Employee Benefit and Deferred Compensation Plans

9 Months Ended

Sep. 30, 2022

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,
	2022		2021		2022		2021
Service cost	$	—	$	—	$	1	$	2
Interest cost	185		171		3		4
Expected return on plan assets	(421)		(442)		—		—
Recognized actuarial loss (gain)	60		67		(19)		—
Net periodic (return) benefit cost	$	(176)	$	(204)	$	(15)	$	6

	Pension Benefits				Other Benefits
	Nine Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Service cost	$	—	$	—	$	3	$	4
Interest cost	554		512		9		11
Expected return on plan assets	(1,263)		(1,326)		—		—
Recognized actuarial loss (gain)	182		199		(57)		(2)
Net periodic (return) benefit cost	$	(527)	$	(615)	$	(45)	$	13

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, 2022 or 2021. There were no stock options outstanding as of September 30, 2022.

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, 2022:

	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	146,561	$	34.67	603,714	$	34.48
Awarded	63,308	38.62		295,406	37.51
Vested	—	—		(222,283)	32.81
Cancelled	(5,465)	37.26		(23,461)	37.23
Nonvested at end of period	204,404	$	35.83	653,376	$	36.32

During the nine months ended September 30, 2022, the Company reissued 187,951 shares from treasury in connection with awards of restricted stock. The Company recorded total stock-based compensation expense of $2,268 and $2,595 for the three months ended September 30, 2022 and 2021, respectively, and $8,558 and $7,736 for the nine months ended September 30, 2022, respectively.