UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
| (Mark One) | |||||
[ü] | Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 | ||||
| Or | |||||
[X] | Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 For the transition period from ____ to ____ | ||||
Commission file number 001-13253
| A. Full title of the plan and the address of the plan, if different from that of the issuer named below: | ||
| RENASANT BANK 401(k) PLAN | ||
| B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: | ||
| RENASANT CORPORATION | ||
| 209 Troy Street | ||
| Tupelo, MS 38804-4827 | ||
Renasant Bank 401(k) Plan
Form 11-K
For the Year Ended December 31, 2022
CONTENTS
| Page | |||||
| Report of Independent Registered Public Accounting Firm | 1 | ||||
| Financial Statements | |||||
| Statements of Net Assets Available for Benefits | 2 | ||||
| Statements of Changes in Net Assets Available for Benefits | 3 | ||||
| Notes to Financial Statements | 4 | ||||
| Supplemental Schedule | |||||
| Schedule H, Line 4i ‑ Schedule of Assets (Held at End of Year) | 9 | ||||
| Signatures | 14 | ||||
| Exhibit Index | 15 | ||||
All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Audit Committee, Plan Administrator, and Plan Participants of the Renasant Bank 401(k) Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Renasant Bank 401(k) Plan (the “Plan”) as of December 31, 2022 and 2021, the related statements of changes in net assets available for benefits for the years ended December 31, 2022 and 2021, and the related notes to the financial statements (collectively, “the financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the years ended December 31, 2022 and 2021, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The supplemental information in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2022, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.
/s/ HORNE LLP
We have served as the Plan's auditor since 2005.
Memphis, Tennessee
June 23, 2023
1
Renasant Bank 401(k) Plan
Statements of Net Assets Available for Benefits
(In Thousands)
| December 31, | ||||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Investments, at fair value | ||||||||
| Mutual funds | $ | 164,879 | $ | 138,964 | ||||
| Separately managed accounts | 68,313 | 140,528 | ||||||
| Renasant Corporation common stock | 23,415 | 25,961 | ||||||
| Total investments | 256,607 | 305,453 | ||||||
| Receivables | ||||||||
| Company contributions | 122 | 5,053 | ||||||
| Participant contributions | 222 | 219 | ||||||
| Notes receivable from participants | 3,653 | 3,359 | ||||||
| Total receivables | 3,997 | 8,631 | ||||||
| Net assets available for benefits | $ | 260,604 | $ | 314,084 | ||||
See Notes to Financial Statements.
2
Renasant Bank 401(k) Plan
Statements of Changes in Net Assets Available for Benefits
(In Thousands)
| Year Ended December 31, | ||||||||
| 2022 | 2021 | |||||||
| Investment income | ||||||||
| Interest | $ | 168 | $ | 162 | ||||
| Dividends | 6,138 | 6,746 | ||||||
| Net (depreciation) appreciation in fair value of investments | (52,003) | 29,107 | ||||||
| Other income | 5 | — | ||||||
| Total investment (loss) income | (45,692) | 36,015 | ||||||
| Contributions | ||||||||
| Company | 7,040 | 12,129 | ||||||
| Participants | 12,900 | 13,050 | ||||||
| Rollovers | 1,105 | 2,096 | ||||||
| Total contributions | 21,045 | 27,275 | ||||||
| Deductions | ||||||||
| Benefits paid to participants | 28,516 | 28,525 | ||||||
| Corrective distributions | 8 | 3 | ||||||
| Administrative expenses and fees | 309 | 223 | ||||||
| Total deductions | 28,833 | 28,751 | ||||||
| Net (decrease) increase in net assets available for benefits | (53,480) | 34,539 | ||||||
| Net assets available for benefits: | ||||||||
| Beginning of year | 314,084 | 279,545 | ||||||
| End of year | $ | 260,604 | $ | 314,084 | ||||
See Notes to Financial Statements.
