10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 ________________________________________________________

FORM 10-Q

 ________________________________________________________

(Mark One)

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

For the quarterly period ended September 30, 2021

Or

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

For the transition period from                      to                     

Commission file number: 001-13253

 ________________________________________________________

RENASANT CORPORATION

(Exact name of registrant as specified in its charter)

 ________________________________________________________

Mississippi	64-0676974
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

209 Troy Street,	Tupelo,	Mississippi	38804-4827
(Address of principal executive offices)			(Zip Code)

(662) 680-1001

(Registrant’s telephone number, including area code)

 ________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $5.00 par value per share	RNST	The NASDAQ Stock Market LLC

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  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

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

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of October 29, 2021, 55,747,407 shares of the registrant’s common stock, $5.00 par value per share, were outstanding.

Renasant Corporation and Subsidiaries

Form 10-Q

For the Quarterly Period Ended September 30, 2021

CONTENTS

		Page
PART I	Financial Information
Item 1.	Financial Statements (Unaudited)
	Consolidated Balance Sheets	1
	Consolidated Statements of Income	2
	Consolidated Statements of Comprehensive Income	3
	Consolidated Statements of Changes in Shareholders’ Equity	4
	Consolidated Statements of Cash Flows	6
	Notes to Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	83
Item 4.	Controls and Procedures	83
PART II	Other Information
Item 1A.	Risk Factors	84
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	84
Item 6.	Exhibits	85
SIGNATURES		86

PART I. FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

Renasant Corporation and Subsidiaries

Consolidated Balance Sheets

(In Thousands, Except Share Data)

	(Unaudited)
	September 30, 2021		December 31, 2020
Assets
Cash and due from banks	$	169,474	$	176,372
Interest-bearing balances with banks	1,306,667		456,831
Cash and cash equivalents	1,476,141		633,203
Securities available for sale, at fair value	2,544,643		1,343,457
Loans held for sale, at fair value	452,869		417,771
Loans, net of unearned income:
Non purchased loans and leases	8,875,880		9,419,540
Purchased loans	1,140,944		1,514,107
Total loans, net of unearned income	10,016,824		10,933,647
Allowance for credit losses	(170,038)		(176,144)
Loans, net	9,846,786		10,757,503
Premises and equipment, net	294,499		300,496
Other real estate owned:
Non purchased	2,252		2,045
Purchased	2,453		3,927
Total other real estate owned, net	4,705		5,972
Goodwill	939,683		939,683
Other intangible assets, net	25,522		30,139
Bank-owned life insurance	286,088		230,609
Mortgage servicing rights	86,387		62,994
Other assets	198,227		207,785
Total assets	$	16,155,550	$	14,929,612
Liabilities and shareholders’ equity
Liabilities
Deposits
Noninterest-bearing	$	4,492,650	$	3,685,048
Interest-bearing	8,762,179		8,374,033
Total deposits	13,254,829		12,059,081
Short-term borrowings	11,253		21,340
Long-term debt	468,863		474,970
Other liabilities	216,661		241,488
Total liabilities	13,951,606		12,796,879
Shareholders’ equity
Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding	—		—
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 55,747,407 and 56,200,487 shares outstanding, respectively	296,483		296,483
Treasury stock, at cost – 3,549,318 and 3,096,238 shares, respectively	(118,288)		(101,554)
Additional paid-in capital	1,298,022		1,296,963
Retained earnings	717,033		615,773
Accumulated other comprehensive income, net of taxes	10,694		25,068
Total shareholders’ equity	2,203,944		2,132,733
Total liabilities and shareholders’ equity	$	16,155,550	$	14,929,612

See Notes to Consolidated Financial Statements.    

1

Renasant Corporation and Subsidiaries

Consolidated Statements of Income (Unaudited)

(In Thousands, Except Share Data)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Interest income
Loans	$	105,004	$	114,914	$	333,334	$	351,192
Securities
Taxable	6,749		5,499		17,285		19,219
Tax-exempt	1,667		1,573		5,025		4,697
Other	593		92		1,122		1,098
Total interest income	114,013		122,078		356,766		376,206
Interest expense
Deposits	6,972		11,810		22,920		44,175
Borrowings	3,749		3,982		11,327		13,361
Total interest expense	10,721		15,792		34,247		57,536
Net interest income	103,292		106,286		322,519		318,670
(Recovery of) provision for loan losses	(1,200)		23,100		(1,200)		76,350
Provision for other credit losses	—		—		—		—
(Recovery of) provision for credit losses	(1,200)		23,100		(1,200)		76,350
Net interest income after provision for credit losses	104,492		83,186		323,719		242,320
Noninterest income
Service charges on deposit accounts	9,337		7,486		26,818		23,388
Fees and commissions	3,837		3,402		11,847		9,427
Insurance commissions	2,829		2,681		7,488		6,797
Wealth management revenue	5,371		4,364		15,182		12,190
Mortgage banking income	23,292		49,714		94,878		110,739
Net gain on sales of securities	764		—		2,121		31
BOLI income	1,602		1,267		5,318		3,759
Other	3,723		2,014		15,750		6,337
Total noninterest income	50,755		70,928		179,402		172,668
Noninterest expense
Salaries and employee benefits	69,115		75,406		218,104		227,956
Data processing	5,277		5,259		16,380		15,312
Net occupancy and equipment	11,748		13,296		35,660		40,927
Other real estate owned	168		1,033		313		2,071
Professional fees	2,972		3,197		8,566		8,355
Advertising and public relations	2,922		2,240		9,274		8,560
Intangible amortization	1,481		1,733		4,618		5,462
Communications	2,198		2,319		6,781		6,698
Restructuring charges	—		—		307		—
Debt prepayment penalty	—		28		—		118
Other	8,118		11,999		28,708		34,377
Total noninterest expense	103,999		116,510		328,711		349,836
Income before income taxes	51,248		37,604		174,410		65,152
Income taxes	11,185		7,612		35,572		13,022
Net income	$	40,063	$	29,992	$	138,838	$	52,130
Basic earnings per share	$	0.71	$	0.53	$	2.47	$	0.93
Diluted earnings per share	$	0.71	$	0.53	$	2.46	$	0.92
Cash dividends per common share	$	0.22	$	0.22	$	0.66	$	0.66

See Notes to Consolidated Financial Statements.

2

Renasant Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Unaudited)

(In Thousands)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Net income	$	40,063	$	29,992	$	138,838	$	52,130
Other comprehensive income, net of tax:
Securities available for sale:
Unrealized holding (losses) gains on securities	(9,250)		388		(20,491)		19,685
Reclassification adjustment for gains realized in net income	(570)		—		(1,582)		(23)
Total securities available for sale	(9,820)		388		(22,073)		19,662
Derivative instruments:
Unrealized holding gains (losses) on derivative instruments	1,215		1,175		7,551		(2,621)
Total derivative instruments	1,215		1,175		7,551		(2,621)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	49		48		148		145
Total defined benefit pension and post-retirement benefit plans	49		48		148		145
Other comprehensive (loss) income, net of tax	(8,556)		1,611		(14,374)		17,186
Comprehensive income	$	31,507	$	31,603	$	124,464	$	69,316

See Notes to Consolidated Financial Statements.

3

Renasant Corporation and Subsidiaries

Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

(In Thousands, Except Share Data)

	Common Stock			Treasury Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total
Nine Months Ended September 30, 2021	Shares	Amount
Balance at January 1, 2021	56,200,487	$	296,483	$	(101,554)	$	1,296,963	$	615,773	$	25,068	$	2,132,733
Net income	—	—		—		—		57,908		—		57,908
Other comprehensive loss	—	—		—		—		—		(4,929)		(4,929)
Comprehensive income												52,979
Cash dividends ($0.22 per share)	—	—		—		—		(12,564)		—		(12,564)
Issuance of common stock for stock-based compensation awards	93,859	—		2,605		(4,808)		—		—		(2,203)
Stock-based compensation expense	—	—		—		2,756		—		—		2,756
Balance at March 31, 2021	56,294,346	$	296,483	$	(98,949)	$	1,294,911	$	661,117	$	20,139	$	2,173,701
Net income	—	—		—		—		40,867		—		40,867
Other comprehensive loss	—	—		—		—		—		(889)		(889)
Comprehensive income												39,978
Cash dividends ($0.22 per share)	—	—		—		—		(12,540)		—		(12,540)
Issuance of common stock for stock-based compensation awards	56,532	—		1,700		(1,417)		—		—		283
Stock-based compensation expense	—	—		—		2,385		—		—		2,385
Balance at June 30, 2021	56,350,878	$	296,483	$	(97,249)	$	1,295,879	$	689,444	$	19,250	$	2,203,807
Net income	—	—		—		—		40,063		—		40,063
Other comprehensive loss	—	—		—		—		—		(8,556)		(8,556)
Comprehensive income												31,507
Cash dividends ($0.22 per share)	—	—		—		—		(12,474)		—		(12,474)
Repurchase of shares in connection with stock repurchase program	(612,107)	—		(21,314)		—		—		—		(21,314)
Issuance of common stock for stock-based compensation awards	8,636	—		275		(451)		—		—		(176)
Stock-based compensation expense	—	—		—		2,594		—		—		2,594
Balance at September 30, 2021	55,747,407	$	296,483	$	(118,288)	$	1,298,022	$	717,033	$	10,694	$	2,203,944

4

	Common Stock			Treasury Stock		Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Income		Total
Nine Months Ended September 30, 2020	Shares	Amount
Balance at January 1, 2020	56,855,002	$	296,483	$	(83,189)	$	1,294,276	$	617,355	$	764	$	2,125,689
Cumulative effect adjustment due to the adoption of ASU 2016-13	—	—		—		—		(35,099)		—		(35,099)
Net income	—	—		—		—		2,008		—		2,008
Other comprehensive income	—	—		—		—		—		13,737		13,737
Comprehensive income												15,745
Cash dividends ($0.22 per share)	—	—		—		—		(12,555)		—		(12,555)
Repurchase of shares in connection with stock repurchase program	(818,886)	—		(24,569)		—		—		—		(24,569)
Issuance of common stock for stock-based compensation awards	104,902	—		4,138		(5,587)		—		—		(1,449)
Stock-based compensation expense	—	—		—		2,750		—		—		2,750
Balance at March 31, 2020	56,141,018	$	296,483	$	(103,620)	$	1,291,439	$	571,709	$	14,501	$	2,070,512
Net income	—	—		—		—		20,130		—		20,130
Other comprehensive income	—	—		—		—		—		1,838		1,838
Comprehensive income												21,968
Cash dividends ($0.22 per share)	—	—		—		—		(12,525)		—		(12,525)
Issuance of common stock for stock-based compensation awards	40,944	—		1,397		(1,404)		—		—		(7)
Stock-based compensation expense	—	—		—		2,998		—		—		2,998
Balance at June 30, 2020	56,181,962	$	296,483	$	(102,223)	$	1,293,033	$	579,314	$	16,339	$	2,082,946
Net income	—	—		—		—		29,992		—		29,992
Other comprehensive income	—	—		—		—		—		1,611		1,611
Comprehensive income												31,603
Cash dividends ($0.22 per share)	—	—		—		—		(12,527)		—		(12,527)
Issuance of common stock for stock-based compensation awards	11,743	—		423		(550)		—		—		(127)
Stock-based compensation expense	—	—		—		2,405		—		—		2,405
Balance at September 30, 2020	56,193,705	$	296,483	$	(101,800)	$	1,294,888	$	596,779	$	17,950	$	2,104,300

See Notes to Consolidated Financial Statements.

5

Renasant Corporation and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

(In Thousands)

	Nine Months Ended September 30,
	2021		2020
Operating activities
Net income	$	138,838	$	52,130
Adjustments to reconcile net income to net cash provided by operating activities:
(Recovery of) provision for credit losses	(1,200)		76,350
Depreciation, amortization and accretion	34,421		22,727
Deferred income tax expense (benefit)	5,071		(8,494)
Funding of mortgage loans held for sale	(3,189,474)		(3,277,576)
Proceeds from sales of mortgage loans held for sale	3,230,039		3,310,402
Gains on sales of mortgage loans held for sale	(71,598)		(114,327)
Valuation adjustment to mortgage servicing rights	(13,561)		13,694
Gains on sales of securities	(2,121)		(31)
Penalty on prepayment of debt	—		118
(Gains) losses on sales of premises and equipment	(519)		35
Stock-based compensation expense	7,736		8,153
Increase in other assets	(16,429)		(87,405)
(Decrease) increase in other liabilities	(31,032)		48,269
Net cash provided by operating activities	90,171		44,045
Investing activities
Purchases of securities available for sale	(1,743,105)		(304,955)
Proceeds from sales of securities available for sale	176,406		8,773
Proceeds from call/maturities of securities available for sale	329,520		314,363
Net decrease (increase) in loans	917,343		(1,383,382)
Purchases of premises and equipment	(16,797)		(6,824)
Proceeds from sales of premises and equipment	8,715		—
Purchase of bank-owned life insurance	(50,000)		—
Net change in FHLB stock	(1,226)		10,607
Proceeds from sales of other assets	4,081		6,020
Other, net	2,803		—
Net cash used in investing activities	(372,260)		(1,355,398)
Financing activities
Net increase in noninterest-bearing deposits	807,602		1,206,472
Net increase in interest-bearing deposits	388,146		514,646
Net decrease in short-term borrowings	(10,087)		(446,467)
Proceeds from the issuance of long-term debt, net of issuance costs	—		98,299
Repayment of long-term debt	(1,742)		(246)
Cash paid for dividends	(37,578)		(37,607)
Repurchase of shares in connection with stock repurchase program	(21,314)		(24,569)
Net cash provided by financing activities	1,125,027		1,310,528
Net increase (decrease) in cash and cash equivalents	842,938		(825)
Cash and cash equivalents at beginning of period	633,203		414,930
Cash and cash equivalents at end of period	$	1,476,141	$	414,105
Supplemental disclosures
Cash paid for interest	$	37,827	$	61,351
Cash paid for income taxes	$	41,248	$	26,148
Noncash transactions:
Transfers of loans to other real estate owned	$	3,171	$	7,887
Financed sales of other real estate owned	$	442	$	151
Recognition of operating right-of-use assets	$	6,718	$	4,151
Recognition of operating lease liabilities	$	6,718	$	4,151

See Notes to Consolidated Financial Statements.

6

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 1 – Summary of Significant Accounting Policies

(In Thousands)

Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”), Renasant Insurance, Inc. and Park Place Capital Corporation. Through its subsidiaries, the Company offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers from full service offices located throughout Mississippi, Tennessee, Alabama, Georgia, Florida, North Carolina and South Carolina.

Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission on February 26, 2021.

Use of Estimates: The preparation of financial statements in conformity with GAAP 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, and such differences may be material.

Impact of Recently-Issued Accounting Standards and Pronouncements:

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 842): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides temporary, optional guidance to ease the potential burden in accounting for reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met that reference LIBOR or another reference rate expected to be discontinued. As the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect only from March 12, 2020 through December 31, 2022. The Company has established a LIBOR Transition Committee and is currently evaluating the impact of adopting ASU 2020-04 on the Company’s financial statements.

Subsequent Events:

On October 1, 2021, the Company redeemed at par $15,000 of 6.50% Fixed-to-Floating Rate Subordinated Notes that were assumed as part of the Metropolitan BancGroup, Inc. acquisition in 2017.

On October 27, 2021, the Company prepaid a $150,000 long-term advance from the Federal Home Loan Bank (“FHLB”). The long-term advance featured a floating rate of three-month LIBOR less 50 basis points with a 0% floor that converted to a fixed rate of 1.358% in October 2021. As a result of this early prepayment, the Company incurred penalty charges of $6,123.

On October 27, 2021, the Bank terminated swaps with a total notional amount of $100,000. These swaps hedged forecasted future FHLB borrowings which are no longer forecasted to occur. As a result of the termination the Company recognized a gain of $4,730.

7

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 2 – Securities

(In Thousands, Except Number of Securities)

The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below. There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of September 30, 2021 or December 31, 2020.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2021
U.S. Treasury securities	$	3,014	$	10	$	—	$	3,024
Obligations of states and political subdivisions	372,311		9,096		(2,426)		378,981
Residential mortgage backed securities:
Government agency mortgage backed securities	935,233		11,694		(3,689)		943,238
Government agency collateralized mortgage obligations	962,684		1,225		(6,172)		957,737
Commercial mortgage backed securities:
Government agency mortgage backed securities	16,650		515		(1)		17,164
Government agency collateralized mortgage obligations	191,554		1,316		(2,338)		190,532
Other debt securities	51,321		2,646		—		53,967
	$	2,532,767	$	26,502	$	(14,626)	$	2,544,643

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2020
U.S. Treasury securities	$	7,047	$	32	$	—	$	7,079
Obligations of other U.S. Government agencies and corporations	1,003		6		—		1,009
Obligations of states and political subdivisions	291,231		14,015		(45)		305,201
Residential mortgage backed securities:
Government agency mortgage backed securities	581,105		21,564		(23)		602,646
Government agency collateralized mortgage obligations	218,373		1,946		(51)		220,268
Commercial mortgage backed securities:
Government agency mortgage backed securities	29,053		1,235		(1)		30,287
Government agency collateralized mortgage obligations	99,377		2,992		(21)		102,348
Trust preferred securities	12,013		—		(3,001)		9,012
Other debt securities	62,771		2,909		(73)		65,607
	$	1,301,973	$	44,699	$	(3,215)	$	1,343,457

8

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Securities sold were as set forth in the tables below. There were no securities sold during the three months ended September 30, 2020.

	Carrying Value		Net Proceeds		Gain/(Loss)
Three months ended September 30, 2021
Residential mortgage backed securities:
Government agency mortgage backed securities	$	9,232	$	9,739	$	507
Government agency collateralized mortgage obligations	6,736		6,866		130
Other debt securities	4,283		4,410		127
	$	20,251	$	21,015	$	764
Nine months ended September 30, 2021
Obligations of states and political subdivisions	$	47	$	50	$	3
Residential mortgage backed securities:
Government agency mortgage backed securities	145,572		149,474		3,902
Government agency collateralized mortgage obligations	12,362		12,512		150
Trust preferred securities	12,021		9,960		(2,061)
Other debt securities	4,283		4,410		127
	$	174,285	$	176,406	$	2,121

	Carrying Value		Net Proceeds		Gain/(Loss)
Nine months ended September 30, 2020
Obligations of states and political subdivisions	$	2,696	$	2,561	$	(135)
Residential mortgage backed securities:
Government agency mortgage backed securities	6,046		6,212		166
	$	8,742	$	8,773	$	31

Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2021 were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Gross gains on sales of securities available for sale	$	825	$	—	$	4,333	$	166
Gross losses on sales of securities available for sale	(61)		—		(2,212)		(135)
Gains on sales of securities available for sale, net	$	764	$	—	$	2,121	$	31

At September 30, 2021 and December 31, 2020, securities with a carrying value of $536,018 and $582,338, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $21,445 and $32,272 were pledged as collateral for short-term borrowings and derivative instruments at September 30, 2021 and December 31, 2020, respectively.

The amortized cost and fair value of securities at September 30, 2021 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.

9

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Available for Sale
	Amortized Cost		Fair Value
Due within one year	$	9,229	$	9,334
Due after one year through five years	42,312		44,024
Due after five years through ten years	58,334		61,568
Due after ten years	290,472		293,271
Residential mortgage backed securities:
Government agency mortgage backed securities	935,233		943,238
Government agency collateralized mortgage obligations	962,684		957,737
Commercial mortgage backed securities:
Government agency mortgage backed securities	16,650		17,164
Government agency collateralized mortgage obligations	191,554		190,532
Other debt securities	26,299		27,775
	$	2,532,767	$	2,544,643

10

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

The following tables present the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded 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
Available for Sale:
September 30, 2021
Obligations of states and political subdivisions	46	$	145,658	$	(2,338)	3	$	3,884	$	(88)	49	$	149,542	$	(2,426)
Residential mortgage backed securities:
Government agency mortgage backed securities	45	508,398		(3,689)		—	—		—		45	508,398		(3,689)
Government agency collateralized mortgage obligations	33	726,128		(6,172)		—	—		—		33	726,128		(6,172)
Commercial mortgage backed securities:
Government agency mortgage backed securities	17	3,673		(1)		1	439		—		18	4,112		(1)
Government agency collateralized mortgage obligations	2	129,054		(2,303)		1	3,004		(35)		3	132,058		(2,338)
Total	143	$	1,512,911	$	(14,503)	5	$	7,327	$	(123)	148	$	1,520,238	$	(14,626)
December 31, 2020
Obligations of states and political subdivisions	6	$	9,403	$	(45)	—	$	—	$	—	6	$	9,403	$	(45)
Residential mortgage backed securities:
Government agency mortgage backed securities	2	19,755		(23)		—	—		—		2	19,755		(23)
Government agency collateralized mortgage obligations	5	27,143		(51)		—	—		—		5	27,143		(51)
Commercial mortgage backed securities:
Government agency mortgage backed securities	1	1,538		(1)		1	459		—		2	1,997		(1)
Government agency collateralized mortgage obligations	3	14,190		(21)		—	—		—		3	14,190		(21)
Trust preferred securities	—	—		—		2	9,012		(3,001)		2	9,012		(3,001)
Other debt securities	4	3,330		(70)		1	566		(3)		5	3,896		(73)
Total	21	$	75,359	$	(211)	4	$	10,037	$	(3,004)	25	$	85,396	$	(3,215)

The Company evaluates its investment portfolio for impairment related to credit losses on a quarterly basis. 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. 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 before the security’s maturity, the security is impaired and written down to fair value with all losses recognized in earnings.

The Company does not intend to sell any securities in an unrealized loss position that it holds, 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 at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period longer than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. As a result, no allowance for credit losses for securities was needed at September 30, 2021.

11

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 3 – Non Purchased Loans

(In Thousands, Except Number of Loans)

For purposes of this Note 3, all references to “loans” mean non purchased loans excluding loans held for sale.

The following is a summary of non purchased loans and leases as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural(1)	$	1,321,569	$	2,360,471
Lease financing	83,496		80,022
Real estate – construction:
Residential	306,537		243,814
Commercial	779,766		583,338
Total real estate – construction	1,086,303		827,152
Real estate – 1-4 family mortgage:
Primary	1,657,195		1,536,181
Home equity	424,860		432,768
Rental/investment	268,609		264,436
Land development	133,732		123,179
Total real estate – 1-4 family mortgage	2,484,396		2,356,564
Real estate – commercial mortgage:
Owner-occupied	1,365,288		1,334,765
Non-owner occupied	2,323,135		2,194,739
Land development	106,475		120,125
Total real estate – commercial mortgage	3,794,898		3,649,629
Installment loans to individuals	109,499		149,862
Gross loans	8,880,161		9,423,700
Unearned income	(4,281)		(4,160)
Loans, net of unearned income	$	8,875,880	$	9,419,540

(1)Includes Paycheck Protection Program (“PPP”) loans of $67,462 and $1,128,703 as of September 30, 2021 and December 31, 2020, respectively.

Past Due and Nonaccrual Loans

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 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 status 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 status 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 status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

12

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

The following tables provide an aging of past due accruing and nonaccruing 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
September 30, 2021
Commercial, financial, agricultural	$	1,708	$	395	$	1,313,683	$	1,315,786	$	414	$	2,534	$	2,835	$	5,783	$	1,321,569
Lease financing	—		—		83,485		83,485		—		11		—		11		83,496
Real estate – construction:
Residential	853		—		305,684		306,537		—		—		—		—		306,537
Commercial	—		—		779,766		779,766		—		—		—		—		779,766
Total real estate – construction	853		—		1,085,450		1,086,303		—		—		—		—		1,086,303
Real estate – 1-4 family mortgage:
Primary	5,583		452		1,639,206		1,645,241		981		5,951		5,022		11,954		1,657,195
Home equity	1,225		—		422,897		424,122		61		502		175		738		424,860
Rental/investment	301		22		267,420		267,743		—		383		483		866		268,609
Land development	125		33		133,376		133,534		—		119		79		198		133,732
Total real estate – 1-4 family mortgage	7,234		507		2,462,899		2,470,640		1,042		6,955		5,759		13,756		2,484,396
Real estate – commercial mortgage:
Owner-occupied	609		2		1,360,882		1,361,493		—		1,052		2,743		3,795		1,365,288
Non-owner occupied	167		4		2,317,375		2,317,546		—		13		5,576		5,589		2,323,135
Land development	273		—		106,088		106,361		—		114		—		114		106,475
Total real estate – commercial mortgage	1,049		6		3,784,345		3,785,400		—		1,179		8,319		9,498		3,794,898
Installment loans to individuals	765		—		108,516		109,281		79		34		105		218		109,499
Unearned income	—		—		(4,281)		(4,281)		—		—		—		—		(4,281)
Loans, net of unearned income	$	11,609	$	908	$	8,834,097	$	8,846,614	$	1,535	$	10,713	$	17,018	$	29,266	$	8,875,880

13

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	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, 2020
Commercial, financial, agricultural	$	1,124	$	231	$	2,354,716	$	2,356,071	$	164	$	1,804	$	2,432	$	4,400	$	2,360,471
Lease financing	—		—		79,974		79,974		—		48		—		48		80,022
Real estate – construction:
Residential	—		—		243,317		243,317		—		497		—		497		243,814
Commercial	—		—		583,338		583,338		—		—		—		—		583,338
Total real estate – construction	—		—		826,655		826,655		—		497		—		497		827,152
Real estate – 1-4 family mortgage:
Primary	11,889		1,754		1,513,716		1,527,359		1,865		2,744		4,213		8,822		1,536,181
Home equity	1,152		360		430,702		432,214		66		111		377		554		432,768
Rental/investment	663		210		263,064		263,937		61		194		244		499		264,436
Land development	97		—		123,051		123,148		—		—		31		31		123,179
Total real estate – 1-4 family mortgage	13,801		2,324		2,330,533		2,346,658		1,992		3,049		4,865		9,906		2,356,564
Real estate – commercial mortgage:
Owner-occupied	779		795		1,330,155		1,331,729		—		2,598		438		3,036		1,334,765
Non-owner occupied	922		127		2,191,440		2,192,489		—		2,197		53		2,250		2,194,739
Land development	113		115		119,820		120,048		44		29		4		77		120,125
Total real estate – commercial mortgage	1,814		1,037		3,641,415		3,644,266		44		4,824		495		5,363		3,649,629
Installment loans to individuals	896		191		148,620		149,707		4		117		34		155		149,862
Unearned income	—		—		(4,160)		(4,160)		—		—		—		—		(4,160)
Loans, net of unearned income	$	17,635	$	3,783	$	9,377,753	$	9,399,171	$	2,204	$	10,339	$	7,826	$	20,369	$	9,419,540

Restructured loans 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 no restructured loans contractually 90 days past due or more and still accruing at September 30, 2021 and one restructured loan in the amount of $92 contractually 90 days past due or more and still accruing at September 30, 2020. The outstanding balance of restructured loans on nonaccrual status was $12,411 and $3,703 at September 30, 2021 and September 30, 2020, respectively.

14

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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 which 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.

The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Three months ended September 30, 2021
Commercial, financial, agricultural	1	$	30	$	30
Real estate – 1-4 family mortgage:
Primary	11	1,518		1,538
Total	12	$	1,548	$	1,568
Three months ended September 30, 2020
Commercial, financial, agricultural	1	$	31	$	31
Real estate – 1-4 family mortgage:
Primary	2	201		200
Rental/investment	1	33		32
Total real estate – 1-4 family mortgage	3	234		232
Real estate – commercial mortgage:
Owner-occupied	2	357		357
Non-owner occupied	2	210		210
Total real estate – commercial mortgage	4	567		567
Total	8	$	832	$	830

15

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Nine months ended September 30, 2021
Commercial, financial, agricultural	7	$	5,258	$	5,258
Real estate – 1-4 family mortgage:
Primary	23	3,321		3,350
Real estate – commercial mortgage:
Non-owner occupied	1	837		810
Total	31	$	9,416	$	9,418
Nine months ended September 30, 2020
Commercial, financial, agricultural	7	$	1,862	$	1,859
Real estate – 1-4 family mortgage:
Primary	17	2,356		2,363
Rental/investment	2	142		142
Total real estate – 1-4 family mortgage	19	2,498		2,505
Real estate – commercial mortgage:
Owner-occupied	3	3,019		2,970
Non-owner occupied	2	210		210
Land development	1	189		189
Total real estate – commercial mortgage	6	3,418		3,369
Installment loans to individuals	2	24		21
Total	34	$	7,802	$	7,754

With respect to loans that were restructured during the nine months ended September 30, 2021, none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the nine months ended September 30, 2020, $64 have subsequently defaulted, and remain outstanding, as of the date of this report.

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

	Number of Loans	Recorded Investment
Totals at January 1, 2021	76	$	11,761
Additional advances or loans with concessions	31	9,441
Reclassified as performing restructured loan	1	35
Reductions due to:
Reclassified as nonperforming	(4)	(370)
Paid in full	(14)	(6,031)
Principal paydowns	—	(645)
Totals at September 30, 2021	90	$	14,191

The allowance for credit losses attributable to restructured loans was $260 and $279 at September 30, 2021 and September 30, 2020, respectively. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2021 and September 30, 2020.

16

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

In response to the economic environment caused by the COVID-19 pandemic, the Company implemented a loan deferral program in the second quarter of 2020 to provide temporary payment relief to both consumer and commercial customers. Any customer current on loan payments, taxes and insurance qualified for an initial 90-day deferral of principal and interest payments. A second 90-day deferral was available to borrowers that remained current on taxes and insurance through the first deferral period and also satisfied underwriting standards established by the Company that analyzed the ability of the borrower to service its loan in accordance with its existing terms in light of the impact of the COVID-19 pandemic on the borrower, its industry and the markets in which it operated. The Company’s loan deferral program complied with the guidance set forth in the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and related guidance from the FDIC and other banking regulators. As of September 30, 2021, the Company has discontinued its deferral program but 30 loans with total balances of approximately $3,300 remained on deferral. In accordance with the applicable guidance, none of these loans are considered “restructured loans.”

Credit Quality

For loans with a commercial purpose, 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 within the “Pass” grade (reserved for loans with a risk rating between 1 and 4C) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. The “Special Mention” grade (those with a risk rating of 4E) represents a loan where a significant adverse risk-modifying action is anticipated in the near term and, left uncorrected, could result in deterioration of the credit quality of the loan. Loans that migrate toward the “Substandard” grade (those with a risk rating between 5 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances.

The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	219,635	$	300,742	$	156,654	$	51,385	$	23,011	$	13,120	$	453,330	$	2,846	$	1,220,723
Pass	218,622		300,504		153,728		49,799		22,140		10,419		449,649		2,047		1,206,908
Special Mention	—		143		2,386		290		635		1,251		458		—		5,163
Substandard	1,013		95		540		1,296		236		1,450		3,223		799		8,652
Real Estate - Construction	$	335,332	$	404,063	$	243,552	$	13,876	$	—	$	—	$	6,136	$	5,499	$	1,008,458
Residential	$	187,482	$	32,508	$	—	$	—	$	—	$	—	$	6,136	$	5,499	$	231,625
Pass	187,482		32,508		—		—		—		—		6,136		5,499		231,625
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	147,850	$	371,555	$	243,552	$	13,876	$	—	$	—	$	—	$	—	$	776,833
Pass	147,850		371,555		238,899		13,876		—		—		—		—		772,180
Special Mention	—		—		4,653		—		—		—		—		—		4,653
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	125,762	$	73,169	$	49,283	$	20,751	$	17,571	$	9,480	$	13,409	$	525	$	309,950
Primary	$	7,686	$	6,791	$	2,769	$	3,636	$	3,645	$	747	$	2,901	$	—	$	28,175
Pass	7,686		6,791		2,470		3,636		3,561		731		2,890		—		27,765
Special Mention	—		—		117		—		—		—		—		—		117
Substandard	—		—		182		—		84		16		11		—		293
Home Equity	$	768	$	303	$	—	$	—	$	—	$	—	$	6,300	$	—	$	7,371
Pass	768		303		—		—		—		—		6,300		—		7,371
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

17

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Rental/Investment	$	59,238	$	42,994	$	23,169	$	16,598	$	13,706	$	8,251	$	1,017	$	525	$	165,498
Pass	59,218		42,646		22,049		16,466		13,515		7,791		1,017		525		163,227
Special Mention	—		250		—		—		—		74		—		—		324
Substandard	20		98		1,120		132		191		386		—		—		1,947
Land Development	$	58,070	$	23,081	$	23,345	$	517	$	220	$	482	$	3,191	$	—	$	108,906
Pass	58,070		20,687		23,345		517		220		482		3,191		—		106,512
Special Mention	—		2,394		—		—		—		—		—		—		2,394
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - Commercial Mortgage	$	682,955	$	870,341	$	674,008	$	349,402	$	323,092	$	440,289	$	124,028	$	20,904	$	3,485,019
Owner-Occupied	$	197,995	$	283,768	$	206,047	$	154,453	$	129,531	$	136,496	$	51,478	$	9,064	$	1,168,832
Pass	197,206		281,580		204,259		150,300		123,413		127,970		51,039		7,327		1,143,094
Special Mention	—		2,188		248		—		1,806		535		424		1,737		6,938
Substandard	789		—		1,540		4,153		4,312		7,991		15		—		18,800
Non-Owner Occupied	$	458,535	$	566,698	$	457,532	$	189,762	$	190,987	$	300,923	$	66,342	$	11,840	$	2,242,619
Pass	456,834		557,835		448,778		176,525		116,126		287,266		66,273		11,840		2,121,477
Special Mention	1,495		8,863		6,739		13,237		55,167		—		—		—		85,501
Substandard	206		—		2,015		—		19,694		13,657		69		—		35,641
Land Development	$	26,425	$	19,875	$	10,429	$	5,187	$	2,574	$	2,870	$	6,208	$	—	$	73,568
Pass	26,154		17,840		10,429		5,146		2,574		2,870		6,208		—		71,221
Special Mention	271		—		—		—		—		—		—		—		271
Substandard	—		2,035		—		41		—		—		—		—		2,076
Installment loans to individuals	$	—	$	—	$	48	$	—	$	—	$	—	$	—	$	—	$	48
Pass	—		—		48		—		—		—		—		—		48
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	1,363,684	$	1,648,315	$	1,123,545	$	435,414	$	363,674	$	462,889	$	596,903	$	29,774	$	6,024,198
Pass	1,359,890		1,632,249		1,104,005		416,265		281,549		437,529		592,703		27,238		5,851,428
Special Mention	1,766		13,838		14,143		13,527		57,608		1,860		882		1,737		105,361
Substandard	2,028		2,228		5,397		5,622		24,517		23,500		3,318		799		67,409

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	1,448,273	$	183,627	$	76,912	$	36,866	$	18,124	$	15,844	$	255,522	$	2,449	$	2,037,617
Pass	1,447,594		180,979		73,325		31,362		16,308		14,626		250,528		1,562		2,016,284
Special Mention	128		1,952		2,091		3,850		1,416		109		187		—		9,733
Substandard	551		696		1,496		1,654		400		1,109		4,807		887		11,600
Real Estate - Construction	$	398,891	$	266,471	$	52,520	$	29,300	$	—	$	—	$	13,927	$	—	$	761,109
Residential	$	154,649	$	9,836	$	2,114	$	—	$	—	$	—	$	13,923	$	—	$	180,522
Pass	154,419		9,339		2,114		—		—		—		13,923		—		179,795
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	230		497		—		—		—		—		—		—		727
Commercial	$	244,242	$	256,635	$	50,406	$	29,300	$	—	$	—	$	4	$	—	$	580,587

18

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Pass	244,242		251,937		50,406		29,300		—		—		4		—		575,889
Special Mention	—		4,698		—		—		—		—		—		—		4,698
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	110,246	$	78,482	$	36,613	$	30,018	$	13,197	$	7,172	$	10,658	$	1,909	$	288,295
Primary	$	9,422	$	6,691	$	3,988	$	4,644	$	371	$	1,060	$	629	$	—	$	26,805
Pass	9,422		5,870		3,988		4,644		371		1,045		629		—		25,969
Special Mention	—		125		—		—		—		—		—		—		125
Substandard	—		696		—		—		—		15		—		—		711
Home Equity	$	157	$	184	$	—	$	—	$	—	$	—	$	6,051	$	—	$	6,392
Pass	157		184		—		—		—		—		6,051		—		6,392
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Rental/Investment	$	50,558	$	32,656	$	27,483	$	25,019	$	12,620	$	5,699	$	1,066	$	557	$	155,658
Pass	50,371		31,724		26,695		24,872		12,439		5,166		1,066		557		152,890
Special Mention	—		—		—		83		77		133		—		—		293
Substandard	187		932		788		64		104		400		—		—		2,475
Land Development	$	50,109	$	38,951	$	5,142	$	355	$	206	$	413	$	2,912	$	1,352	$	99,440
Pass	50,109		38,388		5,142		355		203		413		2,912		1,352		98,874
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		563		—		—		3		—		—		—		566
Real Estate - Commercial Mortgage	$	967,746	$	801,083	$	444,205	$	402,110	$	340,774	$	277,789	$	76,115	$	20,845	$	3,330,667
Owner-Occupied	$	295,642	$	256,807	$	199,082	$	169,527	$	99,540	$	85,614	$	16,683	$	9,733	$	1,132,628
Pass	293,851		255,206		193,716		163,358		96,128		83,582		16,043		7,896		1,109,780
Special Mention	1,167		847		—		2,067		228		311		—		1,837		6,457
Substandard	624		754		5,366		4,102		3,184		1,721		640		—		16,391
Non-Owner Occupied	$	635,232	$	522,998	$	237,075	$	229,304	$	236,347	$	189,077	$	52,456	$	11,112	$	2,113,601
Pass	624,289		514,030		237,075		184,673		218,106		175,702		52,456		11,112		2,017,443
Special Mention	9,105		—		—		39,007		4,688		10,788		—		—		63,588
Substandard	1,838		8,968		—		5,624		13,553		2,587		—		—		32,570
Land Development	$	36,872	$	21,278	$	8,048	$	3,279	$	4,887	$	3,098	$	6,976	$	—	$	84,438
Pass	34,719		21,278		6,925		3,210		3,274		3,098		6,976		—		79,480
Special Mention	—		—		1,123		69		46		—		—		—		1,238
Substandard	2,153		—		—		—		1,567		—		—		—		3,720
Installment loans to individuals	$	74	$	4	$	—	$	—	$	—	$	—	$	—	$	16	$	94
Pass	74		4		—		—		—		—		—		16		94
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	2,925,230	$	1,329,667	$	610,250	$	498,294	$	372,095	$	300,805	$	356,222	$	25,219	$	6,417,782
Pass	2,909,247		1,308,939		599,386		441,774		346,829		283,632		350,588		22,495		6,262,890
Special Mention	10,400		7,622		3,214		45,076		6,455		11,341		187		1,837		86,132
Substandard	5,583		13,106		7,650		11,444		18,811		5,832		5,447		887		68,760

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

19

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	20,672	$	13,972	$	9,042	$	5,886	$	3,437	$	10,986	$	36,502	$	349	$	100,846
Performing Loans	20,672		13,953		9,042		5,886		3,437		10,986		36,494		349		100,819
Non-Performing Loans	—		19		—		—		—		—		8		—		27
Lease Financing Receivables	$	24,603	$	24,360	$	17,486	$	8,496	$	2,535	$	1,735	$	—	$	—	$	79,215
Performing Loans	24,603		24,360		17,486		8,496		2,533		1,726		—		—		79,204
Non-Performing Loans	—		—		—		—		2		9		—		—		11
Real Estate - Construction	$	43,491	$	31,599	$	2,666	$	—	$	—	$	—	$	89	$	—	$	77,845
Residential	$	41,261	$	30,985	$	2,666	$	—	$	—	$	—	$	—	$	—	$	74,912
Performing Loans	41,261		30,985		2,666		—		—		—		—		—		74,912
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	2,230	$	614	$	—	$	—	$	—	$	—	$	89	$	—	$	2,933
Performing Loans	2,230		614		—		—		—		—		89		—		2,933
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	476,276	$	479,523	$	247,128	$	189,253	$	144,872	$	216,510	$	417,620	$	3,264	$	2,174,446
Primary	$	435,290	$	446,636	$	231,955	$	172,662	$	130,572	$	210,490	$	1,415	$	—	$	1,629,020
Performing Loans	434,913		446,129		229,184		167,927		128,923		208,295		1,415		—		1,616,786
Non-Performing Loans	377		507		2,771		4,735		1,649		2,195		—		—		12,234
Home Equity	$	411	$	—	$	123	$	360	$	—	$	580	$	413,191	$	2,824	$	417,489
Performing Loans	411		—		123		360		—		505		412,695		2,657		416,751
Non-Performing Loans	—		—		—		—		—		75		496		167		738
Rental/Investment	$	29,306	$	25,081	$	13,641	$	13,893	$	13,045	$	5,037	$	2,668	$	440	$	103,111
Performing Loans	29,306		25,081		13,641		13,893		13,042		4,963		2,668		440		103,034
Non-Performing Loans	—		—		—		—		3		74		—		—		77
Land Development	$	11,269	$	7,806	$	1,409	$	2,338	$	1,255	$	403	$	346	$	—	$	24,826
Performing Loans	11,269		7,806		1,376		2,338		1,176		317		346		—		24,628
Non-Performing Loans	—		—		33		—		79		86		—		—		198
Real Estate - Commercial Mortgage	$	74,534	$	68,291	$	57,010	$	41,371	$	35,189	$	23,312	$	9,742	$	430	$	309,879
Owner-Occupied	$	43,335	$	42,497	$	37,434	$	27,126	$	23,562	$	17,031	$	5,182	$	289	$	196,456
Performing Loans	43,335		42,497		36,964		27,126		23,562		17,031		5,181		289		195,985
Non-Performing Loans	—		—		470		—		—		—		1		—		471
Non-Owner Occupied	$	20,903	$	17,143	$	14,725	$	11,041	$	9,657	$	5,015	$	1,891	$	141	$	80,516
Performing Loans	20,903		17,143		14,725		11,041		9,657		4,971		1,888		141		80,469
Non-Performing Loans	—		—		—		—		—		44		3		—		47
Land Development	$	10,296	$	8,651	$	4,851	$	3,204	$	1,970	$	1,266	$	2,669	$	—	$	32,907
Performing Loans	10,296		8,646		4,835		3,204		1,970		1,215		2,669		—		32,835
Non-Performing Loans	—		5		16		—		—		51		—		—		72
Installment loans to individuals	$	37,328	$	21,508	$	26,714	$	8,805	$	2,322	$	2,162	$	10,575	$	37	$	109,451
Performing Loans	37,267		21,503		26,657		8,781		2,294		2,122		10,575		33		109,232
Non-Performing Loans	61		5		57		24		28		40		—		4		219
Total loans not subject to risk rating	$	676,904	$	639,253	$	360,046	$	253,811	$	188,355	$	254,705	$	474,528	$	4,080	$	2,851,682
Performing Loans	676,466		638,717		356,699		249,052		186,594		252,131		474,020		3,909		2,837,588
Non-Performing Loans	438		536		3,347		4,759		1,761		2,574		508		171		14,094

20

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	33,805	$	16,455	$	10,381	$	6,396	$	2,826	$	7,201	$	245,485	$	305	$	322,854
Performing Loans	33,794		16,343		10,340		6,026		2,748		7,181		245,059		305		321,796
Non-Performing Loans	11		112		41		370		78		20		426		—		1,058
Lease Financing Receivables	$	32,150	$	25,270	$	10,999	$	4,231	$	1,040	$	2,172	$	—	$	—	$	75,862
Performing Loans	32,150		25,270		10,999		4,231		992		2,172		—		—		75,814
Non-Performing Loans	—		—		—		—		48		—		—		—		48
Real Estate - Construction	$	54,918	$	10,334	$	295	$	153	$	—	$	—	$	343	$	—	$	66,043
Residential	$	53,108	$	9,393	$	295	$	153	$	—	$	—	$	343	$	—	$	63,292
Performing Loans	53,108		9,393		295		153		—		—		343		—		63,292
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	1,810	$	941	$	—	$	—	$	—	$	—	$	—	$	—	$	2,751
Performing Loans	1,810		941		—		—		—		—		—		—		2,751
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	517,553	$	344,643	$	261,735	$	196,777	$	105,216	$	212,214	$	426,437	$	3,694	$	2,068,269
Primary	$	470,034	$	321,155	$	239,542	$	176,926	$	92,195	$	207,721	$	1,758	$	45	$	1,509,376
Performing Loans	470,034		318,929		235,816		175,219		91,479		205,530		1,747		45		1,498,799
Non-Performing Loans	—		2,226		3,726		1,707		716		2,191		11		—		10,577
Home Equity	$	—	$	203	$	372	$	—	$	45	$	799	$	421,838	$	3,119	$	426,376
Performing Loans	—		203		372		—		45		684		421,516		2,642		425,462
Non-Performing Loans	—		—		—		—		—		115		322		477		914
Rental/Investment	$	34,079	$	20,499	$	18,319	$	17,758	$	11,907	$	3,356	$	2,330	$	530	$	108,778
Performing Loans	34,079		20,404		18,245		17,595		11,901		3,196		2,330		530		108,280
Non-Performing Loans	—		95		74		163		6		160		—		—		498
Land Development	$	13,440	$	2,786	$	3,502	$	2,093	$	1,069	$	338	$	511	$	—	$	23,739
Performing Loans	13,440		2,786		3,502		2,062		1,069		338		511		—		23,708
Non-Performing Loans	—		—		—		31		—		—		—		—		31
Real Estate - Commercial Mortgage	$	81,953	$	71,063	$	56,193	$	47,013	$	35,801	$	15,679	$	10,772	$	488	$	318,962
Owner-Occupied	$	48,814	$	44,606	$	36,661	$	30,266	$	23,974	$	11,608	$	5,919	$	289	$	202,137
Performing Loans	48,814		44,344		36,349		30,097		23,885		11,216		5,904		289		200,898
Non-Performing Loans	—		262		312		169		89		392		15		—		1,239
Non-Owner Occupied	$	20,483	$	18,585	$	14,544	$	13,821	$	8,068	$	3,491	$	1,999	$	147	$	81,138
Performing Loans	20,483		18,460		14,486		13,821		8,068		3,439		1,999		147		80,903
Non-Performing Loans	—		125		58		—		—		52		—		—		235
Land Development	$	12,656	$	7,872	$	4,988	$	2,926	$	3,759	$	580	$	2,854	$	52	$	35,687
Performing Loans	12,656		7,872		4,988		2,922		3,759		466		2,854		52		35,569
Non-Performing Loans	—		—		—		4		—		114		—		—		118
Installment loans to individuals	$	60,133	$	57,198	$	13,704	$	4,019	$	2,459	$	1,535	$	10,661	$	59	$	149,768
Performing Loans	60,081		57,119		13,611		3,986		2,407		1,535		10,661		21		149,421
Non-Performing Loans	52		79		93		33		52		—		—		38		347
Total loans not subject to risk rating	$	780,512	$	524,963	$	353,307	$	258,589	$	147,342	$	238,801	$	693,698	$	4,546	$	3,001,758
Performing Loans	780,449		522,064		349,003		256,112		146,353		235,757		692,924		4,031		2,986,693
Non-Performing Loans	63		2,899		4,304		2,477		989		3,044		774		515		15,065

21

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 4 – Purchased Loans

(In Thousands, Except Number of Loans)

For purposes of this Note 4, all references to “loans” mean purchased loans excluding loans held for sale.

The following is a summary of purchased loans as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural	$	114,450	$	176,513
Real estate – construction:
Residential	1,288		2,859
Commercial	3,705		28,093
Total real estate – construction	4,993		30,952
Real estate – 1-4 family mortgage:
Primary	150,944		214,770
Home equity	56,692		80,392
Rental/investment	22,507		31,928
Land development	10,204		14,654
Total real estate – 1-4 family mortgage	240,347		341,744
Real estate – commercial mortgage:
Owner-occupied	264,939		323,041
Non-owner occupied	456,102		552,728
Land development	19,791		29,454
Total real estate – commercial mortgage	740,832		905,223
Installment loans to individuals	40,322		59,675
Loans	$	1,140,944	$	1,514,107

22

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Past Due and Nonaccrual Loans

The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 3, “Non Purchased Loans.”

The following tables provide an aging of past due accruing and nonaccruing 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
September 30, 2021
Commercial, financial, agricultural	$	183	$	1	$	104,418	$	104,602	$	66	$	1,640	$	8,142	$	9,848	$	114,450
Real estate – construction:
Residential	—		—		1,288		1,288		—		—		—		—		1,288
Commercial	—		—		3,705		3,705		—		—		—		—		3,705
Total real estate – construction	—		—		4,993		4,993		—		—		—		—		4,993
Real estate – 1-4 family mortgage:
Primary	639		—		145,333		145,972		428		2,360		2,184		4,972		150,944
Home equity	490		—		54,899		55,389		—		813		490		1,303		56,692
Rental/investment	148		26		22,231		22,405		—		54		48		102		22,507
Land development	75		—		10,117		10,192		—		—		12		12		10,204
Total real estate – 1-4 family mortgage	1,352		26		232,580		233,958		428		3,227		2,734		6,389		240,347
Real estate – commercial mortgage:
Owner-occupied	624		—		262,380		263,004		—		291		1,644		1,935		264,939
Non-owner occupied	—		—		448,283		448,283		—		—		7,819		7,819		456,102
Land development	167		—		19,372		19,539		—		118		134		252		19,791
Total real estate – commercial mortgage	791		—		730,035		730,826		—		409		9,597		10,006		740,832
Installment loans to individuals	871		47		39,155		40,073		4		23		222		249		40,322
Loans, net of unearned income	$	3,197	$	74	$	1,111,181	$	1,114,452	$	498	$	5,299	$	20,695	$	26,492	$	1,140,944

23

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	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, 2020
Commercial, financial, agricultural	$	818	$	101	$	163,658	$	164,577	$	74	$	2,024	$	9,838	$	11,936	$	176,513
Real estate – construction:
Residential	—		—		2,859		2,859		—		—		—		—		2,859
Commercial	—		—		28,093		28,093		—		—		—		—		28,093
Total real estate – construction	—		—		30,952		30,952		—		—		—		—		30,952
Real estate – 1-4 family mortgage:
Primary	2,394		74		206,635		209,103		687		2,799		2,181		5,667		214,770
Home equity	294		43		78,739		79,076		4		674		638		1,316		80,392
Rental/investment	180		14		30,931		31,125		—		724		79		803		31,928
Land development	109		—		14,231		14,340		—		—		314		314		14,654
Total real estate – 1-4 family mortgage	2,977		131		330,536		333,644		691		4,197		3,212		8,100		341,744
Real estate – commercial mortgage:
Owner-occupied	2,511		—		317,997		320,508		193		447		1,893		2,533		323,041
Non-owner occupied	207		—		544,694		544,901		7,682		—		145		7,827		552,728
Land development	112		—		28,962		29,074		—		164		216		380		29,454
Total real estate – commercial mortgage	2,830		—		891,653		894,483		7,875		611		2,254		10,740		905,223
Installment loans to individuals	2,026		35		57,339		59,400		31		136		108		275		59,675
Loans, net of unearned income	$	8,651	$	267	$	1,474,138	$	1,483,056	$	8,671	$	6,968	$	15,412	$	31,051	$	1,514,107

There was no restructured loans contractually 90 days past due or more and still accruing at September 30, 2021 and one restructured loan in the aggregate amount of $40 contractually 90 days past due or more and still accruing at September 30, 2020. The outstanding balance of restructured loans on nonaccrual status was $17,726 and $7,775 at September 30, 2021 and September 30, 2020, respectively.

Restructured Loans

An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 3, “Non Purchased Loans.”

The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Three months ended September 30, 2021
Real estate – 1-4 family mortgage:
Primary	1	164		164
Three months ended September 30, 2020
Real estate – 1-4 family mortgage:
Primary	2	$	44	$	44
Real estate – commercial mortgage:
Owner-occupied	4	3,104		2,844
Total	6	$	3,148	$	2,888

24

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Nine months ended September 30, 2021
Commercial, financial, agricultural	1	$	135	$	135
Real estate – 1-4 family mortgage:
Primary	2	1,026		1,026
Total	3	$	1,161	$	1,161
Nine months ended September 30, 2020
Commercial, financial, agricultural	1	$	1,029	$	1,031
Real estate – 1-4 family mortgage:
Primary	4	334		227
Home equity	1	159		162
Total real estate – 1-4 family mortgage	5	493		389
Real estate – commercial mortgage:
Owner-occupied	5	3,173		2,913
Non-owner occupied	1	542		544
Total real estate – commercial mortgage	6	3,715		3,457
Installment loans to individuals	1	25		19
Total	13	$	5,262	$	4,896

With respect to loans that were restructured during the nine months ended September 30, 2021, none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the nine months ended September 30, 2020, $1,101 have subsequently defaulted, and remain outstanding, as of the date of this report.

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

	Number of Loans	Recorded Investment
Totals at January 1, 2021	48	$	8,687
Additional advances or loans with concessions	3	1,411
Reclassified as performing restructured loan	2	115
Reductions due to:
Reclassified to nonperforming loans	(4)	(2,485)
Paid in full	(5)	(1,310)
Charge-offs	(1)	(205)
Principal paydowns	—	(221)
Totals at September 30, 2021	43	$	5,992

The allowance for credit losses attributable to restructured loans was $111 and $491 at September 30, 2021 and September 30, 2020, respectively. The Company had $2 and $539 in remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2021 and September 30, 2020, respectively.

As discussed in Note 3, “Non Purchased Loans,” the Company implemented a loan deferral program in response to the COVID-19 pandemic. As of September 30, 2021, the Company had 11 loans with total balances of approximately $360 remaining on deferral. Under the applicable guidance, none of these loans were considered “restructured loans.”

25

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Credit Quality

A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 3, “Non Purchased Loans.” The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	—	$	—	$	663	$	15,971	$	14,278	$	25,957	$	47,190	$	2,285	$	106,344
Pass	—		—		663		14,210		9,602		18,894		42,695		898		86,962
Special Mention	—		—		—		254		—		—		—		—		254
Substandard	—		—		—		1,507		4,676		7,063		4,495		1,387		19,128
Real Estate - Construction	$	—	$	—	$	—	$	180	$	—	$	4,392	$	—	$	—	$	4,572
Residential	$	—	$	—	$	—	$	180	$	—	$	687	$	—	$	—	$	867
Pass	—		—		—		180		—		687		—		—		867
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	3,705	$	—	$	—	$	3,705
Pass	—		—		—		—		—		3,705		—		—		3,705
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	—	$	11,974	$	4,477	$	26,442	$	930	$	212	$	44,035
Primary	$	—	$	—	$	—	$	4,205	$	2,542	$	12,861	$	—	$	—	$	19,608
Pass	—		—		—		4,205		2,456		9,777		—		—		16,438
Special Mention	—		—		—		—		—		61		—		—		61
Substandard	—		—		—		—		86		3,023		—		—		3,109
Home Equity	$	—	$	—	$	—	$	—	$	—	$	—	$	693	$	212	$	905
Pass	—		—		—		—		—		—		269		—		269
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		424		212		636
Rental/Investment	$	—	$	—	$	—	$	815	$	1,818	$	11,358	$	237	$	—	$	14,228
Pass	—		—		—		815		1,818		10,440		87		—		13,160
Special Mention	—		—		—		—		—		40		—		—		40
Substandard	—		—		—		—		—		878		150		—		1,028
Land Development	$	—	$	—	$	—	$	6,954	$	117	$	2,223	$	—	$	—	$	9,294
Pass	—		—		—		6,954		86		820		—		—		7,860
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		31		1,403		—		—		1,434

26

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Real Estate - Commercial Mortgage	$	—	$	—	$	—	$	52,761	$	146,704	$	481,098	$	9,224	$	14,371	$	704,158
Owner-Occupied	$	—	$	—	$	—	$	14,063	$	32,268	$	191,688	$	4,763	$	—	$	242,782
Pass	—		—		—		14,063		28,406		168,961		4,754		—		216,184
Special Mention	—		—		—		—		1,568		1,701		—		—		3,269
Substandard	—		—		—		—		2,294		21,026		9		—		23,329
Non-Owner Occupied	$	—	$	—	$	—	$	36,795	$	112,866	$	277,021	$	4,326	$	14,371	$	445,379
Pass	—		—		—		20,420		105,055		236,855		4,326		4,415		371,071
Special Mention	—		—		—		16,367		—		7,949		—		—		24,316
Substandard	—		—		—		8		7,811		32,217		—		9,956		49,992
Land Development	$	—	$	—	$	—	$	1,903	$	1,570	$	12,389	$	135	$	—	$	15,997
Pass	—		—		—		1,903		1,570		6,316		135		—		9,924
Special Mention	—		—		—		—		—		5,197		—		—		5,197
Substandard	—		—		—		—		—		876		—		—		876
Installment loans to individuals	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	—	$	—	$	663	$	80,886	$	165,459	$	537,889	$	57,344	$	16,868	$	859,109
Pass	—		—		663		62,750		148,993		456,455		52,266		5,313		726,440
Special Mention	—		—		—		16,621		1,568		14,948		—		—		33,137
Substandard	—		—		—		1,515		14,898		66,486		5,078		11,555		99,532

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	—	$	711	$	28,242	$	27,222	$	22,377	$	20,759	$	64,563	$	1,788	$	165,662
Pass	—		711		24,211		20,930		17,240		16,880		56,736		409		137,117
Special Mention	—		—		357		97		104		—		—		—		558
Substandard	—		—		3,674		6,195		5,033		3,879		7,827		1,379		27,987
Real Estate - Construction	$	—	$	—	$	10,522	$	9,228	$	10,781	$	—	$	—	$	—	$	30,531
Residential	$	—	$	—	$	1,543	$	211	$	684	$	—	$	—	$	—	$	2,438
Pass	—		—		1,543		211		684		—		—		—		2,438
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	8,979	$	9,017	$	10,097	$	—	$	—	$	—	$	28,093
Pass	—		—		8,979		9,017		10,097		—		—		—		28,093
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

27

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	14,022	$	7,126	$	1,112	$	38,747	$	957	$	253	$	62,217
Primary	$	—	$	—	$	6,873	$	3,212	$	595	$	17,223	$	249	$	—	$	28,152
Pass	—		—		5,556		3,212		594		12,665		249		—		22,276
Special Mention	—		—		—		—		—		1,120		—		—		1,120
Substandard	—		—		1,317		—		1		3,438		—		—		4,756
Home Equity	$	—	$	—	$	—	$	—	$	—	$	—	$	697	$	253	$	950
Pass	—		—		—		—		—		—		59		—		59
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		638		253		891
Rental/Investment	$	—	$	—	$	—	$	1,883	$	232	$	18,275	$	9	$	—	$	20,399
Pass	—		—		—		1,883		232		16,139		9		—		18,263
Special Mention	—		—		—		—		—		44		—		—		44
Substandard	—		—		—		—		—		2,092		—		—		2,092
Land Development	$	—	$	—	$	7,149	$	2,031	$	285	$	3,249	$	2	$	—	$	12,716
Pass	—		—		7,149		2,009		285		1,793		2		—		11,238
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		22		—		1,456		—		—		1,478
Real Estate - Commercial Mortgage	$	—	$	—	$	76,557	$	153,960	$	171,487	$	435,073	$	22,631	$	4,688	$	864,396
Owner-Occupied	$	—	$	—	$	15,001	$	32,567	$	61,568	$	181,007	$	9,723	$	2	$	299,868
Pass	—		—		15,001		29,276		43,962		161,790		5,808		—		255,837
Special Mention	—		—		—		—		9,670		—		—		—		9,670
Substandard	—		—		—		3,291		7,936		19,217		3,915		2		34,361
Non-Owner Occupied	$	—	$	—	$	55,962	$	117,592	$	107,004	$	242,249	$	12,720	$	4,686	$	540,213
Pass	—		—		37,002		109,910		83,738		221,423		6,431		—		458,504
Special Mention	—		—		2,591		—		5,302		2,622		—		—		10,515
Substandard	—		—		16,369		7,682		17,964		18,204		6,289		4,686		71,194
Land Development	$	—	$	—	$	5,594	$	3,801	$	2,915	$	11,817	$	188	$	—	$	24,315
Pass	—		—		5,594		3,801		2,780		4,962		188		—		17,325
Special Mention	—		—		—		—		—		5,438		—		—		5,438
Substandard	—		—		—		—		135		1,417		—		—		1,552
Installment loans to individuals	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	—	$	711	$	129,343	$	197,536	$	205,757	$	494,579	$	88,151	$	6,729	$	1,122,806
Pass	—		711		105,035		180,249		159,612		435,652		69,482		409		951,150
Special Mention	—		—		2,948		97		15,076		9,224		—		—		27,345
Substandard	—		—		21,360		17,190		31,069		49,703		18,669		6,320		144,311

28

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating by origination date:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	—	$	—	$	—	$	364	$	126	$	2,457	$	4,949	$	210	$	8,106
Performing Loans	—		—		—		364		126		2,457		4,949		210		8,106
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - Construction	$	—	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	421
Residential	$	—	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	421
Performing Loans	—		—		—		421		—		—		—		—		421
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Performing Loans	—		—		—		—		—		—		—		—		—
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	359	$	1,741	$	22,792	$	120,168	$	49,654	$	1,598	$	196,312
Primary	$	—	$	—	$	240	$	1,195	$	20,320	$	109,331	$	164	$	86	$	131,336
Performing Loans	—		—		240		1,085		19,715		105,326		164		21		126,551
Non-Performing Loans	—		—		—		110		605		4,005		—		65		4,785
Home Equity	$	—	$	—	$	—	$	546	$	2,278	$	1,966	$	49,485	$	1,512	$	55,787
Performing Loans	—		—		—		546		2,278		1,890		48,906		1,077		54,697
Non-Performing Loans	—		—		—		—		—		76		579		435		1,090
Rental/Investment	$	—	$	—	$	119	$	—	$	121	$	8,034	$	5	$	—	$	8,279
Performing Loans	—		—		119		—		121		8,034		5		—		8,279
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Land Development	$	—	$	—	$	—	$	—	$	73	$	837	$	—	$	—	$	910
Performing Loans	—		—		—		—		73		837		—		—		910
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - Commercial Mortgage	$	—	$	—	$	328	$	1,400	$	954	$	32,755	$	1,237	$	—	$	36,674
Owner-Occupied	$	—	$	—	$	—	$	860	$	573	$	19,864	$	860	$	—	$	22,157
Performing Loans	—		—		—		860		573		19,848		860		—		22,141
Non-Performing Loans	—		—		—		—		—		16		—		—		16
Non-Owner Occupied	$	—	$	—	$	328	$	391	$	—	$	9,735	$	269	$	—	$	10,723
Performing Loans	—		—		328		391		—		9,735		269		—		10,723
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Land Development	$	—	$	—	$	—	$	149	$	381	$	3,156	$	108	$	—	$	3,794
Performing Loans	—		—		—		149		381		3,156		108		—		3,794
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Installment loans to individuals	$	—	$	—	$	—	$	23,428	$	10,892	$	4,306	$	1,654	$	40	$	40,320
Performing Loans	—		—		—		23,373		10,876		4,101		1,644		30		40,024
Non-Performing Loans	—		—		—		55		16		205		10		10		296
Total loans not subject to risk rating	$	—	$	—	$	687	$	27,354	$	34,764	$	159,686	$	57,494	$	1,848	$	281,833
Performing Loans	—		—		687		27,189		34,143		155,384		56,905		1,338		275,646
Non-Performing Loans	—		—		—		165		621		4,302		589		510		6,187

29

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	—	$	—	$	445	$	349	$	303	$	2,899	$	6,809	$	46	$	10,851
Performing Loans	—		—		445		349		303		2,899		6,784		46		10,826
Non-Performing Loans	—		—		—		—		—		—		25		—		25
Real Estate - Construction	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	—	$	421
Residential	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	—	$	421
Performing Loans	—		—		421		—		—		—		—		—		421
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Performing Loans	—		—		—		—		—		—		—		—		—
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	371	$	3,082	$	33,674	$	28,169	$	140,689	$	70,870	$	2,672	$	279,527
Primary	$	—	$	248	$	1,953	$	30,078	$	25,956	$	127,642	$	630	$	111	$	186,618
Performing Loans	—		248		1,842		29,321		25,935		122,970		630		25		180,971
Non-Performing Loans	—		—		111		757		21		4,672		—		86		5,647
Home Equity	$	—	$	—	$	742	$	3,324	$	1,668	$	1,027	$	70,120	$	2,561	$	79,442
Performing Loans	—		—		742		3,324		1,668		960		69,518		2,124		78,336
Non-Performing Loans	—		—		—		—		—		67		602		437		1,106
Rental/Investment	$	—	$	123	$	—	$	200	$	193	$	10,893	$	120	$	—	$	11,529
Performing Loans	—		123		—		200		193		10,800		120		—		11,436
Non-Performing Loans	—		—		—		—		—		93		—		—		93
Land Development	$	—	$	—	$	387	$	72	$	352	$	1,127	$	—	$	—	$	1,938
Performing Loans	—		—		387		30		117		1,127		—		—		1,661
Non-Performing Loans	—		—		—		42		235		—		—		—		277
Real Estate - Commercial Mortgage	$	—	$	337	$	597	$	1,063	$	982	$	35,946	$	1,902	$	—	$	40,827
Owner-Occupied	$	—	$	—	$	—	$	625	$	660	$	20,531	$	1,357	$	—	$	23,173
Performing Loans	—		—		—		625		660		20,253		1,357		—		22,895
Non-Performing Loans	—		—		—		—		—		278		—		—		278
Non-Owner Occupied	$	—	$	337	$	443	$	49	$	66	$	11,467	$	153	$	—	$	12,515
Performing Loans	—		337		443		49		66		11,331		153		—		12,379
Non-Performing Loans	—		—		—		—		—		136		—		—		136
Land Development	$	—	$	—	$	154	$	389	$	256	$	3,948	$	392	$	—	$	5,139
Performing Loans	—		—		154		389		256		3,890		392		—		5,081
Non-Performing Loans	—		—		—		—		—		58		—		—		58
Installment loans to individuals	$	—	$	—	$	34,976	$	15,497	$	1,118	$	4,348	$	3,676	$	60	$	59,675
Performing Loans	—		—		34,942		15,405		1,051		4,262		3,676		29		59,365
Non-Performing Loans	—		—		34		92		67		86		—		31		310
Total loans not subject to risk rating	$	—	$	708	$	39,521	$	50,583	$	30,572	$	183,882	$	83,257	$	2,778	$	391,301
Performing Loans	—		708		39,376		49,692		30,249		178,492		82,630		2,224		383,371
Non-Performing Loans	—		—		145		891		323		5,390		627		554		7,930

30

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 5 – Allowance for Credit Losses

(In Thousands)

The following is a summary of total non purchased and purchased loans as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural	$	1,436,019	$	2,536,984
Lease financing	83,496		80,022
Real estate – construction:
Residential	307,825		246,673
Commercial	783,471		611,431
Total real estate – construction	1,091,296		858,104
Real estate – 1-4 family mortgage:
Primary	1,808,139		1,750,951
Home equity	481,552		513,160
Rental/investment	291,116		296,364
Land development	143,936		137,833
Total real estate – 1-4 family mortgage	2,724,743		2,698,308
Real estate – commercial mortgage:
Owner-occupied	1,630,227		1,657,806
Non-owner occupied	2,779,237		2,747,467
Land development	126,266		149,579
Total real estate – commercial mortgage	4,535,730		4,554,852
Installment loans to individuals	149,821		209,537
Gross loans	10,021,105		10,937,807
Unearned income	(4,281)		(4,160)
Loans, net of unearned income	10,016,824		10,933,647
Allowance for credit losses on loans	(170,038)		(176,144)
Net loans	$	9,846,786	$	10,757,503

Allowance for Credit Losses on Loans

The allowance for credit losses is an estimate of expected losses inherent within the Company’s loans held for investment portfolio and is maintained at a level believed adequate by management to absorb credit losses inherent in the entire loan portfolio. Management evaluates the adequacy of the allowance for credit losses on a quarterly basis. Expected credit loss inherent in non-cancellable off-balance-sheet credit exposures is accounted for as a separate liability in the Consolidated Balance Sheets. The allowance for credit losses on loans held for investment, as reported in the Company’s Consolidated Balance Sheets, is adjusted by a provision for credit losses, which is reported in earnings, and reduced by net charge-offs. Loan losses are charged against the allowance for credit losses when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses, please refer to the discussion in Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The Company has made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses in the Company’s loan portfolio. As of September 30, 2021 and December 31, 2020, the Company had accrued interest receivable for loans of $45,404 and $56,459, respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets. Although the Company made the election to exclude accrued interest from the measurement of the allowance for credit losses, the Company did have an allowance for credit losses on interest deferred as part of the loan deferral program of $1,356 and $1,500, respectively, as of September 30, 2021 and December 31, 2020. The decrease in the balance during the first nine months of 2021 is due to the charge-off of deferred interest balances.

31

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

The following tables provide a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology for the periods presented:

	Commercial		Real Estate - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Lease Financing		Installment Loans to Individuals		Total
Three Months Ended September 30, 2021
Allowance for credit losses:
Beginning balance	$	36,994	$	15,729	$	31,303	$	74,893	$	1,511	$	11,924	$	172,354
Charge-offs	(1,225)		—		(276)		(184)		(13)		(1,281)		(2,979)
Recoveries	418		—		193		190		11		1,051		1,863
Net (charge-offs) recoveries	(807)		—		(83)		6		(2)		(230)		(1,116)
(Recovery of) provision for credit losses on loans	(1,210)		440		961		(1,004)		61		(448)		(1,200)
Ending balance	$	34,977	$	16,169	$	32,181	$	73,895	$	1,570	$	11,246	$	170,038
Nine Months Ended September 30, 2021
Allowance for credit losses:
Beginning balance	$	39,031	$	16,047	$	32,165	$	76,127	$	1,624	$	11,150	$	176,144
Charge-offs	(5,907)		(52)		(529)		(416)		(13)		(4,286)		(11,203)
Recoveries	940		13		855		504		36		3,949		6,297
Net (charge-offs) recoveries	(4,967)		(39)		326		88		23		(337)		(4,906)
(Recovery of) provision for credit losses on loans	913		161		(310)		(2,320)		(77)		433		(1,200)
Ending balance	$	34,977	$	16,169	$	32,181	$	73,895	$	1,570	$	11,246	$	170,038
Period-End Amount Allocated to:
Individually evaluated	$	9,717	$	—	$	206	$	5,968	$	—	$	607	$	16,498
Collectively evaluated	25,260		16,169		31,975		67,927		1,570		10,639		153,540
Ending balance	$	34,977	$	16,169	$	32,181	$	73,895	$	1,570	$	11,246	$	170,038
Loans:
Individually evaluated	$	15,193	$	—	$	5,311	$	19,120	$	—	$	617	$	40,241
Collectively evaluated	1,420,826		1,091,296		2,719,432		4,516,610		79,215		149,204		9,976,583
Ending balance	$	1,436,019	$	1,091,296	$	2,724,743	$	4,535,730	$	79,215	$	149,821	$	10,016,824
Nonaccruing loans with no allowance for credit losses	$	2,658	$	—	$	3,039	$	2,865	$	—	$	10	$	8,572

32

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Commercial		Real Estate - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Lease Financing		Installment Loans to Individuals		Total
Three Months Ended September 30, 2020
Allowance for credit losses:
Beginning balance	$	30,685	$	12,538	$	29,401	$	60,061	$	1,812	$	10,890	$	145,387
Charge-offs	(420)		(136)		(720)		(553)		(168)		(1,579)		(3,576)
Recoveries	698		31		152		711		1		1,594		3,187
Net (charge-offs) recoveries	278		(105)		(568)		158		(167)		15		(389)
Provision for credit losses on loans	7,232		1,386		3,872		10,363		187		60		23,100
Ending balance	$	38,195	$	13,819	$	32,705	$	70,582	$	1,832	$	10,965	$	168,098
Nine Months Ended September 30, 2020
Allowance for credit losses:
Beginning balance	$	10,658	$	5,029	$	9,814	$	24,990	$	910	$	761	$	52,162
Impact of the adoption of ASC 326	11,351		3,505		14,314		4,293		521		8,500		42,484
Charge-offs	(1,969)		(668)		(1,083)		(2,600)		(168)		(6,003)		(12,491)
Recoveries	996		31		288		2,451		11		5,816		9,593
Net (charge-offs) recoveries	(973)		(637)		(795)		(149)		(157)		(187)		(2,898)
Provision for credit losses on loans	17,159		5,922		9,372		41,448		558		1,891		76,350
Ending balance	$	38,195	$	13,819	$	32,705	$	70,582	$	1,832	$	10,965	$	168,098
Period-End Amount Allocated to:
Individually evaluated	$	10,211	$	—	$	275	$	380	$	—	$	270	$	11,136
Collectively evaluated	27,984		13,819		32,430		70,202		1,832		10,695		156,962
Ending balance	$	38,195	$	13,819	$	32,705	$	70,582	$	1,832	$	10,965	$	168,098
Loans:
Individually evaluated	$	17,670	$	—	$	4,718	$	6,596	$	—	$	618	$	29,602
Collectively evaluated	2,630,392		773,119		2,755,676		4,570,413		82,928		242,608		11,055,136
Ending balance	$	2,648,062	$	773,119	$	2,760,394	$	4,577,009	$	82,928	$	243,226	$	11,084,738
Nonaccruing loans with no allowance for credit losses	$	589	$	—	$	4,147	$	3,644	$	—	$	—	$	8,380

The Company recorded a negative provision (recovery) for credit losses of $1,200 during the third quarter and first nine months of 2021, as compared to a provision for credit losses on loans of $23,100 in the third quarter of 2020 and $76,350 in the first nine months of 2020. The Company’s allowance for credit loss model considers economic projections, primarily the national unemployment rate and GDP, over a reasonable and supportable period of two years. Based on the continual improvements in these forecasts over the last few quarters, the Company’s allowance model indicated that a release of the allowance for credit losses was appropriate during the third quarter of 2021.

Allowance for Credit Losses on Unfunded Loan Commitments

The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “Other liabilities” line item on the Consolidated Balance Sheets. For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses on unfunded loan commitments, please refer to the discussion in

33

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The following tables provide a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented.

