans, net of unearned income	2,898,895	2,533,729
Installment loans to individuals
Past due and nonaccrual loans
Total loans, gross	108,627	115,093
Loans, net of unearned income	155,468	149,908
Purchased
Past due and nonaccrual loans
Total loans, gross	1,489,137	1,583,028
Unearned income	0	0
Loans, net of unearned income	1,489,137	1,583,028
Purchased | Accruing Loans
Past due and nonaccrual loans
Current Loans	1,457,912	1,544,164
Unearned income	0	0
Loans, net of unearned income	1,477,790	1,567,638
Purchased | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	9,063	8,407
Purchased | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	10,815	15,067
Purchased | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	5,280	12,713
Unearned income	0	0
Loans, net of unearned income	11,347	15,390
Purchased | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	677	158
Purchased | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	5,390	2,519
Purchased | Commercial, financial, agricultural
Past due and nonaccrual loans
Total loans, gross	128,200	151,430
Loans, net of unearned income	128,200	151,430
Purchased | Commercial, financial, agricultural | Accruing Loans
Past due and nonaccrual loans
Current Loans	125,417	148,942
Total loans, gross	127,230	151,101
Purchased | Commercial, financial, agricultural | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	823	1,120
Purchased | Commercial, financial, agricultural | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	990	1,039
Purchased | Commercial, financial, agricultural | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	329	264
Total loans, gross	970	329
Purchased | Commercial, financial, agricultural | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	260	0
Purchased | Commercial, financial, agricultural | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	381	65
Purchased | Lease financing
Past due and nonaccrual loans
Total loans, gross	0	0
Purchased | Lease financing | Accruing Loans
Past due and nonaccrual loans
Current Loans	0	0
Total loans, gross	0	0
Purchased | Lease financing | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	0	0
Purchased | Lease financing | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	0	0
Purchased | Lease financing | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	0	0
Total loans, gross	0	0
Purchased | Lease financing | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	0	0
Purchased | Lease financing | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	0	0
Purchased | Real estate – construction
Past due and nonaccrual loans
Total loans, gross	68,753	65,964
Loans, net of unearned income	68,753	65,964
Purchased | Real estate – construction | Accruing Loans
Past due and nonaccrual loans
Current Loans	67,760	65,788
Total loans, gross	68,608	65,964
Purchased | Real estate – construction | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	527	0
Purchased | Real estate – construction | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	321	176
Purchased | Real estate – construction | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	0	0
Total loans, gross	145	0
Purchased | Real estate – construction | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	0	0
Purchased | Real estate – construction | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	145	0
Purchased | Real estate – 1-4 family mortgage
Past due and nonaccrual loans
Total loans, gross	452,447	531,095
Loans, net of unearned income	452,447	531,095
Purchased | Real estate – 1-4 family mortgage | Accruing Loans
Past due and nonaccrual loans
Current Loans	440,258	514,912
Total loans, gross	448,212	525,297
Purchased | Real estate – 1-4 family mortgage | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	4,572	4,735
Purchased | Real estate – 1-4 family mortgage | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	3,382	5,650
Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	1,771	3,834
Total loans, gross	4,235	5,798
Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	417	158
Purchased | Real estate – 1-4 family mortgage | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	2,047	1,806
Purchased | Real estate – commercial mortgage
Past due and nonaccrual loans
Total loans, gross	823,758	804,680
Loans, net of unearned income	823,758	804,680
Purchased | Real estate – commercial mortgage | Accruing Loans
Past due and nonaccrual loans
Current Loans	808,886	784,863
Total loans, gross	818,043	795,477
Purchased | Real estate – commercial mortgage | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	3,045	2,458
Purchased | Real estate – commercial mortgage | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	6,112	8,156
Purchased | Real estate – commercial mortgage | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	3,054	8,608
Total loans, gross	5,715	9,203
Purchased | Real estate – commercial mortgage | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	0	0
Purchased | Real estate – commercial mortgage | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	2,661	595
Purchased | Installment loans to individuals
Past due and nonaccrual loans
Total loans, gross	15,979	29,859
Loans, net of unearned income	15,979	29,859
Purchased | Installment loans to individuals | Accruing Loans
Past due and nonaccrual loans
Current Loans	15,591	29,659
Total loans, gross	15,697	29,799
Purchased | Installment loans to individuals | Accruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	96	94
Purchased | Installment loans to individuals | Accruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	10	46
Purchased | Installment loans to individuals | Nonaccruing Loans
Past due and nonaccrual loans
Current Loans	126	7
Total loans, gross	282	60
Purchased | Installment loans to individuals | Nonaccruing Loans | 30-89 Days Past Due
Past due and nonaccrual loans
Loans past due	0	0
Purchased | Installment loans to individuals | Nonaccruing Loans | 90 Days or More Past Due
Past due and nonaccrual loans
Loans past due	$ 156	$ 53

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Purchased Loans (Details 2) - Purchased - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Impaired loans
Recorded Investment With Allowance	$ 4,538	$ 4,583
Recorded Investment With No Allowance	1,847	0
Total Recorded Investment	6,385	4,583
Unpaid Principal Balance With Allowance	4,646	4,676
Unpaid Principal Balance With no Allowance	2,028	0
Total Unpaid Principal Balance	6,674	4,676
With Related Allowance	515	214
With No Related Allowance	0	0
Related Allowance	515	214
Average Recorded Investment With Related Allowance	4,617	2,860
Average Recorded Investment With No Related Allowance	1,977	0
Average recorded investment in impaired loans	6,594	2,860	$ 2,037
Interest Income Recognized With Related Allowance	120	125
Interest Income Recognized With No Related Allowance	48	0
Interest Income, Total	168	125
Commercial, financial, agricultural
Impaired loans
Recorded Investment With Allowance	487	14
Recorded Investment With No Allowance	224	0
Unpaid Principal Balance With Allowance	503	17
Unpaid Principal Balance With no Allowance	229	0
With Related Allowance	310	0
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	500	18
Average Recorded Investment With No Related Allowance	172	0
Interest Income Recognized With Related Allowance	2	0
Interest Income Recognized With No Related Allowance	4	0
Lease financing
Impaired loans
Recorded Investment With Allowance	0	0
Recorded Investment With No Allowance	0	0
Unpaid Principal Balance With Allowance	0	0
Unpaid Principal Balance With no Allowance	0	0
With Related Allowance	0	0
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	0	0
Average Recorded Investment With No Related Allowance	0	0
Interest Income Recognized With Related Allowance	0	0
Interest Income Recognized With No Related Allowance	0	0
Real estate – construction
Impaired loans
Recorded Investment With Allowance	145	2,698
Recorded Investment With No Allowance	0	0
Unpaid Principal Balance With Allowance	147	2,710
Unpaid Principal Balance With no Allowance	0	0
With Related Allowance	0	20
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	148	899
Average Recorded Investment With No Related Allowance	0	0
Interest Income Recognized With Related Allowance	0	78
Interest Income Recognized With No Related Allowance	0	0
Real estate – 1-4 family mortgage
Impaired loans
Recorded Investment With Allowance	1,496	655
Recorded Investment With No Allowance	1,385	0
Unpaid Principal Balance With Allowance	1,538	675
Unpaid Principal Balance With no Allowance	1,557	0
With Related Allowance	43	1
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	1,535	712
Average Recorded Investment With No Related Allowance	1,550	0
Interest Income Recognized With Related Allowance	7	28
Interest Income Recognized With No Related Allowance	33	0
Real estate – commercial mortgage
Impaired loans
Recorded Investment With Allowance	2,275	1,193
Recorded Investment With No Allowance	183	0
Unpaid Principal Balance With Allowance	2,299	1,251
Unpaid Principal Balance With no Allowance	186	0
With Related Allowance	48	193
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	2,273	1,223
Average Recorded Investment With No Related Allowance	194	0
Interest Income Recognized With Related Allowance	111	19
Interest Income Recognized With No Related Allowance	11	0
Installment loans to individuals
Impaired loans
Recorded Investment With Allowance	135	23
Recorded Investment With No Allowance	55	0
Unpaid Principal Balance With Allowance	159	23
Unpaid Principal Balance With no Allowance	56	0
With Related Allowance	114	0
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	161	8
Average Recorded Investment With No Related Allowance	61	0
Interest Income Recognized With Related Allowance	0	0
Interest Income Recognized With No Related Allowance	0	0
Receivables Acquired with Deteriorated Credit Quality
Impaired loans
Recorded Investment With Allowance	89,257	75,061
Recorded Investment With No Allowance	182,501	261,104
Total Recorded Investment	271,758	336,165
Unpaid Principal Balance With Allowance	99,504	80,340
Unpaid Principal Balance With no Allowance	240,600	350,171
Total Unpaid Principal Balance	340,104	430,511
With Related Allowance	2,820	1,706
With No Related Allowance	0	0
Related Allowance	2,820	1,706
Average Recorded Investment With Related Allowance	90,890	77,236
Average Recorded Investment With No Related Allowance	227,142	277,774
Average recorded investment in impaired loans	318,032	355,010
Interest Income Recognized With Related Allowance	3,909	3,691
Interest Income Recognized With No Related Allowance	10,623	14,137
Interest Income, Total	14,532	17,828
Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural
Impaired loans
Recorded Investment With Allowance	4,555	5,197
Recorded Investment With No Allowance	7,439	11,292
Unpaid Principal Balance With Allowance	5,038	5,694
Unpaid Principal Balance With no Allowance	15,659	21,355
With Related Allowance	372	353
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	4,728	4,774
Average Recorded Investment With No Related Allowance	10,304	10,830
Interest Income Recognized With Related Allowance	207	212
Interest Income Recognized With No Related Allowance	819	1,106
Receivables Acquired with Deteriorated Credit Quality | Lease financing
Impaired loans
Recorded Investment With Allowance	0	0
Recorded Investment With No Allowance	0	0
Unpaid Principal Balance With Allowance	0	0
Unpaid Principal Balance With no Allowance	0	0
With Related Allowance	0	0
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	0	0
Average Recorded Investment With No Related Allowance	0	0
Interest Income Recognized With Related Allowance	0	0
Interest Income Recognized With No Related Allowance	0	0
Receivables Acquired with Deteriorated Credit Quality | Real estate – construction
Impaired loans
Recorded Investment With Allowance	0	0
Recorded Investment With No Allowance	840	2,749
Unpaid Principal Balance With Allowance	0	0
Unpaid Principal Balance With no Allowance	1,141	2,916
With Related Allowance	0	0
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	0	0
Average Recorded Investment With No Related Allowance	648	1,114
Interest Income Recognized With Related Allowance	0	0
Interest Income Recognized With No Related Allowance	38	108
Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage
Impaired loans
Recorded Investment With Allowance	21,887	15,702
Recorded Investment With No Allowance	50,065	75,947
Unpaid Principal Balance With Allowance	23,128	16,002
Unpaid Principal Balance With no Allowance	63,597	93,291
With Related Allowance	841	256
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	23,021	15,498
Average Recorded Investment With No Related Allowance	64,306	82,562
Interest Income Recognized With Related Allowance	1,015	799
Interest Income Recognized With No Related Allowance	2,636	3,258
Receivables Acquired with Deteriorated Credit Quality | Real estate – commercial mortgage
Impaired loans
Recorded Investment With Allowance	62,449	53,762
Recorded Investment With No Allowance	122,538	168,848
Unpaid Principal Balance With Allowance	70,970	57,950
Unpaid Principal Balance With no Allowance	158,105	229,871
With Related Allowance	1,606	1,096
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	62,759	56,548
Average Recorded Investment With No Related Allowance	149,917	180,326
Interest Income Recognized With Related Allowance	2,674	2,667
Interest Income Recognized With No Related Allowance	7,053	9,546
Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals
Impaired loans
Recorded Investment With Allowance	366	400
Recorded Investment With No Allowance	1,619	2,268
Unpaid Principal Balance With Allowance	368	694
Unpaid Principal Balance With no Allowance	2,098	2,738
With Related Allowance	1	1
With No Related Allowance	0	0
Average Recorded Investment With Related Allowance	382	416
Average Recorded Investment With No Related Allowance	1,967	2,942
Interest Income Recognized With Related Allowance	13	13
Interest Income Recognized With No Related Allowance	$ 77	$ 119

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Purchased Loans (Details 3) - Purchased $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) loan	Dec. 31, 2015 USD ($) loan
Restructured loans
Number of Loans (loans) | loan	42	26
Pre-Modification Outstanding Recorded Investment	$ 5,436	$ 3,997
Post-Modification Outstanding Recorded Investment	$ 4,028	$ 3,201
Commercial, financial, agricultural
Restructured loans
Number of Loans (loans) | loan	1	0
Pre-Modification Outstanding Recorded Investment	$ 41	$ 0
Post-Modification Outstanding Recorded Investment	$ 17	$ 0
Lease financing
Restructured loans
Number of Loans (loans) | loan	0	0
Pre-Modification Outstanding Recorded Investment	$ 0	$ 0
Post-Modification Outstanding Recorded Investment	$ 0	$ 0
Real estate – construction
Restructured loans
Number of Loans (loans) | loan	0	0
Pre-Modification Outstanding Recorded Investment	$ 0	$ 0
Post-Modification Outstanding Recorded Investment	$ 0	$ 0
Real estate – 1-4 family mortgage
Restructured loans
Number of Loans (loans) | loan	30	17
Pre-Modification Outstanding Recorded Investment	$ 2,754	$ 1,339
Post-Modification Outstanding Recorded Investment	$ 2,081	$ 1,024
Real estate – commercial mortgage
Restructured loans
Number of Loans (loans) | loan	11	9
Pre-Modification Outstanding Recorded Investment	$ 2,641	$ 2,658
Post-Modification Outstanding Recorded Investment	$ 1,930	$ 2,177
Installment loans to individuals
Restructured loans
Number of Loans (loans) | loan	0	0
Pre-Modification Outstanding Recorded Investment	$ 0	$ 0
Post-Modification Outstanding Recorded Investment	$ 0	$ 0

