XML 25 R14.htm IDEA: XBRL DOCUMENT

Loans

9 Months Ended

Sep. 30, 2025

Note 6 — Loans

The following is a summary of total loans:


	September 30,		December 31,
(Dollars in thousands)	2025		2024
Loans:
Construction and land development ⁽¹⁾	$	2,678,971	$	2,184,327
Commercial non-owner-occupied		16,336,022		9,383,732
Commercial owner-occupied real estate		7,529,075		5,716,376
Consumer owner-occupied ⁽²⁾		8,441,314		7,144,885
Home equity loans		1,760,712		1,570,084
Commercial and industrial		8,644,636		6,222,876
Other income producing property		1,267,183		607,750
Consumer		987,085		1,062,599
Other loans		22,913		10,298
Total loans		47,667,911		33,902,927
Less: allowance for credit losses		(590,133)		(465,280)
Loans, net	$	47,077,778	$	33,437,647

(1)

Construction and land development includes loans for both commercial construction and development, as well as loans for 1-4 family residential construction and lot loans.

(2)

Consumer owner-occupied real estate includes loans on both 1-4 family owner-occupied property, as well as loans collateralized by 1-4 family owner-occupied properties with a business intent.

The above table reflects the loan portfolio at the amortized cost basis for the periods September 30, 2025, and December 31, 2024, to include net deferred costs of $95.0 million and $86.7 million, respectively, and unamortized discount related to loans acquired of $309.8 million and $36.9 million, respectively. Accrued interest receivables of $187.4 million and $133.0 million, respectively, are accounted for separately and reported in other assets for the periods September 30, 2025 and December 31, 2024.

The Company purchased loans through its acquisition of Independent, for which there was, at acquisition, evidence of more than an insignificant deterioration of credit quality since origination, thus determined to be PCD loans. The carrying amount of those acquired PCD loans, at acquisition, is as follows:


(Dollars in thousands)	January 1, 2025
Book value of acquired loans at acquisition	$	3,081,440
Allowance for credit losses at acquisition		(135,441)
Non-credit discount at acquisition		(151,993)
Carrying value or book value of acquired loans at acquisition	$	2,794,006

As part of the ongoing monitoring of the credit quality of our loan portfolio, management tracks certain credit quality indicators, including trends related to (i) the level of classified loans, (ii) net charge-offs, (iii) non-performing loans (see details below), and (iv) the general economic conditions of the markets that we serve.

The Company utilizes a risk grading matrix to assign a risk grade to each commercial loan. Classified loans are assessed at a minimum every six months. A description of the general characteristics of the risk grades is as follows:

●

Pass—These loans range from minimal credit risk to average, however, are still an acceptable credit risk.

●

Special mention—A special mention loan has potential weaknesses that deserve Management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the Bank’s credit position at some future date.

●

Substandard—A substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, that may jeopardize the liquidation of the debt. A substandard loan is characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

●

Doubtful—A doubtful loan has all of the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of the currently existing facts, conditions and values, highly questionable and improbable.

Construction and land development loans in the following table are on commercial and speculative real estate. Consumer owner-occupied loans are collateralized by 1-4 family owner-occupied properties with a business intent.

The following table presents the credit risk profile by risk grade of commercial loans by origination year as of and for the period ending September 30, 2025:


(Dollars in thousands)		Term Loans Amortized Cost Basis by Origination Year
As of September 30, 2025	2025		2024		2023		2022		2021		Prior		Revolving		Total
Construction and land development
Risk rating:
Pass	$	595,904	$	648,831	$	322,327	$	362,488	$	85,746	$	48,751	$	114,797	$	2,178,844
Special mention		614		575		7,513		67,424		465		522		—		77,113
Substandard		28,447		346		32,428		2,942		3,041		5,582		—		72,786
Doubtful		—		—		—		—		—		—		—		—
Total Construction and land development	$	624,965	$	649,752	$	362,268	$	432,854	$	89,252	$	54,855	$	114,797	$	2,328,743
Construction and land development
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	16	$	—	$	—	$	16

Commercial non-owner-occupied
Risk rating:
Pass	$	1,565,238	$	1,198,906	$	1,390,139	$	4,117,880	$	2,634,584	$	3,357,728	$	183,917	$	14,448,392
Special mention		13,007		7,593		89,431		459,478		110,780		106,281		41		786,611
Substandard		67,263		30,517		146,159		368,038		271,511		217,527		—		1,101,015
Doubtful		—		—		—		—		1		3		—		4
Total Commercial non-owner-occupied	$	1,645,508	$	1,237,016	$	1,625,729	$	4,945,396	$	3,016,876	$	3,681,539	$	183,958	$	16,336,022
Commercial non-owner-occupied
Current-period gross charge-offs	$	—	$	—	$	4,565	$	435	$	18,033	$	8,068	$	—	$	31,101