3
Renasant Bank 401(k) Plan
Notes to Financial Statements
Note A – Description of Plan
This description of the Renasant Bank 401(k) Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.
General: The Plan is a defined contribution plan that includes a “safe harbor” arrangement within the meaning of Section 401(k)(13) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan covers substantially all employees of Renasant Bank (the “Bank”) and its parent company, Renasant Corporation (the “Company”), as well as all employees of the Bank’s wholly-owned subsidiaries, Renasant Insurance, Inc., Park Place Capital Corporation and Continental Republic Capital, LLC. The Plan was amended in 2021, such that executive officers are no longer eligible to receive an allocation of the Bank’s profit-sharing contributions. Following the Bank’s acquisition of Southeastern Commercial Finance, LLC in 2022, The Southeastern Commercial Finance 401(k) Profit Sharing Plan was merged into the Plan, with the assets transferring into the Plan during 2023. The Plan was amended in 2022 to add Continental Republic Capital, LLC as a participating employer.
Eligibility: Common law employees, other than employees subject to a collective bargaining agreement, non-resident aliens and temporary and seasonal workers, are immediately eligible to participate in the Plan.
Contributions: Participants may voluntarily defer compensation up to applicable IRS limits, as defined in the Plan document. Any deferrals in excess of applicable IRS limits are distributed to the participant in accordance with the terms of the Plan and are included in the line item “Corrective distributions” in the Statements of Changes in Net Assets Available for Benefits. Participants may also rollover distributions from other qualified retirement plans, subject to the approval of the Plan administrator.
Provisions of the Plan allow participants who were age 50 years or older during the calendar year to make catch-up contributions to the Plan. Catch-up contributions represent participant compensation deferrals in excess of regular plan and statutory limits.
The Bank matches 100% of each eligible participant’s voluntary deferrals, including catch-up contributions, up to 4% of compensation. The Bank may elect to make a profit sharing contribution in any year, allocated as a level percentage of the compensation of each eligible participant and the same percentage of compensation of each eligible participant in excess of the Social Security wage base.
Participant Accounts; Allocations: The Plan maintains one or more accounts for each participant, including a money purchase account for participants in a predecessor plan - The Peoples Bank & Trust Company Money Purchase Plan - and an ESOP account for those participants who previously participated in the Renasant Bank Employee Stock Ownership Plan. Deferrals and rollover contributions are allocated to their respective accounts when made. If the Bank elects to make a discretionary profit sharing contribution to non-executive participants, such contributions are made and allocated at the end of the Plan Year to the accounts of eligible participants (a) who are employed on the last day of the Plan Year and are credited with 1,000 hours of service during such year, (b) who die or become disabled during the Plan Year, or (c) who attain the normal retirement age while employed. No additional contributions are allocated to money purchase accounts or ESOP accounts.
Investments: Participants direct the investment of their accounts in an ERISA Section 404(c) arrangement. Earnings are allocated to accounts each business day. The Plan allows participants to invest in common stock of the Bank’s parent company - Renasant Corporation (“Employer Stock”). Participants may elect annually whether cash dividends paid on Employer Stock will be re-invested in additional shares of Employer Stock within the individual participant’s account or be paid to the participant in cash.
4
Renasant Bank 401(k) Plan
Notes to Financial Statements
Note A – Description of Plan (continued)
Vesting: Participants are fully vested in deferrals and rollovers and earnings allocable to such contributions. Nondiscretionary profit sharing contributions vest under a six-year graduated schedule as presented below:
| Years of Service | Vested % | ||||
| Less than two | 0 | % | |||
| Two, but less than three | 20 | % | |||
| Three, but less than four | 40 | % | |||
| Four, but less than five | 60 | % | |||
| Five, but less than six | 80 | % | |||
| Six or more | 100 | % | |||
Safe harbor matching contributions vest 100% after two years of service.
Forfeitures: Forfeitures of non-vested contributions are used to reduce future employer contributions or to pay plan expenses. There were forfeitures used in the amount of $296,402 and $611,272 for the years ended December 31, 2022 and 2021, respectively.