Three Months Ended September 30,	2021		2020
Allowance for credit losses on unfunded loan commitments:
Beginning balance	$	20,535	$	17,335
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense)	(200)		2,700
Ending balance	$	20,335	$	20,035
Nine Months Ended September 30,	2021		2020
Allowance for credit losses on unfunded loan commitments:
Beginning balance	$	20,535	$	946
Impact of the adoption of ASC 326	—		10,389
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense)	(200)		8,700
Ending balance	$	20,335	$	20,035

Note 6 – 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
September 30, 2021
Residential real estate	$	127	$	376	$	503
Commercial real estate	858		1,813		2,671
Residential land development	311		4		315
Commercial land development	1,157		59		1,216
Total	$	2,453	$	2,252	$	4,705
December 31, 2020
Residential real estate	$	72	$	107	$	179
Commercial real estate	1,741		924		2,665
Residential land development	337		676		1,013
Commercial land development	1,777		338		2,115
Total	$	3,927	$	2,045	$	5,972

Changes in the Company’s purchased and non purchased OREO were as follows:

34

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Purchased OREO		Non Purchased OREO		Total OREO
Balance at January 1, 2021	$	3,927	$	2,045	$	5,972
Transfers of loans	1,047		2,124		3,171
Impairments	(220)		(70)		(290)
Dispositions	(2,171)		(1,836)		(4,007)
Other	(130)		(11)		(141)
Balance at September 30, 2021	$	2,453	$	2,252	$	4,705

At September 30, 2021 and December 31, 2020, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $1,220 and $1,308, respectively.

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Repairs and maintenance	$	17	$	64	$	60	$	234
Property taxes and insurance	6		35		54		186
Impairments	173		820		290		1,647
Net (gains) losses on OREO sales	(24)		117		(74)		27
Rental income	(4)		(3)		(17)		(23)
Total	$	168	$	1,033	$	313	$	2,071

Note 7 – Goodwill and Other Intangible Assets

(In Thousands)

The carrying amounts of goodwill by operating segments for the nine months ended September 30, 2021 were as follows:

	Community Banks		Insurance		Total
Balance at January 1, 2021	$	936,916	$	2,767	$	939,683
Additions to goodwill and other adjustments	—		—		—
Balance at September 30, 2021	$	936,916	$	2,767	$	939,683

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

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
September 30, 2021
Core deposit intangibles	$	82,492	$	(58,020)	$	24,472
Customer relationship intangible	2,470		(1,420)		1,050
Total finite-lived intangible assets	$	84,962	$	(59,440)	$	25,522
December 31, 2020
Core deposit intangibles	$	82,492	$	(53,539)	$	28,953
Customer relationship intangible	2,470		(1,284)		1,186
Total finite-lived intangible assets	$	84,962	$	(54,823)	$	30,139

Current year amortization expense for finite-lived intangible assets is presented in the table below.

35

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Amortization expense for:
Core deposit intangibles	$	1,436	$	1,688	$	4,482	$	5,326
Customer relationship intangible	45		45		136		136
Total intangible amortization	$	1,481	$	1,733	$	4,618	$	5,462

The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2021 and the succeeding four years is summarized as follows:

	Core Deposit Intangibles		Customer Relationship Intangible		Total
2021	$	5,860	$	181	$	6,041
2022	4,940		181		5,121
2023	4,044		181		4,225
2024	3,498		181		3,679
2025	3,103		181		3,284

Note 8 – Mortgage Servicing Rights

(In Thousands)

The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights (“MSRs”) are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs 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, and is subject to significant fluctuation as a result of actual prepayment speeds, default rates and losses differing from estimates thereof. For example, a decline in mortgage interest rates or an increase in actual prepayment speeds may cause negative adjustments to the valuation of the Company’s MSRs.

Servicing rights are evaluated for impairment (or reversals of prior impairments) quarterly based upon the fair value of the rights as compared to the carrying amount. Impairment is recognized through a valuation allowance in the amount that unamortized cost exceeds fair value. If the Company later determines that all or a portion of the impairment no longer exists, a reduction of the valuation allowance may be recorded as an increase to income. Changes in valuation allowances related to servicing rights are reported in “Mortgage banking income” on the Consolidated Statements of Income.

There was a positive valuation adjustment of $13,561 during the nine months ended September 30, 2021 on MSRs. This positive adjustment primarily arose from an increase in mortgage interest rates and a corresponding decrease in actual prepayment speeds. During the nine months ended September 30, 2020 there was a negative valuation adjustment of $13,694 which was caused by a difference between actual prepayment speeds and the Company’s assumptions with respect to prepayment speeds.

Changes in the Company’s MSRs were as follows: 

Balance at January 1, 2021	$	62,994
Capitalization	26,532
Amortization	(16,700)
Valuation adjustment	13,561
Balance at September 30, 2021	$	86,387

Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:

36

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	September 30, 2021			December 31, 2020
Unpaid principal balance	$	8,470,973		$	7,322,671
Weighted-average prepayment speed (CPR)	11.68		%	15.05		%
Estimated impact of a 10% increase	$	(4,258)		$	(4,001)
Estimated impact of a 20% increase	(8,254)			(7,674)
Discount rate	9.83		%	9.86		%
Estimated impact of a 10% increase	$	(3,381)		$	(2,144)
Estimated impact of a 20% increase	(6,520)			(4,144)
Weighted-average coupon interest rate	3.33		%	3.58		%
Weighted-average servicing fee (basis points)	30.52			29.94
Weighted-average remaining maturity (in years)	6.23			5.14

The Company recorded servicing fees of $4,891 and $3,400 for the three months ended September 30, 2021 and 2020, respectively, and servicing fees of $13,578 and $9,012 for the nine months ended September 30, 2021 and 2020, respectively, all of which are included in “Mortgage banking income” in the Consolidated Statements of Income.

Note 9 - Employee Benefit and Deferred Compensation Plans

(In Thousands, Except Share Data)

Pension and Post-retirement Medical Plans

The Company sponsors a noncontributory defined benefit pension plan, under which participation and benefit accruals ceased as of December 31, 1996, and it provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Company’s group medical plan.

Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows:

	Pension Benefits				Other Benefits
	Three Months Ended				Three Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Service cost	$	—	$	—	$	2	$	2
Interest cost	171		246		4		3
Expected return on plan assets	(442)		(412)		—		—
Recognized actuarial loss (gain)	67		87		—		(23)
Net periodic (return) benefit cost	$	(204)	$	(79)	$	6	$	(18)

	Pension Benefits				Other Benefits
	Nine Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Service cost	$	—	$	—	$	4	$	5
Interest cost	512		738		11		10
Expected return on plan assets	(1,326)		(1,238)		—		—
Recognized actuarial loss (gain)	199		262		(2)		(68)
Net periodic (return) benefit cost	$	(615)	$	(238)	$	13	$	(53)

37

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Incentive Compensation Plans

The Company maintains a long-term equity compensation plan that provides for the grant of stock options and the award of restricted stock. There were no stock options granted, nor compensation expense associated with options recorded, during the nine months ended September 30, 2021 or 2020.

The following table summarizes information about options outstanding, exercised and forfeited as of and for the nine months ended September 30, 2021:

	Shares	Weighted Average Exercise Price
Options outstanding at beginning of period	10,500	$	14.96
Granted	—	—
Exercised	(5,000)	14.96
Forfeited	—	—
Options outstanding at end of period	5,500	$	14.96

The Company also awards performance-based restricted stock to executives and other officers and employees and time-based restricted stock to non-employee directors, executives, and other officers and employees.

The following table summarizes the changes in restricted stock as of and for the nine months ended September 30, 2021:

	Performance-Based Restricted Stock	Weighted Average Grant-Date Fair Value		Time-Based Restricted Stock	Weighted Average Grant-Date Fair Value
Nonvested at beginning of period	132,827	$	32.88	548,416	$	34.15
Awarded	78,230	34.02		253,733	37.22
Vested	—	—		(139,752)	36.89
Cancelled	—	—		(53,737)	37.65
Nonvested at end of period	211,057	$	33.30	608,660	$	34.49

During the nine months ended September 30, 2021, the Company reissued 134,783 shares from treasury in connection with the exercise of stock options and awards of restricted stock. The Company recorded total stock-based compensation expense of $2,595 and $2,405 for the three months ended September 30, 2021 and 2020, respectively and $7,736 and $8,153 for the nine months ended September 30, 2021 and 2020, respectively.

Note 10 – Derivative Instruments

(In Thousands)

The Company uses certain derivative instruments to meet the needs of customers as well as to manage the interest rate risk associated with certain transactions.

Non-hedge derivatives

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.

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 Company also enters into forward commitments to sell residential mortgage loans to secondary market investors.

38

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented:

	Balance Sheet	September 30, 2021				December 31, 2020
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets:
Interest rate contracts	Other Assets	$	190,200	$	5,268	$	222,933	$	9,884
Interest rate lock commitments	Other Assets	422,596		7,592		589,701		19,824
Forward commitments	Other Assets	550,000		3,659		—		—
Totals		$	1,162,796	$	16,519	$	812,634	$	29,708
Derivative liabilities:
Interest rate contracts	Other Liabilities	$	190,200	$	5,268	$	222,933	$	9,884
Interest rate lock commitments	Other Liabilities	101,591		423		—		—
Forward commitments	Other Liabilities	82,000		158		716,000		5,090
Totals		$	373,791	$	5,849	$	938,933	$	14,974

Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest rate contracts:
Included in interest income on loans	$	589	$	451	$	1,795	$	1,710
Interest rate lock commitments:
Included in mortgage banking income	(3,251)		(1,135)		(12,655)		23,610
Forward commitments
Included in mortgage banking income	5,310		2,754		8,590		(1,395)
Total	$	2,648	$	2,070	$	(2,270)	$	23,925

Derivatives designated as cash flow hedges

Cash flow hedge relationships mitigate exposure to the variability of future cash flow or other forecasted transactions. The Company uses interest rate swap contracts in an effort to manage future interest rate exposure on borrowings. The hedging strategy converts the LIBOR-based variable interest rate on the forecasted borrowings to a fixed interest rate. As of September 30, 2021, the Company is hedging its exposure to the variability of future cash flows through 2030 and a portion of these hedges are forward starting.

The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented:

	Balance Sheet	September 30, 2021				December 31, 2020
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets:
Interest rate swaps	Other Assets	$	200,000	$	11,615	$	175,000	$	3,866
Derivative liabilities:
Interest rate swaps	Other Liabilities	$	62,000	$	3,544	$	87,000	$	5,924

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 nine months ended September 30, 2021 or 2020. The impact on other comprehensive

39

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

income for the nine months ended September 30, 2021 and 2020 is discussed in Note 13, “Other Comprehensive Income (Loss).”

Derivatives designated as fair value hedges

Fair value hedges protect against changes in the fair value of an asset, liability, or firm commitment. The Company enters into interest rate swap agreements to manage interest rate exposure on certain of the Company’s fixed-rate subordinated notes. The agreements convert the fixed interest rates to LIBOR-based variable interest rates.

The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented:

	Balance Sheet	September 30, 2021				December 31, 2020
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative liabilities:
Interest rate swaps	Other Liabilities	$	100,000	$	5,150	$	100,000	$	209

The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented:

		Amount of Gain (Loss) Recognized in Income
	Income Statement	Three Months Ended September 30,				Nine Months Ended September 30,
	Location	2021		2020		2021		2020
Derivative liabilities:
Interest rate swaps - subordinated notes	Interest Expense	$	(764)	$	—	$	(4,941)	$	—
Derivative liabilities - hedged items:
Interest rate swaps - subordinated notes	Interest Expense	$	764	$	—	$	4,941	$	—

The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented:

	Carrying Amount of the Hedged Liability				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability
Balance Sheet Location	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Long-term debt	$	93,303	$	98,114	$	(5,150)	$	209

Offsetting

Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of offset” 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:

40

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Offsetting Derivative Assets				Offsetting Derivative Liabilities
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Gross amounts recognized	$	15,373	$	3,866	$	14,021	$	21,107
Gross amounts offset in the Consolidated Balance Sheets	—		—		—		—
Net amounts presented in the Consolidated Balance Sheets	15,373		3,866		14,021		21,107
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments	6,605		3,866		6,605		3,866
Financial collateral pledged	—		—		7,416		14,042
Net amounts	$	8,768	$	—	$	—	$	3,199

Note 11 – Income Taxes

(In Thousands)

The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented.

	September 30,		December 31,
	2021		2020
Deferred tax assets
Allowance for credit losses	$	52,345	$	53,597
Loans	3,471		5,526
Deferred compensation	13,598		13,114
Investment in partnerships	154		—
Impairment of assets	508		1,067
Net operating loss carryforwards	1,287		1,857
Lease liabilities under operating leases	17,189		17,732
Other	3,613		3,539
Total deferred tax assets	92,165		96,432
Deferred tax liabilities
Net unrealized gains on securities	3,580		8,434
Investment in partnerships	—		793
Fixed assets	1,182		3,285
Mortgage servicing rights	20,587		14,623
Junior subordinated debt	2,162		2,245
Intangibles	3,349		3,882
Lease right-of-use asset	16,291		16,833
Other	565		1,672
Total deferred tax liabilities	47,716		51,767
Net deferred tax assets	$	44,449	$	44,665

For the nine months ended September 30, 2021 and 2020, the Company recorded a provision for income taxes totaling $35,572 and $13,022, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences. During the second quarter of 2021 the Company recognized a one-time state tax credit investment of $3,460 which reduced income taxes as a discrete item. The effective tax rate, excluding discrete items, was 22.10% and 20.28% for the nine months ended September 30, 2021 and 2020, respectively.

41

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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 and state departments of revenue for the years ending December 31, 2018 through December 31, 2020.

Note 12 – Fair Value Measurements

(In Thousands)

Fair Value Measurements and the Fair Level Hierarchy

FASB Accounting Standards Codification Topic (“ASC”) 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and 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).

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 on a recurring basis 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, “Financial Instruments” (“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, obligations of states and political subdivisions, mortgage-backed securities and trust preferred 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: Most of the Company’s derivative contracts are extensively 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 such as 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 in 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 tables present assets and liabilities that are measured at fair value on a recurring basis as of the dates presented:

42

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Level 1		Level 2		Level 3		Totals
September 30, 2021
Financial assets:
Securities available for sale	$	—	$	2,544,643	$	—	$	2,544,643
Derivative instruments	—		28,134		—		28,134
Mortgage loans held for sale in loans held for sale	—		452,869		—		452,869
Total financial assets	$	—	$	3,025,646	$	—	$	3,025,646
Financial liabilities:
Derivative instruments:	$	—	$	14,543	$	—	$	14,543

	Level 1		Level 2		Level 3		Totals
December 31, 2020
Financial assets:
Trust preferred securities	$	—	$	—	$	9,012	$	9,012
Other available for sale securities	—		1,334,445		—		1,334,445
Total securities available for sale	—		1,334,445		9,012		1,343,457
Derivative instruments	—		33,574		—		33,574
Mortgage loans held for sale in loans held for sale	—		417,771		—		417,771
Total financial assets	$	—	$	1,785,790	$	9,012	$	1,794,802
Financial liabilities:
Derivative instruments	$	—	$	21,107	$	—	$	21,107

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. Transfers between levels of the hierarchy are deemed to have occurred at the end of period. There were no such transfers between levels of the fair value hierarchy during the nine months ended September 30, 2021.

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, as of the dates presented:

	2021		2020
Three Months Ended September 30, 2021	Trust preferred securities		Trust preferred securities
Three Months Ended September 30,
Balance at beginning of period	$	—	$	7,679
Accretion included in net income	—		8
Unrealized losses included in other comprehensive income	—		840
Settlements	—		(35)
Balance at end of period	$	—	$	8,492
Nine Months Ended September 30,
Balance at beginning of period	$	9,012	$	9,986
Accretion included in net income	7		26
Unrealized gains (losses) included in other comprehensive income	941		(1,382)
Realized losses	2,061		—
Sales	(12,021)		—
Settlements	—		(138)
Balance at end of period	$	—	$	8,492

43

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

For each of the three and nine months ended September 30, 2021 and 2020, respectively, 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.

Nonrecurring Fair Value Measurements

Certain assets and liabilities 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 tables provide 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:

September 30, 2021	Level 1		Level 2		Level 3		Totals
Individually evaluated loans, net of allowance for credit losses	$	—	$	—	$	9,410	$	9,410
OREO	—		—		170		170
Mortgage servicing rights	—		—		86,387		86,387
Total	$	—	$	—	$	95,967	$	95,967

December 31, 2020	Level 1		Level 2		Level 3		Totals
Individually evaluated loans, net of allowance for credit losses	$	—	$	—	$	24,145	$	24,145
OREO	—		—		2,736		2,736
Mortgage servicing rights	—		—		62,994		62,994
Total	$	—	$	—	$	89,875	$	89,875

The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets measured on a nonrecurring basis:

Individually evaluated loans: Loans are individually evaluated for credit losses each quarter 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. Individually evaluated loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Individually evaluated loans that were measured or re-measured at fair value had a carrying value of $17,959 and $36,990 at September 30, 2021 and December 31, 2020, respectively, and a specific reserve for these loans of $8,549 and $12,845 was included in the allowance for credit losses as of such dates.

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 on the Consolidated Balance Sheets as of the dates presented:

	September 30, 2021		December 31, 2020
Carrying amount prior to remeasurement	$	445	$	4,051
Impairment recognized in results of operations	(275)		(1,315)
Fair value	$	170	$	2,736

44

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

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. Mortgage servicing rights were carried at amortized cost at September 30, 2021 and fair value at December 31, 2020. There were $13,561 of positive valuation adjustments on MSRs during the nine months ended September 30, 2021 and $13,694 of negative valuation adjustments recognized during the nine months ended September 30, 2020.

The following table presents information as of September 30, 2021 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
Individually evaluated loans, net of allowance for credit losses	$	9,410	Appraised value of collateral less estimated costs to sell	Estimated costs to sell	4-10%
OREO	$	170	Appraised value of property less estimated costs to sell	Estimated costs to sell	4-10%

Fair Value Option

The Company has elected to measure all mortgage loans held for sale 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 $10,425 and net gains of $10,876 resulting from fair value changes of these mortgage loans were recorded in income during the nine months ended September 30, 2021 and 2020, respectively. 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 September 30, 2021 and December 31, 2020:

	Aggregate Fair Value		Aggregate Unpaid Principal Balance		Difference
September 30, 2021
Mortgage loans held for sale measured at fair value	$	452,869	$	441,125	$	11,744
December 31, 2020
Mortgage loans held for sale measured at fair value	$	417,771	$	395,602	$	22,169

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:

45

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

			Fair Value
As of September 30, 2021	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	1,476,141	$	1,476,141	$	—	$	—	$	1,476,141
Securities available for sale	2,544,643		—		2,544,643		—		2,544,643
Loans held for sale	452,869		—		452,869		—		452,869
Loans, net	9,846,786		—		—		9,726,732		9,726,732
Mortgage servicing rights	86,387		—		—		90,738		90,738
Derivative instruments	28,134		—		28,134		—		28,134
Financial liabilities
Deposits	$	13,254,829	$	11,787,346	$	1,467,955	$	—	$	13,255,301
Short-term borrowings	11,253		11,253		—		—		11,253
Federal Home Loan Bank advances	150,425		—		155,832		—		155,832
Junior subordinated debentures	111,228		—		105,546		—		105,546
Subordinated notes	207,210		—		221,700		—		221,700
Derivative instruments	14,543		—		14,543		—		14,543

			Fair Value
As of December 31, 2020	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	633,203	$	633,203	$	—	$	—	$	633,203
Securities available for sale	1,343,457		—		1,334,445		9,012		1,343,457
Loans held for sale	417,771		—		417,771		—		417,771
Loans, net	10,757,503		—		—		10,668,625		10,668,625
Mortgage servicing rights	62,994		—		—		62,994		62,994
Derivative instruments	33,574		—		33,574		—		33,574
Financial liabilities
Deposits	$	12,059,081	$	10,363,193	$	1,706,005	$	—	$	12,069,198
Short-term borrowings	21,340		21,340		—		—		21,340
Federal Home Loan Bank advances	152,167		—		158,914		—		158,914
Junior subordinated debentures	110,794		—		93,092		—		93,092
Subordinated notes	212,009		—		217,575		—		217,575
Derivative instruments	21,107		—		21,107		—		21,107

46

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 13 – Other Comprehensive Income (Loss)

(In Thousands)

Changes in the components of other comprehensive income, net of tax, were as follows for the periods presented:

	Pre-Tax		Tax Expense (Benefit)		Net of Tax
Three months ended September 30, 2021
Securities available for sale:
Unrealized holding losses on securities	$	(12,408)	$	(3,158)	$	(9,250)
Reclassification adjustment for gains realized in net income	(764)		(194)		(570)
Total securities available for sale	(13,172)		(3,352)		(9,820)
Derivative instruments:
Unrealized holding gains on derivative instruments	1,629		414		1,215
Total derivative instruments	1,629		414		1,215
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	67		18		49
Total defined benefit pension and post-retirement benefit plans	67		18		49
Total other comprehensive loss	$	(11,476)	$	(2,920)	$	(8,556)
Three months ended September 30, 2020
Securities available for sale:
Unrealized holding gains on securities	$	519	$	131	$	388
Total securities available for sale	519		131		388
Derivative instruments:
Unrealized holding gains on derivative instruments	1,576		401		1,175
Total derivative instruments	1,576		401		1,175
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	65		17		48
Total defined benefit pension and post-retirement benefit plans	65		17		48
Total other comprehensive income	$	2,160	$	549	$	1,611

47

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Pre-Tax		Tax Expense (Benefit)		Net of Tax
Nine months ended September 30, 2021
Securities available for sale:
Unrealized holding losses on securities	$	(27,487)	$	(6,996)	$	(20,491)
Reclassification adjustment for gains realized in net income	(2,121)		(539)		(1,582)
Total securities available for sale	(29,608)		(7,535)		(22,073)
Derivative instruments:
Unrealized holding gains on derivative instruments	10,129		2,578		7,551
Total derivative instruments	10,129		2,578		7,551
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	197		49		148
Total defined benefit pension and post-retirement benefit plans	197		49		148
Total other comprehensive loss	$	(19,282)	$	(4,908)	$	(14,374)
Nine months ended September 30, 2020
Securities available for sale:
Unrealized holding gains on securities	$	26,404	$	6,719	$	19,685
Reclassification adjustment for gains realized in net income	(31)		(8)		(23)
Total securities available for sale	26,373		6,711		19,662
Derivative instruments:
Unrealized holding losses on derivative instruments	(3,516)		(895)		(2,621)
Total derivative instruments	(3,516)		(895)		(2,621)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	195		50		145
Total defined benefit pension and post-retirement benefit plans	195		50		145
Total other comprehensive income	$	23,052	$	5,866	$	17,186

The accumulated balances for each component of other comprehensive income, net of tax, were as follows as of the dates presented:

	September 30, 2021		December 31, 2020
Unrealized gains on securities	$	8,854	$	42,246
Non-credit related portion of previously recorded other-than-temporary impairment on securities	—		(11,319)
Unrealized gains (losses) on derivative instruments	6,913		(638)
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations	(5,073)		(5,221)
Total accumulated other comprehensive income	$	10,694	$	25,068

48

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 14 – 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, assuming outstanding service-based restricted stock awards fully vested and 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:

	Three Months Ended
	September 30,
	2021		2020
Basic
Net income applicable to common stock	$	40,063	$	29,992
Average common shares outstanding	56,146,285		56,185,884
Net income per common share - basic	$	0.71	$	0.53
Diluted
Net income applicable to common stock	$	40,063	$	29,992
Average common shares outstanding	56,146,285		56,185,884
Effect of dilutive stock-based compensation	300,899		200,269
Average common shares outstanding - diluted	56,447,184		56,386,153
Net income per common share - diluted	$	0.71	$	0.53

	Nine Months Ended
	September 30,
	2021		2020
Basic
Net income applicable to common stock	$	138,838	$	52,130
Average common shares outstanding	56,237,056		56,294,984
Net income per common share - basic	$	2.47	$	0.93
Diluted
Net income applicable to common stock	$	138,838	$	52,130
Average common shares outstanding	56,237,056		56,294,984
Effect of dilutive stock-based compensation	296,038		173,593
Average common shares outstanding - diluted	56,533,094		56,468,577
Net income per common share - diluted	$	2.46	$	0.92

Stock-based compensation awards 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:

	Three Months Ended
	September 30,
	2021	2020
Number of shares	19,929	237,212
Exercise prices (for stock option awards)	—	—

	Nine Months Ended
	September 30,
	2021	2020
Number of shares	19,929	255,448
Exercise prices (for stock option awards)	—	—

49

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

Note 15 – Regulatory Matters

(In Thousands)

The Company and the Bank are 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 the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. 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 bank holding companies and 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 the Bank as of the dates presented:

	September 30, 2021				December 31, 2020
	Amount		Ratio		Amount		Ratio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)	$	1,395,321	9.18	%	$	1,306,597	9.37	%
Common Equity Tier 1 Capital to Risk-Weighted Assets	1,287,684		11.02	%	1,199,394		10.93	%
Tier 1 Capital to Risk-Weighted Assets	1,395,321		11.94	%	1,306,597		11.91	%
Total Capital to Risk-Weighted Assets	1,712,500		14.66	%	1,653,694		15.07	%
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)	$	1,454,879	9.58	%	$	1,369,994	9.83	%
Common Equity Tier 1 Capital to Risk-Weighted Assets	1,454,879		12.45	%	1,369,994		12.49	%
Tier 1 Capital to Risk-Weighted Assets	1,454,879		12.45	%	1,369,994		12.49	%
Total Capital to Risk-Weighted Assets	1,574,697		13.48	%	1,504,985		13.73	%

Common equity Tier 1 capital (“CET1”) generally consists of common stock, retained earnings, accumulated other comprehensive income and certain minority interests, less certain adjustments and deductions. In addition, the Company must maintain a “capital conservation buffer,” which is a specified amount of CET1 capital in addition to the amount necessary to meet minimum risk-based capital requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress. If the Company’s ratio of CET1 to risk-weighted capital is below the capital conservation buffer, the Company will face restrictions on its ability to pay dividends, repurchase outstanding stock and make certain discretionary bonus payments. The required capital conservation buffer is 2.5% of CET1 to risk-weighted assets in addition to the amount necessary to meet minimum risk-based capital requirements. As shown in the tables above, as of September 30, 2021, the Company’s CET1 capital was in excess of the capital conservation buffer.

The Company has elected to take advantage of transitional relief offered by the Federal Reserve and the FDIC to delay for two years the estimated impact of Accounting Standards Codification Topic 326, “Financial Instruments - Credit Losses” (“ASC

50

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

326”), often referred to as CECL, on regulatory capital, followed by a three-year transitional period to phase out the capital benefit provided by the two-year delay.

Note 16 – 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, asset-based lending and equipment leasing, as well as safe deposit and night depository facilities.

•The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers.

•The Wealth Management segment, through the Trust division, offers a broad range of fiduciary services including the administration (as trustee or in other fiduciary or representative capacities) of benefit plans, management of trust accounts, inclusive of personal and corporate benefit accounts, and custodial accounts, as well as accounting and money management for trust accounts. In addition, the Wealth Management segment, through the Financial Services division, provides specialized products and services to customers, which include fixed and variable annuities, mutual funds and other investment services through a third party broker-dealer.

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 tables provide financial information for the Company’s operating segments as of and for the periods presented:

51

Renasant Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Unaudited)

	Community Banks		Insurance		Wealth Management		Other		Consolidated
Three months ended September 30, 2021
Net interest income (loss)	$	106,506	$	115	$	404	$	(3,733)	$	103,292
Recovery of loan losses	(1,088)		—		(112)		—		(1,200)
Noninterest income	42,546		2,835		5,820		(446)		50,755
Noninterest expense	97,437		2,095		4,189		278		103,999
Income (loss) before income taxes	52,703		855		2,147		(4,457)		51,248
Income tax expense (benefit)	12,117		220		—		(1,152)		11,185
Net income (loss)	$	40,586	$	635	$	2,147	$	(3,305)	$	40,063
Total assets	$	16,040,728	$	33,036	$	67,204	$	14,582	$	16,155,550
Goodwill	$	936,916	$	2,767	—		—		$	939,683
Three months ended September 30, 2020
Net interest income (loss)	$	108,909	$	126	$	403	$	(3,152)	$	106,286
Provision for loan losses	22,408		—		692		—		23,100
Noninterest income	63,918		2,694		4,714		(398)		70,928
Noninterest expense	110,430		1,974		3,818		288		116,510
Income (loss) before income taxes	39,989		846		607		(3,838)		37,604
Income tax expense (benefit)	8,383		217		—		(988)		7,612
Net income (loss)	$	31,606	$	629	$	607	$	(2,850)	$	29,992
Total assets	$	14,694,683	$	30,138	$	68,261	$	15,851	$	14,808,933
Goodwill	$	936,916	$	2,767	—		—		$	939,683

	Community Banks		Insurance		Wealth Management		Other		Consolidated
Nine months ended September 30, 2021
Net interest income (loss)	$	332,234	$	333	$	1,184	$	(11,232)	$	322,519
Recovery of credit losses	(1,088)		—		(112)		—		(1,200)
Noninterest income (loss)	155,765		8,558		16,421		(1,342)		179,402
Noninterest expense	309,449		6,005		12,337		920		328,711
Income (loss) before income taxes	179,638		2,886		5,380		(13,494)		174,410
Income tax expense (benefit)	38,320		740		—		(3,488)		35,572
Net income (loss)	$	141,318	$	2,146	$	5,380	$	(10,006)	$	138,838
Total assets	$	16,040,728	$	33,036	$	67,204	$	14,582	$	16,155,550
Goodwill	$	936,916	$	2,767	$	—	$	—	$	939,683
Nine months ended September 30, 2020
Net interest income (loss)	$	325,879	$	424	$	1,250	$	(8,883)	$	318,670
Provision for credit losses	75,481		—		869		—		76,350
Noninterest income (loss)	152,716		7,787		13,370		(1,205)		172,668
Noninterest expense (benefit)	332,490		5,708		11,215		423		349,836
Income (loss) before income taxes	70,624		2,503		2,536		(10,511)		65,152
Income tax expense (benefit)	15,088		658		—		(2,724)		13,022
Net income (loss)	$	55,536	$	1,845	$	2,536	$	(7,787)	$	52,130
Total assets	$	14,694,683	$	30,138	$	68,261	$	15,851	$	14,808,933
Goodwill	$	936,916	$	2,767	$	—	$	—	$	939,683

52

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(In Thousands, Except Share Data)

This Form 10-Q may contain or incorporate by reference statements regarding Renasant Corporation (referred to herein as the “Company”, “we”, “our”, or “us”) that 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. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

Important factors currently known to management that could cause our actual results to differ materially from those in forward-looking statements include the following: (i) the continued impact of the COVID-19 pandemic and related governmental response measures on the U.S. economy and the economies of the markets in which we operate; (ii) the Company’s ability to efficiently integrate acquisitions into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, insurance, financial services, asset management, retail banking, mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in policy by regulatory agencies; (ix) changes in the securities and foreign exchange markets; (x) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xi) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers; (xii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiii) general economic, market or business conditions, including the impact of inflation; (xiv) changes in demand for loan products and financial services; (xv) concentration of credit exposure; (xvi) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xvii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xviii) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xix) the impact, extent and timing of technological changes; and (xx) other circumstances, many of which are beyond management’s control. Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate.

The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

Financial Condition

The following discussion provides details regarding the changes in significant balance sheet accounts at September 30, 2021 compared to December 31, 2020.

Assets

Total assets were $16,155,550 at September 30, 2021 compared to $14,929,612 at December 31, 2020.

Investments

The securities portfolio is a liquid source of interest income that also can be used in collateralizing certain deposits and other types of borrowings. The following table shows the carrying value of our securities portfolio, all of which are classified as

53

available for sale, by investment type and the percentage of such investment type relative to the entire securities portfolio as of the dates presented:

	September 30, 2021				December 31, 2020
	Balance		Percentage of Portfolio		Balance		Percentage of Portfolio
U.S. Treasury securities	$	3,024	0.12	%	$	7,079	0.53	%
Obligations of other U.S. Government agencies and corporations	—		—		1,009		0.08
Obligations of states and political subdivisions	378,981		14.89		305,201		22.72
Mortgage-backed securities	2,108,671		82.87		955,549		71.12
Trust preferred securities	—		—		9,012		0.67
Other debt securities	53,967		2.12		65,607		4.88
	$	2,544,643	100.00	%	$	1,343,457	100.00	%

During the nine months ended September 30, 2021, we deployed a portion of our excess liquidity into the securities portfolio and purchased $1,743,105 in investment securities. Mortgage-backed securities and collateralized mortgage obligations (“CMOs”), in the aggregate, comprised approximately 94% of these 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. Obligations of state and political subdivisions comprised approximately 6% of purchases made during the first nine months of 2021.

Proceeds from maturities, calls and principal payments on securities during the first nine months of 2021 totaled $329,520. The Company sold municipal securities, residential mortgage backed securities, trust preferred securities, and other debt securities with a carrying value of $174,285 at the time of sale for net proceeds of $176,406, resulting in a net gain on sale of $2,121 during the first nine months of 2021. Proceeds from the maturities, calls and principal payments on securities during the first nine months of 2020 totaled $314,363. The Company sold municipal securities and residential mortgage backed securities with a carrying value of $8,742 at the time of sale for net proceeds of $8,773, resulting in net gain on sale of $31 during the first nine months of 2020.

For more information about the Company’s security portfolio, see Note 2, “Securities,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements, in this report.

Loans Held for Sale

Loans held for sale, which consist of residential mortgage loans being held until they are sold in the secondary market, were $452,869 at September 30, 2021, as compared to $417,771 at December 31, 2020. 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. Our standard practice is to sell the loans within 30-40 days after the loan is funded. 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.

Loans

Total loans, excluding loans held for sale, were $10,016,824 at September 30, 2021 and $10,933,647 at December 31, 2020. Non purchased loans totaled $8,875,880 at September 30, 2021 compared to $9,419,540 at December 31, 2020. Loans purchased in previous acquisitions totaled $1,140,944 and $1,514,107 at September 30, 2021 and December 31, 2020, respectively.

The tables below set forth the balance of loans outstanding, net of unearned income and excluding loans held for sale, by loan type and the percentage of each loan type to total loans as of the dates presented:

54

	September 30, 2021
	Non Purchased		Purchased		Total Loans		Percentage of Total Loans
Commercial, financial, agricultural (1)	$	1,321,569	$	114,450	$	1,436,019	14.34	%
Lease financing, net of unearned income	79,215		—		79,215		0.79
Real estate – construction:
Residential	306,537		1,288		307,825		3.07
Commercial	779,766		3,705		783,471		7.82
Total real estate – construction	1,086,303		4,993		1,091,296		10.89
Real estate – 1-4 family mortgage:
Primary	1,657,195		150,944		1,808,139		18.05
Home equity	424,860		56,692		481,552		4.81
Rental/investment	268,609		22,507		291,116		2.91
Land development	133,732		10,204		143,936		1.44
Total real estate – 1-4 family mortgage	2,484,396		240,347		2,724,743		27.21
Real estate – commercial mortgage:
Owner-occupied	1,365,288		264,939		1,630,227		16.27
Non-owner occupied	2,323,135		456,102		2,779,237		27.74
Land development	106,475		19,791		126,266		1.26
Total real estate – commercial mortgage	3,794,898		740,832		4,535,730		45.27
Installment loans to individuals	109,499		40,322		149,821		1.50
Total loans, net of unearned income	$	8,875,880	$	1,140,944	$	10,016,824	100.00	%

(1)Includes Paycheck Protection Program (“PPP”) loans of $67,462 as of September 30, 2021.

	December 31, 2020
	Non Purchased		Purchased		Total Loans		Percentage of Total Loans
Commercial, financial, agricultural (1)	$	2,360,471	$	176,513	$	2,536,984	23.20	%
Lease financing, net of unearned income	75,862		—		75,862		0.69
Real estate – construction:
Residential	243,814		2,859		246,673		2.26
Commercial	583,338		28,093		611,431		5.59
Total real estate – construction	827,152		30,952		858,104		7.85
Real estate – 1-4 family mortgage:
Primary	1,536,181		214,770		1,750,951		16.02
Home equity	432,768		80,392		513,160		4.69
Rental/investment	264,436		31,928		296,364		2.71
Land development	123,179		14,654		137,833		1.26
Total real estate – 1-4 family mortgage	2,356,564		341,744		2,698,308		24.68
Real estate – commercial mortgage:
Owner-occupied	1,334,765		323,041		1,657,806		15.16
Non-owner occupied	2,194,739		552,728		2,747,467		25.13
Land development	120,125		29,454		149,579		1.37
Total real estate – commercial mortgage	3,649,629		905,223		4,554,852		41.66
Installment loans to individuals	149,862		59,675		209,537		1.92
Total loans, net of unearned income	$	9,419,540	$	1,514,107	$	10,933,647	100.00	%

(1)Includes PPP loans of $1,128,703 as of December 31, 2020.

55

Loan concentrations are considered to exist when there are amounts loaned to a number of borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At September 30, 2021, there were no concentrations of loans exceeding 10% of total loans which are not disclosed as a category of loans separate from the categories listed above.

Deposits

The Company relies on deposits as its major source of funds. Total deposits were $13,254,829 and $12,059,081 at September 30, 2021 and December 31, 2020, respectively. Noninterest-bearing deposits were $4,492,650 and $3,685,048 at September 30, 2021 and December 31, 2020, respectively, while interest-bearing deposits were $8,762,179 and $8,374,033 at September 30, 2021 and December 31, 2020, respectively.

The growth in noninterest-bearing deposits across the Company’s footprint during the current year has been driven by government stimulus payments and client sentiment to maintain liquidity. Management continues to focus on growing and maintaining a stable source of funding, specifically noninterest-bearing deposits and other core deposits (that is, deposits excluding time deposits greater than $250,000). Noninterest bearing deposits represented 33.89% of total deposits at September 30, 2021, as compared to 30.56% of total deposits at December 31, 2020. Under certain circumstances, however, management may elect to acquire non-core deposits (in the form of time deposits) or public fund deposits (which are deposits of counties, municipalities or other political subdivisions). 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 acquired to meet anticipated funding needs at the rate and with other terms that, in management’s view, best address our interest rate risk, liquidity and net interest margin parameters.

Public fund deposits may be readily obtained based on the Company’s pricing bid in comparison with competitors. Because public fund deposits are obtained through a bid process, these deposit balances may fluctuate as competitive and market forces change. Although the Company has focused on growing stable sources of deposits to reduce reliance on public fund deposits, it participates in the bidding process for public fund deposits when pricing and other terms make it reasonable given market conditions or when management perceives that other factors, such as the public entity’s use of our treasury management or other products and services, make such participation advisable. Our public fund transaction accounts are principally obtained from public universities and municipalities, including school boards and utilities. Public fund deposits were $1,534,547 and $1,398,330 at September 30, 2021 and December 31, 2020, respectively.

Borrowed Funds

Total borrowings include federal funds purchased, securities sold under agreements to repurchase, advances from the FHLB, subordinated notes 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 federal funds purchased, securities sold under agreements to repurchase, and short-term FHLB advances. The following table presents our short-term borrowings by type as of the dates presented:

	September 30, 2021		December 31, 2020
Security repurchase agreements	$	11,253	$	10,947
Federal funds purchased	—		10,393
	$	11,253	$	21,340

At September 30, 2021, long-term debt consists of long-term FHLB advances, our junior subordinated debentures and our subordinated notes. The following table presents our long-term debt by type as of the dates presented:

	September 30, 2021		December 31, 2020
Long-term FHLB advances	$	150,425	$	152,167
Junior subordinated debentures	111,228		110,794
Subordinated notes	207,210		212,009
	$	468,863	$	474,970

Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and 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 September 30, 2021, there were no outstanding long-term FHLB advances scheduled to

56

mature within twelve months or less. The Company had $3,977,848 of availability on unused lines of credit with the FHLB at September 30, 2021, as compared to $3,784,520 at December 31, 2020.

The Company has issued subordinated notes, the proceeds of which have been used for general corporate purposes, including providing capital to support the Company’s growth organically or through strategic acquisitions, repaying indebtedness and financing investments and capital expenditures, and for investments in Renasant Bank (the “Bank”) as regulatory capital. The subordinated notes qualify as Tier 2 capital under the current regulatory guidelines.

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.

Results of Operations

Net Income

Net income for the third quarter of 2021 was $40,063 compared to net income of $29,992 for the third quarter of 2020. Basic and diluted earnings per share (“EPS”) for the third quarter of 2021 were $0.71 as compared to basic and diluted EPS of $0.53 for the third quarter of 2020. Net income for the nine months ended September 30, 2021 was $138,838 compared to net income of $52,130 for the same period in 2020. Basic and diluted EPS were $2.47 and $2.46 for the first nine months of 2021, respectively, as compared to $0.93 and $0.92 for the first nine months of 2020, respectively.

From time to time, the Company incurs expenses and charges or recognizes valuation adjustments in connection with certain transactions with respect to which management is unable to accurately predict when these items will be incurred or, when incurred, the amount of such items. The following table presents the impact of these items on reported EPS for the dates presented. The “COVID-19 related expenses” line item in the table below primarily consists of (a) employee overtime and employee benefit accruals directly related to the Company’s response to both the COVID-19 pandemic itself and federal legislation enacted to address the pandemic, such as the CARES Act, and (b) expenses associated with supplying branches with protective equipment and sanitation supplies (such as floor markings and cautionary signage for branches, face coverings and hand sanitizer) as well as more frequent and rigorous branch cleaning.

	Three Months Ended
	September 30, 2021						September 30, 2020
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Debt prepayment penalty	$	—	$	—	$	—	$	28	$	22	$	—
MSR valuation adjustment	—		—		—		(828)		(650)		(0.01)
COVID-19 related expenses	323		253		—		570		448		0.01
	Nine Months Ended
	September 30, 2021						September 30, 2020
	Pre-tax		After-tax		Impact to Diluted EPS		Pre-tax		After-tax		Impact to Diluted EPS
Debt prepayment penalties	$	—	$	—	$	—	$	118	$	94	$	—
MSR valuation adjustment	(13,561)		(10,564)		(0.19)		13,694		10,916		0.19
Restructuring charges	307		239		—		—		—		—
COVID-19 related expenses	1,478		1,151		0.02		9,730		7,758		0.14

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 67.41% of total revenue (i.e., net interest income on a fully taxable equivalent basis and noninterest income) for the third quarter of 2021 and 64.61% of total revenue for the first nine months of 2021. The primary concerns in managing net interest income are the volume, mix and repricing of assets and liabilities.

57

Net interest income was $103,292 and $322,519 for the three and nine months ended September 30, 2021, respectively, as compared to $106,286 and $318,670 for the same respective periods in 2020. On a tax equivalent basis, net interest income was $105,002 and $327,471 for the three and nine months ended September 30, 2021, respectively, as compared to $107,885 and $323,659 for the same respective periods in 2020.

The following tables set 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 paid on each such category for the periods presented:

	Three Months Ended September 30,
	2021						2020
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Assets
Interest-earning assets:
Loans held for investment:
Non purchased	$	8,690,443	$	84,427	3.86	%	$	8,012,741	$	81,281	4.04	%
Purchased	1,200,429		15,840		5.24		1,723,714		24,034		5.55
Paycheck Protection Program	126,870		3,503		10.95		1,305,229		7,449		2.27
Total loans held for investment	10,017,742		103,770		4.11		11,041,684		112,764		4.06
Loans held for sale	451,586		2,376		2.13		378,225		3,144		3.31
Securities:
Taxable(1)	1,942,647		6,688		1.38		1,003,886		5,473		2.17
Tax-exempt	324,219		2,297		2.83		265,679		2,205		3.30
Interest-bearing balances with banks	1,520,227		592		0.15		344,948		91		0.10
Total interest-earning assets	14,256,421		115,723		3.23		13,034,422		123,677		3.77
Cash and due from banks	195,095						210,278
Intangible assets	965,960						972,394
Other assets	712,673						711,065
Total assets	$	16,130,149					$	14,928,159
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)	$	6,231,718	$	3,821	0.24	%	$	5,405,085	$	4,839	0.36	%
Savings deposits	1,006,847		192		0.08		796,841		167		0.08
Time deposits	1,506,192		2,959		0.78		1,907,918		6,804		1.42
Total interest-bearing deposits	8,744,757		6,972		0.32		8,109,844		11,810		0.58
Borrowed funds	482,709		3,749		3.08		719,800		3,982		2.20
Total interest-bearing liabilities	9,227,466		10,721		0.46		8,829,644		15,792		0.71
Noninterest-bearing deposits	4,470,262						3,723,059
Other liabilities	212,990						255,956
Shareholders’ equity	2,219,431						2,119,500
Total liabilities and shareholders’ equity	$	16,130,149					$	14,928,159
Net interest income/net interest margin			$	105,002	2.93	%			$	107,885	3.29	%

(1)U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.

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

58

	Nine Months Ended September 30,
	2021						2020
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Assets
Interest-earning assets:
Loans held for investment:
Non purchased	$	8,525,359	$	249,128	3.91	%	$	7,847,197	$	251,671	4.28	%
Purchased	1,327,434		54,187		5.46		1,877,449		80,226		5.71
Paycheck Protection Program	578,643		24,310		5.62		725,891		13,335		2.45
Total loans held for investment	10,431,436		327,625		4.20		10,450,537		345,232		4.41
Loans held for sale	439,954		8,980		2.73		351,975		9,108		3.46
Securities:
Taxable(1)	1,505,611		17,077		1.51		1,034,189		19,148		2.47
Tax-exempt	316,159		6,915		2.92		251,744		6,609		3.51
Interest-bearing balances with banks	1,176,378		1,121		0.13		387,116		1,098		0.38
Total interest-earning assets	13,869,538		361,718		3.49		12,475,561		381,195		4.08
Cash and due from banks	198,955						203,582
Intangible assets	967,458						974,182
Other assets	687,159						717,628
Total assets	$	15,723,110					$	14,370,953
Liabilities and shareholders’ equity
Interest-bearing liabilities:
Deposits:
Interest-bearing demand(2)	$	6,083,179	$	11,821	0.26	%	$	5,166,393	$	19,616	0.51	%
Savings deposits	953,391		547		0.08		741,933		592		0.11
Time deposits	1,575,220		10,552		0.90		2,019,173		23,967		1.59
Total interest-bearing deposits	8,611,790		22,920		0.36		7,927,499		44,175		0.74
Borrowed funds	483,230		11,327		3.13		849,494		13,361		2.10
Total interest-bearing liabilities	9,095,020		34,247		0.50		8,776,993		57,536		0.88
Noninterest-bearing deposits	4,202,364						3,251,612
Other liabilities	223,796						233,730
Shareholders’ equity	2,201,930						2,108,618
Total liabilities and shareholders’ equity	$	15,723,110					$	14,370,953
Net interest income/net interest margin			$	327,471	3.16	%			$	323,659	3.47	%

(1)U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.

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

The average balances of nonaccruing assets are included in the tables above. 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 21% and a state tax rate of 4.45%, which is net of federal tax benefit.

Net interest margin and net interest income are influenced by internal and external factors. Internal factors include balance sheet changes in volume, mix and pricing decisions. External factors include changes in market interest rates, competition and the shape of the interest rate yield curve. As discussed in more detail below, the decline in loan yields due to the current low interest rate environment as well as changes in the mix of earning assets during the quarter due to increased liquidity on the balance sheet were the largest contributing factors to the decrease in net interest margin for the three and nine months ended September 30, 2021, as compared to the same periods in 2020. The Company has continued to focus on lowering the cost of funding through growing noninterest-bearing deposits and aggressively lowering interest rates on interest-bearing deposits. The

59

Company has also increased its purchases of investment securities and continues to evaluate options to mitigate the pressure on net interest margin.

The following tables set 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 both the three and nine months ended September 30, 2021, as compared to the same respective periods in 2020 (the changes attributable to the combined impact of yield/rate and volume have been allocated on a pro-rata basis using the absolute value of amounts calculated):

60

	Three Months Ended September 30, 2021 Compared to the Three Months Ended September 30, 2020
	Volume		Rate		Net
Interest income:
Loans held for investment:
Non purchased	$	6,821	$	(3,675)	$	3,146
Purchased	(6,947)		(1,247)		(8,194)
Paycheck Protection Program	(11,665)		7,719		(3,946)
Loans held for sale	521		(1,289)		(768)
Securities:
Taxable	3,756		(2,541)		1,215
Tax-exempt	438		(346)		92
Interest-bearing balances with banks	441		60		501
Total interest-earning assets	(6,635)		(1,319)		(7,954)
Interest expense:
Interest-bearing demand deposits	671		(1,689)		(1,018)
Savings deposits	41		(16)		25
Time deposits	(1,225)		(2,620)		(3,845)
Borrowed funds	(1,548)		1,315		(233)
Total interest-bearing liabilities	(2,061)		(3,010)		(5,071)
Change in net interest income	$	(4,574)	$	1,691	$	(2,883)
	Nine months ended September 30, 2021 Compared to the Nine Months Ended September 30, 2020
	Volume		Rate		Net
Interest income:
Loans held for investment:
Non purchased	$	20,693	$	(23,236)	$	(2,543)
Purchased	(22,646)		(3,393)		(26,039)
Paycheck Protection Program	(3,182)		14,157		10,975
Loans held for sale	2,010		(2,138)		(128)
Securities:
Taxable	6,914		(8,985)		(2,071)
Tax-exempt	1,528		(1,222)		306
Interest-bearing balances with banks	1,118		(1,095)		23
Total interest-earning assets	6,435		(25,912)		(19,477)
Interest expense:
Interest-bearing demand deposits	3,025		(10,820)		(7,795)
Savings deposits	146		(191)		(45)
Time deposits	(4,506)		(8,909)		(13,415)
Borrowed funds	(7,090)		5,056		(2,034)
Total interest-bearing liabilities	(8,425)		(14,864)		(23,289)
Change in net interest income	$	14,860	$	(11,048)	$	3,812

Interest income, on a tax equivalent basis, was $115,723 and $361,718, respectively, for the three and nine months ended September 30, 2021, as compared to $123,677 and $381,195, respectively, for the same periods in 2020. This decrease in interest income, on a tax equivalent basis, is due primarily to the Federal Reserve maintaining low interest rates since March 2020 and changes in the mix of earning assets during the year due to increased liquidity on the balance sheet.

The following tables present the percentage of total average earning assets, by type and yield, for the periods presented:

61

	Percentage of Total Average Earning Assets				Yield
	Three Months Ended				Three Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Loans held for investment, excl. PPP	69.38	%	74.70	%	4.02	%	4.30	%
Paycheck Protection Program	0.89		10.01		10.95		2.27
Loans held for sale	3.17		2.90		2.13		3.31
Securities	15.90		9.74		1.59		2.41
Other	10.66		2.65		0.15		0.10
Total earning assets	100.00	%	100.00	%	3.23	%	3.77	%

	Percentage of Total Average Earning Assets				Yield
	Nine Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Loans held for investment excl. PPP	71.04	%	77.95	%	4.12	%	4.56	%
Paycheck Protection Program	4.17		5.82		5.62		2.45
Loans held for sale	3.17		2.82		2.73		3.46
Securities	13.14		10.31		1.76		2.68
Interest-bearing balances with banks	8.48		3.10		0.13		0.38
Total earning assets	100.00	%	100.00	%	3.49	%	4.08	%

For the third quarter of 2021, interest income on loans held for investment, on a tax equivalent basis, decreased $8,994 to $103,770 from $112,764 for the same period in 2020. For the nine months ended September 30, 2021, interest income on loans held for investment, on a tax equivalent basis, decreased $17,607 to $327,625 from $345,232 for the same period in 2020. Interest income on loans held for investment decreased primarily due to the Federal Reserve maintaining low interest rates since March 2020. Interest income attributable to PPP loans included in loan interest income for the three months ended September 30, 2021, was $3,503, which consisted of $306 in interest income and $3,197 in accretion of net origination fees, as compared to $7,449 for the three months ended September 30, 2020, which consisted of $3,262 in interest income and $4,187 in accretion of net origination fees. Interest income attributable to PPP loans included in loan interest income for the nine months ended September 30, 2021, was $24,310, which consisted of $4,222 in interest income and $20,088 in accretion of net origination fees, as compared to $13,335 for the nine months ended September 30, 2020, which consisted of $5,586 in interest income and $7,749 in accretion of net origination fees. The PPP origination fees, net of agent fees paid and other origination costs, are being accreted into interest income over the life of the loan. If a PPP loan is forgiven in whole or in part, as provided under the CARES Act, the Company will recognize the non-accreted portion of the net origination fee attributable to the forgiven portion of such loan as of the date of the final forgiveness determination. PPP loans increased margin and loan yield by 7 basis points and 9 basis points, respectively, during the third quarter of 2021, and 11 basis points and 8 basis points, respectively, in the first nine months of 2021. PPP loans reduced margin and loan yield by 12 basis points and 23 basis points, respectively, in the third quarter of 2020 and 6 basis points and 14 basis points, respectively, in the first nine months of 2020.

The impact from interest income collected on problem loans and purchase accounting adjustments on loans to total interest income on loans held for investment, loan yield and net interest margin is shown in the following table for the periods presented.

62

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Net interest income collected on problem loans	$	316		$	282		$	3,835		$	884
Accretable yield recognized on purchased loans(1)	2,871			4,949			8,597			15,118
Total impact to interest income on loans	$	3,187		$	5,231		$	12,432		$	16,002
Impact to loan yield	0.13		%	0.18		%	0.16		%	0.20		%
Impact to net interest margin	0.09		%	0.16		%	0.12		%	0.17		%

(1)Includes additional interest income recognized in connection with the acceleration of paydowns and payoffs from purchased loans of $1,649 and $2,286, for the third quarter of 2021 and 2020, respectively. The impact was $4,145 and $6,205 for the nine months ended September 30, 2021 and 2020, respectively. This additional interest income increased total loan yield by 7 basis points and 8 basis points for the third quarter of 2021 and 2020, respectively, while increasing net interest margin by 5 and 7 basis points for the same respective periods. For the nine months ended September 30, 2021 and 2020, the additional interest income increased total loan yields by 5 basis points and 8 basis points, respectively, while increasing net interest margin by 4 basis points and 7 basis points, respectively.

For the third quarter of 2021, interest income on loans held for sale (consisting of mortgage loans held for sale), on a tax equivalent basis, decreased $768 to $2,376 from $3,144 for the same period in 2020. For the nine months ended September 30, 2021, interest income on loans held for sale (consisting of mortgage loans held for sale), on a tax equivalent basis, decreased $128 to $8,980 from $9,108 for the same period in 2020.

Investment income, on a tax equivalent basis, increased $1,307 to $8,985 for the third quarter of 2021 from $7,678 for the third quarter of 2020. Investment income, on a tax equivalent basis, decreased $1,765 to $23,992 for the nine months ended September 30, 2021 from $25,757 for the same period in 2020. The tax equivalent yield on the investment portfolio for the third quarter of 2021 was 1.59%, down 82 basis points from 2.41% for the same period in 2020. The tax equivalent yield on the investment portfolio for the nine months ended September 30, 2021 was 1.76%, down 92 basis points from 2.68% for the same period in 2020. The decrease in taxable equivalent yield on securities was a result of the current interest rate environment. The growth in the Company’s investment securities portfolio during the year has helped offset the loss of investment income due to lower yield on securities.

Interest expense was $10,721 for the third quarter of 2021 as compared to $15,792 for the same period in 2020. Interest expense for the nine months ended September 30, 2021 was $34,247 as compared to $57,536 for the same period in 2020.

The following tables present, 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 the periods presented:

	Percentage of Total Average Deposits and Borrowed Funds				Cost of Funds
	Three Months Ended				Three Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Noninterest-bearing demand	32.64	%	29.66	%	—	%	—	%
Interest-bearing demand	45.49		43.06		0.24		0.36
Savings	7.35		6.35		0.08		0.08
Time deposits	11.00		15.20		0.78		1.42
Short term borrowings	0.09		2.49		0.29		0.95
Long-term Federal Home Loan Bank advances	1.10		1.21		0.01		0.16
Subordinated notes	1.52		1.15		4.79		5.46
Other borrowed funds	0.81		0.88		4.36		4.32
Total deposits and borrowed funds	100.00	%	100.00	%	0.31	%	0.50	%

63

	Percentage of Total Average Deposits and Borrowed Funds				Cost of Funds
	Nine Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Noninterest-bearing demand	31.60	%	27.03	%	—	%	—	%
Interest-bearing demand	45.75		42.95		0.26		0.51
Savings	7.17		6.17		0.08		0.11
Time deposits	11.85		16.79		0.90		1.59
Short-term borrowings	0.10		3.85		0.30		1.02
Long-term Federal Home Loan Bank advances	1.14		1.27		0.03		0.80
Subordinated notes	1.56		1.03		4.97		5.54
Other long term borrowings	0.83		0.91		4.27		4.56
Total deposits and borrowed funds	100.00	%	100.00	%	0.34	%	0.64	%

Interest expense on deposits was $6,972 and $11,810 for the three months ended September 30, 2021 and 2020, respectively. The cost of total deposits was 0.21% and 0.40% for the same respective periods. Interest expense on deposits was $22,920 and $44,175 for the nine months ended September 30, 2021 and 2020, respectively, and the cost of total deposits was 0.24% and 0.53% for the same respective periods. The decrease in both deposit expense and cost is attributable to the Company’s efforts to reduce deposit rates as they reprice in the current low interest rate environment. During 2021, the Company has continued its efforts to grow non-interest bearing deposits, and such deposits represent 33.89% of total deposits at September 30, 2021 compared to 30.56% of total deposits at December 31, 2020. The growth in non-interest bearing deposits during the year to date has been primarily driven by government stimulus payments and client sentiment. Low cost deposits continue to be the preferred choice of funding; however, the Company may rely on wholesale borrowings when rates are advantageous.

Interest expense on total borrowings was $3,749 and $3,982 for the three months ended September 30, 2021 and 2020, respectively. Interest expense on total borrowings was $11,327 and $13,361 for the nine months ended September 30, 2021 and 2020, respectively. The decrease in interest expense is a result of lower average borrowings.

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.

Noninterest Income

Noninterest Income to Average Assets
Three Months Ended September 30,		Nine Months Ended September 30,
2021	2020	2021	2020
1.25%	1.89%	1.53%	1.60%

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 revenue sources. Noninterest income was $50,755 for the third quarter of 2021 as compared to $70,928 for the same period in 2020. Noninterest income was $179,402 for the nine months ended September 30, 2021 as compared to $172,668 for the same period in 2020. During the third quarter of 2021, with the exception of mortgage banking operations, all categories of noninterest income increased when compared to the prior period as market activity began to rebound with the lifting of pandemic-related restrictions across our footprint.

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 $9,337 and $7,486 for the third quarter of 2021 and 2020, respectively, and $26,818 and $23,388 for the nine months ended September 30, 2021 and 2020, respectively. Overdraft fees, the largest component of service charges on deposits, were $4,876 for the three months ended September 30, 2021, as compared to $4,299 for the same period in 2020. These fees were $13,830 for the nine months ended September 30, 2021 compared to $13,935 for the same period in 2020.

Fees and commissions were $3,837 during the third quarter of 2021 as compared to $3,402 for the same period in 2020, and were $11,847 for the first nine months of 2021 as compared to $9,427 for the same period in 2020. Fees and commissions

64

include fees related to deposit services, such as ATM fees and interchange fees on debit card transactions. For the third quarter of 2021, interchange fees were $2,685 as compared to $2,323 for the same period in 2020. Interchange fees were $7,901 for the nine months ended September 30, 2021 as compared to $6,534 for the same period in 2020.

Through Renasant Insurance, we offer a range of commercial and personal insurance products through major insurance carriers. Income earned on insurance products was $2,829 and $2,681 for the three months ended September 30, 2021 and 2020, respectively, and was $7,488 and $6,797 for the nine months ended September 30, 2021 and 2020, respectively. 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 number of claims paid by insurance carriers. Contingency income, which is included in “Other noninterest income” in the Consolidated Statements of Income, was $4 and $8 for the three months ended September 30, 2021 and 2020, respectively, and $1,057 and $926 for the nine months ended September 30, 2021 and 2020, respectively.

Our Wealth Management segment has two primary divisions: Trust and Financial Services. The Trust division 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 of personal and corporate benefit accounts, 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. The Financial Services division 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 $5,371 for the third quarter of 2021 compared to $4,364 for the same period in 2020 and was $15,182 for the nine months ended September 30, 2021 compared to $12,190 for the same period in 2020. The market value of assets under management or administration was $4,687,357 and $3,890,374 at September 30, 2021 and September 30, 2020, respectively.

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. 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. Originations of mortgage loans to be sold totaled $966,651 in the third quarter of 2021 compared to $1,253,742 for the same period in 2020. Mortgage loan originations totaled $3,189,474 in the nine months ended September 30, 2021 compared to $3,277,576 for the same period in 2020. While mortgage loan originations remain elevated compared to pre-pandemic levels, margins have compressed as the interest rate environment has begun to rise and housing inventories are below demand. Mortgage banking income was $23,292 and $49,714 for the three months ended September 30, 2021 and 2020, respectively, and was $94,878 for the first nine months ended September 30, 2021 compared to $110,739 for the same period in 2020. The table below presents the components of mortgage banking income included in noninterest income for the periods presented.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Gain on sales of loans, net (1)	$	20,116	$	45,985	$	71,598	$	114,327
Fees, net	3,420		5,367		12,841		13,597
Mortgage servicing loss, net	(244)		(2,466)		(3,122)		(3,491)
MSR valuation adjustment	—		828		13,561		(13,694)
Mortgage banking income, net	$	23,292	$	49,714	$	94,878	$	110,739

(1) Gain on sales of loans, net includes pipeline fair value adjustments

Bank-owned life insurance (“BOLI”) income is derived from changes in the cash surrender value of the bank-owned life insurance policies and proceeds received upon the death of covered individuals. BOLI income was $1,602 for the three months ended September 30, 2021 as compared to $1,267 for the same period in 2020, and $5,318 for the first nine months of September 30, 2021 as compared to $3,759 for the same period in 2020. The increase is primarily due to the $1,222 of life insurance proceeds received during the first nine months of 2021. There were no life insurance proceeds received during the nine months ended September 30, 2020. Additionally, the Company purchased $50,000 in BOLI policies during the first nine months of 2021.

Other noninterest income was $3,723 and $2,014 for the three months ended September 30, 2021 and 2020, respectively, and was $15,750 and $6,337 for the nine months ended September 30, 2021 and 2020, respectively. Other noninterest income includes income from our SBA banking division and other miscellaneous income and can fluctuate based on production in our SBA banking division and recognition of other seasonal income items.  In the first nine months of 2021, the Company entered

65

into a referral relationship with a third party to utilize its technology platform to originate PPP loans under the latest round of funding. The Company earned $3,734 of PPP referral fees from its partner during the nine months ended September 30, 2021.

Noninterest Expense

Noninterest Expense to Average Assets
Three Months Ended September 30,		Nine Months Ended September 30,
2021	2020	2021	2020
2.56%	3.10%	2.80%	3.25%

Noninterest expense was $103,999 and $116,510 for the third quarter of 2021 and 2020, respectively, and was $328,711 and $349,836 for the nine months ended September 30, 2021 and 2020, respectively.

Salaries and employee benefits decreased $6,291 to $69,115 for the third quarter of 2021 as compared to $75,406 for the same period in 2020. Salaries and employee benefits decreased $9,852 to $218,104 for the nine months ended September 30, 2021 as compared to $227,956 for the same period in 2020. The decrease in salaries and employee benefits is primarily due to a decrease in incentive expenses recognized for the nine months ended September 30, 2021 and the cost savings realized by the voluntary early retirement program offered during the fourth quarter of 2020.

Data processing costs increased to $5,277 in the third quarter of 2021 from $5,259 for the same period in 2020 and were $16,380 for the nine months ended September 30, 2021 as compared to $15,312 for the same period in 2020. The Company continues to examine new and existing contracts to negotiate favorable terms to offset the increased variable cost components of our data processing costs, such as new accounts and increased transaction volume.

Net occupancy and equipment expense for the third quarter of 2021 was $11,748, down from $13,296 for the same period in 2020. These expenses for the first nine months of 2021 were $35,660, down from $40,927 for the same period in 2020. The decrease in occupancy and equipment expense is primarily attributable to the restructuring and non-renewal of certain branch leases.

Expenses related to other real estate owned for the third quarter of 2021 were $168 as compared to $1,033 for the same period in 2020 and were $313 and $2,071, respectively, for the first nine months of 2021 and 2020. Expenses on other real estate owned included write downs of the carrying value to fair value on certain pieces of property held in other real estate owned of $290 and $1,647 for the first nine months of 2021 and 2020, respectively. For the nine months ended September 30, 2021 and 2020, other real estate owned with a cost basis of $4,007 and $6,047, respectively, was sold, resulting in a net gain of $74 and net loss of $27, respectively.

Professional fees include fees for legal and accounting services, such as routine litigation matters, external audit services as well as assistance in complying with newly-enacted and existing banking and governmental regulations. Professional fees were $2,972 for the third quarter of 2021 as compared to $3,197 for the same period in 2020 and $8,566 for the nine months ended September 30, 2021 as compared to $8,355 for the same period in 2020.

Advertising and public relations expense was $2,922 for the third quarter of 2021 as compared to $2,240 for the same period in 2020, and $9,274 for the nine months ended September 30, 2021 compared to $8,560 for the same period in 2020.

Amortization of intangible assets totaled $1,481 and $1,733 for the third quarter of 2021 and 2020, respectively, and $4,618 and $5,462 for the nine months ended September 30, 2021 and 2020, respectively. 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 approximately 2 years to 8 years.

Communication expenses, those expenses incurred for communication to clients and between employees, were $2,198 for the third quarter of 2021 as compared to $2,319 for the same period in 2020. Communication expenses were $6,781 for the nine months ended September 30, 2021 as compared to $6,698 for the same period in 2020.

Other noninterest expense includes the provision for unfunded commitments, business development and travel expenses, other discretionary expenses, loan fees expense and other miscellaneous fees and operating expenses. Other noninterest expense was $8,118 and $28,708 for the three and nine months ended September 30, 2021 as compared to $11,999 and $34,377 for the same periods in 2020. During the third quarter of 2021 there was a recovery of provision for unfunded commitments of $200. The provision for unfunded commitments was $2,700 and $8,700 for the three and nine months ended September 30, 2020.

Efficiency Ratio

66

	Efficiency Ratio
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Efficiency ratio (GAAP)	66.77	%	65.16	%	64.85	%	70.49	%
Adjusted efficiency ratio (Non-GAAP)(1)	66.06	%	62.63	%	65.66	%	63.89	%

(1)A reconciliation of this financial measure from GAAP to non-GAAP can be found under the “Non-GAAP Financial Measures” heading at the end of this Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The efficiency ratio is a measure of productivity in the banking industry. (This ratio is a measure of our ability to turn expenses into revenue. That is, the ratio is designed to reflect the percentage of one dollar that we must expend to generate a 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. The table above shows the impact on the efficiency ratio of items that (1) the Company does not consider to be part of our core operating activities, such as amortization of intangibles, or (2) the Company incurred in connection with certain transactions where management is unable to accurately predict the timing of when these items will be incurred or, when incurred, the amount of such items, such as expenses or recoveries incurred in connection with our response to the COVID-19 pandemic, our MSR valuation adjustment and the provision for unfunded commitments. We remain committed to aggressively managing our costs within the framework of our business model. Our goal is to improve the efficiency ratio over time from currently reported levels as a result of revenue growth while at the same time controlling noninterest expenses.

Income Taxes

Income tax expense for the third quarter of 2021 and 2020 was $11,185 and $7,612, respectively. The effective tax rates for those periods were 21.84% and 21.58%, respectively. Income tax expense for the nine months ended September 30, 2021 and 2020 was $35,572 and $13,022, respectively. The effective tax rates for those periods were 22.10% and 20.28%, respectively. In the second quarter of 2021 the Company received a benefit from a one-time state tax credit investment. The investment of $3,112 was fully amortized in other noninterest expense and the credit of $3,460 reduced income taxes for the second quarter of 2021.

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 risk 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 Credit Losses on Loans and Unfunded Commitments

COVID-19 Update. At September 30, 2021, the Company’s credit quality metrics remained stable. The Company is continuing to monitor all asset categories given that any category or borrower could be negatively impacted by the pandemic, with enhanced monitoring of loans remaining on deferral under the Company’s loan deferral programs implemented in 2020 and described in more detail in the section entitled “Credit Risk and Allowance for Credit Losses on Loans and Unfunded Commitments” in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2020, as well as a focus on those industries more highly impacted by the pandemic, primarily the hospitality and senior living industries. At September 30, 2021, the Company had 41 loans (not in thousands) on deferral with an aggregate balance of approximately $3,360, or 0.04% of our loan portfolio (excluding PPP loans) by dollar value. In accordance with the applicable guidance, none of these loans are considered “restructured loans” and thus are not included in the discussion of our restructured loans below.

Management of Credit Risk. 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 our credit administration department, our problem asset resolution committee and the Board of Directors Credit Review Committee. Oversight of the Company’s lending operations (including adherence to our policies and procedures governing the loan approval and monitoring process), credit quality 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 three additional State Certified General Real Estate Appraisers and four real estate evaluators. 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 their review on

67

commercial and real estate loans rather than consumer and small balance consumer mortgage loans, such as 1-4 family 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 credit quality. Loan requests of amounts greater than an officer’s lending limit are reviewed for approval by senior credit officers.

For loans with a commercial purpose, risk-rating grades are assigned by lending, credit administration and 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 rated loans having the least credit risk.

Management’s problem asset resolution committee and the Board of Directors’ Credit 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 borrower; the committees then adjust loan grades accordingly. This information is used to assist management in monitoring credit quality. 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 initiated. The collateral is sold at public auction for fair market value (based upon recent appraisals as described above), 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’ Credit Review Committee for charge-off approval. These charge-offs reduce the allowance for credit losses on loans. Charge-offs reflect the realization of losses in the portfolio that were recognized previously through the provision for credit losses on loans.

The Company’s practice is to charge off estimated losses as soon as such losses are identified and reasonably quantified. Net charge-offs for the first nine months of 2021 were $4,906, or 0.06% of average loans (annualized), compared to net charge-offs of $2,898, or 0.04% of average loans (annualized), for the same period in 2020. The charge-offs were fully reserved for in the Company’s allowance for credit losses on loans.

Allowance for Credit Losses on Loans; Provision for Credit Losses on Loans. The allowance for credit losses is available to absorb credit losses inherent in the loans held for investment portfolio. Loan losses are charged against the allowance for credit losses when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management evaluates the adequacy of the allowance on a quarterly basis.

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 loans evaluated on a collective (pooled) basis and those evaluated on an individual basis as set forth in ASC 326. The credit loss estimation process involves procedures to appropriately consider the unique characteristics of the Company’s loan portfolio segments. Credit quality is assessed and monitored by evaluating various attributes, and the results of those evaluations are utilized in underwriting new loans and in the Company’s process for the estimation of expected credit losses. Credit quality monitoring procedures and indicators can include an 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 our risk rating system, regulatory guidance and economic conditions, such as the unemployment rate and GDP growth in the national and local economies as well as trends in the market values of underlying collateral securing loans, all as determined based on input from management, loan review staff and other sources. This evaluation is complex and inherently subjective, as it requires estimates by management that are inherently uncertain and therefore susceptible to significant revision as more information becomes available. In future periods, evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and provision for credit loss in those future periods.

The methodology for estimating the amount of expected credit losses reported in the allowance for credit losses has two basic components: first, a collective or pooled component for estimated expected credit losses for pools of loans that share similar risk characteristics; and second, an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans.

•The allowance for credit losses for loans that share similar risk characteristics with other loans is calculated on a collective (or pooled) basis, where such loans are segregated into loan portfolio segments based upon similarity of credit risk. In

68

determining the allowance for credit losses on loans evaluated on a collective basis, the Company categorizes loan pools based on loan type and/or risk rating. The Company uses two CECL models: (1) a loss rate model, based on average historical life-of-loan loss rates, is used for the Real Estate - 1-4 Family Mortgage, Real Estate - Construction and the Installment Loans to Individuals portfolio segments, and (2) for the Commercial, Real Estate - Commercial Mortgage and Lease Financing portfolio segments, the Company uses a probability of default/loss given default model, which calculates an expected loss percentage for each loan pool by considering (a) the probability of default, based on the migration of loans from performing (using risk ratings) to default using life-of-loan analysis periods, and (b) the historical severity of loss, based on the aggregate net lifetime losses incurred per loan pool.

The historical loss rates calculated as described above are adjusted, as necessary, for both internal and external qualitative factors where there are differences in the historical loss data of the Company and current or projected future conditions. Internal factors include loss history, changes in credit quality (including movement between risk ratings) and/or credit concentration and the nature and volume of the respective loan portfolio segments. External factors include current and reasonable and supportable forecasted economic conditions and changes in collateral values. These factors are used to adjust the historical loss rates (as described above) to ensure that they reflect management’s expectation of future conditions based on a reasonable and supportable forecast period. To the extent the lives of the loans in the portfolio extend beyond the period for which a reasonable and supportable forecast can be made, when necessary, the models immediately revert back to the historical loss rates adjusted for qualitative factors related to current conditions.

•For loans that do not share similar risk characteristics with other loans, an individual analysis is performed to determine the expected credit loss. If the respective loan is collateral dependent (that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral), the expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of collateral is initially based on external appraisals. Generally, collateral values for loans for which measurement of expected losses is dependent on the fair value of such collateral are updated every twelve months, either from external third parties or in-house certified appraisers. Third-party appraisals are obtained from a pre-approved list of independent, third-party, local appraisal firms. The fair value of the collateral derived from the external appraisal is then adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. Other acceptable methods for determining the expected credit losses for individually evaluated loans (typically used for loans that are not collateral dependent) is a discounted cash flow approach or, if applicable, an observable market price. Once the expected credit loss amount is determined, an allowance equal to such expected credit loss is included in the allowance for credit losses.

In addition to its quarterly analysis of the allowance for credit losses, on a regular basis management and the Board of Directors review loan ratios. These ratios include the allowance for credit losses as a percentage of total loans, net charge-offs as a percentage of average loans, the provision for credit losses as a percentage of average loans, nonperforming loans as a percentage of total loans and the allowance coverage on nonperforming loans, among others. Also, management reviews past due ratios by officer, community bank and the Company as a whole.

