The Company uses the discounted cash flow (“DCF”) method to estimate expected losses for all of the Company’s loan pools. These pools are as follows: construction & land development; other commercial real estate; residential real estate; commercial & industrial; and consumer & other. The loan portfolio pools were selected in order to generally align with the loan categories specified in the quarterly call reports required to be filed with the Federal Financial Institutions Examination Council. For each of these loan pools, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers.

Management qualitatively adjusts model results for risk factors ("Q-Factors") that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These Q-Factors and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system; and (ix) economic conditions.

Each year management evaluates the performance of the selected models used in the CECL calculation through backtesting. Based on the results of the testing, management determines if the various models produced accurate results compared to the actual losses incurred for the current economic environment. Management then determines if changes to the input assumptions and economic factors would produce a stronger overall calculation that is more responsive to changes in economic conditions. The Company continues to use regression analysis to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default for the changes in the economic factors for the loss driver segments. The identified loss drivers by segment are included below as of both March 31, 2024 and December 31, 2023.



Loss Driver Segment	Call Report Segment(s)	Modeled Economic Factors
1-4 Family Construction	1a1	National Unemployment (%) & Housing Price Index (%)
All Other Construction	1a2	National Unemployment (%) & Gross Domestic Product (%)
1-4 Family Revolving HELOC & Junior Liens	1c1	National Unemployment (%) & Housing Price Index – CoreLogic (%)
1-4 Family Revolving HELOC & Junior Liens	1c2b	National Unemployment (%) & Gross Domestic Product (%)
1-4 Family Senior Liens	1c2a	National Unemployment (%) & Gross Domestic Product (%)
Multifamily	1d	Rental Vacancy Rate (%) & Housing Price Index – Case-Schiller (%)
Owner Occupied CRE	1e1	National Unemployment (%) & Gross Domestic Product (%)
Non-Owner Occupied CRE	1e2,1b,8	National Unemployment (%) & Gross Domestic Product (%)
Commercial & Industrial, Agricultural, Non-Depository Financial Institutions, Purchase/Carry Securities, Other	4a, 3, 9a, 9b1, 9b2, 10, Other	National Unemployment (%) & National Retail Sales (%)
Consumer Auto	6c	National Unemployment (%) & National Retail Sales (%)
Other Consumer	6b, 6d	National Unemployment (%) & National Retail Sales (%)
Other Consumer - SPF	6d	National Unemployment (%)

The combination of adjustments for credit expectations (default and loss) and time expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An allowance for credit loss is established for the difference between the instrument’s NPV and amortized cost basis.

Construction/Land Development and Other Commercial Real Estate Loans. We originate non-farm and non-residential loans (primarily secured by commercial real estate), construction/land development loans, and agricultural loans, which are generally secured by real estate located in our market areas. Our commercial mortgage loans are generally collateralized by first liens on real estate and amortized (where defined) over a 15 to 30 year period with balloon payments due at the end of one to five years. These loans are generally underwritten by assessing cash flow (debt service coverage), primary and secondary source of repayment, the financial strength of any guarantor, the strength of the tenant (if any), the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. Generally, we will loan up to 85% of the value of improved property, 65% of the value of raw land and 75% of the value of land to be acquired and developed. A first lien on the property and assignment of lease is required if the collateral is rental property, with second lien positions considered on a case-by-case basis.

Commercial and Industrial Loans. Commercial and industrial loans are made for a variety of business purposes, including working capital, inventory, equipment and capital expansion. The terms for commercial loans are generally one to seven years Commercial loan applications must be supported by current financial information on the borrower and, where appropriate, by adequate collateral. Commercial loans are generally underwritten by addressing cash flow (debt service coverage), primary and secondary sources of repayment, the financial strength of any guarantor, the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. The loan to value ratio depends on the type of collateral. Generally, accounts receivable are financed at between 50% and 80% of accounts receivable less than 60 days past due. Inventory financing will range between 50% and 80% (with no work in process) depending on the borrower and nature of inventory. We require a first lien position for those loans.

Off-Balance Sheet Credit Exposures. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit loss on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The Company uses the DCF method to estimate expected losses for all of the Company’s off-balance sheet credit exposures through the use of the existing DCF models for the Company’s loan portfolio pools. The off-balance sheet credit exposures exhibit similar risk characteristics as loans currently in the Company’s loan portfolio.