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Purchased Loans (Details 4) - Purchased $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) loan	Dec. 31, 2015 USD ($) loan
Number of Loans
Beginning balance (loans) | loan	26	4
Additional loans with concessions (loans) | loan	25	23
Reclassified as nonperforming (loans) | loan	(4)	(1)
Paid in full (loans) | loan	(5)	0
Charge-offs (loans) | loan	0	0
Transfer to other real estate owned (loans) | loan	0	0
Principal paydowns (loans) | loan	0	0
Lapse of concession period (loans) | loan	0	0
TDR reclassified as performing loan (loans) | loan	0	0
Ending balance (loans) | loan	42	26
Recorded Investment
Beginning balance | $	$ 3,201	$ 458
Additional loans with concessions | $	2,472	3,341
Reclassified as nonperforming | $	(216)	(275)
Paid in full | $	(1,297)	0
Charge-offs | $	0	0
Transfer to other real estate owned | $	0	0
Principal paydowns | $	(132)	(323)
Lapse of concession period | $	0	0
TDR reclassified as performing loan | $	0	0
Ending balance | $	$ 4,028	$ 3,201

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Purchased Loans (Details 5) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Loan portfolio by risk-rating grades
Total	$ 6,202,709	$ 5,413,462
Commercial, financial, agricultural
Loan portfolio by risk-rating grades
Total	717,490	636,837
Real estate – construction
Loan portfolio by risk-rating grades
Total	552,679	357,665
Real estate – 1-4 family mortgage
Loan portfolio by risk-rating grades
Total	1,878,177	1,735,323
Real estate – commercial mortgage
Loan portfolio by risk-rating grades
Total	2,898,895	2,533,729
Installment loans to individuals
Loan portfolio by risk-rating grades
Total	155,468	149,908
Purchased
Loan portfolio by risk-rating grades
Total	1,489,137	1,583,028
Purchased | Internal Noninvestment Grade
Loan portfolio by risk-rating grades
Total	901,252	893,088
Purchased | Pass
Loan portfolio by risk-rating grades
Total	877,440	876,619
Purchased | Watch
Loan portfolio by risk-rating grades
Total	21,120	9,934
Purchased | Substandard
Loan portfolio by risk-rating grades
Total	2,692	6,535
Purchased | Commercial, financial, agricultural
Loan portfolio by risk-rating grades
Total	128,200	151,430
Purchased | Commercial, financial, agricultural | Internal Noninvestment Grade
Loan portfolio by risk-rating grades
Total	106,638	129,998
Purchased | Commercial, financial, agricultural | Pass
Loan portfolio by risk-rating grades
Total	102,777	128,602
Purchased | Commercial, financial, agricultural | Watch
Loan portfolio by risk-rating grades
Total	2,370	352
Purchased | Commercial, financial, agricultural | Substandard
Loan portfolio by risk-rating grades
Total	1,491	1,044
Purchased | Real estate – construction
Loan portfolio by risk-rating grades
Total	68,753	65,964
Purchased | Real estate – construction | Internal Noninvestment Grade
Loan portfolio by risk-rating grades
Total	63,846	49,436
Purchased | Real estate – construction | Pass
Loan portfolio by risk-rating grades
Total	61,206	49,436
Purchased | Real estate – construction | Watch
Loan portfolio by risk-rating grades
Total	2,640	0
Purchased | Real estate – construction | Substandard
Loan portfolio by risk-rating grades
Total	0	0
Purchased | Real estate – 1-4 family mortgage
Loan portfolio by risk-rating grades
Total	452,447	531,095
Purchased | Real estate – 1-4 family mortgage | Internal Noninvestment Grade
Loan portfolio by risk-rating grades
Total	113,294	144,738
Purchased | Real estate – 1-4 family mortgage | Pass
Loan portfolio by risk-rating grades
Total	105,265	136,417
Purchased | Real estate – 1-4 family mortgage | Watch
Loan portfolio by risk-rating grades
Total	7,665	4,549
Purchased | Real estate – 1-4 family mortgage | Substandard
Loan portfolio by risk-rating grades
Total	364	3,772
Purchased | Real estate – commercial mortgage
Loan portfolio by risk-rating grades
Total	823,758	804,680
Purchased | Real estate – commercial mortgage | Internal Noninvestment Grade
Loan portfolio by risk-rating grades
Total	617,360	568,916
Purchased | Real estate – commercial mortgage | Pass
Loan portfolio by risk-rating grades
Total	608,192	562,164
Purchased | Real estate – commercial mortgage | Watch
Loan portfolio by risk-rating grades
Total	8,445	5,033
Purchased | Real estate – commercial mortgage | Substandard
Loan portfolio by risk-rating grades
Total	723	1,719
Purchased | Installment loans to individuals
Loan portfolio by risk-rating grades
Total	15,979	29,859
Purchased | Installment loans to individuals | Internal Noninvestment Grade
Loan portfolio by risk-rating grades
Total	114	0
Purchased | Installment loans to individuals | Pass
Loan portfolio by risk-rating grades
Total	0	0
Purchased | Installment loans to individuals | Watch
Loan portfolio by risk-rating grades
Total	0	0
Purchased | Installment loans to individuals | Substandard
Loan portfolio by risk-rating grades
Total	$ 114	$ 0

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Purchased Loans (Details 6) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Loan portfolio not subject to risk rating
Total	$ 6,202,709	$ 5,413,462
Commercial, financial, agricultural
Loan portfolio not subject to risk rating
Total	717,490	636,837
Real estate – construction
Loan portfolio not subject to risk rating
Total	552,679	357,665
Real estate – 1-4 family mortgage
Loan portfolio not subject to risk rating
Total	1,878,177	1,735,323
Real estate – commercial mortgage
Loan portfolio not subject to risk rating
Total	2,898,895	2,533,729
Installment loans to individuals
Loan portfolio not subject to risk rating
Total	155,468	149,908
Purchased
Loan portfolio not subject to risk rating
Total	1,489,137	1,583,028
Purchased | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	316,127	353,775
Purchased | Performing
Loan portfolio not subject to risk rating
Total	313,852	353,285
Purchased | Non-Performing
Loan portfolio not subject to risk rating
Total	2,275	490
Purchased | Commercial, financial, agricultural
Loan portfolio not subject to risk rating
Total	128,200	151,430
Purchased | Commercial, financial, agricultural | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	9,568	4,943
Purchased | Commercial, financial, agricultural | Performing
Loan portfolio not subject to risk rating
Total	9,489	4,943
Purchased | Commercial, financial, agricultural | Non-Performing
Loan portfolio not subject to risk rating
Total	79	0
Purchased | Lease financing | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	0	0
Purchased | Lease financing | Performing
Loan portfolio not subject to risk rating
Total	0	0
Purchased | Lease financing | Non-Performing
Loan portfolio not subject to risk rating
Total	0	0
Purchased | Real estate – construction
Loan portfolio not subject to risk rating
Total	68,753	65,964
Purchased | Real estate – construction | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	4,067	13,779
Purchased | Real estate – construction | Performing
Loan portfolio not subject to risk rating
Total	3,601	13,779
Purchased | Real estate – construction | Non-Performing
Loan portfolio not subject to risk rating
Total	466	0
Purchased | Real estate – 1-4 family mortgage
Loan portfolio not subject to risk rating
Total	452,447	531,095
Purchased | Real estate – 1-4 family mortgage | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	267,201	294,708
Purchased | Real estate – 1-4 family mortgage | Performing
Loan portfolio not subject to risk rating
Total	265,697	294,256
Purchased | Real estate – 1-4 family mortgage | Non-Performing
Loan portfolio not subject to risk rating
Total	1,504	452
Purchased | Real estate – commercial mortgage
Loan portfolio not subject to risk rating
Total	823,758	804,680
Purchased | Real estate – commercial mortgage | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	21,411	13,154
Purchased | Real estate – commercial mortgage | Performing
Loan portfolio not subject to risk rating
Total	21,353	13,154
Purchased | Real estate – commercial mortgage | Non-Performing
Loan portfolio not subject to risk rating
Total	58	0
Purchased | Installment loans to individuals
Loan portfolio not subject to risk rating
Total	15,979	29,859
Purchased | Installment loans to individuals | Performing and Non-Performing
Loan portfolio not subject to risk rating
Total	13,880	27,191
Purchased | Installment loans to individuals | Performing
Loan portfolio not subject to risk rating
Total	13,712	27,153
Purchased | Installment loans to individuals | Non-Performing
Loan portfolio not subject to risk rating
Total	$ 168	$ 38

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Purchased Loans (Details 7) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Loans acquired with deteriorated credit quality
Total Purchased Credit Deteriorated Loans	$ 6,159,972	$ 5,371,025
Purchased | Receivables Acquired with Deteriorated Credit Quality
Loans acquired with deteriorated credit quality
Total Purchased Credit Deteriorated Loans	271,758	336,165
Purchased | Receivables Acquired with Deteriorated Credit Quality | Commercial, financial, agricultural
Loans acquired with deteriorated credit quality
Total Purchased Credit Deteriorated Loans	11,994	16,489
Purchased | Receivables Acquired with Deteriorated Credit Quality | Lease financing
Loans acquired with deteriorated credit quality
Total Purchased Credit Deteriorated Loans	0	0
Purchased | Receivables Acquired with Deteriorated Credit Quality | Real estate – construction
Loans acquired with deteriorated credit quality
Total Purchased Credit Deteriorated Loans	840	2,749
Purchased | Receivables Acquired with Deteriorated Credit Quality | Real estate – 1-4 family mortgage
Loans acquired with deteriorated credit quality
Total Purchased Credit Deteriorated Loans	71,952	91,649
Purchased | Receivables Acquired with Deteriorated Credit Quality | Real estate – commercial mortgage
Loans acquired with deteriorated credit quality
Total Purchased Credit Deteriorated Loans	184,987	222,610
Purchased | Receivables Acquired with Deteriorated Credit Quality | Installment loans to individuals
Loans acquired with deteriorated credit quality
Total Purchased Credit Deteriorated Loans	$ 1,985	$ 2,668

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Purchased Loans (Details 8) - Purchased - USD ($) $ in Thousands	Dec. 31, 2016	Apr. 01, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition
Accretable yield	$ (36,326)		$ (48,292)	$ (32,433)
Receivables Acquired with Deteriorated Credit Quality
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition
Contractually-required principal and interest	389,798		467,777
Nonaccretable difference	(81,714)		(83,320)
Cash flows expected to be collected	308,084		384,457
Accretable yield	(36,326)		(48,292)
Fair value	$ 271,758		$ 336,165
Receivables Acquired with Deteriorated Credit Quality | KeyWorth Bank
Fair value of loans determined to be impaired and not to be impaired at the time of acquisition
Contractually-required principal and interest		$ 289,495
Nonaccretable difference		(3,848)
Cash flows expected to be collected		285,647
Accretable yield		(13,317)
Fair value		$ 272,330

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Purchased Loans (Details 9) - Purchased - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Beginning balance	$ (48,292)	$ (32,433)
Additions through acquisition	(4,037)	(28,046)
Reclasses from nonaccretable difference	(950)	(6,617)
Accretion	14,711	17,212
Charge-off	2,242	1,592
Ending balance	$ (36,326)	$ (48,292)

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Purchased Loans (Details 10) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	$ 27,992	$ 36,627
Collectively evaluated for impairment	5,902,959	5,040,670
Loans, net of unearned income	6,202,709	5,413,462
Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	271,758	336,165
Commercial, financial, agricultural
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	1,886	370
Collectively evaluated for impairment	703,610	619,978
Loans, net of unearned income	717,490	636,837
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	11,994	16,489
Real estate – construction
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	662	2,698
Collectively evaluated for impairment	551,177	352,218
Loans, net of unearned income	552,679	357,665
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	840	2,749
Real estate – 1-4 family mortgage
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	12,088	16,650
Collectively evaluated for impairment	1,794,137	1,627,024
Loans, net of unearned income	1,878,177	1,735,323
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	71,952	91,649
Real estate – commercial mortgage
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	13,079	16,819
Collectively evaluated for impairment	2,700,829	2,294,300
Loans, net of unearned income	2,898,895	2,533,729
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	184,987	222,610
Installment loans to individuals
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	277	90
Collectively evaluated for impairment	153,206	147,150
Loans, net of unearned income	155,468	149,908
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	1,985	2,668
Purchased
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	4,538	4,583
Collectively evaluated for impairment	1,212,841	1,242,280
Loans, net of unearned income	1,489,137	1,583,028
Purchased | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	271,758	336,165
Purchased | Commercial, financial, agricultural
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	487	14
Collectively evaluated for impairment	115,719	134,927
Loans, net of unearned income	128,200	151,430
Purchased | Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	11,994	16,489
Purchased | Real estate – construction
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	145	2,698
Collectively evaluated for impairment	67,768	60,517
Loans, net of unearned income	68,753	65,964
Purchased | Real estate – construction | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	840	2,749
Purchased | Real estate – 1-4 family mortgage
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	1,496	655
Collectively evaluated for impairment	378,999	438,791
Loans, net of unearned income	452,447	531,095
Purchased | Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	71,952	91,649
Purchased | Real estate – commercial mortgage
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	2,275	1,193
Collectively evaluated for impairment	636,496	580,877
Loans, net of unearned income	823,758	804,680
Purchased | Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	184,987	222,610
Purchased | Installment loans to individuals
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	135	23
Collectively evaluated for impairment	13,859	27,168
Loans, net of unearned income	15,979	29,859
Purchased | Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	$ 1,985	$ 2,668

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Purchased Loans (Details Textual)	12 Months Ended
	Dec. 31, 2016 USD ($) loan	Dec. 31, 2015 USD ($) loan	Dec. 31, 2014 USD ($)
Loans and Allowance for Loan Losses (Textual) [Abstract]
Restructured loans discontinued past due period	90 days
Allowance for loan losses attributable to restructured loans	$ 42,737,000	$ 42,437,000
Purchased
Loans and Allowance for Loan Losses (Textual) [Abstract]
Nonperforming loans charged off past due period	90 days
Number of restructured loans | loan	3	1
Restructured loans discontinued past due period	90 days	90 days
Average recorded investment in impaired loans	$ 6,594,000	$ 2,860,000	$ 2,037,000
Interest income recognized on impaired loans			$ 59,000
Remaining availability under commitments to lend additional funds on restructured loans	3,000	0
Fair value of loans contractual principal cash flows amount	81,673,000	83,078,000
Fair value of loans contractual interest cash flows	41,000	241,000
Fair value of loans contractual interest payments	1,776,000	2,312,000
Fair value of loans contractual purchase discount	34,550,000	45,980,000
Purchased | Nonaccruing Loans
Loans and Allowance for Loan Losses (Textual) [Abstract]
Outstanding balance of restructured loans	0	275,000
Purchased | Restructured Loans
Loans and Allowance for Loan Losses (Textual) [Abstract]
Outstanding balance of restructured loans	1,206,000	4,778,000
Allowance for loan losses attributable to restructured loans	$ 35,000	$ 95,000