The following table presents the allocation of the allowance for credit losses on loans by loan category and the percentage of loans in each category to total loans as of the dates presented:

	September 30, 2021				December 31, 2020				September 30, 2020
	Balance		% of Total		Balance		% of Total		Balance		% of Total
Commercial, financial, agricultural	$	34,977	14.34	%	$	39,031	23.20	%	$	38,195	23.89	%
Lease financing	1,570		0.79	%	1,624		0.69	%	1,832		0.75	%
Real estate – construction	16,169		10.89	%	16,047		7.85	%	13,819		6.98	%
Real estate – 1-4 family mortgage	32,181		27.21	%	32,165		24.68	%	32,705		24.89	%
Real estate – commercial mortgage	73,895		45.27	%	76,127		41.66	%	70,582		41.30	%
Installment loans to individuals	11,246		1.50	%	11,150		1.92	%	10,965		2.19	%
Total	$	170,038	100.00	%	$	176,144	100.00	%	$	168,098	100.00	%

The provision for credit losses on loans charged to operating expense is an amount which, in the judgment of management, is necessary to maintain the allowance for credit losses on loans at a level that is believed to be adequate to meet the inherent risks of losses in our loan portfolio. The Company recorded a negative provision (recovery) for credit losses of $1,200 during the

69

third quarter and first nine months of 2021, as compared to a provision for credit losses on loans of $23,100 in the third quarter of 2020 and $76,350 in the first nine months of 2020. The Company’s allowance for credit loss model considers economic projections, primarily the national unemployment rate and GDP, over a reasonable and supportable period of two years. Based on the continual improvements in these forecasts over the last few quarters, the Company’s allowance model indicated that a release of $1,200 of the allowance for credit losses was appropriate during the third quarter of 2021.

The table below reflects the activity in the allowance for credit losses on loans for the periods presented:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020
Balance at beginning of period	$	172,354		$	145,387		$	176,144		$	52,162
Impact of the adoption of ASC 326	—			—			—			42,484
Charge-offs
Commercial, financial, agricultural	1,225			420			5,907			1,969
Lease financing	13			168			13			168
Real estate – construction	—			136			52			668
Real estate – 1-4 family mortgage	276			720			529			1,083
Real estate – commercial mortgage	184			553			416			2,600
Installment loans to individuals	1,281			1,579			4,286			6,003
Total charge-offs	2,979			3,576			11,203			12,491
Recoveries
Commercial, financial, agricultural	418			698			940			996
Lease financing	11			1			36			11
Real estate – construction	—			31			13			31
Real estate – 1-4 family mortgage	193			152			855			288
Real estate – commercial mortgage	190			711			504			2,451
Installment loans to individuals	1,051			1,594			3,949			5,816
Total recoveries	1,863			3,187			6,297			9,593
Net charge-offs	1,116			389			4,906			2,898
Provision for credit losses on loans	(1,200)			23,100			(1,200)			76,350
Balance at end of period	$	170,038		$	168,098		$	170,038		$	168,098
Net charge-offs (annualized) to average loans	0.04		%	0.01		%	0.06		%	0.04		%
Net charge-offs to allowance for credit losses on loans	0.66		%	0.23		%	2.89		%	1.72		%
Allowance for credit losses on loans to:
Total loans							1.70		%	1.52		%
Total loans excluding PPP loans(1)							1.71		%	1.72		%
Nonperforming loans							299.68		%	367.05		%
Nonaccrual loans							304.96		%	385.09		%

(1) Allowance for credit losses on loans to total loans excluding PPP loans is a non-GAAP financial measure. A reconciliation of this financial measure from GAAP to non-GAAP as well as an explanation of why the Company provides non-GAAP financial measures can be found under the “Non-GAAP Financial Measures” heading at the end of this Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations

70

The table below reflects annualized net charge-offs to daily average loans outstanding, by loan category, during the periods presented:

	Nine Months Ended
	September 30, 2021					September 30, 2020
	Net Charge-offs		Average Loans		Annualized Net Charge-offs to Average Loans	Net Charge-offs		Average Loans		Annualized Net Charge-offs to Average Loans
Commercial, financial, agricultural	$	4,967	$	1,968,541	0.34%	$	973	$	2,109,787	0.06%
Lease financing	(23)		75,620		(0.04)	157		83,844		0.25
Real estate – construction	39		986,337		0.01	637		818,779		0.10
Real estate – 1-4 family mortgage	(326)		2,711,619		(0.02)	795		2,808,646		0.04
Real estate – commercial mortgage	(88)		4,519,793		—	149		4,335,604		—
Installment loans to individuals	337		169,526		0.27	187		293,877		0.08
Total	$	4,906	$	10,431,436	0.06%	$	2,898	$	10,450,537	0.04%

The following table provides further details of the Company’s net charge-offs (recoveries) of loans secured by real estate for the periods presented:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Real estate – construction:
Residential	$	—	$	105	$	39	$	637
Total real estate – construction	—		105		39		637
Real estate – 1-4 family mortgage:
Primary	115		661		57		921
Home equity	(46)		(29)		(109)		(51)
Rental/investment	7		(8)		(192)		20
Land development	7		(56)		(82)		(95)
Total real estate – 1-4 family mortgage	83		568		(326)		795
Real estate – commercial mortgage:
Owner-occupied	18		(190)		(98)		1,224
Non-owner occupied	(24)		33		(14)		(1,097)
Land development	—		(1)		24		22
Total real estate – commercial mortgage	(6)		(158)		(88)		149
Total net charge-offs of loans secured by real estate	$	77	$	515	$	(375)	$	1,581

Allowance for Credit Losses on Unfunded Commitments; Provision for Credit Losses on Unfunded Commitments. The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “Other liabilities” line item on the Consolidated Balance Sheets. Management estimates the amount of expected losses on unfunded loan commitments by calculating a likelihood of funding over the contractual period for exposures that are not unconditionally cancellable by the Company and applying the loss factors used in the allowance for credit losses on loans methodology described above to unfunded commitments for each loan type. No credit loss estimate is reported for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. A roll-forward of the allowance for credit losses on unfunded commitments is shown in the tables below.

71

Three Months Ended September 30,	2021		2020
Allowance for credit losses on unfunded loan commitments:
Beginning balance	$	20,535	$	17,335
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense)	(200)		2,700
Ending balance	$	20,335	$	20,035
Nine Months Ended September 30,	2021		2020
Allowance for credit losses on unfunded loan commitments:
Beginning balance	$	20,535	$	946
Impact of the adoption of ASC 326	—		10,389
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense)	(200)		8,700
Ending balance	$	20,335	$	20,035

Nonperforming Assets. Nonperforming assets consist of nonperforming loans and other real estate owned. 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 problem asset resolution committee and our loan review staff closely monitor loans that are considered to be nonperforming.

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 credit losses on loans. 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.

The following tables provide details of the Company’s non purchased and purchased nonperforming assets as of the dates presented.

72

	Non Purchased		Purchased		Total
September 30, 2021
Nonaccruing loans	$	29,266	$	26,492	$	55,758
Accruing loans past due 90 days or more	908		74		982
Total nonperforming loans	30,174		26,566		56,740
Other real estate owned	2,252		2,453		4,705
Total nonperforming assets	$	32,426	$	29,019	$	61,445
Nonperforming loans to total loans					0.57		%
Nonaccruing loans to total loans					0.56		%
Nonperforming assets to total assets					0.38		%
December 31, 2020
Nonaccruing loans	$	20,369	$	31,051	$	51,420
Accruing loans past due 90 days or more	3,783		267		4,050
Total nonperforming loans	24,152		31,318		55,470
Other real estate owned	2,045		3,927		5,972
Total nonperforming assets	$	26,197	$	35,245	$	61,442
Nonperforming loans to total loans					0.51		%
Nonaccruing loans to total loans					0.47		%
Nonperforming assets to total assets					0.41		%

The level of nonperforming loans increased $1,270 from December 31, 2020 to September 30, 2021, while OREO decreased $1,267 during the same period.

The following table presents nonperforming loans by loan category as of the dates presented:

	September 30, 2021		December 31, 2020		September 30, 2020
Commercial, financial, agricultural	$	16,027	$	16,668	$	17,422
Lease financing	11		48		—
Real estate – construction:
Residential	—		497		—
Commercial	—		—		—
Total real estate – construction	—		497		—
Real estate – 1-4 family mortgage:
Primary	17,378		16,317		15,583
Home equity	2,041		2,273		1,949
Rental/investment	1,016		1,526		1,284
Land development	243		345		395
Total real estate – 1-4 family mortgage	20,678		20,461		19,211
Real estate – commercial mortgage:
Owner-occupied	5,732		6,364		6,805
Non-owner occupied	13,412		10,204		1,201
Land development	366		572		519
Total real estate – commercial mortgage	19,510		17,140		8,525
Installment loans to individuals	514		656		638
Total nonperforming loans	$	56,740	$	55,470	$	45,796

73

Total nonperforming loans as a percentage of total loans were 0.57% as of September 30, 2021 as compared to 0.51% and 0.41% as of December 31, 2020 and September 30, 2020, respectively. The Company’s coverage ratio, or its allowance for credit losses on loans as a percentage of nonperforming loans, was 299.68% as of September 30, 2021 as compared to 317.55% as of December 31, 2020 and 367.05% as of September 30, 2020.

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 credit losses at September 30, 2021. Management also continually monitors past due loans for potential credit quality deterioration. Total loans 30-89 days past due but still accruing interest were $14,806 at September 30, 2021 as compared to $26,286 at December 31, 2020 and $16,644 at September 30, 2020.

Although not classified as nonperforming loans, restructured loans are another category of assets that contribute to our credit risk. 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.

As shown below, restructured loans totaled $20,183 at September 30, 2021 as compared to $20,448 at December 31, 2020 and $20,322 at September 30, 2020. At September 30, 2021, loans restructured through interest rate concessions represented 34% of total restructured loans, while loans restructured by a concession in payment terms represented the remainder. The following table provides further details of the Company’s restructured loans in compliance with their modified terms as of the dates presented:

	September 30, 2021		December 31, 2020		September 30, 2020
Commercial, financial, agricultural	$	1,062	$	2,326	$	2,417
Real estate – 1-4 family mortgage:
Primary	11,415		9,460		8,359
Home equity	299		332		333
Rental/investment	354		432		724
Total real estate – 1-4 family mortgage	12,068		10,224		9,416
Real estate – commercial mortgage:
Owner-occupied	5,546		6,838		6,854
Non-owner occupied	1,357		797		1,355
Land development	76		183		186
Total real estate – commercial mortgage	6,979		7,818		8,395
Installment loans to individuals	74		80		94
Total restructured loans in compliance with modified terms	$	20,183	$	20,448	$	20,322

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

74

	2021		2020
Balance at January 1,	$	20,448	$	11,954
Additional advances or loans with concessions	10,852		12,946
Reclassified as performing restructured loan	150		428
Reductions due to:
Reclassified as nonperforming	(2,855)		(2,999)
Paid in full	(7,341)		(1,360)
Charge-offs	(205)		(3)
Paydowns	(866)		(644)
Balance at September 30,	$	20,183	$	20,322

The following table shows the principal amounts of nonperforming and restructured loans as of the dates 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.

	September 30, 2021		December 31, 2020		September 30, 2020
Nonaccruing loans	$	55,758	$	51,420	$	43,652
Accruing loans past due 90 days or more	982		4,050		2,144
Total nonperforming loans	56,740		55,470		45,796
Restructured loans in compliance with modified terms	20,183		20,448		20,322
Total nonperforming and restructured loans	$	76,923	$	75,918	$	66,118

The following table provides details of the Company’s other real estate owned as of the dates presented:

	September 30, 2021		December 31, 2020		September 30, 2020
Residential real estate	$	503	$	179	$	1,870
Commercial real estate	2,671		2,665		2,403
Residential land development	315		1,013		1,669
Commercial land development	1,216		2,115		2,211
Total other real estate owned	$	4,705	$	5,972	$	8,153

Changes in the Company’s other real estate owned were as follows:

	2021		2020
Balance at January 1,	$	5,972	$	8,010
Transfers of loans	3,171		7,887
Impairments	(290)		(1,647)
Dispositions	(4,007)		(6,047)
Other	(141)		(50)
Balance at September 30,	$	4,705	$	8,153

Other real estate owned with a cost basis of $4,007 was sold during the nine months ended September 30, 2021, resulting in a net gain of $74, while other real estate owned with a cost basis of $6,047 was sold during the nine months ended September 30, 2020, resulting in a net loss of $27.

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

75

our ability to react to changes 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.

Because of the impact of interest rate fluctuations on our profitability, the Board of Directors and management actively monitor and manage our interest rate risk exposure. We have an Asset/Liability Committee (“ALCO”) that 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. The ALCO uses 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, each under various interest rate scenarios, which could impact the results presented in the table below.

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 various 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 October 1, 2021, in each case as compared to the result under rates present in the market on September 30, 2021. The changes in interest rates assume an instantaneous and parallel shift in the yield curve and do not account for changes in the slope of the yield curve.

	Percentage Change In:
Immediate Change in Rates of (in basis points):	Economic Value Equity (EVE)	Earning at Risk (Net Interest Income)
	Static	1-12 Months	13-24 Months
+200	11.83%	16.87%	22.94%
+100	7.20%	8.57%	12.20%

The rate shock results for the net interest income simulations for the next twenty-four months produce an asset sensitive position at September 30, 2021 and are all within the parameters set by the Board of Directors. The preceding measures assume no change in the size or asset/liability compositions of the balance sheet, and they do not reflect future actions the ALCO may undertake in response to such changes in interest rates.

The scenarios assume instantaneous movements in interest rates in increments of plus 100 and 200. 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, including asset prepayment speeds, the impact of competitive factors on our pricing of loans and deposits, how responsive our deposit repricing is to the change in market rates and the expected life of non-maturity deposits. These business assumptions are based upon our experience, business plans and published industry experience; however, such assumptions may not necessarily reflect the manner or timing in which cash flows, asset yields and liability costs respond to changes in market rates. 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 with other financial institutions. The Company manages its credit risk, or potential risk of default by its commercial customers, through credit limit approval and monitoring procedures. At September 30, 2021, the Company had notional amounts of $190,200 on interest rate contracts with corporate customers and $190,200 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.

76

Additionally, 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 and adjustable rate residential mortgage loans and also enters into forward commitments to sell residential mortgage loans to secondary market investors.

The Company also enters into forward interest rate swap contracts on its FHLB borrowings and its junior subordinated debentures that are accounted for as cash flow hedges. Under each of these contracts, the Company pays a fixed rate of interest and receives a variable rate of interest based on the three-month or one-month LIBOR plus a predetermined spread. The Company entered into an interest rate swap contract on its subordinated notes that is accounted for as a fair value hedge. Under this contract, the Company pays a variable rate of interest based on the three-month LIBOR plus a predetermined spread and receives a fixed rate of interest.

For more information about the Company’s derivatives, see Note 10, “Derivative Instruments,” in the Notes to Consolidated Financial Statements of the Company in Item 1, Financial Statements.

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 greater than $250,000, are the major source of funds used by the 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 the Bank’s liquidity. Management continually monitors the Bank’s liquidity and non-core dependency ratios to ensure compliance with targets established by the Asset/Liability Management Committee.

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 approximately 18.85% of the carrying value of the total securities portfolio. Securities within our investment portfolio are also used to secure certain deposit types, short-term borrowings and derivative instruments. At September 30, 2021, securities with a carrying value of $557,463 were pledged to secure public fund deposits and as collateral for short-term borrowings and derivative instruments as compared to securities with a carrying value of $614,610 similarly pledged at December 31, 2020.

Other sources available for meeting liquidity needs include federal funds purchased and short-term and long-term advances from the FHLB. Interest is charged at the prevailing market rate on federal funds purchased and FHLB advances. There were no short-term borrowings from the FHLB at September 30, 2021 or December 31, 2020. Long-term funds obtained from the FHLB are used to match-fund fixed rate loans in order to minimize interest rate risk and also are 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 September 30, 2021, the balance of our outstanding long-term advances with the FHLB was $150,425 compared to $152,167 at December 31, 2020. The total amount of the remaining credit available to us from the FHLB at September 30, 2021 was $3,977,848. We also maintain lines of credit with other commercial banks totaling $180,000. These are unsecured lines of credit with the majority maturing at various times within the next twelve months. There were no amounts outstanding under these lines of credit at September 30, 2021 or December 31, 2020.

In 2016 and 2020, we accessed the capital markets to generate liquidity in the form of subordinated notes. In addition, we assumed subordinated notes in connection with our acquisition of Metropolitan BancGroup, Inc. in 2017. The carrying value of the subordinated notes, net of unamortized debt issuance costs, was $207,210 at September 30, 2021.

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 the periods presented:

77

	Percentage of Total Average Deposits and Borrowed Funds				Cost of Funds
	Nine Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Noninterest-bearing demand	31.60	%	27.03	%	—	%	—	%
Interest-bearing demand	45.75		42.95		0.26		0.51
Savings	7.17		6.17		0.08		0.11
Time deposits	11.85		16.79		0.90		1.59
Short-term borrowings	0.10		3.85		0.30		1.02
Long-term Federal Home Loan Bank advances	1.14		1.27		0.03		0.80
Subordinated notes	1.56		1.03		4.97		5.54
Other borrowed funds	0.83		0.91		4.27		4.56
Total deposits and borrowed funds	100.00	%	100.00	%	0.34	%	0.64	%

Our strategy in choosing funds is focused on minimizing cost in the context of our balance sheet composition and interest rate risk position. Accordingly, management targets growth of noninterest-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.

Cash and cash equivalents were $1,476,141 at September 30, 2021, as compared to $414,105 at September 30, 2020. Cash used in investing activities for the nine months ended September 30, 2021 was $372,260, as compared to cash used in investing activities of $1,355,398 for the nine months ended September 30, 2020. Proceeds from the sale, maturity or call of securities within our investment portfolio were $505,926 for the nine months ended September 30, 2021, as compared to $323,136 for the same period in 2020. These proceeds were primarily reinvested into the investment portfolio. Purchases of investment securities were $1,743,105 for the first nine months of 2021, as compared to $304,955 for the same period in 2020.

Cash provided by financing activities for the nine months ended September 30, 2021 was $1,125,027, as compared to $1,310,528 for the same period in 2020. Deposits increased $1,195,748 and $1,721,118 for the nine months ended September 30, 2021 and 2020, respectively.

Restrictions on Bank Dividends, Loans and Advances

The Company’s liquidity and capital resources, as well as its ability to pay dividends to its shareholders, are substantially dependent on the ability of the 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 (the “DBCF”). In addition, the FDIC also has the authority to prohibit the Bank from engaging in business practices that the FDIC considers to be unsafe or unsound, which, depending on the financial condition of the bank, could include the payment of dividends. Accordingly, the approval of the DBCF is required prior to the Bank paying dividends to the Company, and under certain circumstances the approval of the FDIC may be required.

Federal Reserve regulations also limit the amount the Bank may loan to the Company unless such loans are collateralized by specific obligations. At September 30, 2021, the maximum amount available for transfer from the Bank to the Company in the form of loans was $157,470. The Company maintains a $3,000 line of credit collateralized by cash with the Bank. There were no amounts outstanding under this line of credit at September 30, 2021.

These restrictions did not have any impact on the Company’s ability to meet its cash obligations in the nine months ended September 30, 2021, nor does management expect such restrictions to materially impact the Company’s ability to meet its currently-anticipated cash obligations.

Potential Demands on Liquidity from Off-Balance Sheet Arrangements

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

78

policies, including establishing a provision for credit losses on unfunded commitments. 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 were as follows as of the dates presented:

	September 30, 2021		December 31, 2020
Loan commitments	$	3,058,740	$	2,749,988
Standby letters of credit	95,201		90,597

The Company closely monitors the amount of remaining future commitments to borrowers in light of prevailing economic conditions and adjusts these commitments and the provision related thereto as necessary. The Company will continue this process as new commitments are entered into or existing commitments are renewed. For a more detailed discussion related to the allowance and provision for credit losses on unfunded loan commitments, refer to the “Risk Management” section above.

Shareholders’ Equity and Regulatory Matters

Total shareholders’ equity of the Company was $2,203,944 at September 30, 2021 compared to $2,132,733 at December 31, 2020. Book value per share was $39.53 and $37.95 at September 30, 2021 and December 31, 2020, respectively. The growth in shareholders’ equity was attributable to earnings retention offset by changes in accumulated other comprehensive income and dividends declared.

The Company maintains a shelf registration statement with the Securities and Exchange Commission (“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, depositary shares, debt securities, rights, 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 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 or as otherwise described in the prospectus supplement applicable to the offering and could include the expansion of the Company’s banking, insurance and wealth management operations as well as other business opportunities.

The Company repurchased $21,315 of its common stock at a weighted average price of $34.82 per share during the first nine months of 2021.

On October 26, 2021, the Company’s Board of Directors approved a new stock repurchase program (the previous program having just expired), authorizing the Company to repurchase up to $50,000 of its outstanding common stock, either in open market purchases or privately-negotiated transactions. The new repurchase program will remain in effect for one year or, if earlier, the repurchase of the entire amount of common stock authorized to be repurchased.

The Company has junior subordinated debentures with a carrying value of $111,228 at September 30, 2021, of which $107,637 is included in the Company’s Tier 1 capital. Federal Reserve guidelines limit the amount of securities that, similar to our junior subordinated debentures, are includable in Tier 1 capital, but these guidelines did not impact the debentures we include in Tier 1 capital at September 30, 2021. Although our existing junior subordinated debentures are currently unaffected by these Federal Reserve guidelines, on account of changes enacted as part of the Dodd-Frank Act, any new trust preferred securities are not includable in Tier 1 capital. Further, if as a result of an acquisition we exceed $15,000,000 in assets, or if we make any acquisition after we have exceeded $15,000,000 in assets, we will lose Tier 1 treatment of our junior subordinated debentures.

The Company has subordinated notes with a carrying value of $207,210 at September 30, 2021, of which $197,360 is included in the Company’s Tier 2 capital.

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

79

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%

80

The following table provides the capital and risk-based capital and leverage ratios for the Company and for Renasant Bank as of the dates presented:

	Actual				Minimum Capital Requirement to be Well Capitalized				Minimum Capital Requirement to be Adequately Capitalized (including the Capital Conservation Buffer)
	Amount		Ratio		Amount		Ratio		Amount		Ratio
September 30, 2021
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio	$	1,287,684	11.02	%	$	759,458	6.50	%	$	817,878	7.00	%
Tier 1 risk-based capital ratio	1,395,321		11.94	%	934,717		8.00	%	993,137		8.50	%
Total risk-based capital ratio	1,712,500		14.66	%	1,168,397		10.00	%	1,226,816		10.50	%
Leverage capital ratios:
Tier 1 leverage ratio	1,395,321		9.18	%	759,755		5.00	%	607,804		4.00	%
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio	$	1,454,879	12.45	%	$	759,370	6.50	%	$	817,783	7.00	%
Tier 1 risk-based capital ratio	1,454,879		12.45	%	934,609		8.00	%	993,022		8.50	%
Total risk-based capital ratio	1,574,697		13.48	%	1,168,261		10.00	%	1,226,674		10.50	%
Leverage capital ratios:
Tier 1 leverage ratio	1,454,879		9.58	%	758,964		5.00	%	607,171		4.00	%
December 31, 2020
Renasant Corporation:
Risk-based capital ratios:
Common equity tier 1 capital ratio	$	1,199,394	10.93	%	$	713,086	6.50	%	$	767,939	7.00	%
Tier 1 risk-based capital ratio	1,306,597		11.91	%	877,644		8.00	%	932,497		8.50	%
Total risk-based capital ratio	1,653,694		15.07	%	1,097,055		10.00	%	1,151,908		10.50	%
Leverage capital ratios:
Tier 1 leverage ratio	1,306,597		9.37	%	697,579		5.00	%	558,063		4.00	%
Renasant Bank:
Risk-based capital ratios:
Common equity tier 1 capital ratio	$	1,369,994	12.49	%	$	712,709	6.50	%	$	767,533	7.00	%
Tier 1 risk-based capital ratio	1,369,994		12.49	%	877,181		8.00	%	932,004		8.50	%
Total risk-based capital ratio	1,504,985		13.73	%	1,096,476		10.00	%	1,151,299		10.50	%
Leverage capital ratios:
Tier 1 leverage ratio	1,369,994		9.83	%	696,738		5.00	%	557,391		4.00	%

The Company has elected to take advantage of transitional relief offered by the Federal Reserve and FDIC to delay for two years the estimated impact of CECL on regulatory capital, followed by a three-year transitional period to phase out the capital benefit provided by the two-year delay.

For more information regarding the capital adequacy guidelines applicable to the Company and Renasant Bank, please refer to Note 15, “Regulatory Matters,” in the Notes to the Consolidated Financial Statements of the Company in Item 1, Financial Statements.

81

Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), this document contains certain non-GAAP financial measures, namely, an adjusted efficiency ratio and the allowance for credit losses on loans to total loans, excluding PPP loans (the “adjusted allowance ratio”). The adjusted allowance ratio only excludes PPP loans; the adjusted efficiency ratio adjusts GAAP financial measures to exclude the amortization of intangible assets and certain items (such as, when applicable, COVID-19 related expenses, debt prepayment penalties, restructuring charges, provision for unfunded commitments, gains on sales of securities and asset valuation adjustments) with respect to which the Company is unable to accurately predict when these items will be incurred or, when incurred, the amount thereof. With respect to COVID-19 related expenses in particular, management added these expenses as a charge to exclude when calculating non-GAAP financial measures because the expenses included within this line item are readily quantifiable and possess the same characteristics with respect to management’s inability to accurately predict the timing or amount thereof as the other items excluded when calculating non-GAAP financial measures. Management uses the adjusted efficiency ratio when evaluating capital utilization and adequacy, while it uses the adjusted allowance ratio to determine the adequacy of our allowance with respect to loans not fully guaranteed by the U.S. Small Business Administration. In addition, the Company believes that non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because the amortization of intangible assets and items such as restructuring charges and COVID-19 related expenses can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies. The reconciliations from GAAP to non-GAAP for these financial measures are below.

Adjusted Efficiency Ratio
	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Interest income (fully tax equivalent basis)	$	115,723		$	123,677		$	361,718		$	381,195
Interest expense	10,721			15,792			34,247			57,536
Net interest income (fully tax equivalent basis)	105,002			107,885			327,471			323,659
Total noninterest income	50,755			70,928			179,402			172,668
Net gains on sales of securities	764			—			2,121			31
MSR valuation adjustment	—			828			13,561			(13,694)
Adjusted noninterest income	49,991			70,100			163,720			186,331
Total noninterest expense	103,999			116,510			328,711			349,836
Intangible amortization	1,481			1,733			4,618			5,462
Debt prepayment penalty	—			28			—			118
Restructuring charges	—			—			307			—
COVID-19 related expenses	323			570			1,478			9,730
Provision for unfunded commitments	(200)			2,700			(200)			8,700
Adjusted noninterest expense	102,395			111,479			322,508			325,826
Efficiency Ratio (GAAP)	66.77		%	65.16		%	64.85		%	70.49		%
Adjusted Efficiency Ratio (non-GAAP)	66.06		%	62.63		%	65.66		%	63.89		%

82

Allowance for Credit Losses on Loans to Total Loans, excluding PPP Loans
	September 30, 2021			December 31, 2020
Total loans (GAAP)	$	10,016,824		$	10,933,647
Less PPP loans	67,462			1,128,703
Adjusted total loans (non-GAAP)	$	9,949,362		$	9,804,944
Allowance for Credit Losses on Loans	$	170,038		$	176,144
ACL/Total loans (GAAP)	1.70		%	1.61		%
ACL/Total loans excluding PPP loans (non-GAAP)	1.71		%	1.80		%

The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Readers of this Form 10-Q should note that, because there are no standard definitions for the calculations as well as the results, the Company’s calculations may not be comparable to a similarly-titled measure presented by other companies. Also, there may be limits in the usefulness of this measure to readers of this document. As a result, the Company encourages readers to consider its consolidated financial statements and footnotes thereto in their entirety and not to rely on any single financial measure.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our market risk since December 31, 2020. For additional information regarding our market risk, see our Annual Report on Form 10-K for the year ended December 31, 2020.

Item 4. CONTROLS AND PROCEDURES

Based on their evaluation as of the end of the period covered by this quarterly report on Form 10-Q, 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 and that such information is accumulated and communicated to the Company’s management, including its Principal Executive and Principal Financial Officers, as appropriate to allow timely decisions regarding required disclosure. There were no changes in the Company’s internal control over financial reporting during the fiscal quarter covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

83

Part II. OTHER INFORMATION

Item 1A. RISK FACTORS

When evaluating the risk of an investment in the Company’s common stock, potential investors should carefully consider the risk factors appearing in Part I, Item 1A, Risk Factors, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

During the three month period ended September 30, 2021, the Company repurchased shares of its common stock as indicated in the following table:

	Total Number of Shares Purchased(1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Plans	Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under Share Repurchase Plans(2)
July 1, 2021 to July 31, 2021	342	$	38.70	—	$	50,000
August 1, 2021 to August 31, 2021	334,503	35.69		331,510	38,177
September 1, 2021 to September 30, 2021	282,257	33.80		280,597	28,704
Total	617,102	$	34.83	612,107

(1)The Company announced a $50.0 million stock repurchase program on October 20, 2020 which expired as of October 20, 2021. Under the plan, 612,107 shares were repurchased in the third quarter of 2021.

Share amounts in this column also include shares of Renasant Corporation stock withheld to satisfy federal and state tax liabilities related to the vesting of time-based restricted stock awards during the period. A total of 342, 2,993, and 1,660 shares were withheld for such purpose in July, August and September, respectively.

(2)Dollars in thousands

Please refer to the information discussing restrictions on the Company’s ability to pay dividends under the heading “Liquidity and Capital Resources” in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of this report, which is incorporated by reference herein.

84

Item 6. EXHIBITS

Exhibit Number	Description
(3)(i)	Articles of Incorporation of Renasant Corporation, as amended (1)
(3)(ii)	Amended and Restated Bylaws of Renasant Corporation (2)
(3)(iii)	Articles of Amendment to the Amended and Restated Bylaws of Renasant Corporation (3)
(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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 were formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements (Unaudited).
(104)	The cover page of Renasant Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in Inline XBRL (included in Exhibit 101).

(1)Filed as exhibit 3.1 to the Form 10-Q of the Company filed with the Securities and Exchange Commission (the “Commission”) on May 10, 2016 and incorporated herein by reference.

(2)Filed as exhibit 3(ii) to the Form 8-K of the Company filed with the Commission on July 20, 2018 and incorporated herein by reference.

(3)Filed as exhibit 3(ii) to the Form 8-K of the Company filed with the Commission on April 30, 2021 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.

85

SIGNATURES

Pursuant to the requirements 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
		(Registrant)
Date:	November 5, 2021	/s/ C. Mitchell Waycaster
		C. Mitchell Waycaster
		President and
		Chief Executive Officer
		(Principal Executive Officer)
Date:	November 5, 2021	/s/ James C. Mabry IV
		James C. Mabry IV
		Executive Vice President and
		Chief Financial Officer
		(Principal Financial Officer)

86

EX-31.1

Exhibit 31(i)

CERTIFICATIONS

I, C. Mitchell Waycaster, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended September 30, 2021 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(s) 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(s) 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:	November 5, 2021	/s/ C. Mitchell Waycaster
		C. Mitchell Waycaster
		President and Chief Executive Officer
		(Principal Executive Officer)

EX-31.2

Exhibit 31(ii)

CERTIFICATIONS

I, James C. Mabry IV, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended September 30, 2021 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(s) 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(s) 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:	November 5, 2021	/s/ James C. Mabry IV
		James C. Mabry IV
		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 Quarterly Report on Form 10-Q of Renasant Corporation (the “Company”) for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, C. Mitchell Waycaster, President and 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 operations of the Company.

Date:	November 5, 2021	/s/ C. Mitchell Waycaster
		C. Mitchell Waycaster
		President 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 Quarterly Report on Form 10-Q of Renasant Corporation (the “Company”) for the period ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James C. Mabry IV, 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 operations of the Company.

Date:	November 5, 2021	/s/ James C. Mabry IV
		James C. Mabry IV
		Executive Vice President and
		Chief Financial Officer
		(Principal Financial Officer)

XML

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-13253
Entity Registrant Name	RENASANT CORP
Entity Incorporation, State or Country Code	MS
Entity Tax Identification Number	64-0676974
Entity Address, Address Line One	209 Troy Street,
Entity Address, City or Town	Tupelo,
Entity Address, State or Province	MS
Entity Address, Postal Zip Code	38804-4827
City Area Code	662
Local Phone Number	680-1001
Title of 12(b) Security	Common stock, $5.00 par value per share
Trading Symbol	RNST
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,747,407
Entity Central Index Key	0000715072
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 169,474	$ 176,372
Interest-bearing balances with banks	1,306,667	456,831
Cash and cash equivalents	1,476,141	633,203
Securities available for sale, at fair value	2,544,643	1,343,457
Loans held for sale, at fair value	452,869	417,771
Loans, net of unearned income:
Loans, net of unearned income	10,016,824	10,933,647
Allowance for credit losses	(170,038)	(176,144)
Loans, net	9,846,786	10,757,503
Premises and equipment, net	294,499	300,496
Other real estate owned:
Total other real estate owned, net	4,705	5,972
Goodwill	939,683	939,683
Other intangible assets, net	25,522	30,139
Bank-owned life insurance	286,088	230,609
Mortgage servicing rights	86,387	62,994
Other assets	198,227	207,785
Total assets	16,155,550	14,929,612
Deposits
Noninterest-bearing	4,492,650	3,685,048
Interest-bearing	8,762,179	8,374,033
Total deposits	13,254,829	12,059,081
Short-term borrowings	11,253	21,340
Long-term debt	468,863	474,970
Other liabilities	216,661	241,488
Total liabilities	13,951,606	12,796,879
Shareholders’ equity
Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $5.00 par value – 150,000,000 shares authorized; 59,296,725 shares issued; 55,747,407 and 56,200,487 shares outstanding, respectively	296,483	296,483
Treasury stock, at cost – 3,549,318 and 3,096,238 shares, respectively	(118,288)	(101,554)
Additional paid-in capital	1,298,022	1,296,963
Retained earnings	717,033	615,773
Accumulated other comprehensive income, net of taxes	10,694	25,068
Total shareholders’ equity	2,203,944	2,132,733
Total liabilities and shareholders’ equity	16,155,550	14,929,612
Non purchased loans and leases
Loans, net of unearned income:
Loans, net of unearned income	8,875,880	9,419,540
Other real estate owned:
Total other real estate owned, net	2,252	2,045
Purchased loans
Loans, net of unearned income:
Loans, net of unearned income	1,140,944	1,514,107
Other real estate owned:
Total other real estate owned, net	$ 2,453	$ 3,927

XML

Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
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)	$ 5.00	$ 5.00
Common stock, shares authorized (shares)	150,000,000	150,000,000
Common stock, shares issued (shares)	59,296,725	59,296,725
Common stock, shares outstanding (shares)	55,747,407	56,200,487
Treasury stock (in shares)	3,549,318	3,096,238

XML

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income
Loans	$ 105,004	$ 114,914	$ 333,334	$ 351,192
Securities
Taxable	6,749	5,499	17,285	19,219
Tax-exempt	1,667	1,573	5,025	4,697
Other	593	92	1,122	1,098
Total interest income	114,013	122,078	356,766	376,206
Interest expense
Deposits	6,972	11,810	22,920	44,175
Borrowings	3,749	3,982	11,327	13,361
Total interest expense	10,721	15,792	34,247	57,536
Net interest income	103,292	106,286	322,519	318,670
(Recovery of) provision for loan losses	(1,200)	23,100	(1,200)	76,350
Provision for other credit losses	0	0	0	0
(Recovery of) provision for credit losses	(1,200)	23,100	(1,200)	76,350
Net interest income after provision for credit losses	104,492	83,186	323,719	242,320
Noninterest income
Service charges on deposit accounts	9,337	7,486	26,818	23,388
Fees and commissions	3,837	3,402	11,847	9,427
Insurance commissions	2,829	2,681	7,488	6,797
Wealth management revenue	5,371	4,364	15,182	12,190
Mortgage banking income	23,292	49,714	94,878	110,739
Net gain on sales of securities	764	0	2,121	31
BOLI income	1,602	1,267	5,318	3,759
Other	3,723	2,014	15,750	6,337
Total noninterest income	50,755	70,928	179,402	172,668
Noninterest expense
Salaries and employee benefits	69,115	75,406	218,104	227,956
Data processing	5,277	5,259	16,380	15,312
Net occupancy and equipment	11,748	13,296	35,660	40,927
Other real estate owned	168	1,033	313	2,071
Professional fees	2,972	3,197	8,566	8,355
Advertising and public relations	2,922	2,240	9,274	8,560
Intangible amortization	1,481	1,733	4,618	5,462
Communications	2,198	2,319	6,781	6,698
Restructuring charges	0	0	307	0
Debt prepayment penalty		28	0	118
Other	8,118	11,999	28,708	34,377
Total noninterest expense	103,999	116,510	328,711	349,836
Income (loss) before income taxes	51,248	37,604	174,410	65,152
Income taxes	11,185	7,612	35,572	13,022
Net income (loss)	$ 40,063	$ 29,992	$ 138,838	$ 52,130
Basic earnings per share (usd per share)	$ 0.71	$ 0.53	$ 2.47	$ 0.93
Diluted earnings per share (usd per share)	0.71	0.53	2.46	0.92
Cash dividends per common share (usd per share)	$ 0.22	$ 0.22	$ 0.66	$ 0.66

XML

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 40,063	$ 29,992	$ 138,838	$ 52,130
Securities available for sale:
Unrealized holding (losses) gains on securities	(9,250)	388	(20,491)	19,685
Reclassification adjustment for gains realized in net income	(570)	0	(1,582)	(23)
Total securities available for sale	(9,820)	388	(22,073)	19,662
Derivative instruments:
Unrealized holding gains (losses) on derivative instruments	1,215	1,175	7,551	(2,621)
Total derivative instruments	1,215	1,175	7,551	(2,621)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	49	48	148	145
Total defined benefit pension and post-retirement benefit plans	49	48	148	145
Other comprehensive (loss) income, net of tax	(8,556)	1,611	(14,374)	17,186
Comprehensive income	$ 31,507	$ 31,603	$ 124,464	$ 69,316

XML

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period Of Adoption, Adjustment	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period Of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2019			56,855,002
Beginning balance at Dec. 31, 2019	$ 2,125,689	$ (35,099)	$ 296,483	$ (83,189)	$ 1,294,276	$ 617,355	$ (35,099)	$ 764
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,008					2,008
Other comprehensive income (loss)	13,737							13,737
Comprehensive income	15,745
Cash dividends	(12,555)					(12,555)
Repurchase of shares in connection with stock repurchase program (in shares)			(818,886)
Repurchase of shares in connection with stock repurchase program	(24,569)			(24,569)
Issuance of common stock for stock-based compensation awards (in shares)			104,902
Issuance of common stock for stock-based compensation awards	(1,449)			4,138	(5,587)
Stock-based compensation expense	2,750				2,750
Ending balance (in shares) at Mar. 31, 2020			56,141,018
Ending balance at Mar. 31, 2020	2,070,512		$ 296,483	(103,620)	1,291,439	571,709		14,501
Beginning balance (in shares) at Dec. 31, 2019			56,855,002
Beginning balance at Dec. 31, 2019	2,125,689	$ (35,099)	$ 296,483	(83,189)	1,294,276	617,355	$ (35,099)	764
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	52,130
Other comprehensive income (loss)	17,186
Comprehensive income	69,316
Ending balance (in shares) at Sep. 30, 2020			56,193,705
Ending balance at Sep. 30, 2020	2,104,300		$ 296,483	(101,800)	1,294,888	596,779		17,950
Beginning balance (in shares) at Mar. 31, 2020			56,141,018
Beginning balance at Mar. 31, 2020	2,070,512		$ 296,483	(103,620)	1,291,439	571,709		14,501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,130					20,130
Other comprehensive income (loss)	1,838							1,838
Comprehensive income	21,968
Cash dividends	(12,525)					(12,525)
Issuance of common stock for stock-based compensation awards (in shares)			40,944
Issuance of common stock for stock-based compensation awards	(7)			1,397	(1,404)
Stock-based compensation expense	2,998				2,998
Ending balance (in shares) at Jun. 30, 2020			56,181,962
Ending balance at Jun. 30, 2020	2,082,946		$ 296,483	(102,223)	1,293,033	579,314		16,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,992					29,992
Other comprehensive income (loss)	1,611							1,611
Comprehensive income	31,603
Cash dividends	(12,527)					(12,527)
Issuance of common stock for stock-based compensation awards (in shares)			11,743
Issuance of common stock for stock-based compensation awards	(127)			423	(550)
Stock-based compensation expense	2,405				2,405
Ending balance (in shares) at Sep. 30, 2020			56,193,705
Ending balance at Sep. 30, 2020	2,104,300		$ 296,483	(101,800)	1,294,888	596,779		17,950
Beginning balance (in shares) at Dec. 31, 2020			56,200,487
Beginning balance at Dec. 31, 2020	2,132,733		$ 296,483	(101,554)	1,296,963	615,773		25,068
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57,908					57,908
Other comprehensive income (loss)	(4,929)							(4,929)
Comprehensive income	52,979
Cash dividends	(12,564)					(12,564)
Issuance of common stock for stock-based compensation awards (in shares)			93,859
Issuance of common stock for stock-based compensation awards	(2,203)			2,605	(4,808)
Stock-based compensation expense	2,756				2,756
Ending balance (in shares) at Mar. 31, 2021			56,294,346
Ending balance at Mar. 31, 2021	2,173,701		$ 296,483	(98,949)	1,294,911	661,117		20,139
Beginning balance (in shares) at Dec. 31, 2020			56,200,487
Beginning balance at Dec. 31, 2020	2,132,733		$ 296,483	(101,554)	1,296,963	615,773		25,068
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	138,838
Other comprehensive income (loss)	(14,374)
Comprehensive income	124,464
Ending balance (in shares) at Sep. 30, 2021			55,747,407
Ending balance at Sep. 30, 2021	2,203,944		$ 296,483	(118,288)	1,298,022	717,033		10,694
Beginning balance (in shares) at Mar. 31, 2021			56,294,346
Beginning balance at Mar. 31, 2021	2,173,701		$ 296,483	(98,949)	1,294,911	661,117		20,139
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	40,867					40,867
Other comprehensive income (loss)	(889)							(889)
Comprehensive income	39,978
Cash dividends	(12,540)					(12,540)
Issuance of common stock for stock-based compensation awards (in shares)			56,532
Issuance of common stock for stock-based compensation awards	283			1,700	(1,417)
Stock-based compensation expense	2,385				2,385
Ending balance (in shares) at Jun. 30, 2021			56,350,878
Ending balance at Jun. 30, 2021	2,203,807		$ 296,483	(97,249)	1,295,879	689,444		19,250
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	40,063					40,063
Other comprehensive income (loss)	(8,556)							(8,556)
Comprehensive income	31,507
Cash dividends	(12,474)					(12,474)
Repurchase of shares in connection with stock repurchase program (in shares)			(612,107)
Repurchase of shares in connection with stock repurchase program	(21,314)			(21,314)
Issuance of common stock for stock-based compensation awards (in shares)			8,636
Issuance of common stock for stock-based compensation awards	(176)			275	(451)
Stock-based compensation expense	2,594				2,594
Ending balance (in shares) at Sep. 30, 2021			55,747,407
Ending balance at Sep. 30, 2021	$ 2,203,944		$ 296,483	$ (118,288)	$ 1,298,022	$ 717,033		$ 10,694

XML

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends per common share (usd per share)	$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.22	$ 0.66	$ 0.66

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income	$ 138,838,000	$ 52,130,000
Adjustments to reconcile net income to net cash provided by operating activities:
(Recovery of) provision for loan losses	(1,200,000)	76,350,000
Depreciation, amortization and accretion	34,421,000	22,727,000
Deferred income tax expense (benefit)	5,071,000	(8,494,000)
Funding of mortgage loans held for sale	(3,189,474,000)	(3,277,576,000)
Proceeds from sales of mortgage loans held for sale	3,230,039,000	3,310,402,000
Gains on sales of mortgage loans held for sale	(71,598,000)	(114,327,000)
Valuation adjustment to mortgage servicing rights	(13,561,000)	13,694,000
Gains on sales of securities	(2,121,000)	(31,000)
Penalty on prepayment of debt	0	118,000
(Gains) losses on sales of premises and equipment	(519,000)	35,000
Stock-based compensation expense	7,736,000	8,153,000
Increase in other assets	(16,429,000)	(87,405,000)
(Decrease) increase in other liabilities	(31,032,000)	48,269,000
Net cash provided by operating activities	90,171,000	44,045,000
Investing activities
Purchases of securities available for sale	(1,743,105,000)	(304,955,000)
Proceeds from sales of securities available for sale	176,406,000	8,773,000
Proceeds from call/maturities of securities available for sale	329,520,000	314,363,000
Net decrease (increase) in loans	917,343,000	(1,383,382,000)
Purchases of premises and equipment	(16,797,000)	(6,824,000)
Proceeds from sales of premises and equipment	8,715,000	0
Purchase of bank-owned life insurance	(50,000,000)	0
Net change in FHLB stock	(1,226,000)	10,607,000
Proceeds from sales of other assets	4,081,000	6,020,000
Other, net	2,803,000	0
Net cash used in investing activities	(372,260,000)	(1,355,398,000)
Financing activities
Net increase in noninterest-bearing deposits	807,602,000	1,206,472,000
Net increase in interest-bearing deposits	388,146,000	514,646,000
Net decrease in short-term borrowings	(10,087,000)	(446,467,000)
Proceeds from the issuance of long-term debt, net of issuance costs	0	98,299,000
Repayment of long-term debt	(1,742,000)	(246,000)
Cash paid for dividends	(37,578,000)	(37,607,000)
Repurchase of shares in connection with stock repurchase program	(21,314,000)	(24,569,000)
Net cash provided by financing activities	1,125,027,000	1,310,528,000
Net increase (decrease) in cash and cash equivalents	842,938,000	(825,000)
Cash and cash equivalents at beginning of period	633,203,000	414,930,000
Cash and cash equivalents at end of period	1,476,141,000	414,105,000
Supplemental disclosures
Cash paid for interest	37,827,000	61,351,000
Cash paid for income taxes	41,248,000	26,148,000
Noncash transactions:
Transfers of loans to other real estate owned	3,171,000	7,887,000
Financed sales of other real estate owned	442,000	151,000
Recognition of operating right-of-use assets	6,718,000	4,151,000
Recognition of operating lease liabilities	$ 6,718,000	$ 4,151,000

XML

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

(In Thousands)

Nature of Operations: Renasant Corporation (referred to herein as the “Company”) owns and operates Renasant Bank (“Renasant Bank” or the “Bank”), Renasant Insurance, Inc. and Park Place Capital Corporation. Through its subsidiaries, the Company offers a diversified range of financial, wealth management, fiduciary and insurance services to its retail and commercial customers from full service offices located throughout Mississippi, Tennessee, Alabama, Georgia, Florida, North Carolina and South Carolina.

Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission on February 26, 2021.

Use of Estimates: The preparation of financial statements in conformity with GAAP 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, and such differences may be material.

Impact of Recently-Issued Accounting Standards and Pronouncements:

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 842): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides temporary, optional guidance to ease the potential burden in accounting for reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met that reference LIBOR or another reference rate expected to be discontinued. As the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect only from March 12, 2020 through December 31, 2022. The Company has established a LIBOR Transition Committee and is currently evaluating the impact of adopting ASU 2020-04 on the Company’s financial statements.

Subsequent Events:

On October 1, 2021, the Company redeemed at par $15,000 of 6.50% Fixed-to-Floating Rate Subordinated Notes that were assumed as part of the Metropolitan BancGroup, Inc. acquisition in 2017.

On October 27, 2021, the Company prepaid a $150,000 long-term advance from the Federal Home Loan Bank (“FHLB”). The long-term advance featured a floating rate of three-month LIBOR less 50 basis points with a 0% floor that converted to a fixed rate of 1.358% in October 2021. As a result of this early prepayment, the Company incurred penalty charges of $6,123.

On October 27, 2021, the Bank terminated swaps with a total notional amount of $100,000. These swaps hedged forecasted future FHLB borrowings which are no longer forecasted to occur. As a result of the termination the Company recognized a gain of $4,730.

XML

Securities

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Securities

Securities

(In Thousands, Except Number of Securities)

The amortized cost and fair value of securities available for sale were as follows as of the dates presented in the tables below. There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of September 30, 2021 or December 31, 2020.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2021
U.S. Treasury securities	$	3,014	$	10	$	—	$	3,024
Obligations of states and political subdivisions	372,311		9,096		(2,426)		378,981
Residential mortgage backed securities:
Government agency mortgage backed securities	935,233		11,694		(3,689)		943,238
Government agency collateralized mortgage obligations	962,684		1,225		(6,172)		957,737
Commercial mortgage backed securities:
Government agency mortgage backed securities	16,650		515		(1)		17,164
Government agency collateralized mortgage obligations	191,554		1,316		(2,338)		190,532
Other debt securities	51,321		2,646		—		53,967
	$	2,532,767	$	26,502	$	(14,626)	$	2,544,643

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2020
U.S. Treasury securities	$	7,047	$	32	$	—	$	7,079
Obligations of other U.S. Government agencies and corporations	1,003		6		—		1,009
Obligations of states and political subdivisions	291,231		14,015		(45)		305,201
Residential mortgage backed securities:
Government agency mortgage backed securities	581,105		21,564		(23)		602,646
Government agency collateralized mortgage obligations	218,373		1,946		(51)		220,268
Commercial mortgage backed securities:
Government agency mortgage backed securities	29,053		1,235		(1)		30,287
Government agency collateralized mortgage obligations	99,377		2,992		(21)		102,348
Trust preferred securities	12,013		—		(3,001)		9,012
Other debt securities	62,771		2,909		(73)		65,607
	$	1,301,973	$	44,699	$	(3,215)	$	1,343,457

Securities sold were as set forth in the tables below. There were no securities sold during the three months ended September 30, 2020.

	Carrying Value		Net Proceeds		Gain/(Loss)
Three months ended September 30, 2021
Residential mortgage backed securities:
Government agency mortgage backed securities	$	9,232	$	9,739	$	507
Government agency collateralized mortgage obligations	6,736		6,866		130
Other debt securities	4,283		4,410		127
	$	20,251	$	21,015	$	764
Nine months ended September 30, 2021
Obligations of states and political subdivisions	$	47	$	50	$	3
Residential mortgage backed securities:
Government agency mortgage backed securities	145,572		149,474		3,902
Government agency collateralized mortgage obligations	12,362		12,512		150
Trust preferred securities	12,021		9,960		(2,061)
Other debt securities	4,283		4,410		127
	$	174,285	$	176,406	$	2,121

	Carrying Value		Net Proceeds		Gain/(Loss)
Nine months ended September 30, 2020
Obligations of states and political subdivisions	$	2,696	$	2,561	$	(135)
Residential mortgage backed securities:
Government agency mortgage backed securities	6,046		6,212		166
	$	8,742	$	8,773	$	31

Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2021 were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Gross gains on sales of securities available for sale	$	825	$	—	$	4,333	$	166
Gross losses on sales of securities available for sale	(61)		—		(2,212)		(135)
Gains on sales of securities available for sale, net	$	764	$	—	$	2,121	$	31

At September 30, 2021 and December 31, 2020, securities with a carrying value of $536,018 and $582,338, respectively, were pledged to secure government, public and trust deposits. Securities with a carrying value of $21,445 and $32,272 were pledged as collateral for short-term borrowings and derivative instruments at September 30, 2021 and December 31, 2020, respectively.

The amortized cost and fair value of securities at September 30, 2021 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.

	Available for Sale
	Amortized Cost		Fair Value
Due within one year	$	9,229	$	9,334
Due after one year through five years	42,312		44,024
Due after five years through ten years	58,334		61,568
Due after ten years	290,472		293,271
Residential mortgage backed securities:
Government agency mortgage backed securities	935,233		943,238
Government agency collateralized mortgage obligations	962,684		957,737
Commercial mortgage backed securities:
Government agency mortgage backed securities	16,650		17,164
Government agency collateralized mortgage obligations	191,554		190,532
Other debt securities	26,299		27,775
	$	2,532,767	$	2,544,643

The following tables present the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded 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
Available for Sale:
September 30, 2021
Obligations of states and political subdivisions	46	$	145,658	$	(2,338)	3	$	3,884	$	(88)	49	$	149,542	$	(2,426)
Residential mortgage backed securities:
Government agency mortgage backed securities	45	508,398		(3,689)		—	—		—		45	508,398		(3,689)
Government agency collateralized mortgage obligations	33	726,128		(6,172)		—	—		—		33	726,128		(6,172)
Commercial mortgage backed securities:
Government agency mortgage backed securities	17	3,673		(1)		1	439		—		18	4,112		(1)
Government agency collateralized mortgage obligations	2	129,054		(2,303)		1	3,004		(35)		3	132,058		(2,338)
Total	143	$	1,512,911	$	(14,503)	5	$	7,327	$	(123)	148	$	1,520,238	$	(14,626)
December 31, 2020
Obligations of states and political subdivisions	6	$	9,403	$	(45)	—	$	—	$	—	6	$	9,403	$	(45)
Residential mortgage backed securities:
Government agency mortgage backed securities	2	19,755		(23)		—	—		—		2	19,755		(23)
Government agency collateralized mortgage obligations	5	27,143		(51)		—	—		—		5	27,143		(51)
Commercial mortgage backed securities:
Government agency mortgage backed securities	1	1,538		(1)		1	459		—		2	1,997		(1)
Government agency collateralized mortgage obligations	3	14,190		(21)		—	—		—		3	14,190		(21)
Trust preferred securities	—	—		—		2	9,012		(3,001)		2	9,012		(3,001)
Other debt securities	4	3,330		(70)		1	566		(3)		5	3,896		(73)
Total	21	$	75,359	$	(211)	4	$	10,037	$	(3,004)	25	$	85,396	$	(3,215)

The Company evaluates its investment portfolio for impairment related to credit losses on a quarterly basis. 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. 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 before the security’s maturity, the security is impaired and written down to fair value with all losses recognized in earnings.

The Company does not intend to sell any securities in an unrealized loss position that it holds, 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 at maturity. Furthermore, even though a number of these securities have been in a continuous unrealized loss position for a period longer than twelve months, the Company is collecting principal and interest payments from the respective issuers as scheduled. As a result, no allowance for credit losses for securities was needed at September 30, 2021.

XML

Non Purchased Loans

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Non Purchased Loans

Non Purchased Loans

(In Thousands, Except Number of Loans)

For purposes of this Note 3, all references to “loans” mean non purchased loans excluding loans held for sale.

The following is a summary of non purchased loans and leases as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural(1)	$	1,321,569	$	2,360,471
Lease financing	83,496		80,022
Real estate – construction:
Residential	306,537		243,814
Commercial	779,766		583,338
Total real estate – construction	1,086,303		827,152
Real estate – 1-4 family mortgage:
Primary	1,657,195		1,536,181
Home equity	424,860		432,768
Rental/investment	268,609		264,436
Land development	133,732		123,179
Total real estate – 1-4 family mortgage	2,484,396		2,356,564
Real estate – commercial mortgage:
Owner-occupied	1,365,288		1,334,765
Non-owner occupied	2,323,135		2,194,739
Land development	106,475		120,125
Total real estate – commercial mortgage	3,794,898		3,649,629
Installment loans to individuals	109,499		149,862
Gross loans	8,880,161		9,423,700
Unearned income	(4,281)		(4,160)
Loans, net of unearned income	$	8,875,880	$	9,419,540

(1)Includes Paycheck Protection Program (“PPP”) loans of $67,462 and $1,128,703 as of September 30, 2021 and December 31, 2020, respectively.

Past Due and Nonaccrual Loans

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 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 status 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 status 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 status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

The following tables provide an aging of past due accruing and nonaccruing 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
September 30, 2021
Commercial, financial, agricultural	$	1,708	$	395	$	1,313,683	$	1,315,786	$	414	$	2,534	$	2,835	$	5,783	$	1,321,569
Lease financing	—		—		83,485		83,485		—		11		—		11		83,496
Real estate – construction:
Residential	853		—		305,684		306,537		—		—		—		—		306,537
Commercial	—		—		779,766		779,766		—		—		—		—		779,766
Total real estate – construction	853		—		1,085,450		1,086,303		—		—		—		—		1,086,303
Real estate – 1-4 family mortgage:
Primary	5,583		452		1,639,206		1,645,241		981		5,951		5,022		11,954		1,657,195
Home equity	1,225		—		422,897		424,122		61		502		175		738		424,860
Rental/investment	301		22		267,420		267,743		—		383		483		866		268,609
Land development	125		33		133,376		133,534		—		119		79		198		133,732
Total real estate – 1-4 family mortgage	7,234		507		2,462,899		2,470,640		1,042		6,955		5,759		13,756		2,484,396
Real estate – commercial mortgage:
Owner-occupied	609		2		1,360,882		1,361,493		—		1,052		2,743		3,795		1,365,288
Non-owner occupied	167		4		2,317,375		2,317,546		—		13		5,576		5,589		2,323,135
Land development	273		—		106,088		106,361		—		114		—		114		106,475
Total real estate – commercial mortgage	1,049		6		3,784,345		3,785,400		—		1,179		8,319		9,498		3,794,898
Installment loans to individuals	765		—		108,516		109,281		79		34		105		218		109,499
Unearned income	—		—		(4,281)		(4,281)		—		—		—		—		(4,281)
Loans, net of unearned income	$	11,609	$	908	$	8,834,097	$	8,846,614	$	1,535	$	10,713	$	17,018	$	29,266	$	8,875,880

	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, 2020
Commercial, financial, agricultural	$	1,124	$	231	$	2,354,716	$	2,356,071	$	164	$	1,804	$	2,432	$	4,400	$	2,360,471
Lease financing	—		—		79,974		79,974		—		48		—		48		80,022
Real estate – construction:
Residential	—		—		243,317		243,317		—		497		—		497		243,814
Commercial	—		—		583,338		583,338		—		—		—		—		583,338
Total real estate – construction	—		—		826,655		826,655		—		497		—		497		827,152
Real estate – 1-4 family mortgage:
Primary	11,889		1,754		1,513,716		1,527,359		1,865		2,744		4,213		8,822		1,536,181
Home equity	1,152		360		430,702		432,214		66		111		377		554		432,768
Rental/investment	663		210		263,064		263,937		61		194		244		499		264,436
Land development	97		—		123,051		123,148		—		—		31		31		123,179
Total real estate – 1-4 family mortgage	13,801		2,324		2,330,533		2,346,658		1,992		3,049		4,865		9,906		2,356,564
Real estate – commercial mortgage:
Owner-occupied	779		795		1,330,155		1,331,729		—		2,598		438		3,036		1,334,765
Non-owner occupied	922		127		2,191,440		2,192,489		—		2,197		53		2,250		2,194,739
Land development	113		115		119,820		120,048		44		29		4		77		120,125
Total real estate – commercial mortgage	1,814		1,037		3,641,415		3,644,266		44		4,824		495		5,363		3,649,629
Installment loans to individuals	896		191		148,620		149,707		4		117		34		155		149,862
Unearned income	—		—		(4,160)		(4,160)		—		—		—		—		(4,160)
Loans, net of unearned income	$	17,635	$	3,783	$	9,377,753	$	9,399,171	$	2,204	$	10,339	$	7,826	$	20,369	$	9,419,540

Restructured loans 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 no restructured loans contractually 90 days past due or more and still accruing at September 30, 2021 and one restructured loan in the amount of $92 contractually 90 days past due or more and still accruing at September 30, 2020. The outstanding balance of restructured loans on nonaccrual status was $12,411 and $3,703 at September 30, 2021 and September 30, 2020, respectively.

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 which 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.

The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Three months ended September 30, 2021
Commercial, financial, agricultural	1	$	30	$	30
Real estate – 1-4 family mortgage:
Primary	11	1,518		1,538
Total	12	$	1,548	$	1,568
Three months ended September 30, 2020
Commercial, financial, agricultural	1	$	31	$	31
Real estate – 1-4 family mortgage:
Primary	2	201		200
Rental/investment	1	33		32
Total real estate – 1-4 family mortgage	3	234		232
Real estate – commercial mortgage:
Owner-occupied	2	357		357
Non-owner occupied	2	210		210
Total real estate – commercial mortgage	4	567		567
Total	8	$	832	$	830

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Nine months ended September 30, 2021
Commercial, financial, agricultural	7	$	5,258	$	5,258
Real estate – 1-4 family mortgage:
Primary	23	3,321		3,350
Real estate – commercial mortgage:
Non-owner occupied	1	837		810
Total	31	$	9,416	$	9,418
Nine months ended September 30, 2020
Commercial, financial, agricultural	7	$	1,862	$	1,859
Real estate – 1-4 family mortgage:
Primary	17	2,356		2,363
Rental/investment	2	142		142
Total real estate – 1-4 family mortgage	19	2,498		2,505
Real estate – commercial mortgage:
Owner-occupied	3	3,019		2,970
Non-owner occupied	2	210		210
Land development	1	189		189
Total real estate – commercial mortgage	6	3,418		3,369
Installment loans to individuals	2	24		21
Total	34	$	7,802	$	7,754

With respect to loans that were restructured during the nine months ended September 30, 2021, none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the nine months ended September 30, 2020, $64 have subsequently defaulted, and remain outstanding, as of the date of this report.

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

	Number of Loans	Recorded Investment
Totals at January 1, 2021	76	$	11,761
Additional advances or loans with concessions	31	9,441
Reclassified as performing restructured loan	1	35
Reductions due to:
Reclassified as nonperforming	(4)	(370)
Paid in full	(14)	(6,031)
Principal paydowns	—	(645)
Totals at September 30, 2021	90	$	14,191

The allowance for credit losses attributable to restructured loans was $260 and $279 at September 30, 2021 and September 30, 2020, respectively. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2021 and September 30, 2020.

In response to the economic environment caused by the COVID-19 pandemic, the Company implemented a loan deferral program in the second quarter of 2020 to provide temporary payment relief to both consumer and commercial customers. Any customer current on loan payments, taxes and insurance qualified for an initial 90-day deferral of principal and interest payments. A second 90-day deferral was available to borrowers that remained current on taxes and insurance through the first deferral period and also satisfied underwriting standards established by the Company that analyzed the ability of the borrower to service its loan in accordance with its existing terms in light of the impact of the COVID-19 pandemic on the borrower, its industry and the markets in which it operated. The Company’s loan deferral program complied with the guidance set forth in the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and related guidance from the FDIC and other banking regulators. As of September 30, 2021, the Company has discontinued its deferral program but 30 loans with total balances of approximately $3,300 remained on deferral. In accordance with the applicable guidance, none of these loans are considered “restructured loans.”

Credit Quality

For loans with a commercial purpose, 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 within the “Pass” grade (reserved for loans with a risk rating between 1 and 4C) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. The “Special Mention” grade (those with a risk rating of 4E) represents a loan where a significant adverse risk-modifying action is anticipated in the near term and, left uncorrected, could result in deterioration of the credit quality of the loan. Loans that migrate toward the “Substandard” grade (those with a risk rating between 5 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances.

The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	219,635	$	300,742	$	156,654	$	51,385	$	23,011	$	13,120	$	453,330	$	2,846	$	1,220,723
Pass	218,622		300,504		153,728		49,799		22,140		10,419		449,649		2,047		1,206,908
Special Mention	—		143		2,386		290		635		1,251		458		—		5,163
Substandard	1,013		95		540		1,296		236		1,450		3,223		799		8,652
Real Estate - Construction	$	335,332	$	404,063	$	243,552	$	13,876	$	—	$	—	$	6,136	$	5,499	$	1,008,458
Residential	$	187,482	$	32,508	$	—	$	—	$	—	$	—	$	6,136	$	5,499	$	231,625
Pass	187,482		32,508		—		—		—		—		6,136		5,499		231,625
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	147,850	$	371,555	$	243,552	$	13,876	$	—	$	—	$	—	$	—	$	776,833
Pass	147,850		371,555		238,899		13,876		—		—		—		—		772,180
Special Mention	—		—		4,653		—		—		—		—		—		4,653
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	125,762	$	73,169	$	49,283	$	20,751	$	17,571	$	9,480	$	13,409	$	525	$	309,950
Primary	$	7,686	$	6,791	$	2,769	$	3,636	$	3,645	$	747	$	2,901	$	—	$	28,175
Pass	7,686		6,791		2,470		3,636		3,561		731		2,890		—		27,765
Special Mention	—		—		117		—		—		—		—		—		117
Substandard	—		—		182		—		84		16		11		—		293
Home Equity	$	768	$	303	$	—	$	—	$	—	$	—	$	6,300	$	—	$	7,371
Pass	768		303		—		—		—		—		6,300		—		7,371
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Rental/Investment	$	59,238	$	42,994	$	23,169	$	16,598	$	13,706	$	8,251	$	1,017	$	525	$	165,498
Pass	59,218		42,646		22,049		16,466		13,515		7,791		1,017		525		163,227
Special Mention	—		250		—		—		—		74		—		—		324
Substandard	20		98		1,120		132		191		386		—		—		1,947
Land Development	$	58,070	$	23,081	$	23,345	$	517	$	220	$	482	$	3,191	$	—	$	108,906
Pass	58,070		20,687		23,345		517		220		482		3,191		—		106,512
Special Mention	—		2,394		—		—		—		—		—		—		2,394
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - Commercial Mortgage	$	682,955	$	870,341	$	674,008	$	349,402	$	323,092	$	440,289	$	124,028	$	20,904	$	3,485,019
Owner-Occupied	$	197,995	$	283,768	$	206,047	$	154,453	$	129,531	$	136,496	$	51,478	$	9,064	$	1,168,832
Pass	197,206		281,580		204,259		150,300		123,413		127,970		51,039		7,327		1,143,094
Special Mention	—		2,188		248		—		1,806		535		424		1,737		6,938
Substandard	789		—		1,540		4,153		4,312		7,991		15		—		18,800
Non-Owner Occupied	$	458,535	$	566,698	$	457,532	$	189,762	$	190,987	$	300,923	$	66,342	$	11,840	$	2,242,619
Pass	456,834		557,835		448,778		176,525		116,126		287,266		66,273		11,840		2,121,477
Special Mention	1,495		8,863		6,739		13,237		55,167		—		—		—		85,501
Substandard	206		—		2,015		—		19,694		13,657		69		—		35,641
Land Development	$	26,425	$	19,875	$	10,429	$	5,187	$	2,574	$	2,870	$	6,208	$	—	$	73,568
Pass	26,154		17,840		10,429		5,146		2,574		2,870		6,208		—		71,221
Special Mention	271		—		—		—		—		—		—		—		271
Substandard	—		2,035		—		41		—		—		—		—		2,076
Installment loans to individuals	$	—	$	—	$	48	$	—	$	—	$	—	$	—	$	—	$	48
Pass	—		—		48		—		—		—		—		—		48
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	1,363,684	$	1,648,315	$	1,123,545	$	435,414	$	363,674	$	462,889	$	596,903	$	29,774	$	6,024,198
Pass	1,359,890		1,632,249		1,104,005		416,265		281,549		437,529		592,703		27,238		5,851,428
Special Mention	1,766		13,838		14,143		13,527		57,608		1,860		882		1,737		105,361
Substandard	2,028		2,228		5,397		5,622		24,517		23,500		3,318		799		67,409

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	1,448,273	$	183,627	$	76,912	$	36,866	$	18,124	$	15,844	$	255,522	$	2,449	$	2,037,617
Pass	1,447,594		180,979		73,325		31,362		16,308		14,626		250,528		1,562		2,016,284
Special Mention	128		1,952		2,091		3,850		1,416		109		187		—		9,733
Substandard	551		696		1,496		1,654		400		1,109		4,807		887		11,600
Real Estate - Construction	$	398,891	$	266,471	$	52,520	$	29,300	$	—	$	—	$	13,927	$	—	$	761,109
Residential	$	154,649	$	9,836	$	2,114	$	—	$	—	$	—	$	13,923	$	—	$	180,522
Pass	154,419		9,339		2,114		—		—		—		13,923		—		179,795
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	230		497		—		—		—		—		—		—		727
Commercial	$	244,242	$	256,635	$	50,406	$	29,300	$	—	$	—	$	4	$	—	$	580,587

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Pass	244,242		251,937		50,406		29,300		—		—		4		—		575,889
Special Mention	—		4,698		—		—		—		—		—		—		4,698
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	110,246	$	78,482	$	36,613	$	30,018	$	13,197	$	7,172	$	10,658	$	1,909	$	288,295
Primary	$	9,422	$	6,691	$	3,988	$	4,644	$	371	$	1,060	$	629	$	—	$	26,805
Pass	9,422		5,870		3,988		4,644		371		1,045		629		—		25,969
Special Mention	—		125		—		—		—		—		—		—		125
Substandard	—		696		—		—		—		15		—		—		711
Home Equity	$	157	$	184	$	—	$	—	$	—	$	—	$	6,051	$	—	$	6,392
Pass	157		184		—		—		—		—		6,051		—		6,392
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Rental/Investment	$	50,558	$	32,656	$	27,483	$	25,019	$	12,620	$	5,699	$	1,066	$	557	$	155,658
Pass	50,371		31,724		26,695		24,872		12,439		5,166		1,066		557		152,890
Special Mention	—		—		—		83		77		133		—		—		293
Substandard	187		932		788		64		104		400		—		—		2,475
Land Development	$	50,109	$	38,951	$	5,142	$	355	$	206	$	413	$	2,912	$	1,352	$	99,440
Pass	50,109		38,388		5,142		355		203		413		2,912		1,352		98,874
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		563		—		—		3		—		—		—		566
Real Estate - Commercial Mortgage	$	967,746	$	801,083	$	444,205	$	402,110	$	340,774	$	277,789	$	76,115	$	20,845	$	3,330,667
Owner-Occupied	$	295,642	$	256,807	$	199,082	$	169,527	$	99,540	$	85,614	$	16,683	$	9,733	$	1,132,628
Pass	293,851		255,206		193,716		163,358		96,128		83,582		16,043		7,896		1,109,780
Special Mention	1,167		847		—		2,067		228		311		—		1,837		6,457
Substandard	624		754		5,366		4,102		3,184		1,721		640		—		16,391
Non-Owner Occupied	$	635,232	$	522,998	$	237,075	$	229,304	$	236,347	$	189,077	$	52,456	$	11,112	$	2,113,601
Pass	624,289		514,030		237,075		184,673		218,106		175,702		52,456		11,112		2,017,443
Special Mention	9,105		—		—		39,007		4,688		10,788		—		—		63,588
Substandard	1,838		8,968		—		5,624		13,553		2,587		—		—		32,570
Land Development	$	36,872	$	21,278	$	8,048	$	3,279	$	4,887	$	3,098	$	6,976	$	—	$	84,438
Pass	34,719		21,278		6,925		3,210		3,274		3,098		6,976		—		79,480
Special Mention	—		—		1,123		69		46		—		—		—		1,238
Substandard	2,153		—		—		—		1,567		—		—		—		3,720
Installment loans to individuals	$	74	$	4	$	—	$	—	$	—	$	—	$	—	$	16	$	94
Pass	74		4		—		—		—		—		—		16		94
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	2,925,230	$	1,329,667	$	610,250	$	498,294	$	372,095	$	300,805	$	356,222	$	25,219	$	6,417,782
Pass	2,909,247		1,308,939		599,386		441,774		346,829		283,632		350,588		22,495		6,262,890
Special Mention	10,400		7,622		3,214		45,076		6,455		11,341		187		1,837		86,132
Substandard	5,583		13,106		7,650		11,444		18,811		5,832		5,447		887		68,760

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	20,672	$	13,972	$	9,042	$	5,886	$	3,437	$	10,986	$	36,502	$	349	$	100,846
Performing Loans	20,672		13,953		9,042		5,886		3,437		10,986		36,494		349		100,819
Non-Performing Loans	—		19		—		—		—		—		8		—		27
Lease Financing Receivables	$	24,603	$	24,360	$	17,486	$	8,496	$	2,535	$	1,735	$	—	$	—	$	79,215
Performing Loans	24,603		24,360		17,486		8,496		2,533		1,726		—		—		79,204
Non-Performing Loans	—		—		—		—		2		9		—		—		11
Real Estate - Construction	$	43,491	$	31,599	$	2,666	$	—	$	—	$	—	$	89	$	—	$	77,845
Residential	$	41,261	$	30,985	$	2,666	$	—	$	—	$	—	$	—	$	—	$	74,912
Performing Loans	41,261		30,985		2,666		—		—		—		—		—		74,912
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	2,230	$	614	$	—	$	—	$	—	$	—	$	89	$	—	$	2,933
Performing Loans	2,230		614		—		—		—		—		89		—		2,933
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	476,276	$	479,523	$	247,128	$	189,253	$	144,872	$	216,510	$	417,620	$	3,264	$	2,174,446
Primary	$	435,290	$	446,636	$	231,955	$	172,662	$	130,572	$	210,490	$	1,415	$	—	$	1,629,020
Performing Loans	434,913		446,129		229,184		167,927		128,923		208,295		1,415		—		1,616,786
Non-Performing Loans	377		507		2,771		4,735		1,649		2,195		—		—		12,234
Home Equity	$	411	$	—	$	123	$	360	$	—	$	580	$	413,191	$	2,824	$	417,489
Performing Loans	411		—		123		360		—		505		412,695		2,657		416,751
Non-Performing Loans	—		—		—		—		—		75		496		167		738
Rental/Investment	$	29,306	$	25,081	$	13,641	$	13,893	$	13,045	$	5,037	$	2,668	$	440	$	103,111
Performing Loans	29,306		25,081		13,641		13,893		13,042		4,963		2,668		440		103,034
Non-Performing Loans	—		—		—		—		3		74		—		—		77
Land Development	$	11,269	$	7,806	$	1,409	$	2,338	$	1,255	$	403	$	346	$	—	$	24,826
Performing Loans	11,269		7,806		1,376		2,338		1,176		317		346		—		24,628
Non-Performing Loans	—		—		33		—		79		86		—		—		198
Real Estate - Commercial Mortgage	$	74,534	$	68,291	$	57,010	$	41,371	$	35,189	$	23,312	$	9,742	$	430	$	309,879
Owner-Occupied	$	43,335	$	42,497	$	37,434	$	27,126	$	23,562	$	17,031	$	5,182	$	289	$	196,456
Performing Loans	43,335		42,497		36,964		27,126		23,562		17,031		5,181		289		195,985
Non-Performing Loans	—		—		470		—		—		—		1		—		471
Non-Owner Occupied	$	20,903	$	17,143	$	14,725	$	11,041	$	9,657	$	5,015	$	1,891	$	141	$	80,516
Performing Loans	20,903		17,143		14,725		11,041		9,657		4,971		1,888		141		80,469
Non-Performing Loans	—		—		—		—		—		44		3		—		47
Land Development	$	10,296	$	8,651	$	4,851	$	3,204	$	1,970	$	1,266	$	2,669	$	—	$	32,907
Performing Loans	10,296		8,646		4,835		3,204		1,970		1,215		2,669		—		32,835
Non-Performing Loans	—		5		16		—		—		51		—		—		72
Installment loans to individuals	$	37,328	$	21,508	$	26,714	$	8,805	$	2,322	$	2,162	$	10,575	$	37	$	109,451
Performing Loans	37,267		21,503		26,657		8,781		2,294		2,122		10,575		33		109,232
Non-Performing Loans	61		5		57		24		28		40		—		4		219
Total loans not subject to risk rating	$	676,904	$	639,253	$	360,046	$	253,811	$	188,355	$	254,705	$	474,528	$	4,080	$	2,851,682
Performing Loans	676,466		638,717		356,699		249,052		186,594		252,131		474,020		3,909		2,837,588
Non-Performing Loans	438		536		3,347		4,759		1,761		2,574		508		171		14,094

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	33,805	$	16,455	$	10,381	$	6,396	$	2,826	$	7,201	$	245,485	$	305	$	322,854
Performing Loans	33,794		16,343		10,340		6,026		2,748		7,181		245,059		305		321,796
Non-Performing Loans	11		112		41		370		78		20		426		—		1,058
Lease Financing Receivables	$	32,150	$	25,270	$	10,999	$	4,231	$	1,040	$	2,172	$	—	$	—	$	75,862
Performing Loans	32,150		25,270		10,999		4,231		992		2,172		—		—		75,814
Non-Performing Loans	—		—		—		—		48		—		—		—		48
Real Estate - Construction	$	54,918	$	10,334	$	295	$	153	$	—	$	—	$	343	$	—	$	66,043
Residential	$	53,108	$	9,393	$	295	$	153	$	—	$	—	$	343	$	—	$	63,292
Performing Loans	53,108		9,393		295		153		—		—		343		—		63,292
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	1,810	$	941	$	—	$	—	$	—	$	—	$	—	$	—	$	2,751
Performing Loans	1,810		941		—		—		—		—		—		—		2,751
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	517,553	$	344,643	$	261,735	$	196,777	$	105,216	$	212,214	$	426,437	$	3,694	$	2,068,269
Primary	$	470,034	$	321,155	$	239,542	$	176,926	$	92,195	$	207,721	$	1,758	$	45	$	1,509,376
Performing Loans	470,034		318,929		235,816		175,219		91,479		205,530		1,747		45		1,498,799
Non-Performing Loans	—		2,226		3,726		1,707		716		2,191		11		—		10,577
Home Equity	$	—	$	203	$	372	$	—	$	45	$	799	$	421,838	$	3,119	$	426,376
Performing Loans	—		203		372		—		45		684		421,516		2,642		425,462
Non-Performing Loans	—		—		—		—		—		115		322		477		914
Rental/Investment	$	34,079	$	20,499	$	18,319	$	17,758	$	11,907	$	3,356	$	2,330	$	530	$	108,778
Performing Loans	34,079		20,404		18,245		17,595		11,901		3,196		2,330		530		108,280
Non-Performing Loans	—		95		74		163		6		160		—		—		498
Land Development	$	13,440	$	2,786	$	3,502	$	2,093	$	1,069	$	338	$	511	$	—	$	23,739
Performing Loans	13,440		2,786		3,502		2,062		1,069		338		511		—		23,708
Non-Performing Loans	—		—		—		31		—		—		—		—		31
Real Estate - Commercial Mortgage	$	81,953	$	71,063	$	56,193	$	47,013	$	35,801	$	15,679	$	10,772	$	488	$	318,962
Owner-Occupied	$	48,814	$	44,606	$	36,661	$	30,266	$	23,974	$	11,608	$	5,919	$	289	$	202,137
Performing Loans	48,814		44,344		36,349		30,097		23,885		11,216		5,904		289		200,898
Non-Performing Loans	—		262		312		169		89		392		15		—		1,239
Non-Owner Occupied	$	20,483	$	18,585	$	14,544	$	13,821	$	8,068	$	3,491	$	1,999	$	147	$	81,138
Performing Loans	20,483		18,460		14,486		13,821		8,068		3,439		1,999		147		80,903
Non-Performing Loans	—		125		58		—		—		52		—		—		235
Land Development	$	12,656	$	7,872	$	4,988	$	2,926	$	3,759	$	580	$	2,854	$	52	$	35,687
Performing Loans	12,656		7,872		4,988		2,922		3,759		466		2,854		52		35,569
Non-Performing Loans	—		—		—		4		—		114		—		—		118
Installment loans to individuals	$	60,133	$	57,198	$	13,704	$	4,019	$	2,459	$	1,535	$	10,661	$	59	$	149,768
Performing Loans	60,081		57,119		13,611		3,986		2,407		1,535		10,661		21		149,421
Non-Performing Loans	52		79		93		33		52		—		—		38		347
Total loans not subject to risk rating	$	780,512	$	524,963	$	353,307	$	258,589	$	147,342	$	238,801	$	693,698	$	4,546	$	3,001,758
Performing Loans	780,449		522,064		349,003		256,112		146,353		235,757		692,924		4,031		2,986,693
Non-Performing Loans	63		2,899		4,304		2,477		989		3,044		774		515		15,065

Purchased Loans

(In Thousands, Except Number of Loans)

For purposes of this Note 4, all references to “loans” mean purchased loans excluding loans held for sale.

