Employee Benefit and Deferred Compensation Plans

3 Months Ended

Mar. 31, 2023

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
	March 31,				March 31,
	2023		2022		2023		2022
Service cost	$	—	$	—	$	—	$	1
Interest cost	249		184		6		3
Expected return on plan assets	(309)		(421)		—		—
Recognized actuarial loss (gain)	131		61		(15)		(19)
Net periodic benefit cost (return)	$	71	$	(176)	$	(9)	$	(15)

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 three months ended March 31, 2023 or 2022. There were no stock options outstanding as of March 31, 2023.

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 three months ended March 31, 2023:

	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	155,838	$	36.23	680,403	$	36.23
Awarded	67,118	37.52		293,577	36.56
Vested	—	—		(176,826)	35.94
Cancelled	—	—		(19,250)	34.48
Nonvested at end of period	222,956	$	36.62	777,904	$	36.46

During the three months ended March 31, 2023, the Company reissued 120,554 shares from treasury in connection with awards of restricted stock. The Company recorded total stock-based compensation expense of $3,445 and $3,338 for the three months ended March 31, 2023 and 2022, respectively