Benefits: Benefits are equal to the vested value of each participant’s accounts. Upon termination of service, benefits are paid in the form of a single sum, except those amounts allocable to a participant’s money purchase account, which are paid in the form of an annuity, unless a participant otherwise elects.
Administrative Expenses: Processing fees of the Plan are charged against the individual participant account balance that was responsible for the expense. Administrative expenses are paid by the Plan or may be paid by the Company at the Company’s discretion.
Notes Receivable from Participants: Participants may borrow from their fund accounts up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from one to five years, unless the loan is for the purchase of a principal residence. The loans are secured by the balance in the participant's accounts and bear interest at 1% over the Prime Rate published in The Wall Street Journal on the first business day of the month before the loan is originated. At December 31, 2022, the Prime Rate was 7.50%. The interest rate is fixed for the life of the loan. Principal and interest are paid ratably through payroll deductions.
Reclassifications: Certain prior year amounts have been reclassified to conform to the 2022 presentation, with no significant impact on the consolidated financial statements.
Note B – Summary of Significant Accounting Policies
Basis of Accounting: The Plan’s financial statements are prepared using the accrual basis of accounting, with the exception of the payment of benefits, which are recognized as a reduction in the net assets available for benefits of the Plan as they are disbursed to participants.
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan administrator to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.
5
Renasant Bank 401(k) Plan
Notes to Financial Statements
Note B – Summary of Significant Accounting Policies (continued)
Investment Valuation and Income Recognition: Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an arms-length transaction between market participants at the measurement date. Refer to Note G, “Fair Value Measurements,” for a discussion of the methods and assumptions used by the Plan to estimate the fair values of the Plan’s investments. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) in the fair value of investments, as recorded in the Statements of Changes in Net Assets Available for Benefits, includes changes in the fair value of investments acquired, sold or held during the year.
Notes Receivable from Participants: Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest.
Subsequent Events: The Plan has evaluated, for consideration of recognition or disclosure, subsequent events that have occurred after December 31, 2022 through the date of issuance of its financial statements.
No significant events that required adjustment to or disclosure in the financial statements occurred prior to the issuance of the accompanying financial statements.
Note C – Related Party Transactions
Renasant Bank sponsors the Plan. Common stock of the Company is one of the investment options in the Plan. Renasant Bank is the trustee of the Plan. Great-West Life & Annuity Insurance Company and related subsidiaries are third party administrators of the Plan. Transactions between the Plan and these entities constitute exempt party-in-interest transactions.
Certain of the Plan’s investments are offered in the form of separately managed accounts, each consisting of mutual funds. Although these separately managed accounts bear the name of Renasant Bank, they do not consist of shares of the Company, and the underlying mutual funds are not proprietary to the Company.
Note D – Risks and Uncertainties
The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Note E – Tax Status
The Plan obtained its latest determination letter on July 27, 2017, in which the Internal Revenue Service stated that the Plan was in compliance with the applicable requirements of the Internal Revenue Code. The Plan sponsor believes the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plan’s financial statements.
Note F – Plan Termination
Although it has not expressed any intent to do so, the Company has the right at any time to terminate the Plan, in whole or in part, subject to the provisions of ERISA. In the event of Plan termination, affected participants will become 100% vested in their accounts.
6
Renasant Bank 401(k) Plan
Notes to Financial Statements
Note G – Fair Value Measurements
(In Thousands)
Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements,” provides guidance for using fair value to measure assets and liabilities and also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to a valuation based on quoted prices in active markets for identical assets and liabilities (Level 1), moderate priority to a valuation based on quoted prices in active markets for similar assets and liabilities and/or based on assumptions that are observable in the market (Level 2), and the lowest priority to a valuation based on assumptions that are not observable in the market (Level 3).