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Allowance for Loan Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	$ 6,205,118	$ 5,414,625
Unearned income	(2,409)	(1,163)
Loans, net of unearned income	6,202,709	5,413,462
Allowance for loan losses	(42,737)	(42,437)
Loans, net	6,159,972	5,371,025
Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	717,490	636,837
Loans, net of unearned income	717,490	636,837
Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	49,250	35,978
Real estate – construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	552,679	357,665
Loans, net of unearned income	552,679	357,665
Real estate – 1-4 family mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,878,177	1,735,323
Loans, net of unearned income	1,878,177	1,735,323
Real estate – commercial mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,898,895	2,533,729
Loans, net of unearned income	2,898,895	2,533,729
Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	108,627	115,093
Loans, net of unearned income	$ 155,468	$ 149,908

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Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Rollforward of the allowance for loan losses
Beginning balance				$ 42,437				$ 42,289	$ 42,437	$ 42,289	$ 47,665
Charge-offs									(9,471)	(6,776)	(13,859)
Recoveries									2,241	2,174	2,316
Net charge-offs									(7,230)	(4,602)	(11,543)
Provision for loan losses									6,604	3,913	10,917
Benefit attributable to FDIC loss share agreements									(265)	(872)	(6,278)
Recoveries payable to FDIC									1,191	1,709	1,528
Provision for loan losses charged to operations	$ 1,650	$ 2,650	$ 1,430	1,800	$ 1,750	$ 750	$ 1,175	1,075	7,530	4,750	6,167
Ending balance	42,737				42,437				42,737	42,437	42,289
Period-End Amount Allocated to:
Individually evaluated for impairment												$ 4,141	$ 7,600	$ 10,256
Collectively evaluated for impairment												35,776	33,131	30,308
Acquired with deteriorated credit quality	42,737			42,437	42,437			42,289	42,437	42,289	47,665	42,737	42,437	42,289
Receivables Acquired with Deteriorated Credit Quality
Rollforward of the allowance for loan losses
Beginning balance				1,706				1,725	1,706	1,725
Ending balance	2,820				1,706				2,820	1,706	1,725
Period-End Amount Allocated to:
Acquired with deteriorated credit quality	2,820			1,706	1,706			1,725	1,706	1,725	1,725	2,820	1,706	1,725
Commercial, financial, agricultural
Rollforward of the allowance for loan losses
Beginning balance				4,186				3,305	4,186	3,305	3,090
Charge-offs									(2,725)	(943)	(1,516)
Recoveries									331	361	455
Net charge-offs									(2,394)	(582)	(1,061)
Provision for loan losses									3,716	1,489	1,297
Benefit attributable to FDIC loss share agreements									(61)	(64)	(204)
Recoveries payable to FDIC									39	38	183
Provision for loan losses charged to operations									3,694	1,463	1,276
Ending balance	5,486				4,186				5,486	4,186	3,305
Period-End Amount Allocated to:
Individually evaluated for impairment												446	6	5
Collectively evaluated for impairment												4,668	3,827	3,020
Acquired with deteriorated credit quality	5,486			4,186	4,186			3,305	4,186	3,305	3,090	5,486	4,186	3,305
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality
Rollforward of the allowance for loan losses
Beginning balance				353				280	353	280
Ending balance	372				353				372	353	280
Period-End Amount Allocated to:
Acquired with deteriorated credit quality	372			353	353			280	353	280	280	372	353	280
Real estate – construction
Rollforward of the allowance for loan losses
Beginning balance				1,852				1,415	1,852	1,415	1,091
Charge-offs									0	(26)	0
Recoveries									47	26	33
Net charge-offs									47	0	33
Provision for loan losses									364	435	290
Benefit attributable to FDIC loss share agreements									0	0	0
Recoveries payable to FDIC									117	2	1
Provision for loan losses charged to operations									481	437	291
Ending balance	2,380				1,852				2,380	1,852	1,415
Period-End Amount Allocated to:
Individually evaluated for impairment												1	20	0
Collectively evaluated for impairment												2,379	1,832	1,415
Acquired with deteriorated credit quality	2,380			1,852	1,852			1,415	1,852	1,415	1,091	2,380	1,852	1,415
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality
Rollforward of the allowance for loan losses
Beginning balance				0				0	0	0
Ending balance	0				0				0	0	0
Period-End Amount Allocated to:
Acquired with deteriorated credit quality	0			0	0			0	0	0	0	0	0	0
Real estate – 1-4 family mortgage
Rollforward of the allowance for loan losses
Beginning balance				13,908				13,549	13,908	13,549	18,629
Charge-offs									(3,906)	(2,173)	(5,662)
Recoveries									997	1,064	1,325
Net charge-offs									(2,909)	(1,109)	(4,337)
Provision for loan losses									2,616	650	(452)
Benefit attributable to FDIC loss share agreements									(115)	(91)	(816)
Recoveries payable to FDIC									794	909	525
Provision for loan losses charged to operations									3,295	1,468	(743)
Ending balance	14,294				13,908				14,294	13,908	13,549
Period-End Amount Allocated to:
Individually evaluated for impairment												1,134	4,475	4,786
Collectively evaluated for impairment												12,319	9,177	8,483
Acquired with deteriorated credit quality	14,294			13,908	13,908			13,549	13,908	13,549	18,629	14,294	13,908	13,549
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality
Rollforward of the allowance for loan losses
Beginning balance				256				280	256	280
Ending balance	841				256				841	256	280
Period-End Amount Allocated to:
Acquired with deteriorated credit quality	841			256	256			280	256	280	280	841	256	280
Real estate – commercial mortgage
Rollforward of the allowance for loan losses
Beginning balance				21,111				22,759	21,111	22,759	23,688
Charge-offs									(2,123)	(2,613)	(6,186)
Recoveries									757	614	436
Net charge-offs									(1,366)	(1,999)	(5,750)
Provision for loan losses									(879)	312	9,260
Benefit attributable to FDIC loss share agreements									(48)	(717)	(5,258)
Recoveries payable to FDIC									241	756	819
Provision for loan losses charged to operations									(686)	351	4,821
Ending balance	19,059				21,111				19,059	21,111	22,759
Period-End Amount Allocated to:
Individually evaluated for impairment												2,445	3,099	5,465
Collectively evaluated for impairment												15,008	16,916	16,130
Acquired with deteriorated credit quality	19,059			21,111	21,111			22,759	21,111	22,759	23,688	19,059	21,111	22,759
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality
Rollforward of the allowance for loan losses
Beginning balance				1,096				1,164	1,096	1,164
Ending balance	1,606				1,096				1,606	1,096	1,164
Period-End Amount Allocated to:
Acquired with deteriorated credit quality	1,606			1,096	1,096			1,164	1,096	1,164	1,164	1,606	1,096	1,164
Installment and Other
Rollforward of the allowance for loan losses
Beginning balance				1,380				1,261	1,380	1,261	1,167
Charge-offs									(717)	(1,021)	(495)
Recoveries									109	109	67
Net charge-offs									(608)	(912)	(428)
Provision for loan losses									787	1,027	522
Benefit attributable to FDIC loss share agreements									(41)	0	0
Recoveries payable to FDIC									0	4	0
Provision for loan losses charged to operations									746	1,031	522
Ending balance	1,518				1,380				1,518	1,380	1,261
Period-End Amount Allocated to:
Individually evaluated for impairment												115	0	0
Collectively evaluated for impairment												1,402	1,379	1,260
Acquired with deteriorated credit quality	1,518			1,380	1,380			1,261	1,380	1,261	1,167	1,518	1,380	1,261
Installment and Other | Receivables Acquired with Deteriorated Credit Quality
Rollforward of the allowance for loan losses
Beginning balance				1				1	1	1
Ending balance	1				1				1	1	1
Period-End Amount Allocated to:
Acquired with deteriorated credit quality	$ 1			$ 1	$ 1			$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1

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Allowance for Loan Losses (Details 2) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	$ 27,992	$ 36,627
Collectively evaluated for impairment	5,902,959	5,040,670
Loans, net of unearned income	6,202,709	5,413,462
Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	271,758	336,165
Commercial, financial, agricultural
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	1,886	370
Collectively evaluated for impairment	703,610	619,978
Loans, net of unearned income	717,490	636,837
Commercial, financial, agricultural | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	11,994	16,489
Real estate – construction
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	662	2,698
Collectively evaluated for impairment	551,177	352,218
Loans, net of unearned income	552,679	357,665
Real estate – construction | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	840	2,749
Real estate – 1-4 family mortgage
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	12,088	16,650
Collectively evaluated for impairment	1,794,137	1,627,024
Loans, net of unearned income	1,878,177	1,735,323
Real estate – 1-4 family mortgage | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	71,952	91,649
Real estate – commercial mortgage
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	13,079	16,819
Collectively evaluated for impairment	2,700,829	2,294,300
Loans, net of unearned income	2,898,895	2,533,729
Real estate – commercial mortgage | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	184,987	222,610
Installment loans to individuals
Investment in loans, net of unearned income on impairment methodology
Individually evaluated for impairment	277	90
Collectively evaluated for impairment	153,206	147,150
Loans, net of unearned income	155,468	149,908
Installment loans to individuals | Receivables Acquired with Deteriorated Credit Quality
Investment in loans, net of unearned income on impairment methodology
Acquired with deteriorated credit quality	$ 1,985	$ 2,668

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Premises and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Bank premises and equipment
Gross	$ 247,785	$ 231,283
Accumulated depreciation	(68,562)	(62,155)
Net	179,223	169,128
Premises
Bank premises and equipment
Gross	183,957	170,624
Leasehold improvements
Bank premises and equipment
Gross	7,862	7,207
Furniture and equipment
Bank premises and equipment
Gross	42,166	38,003
Computer equipment
Bank premises and equipment
Gross	13,548	15,230
Autos
Bank premises and equipment
Gross	$ 252	$ 219

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Premises and Equipment (Details 1) $ in Thousands	Dec. 31, 2016 USD ($)
Summary of future minimum lease payments
2017	$ 4,526
2018	4,145
2019	3,440
2020	2,801
2021	1,713
Thereafter	5,634
Total	$ 22,259

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Premises and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Premises And Equipment (Textual) [Abstract]
Depreciation expense	$ 12,066	$ 8,689	$ 6,613
Rental expense	$ 4,460	$ 3,688	$ 2,909

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Other Real Estate Owned (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs
Purchased OREO	$ 17,370	$ 22,416
Non Purchased OREO	5,929	12,986
Total other real estate owned, net	23,299	35,402
Residential real estate
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs
Purchased OREO	2,230	2,707
Non Purchased OREO	699	2,087
Total other real estate owned, net	2,929	4,794
Commercial real estate
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs
Purchased OREO	6,401	6,283
Non Purchased OREO	1,680	5,104
Total other real estate owned, net	8,081	11,387
Residential land development
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs
Purchased OREO	2,344	1,717
Non Purchased OREO	1,688	2,879
Total other real estate owned, net	4,032	4,596
Commercial land development
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs
Purchased OREO	6,395	11,709
Non Purchased OREO	1,862	2,916
Total other real estate owned, net	$ 8,257	$ 14,625

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Other Real Estate Owned (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Purchased OREO
Beginning balance	$ 22,416	$ 17,386
Purchased OREO	0	9,972
Transfers of loans	7,935	11,642
Impairments	(1,631)	(1,033)
Dispositions	(11,071)	(15,551)
Other	(279)	0
Ending balance	17,370	22,416
Non Purchased OREO
Beginning balance	12,986	17,086
Purchased OREO	0	0
Transfers of loans	935	3,293
Impairments	(1,484)	(1,486)
Dispositions	(6,458)	(5,873)
Other	(50)	(34)
Ending balance	5,929	12,986
Total OREO
Beginning balance	35,402	34,472
Purchased OREO	0	9,972
Transfers of loans	8,870	14,935
Impairments	(3,115)	(2,519)
Dispositions	(17,529)	(21,424)
Other	(329)	(34)
Ending balance	$ 23,299	$ 35,402

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Other Real Estate Owned (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Components of other real estate owned in the Consolidated Statements of Income
Repairs and maintenance	$ 962	$ 840	$ 2,129
Property taxes and insurance	1,374	809	372
Impairments	3,018	2,157	2,434
Net (gains) losses on OREO sales	590	(582)	(151)
Rental income	(248)	(179)	(191)
Total	$ 5,696	$ 3,045	$ 4,593

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Other Real Estate Owned (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Other Real Estate Owned (Textual) [Abstract]
Total impairment charges	$ 3,115	$ 2,519
Consolidated Statements of Income
Other Real Estate Owned (Textual) [Abstract]
Total impairment charges	3,018	2,157
FDIC loss-share indemnification asset
Other Real Estate Owned (Textual) [Abstract]
Total impairment charges	$ 97	$ 362

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Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Changes In Carrying Amount of Goodwill
Beginning balance	$ 445,871	$ 274,706
Addition to goodwill	20,633	171,182
Adjustment to previously recorded goodwill	4,030	(17)
Ending balance	470,534	445,871
Community Banks
Changes In Carrying Amount of Goodwill
Beginning balance	443,104	271,939
Addition to goodwill	20,633	171,182
Adjustment to previously recorded goodwill	4,030	(17)
Ending balance	467,767	443,104
Insurance
Changes In Carrying Amount of Goodwill
Beginning balance	2,767	2,767
Addition to goodwill	0	0
Adjustment to previously recorded goodwill	0	0
Ending balance	$ 2,767	$ 2,767

