$RNST

PEOPLES HOLDING CO

CIK:0000715072|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Income (Unaudited) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income
Loans	$ 299,675,000	$ 306,433,000	$ 597,948,000	$ 506,007,000
Securities
Taxable	29,505,000	24,918,000	58,181,000	35,887,000
Tax-exempt	6,155,000	3,490,000	9,745,000	4,638,000
Other	5,105,000	9,057,000	12,686,000	17,696,000
Total interest income	340,440,000	343,898,000	678,560,000	564,228,000
Interest expense
Deposits	106,398,000	111,921,000	210,258,000	191,307,000
Borrowings	11,288,000	13,118,000	21,989,000	19,865,000
Total interest expense	117,686,000	125,039,000	232,247,000	211,172,000
Net interest income	222,754,000	218,859,000	446,313,000	353,056,000
Provision for credit losses on loans	1,166,000	75,400,000	5,390,000	77,450,000
Provision for credit losses on unfunded commitments	2,633,000	5,922,000	6,489,000	8,622,000
Provision for credit losses	3,799,000	81,322,000	11,879,000	86,072,000
Net interest income after provision for credit losses	218,955,000	137,537,000	434,434,000	266,984,000
Noninterest income
Service charges on deposit accounts	14,516,000	13,618,000	29,256,000	23,982,000
Fees and commissions	5,471,000	6,650,000	10,125,000	10,437,000
Wealth management revenue	9,073,000	7,345,000	17,751,000	14,412,000
Mortgage banking income	9,178,000	11,263,000	18,613,000	19,410,000
BOLI income	4,608,000	3,383,000	8,297,000	6,312,000
Other	8,344,000	6,075,000	17,420,000	10,176,000
Total noninterest income	51,190,000	48,334,000	101,462,000	84,729,000
Noninterest expense
Salaries and employee benefits	96,228,000	99,542,000	187,977,000	171,499,000
Data processing	5,037,000	5,438,000	10,258,000	9,527,000
Net occupancy and equipment	18,018,000	17,359,000	36,049,000	29,113,000
Other real estate owned	453,000	157,000	1,852,000	842,000
Professional fees	4,518,000	4,223,000	8,920,000	7,107,000
Advertising and public relations	4,677,000	4,490,000	9,276,000	8,787,000
Intangible amortization	8,370,000	8,884,000	16,590,000	9,964,000
Communications	3,566,000	3,184,000	7,575,000	5,217,000
Merger and conversion related expenses	0	20,479,000	0	21,270,000
Other	20,634,000	19,448,000	38,332,000	33,754,000
Total noninterest expense	161,501,000	183,204,000	316,829,000	297,080,000
Income (loss) before income taxes	108,644,000	2,667,000	219,067,000	54,633,000
Income taxes	21,553,000	1,649,000	43,748,000	12,097,000
Net income (loss)	$ 87,091,000	$ 1,018,000	$ 175,319,000	$ 42,536,000
Basic earnings per share (in usd per share)	$ 0.95	$ 0.01	$ 1.89	$ 0.54
Diluted earnings per share (in usd per share)	$ 0.94	$ 0.01	$ 1.88	$ 0.53

