The Company has certain lending policies and procedures in place that are designed to minimize the level of risk within the loan portfolio. Diversification of the loan portfolio manages the risk associated with fluctuations in economic conditions. Authority levels are established for the extension of credit to ensure consistency throughout the Company. It is necessary that policies, processes, and practices implemented to control the risks of individual credit transactions and portfolio segments are sound and adhered to. The Company maintains an independent loan review department that reviews and validates the risk assessment on a continual basis. Management regularly evaluates the results of the loan reviews. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures.

Commercial and industrial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Commercial loans are made based on the identified cash flows

of the borrower and on the underlying collateral provided by the borrower. The cash flows of the borrower, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts from its customers. Beginning with the third quarter 2025, commercial and industrial loans include all loans to Non-Depository Financial Institutions (NDFIs), which includes a wide range of financial entities that provide services similar to those of traditional banks but do not accept deposits from the general public and are not regulated by the same Federal banking agencies. Previously reported balances have been reclassified for purposes of comparability.

Specialty lending loans include Asset-based loans, which are offered primarily in the form of revolving lines of credit to commercial borrowers that do not generally qualify for traditional bank financing. Asset-based loans are underwritten based primarily upon the value of the collateral pledged to secure the loan, rather than on the borrower’s general financial condition. The Company utilizes pre-loan due diligence techniques, monitoring disciplines, and loan management practices common within the asset-based lending industry to underwrite loans to these borrowers.

Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. The Company requires that an appraisal of the collateral be made at origination and on an as-needed basis, in conformity with current market conditions and regulatory requirements. The underwriting standards address both owner and non-owner-occupied real estate. Also included in Commercial real estate are Construction loans that are underwritten using feasibility studies, independent appraisal reviews, sensitivity analysis or absorption and lease rates, and financial analysis of the developers and property owners. Construction loans are based upon estimates of costs and value associated with the complete project. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their repayment being sensitive to interest rate changes, governmental regulation of real property, economic conditions, completion of the construction project, and the availability of long-term financing.

Consumer real estate loans, including residential real estate and home equity loans, are underwritten based on the borrower’s loan-to-value percentage, collection remedies, and overall credit history.

Consumer loans are underwritten based on the borrower’s repayment ability. The Company monitors delinquencies on all of its consumer loans and leases. The underwriting and review practices combined with the relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Consumer loans and leases that are 90 days past due or more are considered non-performing.

Credit cards include both commercial and consumer credit cards. Commercial credit cards are generally unsecured and are underwritten with criteria similar to commercial loans, including an analysis of the borrower’s cash flow, available business capital, and overall creditworthiness of the borrower. Consumer credit cards are underwritten based on the borrower’s repayment ability. The Company monitors delinquencies on all of its consumer credit cards and periodically reviews the distribution of credit scores relative to historical periods to monitor credit risk on its consumer credit card loans. During the first quarter of 2024, the Company purchased a co-branded credit card portfolio. The purchase included $109.4 million in credit card receivables.

Credit risk is a potential loss resulting from nonpayment of either the primary or secondary exposure. Credit risk is mitigated with formal risk management practices and a thorough initial credit-granting process including consistent underwriting standards and approval process. Control factors or techniques to minimize credit risk include knowing the client, understanding total exposure, analyzing the client and debtor’s financial capacity, and monitoring the client’s activities. Credit risk and portions of the portfolio risk are managed through concentration considerations, average risk ratings, and other aggregate characteristics.

The loan portfolio is comprised of loans originated by the Company and purchased loans in connection with the Company’s acquisition of HTLF on January 31, 2025. The purchased loans were recorded at estimated fair value at the Acquisition Date with no carryover of the related allowance. As of the Acquisition Date, loans from the HTLF acquisition had a fair value of $9.7 billion, net of allowance for credit losses on PCD loans. See Note 13, “Acquisition” for additional information.

The following tables provide a summary of loan classes and an aging of past due loans at September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
	30-89 Days Past Due and Accruing		Greater than 90 Days Past Due and Accruing		Nonaccrual Loans		Total Past Due		Current		Total Loans
Loans
Commercial and industrial	$	32,711	$	110	$	33,610	$	66,431	$	15,131,651	$	15,198,082
Specialty lending		—		—		—		—		561,394		561,394
Commercial real estate		27,634		—		69,859		97,493		16,485,602		16,583,095
Consumer real estate		5,826		—		24,633		30,459		4,312,100		4,342,559
Consumer		5,518		—		828		6,346		217,107		223,453
Credit cards		12,757		6,021		3,035		21,813		667,994		689,807
Leases and other		—		—		—		—		108,117		108,117
Total loans	$	84,446	$	6,131	$	131,965	$	222,542	$	37,483,965	$	37,706,507


	December 31, 2024
	30-89 Days Past Due and Accruing		Greater than 90 Days Past Due and Accruing		Nonaccrual Loans		Total Past Due		Current		Total Loans
Loans
Commercial and industrial	$	446	$	1	$	4,423	$	4,870	$	10,988,901	$	10,993,771
Specialty lending		—		—		—		—		469,194		469,194
Commercial real estate		1,013		—		805		1,818		10,129,467		10,131,285
Consumer real estate		553		—		13,614		14,167		3,172,963		3,187,130
Consumer		175		12		40		227		193,633		193,860
Credit cards		9,316		7,589		400		17,305		561,461		578,766
Leases and other		—		—		—		—		88,295		88,295
Total loans	$	11,503	$	7,602	$	19,282	$	38,387	$	25,603,914	$	25,642,301

The Company sold consumer real estate loans with proceeds of $75.3 million and $60.8 million in the secondary market without recourse during the nine months ended September 30, 2025 and 2024, respectively.

The Company has ceased the recognition of interest on loans with a carrying value of $132.0 million and $19.3 million at September 30, 2025 and December 31, 2024, respectively. Restructured loans totaled $177 thousand and $196 thousand at September 30, 2025 and December 31, 2024, respectively. Loans 90 days past due and still accruing interest amounted to $6.1 million and $7.6 million at September 30, 2025 and December 31, 2024, respectively. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. There was an insignificant amount of interest reversed related to loans on nonaccrual during 2025 and 2024. Nonaccrual loans with no related allowance for credit losses totaled $62.5 million and $19.3 million at September 30, 2025 and December 31, 2024, respectively.


