Employee Benefit and Deferred Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of 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 plan (“Other Benefits”) as of December 31, 2024 and 2023:


	Pension Benefits Renasant						Other Benefits
	2024			2023			2024			2023
Change in benefit obligation
Benefit obligation at beginning of year	$	20,195		$	21,230		$	512		$	551
Service cost	—			—			—			1
Interest cost	908			995			21			22
Plan participants’ contributions	—			—			21			49

Actuarial (gain) loss	(620)			74			(89)			(21)
Benefits paid	(1,798)			(2,104)			(17)			(90)



Benefit obligation at end of year	$	18,685		$	20,195		$	448		$	512
Change in fair value of plan assets
Fair value of plan assets at beginning of year	$	20,119		$	20,854
Actual return on plan assets	827			1,369
Contribution by employer	—			—
Benefits paid	(1,798)			(2,104)




Fair value of plan assets at end of year	$	19,148		$	20,119
Funded status at end of year	$	463		$	(76)		$	(448)		$	(512)
Weighted-average assumptions as of December 31
Discount rate used to determine the benefit obligation	5.37		%	4.74		%	4.99		%	4.53		%

Schedule of 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 plans for the years ended December 31, 2024, 2023 and 2022 are as follows:


	Pension Benefits Renasant									Other Benefits
	2024			2023			2022			2024			2023			2022
Service cost	$	—		$	—		$	—		$	—		$	1		$	4
Interest cost	908			995			738			21			22			12
Expected return on plan assets	(993)			(1,236)			(1,684)			—			—			—

Recognized actuarial loss (gain)	517			523			243			(93)			(61)			(76)

Net periodic benefit cost	432			282			(703)			(72)			(38)			(60)
Net actuarial (gain) loss arising during the period	(455)			(60)			4,155			(89)			(20)			(48)


Amortization of net actuarial (loss) gain recognized in net periodic pension cost	(516)			(523)			(243)			94			61			76

Total recognized in other comprehensive income	(971)			(583)			3,912			5			41			28
Total recognized in net periodic benefit cost and other comprehensive income	$	(539)		$	(301)		$	3,209		$	(67)		$	3		$	(32)
Weighted-average assumptions as of December 31
Discount rate used to determine net periodic pension cost	4.74		%	4.94		%	2.79		%	4.53		%	4.74		%	2.35		%
Expected return on plan assets	5.20		%	6.25		%	5.75		%	N/A			N/A			N/A

Schedule of 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 Renasant		Other Benefits
2025	$	2,101	$	86
2026	1,967		76
2027	1,896		76
2028	1,890		54
2029	1,836		70
2030 - 2034	7,763		149

Schedule of 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, 2024 are as follows:


	Pension Benefits Renasant		Other Benefits
Prior service cost	$	—	$	—
Actuarial loss (gain)	9,752		(225)
Total	$	9,752	$	(225)

Schedule of 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 2025 are as follows:


	Pension Benefits Renasant		Other Benefits
Prior service cost	$	—	$	—
Actuarial loss (gain)	485		(88)
Total	$	485	$	(88)

Schedule of 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 net asset value per share (“NAV”)		Totals
December 31, 2024
Cash and cash equivalents	$	281	$	—	$	—	$	—	$	281
Investments in collective trusts	—		—		—		16,590		16,590
U.S. government securities	—		156		—		—		156

Corporate stocks	2,121		—		—		—		2,121



	$	2,402	$	156	$	—	$	16,590	$	19,148


	Quoted Prices In Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Measured at NAV		Totals
December 31, 2023
Cash and cash equivalents	$	1,042	$	—	$	—	$	—	$	1,042
Investments in collective trusts	—		—		—		17,830		17,830
U.S. government securities	—		47		—		—		47

Corporate stocks	1,200		—		—		—		1,200



	$	2,242	$	47	$	—	$	17,830	$	20,119

Summary of the changes in stock options and restricted stock

The following table summarizes the changes in restricted stock as of and for the year ended December 31, 2024:


	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 year	169,575	$	36.38	779,564	$	36.20
Awarded	95,048	33.44		351,418	32.87
Vested	(61,508)	38.62		(298,600)	35.52
Forfeited and cancelled	—	—		(31,201)	33.99
Not vested at end of year	203,115	$	34.32	801,181	$	35.08