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 175,319,000	$ 42,536,000
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	11,879,000	86,072,000
Depreciation, amortization and accretion	4,695,000	11,789,000
Deferred income tax expense (benefit)	5,866,000	(608,000)
Gain on sale of mortgage servicing rights	0	(1,467,000)
Funding of mortgage loans held for sale	(752,952,000)	(794,785,000)
Proceeds from sales of mortgage loans held for sale	786,226,000	698,716,000
Gains on sales of mortgage loans held for sale	(10,065,000)	(9,816,000)
Losses (gains) on sales of premises and equipment	44,000	(347,000)
Stock-based compensation	9,858,000	8,084,000
Income from bank-owned life insurance	(8,297,000)	(6,312,000)
Net change in operating leases	2,953,000	3,141,000
(Increase) decrease in other assets	(1,370,000)	7,533,000
Decrease in other liabilities	(41,670,000)	(25,001,000)
Net cash provided by operating activities	182,486,000	19,535,000
Investing activities
Purchases of securities available for sale	(541,398,000)	(946,095,000)
Proceeds from sales of securities available for sale	0	686,485,000
Proceeds from call/maturities of securities available for sale	238,435,000	113,025,000
Proceeds from call/maturities of securities held to maturity	49,562,000	52,352,000
Proceeds from sale of mortgage servicing rights	0	9,353,000
Net increase in loans	(81,252,000)	(480,005,000)
Purchases of premises and equipment	(12,350,000)	(14,996,000)
Proceeds from sales of premises and equipment	718,000	1,346,000
Proceeds from surrender of bank-owned life insurance	0	56,255,000
Purchases of FHLB stock	(3,049,000)	(17,758,000)
Proceeds from redemption of FHLB stock	16,015,000	12,075,000
Purchases of FRB stock	(91,303,000)	0
Proceeds from redemption of FRB stock	233,000	0
Proceeds from sales of other assets	11,292,000	11,778,000
Net cash (paid) received in acquisition of businesses	(67,612,000)	261,483,000
Other, net	5,603,000	1,855,000
Net cash used in investing activities	(475,106,000)	(252,847,000)
Financing activities
Net increase in deposits	227,982,000	556,236,000
Net decrease in short-term borrowings	(240,549,000)	(919,000)
Proceeds from the issuance of long-term debt, net of issuance costs	295,854,000	0
Cash paid for dividends	(43,844,000)	(35,425,000)
Repurchase of shares in connection with stock repurchase program	(136,338,000)	0
Net cash provided by financing activities	103,105,000	519,892,000
Net (decrease) increase in cash and cash equivalents	(189,515,000)	286,580,000
Cash and cash equivalents at beginning of period	1,070,718,000	1,092,032,000
Cash and cash equivalents at end of period	881,203,000	1,378,612,000
Supplemental disclosures
Cash paid for interest	226,319,000	199,936,000
Cash paid for income taxes	33,920,000	21,088,000
Noncash transactions:
Transfers of loans to other real estate owned	12,935,000	4,281,000
Common stock issued in acquisition of businesses	0	1,059,911,000
Recognition of operating right-of-use assets and liabilities	4,702,000	12,251,000
Contingent consideration and holdbacks recognized in acquisition of business	$ 8,741,000	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 264,102	$ 299,592
Interest-bearing balances with banks	617,101	771,126
Cash and cash equivalents	881,203	1,070,718
Securities held to maturity (fair value of $902,853 and $961,870, respectively)	983,032	1,030,073
Securities available for sale, at fair value (amortized cost of $2,942,166 and $2,635,495, respectively)	2,842,424	2,560,818
Loans held for sale, at fair value	241,588	265,959
Summary of loans
Loans held for investment, net of unearned income	19,196,172	19,047,039
Allowance for credit losses on loans	(296,008)	(293,955)
Loans, net	18,900,164	18,753,084
Premises and equipment, net	464,020	465,141
Other real estate owned, net	15,571	15,191
Goodwill	1,417,538	1,405,840
Other intangible assets, net	138,022	146,612
Bank-owned life insurance	495,235	492,541
Mortgage servicing rights, net	65,816	65,271
Other assets	560,386	480,178
Total assets	27,004,999	26,751,426
Deposits
Noninterest-bearing	5,038,070	5,043,960
Interest-bearing	16,662,982	16,429,110
Total deposits	21,701,052	21,473,070
Short-term borrowings	315,225	555,774
Long-term debt	796,469	499,756
Other liabilities	320,875	337,921
Total liabilities	23,133,621	22,866,521
Shareholders’ equity
Preferred stock, $0.01 par value – 5,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $5.00 par value – 250,000,000 shares authorized; 97,722,397 shares issued; 91,403,230 and 94,636,207 shares outstanding, respectively	488,612	488,612
Treasury stock, at cost – 6,319,167 and 3,086,190 shares, respectively	(232,402)	(103,494)
Additional paid-in capital	2,390,839	2,392,997
Retained earnings	1,327,997	1,196,522
Accumulated other comprehensive loss, net of taxes	(103,668)	(89,732)
Total shareholders’ equity	3,871,378	3,884,905
Total liabilities and shareholders’ equity	$ 27,004,999	$ 26,751,426