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Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Summary of finite-lived intangible assets
Gross Carrying Amount	$ 49,962	$ 47,952
Accumulated Amortization	(25,888)	(19,141)
Net Carrying Amount	24,074	28,811
Core deposit intangible
Summary of finite-lived intangible assets
Gross Carrying Amount	47,992	45,982
Accumulated Amortization	(25,188)	(18,572)
Net Carrying Amount	22,804	27,410
Customer relationship intangible
Summary of finite-lived intangible assets
Gross Carrying Amount	1,970	1,970
Accumulated Amortization	(700)	(569)
Net Carrying Amount	$ 1,270	$ 1,401

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Goodwill and Other Intangible Assets (Details 2) $ in Thousands	Dec. 31, 2016 USD ($)
Estimated amortization expense of finite-lived intangible assets for future periods
2017	$ 5,854
2018	5,012
2019	4,232
2020	3,344
2021	2,404
Core deposit intangible
Estimated amortization expense of finite-lived intangible assets for future periods
2017	5,723
2018	4,881
2019	4,101
2020	3,213
2021	2,273
Customer relationship intangible
Estimated amortization expense of finite-lived intangible assets for future periods
2017	131
2018	131
2019	131
2020	131
2021	$ 131

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Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Intangible amortization	$ 6,747	$ 6,069	$ 5,606
Core deposit intangible
Finite-Lived Intangible Assets [Line Items]
Intangible amortization	6,616	5,938	5,475
Customer relationship intangible
Finite-Lived Intangible Assets [Line Items]
Intangible amortization	$ 131	$ 131	$ 131

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Mortgage Servicing Rights (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2016	Dec. 31, 2015
Changes in mortgage servicing rights
Beginning balance	$ 11,662,000	$ 29,642,000	$ 11,662,000
Additions through acquisition			10,429,000
Capitalization		18,061,000	10,793,000
Amortization		(2,884,000)	(3,242,000)
Sale of MSRs		(18,477,000)
Impairment	$ 0	(40,000)	0
Ending balance		$ 26,302,000	$ 29,642,000

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Mortgage Servicing Rights (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Data and key economic assumptions related to mortgage servicing rights
Unpaid principal balance	$ 2,763,344	$ 3,090,839	$ 1,178,390
Weighted-average prepayment speed (CPR) (percent)	7.34%	8.89%	8.25%
Estimated impact of a 10% increase	$ (1,034)	$ (1,203)	$ (1,038)
Estimated impact of a 20% increase	$ (2,010)	$ (2,330)	$ (1,441)
Discount rate (percent)	9.64%	9.51%	10.76%
Estimated impact of a 100bp increase	$ (1,368)	$ (1,357)	$ (1,010)
Estimated impact of a 200bp increase	$ (2,629)	$ (2,612)	$ (1,378)
Weighted-average coupon interest rate (percent)	3.83%	3.97%	3.84%
Weighted-average servicing fee (basis points)	0.2587%	0.2504%	0.2504%
Weighted-average remaining maturity (in years)	11 years 1 month 11 days	15 years 2 months 23 days	24 years 4 months 29 days

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Mortgage Servicing Rights (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Transfers and Servicing [Abstract]
Unpaid principle balance of related mortgage loan	$ 1,830,444,000
Sale of MSR proceeds	18,508,000	$ 0	$ 0
Servicing fees	$ 3,212,000	$ 3,369,000	$ 1,805,000

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Deposits (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Summary of deposits
Noninterest-bearing deposits	$ 1,561,357	$ 1,278,337
Interest-bearing demand deposits	3,333,896	2,945,438
Savings deposits	543,131	499,536
Time deposits	1,620,753	1,495,291
Total deposits	$ 7,059,137	$ 6,218,602

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Deposits (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Maturities of time deposits
2017	$ 734,286
2018	388,825
2019	326,032
2020	114,157
2021	45,278
Thereafter	12,175
Total	$ 1,620,753	$ 1,495,291

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Deposits (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deposits (Textual) [Abstract]
Time deposits in denominations of $250 or more	$ 313,409	$ 222,419
Amount on deposits	$ 28,107	$ 16,576

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Short-Term Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Short-term borrowings
Total short-term borrowings	$ 109,676	$ 422,279
Securities sold under agreements to repurchase
Short-term borrowings
Total short-term borrowings	9,676	22,279
Federal Home Loan Bank short-term advances
Short-term borrowings
Total short-term borrowings	$ 100,000	$ 400,000

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Short-Term Borrowings (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Average balances and cost of funds of short-term borrowings
Average Balances	$ 356,929	$ 223,090	$ 22,233
Cost of Funds (percent)	0.45%	0.18%	0.17%
Federal Home Loan Bank short-term advances
Average balances and cost of funds of short-term borrowings
Average Balances	$ 344,724	$ 207,575	$ 17,899
Cost of Funds (percent)	0.46%	0.18%	0.17%
Securities sold under agreements to repurchase
Average balances and cost of funds of short-term borrowings
Average Balances	$ 12,205	$ 15,515	$ 4,334
Cost of Funds (percent)	0.20%	0.21%	0.15%

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Short-Term Borrowings (Details Textual) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Short Term Borrowings (Textual) [Abstract]
Lines of credit with correspondent banks	$ 75,000,000
Amounts outstanding under lines of credit	$ 0	$ 0

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Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Long-term debt
Total long-term debt	$ 202,459	$ 148,217
Federal Home Loan Bank advances
Long-term debt
Total long-term debt	8,542	52,930
Other long-term debt
Long-term debt
Total long-term debt	147	192
Junior subordinated debentures
Long-term debt
Total long-term debt	95,643	95,095
Subordinated notes
Long-term debt
Total long-term debt	$ 98,127	$ 0

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Long-Term Debt (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
PHC Statutory Trust I
Debentures details
Principal Amount	$ 20,619
Interest Rate (percent)	3843.17%
Year of Maturity	2033
Amount Included in Tier 1 Capital	$ 20,000
PHC Statutory Trust II
Debentures details
Principal Amount	$ 31,959
Interest Rate (percent)	2.83%
Year of Maturity	2035
Amount Included in Tier 1 Capital	$ 31,000
Heritage Financial Statutory Trust I
Debentures details
Principal Amount	$ 10,310
Interest Rate (percent)	10.20%
Year of Maturity	2031
Amount Included in Tier 1 Capital	$ 10,000
Capital Bancorp Capital Trust I
Debentures details
Principal Amount	$ 12,372
Interest Rate (percent)	2.50%
Year of Maturity	2035
Amount Included in Tier 1 Capital	$ 12,000
First M&F Statutory Trust I
Debentures details
Principal Amount	$ 30,928
Interest Rate (percent)	2.29%
Year of Maturity	2036
Amount Included in Tier 1 Capital	$ 19,455

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Long-Term Debt (Details 2) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Aggregate stated maturities of long-term debt outstanding
2017	$ 0
2018	326
2019	147
2020	615
2021	0
Thereafter	201,371
Total	$ 202,459	$ 148,217

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Long-Term Debt (Details Textual) - USD ($)			1 Months Ended	12 Months Ended
	Aug. 22, 2016	Mar. 17, 2014	Mar. 31, 2012	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2007	Dec. 31, 2005	Dec. 31, 2003	Mar. 31, 2014
Debt Instrument [Line Items]
Unused lines of credit				$ 2,633,543,000
FHLB advances				42,369,000	$ 0	$ 0
Prepayment penalties				$ 2,539,000	$ 0	$ 0
Subordinated notes
Debt Instrument [Line Items]
Par percentage	100.00%
Proceeds from sale of notes	$ 98,167,000
Discount percentage	1.50%
Redemption price percentage	100.00%
Minimum
Debt Instrument [Line Items]
Maturity period of Long-term advances, earliest				2018
Long-term advances, interest rates (percent)				1.09%
Maximum
Debt Instrument [Line Items]
Maturity period of Long-term advances, new				2039
Long-term advances, interest rates (percent)				6.46%
Weighted Average
Debt Instrument [Line Items]
Long-term advances, interest rates (percent)				3.47%	4.06%
PHC Statutory Trust I
Debt Instrument [Line Items]
Fixed interest rate (percent)		5.49%
PHC Statutory Trust I | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		2.85%							2.85%
PHC Statutory Trust II | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)								1.87%
Heritage Financial Statutory Trust I
Debt Instrument [Line Items]
Interest rate for Heritage Financial Statutory Trust I (percent)				10.20%
Capital Bancorp Capital Trust I
Debt Instrument [Line Items]
Fixed interest rate (percent)										4.42%
Junior subordinated notes				$ 92,455,000
Capital Bancorp Capital Trust I | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)			1.50%				1.50%
First M&F Statutory Trust I
Debt Instrument [Line Items]
Interest rate of senior note (percent)				3.795%
Junior subordinated notes				$ 10,545,000	$ 11,093,000
First M&F Statutory Trust I | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)				1.33%
5.00% Subordinated Notes due 2026 | Subordinated notes
Debt Instrument [Line Items]
Interest rate of senior note (percent)	5.00%
Aggregate principal amount	$ 60,000,000
Redemption price percentage	100.00%
5.00% Subordinated Notes due 2026 | LIBOR | Subordinated notes
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	3.84%
5.00% Subordinated Notes due 2026 | LIBOR | Minimum | Subordinated notes
Debt Instrument [Line Items]
Variable rate threshold	0.00%
5.50% Subordinated Notes due 2031 | Subordinated notes
Debt Instrument [Line Items]
Interest rate of senior note (percent)	5.50%
Aggregate principal amount	$ 40,000,000
Redemption price percentage	100.00%
5.50% Subordinated Notes due 2031 | LIBOR | Subordinated notes
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	4.071%
5.50% Subordinated Notes due 2031 | LIBOR | Minimum | Subordinated notes
Debt Instrument [Line Items]
Variable rate threshold	0.00%

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Employee Benefit and Deferred Compensation Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Change in benefit obligation
Benefit obligation at beginning of year	$ 27,856,000
Settlements	0	$ 0
Transfer from HeritageBank Pension Plan	0	0
Benefit obligation at end of year	28,012,000	27,856,000
Change in fair value of plan assets
Fair value of plan assets at beginning of year	36,892,000
Contribution by employer	0	0
Settlements	0	0
Fair value of plan assets at end of year	25,241,000	36,892,000
HeritageBank
Change in benefit obligation
Settlements	(11,509,000)	(2,187,000)
Transfer from HeritageBank Pension Plan	1,073,000	0
Change in fair value of plan assets
Settlements	(11,509,000)	(2,187,000)
Pension Benefits
Change in benefit obligation
Benefit obligation at beginning of year	27,856,000	28,087,000
Service cost	0	0	$ 0
Interest cost	1,216,000	1,095,000	1,292,000
Plan participants’ contributions	0	0
Actuarial loss (gain)	(115,000)	605,000
Benefits paid	(2,018,000)	(1,931,000)
Settlements	0	0
Transfer from HeritageBank Pension Plan	(1,073,000)	0
Addition from business combination	0	0
Benefit obligation at end of year	28,012,000	27,856,000	28,087,000
Change in fair value of plan assets
Fair value of plan assets at beginning of year	24,434,000	26,532,000
Actual return on plan assets	1,752,000	(167,000)
Contribution by employer	0	0
Benefits paid	(2,018,000)	(1,931,000)
Settlements	0	0
Expenses paid from plan trust	0	0
Transfer from HeritageBank Pension Plan	1,073,000	0
Addition from business combination	0	0
Fair value of plan assets at end of year	25,241,000	24,434,000	26,532,000
Funded status at end of year	$ (2,771,000)	$ (3,422,000)
Weighted-average assumptions as of December 31
Discount rate (percent)	4.35%	4.56%
Pension Benefits | HeritageBank
Change in benefit obligation
Benefit obligation at beginning of year	$ 12,913,000	$ 0
Service cost	0	0
Interest cost	172,000	305,000
Plan participants’ contributions	0	0
Actuarial loss (gain)	(481,000)	(685,000)
Benefits paid	(22,000)	(15,000)
Addition from business combination	0	15,495,000
Benefit obligation at end of year	0	12,913,000	0
Change in fair value of plan assets
Fair value of plan assets at beginning of year	12,458,000	0
Actual return on plan assets	29,000	(21,000)
Contribution by employer	142,000	0
Benefits paid	(22,000)	(15,000)
Expenses paid from plan trust	(25,000)	0
Transfer from HeritageBank Pension Plan	(1,073,000)	0
Addition from business combination	0	14,681,000
Fair value of plan assets at end of year	0	12,458,000	0
Funded status at end of year	$ 0	$ (455,000)
Weighted-average assumptions as of December 31
Discount rate (percent)	0.00%	4.27%
Other Benefits
Change in benefit obligation
Benefit obligation at beginning of year	$ 1,704,000	$ 1,941,000
Service cost	12,000	17,000	14,000
Interest cost	58,000	60,000	84,000
Plan participants’ contributions	76,000	82,000
Actuarial loss (gain)	(56,000)	(37,000)
Benefits paid	(228,000)	(359,000)
Addition from business combination	0	0
Benefit obligation at end of year	1,566,000	1,704,000	$ 1,941,000
Change in fair value of plan assets
Benefits paid	(228,000)	(359,000)
Funded status at end of year	$ (1,566,000)	$ (1,704,000)
Weighted-average assumptions as of December 31
Discount rate (percent)	3.57%	3.63%