	September 30, 2025
	Amortized Cost Basis by Origination Year - Term Loans
Loan Segment and Type	2025		2024		2023		2022		2021		Prior		Amortized Cost - Revolving Loans		Amortized Cost - Revolving Loans Converted to Term Loans		Total
Commercial and industrial:
Equipment/Accounts Receivable/Inventory	$	2,050,313	$	2,144,396	$	1,174,588	$	1,076,786	$	550,762	$	369,057	$	5,275,337	$	18,774	$	12,660,013
Agriculture		22,456		43,536		26,417		8,527		5,212		3,616		263,460		295		373,519
NDFIs		148,711		266,104		355,725		50,345		13,808		31,592		1,268,919		135		2,135,339
Overdrafts		—		—		—		—		—		—		29,211		—		29,211
Total Commercial and industrial		2,221,480		2,454,036		1,556,730		1,135,658		569,782		404,265		6,836,927		19,204		15,198,082
Current period charge-offs		—		7,296		7,124		6,687		1,552		956		14,420		—		38,035
Specialty lending:
Asset-based lending		35,381		5,927		—		6,053		32,203		33,107		448,723		—		561,394
Total Specialty lending		35,381		5,927		—		6,053		32,203		33,107		448,723		—		561,394
Current period charge-offs		—		—		—		—		—		—		—		—		—
Commercial real estate:
Owner-occupied		901,661		503,574		635,472		1,032,953		830,103		799,917		40,081		2,804		4,746,565
Non-owner-occupied		1,354,864		702,128		1,018,368		1,089,774		850,794		915,711		47,617		—		5,979,256
Farmland		136,277		80,576		93,007		135,288		90,647		177,577		45,669		86,787		845,828
5+ Multi-family		205,011		229,323		100,067		598,814		368,199		101,411		8,862		—		1,611,687
1-4 Family construction		49,100		48,149		890		729		—		25		221		—		99,114
General construction		599,040		801,596		958,737		674,774		152,144		7,716		39,213		67,425		3,300,645
Total Commercial real estate		3,245,953		2,365,346		2,806,541		3,532,332		2,291,887		2,002,357		181,663		157,016		16,583,095
Current period charge-offs		—		—		5,295		680		849		4,250		—		—		11,074
Consumer real estate:
HELOC		2,855		198		836		1,972		826		7,449		696,114		2,178		712,428
First lien: 1-4 family		489,549		379,598		376,497		611,931		758,036		869,513		10,364		343		3,495,831
Junior lien: 1-4 family		19,935		32,734		19,857		30,966		18,346		7,295		5,167		—		134,300
Total Consumer real estate		512,339		412,530		397,190		644,869		777,208		884,257		711,645		2,521		4,342,559
Current period charge-offs		—		—		130		201		711		546		462		—		2,050
Consumer:
Revolving line		999		34		9		37		25		542		151,919		1,057		154,622
Auto		7,103		8,452		11,651		6,235		1,623		424		—		—		35,488
Other		6,607		12,164		4,160		8,594		964		854		—		—		33,343
Total Consumer		14,709		20,650		15,820		14,866		2,612		1,820		151,919		1,057		223,453
Current period charge-offs		1		73		230		163		10		110		1,666		—		2,253
Credit cards:
Consumer		—		—		—		—		—		—		322,970		—		322,970
Commercial		—		—		—		—		—		—		366,837		—		366,837
Total Credit cards		—		—		—		—		—		—		689,807		—		689,807
Current period charge-offs		—		—		—		—		—		—		20,020		—		20,020
Leases and other:
Leases		—		—		—		—		—		1,276		—		—		1,276
Other		45,969		19,192		14,441		9,763		7,652		2,089		7,735		—		106,841
Total Leases and other		45,969		19,192		14,441		9,763		7,652		3,365		7,735		—		108,117
Current period charge-offs		—		7		—		—		—		—		—		—		7
Total loans	$	6,075,831	$	5,277,681	$	4,790,722	$	5,343,541	$	3,681,344	$	3,329,171	$	9,028,419	$	179,798	$	37,706,507


	December 31, 2024
	Amortized Cost Basis by Origination Year - Term Loans
Loan Segment and Type	2024		2023		2022		2021		2020		Prior		Amortized Cost - Revolving Loans		Amortized Cost - Revolving Loans Converted to Term Loans		Total
Commercial and industrial:
Equipment/Accounts Receivable/Inventory	$	2,054,295	$	1,045,835	$	916,112	$	682,754	$	293,173	$	135,072	$	3,975,094	$	20,356	$	9,122,691
Agriculture		9,857		5,750		3,554		2,208		356		97		156,546		—		178,368
NDFIs		266,024		350,733		94,730		8,997		10,467		9,080		941,454		—		1,681,485
Overdrafts		—		—		—		—		—		—		11,227		—		11,227
Total Commercial and industrial		2,330,176		1,402,318		1,014,396		693,959		303,996		144,249		5,084,321		20,356		10,993,771
Specialty lending:
Asset-based lending		5,803		—		8,026		30,702		29,392		—		395,271		—		469,194
Total Specialty lending		5,803		—		8,026		30,702		29,392		—		395,271		—		469,194
Commercial real estate:
Owner-occupied		352,517		277,049		593,480		442,805		293,799		275,207		4,948		25,266		2,265,071
Non-owner-occupied		784,434		527,773		1,006,769		727,365		404,362		324,839		32,312		—		3,807,854
Farmland		54,656		47,357		58,154		36,127		183,762		23,016		107,468		3		510,543
5+ Multi-family		161,767		47,136		302,225		256,032		28,819		18,732		9,202		—		823,913
1-4 Family construction		46,096		1,385		—		—		—		—		5		—		47,486
General construction		493,723		644,885		1,222,539		235,758		4,049		514		74,950		—		2,676,418
Total Commercial real estate		1,893,193		1,545,585		3,183,167		1,698,087		914,791		642,308		228,885		25,269		10,131,285
Consumer real estate:
HELOC		90		16		450		455		334		5,049		390,843		2,484		399,721
First lien: 1-4 family		413,395		361,242		565,017		635,217		496,758		273,628		—		—		2,745,257
Junior lien: 1-4 family		12,516		9,969		10,004		3,978		2,934		2,676		75		—		42,152
Total Consumer real estate		426,001		371,227		575,471		639,650		500,026		281,353		390,918		2,484		3,187,130
Consumer:
Revolving line		35		—		—		—		—		—		101,407		—		101,442
Auto		8,567		7,429		3,534		1,928		673		283		—		—		22,414
Other		13,050		2,876		10,065		25,659		342		796		17,216		—		70,004
Total Consumer		21,652		10,305		13,599		27,587		1,015		1,079		118,623		—		193,860
Credit cards:
Consumer		—		—		—		—		—		—		328,474		—		328,474
Commercial		—		—		—		—		—		—		250,292		—		250,292
Total Credit cards		—		—		—		—		—		—		578,766		—		578,766
Leases and other:
Leases		—		—		—		—		—		1,492		—		—		1,492
Other		30,622		17,322		13,284		9,895		2,335		2,035		11,310		—		86,803
Total Leases and other		30,622		17,322		13,284		9,895		2,335		3,527		11,310		—		88,295
Total loans	$	4,707,447	$	3,346,757	$	4,807,943	$	3,099,880	$	1,751,555	$	1,072,516	$	6,808,094	$	48,109	$	25,642,301

Accrued interest on loans totaled $178.2 million and $125.7 million as of September 30, 2025 and December 31, 2024, respectively, and is included in the Accrued income line on the Company’s Consolidated Balance Sheets. The total amount of accrued interest is excluded from the amortized cost basis of loans presented above. Further, the Company has elected not to measure an allowance for credit losses for accrued interest receivable.