The following methods and assumptions are used by the Plan to estimate the fair values of the Plan’s financial instruments on a recurring basis:
Mutual funds: These investments are valued using the Net Asset Value (“NAV”) provided by the administrator of the fund. The NAV is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. Mutual funds held by the Plan are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily NAV and transact at that price. The mutual funds held by the Plan are deemed to be actively traded. (Level 1)
Separately managed accounts: The initial pricing inputs are the quoted share prices obtained for the underlying mutual funds. (Level 1)
Renasant Corporation common stock: The Company’s common stock is traded on the NASDAQ Global Select Market and is valued using the closing price on the last day of the Plan year. (Level 1)
The following table presents the Plan’s financial instruments that are measured at fair value on a recurring basis at December 31, 2022 and 2021:
| Quoted Prices in Active Markets for Identical Assets | |||||||||||
| (Level 1) | Totals | ||||||||||
| December 31, 2022 | |||||||||||
| Mutual funds | $ | 164,879 | $ | 164,879 | |||||||
| Separately managed accounts | 68,313 | 68,313 | |||||||||
| Renasant Corporation common stock | 23,415 | 23,415 | |||||||||
| Total investments | $ | 256,607 | $ | 256,607 | |||||||
| December 31, 2021 | |||||||||||
| Mutual funds | $ | 138,964 | $ | 138,964 | |||||||
| Separately managed accounts | 140,528 | 140,528 | |||||||||
| Renasant Corporation common stock | 25,961 | 25,961 | |||||||||
| Total investments | $ | 305,453 | $ | 305,453 | |||||||
Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur.
7
SUPPLEMENTAL SCHEDULE
8
| RENASANT BANK | ||||||||||||||
| 401(k) Plan | ||||||||||||||
| Employer Identification Number 64-0220550 | ||||||||||||||
| Schedule H, Line 4i – Schedule of Assets (Held At End of Year) | ||||||||||||||
| December 31, 2022 | ||||||||||||||
| (In Thousands) | ||||||||||||||
| (a) | (b) Identity of issuer, borrower, lessor or similar party | (c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value | (d) Cost | (e) Current Value | ||||||||||
| Equity and fixed income mutual funds | ||||||||||||||
| AB | Large Cap Growth Z | *** | $ | 6,173 | ||||||||||
| American Century | Small Cap Growth R6 | *** | 432 | |||||||||||
| Baird | Core Plus Bond Institutional | *** | 1,620 | |||||||||||
| ** | Federated | Government Obligation Premier | *** | 19,555 | ||||||||||
| ** | Federated | Institutional High Yield Bond R6 | *** | 1,008 | ||||||||||
| ** | Federated | Small Cap FD R6FKALX | *** | 3,854 | ||||||||||
| ** | Federated | Total Return Bond R6 | *** | 1,135 | ||||||||||
| Hartford | Dividend and Growth R6 | *** | 3,004 | |||||||||||
| Oppenheimer | International Small-Mid Co Y | *** | 3,696 | |||||||||||
| John Hancock | International Growth R6 | *** | 647 | |||||||||||
| JP Morgan | Emerging Mkts Eq R6 | *** | 416 | |||||||||||
| JP Morgan | Equity Income R6 | *** | 5,607 | |||||||||||
| JP Morgan | Growth Advantage R6 | *** | 11,118 | |||||||||||
| JP Morgan | Hedged Equity R6 | *** | 8,664 | |||||||||||
| JP Morgan | Undiscovered MGRS Behavioral Value L | *** | 3,302 | |||||||||||
| Metropolitan West | Total Return Bond - I | *** | 3,678 | |||||||||||
