RENASANT CORPRNST
RENASANT CORP Segments Disclosure
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-size businesses including checking and savings accounts, business and personal loans, asset-based lending, factoring and equipment leasing, as well as safe deposit and night depository facilities.
•The Insurance segment included a full service insurance agency offering all major lines of commercial and personal insurance through major carriers. Effective July 1, 2024, the Bank sold substantially all of the assets of its Insurance segment.
•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. The Financial Services division also provides administrative and compliance services for certain mutual funds.
The Company’s reportable segments are determined by the Chief Executive Officer, who is the designated chief operating decision maker (“CODM”), based upon information provided about the Company’s products and services. The CODM evaluates the financial performance of the segments by evaluating revenue streams, significant expenses and budget to actual results, and the CODM provides guidance in strategy and the allocation of resources.
In order to give the CODM a more precise indication of the income and expenses controlled by each segment, the results of operations for the Community Banks, Insurance and the Wealth Management segments reflect their own direct revenues and expenses. 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. Accounting policies for each segment are the same as those described in Note, “Significant Accounting Policies.”
The following table provides financial information for the Company’s operating segments as of and for the years ended December 31, 2024, 2023 and 2022:
| Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||
| 2024 | |||||||||||||||||||||||||||||
| Total interest income | $ | 886,666 | $ | 942 | $ | 64 | $ | 105 | $ | 887,777 | |||||||||||||||||||
| Total interest expense | 348,199 | — | — | 27,382 | 375,581 | ||||||||||||||||||||||||
| Net interest income | 538,467 | 942 | 64 | (27,277) | 512,196 | ||||||||||||||||||||||||
| Provision for credit losses | 9,273 | — | — | — | 9,273 | ||||||||||||||||||||||||
| Noninterest income | 172,877 | 6,473 | 25,873 | (1,563) | 203,660 | ||||||||||||||||||||||||
| Salaries and employee benefits | 266,639 | 3,645 | 13,484 | — | 283,768 | ||||||||||||||||||||||||
| Net occupancy and equipment | 44,989 | 163 | 808 | — | 45,960 | ||||||||||||||||||||||||
| Community Banks | Insurance | Wealth Management | Other | Consolidated | |||||||||||||||||||||||||
Other segment expenses(1) | 125,678 | 584 | 4,362 | 1,266 | 131,890 | ||||||||||||||||||||||||
| Income before income taxes | 264,765 | 3,023 | 7,283 | (30,106) | 244,965 | ||||||||||||||||||||||||
| Income taxes | 56,369 | 785 | 196 | (7,842) | 49,508 | ||||||||||||||||||||||||
| Net income (loss) | $ | 208,396 | $ | 2,238 | $ | 7,087 | $ | (22,264) | $ | 195,457 | |||||||||||||||||||
| Total assets | $ | 18,033,458 | $ | — | $ | 3,392 | $ | (1,982) | $ | 18,034,868 | |||||||||||||||||||
| Goodwill | 988,898 | — | — | — | 988,898 | ||||||||||||||||||||||||
| 2023 | |||||||||||||||||||||||||||||
| Total interest income | $ | 795,500 | $ | 1,653 | $ | 68 | $ | 98 | $ | 797,319 | |||||||||||||||||||
| Total interest expense | 251,026 | — | — | 26,966 | 277,992 | ||||||||||||||||||||||||
| Net interest income | 544,474 | 1,653 | 68 | (26,868) | 519,327 | ||||||||||||||||||||||||
| Provision for credit losses | 15,593 | — | — | — | 15,593 | ||||||||||||||||||||||||
| Noninterest income | 76,130 | 12,578 | 25,311 | (944) | 113,075 | ||||||||||||||||||||||||
| Salaries and employee benefits | 262,325 | 7,038 | 12,405 | — | 281,768 | ||||||||||||||||||||||||
| Net occupancy and equipment | 45,303 | 438 | 730 | — | 46,471 | ||||||||||||||||||||||||
Other segment expenses(2) | 102,221 | 1,176 | 6,461 | 1,525 | 111,383 | ||||||||||||||||||||||||
| Income before income taxes | 195,162 | 5,579 | 5,783 | (29,337) | 177,187 | ||||||||||||||||||||||||
| Income taxes | 38,597 | 1,452 | 37 | (7,577) | 32,509 | ||||||||||||||||||||||||
| Net income (loss) | $ | 156,565 | $ | 4,127 | $ | 5,746 | $ | (21,760) | $ | 144,678 | |||||||||||||||||||
| Total assets | $ | 17,313,704 | $ | 40,405 | $ | 6,590 | $ | (164) | $ | 17,360,535 | |||||||||||||||||||
| Goodwill | 988,898 | 2,767 | — | — | 991,665 | ||||||||||||||||||||||||
| 2022 | |||||||||||||||||||||||||||||
| Total interest income | $ | 538,596 | $ | 619 | $ | 2,560 | $ | 35 | $ | 541,810 | |||||||||||||||||||
| Total interest expense | 39,562 | — | 128 | 20,822 | 60,512 | ||||||||||||||||||||||||
| Net interest income | 499,034 | 619 | 2,432 | (20,787) | 481,298 | ||||||||||||||||||||||||
| Provision for credit losses | 23,871 | — | — | — | 23,871 | ||||||||||||||||||||||||
| Noninterest income | 114,263 | 11,821 | 24,839 | (1,670) | 149,253 | ||||||||||||||||||||||||
| Salaries and employee benefits | 242,360 | 7,107 | 12,187 | — | 261,654 | ||||||||||||||||||||||||
| Net occupancy and equipment | 43,814 | 420 | 585 | — | 44,819 | ||||||||||||||||||||||||
Other segment expenses(3) | 80,510 | 915 | 5,892 | 1,582 | 88,899 | ||||||||||||||||||||||||
| Income before income taxes | 222,742 | 3,998 | 8,607 | (24,039) | 211,308 | ||||||||||||||||||||||||
| Income taxes | 50,425 | 1,046 | — | (6,231) | 45,240 | ||||||||||||||||||||||||
| Net income (loss) | $ | 172,317 | $ | 2,952 | $ | 8,607 | $ | (17,808) | $ | 166,068 | |||||||||||||||||||
| Total assets | $ | 16,882,534 | $ | 37,567 | $ | 75,383 | $ | (7,308) | $ | 16,988,176 | |||||||||||||||||||
| Goodwill | 988,941 | 2,767 | — | — | 991,708 | ||||||||||||||||||||||||
(1) Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications, merger and conversion related expenses and other miscellaneous expenses. Other segment expenses for Insurance include data processing, legal and professional fees, advertising and public relations, communications and other miscellaneous expenses. Other segment expenses for Wealth Management include data processing, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses.
(2) Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses. Other segment expenses for Insurance include data processing, legal and professional fees, advertising and public relations, communications and other miscellaneous expenses. Other segment expenses for Wealth Management include data processing, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses.
(3) Other segment expenses for Community Banks include data processing, other real estate owned, legal and professional fees, advertising and public relations, intangible amortization, communications, restructuring charges, merger and conversion related expenses and other miscellaneous expenses. Other segment expenses for Insurance include data processing, advertising and public relations, communications and other miscellaneous expenses. Other segment expenses for Wealth Management include data processing, legal and professional fees, advertising and public relations, intangible amortization, communications and other miscellaneous expenses.
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.