Commercial Owner-Occupied
Risk rating:
Pass	$	834,957	$	796,036	$	655,016	$	1,151,395	$	1,159,532	$	2,412,745	$	95,940	$	7,105,621
Special mention		4,688		5,324		10,349		3,892		5,893		38,604		1,215		69,965
Substandard		17,749		34,268		50,046		106,490		40,409		103,553		957		353,472
Doubtful		9		4		—		—		—		4		—		17
Total commercial owner-occupied	$	857,403	$	835,632	$	715,411	$	1,261,777	$	1,205,834	$	2,554,906	$	98,112	$	7,529,075
Commercial owner-occupied
Current-period gross charge-offs	$	—	$	—	$	740	$	1,206	$	98	$	603	$	—	$	2,647

Commercial and industrial
Risk rating:
Pass	$	2,076,597	$	1,155,555	$	669,192	$	957,946	$	447,659	$	856,954	$	2,081,551	$	8,245,454
Special mention		3,371		2,141		20,807		7,814		2,890		2,741		24,690		64,454
Substandard		8,153		38,110		53,215		51,410		41,366		43,695		98,616		334,565
Doubtful		—		1		39		69		46		—		8		163
Total commercial and industrial	$	2,088,121	$	1,195,807	$	743,253	$	1,017,239	$	491,961	$	903,390	$	2,204,865	$	8,644,636
Commercial and industrial
Current-period gross charge-offs	$	22,608	$	2,114	$	3,791	$	8,129	$	12,680	$	11,107	$	8,203	$	68,632

Other income producing property
Risk rating:
Pass	$	102,600	$	129,354	$	96,164	$	286,565	$	187,073	$	253,710	$	58,276	$	1,113,742
Special mention		432		570		147		2,316		3,603		2,343		862		10,273
Substandard		1,108		511		1,968		5,788		980		16,446		583		27,384
Doubtful		—		—		—		—		—		—		—		—
Total other income producing property	$	104,140	$	130,435	$	98,279	$	294,669	$	191,656	$	272,499	$	59,721	$	1,151,399
Other income producing property
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer owner-occupied
Risk rating:
Pass	$	4,134	$	4,609	$	20,470	$	11,228	$	11,952	$	27,025	$	41,745	$	121,163
Special mention		159		17		133		—		—		—		—		309
Substandard		1,358		948		—		—		—		161		517		2,984
Doubtful		—		—		—		—		—		1		—		1
Total Consumer owner-occupied	$	5,651	$	5,574	$	20,603	$	11,228	$	11,952	$	27,187	$	42,262	$	124,457
Consumer owner-occupied
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Other loans
Risk rating:
Pass	$	22,913	$	—	$	—	$	—	$	—	$	—	$	—	$	22,913
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total other loans	$	22,913	$	—	$	—	$	—	$	—	$	—	$	—	$	22,913
Other loans
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Commercial Loans
Risk rating:
Pass	$	5,202,343	$	3,933,291	$	3,153,308	$	6,887,502	$	4,526,546	$	6,956,913	$	2,576,226	$	33,236,129
Special mention		22,271		16,220		128,380		540,924		123,631		150,491		26,808		1,008,725
Substandard		124,078		104,700		283,816		534,668		357,307		386,964		100,673		1,892,206
Doubtful		9		5		39		69		47		8		8		185
Total Commercial Loans	$	5,348,701	$	4,054,216	$	3,565,543	$	7,963,163	$	5,007,531	$	7,494,376	$	2,703,715	$	36,137,245
Commercial Loans
Current-period gross charge-offs	$	22,608	$	2,114	$	9,096	$	9,770	$	30,827	$	19,778	$	8,203	$	102,396

The following table presents the credit risk profile by risk grade of commercial loans by origination year as of and for the period ending December 31, 2024:


(Dollars in thousands)		Term Loans Amortized Cost Basis by Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Revolving		Total
Construction and land development
Risk rating:
Pass	$	339,152	$	397,574	$	843,053	$	42,524	$	9,327	$	13,462	$	35,025	$	1,680,117
Special mention		627		30,791		35,170		579		—		321		—		67,488
Substandard		16,672		—		32,483		750		—		581		—		50,486
Doubtful		—		—		—		—		1		4		—		5
Total Construction and land development	$	356,451	$	428,365	$	910,706	$	43,853	$	9,328	$	14,368	$	35,025	$	1,798,096
Construction and land development
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	74	$	2,088	$	—	$	2,162

Commercial non-owner-occupied
Risk rating:
Pass	$	782,863	$	798,454	$	2,664,327	$	1,770,690	$	575,679	$	1,724,342	$	111,021	$	8,427,376
Special mention		6,954		36,014		120,363		137,945		7,486		13,920		195		322,877
Substandard		82,369		47,934		177,487		125,634		82,448		117,606		—		633,478
Doubtful		—		—		—		1		—		—		—		1
Total Commercial non-owner-occupied	$	872,186	$	882,402	$	2,962,177	$	2,034,270	$	665,613	$	1,855,868	$	111,216	$	9,383,732
Commercial non-owner-occupied
Current-period gross charge-offs	$	—	$	—	$	—	$	176	$	—	$	354	$	—	$	530