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Employee Benefit and Deferred Compensation Plans (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Pension Benefits
Components of net periodic benefit cost (income)
Service cost	$ 0	$ 0	$ 0
Interest cost	1,216	1,095	1,292
Expected return on plan assets	(1,872)	(2,040)	(2,160)
Prior service cost recognized	0	0	0
Recognized actuarial loss	404	331	207
Settlement/curtailment/termination losses	0	0	453
Net periodic benefit cost	(252)	(614)	(208)
Net actuarial loss/(gain) arising during the period	5	2,812	3,047
Net Settlement/curtailment/termination losses	0	0	(453)
Amortization of net actuarial loss recognized in net periodic pension cost	(404)	(331)	(207)
Total recognized in other comprehensive income	(399)	2,481	2,387
Total recognized in net periodic benefit cost and other comprehensive income	$ (651)	$ 1,867	$ 2,179
Discount rate used to determine net periodic pension cost (percent)	4.56%	4.00%	4.83%
Expected return on plan assets (percent)	8000.00%	8.00%	8.00%
Pension Benefits | HeritageBank
Components of net periodic benefit cost (income)
Service cost	$ 0	$ 0
Interest cost	172	305
Expected return on plan assets	(113)	(216)
Prior service cost recognized	0	0
Recognized actuarial loss	0	0
Settlement/curtailment/termination losses	(780)	(65)
Net periodic benefit cost	(721)	24
Net actuarial loss/(gain) arising during the period	(397)	(448)
Net Settlement/curtailment/termination losses	780	65
Amortization of net actuarial loss recognized in net periodic pension cost	0	0
Total recognized in other comprehensive income	383	(383)
Total recognized in net periodic benefit cost and other comprehensive income	$ (338)	$ (359)
Discount rate used to determine net periodic pension cost (percent)	4.27%	4.00%
Expected return on plan assets (percent)	3.00%	3.00%
Other Benefits
Components of net periodic benefit cost (income)
Service cost	$ 12	$ 17	$ 14
Interest cost	58	60	84
Expected return on plan assets	0	0	0
Prior service cost recognized	0	0	0
Recognized actuarial loss	76	101	89
Settlement/curtailment/termination losses	0	0	0
Net periodic benefit cost	146	178	187
Net actuarial loss/(gain) arising during the period	(56)	(37)	(118)
Amortization of net actuarial loss recognized in net periodic pension cost	(76)	(101)	(89)
Total recognized in other comprehensive income	(132)	(138)	(207)
Total recognized in net periodic benefit cost and other comprehensive income	$ 14	$ 40	$ (20)
Discount rate used to determine net periodic pension cost (percent)	3.63%	3.22%	4.66%

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Employee Benefit and Deferred Compensation Plans (Details 2) $ in Thousands	Dec. 31, 2016 USD ($)
Pension Benefits
Defined benefit pension plan and post-retirement health and life plan
2017	$ 2,050
2018	2,073
2019	2,080
2020	2,080
2021	2,084
2022-2026	9,983
Other Benefits
Defined benefit pension plan and post-retirement health and life plan
2017	247
2018	241
2019	203
2020	184
2021	180
2022-2026	$ 616

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Employee Benefit and Deferred Compensation Plans (Details 3) $ in Thousands	Dec. 31, 2016 USD ($)
Pension Benefits
Amounts recognized in accumulated other comprehensive income, net of tax
Prior service cost	$ 0
Actuarial loss	11,515
Total	11,515
Other Benefits
Amounts recognized in accumulated other comprehensive income, net of tax
Prior service cost	0
Actuarial loss	418
Total	$ 418

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Employee Benefit and Deferred Compensation Plans (Details 4) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Pension Benefits
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost
Prior service cost	$ 0
Actuarial loss	400
Total	400
Other Benefits
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost
Prior service cost	0
Actuarial loss	50
Total	$ 50

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Employee Benefit and Deferred Compensation Plans (Details 5) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Fair values of defined benefit pension plan assets by category of the firm
Fair value	$ 25,241	$ 36,892
Cash and cash equivalents
Fair values of defined benefit pension plan assets by category of the firm
Fair value	1,639	13,927
U.S. government securities
Fair values of defined benefit pension plan assets by category of the firm
Fair value	2,270	1,883
Corporate debt
Fair values of defined benefit pension plan assets by category of the firm
Fair value	1,991	2,442
Corporate stocks
Fair values of defined benefit pension plan assets by category of the firm
Fair value	17,823	17,383
Investments in registered investment companies
Fair values of defined benefit pension plan assets by category of the firm
Fair value	871	848
Foreign obligations
Fair values of defined benefit pension plan assets by category of the firm
Fair value	647	308
Municipal obligations
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	101
Quoted Prices In Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan assets by category of the firm
Fair value	20,333	32,158
Quoted Prices In Active Markets for Identical Assets (Level 1) | Cash and cash equivalents
Fair values of defined benefit pension plan assets by category of the firm
Fair value	1,639	13,927
Quoted Prices In Active Markets for Identical Assets (Level 1) | U.S. government securities
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Quoted Prices In Active Markets for Identical Assets (Level 1) | Corporate debt
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Quoted Prices In Active Markets for Identical Assets (Level 1) | Corporate stocks
Fair values of defined benefit pension plan assets by category of the firm
Fair value	17,823	17,383
Quoted Prices In Active Markets for Identical Assets (Level 1) | Investments in registered investment companies
Fair values of defined benefit pension plan assets by category of the firm
Fair value	871	848
Quoted Prices In Active Markets for Identical Assets (Level 1) | Foreign obligations
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Quoted Prices In Active Markets for Identical Assets (Level 1) | Municipal obligations
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan assets by category of the firm
Fair value	4,908	4,734
Significant Other Observable Inputs (Level 2) | Cash and cash equivalents
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Significant Other Observable Inputs (Level 2) | U.S. government securities
Fair values of defined benefit pension plan assets by category of the firm
Fair value	2,270	1,883
Significant Other Observable Inputs (Level 2) | Corporate debt
Fair values of defined benefit pension plan assets by category of the firm
Fair value	1,991	2,442
Significant Other Observable Inputs (Level 2) | Corporate stocks
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Significant Other Observable Inputs (Level 2) | Investments in registered investment companies
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Significant Other Observable Inputs (Level 2) | Foreign obligations
Fair values of defined benefit pension plan assets by category of the firm
Fair value	647	308
Significant Other Observable Inputs (Level 2) | Municipal obligations
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	101
Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Significant Unobservable Inputs (Level 3) | Cash and cash equivalents
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Significant Unobservable Inputs (Level 3) | U.S. government securities
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Significant Unobservable Inputs (Level 3) | Corporate debt
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Significant Unobservable Inputs (Level 3) | Corporate stocks
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Significant Unobservable Inputs (Level 3) | Investments in registered investment companies
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Significant Unobservable Inputs (Level 3) | Foreign obligations
Fair values of defined benefit pension plan assets by category of the firm
Fair value	0	0
Significant Unobservable Inputs (Level 3) | Municipal obligations
Fair values of defined benefit pension plan assets by category of the firm
Fair value	$ 0	$ 0

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Employee Benefit and Deferred Compensation Plans (Details 7) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Shares
Outstanding at beginning of year (shares)	621,446	830,950	1,060,348
Granted (shares)	0	0	0
Exercised (shares)	(435,177)	(201,371)	(227,499)
Forfeited (shares)	(644)	(8,133)	(1,899)
Outstanding at end of year (shares)	185,625	621,446	830,950
Exercisable at end of year (shares)	185,625	606,027	745,949
Weighted Average Exercise Price
Outstanding at beginning of year (usd per share)	$ 17.88	$ 18.70	$ 18.64
Granted (usd per share)	0.00	0.00	0.00
Exercised (usd per share)	18.67	20.82	18.39
Forfeited (usd per share)	29.67	29.45	20.77
Outstanding at end of year (usd per share)	15.97	17.88	18.70
Exercisable at end of year (usd per share)	$ 15.97	$ 17.85	$ 18.95
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Outstanding at end of year, Weighted Average Remaining Contractual Life (in years)	3 years 10 months 28 days	3 years 10 months 28 days	4 years 5 months 23 days
Exercisable at end of year, Weighted Average Remaining Contractual Life (in years)	3 years 10 months 28 days	3 years 9 months 29 days	4 years 1 month 24 days
Aggregate Intrinsic Value, Outstanding	$ 4,872	$ 10,274	$ 8,680
Aggregate Intrinsic Value, Exercisable	$ 4,872	$ 10,038	$ 7,628

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Employee Benefit and Deferred Compensation Plans (Details 8)	12 Months Ended
	Dec. 31, 2016 $ / shares shares
Performance- Based Restricted Stock(1)
Summary of the changes in performance based stock
Nonvested at beginning of year (shares) | shares	0
Granted (shares) | shares	61,700
Vested (shares) | shares	(52,045)
Cancelled (shares) | shares	(9,655)
Nonvested at end of year (shares) | shares	0
Weighted Average Grant-Date Fair Value
Nonvested at beginning of year (usd per share) | $ / shares	$ 0.00
Granted (usd per share) | $ / shares	31.12
Vested (usd per share) | $ / shares	31.12
Cancelled (usd per share) | $ / shares	31.12
Nonvested at ending of year (usd per share) | $ / shares	$ 0.00
Time- Based Restricted Stock
Summary of the changes in performance based stock
Nonvested at beginning of year (shares) | shares	105,438
Granted (shares) | shares	52,005
Vested (shares) | shares	(21,138)
Cancelled (shares) | shares	(18,960)
Nonvested at end of year (shares) | shares	117,345
Weighted Average Grant-Date Fair Value
Nonvested at beginning of year (usd per share) | $ / shares	$ 31.04
Granted (usd per share) | $ / shares	31.74
Vested (usd per share) | $ / shares	27.53
Cancelled (usd per share) | $ / shares	32.40
Nonvested at ending of year (usd per share) | $ / shares	$ 31.76

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Employee Benefit and Deferred Compensation Plans (Details Textual)	12 Months Ended
	Dec. 31, 2016 USD ($) point plan shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2014 USD ($) shares	Dec. 31, 2007 officer plan	Jan. 31, 2016 shares	Jul. 01, 2015 USD ($)
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract]
Company contribution to pension benefit plan	$ 0	$ 0
Accumulated benefit obligation	$ 28,012,000	27,856,000
Retiring age limit, minimum	55 years
Retiring age limit, maximum	65 years
Eligible employee from service (in years)	15 years
Number of points for eligibility (points) | point	70
Minimum eligible age for Medicare coverage	65 years
Life insurance coverage face value	$ 5,000
Life insurance maturity age	70 years
Additional life insurance maturity age	70 years
Health care cost trend rate (percent)	5.90%
Employee deferrals (percent)	4.00%
Percentage of plan compensation as nondiscretionary contribution (percent)	5.00%
Percentage of plan compensation in excess of social security wage base (percent)	5.00%
Hours of service credited to the employees during the year	1000 hours
Employee deferrals amounts	$ 10,762,000	9,271,000	$ 7,230,000
Incentive compensation plan expense	$ 2,307,000	3,608,000	4,100,000
Number of deferred compensation plans, including deferred stock unit plan | plan	3
Number of conventional deferred compensation plans | plan	2
Company's deferred compensation plan expense	$ 1,537,000	$ 1,225,000	$ 1,383,000
Option expiration period	10 years
Option exercisable period	3 years
Granted (shares) | shares	0	0	0
Intrinsic value of options exercised	$ 8,323,000	$ 2,445,000	$ 2,519,000
Fair value of options vested in period	$ 78,000	235,000	458,000
Common shares reserved for issuance under employee benefit plans (shares) | shares	2,072,583
Heritage Financial Group
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract]
Loans outstanding related to employee stock ownership plan acquired						$ 2,839,000
Retiree Health Benefits
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract]
Company contribution to pension benefit plan	$ 152,000	278,000
Expected company contributions	$ 247,000
Supplemental Employee Retirement Plans, Defined Benefit
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract]
Number of plans assumed in acquisition | plan				4
Number of officers provided for via plan | officer				4
Expiration period of benefits payable subsequent to retirement (in years)	15 years
Supplemental executive retirement liabilities totaled	$ 3,543,000	3,364,000
Minimum | Other equity securities
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract]
Equity income strategy (percent)	65.00%
Minimum | Debt Securities
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract]
Equity income strategy (percent)	25.00%
Maximum | Other equity securities
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract]
Equity income strategy (percent)	75.00%
Maximum | Debt Securities
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract]
Equity income strategy (percent)	35.00%
Performance- Based Restricted Stock(1)
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract]
Compensation expense	$ 3,117,000	3,884,000	3,647,000
Service period (in years)	1 year
Target performance level, allowable variance above and below target	5.00%
Performance-based restricted stock based on the target level of performance goals (shares) | shares					61,700
Cancelled (shares) | shares	9,655
Shares awarded, other than options (shares) | shares	52,045
Time- Based Restricted Stock
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract]
Cancelled (shares) | shares	18,960
Unrecognized stock-based compensation expense	$ 1,129,000
Weighted average period over which unrecognized expense is expected to be recognized (in years)	1 year 5 months 12 days
Stock compensation plan
Employee Benefit and Deferred Compensation Plans (Textual) [Abstract]
Compensation expense	$ 0	$ 73,000	$ 262,000
Unrecognized stock-based compensation expense	$ 0

XML

Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Not designated as hedging instruments:
Derivative financial instruments
Derivative assets:	$ 9,108	$ 7,498
Derivative liabilities:	2,500	3,053
Designated as hedging instruments:
Derivative financial instruments
Derivative liabilities:	3,410	4,266
Other Assets | Not designated as hedging instruments: | Interest rate contracts
Derivative financial instruments
Derivative assets:	1,985	2,544
Other Assets | Not designated as hedging instruments: | Interest rate lock commitments
Derivative financial instruments
Derivative assets:	2,643	4,508
Other Assets | Not designated as hedging instruments: | Forward commitments
Derivative financial instruments
Derivative assets:	4,480	446
Other Liabilities | Not designated as hedging instruments: | Interest rate contracts
Derivative financial instruments
Derivative liabilities:	1,985	2,544
Other Liabilities | Not designated as hedging instruments: | Interest rate lock commitments
Derivative financial instruments
Derivative liabilities:	246	0
Other Liabilities | Not designated as hedging instruments: | Forward commitments
Derivative financial instruments
Derivative liabilities:	269	509
Other Liabilities | Designated as hedging instruments: | Interest rate swap
Derivative financial instruments
Derivative liabilities:	$ 3,410	$ 4,266

XML

Derivative Instruments (Details 1) - Derivatives not designated as hedging instruments: - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income
Gains (losses) on derivative financial instruments	$ 4,566	$ (247)	$ 3,523
Included in interest income on loans | Interest rate contracts
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income
Gains (losses) on derivative financial instruments	2,402	2,200	2,961
Included in mortgage banking income | Interest rate lock commitments
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income
Gains (losses) on derivative financial instruments	(2,111)	(530)	1,171
Included in mortgage banking income | Forward commitments
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income
Gains (losses) on derivative financial instruments	$ 4,275	$ (1,917)	$ (609)

