SEC Comment Letter 0000000000-25-003546 to RENASANT CORP (RNST)
RENASANT CORP
Date: April 2, 2025 · CIK: 0000715072 · Accession: 0000000000-25-003546
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 001-13253
Letter
Re: Renasant Corporation Form 10-K for Fiscal Year Ended December 31, 2024 File No. 001-13253 Dear James Mabry IV:
April 2, 2025
James Mabry IV Chief Financial Officer Renasant Corporation 209 Troy Street Tupelo, Mississippi 38804
We have limited our review of your filing to the financial statements and related disclosures and have the following comments.
Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this letter, we may have additional comments.
Form 10-K for Fiscal Year Ended December 31, 2024 Risk Management - Credit Risk and Allowance for Credit Losses on Loans and Unfunded Commitments, page 49
1. We note that the real estate commercial mortgage portfolio represents 48% and the non-owner occupied portfolio represents 33% of your total loans held for investment at December 31, 2024. Given the significance of these higher risk loan portfolios and the impact on trends and uncertainties that are reasonably likely to have a material effect on revenues or continuing operations, please revise future filings to further disaggregate the composition of these and other higher risk loans at each period end by collateral type (e.g., by office, hotel, multifamily, etc.), other relevant concentrations (geographic, property type for office loans, etc.) and other characteristics (e.g., current weighted-average loan-to-value ratios, occupancy rates, etc.) to the extent material to an investor s understanding of credit risk in your higher risk portfolios. 2. We note the increase in your nonperforming loans at December 31, 2024 when compared to December 31, 2023, along with your disclosure that the increase is April 2, 2025 Page 2
primarily due to current macroeconomic conditions, and that credit risk is monitored and managed on an ongoing basis. Please revise future filings to clarify in additional detail the specific risk management policies, procedures or other actions undertaken by management in response to the current economic environment. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.
Please contact Michael Volley at 202-551-3437 or Amit Pande at 202-551-3423 with any questions.
Sincerely,
Division of
Corporation Finance
Office of Finance
Show Raw Text
<DOCUMENT> <TYPE>TEXT-EXTRACT <SEQUENCE>2 <FILENAME>filename2.txt <TEXT> April 2, 2025 James Mabry IV Chief Financial Officer Renasant Corporation 209 Troy Street Tupelo, Mississippi 38804 Re: Renasant Corporation Form 10-K for Fiscal Year Ended December 31, 2024 File No. 001-13253 Dear James Mabry IV: We have limited our review of your filing to the financial statements and related disclosures and have the following comments. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 10-K for Fiscal Year Ended December 31, 2024 Risk Management - Credit Risk and Allowance for Credit Losses on Loans and Unfunded Commitments, page 49 1. We note that the real estate commercial mortgage portfolio represents 48% and the non-owner occupied portfolio represents 33% of your total loans held for investment at December 31, 2024. Given the significance of these higher risk loan portfolios and the impact on trends and uncertainties that are reasonably likely to have a material effect on revenues or continuing operations, please revise future filings to further disaggregate the composition of these and other higher risk loans at each period end by collateral type (e.g., by office, hotel, multifamily, etc.), other relevant concentrations (geographic, property type for office loans, etc.) and other characteristics (e.g., current weighted-average loan-to-value ratios, occupancy rates, etc.) to the extent material to an investor s understanding of credit risk in your higher risk portfolios. 2. We note the increase in your nonperforming loans at December 31, 2024 when compared to December 31, 2023, along with your disclosure that the increase is April 2, 2025 Page 2 primarily due to current macroeconomic conditions, and that credit risk is monitored and managed on an ongoing basis. Please revise future filings to clarify in additional detail the specific risk management policies, procedures or other actions undertaken by management in response to the current economic environment. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact Michael Volley at 202-551-3437 or Amit Pande at 202-551-3423 with any questions. Sincerely, Division of Corporation Finance Office of Finance </TEXT> </DOCUMENT>