Commercial Owner-Occupied
Risk rating:
Pass	$	624,613	$	648,461	$	1,020,841	$	1,004,549	$	572,108	$	1,440,686	$	87,011	$	5,398,269
Special mention		4,571		14,537		38,361		8,092		1,114		15,112		212		81,999
Substandard		25,843		35,855		49,032		34,135		21,502		58,982		10,748		236,097
Doubtful		4		3		—		—		—		4		—		11
Total commercial owner-occupied	$	655,031	$	698,856	$	1,108,234	$	1,046,776	$	594,724	$	1,514,784	$	97,971	$	5,716,376
Commercial owner-occupied
Current-period gross charge-offs	$	—	$	298	$	—	$	91	$	227	$	583	$	—	$	1,199

Commercial and industrial
Risk rating:
Pass	$	1,881,120	$	683,911	$	939,929	$	462,655	$	292,253	$	419,145	$	1,226,413	$	5,905,426
Special mention		2,103		2,467		16,120		1,217		628		2,468		22,764		47,767
Substandard		42,308		43,207		37,526		26,080		2,796		18,180		99,460		269,557
Doubtful		—		12		42		57		1		9		5		126
Total commercial and industrial	$	1,925,531	$	729,597	$	993,617	$	490,009	$	295,678	$	439,802	$	1,348,642	$	6,222,876
Commercial and industrial
Current-period gross charge-offs	$	2,971	$	2,752	$	5,946	$	666	$	100	$	4,587	$	3,859	$	20,881

Other income producing property
Risk rating:
Pass	$	63,518	$	51,585	$	105,505	$	84,679	$	45,600	$	95,969	$	37,166	$	484,022
Special mention		612		493		5,947		27		837		2,145		1,269		11,330
Substandard		1,029		712		2,333		2,081		327		5,043		436		11,961
Doubtful		—		—		—		—		—		—		—		—
Total other income producing property	$	65,159	$	52,790	$	113,785	$	86,787	$	46,764	$	103,157	$	38,871	$	507,313
Other income producing property
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer owner-occupied
Risk rating:
Pass	$	4,035	$	17,776	$	5,557	$	3,259	$	594	$	257	$	31,610	$	63,088
Special mention		19		222		—		—		14		35		231		521
Substandard		1,131		—		—		—		3		205		1,961		3,300
Doubtful		—		—		—		—		—		1		—		1
Total Consumer owner-occupied	$	5,185	$	17,998	$	5,557	$	3,259	$	611	$	498	$	33,802	$	66,910
Consumer owner-occupied
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Other loans
Risk rating:
Pass	$	10,298	$	—	$	—	$	—	$	—	$	—	$	—	$	10,298
Special mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total other loans	$	10,298	$	—	$	—	$	—	$	—	$	—	$	—	$	10,298
Other loans
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Commercial Loans
Risk rating:
Pass	$	3,705,599	$	2,597,761	$	5,579,212	$	3,368,356	$	1,495,561	$	3,693,861	$	1,528,246	$	21,968,596
Special mention		14,886		84,524		215,961		147,860		10,079		34,001		24,671		531,982
Substandard		169,352		127,708		298,861		188,680		107,076		200,597		112,605		1,204,879
Doubtful		4		15		42		58		2		18		5		144
Total Commercial Loans	$	3,889,841	$	2,810,008	$	6,094,076	$	3,704,954	$	1,612,718	$	3,928,477	$	1,665,527	$	23,705,601
Commercial Loans
Current-period gross charge-offs	$	2,971	$	3,050	$	5,946	$	933	$	401	$	7,612	$	3,859	$	24,772

For the consumer segment, delinquency of a loan is determined by past due status. Consumer loans are automatically placed on nonaccrual status once the loan is 90 days past due. Construction and land development loans are on 1-4 family residential properties and lots.