As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to the risk grading of specified classes of loans, net charge-offs, non-performing loans, and general economic conditions.

The Company utilizes a risk grading matrix to assign a rating to each of its commercial, commercial real estate, and construction real estate loans. Changes in credit risk are monitored on a continuous basis and changes in risk ratings are made when identified. The loan ratings are summarized into the following categories: Pass, Special Mention, Substandard, and Doubtful. Any loan not classified in one of the categories described below is considered to be a Pass loan. A description of the general characteristics of the loan rating categories is as follows:

A discussion of the credit quality indicators that impact each type of collateral securing Commercial and industrial loans is included below:

Equipment, accounts receivable, and inventory General commercial and industrial loans are secured by working capital assets and non-real estate assets. The general purpose of these loans is for financing capital expenditures and current operations for commercial and industrial entities. These assets are short-term in nature. In the case of accounts receivable and inventories, the repayment of debt is reliant upon converting assets into cash or through goods and services being sold and collected. Collateral-based risk is due to aged short-term assets, which can be indicative of underlying issues with the borrower and lead to the value of the collateral being overstated.

Agriculture Agricultural loans are secured by non-real estate agricultural assets. These include shorter-term assets such as equipment, crops, and livestock. The risks associated with loans to finance crops or livestock include the borrower’s ability to successfully raise and market the commodity. Adverse weather conditions and other natural perils can dramatically affect farmers’ or ranchers’ production and ability to service debt. Volatile commodity prices present another significant risk for agriculture borrowers. Market price volatility and production cost volatility can affect both revenues and expenses.

Non-Depository Financial Institutions NDFI loans are secured by working capital assets and non-real estate assets. The general purpose of these loans is for financing capital expenditures and current operations. The repayment of debt is reliant upon converting assets into cash or through services being sold and collected. Collateral-based risk is due to aged short-term assets, which can be indicative of underlying issues with the borrower and lead to the value of the collateral being overstated. Other risks consist of collateral that is secured by the stock

of a NDFI, which can be unlisted stock with a limited market for the stock, or volatility of asset values driven by market performance.

Overdrafts Commercial overdrafts are typically short-term and unsecured. Some commercial borrowers tie their overdraft obligation to their line of credit, so any draw on the line of credit will satisfy the overdraft.

Based on the factors noted above for each type of collateral, the Company assigns risk ratings to borrowers based on their most recently assessed financial position.

The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
	Amortized Cost Basis by Origination Year - Term Loans
Risk by Collateral	2025		2024		2023		2022		2021		Prior		Amortized Cost - Revolving Loans		Amortized Cost - Revolving Loans Converted to Term Loans		Total
Equipment/Accounts Receivable/Inventory
Pass	$	2,023,753	$	2,079,582	$	1,102,503	$	1,007,687	$	541,036	$	346,788	$	4,986,197	$	18,522	$	12,106,068
Special Mention		5,395		42,064		7,781		12,204		1,339		10,468		115,882		—		195,133
Substandard		20,150		15,189		64,304		50,092		8,387		11,801		172,795		—		342,718
Doubtful		1,015		7,561		—		6,803		—		—		463		252		16,094
Total Equipment/Accounts Receivable/Inventory	$	2,050,313	$	2,144,396	$	1,174,588	$	1,076,786	$	550,762	$	369,057	$	5,275,337	$	18,774	$	12,660,013
Agriculture
Pass	$	21,438	$	43,437	$	26,178	$	7,818	$	5,212	$	2,895	$	255,134	$	245	$	362,357
Special Mention		—		—		—		204		—		—		1,770		—		1,974
Substandard		1,018		99		239		505		—		721		6,556		50		9,188
Doubtful		—		—		—		—		—		—		—		—		—
Total Agriculture	$	22,456	$	43,536	$	26,417	$	8,527	$	5,212	$	3,616	$	263,460	$	295	$	373,519
NDFIs
Pass	$	123,549	$	257,143	$	351,389	$	45,909	$	13,089	$	31,393	$	1,254,012	$	135	$	2,076,619
Special Mention		24,842		—		—		—		10		—		14,907		—		39,759
Substandard		320		8,961		4,336		4,436		709		199		—		—		18,961
Doubtful		—		—		—		—		—		—		—		—		—
Total NDFIs	$	148,711	$	266,104	$	355,725	$	50,345	$	13,808	$	31,592	$	1,268,919	$	135	$	2,135,339


	December 31, 2024
	Amortized Cost Basis by Origination Year - Term Loans
Risk by Collateral	2024		2023		2022		2021		2020		Prior		Amortized Cost - Revolving Loans		Amortized Cost - Revolving Loans Converted to Term Loans		Total
Equipment/Accounts Receivable/Inventory
Pass	$	2,029,012	$	1,021,589	$	851,378	$	662,361	$	291,712	$	130,832	$	3,796,386	$	20,356	$	8,803,626
Special Mention		2,044		4,145		6,075		5,949		639		—		37,419		—		56,271
Substandard		23,044		20,101		58,659		14,444		822		4,240		141,289		—		262,599
Doubtful		195		—		—		—		—		—		—		—		195
Total Equipment/Accounts Receivable/Inventory	$	2,054,295	$	1,045,835	$	916,112	$	682,754	$	293,173	$	135,072	$	3,975,094	$	20,356	$	9,122,691
Agriculture
Pass	$	5,214	$	5,613	$	3,465	$	2,208	$	356	$	97	$	153,585	$	—	$	170,538
Special Mention		—		137		89		—		—		—		1,068		—		1,294
Substandard		4,643		—		—		—		—		—		1,893		—		6,536
Doubtful		—		—		—		—		—		—		—		—		—
Total Agriculture	$	9,857	$	5,750	$	3,554	$	2,208	$	356	$	97	$	156,546	$	—	$	178,368
NDFIs
Pass	$	266,024	$	350,733	$	94,730	$	8,997	$	10,467	$	9,080	$	929,976	$	—	$	1,670,007
Special Mention		—		—		—		—		—		—		11,478		—		11,478
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total NDFIs	$	266,024	$	350,733	$	94,730	$	8,997	$	10,467	$	9,080	$	941,454	$	—	$	1,681,485

A discussion of the credit quality indicators that impact each type of collateral securing Specialty loans is included below:

Asset-based lending General asset-based loans are secured by accounts receivable, inventory, equipment, and real estate. The purpose of these loans is for financing current operations for commercial customers. The repayment of debt is reliant upon collection of the accounts receivable within 30 to 90 days or converting assets into cash or through goods and services being sold and collected. The Company tracks each individual borrower credit risk based on their loan to collateral position. Any borrower position where the underlying value of collateral is below the fair value of the loan is considered out-of-margin and inherently higher risk.