| MFS | Mid Cap Growth R6 | *** | 4,435 | |||||||||||
| MFS | Mid Cap Value R6 | *** | 2,431 | |||||||||||
| T. Rowe Price | Retirement 2015 | *** | 1,238 | |||||||||||
| T. Rowe Price | Retirement 2020 | *** | 3,902 | |||||||||||
| T. Rowe Price | Retirement 2025 | *** | 9,011 | |||||||||||
| T. Rowe Price | Retirement 2030 | *** | 10,221 | |||||||||||
| T. Rowe Price | Retirement 2035 | *** | 6,753 | |||||||||||
| T. Rowe Price | Retirement 2040 | *** | 7,058 | |||||||||||
| T. Rowe Price | Retirement 2045 | *** | 4,864 | |||||||||||
| T. Rowe Price | Retirement 2050 | *** | 3,578 | |||||||||||
| T. Rowe Price | Retirement 2055 | *** | 2,904 | |||||||||||
| T. Rowe Price | Retirement 2060 | *** | 1,767 | |||||||||||
| T. Rowe Price | Retirement 2065 | *** | 478 | |||||||||||
| Vanguard | Developed Markets Index Admiral | *** | 2,327 | |||||||||||
| Vanguard | Large Cap Index Admiral | *** | 7,203 | |||||||||||
| Vanguard | Mid Cap Index Admiral | *** | 4,288 | |||||||||||
| Vanguard | Small Cap Index Fund Admiral | *** | 4,236 | |||||||||||
| Vanguard | Total Intl Stock Index Admiral | *** | 714 | |||||||||||
| Vanguard | Total Stock MRK Index Admiral | *** | 13,562 | |||||||||||
| $ | 164,879 | |||||||||||||
| Separately managed accounts (fund of funds) | ||||||||||||||
9
| RENASANT BANK | ||||||||||||||
| 401(k) Plan | ||||||||||||||
| Employer Identification Number 64-0220550 | ||||||||||||||
| Schedule H, Line 4i – Schedule of Assets (Held At End of Year) | ||||||||||||||
| December 31, 2022 | ||||||||||||||
| (In Thousands) | ||||||||||||||
| (a) | (b) Identity of issuer, borrower, lessor or similar party | (c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value | (d) Cost | (e) Current Value | ||||||||||
| */** | Renasant Bank Income Account: | |||||||||||||
| AB | Large Cap Growth Z | *** | $ | 31 | ||||||||||
| Baird | Core Plus Bond Institutional | *** | 971 | |||||||||||
| Federated | Government Obligation Premier | *** | 850 | |||||||||||
| Federated | Institutional High Yield Bond R6 | *** | 114 | |||||||||||
| Federated | Total Return Bond R6 | *** | 974 | |||||||||||
| First Eagle | Global I | *** | 57 | |||||||||||
| Hartford | Dividend & Growth R6 | *** | 172 | |||||||||||
| MFS | Mid Cap Growth R6 | *** | 57 | |||||||||||
| MFS | Mid Cap Value R6 | *** | 226 | |||||||||||
| Oppenheimer | International Small-Mid Company | *** | 113 | |||||||||||
| Pimco | Income Institutional | *** | 488 | |||||||||||
| Janus Henderson | Global Equity | *** | 191 | |||||||||||
| John Hancock | International Growth R6 | *** | 34 | |||||||||||
| JP Morgan | Emerging Markets Equity R6 | *** | 56 | |||||||||||
| JP Morgan | Equity Income | *** | 172 | |||||||||||
| JP Morgan | Global Bond Opportunities R6 | *** | 395 | |||||||||||
| JP Morgan | Growth Advantage R6 | *** | 31 | |||||||||||
| JP Morgan | Hedged Equity R6 | *** | 113 | |||||||||||
| JP Morgan | Undiscovered Mgrs Behavioral | *** | 169 | |||||||||||
| Schwab | Treasury Inflation Report | *** | 169 | |||||||||||
| Vanguard | Developed Markets Index Admiral Class | *** | 56 | |||||||||||
| Vanguard | Large Cap Index Admiral Class | *** | 102 | |||||||||||
| Vanguard | Real Estate Index Admiral | *** | 113 | |||||||||||