XML

Derivative Instruments (Details 2) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Offsetting Derivative Assets
Gross amounts recognized	$ 4,778	$ 446
Gross amounts offset in the consolidated balance sheets	0	0
Net amounts presented in the consolidated balance sheets	4,778	446
Financial instruments	567	282
Financial collateral pledged	0	0
Net amounts	4,211	164
Offsetting Derivative Liabilities
Gross amounts recognized	4,893	6,454
Gross amounts offset in the consolidated balance sheets	0	0
Net amounts presented in the consolidated balance sheets	4,893	6,454
Financial instruments	567	282
Financial collateral pledged	4,326	6,020
Net amounts	$ 0	$ 152

XML

Derivative Instruments (Details Textual)		12 Months Ended
	Jun. 05, 2014 USD ($) derivative_instrument	Dec. 31, 2015 USD ($)	Dec. 31, 2016 USD ($)	Sep. 01, 2013 USD ($)	Apr. 30, 2012 USD ($) derivative_instrument
Derivative Instruments (Textual) [Abstract]
Deferred gains amortized into net interest income		$ 0
Interest rate contracts with corporate customers
Derivative Instruments (Textual) [Abstract]
Notional amount			$ 82,202,000
Offsetting interest rate contracts with other financial institutions
Derivative Instruments (Textual) [Abstract]
Notional amount			82,202,000
Interest rate swap
Derivative Instruments (Textual) [Abstract]
Number of instruments held | derivative_instrument	2
Floating rate liability at the bank level, derivative one
Derivative Instruments (Textual) [Abstract]
Notional amount	$ 15,000,000
Term of contract	4 years
Floating rate liability at the bank level, derivative two
Derivative Instruments (Textual) [Abstract]
Notional amount	$ 2,000
Term of contract	5 years
Cash Flow Hedging
Derivative Instruments (Textual) [Abstract]
Notional amount					$ 32,000,000
Number of instruments held | derivative_instrument					2
Cash Flow Hedging | First M&F
Derivative Instruments (Textual) [Abstract]
Notional amount				$ 30,000,000
Commitments to fund fixed-rate residential mortgage loans
Derivative Instruments (Textual) [Abstract]
Notional amount		251,676,000	120,050,000
Commitments to sell residential mortgage loans
Derivative Instruments (Textual) [Abstract]
Notional amount		$ 293,500,000	$ 257,000,000

XML

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current
Federal									$ 31,679	$ 17,004	$ 16,474
State									2,131	995	540
Total									33,810	17,999	17,014
Deferred
Federal									10,480	12,625	8,649
State									557	1,126	642
Total									11,037	13,751	9,291
Total income tax expense	$ 11,461	$ 11,706	$ 11,154	$ 10,526	$ 10,149	$ 7,742	$ 6,842	$ 7,017	$ 44,847	$ 31,750	$ 26,305

XML

Income Taxes (Details 1) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of income taxes computed at the United States federal statutory tax rates
Tax at U.S. statutory rate									$ 47,522	$ 34,918	$ 30,061
Increase (decrease) in taxes resulting from:
Tax-exempt interest income									(3,467)	(3,377)	(3,215)
BOLI income									(1,622)	(1,264)	(1,045)
Investment tax credits									(1,390)	(1,390)	(1,390)
Amortization of investment in low-income housing tax credits									1,742	1,734	1,594
State income tax expense, net of federal benefit									1,747	1,378	921
Decrease to valuation allowance									0	0	(152)
Other items, net									315	(249)	(469)
Total income tax expense	$ 11,461	$ 11,706	$ 11,154	$ 10,526	$ 10,149	$ 7,742	$ 6,842	$ 7,017	$ 44,847	$ 31,750	$ 26,305

XML

Income Taxes (Details 2) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets
Allowance for loan losses	$ 19,934,000	$ 17,430,000
Loans	23,240,000	26,239,000
Deferred compensation	11,254,000	17,060,000
Net unrealized losses on securities	10,096,000	6,065,000
Impairment of assets	2,512,000	3,271,000
Net operating loss carryforwards	2,867,000	3,681,000
Other	7,149,000	7,499,000
Gross deferred tax assets	77,052,000	81,245,000
Valuation allowance on state net operating loss carryforwards	0	0
Total deferred tax assets	77,052,000	81,245,000
Deferred tax liabilities
FDIC indemnification asset	0	1,927,000
Investment in partnerships	1,556,000	2,507,000
Core deposit intangible	0	3,386,000
Depreciation	2,517,000	673,000
Mortgage servicing rights	3,360,000	4,032,000
Subordinated debt	4,111,000	4,287,000
Other	2,876,000	2,364,000
Total deferred tax liabilities	14,420,000	19,176,000
Net deferred tax assets	$ 62,632,000	$ 62,069,000

XML

Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of unrecognized tax benefits
Balance at January 1	$ 1,485	$ 2,653	$ 2,178
Additions based on positions related to current period	25	367	475
Additions based on positions related to prior period	0	0	0
Reductions based on positions related to prior period	0	(201)	0
Settlements	0	(1,334)	0
Reductions due to lapse of statute of limitations	0	0	0
Balance at December 31	$ 1,510	$ 1,485	$ 2,653

XML

Income Taxes (Details Textual) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Jul. 01, 2015	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards allowance	$ 0	$ 0
Accrued interest and penalties related to unrecognized tax benefits	169,000	$ 125,000		$ 686,000
Heritage Financial Group | Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	6,883,000		$ 18,321,000
Heritage Financial Group | State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 11,412,000		$ 17,168,000

XML

Investments in Qualified Affordable Housing Projects (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Carrying value of qualified affordable housing project investments	$ 6,331	$ 7,666
Investment amortization	1,335	1,328
Tax credits and other benefits	(1,927)	(1,883)
Total	$ (592)	$ (555)

XML

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Financial assets:
Fair Value	$ 674,248	$ 646,805
Trust preferred securities
Financial assets:
Fair Value	18,389	19,469
Other debt securities
Financial assets:
Fair Value	22,145	19,333
Other equity securities
Financial assets:
Fair Value	0	4,340
Obligations of other U.S. Government agencies and corporations
Financial assets:
Fair Value	2,158	6,200
Government agency mortgage backed securities | Residential mortgage backed securities:
Financial assets:
Fair Value	409,317	364,540
Government agency mortgage backed securities | Commercial mortgage backed securities:
Financial assets:
Fair Value	50,863	59,759
Government agency collateralized mortgage obligations | Residential mortgage backed securities:
Financial assets:
Fair Value	168,826	168,060
Government agency collateralized mortgage obligations | Commercial mortgage backed securities:
Financial assets:
Fair Value	2,550	5,104
Quoted Prices In Active Markets for Identical Assets (Level 1)
Financial assets:
Fair Value	0	0
Derivative instruments	0	0
Financial liabilities:
Derivative instruments	0	0
Significant Other Observable Inputs (Level 2)
Financial assets:
Fair Value	655,859	627,336
Derivative instruments	9,108	7,498
Financial liabilities:
Derivative instruments	5,910	7,319
Significant Other Observable Inputs (Level 2) | Interest rate swap
Financial liabilities:
Derivative instruments	3,410
Significant Other Observable Inputs (Level 2) | Interest rate contracts
Financial assets:
Derivative instruments	1,985
Financial liabilities:
Derivative instruments	1,985
Significant Other Observable Inputs (Level 2) | Interest rate lock commitments
Financial assets:
Derivative instruments	2,643
Significant Other Observable Inputs (Level 2) | Forward commitments
Financial assets:
Derivative instruments	4,480	446
Financial liabilities:
Derivative instruments	269
Significant Unobservable Inputs (Level 3)
Financial assets:
Fair Value	18,389	19,469
Derivative instruments	0	0
Financial liabilities:
Derivative instruments	0	0
Recurring
Financial assets:
Fair Value	674,248	646,805
Derivative instruments	9,108	7,498
Total financial assets	861,222	879,557
Financial liabilities:
Derivative instruments	5,910	7,319
Total financial liabilities	5,910	7,319
Recurring | Interest rate swap
Financial liabilities:
Derivative instruments	3,410	4,266
Recurring | Interest rate contracts
Financial assets:
Derivative instruments	1,985	2,544
Financial liabilities:
Derivative instruments	1,985	2,544
Recurring | Interest rate lock commitments
Financial assets:
Derivative instruments	2,643	4,508
Financial liabilities:
Derivative instruments	246
Recurring | Mortgage loans held for sale
Financial assets:
Derivative instruments	177,866	225,254
Recurring | Forward commitments
Financial assets:
Derivative instruments	4,480	446
Financial liabilities:
Derivative instruments	269	509
Recurring | Trust preferred securities
Financial assets:
Fair Value	18,389	19,469
Recurring | Other debt securities
Financial assets:
Fair Value	22,145	19,333
Recurring | Other equity securities
Financial assets:
Fair Value		4,340
Recurring | Obligations of other U.S. Government agencies and corporations
Financial assets:
Fair Value	2,158	6,200
Recurring | Government agency mortgage backed securities | Residential mortgage backed securities:
Financial assets:
Fair Value	409,317	364,540
Recurring | Government agency mortgage backed securities | Commercial mortgage backed securities:
Financial assets:
Fair Value	50,863	59,759
Recurring | Government agency collateralized mortgage obligations | Residential mortgage backed securities:
Financial assets:
Fair Value	168,826	168,060
Recurring | Government agency collateralized mortgage obligations | Commercial mortgage backed securities:
Financial assets:
Fair Value	2,550	5,104
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1)
Financial assets:
Fair Value	0	0
Derivative instruments	0	0
Total financial assets	0	0
Financial liabilities:
Derivative instruments	0	0
Total financial liabilities	0	0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest rate swap
Financial liabilities:
Derivative instruments	0	0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest rate contracts
Financial assets:
Derivative instruments	0	0
Financial liabilities:
Derivative instruments	0	0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Interest rate lock commitments
Financial assets:
Derivative instruments	0	0
Financial liabilities:
Derivative instruments	0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Mortgage loans held for sale
Financial assets:
Derivative instruments	0	0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Forward commitments
Financial assets:
Derivative instruments	0	0
Financial liabilities:
Derivative instruments	0	0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Trust preferred securities
Financial assets:
Fair Value	0	0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Other debt securities
Financial assets:
Fair Value	0	0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Other equity securities
Financial assets:
Fair Value		0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Obligations of other U.S. Government agencies and corporations
Financial assets:
Fair Value	0	0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Government agency mortgage backed securities | Residential mortgage backed securities:
Financial assets:
Fair Value	0	0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Government agency mortgage backed securities | Commercial mortgage backed securities:
Financial assets:
Fair Value	0	0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Government agency collateralized mortgage obligations | Residential mortgage backed securities:
Financial assets:
Fair Value	0	0
Recurring | Quoted Prices In Active Markets for Identical Assets (Level 1) | Government agency collateralized mortgage obligations | Commercial mortgage backed securities:
Financial assets:
Fair Value	0	0
Recurring | Significant Other Observable Inputs (Level 2)
Financial assets:
Fair Value	655,859	627,336
Derivative instruments	9,108	7,498
Total financial assets	842,833	860,088
Financial liabilities:
Derivative instruments	5,910	7,319
Total financial liabilities	5,910	7,319
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate swap
Financial liabilities:
Derivative instruments		4,266
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate contracts
Financial assets:
Derivative instruments		2,544
Financial liabilities:
Derivative instruments		2,544
Recurring | Significant Other Observable Inputs (Level 2) | Interest rate lock commitments
Financial assets:
Derivative instruments		4,508
Financial liabilities:
Derivative instruments	246
Recurring | Significant Other Observable Inputs (Level 2) | Mortgage loans held for sale
Financial assets:
Derivative instruments	177,866	225,254
Recurring | Significant Other Observable Inputs (Level 2) | Forward commitments
Financial liabilities:
Derivative instruments		509
Recurring | Significant Other Observable Inputs (Level 2) | Trust preferred securities
Financial assets:
Fair Value	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Other debt securities
Financial assets:
Fair Value	22,145	19,333
Recurring | Significant Other Observable Inputs (Level 2) | Other equity securities
Financial assets:
Fair Value		4,340
Recurring | Significant Other Observable Inputs (Level 2) | Obligations of other U.S. Government agencies and corporations
Financial assets:
Fair Value	2,158	6,200
Recurring | Significant Other Observable Inputs (Level 2) | Government agency mortgage backed securities | Residential mortgage backed securities:
Financial assets:
Fair Value	409,317	364,540
Recurring | Significant Other Observable Inputs (Level 2) | Government agency mortgage backed securities | Commercial mortgage backed securities:
Financial assets:
Fair Value	50,863	59,759
Recurring | Significant Other Observable Inputs (Level 2) | Government agency collateralized mortgage obligations | Residential mortgage backed securities:
Financial assets:
Fair Value	168,826	168,060
Recurring | Significant Other Observable Inputs (Level 2) | Government agency collateralized mortgage obligations | Commercial mortgage backed securities:
Financial assets:
Fair Value	2,550	5,104
Recurring | Significant Unobservable Inputs (Level 3)
Financial assets:
Fair Value	18,389	19,469
Derivative instruments	0	0
Total financial assets	18,389	19,469
Financial liabilities:
Derivative instruments	0	0
Total financial liabilities	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate swap
Financial liabilities:
Derivative instruments	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate contracts
Financial assets:
Derivative instruments	0	0
Financial liabilities:
Derivative instruments	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Interest rate lock commitments
Financial assets:
Derivative instruments	0	0
Financial liabilities:
Derivative instruments	0
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage loans held for sale
Financial assets:
Derivative instruments	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Forward commitments
Financial assets:
Derivative instruments	0	0
Financial liabilities:
Derivative instruments	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Trust preferred securities
Financial assets:
Fair Value	18,389	19,469
Recurring | Significant Unobservable Inputs (Level 3) | Other debt securities
Financial assets:
Fair Value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Other equity securities
Financial assets:
Fair Value		0
Recurring | Significant Unobservable Inputs (Level 3) | Obligations of other U.S. Government agencies and corporations
Financial assets:
Fair Value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Government agency mortgage backed securities | Residential mortgage backed securities:
Financial assets:
Fair Value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Government agency mortgage backed securities | Commercial mortgage backed securities:
Financial assets:
Fair Value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Government agency collateralized mortgage obligations | Residential mortgage backed securities:
Financial assets:
Fair Value	0	0
Recurring | Significant Unobservable Inputs (Level 3) | Government agency collateralized mortgage obligations | Commercial mortgage backed securities:
Financial assets:
Fair Value	$ 0	$ 0