The following is a summary of purchased loans as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural	$	114,450	$	176,513
Real estate – construction:
Residential	1,288		2,859
Commercial	3,705		28,093
Total real estate – construction	4,993		30,952
Real estate – 1-4 family mortgage:
Primary	150,944		214,770
Home equity	56,692		80,392
Rental/investment	22,507		31,928
Land development	10,204		14,654
Total real estate – 1-4 family mortgage	240,347		341,744
Real estate – commercial mortgage:
Owner-occupied	264,939		323,041
Non-owner occupied	456,102		552,728
Land development	19,791		29,454
Total real estate – commercial mortgage	740,832		905,223
Installment loans to individuals	40,322		59,675
Loans	$	1,140,944	$	1,514,107

Past Due and Nonaccrual Loans

The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 3, “Non Purchased Loans.”

The following tables provide an aging of past due accruing and nonaccruing 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
September 30, 2021
Commercial, financial, agricultural	$	183	$	1	$	104,418	$	104,602	$	66	$	1,640	$	8,142	$	9,848	$	114,450
Real estate – construction:
Residential	—		—		1,288		1,288		—		—		—		—		1,288
Commercial	—		—		3,705		3,705		—		—		—		—		3,705
Total real estate – construction	—		—		4,993		4,993		—		—		—		—		4,993
Real estate – 1-4 family mortgage:
Primary	639		—		145,333		145,972		428		2,360		2,184		4,972		150,944
Home equity	490		—		54,899		55,389		—		813		490		1,303		56,692
Rental/investment	148		26		22,231		22,405		—		54		48		102		22,507
Land development	75		—		10,117		10,192		—		—		12		12		10,204
Total real estate – 1-4 family mortgage	1,352		26		232,580		233,958		428		3,227		2,734		6,389		240,347
Real estate – commercial mortgage:
Owner-occupied	624		—		262,380		263,004		—		291		1,644		1,935		264,939
Non-owner occupied	—		—		448,283		448,283		—		—		7,819		7,819		456,102
Land development	167		—		19,372		19,539		—		118		134		252		19,791
Total real estate – commercial mortgage	791		—		730,035		730,826		—		409		9,597		10,006		740,832
Installment loans to individuals	871		47		39,155		40,073		4		23		222		249		40,322
Loans, net of unearned income	$	3,197	$	74	$	1,111,181	$	1,114,452	$	498	$	5,299	$	20,695	$	26,492	$	1,140,944

	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, 2020
Commercial, financial, agricultural	$	818	$	101	$	163,658	$	164,577	$	74	$	2,024	$	9,838	$	11,936	$	176,513
Real estate – construction:
Residential	—		—		2,859		2,859		—		—		—		—		2,859
Commercial	—		—		28,093		28,093		—		—		—		—		28,093
Total real estate – construction	—		—		30,952		30,952		—		—		—		—		30,952
Real estate – 1-4 family mortgage:
Primary	2,394		74		206,635		209,103		687		2,799		2,181		5,667		214,770
Home equity	294		43		78,739		79,076		4		674		638		1,316		80,392
Rental/investment	180		14		30,931		31,125		—		724		79		803		31,928
Land development	109		—		14,231		14,340		—		—		314		314		14,654
Total real estate – 1-4 family mortgage	2,977		131		330,536		333,644		691		4,197		3,212		8,100		341,744
Real estate – commercial mortgage:
Owner-occupied	2,511		—		317,997		320,508		193		447		1,893		2,533		323,041
Non-owner occupied	207		—		544,694		544,901		7,682		—		145		7,827		552,728
Land development	112		—		28,962		29,074		—		164		216		380		29,454
Total real estate – commercial mortgage	2,830		—		891,653		894,483		7,875		611		2,254		10,740		905,223
Installment loans to individuals	2,026		35		57,339		59,400		31		136		108		275		59,675
Loans, net of unearned income	$	8,651	$	267	$	1,474,138	$	1,483,056	$	8,671	$	6,968	$	15,412	$	31,051	$	1,514,107

There was no restructured loans contractually 90 days past due or more and still accruing at September 30, 2021 and one restructured loan in the aggregate amount of $40 contractually 90 days past due or more and still accruing at September 30, 2020. The outstanding balance of restructured loans on nonaccrual status was $17,726 and $7,775 at September 30, 2021 and September 30, 2020, respectively.

Restructured Loans

An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 3, “Non Purchased Loans.”

The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Three months ended September 30, 2021
Real estate – 1-4 family mortgage:
Primary	1	164		164
Three months ended September 30, 2020
Real estate – 1-4 family mortgage:
Primary	2	$	44	$	44
Real estate – commercial mortgage:
Owner-occupied	4	3,104		2,844
Total	6	$	3,148	$	2,888

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Nine months ended September 30, 2021
Commercial, financial, agricultural	1	$	135	$	135
Real estate – 1-4 family mortgage:
Primary	2	1,026		1,026
Total	3	$	1,161	$	1,161
Nine months ended September 30, 2020
Commercial, financial, agricultural	1	$	1,029	$	1,031
Real estate – 1-4 family mortgage:
Primary	4	334		227
Home equity	1	159		162
Total real estate – 1-4 family mortgage	5	493		389
Real estate – commercial mortgage:
Owner-occupied	5	3,173		2,913
Non-owner occupied	1	542		544
Total real estate – commercial mortgage	6	3,715		3,457
Installment loans to individuals	1	25		19
Total	13	$	5,262	$	4,896

With respect to loans that were restructured during the nine months ended September 30, 2021, none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the nine months ended September 30, 2020, $1,101 have subsequently defaulted, and remain outstanding, as of the date of this report.

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

	Number of Loans	Recorded Investment
Totals at January 1, 2021	48	$	8,687
Additional advances or loans with concessions	3	1,411
Reclassified as performing restructured loan	2	115
Reductions due to:
Reclassified to nonperforming loans	(4)	(2,485)
Paid in full	(5)	(1,310)
Charge-offs	(1)	(205)
Principal paydowns	—	(221)
Totals at September 30, 2021	43	$	5,992

The allowance for credit losses attributable to restructured loans was $111 and $491 at September 30, 2021 and September 30, 2020, respectively. The Company had $2 and $539 in remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2021 and September 30, 2020, respectively.

As discussed in Note 3, “Non Purchased Loans,” the Company implemented a loan deferral program in response to the COVID-19 pandemic. As of September 30, 2021, the Company had 11 loans with total balances of approximately $360 remaining on deferral. Under the applicable guidance, none of these loans were considered “restructured loans.”

Credit Quality

A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 3, “Non Purchased Loans.” The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	—	$	—	$	663	$	15,971	$	14,278	$	25,957	$	47,190	$	2,285	$	106,344
Pass	—		—		663		14,210		9,602		18,894		42,695		898		86,962
Special Mention	—		—		—		254		—		—		—		—		254
Substandard	—		—		—		1,507		4,676		7,063		4,495		1,387		19,128
Real Estate - Construction	$	—	$	—	$	—	$	180	$	—	$	4,392	$	—	$	—	$	4,572
Residential	$	—	$	—	$	—	$	180	$	—	$	687	$	—	$	—	$	867
Pass	—		—		—		180		—		687		—		—		867
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	3,705	$	—	$	—	$	3,705
Pass	—		—		—		—		—		3,705		—		—		3,705
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	—	$	11,974	$	4,477	$	26,442	$	930	$	212	$	44,035
Primary	$	—	$	—	$	—	$	4,205	$	2,542	$	12,861	$	—	$	—	$	19,608
Pass	—		—		—		4,205		2,456		9,777		—		—		16,438
Special Mention	—		—		—		—		—		61		—		—		61
Substandard	—		—		—		—		86		3,023		—		—		3,109
Home Equity	$	—	$	—	$	—	$	—	$	—	$	—	$	693	$	212	$	905
Pass	—		—		—		—		—		—		269		—		269
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		424		212		636
Rental/Investment	$	—	$	—	$	—	$	815	$	1,818	$	11,358	$	237	$	—	$	14,228
Pass	—		—		—		815		1,818		10,440		87		—		13,160
Special Mention	—		—		—		—		—		40		—		—		40
Substandard	—		—		—		—		—		878		150		—		1,028
Land Development	$	—	$	—	$	—	$	6,954	$	117	$	2,223	$	—	$	—	$	9,294
Pass	—		—		—		6,954		86		820		—		—		7,860
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		31		1,403		—		—		1,434

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Real Estate - Commercial Mortgage	$	—	$	—	$	—	$	52,761	$	146,704	$	481,098	$	9,224	$	14,371	$	704,158
Owner-Occupied	$	—	$	—	$	—	$	14,063	$	32,268	$	191,688	$	4,763	$	—	$	242,782
Pass	—		—		—		14,063		28,406		168,961		4,754		—		216,184
Special Mention	—		—		—		—		1,568		1,701		—		—		3,269
Substandard	—		—		—		—		2,294		21,026		9		—		23,329
Non-Owner Occupied	$	—	$	—	$	—	$	36,795	$	112,866	$	277,021	$	4,326	$	14,371	$	445,379
Pass	—		—		—		20,420		105,055		236,855		4,326		4,415		371,071
Special Mention	—		—		—		16,367		—		7,949		—		—		24,316
Substandard	—		—		—		8		7,811		32,217		—		9,956		49,992
Land Development	$	—	$	—	$	—	$	1,903	$	1,570	$	12,389	$	135	$	—	$	15,997
Pass	—		—		—		1,903		1,570		6,316		135		—		9,924
Special Mention	—		—		—		—		—		5,197		—		—		5,197
Substandard	—		—		—		—		—		876		—		—		876
Installment loans to individuals	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	—	$	—	$	663	$	80,886	$	165,459	$	537,889	$	57,344	$	16,868	$	859,109
Pass	—		—		663		62,750		148,993		456,455		52,266		5,313		726,440
Special Mention	—		—		—		16,621		1,568		14,948		—		—		33,137
Substandard	—		—		—		1,515		14,898		66,486		5,078		11,555		99,532

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	—	$	711	$	28,242	$	27,222	$	22,377	$	20,759	$	64,563	$	1,788	$	165,662
Pass	—		711		24,211		20,930		17,240		16,880		56,736		409		137,117
Special Mention	—		—		357		97		104		—		—		—		558
Substandard	—		—		3,674		6,195		5,033		3,879		7,827		1,379		27,987
Real Estate - Construction	$	—	$	—	$	10,522	$	9,228	$	10,781	$	—	$	—	$	—	$	30,531
Residential	$	—	$	—	$	1,543	$	211	$	684	$	—	$	—	$	—	$	2,438
Pass	—		—		1,543		211		684		—		—		—		2,438
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	8,979	$	9,017	$	10,097	$	—	$	—	$	—	$	28,093
Pass	—		—		8,979		9,017		10,097		—		—		—		28,093
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	14,022	$	7,126	$	1,112	$	38,747	$	957	$	253	$	62,217
Primary	$	—	$	—	$	6,873	$	3,212	$	595	$	17,223	$	249	$	—	$	28,152
Pass	—		—		5,556		3,212		594		12,665		249		—		22,276
Special Mention	—		—		—		—		—		1,120		—		—		1,120
Substandard	—		—		1,317		—		1		3,438		—		—		4,756
Home Equity	$	—	$	—	$	—	$	—	$	—	$	—	$	697	$	253	$	950
Pass	—		—		—		—		—		—		59		—		59
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		638		253		891
Rental/Investment	$	—	$	—	$	—	$	1,883	$	232	$	18,275	$	9	$	—	$	20,399
Pass	—		—		—		1,883		232		16,139		9		—		18,263
Special Mention	—		—		—		—		—		44		—		—		44
Substandard	—		—		—		—		—		2,092		—		—		2,092
Land Development	$	—	$	—	$	7,149	$	2,031	$	285	$	3,249	$	2	$	—	$	12,716
Pass	—		—		7,149		2,009		285		1,793		2		—		11,238
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		22		—		1,456		—		—		1,478
Real Estate - Commercial Mortgage	$	—	$	—	$	76,557	$	153,960	$	171,487	$	435,073	$	22,631	$	4,688	$	864,396
Owner-Occupied	$	—	$	—	$	15,001	$	32,567	$	61,568	$	181,007	$	9,723	$	2	$	299,868
Pass	—		—		15,001		29,276		43,962		161,790		5,808		—		255,837
Special Mention	—		—		—		—		9,670		—		—		—		9,670
Substandard	—		—		—		3,291		7,936		19,217		3,915		2		34,361
Non-Owner Occupied	$	—	$	—	$	55,962	$	117,592	$	107,004	$	242,249	$	12,720	$	4,686	$	540,213
Pass	—		—		37,002		109,910		83,738		221,423		6,431		—		458,504
Special Mention	—		—		2,591		—		5,302		2,622		—		—		10,515
Substandard	—		—		16,369		7,682		17,964		18,204		6,289		4,686		71,194
Land Development	$	—	$	—	$	5,594	$	3,801	$	2,915	$	11,817	$	188	$	—	$	24,315
Pass	—		—		5,594		3,801		2,780		4,962		188		—		17,325
Special Mention	—		—		—		—		—		5,438		—		—		5,438
Substandard	—		—		—		—		135		1,417		—		—		1,552
Installment loans to individuals	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	—	$	711	$	129,343	$	197,536	$	205,757	$	494,579	$	88,151	$	6,729	$	1,122,806
Pass	—		711		105,035		180,249		159,612		435,652		69,482		409		951,150
Special Mention	—		—		2,948		97		15,076		9,224		—		—		27,345
Substandard	—		—		21,360		17,190		31,069		49,703		18,669		6,320		144,311

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating by origination date:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	—	$	—	$	—	$	364	$	126	$	2,457	$	4,949	$	210	$	8,106
Performing Loans	—		—		—		364		126		2,457		4,949		210		8,106
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - Construction	$	—	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	421
Residential	$	—	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	421
Performing Loans	—		—		—		421		—		—		—		—		421
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Performing Loans	—		—		—		—		—		—		—		—		—
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	359	$	1,741	$	22,792	$	120,168	$	49,654	$	1,598	$	196,312
Primary	$	—	$	—	$	240	$	1,195	$	20,320	$	109,331	$	164	$	86	$	131,336
Performing Loans	—		—		240		1,085		19,715		105,326		164		21		126,551
Non-Performing Loans	—		—		—		110		605		4,005		—		65		4,785
Home Equity	$	—	$	—	$	—	$	546	$	2,278	$	1,966	$	49,485	$	1,512	$	55,787
Performing Loans	—		—		—		546		2,278		1,890		48,906		1,077		54,697
Non-Performing Loans	—		—		—		—		—		76		579		435		1,090
Rental/Investment	$	—	$	—	$	119	$	—	$	121	$	8,034	$	5	$	—	$	8,279
Performing Loans	—		—		119		—		121		8,034		5		—		8,279
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Land Development	$	—	$	—	$	—	$	—	$	73	$	837	$	—	$	—	$	910
Performing Loans	—		—		—		—		73		837		—		—		910
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - Commercial Mortgage	$	—	$	—	$	328	$	1,400	$	954	$	32,755	$	1,237	$	—	$	36,674
Owner-Occupied	$	—	$	—	$	—	$	860	$	573	$	19,864	$	860	$	—	$	22,157
Performing Loans	—		—		—		860		573		19,848		860		—		22,141
Non-Performing Loans	—		—		—		—		—		16		—		—		16
Non-Owner Occupied	$	—	$	—	$	328	$	391	$	—	$	9,735	$	269	$	—	$	10,723
Performing Loans	—		—		328		391		—		9,735		269		—		10,723
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Land Development	$	—	$	—	$	—	$	149	$	381	$	3,156	$	108	$	—	$	3,794
Performing Loans	—		—		—		149		381		3,156		108		—		3,794
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Installment loans to individuals	$	—	$	—	$	—	$	23,428	$	10,892	$	4,306	$	1,654	$	40	$	40,320
Performing Loans	—		—		—		23,373		10,876		4,101		1,644		30		40,024
Non-Performing Loans	—		—		—		55		16		205		10		10		296
Total loans not subject to risk rating	$	—	$	—	$	687	$	27,354	$	34,764	$	159,686	$	57,494	$	1,848	$	281,833
Performing Loans	—		—		687		27,189		34,143		155,384		56,905		1,338		275,646
Non-Performing Loans	—		—		—		165		621		4,302		589		510		6,187

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	—	$	—	$	445	$	349	$	303	$	2,899	$	6,809	$	46	$	10,851
Performing Loans	—		—		445		349		303		2,899		6,784		46		10,826
Non-Performing Loans	—		—		—		—		—		—		25		—		25
Real Estate - Construction	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	—	$	421
Residential	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	—	$	421
Performing Loans	—		—		421		—		—		—		—		—		421
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Performing Loans	—		—		—		—		—		—		—		—		—
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	371	$	3,082	$	33,674	$	28,169	$	140,689	$	70,870	$	2,672	$	279,527
Primary	$	—	$	248	$	1,953	$	30,078	$	25,956	$	127,642	$	630	$	111	$	186,618
Performing Loans	—		248		1,842		29,321		25,935		122,970		630		25		180,971
Non-Performing Loans	—		—		111		757		21		4,672		—		86		5,647
Home Equity	$	—	$	—	$	742	$	3,324	$	1,668	$	1,027	$	70,120	$	2,561	$	79,442
Performing Loans	—		—		742		3,324		1,668		960		69,518		2,124		78,336
Non-Performing Loans	—		—		—		—		—		67		602		437		1,106
Rental/Investment	$	—	$	123	$	—	$	200	$	193	$	10,893	$	120	$	—	$	11,529
Performing Loans	—		123		—		200		193		10,800		120		—		11,436
Non-Performing Loans	—		—		—		—		—		93		—		—		93
Land Development	$	—	$	—	$	387	$	72	$	352	$	1,127	$	—	$	—	$	1,938
Performing Loans	—		—		387		30		117		1,127		—		—		1,661
Non-Performing Loans	—		—		—		42		235		—		—		—		277
Real Estate - Commercial Mortgage	$	—	$	337	$	597	$	1,063	$	982	$	35,946	$	1,902	$	—	$	40,827
Owner-Occupied	$	—	$	—	$	—	$	625	$	660	$	20,531	$	1,357	$	—	$	23,173
Performing Loans	—		—		—		625		660		20,253		1,357		—		22,895
Non-Performing Loans	—		—		—		—		—		278		—		—		278
Non-Owner Occupied	$	—	$	337	$	443	$	49	$	66	$	11,467	$	153	$	—	$	12,515
Performing Loans	—		337		443		49		66		11,331		153		—		12,379
Non-Performing Loans	—		—		—		—		—		136		—		—		136
Land Development	$	—	$	—	$	154	$	389	$	256	$	3,948	$	392	$	—	$	5,139
Performing Loans	—		—		154		389		256		3,890		392		—		5,081
Non-Performing Loans	—		—		—		—		—		58		—		—		58
Installment loans to individuals	$	—	$	—	$	34,976	$	15,497	$	1,118	$	4,348	$	3,676	$	60	$	59,675
Performing Loans	—		—		34,942		15,405		1,051		4,262		3,676		29		59,365
Non-Performing Loans	—		—		34		92		67		86		—		31		310
Total loans not subject to risk rating	$	—	$	708	$	39,521	$	50,583	$	30,572	$	183,882	$	83,257	$	2,778	$	391,301
Performing Loans	—		708		39,376		49,692		30,249		178,492		82,630		2,224		383,371
Non-Performing Loans	—		—		145		891		323		5,390		627		554		7,930

XML

Purchased Loans

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Purchased Loans

Non Purchased Loans

(In Thousands, Except Number of Loans)

For purposes of this Note 3, all references to “loans” mean non purchased loans excluding loans held for sale.

The following is a summary of non purchased loans and leases as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural(1)	$	1,321,569	$	2,360,471
Lease financing	83,496		80,022
Real estate – construction:
Residential	306,537		243,814
Commercial	779,766		583,338
Total real estate – construction	1,086,303		827,152
Real estate – 1-4 family mortgage:
Primary	1,657,195		1,536,181
Home equity	424,860		432,768
Rental/investment	268,609		264,436
Land development	133,732		123,179
Total real estate – 1-4 family mortgage	2,484,396		2,356,564
Real estate – commercial mortgage:
Owner-occupied	1,365,288		1,334,765
Non-owner occupied	2,323,135		2,194,739
Land development	106,475		120,125
Total real estate – commercial mortgage	3,794,898		3,649,629
Installment loans to individuals	109,499		149,862
Gross loans	8,880,161		9,423,700
Unearned income	(4,281)		(4,160)
Loans, net of unearned income	$	8,875,880	$	9,419,540

(1)Includes Paycheck Protection Program (“PPP”) loans of $67,462 and $1,128,703 as of September 30, 2021 and December 31, 2020, respectively.

Past Due and Nonaccrual Loans

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 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 status 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 status 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 status. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

The following tables provide an aging of past due accruing and nonaccruing 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
September 30, 2021
Commercial, financial, agricultural	$	1,708	$	395	$	1,313,683	$	1,315,786	$	414	$	2,534	$	2,835	$	5,783	$	1,321,569
Lease financing	—		—		83,485		83,485		—		11		—		11		83,496
Real estate – construction:
Residential	853		—		305,684		306,537		—		—		—		—		306,537
Commercial	—		—		779,766		779,766		—		—		—		—		779,766
Total real estate – construction	853		—		1,085,450		1,086,303		—		—		—		—		1,086,303
Real estate – 1-4 family mortgage:
Primary	5,583		452		1,639,206		1,645,241		981		5,951		5,022		11,954		1,657,195
Home equity	1,225		—		422,897		424,122		61		502		175		738		424,860
Rental/investment	301		22		267,420		267,743		—		383		483		866		268,609
Land development	125		33		133,376		133,534		—		119		79		198		133,732
Total real estate – 1-4 family mortgage	7,234		507		2,462,899		2,470,640		1,042		6,955		5,759		13,756		2,484,396
Real estate – commercial mortgage:
Owner-occupied	609		2		1,360,882		1,361,493		—		1,052		2,743		3,795		1,365,288
Non-owner occupied	167		4		2,317,375		2,317,546		—		13		5,576		5,589		2,323,135
Land development	273		—		106,088		106,361		—		114		—		114		106,475
Total real estate – commercial mortgage	1,049		6		3,784,345		3,785,400		—		1,179		8,319		9,498		3,794,898
Installment loans to individuals	765		—		108,516		109,281		79		34		105		218		109,499
Unearned income	—		—		(4,281)		(4,281)		—		—		—		—		(4,281)
Loans, net of unearned income	$	11,609	$	908	$	8,834,097	$	8,846,614	$	1,535	$	10,713	$	17,018	$	29,266	$	8,875,880

	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, 2020
Commercial, financial, agricultural	$	1,124	$	231	$	2,354,716	$	2,356,071	$	164	$	1,804	$	2,432	$	4,400	$	2,360,471
Lease financing	—		—		79,974		79,974		—		48		—		48		80,022
Real estate – construction:
Residential	—		—		243,317		243,317		—		497		—		497		243,814
Commercial	—		—		583,338		583,338		—		—		—		—		583,338
Total real estate – construction	—		—		826,655		826,655		—		497		—		497		827,152
Real estate – 1-4 family mortgage:
Primary	11,889		1,754		1,513,716		1,527,359		1,865		2,744		4,213		8,822		1,536,181
Home equity	1,152		360		430,702		432,214		66		111		377		554		432,768
Rental/investment	663		210		263,064		263,937		61		194		244		499		264,436
Land development	97		—		123,051		123,148		—		—		31		31		123,179
Total real estate – 1-4 family mortgage	13,801		2,324		2,330,533		2,346,658		1,992		3,049		4,865		9,906		2,356,564
Real estate – commercial mortgage:
Owner-occupied	779		795		1,330,155		1,331,729		—		2,598		438		3,036		1,334,765
Non-owner occupied	922		127		2,191,440		2,192,489		—		2,197		53		2,250		2,194,739
Land development	113		115		119,820		120,048		44		29		4		77		120,125
Total real estate – commercial mortgage	1,814		1,037		3,641,415		3,644,266		44		4,824		495		5,363		3,649,629
Installment loans to individuals	896		191		148,620		149,707		4		117		34		155		149,862
Unearned income	—		—		(4,160)		(4,160)		—		—		—		—		(4,160)
Loans, net of unearned income	$	17,635	$	3,783	$	9,377,753	$	9,399,171	$	2,204	$	10,339	$	7,826	$	20,369	$	9,419,540

Restructured loans 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 no restructured loans contractually 90 days past due or more and still accruing at September 30, 2021 and one restructured loan in the amount of $92 contractually 90 days past due or more and still accruing at September 30, 2020. The outstanding balance of restructured loans on nonaccrual status was $12,411 and $3,703 at September 30, 2021 and September 30, 2020, respectively.

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 which 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.

The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Three months ended September 30, 2021
Commercial, financial, agricultural	1	$	30	$	30
Real estate – 1-4 family mortgage:
Primary	11	1,518		1,538
Total	12	$	1,548	$	1,568
Three months ended September 30, 2020
Commercial, financial, agricultural	1	$	31	$	31
Real estate – 1-4 family mortgage:
Primary	2	201		200
Rental/investment	1	33		32
Total real estate – 1-4 family mortgage	3	234		232
Real estate – commercial mortgage:
Owner-occupied	2	357		357
Non-owner occupied	2	210		210
Total real estate – commercial mortgage	4	567		567
Total	8	$	832	$	830

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Nine months ended September 30, 2021
Commercial, financial, agricultural	7	$	5,258	$	5,258
Real estate – 1-4 family mortgage:
Primary	23	3,321		3,350
Real estate – commercial mortgage:
Non-owner occupied	1	837		810
Total	31	$	9,416	$	9,418
Nine months ended September 30, 2020
Commercial, financial, agricultural	7	$	1,862	$	1,859
Real estate – 1-4 family mortgage:
Primary	17	2,356		2,363
Rental/investment	2	142		142
Total real estate – 1-4 family mortgage	19	2,498		2,505
Real estate – commercial mortgage:
Owner-occupied	3	3,019		2,970
Non-owner occupied	2	210		210
Land development	1	189		189
Total real estate – commercial mortgage	6	3,418		3,369
Installment loans to individuals	2	24		21
Total	34	$	7,802	$	7,754

With respect to loans that were restructured during the nine months ended September 30, 2021, none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the nine months ended September 30, 2020, $64 have subsequently defaulted, and remain outstanding, as of the date of this report.

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

	Number of Loans	Recorded Investment
Totals at January 1, 2021	76	$	11,761
Additional advances or loans with concessions	31	9,441
Reclassified as performing restructured loan	1	35
Reductions due to:
Reclassified as nonperforming	(4)	(370)
Paid in full	(14)	(6,031)
Principal paydowns	—	(645)
Totals at September 30, 2021	90	$	14,191

The allowance for credit losses attributable to restructured loans was $260 and $279 at September 30, 2021 and September 30, 2020, respectively. The Company had no remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2021 and September 30, 2020.

In response to the economic environment caused by the COVID-19 pandemic, the Company implemented a loan deferral program in the second quarter of 2020 to provide temporary payment relief to both consumer and commercial customers. Any customer current on loan payments, taxes and insurance qualified for an initial 90-day deferral of principal and interest payments. A second 90-day deferral was available to borrowers that remained current on taxes and insurance through the first deferral period and also satisfied underwriting standards established by the Company that analyzed the ability of the borrower to service its loan in accordance with its existing terms in light of the impact of the COVID-19 pandemic on the borrower, its industry and the markets in which it operated. The Company’s loan deferral program complied with the guidance set forth in the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and related guidance from the FDIC and other banking regulators. As of September 30, 2021, the Company has discontinued its deferral program but 30 loans with total balances of approximately $3,300 remained on deferral. In accordance with the applicable guidance, none of these loans are considered “restructured loans.”

Credit Quality

For loans with a commercial purpose, 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 within the “Pass” grade (reserved for loans with a risk rating between 1 and 4C) generally have a lower risk of loss and therefore a lower risk factor applied to the loan balances. The “Special Mention” grade (those with a risk rating of 4E) represents a loan where a significant adverse risk-modifying action is anticipated in the near term and, left uncorrected, could result in deterioration of the credit quality of the loan. Loans that migrate toward the “Substandard” grade (those with a risk rating between 5 and 9) generally have a higher risk of loss and therefore a higher risk factor applied to those related loan balances.

The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	219,635	$	300,742	$	156,654	$	51,385	$	23,011	$	13,120	$	453,330	$	2,846	$	1,220,723
Pass	218,622		300,504		153,728		49,799		22,140		10,419		449,649		2,047		1,206,908
Special Mention	—		143		2,386		290		635		1,251		458		—		5,163
Substandard	1,013		95		540		1,296		236		1,450		3,223		799		8,652
Real Estate - Construction	$	335,332	$	404,063	$	243,552	$	13,876	$	—	$	—	$	6,136	$	5,499	$	1,008,458
Residential	$	187,482	$	32,508	$	—	$	—	$	—	$	—	$	6,136	$	5,499	$	231,625
Pass	187,482		32,508		—		—		—		—		6,136		5,499		231,625
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	147,850	$	371,555	$	243,552	$	13,876	$	—	$	—	$	—	$	—	$	776,833
Pass	147,850		371,555		238,899		13,876		—		—		—		—		772,180
Special Mention	—		—		4,653		—		—		—		—		—		4,653
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	125,762	$	73,169	$	49,283	$	20,751	$	17,571	$	9,480	$	13,409	$	525	$	309,950
Primary	$	7,686	$	6,791	$	2,769	$	3,636	$	3,645	$	747	$	2,901	$	—	$	28,175
Pass	7,686		6,791		2,470		3,636		3,561		731		2,890		—		27,765
Special Mention	—		—		117		—		—		—		—		—		117
Substandard	—		—		182		—		84		16		11		—		293
Home Equity	$	768	$	303	$	—	$	—	$	—	$	—	$	6,300	$	—	$	7,371
Pass	768		303		—		—		—		—		6,300		—		7,371
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Rental/Investment	$	59,238	$	42,994	$	23,169	$	16,598	$	13,706	$	8,251	$	1,017	$	525	$	165,498
Pass	59,218		42,646		22,049		16,466		13,515		7,791		1,017		525		163,227
Special Mention	—		250		—		—		—		74		—		—		324
Substandard	20		98		1,120		132		191		386		—		—		1,947
Land Development	$	58,070	$	23,081	$	23,345	$	517	$	220	$	482	$	3,191	$	—	$	108,906
Pass	58,070		20,687		23,345		517		220		482		3,191		—		106,512
Special Mention	—		2,394		—		—		—		—		—		—		2,394
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - Commercial Mortgage	$	682,955	$	870,341	$	674,008	$	349,402	$	323,092	$	440,289	$	124,028	$	20,904	$	3,485,019
Owner-Occupied	$	197,995	$	283,768	$	206,047	$	154,453	$	129,531	$	136,496	$	51,478	$	9,064	$	1,168,832
Pass	197,206		281,580		204,259		150,300		123,413		127,970		51,039		7,327		1,143,094
Special Mention	—		2,188		248		—		1,806		535		424		1,737		6,938
Substandard	789		—		1,540		4,153		4,312		7,991		15		—		18,800
Non-Owner Occupied	$	458,535	$	566,698	$	457,532	$	189,762	$	190,987	$	300,923	$	66,342	$	11,840	$	2,242,619
Pass	456,834		557,835		448,778		176,525		116,126		287,266		66,273		11,840		2,121,477
Special Mention	1,495		8,863		6,739		13,237		55,167		—		—		—		85,501
Substandard	206		—		2,015		—		19,694		13,657		69		—		35,641
Land Development	$	26,425	$	19,875	$	10,429	$	5,187	$	2,574	$	2,870	$	6,208	$	—	$	73,568
Pass	26,154		17,840		10,429		5,146		2,574		2,870		6,208		—		71,221
Special Mention	271		—		—		—		—		—		—		—		271
Substandard	—		2,035		—		41		—		—		—		—		2,076
Installment loans to individuals	$	—	$	—	$	48	$	—	$	—	$	—	$	—	$	—	$	48
Pass	—		—		48		—		—		—		—		—		48
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	1,363,684	$	1,648,315	$	1,123,545	$	435,414	$	363,674	$	462,889	$	596,903	$	29,774	$	6,024,198
Pass	1,359,890		1,632,249		1,104,005		416,265		281,549		437,529		592,703		27,238		5,851,428
Special Mention	1,766		13,838		14,143		13,527		57,608		1,860		882		1,737		105,361
Substandard	2,028		2,228		5,397		5,622		24,517		23,500		3,318		799		67,409

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	1,448,273	$	183,627	$	76,912	$	36,866	$	18,124	$	15,844	$	255,522	$	2,449	$	2,037,617
Pass	1,447,594		180,979		73,325		31,362		16,308		14,626		250,528		1,562		2,016,284
Special Mention	128		1,952		2,091		3,850		1,416		109		187		—		9,733
Substandard	551		696		1,496		1,654		400		1,109		4,807		887		11,600
Real Estate - Construction	$	398,891	$	266,471	$	52,520	$	29,300	$	—	$	—	$	13,927	$	—	$	761,109
Residential	$	154,649	$	9,836	$	2,114	$	—	$	—	$	—	$	13,923	$	—	$	180,522
Pass	154,419		9,339		2,114		—		—		—		13,923		—		179,795
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	230		497		—		—		—		—		—		—		727
Commercial	$	244,242	$	256,635	$	50,406	$	29,300	$	—	$	—	$	4	$	—	$	580,587

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Pass	244,242		251,937		50,406		29,300		—		—		4		—		575,889
Special Mention	—		4,698		—		—		—		—		—		—		4,698
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	110,246	$	78,482	$	36,613	$	30,018	$	13,197	$	7,172	$	10,658	$	1,909	$	288,295
Primary	$	9,422	$	6,691	$	3,988	$	4,644	$	371	$	1,060	$	629	$	—	$	26,805
Pass	9,422		5,870		3,988		4,644		371		1,045		629		—		25,969
Special Mention	—		125		—		—		—		—		—		—		125
Substandard	—		696		—		—		—		15		—		—		711
Home Equity	$	157	$	184	$	—	$	—	$	—	$	—	$	6,051	$	—	$	6,392
Pass	157		184		—		—		—		—		6,051		—		6,392
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Rental/Investment	$	50,558	$	32,656	$	27,483	$	25,019	$	12,620	$	5,699	$	1,066	$	557	$	155,658
Pass	50,371		31,724		26,695		24,872		12,439		5,166		1,066		557		152,890
Special Mention	—		—		—		83		77		133		—		—		293
Substandard	187		932		788		64		104		400		—		—		2,475
Land Development	$	50,109	$	38,951	$	5,142	$	355	$	206	$	413	$	2,912	$	1,352	$	99,440
Pass	50,109		38,388		5,142		355		203		413		2,912		1,352		98,874
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		563		—		—		3		—		—		—		566
Real Estate - Commercial Mortgage	$	967,746	$	801,083	$	444,205	$	402,110	$	340,774	$	277,789	$	76,115	$	20,845	$	3,330,667
Owner-Occupied	$	295,642	$	256,807	$	199,082	$	169,527	$	99,540	$	85,614	$	16,683	$	9,733	$	1,132,628
Pass	293,851		255,206		193,716		163,358		96,128		83,582		16,043		7,896		1,109,780
Special Mention	1,167		847		—		2,067		228		311		—		1,837		6,457
Substandard	624		754		5,366		4,102		3,184		1,721		640		—		16,391
Non-Owner Occupied	$	635,232	$	522,998	$	237,075	$	229,304	$	236,347	$	189,077	$	52,456	$	11,112	$	2,113,601
Pass	624,289		514,030		237,075		184,673		218,106		175,702		52,456		11,112		2,017,443
Special Mention	9,105		—		—		39,007		4,688		10,788		—		—		63,588
Substandard	1,838		8,968		—		5,624		13,553		2,587		—		—		32,570
Land Development	$	36,872	$	21,278	$	8,048	$	3,279	$	4,887	$	3,098	$	6,976	$	—	$	84,438
Pass	34,719		21,278		6,925		3,210		3,274		3,098		6,976		—		79,480
Special Mention	—		—		1,123		69		46		—		—		—		1,238
Substandard	2,153		—		—		—		1,567		—		—		—		3,720
Installment loans to individuals	$	74	$	4	$	—	$	—	$	—	$	—	$	—	$	16	$	94
Pass	74		4		—		—		—		—		—		16		94
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	2,925,230	$	1,329,667	$	610,250	$	498,294	$	372,095	$	300,805	$	356,222	$	25,219	$	6,417,782
Pass	2,909,247		1,308,939		599,386		441,774		346,829		283,632		350,588		22,495		6,262,890
Special Mention	10,400		7,622		3,214		45,076		6,455		11,341		187		1,837		86,132
Substandard	5,583		13,106		7,650		11,444		18,811		5,832		5,447		887		68,760

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	20,672	$	13,972	$	9,042	$	5,886	$	3,437	$	10,986	$	36,502	$	349	$	100,846
Performing Loans	20,672		13,953		9,042		5,886		3,437		10,986		36,494		349		100,819
Non-Performing Loans	—		19		—		—		—		—		8		—		27
Lease Financing Receivables	$	24,603	$	24,360	$	17,486	$	8,496	$	2,535	$	1,735	$	—	$	—	$	79,215
Performing Loans	24,603		24,360		17,486		8,496		2,533		1,726		—		—		79,204
Non-Performing Loans	—		—		—		—		2		9		—		—		11
Real Estate - Construction	$	43,491	$	31,599	$	2,666	$	—	$	—	$	—	$	89	$	—	$	77,845
Residential	$	41,261	$	30,985	$	2,666	$	—	$	—	$	—	$	—	$	—	$	74,912
Performing Loans	41,261		30,985		2,666		—		—		—		—		—		74,912
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	2,230	$	614	$	—	$	—	$	—	$	—	$	89	$	—	$	2,933
Performing Loans	2,230		614		—		—		—		—		89		—		2,933
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	476,276	$	479,523	$	247,128	$	189,253	$	144,872	$	216,510	$	417,620	$	3,264	$	2,174,446
Primary	$	435,290	$	446,636	$	231,955	$	172,662	$	130,572	$	210,490	$	1,415	$	—	$	1,629,020
Performing Loans	434,913		446,129		229,184		167,927		128,923		208,295		1,415		—		1,616,786
Non-Performing Loans	377		507		2,771		4,735		1,649		2,195		—		—		12,234
Home Equity	$	411	$	—	$	123	$	360	$	—	$	580	$	413,191	$	2,824	$	417,489
Performing Loans	411		—		123		360		—		505		412,695		2,657		416,751
Non-Performing Loans	—		—		—		—		—		75		496		167		738
Rental/Investment	$	29,306	$	25,081	$	13,641	$	13,893	$	13,045	$	5,037	$	2,668	$	440	$	103,111
Performing Loans	29,306		25,081		13,641		13,893		13,042		4,963		2,668		440		103,034
Non-Performing Loans	—		—		—		—		3		74		—		—		77
Land Development	$	11,269	$	7,806	$	1,409	$	2,338	$	1,255	$	403	$	346	$	—	$	24,826
Performing Loans	11,269		7,806		1,376		2,338		1,176		317		346		—		24,628
Non-Performing Loans	—		—		33		—		79		86		—		—		198
Real Estate - Commercial Mortgage	$	74,534	$	68,291	$	57,010	$	41,371	$	35,189	$	23,312	$	9,742	$	430	$	309,879
Owner-Occupied	$	43,335	$	42,497	$	37,434	$	27,126	$	23,562	$	17,031	$	5,182	$	289	$	196,456
Performing Loans	43,335		42,497		36,964		27,126		23,562		17,031		5,181		289		195,985
Non-Performing Loans	—		—		470		—		—		—		1		—		471
Non-Owner Occupied	$	20,903	$	17,143	$	14,725	$	11,041	$	9,657	$	5,015	$	1,891	$	141	$	80,516
Performing Loans	20,903		17,143		14,725		11,041		9,657		4,971		1,888		141		80,469
Non-Performing Loans	—		—		—		—		—		44		3		—		47
Land Development	$	10,296	$	8,651	$	4,851	$	3,204	$	1,970	$	1,266	$	2,669	$	—	$	32,907
Performing Loans	10,296		8,646		4,835		3,204		1,970		1,215		2,669		—		32,835
Non-Performing Loans	—		5		16		—		—		51		—		—		72
Installment loans to individuals	$	37,328	$	21,508	$	26,714	$	8,805	$	2,322	$	2,162	$	10,575	$	37	$	109,451
Performing Loans	37,267		21,503		26,657		8,781		2,294		2,122		10,575		33		109,232
Non-Performing Loans	61		5		57		24		28		40		—		4		219
Total loans not subject to risk rating	$	676,904	$	639,253	$	360,046	$	253,811	$	188,355	$	254,705	$	474,528	$	4,080	$	2,851,682
Performing Loans	676,466		638,717		356,699		249,052		186,594		252,131		474,020		3,909		2,837,588
Non-Performing Loans	438		536		3,347		4,759		1,761		2,574		508		171		14,094

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	33,805	$	16,455	$	10,381	$	6,396	$	2,826	$	7,201	$	245,485	$	305	$	322,854
Performing Loans	33,794		16,343		10,340		6,026		2,748		7,181		245,059		305		321,796
Non-Performing Loans	11		112		41		370		78		20		426		—		1,058
Lease Financing Receivables	$	32,150	$	25,270	$	10,999	$	4,231	$	1,040	$	2,172	$	—	$	—	$	75,862
Performing Loans	32,150		25,270		10,999		4,231		992		2,172		—		—		75,814
Non-Performing Loans	—		—		—		—		48		—		—		—		48
Real Estate - Construction	$	54,918	$	10,334	$	295	$	153	$	—	$	—	$	343	$	—	$	66,043
Residential	$	53,108	$	9,393	$	295	$	153	$	—	$	—	$	343	$	—	$	63,292
Performing Loans	53,108		9,393		295		153		—		—		343		—		63,292
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	1,810	$	941	$	—	$	—	$	—	$	—	$	—	$	—	$	2,751
Performing Loans	1,810		941		—		—		—		—		—		—		2,751
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	517,553	$	344,643	$	261,735	$	196,777	$	105,216	$	212,214	$	426,437	$	3,694	$	2,068,269
Primary	$	470,034	$	321,155	$	239,542	$	176,926	$	92,195	$	207,721	$	1,758	$	45	$	1,509,376
Performing Loans	470,034		318,929		235,816		175,219		91,479		205,530		1,747		45		1,498,799
Non-Performing Loans	—		2,226		3,726		1,707		716		2,191		11		—		10,577
Home Equity	$	—	$	203	$	372	$	—	$	45	$	799	$	421,838	$	3,119	$	426,376
Performing Loans	—		203		372		—		45		684		421,516		2,642		425,462
Non-Performing Loans	—		—		—		—		—		115		322		477		914
Rental/Investment	$	34,079	$	20,499	$	18,319	$	17,758	$	11,907	$	3,356	$	2,330	$	530	$	108,778
Performing Loans	34,079		20,404		18,245		17,595		11,901		3,196		2,330		530		108,280
Non-Performing Loans	—		95		74		163		6		160		—		—		498
Land Development	$	13,440	$	2,786	$	3,502	$	2,093	$	1,069	$	338	$	511	$	—	$	23,739
Performing Loans	13,440		2,786		3,502		2,062		1,069		338		511		—		23,708
Non-Performing Loans	—		—		—		31		—		—		—		—		31
Real Estate - Commercial Mortgage	$	81,953	$	71,063	$	56,193	$	47,013	$	35,801	$	15,679	$	10,772	$	488	$	318,962
Owner-Occupied	$	48,814	$	44,606	$	36,661	$	30,266	$	23,974	$	11,608	$	5,919	$	289	$	202,137
Performing Loans	48,814		44,344		36,349		30,097		23,885		11,216		5,904		289		200,898
Non-Performing Loans	—		262		312		169		89		392		15		—		1,239
Non-Owner Occupied	$	20,483	$	18,585	$	14,544	$	13,821	$	8,068	$	3,491	$	1,999	$	147	$	81,138
Performing Loans	20,483		18,460		14,486		13,821		8,068		3,439		1,999		147		80,903
Non-Performing Loans	—		125		58		—		—		52		—		—		235
Land Development	$	12,656	$	7,872	$	4,988	$	2,926	$	3,759	$	580	$	2,854	$	52	$	35,687
Performing Loans	12,656		7,872		4,988		2,922		3,759		466		2,854		52		35,569
Non-Performing Loans	—		—		—		4		—		114		—		—		118
Installment loans to individuals	$	60,133	$	57,198	$	13,704	$	4,019	$	2,459	$	1,535	$	10,661	$	59	$	149,768
Performing Loans	60,081		57,119		13,611		3,986		2,407		1,535		10,661		21		149,421
Non-Performing Loans	52		79		93		33		52		—		—		38		347
Total loans not subject to risk rating	$	780,512	$	524,963	$	353,307	$	258,589	$	147,342	$	238,801	$	693,698	$	4,546	$	3,001,758
Performing Loans	780,449		522,064		349,003		256,112		146,353		235,757		692,924		4,031		2,986,693
Non-Performing Loans	63		2,899		4,304		2,477		989		3,044		774		515		15,065

Purchased Loans

(In Thousands, Except Number of Loans)

For purposes of this Note 4, all references to “loans” mean purchased loans excluding loans held for sale.

The following is a summary of purchased loans as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural	$	114,450	$	176,513
Real estate – construction:
Residential	1,288		2,859
Commercial	3,705		28,093
Total real estate – construction	4,993		30,952
Real estate – 1-4 family mortgage:
Primary	150,944		214,770
Home equity	56,692		80,392
Rental/investment	22,507		31,928
Land development	10,204		14,654
Total real estate – 1-4 family mortgage	240,347		341,744
Real estate – commercial mortgage:
Owner-occupied	264,939		323,041
Non-owner occupied	456,102		552,728
Land development	19,791		29,454
Total real estate – commercial mortgage	740,832		905,223
Installment loans to individuals	40,322		59,675
Loans	$	1,140,944	$	1,514,107

Past Due and Nonaccrual Loans

The Company’s policies with respect to placing loans on nonaccrual status or charging off loans, and its accounting for interest on any such loans, are described above in Note 3, “Non Purchased Loans.”

The following tables provide an aging of past due accruing and nonaccruing 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
September 30, 2021
Commercial, financial, agricultural	$	183	$	1	$	104,418	$	104,602	$	66	$	1,640	$	8,142	$	9,848	$	114,450
Real estate – construction:
Residential	—		—		1,288		1,288		—		—		—		—		1,288
Commercial	—		—		3,705		3,705		—		—		—		—		3,705
Total real estate – construction	—		—		4,993		4,993		—		—		—		—		4,993
Real estate – 1-4 family mortgage:
Primary	639		—		145,333		145,972		428		2,360		2,184		4,972		150,944
Home equity	490		—		54,899		55,389		—		813		490		1,303		56,692
Rental/investment	148		26		22,231		22,405		—		54		48		102		22,507
Land development	75		—		10,117		10,192		—		—		12		12		10,204
Total real estate – 1-4 family mortgage	1,352		26		232,580		233,958		428		3,227		2,734		6,389		240,347
Real estate – commercial mortgage:
Owner-occupied	624		—		262,380		263,004		—		291		1,644		1,935		264,939
Non-owner occupied	—		—		448,283		448,283		—		—		7,819		7,819		456,102
Land development	167		—		19,372		19,539		—		118		134		252		19,791
Total real estate – commercial mortgage	791		—		730,035		730,826		—		409		9,597		10,006		740,832
Installment loans to individuals	871		47		39,155		40,073		4		23		222		249		40,322
Loans, net of unearned income	$	3,197	$	74	$	1,111,181	$	1,114,452	$	498	$	5,299	$	20,695	$	26,492	$	1,140,944

	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, 2020
Commercial, financial, agricultural	$	818	$	101	$	163,658	$	164,577	$	74	$	2,024	$	9,838	$	11,936	$	176,513
Real estate – construction:
Residential	—		—		2,859		2,859		—		—		—		—		2,859
Commercial	—		—		28,093		28,093		—		—		—		—		28,093
Total real estate – construction	—		—		30,952		30,952		—		—		—		—		30,952
Real estate – 1-4 family mortgage:
Primary	2,394		74		206,635		209,103		687		2,799		2,181		5,667		214,770
Home equity	294		43		78,739		79,076		4		674		638		1,316		80,392
Rental/investment	180		14		30,931		31,125		—		724		79		803		31,928
Land development	109		—		14,231		14,340		—		—		314		314		14,654
Total real estate – 1-4 family mortgage	2,977		131		330,536		333,644		691		4,197		3,212		8,100		341,744
Real estate – commercial mortgage:
Owner-occupied	2,511		—		317,997		320,508		193		447		1,893		2,533		323,041
Non-owner occupied	207		—		544,694		544,901		7,682		—		145		7,827		552,728
Land development	112		—		28,962		29,074		—		164		216		380		29,454
Total real estate – commercial mortgage	2,830		—		891,653		894,483		7,875		611		2,254		10,740		905,223
Installment loans to individuals	2,026		35		57,339		59,400		31		136		108		275		59,675
Loans, net of unearned income	$	8,651	$	267	$	1,474,138	$	1,483,056	$	8,671	$	6,968	$	15,412	$	31,051	$	1,514,107

There was no restructured loans contractually 90 days past due or more and still accruing at September 30, 2021 and one restructured loan in the aggregate amount of $40 contractually 90 days past due or more and still accruing at September 30, 2020. The outstanding balance of restructured loans on nonaccrual status was $17,726 and $7,775 at September 30, 2021 and September 30, 2020, respectively.

Restructured Loans

An explanation of what constitutes a “restructured loan,” and management’s analysis in determining whether to restructure a loan, are described above in Note 3, “Non Purchased Loans.”

The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Three months ended September 30, 2021
Real estate – 1-4 family mortgage:
Primary	1	164		164
Three months ended September 30, 2020
Real estate – 1-4 family mortgage:
Primary	2	$	44	$	44
Real estate – commercial mortgage:
Owner-occupied	4	3,104		2,844
Total	6	$	3,148	$	2,888

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Nine months ended September 30, 2021
Commercial, financial, agricultural	1	$	135	$	135
Real estate – 1-4 family mortgage:
Primary	2	1,026		1,026
Total	3	$	1,161	$	1,161
Nine months ended September 30, 2020
Commercial, financial, agricultural	1	$	1,029	$	1,031
Real estate – 1-4 family mortgage:
Primary	4	334		227
Home equity	1	159		162
Total real estate – 1-4 family mortgage	5	493		389
Real estate – commercial mortgage:
Owner-occupied	5	3,173		2,913
Non-owner occupied	1	542		544
Total real estate – commercial mortgage	6	3,715		3,457
Installment loans to individuals	1	25		19
Total	13	$	5,262	$	4,896

With respect to loans that were restructured during the nine months ended September 30, 2021, none have subsequently defaulted as of the date of this report. With respect to loans that were restructured during the nine months ended September 30, 2020, $1,101 have subsequently defaulted, and remain outstanding, as of the date of this report.

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

	Number of Loans	Recorded Investment
Totals at January 1, 2021	48	$	8,687
Additional advances or loans with concessions	3	1,411
Reclassified as performing restructured loan	2	115
Reductions due to:
Reclassified to nonperforming loans	(4)	(2,485)
Paid in full	(5)	(1,310)
Charge-offs	(1)	(205)
Principal paydowns	—	(221)
Totals at September 30, 2021	43	$	5,992

The allowance for credit losses attributable to restructured loans was $111 and $491 at September 30, 2021 and September 30, 2020, respectively. The Company had $2 and $539 in remaining availability under commitments to lend additional funds on these restructured loans at September 30, 2021 and September 30, 2020, respectively.

As discussed in Note 3, “Non Purchased Loans,” the Company implemented a loan deferral program in response to the COVID-19 pandemic. As of September 30, 2021, the Company had 11 loans with total balances of approximately $360 remaining on deferral. Under the applicable guidance, none of these loans were considered “restructured loans.”

Credit Quality

A discussion of the Company’s policies regarding internal risk-rating of loans is discussed above in Note 3, “Non Purchased Loans.” The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	—	$	—	$	663	$	15,971	$	14,278	$	25,957	$	47,190	$	2,285	$	106,344
Pass	—		—		663		14,210		9,602		18,894		42,695		898		86,962
Special Mention	—		—		—		254		—		—		—		—		254
Substandard	—		—		—		1,507		4,676		7,063		4,495		1,387		19,128
Real Estate - Construction	$	—	$	—	$	—	$	180	$	—	$	4,392	$	—	$	—	$	4,572
Residential	$	—	$	—	$	—	$	180	$	—	$	687	$	—	$	—	$	867
Pass	—		—		—		180		—		687		—		—		867
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	3,705	$	—	$	—	$	3,705
Pass	—		—		—		—		—		3,705		—		—		3,705
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	—	$	11,974	$	4,477	$	26,442	$	930	$	212	$	44,035
Primary	$	—	$	—	$	—	$	4,205	$	2,542	$	12,861	$	—	$	—	$	19,608
Pass	—		—		—		4,205		2,456		9,777		—		—		16,438
Special Mention	—		—		—		—		—		61		—		—		61
Substandard	—		—		—		—		86		3,023		—		—		3,109
Home Equity	$	—	$	—	$	—	$	—	$	—	$	—	$	693	$	212	$	905
Pass	—		—		—		—		—		—		269		—		269
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		424		212		636
Rental/Investment	$	—	$	—	$	—	$	815	$	1,818	$	11,358	$	237	$	—	$	14,228
Pass	—		—		—		815		1,818		10,440		87		—		13,160
Special Mention	—		—		—		—		—		40		—		—		40
Substandard	—		—		—		—		—		878		150		—		1,028
Land Development	$	—	$	—	$	—	$	6,954	$	117	$	2,223	$	—	$	—	$	9,294
Pass	—		—		—		6,954		86		820		—		—		7,860
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		31		1,403		—		—		1,434

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Real Estate - Commercial Mortgage	$	—	$	—	$	—	$	52,761	$	146,704	$	481,098	$	9,224	$	14,371	$	704,158
Owner-Occupied	$	—	$	—	$	—	$	14,063	$	32,268	$	191,688	$	4,763	$	—	$	242,782
Pass	—		—		—		14,063		28,406		168,961		4,754		—		216,184
Special Mention	—		—		—		—		1,568		1,701		—		—		3,269
Substandard	—		—		—		—		2,294		21,026		9		—		23,329
Non-Owner Occupied	$	—	$	—	$	—	$	36,795	$	112,866	$	277,021	$	4,326	$	14,371	$	445,379
Pass	—		—		—		20,420		105,055		236,855		4,326		4,415		371,071
Special Mention	—		—		—		16,367		—		7,949		—		—		24,316
Substandard	—		—		—		8		7,811		32,217		—		9,956		49,992
Land Development	$	—	$	—	$	—	$	1,903	$	1,570	$	12,389	$	135	$	—	$	15,997
Pass	—		—		—		1,903		1,570		6,316		135		—		9,924
Special Mention	—		—		—		—		—		5,197		—		—		5,197
Substandard	—		—		—		—		—		876		—		—		876
Installment loans to individuals	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	—	$	—	$	663	$	80,886	$	165,459	$	537,889	$	57,344	$	16,868	$	859,109
Pass	—		—		663		62,750		148,993		456,455		52,266		5,313		726,440
Special Mention	—		—		—		16,621		1,568		14,948		—		—		33,137
Substandard	—		—		—		1,515		14,898		66,486		5,078		11,555		99,532

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	—	$	711	$	28,242	$	27,222	$	22,377	$	20,759	$	64,563	$	1,788	$	165,662
Pass	—		711		24,211		20,930		17,240		16,880		56,736		409		137,117
Special Mention	—		—		357		97		104		—		—		—		558
Substandard	—		—		3,674		6,195		5,033		3,879		7,827		1,379		27,987
Real Estate - Construction	$	—	$	—	$	10,522	$	9,228	$	10,781	$	—	$	—	$	—	$	30,531
Residential	$	—	$	—	$	1,543	$	211	$	684	$	—	$	—	$	—	$	2,438
Pass	—		—		1,543		211		684		—		—		—		2,438
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	8,979	$	9,017	$	10,097	$	—	$	—	$	—	$	28,093
Pass	—		—		8,979		9,017		10,097		—		—		—		28,093
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	14,022	$	7,126	$	1,112	$	38,747	$	957	$	253	$	62,217
Primary	$	—	$	—	$	6,873	$	3,212	$	595	$	17,223	$	249	$	—	$	28,152
Pass	—		—		5,556		3,212		594		12,665		249		—		22,276
Special Mention	—		—		—		—		—		1,120		—		—		1,120
Substandard	—		—		1,317		—		1		3,438		—		—		4,756
Home Equity	$	—	$	—	$	—	$	—	$	—	$	—	$	697	$	253	$	950
Pass	—		—		—		—		—		—		59		—		59
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		638		253		891
Rental/Investment	$	—	$	—	$	—	$	1,883	$	232	$	18,275	$	9	$	—	$	20,399
Pass	—		—		—		1,883		232		16,139		9		—		18,263
Special Mention	—		—		—		—		—		44		—		—		44
Substandard	—		—		—		—		—		2,092		—		—		2,092
Land Development	$	—	$	—	$	7,149	$	2,031	$	285	$	3,249	$	2	$	—	$	12,716
Pass	—		—		7,149		2,009		285		1,793		2		—		11,238
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		22		—		1,456		—		—		1,478
Real Estate - Commercial Mortgage	$	—	$	—	$	76,557	$	153,960	$	171,487	$	435,073	$	22,631	$	4,688	$	864,396
Owner-Occupied	$	—	$	—	$	15,001	$	32,567	$	61,568	$	181,007	$	9,723	$	2	$	299,868
Pass	—		—		15,001		29,276		43,962		161,790		5,808		—		255,837
Special Mention	—		—		—		—		9,670		—		—		—		9,670
Substandard	—		—		—		3,291		7,936		19,217		3,915		2		34,361
Non-Owner Occupied	$	—	$	—	$	55,962	$	117,592	$	107,004	$	242,249	$	12,720	$	4,686	$	540,213
Pass	—		—		37,002		109,910		83,738		221,423		6,431		—		458,504
Special Mention	—		—		2,591		—		5,302		2,622		—		—		10,515
Substandard	—		—		16,369		7,682		17,964		18,204		6,289		4,686		71,194
Land Development	$	—	$	—	$	5,594	$	3,801	$	2,915	$	11,817	$	188	$	—	$	24,315
Pass	—		—		5,594		3,801		2,780		4,962		188		—		17,325
Special Mention	—		—		—		—		—		5,438		—		—		5,438
Substandard	—		—		—		—		135		1,417		—		—		1,552
Installment loans to individuals	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	—	$	711	$	129,343	$	197,536	$	205,757	$	494,579	$	88,151	$	6,729	$	1,122,806
Pass	—		711		105,035		180,249		159,612		435,652		69,482		409		951,150
Special Mention	—		—		2,948		97		15,076		9,224		—		—		27,345
Substandard	—		—		21,360		17,190		31,069		49,703		18,669		6,320		144,311

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating by origination date:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	—	$	—	$	—	$	364	$	126	$	2,457	$	4,949	$	210	$	8,106
Performing Loans	—		—		—		364		126		2,457		4,949		210		8,106
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - Construction	$	—	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	421
Residential	$	—	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	421
Performing Loans	—		—		—		421		—		—		—		—		421
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Performing Loans	—		—		—		—		—		—		—		—		—
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	359	$	1,741	$	22,792	$	120,168	$	49,654	$	1,598	$	196,312
Primary	$	—	$	—	$	240	$	1,195	$	20,320	$	109,331	$	164	$	86	$	131,336
Performing Loans	—		—		240		1,085		19,715		105,326		164		21		126,551
Non-Performing Loans	—		—		—		110		605		4,005		—		65		4,785
Home Equity	$	—	$	—	$	—	$	546	$	2,278	$	1,966	$	49,485	$	1,512	$	55,787
Performing Loans	—		—		—		546		2,278		1,890		48,906		1,077		54,697
Non-Performing Loans	—		—		—		—		—		76		579		435		1,090
Rental/Investment	$	—	$	—	$	119	$	—	$	121	$	8,034	$	5	$	—	$	8,279
Performing Loans	—		—		119		—		121		8,034		5		—		8,279
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Land Development	$	—	$	—	$	—	$	—	$	73	$	837	$	—	$	—	$	910
Performing Loans	—		—		—		—		73		837		—		—		910
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - Commercial Mortgage	$	—	$	—	$	328	$	1,400	$	954	$	32,755	$	1,237	$	—	$	36,674
Owner-Occupied	$	—	$	—	$	—	$	860	$	573	$	19,864	$	860	$	—	$	22,157
Performing Loans	—		—		—		860		573		19,848		860		—		22,141
Non-Performing Loans	—		—		—		—		—		16		—		—		16
Non-Owner Occupied	$	—	$	—	$	328	$	391	$	—	$	9,735	$	269	$	—	$	10,723
Performing Loans	—		—		328		391		—		9,735		269		—		10,723
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Land Development	$	—	$	—	$	—	$	149	$	381	$	3,156	$	108	$	—	$	3,794
Performing Loans	—		—		—		149		381		3,156		108		—		3,794
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Installment loans to individuals	$	—	$	—	$	—	$	23,428	$	10,892	$	4,306	$	1,654	$	40	$	40,320
Performing Loans	—		—		—		23,373		10,876		4,101		1,644		30		40,024
Non-Performing Loans	—		—		—		55		16		205		10		10		296
Total loans not subject to risk rating	$	—	$	—	$	687	$	27,354	$	34,764	$	159,686	$	57,494	$	1,848	$	281,833
Performing Loans	—		—		687		27,189		34,143		155,384		56,905		1,338		275,646
Non-Performing Loans	—		—		—		165		621		4,302		589		510		6,187

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	—	$	—	$	445	$	349	$	303	$	2,899	$	6,809	$	46	$	10,851
Performing Loans	—		—		445		349		303		2,899		6,784		46		10,826
Non-Performing Loans	—		—		—		—		—		—		25		—		25
Real Estate - Construction	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	—	$	421
Residential	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	—	$	421
Performing Loans	—		—		421		—		—		—		—		—		421
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Performing Loans	—		—		—		—		—		—		—		—		—
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	371	$	3,082	$	33,674	$	28,169	$	140,689	$	70,870	$	2,672	$	279,527
Primary	$	—	$	248	$	1,953	$	30,078	$	25,956	$	127,642	$	630	$	111	$	186,618
Performing Loans	—		248		1,842		29,321		25,935		122,970		630		25		180,971
Non-Performing Loans	—		—		111		757		21		4,672		—		86		5,647
Home Equity	$	—	$	—	$	742	$	3,324	$	1,668	$	1,027	$	70,120	$	2,561	$	79,442
Performing Loans	—		—		742		3,324		1,668		960		69,518		2,124		78,336
Non-Performing Loans	—		—		—		—		—		67		602		437		1,106
Rental/Investment	$	—	$	123	$	—	$	200	$	193	$	10,893	$	120	$	—	$	11,529
Performing Loans	—		123		—		200		193		10,800		120		—		11,436
Non-Performing Loans	—		—		—		—		—		93		—		—		93
Land Development	$	—	$	—	$	387	$	72	$	352	$	1,127	$	—	$	—	$	1,938
Performing Loans	—		—		387		30		117		1,127		—		—		1,661
Non-Performing Loans	—		—		—		42		235		—		—		—		277
Real Estate - Commercial Mortgage	$	—	$	337	$	597	$	1,063	$	982	$	35,946	$	1,902	$	—	$	40,827
Owner-Occupied	$	—	$	—	$	—	$	625	$	660	$	20,531	$	1,357	$	—	$	23,173
Performing Loans	—		—		—		625		660		20,253		1,357		—		22,895
Non-Performing Loans	—		—		—		—		—		278		—		—		278
Non-Owner Occupied	$	—	$	337	$	443	$	49	$	66	$	11,467	$	153	$	—	$	12,515
Performing Loans	—		337		443		49		66		11,331		153		—		12,379
Non-Performing Loans	—		—		—		—		—		136		—		—		136
Land Development	$	—	$	—	$	154	$	389	$	256	$	3,948	$	392	$	—	$	5,139
Performing Loans	—		—		154		389		256		3,890		392		—		5,081
Non-Performing Loans	—		—		—		—		—		58		—		—		58
Installment loans to individuals	$	—	$	—	$	34,976	$	15,497	$	1,118	$	4,348	$	3,676	$	60	$	59,675
Performing Loans	—		—		34,942		15,405		1,051		4,262		3,676		29		59,365
Non-Performing Loans	—		—		34		92		67		86		—		31		310
Total loans not subject to risk rating	$	—	$	708	$	39,521	$	50,583	$	30,572	$	183,882	$	83,257	$	2,778	$	391,301
Performing Loans	—		708		39,376		49,692		30,249		178,492		82,630		2,224		383,371
Non-Performing Loans	—		—		145		891		323		5,390		627		554		7,930

XML

Allowance for Credit Losses

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Allowance for Credit Losses

Allowance for Credit Losses

(In Thousands)

The following is a summary of total non purchased and purchased loans as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural	$	1,436,019	$	2,536,984
Lease financing	83,496		80,022
Real estate – construction:
Residential	307,825		246,673
Commercial	783,471		611,431
Total real estate – construction	1,091,296		858,104
Real estate – 1-4 family mortgage:
Primary	1,808,139		1,750,951
Home equity	481,552		513,160
Rental/investment	291,116		296,364
Land development	143,936		137,833
Total real estate – 1-4 family mortgage	2,724,743		2,698,308
Real estate – commercial mortgage:
Owner-occupied	1,630,227		1,657,806
Non-owner occupied	2,779,237		2,747,467
Land development	126,266		149,579
Total real estate – commercial mortgage	4,535,730		4,554,852
Installment loans to individuals	149,821		209,537
Gross loans	10,021,105		10,937,807
Unearned income	(4,281)		(4,160)
Loans, net of unearned income	10,016,824		10,933,647
Allowance for credit losses on loans	(170,038)		(176,144)
Net loans	$	9,846,786	$	10,757,503

Allowance for Credit Losses on Loans

The allowance for credit losses is an estimate of expected losses inherent within the Company’s loans held for investment portfolio and is maintained at a level believed adequate by management to absorb credit losses inherent in the entire loan portfolio. Management evaluates the adequacy of the allowance for credit losses on a quarterly basis. Expected credit loss inherent in non-cancellable off-balance-sheet credit exposures is accounted for as a separate liability in the Consolidated Balance Sheets. The allowance for credit losses on loans held for investment, as reported in the Company’s Consolidated Balance Sheets, is adjusted by a provision for credit losses, which is reported in earnings, and reduced by net charge-offs. Loan losses are charged against the allowance for credit losses when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses, please refer to the discussion in Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The Company has made an accounting policy election to exclude accrued interest from the measurement of the allowance for credit losses in the Company’s loan portfolio. As of September 30, 2021 and December 31, 2020, the Company had accrued interest receivable for loans of $45,404 and $56,459, respectively, which is recorded in the “Other assets” line item on the Consolidated Balance Sheets. Although the Company made the election to exclude accrued interest from the measurement of the allowance for credit losses, the Company did have an allowance for credit losses on interest deferred as part of the loan deferral program of $1,356 and $1,500, respectively, as of September 30, 2021 and December 31, 2020. The decrease in the balance during the first nine months of 2021 is due to the charge-off of deferred interest balances.