| Total Renasant Bank Income Fund | $ | 5,654 | ||||||||||||
| */** | Renasant Bank Conservative Growth Account: | |||||||||||||
| AB | Large Cap Growth Z | *** | $ | 186 | ||||||||||
| American Century | Small Cap Growth R6 | *** | 196 | |||||||||||
| Baird | Core Plus Bond Institutional | *** | 2,825 | |||||||||||
| Federated | Government Obligation Premier | *** | 2,558 | |||||||||||
| Federated | Institutional High Yield Bond R6 | *** | 197 | |||||||||||
| Federated | Total Return Bond R6 | *** | 2,833 | |||||||||||
| First Eagle | Global I | *** | 196 | |||||||||||
| Hartford | Dividend & Growth R6 | *** | 677 | |||||||||||
| MFS | Mid Cap Growth R6 | *** | 196 | |||||||||||
| MFS | Mid Cap Value R6 | *** | 785 | |||||||||||
| Oppenheimer | International Small-Mid Company | *** | 392 | |||||||||||
10
| RENASANT BANK | ||||||||||||||
| 401(k) Plan | ||||||||||||||
| Employer Identification Number 64-0220550 | ||||||||||||||
| Schedule H, Line 4i – Schedule of Assets (Held At End of Year) | ||||||||||||||
| December 31, 2022 | ||||||||||||||
| (In Thousands) | ||||||||||||||
| (a) | (b) Identity of issuer, borrower, lessor or similar party | (c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value | (d) Cost | (e) Current Value | ||||||||||
| Pimco | Income Institutional | *** | 1,419 | |||||||||||
| Janus Henderson | Global Equity | *** | 985 | |||||||||||
| John Hancock | International Growth R6 | *** | 271 | |||||||||||
| JP Morgan | Emerging Markets Equity R6 | *** | 392 | |||||||||||
| JP Morgan | Equity Income | *** | 677 | |||||||||||
| JP Morgan | Global Bond Opportunities R6 | *** | 1,373 | |||||||||||
| JP Morgan | Growth Advantage R6 | *** | 186 | |||||||||||
| JP Morgan | Hedged Equity R6 | *** | 588 | |||||||||||
| JP Morgan | Undiscovered Mgrs Behavioral | *** | 785 | |||||||||||
| Schwab | Treasury Inflation Report | *** | 590 | |||||||||||
| Vanguard | Developed Markets Index Admiral Class | *** | 314 | |||||||||||
| Vanguard | Large Cap Index Admiral Class | *** | 432 | |||||||||||
| Vanguard | Real Estate Index Admiral | *** | 589 | |||||||||||
| Total Renasant Bank Conservative Growth Plan | $ | 19,642 | ||||||||||||
| */** | Renasant Bank Moderate Growth Account: | |||||||||||||
| AB | Large Cap Growth Z | *** | $ | 305 | ||||||||||
| American Century | Small Cap Growth R6 | *** | 348 | |||||||||||
| Baird | Core Plus Bond Institutional | *** | 1,949 | |||||||||||
| Federated | Government Obligation Premier | *** | 1,921 | |||||||||||
| Federated | Institutional High Yield Bond R6 | *** | 175 | |||||||||||
| Federated | Total Return Bond R6 | *** | 1,955 | |||||||||||
| First Eagle | Global I | *** | 348 | |||||||||||
| Hartford | Dividend & Growth R6 | *** | 739 | |||||||||||
| MFS | Mid Cap Growth R6 | *** | 174 | |||||||||||
| MFS | Mid Cap Value R6 | *** | 870 | |||||||||||
| Oppenheimer | International Small-Mid Company | *** | 522 | |||||||||||
| Pimco | Income Institutional | *** | 979 | |||||||||||
| Janus Henderson | Global Equity | *** | 986 | |||||||||||
| John Hancock | International Growth R6 | *** | 405 | |||||||||||
| JP Morgan | Emerging Markets Equity R6 | *** | 522 | |||||||||||
| JP Morgan | Equity Income | *** | 739 | |||||||||||
| JP Morgan | Global Bond Opportunities R6 | *** | 870 | |||||||||||