XML

Fair Value Measurements (Details 1) - Trust preferred securities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Reconciliation for assets and liabilities measured at fair value on a recurring basis
Beginning Balance	$ 19,469	$ 19,756
Realized (gains) losses included in net income, net of premium amortization	33	(62)
Unrealized gains included in other comprehensive income	(59)	1,439
Sales	0	(1,117)
Issues	0	0
Settlements	(1,054)	(547)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Ending Balance	$ 18,389	$ 19,469

XML

Fair Value Measurements (Details 2) - Trust preferred securities $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis
Fair Value	$ 18,389
Valuation Technique	Discounted cash flows
Significant Unobservable Inputs	Default rate
Minimum
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis
Range of Inputs (percent)	0.00%
Maximum
Significant unobservable inputs (Level 3) used in the valuation of assets and liabilities measured at fair value on a recurring basis
Range of Inputs (percent)	100.00%

XML

Fair Value Measurements (Details 3) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Impaired loans measured at fair value on a nonrecurring basis
Impaired loans	$ 4,101	$ 6,508
OREO	6,741	12,839
Mortgage servicing rights	26,302
Total	37,144	19,347
Quoted Prices In Active Markets for Identical Assets (Level 1)
Impaired loans measured at fair value on a nonrecurring basis
Impaired loans	0	0
OREO	0	0
Mortgage servicing rights	0
Total	0	0
Significant Other Observable Inputs (Level 2)
Impaired loans measured at fair value on a nonrecurring basis
Impaired loans	0	0
OREO	0	0
Mortgage servicing rights	0
Total	0	0
Significant Unobservable Inputs (Level 3)
Impaired loans measured at fair value on a nonrecurring basis
Impaired loans	4,101	6,508
OREO	6,741	12,839
Mortgage servicing rights	26,302
Total	$ 37,144	$ 19,347

XML

Fair Value Measurements (Details 4) - Fair Value, Measurements, Nonrecurring - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
OREO not covered under loss-share agreements:
Carrying amount prior to remeasurement	$ 8,290	$ 14,726
Impairment recognized in results of operations	(1,549)	(1,887)
Fair value	$ 6,741	$ 12,839

XML

Fair Value Measurements (Details 5) - Significant Unobservable Inputs (Level 3) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Impaired loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value	$ 4,101
Valuation Technique	Appraised value of collateral less estimated costs to sell
Significant Unobservable Inputs	Estimated costs to sell
OREO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value	$ 6,741
Valuation Technique	Appraised value of property less estimated costs to sell
Significant Unobservable Inputs	Estimated costs to sell
Minimum | Impaired loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Range of Inputs (percent)	4.00%
Minimum | OREO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Range of Inputs (percent)	4.00%
Maximum | Impaired loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Range of Inputs (percent)	10.00%
Maximum | OREO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Range of Inputs (percent)	10.00%

XML

Fair Value Measurements (Details 6) $ in Thousands	Dec. 31, 2016 USD ($)
Aggregate Fair Value
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Mortgage loans held for sale	$ 177,866
Past due loans of 90 days or more	0
Nonaccrual loans	0
Aggregate Unpaid Principal Balance
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Mortgage loans held for sale	175,964
Past due loans of 90 days or more	0
Nonaccrual loans	0
Difference
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Mortgage loans held for sale	1,902
Past due loans of 90 days or more	0
Nonaccrual loans	$ 0

XML

Fair Value Measurements (Details 7) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair values of defined benefit pension plan assets by category of the firm
Securities held to maturity	$ 356,282,000	$ 458,400,000
Securities available for sale, at fair value	674,248,000	646,805,000
Mortgage loans held for sale	177,866,000	225,254,000
FDIC loss-share indemnification asset	0	7,149,000	$ 12,516,000
Quoted Prices In Active Markets for Identical Assets (Level 1)
Fair values of defined benefit pension plan assets by category of the firm
Cash and cash equivalents	306,224,000	211,571,000
Securities held to maturity	0	0
Securities available for sale, at fair value	0	0
Mortgage loans held for sale	0	0
Loans covered under loss-share agreements		0
Loans, net	0	0
FDIC loss-share indemnification asset		0
Mortgage servicing rights	0	0
Derivative instruments	0	0
Financial liabilities
Deposits	5,438,384,000	4,723,312,000
Short-term borrowings	109,676,000	422,279,000
Other long-term borrowings	147,000	192,000
Federal Home Loan Bank advances	0	0
Junior subordinated debentures	0
Subordinated notes	0	0
Derivative instruments	0	0
Significant Other Observable Inputs (Level 2)
Fair values of defined benefit pension plan assets by category of the firm
Cash and cash equivalents	0	0
Securities held to maturity	362,893,000	473,753,000
Securities available for sale, at fair value	655,859,000	627,336,000
Mortgage loans held for sale	177,866,000	225,254,000
Loans covered under loss-share agreements		0
Loans, net	0	0
FDIC loss-share indemnification asset		0
Mortgage servicing rights	0	0
Derivative instruments	9,108,000	7,498,000
Financial liabilities
Deposits	1,631,027,000	1,502,202,000
Short-term borrowings	0	0
Other long-term borrowings	0	0
Federal Home Loan Bank advances	8,777,000	56,101,000
Junior subordinated debentures	73,301,000
Subordinated notes	101,000,000	78,095,000
Derivative instruments	5,910,000	7,319,000
Significant Unobservable Inputs (Level 3)
Fair values of defined benefit pension plan assets by category of the firm
Cash and cash equivalents	0	0
Securities held to maturity	0	0
Securities available for sale, at fair value	18,389,000	19,469,000
Mortgage loans held for sale	0	0
Loans covered under loss-share agreements		92,528,000
Loans, net	5,989,790,000	5,208,630,000
FDIC loss-share indemnification asset		7,149,000
Mortgage servicing rights	32,064,000	33,283,000
Derivative instruments	0	0
Financial liabilities
Deposits	0	0
Short-term borrowings	0	0
Other long-term borrowings	0	0
Federal Home Loan Bank advances	0	0
Junior subordinated debentures	0
Subordinated notes	0	0
Derivative instruments	0	0
Carrying Value
Fair values of defined benefit pension plan assets by category of the firm
Cash and cash equivalents	306,224,000	211,571,000
Securities held to maturity	356,282,000	458,400,000
Securities available for sale, at fair value	674,248,000	646,805,000
Mortgage loans held for sale	177,866,000	225,254,000
Loans covered under loss-share agreements		93,142,000
Loans, net	6,159,972,000	5,277,883,000
FDIC loss-share indemnification asset		7,149,000
Mortgage servicing rights	26,302,000	29,642,000
Derivative instruments	9,108,000	7,498,000
Financial liabilities
Deposits	7,059,137,000	6,218,602,000
Short-term borrowings	109,676,000	422,279,000
Other long-term borrowings	147,000	192,000
Federal Home Loan Bank advances	8,542,000	52,930,000
Junior subordinated debentures	95,643,000
Subordinated notes	98,127,000	95,095,000
Derivative instruments	5,910,000	7,319,000
Fair Value
Fair values of defined benefit pension plan assets by category of the firm
Cash and cash equivalents	306,224,000	211,571,000
Securities held to maturity	362,893,000	473,753,000
Securities available for sale, at fair value	674,248,000	646,805,000
Mortgage loans held for sale	177,866,000	225,254,000
Loans covered under loss-share agreements		92,528,000
Loans, net	5,989,790,000	5,208,630,000
FDIC loss-share indemnification asset		7,149,000
Mortgage servicing rights	32,064,000	33,283,000
Derivative instruments	9,108,000	7,498,000
Financial liabilities
Deposits	7,069,411,000	6,225,514,000
Short-term borrowings	109,676,000	422,279,000
Other long-term borrowings	147,000	192,000
Federal Home Loan Bank advances	8,777,000	56,101,000
Junior subordinated debentures	73,301,000
Subordinated notes	101,000,000	78,095,000
Derivative instruments	$ 5,910,000	$ 7,319,000

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Fair Value Measurements (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Gains (losses) related to assets or liabilities measured on a recurring basis using significant unobservable inputs		$ 0	$ 0
Impaired loans not covered under loss-share agreements		4,406,000	7,191,000
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Specific reserve included in allowance for loan losses		42,737,000	42,437,000
Net loss resulting from fair value changes of these mortgage loans		4,851,000
MSR impairment (recovery)	$ 0	40,000	0
FDIC loss share indemnification asset		0	7,149,000	$ 12,516,000
Impaired Loans, Not Covered
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Specific reserve included in allowance for loan losses		$ 305,000	$ 683,000

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Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), pre-tax	$ (10,400)	$ (3,226)	$ 7,085
Total other comprehensive income (loss), tax expense (benefit)	(4,031)	(1,289)	2,710
Other comprehensive (loss) income, net of tax	(6,369)	(1,937)	4,375
Securities Available for Sale
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, pre-tax	(10,119)	(571)	12,520
Other comprehensive income (loss) before reclassifications, tax expense (benefit)	(3,913)	(220)	4,789
Other comprehensive income (loss), before reclassifications, net of tax	(6,206)	(351)	7,731
Reclassification from AOCI, pre-tax	(1,186)	(96)	(375)
Reclassification from AOCI, tax expense (benefit)	(459)	(37)	(143)
Reclassification from AOCI, net of tax	(727)	(59)	(232)
Total other comprehensive income (loss), pre-tax	(11,404)	(845)	11,892
Total other comprehensive income (loss), tax expense (benefit)	(4,410)	(325)	4,549
Other comprehensive (loss) income, net of tax	(6,994)	(520)	7,343
Amortization of unrealized holding gains on securities transferred to the held to maturity category
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, pre-tax	(99)	(178)	(253)
Reclassification from AOCI, tax expense (benefit)	(38)	(68)	(97)
Reclassification from AOCI, net of tax	(61)	(110)	(156)
Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, pre-tax	856	(420)	(2,627)
Other comprehensive income (loss) before reclassifications, tax expense (benefit)	329	(171)	(1,005)
Other comprehensive income (loss), before reclassifications, net of tax	527	(249)	(1,622)
Total other comprehensive income (loss), pre-tax	856	(420)	(2,627)
Total other comprehensive income (loss), tax expense (benefit)	329	(171)	(1,005)
Other comprehensive (loss) income, net of tax	527	(249)	(1,622)
Defined benefit Pension and Post-Retirement Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, pre-tax	(383)	432
Reclassification from AOCI, tax expense (benefit)	(148)	165
Reclassification from AOCI, net of tax	(235)	267
Total other comprehensive income (loss), pre-tax	148	(1,961)	(2,180)
Total other comprehensive income (loss), tax expense (benefit)	50	(793)	(834)
Other comprehensive (loss) income, net of tax	98	(1,168)	(1,346)
Net gain (losses) arising during the period
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, pre-tax	51	(2,393)	(2,476)
Other comprehensive income (loss) before reclassifications, tax expense (benefit)	20	(958)	(947)
Other comprehensive income (loss), before reclassifications, net of tax	31	$ (1,435)	(1,529)
Amortization of net actuarial loss recognized in net periodic pension cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, pre-tax	480		296
Reclassification from AOCI, tax expense (benefit)	178		113
Reclassification from AOCI, net of tax	$ 302		$ 183

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Other Comprehensive Income (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accumulated balances for component of other comprehensive income, net of tax
Unrealized gains on securities	$ 9,490	$ 16,500	$ 17,759
Non-credit related portion of other-than-temporary impairment on securities	(16,719)	(16,735)	(17,474)
Unrealized losses on derivative instruments	(1,355)	(1,882)	(1,633)
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations	(7,320)	(7,418)	(6,250)
Total accumulated other comprehensive loss	$ (15,904)	$ (9,535)	$ (7,598)

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Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Summary of the unaudited quarterly results of operations
Interest income	$ 85,840	$ 83,032	$ 84,008	$ 76,259	$ 77,788	$ 74,300	$ 56,769	$ 54,166	$ 329,138	$ 263,023	$ 226,409
Interest expense	7,791	7,301	6,851	6,205	5,437	5,688	5,155	5,385	28,147	21,665	23,927
Net interest income	78,049	75,731	77,157	70,054	72,351	68,612	51,614	48,781	300,991	241,358	202,482
Provision for loan losses	1,650	2,650	1,430	1,800	1,750	750	1,175	1,075	7,530	4,750	6,167
Noninterest income	30,071	38,272	35,586	33,302	31,442	32,079	22,879	21,870	137,415	108,270	80,509
Noninterest expense	71,374	76,468	77,259	69,814	70,734	75,979	51,082	47,319	295,099	245,114	190,937
Income before income taxes	35,096	34,885	34,054	31,742	31,309	23,962	22,236	22,257	135,777	99,764	85,887
Income taxes	11,461	11,706	11,154	10,526	10,149	7,742	6,842	7,017	44,847	31,750	26,305
Net income	$ 23,635	$ 23,179	$ 22,900	$ 21,216	$ 21,160	$ 16,220	$ 15,394	$ 15,240	$ 90,930	$ 68,014	$ 59,582
Basic earnings per share (usd per share)	$ 0.56	$ 0.55	$ 0.54	$ 0.53	$ 0.53	$ 0.40	$ 0.49	$ 0.48	$ 2.18	$ 1.89	$ 1.89
Diluted earnings per share (usd per share)	$ 0.55	$ 0.55	$ 0.54	$ 0.52	$ 0.52	$ 0.40	$ 0.48	$ 0.48	$ 2.17	$ 1.88	$ 1.88