A discussion of the credit quality indicators that impact each type of collateral securing Commercial real estate loans is included below:

Owner-occupied Owner-occupied loans are secured by commercial real estate. These loans are often longer tenured and susceptible to multiple economic cycles. The loans rely on the owner-occupied operations to service debt which cover a broad spectrum of industries. Real estate debt can carry a significant amount of leverage for a borrower to maintain.

Non-owner-occupied Non-owner-occupied loans are secured by commercial real estate. These loans are often longer tenured and susceptible to multiple economic cycles. The key element of risk in this type of lending is the cyclical nature of real estate markets. Although national conditions affect the overall real estate industry, the effect of national conditions on local markets is equally important. Factors such as unemployment rates, consumer demand, household formation, and the level of economic activity can vary widely from state to state and among metropolitan areas. In addition to geographic considerations, markets can be defined by property type. While all sectors are influenced by economic conditions, some sectors are more sensitive to certain economic factors than others.

Farmland Farmland loans are secured by real estate used for agricultural purposes such as crop and livestock production. Assets used as collateral are long-term assets that carry the ability to have longer amortizations and maturities. Longer terms carry the risk of added susceptibility to market conditions. The limited purpose of some Agriculture-related collateral affects credit risk because such collateral may have limited or no other uses to support values when loan repayment problems emerge.

5+ Multi-family 5+ multi-family loans are secured by a multi-family residential property. The primary risks associated with this type of collateral are largely driven by economic conditions. The national and local market conditions can change with unemployment rates or competing supply of multi-family housing. Tenants may not be able to afford their housing or have better options and this can result in increased vacancy. Rents may need to be lowered to fill apartment units. Increased vacancy and lower rental rates not only drive the borrower’s ability to repay debt but also contribute to how the collateral is valued.

1-4 Family construction 1-4 family construction loans are secured by 1-4 family residential real estate and are in the process of construction or improvements being made. The predominant risk inherent to this portfolio is the risk associated with a borrower’s ability to successfully complete a project on time and within budget. Market conditions also play an important role in understanding the risk profile. Risk from adverse changes in market conditions from the start of development to completion can result in deflated collateral values.

General construction General construction loans are secured by commercial real estate in process of construction or improvements being made and their repayment is dependent on the collateral’s completion. Construction lending presents unique risks not encountered in term financing of existing real estate. The predominant risk inherent to this portfolio is the risk associated with a borrower’s ability to successfully complete a project on time and within budget. Commercial properties under construction are susceptible to market and economic conditions. Demand from prospective customers may erode after construction begins because of a general economic slowdown or an increase in the supply of competing properties.

Based on the factors noted above for each type of collateral, the Company assigns risk ratings to borrowers based on their most recently assessed financial position.


	September 30, 2025
	Amortized Cost Basis by Origination Year - Term Loans
Risk by Collateral	2025		2024		2023		2022		2021		Prior		Amortized Cost - Revolving Loans		Amortized Cost - Revolving Loans Converted to Term Loans		Total
Owner-occupied
Pass	$	873,576	$	497,665	$	565,377	$	978,976	$	806,807	$	749,409	$	40,081	$	261	$	4,512,152
Special Mention		8,164		2,812		22,406		38,539		14,507		36,920		—		—		123,348
Substandard		19,921		3,097		47,401		15,438		8,789		13,588		—		2,543		110,777
Doubtful		—		—		288		—		—		—		—		—		288
Total Owner-occupied	$	901,661	$	503,574	$	635,472	$	1,032,953	$	830,103	$	799,917	$	40,081	$	2,804	$	4,746,565
Non-owner-occupied
Pass	$	1,266,928	$	686,369	$	999,652	$	1,056,343	$	830,144	$	882,211	$	42,193	$	—	$	5,763,840
Special Mention		80,138		15,759		4,278		6,844		749		23,797		—		—		131,565
Substandard		7,798		—		14,438		26,587		19,901		9,703		5,424		—		83,851
Doubtful		—		—		—		—		—		—		—		—		—
Total Non-owner-occupied	$	1,354,864	$	702,128	$	1,018,368	$	1,089,774	$	850,794	$	915,711	$	47,617	$	—	$	5,979,256
Farmland
Pass	$	114,282	$	78,522	$	76,892	$	125,116	$	89,992	$	166,043	$	44,640	$	86,787	$	782,274
Special Mention		15,461		1,274		13,618		8,946		139		815		1,029		—		41,282
Substandard		6,534		780		2,497		1,226		516		10,719		—		—		22,272
Doubtful		—		—		—		—		—		—		—		—		—
Total Farmland	$	136,277	$	80,576	$	93,007	$	135,288	$	90,647	$	177,577	$	45,669	$	86,787	$	845,828
5+ Multi-family
Pass	$	205,011	$	229,323	$	99,826	$	587,612	$	359,725	$	101,213	$	8,862	$	—	$	1,591,572
Special Mention		—		—		241		2,958		8,474		198		—		—		11,871
Substandard		—		—		—		8,244		—		—		—		—		8,244
Doubtful		—		—		—		—		—		—		—		—		—
Total 5+ Multi-family	$	205,011	$	229,323	$	100,067	$	598,814	$	368,199	$	101,411	$	8,862	$	—	$	1,611,687
1-4 Family construction
Pass	$	49,100	$	46,733	$	649	$	729	$	—	$	25	$	221	$	—	$	97,457
Special Mention		—		1,416		241		—		—		—		—		—		1,657
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total 1-4 Family construction	$	49,100	$	48,149	$	890	$	729	$	—	$	25	$	221	$	—	$	99,114
General construction
Pass	$	594,038	$	745,412	$	923,697	$	611,821	$	150,223	$	7,570	$	31,963	$	67,425	$	3,132,149
Special Mention		—		56,082		34,619		31,818		1,921		22		—		—		124,462
Substandard		5,002		—		421		31,135		—		124		7,250		—		43,932
Doubtful		—		102		—		—		—		—		—		—		102
Total General construction	$	599,040	$	801,596	$	958,737	$	674,774	$	152,144	$	7,716	$	39,213	$	67,425	$	3,300,645