| JP Morgan | Growth Advantage R6 | *** | 305 | |||||||||||
| JP Morgan | Hedged Equity R6 | *** | 522 | |||||||||||
| JP Morgan | Undiscovered Mgrs Behavioral | *** | 696 | |||||||||||
| Schwab | Treasury Inflation Report | *** | 696 | |||||||||||
| Vanguard | Developed Markets Index Admiral Class | *** | 348 | |||||||||||
11
| RENASANT BANK | ||||||||||||||
| 401(k) Plan | ||||||||||||||
| Employer Identification Number 64-0220550 | ||||||||||||||
| Schedule H, Line 4i – Schedule of Assets (Held At End of Year) | ||||||||||||||
| December 31, 2022 | ||||||||||||||
| (In Thousands) | ||||||||||||||
| (a) | (b) Identity of issuer, borrower, lessor or similar party | (c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value | (d) Cost | (e) Current Value | ||||||||||
| Vanguard | Large Cap Index Admiral Class | *** | 522 | |||||||||||
| Vanguard | Real Estate Index Admiral | *** | 522 | |||||||||||
| Total Renasant Bank Moderate Growth Plan | $ | 17,418 | ||||||||||||
| */** | Renasant Bank Growth Account: | |||||||||||||
| AB | Large Cap Growth Z | *** | $ | 329 | ||||||||||
| American Century | Small Cap Growth R6 | *** | 386 | |||||||||||
| Baird | Core Plus Bond Institutional | *** | 979 | |||||||||||
| Federated | Government Obligation Premier | *** | 1,292 | |||||||||||
| Federated | Institutional High Yield Bond R6 | *** | 130 | |||||||||||
| Federated | Total Return Bond R6 | *** | 982 | |||||||||||
| First Eagle | Global I | *** | 258 | |||||||||||
| Hartford | Dividend & Growth R6 | *** | 651 | |||||||||||
| MFS | Mid Cap Growth R6 | *** | 258 | |||||||||||
| MFS | Mid Cap Value R6 | *** | 773 | |||||||||||
| Oppenheimer | International Small-Mid Company | *** | 515 | |||||||||||
| Pimco | Income Institutional | *** | 492 | |||||||||||
| Janus Henderson | Global Equity | *** | 685 | |||||||||||
| John Hancock | International Growth R6 | *** | 345 | |||||||||||
| JP Morgan | Emerging Markets Equity R6 | *** | 515 | |||||||||||
| JP Morgan | Equity Income | *** | 651 | |||||||||||
| JP Morgan | Global Bond Opportunities R6 | *** | 515 | |||||||||||
| JP Morgan | Growth Advantage R6 | *** | 328 | |||||||||||
| JP Morgan | Hedged Equity R6 | *** | 386 | |||||||||||
| JP Morgan | Undiscovered Mgrs Behavioral | *** | 644 | |||||||||||
| Schwab | Treasury Inflation Report | *** | 644 | |||||||||||
| Vanguard | Developed Markets Index Admiral Class | *** | 258 | |||||||||||
| Vanguard | Large Cap Index Admiral Class | *** | 490 | |||||||||||
| Vanguard | Real Estate Index Admiral | *** | 386 | |||||||||||
| Total Renasant Bank Growth Plan | $ | 12,892 | ||||||||||||
| */** | Renasant Bank Aggressive Growth Account: | |||||||||||||
| AB | Large Cap Growth Z | *** | $ | 381 | ||||||||||
| American Century | Small Cap Growth R6 | *** | 381 | |||||||||||
| Baird | Core Plus Bond Institutional | *** | 610 | |||||||||||
| Federated | Government Obligation Premier | *** | 1,274 | |||||||||||
| Federated | Total Return Bond R6 | *** | 611 | |||||||||||
| First Eagle | Global I | *** | 254 | |||||||||||
12
| RENASANT BANK | ||||||||||||||
| 401(k) Plan | ||||||||||||||
| Employer Identification Number 64-0220550 | ||||||||||||||
| Schedule H, Line 4i – Schedule of Assets (Held At End of Year) | ||||||||||||||
| December 31, 2022 | ||||||||||||||
