The First Bank (merged into Renasant Bank)

What sets The First Bank apart

How large is The First Bank?

The balance sheet of The First Bank at Q1 2025: assets $7.9 bn, deposits $6.5 bn, net loans $5.3 bn (loans equal to 82.37% of deposits). Securities make up 19.5% of total assets at The First Bank. Since Q1 2016, when The First Bank held $1.2 bn, its assets grew 539.1%. In the year to Q1 2025, deposits at The First Bank fell 3.8% while its total assets fell 0.3%. At Q1 2025, The First Bank employed 1,048 full-time equivalent staff across 114 offices, about $7.6 mn of assets per employee and $56.7 mn of deposits per office.

How much funding at The First Bank is uninsured?

At The First Bank, uninsured deposits (above the FDIC limit) made up 37.41% of domestic deposits at Q1 2025 (+1.55 pp on a year earlier). In dollars, The First Bank estimated $2.4 bn of uninsured deposits.

Key facts, Q1 2025

US rank of The First Bank: 1 = highest unless marked 1 = lowest.

The CET1 ratio of The First Bank stood at 13.79% in Q1 2025, -0.23 pp year on year. Low and high at The First Bank since Q1 2016: 10.43% (Q3 2016) to 16.93% (Q3 2021). Equity capital of The First Bank at Q1 2025: $1.1 bn, or 13.9% of total assets. The First Bank also reported a total capital ratio of 14.69% for Q1 2025, and a tier 1 leverage ratio of 11.15%.

On held-to-maturity securities, The First Bank carried an unrealized loss of $41.1 mn at Q1 2025, equal to 3.7% of equity capital. The loss narrowed by $4.1 mn over the year. Its deepest point: $75.9 mn in Q3 2023. The available-for-sale portfolio of The First Bank showed an unrealized loss of $105.6 mn at Q1 2025; the loss narrowed by $22.0 mn over the year.

For the year to Q1 2025, The First Bank earned a return on equity of 0.16%; return on assets: 0.02%. Net interest margin at The First Bank: 3.35%, -0.04 pp in a year. The First Bank net income: $448,000, down 98.1% year on year. The efficiency ratio of The First Bank was 93.21%: about 93 cents cost per revenue dollar, against 59 cents at the median peer.

At Q1 2025, noncurrent loans were 0.55% of total loans at The First Bank; net charge-offs: 0.05% of average loans. Gross loans and leases at The First Bank: $5.4 bn at Q1 2025, against $5.1 bn at Q1 2024.

The peer group of The First Bank is the 6 banks nearest to it by total assets at Q1 2025: 3 larger and 3 smaller. Of the peers, 3 share the charter type of The First Bank (state member bank) and 1 has its head office in Mississippi. Against them, The First Bank shows CET1 ratio 13.79% against a peer median of 13.10%, return on equity 0.16% against a peer median of 13.36% and uninsured deposit share 37.41% against a peer median of 28.13%.

The FDIC history of The First Bank, oldest first; figures before and after each event are not like for like.

1. 1 January 2017. Absorbed Iberville Bank (FDIC certificate 8807).
2. 1 January 2017. Absorbed Gulf Coast Community Bank (FDIC certificate 57564).
3. 1 March 2018. Absorbed First Community Bank (FDIC certificate 14720).
4. 1 April 2018. Absorbed Sunshine Community Bank (FDIC certificate 58452).
5. 31 October 2018. Absorbed Farmers & Merchants Bank (FDIC certificate 11286).
6. 1 March 2019. Absorbed Florida Parishes Bank (FDIC certificate 29670).
7. 31 October 2019. Absorbed First Florida Bank (FDIC certificate 58370).
8. 3 April 2020. Absorbed Southwest Georgia Bank (FDIC certificate 2147).
9. 1 August 2022. Absorbed Beach Bank (FDIC certificate 57131).
10. 1 January 2023. Absorbed Heritage Southeast Bank (FDIC certificate 30846).
11. 1 April 2025. Merged into Renasant Bank (FDIC certificate 12437).

Large one-quarter moves at The First Bank

• Total assets at The First Bank changed by +39.7% in the quarter to 2017-03-31: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Gulf Coast Community Bank, Iberville Bank.
• Total assets at The First Bank changed by +26.9% in the quarter to 2018-03-31: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from First Community Bank.
• Total assets at The First Bank changed by +25.2% in the quarter to 2020-06-30: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Southwest Georgia Bank.