The following table presents the credit risk profile by past due status of consumer loans by origination year as of and for the period ending September 30, 2025:


(Dollars in thousands)	Term Loans Amortized Cost Basis by Origination Year
As of September 30, 2025	2025		2024		2023		2022		2021		Prior		Revolving		Total
Consumer owner-occupied
Days past due:
Current	$	770,155	$	679,281	$	1,052,717	$	2,467,450	$	1,672,936	$	1,621,309	$	—	$	8,263,848
30 days past due		1,396		2,336		5,104		3,306		2,935		5,040		—		20,117
60 days past due		702		2,367		2,956		298		251		1,634		—		8,208
90 days past due		—		6,826		6,891		5,682		1,521		3,764		—		24,684
Total Consumer owner-occupied	$	772,253	$	690,810	$	1,067,668	$	2,476,736	$	1,677,643	$	1,631,747	$	—	$	8,316,857
Consumer owner-occupied
Current-period gross charge-offs	$	—	$	637	$	573	$	332	$	17	$	106	$	—	$	1,665

Home equity loans
Days past due:
Current	$	4,962	$	7,080	$	3,124	$	3,007	$	1,303	$	13,368	$	1,716,986	$	1,749,830
30 days past due		—		251		486		968		—		746		2,523		4,974
60 days past due		—		35		209		—		—		833		992		2,069
90 days past due		—		138		606		402		153		646		1,894		3,839
Total Home equity loans	$	4,962	$	7,504	$	4,425	$	4,377	$	1,456	$	15,593	$	1,722,395	$	1,760,712
Home equity loans
Current-period gross charge-offs	$	—	$	66	$	—	$	64	$	—	$	165	$	—	$	295

Consumer
Days past due:
Current	$	159,240	$	148,534	$	169,227	$	168,395	$	68,904	$	166,853	$	99,512	$	980,665
30 days past due		93		289		343		486		195		1,074		113		2,593
60 days past due		93		135		43		146		110		972		132		1,631
90 days past due		4		238		409		509		60		975		1		2,196
Total consumer	$	159,430	$	149,196	$	170,022	$	169,536	$	69,269	$	169,874	$	99,758	$	987,085
Consumer
Current-period gross charge-offs	$	232	$	565	$	718	$	521	$	109	$	2,638	$	4,498	$	9,281

Construction and land development
Days past due:
Current	$	78,275	$	110,826	$	35,201	$	69,606	$	23,632	$	25,928	$	—	$	343,468
30 days past due		—		—		—		—		51		—		—		51
60 days past due		—		—		—		227		—		—		—		227
90 days past due		—		—		154		463		5,865		—		—		6,482
Total Construction and land development	$	78,275	$	110,826	$	35,355	$	70,296	$	29,548	$	25,928	$	—	$	350,228
Construction and land development
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Other income producing property
Days past due:
Current	$	1,996	$	3,479	$	8,432	$	51,823	$	17,183	$	32,380	$	83	$	115,376
30 days past due		—		—		—		257		—		—		19		276
60 days past due		—		—		—		—		—		128		—		128
90 days past due		—		3		—		—		—		1		—		4
Total other income producing property	$	1,996	$	3,482	$	8,432	$	52,080	$	17,183	$	32,509	$	102	$	115,784
Other income producing property
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Consumer Loans
Days past due:
Current	$	1,014,628	$	949,200	$	1,268,701	$	2,760,281	$	1,783,958	$	1,859,838	$	1,816,581	$	11,453,187
30 days past due		1,489		2,876		5,933		5,017		3,181		6,860		2,655		28,011
60 days past due		795		2,537		3,208		671		361		3,567		1,124		12,263
90 days past due		4		7,205		8,060		7,056		7,599		5,386		1,895		37,205
Total Consumer Loans	$	1,016,916	$	961,818	$	1,285,902	$	2,773,025	$	1,795,099	$	1,875,651	$	1,822,255	$	11,530,666
Consumer Loans
Current-period gross charge-offs	$	232	$	1,268	$	1,291	$	917	$	126	$	2,909	$	4,498	$	11,241

The following table presents the credit risk profile by past due status of total loans by origination year as of and for the period ending September 30, 2025:

(Dollars in thousands)

Term Loans Amortized Cost Basis by Origination Year

As of September 30, 2025

2025

2024

2023

2022

2021

Prior

Revolving

Total

Total Loans

6,365,617

5,016,034

4,851,445

10,736,188

6,802,630

9,370,027

4,525,970

47,667,911

Current-period gross charge-offs

22,840

3,382

10,387

10,687

30,953

22,687

12,701

113,637

The following table presents the credit risk profile by past due status of consumer loans by origination year as of and for the period ending December 31, 2024:


(Dollars in thousands)	Term Loans Amortized Cost Basis by Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Revolving		Total
Consumer owner-occupied
Days past due:
Current	$	623,572	$	1,052,852	$	2,303,614	$	1,578,097	$	577,381	$	908,983	$	—	$	7,044,499
30 days past due		1,362		1,847		1,302		614		897		3,045		—		9,067
60 days past due		685		453		2,281		354		251		757		—		4,781
90 days past due		2,283		4,336		6,314		1,730		1,034		3,931		—		19,628
Total Consumer owner-occupied	$	627,902	$	1,059,488	$	2,313,511	$	1,580,795	$	579,563	$	916,716	$	—	$	7,077,975
Consumer owner-occupied
Current-period gross charge-offs	$	35	$	328	$	284	$	16	$	21	$	44	$	—	$	728