The following tables provide a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology for the periods presented:

	Commercial		Real Estate - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Lease Financing		Installment Loans to Individuals		Total
Three Months Ended September 30, 2021
Allowance for credit losses:
Beginning balance	$	36,994	$	15,729	$	31,303	$	74,893	$	1,511	$	11,924	$	172,354
Charge-offs	(1,225)		—		(276)		(184)		(13)		(1,281)		(2,979)
Recoveries	418		—		193		190		11		1,051		1,863
Net (charge-offs) recoveries	(807)		—		(83)		6		(2)		(230)		(1,116)
(Recovery of) provision for credit losses on loans	(1,210)		440		961		(1,004)		61		(448)		(1,200)
Ending balance	$	34,977	$	16,169	$	32,181	$	73,895	$	1,570	$	11,246	$	170,038
Nine Months Ended September 30, 2021
Allowance for credit losses:
Beginning balance	$	39,031	$	16,047	$	32,165	$	76,127	$	1,624	$	11,150	$	176,144
Charge-offs	(5,907)		(52)		(529)		(416)		(13)		(4,286)		(11,203)
Recoveries	940		13		855		504		36		3,949		6,297
Net (charge-offs) recoveries	(4,967)		(39)		326		88		23		(337)		(4,906)
(Recovery of) provision for credit losses on loans	913		161		(310)		(2,320)		(77)		433		(1,200)
Ending balance	$	34,977	$	16,169	$	32,181	$	73,895	$	1,570	$	11,246	$	170,038
Period-End Amount Allocated to:
Individually evaluated	$	9,717	$	—	$	206	$	5,968	$	—	$	607	$	16,498
Collectively evaluated	25,260		16,169		31,975		67,927		1,570		10,639		153,540
Ending balance	$	34,977	$	16,169	$	32,181	$	73,895	$	1,570	$	11,246	$	170,038
Loans:
Individually evaluated	$	15,193	$	—	$	5,311	$	19,120	$	—	$	617	$	40,241
Collectively evaluated	1,420,826		1,091,296		2,719,432		4,516,610		79,215		149,204		9,976,583
Ending balance	$	1,436,019	$	1,091,296	$	2,724,743	$	4,535,730	$	79,215	$	149,821	$	10,016,824
Nonaccruing loans with no allowance for credit losses	$	2,658	$	—	$	3,039	$	2,865	$	—	$	10	$	8,572

	Commercial		Real Estate - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Lease Financing		Installment Loans to Individuals		Total
Three Months Ended September 30, 2020
Allowance for credit losses:
Beginning balance	$	30,685	$	12,538	$	29,401	$	60,061	$	1,812	$	10,890	$	145,387
Charge-offs	(420)		(136)		(720)		(553)		(168)		(1,579)		(3,576)
Recoveries	698		31		152		711		1		1,594		3,187
Net (charge-offs) recoveries	278		(105)		(568)		158		(167)		15		(389)
Provision for credit losses on loans	7,232		1,386		3,872		10,363		187		60		23,100
Ending balance	$	38,195	$	13,819	$	32,705	$	70,582	$	1,832	$	10,965	$	168,098
Nine Months Ended September 30, 2020
Allowance for credit losses:
Beginning balance	$	10,658	$	5,029	$	9,814	$	24,990	$	910	$	761	$	52,162
Impact of the adoption of ASC 326	11,351		3,505		14,314		4,293		521		8,500		42,484
Charge-offs	(1,969)		(668)		(1,083)		(2,600)		(168)		(6,003)		(12,491)
Recoveries	996		31		288		2,451		11		5,816		9,593
Net (charge-offs) recoveries	(973)		(637)		(795)		(149)		(157)		(187)		(2,898)
Provision for credit losses on loans	17,159		5,922		9,372		41,448		558		1,891		76,350
Ending balance	$	38,195	$	13,819	$	32,705	$	70,582	$	1,832	$	10,965	$	168,098
Period-End Amount Allocated to:
Individually evaluated	$	10,211	$	—	$	275	$	380	$	—	$	270	$	11,136
Collectively evaluated	27,984		13,819		32,430		70,202		1,832		10,695		156,962
Ending balance	$	38,195	$	13,819	$	32,705	$	70,582	$	1,832	$	10,965	$	168,098
Loans:
Individually evaluated	$	17,670	$	—	$	4,718	$	6,596	$	—	$	618	$	29,602
Collectively evaluated	2,630,392		773,119		2,755,676		4,570,413		82,928		242,608		11,055,136
Ending balance	$	2,648,062	$	773,119	$	2,760,394	$	4,577,009	$	82,928	$	243,226	$	11,084,738
Nonaccruing loans with no allowance for credit losses	$	589	$	—	$	4,147	$	3,644	$	—	$	—	$	8,380

The Company recorded a negative provision (recovery) for credit losses of $1,200 during the third quarter and first nine months of 2021, as compared to a provision for credit losses on loans of $23,100 in the third quarter of 2020 and $76,350 in the first nine months of 2020. The Company’s allowance for credit loss model considers economic projections, primarily the national unemployment rate and GDP, over a reasonable and supportable period of two years. Based on the continual improvements in these forecasts over the last few quarters, the Company’s allowance model indicated that a release of the allowance for credit losses was appropriate during the third quarter of 2021.

Allowance for Credit Losses on Unfunded Loan Commitments

The Company maintains a separate allowance for credit losses on unfunded loan commitments, which is included in the “Other liabilities” line item on the Consolidated Balance Sheets. For more information about the Company’s policies and procedures for determining the amount of the allowance for credit losses on unfunded loan commitments, please refer to the discussion in

Note 1, “Significant Accounting Policies,” in the Notes to the Consolidated Financial Statements in Item 8, Financial Statements and Supplementary Data, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The following tables provide a roll-forward of the allowance for credit losses on unfunded loan commitments for the periods presented.

Three Months Ended September 30,	2021		2020
Allowance for credit losses on unfunded loan commitments:
Beginning balance	$	20,535	$	17,335
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense)	(200)		2,700
Ending balance	$	20,335	$	20,035
Nine Months Ended September 30,	2021		2020
Allowance for credit losses on unfunded loan commitments:
Beginning balance	$	20,535	$	946
Impact of the adoption of ASC 326	—		10,389
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense)	(200)		8,700
Ending balance	$	20,335	$	20,035

XML

Other Real Estate Owned

9 Months Ended

Sep. 30, 2021

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
September 30, 2021
Residential real estate	$	127	$	376	$	503
Commercial real estate	858		1,813		2,671
Residential land development	311		4		315
Commercial land development	1,157		59		1,216
Total	$	2,453	$	2,252	$	4,705
December 31, 2020
Residential real estate	$	72	$	107	$	179
Commercial real estate	1,741		924		2,665
Residential land development	337		676		1,013
Commercial land development	1,777		338		2,115
Total	$	3,927	$	2,045	$	5,972

Changes in the Company’s purchased and non purchased OREO were as follows:

	Purchased OREO		Non Purchased OREO		Total OREO
Balance at January 1, 2021	$	3,927	$	2,045	$	5,972
Transfers of loans	1,047		2,124		3,171
Impairments	(220)		(70)		(290)
Dispositions	(2,171)		(1,836)		(4,007)
Other	(130)		(11)		(141)
Balance at September 30, 2021	$	2,453	$	2,252	$	4,705

At September 30, 2021 and December 31, 2020, the amortized cost of loans secured by Real Estate - 1-4 Family Mortgage in the process of foreclosure was $1,220 and $1,308, respectively.

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Repairs and maintenance	$	17	$	64	$	60	$	234
Property taxes and insurance	6		35		54		186
Impairments	173		820		290		1,647
Net (gains) losses on OREO sales	(24)		117		(74)		27
Rental income	(4)		(3)		(17)		(23)
Total	$	168	$	1,033	$	313	$	2,071

XML

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

(In Thousands)

The carrying amounts of goodwill by operating segments for the nine months ended September 30, 2021 were as follows:

	Community Banks		Insurance		Total
Balance at January 1, 2021	$	936,916	$	2,767	$	939,683
Additions to goodwill and other adjustments	—		—		—
Balance at September 30, 2021	$	936,916	$	2,767	$	939,683

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

	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
September 30, 2021
Core deposit intangibles	$	82,492	$	(58,020)	$	24,472
Customer relationship intangible	2,470		(1,420)		1,050
Total finite-lived intangible assets	$	84,962	$	(59,440)	$	25,522
December 31, 2020
Core deposit intangibles	$	82,492	$	(53,539)	$	28,953
Customer relationship intangible	2,470		(1,284)		1,186
Total finite-lived intangible assets	$	84,962	$	(54,823)	$	30,139

Current year amortization expense for finite-lived intangible assets is presented in the table below.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Amortization expense for:
Core deposit intangibles	$	1,436	$	1,688	$	4,482	$	5,326
Customer relationship intangible	45		45		136		136
Total intangible amortization	$	1,481	$	1,733	$	4,618	$	5,462

The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2021 and the succeeding four years is summarized as follows:

	Core Deposit Intangibles		Customer Relationship Intangible		Total
2021	$	5,860	$	181	$	6,041
2022	4,940		181		5,121
2023	4,044		181		4,225
2024	3,498		181		3,679
2025	3,103		181		3,284

XML

Mortgage Servicing Rights

9 Months Ended

Sep. 30, 2021

Transfers and Servicing [Abstract]

Mortgage Servicing Rights

Mortgage Servicing Rights

(In Thousands)

The Company retains the right to service certain mortgage loans that it sells to secondary market investors. These mortgage servicing rights (“MSRs”) are recognized as a separate asset on the date the corresponding mortgage loan is sold. MSRs 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, and is subject to significant fluctuation as a result of actual prepayment speeds, default rates and losses differing from estimates thereof. For example, a decline in mortgage interest rates or an increase in actual prepayment speeds may cause negative adjustments to the valuation of the Company’s MSRs.

Servicing rights are evaluated for impairment (or reversals of prior impairments) quarterly based upon the fair value of the rights as compared to the carrying amount. Impairment is recognized through a valuation allowance in the amount that unamortized cost exceeds fair value. If the Company later determines that all or a portion of the impairment no longer exists, a reduction of the valuation allowance may be recorded as an increase to income. Changes in valuation allowances related to servicing rights are reported in “Mortgage banking income” on the Consolidated Statements of Income.

There was a positive valuation adjustment of $13,561 during the nine months ended September 30, 2021 on MSRs. This positive adjustment primarily arose from an increase in mortgage interest rates and a corresponding decrease in actual prepayment speeds. During the nine months ended September 30, 2020 there was a negative valuation adjustment of $13,694 which was caused by a difference between actual prepayment speeds and the Company’s assumptions with respect to prepayment speeds.

Changes in the Company’s MSRs were as follows: 

Balance at January 1, 2021	$	62,994
Capitalization	26,532
Amortization	(16,700)
Valuation adjustment	13,561
Balance at September 30, 2021	$	86,387

Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:

	September 30, 2021			December 31, 2020
Unpaid principal balance	$	8,470,973		$	7,322,671
Weighted-average prepayment speed (CPR)	11.68		%	15.05		%
Estimated impact of a 10% increase	$	(4,258)		$	(4,001)
Estimated impact of a 20% increase	(8,254)			(7,674)
Discount rate	9.83		%	9.86		%
Estimated impact of a 10% increase	$	(3,381)		$	(2,144)
Estimated impact of a 20% increase	(6,520)			(4,144)
Weighted-average coupon interest rate	3.33		%	3.58		%
Weighted-average servicing fee (basis points)	30.52			29.94
Weighted-average remaining maturity (in years)	6.23			5.14

The Company recorded servicing fees of $4,891 and $3,400 for the three months ended September 30, 2021 and 2020, respectively, and servicing fees of $13,578 and $9,012 for the nine months ended September 30, 2021 and 2020, respectively, all of which are included in “Mortgage banking income” in the Consolidated Statements of Income.

XML

Employee Benefit and Deferred Compensation Plans

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Employee Benefit and Deferred Compensation Plans

Employee Benefit and Deferred Compensation Plans

(In Thousands, Except Share Data)

Pension and Post-retirement Medical Plans

The Company sponsors a noncontributory defined benefit pension plan, under which participation and benefit accruals ceased as of December 31, 1996, and it provides retiree medical benefits, consisting of the opportunity to purchase coverage at subsidized rates under the Company’s group medical plan.

Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows:

	Pension Benefits				Other Benefits
	Three Months Ended				Three Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Service cost	$	—	$	—	$	2	$	2
Interest cost	171		246		4		3
Expected return on plan assets	(442)		(412)		—		—
Recognized actuarial loss (gain)	67		87		—		(23)
Net periodic (return) benefit cost	$	(204)	$	(79)	$	6	$	(18)

	Pension Benefits				Other Benefits
	Nine Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Service cost	$	—	$	—	$	4	$	5
Interest cost	512		738		11		10
Expected return on plan assets	(1,326)		(1,238)		—		—
Recognized actuarial loss (gain)	199		262		(2)		(68)
Net periodic (return) benefit cost	$	(615)	$	(238)	$	13	$	(53)

Incentive Compensation Plans

The Company maintains a long-term equity compensation plan that provides for the grant of stock options and the award of restricted stock. There were no stock options granted, nor compensation expense associated with options recorded, during the nine months ended September 30, 2021 or 2020.

The following table summarizes information about options outstanding, exercised and forfeited as of and for the nine months ended September 30, 2021:

	Shares	Weighted Average Exercise Price
Options outstanding at beginning of period	10,500	$	14.96
Granted	—	—
Exercised	(5,000)	14.96
Forfeited	—	—
Options outstanding at end of period	5,500	$	14.96

The Company also awards performance-based restricted stock to executives and other officers and employees and time-based restricted stock to non-employee directors, executives, and other officers and employees.

The following table summarizes the changes in restricted stock as of and for the nine months ended September 30, 2021:

	Performance-Based Restricted Stock	Weighted Average Grant-Date Fair Value		Time-Based Restricted Stock	Weighted Average Grant-Date Fair Value
Nonvested at beginning of period	132,827	$	32.88	548,416	$	34.15
Awarded	78,230	34.02		253,733	37.22
Vested	—	—		(139,752)	36.89
Cancelled	—	—		(53,737)	37.65
Nonvested at end of period	211,057	$	33.30	608,660	$	34.49

During the nine months ended September 30, 2021, the Company reissued 134,783 shares from treasury in connection with the exercise of stock options and awards of restricted stock. The Company recorded total stock-based compensation expense of $2,595 and $2,405 for the three months ended September 30, 2021 and 2020, respectively and $7,736 and $8,153 for the nine months ended September 30, 2021 and 2020, respectively.

XML

Derivative Instruments

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

(In Thousands)

The Company uses certain derivative instruments to meet the needs of customers as well as to manage the interest rate risk associated with certain transactions.

Non-hedge derivatives

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.

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 Company also enters into forward commitments to sell residential mortgage loans to secondary market investors.

The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented:

	Balance Sheet	September 30, 2021				December 31, 2020
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets:
Interest rate contracts	Other Assets	$	190,200	$	5,268	$	222,933	$	9,884
Interest rate lock commitments	Other Assets	422,596		7,592		589,701		19,824
Forward commitments	Other Assets	550,000		3,659		—		—
Totals		$	1,162,796	$	16,519	$	812,634	$	29,708
Derivative liabilities:
Interest rate contracts	Other Liabilities	$	190,200	$	5,268	$	222,933	$	9,884
Interest rate lock commitments	Other Liabilities	101,591		423		—		—
Forward commitments	Other Liabilities	82,000		158		716,000		5,090
Totals		$	373,791	$	5,849	$	938,933	$	14,974

Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest rate contracts:
Included in interest income on loans	$	589	$	451	$	1,795	$	1,710
Interest rate lock commitments:
Included in mortgage banking income	(3,251)		(1,135)		(12,655)		23,610
Forward commitments
Included in mortgage banking income	5,310		2,754		8,590		(1,395)
Total	$	2,648	$	2,070	$	(2,270)	$	23,925

Derivatives designated as cash flow hedges

Cash flow hedge relationships mitigate exposure to the variability of future cash flow or other forecasted transactions. The Company uses interest rate swap contracts in an effort to manage future interest rate exposure on borrowings. The hedging strategy converts the LIBOR-based variable interest rate on the forecasted borrowings to a fixed interest rate. As of September 30, 2021, the Company is hedging its exposure to the variability of future cash flows through 2030 and a portion of these hedges are forward starting.

The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented:

	Balance Sheet	September 30, 2021				December 31, 2020
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets:
Interest rate swaps	Other Assets	$	200,000	$	11,615	$	175,000	$	3,866
Derivative liabilities:
Interest rate swaps	Other Liabilities	$	62,000	$	3,544	$	87,000	$	5,924

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 nine months ended September 30, 2021 or 2020. The impact on other comprehensive

income for the nine months ended September 30, 2021 and 2020 is discussed in Note 13, “Other Comprehensive Income (Loss).”

Derivatives designated as fair value hedges

Fair value hedges protect against changes in the fair value of an asset, liability, or firm commitment. The Company enters into interest rate swap agreements to manage interest rate exposure on certain of the Company’s fixed-rate subordinated notes. The agreements convert the fixed interest rates to LIBOR-based variable interest rates.

The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented:

	Balance Sheet	September 30, 2021				December 31, 2020
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative liabilities:
Interest rate swaps	Other Liabilities	$	100,000	$	5,150	$	100,000	$	209

The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented:

		Amount of Gain (Loss) Recognized in Income
	Income Statement	Three Months Ended September 30,				Nine Months Ended September 30,
	Location	2021		2020		2021		2020
Derivative liabilities:
Interest rate swaps - subordinated notes	Interest Expense	$	(764)	$	—	$	(4,941)	$	—
Derivative liabilities - hedged items:
Interest rate swaps - subordinated notes	Interest Expense	$	764	$	—	$	4,941	$	—

The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented:

	Carrying Amount of the Hedged Liability				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability
Balance Sheet Location	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Long-term debt	$	93,303	$	98,114	$	(5,150)	$	209

Offsetting

Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet when the “right of offset” 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
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Gross amounts recognized	$	15,373	$	3,866	$	14,021	$	21,107
Gross amounts offset in the Consolidated Balance Sheets	—		—		—		—
Net amounts presented in the Consolidated Balance Sheets	15,373		3,866		14,021		21,107
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments	6,605		3,866		6,605		3,866
Financial collateral pledged	—		—		7,416		14,042
Net amounts	$	8,768	$	—	$	—	$	3,199

XML

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

(In Thousands)

The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented.

	September 30,		December 31,
	2021		2020
Deferred tax assets
Allowance for credit losses	$	52,345	$	53,597
Loans	3,471		5,526
Deferred compensation	13,598		13,114
Investment in partnerships	154		—
Impairment of assets	508		1,067
Net operating loss carryforwards	1,287		1,857
Lease liabilities under operating leases	17,189		17,732
Other	3,613		3,539
Total deferred tax assets	92,165		96,432
Deferred tax liabilities
Net unrealized gains on securities	3,580		8,434
Investment in partnerships	—		793
Fixed assets	1,182		3,285
Mortgage servicing rights	20,587		14,623
Junior subordinated debt	2,162		2,245
Intangibles	3,349		3,882
Lease right-of-use asset	16,291		16,833
Other	565		1,672
Total deferred tax liabilities	47,716		51,767
Net deferred tax assets	$	44,449	$	44,665

For the nine months ended September 30, 2021 and 2020, the Company recorded a provision for income taxes totaling $35,572 and $13,022, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences. During the second quarter of 2021 the Company recognized a one-time state tax credit investment of $3,460 which reduced income taxes as a discrete item. The effective tax rate, excluding discrete items, was 22.10% and 20.28% for the nine months ended September 30, 2021 and 2020, respectively.

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 and state departments of revenue for the years ending December 31, 2018 through December 31, 2020.

XML

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

(In Thousands)

Fair Value Measurements and the Fair Level Hierarchy

FASB Accounting Standards Codification Topic (“ASC”) 820, “Fair Value Measurements and Disclosures,” provides guidance for using fair value to measure assets and liabilities and 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).

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 on a recurring basis 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, “Financial Instruments” (“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, obligations of states and political subdivisions, mortgage-backed securities and trust preferred 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: Most of the Company’s derivative contracts are extensively 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 such as 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 in 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 tables present 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
September 30, 2021
Financial assets:
Securities available for sale	$	—	$	2,544,643	$	—	$	2,544,643
Derivative instruments	—		28,134		—		28,134
Mortgage loans held for sale in loans held for sale	—		452,869		—		452,869
Total financial assets	$	—	$	3,025,646	$	—	$	3,025,646
Financial liabilities:
Derivative instruments:	$	—	$	14,543	$	—	$	14,543

	Level 1		Level 2		Level 3		Totals
December 31, 2020
Financial assets:
Trust preferred securities	$	—	$	—	$	9,012	$	9,012
Other available for sale securities	—		1,334,445		—		1,334,445
Total securities available for sale	—		1,334,445		9,012		1,343,457
Derivative instruments	—		33,574		—		33,574
Mortgage loans held for sale in loans held for sale	—		417,771		—		417,771
Total financial assets	$	—	$	1,785,790	$	9,012	$	1,794,802
Financial liabilities:
Derivative instruments	$	—	$	21,107	$	—	$	21,107

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. Transfers between levels of the hierarchy are deemed to have occurred at the end of period. There were no such transfers between levels of the fair value hierarchy during the nine months ended September 30, 2021.

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, as of the dates presented:

	2021		2020
Three Months Ended September 30, 2021	Trust preferred securities		Trust preferred securities
Three Months Ended September 30,
Balance at beginning of period	$	—	$	7,679
Accretion included in net income	—		8
Unrealized losses included in other comprehensive income	—		840
Settlements	—		(35)
Balance at end of period	$	—	$	8,492
Nine Months Ended September 30,
Balance at beginning of period	$	9,012	$	9,986
Accretion included in net income	7		26
Unrealized gains (losses) included in other comprehensive income	941		(1,382)
Realized losses	2,061		—
Sales	(12,021)		—
Settlements	—		(138)
Balance at end of period	$	—	$	8,492

For each of the three and nine months ended September 30, 2021 and 2020, respectively, 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.

Nonrecurring Fair Value Measurements

Certain assets and liabilities 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 tables provide 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:

September 30, 2021	Level 1		Level 2		Level 3		Totals
Individually evaluated loans, net of allowance for credit losses	$	—	$	—	$	9,410	$	9,410
OREO	—		—		170		170
Mortgage servicing rights	—		—		86,387		86,387
Total	$	—	$	—	$	95,967	$	95,967

December 31, 2020	Level 1		Level 2		Level 3		Totals
Individually evaluated loans, net of allowance for credit losses	$	—	$	—	$	24,145	$	24,145
OREO	—		—		2,736		2,736
Mortgage servicing rights	—		—		62,994		62,994
Total	$	—	$	—	$	89,875	$	89,875

The following methods and assumptions are used by the Company to estimate the fair values of the Company’s financial assets measured on a nonrecurring basis:

Individually evaluated loans: Loans are individually evaluated for credit losses each quarter 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. Individually evaluated loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors previously identified. Individually evaluated loans that were measured or re-measured at fair value had a carrying value of $17,959 and $36,990 at September 30, 2021 and December 31, 2020, respectively, and a specific reserve for these loans of $8,549 and $12,845 was included in the allowance for credit losses as of such dates.

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 on the Consolidated Balance Sheets as of the dates presented:

	September 30, 2021		December 31, 2020
Carrying amount prior to remeasurement	$	445	$	4,051
Impairment recognized in results of operations	(275)		(1,315)
Fair value	$	170	$	2,736

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. Mortgage servicing rights were carried at amortized cost at September 30, 2021 and fair value at December 31, 2020. There were $13,561 of positive valuation adjustments on MSRs during the nine months ended September 30, 2021 and $13,694 of negative valuation adjustments recognized during the nine months ended September 30, 2020.

The following table presents information as of September 30, 2021 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
Individually evaluated loans, net of allowance for credit losses	$	9,410	Appraised value of collateral less estimated costs to sell	Estimated costs to sell	4-10%
OREO	$	170	Appraised value of property less estimated costs to sell	Estimated costs to sell	4-10%

Fair Value Option

The Company has elected to measure all mortgage loans held for sale 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 $10,425 and net gains of $10,876 resulting from fair value changes of these mortgage loans were recorded in income during the nine months ended September 30, 2021 and 2020, respectively. 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 September 30, 2021 and December 31, 2020:

	Aggregate Fair Value		Aggregate Unpaid Principal Balance		Difference
September 30, 2021
Mortgage loans held for sale measured at fair value	$	452,869	$	441,125	$	11,744
December 31, 2020
Mortgage loans held for sale measured at fair value	$	417,771	$	395,602	$	22,169

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
As of September 30, 2021	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	1,476,141	$	1,476,141	$	—	$	—	$	1,476,141
Securities available for sale	2,544,643		—		2,544,643		—		2,544,643
Loans held for sale	452,869		—		452,869		—		452,869
Loans, net	9,846,786		—		—		9,726,732		9,726,732
Mortgage servicing rights	86,387		—		—		90,738		90,738
Derivative instruments	28,134		—		28,134		—		28,134
Financial liabilities
Deposits	$	13,254,829	$	11,787,346	$	1,467,955	$	—	$	13,255,301
Short-term borrowings	11,253		11,253		—		—		11,253
Federal Home Loan Bank advances	150,425		—		155,832		—		155,832
Junior subordinated debentures	111,228		—		105,546		—		105,546
Subordinated notes	207,210		—		221,700		—		221,700
Derivative instruments	14,543		—		14,543		—		14,543

			Fair Value
As of December 31, 2020	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	633,203	$	633,203	$	—	$	—	$	633,203
Securities available for sale	1,343,457		—		1,334,445		9,012		1,343,457
Loans held for sale	417,771		—		417,771		—		417,771
Loans, net	10,757,503		—		—		10,668,625		10,668,625
Mortgage servicing rights	62,994		—		—		62,994		62,994
Derivative instruments	33,574		—		33,574		—		33,574
Financial liabilities
Deposits	$	12,059,081	$	10,363,193	$	1,706,005	$	—	$	12,069,198
Short-term borrowings	21,340		21,340		—		—		21,340
Federal Home Loan Bank advances	152,167		—		158,914		—		158,914
Junior subordinated debentures	110,794		—		93,092		—		93,092
Subordinated notes	212,009		—		217,575		—		217,575
Derivative instruments	21,107		—		21,107		—		21,107

XML

Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

(In Thousands)

Changes in the components of other comprehensive income, net of tax, were as follows for the periods presented:

	Pre-Tax		Tax Expense (Benefit)		Net of Tax
Three months ended September 30, 2021
Securities available for sale:
Unrealized holding losses on securities	$	(12,408)	$	(3,158)	$	(9,250)
Reclassification adjustment for gains realized in net income	(764)		(194)		(570)
Total securities available for sale	(13,172)		(3,352)		(9,820)
Derivative instruments:
Unrealized holding gains on derivative instruments	1,629		414		1,215
Total derivative instruments	1,629		414		1,215
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	67		18		49
Total defined benefit pension and post-retirement benefit plans	67		18		49
Total other comprehensive loss	$	(11,476)	$	(2,920)	$	(8,556)
Three months ended September 30, 2020
Securities available for sale:
Unrealized holding gains on securities	$	519	$	131	$	388
Total securities available for sale	519		131		388
Derivative instruments:
Unrealized holding gains on derivative instruments	1,576		401		1,175
Total derivative instruments	1,576		401		1,175
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	65		17		48
Total defined benefit pension and post-retirement benefit plans	65		17		48
Total other comprehensive income	$	2,160	$	549	$	1,611

	Pre-Tax		Tax Expense (Benefit)		Net of Tax
Nine months ended September 30, 2021
Securities available for sale:
Unrealized holding losses on securities	$	(27,487)	$	(6,996)	$	(20,491)
Reclassification adjustment for gains realized in net income	(2,121)		(539)		(1,582)
Total securities available for sale	(29,608)		(7,535)		(22,073)
Derivative instruments:
Unrealized holding gains on derivative instruments	10,129		2,578		7,551
Total derivative instruments	10,129		2,578		7,551
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	197		49		148
Total defined benefit pension and post-retirement benefit plans	197		49		148
Total other comprehensive loss	$	(19,282)	$	(4,908)	$	(14,374)
Nine months ended September 30, 2020
Securities available for sale:
Unrealized holding gains on securities	$	26,404	$	6,719	$	19,685
Reclassification adjustment for gains realized in net income	(31)		(8)		(23)
Total securities available for sale	26,373		6,711		19,662
Derivative instruments:
Unrealized holding losses on derivative instruments	(3,516)		(895)		(2,621)
Total derivative instruments	(3,516)		(895)		(2,621)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	195		50		145
Total defined benefit pension and post-retirement benefit plans	195		50		145
Total other comprehensive income	$	23,052	$	5,866	$	17,186

The accumulated balances for each component of other comprehensive income, net of tax, were as follows as of the dates presented:

	September 30, 2021		December 31, 2020
Unrealized gains on securities	$	8,854	$	42,246
Non-credit related portion of previously recorded other-than-temporary impairment on securities	—		(11,319)
Unrealized gains (losses) on derivative instruments	6,913		(638)
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations	(5,073)		(5,221)
Total accumulated other comprehensive income	$	10,694	$	25,068

XML

Net Income Per Common Share

9 Months Ended

Sep. 30, 2021

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, assuming outstanding service-based restricted stock awards fully vested and 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:

	Three Months Ended
	September 30,
	2021		2020
Basic
Net income applicable to common stock	$	40,063	$	29,992
Average common shares outstanding	56,146,285		56,185,884
Net income per common share - basic	$	0.71	$	0.53
Diluted
Net income applicable to common stock	$	40,063	$	29,992
Average common shares outstanding	56,146,285		56,185,884
Effect of dilutive stock-based compensation	300,899		200,269
Average common shares outstanding - diluted	56,447,184		56,386,153
Net income per common share - diluted	$	0.71	$	0.53

	Nine Months Ended
	September 30,
	2021		2020
Basic
Net income applicable to common stock	$	138,838	$	52,130
Average common shares outstanding	56,237,056		56,294,984
Net income per common share - basic	$	2.47	$	0.93
Diluted
Net income applicable to common stock	$	138,838	$	52,130
Average common shares outstanding	56,237,056		56,294,984
Effect of dilutive stock-based compensation	296,038		173,593
Average common shares outstanding - diluted	56,533,094		56,468,577
Net income per common share - diluted	$	2.46	$	0.92

Stock-based compensation awards 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:

	Three Months Ended
	September 30,
	2021	2020
Number of shares	19,929	237,212
Exercise prices (for stock option awards)	—	—

	Nine Months Ended
	September 30,
	2021	2020
Number of shares	19,929	255,448
Exercise prices (for stock option awards)	—	—

XML

Regulatory Matters

9 Months Ended

Sep. 30, 2021

Banking and Thrift, Interest [Abstract]

Regulatory Matters

Regulatory Matters

(In Thousands)

The Company and the Bank are 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 the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. 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 bank holding companies and 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 the Bank as of the dates presented:

	September 30, 2021				December 31, 2020
	Amount		Ratio		Amount		Ratio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)	$	1,395,321	9.18	%	$	1,306,597	9.37	%
Common Equity Tier 1 Capital to Risk-Weighted Assets	1,287,684		11.02	%	1,199,394		10.93	%
Tier 1 Capital to Risk-Weighted Assets	1,395,321		11.94	%	1,306,597		11.91	%
Total Capital to Risk-Weighted Assets	1,712,500		14.66	%	1,653,694		15.07	%
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)	$	1,454,879	9.58	%	$	1,369,994	9.83	%
Common Equity Tier 1 Capital to Risk-Weighted Assets	1,454,879		12.45	%	1,369,994		12.49	%
Tier 1 Capital to Risk-Weighted Assets	1,454,879		12.45	%	1,369,994		12.49	%
Total Capital to Risk-Weighted Assets	1,574,697		13.48	%	1,504,985		13.73	%

Common equity Tier 1 capital (“CET1”) generally consists of common stock, retained earnings, accumulated other comprehensive income and certain minority interests, less certain adjustments and deductions. In addition, the Company must maintain a “capital conservation buffer,” which is a specified amount of CET1 capital in addition to the amount necessary to meet minimum risk-based capital requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress. If the Company’s ratio of CET1 to risk-weighted capital is below the capital conservation buffer, the Company will face restrictions on its ability to pay dividends, repurchase outstanding stock and make certain discretionary bonus payments. The required capital conservation buffer is 2.5% of CET1 to risk-weighted assets in addition to the amount necessary to meet minimum risk-based capital requirements. As shown in the tables above, as of September 30, 2021, the Company’s CET1 capital was in excess of the capital conservation buffer.

The Company has elected to take advantage of transitional relief offered by the Federal Reserve and the FDIC to delay for two years the estimated impact of Accounting Standards Codification Topic 326, “Financial Instruments - Credit Losses” (“ASC

326”), often referred to as CECL, on regulatory capital, followed by a three-year transitional period to phase out the capital benefit provided by the two-year delay.

XML

Segment Reporting

9 Months Ended

Sep. 30, 2021

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-sized businesses including checking and savings accounts, business and personal loans, asset-based lending and equipment leasing, as well as safe deposit and night depository facilities.

•The Insurance segment includes a full service insurance agency offering all major lines of commercial and personal insurance through major carriers.

•The Wealth Management segment, through the Trust division, offers a broad range of fiduciary services including the administration (as trustee or in other fiduciary or representative capacities) of benefit plans, management of trust accounts, inclusive of personal and corporate benefit accounts, and custodial accounts, as well as accounting and money management for trust accounts. In addition, the Wealth Management segment, through the Financial Services division, provides specialized products and services to customers, which include fixed and variable annuities, mutual funds and other investment services through a third party broker-dealer.

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 tables provide financial information for the Company’s operating segments as of and for the periods presented:

	Community Banks		Insurance		Wealth Management		Other		Consolidated
Three months ended September 30, 2021
Net interest income (loss)	$	106,506	$	115	$	404	$	(3,733)	$	103,292
Recovery of loan losses	(1,088)		—		(112)		—		(1,200)
Noninterest income	42,546		2,835		5,820		(446)		50,755
Noninterest expense	97,437		2,095		4,189		278		103,999
Income (loss) before income taxes	52,703		855		2,147		(4,457)		51,248
Income tax expense (benefit)	12,117		220		—		(1,152)		11,185
Net income (loss)	$	40,586	$	635	$	2,147	$	(3,305)	$	40,063
Total assets	$	16,040,728	$	33,036	$	67,204	$	14,582	$	16,155,550
Goodwill	$	936,916	$	2,767	—		—		$	939,683
Three months ended September 30, 2020
Net interest income (loss)	$	108,909	$	126	$	403	$	(3,152)	$	106,286
Provision for loan losses	22,408		—		692		—		23,100
Noninterest income	63,918		2,694		4,714		(398)		70,928
Noninterest expense	110,430		1,974		3,818		288		116,510
Income (loss) before income taxes	39,989		846		607		(3,838)		37,604
Income tax expense (benefit)	8,383		217		—		(988)		7,612
Net income (loss)	$	31,606	$	629	$	607	$	(2,850)	$	29,992
Total assets	$	14,694,683	$	30,138	$	68,261	$	15,851	$	14,808,933
Goodwill	$	936,916	$	2,767	—		—		$	939,683

	Community Banks		Insurance		Wealth Management		Other		Consolidated
Nine months ended September 30, 2021
Net interest income (loss)	$	332,234	$	333	$	1,184	$	(11,232)	$	322,519
Recovery of credit losses	(1,088)		—		(112)		—		(1,200)
Noninterest income (loss)	155,765		8,558		16,421		(1,342)		179,402
Noninterest expense	309,449		6,005		12,337		920		328,711
Income (loss) before income taxes	179,638		2,886		5,380		(13,494)		174,410
Income tax expense (benefit)	38,320		740		—		(3,488)		35,572
Net income (loss)	$	141,318	$	2,146	$	5,380	$	(10,006)	$	138,838
Total assets	$	16,040,728	$	33,036	$	67,204	$	14,582	$	16,155,550
Goodwill	$	936,916	$	2,767	$	—	$	—	$	939,683
Nine months ended September 30, 2020
Net interest income (loss)	$	325,879	$	424	$	1,250	$	(8,883)	$	318,670
Provision for credit losses	75,481		—		869		—		76,350
Noninterest income (loss)	152,716		7,787		13,370		(1,205)		172,668
Noninterest expense (benefit)	332,490		5,708		11,215		423		349,836
Income (loss) before income taxes	70,624		2,503		2,536		(10,511)		65,152
Income tax expense (benefit)	15,088		658		—		(2,724)		13,022
Net income (loss)	$	55,536	$	1,845	$	2,536	$	(7,787)	$	52,130
Total assets	$	14,694,683	$	30,138	$	68,261	$	15,851	$	14,808,933
Goodwill	$	936,916	$	2,767	$	—	$	—	$	939,683

XML

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of presentation

Basis of Presentation: The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company’s significant accounting policies, refer to the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission on February 26, 2021.

Use of estimates

Use of Estimates: The preparation of financial statements in conformity with GAAP 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, and such differences may be material.

Impact of recently-issued accounting standards and pronouncements

Impact of Recently-Issued Accounting Standards and Pronouncements:

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 842): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides temporary, optional guidance to ease the potential burden in accounting for reference rate reform on financial reporting. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions if certain criteria are met that reference LIBOR or another reference rate expected to be discontinued. As the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect only from March 12, 2020 through December 31, 2022. The Company has established a LIBOR Transition Committee and is currently evaluating the impact of adopting ASU 2020-04 on the Company’s financial statements.

Subsequent Events:

On October 1, 2021, the Company redeemed at par $15,000 of 6.50% Fixed-to-Floating Rate Subordinated Notes that were assumed as part of the Metropolitan BancGroup, Inc. acquisition in 2017.

On October 27, 2021, the Company prepaid a $150,000 long-term advance from the Federal Home Loan Bank (“FHLB”). The long-term advance featured a floating rate of three-month LIBOR less 50 basis points with a 0% floor that converted to a fixed rate of 1.358% in October 2021. As a result of this early prepayment, the Company incurred penalty charges of $6,123.

On October 27, 2021, the Bank terminated swaps with a total notional amount of $100,000. These swaps hedged forecasted future FHLB borrowings which are no longer forecasted to occur. As a result of the termination the Company recognized a gain of $4,730.

XML

Securities (Tables)

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

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 in the tables below. There was no allowance for credit losses allocated to any of the Company’s available for sale securities as of September 30, 2021 or December 31, 2020.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2021
U.S. Treasury securities	$	3,014	$	10	$	—	$	3,024
Obligations of states and political subdivisions	372,311		9,096		(2,426)		378,981
Residential mortgage backed securities:
Government agency mortgage backed securities	935,233		11,694		(3,689)		943,238
Government agency collateralized mortgage obligations	962,684		1,225		(6,172)		957,737
Commercial mortgage backed securities:
Government agency mortgage backed securities	16,650		515		(1)		17,164
Government agency collateralized mortgage obligations	191,554		1,316		(2,338)		190,532
Other debt securities	51,321		2,646		—		53,967
	$	2,532,767	$	26,502	$	(14,626)	$	2,544,643

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2020
U.S. Treasury securities	$	7,047	$	32	$	—	$	7,079
Obligations of other U.S. Government agencies and corporations	1,003		6		—		1,009
Obligations of states and political subdivisions	291,231		14,015		(45)		305,201
Residential mortgage backed securities:
Government agency mortgage backed securities	581,105		21,564		(23)		602,646
Government agency collateralized mortgage obligations	218,373		1,946		(51)		220,268
Commercial mortgage backed securities:
Government agency mortgage backed securities	29,053		1,235		(1)		30,287
Government agency collateralized mortgage obligations	99,377		2,992		(21)		102,348
Trust preferred securities	12,013		—		(3,001)		9,012
Other debt securities	62,771		2,909		(73)		65,607
	$	1,301,973	$	44,699	$	(3,215)	$	1,343,457

Schedule of realized gain (loss)

Securities sold were as set forth in the tables below. There were no securities sold during the three months ended September 30, 2020.

	Carrying Value		Net Proceeds		Gain/(Loss)
Three months ended September 30, 2021
Residential mortgage backed securities:
Government agency mortgage backed securities	$	9,232	$	9,739	$	507
Government agency collateralized mortgage obligations	6,736		6,866		130
Other debt securities	4,283		4,410		127
	$	20,251	$	21,015	$	764
Nine months ended September 30, 2021
Obligations of states and political subdivisions	$	47	$	50	$	3
Residential mortgage backed securities:
Government agency mortgage backed securities	145,572		149,474		3,902
Government agency collateralized mortgage obligations	12,362		12,512		150
Trust preferred securities	12,021		9,960		(2,061)
Other debt securities	4,283		4,410		127
	$	174,285	$	176,406	$	2,121

	Carrying Value		Net Proceeds		Gain/(Loss)
Nine months ended September 30, 2020
Obligations of states and political subdivisions	$	2,696	$	2,561	$	(135)
Residential mortgage backed securities:
Government agency mortgage backed securities	6,046		6,212		166
	$	8,742	$	8,773	$	31

Gross realized gains and losses on sales of securities available for sale for the three and nine months ended September 30, 2021 were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Gross gains on sales of securities available for sale	$	825	$	—	$	4,333	$	166
Gross losses on sales of securities available for sale	(61)		—		(2,212)		(135)
Gains on sales of securities available for sale, net	$	764	$	—	$	2,121	$	31

Amortized cost and fair value of securities by contractual maturity

The amortized cost and fair value of securities at September 30, 2021 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.

	Available for Sale
	Amortized Cost		Fair Value
Due within one year	$	9,229	$	9,334
Due after one year through five years	42,312		44,024
Due after five years through ten years	58,334		61,568
Due after ten years	290,472		293,271
Residential mortgage backed securities:
Government agency mortgage backed securities	935,233		943,238
Government agency collateralized mortgage obligations	962,684		957,737
Commercial mortgage backed securities:
Government agency mortgage backed securities	16,650		17,164
Government agency collateralized mortgage obligations	191,554		190,532
Other debt securities	26,299		27,775
	$	2,532,767	$	2,544,643

Gross unrealized losses and fair value by investment category

The following tables present the age of gross unrealized losses and fair value by investment category for which an allowance for credit losses has not been recorded 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
Available for Sale:
September 30, 2021
Obligations of states and political subdivisions	46	$	145,658	$	(2,338)	3	$	3,884	$	(88)	49	$	149,542	$	(2,426)
Residential mortgage backed securities:
Government agency mortgage backed securities	45	508,398		(3,689)		—	—		—		45	508,398		(3,689)
Government agency collateralized mortgage obligations	33	726,128		(6,172)		—	—		—		33	726,128		(6,172)
Commercial mortgage backed securities:
Government agency mortgage backed securities	17	3,673		(1)		1	439		—		18	4,112		(1)
Government agency collateralized mortgage obligations	2	129,054		(2,303)		1	3,004		(35)		3	132,058		(2,338)
Total	143	$	1,512,911	$	(14,503)	5	$	7,327	$	(123)	148	$	1,520,238	$	(14,626)
December 31, 2020
Obligations of states and political subdivisions	6	$	9,403	$	(45)	—	$	—	$	—	6	$	9,403	$	(45)
Residential mortgage backed securities:
Government agency mortgage backed securities	2	19,755		(23)		—	—		—		2	19,755		(23)
Government agency collateralized mortgage obligations	5	27,143		(51)		—	—		—		5	27,143		(51)
Commercial mortgage backed securities:
Government agency mortgage backed securities	1	1,538		(1)		1	459		—		2	1,997		(1)
Government agency collateralized mortgage obligations	3	14,190		(21)		—	—		—		3	14,190		(21)
Trust preferred securities	—	—		—		2	9,012		(3,001)		2	9,012		(3,001)
Other debt securities	4	3,330		(70)		1	566		(3)		5	3,896		(73)
Total	21	$	75,359	$	(211)	4	$	10,037	$	(3,004)	25	$	85,396	$	(3,215)

XML

Non Purchased Loans (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Summary of non-purchased loans and leases

The following is a summary of non purchased loans and leases as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural(1)	$	1,321,569	$	2,360,471
Lease financing	83,496		80,022
Real estate – construction:
Residential	306,537		243,814
Commercial	779,766		583,338
Total real estate – construction	1,086,303		827,152
Real estate – 1-4 family mortgage:
Primary	1,657,195		1,536,181
Home equity	424,860		432,768
Rental/investment	268,609		264,436
Land development	133,732		123,179
Total real estate – 1-4 family mortgage	2,484,396		2,356,564
Real estate – commercial mortgage:
Owner-occupied	1,365,288		1,334,765
Non-owner occupied	2,323,135		2,194,739
Land development	106,475		120,125
Total real estate – commercial mortgage	3,794,898		3,649,629
Installment loans to individuals	109,499		149,862
Gross loans	8,880,161		9,423,700
Unearned income	(4,281)		(4,160)
Loans, net of unearned income	$	8,875,880	$	9,419,540

(1)Includes Paycheck Protection Program (“PPP”) loans of $67,462 and $1,128,703 as of September 30, 2021 and December 31, 2020, respectively.

The following is a summary of purchased loans as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural	$	114,450	$	176,513
Real estate – construction:
Residential	1,288		2,859
Commercial	3,705		28,093
Total real estate – construction	4,993		30,952
Real estate – 1-4 family mortgage:
Primary	150,944		214,770
Home equity	56,692		80,392
Rental/investment	22,507		31,928
Land development	10,204		14,654
Total real estate – 1-4 family mortgage	240,347		341,744
Real estate – commercial mortgage:
Owner-occupied	264,939		323,041
Non-owner occupied	456,102		552,728
Land development	19,791		29,454
Total real estate – commercial mortgage	740,832		905,223
Installment loans to individuals	40,322		59,675
Loans	$	1,140,944	$	1,514,107

The following is a summary of total non purchased and purchased loans as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural	$	1,436,019	$	2,536,984
Lease financing	83,496		80,022
Real estate – construction:
Residential	307,825		246,673
Commercial	783,471		611,431
Total real estate – construction	1,091,296		858,104
Real estate – 1-4 family mortgage:
Primary	1,808,139		1,750,951
Home equity	481,552		513,160
Rental/investment	291,116		296,364
Land development	143,936		137,833
Total real estate – 1-4 family mortgage	2,724,743		2,698,308
Real estate – commercial mortgage:
Owner-occupied	1,630,227		1,657,806
Non-owner occupied	2,779,237		2,747,467
Land development	126,266		149,579
Total real estate – commercial mortgage	4,535,730		4,554,852
Installment loans to individuals	149,821		209,537
Gross loans	10,021,105		10,937,807
Unearned income	(4,281)		(4,160)
Loans, net of unearned income	10,016,824		10,933,647
Allowance for credit losses on loans	(170,038)		(176,144)
Net loans	$	9,846,786	$	10,757,503

Aging of past due and nonaccrual loans

The following tables provide an aging of past due accruing and nonaccruing 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
September 30, 2021
Commercial, financial, agricultural	$	1,708	$	395	$	1,313,683	$	1,315,786	$	414	$	2,534	$	2,835	$	5,783	$	1,321,569
Lease financing	—		—		83,485		83,485		—		11		—		11		83,496
Real estate – construction:
Residential	853		—		305,684		306,537		—		—		—		—		306,537
Commercial	—		—		779,766		779,766		—		—		—		—		779,766
Total real estate – construction	853		—		1,085,450		1,086,303		—		—		—		—		1,086,303
Real estate – 1-4 family mortgage:
Primary	5,583		452		1,639,206		1,645,241		981		5,951		5,022		11,954		1,657,195
Home equity	1,225		—		422,897		424,122		61		502		175		738		424,860
Rental/investment	301		22		267,420		267,743		—		383		483		866		268,609
Land development	125		33		133,376		133,534		—		119		79		198		133,732
Total real estate – 1-4 family mortgage	7,234		507		2,462,899		2,470,640		1,042		6,955		5,759		13,756		2,484,396
Real estate – commercial mortgage:
Owner-occupied	609		2		1,360,882		1,361,493		—		1,052		2,743		3,795		1,365,288
Non-owner occupied	167		4		2,317,375		2,317,546		—		13		5,576		5,589		2,323,135
Land development	273		—		106,088		106,361		—		114		—		114		106,475
Total real estate – commercial mortgage	1,049		6		3,784,345		3,785,400		—		1,179		8,319		9,498		3,794,898
Installment loans to individuals	765		—		108,516		109,281		79		34		105		218		109,499
Unearned income	—		—		(4,281)		(4,281)		—		—		—		—		(4,281)
Loans, net of unearned income	$	11,609	$	908	$	8,834,097	$	8,846,614	$	1,535	$	10,713	$	17,018	$	29,266	$	8,875,880

	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, 2020
Commercial, financial, agricultural	$	1,124	$	231	$	2,354,716	$	2,356,071	$	164	$	1,804	$	2,432	$	4,400	$	2,360,471
Lease financing	—		—		79,974		79,974		—		48		—		48		80,022
Real estate – construction:
Residential	—		—		243,317		243,317		—		497		—		497		243,814
Commercial	—		—		583,338		583,338		—		—		—		—		583,338
Total real estate – construction	—		—		826,655		826,655		—		497		—		497		827,152
Real estate – 1-4 family mortgage:
Primary	11,889		1,754		1,513,716		1,527,359		1,865		2,744		4,213		8,822		1,536,181
Home equity	1,152		360		430,702		432,214		66		111		377		554		432,768
Rental/investment	663		210		263,064		263,937		61		194		244		499		264,436
Land development	97		—		123,051		123,148		—		—		31		31		123,179
Total real estate – 1-4 family mortgage	13,801		2,324		2,330,533		2,346,658		1,992		3,049		4,865		9,906		2,356,564
Real estate – commercial mortgage:
Owner-occupied	779		795		1,330,155		1,331,729		—		2,598		438		3,036		1,334,765
Non-owner occupied	922		127		2,191,440		2,192,489		—		2,197		53		2,250		2,194,739
Land development	113		115		119,820		120,048		44		29		4		77		120,125
Total real estate – commercial mortgage	1,814		1,037		3,641,415		3,644,266		44		4,824		495		5,363		3,649,629
Installment loans to individuals	896		191		148,620		149,707		4		117		34		155		149,862
Unearned income	—		—		(4,160)		(4,160)		—		—		—		—		(4,160)
Loans, net of unearned income	$	17,635	$	3,783	$	9,377,753	$	9,399,171	$	2,204	$	10,339	$	7,826	$	20,369	$	9,419,540

The following tables provide an aging of past due accruing and nonaccruing 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
September 30, 2021
Commercial, financial, agricultural	$	183	$	1	$	104,418	$	104,602	$	66	$	1,640	$	8,142	$	9,848	$	114,450
Real estate – construction:
Residential	—		—		1,288		1,288		—		—		—		—		1,288
Commercial	—		—		3,705		3,705		—		—		—		—		3,705
Total real estate – construction	—		—		4,993		4,993		—		—		—		—		4,993
Real estate – 1-4 family mortgage:
Primary	639		—		145,333		145,972		428		2,360		2,184		4,972		150,944
Home equity	490		—		54,899		55,389		—		813		490		1,303		56,692
Rental/investment	148		26		22,231		22,405		—		54		48		102		22,507
Land development	75		—		10,117		10,192		—		—		12		12		10,204
Total real estate – 1-4 family mortgage	1,352		26		232,580		233,958		428		3,227		2,734		6,389		240,347
Real estate – commercial mortgage:
Owner-occupied	624		—		262,380		263,004		—		291		1,644		1,935		264,939
Non-owner occupied	—		—		448,283		448,283		—		—		7,819		7,819		456,102
Land development	167		—		19,372		19,539		—		118		134		252		19,791
Total real estate – commercial mortgage	791		—		730,035		730,826		—		409		9,597		10,006		740,832
Installment loans to individuals	871		47		39,155		40,073		4		23		222		249		40,322
Loans, net of unearned income	$	3,197	$	74	$	1,111,181	$	1,114,452	$	498	$	5,299	$	20,695	$	26,492	$	1,140,944

	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, 2020
Commercial, financial, agricultural	$	818	$	101	$	163,658	$	164,577	$	74	$	2,024	$	9,838	$	11,936	$	176,513
Real estate – construction:
Residential	—		—		2,859		2,859		—		—		—		—		2,859
Commercial	—		—		28,093		28,093		—		—		—		—		28,093
Total real estate – construction	—		—		30,952		30,952		—		—		—		—		30,952
Real estate – 1-4 family mortgage:
Primary	2,394		74		206,635		209,103		687		2,799		2,181		5,667		214,770
Home equity	294		43		78,739		79,076		4		674		638		1,316		80,392
Rental/investment	180		14		30,931		31,125		—		724		79		803		31,928
Land development	109		—		14,231		14,340		—		—		314		314		14,654
Total real estate – 1-4 family mortgage	2,977		131		330,536		333,644		691		4,197		3,212		8,100		341,744
Real estate – commercial mortgage:
Owner-occupied	2,511		—		317,997		320,508		193		447		1,893		2,533		323,041
Non-owner occupied	207		—		544,694		544,901		7,682		—		145		7,827		552,728
Land development	112		—		28,962		29,074		—		164		216		380		29,454
Total real estate – commercial mortgage	2,830		—		891,653		894,483		7,875		611		2,254		10,740		905,223
Installment loans to individuals	2,026		35		57,339		59,400		31		136		108		275		59,675
Loans, net of unearned income	$	8,651	$	267	$	1,474,138	$	1,483,056	$	8,671	$	6,968	$	15,412	$	31,051	$	1,514,107

Impact of modifications classified as restructured loans

The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Three months ended September 30, 2021
Commercial, financial, agricultural	1	$	30	$	30
Real estate – 1-4 family mortgage:
Primary	11	1,518		1,538
Total	12	$	1,548	$	1,568
Three months ended September 30, 2020
Commercial, financial, agricultural	1	$	31	$	31
Real estate – 1-4 family mortgage:
Primary	2	201		200
Rental/investment	1	33		32
Total real estate – 1-4 family mortgage	3	234		232
Real estate – commercial mortgage:
Owner-occupied	2	357		357
Non-owner occupied	2	210		210
Total real estate – commercial mortgage	4	567		567
Total	8	$	832	$	830

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Nine months ended September 30, 2021
Commercial, financial, agricultural	7	$	5,258	$	5,258
Real estate – 1-4 family mortgage:
Primary	23	3,321		3,350
Real estate – commercial mortgage:
Non-owner occupied	1	837		810
Total	31	$	9,416	$	9,418
Nine months ended September 30, 2020
Commercial, financial, agricultural	7	$	1,862	$	1,859
Real estate – 1-4 family mortgage:
Primary	17	2,356		2,363
Rental/investment	2	142		142
Total real estate – 1-4 family mortgage	19	2,498		2,505
Real estate – commercial mortgage:
Owner-occupied	3	3,019		2,970
Non-owner occupied	2	210		210
Land development	1	189		189
Total real estate – commercial mortgage	6	3,418		3,369
Installment loans to individuals	2	24		21
Total	34	$	7,802	$	7,754

The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Three months ended September 30, 2021
Real estate – 1-4 family mortgage:
Primary	1	164		164
Three months ended September 30, 2020
Real estate – 1-4 family mortgage:
Primary	2	$	44	$	44
Real estate – commercial mortgage:
Owner-occupied	4	3,104		2,844
Total	6	$	3,148	$	2,888

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Nine months ended September 30, 2021
Commercial, financial, agricultural	1	$	135	$	135
Real estate – 1-4 family mortgage:
Primary	2	1,026		1,026
Total	3	$	1,161	$	1,161
Nine months ended September 30, 2020
Commercial, financial, agricultural	1	$	1,029	$	1,031
Real estate – 1-4 family mortgage:
Primary	4	334		227
Home equity	1	159		162
Total real estate – 1-4 family mortgage	5	493		389
Real estate – commercial mortgage:
Owner-occupied	5	3,173		2,913
Non-owner occupied	1	542		544
Total real estate – commercial mortgage	6	3,715		3,457
Installment loans to individuals	1	25		19
Total	13	$	5,262	$	4,896

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, 2021	76	$	11,761
Additional advances or loans with concessions	31	9,441
Reclassified as performing restructured loan	1	35
Reductions due to:
Reclassified as nonperforming	(4)	(370)
Paid in full	(14)	(6,031)
Principal paydowns	—	(645)
Totals at September 30, 2021	90	$	14,191

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

	Number of Loans	Recorded Investment
Totals at January 1, 2021	48	$	8,687
Additional advances or loans with concessions	3	1,411
Reclassified as performing restructured loan	2	115
Reductions due to:
Reclassified to nonperforming loans	(4)	(2,485)
Paid in full	(5)	(1,310)
Charge-offs	(1)	(205)
Principal paydowns	—	(221)
Totals at September 30, 2021	43	$	5,992

Loan portfolio by risk-rating grades

The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	219,635	$	300,742	$	156,654	$	51,385	$	23,011	$	13,120	$	453,330	$	2,846	$	1,220,723
Pass	218,622		300,504		153,728		49,799		22,140		10,419		449,649		2,047		1,206,908
Special Mention	—		143		2,386		290		635		1,251		458		—		5,163
Substandard	1,013		95		540		1,296		236		1,450		3,223		799		8,652
Real Estate - Construction	$	335,332	$	404,063	$	243,552	$	13,876	$	—	$	—	$	6,136	$	5,499	$	1,008,458
Residential	$	187,482	$	32,508	$	—	$	—	$	—	$	—	$	6,136	$	5,499	$	231,625
Pass	187,482		32,508		—		—		—		—		6,136		5,499		231,625
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	147,850	$	371,555	$	243,552	$	13,876	$	—	$	—	$	—	$	—	$	776,833
Pass	147,850		371,555		238,899		13,876		—		—		—		—		772,180
Special Mention	—		—		4,653		—		—		—		—		—		4,653
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	125,762	$	73,169	$	49,283	$	20,751	$	17,571	$	9,480	$	13,409	$	525	$	309,950
Primary	$	7,686	$	6,791	$	2,769	$	3,636	$	3,645	$	747	$	2,901	$	—	$	28,175
Pass	7,686		6,791		2,470		3,636		3,561		731		2,890		—		27,765
Special Mention	—		—		117		—		—		—		—		—		117
Substandard	—		—		182		—		84		16		11		—		293
Home Equity	$	768	$	303	$	—	$	—	$	—	$	—	$	6,300	$	—	$	7,371
Pass	768		303		—		—		—		—		6,300		—		7,371
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Rental/Investment	$	59,238	$	42,994	$	23,169	$	16,598	$	13,706	$	8,251	$	1,017	$	525	$	165,498
Pass	59,218		42,646		22,049		16,466		13,515		7,791		1,017		525		163,227
Special Mention	—		250		—		—		—		74		—		—		324
Substandard	20		98		1,120		132		191		386		—		—		1,947
Land Development	$	58,070	$	23,081	$	23,345	$	517	$	220	$	482	$	3,191	$	—	$	108,906
Pass	58,070		20,687		23,345		517		220		482		3,191		—		106,512
Special Mention	—		2,394		—		—		—		—		—		—		2,394
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - Commercial Mortgage	$	682,955	$	870,341	$	674,008	$	349,402	$	323,092	$	440,289	$	124,028	$	20,904	$	3,485,019
Owner-Occupied	$	197,995	$	283,768	$	206,047	$	154,453	$	129,531	$	136,496	$	51,478	$	9,064	$	1,168,832
Pass	197,206		281,580		204,259		150,300		123,413		127,970		51,039		7,327		1,143,094
Special Mention	—		2,188		248		—		1,806		535		424		1,737		6,938
Substandard	789		—		1,540		4,153		4,312		7,991		15		—		18,800
Non-Owner Occupied	$	458,535	$	566,698	$	457,532	$	189,762	$	190,987	$	300,923	$	66,342	$	11,840	$	2,242,619
Pass	456,834		557,835		448,778		176,525		116,126		287,266		66,273		11,840		2,121,477
Special Mention	1,495		8,863		6,739		13,237		55,167		—		—		—		85,501
Substandard	206		—		2,015		—		19,694		13,657		69		—		35,641
Land Development	$	26,425	$	19,875	$	10,429	$	5,187	$	2,574	$	2,870	$	6,208	$	—	$	73,568
Pass	26,154		17,840		10,429		5,146		2,574		2,870		6,208		—		71,221
Special Mention	271		—		—		—		—		—		—		—		271
Substandard	—		2,035		—		41		—		—		—		—		2,076
Installment loans to individuals	$	—	$	—	$	48	$	—	$	—	$	—	$	—	$	—	$	48
Pass	—		—		48		—		—		—		—		—		48
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	1,363,684	$	1,648,315	$	1,123,545	$	435,414	$	363,674	$	462,889	$	596,903	$	29,774	$	6,024,198
Pass	1,359,890		1,632,249		1,104,005		416,265		281,549		437,529		592,703		27,238		5,851,428
Special Mention	1,766		13,838		14,143		13,527		57,608		1,860		882		1,737		105,361
Substandard	2,028		2,228		5,397		5,622		24,517		23,500		3,318		799		67,409

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	1,448,273	$	183,627	$	76,912	$	36,866	$	18,124	$	15,844	$	255,522	$	2,449	$	2,037,617
Pass	1,447,594		180,979		73,325		31,362		16,308		14,626		250,528		1,562		2,016,284
Special Mention	128		1,952		2,091		3,850		1,416		109		187		—		9,733
Substandard	551		696		1,496		1,654		400		1,109		4,807		887		11,600
Real Estate - Construction	$	398,891	$	266,471	$	52,520	$	29,300	$	—	$	—	$	13,927	$	—	$	761,109
Residential	$	154,649	$	9,836	$	2,114	$	—	$	—	$	—	$	13,923	$	—	$	180,522
Pass	154,419		9,339		2,114		—		—		—		13,923		—		179,795
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	230		497		—		—		—		—		—		—		727
Commercial	$	244,242	$	256,635	$	50,406	$	29,300	$	—	$	—	$	4	$	—	$	580,587

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Pass	244,242		251,937		50,406		29,300		—		—		4		—		575,889
Special Mention	—		4,698		—		—		—		—		—		—		4,698
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	110,246	$	78,482	$	36,613	$	30,018	$	13,197	$	7,172	$	10,658	$	1,909	$	288,295
Primary	$	9,422	$	6,691	$	3,988	$	4,644	$	371	$	1,060	$	629	$	—	$	26,805
Pass	9,422		5,870		3,988		4,644		371		1,045		629		—		25,969
Special Mention	—		125		—		—		—		—		—		—		125
Substandard	—		696		—		—		—		15		—		—		711
Home Equity	$	157	$	184	$	—	$	—	$	—	$	—	$	6,051	$	—	$	6,392
Pass	157		184		—		—		—		—		6,051		—		6,392
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Rental/Investment	$	50,558	$	32,656	$	27,483	$	25,019	$	12,620	$	5,699	$	1,066	$	557	$	155,658
Pass	50,371		31,724		26,695		24,872		12,439		5,166		1,066		557		152,890
Special Mention	—		—		—		83		77		133		—		—		293
Substandard	187		932		788		64		104		400		—		—		2,475
Land Development	$	50,109	$	38,951	$	5,142	$	355	$	206	$	413	$	2,912	$	1,352	$	99,440
Pass	50,109		38,388		5,142		355		203		413		2,912		1,352		98,874
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		563		—		—		3		—		—		—		566
Real Estate - Commercial Mortgage	$	967,746	$	801,083	$	444,205	$	402,110	$	340,774	$	277,789	$	76,115	$	20,845	$	3,330,667
Owner-Occupied	$	295,642	$	256,807	$	199,082	$	169,527	$	99,540	$	85,614	$	16,683	$	9,733	$	1,132,628
Pass	293,851		255,206		193,716		163,358		96,128		83,582		16,043		7,896		1,109,780
Special Mention	1,167		847		—		2,067		228		311		—		1,837		6,457
Substandard	624		754		5,366		4,102		3,184		1,721		640		—		16,391
Non-Owner Occupied	$	635,232	$	522,998	$	237,075	$	229,304	$	236,347	$	189,077	$	52,456	$	11,112	$	2,113,601
Pass	624,289		514,030		237,075		184,673		218,106		175,702		52,456		11,112		2,017,443
Special Mention	9,105		—		—		39,007		4,688		10,788		—		—		63,588
Substandard	1,838		8,968		—		5,624		13,553		2,587		—		—		32,570
Land Development	$	36,872	$	21,278	$	8,048	$	3,279	$	4,887	$	3,098	$	6,976	$	—	$	84,438
Pass	34,719		21,278		6,925		3,210		3,274		3,098		6,976		—		79,480
Special Mention	—		—		1,123		69		46		—		—		—		1,238
Substandard	2,153		—		—		—		1,567		—		—		—		3,720
Installment loans to individuals	$	74	$	4	$	—	$	—	$	—	$	—	$	—	$	16	$	94
Pass	74		4		—		—		—		—		—		16		94
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	2,925,230	$	1,329,667	$	610,250	$	498,294	$	372,095	$	300,805	$	356,222	$	25,219	$	6,417,782
Pass	2,909,247		1,308,939		599,386		441,774		346,829		283,632		350,588		22,495		6,262,890
Special Mention	10,400		7,622		3,214		45,076		6,455		11,341		187		1,837		86,132
Substandard	5,583		13,106		7,650		11,444		18,811		5,832		5,447		887		68,760

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	20,672	$	13,972	$	9,042	$	5,886	$	3,437	$	10,986	$	36,502	$	349	$	100,846
Performing Loans	20,672		13,953		9,042		5,886		3,437		10,986		36,494		349		100,819
Non-Performing Loans	—		19		—		—		—		—		8		—		27
Lease Financing Receivables	$	24,603	$	24,360	$	17,486	$	8,496	$	2,535	$	1,735	$	—	$	—	$	79,215
Performing Loans	24,603		24,360		17,486		8,496		2,533		1,726		—		—		79,204
Non-Performing Loans	—		—		—		—		2		9		—		—		11
Real Estate - Construction	$	43,491	$	31,599	$	2,666	$	—	$	—	$	—	$	89	$	—	$	77,845
Residential	$	41,261	$	30,985	$	2,666	$	—	$	—	$	—	$	—	$	—	$	74,912
Performing Loans	41,261		30,985		2,666		—		—		—		—		—		74,912
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	2,230	$	614	$	—	$	—	$	—	$	—	$	89	$	—	$	2,933
Performing Loans	2,230		614		—		—		—		—		89		—		2,933
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	476,276	$	479,523	$	247,128	$	189,253	$	144,872	$	216,510	$	417,620	$	3,264	$	2,174,446
Primary	$	435,290	$	446,636	$	231,955	$	172,662	$	130,572	$	210,490	$	1,415	$	—	$	1,629,020
Performing Loans	434,913		446,129		229,184		167,927		128,923		208,295		1,415		—		1,616,786
Non-Performing Loans	377		507		2,771		4,735		1,649		2,195		—		—		12,234
Home Equity	$	411	$	—	$	123	$	360	$	—	$	580	$	413,191	$	2,824	$	417,489
Performing Loans	411		—		123		360		—		505		412,695		2,657		416,751
Non-Performing Loans	—		—		—		—		—		75		496		167		738
Rental/Investment	$	29,306	$	25,081	$	13,641	$	13,893	$	13,045	$	5,037	$	2,668	$	440	$	103,111
Performing Loans	29,306		25,081		13,641		13,893		13,042		4,963		2,668		440		103,034
Non-Performing Loans	—		—		—		—		3		74		—		—		77
Land Development	$	11,269	$	7,806	$	1,409	$	2,338	$	1,255	$	403	$	346	$	—	$	24,826
Performing Loans	11,269		7,806		1,376		2,338		1,176		317		346		—		24,628
Non-Performing Loans	—		—		33		—		79		86		—		—		198
Real Estate - Commercial Mortgage	$	74,534	$	68,291	$	57,010	$	41,371	$	35,189	$	23,312	$	9,742	$	430	$	309,879
Owner-Occupied	$	43,335	$	42,497	$	37,434	$	27,126	$	23,562	$	17,031	$	5,182	$	289	$	196,456
Performing Loans	43,335		42,497		36,964		27,126		23,562		17,031		5,181		289		195,985
Non-Performing Loans	—		—		470		—		—		—		1		—		471
Non-Owner Occupied	$	20,903	$	17,143	$	14,725	$	11,041	$	9,657	$	5,015	$	1,891	$	141	$	80,516
Performing Loans	20,903		17,143		14,725		11,041		9,657		4,971		1,888		141		80,469
Non-Performing Loans	—		—		—		—		—		44		3		—		47
Land Development	$	10,296	$	8,651	$	4,851	$	3,204	$	1,970	$	1,266	$	2,669	$	—	$	32,907
Performing Loans	10,296		8,646		4,835		3,204		1,970		1,215		2,669		—		32,835
Non-Performing Loans	—		5		16		—		—		51		—		—		72
Installment loans to individuals	$	37,328	$	21,508	$	26,714	$	8,805	$	2,322	$	2,162	$	10,575	$	37	$	109,451
Performing Loans	37,267		21,503		26,657		8,781		2,294		2,122		10,575		33		109,232
Non-Performing Loans	61		5		57		24		28		40		—		4		219
Total loans not subject to risk rating	$	676,904	$	639,253	$	360,046	$	253,811	$	188,355	$	254,705	$	474,528	$	4,080	$	2,851,682
Performing Loans	676,466		638,717		356,699		249,052		186,594		252,131		474,020		3,909		2,837,588
Non-Performing Loans	438		536		3,347		4,759		1,761		2,574		508		171		14,094

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	33,805	$	16,455	$	10,381	$	6,396	$	2,826	$	7,201	$	245,485	$	305	$	322,854
Performing Loans	33,794		16,343		10,340		6,026		2,748		7,181		245,059		305		321,796
Non-Performing Loans	11		112		41		370		78		20		426		—		1,058
Lease Financing Receivables	$	32,150	$	25,270	$	10,999	$	4,231	$	1,040	$	2,172	$	—	$	—	$	75,862
Performing Loans	32,150		25,270		10,999		4,231		992		2,172		—		—		75,814
Non-Performing Loans	—		—		—		—		48		—		—		—		48
Real Estate - Construction	$	54,918	$	10,334	$	295	$	153	$	—	$	—	$	343	$	—	$	66,043
Residential	$	53,108	$	9,393	$	295	$	153	$	—	$	—	$	343	$	—	$	63,292
Performing Loans	53,108		9,393		295		153		—		—		343		—		63,292
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	1,810	$	941	$	—	$	—	$	—	$	—	$	—	$	—	$	2,751
Performing Loans	1,810		941		—		—		—		—		—		—		2,751
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	517,553	$	344,643	$	261,735	$	196,777	$	105,216	$	212,214	$	426,437	$	3,694	$	2,068,269
Primary	$	470,034	$	321,155	$	239,542	$	176,926	$	92,195	$	207,721	$	1,758	$	45	$	1,509,376
Performing Loans	470,034		318,929		235,816		175,219		91,479		205,530		1,747		45		1,498,799
Non-Performing Loans	—		2,226		3,726		1,707		716		2,191		11		—		10,577
Home Equity	$	—	$	203	$	372	$	—	$	45	$	799	$	421,838	$	3,119	$	426,376
Performing Loans	—		203		372		—		45		684		421,516		2,642		425,462
Non-Performing Loans	—		—		—		—		—		115		322		477		914
Rental/Investment	$	34,079	$	20,499	$	18,319	$	17,758	$	11,907	$	3,356	$	2,330	$	530	$	108,778
Performing Loans	34,079		20,404		18,245		17,595		11,901		3,196		2,330		530		108,280
Non-Performing Loans	—		95		74		163		6		160		—		—		498
Land Development	$	13,440	$	2,786	$	3,502	$	2,093	$	1,069	$	338	$	511	$	—	$	23,739
Performing Loans	13,440		2,786		3,502		2,062		1,069		338		511		—		23,708
Non-Performing Loans	—		—		—		31		—		—		—		—		31
Real Estate - Commercial Mortgage	$	81,953	$	71,063	$	56,193	$	47,013	$	35,801	$	15,679	$	10,772	$	488	$	318,962
Owner-Occupied	$	48,814	$	44,606	$	36,661	$	30,266	$	23,974	$	11,608	$	5,919	$	289	$	202,137
Performing Loans	48,814		44,344		36,349		30,097		23,885		11,216		5,904		289		200,898
Non-Performing Loans	—		262		312		169		89		392		15		—		1,239
Non-Owner Occupied	$	20,483	$	18,585	$	14,544	$	13,821	$	8,068	$	3,491	$	1,999	$	147	$	81,138
Performing Loans	20,483		18,460		14,486		13,821		8,068		3,439		1,999		147		80,903
Non-Performing Loans	—		125		58		—		—		52		—		—		235
Land Development	$	12,656	$	7,872	$	4,988	$	2,926	$	3,759	$	580	$	2,854	$	52	$	35,687
Performing Loans	12,656		7,872		4,988		2,922		3,759		466		2,854		52		35,569
Non-Performing Loans	—		—		—		4		—		114		—		—		118
Installment loans to individuals	$	60,133	$	57,198	$	13,704	$	4,019	$	2,459	$	1,535	$	10,661	$	59	$	149,768
Performing Loans	60,081		57,119		13,611		3,986		2,407		1,535		10,661		21		149,421
Non-Performing Loans	52		79		93		33		52		—		—		38		347
Total loans not subject to risk rating	$	780,512	$	524,963	$	353,307	$	258,589	$	147,342	$	238,801	$	693,698	$	4,546	$	3,001,758
Performing Loans	780,449		522,064		349,003		256,112		146,353		235,757		692,924		4,031		2,986,693
Non-Performing Loans	63		2,899		4,304		2,477		989		3,044		774		515		15,065

The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	—	$	—	$	663	$	15,971	$	14,278	$	25,957	$	47,190	$	2,285	$	106,344
Pass	—		—		663		14,210		9,602		18,894		42,695		898		86,962
Special Mention	—		—		—		254		—		—		—		—		254
Substandard	—		—		—		1,507		4,676		7,063		4,495		1,387		19,128
Real Estate - Construction	$	—	$	—	$	—	$	180	$	—	$	4,392	$	—	$	—	$	4,572
Residential	$	—	$	—	$	—	$	180	$	—	$	687	$	—	$	—	$	867
Pass	—		—		—		180		—		687		—		—		867
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	3,705	$	—	$	—	$	3,705
Pass	—		—		—		—		—		3,705		—		—		3,705
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	—	$	11,974	$	4,477	$	26,442	$	930	$	212	$	44,035
Primary	$	—	$	—	$	—	$	4,205	$	2,542	$	12,861	$	—	$	—	$	19,608
Pass	—		—		—		4,205		2,456		9,777		—		—		16,438
Special Mention	—		—		—		—		—		61		—		—		61
Substandard	—		—		—		—		86		3,023		—		—		3,109
Home Equity	$	—	$	—	$	—	$	—	$	—	$	—	$	693	$	212	$	905
Pass	—		—		—		—		—		—		269		—		269
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		424		212		636
Rental/Investment	$	—	$	—	$	—	$	815	$	1,818	$	11,358	$	237	$	—	$	14,228
Pass	—		—		—		815		1,818		10,440		87		—		13,160
Special Mention	—		—		—		—		—		40		—		—		40
Substandard	—		—		—		—		—		878		150		—		1,028
Land Development	$	—	$	—	$	—	$	6,954	$	117	$	2,223	$	—	$	—	$	9,294
Pass	—		—		—		6,954		86		820		—		—		7,860
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		31		1,403		—		—		1,434

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Real Estate - Commercial Mortgage	$	—	$	—	$	—	$	52,761	$	146,704	$	481,098	$	9,224	$	14,371	$	704,158
Owner-Occupied	$	—	$	—	$	—	$	14,063	$	32,268	$	191,688	$	4,763	$	—	$	242,782
Pass	—		—		—		14,063		28,406		168,961		4,754		—		216,184
Special Mention	—		—		—		—		1,568		1,701		—		—		3,269
Substandard	—		—		—		—		2,294		21,026		9		—		23,329
Non-Owner Occupied	$	—	$	—	$	—	$	36,795	$	112,866	$	277,021	$	4,326	$	14,371	$	445,379
Pass	—		—		—		20,420		105,055		236,855		4,326		4,415		371,071
Special Mention	—		—		—		16,367		—		7,949		—		—		24,316
Substandard	—		—		—		8		7,811		32,217		—		9,956		49,992
Land Development	$	—	$	—	$	—	$	1,903	$	1,570	$	12,389	$	135	$	—	$	15,997
Pass	—		—		—		1,903		1,570		6,316		135		—		9,924
Special Mention	—		—		—		—		—		5,197		—		—		5,197
Substandard	—		—		—		—		—		876		—		—		876
Installment loans to individuals	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	—	$	—	$	663	$	80,886	$	165,459	$	537,889	$	57,344	$	16,868	$	859,109
Pass	—		—		663		62,750		148,993		456,455		52,266		5,313		726,440
Special Mention	—		—		—		16,621		1,568		14,948		—		—		33,137
Substandard	—		—		—		1,515		14,898		66,486		5,078		11,555		99,532

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	—	$	711	$	28,242	$	27,222	$	22,377	$	20,759	$	64,563	$	1,788	$	165,662
Pass	—		711		24,211		20,930		17,240		16,880		56,736		409		137,117
Special Mention	—		—		357		97		104		—		—		—		558
Substandard	—		—		3,674		6,195		5,033		3,879		7,827		1,379		27,987
Real Estate - Construction	$	—	$	—	$	10,522	$	9,228	$	10,781	$	—	$	—	$	—	$	30,531
Residential	$	—	$	—	$	1,543	$	211	$	684	$	—	$	—	$	—	$	2,438
Pass	—		—		1,543		211		684		—		—		—		2,438
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	8,979	$	9,017	$	10,097	$	—	$	—	$	—	$	28,093
Pass	—		—		8,979		9,017		10,097		—		—		—		28,093
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	14,022	$	7,126	$	1,112	$	38,747	$	957	$	253	$	62,217
Primary	$	—	$	—	$	6,873	$	3,212	$	595	$	17,223	$	249	$	—	$	28,152
Pass	—		—		5,556		3,212		594		12,665		249		—		22,276
Special Mention	—		—		—		—		—		1,120		—		—		1,120
Substandard	—		—		1,317		—		1		3,438		—		—		4,756
Home Equity	$	—	$	—	$	—	$	—	$	—	$	—	$	697	$	253	$	950
Pass	—		—		—		—		—		—		59		—		59
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		638		253		891
Rental/Investment	$	—	$	—	$	—	$	1,883	$	232	$	18,275	$	9	$	—	$	20,399
Pass	—		—		—		1,883		232		16,139		9		—		18,263
Special Mention	—		—		—		—		—		44		—		—		44
Substandard	—		—		—		—		—		2,092		—		—		2,092
Land Development	$	—	$	—	$	7,149	$	2,031	$	285	$	3,249	$	2	$	—	$	12,716
Pass	—		—		7,149		2,009		285		1,793		2		—		11,238
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		22		—		1,456		—		—		1,478
Real Estate - Commercial Mortgage	$	—	$	—	$	76,557	$	153,960	$	171,487	$	435,073	$	22,631	$	4,688	$	864,396
Owner-Occupied	$	—	$	—	$	15,001	$	32,567	$	61,568	$	181,007	$	9,723	$	2	$	299,868
Pass	—		—		15,001		29,276		43,962		161,790		5,808		—		255,837
Special Mention	—		—		—		—		9,670		—		—		—		9,670
Substandard	—		—		—		3,291		7,936		19,217		3,915		2		34,361
Non-Owner Occupied	$	—	$	—	$	55,962	$	117,592	$	107,004	$	242,249	$	12,720	$	4,686	$	540,213
Pass	—		—		37,002		109,910		83,738		221,423		6,431		—		458,504
Special Mention	—		—		2,591		—		5,302		2,622		—		—		10,515
Substandard	—		—		16,369		7,682		17,964		18,204		6,289		4,686		71,194
Land Development	$	—	$	—	$	5,594	$	3,801	$	2,915	$	11,817	$	188	$	—	$	24,315
Pass	—		—		5,594		3,801		2,780		4,962		188		—		17,325
Special Mention	—		—		—		—		—		5,438		—		—		5,438
Substandard	—		—		—		—		135		1,417		—		—		1,552
Installment loans to individuals	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	—	$	711	$	129,343	$	197,536	$	205,757	$	494,579	$	88,151	$	6,729	$	1,122,806
Pass	—		711		105,035		180,249		159,612		435,652		69,482		409		951,150
Special Mention	—		—		2,948		97		15,076		9,224		—		—		27,345
Substandard	—		—		21,360		17,190		31,069		49,703		18,669		6,320		144,311

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating by origination date:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	—	$	—	$	—	$	364	$	126	$	2,457	$	4,949	$	210	$	8,106
Performing Loans	—		—		—		364		126		2,457		4,949		210		8,106
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - Construction	$	—	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	421
Residential	$	—	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	421
Performing Loans	—		—		—		421		—		—		—		—		421
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Performing Loans	—		—		—		—		—		—		—		—		—
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	359	$	1,741	$	22,792	$	120,168	$	49,654	$	1,598	$	196,312
Primary	$	—	$	—	$	240	$	1,195	$	20,320	$	109,331	$	164	$	86	$	131,336
Performing Loans	—		—		240		1,085		19,715		105,326		164		21		126,551
Non-Performing Loans	—		—		—		110		605		4,005		—		65		4,785
Home Equity	$	—	$	—	$	—	$	546	$	2,278	$	1,966	$	49,485	$	1,512	$	55,787
Performing Loans	—		—		—		546		2,278		1,890		48,906		1,077		54,697
Non-Performing Loans	—		—		—		—		—		76		579		435		1,090
Rental/Investment	$	—	$	—	$	119	$	—	$	121	$	8,034	$	5	$	—	$	8,279
Performing Loans	—		—		119		—		121		8,034		5		—		8,279
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Land Development	$	—	$	—	$	—	$	—	$	73	$	837	$	—	$	—	$	910
Performing Loans	—		—		—		—		73		837		—		—		910
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - Commercial Mortgage	$	—	$	—	$	328	$	1,400	$	954	$	32,755	$	1,237	$	—	$	36,674
Owner-Occupied	$	—	$	—	$	—	$	860	$	573	$	19,864	$	860	$	—	$	22,157
Performing Loans	—		—		—		860		573		19,848		860		—		22,141
Non-Performing Loans	—		—		—		—		—		16		—		—		16
Non-Owner Occupied	$	—	$	—	$	328	$	391	$	—	$	9,735	$	269	$	—	$	10,723
Performing Loans	—		—		328		391		—		9,735		269		—		10,723
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Land Development	$	—	$	—	$	—	$	149	$	381	$	3,156	$	108	$	—	$	3,794
Performing Loans	—		—		—		149		381		3,156		108		—		3,794
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Installment loans to individuals	$	—	$	—	$	—	$	23,428	$	10,892	$	4,306	$	1,654	$	40	$	40,320
Performing Loans	—		—		—		23,373		10,876		4,101		1,644		30		40,024
Non-Performing Loans	—		—		—		55		16		205		10		10		296
Total loans not subject to risk rating	$	—	$	—	$	687	$	27,354	$	34,764	$	159,686	$	57,494	$	1,848	$	281,833
Performing Loans	—		—		687		27,189		34,143		155,384		56,905		1,338		275,646
Non-Performing Loans	—		—		—		165		621		4,302		589		510		6,187

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	—	$	—	$	445	$	349	$	303	$	2,899	$	6,809	$	46	$	10,851
Performing Loans	—		—		445		349		303		2,899		6,784		46		10,826
Non-Performing Loans	—		—		—		—		—		—		25		—		25
Real Estate - Construction	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	—	$	421
Residential	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	—	$	421
Performing Loans	—		—		421		—		—		—		—		—		421
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Performing Loans	—		—		—		—		—		—		—		—		—
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	371	$	3,082	$	33,674	$	28,169	$	140,689	$	70,870	$	2,672	$	279,527
Primary	$	—	$	248	$	1,953	$	30,078	$	25,956	$	127,642	$	630	$	111	$	186,618
Performing Loans	—		248		1,842		29,321		25,935		122,970		630		25		180,971
Non-Performing Loans	—		—		111		757		21		4,672		—		86		5,647
Home Equity	$	—	$	—	$	742	$	3,324	$	1,668	$	1,027	$	70,120	$	2,561	$	79,442
Performing Loans	—		—		742		3,324		1,668		960		69,518		2,124		78,336
Non-Performing Loans	—		—		—		—		—		67		602		437		1,106
Rental/Investment	$	—	$	123	$	—	$	200	$	193	$	10,893	$	120	$	—	$	11,529
Performing Loans	—		123		—		200		193		10,800		120		—		11,436
Non-Performing Loans	—		—		—		—		—		93		—		—		93
Land Development	$	—	$	—	$	387	$	72	$	352	$	1,127	$	—	$	—	$	1,938
Performing Loans	—		—		387		30		117		1,127		—		—		1,661
Non-Performing Loans	—		—		—		42		235		—		—		—		277
Real Estate - Commercial Mortgage	$	—	$	337	$	597	$	1,063	$	982	$	35,946	$	1,902	$	—	$	40,827
Owner-Occupied	$	—	$	—	$	—	$	625	$	660	$	20,531	$	1,357	$	—	$	23,173
Performing Loans	—		—		—		625		660		20,253		1,357		—		22,895
Non-Performing Loans	—		—		—		—		—		278		—		—		278
Non-Owner Occupied	$	—	$	337	$	443	$	49	$	66	$	11,467	$	153	$	—	$	12,515
Performing Loans	—		337		443		49		66		11,331		153		—		12,379
Non-Performing Loans	—		—		—		—		—		136		—		—		136
Land Development	$	—	$	—	$	154	$	389	$	256	$	3,948	$	392	$	—	$	5,139
Performing Loans	—		—		154		389		256		3,890		392		—		5,081
Non-Performing Loans	—		—		—		—		—		58		—		—		58
Installment loans to individuals	$	—	$	—	$	34,976	$	15,497	$	1,118	$	4,348	$	3,676	$	60	$	59,675
Performing Loans	—		—		34,942		15,405		1,051		4,262		3,676		29		59,365
Non-Performing Loans	—		—		34		92		67		86		—		31		310
Total loans not subject to risk rating	$	—	$	708	$	39,521	$	50,583	$	30,572	$	183,882	$	83,257	$	2,778	$	391,301
Performing Loans	—		708		39,376		49,692		30,249		178,492		82,630		2,224		383,371
Non-Performing Loans	—		—		145		891		323		5,390		627		554		7,930

XML

Purchased Loans (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Summary of purchased loans

The following is a summary of non purchased loans and leases as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural(1)	$	1,321,569	$	2,360,471
Lease financing	83,496		80,022
Real estate – construction:
Residential	306,537		243,814
Commercial	779,766		583,338
Total real estate – construction	1,086,303		827,152
Real estate – 1-4 family mortgage:
Primary	1,657,195		1,536,181
Home equity	424,860		432,768
Rental/investment	268,609		264,436
Land development	133,732		123,179
Total real estate – 1-4 family mortgage	2,484,396		2,356,564
Real estate – commercial mortgage:
Owner-occupied	1,365,288		1,334,765
Non-owner occupied	2,323,135		2,194,739
Land development	106,475		120,125
Total real estate – commercial mortgage	3,794,898		3,649,629
Installment loans to individuals	109,499		149,862
Gross loans	8,880,161		9,423,700
Unearned income	(4,281)		(4,160)
Loans, net of unearned income	$	8,875,880	$	9,419,540

(1)Includes Paycheck Protection Program (“PPP”) loans of $67,462 and $1,128,703 as of September 30, 2021 and December 31, 2020, respectively.