	Three Months Ended March 31, 2024
	Construction/ Land Development		Other Commercial Real Estate		Residential Real Estate		Commercial & Industrial		Consumer & Other		Total
	(In thousands)
Allowance for credit losses:
Beginning balance	$	33,877	$	78,635	$	55,860	$	92,810	$	27,052	$	288,234

Loans charged off	(1)		(1,102)		(159)		(1,746)		(970)		(3,978)
Recoveries of loans previously charged off	7		20		19		101		391		538
Net loans recovered (charged off)	6		(1,082)		(140)		(1,645)		(579)		(3,440)

Provision for credit losses	2,038		1,575		1,183		(157)		861		5,500
Balance, March 31	$	35,921	$	79,128	$	56,903	$	91,008	$	27,334	$	290,294


	Three Months Ended March 31, 2023 and Year Ended December 31, 2023
	Construction/ Land Development			Other Commercial Real Estate			Residential Real Estate			Commercial & Industrial			Consumer & Other		Total
	(In thousands)
Allowance for credit losses:
Beginning balance	$	32,243		$	93,848		$	50,963		$	89,354		$	23,261	$	289,669
Loans charged off	(25)			(73)			(59)			(3,006)			(1,125)		(4,288)
Recoveries of loans previously charged off	7			19			126			109			327		588
Net loans (charged off) recovered	(18)			(54)			67			(2,897)			(798)		(3,700)

Provision for credit loss - loans	(1,053)			(6,816)			403			5,939			2,727		1,200
Balance, March 31	31,172		—	86,978		—	51,433		—	92,396		—	25,190		287,169
Loans charged off	(238)			(2,262)			(210)			(6,151)			(2,906)		(11,767)
Recoveries of loans previously charged off	106			514			203			474			785		2,082
Net loans (charged off) recovered	(132)			(1,748)			(7)			(5,677)			(2,121)		(9,685)
Provision for credit loss - loans	2,837			(6,595)			4,434			6,091			3,983		10,750
Balance, December 31	$	33,877		$	78,635		$	55,860		$	92,810		$	27,052	$	288,234


	December 31, 2023
	Nonaccrual		Nonaccrual with Reserve		Loans Past Due Over 90 Days Still Accruing
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential	$	13,178	$	—	$	2,177
Construction/land development	12,094		—		255
Agricultural	431		—		—
Residential real estate loans
Residential 1-4 family	20,351		—		84
Multifamily residential	—		—		—
Total real estate	46,054		—		2,516
Consumer	3,423		—		79
Commercial and industrial	9,982		2,534		1,535
Agricultural & other	512		—		—
Total	$	59,971	$	2,534	$	4,130

Loans that do not share risk characteristics are evaluated on an individual basis. For these loans, where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, net of estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the fair value of the underlying collateral less estimated costs to sell. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the loan, net of estimated costs to sell.


	March 31, 2024
	Loans Past Due 30-59 Days		Loans Past Due 60-89 Days		Loans Past Due 90 Days or More		Total Past Due		Current Loans		Total Loans Receivable		Accruing Loans Past Due 90 Days or More
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential	$	2,628	$	1,148	$	22,264	$	26,040	$	5,590,925	$	5,616,965	$	9,377
Construction/land development	1,525		103		16,385		18,013		2,312,542		2,330,555		603
Agricultural	301		311		414		1,026		336,592		337,618		—
Residential real estate loans
Residential 1-4 family	10,488		1,466		22,580		34,534		1,865,440		1,899,974		543
Multifamily residential	790		—		—		790		415,136		415,926		—
Total real estate	15,732		3,028		61,643		80,403		10,520,635		10,601,038		10,523
Consumer	417		151		4,687		5,255		1,157,973		1,163,228		48
Commercial and industrial	1,426		2,747		13,280		17,453		2,267,322		2,284,775		2,311
Agricultural & other	462		48		373		883		463,749		464,632		46
Total	$	18,037	$	5,974	$	79,983	$	103,994	$	14,409,679	$	14,513,673	$	12,928