Home equity loans
Days past due:
Current	$	7,309	$	6,553	$	3,701	$	1,515	$	1,739	$	10,600	$	1,527,504	$	1,558,921
30 days past due		57		75		74		—		64		788		5,019		6,077
60 days past due		—		73		69		—		—		120		2,044		2,306
90 days past due		52		137		388		76		341		467		1,319		2,780
Total Home equity loans	$	7,418	$	6,838	$	4,232	$	1,591	$	2,144	$	11,975	$	1,535,886	$	1,570,084
Home equity loans
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	110	$	—	$	110

Consumer
Days past due:
Current	$	194,192	$	218,440	$	218,097	$	95,017	$	50,337	$	155,109	$	116,590	$	1,047,782
30 days past due		103		269		309		261		199		1,426		4,926		7,493
60 days past due		40		64		86		97		95		319		2,994		3,695
90 days past due		20		442		393		147		15		1,128		1,484		3,629
Total consumer	$	194,355	$	219,215	$	218,885	$	95,522	$	50,646	$	157,982	$	125,994	$	1,062,599
Consumer
Current-period gross charge-offs	$	194	$	1,610	$	1,377	$	197	$	80	$	451	$	5,247	$	9,156

Construction and land development
Days past due:
Current	$	75,490	$	81,995	$	152,974	$	46,873	$	13,253	$	15,309	$	—	$	385,894
30 days past due		—		—		—		—		—		16		—		16
60 days past due		—		—		—		—		—		—		—		—
90 days past due		—		—		320		—		1		—		—		321
Total Construction and land development	$	75,490	$	81,995	$	153,294	$	46,873	$	13,254	$	15,325	$	—	$	386,231
Construction and land development
Current-period gross charge-offs	$	—	$	—	$	304	$	—	$	—	$	—	$	—	$	304

Other income producing property
Days past due:
Current	$	3,041	$	6,066	$	39,445	$	16,556	$	3,511	$	31,549	$	128	$	100,296
30 days past due		—		—		—		—		—		24		—		24
60 days past due		—		—		—		—		—		—		—		—
90 days past due		—		—		—		—		—		117		—		117
Total other income producing property	$	3,041	$	6,066	$	39,445	$	16,556	$	3,511	$	31,690	$	128	$	100,437
Other income producing property
Current-period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Total Consumer Loans
Days past due:
Current	$	903,604	$	1,365,906	$	2,717,831	$	1,738,058	$	646,221	$	1,121,550	$	1,644,222	$	10,137,392
30 days past due		1,522		2,191		1,685		875		1,160		5,299		9,945		22,677
60 days past due		725		590		2,436		451		346		1,196		5,038		10,782
90 days past due		2,355		4,915		7,415		1,953		1,391		5,643		2,803		26,475
Total Consumer Loans	$	908,206	$	1,373,602	$	2,729,367	$	1,741,337	$	649,118	$	1,133,688	$	1,662,008	$	10,197,326
Consumer Loans
Current-period gross charge-offs	$	229	$	1,938	$	1,965	$	213	$	101	$	605	$	5,247	$	10,298

The following table presents the credit risk profile by past due status of total loans by origination year as of and for the period ending December 31, 2024:


(Dollars in thousands)	Term Loans Amortized Cost Basis by Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Revolving		Total
Total Loans	$	4,798,047	$	4,183,610	$	8,823,443	$	5,446,291	$	2,261,836	$	5,062,165	$	3,327,535	$	33,902,927

Current-period gross charge-offs	$	3,200	$	4,988	$	7,911	$	1,146	$	502	$	8,217	$	9,106	$	35,070

The following table presents an aging analysis of past due accruing loans, segregated by class:


	30 - 59 Days		60 - 89 Days		90+ Days		Total				Non-		Total
(Dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		Accruing		Loans
September 30, 2025
Construction and land development	$	1,208	$	415	$	—	$	1,623	$	2,670,483	$	6,865	$	2,678,971
Commercial non-owner-occupied		6,106		6,223		—		12,329		16,247,542		76,151		16,336,022
Commercial owner-occupied		12,167		5,886		1,122		19,175		7,467,138		42,762		7,529,075
Consumer owner-occupied		16,474		464		—		16,938		8,363,885		60,491		8,441,314
Home equity loans		3,584		1,611		—		5,195		1,743,977		11,540		1,760,712
Commercial and industrial		40,517		12,681		4,085		57,283		8,494,445		92,908		8,644,636
Other income producing property		2,135		653		36		2,824		1,262,643		1,716		1,267,183
Consumer		2,090		764		—		2,854		980,218		4,013		987,085
Other loans		—		—		—		—		22,913		—		22,913
	$	84,281	$	28,697	$	5,243	$	118,221	$	47,253,244	$	296,446	$	47,667,911
December 31, 2024
Construction and land development	$	16	$	—	$	—	$	16	$	2,182,853	$	1,458	$	2,184,327
Commercial non-owner-occupied		2,253		748		—		3,001		9,363,226		17,505		9,383,732
Commercial owner-occupied		7,208		2,844		92		10,144		5,670,550		35,682		5,716,376
Consumer owner-occupied		6,536		444		—		6,980		7,094,851		43,054		7,144,885
Home equity loans		4,717		1,511		1		6,229		1,553,832		10,023		1,570,084
Commercial and industrial		28,427		7,700		3,163		39,290		6,091,566		92,020		6,222,876
Other income producing property		237		116		37		390		605,162		2,198		607,750
Consumer		7,023		3,444		—		10,467		1,046,776		5,356		1,062,599
Other loans		—		—		—		—		10,298		—		10,298
	$	56,417	$	16,807	$	3,293	$	76,517	$	33,619,114	$	207,296	$	33,902,927