	December 31, 2024
	Amortized Cost Basis by Origination Year - Term Loans
Risk by Collateral	2024		2023		2022		2021		2020		Prior		Amortized Cost - Revolving Loans		Amortized Cost - Revolving Loans Converted to Term Loans		Total
Owner-occupied
Pass	$	316,858	$	276,546	$	590,337	$	442,768	$	289,219	$	267,944	$	4,948	$	25,266	$	2,213,886
Special Mention		31,213		—		1,512		—		467		—		—		—		33,192
Substandard		4,446		503		1,631		37		4,113		7,263		—		—		17,993
Doubtful		—		—		—		—		—		—		—		—		—
Total Owner-occupied	$	352,517	$	277,049	$	593,480	$	442,805	$	293,799	$	275,207	$	4,948	$	25,266	$	2,265,071
Non-owner-occupied
Pass	$	784,434	$	514,745	$	981,769	$	727,365	$	404,362	$	324,310	$	32,312	$	—	$	3,769,297
Special Mention		—		13,028		25,000		—		—		—		—		—		38,028
Substandard		—		—		—		—		—		529		—		—		529
Doubtful		—		—		—		—		—		—		—		—		—
Total Non-owner-occupied	$	784,434	$	527,773	$	1,006,769	$	727,365	$	404,362	$	324,839	$	32,312	$	—	$	3,807,854
Farmland
Pass	$	36,771	$	45,055	$	45,131	$	36,127	$	182,769	$	14,209	$	106,468	$	3	$	466,533
Special Mention		982		—		13,023		—		—		2,324		1,000		—		17,329
Substandard		16,903		2,302		—		—		993		6,483		—		—		26,681
Doubtful		—		—		—		—		—		—		—		—		—
Total Farmland	$	54,656	$	47,357	$	58,154	$	36,127	$	183,762	$	23,016	$	107,468	$	3	$	510,543
5+ Multi-family
Pass	$	161,767	$	47,136	$	302,225	$	256,032	$	28,819	$	18,732	$	9,202	$	—	$	823,913
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total 5+ Multi-family	$	161,767	$	47,136	$	302,225	$	256,032	$	28,819	$	18,732	$	9,202	$	—	$	823,913
1-4 Family construction
Pass	$	46,096	$	1,385	$	—	$	—	$	—	$	—	$	5	$	—	$	47,486
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total 1-4 Family construction	$	46,096	$	1,385	$	—	$	—	$	—	$	—	$	5	$	—	$	47,486
General construction
Pass	$	493,614	$	643,050	$	1,221,251	$	235,758	$	4,049	$	504	$	74,950	$	—	$	2,673,176
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		1,835		1,288		—		—		10		—		—		3,133
Doubtful		109		—		—		—		—		—		—		—		109
Total General construction	$	493,723	$	644,885	$	1,222,539	$	235,758	$	4,049	$	514	$	74,950	$	—	$	2,676,418

A discussion of the credit quality indicators that impact each type of collateral securing Consumer real estate loans is included below:

HELOC HELOC loans are revolving lines of credit secured by 1-4 family residential property. The primary risk is the borrower’s inability to repay debt. Revolving notes are often associated with HELOCs that can be secured by real estate without a 1st lien priority. Collateral is susceptible to market volatility impacting home values or economic downturns.

First lien: 1-4 family First lien 1-4 family loans are secured by a first lien on 1-4 family residential property. These term loans carry longer maturities and amortizations. The longer tenure exposes the borrower to multiple economic cycles, coupled with longer amortizations that result in smaller principal reduction early in the life of the loan. Collateral is susceptible to market volatility impacting home values.

Junior lien: 1-4 family Junior lien 1-4 family loans are secured by a junior lien on 1-4 family residential property. The Company’s primary risk is the borrower’s inability to repay debt and not being in a first lien position. Collateral is susceptible to market volatility impacting home values or economic downturns.

A borrower is considered non-performing if the Company has ceased the recognition of interest and the loan is placed on non-accrual. Charge-offs and borrower performance are tracked on a loan origination vintage basis. Certain vintages, based on their maturation cycle, could be at higher risk due to collateral-based risk factors.

The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
	Amortized Cost Basis by Origination Year - Term Loans
Risk by Collateral	2025		2024		2023		2022		2021		Prior		Amortized Cost - Revolving Loans		Amortized Cost - Revolving Loans Converted to Term Loans		Total
HELOC
Performing	$	2,855	$	198	$	422	$	1,277	$	376	$	5,785	$	695,506	$	1,442	$	707,861
Non-performing		—		—		414		695		450		1,664		608		736		4,567
Total HELOC	$	2,855	$	198	$	836	$	1,972	$	826	$	7,449	$	696,114	$	2,178	$	712,428
First lien: 1-4 family
Performing	$	488,275	$	379,352	$	372,977	$	605,994	$	754,960	$	864,859	$	10,364	$	343	$	3,477,124
Non-performing		1,274		246		3,520		5,937		3,076		4,654		—		—		18,707
Total First lien: 1-4 family	$	489,549	$	379,598	$	376,497	$	611,931	$	758,036	$	869,513	$	10,364	$	343	$	3,495,831
Junior lien: 1-4 family
Performing	$	19,894	$	32,711	$	19,845	$	30,767	$	17,997	$	7,201	$	5,167	$	—	$	133,582
Non-performing		41		23		12		199		349		94		—		—		718
Total Junior lien: 1-4 family	$	19,935	$	32,734	$	19,857	$	30,966	$	18,346	$	7,295	$	5,167	$	—	$	134,300


	December 31, 2024
	Amortized Cost Basis by Origination Year - Term Loans
Risk by Collateral	2024		2023		2022		2021		2020		Prior		Amortized Cost - Revolving Loans		Amortized Cost - Revolving Loans Converted to Term Loans		Total
HELOC
Performing	$	90	$	16	$	450	$	203	$	249	$	3,780	$	390,843	$	1,879	$	397,510
Non-performing		—		—		—		252		85		1,269		—		605		2,211
Total HELOC	$	90	$	16	$	450	$	455	$	334	$	5,049	$	390,843	$	2,484	$	399,721
First lien: 1-4 family
Performing	$	413,060	$	358,303	$	559,689	$	633,749	$	496,615	$	272,601	$	—	$	—	$	2,734,017
Non-performing		335		2,939		5,328		1,468		143		1,027		—		—		11,240
Total First lien: 1-4 family	$	413,395	$	361,242	$	565,017	$	635,217	$	496,758	$	273,628	$	—	$	—	$	2,745,257
Junior lien: 1-4 family
Performing	$	12,516	$	9,952	$	9,903	$	3,978	$	2,934	$	2,631	$	75	$	—	$	41,989
Non-performing		—		17		101		—		—		45		—		—		163
Total Junior lien: 1-4 family	$	12,516	$	9,969	$	10,004	$	3,978	$	2,934	$	2,676	$	75	$	—	$	42,152

A discussion of the credit quality indicators that impact each type of collateral securing Consumer loans is included below:

Revolving line Consumer Revolving lines of credit are secured by consumer assets other than real estate. The primary risk associated with this collateral is related to market volatility and the value of the underlying financial assets.

Auto Direct consumer auto loans are secured by new and used consumer vehicles. The primary risk with this collateral class is the rate at which the collateral depreciates.

Other This category includes Other consumer loans made to an individual. The primary risk for this category is for those loans where the loan is unsecured. This collateral type also includes other unsecured lending such as consumer overdrafts.