	December 31, 2023
	Loans Past Due 30-59 Days		Loans Past Due 60-89 Days		Loans Past Due 90 Days or More		Total Past Due		Current Loans		Total Loans Receivable		Accruing Loans Past Due 90 Days or More
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential	$	8,124	$	416	$	15,355	$	23,895	$	5,526,059	$	5,549,954	$	2,177
Construction/land development	1,430		—		12,349		13,779		2,279,268		2,293,047		255
Agricultural	474		314		431		1,219		323,937		325,156		—
Residential real estate loans
Residential 1-4 family	4,346		1,423		20,435		26,204		1,818,056		1,844,260		84
Multifamily residential	—		—		—		—		435,736		435,736		—
Total real estate	14,374		2,153		48,570		65,097		10,383,056		10,448,153		2,516
Consumer	1,022		303		3,502		4,827		1,148,863		1,153,690		79
Commercial and industrial	2,089		3,378		11,517		16,984		2,308,007		2,324,991		1,535
Agricultural and other	1,074		113		512		1,699		496,195		497,894		—
Total	$	18,559	$	5,947	$	64,101	$	88,607	$	14,336,121	$	14,424,728	$	4,130

•Risk rating 1 – Excellent. Loans in this category are to persons or entities of unquestionable financial strength, a highly liquid financial position, with collateral that is liquid and well margined. These borrowers have performed without question on past obligations, and the Bank expects their performance to continue. Internally generated cash flow covers current maturities of long-term debt by a substantial margin. Loans secured by bank certificates of deposit and savings accounts, with appropriate holds placed on the accounts, are to be rated in this category.

•Risk rating 2 – Good. These are loans to persons or entities with strong financial condition and above-average liquidity that have previously satisfactorily handled their obligations with the Bank. Collateral securing the Bank’s debt is margined in accordance with policy guidelines. Internally generated cash flow covers current maturities of long-term debt more than adequately. Unsecured loans to individuals supported by strong financial statements and on which repayment is satisfactory may be included in this classification.

•Risk rating 3 – Satisfactory. Loans to persons or entities with an average financial condition, adequate collateral margins, adequate cash flow to service long-term debt, and net worth comprised mainly of fixed assets are included in this category. These entities are minimally profitable now, with projections indicating continued profitability into the foreseeable future. Closely held corporations or businesses where a majority of the profits are withdrawn by the owners or paid in dividends are included in this rating category. Overall, these loans are basically sound.

•Risk rating 4 – Watch. Borrowers who have marginal cash flow, marginal profitability or have experienced an unprofitable year and a declining financial condition characterize these loans. The borrower has in the past satisfactorily handled debts with the Bank, but in recent months has either been late, delinquent in making payments, or made sporadic payments. While the Bank continues to be adequately secured, margins have decreased or are decreasing, despite the borrower’s continued satisfactory condition. Other characteristics of borrowers in this class include inadequate credit information, weakness of financial statement and repayment capacity, but with collateral that appears to limit exposure.

•Risk rating 7 – Doubtful. A loan classified as doubtful has all the weaknesses inherent in a loan classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. These are poor quality loans in which neither the collateral, if any, nor the financial condition of the borrower presently ensure collectability in full in a reasonable period of time; in fact, there is permanent impairment in the collateral securing the loan.

•Risk rating 8 – Loss. Assets classified as loss are considered uncollectible and of such little value that the continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this basically worthless asset, even though partial recovery may occur in the future. This classification is based upon current facts, not probabilities. Assets classified as loss should be charged-off in the period in which they became uncollectible.

The Company’s classified loans include loans in risk ratings 6, 7 and 8. Loans may be classified, but not considered collateral dependent, due to one of the following reasons: (1) The Company has established minimum dollar amount thresholds for credit loss testing. All loans over $2.0 million that are rated 5 – 8 are individually assessed for credit losses on a quarterly basis. Loans rated 5 – 8 that fall under the threshold amount are not individually tested for credit losses and therefore are not included in collateral dependent loans; (2) of the loans that are above the threshold amount and tested for credit losses after testing, some are considered to not be collateral dependent and are not included in collateral dependent loans.


