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Employee Benefit and Deferred Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Information relating to the defined benefit pension plan and post-retirement health and life plans The following table presents information relating to the defined benefit pension plan maintained by Renasant Bank (“Pension Benefits - Renasant”) and the post-retirement health and life plan (“Other Benefits”) as of December 31, 2021 and 2020:
 Pension Benefits RenasantOther Benefits
 2021202020212020
Change in benefit obligation
Benefit obligation at beginning of year$28,226 $28,020 $1,019 $707 
Service cost— — 
Interest cost682 984 14 13 
Plan participants’ contributions— — 152 52 
Amendments(1)
— — — 486 
Actuarial loss (gain)672 3,239 (221)21 
Benefits paid(1)
(2,013)(4,017)(383)(266)
Benefit obligation at end of year$27,567 $28,226 $586 $1,019 
Change in fair value of plan assets
Fair value of plan assets at beginning of year$30,549 $28,585 
Actual return on plan assets1,863 5,981 
Contribution by employer— — 
Benefits paid(2,013)(4,017)
Fair value of plan assets at end of year$30,399 $30,549 
Funded status at end of year$2,832 $2,323 $(586)$(1,019)
Weighted-average assumptions as of December 31
Discount rate used to determine the benefit obligation2.79 %2.44 %2.35 %1.77 %
(1) Attributable to retiree medical benefits and $2,073 of accelerated defined benefit pension plan payouts in 2020 provided to VERP participants.
Plan expense for noncontributory benefit pension plan and post-retirement health and life plans
The components of net periodic benefit cost and other amounts recognized in other comprehensive income for the defined benefit pension and post-retirement health and life plans for the years ended December 31, 2021, 2020 and 2019 are as follows: 
 Pension Benefits RenasantOther Benefits
 202120202019202120202019
Service cost$— $— $— $$$
Interest cost682 984 1,176 14 13 31 
Expected return on plan assets(1,768)(1,651)(1,450)— — — 
Prior service cost recognized(1)
— — — — 485 — 
Recognized actuarial loss (gain)265 349 442 (3)(90)(23)
Settlement/curtailment/termination losses(1)
— 567 — — — — 
Net periodic benefit cost(821)249 168 16 414 15 
Net actuarial (gain) loss arising during the period577 (1,090)(31)(221)21 (60)
Net Settlement/curtailment/termination losses(1)
— (567)— — — — 
New prior service cost(1)
— — — — 485 — 
Amortization of net actuarial (loss) gain recognized in net periodic pension cost(265)(349)(442)90 23 
Amortization of prior service cost(1)
— — — — (485)— 
Total recognized in other comprehensive income312 (2,006)(473)(218)111 (37)
Total recognized in net periodic benefit cost and other comprehensive income$(509)$(1,757)$(305)$(202)$525 $(22)
Weighted-average assumptions as of December 31
Discount rate used to determine net periodic pension cost2.44 %3.59 %4.56 %1.77 %2.91 %4.07 %
Expected return on plan assets6.00 %6.00 %6.00 %N/AN/AN/A
(1) Attributable to retiree medical benefits and accelerated defined benefit pension plan payouts provided to VERP participants and, with respect to amounts included in Net periodic benefit cost, included in the “Restructuring charges” line item on the Consolidated Statements of Income.
Future estimated benefit payments under the defined benefit pension plan and post-retirement health and life plan Future estimated benefit payments under the Renasant defined benefit pension plan and other benefits are as follows:
Pension Benefits RenasantOther
Benefits
2022$2,210 $176 
20232,190 125 
20242,178 67 
20252,142 64 
20262,106 53 
2027 - 20319,690 116 
Amounts recognized in accumulated other comprehensive income, net of tax
Amounts recognized in accumulated other comprehensive income, before tax, for the year ended December 31, 2021 are as follows:
Pension Benefits RenasantOther
Benefits
Prior service cost$— $— 
Actuarial loss (gain)7,395 (299)
Total$7,395 $(299)
Estimated costs that will be amortized from accumulated other comprehensive income into net periodic cost
The estimated costs that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2022 are as follows:
Pension Benefits RenasantOther
Benefits
Prior service cost$— $— 
Actuarial loss (gain) 243 (76)
Total$243 $(76)
Fair values of defined benefit pension plan assets by category of the firm
Quoted Prices In
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Measured at NAVTotals
December 31, 2021
Cash and cash equivalents$42 $— $— $— $42 
Investments in collective trusts— — — 30,357 30,357 
$42 $— $— $30,357 $30,399 
Quoted Prices In
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Measured at NAVTotals
December 31, 2020
Cash and cash equivalents$779 $— $— $— $779 
Investments in collective trusts— — — 29,770 29,770 
$779 $— $— $29,770 $30,549 
Summarizes information about options issued under the long-term equity incentive plan
The following table summarizes information about options outstanding, exercised and forfeited as of and for the three years ended December 31, 2021, 2020 and 2019: 
 SharesWeighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life
Aggregate
Intrinsic
Value
Outstanding at January 1, 201943,750 $15.84 
Granted— — 
Exercised(14,500)15.79 
Forfeited— — 
Outstanding at December 31, 201929,250 $15.86 1.94$574 
Exercisable at December 31, 201929,250 $15.86 1.94$574 
Granted— — 
Exercised(18,750)16.37 
Forfeited— — 
Outstanding at December 31, 202010,500 $14.96 1.00$191 
Exercisable at December 31, 202010,500 $14.96 1.00$191 
Granted— — 
Exercised(10,500)14.96 
Forfeited— — 
Outstanding at December 31, 2021— $— 0.00$— 
Exercisable at December 31, 2021— $— 0.00$— 
Summary of the changes in restricted stock The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2021:
Performance-
Based
Restricted
Stock
Weighted
Average
Grant-Date
Fair Value
Time-
Based
Restricted
Stock
Weighted
Average
Grant-Date
Fair Value
Not vested at beginning of year132,827 $32.88 548,416 $34.15 
Awarded78,230 34.02 253,733 37.22 
Vested(64,496)30.18 (139,752)36.89 
Forfeited and cancelled— — (58,683)37.50 
Not vested at end of year146,561 $34.67 603,714 $34.48