The following is a summary of purchased loans as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural	$	114,450	$	176,513
Real estate – construction:
Residential	1,288		2,859
Commercial	3,705		28,093
Total real estate – construction	4,993		30,952
Real estate – 1-4 family mortgage:
Primary	150,944		214,770
Home equity	56,692		80,392
Rental/investment	22,507		31,928
Land development	10,204		14,654
Total real estate – 1-4 family mortgage	240,347		341,744
Real estate – commercial mortgage:
Owner-occupied	264,939		323,041
Non-owner occupied	456,102		552,728
Land development	19,791		29,454
Total real estate – commercial mortgage	740,832		905,223
Installment loans to individuals	40,322		59,675
Loans	$	1,140,944	$	1,514,107

The following is a summary of total non purchased and purchased loans as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural	$	1,436,019	$	2,536,984
Lease financing	83,496		80,022
Real estate – construction:
Residential	307,825		246,673
Commercial	783,471		611,431
Total real estate – construction	1,091,296		858,104
Real estate – 1-4 family mortgage:
Primary	1,808,139		1,750,951
Home equity	481,552		513,160
Rental/investment	291,116		296,364
Land development	143,936		137,833
Total real estate – 1-4 family mortgage	2,724,743		2,698,308
Real estate – commercial mortgage:
Owner-occupied	1,630,227		1,657,806
Non-owner occupied	2,779,237		2,747,467
Land development	126,266		149,579
Total real estate – commercial mortgage	4,535,730		4,554,852
Installment loans to individuals	149,821		209,537
Gross loans	10,021,105		10,937,807
Unearned income	(4,281)		(4,160)
Loans, net of unearned income	10,016,824		10,933,647
Allowance for credit losses on loans	(170,038)		(176,144)
Net loans	$	9,846,786	$	10,757,503

Aging of past due and nonaccrual loans

The following tables provide an aging of past due accruing and nonaccruing 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
September 30, 2021
Commercial, financial, agricultural	$	1,708	$	395	$	1,313,683	$	1,315,786	$	414	$	2,534	$	2,835	$	5,783	$	1,321,569
Lease financing	—		—		83,485		83,485		—		11		—		11		83,496
Real estate – construction:
Residential	853		—		305,684		306,537		—		—		—		—		306,537
Commercial	—		—		779,766		779,766		—		—		—		—		779,766
Total real estate – construction	853		—		1,085,450		1,086,303		—		—		—		—		1,086,303
Real estate – 1-4 family mortgage:
Primary	5,583		452		1,639,206		1,645,241		981		5,951		5,022		11,954		1,657,195
Home equity	1,225		—		422,897		424,122		61		502		175		738		424,860
Rental/investment	301		22		267,420		267,743		—		383		483		866		268,609
Land development	125		33		133,376		133,534		—		119		79		198		133,732
Total real estate – 1-4 family mortgage	7,234		507		2,462,899		2,470,640		1,042		6,955		5,759		13,756		2,484,396
Real estate – commercial mortgage:
Owner-occupied	609		2		1,360,882		1,361,493		—		1,052		2,743		3,795		1,365,288
Non-owner occupied	167		4		2,317,375		2,317,546		—		13		5,576		5,589		2,323,135
Land development	273		—		106,088		106,361		—		114		—		114		106,475
Total real estate – commercial mortgage	1,049		6		3,784,345		3,785,400		—		1,179		8,319		9,498		3,794,898
Installment loans to individuals	765		—		108,516		109,281		79		34		105		218		109,499
Unearned income	—		—		(4,281)		(4,281)		—		—		—		—		(4,281)
Loans, net of unearned income	$	11,609	$	908	$	8,834,097	$	8,846,614	$	1,535	$	10,713	$	17,018	$	29,266	$	8,875,880

	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, 2020
Commercial, financial, agricultural	$	1,124	$	231	$	2,354,716	$	2,356,071	$	164	$	1,804	$	2,432	$	4,400	$	2,360,471
Lease financing	—		—		79,974		79,974		—		48		—		48		80,022
Real estate – construction:
Residential	—		—		243,317		243,317		—		497		—		497		243,814
Commercial	—		—		583,338		583,338		—		—		—		—		583,338
Total real estate – construction	—		—		826,655		826,655		—		497		—		497		827,152
Real estate – 1-4 family mortgage:
Primary	11,889		1,754		1,513,716		1,527,359		1,865		2,744		4,213		8,822		1,536,181
Home equity	1,152		360		430,702		432,214		66		111		377		554		432,768
Rental/investment	663		210		263,064		263,937		61		194		244		499		264,436
Land development	97		—		123,051		123,148		—		—		31		31		123,179
Total real estate – 1-4 family mortgage	13,801		2,324		2,330,533		2,346,658		1,992		3,049		4,865		9,906		2,356,564
Real estate – commercial mortgage:
Owner-occupied	779		795		1,330,155		1,331,729		—		2,598		438		3,036		1,334,765
Non-owner occupied	922		127		2,191,440		2,192,489		—		2,197		53		2,250		2,194,739
Land development	113		115		119,820		120,048		44		29		4		77		120,125
Total real estate – commercial mortgage	1,814		1,037		3,641,415		3,644,266		44		4,824		495		5,363		3,649,629
Installment loans to individuals	896		191		148,620		149,707		4		117		34		155		149,862
Unearned income	—		—		(4,160)		(4,160)		—		—		—		—		(4,160)
Loans, net of unearned income	$	17,635	$	3,783	$	9,377,753	$	9,399,171	$	2,204	$	10,339	$	7,826	$	20,369	$	9,419,540

The following tables provide an aging of past due accruing and nonaccruing 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
September 30, 2021
Commercial, financial, agricultural	$	183	$	1	$	104,418	$	104,602	$	66	$	1,640	$	8,142	$	9,848	$	114,450
Real estate – construction:
Residential	—		—		1,288		1,288		—		—		—		—		1,288
Commercial	—		—		3,705		3,705		—		—		—		—		3,705
Total real estate – construction	—		—		4,993		4,993		—		—		—		—		4,993
Real estate – 1-4 family mortgage:
Primary	639		—		145,333		145,972		428		2,360		2,184		4,972		150,944
Home equity	490		—		54,899		55,389		—		813		490		1,303		56,692
Rental/investment	148		26		22,231		22,405		—		54		48		102		22,507
Land development	75		—		10,117		10,192		—		—		12		12		10,204
Total real estate – 1-4 family mortgage	1,352		26		232,580		233,958		428		3,227		2,734		6,389		240,347
Real estate – commercial mortgage:
Owner-occupied	624		—		262,380		263,004		—		291		1,644		1,935		264,939
Non-owner occupied	—		—		448,283		448,283		—		—		7,819		7,819		456,102
Land development	167		—		19,372		19,539		—		118		134		252		19,791
Total real estate – commercial mortgage	791		—		730,035		730,826		—		409		9,597		10,006		740,832
Installment loans to individuals	871		47		39,155		40,073		4		23		222		249		40,322
Loans, net of unearned income	$	3,197	$	74	$	1,111,181	$	1,114,452	$	498	$	5,299	$	20,695	$	26,492	$	1,140,944

	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, 2020
Commercial, financial, agricultural	$	818	$	101	$	163,658	$	164,577	$	74	$	2,024	$	9,838	$	11,936	$	176,513
Real estate – construction:
Residential	—		—		2,859		2,859		—		—		—		—		2,859
Commercial	—		—		28,093		28,093		—		—		—		—		28,093
Total real estate – construction	—		—		30,952		30,952		—		—		—		—		30,952
Real estate – 1-4 family mortgage:
Primary	2,394		74		206,635		209,103		687		2,799		2,181		5,667		214,770
Home equity	294		43		78,739		79,076		4		674		638		1,316		80,392
Rental/investment	180		14		30,931		31,125		—		724		79		803		31,928
Land development	109		—		14,231		14,340		—		—		314		314		14,654
Total real estate – 1-4 family mortgage	2,977		131		330,536		333,644		691		4,197		3,212		8,100		341,744
Real estate – commercial mortgage:
Owner-occupied	2,511		—		317,997		320,508		193		447		1,893		2,533		323,041
Non-owner occupied	207		—		544,694		544,901		7,682		—		145		7,827		552,728
Land development	112		—		28,962		29,074		—		164		216		380		29,454
Total real estate – commercial mortgage	2,830		—		891,653		894,483		7,875		611		2,254		10,740		905,223
Installment loans to individuals	2,026		35		57,339		59,400		31		136		108		275		59,675
Loans, net of unearned income	$	8,651	$	267	$	1,474,138	$	1,483,056	$	8,671	$	6,968	$	15,412	$	31,051	$	1,514,107

Impact of modifications classified as restructured loans

The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Three months ended September 30, 2021
Commercial, financial, agricultural	1	$	30	$	30
Real estate – 1-4 family mortgage:
Primary	11	1,518		1,538
Total	12	$	1,548	$	1,568
Three months ended September 30, 2020
Commercial, financial, agricultural	1	$	31	$	31
Real estate – 1-4 family mortgage:
Primary	2	201		200
Rental/investment	1	33		32
Total real estate – 1-4 family mortgage	3	234		232
Real estate – commercial mortgage:
Owner-occupied	2	357		357
Non-owner occupied	2	210		210
Total real estate – commercial mortgage	4	567		567
Total	8	$	832	$	830

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Nine months ended September 30, 2021
Commercial, financial, agricultural	7	$	5,258	$	5,258
Real estate – 1-4 family mortgage:
Primary	23	3,321		3,350
Real estate – commercial mortgage:
Non-owner occupied	1	837		810
Total	31	$	9,416	$	9,418
Nine months ended September 30, 2020
Commercial, financial, agricultural	7	$	1,862	$	1,859
Real estate – 1-4 family mortgage:
Primary	17	2,356		2,363
Rental/investment	2	142		142
Total real estate – 1-4 family mortgage	19	2,498		2,505
Real estate – commercial mortgage:
Owner-occupied	3	3,019		2,970
Non-owner occupied	2	210		210
Land development	1	189		189
Total real estate – commercial mortgage	6	3,418		3,369
Installment loans to individuals	2	24		21
Total	34	$	7,802	$	7,754

The tables below illustrate the impact of modifications classified as restructured loans which were made during the periods presented and held on the Consolidated Balance Sheets at the respective period end.

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Three months ended September 30, 2021
Real estate – 1-4 family mortgage:
Primary	1	164		164
Three months ended September 30, 2020
Real estate – 1-4 family mortgage:
Primary	2	$	44	$	44
Real estate – commercial mortgage:
Owner-occupied	4	3,104		2,844
Total	6	$	3,148	$	2,888

	Number of Loans	Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Nine months ended September 30, 2021
Commercial, financial, agricultural	1	$	135	$	135
Real estate – 1-4 family mortgage:
Primary	2	1,026		1,026
Total	3	$	1,161	$	1,161
Nine months ended September 30, 2020
Commercial, financial, agricultural	1	$	1,029	$	1,031
Real estate – 1-4 family mortgage:
Primary	4	334		227
Home equity	1	159		162
Total real estate – 1-4 family mortgage	5	493		389
Real estate – commercial mortgage:
Owner-occupied	5	3,173		2,913
Non-owner occupied	1	542		544
Total real estate – commercial mortgage	6	3,715		3,457
Installment loans to individuals	1	25		19
Total	13	$	5,262	$	4,896

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, 2021	76	$	11,761
Additional advances or loans with concessions	31	9,441
Reclassified as performing restructured loan	1	35
Reductions due to:
Reclassified as nonperforming	(4)	(370)
Paid in full	(14)	(6,031)
Principal paydowns	—	(645)
Totals at September 30, 2021	90	$	14,191

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

	Number of Loans	Recorded Investment
Totals at January 1, 2021	48	$	8,687
Additional advances or loans with concessions	3	1,411
Reclassified as performing restructured loan	2	115
Reductions due to:
Reclassified to nonperforming loans	(4)	(2,485)
Paid in full	(5)	(1,310)
Charge-offs	(1)	(205)
Principal paydowns	—	(221)
Totals at September 30, 2021	43	$	5,992

Loan portfolio by risk-rating grades

The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	219,635	$	300,742	$	156,654	$	51,385	$	23,011	$	13,120	$	453,330	$	2,846	$	1,220,723
Pass	218,622		300,504		153,728		49,799		22,140		10,419		449,649		2,047		1,206,908
Special Mention	—		143		2,386		290		635		1,251		458		—		5,163
Substandard	1,013		95		540		1,296		236		1,450		3,223		799		8,652
Real Estate - Construction	$	335,332	$	404,063	$	243,552	$	13,876	$	—	$	—	$	6,136	$	5,499	$	1,008,458
Residential	$	187,482	$	32,508	$	—	$	—	$	—	$	—	$	6,136	$	5,499	$	231,625
Pass	187,482		32,508		—		—		—		—		6,136		5,499		231,625
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	147,850	$	371,555	$	243,552	$	13,876	$	—	$	—	$	—	$	—	$	776,833
Pass	147,850		371,555		238,899		13,876		—		—		—		—		772,180
Special Mention	—		—		4,653		—		—		—		—		—		4,653
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	125,762	$	73,169	$	49,283	$	20,751	$	17,571	$	9,480	$	13,409	$	525	$	309,950
Primary	$	7,686	$	6,791	$	2,769	$	3,636	$	3,645	$	747	$	2,901	$	—	$	28,175
Pass	7,686		6,791		2,470		3,636		3,561		731		2,890		—		27,765
Special Mention	—		—		117		—		—		—		—		—		117
Substandard	—		—		182		—		84		16		11		—		293
Home Equity	$	768	$	303	$	—	$	—	$	—	$	—	$	6,300	$	—	$	7,371
Pass	768		303		—		—		—		—		6,300		—		7,371
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Rental/Investment	$	59,238	$	42,994	$	23,169	$	16,598	$	13,706	$	8,251	$	1,017	$	525	$	165,498
Pass	59,218		42,646		22,049		16,466		13,515		7,791		1,017		525		163,227
Special Mention	—		250		—		—		—		74		—		—		324
Substandard	20		98		1,120		132		191		386		—		—		1,947
Land Development	$	58,070	$	23,081	$	23,345	$	517	$	220	$	482	$	3,191	$	—	$	108,906
Pass	58,070		20,687		23,345		517		220		482		3,191		—		106,512
Special Mention	—		2,394		—		—		—		—		—		—		2,394
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - Commercial Mortgage	$	682,955	$	870,341	$	674,008	$	349,402	$	323,092	$	440,289	$	124,028	$	20,904	$	3,485,019
Owner-Occupied	$	197,995	$	283,768	$	206,047	$	154,453	$	129,531	$	136,496	$	51,478	$	9,064	$	1,168,832
Pass	197,206		281,580		204,259		150,300		123,413		127,970		51,039		7,327		1,143,094
Special Mention	—		2,188		248		—		1,806		535		424		1,737		6,938
Substandard	789		—		1,540		4,153		4,312		7,991		15		—		18,800
Non-Owner Occupied	$	458,535	$	566,698	$	457,532	$	189,762	$	190,987	$	300,923	$	66,342	$	11,840	$	2,242,619
Pass	456,834		557,835		448,778		176,525		116,126		287,266		66,273		11,840		2,121,477
Special Mention	1,495		8,863		6,739		13,237		55,167		—		—		—		85,501
Substandard	206		—		2,015		—		19,694		13,657		69		—		35,641
Land Development	$	26,425	$	19,875	$	10,429	$	5,187	$	2,574	$	2,870	$	6,208	$	—	$	73,568
Pass	26,154		17,840		10,429		5,146		2,574		2,870		6,208		—		71,221
Special Mention	271		—		—		—		—		—		—		—		271
Substandard	—		2,035		—		41		—		—		—		—		2,076
Installment loans to individuals	$	—	$	—	$	48	$	—	$	—	$	—	$	—	$	—	$	48
Pass	—		—		48		—		—		—		—		—		48
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	1,363,684	$	1,648,315	$	1,123,545	$	435,414	$	363,674	$	462,889	$	596,903	$	29,774	$	6,024,198
Pass	1,359,890		1,632,249		1,104,005		416,265		281,549		437,529		592,703		27,238		5,851,428
Special Mention	1,766		13,838		14,143		13,527		57,608		1,860		882		1,737		105,361
Substandard	2,028		2,228		5,397		5,622		24,517		23,500		3,318		799		67,409

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	1,448,273	$	183,627	$	76,912	$	36,866	$	18,124	$	15,844	$	255,522	$	2,449	$	2,037,617
Pass	1,447,594		180,979		73,325		31,362		16,308		14,626		250,528		1,562		2,016,284
Special Mention	128		1,952		2,091		3,850		1,416		109		187		—		9,733
Substandard	551		696		1,496		1,654		400		1,109		4,807		887		11,600
Real Estate - Construction	$	398,891	$	266,471	$	52,520	$	29,300	$	—	$	—	$	13,927	$	—	$	761,109
Residential	$	154,649	$	9,836	$	2,114	$	—	$	—	$	—	$	13,923	$	—	$	180,522
Pass	154,419		9,339		2,114		—		—		—		13,923		—		179,795
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	230		497		—		—		—		—		—		—		727
Commercial	$	244,242	$	256,635	$	50,406	$	29,300	$	—	$	—	$	4	$	—	$	580,587

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Pass	244,242		251,937		50,406		29,300		—		—		4		—		575,889
Special Mention	—		4,698		—		—		—		—		—		—		4,698
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	110,246	$	78,482	$	36,613	$	30,018	$	13,197	$	7,172	$	10,658	$	1,909	$	288,295
Primary	$	9,422	$	6,691	$	3,988	$	4,644	$	371	$	1,060	$	629	$	—	$	26,805
Pass	9,422		5,870		3,988		4,644		371		1,045		629		—		25,969
Special Mention	—		125		—		—		—		—		—		—		125
Substandard	—		696		—		—		—		15		—		—		711
Home Equity	$	157	$	184	$	—	$	—	$	—	$	—	$	6,051	$	—	$	6,392
Pass	157		184		—		—		—		—		6,051		—		6,392
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Rental/Investment	$	50,558	$	32,656	$	27,483	$	25,019	$	12,620	$	5,699	$	1,066	$	557	$	155,658
Pass	50,371		31,724		26,695		24,872		12,439		5,166		1,066		557		152,890
Special Mention	—		—		—		83		77		133		—		—		293
Substandard	187		932		788		64		104		400		—		—		2,475
Land Development	$	50,109	$	38,951	$	5,142	$	355	$	206	$	413	$	2,912	$	1,352	$	99,440
Pass	50,109		38,388		5,142		355		203		413		2,912		1,352		98,874
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		563		—		—		3		—		—		—		566
Real Estate - Commercial Mortgage	$	967,746	$	801,083	$	444,205	$	402,110	$	340,774	$	277,789	$	76,115	$	20,845	$	3,330,667
Owner-Occupied	$	295,642	$	256,807	$	199,082	$	169,527	$	99,540	$	85,614	$	16,683	$	9,733	$	1,132,628
Pass	293,851		255,206		193,716		163,358		96,128		83,582		16,043		7,896		1,109,780
Special Mention	1,167		847		—		2,067		228		311		—		1,837		6,457
Substandard	624		754		5,366		4,102		3,184		1,721		640		—		16,391
Non-Owner Occupied	$	635,232	$	522,998	$	237,075	$	229,304	$	236,347	$	189,077	$	52,456	$	11,112	$	2,113,601
Pass	624,289		514,030		237,075		184,673		218,106		175,702		52,456		11,112		2,017,443
Special Mention	9,105		—		—		39,007		4,688		10,788		—		—		63,588
Substandard	1,838		8,968		—		5,624		13,553		2,587		—		—		32,570
Land Development	$	36,872	$	21,278	$	8,048	$	3,279	$	4,887	$	3,098	$	6,976	$	—	$	84,438
Pass	34,719		21,278		6,925		3,210		3,274		3,098		6,976		—		79,480
Special Mention	—		—		1,123		69		46		—		—		—		1,238
Substandard	2,153		—		—		—		1,567		—		—		—		3,720
Installment loans to individuals	$	74	$	4	$	—	$	—	$	—	$	—	$	—	$	16	$	94
Pass	74		4		—		—		—		—		—		16		94
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	2,925,230	$	1,329,667	$	610,250	$	498,294	$	372,095	$	300,805	$	356,222	$	25,219	$	6,417,782
Pass	2,909,247		1,308,939		599,386		441,774		346,829		283,632		350,588		22,495		6,262,890
Special Mention	10,400		7,622		3,214		45,076		6,455		11,341		187		1,837		86,132
Substandard	5,583		13,106		7,650		11,444		18,811		5,832		5,447		887		68,760

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	20,672	$	13,972	$	9,042	$	5,886	$	3,437	$	10,986	$	36,502	$	349	$	100,846
Performing Loans	20,672		13,953		9,042		5,886		3,437		10,986		36,494		349		100,819
Non-Performing Loans	—		19		—		—		—		—		8		—		27
Lease Financing Receivables	$	24,603	$	24,360	$	17,486	$	8,496	$	2,535	$	1,735	$	—	$	—	$	79,215
Performing Loans	24,603		24,360		17,486		8,496		2,533		1,726		—		—		79,204
Non-Performing Loans	—		—		—		—		2		9		—		—		11
Real Estate - Construction	$	43,491	$	31,599	$	2,666	$	—	$	—	$	—	$	89	$	—	$	77,845
Residential	$	41,261	$	30,985	$	2,666	$	—	$	—	$	—	$	—	$	—	$	74,912
Performing Loans	41,261		30,985		2,666		—		—		—		—		—		74,912
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	2,230	$	614	$	—	$	—	$	—	$	—	$	89	$	—	$	2,933
Performing Loans	2,230		614		—		—		—		—		89		—		2,933
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	476,276	$	479,523	$	247,128	$	189,253	$	144,872	$	216,510	$	417,620	$	3,264	$	2,174,446
Primary	$	435,290	$	446,636	$	231,955	$	172,662	$	130,572	$	210,490	$	1,415	$	—	$	1,629,020
Performing Loans	434,913		446,129		229,184		167,927		128,923		208,295		1,415		—		1,616,786
Non-Performing Loans	377		507		2,771		4,735		1,649		2,195		—		—		12,234
Home Equity	$	411	$	—	$	123	$	360	$	—	$	580	$	413,191	$	2,824	$	417,489
Performing Loans	411		—		123		360		—		505		412,695		2,657		416,751
Non-Performing Loans	—		—		—		—		—		75		496		167		738
Rental/Investment	$	29,306	$	25,081	$	13,641	$	13,893	$	13,045	$	5,037	$	2,668	$	440	$	103,111
Performing Loans	29,306		25,081		13,641		13,893		13,042		4,963		2,668		440		103,034
Non-Performing Loans	—		—		—		—		3		74		—		—		77
Land Development	$	11,269	$	7,806	$	1,409	$	2,338	$	1,255	$	403	$	346	$	—	$	24,826
Performing Loans	11,269		7,806		1,376		2,338		1,176		317		346		—		24,628
Non-Performing Loans	—		—		33		—		79		86		—		—		198
Real Estate - Commercial Mortgage	$	74,534	$	68,291	$	57,010	$	41,371	$	35,189	$	23,312	$	9,742	$	430	$	309,879
Owner-Occupied	$	43,335	$	42,497	$	37,434	$	27,126	$	23,562	$	17,031	$	5,182	$	289	$	196,456
Performing Loans	43,335		42,497		36,964		27,126		23,562		17,031		5,181		289		195,985
Non-Performing Loans	—		—		470		—		—		—		1		—		471
Non-Owner Occupied	$	20,903	$	17,143	$	14,725	$	11,041	$	9,657	$	5,015	$	1,891	$	141	$	80,516
Performing Loans	20,903		17,143		14,725		11,041		9,657		4,971		1,888		141		80,469
Non-Performing Loans	—		—		—		—		—		44		3		—		47
Land Development	$	10,296	$	8,651	$	4,851	$	3,204	$	1,970	$	1,266	$	2,669	$	—	$	32,907
Performing Loans	10,296		8,646		4,835		3,204		1,970		1,215		2,669		—		32,835
Non-Performing Loans	—		5		16		—		—		51		—		—		72
Installment loans to individuals	$	37,328	$	21,508	$	26,714	$	8,805	$	2,322	$	2,162	$	10,575	$	37	$	109,451
Performing Loans	37,267		21,503		26,657		8,781		2,294		2,122		10,575		33		109,232
Non-Performing Loans	61		5		57		24		28		40		—		4		219
Total loans not subject to risk rating	$	676,904	$	639,253	$	360,046	$	253,811	$	188,355	$	254,705	$	474,528	$	4,080	$	2,851,682
Performing Loans	676,466		638,717		356,699		249,052		186,594		252,131		474,020		3,909		2,837,588
Non-Performing Loans	438		536		3,347		4,759		1,761		2,574		508		171		14,094

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	33,805	$	16,455	$	10,381	$	6,396	$	2,826	$	7,201	$	245,485	$	305	$	322,854
Performing Loans	33,794		16,343		10,340		6,026		2,748		7,181		245,059		305		321,796
Non-Performing Loans	11		112		41		370		78		20		426		—		1,058
Lease Financing Receivables	$	32,150	$	25,270	$	10,999	$	4,231	$	1,040	$	2,172	$	—	$	—	$	75,862
Performing Loans	32,150		25,270		10,999		4,231		992		2,172		—		—		75,814
Non-Performing Loans	—		—		—		—		48		—		—		—		48
Real Estate - Construction	$	54,918	$	10,334	$	295	$	153	$	—	$	—	$	343	$	—	$	66,043
Residential	$	53,108	$	9,393	$	295	$	153	$	—	$	—	$	343	$	—	$	63,292
Performing Loans	53,108		9,393		295		153		—		—		343		—		63,292
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	1,810	$	941	$	—	$	—	$	—	$	—	$	—	$	—	$	2,751
Performing Loans	1,810		941		—		—		—		—		—		—		2,751
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	517,553	$	344,643	$	261,735	$	196,777	$	105,216	$	212,214	$	426,437	$	3,694	$	2,068,269
Primary	$	470,034	$	321,155	$	239,542	$	176,926	$	92,195	$	207,721	$	1,758	$	45	$	1,509,376
Performing Loans	470,034		318,929		235,816		175,219		91,479		205,530		1,747		45		1,498,799
Non-Performing Loans	—		2,226		3,726		1,707		716		2,191		11		—		10,577
Home Equity	$	—	$	203	$	372	$	—	$	45	$	799	$	421,838	$	3,119	$	426,376
Performing Loans	—		203		372		—		45		684		421,516		2,642		425,462
Non-Performing Loans	—		—		—		—		—		115		322		477		914
Rental/Investment	$	34,079	$	20,499	$	18,319	$	17,758	$	11,907	$	3,356	$	2,330	$	530	$	108,778
Performing Loans	34,079		20,404		18,245		17,595		11,901		3,196		2,330		530		108,280
Non-Performing Loans	—		95		74		163		6		160		—		—		498
Land Development	$	13,440	$	2,786	$	3,502	$	2,093	$	1,069	$	338	$	511	$	—	$	23,739
Performing Loans	13,440		2,786		3,502		2,062		1,069		338		511		—		23,708
Non-Performing Loans	—		—		—		31		—		—		—		—		31
Real Estate - Commercial Mortgage	$	81,953	$	71,063	$	56,193	$	47,013	$	35,801	$	15,679	$	10,772	$	488	$	318,962
Owner-Occupied	$	48,814	$	44,606	$	36,661	$	30,266	$	23,974	$	11,608	$	5,919	$	289	$	202,137
Performing Loans	48,814		44,344		36,349		30,097		23,885		11,216		5,904		289		200,898
Non-Performing Loans	—		262		312		169		89		392		15		—		1,239
Non-Owner Occupied	$	20,483	$	18,585	$	14,544	$	13,821	$	8,068	$	3,491	$	1,999	$	147	$	81,138
Performing Loans	20,483		18,460		14,486		13,821		8,068		3,439		1,999		147		80,903
Non-Performing Loans	—		125		58		—		—		52		—		—		235
Land Development	$	12,656	$	7,872	$	4,988	$	2,926	$	3,759	$	580	$	2,854	$	52	$	35,687
Performing Loans	12,656		7,872		4,988		2,922		3,759		466		2,854		52		35,569
Non-Performing Loans	—		—		—		4		—		114		—		—		118
Installment loans to individuals	$	60,133	$	57,198	$	13,704	$	4,019	$	2,459	$	1,535	$	10,661	$	59	$	149,768
Performing Loans	60,081		57,119		13,611		3,986		2,407		1,535		10,661		21		149,421
Non-Performing Loans	52		79		93		33		52		—		—		38		347
Total loans not subject to risk rating	$	780,512	$	524,963	$	353,307	$	258,589	$	147,342	$	238,801	$	693,698	$	4,546	$	3,001,758
Performing Loans	780,449		522,064		349,003		256,112		146,353		235,757		692,924		4,031		2,986,693
Non-Performing Loans	63		2,899		4,304		2,477		989		3,044		774		515		15,065

The following tables present the Company’s loan portfolio by year of origination and internal risk-rating grades as of the dates presented:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	—	$	—	$	663	$	15,971	$	14,278	$	25,957	$	47,190	$	2,285	$	106,344
Pass	—		—		663		14,210		9,602		18,894		42,695		898		86,962
Special Mention	—		—		—		254		—		—		—		—		254
Substandard	—		—		—		1,507		4,676		7,063		4,495		1,387		19,128
Real Estate - Construction	$	—	$	—	$	—	$	180	$	—	$	4,392	$	—	$	—	$	4,572
Residential	$	—	$	—	$	—	$	180	$	—	$	687	$	—	$	—	$	867
Pass	—		—		—		180		—		687		—		—		867
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	3,705	$	—	$	—	$	3,705
Pass	—		—		—		—		—		3,705		—		—		3,705
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	—	$	11,974	$	4,477	$	26,442	$	930	$	212	$	44,035
Primary	$	—	$	—	$	—	$	4,205	$	2,542	$	12,861	$	—	$	—	$	19,608
Pass	—		—		—		4,205		2,456		9,777		—		—		16,438
Special Mention	—		—		—		—		—		61		—		—		61
Substandard	—		—		—		—		86		3,023		—		—		3,109
Home Equity	$	—	$	—	$	—	$	—	$	—	$	—	$	693	$	212	$	905
Pass	—		—		—		—		—		—		269		—		269
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		424		212		636
Rental/Investment	$	—	$	—	$	—	$	815	$	1,818	$	11,358	$	237	$	—	$	14,228
Pass	—		—		—		815		1,818		10,440		87		—		13,160
Special Mention	—		—		—		—		—		40		—		—		40
Substandard	—		—		—		—		—		878		150		—		1,028
Land Development	$	—	$	—	$	—	$	6,954	$	117	$	2,223	$	—	$	—	$	9,294
Pass	—		—		—		6,954		86		820		—		—		7,860
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		31		1,403		—		—		1,434

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Real Estate - Commercial Mortgage	$	—	$	—	$	—	$	52,761	$	146,704	$	481,098	$	9,224	$	14,371	$	704,158
Owner-Occupied	$	—	$	—	$	—	$	14,063	$	32,268	$	191,688	$	4,763	$	—	$	242,782
Pass	—		—		—		14,063		28,406		168,961		4,754		—		216,184
Special Mention	—		—		—		—		1,568		1,701		—		—		3,269
Substandard	—		—		—		—		2,294		21,026		9		—		23,329
Non-Owner Occupied	$	—	$	—	$	—	$	36,795	$	112,866	$	277,021	$	4,326	$	14,371	$	445,379
Pass	—		—		—		20,420		105,055		236,855		4,326		4,415		371,071
Special Mention	—		—		—		16,367		—		7,949		—		—		24,316
Substandard	—		—		—		8		7,811		32,217		—		9,956		49,992
Land Development	$	—	$	—	$	—	$	1,903	$	1,570	$	12,389	$	135	$	—	$	15,997
Pass	—		—		—		1,903		1,570		6,316		135		—		9,924
Special Mention	—		—		—		—		—		5,197		—		—		5,197
Substandard	—		—		—		—		—		876		—		—		876
Installment loans to individuals	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	—	$	—	$	663	$	80,886	$	165,459	$	537,889	$	57,344	$	16,868	$	859,109
Pass	—		—		663		62,750		148,993		456,455		52,266		5,313		726,440
Special Mention	—		—		—		16,621		1,568		14,948		—		—		33,137
Substandard	—		—		—		1,515		14,898		66,486		5,078		11,555		99,532

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	—	$	711	$	28,242	$	27,222	$	22,377	$	20,759	$	64,563	$	1,788	$	165,662
Pass	—		711		24,211		20,930		17,240		16,880		56,736		409		137,117
Special Mention	—		—		357		97		104		—		—		—		558
Substandard	—		—		3,674		6,195		5,033		3,879		7,827		1,379		27,987
Real Estate - Construction	$	—	$	—	$	10,522	$	9,228	$	10,781	$	—	$	—	$	—	$	30,531
Residential	$	—	$	—	$	1,543	$	211	$	684	$	—	$	—	$	—	$	2,438
Pass	—		—		1,543		211		684		—		—		—		2,438
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	8,979	$	9,017	$	10,097	$	—	$	—	$	—	$	28,093
Pass	—		—		8,979		9,017		10,097		—		—		—		28,093
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	14,022	$	7,126	$	1,112	$	38,747	$	957	$	253	$	62,217
Primary	$	—	$	—	$	6,873	$	3,212	$	595	$	17,223	$	249	$	—	$	28,152
Pass	—		—		5,556		3,212		594		12,665		249		—		22,276
Special Mention	—		—		—		—		—		1,120		—		—		1,120
Substandard	—		—		1,317		—		1		3,438		—		—		4,756
Home Equity	$	—	$	—	$	—	$	—	$	—	$	—	$	697	$	253	$	950
Pass	—		—		—		—		—		—		59		—		59
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		638		253		891
Rental/Investment	$	—	$	—	$	—	$	1,883	$	232	$	18,275	$	9	$	—	$	20,399
Pass	—		—		—		1,883		232		16,139		9		—		18,263
Special Mention	—		—		—		—		—		44		—		—		44
Substandard	—		—		—		—		—		2,092		—		—		2,092
Land Development	$	—	$	—	$	7,149	$	2,031	$	285	$	3,249	$	2	$	—	$	12,716
Pass	—		—		7,149		2,009		285		1,793		2		—		11,238
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		22		—		1,456		—		—		1,478
Real Estate - Commercial Mortgage	$	—	$	—	$	76,557	$	153,960	$	171,487	$	435,073	$	22,631	$	4,688	$	864,396
Owner-Occupied	$	—	$	—	$	15,001	$	32,567	$	61,568	$	181,007	$	9,723	$	2	$	299,868
Pass	—		—		15,001		29,276		43,962		161,790		5,808		—		255,837
Special Mention	—		—		—		—		9,670		—		—		—		9,670
Substandard	—		—		—		3,291		7,936		19,217		3,915		2		34,361
Non-Owner Occupied	$	—	$	—	$	55,962	$	117,592	$	107,004	$	242,249	$	12,720	$	4,686	$	540,213
Pass	—		—		37,002		109,910		83,738		221,423		6,431		—		458,504
Special Mention	—		—		2,591		—		5,302		2,622		—		—		10,515
Substandard	—		—		16,369		7,682		17,964		18,204		6,289		4,686		71,194
Land Development	$	—	$	—	$	5,594	$	3,801	$	2,915	$	11,817	$	188	$	—	$	24,315
Pass	—		—		5,594		3,801		2,780		4,962		188		—		17,325
Special Mention	—		—		—		—		—		5,438		—		—		5,438
Substandard	—		—		—		—		135		1,417		—		—		1,552
Installment loans to individuals	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Pass	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total loans subject to risk rating	$	—	$	711	$	129,343	$	197,536	$	205,757	$	494,579	$	88,151	$	6,729	$	1,122,806
Pass	—		711		105,035		180,249		159,612		435,652		69,482		409		951,150
Special Mention	—		—		2,948		97		15,076		9,224		—		—		27,345
Substandard	—		—		21,360		17,190		31,069		49,703		18,669		6,320		144,311

The following tables present the performing status of the Company’s loan portfolio not subject to risk rating by origination date:

	Term Loans Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
September 30, 2021
Commercial, Financial, Agricultural	$	—	$	—	$	—	$	364	$	126	$	2,457	$	4,949	$	210	$	8,106
Performing Loans	—		—		—		364		126		2,457		4,949		210		8,106
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - Construction	$	—	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	421
Residential	$	—	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	421
Performing Loans	—		—		—		421		—		—		—		—		421
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Performing Loans	—		—		—		—		—		—		—		—		—
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	—	$	359	$	1,741	$	22,792	$	120,168	$	49,654	$	1,598	$	196,312
Primary	$	—	$	—	$	240	$	1,195	$	20,320	$	109,331	$	164	$	86	$	131,336
Performing Loans	—		—		240		1,085		19,715		105,326		164		21		126,551
Non-Performing Loans	—		—		—		110		605		4,005		—		65		4,785
Home Equity	$	—	$	—	$	—	$	546	$	2,278	$	1,966	$	49,485	$	1,512	$	55,787
Performing Loans	—		—		—		546		2,278		1,890		48,906		1,077		54,697
Non-Performing Loans	—		—		—		—		—		76		579		435		1,090
Rental/Investment	$	—	$	—	$	119	$	—	$	121	$	8,034	$	5	$	—	$	8,279
Performing Loans	—		—		119		—		121		8,034		5		—		8,279
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Land Development	$	—	$	—	$	—	$	—	$	73	$	837	$	—	$	—	$	910
Performing Loans	—		—		—		—		73		837		—		—		910
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - Commercial Mortgage	$	—	$	—	$	328	$	1,400	$	954	$	32,755	$	1,237	$	—	$	36,674
Owner-Occupied	$	—	$	—	$	—	$	860	$	573	$	19,864	$	860	$	—	$	22,157
Performing Loans	—		—		—		860		573		19,848		860		—		22,141
Non-Performing Loans	—		—		—		—		—		16		—		—		16
Non-Owner Occupied	$	—	$	—	$	328	$	391	$	—	$	9,735	$	269	$	—	$	10,723
Performing Loans	—		—		328		391		—		9,735		269		—		10,723
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Land Development	$	—	$	—	$	—	$	149	$	381	$	3,156	$	108	$	—	$	3,794
Performing Loans	—		—		—		149		381		3,156		108		—		3,794
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Installment loans to individuals	$	—	$	—	$	—	$	23,428	$	10,892	$	4,306	$	1,654	$	40	$	40,320
Performing Loans	—		—		—		23,373		10,876		4,101		1,644		30		40,024
Non-Performing Loans	—		—		—		55		16		205		10		10		296
Total loans not subject to risk rating	$	—	$	—	$	687	$	27,354	$	34,764	$	159,686	$	57,494	$	1,848	$	281,833
Performing Loans	—		—		687		27,189		34,143		155,384		56,905		1,338		275,646
Non-Performing Loans	—		—		—		165		621		4,302		589		510		6,187

	Term Loans Amortized Cost Basis by Origination Year
	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term		Total Loans
December 31, 2020
Commercial, Financial, Agricultural	$	—	$	—	$	445	$	349	$	303	$	2,899	$	6,809	$	46	$	10,851
Performing Loans	—		—		445		349		303		2,899		6,784		46		10,826
Non-Performing Loans	—		—		—		—		—		—		25		—		25
Real Estate - Construction	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	—	$	421
Residential	$	—	$	—	$	421	$	—	$	—	$	—	$	—	$	—	$	421
Performing Loans	—		—		421		—		—		—		—		—		421
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Commercial	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Performing Loans	—		—		—		—		—		—		—		—		—
Non-Performing Loans	—		—		—		—		—		—		—		—		—
Real Estate - 1-4 Family Mortgage	$	—	$	371	$	3,082	$	33,674	$	28,169	$	140,689	$	70,870	$	2,672	$	279,527
Primary	$	—	$	248	$	1,953	$	30,078	$	25,956	$	127,642	$	630	$	111	$	186,618
Performing Loans	—		248		1,842		29,321		25,935		122,970		630		25		180,971
Non-Performing Loans	—		—		111		757		21		4,672		—		86		5,647
Home Equity	$	—	$	—	$	742	$	3,324	$	1,668	$	1,027	$	70,120	$	2,561	$	79,442
Performing Loans	—		—		742		3,324		1,668		960		69,518		2,124		78,336
Non-Performing Loans	—		—		—		—		—		67		602		437		1,106
Rental/Investment	$	—	$	123	$	—	$	200	$	193	$	10,893	$	120	$	—	$	11,529
Performing Loans	—		123		—		200		193		10,800		120		—		11,436
Non-Performing Loans	—		—		—		—		—		93		—		—		93
Land Development	$	—	$	—	$	387	$	72	$	352	$	1,127	$	—	$	—	$	1,938
Performing Loans	—		—		387		30		117		1,127		—		—		1,661
Non-Performing Loans	—		—		—		42		235		—		—		—		277
Real Estate - Commercial Mortgage	$	—	$	337	$	597	$	1,063	$	982	$	35,946	$	1,902	$	—	$	40,827
Owner-Occupied	$	—	$	—	$	—	$	625	$	660	$	20,531	$	1,357	$	—	$	23,173
Performing Loans	—		—		—		625		660		20,253		1,357		—		22,895
Non-Performing Loans	—		—		—		—		—		278		—		—		278
Non-Owner Occupied	$	—	$	337	$	443	$	49	$	66	$	11,467	$	153	$	—	$	12,515
Performing Loans	—		337		443		49		66		11,331		153		—		12,379
Non-Performing Loans	—		—		—		—		—		136		—		—		136
Land Development	$	—	$	—	$	154	$	389	$	256	$	3,948	$	392	$	—	$	5,139
Performing Loans	—		—		154		389		256		3,890		392		—		5,081
Non-Performing Loans	—		—		—		—		—		58		—		—		58
Installment loans to individuals	$	—	$	—	$	34,976	$	15,497	$	1,118	$	4,348	$	3,676	$	60	$	59,675
Performing Loans	—		—		34,942		15,405		1,051		4,262		3,676		29		59,365
Non-Performing Loans	—		—		34		92		67		86		—		31		310
Total loans not subject to risk rating	$	—	$	708	$	39,521	$	50,583	$	30,572	$	183,882	$	83,257	$	2,778	$	391,301
Performing Loans	—		708		39,376		49,692		30,249		178,492		82,630		2,224		383,371
Non-Performing Loans	—		—		145		891		323		5,390		627		554		7,930

XML

Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2021

Receivables [Abstract]

Summary of total non purchased and purchased loans

The following is a summary of non purchased loans and leases as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural(1)	$	1,321,569	$	2,360,471
Lease financing	83,496		80,022
Real estate – construction:
Residential	306,537		243,814
Commercial	779,766		583,338
Total real estate – construction	1,086,303		827,152
Real estate – 1-4 family mortgage:
Primary	1,657,195		1,536,181
Home equity	424,860		432,768
Rental/investment	268,609		264,436
Land development	133,732		123,179
Total real estate – 1-4 family mortgage	2,484,396		2,356,564
Real estate – commercial mortgage:
Owner-occupied	1,365,288		1,334,765
Non-owner occupied	2,323,135		2,194,739
Land development	106,475		120,125
Total real estate – commercial mortgage	3,794,898		3,649,629
Installment loans to individuals	109,499		149,862
Gross loans	8,880,161		9,423,700
Unearned income	(4,281)		(4,160)
Loans, net of unearned income	$	8,875,880	$	9,419,540

(1)Includes Paycheck Protection Program (“PPP”) loans of $67,462 and $1,128,703 as of September 30, 2021 and December 31, 2020, respectively.

The following is a summary of purchased loans as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural	$	114,450	$	176,513
Real estate – construction:
Residential	1,288		2,859
Commercial	3,705		28,093
Total real estate – construction	4,993		30,952
Real estate – 1-4 family mortgage:
Primary	150,944		214,770
Home equity	56,692		80,392
Rental/investment	22,507		31,928
Land development	10,204		14,654
Total real estate – 1-4 family mortgage	240,347		341,744
Real estate – commercial mortgage:
Owner-occupied	264,939		323,041
Non-owner occupied	456,102		552,728
Land development	19,791		29,454
Total real estate – commercial mortgage	740,832		905,223
Installment loans to individuals	40,322		59,675
Loans	$	1,140,944	$	1,514,107

The following is a summary of total non purchased and purchased loans as of the dates presented:

	September 30, 2021		December 31, 2020
Commercial, financial, agricultural	$	1,436,019	$	2,536,984
Lease financing	83,496		80,022
Real estate – construction:
Residential	307,825		246,673
Commercial	783,471		611,431
Total real estate – construction	1,091,296		858,104
Real estate – 1-4 family mortgage:
Primary	1,808,139		1,750,951
Home equity	481,552		513,160
Rental/investment	291,116		296,364
Land development	143,936		137,833
Total real estate – 1-4 family mortgage	2,724,743		2,698,308
Real estate – commercial mortgage:
Owner-occupied	1,630,227		1,657,806
Non-owner occupied	2,779,237		2,747,467
Land development	126,266		149,579
Total real estate – commercial mortgage	4,535,730		4,554,852
Installment loans to individuals	149,821		209,537
Gross loans	10,021,105		10,937,807
Unearned income	(4,281)		(4,160)
Loans, net of unearned income	10,016,824		10,933,647
Allowance for credit losses on loans	(170,038)		(176,144)
Net loans	$	9,846,786	$	10,757,503

Roll forward of the allowance for loan losses

The following tables provide a roll-forward of the allowance for credit losses by loan category and a breakdown of the ending balance of the allowance based on the Company’s credit loss methodology for the periods presented:

	Commercial		Real Estate - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Lease Financing		Installment Loans to Individuals		Total
Three Months Ended September 30, 2021
Allowance for credit losses:
Beginning balance	$	36,994	$	15,729	$	31,303	$	74,893	$	1,511	$	11,924	$	172,354
Charge-offs	(1,225)		—		(276)		(184)		(13)		(1,281)		(2,979)
Recoveries	418		—		193		190		11		1,051		1,863
Net (charge-offs) recoveries	(807)		—		(83)		6		(2)		(230)		(1,116)
(Recovery of) provision for credit losses on loans	(1,210)		440		961		(1,004)		61		(448)		(1,200)
Ending balance	$	34,977	$	16,169	$	32,181	$	73,895	$	1,570	$	11,246	$	170,038
Nine Months Ended September 30, 2021
Allowance for credit losses:
Beginning balance	$	39,031	$	16,047	$	32,165	$	76,127	$	1,624	$	11,150	$	176,144
Charge-offs	(5,907)		(52)		(529)		(416)		(13)		(4,286)		(11,203)
Recoveries	940		13		855		504		36		3,949		6,297
Net (charge-offs) recoveries	(4,967)		(39)		326		88		23		(337)		(4,906)
(Recovery of) provision for credit losses on loans	913		161		(310)		(2,320)		(77)		433		(1,200)
Ending balance	$	34,977	$	16,169	$	32,181	$	73,895	$	1,570	$	11,246	$	170,038
Period-End Amount Allocated to:
Individually evaluated	$	9,717	$	—	$	206	$	5,968	$	—	$	607	$	16,498
Collectively evaluated	25,260		16,169		31,975		67,927		1,570		10,639		153,540
Ending balance	$	34,977	$	16,169	$	32,181	$	73,895	$	1,570	$	11,246	$	170,038
Loans:
Individually evaluated	$	15,193	$	—	$	5,311	$	19,120	$	—	$	617	$	40,241
Collectively evaluated	1,420,826		1,091,296		2,719,432		4,516,610		79,215		149,204		9,976,583
Ending balance	$	1,436,019	$	1,091,296	$	2,724,743	$	4,535,730	$	79,215	$	149,821	$	10,016,824
Nonaccruing loans with no allowance for credit losses	$	2,658	$	—	$	3,039	$	2,865	$	—	$	10	$	8,572

	Commercial		Real Estate - Construction		Real Estate - 1-4 Family Mortgage		Real Estate  - Commercial Mortgage		Lease Financing		Installment Loans to Individuals		Total
Three Months Ended September 30, 2020
Allowance for credit losses:
Beginning balance	$	30,685	$	12,538	$	29,401	$	60,061	$	1,812	$	10,890	$	145,387
Charge-offs	(420)		(136)		(720)		(553)		(168)		(1,579)		(3,576)
Recoveries	698		31		152		711		1		1,594		3,187
Net (charge-offs) recoveries	278		(105)		(568)		158		(167)		15		(389)
Provision for credit losses on loans	7,232		1,386		3,872		10,363		187		60		23,100
Ending balance	$	38,195	$	13,819	$	32,705	$	70,582	$	1,832	$	10,965	$	168,098
Nine Months Ended September 30, 2020
Allowance for credit losses:
Beginning balance	$	10,658	$	5,029	$	9,814	$	24,990	$	910	$	761	$	52,162
Impact of the adoption of ASC 326	11,351		3,505		14,314		4,293		521		8,500		42,484
Charge-offs	(1,969)		(668)		(1,083)		(2,600)		(168)		(6,003)		(12,491)
Recoveries	996		31		288		2,451		11		5,816		9,593
Net (charge-offs) recoveries	(973)		(637)		(795)		(149)		(157)		(187)		(2,898)
Provision for credit losses on loans	17,159		5,922		9,372		41,448		558		1,891		76,350
Ending balance	$	38,195	$	13,819	$	32,705	$	70,582	$	1,832	$	10,965	$	168,098
Period-End Amount Allocated to:
Individually evaluated	$	10,211	$	—	$	275	$	380	$	—	$	270	$	11,136
Collectively evaluated	27,984		13,819		32,430		70,202		1,832		10,695		156,962
Ending balance	$	38,195	$	13,819	$	32,705	$	70,582	$	1,832	$	10,965	$	168,098
Loans:
Individually evaluated	$	17,670	$	—	$	4,718	$	6,596	$	—	$	618	$	29,602
Collectively evaluated	2,630,392		773,119		2,755,676		4,570,413		82,928		242,608		11,055,136
Ending balance	$	2,648,062	$	773,119	$	2,760,394	$	4,577,009	$	82,928	$	243,226	$	11,084,738
Nonaccruing loans with no allowance for credit losses	$	589	$	—	$	4,147	$	3,644	$	—	$	—	$	8,380

Unfunded loan commitments, allowance for credit losses

Three Months Ended September 30,	2021		2020
Allowance for credit losses on unfunded loan commitments:
Beginning balance	$	20,535	$	17,335
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense)	(200)		2,700
Ending balance	$	20,335	$	20,035
Nine Months Ended September 30,	2021		2020
Allowance for credit losses on unfunded loan commitments:
Beginning balance	$	20,535	$	946
Impact of the adoption of ASC 326	—		10,389
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense)	(200)		8,700
Ending balance	$	20,335	$	20,035

XML

Other Real Estate Owned (Tables)

9 Months Ended

Sep. 30, 2021

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
September 30, 2021
Residential real estate	$	127	$	376	$	503
Commercial real estate	858		1,813		2,671
Residential land development	311		4		315
Commercial land development	1,157		59		1,216
Total	$	2,453	$	2,252	$	4,705
December 31, 2020
Residential real estate	$	72	$	107	$	179
Commercial real estate	1,741		924		2,665
Residential land development	337		676		1,013
Commercial land development	1,777		338		2,115
Total	$	3,927	$	2,045	$	5,972

Changes in purchased and non purchased OREO

Changes in the Company’s purchased and non purchased OREO were as follows:

	Purchased OREO		Non Purchased OREO		Total OREO
Balance at January 1, 2021	$	3,927	$	2,045	$	5,972
Transfers of loans	1,047		2,124		3,171
Impairments	(220)		(70)		(290)
Dispositions	(2,171)		(1,836)		(4,007)
Other	(130)		(11)		(141)
Balance at September 30, 2021	$	2,453	$	2,252	$	4,705

Components of OREO in the consolidated statements of income

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Repairs and maintenance	$	17	$	64	$	60	$	234
Property taxes and insurance	6		35		54		186
Impairments	173		820		290		1,647
Net (gains) losses on OREO sales	(24)		117		(74)		27
Rental income	(4)		(3)		(17)		(23)
Total	$	168	$	1,033	$	313	$	2,071

XML

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying amounts of goodwill by operating segments

The carrying amounts of goodwill by operating segments for the nine months ended September 30, 2021 were as follows:

	Community Banks		Insurance		Total
Balance at January 1, 2021	$	936,916	$	2,767	$	939,683
Additions to goodwill and other adjustments	—		—		—
Balance at September 30, 2021	$	936,916	$	2,767	$	939,683

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
September 30, 2021
Core deposit intangibles	$	82,492	$	(58,020)	$	24,472
Customer relationship intangible	2,470		(1,420)		1,050
Total finite-lived intangible assets	$	84,962	$	(59,440)	$	25,522
December 31, 2020
Core deposit intangibles	$	82,492	$	(53,539)	$	28,953
Customer relationship intangible	2,470		(1,284)		1,186
Total finite-lived intangible assets	$	84,962	$	(54,823)	$	30,139

Current year amortization expense for finite-lived intangible assets

Current year amortization expense for finite-lived intangible assets is presented in the table below.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Amortization expense for:
Core deposit intangibles	$	1,436	$	1,688	$	4,482	$	5,326
Customer relationship intangible	45		45		136		136
Total intangible amortization	$	1,481	$	1,733	$	4,618	$	5,462

Estimated amortization expense of finite-lived intangible assets

The estimated amortization expense of finite-lived intangible assets for the year ending December 31, 2021 and the succeeding four years is summarized as follows:

	Core Deposit Intangibles		Customer Relationship Intangible		Total
2021	$	5,860	$	181	$	6,041
2022	4,940		181		5,121
2023	4,044		181		4,225
2024	3,498		181		3,679
2025	3,103		181		3,284

XML

Mortgage Servicing Rights (Tables)

9 Months Ended

Sep. 30, 2021

Transfers and Servicing [Abstract]

Changes in the company's MSRs

Changes in the Company’s MSRs were as follows: 

Balance at January 1, 2021	$	62,994
Capitalization	26,532
Amortization	(16,700)
Valuation adjustment	13,561
Balance at September 30, 2021	$	86,387

Data and key economic assumptions related to the Company's MSRs

Data and key economic assumptions related to the Company’s MSRs are as follows as of the dates presented:

	September 30, 2021			December 31, 2020
Unpaid principal balance	$	8,470,973		$	7,322,671
Weighted-average prepayment speed (CPR)	11.68		%	15.05		%
Estimated impact of a 10% increase	$	(4,258)		$	(4,001)
Estimated impact of a 20% increase	(8,254)			(7,674)
Discount rate	9.83		%	9.86		%
Estimated impact of a 10% increase	$	(3,381)		$	(2,144)
Estimated impact of a 20% increase	(6,520)			(4,144)
Weighted-average coupon interest rate	3.33		%	3.58		%
Weighted-average servicing fee (basis points)	30.52			29.94
Weighted-average remaining maturity (in years)	6.23			5.14

XML

Employee Benefit and Deferred Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2021

Retirement Benefits [Abstract]

Plan expense for non-contributory benefit pension plan and post-retirement health and life plans

Information related to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits”) and to the post-retirement health and life plan (“Other Benefits”) as of the dates presented is as follows:

	Pension Benefits				Other Benefits
	Three Months Ended				Three Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Service cost	$	—	$	—	$	2	$	2
Interest cost	171		246		4		3
Expected return on plan assets	(442)		(412)		—		—
Recognized actuarial loss (gain)	67		87		—		(23)
Net periodic (return) benefit cost	$	(204)	$	(79)	$	6	$	(18)

	Pension Benefits				Other Benefits
	Nine Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Service cost	$	—	$	—	$	4	$	5
Interest cost	512		738		11		10
Expected return on plan assets	(1,326)		(1,238)		—		—
Recognized actuarial loss (gain)	199		262		(2)		(68)
Net periodic (return) benefit cost	$	(615)	$	(238)	$	13	$	(53)

Summary of the changes in stock options and restricted stock

The following table summarizes information about options outstanding, exercised and forfeited as of and for the nine months ended September 30, 2021:

	Shares	Weighted Average Exercise Price
Options outstanding at beginning of period	10,500	$	14.96
Granted	—	—
Exercised	(5,000)	14.96
Forfeited	—	—
Options outstanding at end of period	5,500	$	14.96

The following table summarizes the changes in restricted stock as of and for the nine months ended September 30, 2021:

	Performance-Based Restricted Stock	Weighted Average Grant-Date Fair Value		Time-Based Restricted Stock	Weighted Average Grant-Date Fair Value
Nonvested at beginning of period	132,827	$	32.88	548,416	$	34.15
Awarded	78,230	34.02		253,733	37.22
Vested	—	—		(139,752)	36.89
Cancelled	—	—		(53,737)	37.65
Nonvested at end of period	211,057	$	33.30	608,660	$	34.49

XML

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative financial instruments

The following table provides a summary of the Company’s derivatives not designated as hedging instruments as of the dates presented:

	Balance Sheet	September 30, 2021				December 31, 2020
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets:
Interest rate contracts	Other Assets	$	190,200	$	5,268	$	222,933	$	9,884
Interest rate lock commitments	Other Assets	422,596		7,592		589,701		19,824
Forward commitments	Other Assets	550,000		3,659		—		—
Totals		$	1,162,796	$	16,519	$	812,634	$	29,708
Derivative liabilities:
Interest rate contracts	Other Liabilities	$	190,200	$	5,268	$	222,933	$	9,884
Interest rate lock commitments	Other Liabilities	101,591		423		—		—
Forward commitments	Other Liabilities	82,000		158		716,000		5,090
Totals		$	373,791	$	5,849	$	938,933	$	14,974

The following table provides a summary of the Company’s derivatives designated as cash flow hedges as of the dates presented:

	Balance Sheet	September 30, 2021				December 31, 2020
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative assets:
Interest rate swaps	Other Assets	$	200,000	$	11,615	$	175,000	$	3,866
Derivative liabilities:
Interest rate swaps	Other Liabilities	$	62,000	$	3,544	$	87,000	$	5,924

The following table provides a summary of the Company's derivatives designated as fair value hedges as of the dates presented:

	Balance Sheet	September 30, 2021				December 31, 2020
	Location	Notional Amount		Fair Value		Notional Amount		Fair Value
Derivative liabilities:
Interest rate swaps	Other Liabilities	$	100,000	$	5,150	$	100,000	$	209

Gains (losses) on derivative financial instruments included in the Consolidated Statements of Income

Gains and losses included in the Consolidated Statements of Income related to the Company’s derivative financial instruments were as follows as of the dates presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Interest rate contracts:
Included in interest income on loans	$	589	$	451	$	1,795	$	1,710
Interest rate lock commitments:
Included in mortgage banking income	(3,251)		(1,135)		(12,655)		23,610
Forward commitments
Included in mortgage banking income	5,310		2,754		8,590		(1,395)
Total	$	2,648	$	2,070	$	(2,270)	$	23,925

The following table presents the effects of the Company’s fair value hedge relationships on the Consolidated Statements of Income for the periods presented:

		Amount of Gain (Loss) Recognized in Income
	Income Statement	Three Months Ended September 30,				Nine Months Ended September 30,
	Location	2021		2020		2021		2020
Derivative liabilities:
Interest rate swaps - subordinated notes	Interest Expense	$	(764)	$	—	$	(4,941)	$	—
Derivative liabilities - hedged items:
Interest rate swaps - subordinated notes	Interest Expense	$	764	$	—	$	4,941	$	—

Schedule of derivatives instruments statements of financial performance and financial position, location

The following table presents the amounts that were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of the dates presented:

	Carrying Amount of the Hedged Liability				Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability
Balance Sheet Location	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Long-term debt	$	93,303	$	98,114	$	(5,150)	$	209

Offsetting assets

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
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Gross amounts recognized	$	15,373	$	3,866	$	14,021	$	21,107
Gross amounts offset in the Consolidated Balance Sheets	—		—		—		—
Net amounts presented in the Consolidated Balance Sheets	15,373		3,866		14,021		21,107
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments	6,605		3,866		6,605		3,866
Financial collateral pledged	—		—		7,416		14,042
Net amounts	$	8,768	$	—	$	—	$	3,199

Offsetting liabilities

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
	September 30, 2021		December 31, 2020		September 30, 2021		December 31, 2020
Gross amounts recognized	$	15,373	$	3,866	$	14,021	$	21,107
Gross amounts offset in the Consolidated Balance Sheets	—		—		—		—
Net amounts presented in the Consolidated Balance Sheets	15,373		3,866		14,021		21,107
Gross amounts not offset in the Consolidated Balance Sheets
Financial instruments	6,605		3,866		6,605		3,866
Financial collateral pledged	—		—		7,416		14,042
Net amounts	$	8,768	$	—	$	—	$	3,199

XML

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Significant components of the company's deferred tax assets and liabilities

The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented.