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Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Basic
Net income applicable to common stock	$ 23,635	$ 23,179	$ 22,900	$ 21,216	$ 21,160	$ 16,220	$ 15,394	$ 15,240	$ 90,930	$ 68,014	$ 59,582
Average common shares outstanding (shares)									41,737,636	35,971,877	31,499,498
Net income per common share - basic (usd per share)	$ 0.56	$ 0.55	$ 0.54	$ 0.53	$ 0.53	$ 0.40	$ 0.49	$ 0.48	$ 2.18	$ 1.89	$ 1.89
Diluted
Net income applicable to common stock	$ 23,635	$ 23,179	$ 22,900	$ 21,216	$ 21,160	$ 16,220	$ 15,394	$ 15,240	$ 90,930	$ 68,014	$ 59,582
Average common shares outstanding (shares)									41,737,636	35,971,877	31,499,498
Effect of dilutive stock-based compensation (shares)									251,819	255,562	260,149
Average common shares outstanding - diluted (shares)									41,989,455	36,227,439	31,759,647
Net income per common share - diluted (usd per share)	$ 0.55	$ 0.55	$ 0.54	$ 0.52	$ 0.52	$ 0.40	$ 0.48	$ 0.48	$ 2.17	$ 1.88	$ 1.88

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Net Income Per Common Share Net Income Per Common Share (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares (shares)	0	0	109,068
Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Range of exercise prices (usd per share)	$ 0.00	$ 0.00	$ 29.57
Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Range of exercise prices (usd per share)	$ 0.00	$ 0.00	$ 30.63

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Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Commitments, Contingent Liabilities and Financial Instruments with Off-Balance Sheet Risk (Textual) [Abstract]
Unfunded loan commitments	$ 1,263,059	$ 1,131,842
Letters of credit outstanding	$ 44,086	$ 37,063

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Restrictions on Cash, Securities, Bank Dividends, Loans or Advances (Details)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Restrictions on Cash, Bank Dividends, Loans or Advances (Textual) [Abstract]
Reserve requirements with federal reserve	$ 109,044,000	$ 55,237,000
FHLB stock	9,589,000	22,839,000
FHLB required investment amount	7,611,000	$ 20,885,000
Amount transferable loans maximum	$ 87,191,000
Regulatory restrictions on payments of dividends, excess surplus ratio	10
Company borrowings	$ 0

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Regulatory Matters (Details)	Dec. 31, 2016
Banking and Thrift [Abstract]
Tier one leverage capital required to be well capitalized to average assets	5.00%
Tier one leverage capital required to be well capitalized to average assets	6.50%
Tier one risk based capital required to be well capitalized to risk weighted assets	8.00%
Capital required to be well capitalized to risk weighted assets	10.00%
Tier one leverage capital required for capital adequacy to average assets	4.00%
Tier one leverage capital required for capital adequacy to average assets	4.50%
Tier one risk based capital required for capital adequacy to risk weighted assets	6.00%
Capital required for capital adequacy to risk weighted assets	8.00%
Tier one leverage capital required to be undercapitalized to average assets	4.00%
Tier one leverage capital required to be undercapitalized to average assets	4.50%
Tier one risk based capital required to be undercapitalized to risk weighted assets	6.00%
Capital required to be undercapitalized to risk weighted assets	8.00%
Tier one leverage capital required to be significantly undercapitalized to average assets	3.00%
Tier one leverage capital required to be significantly undercapitalized to average assets	3.00%
Tier one risk based capital required to be significantly undercapitalized to risk weighted assets	4.00%
Capital required to be significantly undercapitalized to risk weighted assets	6.00%
Tangible capital required to be critically undercapitlized to total assets	2.00%

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Regulatory Matters (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Renasant Corporation
Capital and risk-based capital and leverage ratios for the Company and for Renasant Bank
Amount Included in Tier 1 Capital	$ 858,850	$ 681,731
Tier 1 Capital to Average Assets (Leverage) (percent)	10.59%	9.16%
Common Equity Tier One Capital to Risk - Weighted Assets, amount	$ 766,560	$ 591,356
Common Equity Tier One Capital to Risk - Weighted Assets (percent)	11.47%	9.99%
Tier 1 Capital to Risk -Weighted Assets, amount	$ 858,850	$ 681,731
Tier 1 Capital to Risk - Weighted Assets (percent)	12.86%	11.51%
Total Capital to Risk - Weighted Assets, amount	$ 1,004,038	$ 729,321
Total Capital to Risk - Weighted Assets (percent)	15.03%	12.32%
Renasant Bank
Capital and risk-based capital and leverage ratios for the Company and for Renasant Bank
Amount Included in Tier 1 Capital	$ 824,850	$ 654,830
Tier 1 Capital to Average Assets (Leverage) (percent)	10.20%	8.82%
Common Equity Tier One Capital to Risk - Weighted Assets, amount	$ 824,850	$ 654,830
Common Equity Tier One Capital to Risk - Weighted Assets (percent)	12.38%	11.09%
Tier 1 Capital to Risk -Weighted Assets, amount	$ 824,850	$ 654,830
Tier 1 Capital to Risk - Weighted Assets (percent)	12.38%	11.09%
Total Capital to Risk - Weighted Assets, amount	$ 871,911	$ 701,591
Total Capital to Risk - Weighted Assets (percent)	13.09%	11.89%

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Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financial information for operating segments
Net interest income	$ 78,049	$ 75,731	$ 77,157	$ 70,054	$ 72,351	$ 68,612	$ 51,614	$ 48,781	$ 300,991	$ 241,358	$ 202,482
Provision for loan losses	1,650	2,650	1,430	1,800	1,750	750	1,175	1,075	7,530	4,750	6,167
Noninterest income	30,071	38,272	35,586	33,302	31,442	32,079	22,879	21,870	137,415	108,270	80,509
Noninterest expense	71,374	76,468	77,259	69,814	70,734	75,979	51,082	47,319	295,099	245,114	190,937
Income before income taxes	35,096	34,885	34,054	31,742	31,309	23,962	22,236	22,257	135,777	99,764	85,887
Income taxes	11,461	11,706	11,154	10,526	10,149	7,742	6,842	7,017	44,847	31,750	26,305
Net income	23,635	$ 23,179	$ 22,900	$ 21,216	21,160	$ 16,220	$ 15,394	$ 15,240	90,930	68,014	59,582
Total assets	8,699,851				7,926,496				8,699,851	7,926,496	5,805,129
Goodwill	470,534				445,871				470,534	445,871	274,706
Community Banks
Financial information for operating segments
Goodwill	467,767				443,104				467,767	443,104	271,939
Insurance
Financial information for operating segments
Goodwill	2,767				2,767				2,767	2,767	2,767
Operating Segments | Community Banks
Financial information for operating segments
Net interest income									305,583	244,242	205,353
Provision for loan losses									7,530	4,752	6,249
Noninterest income									114,615	88,498	61,973
Noninterest expense									276,260	228,248	175,660
Income before income taxes									136,408	99,740	85,417
Income taxes									46,352	32,941	27,037
Net income									90,056	66,799	58,380
Total assets	8,602,022				7,833,084				8,602,022	7,833,084	5,720,995
Goodwill	467,767				443,104				467,767	443,104	271,939
Operating Segments | Insurance
Financial information for operating segments
Net interest income									350	311	237
Provision for loan losses									0	0	0
Noninterest income									10,074	9,340	9,055
Noninterest expense									6,873	6,900	6,441
Income before income taxes									3,551	2,751	2,851
Income taxes									1,385	1,078	1,114
Net income									2,166	1,673	1,737
Total assets	23,693				22,550				23,693	22,550	20,472
Goodwill	2,767				2,767				2,767	2,767	2,767
Operating Segments | Wealth Management
Financial information for operating segments
Net interest income									1,846	1,688	1,332
Provision for loan losses									0	(2)	(82)
Noninterest income									12,354	10,559	8,997
Noninterest expense									11,099	9,130	8,111
Income before income taxes									3,101	3,119	2,300
Income taxes									0	0	0
Net income									3,101	3,119	2,300
Total assets	54,857				46,035				54,857	46,035	44,275
Goodwill	0				0				0	0	0
Other
Financial information for operating segments
Net interest income									(6,788)	(4,883)	(4,440)
Provision for loan losses									0	0	0
Noninterest income									372	(127)	484
Noninterest expense									867	836	725
Income before income taxes									(7,283)	(5,846)	(4,681)
Income taxes									(2,890)	(2,269)	(1,846)
Net income									(4,393)	(3,577)	(2,835)
Total assets	19,279				24,827				19,279	24,827	19,387
Goodwill	$ 0				$ 0				$ 0	$ 0	$ 0

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Renasant Corporation (Parent Company Only) Condensed Financial Information (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 306,224	$ 211,571	$ 161,583	$ 246,648
Other assets	149,522	156,371
Total assets	8,699,851	7,926,496	5,805,129
Liabilities and shareholders’ equity
Other liabilities	95,696	100,580
Total shareholders’ equity	1,232,883	1,036,818	711,651	665,652
Total liabilities and shareholders’ equity	8,699,851	7,926,496
Cash collateral		1,970
Renasant Corporation
Assets
Cash and cash equivalents	121,233	11,107	$ 9,968	$ 9,723
Investments	4,327	9,711
Investment in bank subsidiary	1,291,686	1,101,580
Accrued interest receivable on bank balances	5	5
Intercompany receivable	2,771	2,450
Other assets	11,508	10,560
Total assets	1,431,530	1,135,413
Liabilities and shareholders’ equity
Junior subordinated debentures	95,643	95,095
Subordinated notes	98,127	0
Other liabilities	4,877	3,500
Total shareholders’ equity	1,232,883	1,036,818
Total liabilities and shareholders’ equity	$ 1,431,530	$ 1,135,413

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Renasant Corporation (Parent Company Only) Condensed Financial Information (Details 1) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income
Other dividends									$ 459	$ 215	$ 396
Total income	$ 30,071	$ 38,272	$ 35,586	$ 33,302	$ 31,442	$ 32,079	$ 22,879	$ 21,870	137,415	108,270	80,509
Expenses	7,791	7,301	6,851	6,205	5,437	5,688	5,155	5,385	28,147	21,665	23,927
Income before income tax benefit and equity in undistributed net income of bank subsidiary	35,096	34,885	34,054	31,742	31,309	23,962	22,236	22,257	135,777	99,764	85,887
Income tax benefit	11,461	11,706	11,154	10,526	10,149	7,742	6,842	7,017	44,847	31,750	26,305
Net income	$ 23,635	$ 23,179	$ 22,900	$ 21,216	$ 21,160	$ 16,220	$ 15,394	$ 15,240	90,930	68,014	59,582
Renasant Corporation
Income
Dividends from bank subsidiary									29,733	24,557	21,518
Interest income from bank subsidiary									8	7	8
Other dividends									469	266	749
Other income									1,275	58	71
Total income									31,485	24,888	22,346
Expenses									9,036	6,823	5,513
Income before income tax benefit and equity in undistributed net income of bank subsidiary									22,449	18,065	16,833
Income tax benefit									(2,890)	(2,521)	(1,846)
Equity in undistributed net income of bank subsidiary									65,591	47,428	40,903
Net income									$ 90,930	$ 68,014	$ 59,582

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Renasant Corporation (Parent Company Only) Condensed Financial Information (Details 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income	$ 23,635	$ 23,179	$ 22,900	$ 21,216	$ 21,160	$ 16,220	$ 15,394	$ 15,240	$ 90,930	$ 68,014	$ 59,582
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of securities									(1,186)	(96)	(375)
(Increase) decrease in other assets									13,020	12,705	21,303
Increase in other liabilities									(16,694)	180	(5,437)
Net cash provided by operating activities									163,797	252,625	124,683
Investing activities
Net cash received in acquisition									25,263	24,776	0
Net cash used in investing activities									(351,993)	(247,431)	(202,802)
Financing activities
Cash paid for dividends									(29,734)	(24,557)	(21,518)
Excess tax benefits from exercise of stock options									2,771	537	1,102
Proceeds from issuance of long-term debt									98,385	40	0
Proceeds from equity offering									84,105	0	0
Net cash provided by (used in) financing activities									282,849	44,794	(6,946)
Net increase (decrease) in cash and cash equivalents									94,653	49,988	(85,065)
Cash and cash equivalents at beginning of year				211,571				161,583	211,571	161,583	246,648
Cash and cash equivalents at end of year	306,224				211,571				306,224	211,571	161,583
Renasant Corporation
Operating activities
Net income									90,930	68,014	59,582
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of securities									(1,186)	0	(375)
Equity in undistributed net income of bank subsidiary									(65,591)	(47,428)	(40,903)
Amortization/depreciation/accretion									560	579	385
(Increase) decrease in other assets									(556)	(1,377)	1,345
Increase in other liabilities									564	1,088	2,591
Net cash provided by operating activities									24,721	20,876	22,625
Investing activities
Purchases of securities held to maturity and available for sale									(1,380)	(2,183)	(1,781)
Sales and maturities of securities held to maturity and available for sale									6,101	1,089	1,142
Investment in subsidiaries									(75,000)	0	0
Net cash received in acquisition									0	5,292	0
Other investing activities									0	0	(64)
Net cash used in investing activities									(70,279)	4,198	(703)
Financing activities
Cash paid for dividends									(29,734)	(24,557)	(21,518)
Cash received on exercise of stock-based compensation									415	102	401
Excess tax benefits from exercise of stock options									2,771	520	940
Repayments of advances from bank subsidiary									0	0	(1,500)
Proceeds from issuance of long-term debt									98,127	0	0
Proceeds from equity offering									84,105	0	0
Net cash provided by (used in) financing activities									155,684	(23,935)	(21,677)
Net increase (decrease) in cash and cash equivalents									110,126	1,139	245
Cash and cash equivalents at beginning of year				$ 11,107				$ 9,968	11,107	9,968	9,723
Cash and cash equivalents at end of year	$ 121,233				$ 11,107				$ 121,233	$ 11,107	$ 9,968

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Subsequent Events (Details) - Subsequent Event $ in Thousands	Feb. 22, 2017 USD ($)	Jan. 17, 2017 USD ($) branch shares
Subordinated notes | Heritage Financial Statutory Trust I
Subsequent Event [Line Items]
Redemption of debenture	$ 10,520
Aggregate principal amount	10,310
Prepayment penalty	$ 210
Metropolitan Bancgroup, Inc.
Subsequent Event [Line Items]
Transaction value		$ 190,200
Shares issuable per acquiree share (in shares) | shares		0.6066
Number of offices in operation | branch		8
Total net assets acquired		$ 1,156,000
Loans acquired		917,600
Deposits assumed		$ 887,600