The following table is a summary of information pertaining to nonaccrual loans by class, including loans modified for borrowers with financial difficulty as of September 30, 2025 and December 31, 2024:

September 30,

Greater than

Non-accrual

December 31,

(Dollars in thousands)

2025

90 Days Accruing⁽¹⁾

with no allowance⁽¹⁾

2024

Construction and land development

6,865

—

5,866

1,458

Commercial non-owner-occupied

76,151

—

70,550

17,505

Commercial owner-occupied real estate

42,762

1,122

13,565

35,682

Consumer owner-occupied

60,491

—

1,745

43,054

Home equity loans

11,540

—

1,094

10,023

Commercial and industrial

92,908

4,085

16,048

92,020

Other income producing property

1,716

717

2,198

Consumer

4,013

—

5,356

Total loans on nonaccrual status

296,446

5,243

109,585

207,296

(1)

Balances as of September 30, 2025.

There is no interest income recognized during the period on nonaccrual loans. The Company follows its nonaccrual policy by reversing contractual interest income in the income statement when the Company places a loan on nonaccrual status. Loans on nonaccrual status in which there is no allowance assigned are individually evaluated loans that do not carry a specific reserve. See Note 2 — Summary of Significant Accounting Policies for further detailed descriptions on individually evaluated loans.

The following is a summary of collateral dependent loans, by type of collateral, and the extent to which they are collateralized during the period:


	September 30,		Collateral			December 31,		Collateral
(Dollars in thousands)	2025		Coverage		%	2024		Coverage		%
Construction and land development
Other	$	5,866	$	7,725	132%	$	—	$	—	—
Commercial owner-occupied real estate
Industrial		—		—	—		2,835		6,831	241%
Other		15,274		26,439	173%		11,087		20,683	187%
Commercial non-owner-occupied real estate
Retail		3,475		5,251	151%		—		—	—
Other		2,782		3,582	129%		—		—	—
Office		19,087		22,554	118%		14,223		15,594	110%
Multifamily		45,206		50,003	111%		—		—	—
Commercial and industrial
Other		52,310		52,523	100%		59,171		74,549	126%
Other income producing property
1-4 family investment property		717		545	76%		1,265		3,286	260%
Consumer owner-occupied
1st Mtg Residential		1,745		3,150	181%		963		954	99%
Home equity loans
Residential 1-4 family dwelling		1,094		2,025	185%		1,173		2,250	192%
Total collateral dependent loans	$	147,556	$	173,797		$	90,717	$	124,147

The Bank designates individually evaluated loans on non-accrual with a net book balance exceeding the designated threshold as collateral dependent loans. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral, and the borrower is experiencing financial difficulty. As a result of the acquisition of Independent on January 1, 2025, collateral dependent loans increased $78.2 million from the date of acquisition. Overall collateral dependent loans increased $56.8 million, net of payoffs, charge offs and loans returned to nonaccrual status during the nine months ended September 30, 2025. See Note 4 — Loans of our Annual Report on Form 10-K for the year ended December 31, 2024, for more detailed descriptions of how the ACL is measured on collateral dependent, individually evaluated loans on non-accrual status.

Loans on nonaccrual status at the date of modification are initially classified as nonaccrual. Loans on accruing status at the date of modification are initially classified as accruing if the note is reasonably assured of repayment and performance is expected in accordance with its modified terms. Such loans may be designated as nonaccrual loans subsequent to the modification date if reasonable doubt exists as to the collection of interest or principal under the modification agreement. Nonaccrual loans are returned to accruing status when there is economic substance to the modification, there is documented credit evaluation of the borrower’s financial condition, the remaining balance is reasonably assured of repayment in accordance with its modified terms, and the borrower has demonstrated sustained repayment performance in accordance with the modified terms for a reasonable period of time (generally a minimum of six months). See Note 2 — Summary of Significant Accounting Policies for how such modifications are factored into the determination of the ACL for the periods presented above.