The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
	Amortized Cost Basis by Origination Year - Term Loans
Risk by Collateral	2025		2024		2023		2022		2021		Prior		Amortized Cost - Revolving Loans		Amortized Cost - Revolving Loans Converted to Term Loans		Total
Revolving line
Performing	$	999	$	34	$	9	$	35	$	25	$	540	$	151,287	$	1,056	$	153,985
Non-performing		—		—		—		2		—		2		632		1		637
Total Revolving line	$	999	$	34	$	9	$	37	$	25	$	542	$	151,919	$	1,057	$	154,622
Auto
Performing	$	7,103	$	8,435	$	11,632	$	6,202	$	1,608	$	423	$	—	$	—	$	35,403
Non-performing		—		17		19		33		15		1		—		—		85
Total Auto	$	7,103	$	8,452	$	11,651	$	6,235	$	1,623	$	424	$	—	$	—	$	35,488
Other
Performing	$	6,607	$	12,141	$	4,157	$	8,560	$	964	$	822	$	—	$	—	$	33,251
Non-performing		—		23		3		34		—		32		—		—		92
Total Other	$	6,607	$	12,164	$	4,160	$	8,594	$	964	$	854	$	—	$	—	$	33,343


	December 31, 2024
	Amortized Cost Basis by Origination Year - Term Loans
Risk by Collateral	2024		2023		2022		2021		2020		Prior		Amortized Cost - Revolving Loans		Amortized Cost - Revolving Loans Converted to Term Loans		Total
Revolving line
Performing	$	35	$	—	$	—	$	—	$	—	$	—	$	101,407	$	—	$	101,442
Non-performing		—		—		—		—		—		—		—		—		—
Total Revolving line	$	35	$	—	$	—	$	—	$	—	$	—	$	101,407	$	—	$	101,442
Auto
Performing	$	8,567	$	7,418	$	3,534	$	1,920	$	673	$	283	$	—	$	—	$	22,395
Non-performing		—		11		—		8		—		—		—		—		19
Total Auto	$	8,567	$	7,429	$	3,534	$	1,928	$	673	$	283	$	—	$	—	$	22,414
Other
Performing	$	13,037	$	2,876	$	10,057	$	25,659	$	342	$	796	$	17,216	$	—	$	69,983
Non-performing		13		—		8		—		—		—		—		—		21
Total Other	$	13,050	$	2,876	$	10,065	$	25,659	$	342	$	796	$	17,216	$	—	$	70,004

A discussion of the credit quality indicators that impact Credit card loans is included below:

Consumer Consumer credit card loans are revolving loans made to individuals. The primary risk associated with this collateral class is credit card debt which is generally unsecured; therefore, repayment depends primarily on a borrower’s willingness and capacity to repay. The highly competitive environment for credit card lending provides consumers with ample opportunity to hold several credit cards from different issuers and to pay only minimum monthly payments on outstanding balances. In such an environment, borrowers may become over-extended and unable to repay, particularly in times of an economic downturn or a personal catastrophic event.

The consumer credit card portfolio is segmented by borrower payment activity. Transactors are defined as accounts that pay off their balance by the end of each statement cycle. Revolvers are defined as an account that carries a balance from one statement cycle to the next. These accounts incur monthly finance charges, and, sometimes, late fees. Revolvers are inherently higher risk and are tracked by credit score.

As of September 30, 2025, a co-branded credit card portfolio is also segmented between current and significantly delinquent loans, with accounts being considered significantly delinquent after 60 days. Current loans are segmented by borrower payment activity as described above. Significantly delinquent loans are tracked by the number of cycles past due.

Commercial Commercial credit card loans are revolving loans made to small and commercial businesses. The primary risk associated with this collateral class is credit card debt which is generally unsecured; therefore, repayment depends primarily on a borrower’s willingness and capacity to repay. Borrowers may become over-extended and unable to repay, particularly in times of an economic downturn or a catastrophic event.

The commercial credit card portfolio is segmented by current and past due payment status. A borrower is past due after 30 days. In general, commercial credit card customers do not have incentive to hold a balance resulting in paying interest on credit card debt as commercial customers will typically have other debt obligations with lower interest rates in which they can utilize for capital.

A discussion of the credit quality indicators that impact each type of collateral securing Leases and other loans is included below:

Leases Leases are either loans to individuals for household, family, and other personal expenditures or are loans related to all other direct financing and leveraged leases on property for leasing to lessees other than for household, family and other personal expenditure purposes. All leases are secured by the lease between the lessor and the lessee. These assignments grant the creditor a security interest in the rent stream from any lease, an important source of cash to pay the note in case of the borrower’s default.

Other Other loans are loans that are obligations of states and political subdivisions in the U.S., loans for purchasing or carrying securities, or all other non-consumer loans. Risk associated with other loans is tied to the underlying collateral by each type of loan. Collateral is generally equipment, accounts receivable, inventory, 1-4 family residential construction and is susceptible to the same risks mentioned with those collateral types previously.

Based on the factors noted above for each type of collateral, the Company assigns risk ratings to borrowers based on their most recently assessed financial position.

The ACL is a valuation account that is deducted from loans’ and held-to-maturity (HTM) securities’ amortized cost bases to present the net amount expected to be collected on the instrument. Loans and HTM securities are charged off against the ACL when management believes the balance has become uncollectible. Expected recoveries are included in the allowance and do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.

Management estimates the allowance balance using relevant available information, from internal and external sources, related to past events, current conditions, and reasonable and supportable economic forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses and is tracked over an economic cycle to capture a ‘through the cycle’ loss history. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in portfolio industry-based segmentation, risk rating and credit score changes, average prepayment rates, changes in environmental conditions, or other relevant factors. For economic forecasts, the Company uses the Moody’s baseline scenario. The Company has developed a dynamic reasonable and supportable forecast period that ranges from one to three years and changes based on economic conditions. The Company’s reasonable and supportable forecast period is one year. After the reasonable and supportable forecast period, the Company reverts to historical losses. The reversion method applied to each portfolio can either be cliff in which the Company reverts immediately to historical losses or straight-line over four quarters.

The ACL is measured on a collective (pool) basis when similar risk characteristics exist. The ACL also incorporates qualitative factors which represent adjustments to historical credit loss experience for items such as concentrations of credit and results of internal loan review. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods. The Company’s portfolio segmentation consists of Commercial and industrial, Specialty lending, Commercial real estate, Consumer real estate, Consumer, Credit cards, Leases and other, and Held-to-maturity securities. Multiple modeling techniques are used to measure credit losses based on the portfolio.

The ACL for Commercial and industrial and Leases and other segments are measured using a probability of default and loss given default method. Primary risk drivers within the segment are risk ratings of the individual loans along with changes of macro-economic variables. The economic variables utilized are typically comprised of leading and lagging indicators. The ACL for Commercial and industrial loans is calculated by modeling probability of default (PD) over future periods multiplied by historical loss given default rates (LGD) multiplied by contractual exposure at default minus any estimated prepayments and charge offs.

Collateral positions for Specialty lending loans are continuously monitored by the Company and the borrower is required to continually adjust the amount of collateral securing the loan. Credit losses are measured for any position where the amortized cost basis is greater than the fair value of the collateral. The ACL for specialty lending loans is calculated by using a bottom-up approach comparing collateral values to outstanding balances.