	September 30,		December 31,
	2021		2020
Deferred tax assets
Allowance for credit losses	$	52,345	$	53,597
Loans	3,471		5,526
Deferred compensation	13,598		13,114
Investment in partnerships	154		—
Impairment of assets	508		1,067
Net operating loss carryforwards	1,287		1,857
Lease liabilities under operating leases	17,189		17,732
Other	3,613		3,539
Total deferred tax assets	92,165		96,432
Deferred tax liabilities
Net unrealized gains on securities	3,580		8,434
Investment in partnerships	—		793
Fixed assets	1,182		3,285
Mortgage servicing rights	20,587		14,623
Junior subordinated debt	2,162		2,245
Intangibles	3,349		3,882
Lease right-of-use asset	16,291		16,833
Other	565		1,672
Total deferred tax liabilities	47,716		51,767
Net deferred tax assets	$	44,449	$	44,665

XML

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis

The following tables present 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
September 30, 2021
Financial assets:
Securities available for sale	$	—	$	2,544,643	$	—	$	2,544,643
Derivative instruments	—		28,134		—		28,134
Mortgage loans held for sale in loans held for sale	—		452,869		—		452,869
Total financial assets	$	—	$	3,025,646	$	—	$	3,025,646
Financial liabilities:
Derivative instruments:	$	—	$	14,543	$	—	$	14,543

	Level 1		Level 2		Level 3		Totals
December 31, 2020
Financial assets:
Trust preferred securities	$	—	$	—	$	9,012	$	9,012
Other available for sale securities	—		1,334,445		—		1,334,445
Total securities available for sale	—		1,334,445		9,012		1,343,457
Derivative instruments	—		33,574		—		33,574
Mortgage loans held for sale in loans held for sale	—		417,771		—		417,771
Total financial assets	$	—	$	1,785,790	$	9,012	$	1,794,802
Financial liabilities:
Derivative instruments	$	—	$	21,107	$	—	$	21,107

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, as of the dates presented:

	2021		2020
Three Months Ended September 30, 2021	Trust preferred securities		Trust preferred securities
Three Months Ended September 30,
Balance at beginning of period	$	—	$	7,679
Accretion included in net income	—		8
Unrealized losses included in other comprehensive income	—		840
Settlements	—		(35)
Balance at end of period	$	—	$	8,492
Nine Months Ended September 30,
Balance at beginning of period	$	9,012	$	9,986
Accretion included in net income	7		26
Unrealized gains (losses) included in other comprehensive income	941		(1,382)
Realized losses	2,061		—
Sales	(12,021)		—
Settlements	—		(138)
Balance at end of period	$	—	$	8,492

Assets measured at fair value on a nonrecurring basis

The following tables provide 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:

September 30, 2021	Level 1		Level 2		Level 3		Totals
Individually evaluated loans, net of allowance for credit losses	$	—	$	—	$	9,410	$	9,410
OREO	—		—		170		170
Mortgage servicing rights	—		—		86,387		86,387
Total	$	—	$	—	$	95,967	$	95,967

December 31, 2020	Level 1		Level 2		Level 3		Totals
Individually evaluated loans, net of allowance for credit losses	$	—	$	—	$	24,145	$	24,145
OREO	—		—		2,736		2,736
Mortgage servicing rights	—		—		62,994		62,994
Total	$	—	$	—	$	89,875	$	89,875

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 on the Consolidated Balance Sheets as of the dates presented:

	September 30, 2021		December 31, 2020
Carrying amount prior to remeasurement	$	445	$	4,051
Impairment recognized in results of operations	(275)		(1,315)
Fair value	$	170	$	2,736

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 September 30, 2021 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
Individually evaluated loans, net of allowance for credit losses	$	9,410	Appraised value of collateral less estimated costs to sell	Estimated costs to sell	4-10%
OREO	$	170	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 September 30, 2021 and December 31, 2020:

	Aggregate Fair Value		Aggregate Unpaid Principal Balance		Difference
September 30, 2021
Mortgage loans held for sale measured at fair value	$	452,869	$	441,125	$	11,744
December 31, 2020
Mortgage loans held for sale measured at fair value	$	417,771	$	395,602	$	22,169

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
As of September 30, 2021	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	1,476,141	$	1,476,141	$	—	$	—	$	1,476,141
Securities available for sale	2,544,643		—		2,544,643		—		2,544,643
Loans held for sale	452,869		—		452,869		—		452,869
Loans, net	9,846,786		—		—		9,726,732		9,726,732
Mortgage servicing rights	86,387		—		—		90,738		90,738
Derivative instruments	28,134		—		28,134		—		28,134
Financial liabilities
Deposits	$	13,254,829	$	11,787,346	$	1,467,955	$	—	$	13,255,301
Short-term borrowings	11,253		11,253		—		—		11,253
Federal Home Loan Bank advances	150,425		—		155,832		—		155,832
Junior subordinated debentures	111,228		—		105,546		—		105,546
Subordinated notes	207,210		—		221,700		—		221,700
Derivative instruments	14,543		—		14,543		—		14,543

			Fair Value
As of December 31, 2020	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets
Cash and cash equivalents	$	633,203	$	633,203	$	—	$	—	$	633,203
Securities available for sale	1,343,457		—		1,334,445		9,012		1,343,457
Loans held for sale	417,771		—		417,771		—		417,771
Loans, net	10,757,503		—		—		10,668,625		10,668,625
Mortgage servicing rights	62,994		—		—		62,994		62,994
Derivative instruments	33,574		—		33,574		—		33,574
Financial liabilities
Deposits	$	12,059,081	$	10,363,193	$	1,706,005	$	—	$	12,069,198
Short-term borrowings	21,340		21,340		—		—		21,340
Federal Home Loan Bank advances	152,167		—		158,914		—		158,914
Junior subordinated debentures	110,794		—		93,092		—		93,092
Subordinated notes	212,009		—		217,575		—		217,575
Derivative instruments	21,107		—		21,107		—		21,107

XML

Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Changes in the components of other comprehensive income

Changes in the components of other comprehensive income, net of tax, were as follows for the periods presented:

	Pre-Tax		Tax Expense (Benefit)		Net of Tax
Three months ended September 30, 2021
Securities available for sale:
Unrealized holding losses on securities	$	(12,408)	$	(3,158)	$	(9,250)
Reclassification adjustment for gains realized in net income	(764)		(194)		(570)
Total securities available for sale	(13,172)		(3,352)		(9,820)
Derivative instruments:
Unrealized holding gains on derivative instruments	1,629		414		1,215
Total derivative instruments	1,629		414		1,215
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	67		18		49
Total defined benefit pension and post-retirement benefit plans	67		18		49
Total other comprehensive loss	$	(11,476)	$	(2,920)	$	(8,556)
Three months ended September 30, 2020
Securities available for sale:
Unrealized holding gains on securities	$	519	$	131	$	388
Total securities available for sale	519		131		388
Derivative instruments:
Unrealized holding gains on derivative instruments	1,576		401		1,175
Total derivative instruments	1,576		401		1,175
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	65		17		48
Total defined benefit pension and post-retirement benefit plans	65		17		48
Total other comprehensive income	$	2,160	$	549	$	1,611

	Pre-Tax		Tax Expense (Benefit)		Net of Tax
Nine months ended September 30, 2021
Securities available for sale:
Unrealized holding losses on securities	$	(27,487)	$	(6,996)	$	(20,491)
Reclassification adjustment for gains realized in net income	(2,121)		(539)		(1,582)
Total securities available for sale	(29,608)		(7,535)		(22,073)
Derivative instruments:
Unrealized holding gains on derivative instruments	10,129		2,578		7,551
Total derivative instruments	10,129		2,578		7,551
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	197		49		148
Total defined benefit pension and post-retirement benefit plans	197		49		148
Total other comprehensive loss	$	(19,282)	$	(4,908)	$	(14,374)
Nine months ended September 30, 2020
Securities available for sale:
Unrealized holding gains on securities	$	26,404	$	6,719	$	19,685
Reclassification adjustment for gains realized in net income	(31)		(8)		(23)
Total securities available for sale	26,373		6,711		19,662
Derivative instruments:
Unrealized holding losses on derivative instruments	(3,516)		(895)		(2,621)
Total derivative instruments	(3,516)		(895)		(2,621)
Defined benefit pension and post-retirement benefit plans:
Amortization of net actuarial loss recognized in net periodic pension cost	195		50		145
Total defined benefit pension and post-retirement benefit plans	195		50		145
Total other comprehensive income	$	23,052	$	5,866	$	17,186

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, were as follows as of the dates presented:

	September 30, 2021		December 31, 2020
Unrealized gains on securities	$	8,854	$	42,246
Non-credit related portion of previously recorded other-than-temporary impairment on securities	—		(11,319)
Unrealized gains (losses) on derivative instruments	6,913		(638)
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations	(5,073)		(5,221)
Total accumulated other comprehensive income	$	10,694	$	25,068

XML

Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2021

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:

	Three Months Ended
	September 30,
	2021		2020
Basic
Net income applicable to common stock	$	40,063	$	29,992
Average common shares outstanding	56,146,285		56,185,884
Net income per common share - basic	$	0.71	$	0.53
Diluted
Net income applicable to common stock	$	40,063	$	29,992
Average common shares outstanding	56,146,285		56,185,884
Effect of dilutive stock-based compensation	300,899		200,269
Average common shares outstanding - diluted	56,447,184		56,386,153
Net income per common share - diluted	$	0.71	$	0.53

	Nine Months Ended
	September 30,
	2021		2020
Basic
Net income applicable to common stock	$	138,838	$	52,130
Average common shares outstanding	56,237,056		56,294,984
Net income per common share - basic	$	2.47	$	0.93
Diluted
Net income applicable to common stock	$	138,838	$	52,130
Average common shares outstanding	56,237,056		56,294,984
Effect of dilutive stock-based compensation	296,038		173,593
Average common shares outstanding - diluted	56,533,094		56,468,577
Net income per common share - diluted	$	2.46	$	0.92

Schedule of antidilutive securities

Stock-based compensation awards 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:

	Three Months Ended
	September 30,
	2021	2020
Number of shares	19,929	237,212
Exercise prices (for stock option awards)	—	—

	Nine Months Ended
	September 30,
	2021	2020
Number of shares	19,929	255,448
Exercise prices (for stock option awards)	—	—

XML

Regulatory Matters (Tables)

9 Months Ended

Sep. 30, 2021

Banking and Thrift, Interest [Abstract]

Guidelines governing the classification of capital tiers

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

The following table provides the capital and risk-based capital and leverage ratios for the Company and for the Bank as of the dates presented:

	September 30, 2021				December 31, 2020
	Amount		Ratio		Amount		Ratio
Renasant Corporation
Tier 1 Capital to Average Assets (Leverage)	$	1,395,321	9.18	%	$	1,306,597	9.37	%
Common Equity Tier 1 Capital to Risk-Weighted Assets	1,287,684		11.02	%	1,199,394		10.93	%
Tier 1 Capital to Risk-Weighted Assets	1,395,321		11.94	%	1,306,597		11.91	%
Total Capital to Risk-Weighted Assets	1,712,500		14.66	%	1,653,694		15.07	%
Renasant Bank
Tier 1 Capital to Average Assets (Leverage)	$	1,454,879	9.58	%	$	1,369,994	9.83	%
Common Equity Tier 1 Capital to Risk-Weighted Assets	1,454,879		12.45	%	1,369,994		12.49	%
Tier 1 Capital to Risk-Weighted Assets	1,454,879		12.45	%	1,369,994		12.49	%
Total Capital to Risk-Weighted Assets	1,574,697		13.48	%	1,504,985		13.73	%

XML

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Financial information for the company's operating segments

The following tables provide financial information for the Company’s operating segments as of and for the periods presented:

	Community Banks		Insurance		Wealth Management		Other		Consolidated
Three months ended September 30, 2021
Net interest income (loss)	$	106,506	$	115	$	404	$	(3,733)	$	103,292
Recovery of loan losses	(1,088)		—		(112)		—		(1,200)
Noninterest income	42,546		2,835		5,820		(446)		50,755
Noninterest expense	97,437		2,095		4,189		278		103,999
Income (loss) before income taxes	52,703		855		2,147		(4,457)		51,248
Income tax expense (benefit)	12,117		220		—		(1,152)		11,185
Net income (loss)	$	40,586	$	635	$	2,147	$	(3,305)	$	40,063
Total assets	$	16,040,728	$	33,036	$	67,204	$	14,582	$	16,155,550
Goodwill	$	936,916	$	2,767	—		—		$	939,683
Three months ended September 30, 2020
Net interest income (loss)	$	108,909	$	126	$	403	$	(3,152)	$	106,286
Provision for loan losses	22,408		—		692		—		23,100
Noninterest income	63,918		2,694		4,714		(398)		70,928
Noninterest expense	110,430		1,974		3,818		288		116,510
Income (loss) before income taxes	39,989		846		607		(3,838)		37,604
Income tax expense (benefit)	8,383		217		—		(988)		7,612
Net income (loss)	$	31,606	$	629	$	607	$	(2,850)	$	29,992
Total assets	$	14,694,683	$	30,138	$	68,261	$	15,851	$	14,808,933
Goodwill	$	936,916	$	2,767	—		—		$	939,683

	Community Banks		Insurance		Wealth Management		Other		Consolidated
Nine months ended September 30, 2021
Net interest income (loss)	$	332,234	$	333	$	1,184	$	(11,232)	$	322,519
Recovery of credit losses	(1,088)		—		(112)		—		(1,200)
Noninterest income (loss)	155,765		8,558		16,421		(1,342)		179,402
Noninterest expense	309,449		6,005		12,337		920		328,711
Income (loss) before income taxes	179,638		2,886		5,380		(13,494)		174,410
Income tax expense (benefit)	38,320		740		—		(3,488)		35,572
Net income (loss)	$	141,318	$	2,146	$	5,380	$	(10,006)	$	138,838
Total assets	$	16,040,728	$	33,036	$	67,204	$	14,582	$	16,155,550
Goodwill	$	936,916	$	2,767	$	—	$	—	$	939,683
Nine months ended September 30, 2020
Net interest income (loss)	$	325,879	$	424	$	1,250	$	(8,883)	$	318,670
Provision for credit losses	75,481		—		869		—		76,350
Noninterest income (loss)	152,716		7,787		13,370		(1,205)		172,668
Noninterest expense (benefit)	332,490		5,708		11,215		423		349,836
Income (loss) before income taxes	70,624		2,503		2,536		(10,511)		65,152
Income tax expense (benefit)	15,088		658		—		(2,724)		13,022
Net income (loss)	$	55,536	$	1,845	$	2,536	$	(7,787)	$	52,130
Total assets	$	14,694,683	$	30,138	$	68,261	$	15,851	$	14,808,933
Goodwill	$	936,916	$	2,767	$	—	$	—	$	939,683

XML

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Oct. 27, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Oct. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt prepayment penalty		$ 28	$ 0	$ 118
Subsequent Event | Interest Rate Swap
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notional amount of terminated instruments	$ 100,000
Termination fees	4,730
Federal Home Loan Bank | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prepayment of debt	150,000
Debt prepayment penalty	$ 6,123
Metropolitan Notes | Subordinated notes | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Repurchase amount					$ 15,000
Interest rate of senior note					6.50%
FHLB Advances | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest rate of senior note	1.358%
FHLB Advances | London Interbank Offered Rate (LIBOR) | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Basis spread on variable rate	0.50%

XML

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Oct. 27, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Oct. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt prepayment penalty		$ 28	$ 0	$ 118
Subsequent Event | Interest Rate Swap
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Notional amount of terminated instruments	$ 100,000
Termination fees	4,730
Subsequent Event | Federal Home Loan Bank
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Prepayment of debt	150,000
Debt prepayment penalty	$ 6,123
Metropolitan Notes | Subordinated notes | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Repurchase amount					$ 15,000
Interest rate of senior note					6.50%
FHLB Advances | Subsequent Event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Interest rate of senior note	1.358%
FHLB Advances | Subsequent Event | London Interbank Offered Rate (LIBOR)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Basis spread on variable rate	0.50%
Basis spread floor	0.00%

XML

Securities - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Amortized cost and fair value of securities available for sale
Amortized Cost	$ 2,532,767	$ 1,301,973
Gross Unrealized Gains	26,502	44,699
Gross Unrealized Losses	(14,626)	(3,215)
Fair Value	2,544,643	1,343,457
U.S. Treasury securities
Amortized cost and fair value of securities available for sale
Amortized Cost	3,014	7,047
Gross Unrealized Gains	10	32
Gross Unrealized Losses	0	0
Fair Value	3,024	7,079
Obligations of other U.S. Government agencies and corporations
Amortized cost and fair value of securities available for sale
Amortized Cost		1,003
Gross Unrealized Gains		6
Gross Unrealized Losses		0
Fair Value		1,009
Obligations of states and political subdivisions
Amortized cost and fair value of securities available for sale
Amortized Cost	372,311	291,231
Gross Unrealized Gains	9,096	14,015
Gross Unrealized Losses	(2,426)	(45)
Fair Value	378,981	305,201
Trust preferred securities
Amortized cost and fair value of securities available for sale
Amortized Cost		12,013
Gross Unrealized Gains		0
Gross Unrealized Losses		(3,001)
Fair Value		9,012
Other debt securities
Amortized cost and fair value of securities available for sale
Amortized Cost	51,321	62,771
Gross Unrealized Gains	2,646	2,909
Gross Unrealized Losses	0	(73)
Fair Value	53,967	65,607
Government agency mortgage backed securities | Residential mortgage backed securities:
Amortized cost and fair value of securities available for sale
Amortized Cost	935,233	581,105
Gross Unrealized Gains	11,694	21,564
Gross Unrealized Losses	(3,689)	(23)
Fair Value	943,238	602,646
Government agency mortgage backed securities | Commercial mortgage backed securities:
Amortized cost and fair value of securities available for sale
Amortized Cost	16,650	29,053
Gross Unrealized Gains	515	1,235
Gross Unrealized Losses	(1)	(1)
Fair Value	17,164	30,287
Government agency collateralized mortgage obligations | Residential mortgage backed securities:
Amortized cost and fair value of securities available for sale
Amortized Cost	962,684	218,373
Gross Unrealized Gains	1,225	1,946
Gross Unrealized Losses	(6,172)	(51)
Fair Value	957,737	220,268
Government agency collateralized mortgage obligations | Commercial mortgage backed securities:
Amortized cost and fair value of securities available for sale
Amortized Cost	191,554	99,377
Gross Unrealized Gains	1,316	2,992
Gross Unrealized Losses	(2,338)	(21)
Fair Value	$ 190,532	$ 102,348

XML

Securities - Securities Sold (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt Securities, Available-for-sale [Line Items]
Carrying Value	$ 20,251,000		$ 174,285,000	$ 8,742,000
Net Proceeds	21,015,000	$ 0	176,406,000	8,773,000
Gain/(Loss)	764,000	$ 0	2,121,000	31,000
Obligations of states and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Carrying Value			47,000	2,696,000
Net Proceeds			50,000	2,561,000
Gain/(Loss)			3,000	(135,000)
Residential mortgage backed securities: | Government agency mortgage backed securities
Debt Securities, Available-for-sale [Line Items]
Carrying Value	9,232,000		145,572,000	6,046,000
Net Proceeds	9,739,000		149,474,000	6,212,000
Gain/(Loss)	507,000		3,902,000	$ 166,000
Residential mortgage backed securities: | Government agency collateralized mortgage obligations
Debt Securities, Available-for-sale [Line Items]
Carrying Value	6,736,000		12,362,000
Net Proceeds	6,866,000		12,512,000
Gain/(Loss)	130,000		150,000
Trust preferred securities
Debt Securities, Available-for-sale [Line Items]
Carrying Value			12,021,000
Net Proceeds			9,960,000
Gain/(Loss)			(2,061,000)
Other debt securities
Debt Securities, Available-for-sale [Line Items]
Carrying Value	4,283,000		4,283,000
Net Proceeds	4,410,000		4,410,000
Gain/(Loss)	$ 127,000		$ 127,000

XML

Securities - Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Gross gains on sales of securities available for sale	$ 825	$ 0	$ 4,333	$ 166
Gross losses on sales of securities available for sale	(61)	0	(2,212)	(135)
Gains on sales of securities available for sale, net	$ 764	$ 0	$ 2,121	$ 31

XML

Securities - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Secure government, public and trust deposits
Debt Securities, Available-for-sale [Line Items]
Available for sale securities pledged as collateral	$ 536,018	$ 582,338
Short-term borrowings
Debt Securities, Available-for-sale [Line Items]
Available for sale securities pledged as collateral	$ 21,445	$ 32,272

XML

Securities - Amortized Cost and Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Amortized Cost
Due within one year	$ 9,229
Due after one year through five years	42,312
Due after five years through ten years	58,334
Due after ten years	290,472
Amortized Cost	2,532,767	$ 1,301,973
Fair Value
Due within one year	9,334
Due after one year through five years	44,024
Due after five years through ten years	61,568
Due after ten years	293,271
Fair Value	2,544,643	1,343,457
Other debt securities
Amortized Cost
Debt securities, without fixed maturity, amortized cost	26,299
Amortized Cost	51,321	62,771
Fair Value
Debt securities, without fixed maturity, fair value	27,775
Fair Value	53,967	65,607
Government agency mortgage backed securities | Residential mortgage backed securities:
Amortized Cost
Debt securities, without fixed maturity, amortized cost	935,233
Amortized Cost	935,233	581,105
Fair Value
Debt securities, without fixed maturity, fair value	943,238
Fair Value	943,238	602,646
Government agency mortgage backed securities | Commercial mortgage backed securities:
Amortized Cost
Debt securities, without fixed maturity, amortized cost	16,650
Amortized Cost	16,650	29,053
Fair Value
Debt securities, without fixed maturity, fair value	17,164
Fair Value	17,164	30,287
Government agency collateralized mortgage obligations | Residential mortgage backed securities:
Amortized Cost
Debt securities, without fixed maturity, amortized cost	962,684
Amortized Cost	962,684	218,373
Fair Value
Debt securities, without fixed maturity, fair value	957,737
Fair Value	957,737	220,268
Government agency collateralized mortgage obligations | Commercial mortgage backed securities:
Amortized Cost
Debt securities, without fixed maturity, amortized cost	191,554
Amortized Cost	191,554	99,377
Fair Value
Debt securities, without fixed maturity, fair value	190,532
Fair Value	$ 190,532	$ 102,348

XML

Securities - Gross Unrealized Losses and Fair Value by Investment Category (Details) $ in Thousands	Sep. 30, 2021 USD ($) security	Dec. 31, 2020 USD ($) security
Available for Sale:
Number of positions, Less than 12 Months | security	143	21
Fair Value, Less than 12 Months	$ 1,512,911	$ 75,359
Unrealized Losses, Less than 12 Months	$ (14,503)	$ (211)
Number of positions, 12 Months or More | security	5	4
Fair value, 12 Months or More	$ 7,327	$ 10,037
Unrealized Losses, 12 Months or More	$ (123)	$ (3,004)
Number of positions | security	148	25
Fair Value	$ 1,520,238	$ 85,396
Unrealized Losses	$ (14,626)	$ (3,215)
Obligations of states and political subdivisions
Available for Sale:
Number of positions, Less than 12 Months | security	46	6
Fair Value, Less than 12 Months	$ 145,658	$ 9,403
Unrealized Losses, Less than 12 Months	$ (2,338)	$ (45)
Number of positions, 12 Months or More | security	3	0
Fair value, 12 Months or More	$ 3,884	$ 0
Unrealized Losses, 12 Months or More	$ (88)	$ 0
Number of positions | security	49	6
Fair Value	$ 149,542	$ 9,403
Unrealized Losses	$ (2,426)	$ (45)
Trust preferred securities
Available for Sale:
Number of positions, Less than 12 Months | security		0
Fair Value, Less than 12 Months		$ 0
Unrealized Losses, Less than 12 Months		$ 0
Number of positions, 12 Months or More | security		2
Fair value, 12 Months or More		$ 9,012
Unrealized Losses, 12 Months or More		$ (3,001)
Number of positions | security		2
Fair Value		$ 9,012
Unrealized Losses		$ (3,001)
Other debt securities
Available for Sale:
Number of positions, Less than 12 Months | security		4
Fair Value, Less than 12 Months		$ 3,330
Unrealized Losses, Less than 12 Months		$ (70)
Number of positions, 12 Months or More | security		1
Fair value, 12 Months or More		$ 566
Unrealized Losses, 12 Months or More		$ (3)
Number of positions | security		5
Fair Value		$ 3,896
Unrealized Losses		$ (73)
Government agency mortgage backed securities | Residential mortgage backed securities:
Available for Sale:
Number of positions, Less than 12 Months | security	45	2
Fair Value, Less than 12 Months	$ 508,398	$ 19,755
Unrealized Losses, Less than 12 Months	$ (3,689)	$ (23)
Number of positions, 12 Months or More | security	0	0
Fair value, 12 Months or More	$ 0	$ 0
Unrealized Losses, 12 Months or More	$ 0	$ 0
Number of positions | security	45	2
Fair Value	$ 508,398	$ 19,755
Unrealized Losses	$ (3,689)	$ (23)
Government agency mortgage backed securities | Commercial mortgage backed securities:
Available for Sale:
Number of positions, Less than 12 Months | security	17	1
Fair Value, Less than 12 Months	$ 3,673	$ 1,538
Unrealized Losses, Less than 12 Months	$ (1)	$ (1)
Number of positions, 12 Months or More | security	1	1
Fair value, 12 Months or More	$ 439	$ 459
Unrealized Losses, 12 Months or More	$ 0	$ 0
Number of positions | security	18	2
Fair Value	$ 4,112	$ 1,997
Unrealized Losses	$ (1)	$ (1)
Government agency collateralized mortgage obligations | Residential mortgage backed securities:
Available for Sale:
Number of positions, Less than 12 Months | security	33	5
Fair Value, Less than 12 Months	$ 726,128	$ 27,143
Unrealized Losses, Less than 12 Months	$ (6,172)	$ (51)
Number of positions, 12 Months or More | security	0	0
Fair value, 12 Months or More	$ 0	$ 0
Unrealized Losses, 12 Months or More	$ 0	$ 0
Number of positions | security	33	5
Fair Value	$ 726,128	$ 27,143
Unrealized Losses	$ (6,172)	$ (51)
Government agency collateralized mortgage obligations | Commercial mortgage backed securities:
Available for Sale:
Number of positions, Less than 12 Months | security	2	3
Fair Value, Less than 12 Months	$ 129,054	$ 14,190
Unrealized Losses, Less than 12 Months	$ (2,303)	$ (21)
Number of positions, 12 Months or More | security	1	0
Fair value, 12 Months or More	$ 3,004	$ 0
Unrealized Losses, 12 Months or More	$ (35)	$ 0
Number of positions | security	3	3
Fair Value	$ 132,058	$ 14,190
Unrealized Losses	$ (2,338)	$ (21)

XML

Non Purchased Loans - Summary of Non-Purchased Loans and Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Summary of loans
Gross loans	$ 10,021,105	$ 10,937,807
Unearned income	(4,281)	(4,160)
Loans, net of unearned income	10,016,824	10,933,647	$ 11,084,738
Commercial, financial, agricultural
Summary of loans
Gross loans	1,436,019	2,536,984
Loans, net of unearned income	1,436,019		2,648,062
Lease financing
Summary of loans
Gross loans	83,496	80,022
Loans, net of unearned income	79,215		82,928
Real estate – construction:
Summary of loans
Gross loans	1,091,296	858,104
Loans, net of unearned income	1,091,296		773,119
Real estate – construction: | Residential
Summary of loans
Gross loans	307,825	246,673
Real estate – construction: | Commercial
Summary of loans
Gross loans	783,471	611,431
Real estate – 1-4 family mortgage:
Summary of loans
Gross loans	2,724,743	2,698,308
Loans, net of unearned income	2,724,743		2,760,394
Real estate – 1-4 family mortgage: | Primary
Summary of loans
Gross loans	1,808,139	1,750,951
Real estate – 1-4 family mortgage: | Home equity
Summary of loans
Gross loans	481,552	513,160
Real estate – 1-4 family mortgage: | Rental/investment
Summary of loans
Gross loans	291,116	296,364
Real estate – commercial mortgage:
Summary of loans
Gross loans	4,535,730	4,554,852
Loans, net of unearned income	4,535,730		4,577,009
Real estate – commercial mortgage: | Owner-occupied
Summary of loans
Gross loans	1,630,227	1,657,806
Real estate – commercial mortgage: | Non-owner occupied
Summary of loans
Gross loans	2,779,237	2,747,467
Installment loans to individuals
Summary of loans
Gross loans	149,821	209,537
Loans, net of unearned income	149,821		$ 243,226
Non purchased loans and leases
Summary of loans
Gross loans	8,880,161	9,423,700
Unearned income	(4,281)	(4,160)
Loans, net of unearned income	8,875,880	9,419,540
Non purchased loans and leases | Paycheck Protection Program
Summary of loans
Loans, net of unearned income	67,462	1,128,703
Non purchased loans and leases | Commercial, financial, agricultural
Summary of loans
Gross loans	1,321,569	2,360,471
Non purchased loans and leases | Lease financing
Summary of loans
Gross loans	83,496	80,022
Non purchased loans and leases | Real estate – construction:
Summary of loans
Gross loans	1,086,303	827,152
Non purchased loans and leases | Real estate – construction: | Residential
Summary of loans
Gross loans	306,537	243,814
Non purchased loans and leases | Real estate – construction: | Commercial
Summary of loans
Gross loans	779,766	583,338
Non purchased loans and leases | Real estate – 1-4 family mortgage:
Summary of loans
Gross loans	2,484,396	2,356,564
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Primary
Summary of loans
Gross loans	1,657,195	1,536,181
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Home equity
Summary of loans
Gross loans	424,860	432,768
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Rental/investment
Summary of loans
Gross loans	268,609	264,436
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Land development
Summary of loans
Gross loans	133,732	123,179
Non purchased loans and leases | Real estate – commercial mortgage:
Summary of loans
Gross loans	3,794,898	3,649,629
Non purchased loans and leases | Real estate – commercial mortgage: | Land development
Summary of loans
Gross loans	106,475	120,125
Non purchased loans and leases | Real estate – commercial mortgage: | Owner-occupied
Summary of loans
Gross loans	1,365,288	1,334,765
Non purchased loans and leases | Real estate – commercial mortgage: | Non-owner occupied
Summary of loans
Gross loans	2,323,135	2,194,739
Non purchased loans and leases | Installment loans to individuals
Summary of loans
Gross loans	$ 109,499	$ 149,862

XML

Non Purchased Loans - Narrative (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2021 USD ($) loan	Sep. 30, 2020 USD ($) loan	Jun. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) loan	Sep. 30, 2020 USD ($) loan	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Loans and Allowance for Loan Losses (Additional Textual) [Abstract]
Outstanding balance of restructured loans	$ 9,846,786,000			$ 9,846,786,000			$ 10,757,503,000
Troubled debt restructured that has subsequently defaulted				0	$ 1,101,000
Allowance for loan losses attributable to restructured loans	170,038,000	$ 168,098,000	$ 145,387,000	$ 170,038,000	$ 168,098,000	$ 172,354,000	$ 176,144,000	$ 52,162,000
Non purchased loans and leases
Loans and Allowance for Loan Losses (Additional Textual) [Abstract]
Mortgage and commercial loans discontinued past due period				90 days
Consumer and other retail loans charged-off past due period				120 days
Nonperforming loans charged-off past due period				90 days
Number of restructured loans | loan				0	1
Restructured loans discontinued past due period				90 days	90 days
Troubled debt restructured that has subsequently defaulted				$ 0	$ 64,000
Remaining availability under commitments to lend additional funds on restructured loans	$ 0	$ 0		$ 0	$ 0
Number of loan modifications | loan	12	8		31	34
Modified loans, balance	$ 1,548,000	$ 832,000		$ 9,416,000	$ 7,802,000
Non purchased loans and leases | Loan deferral | Loan Deferral Program, CARES Act
Loans and Allowance for Loan Losses (Additional Textual) [Abstract]
Initial deferral period			90 days
Second deferral period			90 days
Number of loan modifications | loan				30
Modified loans, balance				$ 3,300,000
Non purchased loans and leases | Nonaccruing Loans
Loans and Allowance for Loan Losses (Additional Textual) [Abstract]
Outstanding balance of restructured loans		92,000			92,000
Non purchased loans and leases | Restructured loans
Loans and Allowance for Loan Losses (Additional Textual) [Abstract]
Outstanding balance of restructured loans	12,411,000	3,703,000		12,411,000	3,703,000
Allowance for loan losses attributable to restructured loans	$ 260,000	$ 279,000		$ 260,000	$ 279,000

XML

Non Purchased Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	$ 10,021,105	$ 10,937,807
Unearned income	(4,281)	(4,160)
Loans, net of unearned income	10,016,824	10,933,647	$ 11,084,738
Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,436,019	2,536,984
Loans, net of unearned income	1,436,019		2,648,062
Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	83,496	80,022
Loans, net of unearned income	79,215		82,928
Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,091,296	858,104
Loans, net of unearned income	1,091,296		773,119
Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,724,743	2,698,308
Loans, net of unearned income	2,724,743		2,760,394
Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	4,535,730	4,554,852
Loans, net of unearned income	4,535,730		4,577,009
Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	149,821	209,537
Loans, net of unearned income	149,821		$ 243,226
Residential | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	307,825	246,673
Commercial | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	783,471	611,431
Primary | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,808,139	1,750,951
Home equity | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	481,552	513,160
Rental/investment | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	291,116	296,364
Owner-occupied | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,630,227	1,657,806
Non-owner occupied | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,779,237	2,747,467
Non purchased loans and leases
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	8,880,161	9,423,700
Unearned income	(4,281)	(4,160)
Loans, net of unearned income	8,875,880	9,419,540
Non purchased loans and leases | Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,321,569	2,360,471
Non purchased loans and leases | Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	83,496	80,022
Non purchased loans and leases | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,086,303	827,152
Non purchased loans and leases | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,484,396	2,356,564
Non purchased loans and leases | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	3,794,898	3,649,629
Non purchased loans and leases | Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	109,499	149,862
Non purchased loans and leases | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unearned income	(4,281)	(4,160)
Loans, net of unearned income	8,846,614	9,399,171
Non purchased loans and leases | Accruing Loans | Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,315,786	2,356,071
Non purchased loans and leases | Accruing Loans | Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	83,485	79,974
Non purchased loans and leases | Accruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,086,303	826,655
Non purchased loans and leases | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,470,640	2,346,658
Non purchased loans and leases | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	3,785,400	3,644,266
Non purchased loans and leases | Accruing Loans | Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	109,281	149,707
Non purchased loans and leases | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unearned income		0
Loans, net of unearned income	29,266	20,369
Non purchased loans and leases | Nonaccruing Loans | Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	5,783	4,400
Non purchased loans and leases | Nonaccruing Loans | Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	11	48
Non purchased loans and leases | Nonaccruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	497
Non purchased loans and leases | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	13,756	9,906
Non purchased loans and leases | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	9,498	5,363
Non purchased loans and leases | Nonaccruing Loans | Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	218	155
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	11,609	17,635
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,708	1,124
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	853	0
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	7,234	13,801
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,049	1,814
Non purchased loans and leases | 30-89 Days Past Due | Accruing Loans | Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	765	896
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,535	2,204
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	414	164
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,042	1,992
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	44
Non purchased loans and leases | 30-89 Days Past Due | Nonaccruing Loans | Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	79	4
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	908	3,783
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	395	231
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	507	2,324
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	6	1,037
Non purchased loans and leases | 90 Days or More Past Due | Accruing Loans | Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	191
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	10,713	10,339
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,534	1,804
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	11	48
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	497
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	6,955	3,049
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,179	4,824
Non purchased loans and leases | 90 Days or More Past Due | Nonaccruing Loans | Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	34	117
Non purchased loans and leases | Current Loans | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unearned income	(4,281)	(4,160)
Loans, net of unearned income	8,834,097	9,377,753
Non purchased loans and leases | Current Loans | Accruing Loans | Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,313,683	2,354,716
Non purchased loans and leases | Current Loans | Accruing Loans | Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	83,485	79,974
Non purchased loans and leases | Current Loans | Accruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,085,450	826,655
Non purchased loans and leases | Current Loans | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,462,899	2,330,533
Non purchased loans and leases | Current Loans | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	3,784,345	3,641,415
Non purchased loans and leases | Current Loans | Accruing Loans | Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	108,516	148,620
Non purchased loans and leases | Current Loans | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	17,018	7,826
Non purchased loans and leases | Current Loans | Nonaccruing Loans | Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,835	2,432
Non purchased loans and leases | Current Loans | Nonaccruing Loans | Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Current Loans | Nonaccruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Current Loans | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	5,759	4,865
Non purchased loans and leases | Current Loans | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	8,319	495
Non purchased loans and leases | Current Loans | Nonaccruing Loans | Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	105	34
Non purchased loans and leases | Residential | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	306,537	243,814
Non purchased loans and leases | Residential | Accruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	306,537	243,317
Non purchased loans and leases | Residential | Nonaccruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	497
Non purchased loans and leases | Residential | 30-89 Days Past Due | Accruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	853	0
Non purchased loans and leases | Residential | 30-89 Days Past Due | Nonaccruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Residential | 90 Days or More Past Due | Accruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Residential | 90 Days or More Past Due | Nonaccruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	497
Non purchased loans and leases | Residential | Current Loans | Accruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	305,684	243,317
Non purchased loans and leases | Residential | Current Loans | Nonaccruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Commercial | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	779,766	583,338
Non purchased loans and leases | Commercial | Accruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	779,766	583,338
Non purchased loans and leases | Commercial | Nonaccruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Commercial | 30-89 Days Past Due | Accruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Commercial | 30-89 Days Past Due | Nonaccruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Commercial | 90 Days or More Past Due | Accruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Commercial | 90 Days or More Past Due | Nonaccruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Commercial | Current Loans | Accruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	779,766	583,338
Non purchased loans and leases | Commercial | Current Loans | Nonaccruing Loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Primary | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,657,195	1,536,181
Non purchased loans and leases | Primary | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,645,241	1,527,359
Non purchased loans and leases | Primary | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	11,954	8,822
Non purchased loans and leases | Primary | 30-89 Days Past Due | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	5,583	11,889
Non purchased loans and leases | Primary | 30-89 Days Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	981	1,865
Non purchased loans and leases | Primary | 90 Days or More Past Due | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	452	1,754
Non purchased loans and leases | Primary | 90 Days or More Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	5,951	2,744
Non purchased loans and leases | Primary | Current Loans | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,639,206	1,513,716
Non purchased loans and leases | Primary | Current Loans | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	5,022	4,213
Non purchased loans and leases | Home equity | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	424,860	432,768
Non purchased loans and leases | Home equity | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	424,122	432,214
Non purchased loans and leases | Home equity | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	738	554
Non purchased loans and leases | Home equity | 30-89 Days Past Due | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,225	1,152
Non purchased loans and leases | Home equity | 30-89 Days Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	61	66
Non purchased loans and leases | Home equity | 90 Days or More Past Due | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	360
Non purchased loans and leases | Home equity | 90 Days or More Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	502	111
Non purchased loans and leases | Home equity | Current Loans | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	422,897	430,702
Non purchased loans and leases | Home equity | Current Loans | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	175	377
Non purchased loans and leases | Rental/investment | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	268,609	264,436
Non purchased loans and leases | Rental/investment | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	267,743	263,937
Non purchased loans and leases | Rental/investment | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	866	499
Non purchased loans and leases | Rental/investment | 30-89 Days Past Due | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	301	663
Non purchased loans and leases | Rental/investment | 30-89 Days Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	61
Non purchased loans and leases | Rental/investment | 90 Days or More Past Due | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	22	210
Non purchased loans and leases | Rental/investment | 90 Days or More Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	383	194
Non purchased loans and leases | Rental/investment | Current Loans | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	267,420	263,064
Non purchased loans and leases | Rental/investment | Current Loans | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	483	244
Non purchased loans and leases | Land development | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	133,732	123,179
Non purchased loans and leases | Land development | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	106,475	120,125
Non purchased loans and leases | Land development | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	133,534	123,148
Non purchased loans and leases | Land development | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	106,361	120,048
Non purchased loans and leases | Land development | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	198	31
Non purchased loans and leases | Land development | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	114	77
Non purchased loans and leases | Land development | 30-89 Days Past Due | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	125	97
Non purchased loans and leases | Land development | 30-89 Days Past Due | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	273	113
Non purchased loans and leases | Land development | 30-89 Days Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Land development | 30-89 Days Past Due | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	44
Non purchased loans and leases | Land development | 90 Days or More Past Due | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	33	0
Non purchased loans and leases | Land development | 90 Days or More Past Due | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	115
Non purchased loans and leases | Land development | 90 Days or More Past Due | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	119	0
Non purchased loans and leases | Land development | 90 Days or More Past Due | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	114	29
Non purchased loans and leases | Land development | Current Loans | Accruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	133,376	123,051
Non purchased loans and leases | Land development | Current Loans | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	106,088	119,820
Non purchased loans and leases | Land development | Current Loans | Nonaccruing Loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	79	31
Non purchased loans and leases | Land development | Current Loans | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	4
Non purchased loans and leases | Owner-occupied | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,365,288	1,334,765
Non purchased loans and leases | Owner-occupied | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,361,493	1,331,729
Non purchased loans and leases | Owner-occupied | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	3,795	3,036
Non purchased loans and leases | Owner-occupied | 30-89 Days Past Due | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	609	779
Non purchased loans and leases | Owner-occupied | 30-89 Days Past Due | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Owner-occupied | 90 Days or More Past Due | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2	795
Non purchased loans and leases | Owner-occupied | 90 Days or More Past Due | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,052	2,598
Non purchased loans and leases | Owner-occupied | Current Loans | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,360,882	1,330,155
Non purchased loans and leases | Owner-occupied | Current Loans | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,743	438
Non purchased loans and leases | Non-owner occupied | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,323,135	2,194,739
Non purchased loans and leases | Non-owner occupied | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,317,546	2,192,489
Non purchased loans and leases | Non-owner occupied | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	5,589	2,250
Non purchased loans and leases | Non-owner occupied | 30-89 Days Past Due | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	167	922
Non purchased loans and leases | Non-owner occupied | 30-89 Days Past Due | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	0	0
Non purchased loans and leases | Non-owner occupied | 90 Days or More Past Due | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	4	127
Non purchased loans and leases | Non-owner occupied | 90 Days or More Past Due | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	13	2,197
Non purchased loans and leases | Non-owner occupied | Current Loans | Accruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,317,375	2,191,440
Non purchased loans and leases | Non-owner occupied | Current Loans | Nonaccruing Loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	$ 5,576	$ 53

XML

Non Purchased Loans - Impact of Modifications Classified as Restructured Loans (Details) - Non purchased loans and leases $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($) loan	Sep. 30, 2020 USD ($) loan	Sep. 30, 2021 USD ($) loan	Sep. 30, 2020 USD ($) loan
Restructured loans
Number of Loans | loan	12	8	31	34
Pre- Modification Outstanding Recorded Investment	$ 1,548	$ 832	$ 9,416	$ 7,802
Post- Modification Outstanding Recorded Investment	$ 1,568	$ 830	$ 9,418	$ 7,754
Commercial, financial, agricultural
Restructured loans
Number of Loans | loan	1	1	7	7
Pre- Modification Outstanding Recorded Investment	$ 30	$ 31	$ 5,258	$ 1,862
Post- Modification Outstanding Recorded Investment	$ 30	$ 31	$ 5,258	$ 1,859
Real estate – 1-4 family mortgage:
Restructured loans
Number of Loans | loan		3		19
Pre- Modification Outstanding Recorded Investment		$ 234		$ 2,498
Post- Modification Outstanding Recorded Investment		$ 232		$ 2,505
Real estate – 1-4 family mortgage: | Primary
Restructured loans
Number of Loans | loan	11	2	23	17
Pre- Modification Outstanding Recorded Investment	$ 1,518	$ 201	$ 3,321	$ 2,356
Post- Modification Outstanding Recorded Investment	$ 1,538	$ 200	$ 3,350	$ 2,363
Real estate – 1-4 family mortgage: | Rental/investment
Restructured loans
Number of Loans | loan		1		2
Pre- Modification Outstanding Recorded Investment		$ 33		$ 142
Post- Modification Outstanding Recorded Investment		$ 32		$ 142
Real estate – commercial mortgage:
Restructured loans
Number of Loans | loan		4		6
Pre- Modification Outstanding Recorded Investment		$ 567		$ 3,418
Post- Modification Outstanding Recorded Investment		$ 567		$ 3,369
Real estate – commercial mortgage: | Owner-occupied
Restructured loans
Number of Loans | loan		2		3
Pre- Modification Outstanding Recorded Investment		$ 357		$ 3,019
Post- Modification Outstanding Recorded Investment		$ 357		$ 2,970
Real estate – commercial mortgage: | Non-owner occupied
Restructured loans
Number of Loans | loan		2	1	2
Pre- Modification Outstanding Recorded Investment		$ 210	$ 837	$ 210
Post- Modification Outstanding Recorded Investment		$ 210	$ 810	$ 210
Real estate – commercial mortgage: | Land development
Restructured loans
Number of Loans | loan				1
Pre- Modification Outstanding Recorded Investment				$ 189
Post- Modification Outstanding Recorded Investment				$ 189
Installment loans to individuals
Restructured loans
Number of Loans | loan				2
Pre- Modification Outstanding Recorded Investment				$ 24
Post- Modification Outstanding Recorded Investment				$ 21

XML

Non Purchased Loans - Changes in Restructured Loans (Details) - Non purchased loans and leases $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) loan
Changes in restructured loans [Roll Forward]
Total, beginning balance | loan	76
Additional advances or loans with concessions | loan	31
Reclassified as performing restructured loan | loan	1
Reductions due to:
Reclassified as nonperforming | loan	(4)
Paid in full | loan	(14)
Principal paydowns | loan	0
Total, ending balance | loan	90
Recorded Investment
Total, beginning balance | $	$ 11,761
Additional advances or loans with concessions | $	9,441
Reclassified as performing restructured loan | $	35
Reductions due to:
Reclassified as nonperforming | $	(370)
Paid in full | $	(6,031)
Principal paydowns | $	(645)
Total, ending balance | $	$ 14,191

XML

Non Purchased Loans - Loan Portfolio by Risk-Rating Grades (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Loan portfolio by risk-rating grades
Loans, net of unearned income	$ 10,016,824	$ 10,933,647	$ 11,084,738
Commercial, financial, agricultural
Loan portfolio by risk-rating grades
Loans, net of unearned income	1,436,019		2,648,062
Lease Financing Receivables
Loan portfolio by risk-rating grades
Loans, net of unearned income	79,215		82,928
Real estate – construction:
Loan portfolio by risk-rating grades
Loans, net of unearned income	1,091,296		773,119
Real estate – 1-4 family mortgage:
Loan portfolio by risk-rating grades
Loans, net of unearned income	2,724,743		2,760,394
Real estate – commercial mortgage:
Loan portfolio by risk-rating grades
Loans, net of unearned income	4,535,730		4,577,009
Installment loans to individuals
Loan portfolio by risk-rating grades
Loans, net of unearned income	149,821		$ 243,226
Non purchased loans and leases
Loan portfolio by risk-rating grades
Loans, net of unearned income	8,875,880	9,419,540
Non purchased loans and leases | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	1,363,684	2,925,230
Prior year	1,648,315	1,329,667
Two years prior	1,123,545	610,250
Three years prior	435,414	498,294
Four years prior	363,674	372,095
Prior	462,889	300,805
Revolving Loans	596,903	356,222
Revolving Loans Converted to Term	29,774	25,219
Loans, net of unearned income	6,024,198	6,417,782
Non purchased loans and leases | Pass
Loan portfolio by risk-rating grades
Current year	1,359,890	2,909,247
Prior year	1,632,249	1,308,939
Two years prior	1,104,005	599,386
Three years prior	416,265	441,774
Four years prior	281,549	346,829
Prior	437,529	283,632
Revolving Loans	592,703	350,588
Revolving Loans Converted to Term	27,238	22,495
Loans, net of unearned income	5,851,428	6,262,890
Non purchased loans and leases | Special Mention
Loan portfolio by risk-rating grades
Current year	1,766	10,400
Prior year	13,838	7,622
Two years prior	14,143	3,214
Three years prior	13,527	45,076
Four years prior	57,608	6,455
Prior	1,860	11,341
Revolving Loans	882	187
Revolving Loans Converted to Term	1,737	1,837
Loans, net of unearned income	105,361	86,132
Non purchased loans and leases | Substandard
Loan portfolio by risk-rating grades
Current year	2,028	5,583
Prior year	2,228	13,106
Two years prior	5,397	7,650
Three years prior	5,622	11,444
Four years prior	24,517	18,811
Prior	23,500	5,832
Revolving Loans	3,318	5,447
Revolving Loans Converted to Term	799	887
Loans, net of unearned income	67,409	68,760
Non purchased loans and leases | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	676,904	780,512
Prior year	639,253	524,963
Two years prior	360,046	353,307
Three years prior	253,811	258,589
Four years prior	188,355	147,342
Prior	254,705	238,801
Revolving Loans	474,528	693,698
Revolving Loans Converted to Term	4,080	4,546
Loans, net of unearned income	2,851,682	3,001,758
Non purchased loans and leases | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	676,466	780,449
Prior year	638,717	522,064
Two years prior	356,699	349,003
Three years prior	249,052	256,112
Four years prior	186,594	146,353
Prior	252,131	235,757
Revolving Loans	474,020	692,924
Revolving Loans Converted to Term	3,909	4,031
Loans, net of unearned income	2,837,588	2,986,693
Non purchased loans and leases | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	438	63
Prior year	536	2,899
Two years prior	3,347	4,304
Three years prior	4,759	2,477
Four years prior	1,761	989
Prior	2,574	3,044
Revolving Loans	508	774
Revolving Loans Converted to Term	171	515
Loans, net of unearned income	14,094	15,065
Non purchased loans and leases | Commercial | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	2,230
Prior year	614
Two years prior	0
Three years prior	0
Four years prior	0
Prior	0
Revolving Loans	89
Revolving Loans Converted to Term	0
Loans, net of unearned income	2,933
Non purchased loans and leases | Commercial | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	2,230
Prior year	614
Two years prior	0
Three years prior	0
Four years prior	0
Prior	0
Revolving Loans	89
Revolving Loans Converted to Term	0
Loans, net of unearned income	2,933
Non purchased loans and leases | Commercial | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	0
Prior year	0
Two years prior	0
Three years prior	0
Four years prior	0
Prior	0
Revolving Loans	0
Revolving Loans Converted to Term	0
Loans, net of unearned income	0
Non purchased loans and leases | Commercial, financial, agricultural | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	219,635	1,448,273
Prior year	300,742	183,627
Two years prior	156,654	76,912
Three years prior	51,385	36,866
Four years prior	23,011	18,124
Prior	13,120	15,844
Revolving Loans	453,330	255,522
Revolving Loans Converted to Term	2,846	2,449
Loans, net of unearned income	1,220,723	2,037,617
Non purchased loans and leases | Commercial, financial, agricultural | Pass
Loan portfolio by risk-rating grades
Current year	218,622	1,447,594
Prior year	300,504	180,979
Two years prior	153,728	73,325
Three years prior	49,799	31,362
Four years prior	22,140	16,308
Prior	10,419	14,626
Revolving Loans	449,649	250,528
Revolving Loans Converted to Term	2,047	1,562
Loans, net of unearned income	1,206,908	2,016,284
Non purchased loans and leases | Commercial, financial, agricultural | Special Mention
Loan portfolio by risk-rating grades
Current year	0	128
Prior year	143	1,952
Two years prior	2,386	2,091
Three years prior	290	3,850
Four years prior	635	1,416
Prior	1,251	109
Revolving Loans	458	187
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	5,163	9,733
Non purchased loans and leases | Commercial, financial, agricultural | Substandard
Loan portfolio by risk-rating grades
Current year	1,013	551
Prior year	95	696
Two years prior	540	1,496
Three years prior	1,296	1,654
Four years prior	236	400
Prior	1,450	1,109
Revolving Loans	3,223	4,807
Revolving Loans Converted to Term	799	887
Loans, net of unearned income	8,652	11,600
Non purchased loans and leases | Commercial, financial, agricultural | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	20,672	33,805
Prior year	13,972	16,455
Two years prior	9,042	10,381
Three years prior	5,886	6,396
Four years prior	3,437	2,826
Prior	10,986	7,201
Revolving Loans	36,502	245,485
Revolving Loans Converted to Term	349	305
Loans, net of unearned income	100,846	322,854
Non purchased loans and leases | Commercial, financial, agricultural | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	20,672	33,794
Prior year	13,953	16,343
Two years prior	9,042	10,340
Three years prior	5,886	6,026
Four years prior	3,437	2,748
Prior	10,986	7,181
Revolving Loans	36,494	245,059
Revolving Loans Converted to Term	349	305
Loans, net of unearned income	100,819	321,796
Non purchased loans and leases | Commercial, financial, agricultural | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	0	11
Prior year	19	112
Two years prior	0	41
Three years prior	0	370
Four years prior	0	78
Prior	0	20
Revolving Loans	8	426
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	27	1,058
Non purchased loans and leases | Lease Financing Receivables | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	24,603	32,150
Prior year	24,360	25,270
Two years prior	17,486	10,999
Three years prior	8,496	4,231
Four years prior	2,535	1,040
Prior	1,735	2,172
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	79,215	75,862
Non purchased loans and leases | Lease Financing Receivables | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	24,603	32,150
Prior year	24,360	25,270
Two years prior	17,486	10,999
Three years prior	8,496	4,231
Four years prior	2,533	992
Prior	1,726	2,172
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	79,204	75,814
Non purchased loans and leases | Lease Financing Receivables | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	2	48
Prior	9	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	11	48
Non purchased loans and leases | Real estate – construction: | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	335,332	398,891
Prior year	404,063	266,471
Two years prior	243,552	52,520
Three years prior	13,876	29,300
Four years prior	0	0
Prior	0	0
Revolving Loans	6,136	13,927
Revolving Loans Converted to Term	5,499	0
Loans, net of unearned income	1,008,458	761,109
Non purchased loans and leases | Real estate – construction: | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	43,491	54,918
Prior year	31,599	10,334
Two years prior	2,666	295
Three years prior	0	153
Four years prior	0	0
Prior	0	0
Revolving Loans	89	343
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	77,845	66,043
Non purchased loans and leases | Real estate – construction: | Residential | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	187,482	154,649
Prior year	32,508	9,836
Two years prior	0	2,114
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	6,136	13,923
Revolving Loans Converted to Term	5,499	0
Loans, net of unearned income	231,625	180,522
Non purchased loans and leases | Real estate – construction: | Residential | Pass
Loan portfolio by risk-rating grades
Current year	187,482	154,419
Prior year	32,508	9,339
Two years prior	0	2,114
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	6,136	13,923
Revolving Loans Converted to Term	5,499	0
Loans, net of unearned income	231,625	179,795
Non purchased loans and leases | Real estate – construction: | Residential | Special Mention
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Non purchased loans and leases | Real estate – construction: | Residential | Substandard
Loan portfolio by risk-rating grades
Current year	0	230
Prior year	0	497
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	727
Non purchased loans and leases | Real estate – construction: | Residential | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	41,261	53,108
Prior year	30,985	9,393
Two years prior	2,666	295
Three years prior	0	153
Four years prior	0	0
Prior	0	0
Revolving Loans	0	343
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	74,912	63,292
Non purchased loans and leases | Real estate – construction: | Residential | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	41,261	53,108
Prior year	30,985	9,393
Two years prior	2,666	295
Three years prior	0	153
Four years prior	0	0
Prior	0	0
Revolving Loans	0	343
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	74,912	63,292
Non purchased loans and leases | Real estate – construction: | Residential | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Non purchased loans and leases | Real estate – construction: | Commercial | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	147,850	244,242
Prior year	371,555	256,635
Two years prior	243,552	50,406
Three years prior	13,876	29,300
Four years prior	0	0
Prior	0	0
Revolving Loans	0	4
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	776,833	580,587
Non purchased loans and leases | Real estate – construction: | Commercial | Pass
Loan portfolio by risk-rating grades
Current year	147,850	244,242
Prior year	371,555	251,937
Two years prior	238,899	50,406
Three years prior	13,876	29,300
Four years prior	0	0
Prior	0	0
Revolving Loans	0	4
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	772,180	575,889
Non purchased loans and leases | Real estate – construction: | Commercial | Special Mention
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	4,698
Two years prior	4,653	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	4,653	4,698
Non purchased loans and leases | Real estate – construction: | Commercial | Substandard
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Non purchased loans and leases | Real estate – construction: | Commercial | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year		1,810
Prior year		941
Two years prior		0
Three years prior		0
Four years prior		0
Prior		0
Revolving Loans		0
Revolving Loans Converted to Term		0
Loans, net of unearned income		2,751
Non purchased loans and leases | Real estate – construction: | Commercial | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year		1,810
Prior year		941
Two years prior		0
Three years prior		0
Four years prior		0
Prior		0
Revolving Loans		0
Revolving Loans Converted to Term		0
Loans, net of unearned income		2,751
Non purchased loans and leases | Real estate – construction: | Commercial | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year		0
Prior year		0
Two years prior		0
Three years prior		0
Four years prior		0
Prior		0
Revolving Loans		0
Revolving Loans Converted to Term		0
Loans, net of unearned income		0
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	125,762	110,246
Prior year	73,169	78,482
Two years prior	49,283	36,613
Three years prior	20,751	30,018
Four years prior	17,571	13,197
Prior	9,480	7,172
Revolving Loans	13,409	10,658
Revolving Loans Converted to Term	525	1,909
Loans, net of unearned income	309,950	288,295
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	476,276	517,553
Prior year	479,523	344,643
Two years prior	247,128	261,735
Three years prior	189,253	196,777
Four years prior	144,872	105,216
Prior	216,510	212,214
Revolving Loans	417,620	426,437
Revolving Loans Converted to Term	3,264	3,694
Loans, net of unearned income	2,174,446	2,068,269
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Primary | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	7,686	9,422
Prior year	6,791	6,691
Two years prior	2,769	3,988
Three years prior	3,636	4,644
Four years prior	3,645	371
Prior	747	1,060
Revolving Loans	2,901	629
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	28,175	26,805
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Primary | Pass
Loan portfolio by risk-rating grades
Current year	7,686	9,422
Prior year	6,791	5,870
Two years prior	2,470	3,988
Three years prior	3,636	4,644
Four years prior	3,561	371
Prior	731	1,045
Revolving Loans	2,890	629
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	27,765	25,969
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Primary | Special Mention
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	125
Two years prior	117	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	117	125
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Primary | Substandard
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	696
Two years prior	182	0
Three years prior	0	0
Four years prior	84	0
Prior	16	15
Revolving Loans	11	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	293	711
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Primary | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	435,290	470,034
Prior year	446,636	321,155
Two years prior	231,955	239,542
Three years prior	172,662	176,926
Four years prior	130,572	92,195
Prior	210,490	207,721
Revolving Loans	1,415	1,758
Revolving Loans Converted to Term	0	45
Loans, net of unearned income	1,629,020	1,509,376
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Primary | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	434,913	470,034
Prior year	446,129	318,929
Two years prior	229,184	235,816
Three years prior	167,927	175,219
Four years prior	128,923	91,479
Prior	208,295	205,530
Revolving Loans	1,415	1,747
Revolving Loans Converted to Term	0	45
Loans, net of unearned income	1,616,786	1,498,799
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Primary | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	377	0
Prior year	507	2,226
Two years prior	2,771	3,726
Three years prior	4,735	1,707
Four years prior	1,649	716
Prior	2,195	2,191
Revolving Loans	0	11
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	12,234	10,577
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Home equity | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	768	157
Prior year	303	184
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	6,300	6,051
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	7,371	6,392
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Home equity | Pass
Loan portfolio by risk-rating grades
Current year	768	157
Prior year	303	184
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	6,300	6,051
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	7,371	6,392
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Home equity | Special Mention
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Home equity | Substandard
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Home equity | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	411	0
Prior year	0	203
Two years prior	123	372
Three years prior	360	0
Four years prior	0	45
Prior	580	799
Revolving Loans	413,191	421,838
Revolving Loans Converted to Term	2,824	3,119
Loans, net of unearned income	417,489	426,376
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Home equity | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	411	0
Prior year	0	203
Two years prior	123	372
Three years prior	360	0
Four years prior	0	45
Prior	505	684
Revolving Loans	412,695	421,516
Revolving Loans Converted to Term	2,657	2,642
Loans, net of unearned income	416,751	425,462
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Home equity | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	75	115
Revolving Loans	496	322
Revolving Loans Converted to Term	167	477
Loans, net of unearned income	738	914
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Rental/investment | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	59,238	50,558
Prior year	42,994	32,656
Two years prior	23,169	27,483
Three years prior	16,598	25,019
Four years prior	13,706	12,620
Prior	8,251	5,699
Revolving Loans	1,017	1,066
Revolving Loans Converted to Term	525	557
Loans, net of unearned income	165,498	155,658
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Rental/investment | Pass
Loan portfolio by risk-rating grades
Current year	59,218	50,371
Prior year	42,646	31,724
Two years prior	22,049	26,695
Three years prior	16,466	24,872
Four years prior	13,515	12,439
Prior	7,791	5,166
Revolving Loans	1,017	1,066
Revolving Loans Converted to Term	525	557
Loans, net of unearned income	163,227	152,890
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Rental/investment | Special Mention
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	250	0
Two years prior	0	0
Three years prior	0	83
Four years prior	0	77
Prior	74	133
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	324	293
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Rental/investment | Substandard
Loan portfolio by risk-rating grades
Current year	20	187
Prior year	98	932
Two years prior	1,120	788
Three years prior	132	64
Four years prior	191	104
Prior	386	400
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	1,947	2,475
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Rental/investment | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	29,306	34,079
Prior year	25,081	20,499
Two years prior	13,641	18,319
Three years prior	13,893	17,758
Four years prior	13,045	11,907
Prior	5,037	3,356
Revolving Loans	2,668	2,330
Revolving Loans Converted to Term	440	530
Loans, net of unearned income	103,111	108,778
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Rental/investment | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	29,306	34,079
Prior year	25,081	20,404
Two years prior	13,641	18,245
Three years prior	13,893	17,595
Four years prior	13,042	11,901
Prior	4,963	3,196
Revolving Loans	2,668	2,330
Revolving Loans Converted to Term	440	530
Loans, net of unearned income	103,034	108,280
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Rental/investment | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	95
Two years prior	0	74
Three years prior	0	163
Four years prior	3	6
Prior	74	160
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	77	498
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Land development | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	58,070	50,109
Prior year	23,081	38,951
Two years prior	23,345	5,142
Three years prior	517	355
Four years prior	220	206
Prior	482	413
Revolving Loans	3,191	2,912
Revolving Loans Converted to Term	0	1,352
Loans, net of unearned income	108,906	99,440
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Land development | Pass
Loan portfolio by risk-rating grades
Current year	58,070	50,109
Prior year	20,687	38,388
Two years prior	23,345	5,142
Three years prior	517	355
Four years prior	220	203
Prior	482	413
Revolving Loans	3,191	2,912
Revolving Loans Converted to Term	0	1,352
Loans, net of unearned income	106,512	98,874
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Land development | Special Mention
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	2,394	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	2,394	0
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Land development | Substandard
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	563
Two years prior	0	0
Three years prior	0	0
Four years prior	0	3
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	566
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Land development | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	11,269	13,440
Prior year	7,806	2,786
Two years prior	1,409	3,502
Three years prior	2,338	2,093
Four years prior	1,255	1,069
Prior	403	338
Revolving Loans	346	511
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	24,826	23,739
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Land development | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	11,269	13,440
Prior year	7,806	2,786
Two years prior	1,376	3,502
Three years prior	2,338	2,062
Four years prior	1,176	1,069
Prior	317	338
Revolving Loans	346	511
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	24,628	23,708
Non purchased loans and leases | Real estate – 1-4 family mortgage: | Land development | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	0
Two years prior	33	0
Three years prior	0	31
Four years prior	79	0
Prior	86	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	198	31
Non purchased loans and leases | Real estate – commercial mortgage: | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	682,955	967,746
Prior year	870,341	801,083
Two years prior	674,008	444,205
Three years prior	349,402	402,110
Four years prior	323,092	340,774
Prior	440,289	277,789
Revolving Loans	124,028	76,115
Revolving Loans Converted to Term	20,904	20,845
Loans, net of unearned income	3,485,019	3,330,667
Non purchased loans and leases | Real estate – commercial mortgage: | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	74,534	81,953
Prior year	68,291	71,063
Two years prior	57,010	56,193
Three years prior	41,371	47,013
Four years prior	35,189	35,801
Prior	23,312	15,679
Revolving Loans	9,742	10,772
Revolving Loans Converted to Term	430	488
Loans, net of unearned income	309,879	318,962
Non purchased loans and leases | Real estate – commercial mortgage: | Land development | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	26,425	36,872
Prior year	19,875	21,278
Two years prior	10,429	8,048
Three years prior	5,187	3,279
Four years prior	2,574	4,887
Prior	2,870	3,098
Revolving Loans	6,208	6,976
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	73,568	84,438
Non purchased loans and leases | Real estate – commercial mortgage: | Land development | Pass
Loan portfolio by risk-rating grades
Current year	26,154	34,719
Prior year	17,840	21,278
Two years prior	10,429	6,925
Three years prior	5,146	3,210
Four years prior	2,574	3,274
Prior	2,870	3,098
Revolving Loans	6,208	6,976
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	71,221	79,480
Non purchased loans and leases | Real estate – commercial mortgage: | Land development | Special Mention
Loan portfolio by risk-rating grades
Current year	271	0
Prior year	0	0
Two years prior	0	1,123
Three years prior	0	69
Four years prior	0	46
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	271	1,238
Non purchased loans and leases | Real estate – commercial mortgage: | Land development | Substandard
Loan portfolio by risk-rating grades
Current year	0	2,153
Prior year	2,035	0
Two years prior	0	0
Three years prior	41	0
Four years prior	0	1,567
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	2,076	3,720
Non purchased loans and leases | Real estate – commercial mortgage: | Land development | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	10,296	12,656
Prior year	8,651	7,872
Two years prior	4,851	4,988
Three years prior	3,204	2,926
Four years prior	1,970	3,759
Prior	1,266	580
Revolving Loans	2,669	2,854
Revolving Loans Converted to Term	0	52
Loans, net of unearned income	32,907	35,687
Non purchased loans and leases | Real estate – commercial mortgage: | Land development | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	10,296	12,656
Prior year	8,646	7,872
Two years prior	4,835	4,988
Three years prior	3,204	2,922
Four years prior	1,970	3,759
Prior	1,215	466
Revolving Loans	2,669	2,854
Revolving Loans Converted to Term	0	52
Loans, net of unearned income	32,835	35,569
Non purchased loans and leases | Real estate – commercial mortgage: | Land development | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	5	0
Two years prior	16	0
Three years prior	0	4
Four years prior	0	0
Prior	51	114
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	72	118
Non purchased loans and leases | Real estate – commercial mortgage: | Owner-occupied | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	197,995	295,642
Prior year	283,768	256,807
Two years prior	206,047	199,082
Three years prior	154,453	169,527
Four years prior	129,531	99,540
Prior	136,496	85,614
Revolving Loans	51,478	16,683
Revolving Loans Converted to Term	9,064	9,733
Loans, net of unearned income	1,168,832	1,132,628
Non purchased loans and leases | Real estate – commercial mortgage: | Owner-occupied | Pass
Loan portfolio by risk-rating grades
Current year	197,206	293,851
Prior year	281,580	255,206
Two years prior	204,259	193,716
Three years prior	150,300	163,358
Four years prior	123,413	96,128
Prior	127,970	83,582
Revolving Loans	51,039	16,043
Revolving Loans Converted to Term	7,327	7,896
Loans, net of unearned income	1,143,094	1,109,780
Non purchased loans and leases | Real estate – commercial mortgage: | Owner-occupied | Special Mention
Loan portfolio by risk-rating grades
Current year	0	1,167
Prior year	2,188	847
Two years prior	248	0
Three years prior	0	2,067
Four years prior	1,806	228
Prior	535	311
Revolving Loans	424	0
Revolving Loans Converted to Term	1,737	1,837
Loans, net of unearned income	6,938	6,457
Non purchased loans and leases | Real estate – commercial mortgage: | Owner-occupied | Substandard
Loan portfolio by risk-rating grades
Current year	789	624
Prior year	0	754
Two years prior	1,540	5,366
Three years prior	4,153	4,102
Four years prior	4,312	3,184
Prior	7,991	1,721
Revolving Loans	15	640
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	18,800	16,391
Non purchased loans and leases | Real estate – commercial mortgage: | Owner-occupied | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	43,335	48,814
Prior year	42,497	44,606
Two years prior	37,434	36,661
Three years prior	27,126	30,266
Four years prior	23,562	23,974
Prior	17,031	11,608
Revolving Loans	5,182	5,919
Revolving Loans Converted to Term	289	289
Loans, net of unearned income	196,456	202,137
Non purchased loans and leases | Real estate – commercial mortgage: | Owner-occupied | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	43,335	48,814
Prior year	42,497	44,344
Two years prior	36,964	36,349
Three years prior	27,126	30,097
Four years prior	23,562	23,885
Prior	17,031	11,216
Revolving Loans	5,181	5,904
Revolving Loans Converted to Term	289	289
Loans, net of unearned income	195,985	200,898
Non purchased loans and leases | Real estate – commercial mortgage: | Owner-occupied | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	262
Two years prior	470	312
Three years prior	0	169
Four years prior	0	89
Prior	0	392
Revolving Loans	1	15
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	471	1,239
Non purchased loans and leases | Real estate – commercial mortgage: | Non-owner occupied | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	458,535	635,232
Prior year	566,698	522,998
Two years prior	457,532	237,075
Three years prior	189,762	229,304
Four years prior	190,987	236,347
Prior	300,923	189,077
Revolving Loans	66,342	52,456
Revolving Loans Converted to Term	11,840	11,112
Loans, net of unearned income	2,242,619	2,113,601
Non purchased loans and leases | Real estate – commercial mortgage: | Non-owner occupied | Pass
Loan portfolio by risk-rating grades
Current year	456,834	624,289
Prior year	557,835	514,030
Two years prior	448,778	237,075
Three years prior	176,525	184,673
Four years prior	116,126	218,106
Prior	287,266	175,702
Revolving Loans	66,273	52,456
Revolving Loans Converted to Term	11,840	11,112
Loans, net of unearned income	2,121,477	2,017,443
Non purchased loans and leases | Real estate – commercial mortgage: | Non-owner occupied | Special Mention
Loan portfolio by risk-rating grades
Current year	1,495	9,105
Prior year	8,863	0
Two years prior	6,739	0
Three years prior	13,237	39,007
Four years prior	55,167	4,688
Prior	0	10,788
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	85,501	63,588
Non purchased loans and leases | Real estate – commercial mortgage: | Non-owner occupied | Substandard
Loan portfolio by risk-rating grades
Current year	206	1,838
Prior year	0	8,968
Two years prior	2,015	0
Three years prior	0	5,624
Four years prior	19,694	13,553
Prior	13,657	2,587
Revolving Loans	69	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	35,641	32,570
Non purchased loans and leases | Real estate – commercial mortgage: | Non-owner occupied | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	20,903	20,483
Prior year	17,143	18,585
Two years prior	14,725	14,544
Three years prior	11,041	13,821
Four years prior	9,657	8,068
Prior	5,015	3,491
Revolving Loans	1,891	1,999
Revolving Loans Converted to Term	141	147
Loans, net of unearned income	80,516	81,138
Non purchased loans and leases | Real estate – commercial mortgage: | Non-owner occupied | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	20,903	20,483
Prior year	17,143	18,460
Two years prior	14,725	14,486
Three years prior	11,041	13,821
Four years prior	9,657	8,068
Prior	4,971	3,439
Revolving Loans	1,888	1,999
Revolving Loans Converted to Term	141	147
Loans, net of unearned income	80,469	80,903
Non purchased loans and leases | Real estate – commercial mortgage: | Non-owner occupied | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	125
Two years prior	0	58
Three years prior	0	0
Four years prior	0	0
Prior	44	52
Revolving Loans	3	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	47	235
Non purchased loans and leases | Installment loans to individuals | Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	0	74
Prior year	0	4
Two years prior	48	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	16
Loans, net of unearned income	48	94
Non purchased loans and leases | Installment loans to individuals | Pass
Loan portfolio by risk-rating grades
Current year	0	74
Prior year	0	4
Two years prior	48	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	16
Loans, net of unearned income	48	94
Non purchased loans and leases | Installment loans to individuals | Special Mention
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Non purchased loans and leases | Installment loans to individuals | Substandard
Loan portfolio by risk-rating grades
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Non purchased loans and leases | Installment loans to individuals | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	37,328	60,133
Prior year	21,508	57,198
Two years prior	26,714	13,704
Three years prior	8,805	4,019
Four years prior	2,322	2,459
Prior	2,162	1,535
Revolving Loans	10,575	10,661
Revolving Loans Converted to Term	37	59
Loans, net of unearned income	109,451	149,768
Non purchased loans and leases | Installment loans to individuals | Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	37,267	60,081
Prior year	21,503	57,119
Two years prior	26,657	13,611
Three years prior	8,781	3,986
Four years prior	2,294	2,407
Prior	2,122	1,535
Revolving Loans	10,575	10,661
Revolving Loans Converted to Term	33	21
Loans, net of unearned income	109,232	149,421
Non purchased loans and leases | Installment loans to individuals | Non-Performing Loans | Not Subject to Credit Risk Assessment
Loan portfolio by risk-rating grades
Current year	61	52
Prior year	5	79
Two years prior	57	93
Three years prior	24	33
Four years prior	28	52
Prior	40	0
Revolving Loans	0	0
Revolving Loans Converted to Term	4	38
Loans, net of unearned income	$ 219	$ 347

XML

Non Purchased Loans - Loan Portfolio Not Subject to Risk Rating (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Loan portfolio not subject to risk rating
Loans, net of unearned income	$ 10,016,824	$ 10,933,647	$ 11,084,738
Commercial, financial, agricultural
Loan portfolio not subject to risk rating
Loans, net of unearned income	1,436,019		2,648,062
Lease financing
Loan portfolio not subject to risk rating
Loans, net of unearned income	79,215		82,928
Real estate – construction:
Loan portfolio not subject to risk rating
Loans, net of unearned income	1,091,296		773,119
Real estate – 1-4 family mortgage:
Loan portfolio not subject to risk rating
Loans, net of unearned income	2,724,743		2,760,394
Real estate – commercial mortgage:
Loan portfolio not subject to risk rating
Loans, net of unearned income	4,535,730		4,577,009
Installment loans to individuals
Loan portfolio not subject to risk rating
Loans, net of unearned income	149,821		$ 243,226
Non purchased loans and leases
Loan portfolio not subject to risk rating
Loans, net of unearned income	$ 8,875,880	$ 9,419,540

XML

Purchased Loans - Summary of Purchased Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Summary of loans
Gross loans	$ 10,016,824	$ 10,933,647	$ 11,084,738
Commercial, financial, agricultural
Summary of loans
Gross loans	1,436,019		2,648,062
Real estate – construction:
Summary of loans
Gross loans	1,091,296		773,119
Real estate – 1-4 family mortgage:
Summary of loans
Gross loans	2,724,743		2,760,394
Real estate – commercial mortgage:
Summary of loans
Gross loans	4,535,730		4,577,009
Installment loans to individuals
Summary of loans
Gross loans	149,821		$ 243,226
Purchased loans
Summary of loans
Gross loans	1,140,944	1,514,107
Purchased loans | Commercial, financial, agricultural
Summary of loans
Gross loans	114,450	176,513
Purchased loans | Real estate – construction:
Summary of loans
Gross loans	4,993	30,952
Purchased loans | Real estate – construction: | Residential
Summary of loans
Gross loans	1,288	2,859
Purchased loans | Real estate – construction: | Commercial
Summary of loans
Gross loans	3,705	28,093
Purchased loans | Real estate – 1-4 family mortgage:
Summary of loans
Gross loans	240,347	341,744
Purchased loans | Real estate – 1-4 family mortgage: | Primary
Summary of loans
Gross loans	150,944	214,770
Purchased loans | Real estate – 1-4 family mortgage: | Home equity
Summary of loans
Gross loans	56,692	80,392
Purchased loans | Real estate – 1-4 family mortgage: | Rental/investment
Summary of loans
Gross loans	22,507	31,928
Purchased loans | Real estate – 1-4 family mortgage: | Land development
Summary of loans
Gross loans	10,204	14,654
Purchased loans | Real estate – commercial mortgage:
Summary of loans
Gross loans	740,832	905,223
Purchased loans | Real estate – commercial mortgage: | Land development
Summary of loans
Gross loans	19,791	29,454
Purchased loans | Real estate – commercial mortgage: | Owner-occupied
Summary of loans
Gross loans	264,939	323,041
Purchased loans | Real estate – commercial mortgage: | Non-owner occupied
Summary of loans
Gross loans	456,102	552,728
Purchased loans | Real estate – commercial mortgage: | Land development
Summary of loans
Gross loans	19,791	29,454
Purchased loans | Installment loans to individuals
Summary of loans
Gross loans	$ 40,322	$ 59,675