The following tables present loans designated as modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025, and 2024, respectively. The loans are segregated by type of modification and asset class, indicating the financial effect of the modifications. There were no interest rate reductions for the three months ended September 30, 2025. There were no combination term extension and payment delay modifications for the three and nine months ended September 30, 2025.

Three Months Ended September 30,

2025

2024

Reduction in Weighted

Amortized

% of Total

Average Contractual

Amortized

% of Total

Average Contractual

(Dollars in thousands)

Cost

Asset Class

Interest Rate

Cost

Asset Class

Interest Rate

Interest rate reduction

Consumer owner-occupied

—

498

0.01%

2.75%

Total interest rate reductions

—

498

Nine Months Ended September 30,

2025

2024

Reduction in Weighted

Amortized

% of Total

Average Contractual

Amortized

% of Total

Average Contractual

(Dollars in thousands)

Cost

Asset Class

Interest Rate

Cost

Asset Class

Interest Rate

Interest rate reduction

Commercial non-owner occupied

14,981

0.09%

1.12%

—

Commercial owner-occupied real estate

325

0.00%

1.55%

—

Consumer owner-occupied

—

896

0.01%

2.04%

Commercial and industrial

367

0.00%

1.75%

—

Total interest rate reductions

15,673

896

Three Months Ended September 30,

2025

2024

Increase in

Amortized

% of Total

Weighted Average

Amortized

% of Total

Weighted Average

(Dollars in thousands)

Cost

Asset Class

Life of Loan

Cost

Asset Class

Life of Loan

Term extension

Construction and land development

309

0.01%

4 months

—

Commercial non-owner occupied

30,697

0.19%

6 months

—

Commercial owner-occupied real estate

7,563

0.10%

21 months

2,625

0.05%

8 months

Consumer owner-occupied

2,679

0.03%

4 months

298

0.00%

3 months

Commercial and industrial

6,768

0.08%

3 months

—

Total term extensions

48,016

2,923

Nine Months Ended September 30,

2025

2024

Increase in

Amortized

% of Total

Weighted Average

Amortized

% of Total

Weighted Average

(Dollars in thousands)

Cost

Asset Class

Life of Loan

Cost

Asset Class

Life of Loan

Term extension

Construction and land development

592

0.02%

6 months

—

Commercial non-owner-occupied

30,697

0.19%

6 months

—

Commercial owner-occupied real estate

7,563

0.10%

21 months

13,461

0.24%

27 months

Consumer owner-occupied

3,962

0.05%

6 months

1,345

0.02%

5 months

Commercial and industrial

9,086

0.11%

3 months

19,553

0.33%

38 months

Total term extensions

51,900

34,359

Three Months Ended September 30,

2025

2024

WA of

Amortized

% of Total

Months Payments

Amortized

% of Total

Months Payments

(Dollars in thousands)

Cost

Asset Class

Were Deferred

Cost

Asset Class

Were Deferred

Other-than-insignificant payment delay

Construction and land development

26,218

0.98%

6 months

—

Commercial non-owner occupied

22,833

0.14%

8 months

—

Total payment delays

49,051

—

Nine Months Ended September 30,

2025

2024

WA of

Amortized

% of Total

Months Payments

Amortized

% of Total

Months Payments

(Dollars in thousands)

Cost

Asset Class

Were Deferred

Cost

Asset Class

Were Deferred

Other-than-insignificant payment delay

Construction and land development

26,218

0.98%

6 months

—

Commercial non-owner-occupied

22,833

0.14%

8 months

—

Commercial owner-occupied real estate

5,704

0.08%

7 months

—

Commercial and industrial

1,610

0.02%

6 months

—

Total payment delays

56,365

—

Three Months Ended September 30,

2025

2024

Reduction in

Increase in

Weighted

Increase in

Weighted Average

Weighted

Average

Weighted

Amortized

Contractual

Average

Amortized

Contractual

Average

(Dollars in thousands)

Cost

Interest Rate

Life of Loan

Cost

Interest Rate

Life of Loan

Combination- Term Extension and Interest Rate Reduction

Consumer owner-occupied

917

1.83%

3 months

—

Total

917

—

Nine Months Ended September 30,

2025

2024

Reduction in

Increase in

Weighted

Increase in

Weighted Average

Weighted

Average

Weighted

Amortized

Contractual

Average

Amortized

Contractual

Average

(Dollars in thousands)

Cost

Interest Rate

Life of Loan

Cost

Interest Rate

Life of Loan

Combination- Term Extension and Interest Rate Reduction

Consumer owner-occupied

1,769

2.40%

6 months

—

Total

1,769

—


	Three and Nine Months Ended September 30,
	2025			2024
			Increase in			Increase in
	Amortized		Weighted Average	Amortized		Weighted Average
(Dollars in thousands)	Cost		Amortization Term	Cost		Amortization Term
Combination- Term Extension and Payment Delay
Commercial and industrial	$	—	—	$	266	15 months
Total	$	—		$	266