The ACL for the Commercial real estate segment is measured using a PD and LGD method. Primary risk characteristics within the segment are risk ratings of the individual loans, along with changes of macro-economic variables, such as interest rates, CRE price index, median household income, construction activity, farm income, and vacancy rates. The ACL for Commercial real estate loans is calculated by modeling PD over future periods based on peer bank data. The PD loss rate is then multiplied by historical LGD multiplied by contractual exposure at default minus any estimated prepayments and charge offs.

The ACL for the Consumer real estate and Consumer segments are measured using an origination vintage loss rate method applied to the loans’ amortized cost balance. The primary risk driver within the segments is year of origination along with changes of macro-economic variables such as unemployment and the home price index.

The Credit card segment contains both consumer and commercial credit cards. The ACL for Consumer credit cards is measured using a PD and LGD method for Revolvers and average historical loss rates across a defined lookback period for Transactors. The PD and LGD method used for Revolvers is similar in nature to the method used in the Commercial and industrial and Commercial real estate segments. Primary risk drivers within the segment are credit ratings of the individual card holders along with changes of macro-economic variables such as

unemployment and retail sales. The ACL for Commercial credit cards is measured using roll-rate loss rate method based on days past due.

The ACL for the State and political HTM securities segment is measured using a loss rate method based on historical bond rating transitions. Primary risk drivers within the segment are bond ratings in the portfolio along with changes of macro-economic conditions. There is no ACL for the U.S. Treasury, U.S. Agency, and GSE mortgage-backed HTM securities portfolios as they are considered to be agency-backed securities with no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. For further discussion on these securities, including the aging and amortized cost balance of HTM securities, see Note 5, “Securities.”

See the credit quality indicators presented previously for a summary of current risk in the Company’s portfolio. Changes in economic forecasts will affect all portfolio segments, updated financial records from borrowers will affect portfolio segments by risk rating, updated credit scores will affect consumer credit cards, payment performance will affect consumer and commercial credit card portfolio segments, and updated bond credit ratings will affect held-to-maturity securities. The Company actively monitors all credit quality indicators for risk changes that will influence the current estimate.

Expected credit losses are estimated over the contractual term of the loans, adjusted for prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a concessionary loan term has been granted to a borrower experiencing financial difficulty or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancelable by the Company.

Credit card receivables do not have stated maturities. In determining the estimated life of a credit card receivable, management first estimates the future cash flows expected to be received and then applies those expected future cash flows to the credit card balance. Expected credit losses for credit cards are determined by estimating the amount and timing of principal payments expected to be received as payment for the balance outstanding as of the reporting period until the expected payments have been fully allocated. The ACL is recorded for the excess of the balance outstanding as of the reporting period over the expected principal payments.

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually include loans on nonaccrual, loans that include modifications deemed concessionary made to borrowers experiencing financial difficulty, or any loans specifically identified, and are excluded from the collective evaluation. When it is determined that payment of interest or recovery of all principal is questionable, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for undiscounted selling costs as appropriate. All loans are classified as collateral dependent if placed on non-accrual or include modifications made to borrowers experiencing financial difficulty.

This table provides a rollforward of the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2025 and September 30, 2024 (in thousands):


	Three Months Ended September 30, 2025
	Commercial and industrial			Specialty lending		Commercial real estate			Consumer real estate			Consumer			Credit cards			Leases and other			Total - Loans			HTM			Total
Allowance for credit losses:
Beginning balance	$	210,728		$	—	$	153,489		$	5,521		$	1,567		$	17,913		$	700		$	389,918		$	4,275		$	394,193
PCD allowance for credit loss at acquisition		—			—		8,006			—			—			—			—			8,006			—			8,006
Charge-offs		(5,927	)		—		(4,572	)		(421	)		(830	)		(7,820	)		(7	)		(19,577	)		—			(19,577	)
Recoveries		65			—		—			75			175			873			6			1,194			—			1,194
Provision		18,402			—		(1,230	)		914			247			7,098			(1	)		25,430			(2,430	)		23,000
Ending balance - ACL	$	223,268		$	—	$	155,693		$	6,089		$	1,159		$	18,064		$	698		$	404,971		$	1,845		$	406,816
Allowance for credit losses on off-balance sheet credit exposures:
Beginning balance	$	4,331		$	—	$	3,540		$	180		$	98		$	—		$	54		$	8,203		$	18		$	8,221
Initial allowance for credit loss at acquisition		—			—		—			—			—			—			—			—			—			—
Provision		(169	)		—		(420	)		46			30			—			(5	)		(518	)		18			(500	)
Ending balance - ACL on off-balance sheet	$	4,162		$	—	$	3,120		$	226		$	128		$	—		$	49		$	7,685		$	36		$	7,721


	Three Months Ended September 30, 2024
	Commercial and industrial			Specialty lending			Commercial real estate			Consumer real estate			Consumer			Credit cards			Leases and other			Total - Loans			HTM			Total
Allowance for credit losses:
Beginning balance	$	151,448		$	—		$	68,862		$	3,567		$	632		$	13,936		$	722		$	239,167		$	2,956		$	242,123
Charge-offs		(892	)		—			—			(132	)		(357	)		(7,852	)		(4	)		(9,237	)		—			(9,237	)
Recoveries		219			1			—			22			40			498			3			783			—			783
Provision		7,387			(1	)		3,238			287			188			7,106			(11	)		18,194			(194	)		18,000
Ending balance - ACL	$	158,162		$	—		$	72,100		$	3,744		$	503		$	13,688		$	710		$	248,907		$	2,762		$	251,669
Allowance for credit losses on off-balance sheet credit exposures:
Beginning balance	$	2,288		$	—		$	1,681		$	80		$	13		$	—		$	32		$	4,094		$	44		$	4,138
Provision		252			—			(235	)		5			3			—			(1	)		24			(24	)		—
Ending balance - ACL on off-balance sheet	$	2,540		$	—		$	1,446		$	85		$	16		$	—		$	31		$	4,118		$	20		$	4,138


	Nine Months Ended September 30, 2025
	Commercial and industrial			Specialty lending		Commercial real estate			Consumer real estate			Consumer			Credit cards			Leases and other			Total - Loans			HTM			Total
Allowance for credit losses:
Beginning balance	$	161,553		$	—	$	77,340		$	4,327		$	966		$	14,272		$	631		$	259,089		$	2,645		$	261,734
PCD allowance for credit loss at acquisition		45,026			—		40,054			206			13			—			—			85,299			—			85,299
Charge-offs		(38,035	)		—		(11,074	)		(2,050	)		(2,253	)		(20,020	)		(7	)		(73,439	)		—			(73,439	)
Recoveries		254			—		184			238			420			2,620			6			3,722			—			3,722
Provision		54,470			—		49,189			3,368			2,013			21,192			68			130,300			(800	)		129,500
Ending balance - ACL	$	223,268		$	—	$	155,693		$	6,089		$	1,159		$	18,064		$	698		$	404,971		$	1,845		$	406,816
Allowance for credit losses on off-balance sheet credit exposures:
Beginning balance	$	2,234		$	—	$	1,741		$	70		$	16		$	—		$	63		$	4,124		$	14		$	4,138
Initial allowance for credit loss at acquisition		2,166			—		1,192			63			41			—			114			3,576			7			3,583
Provision		(238	)		—		187			93			71			—			(128	)		(15	)		15			—
Ending balance - ACL on off-balance sheet	$	4,162		$	—	$	3,120		$	226		$	128		$	—		$	49		$	7,685		$	36		$	7,721