| (In Thousands) | ||||||||||||||
| (a) | (b) Identity of issuer, borrower, lessor or similar party | (c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value | (d) Cost | (e) Current Value | ||||||||||
| Hartford | Dividend & Growth R6 | *** | 635 | |||||||||||
| MFS | Mid Cap Growth R6 | *** | 254 | |||||||||||
| MFS | Mid Cap Value R6 | *** | 889 | |||||||||||
| Oppenheimer | International Small-Mid Company | *** | 635 | |||||||||||
| Pimco | Income Institutional | *** | 306 | |||||||||||
| Janus Henderson | Global Equity | *** | 826 | |||||||||||
| John Hancock | International Growth R6 | *** | 495 | |||||||||||
| JP Morgan | Emerging Markets Equity R6 | *** | 762 | |||||||||||
| JP Morgan | Equity Income | *** | 635 | |||||||||||
| JP Morgan | Global Bond Opportunities R6 | *** | 381 | |||||||||||
| JP Morgan | Growth Advantage R6 | *** | 381 | |||||||||||
| JP Morgan | Hedged Equity R6 | *** | 508 | |||||||||||
| JP Morgan | Undiscovered Mgrs Behavioral | *** | 635 | |||||||||||
| Schwab | Treasury Inflation Report | *** | 508 | |||||||||||
| Vanguard | Developed Markets Index Admiral Class | *** | 330 | |||||||||||
| Vanguard | Large Cap Index Admiral Class | *** | 508 | |||||||||||
| Vanguard | Real Estate Index Admiral | *** | 508 | |||||||||||
| Total Renasant Bank Aggressive Growth Plan | $ | 12,707 | ||||||||||||
| Total Separately managed accounts (fund of funds) | $ | 68,313 | ||||||||||||
| Common stock fund | ||||||||||||||
| ** | Renasant Corporation | Common Stock | *** | $ | 23,415 | |||||||||
| Receivables | ||||||||||||||
| ** | Company Contributions | Company’s annual matching and nondiscretionary contribution | *** | $ | 122 | |||||||||
| ** | Participant Contributions | Participant contributions made in 2023 earned in 2022 | *** | $ | 222 | |||||||||
| ** | Notes Receivable from Participants | Range of interest rates from 4.00% to 8.00% with maturity dates through 2032 | *** | $ | 3,653 | |||||||||
| Total assets (held at end of year) | $ | 260,604 | ||||||||||||
* Asset allocation plan administered by Renasant Trust Division-not a registered equity mutual fund under the Investment Company Act of 1940, as amended.
** Denotes party-in-interest.
*** Cost information has been omitted for participant-directed investments.
13
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this Annual Report on Form 11-K to be signed on its behalf by the undersigned hereunto duly authorized.
| RENASANT BANK 401(k) PLAN | |||||||||||||||||
| Date: | June 23, 2023 | by: | /s/ Leslie Ausbon | ||||||||||||||
| Leslie Ausbon | |||||||||||||||||
| Executive Vice President and | |||||||||||||||||
| Chief Human Resources Officer | |||||||||||||||||
14
EXHIBIT INDEX
| Exhibit Number | Description | |||||||
| 23.1 | ||||||||
15
Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in Registration Statement (No. 333-104445, 333-122514, 333-150355, 333-197555) on Form S-8 of Renasant Corporation for Renasant Bank 401(k) Plan, of our report dated June 23, 2023, relating to our audit of the financial statements and supplemental schedule of Renasant Bank 401(k) Plan, which appears in this Annual Report on Form 11-K of Renasant Bank 401(k) Plan for the year ended December 31, 2022.
/s/ HORNE LLP
Memphis, Tennessee
June 23, 2023