Three Months Ended September 30,

2025

2024

Reduction in

Increase in

Reduction in

Increase in

Weighted

Average

Amortized

Contractual

Amortization

Amortized

Contractual

Amortization

(Dollars in thousands)

Cost

Interest Rate

Term

Cost

Interest Rate

Term

Combination- Interest Rate Reduction and Payment Delay

Commercial non-owner occupied

29,802

0.25%

8 months

—

Total

29,802

—

Nine Months Ended September 30,

2025

2024

Reduction in

Increase in

Reduction in

Increase in

Weighted

Average

Amortized

Contractual

Amortization

Amortized

Contractual

Amortization

(Dollars in thousands)

Cost

Interest Rate

Term

Cost

Interest Rate

Term

Combination- Interest Rate Reduction and Payment Delay

Commercial non-owner occupied

29,802

0.25%

8 months

—

Commercial and industrial

1,172

0.75%

12 months

—

Total

30,974

—

The Bank on occasion will enter into modification agreements which extend the maturity payoff on a loan or reduce the interest rate for borrowers willing to continue to pay, to minimize losses for the Bank. At September 30, 2025, the Company had $4.8 million in remaining commitments to lend additional funds on loans to borrowers experiencing financial difficulty and modified during the current reporting period.

The following table presents the changes in status of loans modified within the previous twelve months to borrowers experiencing financial difficulty, as of September 30, 2025 and 2024, by type of modification. The subsequent defaults were all due to past due status greater than 60 days and loss mitigation efforts.


	September 30,
	2025						2024
	Paying Under						Paying Under
	Restructured		Converted to		Foreclosures		Restructured		Converted to		Foreclosures
	Terms		Nonaccrual		and Defaults		Terms		Nonaccrual		and Defaults
	Amortized		Amortized		Amortized		Amortized		Amortized		Amortized
(Dollars in thousands)	Cost		Cost		Cost		Cost		Cost		Cost
Interest rate reduction
Commercial non-owner-occupied	$	14,981	$	—	$	—	$	—	$	—	$	—
Commercial owner-occupied real estate		325		—		—		—		—		—
Commercial and industrial		367		—		—		—		—		—
Consumer owner-occupied		—		—		—		896		—		—
Total interest rate reductions	$	15,673	$	—	$	—	$	896	$	—	$	—

Term extension
Construction and land development	$	310	$	—	$	282	$	—	$	—	$	—
Commercial non-owner-occupied		30,697		—		—		—		—		—
Commercial owner-occupied real estate		7,563		—		—		13,461		—		—
Consumer owner-occupied		6,021		—		935		1,345		—		—
Commercial and industrial		8,801		—		285		19,553		—		—
Total term extensions	$	53,392	$	—	$	1,502	$	34,359	$	—	$	—

Other-than-insignificant payment delay
Construction and land development	$	26,218	$	—	$	—	$	—	$	—	$	—
Commercial non-owner occupied		22,833		—		—		—		—		—
Commercial owner-occupied real estate		6,072		—		—		—		—		—
Commercial and industrial		1,610		—		—		—		—		—
Total payment delays	$	56,733	$	—	$	—	$	—	$	—	$	—

Term Extension and Interest Rate Reduction
Consumer owner-occupied	$	1,799	$	—	$	337	$	—	$	—	$	—
Total term extension and interest rate combinations	$	1,799	$	—	$	337	$	—	$	—	$	—

Term Extension and Payment Delay
Commercial and industrial	$	—	$	—	$	—	$	266	$	—	$	—
Total term extension and payment delay combinations	$	—	$	—	$	—	$	266	$	—	$	—

Interest Rate Reduction and Payment Delay
Commercial non-owner occupied	$	29,802	$	—	$	—	$	—	$	—	$	—
Commercial and industrial		1,172		—		—		—		—		—
Total interest rate reduction and payment delay combinations	$	30,974	$	—	$	—	$	266	$	—	$	—
	$	158,571	$	—	$	1,839	$	35,521	$	—	$	—

The following table depicts the performance of loans modified within the previous twelve months to borrowers experiencing financial difficulty, as of September 30, 2025 and 2024:


	September 30,2025						September 30,2024
	Payment Status (Amortized Cost Basis)						Payment Status (Amortized Cost Basis)
			30-89 Days		90+ Days				30-89 Days		90+ Days
(Dollars in thousands)	Current		Past Due		Past Due		Current		Past Due		Past Due
Construction and land development	$	26,528	$	282	$	—	$	—	$	—	$	—
Commercial non-owner-occupied		98,313		—		—		—		—		—
Commercial owner-occupied real estate		13,593		368		—		13,461		—		—
Consumer owner-occupied		7,820		919		353		2,241		—		—
Commercial and industrial		11,949		285		—		19,819		—		—
Total	$	158,203	$	1,854	$	353	$	35,521	$	—	$	—