	Nine Months Ended September 30, 2024
	Commercial and industrial			Specialty lending			Commercial real estate			Consumer real estate			Consumer			Credit cards			Leases and other			Total - Loans			HTM			Total
Allowance for credit losses:
Beginning balance	$	157,389		$	—		$	45,507		$	6,941		$	1,089		$	7,935		$	877		$	219,738		$	3,258		$	222,996
Charge-offs		(1,886	)		—			(250	)		(308	)		(1,026	)		(15,098	)		(4	)		(18,572	)		—			(18,572	)
Recoveries		1,837			3			—			632			138			1,632			3			4,245			—			4,245
Provision		822			(3	)		26,843			(3,521	)		302			19,219			(166	)		43,496			(496	)		43,000
Ending balance - ACL	$	158,162		$	—		$	72,100		$	3,744		$	503		$	13,688		$	710		$	248,907		$	2,762		$	251,669
Allowance for credit losses on off-balance sheet credit exposures:
Beginning balance	$	4,152		$	186		$	460		$	117		$	9		$	—		$	100		$	5,024		$	64		$	5,088
Provision		(1,612	)		(186	)		986			(32	)		7			—			(69	)		(906	)		(44	)		(950	)
Ending balance - ACL on off-balance sheet	$	2,540		$	—		$	1,446		$	85		$	16		$	—		$	31		$	4,118		$	20		$	4,138

Purchased loans that reflect a more than insignificant credit deterioration since origination at the date of acquisition are classified as PCD loans. PCD loans are recorded at fair value plus the ACL expected at the time of acquisition. Upon the acquisition of HTLF, the Company recorded $62.1 million to establish the PCD ACL. During the second and third quarters of 2025, the Company recorded an additional $15.2 million and $8.0 million, respectively, to the PCD ACL based on credit factors that were determined to be in existence as of the date of acquisition.

The allowance for credit losses on off-balance sheet credit exposures is recorded in the Accrued expenses and taxes line of the Company’s Consolidated Balance Sheets. See Note 10 “Commitments, Contingencies and Guarantees.”

The following tables provide the amortized cost balance of financial assets considered collateral dependent as of September 30, 2025 and December 31, 2024 (in thousands):


	September 30, 2025
Loan Segment and Type	Amortized Cost of Collateral Dependent Assets		Related Allowance for Credit Losses		Amortized Cost of Collateral Dependent Assets with no related Allowance
Commercial and industrial:
Equipment/Accounts Receivable/Inventory	$	31,315	$	15,670	$	12,498
Agriculture		1,054		—		1,054
NDFIs		1,241		—		1,241
Total Commercial and industrial		33,610		15,670		14,793
Specialty lending:
Asset-based lending		—		—		—
Total Specialty lending		—		—		—
Commercial real estate:
Owner-occupied		8,300		2,335		1,558
Non-owner-occupied		52,876		9,423		9,342
Farmland		1,740		—		1,740
5+ Multi-family		—		—		—
1-4 Family construction		—		—		—
General construction		7,089		154		6,670
Total Commercial real estate		70,005		11,912		19,310
Consumer real estate:
HELOC		4,806		—		4,806
First lien: 1-4 family		19,025		—		19,025
Junior lien: 1-4 family		802		—		802
Total Consumer real estate		24,633		—		24,633
Consumer:
Revolving line		645		—		645
Auto		87		—		87
Other		96		—		96
Total Consumer		828		—		828
Leases and other:
Leases		—		—		—
Other		—		—		—
Total Leases and other		—		—		—
Total loans	$	129,076	$	27,582	$	59,564


	December 31, 2024
Loan Segment and Type	Amortized Cost of Collateral Dependent Assets		Related Allowance for Credit Losses		Amortized Cost of Collateral Dependent Assets with no related Allowance
Commercial and industrial:
Equipment/Accounts Receivable/Inventory	$	4,423	$	—	$	4,423
Agriculture		—		—		—
NDFIs		—		—		—
Total Commercial and industrial		4,423		—		4,423
Specialty lending:
Asset-based lending		—		—		—
Total Specialty lending		—		—		—
Commercial real estate:
Owner-occupied		707		—		707
Non-owner-occupied		—		—		—
Farmland		135		—		135
5+ Multi-family		—		—		—
1-4 Family construction		—		—		—
General construction		118		—		118
Total Commercial real estate		960		—		960
Consumer real estate:
HELOC		2,211		—		2,211
First lien: 1-4 family		11,240		—		11,240
Junior lien: 1-4 family		163		—		163
Total Consumer real estate		13,614		—		13,614
Consumer:
Revolving line		—		—		—
Auto		19		—		19
Other		21		—		21
Total Consumer		40		—		40
Leases and other:
Leases		—		—		—
Other		—		—		—
Total Leases and other		—		—		—
Total loans	$	19,037	$	—	$	19,037

In the normal course of business, the Company may execute loan modifications with borrowers. These modifications are analyzed to determine whether the modification is considered concessionary, long term and made to a borrower experiencing financial difficulty. The Company’s modifications generally include interest rate adjustments, principal reductions, and amortization and maturity date extensions. These modifications allow the borrower short-term cash relief to allow them to improve their financial condition. If a loan modification is determined to be made to a borrower experiencing financial difficulty, the loan is considered collateral dependent and evaluated as part of the ACL as described above in the Allowance for Credit Losses section of this note.

For the three months ended September 30, 2025, the Company had one new modification on a residential real estate loan made to a borrower experiencing financial difficulty with a total pre-modification loan balance of $401 thousand and a total post-modification loan balance of $432 thousand. For the nine months ended September 30, 2025, the Company had three modifications on residential real estate loans made to borrowers experiencing financial difficulty with a total pre-modification loan balance of $757 thousand and a total post-modification loan balance of $790 thousand. For the three months ended September 30, 2024, the Company had no new modifications. For the nine months ended September 30, 2024, the Company had two modifications on residential real estate loans made to borrowers experiencing financial difficulty with a total pre-modification loan balance of $291 thousand and a total post-modification loan balance of $293 thousand.

The Company had no commitments to lend to borrowers experiencing financial difficulty for which the Company has modified an existing loan as of September 30, 2025 and 2024. The Company monitors loan payments on an on-going basis to determine if a loan is considered to have a payment default. Determination of payment default involves analyzing the economic conditions that exist for each customer and their ability to generate positive cash flows during the loan term. For the three and nine months ended September 30, 2025 and 2024, the Company had no loan modifications made to borrowers experiencing financial difficulty for which there was a payment default within the 12 months following the modification date.