XML

Purchased Loans - Aging of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	$ 10,016,824	$ 10,933,647	$ 11,084,738
Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,436,019		2,648,062
Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,091,296		773,119
Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	2,724,743		2,760,394
Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	4,535,730		4,577,009
Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	149,821		$ 243,226
Purchased loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,140,944	1,514,107
Purchased loans | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,114,452	1,483,056
Purchased loans | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	3,197	8,651
Purchased loans | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	74	267
Purchased loans | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,111,181	1,474,138
Purchased loans | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	26,492	31,051
Purchased loans | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	498	8,671
Purchased loans | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	5,299	6,968
Purchased loans | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	20,695	15,412
Purchased loans | Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	114,450	176,513
Purchased loans | Commercial, financial, agricultural | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	104,602	164,577
Purchased loans | Commercial, financial, agricultural | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	183	818
Purchased loans | Commercial, financial, agricultural | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1	101
Purchased loans | Commercial, financial, agricultural | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	104,418	163,658
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	9,848	11,936
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	66	74
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,640	2,024
Purchased loans | Commercial, financial, agricultural | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	8,142	9,838
Purchased loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	4,993	30,952
Purchased loans | Real estate – construction: | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	4,993	30,952
Purchased loans | Real estate – construction: | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Real estate – construction: | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Real estate – construction: | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	4,993	30,952
Purchased loans | Real estate – construction: | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Real estate – construction: | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Real estate – construction: | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Real estate – construction: | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	240,347	341,744
Purchased loans | Real estate – 1-4 family mortgage: | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	233,958	333,644
Purchased loans | Real estate – 1-4 family mortgage: | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,352	2,977
Purchased loans | Real estate – 1-4 family mortgage: | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	26	131
Purchased loans | Real estate – 1-4 family mortgage: | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	232,580	330,536
Purchased loans | Real estate – 1-4 family mortgage: | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	6,389	8,100
Purchased loans | Real estate – 1-4 family mortgage: | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	428	691
Purchased loans | Real estate – 1-4 family mortgage: | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	3,227	4,197
Purchased loans | Real estate – 1-4 family mortgage: | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	2,734	3,212
Purchased loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	740,832	905,223
Purchased loans | Real estate – commercial mortgage: | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	730,826	894,483
Purchased loans | Real estate – commercial mortgage: | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	791	2,830
Purchased loans | Real estate – commercial mortgage: | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Real estate – commercial mortgage: | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	730,035	891,653
Purchased loans | Real estate – commercial mortgage: | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	10,006	10,740
Purchased loans | Real estate – commercial mortgage: | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	7,875
Purchased loans | Real estate – commercial mortgage: | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	409	611
Purchased loans | Real estate – commercial mortgage: | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	9,597	2,254
Purchased loans | Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	40,322	59,675
Purchased loans | Installment loans to individuals | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	40,073	59,400
Purchased loans | Installment loans to individuals | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	871	2,026
Purchased loans | Installment loans to individuals | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	47	35
Purchased loans | Installment loans to individuals | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	39,155	57,339
Purchased loans | Installment loans to individuals | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	249	275
Purchased loans | Installment loans to individuals | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	4	31
Purchased loans | Installment loans to individuals | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	23	136
Purchased loans | Installment loans to individuals | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	222	108
Purchased loans | Residential | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,288	2,859
Purchased loans | Residential | Real estate – construction: | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,288	2,859
Purchased loans | Residential | Real estate – construction: | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Residential | Real estate – construction: | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Residential | Real estate – construction: | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,288	2,859
Purchased loans | Residential | Real estate – construction: | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Residential | Real estate – construction: | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Residential | Real estate – construction: | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Residential | Real estate – construction: | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Commercial | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	3,705	28,093
Purchased loans | Commercial | Real estate – construction: | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	3,705	28,093
Purchased loans | Commercial | Real estate – construction: | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Commercial | Real estate – construction: | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Commercial | Real estate – construction: | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	3,705	28,093
Purchased loans | Commercial | Real estate – construction: | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Commercial | Real estate – construction: | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Commercial | Real estate – construction: | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Commercial | Real estate – construction: | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Primary | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	150,944	214,770
Purchased loans | Primary | Real estate – 1-4 family mortgage: | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	145,972	209,103
Purchased loans | Primary | Real estate – 1-4 family mortgage: | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	639	2,394
Purchased loans | Primary | Real estate – 1-4 family mortgage: | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	74
Purchased loans | Primary | Real estate – 1-4 family mortgage: | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	145,333	206,635
Purchased loans | Primary | Real estate – 1-4 family mortgage: | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	4,972	5,667
Purchased loans | Primary | Real estate – 1-4 family mortgage: | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	428	687
Purchased loans | Primary | Real estate – 1-4 family mortgage: | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	2,360	2,799
Purchased loans | Primary | Real estate – 1-4 family mortgage: | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	2,184	2,181
Purchased loans | Home equity | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	56,692	80,392
Purchased loans | Home equity | Real estate – 1-4 family mortgage: | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	55,389	79,076
Purchased loans | Home equity | Real estate – 1-4 family mortgage: | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	490	294
Purchased loans | Home equity | Real estate – 1-4 family mortgage: | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	43
Purchased loans | Home equity | Real estate – 1-4 family mortgage: | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	54,899	78,739
Purchased loans | Home equity | Real estate – 1-4 family mortgage: | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,303	1,316
Purchased loans | Home equity | Real estate – 1-4 family mortgage: | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	4
Purchased loans | Home equity | Real estate – 1-4 family mortgage: | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	813	674
Purchased loans | Home equity | Real estate – 1-4 family mortgage: | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	490	638
Purchased loans | Rental/investment | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	22,507	31,928
Purchased loans | Rental/investment | Real estate – 1-4 family mortgage: | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	22,405	31,125
Purchased loans | Rental/investment | Real estate – 1-4 family mortgage: | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	148	180
Purchased loans | Rental/investment | Real estate – 1-4 family mortgage: | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	26	14
Purchased loans | Rental/investment | Real estate – 1-4 family mortgage: | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	22,231	30,931
Purchased loans | Rental/investment | Real estate – 1-4 family mortgage: | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	102	803
Purchased loans | Rental/investment | Real estate – 1-4 family mortgage: | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Rental/investment | Real estate – 1-4 family mortgage: | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	54	724
Purchased loans | Rental/investment | Real estate – 1-4 family mortgage: | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	48	79
Purchased loans | Land development | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	10,204	14,654
Purchased loans | Land development | Real estate – 1-4 family mortgage: | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	10,192	14,340
Purchased loans | Land development | Real estate – 1-4 family mortgage: | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	75	109
Purchased loans | Land development | Real estate – 1-4 family mortgage: | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Land development | Real estate – 1-4 family mortgage: | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	10,117	14,231
Purchased loans | Land development | Real estate – 1-4 family mortgage: | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	12	314
Purchased loans | Land development | Real estate – 1-4 family mortgage: | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Land development | Real estate – 1-4 family mortgage: | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Land development | Real estate – 1-4 family mortgage: | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	12	314
Purchased loans | Land development | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	19,791	29,454
Purchased loans | Land development | Real estate – commercial mortgage: | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	19,539	29,074
Purchased loans | Land development | Real estate – commercial mortgage: | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	167	112
Purchased loans | Land development | Real estate – commercial mortgage: | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Land development | Real estate – commercial mortgage: | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	19,372	28,962
Purchased loans | Land development | Real estate – commercial mortgage: | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	252	380
Purchased loans | Land development | Real estate – commercial mortgage: | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Land development | Real estate – commercial mortgage: | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	118	164
Purchased loans | Land development | Real estate – commercial mortgage: | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	134	216
Purchased loans | Owner-occupied | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	264,939	323,041
Purchased loans | Owner-occupied | Real estate – commercial mortgage: | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	263,004	320,508
Purchased loans | Owner-occupied | Real estate – commercial mortgage: | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	624	2,511
Purchased loans | Owner-occupied | Real estate – commercial mortgage: | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Owner-occupied | Real estate – commercial mortgage: | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	262,380	317,997
Purchased loans | Owner-occupied | Real estate – commercial mortgage: | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,935	2,533
Purchased loans | Owner-occupied | Real estate – commercial mortgage: | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	193
Purchased loans | Owner-occupied | Real estate – commercial mortgage: | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	291	447
Purchased loans | Owner-occupied | Real estate – commercial mortgage: | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,644	1,893
Purchased loans | Non-owner occupied | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	456,102	552,728
Purchased loans | Non-owner occupied | Real estate – commercial mortgage: | Accruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	448,283	544,901
Purchased loans | Non-owner occupied | Real estate – commercial mortgage: | Accruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	207
Purchased loans | Non-owner occupied | Real estate – commercial mortgage: | Accruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Non-owner occupied | Real estate – commercial mortgage: | Accruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	448,283	544,694
Purchased loans | Non-owner occupied | Real estate – commercial mortgage: | Nonaccruing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	7,819	7,827
Purchased loans | Non-owner occupied | Real estate – commercial mortgage: | Nonaccruing Loans | 30-89 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	7,682
Purchased loans | Non-owner occupied | Real estate – commercial mortgage: | Nonaccruing Loans | 90 Days or More Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	0	0
Purchased loans | Non-owner occupied | Real estate – commercial mortgage: | Nonaccruing Loans | Current Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	$ 7,819	$ 145

XML

Purchased Loans - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020 USD ($) loan	Sep. 30, 2021 USD ($) loan	Sep. 30, 2020 USD ($) loan	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Loans and Allowance for Loan Losses (Textual) [Abstract]
Outstanding balance of restructured loans		$ 9,846,786			$ 10,757,503
Troubled debt restructured that has subsequently defaulted		0	$ 1,101
Allowance for loan losses attributable to restructured loans	$ 168,098	$ 170,038	$ 168,098	$ 172,354	$ 176,144	$ 145,387	$ 52,162
Purchased loans
Loans and Allowance for Loan Losses (Textual) [Abstract]
Number of restructured loans | loan		0	1
Restructured loans discontinued past due period		90 days	90 days
Remaining availability under commitments to lend additional funds on restructured loans	$ 539	$ 2	$ 539
Number of loan modifications | loan	6	3	13
Modified loans, balance	$ 3,148	$ 1,161	$ 5,262
Purchased loans | Loan deferral | Loan Deferral Program, CARES Act
Loans and Allowance for Loan Losses (Textual) [Abstract]
Number of loan modifications | loan		11
Modified loans, balance		$ 360
Purchased loans | Nonaccruing Loans
Loans and Allowance for Loan Losses (Textual) [Abstract]
Outstanding balance of restructured loans	40		40
Purchased loans | Restructured loans
Loans and Allowance for Loan Losses (Textual) [Abstract]
Outstanding balance of restructured loans	7,775	17,726	7,775
Allowance for loan losses attributable to restructured loans	$ 491	$ 111	$ 491

XML

Purchased Loans - Impact of Modifications Classified as Restructured Loans (Details) - Purchased loans $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021 USD ($) loan	Sep. 30, 2020 USD ($) loan	Sep. 30, 2021 USD ($) loan	Sep. 30, 2020 USD ($) loan
Restructured loans
Number of Loans | loan		6	3	13
Pre- Modification Outstanding Recorded Investment		$ 3,148	$ 1,161	$ 5,262
Post- Modification Outstanding Recorded Investment		$ 2,888	$ 1,161	$ 4,896
Commercial, financial, agricultural
Restructured loans
Number of Loans | loan			1	1
Pre- Modification Outstanding Recorded Investment			$ 135	$ 1,029
Post- Modification Outstanding Recorded Investment			$ 135	$ 1,031
Real estate – 1-4 family mortgage:
Restructured loans
Number of Loans | loan				5
Pre- Modification Outstanding Recorded Investment				$ 493
Post- Modification Outstanding Recorded Investment				$ 389
Real estate – 1-4 family mortgage: | Primary
Restructured loans
Number of Loans | loan	1	2	2	4
Pre- Modification Outstanding Recorded Investment	$ 164	$ 44	$ 1,026	$ 334
Post- Modification Outstanding Recorded Investment	$ 164	$ 44	$ 1,026	$ 227
Real estate – 1-4 family mortgage: | Home equity
Restructured loans
Number of Loans | loan				1
Pre- Modification Outstanding Recorded Investment				$ 159
Post- Modification Outstanding Recorded Investment				$ 162
Real estate – commercial mortgage:
Restructured loans
Number of Loans | loan				6
Pre- Modification Outstanding Recorded Investment				$ 3,715
Post- Modification Outstanding Recorded Investment				$ 3,457
Real estate – commercial mortgage: | Owner-occupied
Restructured loans
Number of Loans | loan		4		5
Pre- Modification Outstanding Recorded Investment		$ 3,104		$ 3,173
Post- Modification Outstanding Recorded Investment		$ 2,844		$ 2,913
Real estate – commercial mortgage: | Non-owner occupied
Restructured loans
Number of Loans | loan				1
Pre- Modification Outstanding Recorded Investment				$ 542
Post- Modification Outstanding Recorded Investment				$ 544
Installment loans to individuals
Restructured loans
Number of Loans | loan				1
Pre- Modification Outstanding Recorded Investment				$ 25
Post- Modification Outstanding Recorded Investment				$ 19

XML

Purchased Loans - Changes in Restructured Loans (Details) - Purchased loans $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) loan
Number of Loans
Total, beginning balance | loan	48
Additional advances or loans with concessions | loan	3
Reclassified as performing restructured loan | loan	2
Reclassified to nonperforming loans | loan	(4)
Paid in full | loan	(5)
Charge-offs | loan	(1)
Principal paydowns | loan	0
Total, ending balance | loan	43
Recorded Investment
Total, beginning balance | $	$ 8,687
Additional advances or loans with concessions | $	1,411
Reclassified as performing restructured loan | $	115
Reclassified to nonperforming loans | $	(2,485)
Paid in full | $	(1,310)
Charge-offs | $	(205)
Principal paydowns | $	(221)
Total, ending balance | $	$ 5,992

XML

Purchased Loans - Loan Portfolio by Risk-Rating Grades (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	$ 10,016,824	$ 10,933,647	$ 11,084,738
Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,436,019		2,648,062
Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,091,296		773,119
Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	2,724,743		2,760,394
Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	4,535,730		4,577,009
Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	149,821		$ 243,226
Purchased loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,140,944	1,514,107
Purchased loans | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	711
Two years prior	663	129,343
Three years prior	80,886	197,536
Four years prior	165,459	205,757
Prior	537,889	494,579
Revolving Loans	57,344	88,151
Revolving Loans Converted to Term	16,868	6,729
Loans, net of unearned income	859,109	1,122,806
Purchased loans | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	711
Two years prior	663	105,035
Three years prior	62,750	180,249
Four years prior	148,993	159,612
Prior	456,455	435,652
Revolving Loans	52,266	69,482
Revolving Loans Converted to Term	5,313	409
Loans, net of unearned income	726,440	951,150
Purchased loans | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	2,948
Three years prior	16,621	97
Four years prior	1,568	15,076
Prior	14,948	9,224
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	33,137	27,345
Purchased loans | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	21,360
Three years prior	1,515	17,190
Four years prior	14,898	31,069
Prior	66,486	49,703
Revolving Loans	5,078	18,669
Revolving Loans Converted to Term	11,555	6,320
Loans, net of unearned income	99,532	144,311
Purchased loans | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	708
Two years prior	687	39,521
Three years prior	27,354	50,583
Four years prior	34,764	30,572
Prior	159,686	183,882
Revolving Loans	57,494	83,257
Revolving Loans Converted to Term	1,848	2,778
Loans, net of unearned income	281,833	391,301
Purchased loans | Not Subject to Credit Risk Assessment | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	708
Two years prior	687	39,376
Three years prior	27,189	49,692
Four years prior	34,143	30,249
Prior	155,384	178,492
Revolving Loans	56,905	82,630
Revolving Loans Converted to Term	1,338	2,224
Loans, net of unearned income	275,646	383,371
Purchased loans | Not Subject to Credit Risk Assessment | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	145
Three years prior	165	891
Four years prior	621	323
Prior	4,302	5,390
Revolving Loans	589	627
Revolving Loans Converted to Term	510	554
Loans, net of unearned income	6,187	7,930
Purchased loans | Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	114,450	176,513
Purchased loans | Commercial, financial, agricultural | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	711
Two years prior	663	28,242
Three years prior	15,971	27,222
Four years prior	14,278	22,377
Prior	25,957	20,759
Revolving Loans	47,190	64,563
Revolving Loans Converted to Term	2,285	1,788
Loans, net of unearned income	106,344	165,662
Purchased loans | Commercial, financial, agricultural | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	711
Two years prior	663	24,211
Three years prior	14,210	20,930
Four years prior	9,602	17,240
Prior	18,894	16,880
Revolving Loans	42,695	56,736
Revolving Loans Converted to Term	898	409
Loans, net of unearned income	86,962	137,117
Purchased loans | Commercial, financial, agricultural | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	357
Three years prior	254	97
Four years prior	0	104
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	254	558
Purchased loans | Commercial, financial, agricultural | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	3,674
Three years prior	1,507	6,195
Four years prior	4,676	5,033
Prior	7,063	3,879
Revolving Loans	4,495	7,827
Revolving Loans Converted to Term	1,387	1,379
Loans, net of unearned income	19,128	27,987
Purchased loans | Commercial, financial, agricultural | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	445
Three years prior	364	349
Four years prior	126	303
Prior	2,457	2,899
Revolving Loans	4,949	6,809
Revolving Loans Converted to Term	210	46
Loans, net of unearned income	8,106	10,851
Purchased loans | Commercial, financial, agricultural | Not Subject to Credit Risk Assessment | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	445
Three years prior	364	349
Four years prior	126	303
Prior	2,457	2,899
Revolving Loans	4,949	6,784
Revolving Loans Converted to Term	210	46
Loans, net of unearned income	8,106	10,826
Purchased loans | Commercial, financial, agricultural | Not Subject to Credit Risk Assessment | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	25
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	25
Purchased loans | Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	4,993	30,952
Purchased loans | Real estate – construction: | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	10,522
Three years prior	180	9,228
Four years prior	0	10,781
Prior	4,392	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	4,572	30,531
Purchased loans | Real estate – construction: | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	421
Three years prior	421	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	421	421
Purchased loans | Real estate – construction: | Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	1,288	2,859
Purchased loans | Real estate – construction: | Residential | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	1,543
Three years prior	180	211
Four years prior	0	684
Prior	687	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	867	2,438
Purchased loans | Real estate – construction: | Residential | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	1,543
Three years prior	180	211
Four years prior	0	684
Prior	687	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	867	2,438
Purchased loans | Real estate – construction: | Residential | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Real estate – construction: | Residential | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Real estate – construction: | Residential | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	421
Three years prior	421	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	421	421
Purchased loans | Real estate – construction: | Residential | Not Subject to Credit Risk Assessment | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	421
Three years prior	421	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	421	421
Purchased loans | Real estate – construction: | Residential | Not Subject to Credit Risk Assessment | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Real estate – construction: | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	3,705	28,093
Purchased loans | Real estate – construction: | Commercial | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	8,979
Three years prior	0	9,017
Four years prior	0	10,097
Prior	3,705	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	3,705	28,093
Purchased loans | Real estate – construction: | Commercial | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	8,979
Three years prior	0	9,017
Four years prior	0	10,097
Prior	3,705	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	3,705	28,093
Purchased loans | Real estate – construction: | Commercial | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Real estate – construction: | Commercial | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Real estate – construction: | Commercial | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Real estate – construction: | Commercial | Not Subject to Credit Risk Assessment | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Real estate – construction: | Commercial | Not Subject to Credit Risk Assessment | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	240,347	341,744
Purchased loans | Real estate – 1-4 family mortgage: | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	14,022
Three years prior	11,974	7,126
Four years prior	4,477	1,112
Prior	26,442	38,747
Revolving Loans	930	957
Revolving Loans Converted to Term	212	253
Loans, net of unearned income	44,035	62,217
Purchased loans | Real estate – 1-4 family mortgage: | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	371
Two years prior	359	3,082
Three years prior	1,741	33,674
Four years prior	22,792	28,169
Prior	120,168	140,689
Revolving Loans	49,654	70,870
Revolving Loans Converted to Term	1,598	2,672
Loans, net of unearned income	196,312	279,527
Purchased loans | Real estate – 1-4 family mortgage: | Primary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	150,944	214,770
Purchased loans | Real estate – 1-4 family mortgage: | Primary | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	6,873
Three years prior	4,205	3,212
Four years prior	2,542	595
Prior	12,861	17,223
Revolving Loans	0	249
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	19,608	28,152
Purchased loans | Real estate – 1-4 family mortgage: | Primary | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	5,556
Three years prior	4,205	3,212
Four years prior	2,456	594
Prior	9,777	12,665
Revolving Loans	0	249
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	16,438	22,276
Purchased loans | Real estate – 1-4 family mortgage: | Primary | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	61	1,120
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	61	1,120
Purchased loans | Real estate – 1-4 family mortgage: | Primary | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	1,317
Three years prior	0	0
Four years prior	86	1
Prior	3,023	3,438
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	3,109	4,756
Purchased loans | Real estate – 1-4 family mortgage: | Primary | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	248
Two years prior	240	1,953
Three years prior	1,195	30,078
Four years prior	20,320	25,956
Prior	109,331	127,642
Revolving Loans	164	630
Revolving Loans Converted to Term	86	111
Loans, net of unearned income	131,336	186,618
Purchased loans | Real estate – 1-4 family mortgage: | Primary | Not Subject to Credit Risk Assessment | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	248
Two years prior	240	1,842
Three years prior	1,085	29,321
Four years prior	19,715	25,935
Prior	105,326	122,970
Revolving Loans	164	630
Revolving Loans Converted to Term	21	25
Loans, net of unearned income	126,551	180,971
Purchased loans | Real estate – 1-4 family mortgage: | Primary | Not Subject to Credit Risk Assessment | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	111
Three years prior	110	757
Four years prior	605	21
Prior	4,005	4,672
Revolving Loans	0	0
Revolving Loans Converted to Term	65	86
Loans, net of unearned income	4,785	5,647
Purchased loans | Real estate – 1-4 family mortgage: | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	56,692	80,392
Purchased loans | Real estate – 1-4 family mortgage: | Home equity | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	693	697
Revolving Loans Converted to Term	212	253
Loans, net of unearned income	905	950
Purchased loans | Real estate – 1-4 family mortgage: | Home equity | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	269	59
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	269	59
Purchased loans | Real estate – 1-4 family mortgage: | Home equity | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Real estate – 1-4 family mortgage: | Home equity | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	424	638
Revolving Loans Converted to Term	212	253
Loans, net of unearned income	636	891
Purchased loans | Real estate – 1-4 family mortgage: | Home equity | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	742
Three years prior	546	3,324
Four years prior	2,278	1,668
Prior	1,966	1,027
Revolving Loans	49,485	70,120
Revolving Loans Converted to Term	1,512	2,561
Loans, net of unearned income	55,787	79,442
Purchased loans | Real estate – 1-4 family mortgage: | Home equity | Not Subject to Credit Risk Assessment | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	742
Three years prior	546	3,324
Four years prior	2,278	1,668
Prior	1,890	960
Revolving Loans	48,906	69,518
Revolving Loans Converted to Term	1,077	2,124
Loans, net of unearned income	54,697	78,336
Purchased loans | Real estate – 1-4 family mortgage: | Home equity | Not Subject to Credit Risk Assessment | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	76	67
Revolving Loans	579	602
Revolving Loans Converted to Term	435	437
Loans, net of unearned income	1,090	1,106
Purchased loans | Real estate – 1-4 family mortgage: | Rental/investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	22,507	31,928
Purchased loans | Real estate – 1-4 family mortgage: | Rental/investment | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	815	1,883
Four years prior	1,818	232
Prior	11,358	18,275
Revolving Loans	237	9
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	14,228	20,399
Purchased loans | Real estate – 1-4 family mortgage: | Rental/investment | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	815	1,883
Four years prior	1,818	232
Prior	10,440	16,139
Revolving Loans	87	9
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	13,160	18,263
Purchased loans | Real estate – 1-4 family mortgage: | Rental/investment | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	40	44
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	40	44
Purchased loans | Real estate – 1-4 family mortgage: | Rental/investment | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	878	2,092
Revolving Loans	150	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	1,028	2,092
Purchased loans | Real estate – 1-4 family mortgage: | Rental/investment | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	123
Two years prior	119	0
Three years prior	0	200
Four years prior	121	193
Prior	8,034	10,893
Revolving Loans	5	120
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	8,279	11,529
Purchased loans | Real estate – 1-4 family mortgage: | Rental/investment | Not Subject to Credit Risk Assessment | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	123
Two years prior	119	0
Three years prior	0	200
Four years prior	121	193
Prior	8,034	10,800
Revolving Loans	5	120
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	8,279	11,436
Purchased loans | Real estate – 1-4 family mortgage: | Rental/investment | Not Subject to Credit Risk Assessment | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	93
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	93
Purchased loans | Real estate – 1-4 family mortgage: | Land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	10,204	14,654
Purchased loans | Real estate – 1-4 family mortgage: | Land development | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	7,149
Three years prior	6,954	2,031
Four years prior	117	285
Prior	2,223	3,249
Revolving Loans	0	2
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	9,294	12,716
Purchased loans | Real estate – 1-4 family mortgage: | Land development | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	7,149
Three years prior	6,954	2,009
Four years prior	86	285
Prior	820	1,793
Revolving Loans	0	2
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	7,860	11,238
Purchased loans | Real estate – 1-4 family mortgage: | Land development | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Real estate – 1-4 family mortgage: | Land development | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	22
Four years prior	31	0
Prior	1,403	1,456
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	1,434	1,478
Purchased loans | Real estate – 1-4 family mortgage: | Land development | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	387
Three years prior	0	72
Four years prior	73	352
Prior	837	1,127
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	910	1,938
Purchased loans | Real estate – 1-4 family mortgage: | Land development | Not Subject to Credit Risk Assessment | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	387
Three years prior	0	30
Four years prior	73	117
Prior	837	1,127
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	910	1,661
Purchased loans | Real estate – 1-4 family mortgage: | Land development | Not Subject to Credit Risk Assessment | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	42
Four years prior	0	235
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	277
Purchased loans | Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	740,832	905,223
Purchased loans | Real estate – commercial mortgage: | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	76,557
Three years prior	52,761	153,960
Four years prior	146,704	171,487
Prior	481,098	435,073
Revolving Loans	9,224	22,631
Revolving Loans Converted to Term	14,371	4,688
Loans, net of unearned income	704,158	864,396
Purchased loans | Real estate – commercial mortgage: | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	337
Two years prior	328	597
Three years prior	1,400	1,063
Four years prior	954	982
Prior	32,755	35,946
Revolving Loans	1,237	1,902
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	36,674	40,827
Purchased loans | Real estate – commercial mortgage: | Land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	19,791	29,454
Purchased loans | Real estate – commercial mortgage: | Land development | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	5,594
Three years prior	1,903	3,801
Four years prior	1,570	2,915
Prior	12,389	11,817
Revolving Loans	135	188
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	15,997	24,315
Purchased loans | Real estate – commercial mortgage: | Land development | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	5,594
Three years prior	1,903	3,801
Four years prior	1,570	2,780
Prior	6,316	4,962
Revolving Loans	135	188
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	9,924	17,325
Purchased loans | Real estate – commercial mortgage: | Land development | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	5,197	5,438
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	5,197	5,438
Purchased loans | Real estate – commercial mortgage: | Land development | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	135
Prior	876	1,417
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	876	1,552
Purchased loans | Real estate – commercial mortgage: | Land development | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	154
Three years prior	149	389
Four years prior	381	256
Prior	3,156	3,948
Revolving Loans	108	392
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	3,794	5,139
Purchased loans | Real estate – commercial mortgage: | Land development | Not Subject to Credit Risk Assessment | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	154
Three years prior	149	389
Four years prior	381	256
Prior	3,156	3,890
Revolving Loans	108	392
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	3,794	5,081
Purchased loans | Real estate – commercial mortgage: | Land development | Not Subject to Credit Risk Assessment | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	58
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	58
Purchased loans | Real estate – commercial mortgage: | Owner-occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	264,939	323,041
Purchased loans | Real estate – commercial mortgage: | Owner-occupied | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	15,001
Three years prior	14,063	32,567
Four years prior	32,268	61,568
Prior	191,688	181,007
Revolving Loans	4,763	9,723
Revolving Loans Converted to Term	0	2
Loans, net of unearned income	242,782	299,868
Purchased loans | Real estate – commercial mortgage: | Owner-occupied | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	15,001
Three years prior	14,063	29,276
Four years prior	28,406	43,962
Prior	168,961	161,790
Revolving Loans	4,754	5,808
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	216,184	255,837
Purchased loans | Real estate – commercial mortgage: | Owner-occupied | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	1,568	9,670
Prior	1,701	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	3,269	9,670
Purchased loans | Real estate – commercial mortgage: | Owner-occupied | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	3,291
Four years prior	2,294	7,936
Prior	21,026	19,217
Revolving Loans	9	3,915
Revolving Loans Converted to Term	0	2
Loans, net of unearned income	23,329	34,361
Purchased loans | Real estate – commercial mortgage: | Owner-occupied | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	860	625
Four years prior	573	660
Prior	19,864	20,531
Revolving Loans	860	1,357
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	22,157	23,173
Purchased loans | Real estate – commercial mortgage: | Owner-occupied | Not Subject to Credit Risk Assessment | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	860	625
Four years prior	573	660
Prior	19,848	20,253
Revolving Loans	860	1,357
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	22,141	22,895
Purchased loans | Real estate – commercial mortgage: | Owner-occupied | Not Subject to Credit Risk Assessment | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	16	278
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	16	278
Purchased loans | Real estate – commercial mortgage: | Non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	456,102	552,728
Purchased loans | Real estate – commercial mortgage: | Non-owner occupied | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	55,962
Three years prior	36,795	117,592
Four years prior	112,866	107,004
Prior	277,021	242,249
Revolving Loans	4,326	12,720
Revolving Loans Converted to Term	14,371	4,686
Loans, net of unearned income	445,379	540,213
Purchased loans | Real estate – commercial mortgage: | Non-owner occupied | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	37,002
Three years prior	20,420	109,910
Four years prior	105,055	83,738
Prior	236,855	221,423
Revolving Loans	4,326	6,431
Revolving Loans Converted to Term	4,415	0
Loans, net of unearned income	371,071	458,504
Purchased loans | Real estate – commercial mortgage: | Non-owner occupied | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	2,591
Three years prior	16,367	0
Four years prior	0	5,302
Prior	7,949	2,622
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	24,316	10,515
Purchased loans | Real estate – commercial mortgage: | Non-owner occupied | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	16,369
Three years prior	8	7,682
Four years prior	7,811	17,964
Prior	32,217	18,204
Revolving Loans	0	6,289
Revolving Loans Converted to Term	9,956	4,686
Loans, net of unearned income	49,992	71,194
Purchased loans | Real estate – commercial mortgage: | Non-owner occupied | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	337
Two years prior	328	443
Three years prior	391	49
Four years prior	0	66
Prior	9,735	11,467
Revolving Loans	269	153
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	10,723	12,515
Purchased loans | Real estate – commercial mortgage: | Non-owner occupied | Not Subject to Credit Risk Assessment | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	337
Two years prior	328	443
Three years prior	391	49
Four years prior	0	66
Prior	9,735	11,331
Revolving Loans	269	153
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	10,723	12,379
Purchased loans | Real estate – commercial mortgage: | Non-owner occupied | Not Subject to Credit Risk Assessment | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	136
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	136
Purchased loans | Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans, net of unearned income	40,322	59,675
Purchased loans | Installment loans to individuals | Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Installment loans to individuals | Pass
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Installment loans to individuals | Special Mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Installment loans to individuals | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	0
Three years prior	0	0
Four years prior	0	0
Prior	0	0
Revolving Loans	0	0
Revolving Loans Converted to Term	0	0
Loans, net of unearned income	0	0
Purchased loans | Installment loans to individuals | Not Subject to Credit Risk Assessment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	34,976
Three years prior	23,428	15,497
Four years prior	10,892	1,118
Prior	4,306	4,348
Revolving Loans	1,654	3,676
Revolving Loans Converted to Term	40	60
Loans, net of unearned income	40,320	59,675
Purchased loans | Installment loans to individuals | Not Subject to Credit Risk Assessment | Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	34,942
Three years prior	23,373	15,405
Four years prior	10,876	1,051
Prior	4,101	4,262
Revolving Loans	1,644	3,676
Revolving Loans Converted to Term	30	29
Loans, net of unearned income	40,024	59,365
Purchased loans | Installment loans to individuals | Not Subject to Credit Risk Assessment | Non-Performing Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Current year	0	0
Prior year	0	0
Two years prior	0	34
Three years prior	55	92
Four years prior	16	67
Prior	205	86
Revolving Loans	10	0
Revolving Loans Converted to Term	10	31
Loans, net of unearned income	$ 296	$ 310

XML

Allowance for Credit Losses - Summary of Total Non Purchased and Purchased Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	$ 10,021,105		$ 10,937,807
Unearned income	(4,281)		(4,160)
Loans, net of unearned income	10,016,824		10,933,647	$ 11,084,738
Allowance for credit losses	(170,038)	$ (172,354)	(176,144)	(168,098)	$ (145,387)	$ (52,162)
Loans, net	9,846,786		10,757,503
Commercial, financial, agricultural
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,436,019		2,536,984
Loans, net of unearned income	1,436,019			2,648,062
Allowance for credit losses	(34,977)	(36,994)	(39,031)	(38,195)	(30,685)	(10,658)
Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	83,496		80,022
Loans, net of unearned income	79,215			82,928
Allowance for credit losses	(1,570)	(1,511)	(1,624)	(1,832)	(1,812)	(910)
Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,091,296		858,104
Loans, net of unearned income	1,091,296			773,119
Allowance for credit losses	(16,169)	(15,729)	(16,047)	(13,819)	(12,538)	(5,029)
Real estate – construction: | Residential
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	307,825		246,673
Real estate – construction: | Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	783,471		611,431
Real estate – 1-4 family mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,724,743		2,698,308
Loans, net of unearned income	2,724,743			2,760,394
Allowance for credit losses	(32,181)	(31,303)	(32,165)	(32,705)	(29,401)	(9,814)
Real estate – 1-4 family mortgage: | Primary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,808,139		1,750,951
Real estate – 1-4 family mortgage: | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	481,552		513,160
Real estate – 1-4 family mortgage: | Rental/investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	291,116		296,364
Real estate – 1-4 family mortgage: | Land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	143,936		137,833
Real estate – commercial mortgage:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	4,535,730		4,554,852
Loans, net of unearned income	4,535,730			4,577,009
Allowance for credit losses	(73,895)	(74,893)	(76,127)	(70,582)	(60,061)	(24,990)
Real estate – commercial mortgage: | Land development
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	126,266		149,579
Real estate – commercial mortgage: | Owner-occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	1,630,227		1,657,806
Real estate – commercial mortgage: | Non-owner occupied
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	2,779,237		2,747,467
Installment loans to individuals
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross loans	149,821		209,537
Loans, net of unearned income	149,821			243,226
Allowance for credit losses	$ (11,246)	$ (11,924)	$ (11,150)	$ (10,965)	$ (10,890)	$ (761)

XML

Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest receivable	$ 45,404		$ 45,404		$ 56,459
Deferred interest, allowance for credit loss	1,356		1,356		$ 1,500
(Recovery of) provision for loan losses	(1,200)	$ 23,100	$ (1,200)	$ 76,350
Supportable period			2 years
Real estate – construction:
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Recovery of) provision for loan losses	440	1,386	$ 161	5,922
Lease financing
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Recovery of) provision for loan losses	$ 61	$ 187	$ (77)	$ 558

XML

Allowance for Credit Losses - Roll Forward Of the Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2020
Allowance for loan losses:
Beginning balance	$ 172,354	$ 145,387	$ 176,144	$ 52,162
Accounting standards update [Extensible List]					Accounting Standards Update 2016-13 [Member]
Charge-offs	(2,979)	(3,576)	(11,203)	(12,491)
Recoveries	1,863	3,187	6,297	9,593
Net (charge-offs) recoveries	(1,116)	(389)	(4,906)	(2,898)
(Recovery of) provision for credit losses on loans	(1,200)	23,100	(1,200)	76,350
Ending balance	170,038	168,098	170,038	168,098	$ 52,162
Individually evaluated	16,498	11,136	16,498	11,136
Collectively evaluated	153,540	156,962	153,540	156,962
Loans:
Individually evaluated	40,241	29,602	40,241	29,602
Collectively evaluated	9,976,583	11,055,136	9,976,583	11,055,136
Gross loans	10,016,824	11,084,738	10,016,824	11,084,738		$ 10,933,647
Nonaccruing loans with no allowance for credit losses	8,572	8,380	8,572	8,380
Commercial, financial, agricultural
Allowance for loan losses:
Beginning balance	36,994	30,685	39,031	10,658
Charge-offs	(1,225)	(420)	(5,907)	(1,969)
Recoveries	418	698	940	996
Net (charge-offs) recoveries	(807)	278	(4,967)	(973)
(Recovery of) provision for credit losses on loans	(1,210)	7,232	913	17,159
Ending balance	34,977	38,195	34,977	38,195	10,658
Individually evaluated	9,717	10,211	9,717	10,211
Collectively evaluated	25,260	27,984	25,260	27,984
Loans:
Individually evaluated	15,193	17,670	15,193	17,670
Collectively evaluated	1,420,826	2,630,392	1,420,826	2,630,392
Gross loans	1,436,019	2,648,062	1,436,019	2,648,062
Nonaccruing loans with no allowance for credit losses	2,658	589	2,658	589
Real estate – construction:
Allowance for loan losses:
Beginning balance	15,729	12,538	16,047	5,029
Charge-offs	0	(136)	(52)	(668)
Recoveries	0	31	13	31
Net (charge-offs) recoveries	0	(105)	(39)	(637)
(Recovery of) provision for credit losses on loans	440	1,386	161	5,922
Ending balance	16,169	13,819	16,169	13,819	5,029
Individually evaluated	0	0	0	0
Collectively evaluated	16,169	13,819	16,169	13,819
Loans:
Individually evaluated	0	0	0	0
Collectively evaluated	1,091,296	773,119	1,091,296	773,119
Gross loans	1,091,296	773,119	1,091,296	773,119
Nonaccruing loans with no allowance for credit losses	0	0	0	0
Real estate – 1-4 family mortgage:
Allowance for loan losses:
Beginning balance	31,303	29,401	32,165	9,814
Charge-offs	(276)	(720)	(529)	(1,083)
Recoveries	193	152	855	288
Net (charge-offs) recoveries	(83)	(568)	326	(795)
(Recovery of) provision for credit losses on loans	961	3,872	(310)	9,372
Ending balance	32,181	32,705	32,181	32,705	9,814
Individually evaluated	206	275	206	275
Collectively evaluated	31,975	32,430	31,975	32,430
Loans:
Individually evaluated	5,311	4,718	5,311	4,718
Collectively evaluated	2,719,432	2,755,676	2,719,432	2,755,676
Gross loans	2,724,743	2,760,394	2,724,743	2,760,394
Nonaccruing loans with no allowance for credit losses	3,039	4,147	3,039	4,147
Real estate – commercial mortgage:
Allowance for loan losses:
Beginning balance	74,893	60,061	76,127	24,990
Charge-offs	(184)	(553)	(416)	(2,600)
Recoveries	190	711	504	2,451
Net (charge-offs) recoveries	6	158	88	(149)
(Recovery of) provision for credit losses on loans	(1,004)	10,363	(2,320)	41,448
Ending balance	73,895	70,582	73,895	70,582	24,990
Individually evaluated	5,968	380	5,968	380
Collectively evaluated	67,927	70,202	67,927	70,202
Loans:
Individually evaluated	19,120	6,596	19,120	6,596
Collectively evaluated	4,516,610	4,570,413	4,516,610	4,570,413
Gross loans	4,535,730	4,577,009	4,535,730	4,577,009
Nonaccruing loans with no allowance for credit losses	2,865	3,644	2,865	3,644
Lease financing
Allowance for loan losses:
Beginning balance	1,511	1,812	1,624	910
Charge-offs	(13)	(168)	(13)	(168)
Recoveries	11	1	36	11
Net (charge-offs) recoveries	(2)	(167)	23	(157)
(Recovery of) provision for credit losses on loans	61	187	(77)	558
Ending balance	1,570	1,832	1,570	1,832	910
Individually evaluated	0	0	0	0
Collectively evaluated	1,570	1,832	1,570	1,832
Loans:
Individually evaluated	0	0	0	0
Collectively evaluated	79,215	82,928	79,215	82,928
Gross loans	79,215	82,928	79,215	82,928
Nonaccruing loans with no allowance for credit losses	0	0	0	0
Installment Loans to Individuals
Allowance for loan losses:
Beginning balance	11,924	10,890	11,150	761
Charge-offs	(1,281)	(1,579)	(4,286)	(6,003)
Recoveries	1,051	1,594	3,949	5,816
Net (charge-offs) recoveries	(230)	15	(337)	(187)
(Recovery of) provision for credit losses on loans	(448)	60	433	1,891
Ending balance	11,246	10,965	11,246	10,965	761
Individually evaluated	607	270	607	270
Collectively evaluated	10,639	10,695	10,639	10,695
Loans:
Individually evaluated	617	618	617	618
Collectively evaluated	149,204	242,608	149,204	242,608
Gross loans	149,821	243,226	149,821	243,226
Nonaccruing loans with no allowance for credit losses	$ 10	$ 0	$ 10	0
Cumulative Effect, Period Of Adoption, Adjustment
Allowance for loan losses:
Beginning balance				42,484
Ending balance					42,484
Cumulative Effect, Period Of Adoption, Adjustment | Commercial, financial, agricultural
Allowance for loan losses:
Beginning balance				11,351
Ending balance					11,351
Cumulative Effect, Period Of Adoption, Adjustment | Real estate – construction:
Allowance for loan losses:
Beginning balance				3,505
Ending balance					3,505
Cumulative Effect, Period Of Adoption, Adjustment | Real estate – 1-4 family mortgage:
Allowance for loan losses:
Beginning balance				14,314
Ending balance					14,314
Cumulative Effect, Period Of Adoption, Adjustment | Real estate – commercial mortgage:
Allowance for loan losses:
Beginning balance				4,293
Ending balance					4,293
Cumulative Effect, Period Of Adoption, Adjustment | Lease financing
Allowance for loan losses:
Beginning balance				521
Ending balance					521
Cumulative Effect, Period Of Adoption, Adjustment | Installment Loans to Individuals
Allowance for loan losses:
Beginning balance				$ 8,500
Ending balance					$ 8,500

XML

Allowance for Credit Losses - Unfunded Loan Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Allowance for loan losses:
Beginning balance	$ 20,535	$ 17,335	$ 20,535	$ 946
(Recovery of) provision for credit losses on unfunded loan commitments (included in other noninterest expense)	(200)	2,700	(200)	8,700
Ending balance	$ 20,335	$ 20,035	20,335	20,035
Cumulative Effect, Period Of Adoption, Adjustment
Allowance for loan losses:
Beginning balance			$ 0	$ 10,389

XML

Other Real Estate Owned - Covered and Not Covered Under a Loss-Share Agreement, Net of Valuation Allowances and Direct Write-Downs (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs
Purchased OREO	$ 2,453	$ 3,927
Non Purchased OREO	2,252	2,045
Total OREO	4,705	5,972
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	127	72
Non Purchased OREO	376	107
Total OREO	503	179
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	858	1,741
Non Purchased OREO	1,813	924
Total OREO	2,671	2,665
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	311	337
Non Purchased OREO	4	676
Total OREO	315	1,013
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	1,157	1,777
Non Purchased OREO	59	338
Total OREO	$ 1,216	$ 2,115

XML

Other Real Estate Owned - Changes in Purchased and Non-Purchased OREO (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Purchased OREO
Balance at January 1, 2021	$ 3,927
Transfers of loans	1,047
Impairments	(220)
Dispositions	(2,171)
Other	(130)
Balance at September 30, 2021	2,453
Non Purchased OREO
Balance at January 1, 2021	2,045
Transfers of loans	2,124
Impairments	(70)
Dispositions	(1,836)
Other	(11)
Balance at September 30, 2021	2,252
Total OREO
Balance at January 1, 2021	5,972
Transfers of loans	3,171
Impairments	(290)
Dispositions	(4,007)
Other	(141)
Balance at September 30, 2021	$ 4,705

XML

Other Real Estate Owned - Components of OREO in the Consolidated Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Real Estate Properties [Line Items]
Repairs and maintenance	$ 17	$ 64	$ 60	$ 234
Property taxes and insurance	6	35	54	186
Impairments	173	820	290	1,647
Net (gains) losses on OREO sales	(24)	117	(74)	27
Rental income	(4)	(3)	(17)	(23)
Total	168	$ 1,033	313	$ 2,071
Residential
Real Estate Properties [Line Items]
Amortized cost of loans in foreclosure	$ 1,220		$ 1,220		$ 1,308

XML

Goodwill and Other Intangible Assets - Carrying Amounts of Goodwill by Operating Segments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Goodwill [Roll Forward]
Balance at January 1, 2021	$ 939,683
Additions to goodwill and other adjustments	0
Balance at September 30, 2021	939,683
Community Banks
Goodwill [Roll Forward]
Balance at January 1, 2021	936,916
Additions to goodwill and other adjustments	0
Balance at September 30, 2021	936,916
Insurance
Goodwill [Roll Forward]
Balance at January 1, 2021	2,767
Additions to goodwill and other adjustments	0
Balance at September 30, 2021	$ 2,767

XML

Goodwill and Other Intangible Assets - Summary of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 84,962	$ 84,962
Accumulated Amortization	(59,440)	(54,823)
Net Carrying Amount	25,522	30,139
Core deposit intangibles
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	82,492	82,492
Accumulated Amortization	(58,020)	(53,539)
Net Carrying Amount	24,472	28,953
Customer relationship intangible
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	2,470	2,470
Accumulated Amortization	(1,420)	(1,284)
Net Carrying Amount	$ 1,050	$ 1,186

XML

Goodwill and Other Intangible Assets - Current Year Amortization Expense for Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Total intangible amortization	$ 1,481	$ 1,733	$ 4,618	$ 5,462
Core deposit intangibles
Finite-Lived Intangible Assets [Line Items]
Total intangible amortization	1,436	1,688	4,482	5,326
Customer relationship intangible
Finite-Lived Intangible Assets [Line Items]
Total intangible amortization	$ 45	$ 45	$ 136	$ 136

XML

Goodwill and Other Intangible Assets - Estimated Amortization Expense of Finite-Lived Intangible Assets (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
2021	$ 6,041
2022	5,121
2023	4,225
2024	3,679
2025	3,284
Core Deposit Intangibles
Finite-Lived Intangible Assets [Line Items]
2021	5,860
2022	4,940
2023	4,044
2024	3,498
2025	3,103
Customer relationship intangible
Finite-Lived Intangible Assets [Line Items]
2021	181
2022	181
2023	181
2024	181
2025	$ 181

XML

Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
(Positive) negative valuation adjustment to MSR			$ (13,561)	$ 13,694
Bank Servicing
Disaggregation of Revenue [Line Items]
Revenue	$ 4,891	$ 3,400	$ 13,578	$ 9,012

XML

Mortgage Servicing Rights - Changes in the Company's MSRs (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Changes in mortgage servicing rights
Balance at January 1, 2021	$ 62,994
Capitalization	26,532
Amortization	(16,700)
Valuation adjustment	(13,561)	$ 13,694
Balance at September 30, 2021	$ 86,387

XML

Mortgage Servicing Rights - Data and Key Economic Assumptions Related to the Company's MRSs (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Data and key economic assumptions related to mortgage servicing rights
Unpaid principal balance	$ 8,470,973	$ 7,322,671
Weighted-average prepayment speed (CPR)	11.68%	15.05%
Estimated impact of a 10% increase	$ (4,258)	$ (4,001)
Estimated impact of a 20% increase	$ (8,254)	$ (7,674)
Discount rate	9.83%	9.86%
Estimated impact of a 10% increase	$ (3,381)	$ (2,144)
Estimated impact of a 20% increase	$ (6,520)	$ (4,144)
Weighted-average coupon interest rate	3.33%	3.58%
Weighted-average servicing fee (basis points)	30.52%	29.94%
Weighted-average remaining maturity (in years)	6 years 2 months 23 days	5 years 1 month 20 days

XML

Employee Benefit and Deferred Compensation Plans - Plan Expense for Non-Contributory Benefit Pension Plan and Post-Retirement Health and Life Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Pension Benefits
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	171	246	512	738
Expected return on plan assets	(442)	(412)	(1,326)	(1,238)
Recognized actuarial loss (gain)	67	87	199	262
Net periodic (return) benefit cost	(204)	(79)	(615)	(238)
Other Benefits
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans
Service cost	2	2	4	5
Interest cost	4	3	11	10
Expected return on plan assets	0	0	0	0
Recognized actuarial loss (gain)	0	(23)	(2)	(68)
Net periodic (return) benefit cost	$ 6	$ (18)	$ 13	$ (53)

XML

Employee Benefit and Deferred Compensation Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Retirement Benefits [Abstract]
Stock options granted (in shares)			0	0
Treasury shares reissued (in shares)			134,783
Total stock-based compensation expense	$ 2,595	$ 2,405	$ 7,736	$ 8,153

XML

Employee Benefit and Deferred Compensation Plans - Summary of the Changes in Stock Options (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Shares
Options outstanding at beginning of period (shares)	10,500
Granted (shares)	0	0
Exercised (shares)	(5,000)
Forfeited (shares)	0
Options outstanding at end of period (shares)	5,500
Weighted Average Exercise Price
Options outstanding at beginning of period (usd per share)	$ 14.96
Granted (usd per share)	0
Exercised (usd per share)	14.96
Forfeited (usd per share)	0
Options outstanding at end of period (usd per share)	$ 14.96

XML

Employee Benefit and Deferred Compensation Plans - Summary of the Changes in Restricted Stock (Details)	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Performance shares
Performance-Based Restricted Stock
Nonvested at beginning of period (shares) | shares	132,827
Awarded (shares) | shares	78,230
Vested (shares) | shares	0
Cancelled (shares) | shares	0
Nonvested at end of period (shares) | shares	211,057
Weighted Average Grant-Date Fair Value
Nonvested at beginning balance (usd per share) | $ / shares	$ 32.88
Awarded (usd per share) | $ / shares	34.02
Vested (usd per share) | $ / shares	0
Cancelled (usd per share) | $ / shares	0
Nonvested at end balance (usd per share) | $ / shares	$ 33.30
Restricted stock
Performance-Based Restricted Stock
Nonvested at beginning of period (shares) | shares	548,416
Awarded (shares) | shares	253,733
Vested (shares) | shares	(139,752)
Cancelled (shares) | shares	(53,737)
Nonvested at end of period (shares) | shares	608,660
Weighted Average Grant-Date Fair Value
Nonvested at beginning balance (usd per share) | $ / shares	$ 34.15
Awarded (usd per share) | $ / shares	37.22
Vested (usd per share) | $ / shares	36.89
Cancelled (usd per share) | $ / shares	37.65
Nonvested at end balance (usd per share) | $ / shares	$ 34.49

XML

Derivative Instruments - Schedule of Notional and Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 15,373	$ 3,866
Derivative liabilities, fair value	14,021	21,107
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets, notional amount	1,162,796	812,634
Derivative assets, fair value	16,519	29,708
Derivative liabilities, notional amount	373,791	938,933
Derivative liabilities, fair value	5,849	14,974
Other Assets | Not Designated as Hedging Instrument | Interest Rate Contract
Derivatives, Fair Value [Line Items]
Derivative assets, notional amount	190,200	222,933
Derivative assets, fair value	5,268	9,884
Other Assets | Not Designated as Hedging Instrument | Interest Rate Lock Commitments
Derivatives, Fair Value [Line Items]
Derivative assets, notional amount	422,596	589,701
Derivative assets, fair value	7,592	19,824
Other Assets | Not Designated as Hedging Instrument | Forward Commitments
Derivatives, Fair Value [Line Items]
Derivative assets, notional amount	550,000	0
Derivative assets, fair value	3,659	0
Other Assets | Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative assets, notional amount	200,000	175,000
Derivative assets, fair value	11,615	3,866
Other Liabilities | Not Designated as Hedging Instrument | Interest Rate Contract
Derivatives, Fair Value [Line Items]
Derivative liabilities, notional amount	190,200	222,933
Derivative liabilities, fair value	5,268	9,884
Other Liabilities | Not Designated as Hedging Instrument | Interest Rate Lock Commitments
Derivatives, Fair Value [Line Items]
Derivative liabilities, notional amount	101,591	0
Derivative liabilities, fair value	423	0
Other Liabilities | Not Designated as Hedging Instrument | Forward Commitments
Derivatives, Fair Value [Line Items]
Derivative liabilities, notional amount	82,000	716,000
Derivative liabilities, fair value	158	5,090
Other Liabilities | Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative liabilities, notional amount	62,000	87,000
Derivative liabilities, fair value	3,544	5,924
Other Liabilities | Designated as Hedging Instrument | Interest Rate Swap | Fair Value Hedging
Derivatives, Fair Value [Line Items]
Derivative liabilities, notional amount	100,000	100,000
Derivative liabilities, fair value	$ 5,150	$ 209

XML

Derivative Instruments - Gains (Losses) of Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income
Gains (losses) on derivative financial instruments	$ 2,648	$ 2,070	$ (2,270)	$ 23,925
Interest Income | Interest Rate Contract
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income
Gains (losses) on derivative financial instruments	589	451	1,795	1,710
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	(3,251)	(1,135)	(12,655)	23,610
Mortgage Banking Income | Forward Commitments
Gains (losses) on derivatives financial instruments included in the Consolidated Statements of Income
Gains (losses) on derivative financial instruments	$ 5,310	$ 2,754	$ 8,590	$ (1,395)

XML

Derivative Instruments - Fair Value Hedge Impact on Statement of Income (Details) - Interest Rate Swap - Designated as Hedging Instrument - Interest Expense - Fair Value Hedging - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative [Line Items]
Change in unrealized gain (loss) on fair value hedging instruments	$ (764)	$ 0	$ (4,941)	$ 0
Change in unrealized gain (loss) on hedged item in fair value hedge	$ 764	$ 0	$ 4,941	$ 0

XML

Derivative Instruments - Fair Value Hedge Impact on Balance Sheet (Details) - Long-term Debt - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Carrying Amount of the Hedged Liability	$ 93,303	$ 98,114
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Liability	$ (5,150)	$ 209

XML

Derivative Instruments - Offsetting Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Offsetting Derivative Assets
Gross amounts recognized	$ 15,373	$ 3,866
Gross amounts offset in the Consolidated Balance Sheets	0	0
Net amounts presented in the Consolidated Balance Sheets	15,373	3,866
Financial instruments	6,605	3,866
Financial collateral pledged	0	0
Net amounts	8,768	0
Offsetting Derivative Liabilities
Gross amounts recognized	14,021	21,107
Gross amounts offset in the Consolidated Balance Sheets	0	0
Net amounts presented in the Consolidated Balance Sheets	14,021	21,107
Financial instruments	6,605	3,866
Financial collateral pledged	7,416	14,042
Net amounts	$ 0	$ 3,199

XML

Income Taxes - Significant Components of The Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deferred tax assets
Allowance for credit losses	$ 52,345	$ 53,597
Loans	3,471	5,526
Deferred compensation	13,598	13,114
Investment in partnerships	154	0
Impairment of assets	508	1,067
Net operating loss carryforwards	1,287	1,857
Lease liabilities under operating leases	17,189	17,732
Other	3,613	3,539
Total deferred tax assets	92,165	96,432
Deferred tax liabilities
Net unrealized gains on securities	3,580	8,434
Investment in partnerships	0	793
Fixed assets	1,182	3,285
Mortgage servicing rights	20,587	14,623
Junior subordinated debt	2,162	2,245
Intangibles	3,349	3,882
Lease right-of-use asset	16,291	16,833
Other	565	1,672
Total deferred tax liabilities	47,716	51,767
Net deferred tax assets	$ 44,449	$ 44,665

XML

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income taxes	$ 11,185		$ 7,612	$ 35,572	$ 13,022
Discrete tax benefit, state tax credit investment		$ 3,460
Effective income tax rate				22.10%	20.28%

XML

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financial assets:
Securities available for sale, at fair value	$ 2,544,643	$ 1,343,457
Derivative instruments	15,373	3,866
Financial liabilities:
Derivative instruments	14,021	21,107
Trust preferred securities
Financial assets:
Securities available for sale, at fair value		9,012
Recurring
Financial assets:
Securities available for sale, at fair value		1,343,457
Derivative instruments	28,134	33,574
Mortgage loans held for sale in loans held for sale	452,869	417,771
Total financial assets	3,025,646	1,794,802
Financial liabilities:
Derivative instruments	14,543	21,107
Recurring | Securities available for sale
Financial assets:
Securities available for sale, at fair value	2,544,643	1,334,445
Recurring | Trust preferred securities
Financial assets:
Securities available for sale, at fair value		9,012
Recurring | Level 1
Financial assets:
Securities available for sale, at fair value		0
Derivative instruments	0	0
Mortgage loans held for sale in loans held for sale	0	0
Total financial assets	0	0
Financial liabilities:
Derivative instruments	0	0
Recurring | Level 1 | Securities available for sale
Financial assets:
Securities available for sale, at fair value	0	0
Recurring | Level 1 | Trust preferred securities
Financial assets:
Securities available for sale, at fair value		0
Recurring | Level 2
Financial assets:
Securities available for sale, at fair value		1,334,445
Derivative instruments	28,134	33,574
Mortgage loans held for sale in loans held for sale	452,869	417,771
Total financial assets	3,025,646	1,785,790
Financial liabilities:
Derivative instruments	14,543	21,107
Recurring | Level 2 | Securities available for sale
Financial assets:
Securities available for sale, at fair value	2,544,643	1,334,445
Recurring | Level 2 | Trust preferred securities
Financial assets:
Securities available for sale, at fair value		0
Recurring | Level 3
Financial assets:
Securities available for sale, at fair value		9,012
Derivative instruments	0	0
Mortgage loans held for sale in loans held for sale	0	0
Total financial assets	0	9,012
Financial liabilities:
Derivative instruments	0	0
Recurring | Level 3 | Securities available for sale
Financial assets:
Securities available for sale, at fair value	$ 0	0
Recurring | Level 3 | Trust preferred securities
Financial assets:
Securities available for sale, at fair value		$ 9,012

XML

Fair Value Measurements - Reconciliation for Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Trust preferred securities - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Reconciliation for assets and liabilities measured at fair value on a recurring basis
Beginning balance	$ 0	$ 7,679	$ 9,012	$ 9,986
Accretion included in net income	0	8	7	26
Unrealized losses included in other comprehensive income	0	840	941	(1,382)
Realized losses			2,061	0
Sales			(12,021)	0
Settlements	0	(35)	0	(138)
Ending balance	$ 0	$ 8,492	$ 0	$ 8,492

XML

Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, measurements, nonrecurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Impaired loans measured at fair value on a nonrecurring basis
Individually evaluated loans, net of allowance for credit losses	$ 9,410	$ 24,145
OREO	170	2,736
Mortgage servicing rights	86,387	62,994
Total financial assets	95,967	89,875
Level 1
Impaired loans measured at fair value on a nonrecurring basis
Individually evaluated loans, net of allowance for credit losses	0	0
OREO	0	0
Mortgage servicing rights	0	0
Total financial assets	0	0
Level 2
Impaired loans measured at fair value on a nonrecurring basis
Individually evaluated loans, net of allowance for credit losses	0	0
OREO	0	0
Mortgage servicing rights	0	0
Total financial assets	0	0
Level 3
Impaired loans measured at fair value on a nonrecurring basis
Individually evaluated loans, net of allowance for credit losses	9,410	24,145
OREO	170	2,736
Mortgage servicing rights	86,387	62,994
Total financial assets	$ 95,967	$ 89,875

XML

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans not covered under loss-share agreements	$ 17,959			$ 36,990
Specific reserve included in allowance for loan losses	170,038	$ 168,098	$ 172,354	176,144	$ 145,387	$ 52,162
Valuation adjustment to mortgage servicing rights	(13,561)	13,694
Changes in fair value, gain (loss)	(10,425)	$ 10,876
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	$ 8,549			$ 12,845

XML

Fair Value Measurements - OREO Measured at Fair Value on a Nonrecurring Basis (Details) - Level 3 - Fair Value, measurements, nonrecurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
OREO measured at fair value on a nonrecurring basis
Carrying amount prior to remeasurement	$ 445	$ 4,051
Impairment recognized in results of operations	(275)	(1,315)
Fair value	$ 170	$ 2,736

XML

Fair Value Measurements - Significant Unobservable Inputs (Level 3) Used in Valuation of Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Details) - Level 3 $ in Thousands	Sep. 30, 2021 USD ($)
Individually evaluated loans, net of allowance for credit losses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value	$ 9,410
OREO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value	$ 170
Measurement input, price volatility | Minimum | Individually evaluated loans, net of allowance for credit losses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Debt instrument, measurement input range	0.04
Measurement input, price volatility | Minimum | OREO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
OREO, measurement input range	0.04
Measurement input, price volatility | Maximum | Individually evaluated loans, net of allowance for credit losses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Debt instrument, measurement input range	0.10
Measurement input, price volatility | Maximum | OREO
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
OREO, measurement input range	0.10

XML

Fair Value Measurements - Summarizes Differences Between Fair Value and Principal Balance for Mortgage Loans Held for Sale Measure at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Aggregate Fair Value
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value
Mortgage loans held for sale measured at fair value	$ 452,869	$ 417,771
Aggregate Unpaid Principal Balance
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value
Mortgage loans held for sale measured at fair value	441,125	395,602
Difference
Summarizes differences between fair value and principal balance for mortgage loans held for sale measure at fair value
Mortgage loans held for sale measured at fair value	$ 11,744	$ 22,169

XML

Fair Value Measurements - Assets and Liabilities Not Measured and Reported at Fair Value on a Recurring Basis or Nonrecurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financial assets
Securities available for sale	$ 2,544,643	$ 1,343,457
Loans held for sale	452,869	417,771
Loans, net	9,846,786	10,757,503
Mortgage servicing rights	86,387	62,994
Derivative instruments	15,373	3,866
Financial liabilities
Derivative instruments	14,021	21,107
Carrying Value
Financial assets
Cash and cash equivalents	1,476,141	633,203
Securities available for sale	2,544,643	1,343,457
Loans held for sale	452,869	417,771
Loans, net	9,846,786	10,757,503
Mortgage servicing rights	86,387	62,994
Derivative instruments	28,134	33,574
Financial liabilities
Deposits	13,254,829	12,059,081
Short-term borrowings	11,253	21,340
Federal Home Loan Bank advances	150,425	152,167
Junior subordinated debentures	111,228	110,794
Subordinated notes	207,210	212,009
Derivative instruments	14,543	21,107
Fair Value
Financial assets
Cash and cash equivalents	1,476,141	633,203
Securities available for sale	2,544,643	1,343,457
Loans held for sale	452,869	417,771
Loans, net	9,726,732	10,668,625
Mortgage servicing rights	90,738	62,994
Derivative instruments	28,134	33,574
Financial liabilities
Deposits	13,255,301	12,069,198
Short-term borrowings	11,253	21,340
Federal Home Loan Bank advances	155,832	158,914
Junior subordinated debentures	105,546	93,092
Subordinated notes	221,700	217,575
Derivative instruments	14,543	21,107
Fair Value | Level 1
Financial assets
Cash and cash equivalents	1,476,141	633,203
Securities available for sale	0	0
Loans held for sale	0	0
Loans, net	0	0
Mortgage servicing rights	0	0
Derivative instruments	0	0
Financial liabilities
Deposits	11,787,346	10,363,193
Short-term borrowings	11,253	21,340
Federal Home Loan Bank advances	0	0
Junior subordinated debentures	0	0
Subordinated notes	0	0
Derivative instruments	0	0
Fair Value | Level 2
Financial assets
Cash and cash equivalents	0	0
Securities available for sale	2,544,643	1,334,445
Loans held for sale	452,869	417,771
Loans, net	0	0
Mortgage servicing rights	0	0
Derivative instruments	28,134	33,574
Financial liabilities
Deposits	1,467,955	1,706,005
Short-term borrowings	0	0
Federal Home Loan Bank advances	155,832	158,914
Junior subordinated debentures	105,546	93,092
Subordinated notes	221,700	217,575
Derivative instruments	14,543	21,107
Fair Value | Level 3
Financial assets
Cash and cash equivalents	0	0
Securities available for sale	0	9,012
Loans held for sale	0	0
Loans, net	9,726,732	10,668,625
Mortgage servicing rights	90,738	62,994
Derivative instruments	0	0
Financial liabilities
Deposits	0	0
Short-term borrowings	0	0
Federal Home Loan Bank advances	0	0
Junior subordinated debentures	0	0
Subordinated notes	0	0
Derivative instruments	$ 0	$ 0

XML

Other Comprehensive Income (Loss) - Changes in the Components of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), pre-tax	$ (11,476)			$ 2,160			$ (19,282)	$ 23,052
Total other comprehensive income (loss), tax expense (benefit)	(2,920)			549			(4,908)	5,866
Other comprehensive (loss) income, net of tax	(8,556)	$ (889)	$ (4,929)	1,611	$ 1,838	$ 13,737	(14,374)	17,186
Securities available for sale:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, pre-tax	(12,408)			519			(27,487)	26,404
Other comprehensive income (loss) before reclassifications, tax expense (benefit)	(3,158)			131			(6,996)	6,719
Other comprehensive income (loss), before reclassifications, net of tax	(9,250)			388			(20,491)	19,685
Reclassification from AOCI, pre-tax	(764)						(2,121)	(31)
Reclassification from AOCI, tax expense (benefit)	(194)						(539)	(8)
Reclassification from AOCI, net of tax	(570)						(1,582)	(23)
Total other comprehensive income (loss), pre-tax	(13,172)			519			(29,608)	26,373
Total other comprehensive income (loss), tax expense (benefit)	(3,352)			131			(7,535)	6,711
Other comprehensive (loss) income, net of tax	(9,820)			388			(22,073)	19,662
Derivative instruments:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, pre-tax	1,629						10,129	(3,516)
Other comprehensive income (loss) before reclassifications, tax expense (benefit)	414						2,578	(895)
Other comprehensive income (loss), before reclassifications, net of tax	1,215						7,551	(2,621)
Total other comprehensive income (loss), pre-tax	1,629						10,129	(3,516)
Total other comprehensive income (loss), tax expense (benefit)	414						2,578	(895)
Other comprehensive (loss) income, net of tax	1,215						7,551	(2,621)
Amortization of net actuarial loss recognized in net periodic pension cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, pre-tax	67			65			197	195
Reclassification from AOCI, tax expense (benefit)	18			17			49	50
Reclassification from AOCI, net of tax	49			48			148	145
Total defined benefit pension and post-retirement benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive income (loss), pre-tax	67			65			197	195
Total other comprehensive income (loss), tax expense (benefit)	18			17			49	50
Other comprehensive (loss) income, net of tax	$ 49			48			$ 148	$ 145
Derivative instruments:
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss), before reclassifications, pre-tax				1,576
Other comprehensive income (loss) before reclassifications, tax expense (benefit)				401
Other comprehensive income (loss), before reclassifications, net of tax				1,175
Total other comprehensive income (loss), pre-tax				1,576
Total other comprehensive income (loss), tax expense (benefit)				401
Other comprehensive (loss) income, net of tax				$ 1,175

XML

Other Comprehensive Income (Loss) - Accumulated Balances for Each Component of Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accumulated balances for component of other comprehensive income, net of tax
Unrealized gains on securities	$ 8,854	$ 42,246
Non-credit related portion of previously recorded other-than-temporary impairment on securities	0	(11,319)
Unrealized gains (losses) on derivative instruments	6,913	(638)
Unrecognized losses on defined benefit pension and post-retirement benefit plans obligations	(5,073)	(5,221)
Total accumulated other comprehensive income	$ 10,694	$ 25,068

XML

Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic
Net income applicable to common stock	$ 40,063	$ 29,992	$ 138,838	$ 52,130
Average common shares outstanding (shares)	56,146,285	56,185,884	56,237,056	56,294,984
Net income per common share - basic (usd per share)	$ 0.71	$ 0.53	$ 2.47	$ 0.93
Diluted
Net income applicable to common stock	$ 40,063	$ 29,992	$ 138,838	$ 52,130
Average common shares outstanding (shares)	56,146,285	56,185,884	56,237,056	56,294,984
Effect of dilutive stock-based compensation (shares)	300,899	200,269	296,038	173,593
Average common shares outstanding - diluted (shares)	56,447,184	56,386,153	56,533,094	56,468,577
Net income per common share - diluted (usd per share)	$ 0.71	$ 0.53	$ 2.46	$ 0.92

XML

Net Income Per Common Share - Antidilutive Securities (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of antidilutive securities excluded from computation of earnings per share
Exercise prices (for stock option awards) (usd per share)	$ 0	$ 0	$ 0	$ 0
Employee stock option
Schedule of antidilutive securities excluded from computation of earnings per share
Number of shares (in shares)	19,929	237,212	19,929	255,448

XML

Regulatory Matters - Guidelines Governing the Classification of Capital Tiers (Details)	Sep. 30, 2021
Banking and Thrift, Interest [Abstract]
Tier 1 Capital to Average Assets (Leverage), Well capitalized	0.05
Tier 1 Capital to Average Assets (Leverage), Adequately capitalized	0.04
Tier 1 Capital to Average Assets (Leverage), Undercapitalized	4.00%
Tier 1 Capital to Average Assets (Leverage), Significantly undercapitalized	3.00%
Common Equity Tier 1 to Risk-Weighted Assets, Well capitalized	6.50%
Common Equity Tier 1 to Risk-Weighted Assets, Adequately capitalized	4.50%
Common Equity Tier 1 to Risk-Weighted Assets, Undercapitalized	4.50%
Common Equity Tier 1 to Risk-Weighted Assets, Significantly undercapitalized	3.00%
Tier 1 Capital to Risk-Weighted Assets, Well capitalized	0.08
Tier 1 Capital to Risk-Weighted Assets, Adequately capitalized	0.06
Tier 1 Capital to Risk-Weighted Assets, Undercapitalized	6.00%
Tier 1 Capital to Risk-Weighted Assets, Significantly undercapitalized	4.00%
Total Capital to Risk-Weighted Assets, Well capitalized	0.10
Total Capital to Risk-Weighted Assets, Adequately capitalized	0.08
Total Capital to Risk-Weighted Assets, Undercapitalized	8.00%
Total Capital to Risk-Weighted Assets, Significantly undercapitalized	6.00%
Critically undercapitalized	2.00%

XML

Regulatory Matters - Capital and Risk-Based Capital and Leverage Ratios (Details) $ in Thousands	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Renasant corporation
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 Capital to Average Assets (Leverage) - Amount	$ 1,395,321	$ 1,306,597
Tier 1 Capital to Average Assets (Leverage) - Ratio	0.0918	0.0937
Common Equity Tier 1 Capital to Risk-Weighted Assets - Amount	$ 1,287,684	$ 1,199,394
Common Equity Tier 1 Capital to Risk-Weighted Assets - Ratio	11.02%	10.93%
Tier 1 Capital to Risk-Weighted Assets - Amount	$ 1,395,321	$ 1,306,597
Tier 1 Capital to Risk-Weighted Assets - Ratio	0.1194	0.1191
Total Capital to Risk-Weighted Assets - Amount	$ 1,712,500	$ 1,653,694
Total Capital to Risk-Weighted Assets - Ratio	0.1466	0.1507
Renasant bank
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Tier 1 Capital to Average Assets (Leverage) - Amount	$ 1,454,879	$ 1,369,994
Tier 1 Capital to Average Assets (Leverage) - Ratio	0.0958	0.0983
Common Equity Tier 1 Capital to Risk-Weighted Assets - Amount	$ 1,454,879	$ 1,369,994
Common Equity Tier 1 Capital to Risk-Weighted Assets - Ratio	12.45%	12.49%
Tier 1 Capital to Risk-Weighted Assets - Amount	$ 1,454,879	$ 1,369,994
Tier 1 Capital to Risk-Weighted Assets - Ratio	0.1245	0.1249
Total Capital to Risk-Weighted Assets - Amount	$ 1,574,697	$ 1,504,985
Total Capital to Risk-Weighted Assets - Ratio	0.1348	0.1373

XML

Segment Reporting - Financial Information for Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Financial information for the Company's operating segments
Net interest income (loss)	$ 103,292			$ 106,286			$ 322,519	$ 318,670
Recovery of credit losses	(1,200)			23,100			(1,200)	76,350
Noninterest income (loss)	50,755			70,928			179,402	172,668
Noninterest expense	103,999			116,510			328,711	349,836
Income (loss) before income taxes	51,248			37,604			174,410	65,152
Income tax expense (benefit)	11,185			7,612			35,572	13,022
Net income (loss)	40,063	$ 40,867	$ 57,908	29,992	$ 20,130	$ 2,008	138,838	52,130
Total assets	16,155,550			14,808,933			16,155,550	14,808,933	$ 14,929,612
Goodwill	939,683			939,683			939,683	939,683	939,683
Community Banks
Financial information for the Company's operating segments
Goodwill	936,916						936,916		936,916
Insurance
Financial information for the Company's operating segments
Goodwill	2,767						2,767		$ 2,767
Operating segments | Community Banks
Financial information for the Company's operating segments
Net interest income (loss)	106,506			108,909			332,234	325,879
Recovery of credit losses	(1,088)			22,408			(1,088)	75,481
Noninterest income (loss)	42,546			63,918			155,765	152,716
Noninterest expense	97,437			110,430			309,449	332,490
Income (loss) before income taxes	52,703			39,989			179,638	70,624
Income tax expense (benefit)	12,117			8,383			38,320	15,088
Net income (loss)	40,586			31,606			141,318	55,536
Total assets	16,040,728			14,694,683			16,040,728	14,694,683
Goodwill	936,916			936,916			936,916	936,916
Operating segments | Insurance
Financial information for the Company's operating segments
Net interest income (loss)	115			126			333	424
Recovery of credit losses	0			0			0	0
Noninterest income (loss)	2,835			2,694			8,558	7,787
Noninterest expense	2,095			1,974			6,005	5,708
Income (loss) before income taxes	855			846			2,886	2,503
Income tax expense (benefit)	220			217			740	658
Net income (loss)	635			629			2,146	1,845
Total assets	33,036			30,138			33,036	30,138
Goodwill	2,767			2,767			2,767	2,767
Operating segments | Wealth Management
Financial information for the Company's operating segments
Net interest income (loss)	404			403			1,184	1,250
Recovery of credit losses	(112)			692			(112)	869
Noninterest income (loss)	5,820			4,714			16,421	13,370
Noninterest expense	4,189			3,818			12,337	11,215
Income (loss) before income taxes	2,147			607			5,380	2,536
Income tax expense (benefit)	0			0			0	0
Net income (loss)	2,147			607			5,380	2,536
Total assets	67,204			68,261			67,204	68,261
Goodwill	0			0			0	0
Other
Financial information for the Company's operating segments
Net interest income (loss)	(3,733)			(3,152)			(11,232)	(8,883)
Recovery of credit losses	0			0			0	0
Noninterest income (loss)	(446)			(398)			(1,342)	(1,205)
Noninterest expense	278			288			920	423
Income (loss) before income taxes	(4,457)			(3,838)			(13,494)	(10,511)
Income tax expense (benefit)	(1,152)			(988)			(3,488)	(2,724)
Net income (loss)	(3,305)			(2,850)			(10,006)	(7,787)
Total assets	14,582			15,851			14,582	15,851
Goodwill	$ 0			$ 0			$ 0	$ 0