	March 31, 2024
	Term Loans Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Risk rating 1	$	—	$	—	$	—	$	—	$	—	$	342	$	91	$	433
Risk rating 2	—		—		—		—		—		109		—		109
Risk rating 3	83,363		331,573		594,821		581,031		241,146		1,121,885		437,309		3,391,128
Risk rating 4	7,718		157,901		499,982		251,916		157,181		710,773		133,521		1,918,992
Risk rating 5	—		—		800		10,612		—		53,802		—		65,214
Risk rating 6	—		—		8,191		9,205		24,133		199,371		189		241,089
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total non-farm/non-residential	91,081		489,474		1,103,794		852,764		422,460		2,086,282		571,110		5,616,965
Construction/land development
Risk rating 1	$	—	$	—	$	—	$	10	$	—	$	—	$	—	$	10
Risk rating 2	—		138		—		—		—		179		—		317
Risk rating 3	103,471		338,932		491,298		113,870		50,553		70,571		47,987		1,216,682
Risk rating 4	17,872		165,321		426,339		220,985		19,545		52,325		193,864		1,096,251
Risk rating 5	—		635		—		—		—		67		—		702
Risk rating 6	—		—		11,796		1,602		1,279		901		943		16,521
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		72		—		—		—		72
Total construction/land development	121,343		505,026		929,433		336,539		71,377		124,043		242,794		2,330,555
Agricultural
Risk rating 1	$	700	$	—	$	1,550	$	—	$	—	$	—	$	—	$	2,250
Risk rating 2	—		245		—		1,908		—		—		—		2,153
Risk rating 3	12,689		35,840		43,636		20,758		24,044		48,712		26,975		212,654
Risk rating 4	7,297		9,474		22,316		18,238		13,622		40,145		4,636		115,728
Risk rating 5	—		—		—		—		—		882		—		882
Risk rating 6	—		—		—		1,668		1,084		1,199		—		3,951
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total agricultural	20,686		45,559		67,502		42,572		38,750		90,938		31,611		337,618
Total commercial real estate loans	$	233,110	$	1,040,059	$	2,100,729	$	1,231,875	$	532,587	$	2,301,263	$	845,515	$	8,285,138
Residential real estate loans
Residential 1-4 family
Risk rating 1	$	—	$	—	$	—	$	—	$	—	$	96	$	2	$	98
Risk rating 2	—		867		—		—		—		14		1		882
Risk rating 3	68,236		222,450		374,959		238,269		140,564		399,083		123,952		1,567,513
Risk rating 4	3,710		14,286		43,663		52,466		20,855		76,831		85,756		297,567
Risk rating 5	—		158		670		29		298		1,412		—		2,567
Risk rating 6	—		1,274		5,386		3,915		3,939		16,047		784		31,345
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		2		—		2
Total residential 1-4 family	71,946		239,035		424,678		294,679		165,656		493,485		210,495		1,899,974


	March 31, 2024
	Term Loans Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Multifamily residential
Risk rating 1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk rating 2	—		—		—		—		—		—		—		—
Risk rating 3	424		3,300		25,242		37,413		44,195		81,998		6,867		199,439
Risk rating 4	—		696		81,319		38,046		64,246		23,736		8,041		216,084
Risk rating 5	—		—		150		—		—		—		—		150
Risk rating 6	—		—		—		—		—		253		—		253
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total multifamily residential	424		3,996		106,711		75,459		108,441		105,987		14,908		415,926
Total real estate	$	305,480	$	1,283,090	$	2,632,118	$	1,602,013	$	806,684	$	2,900,735	$	1,070,918	$	10,601,038
Consumer
Risk rating 1	$	2,232	$	4,108	$	2,526	$	1,834	$	769	$	1,238	$	1,529	$	14,236
Risk rating 2	—		—		—		—		—		170		—		170
Risk rating 3	44,644		230,405		238,893		206,923		102,296		289,483		1,196		1,113,840
Risk rating 4	904		7,573		8,067		1,015		49		4,911		255		22,774
Risk rating 5	—		5,052		—		223		165		905		—		6,345
Risk rating 6	—		186		1,482		950		932		2,276		23		5,849
Risk rating 7	—		13		—		—		—		—		—		13
Risk rating 8	—		—		—		—		1		—		—		1
Total consumer	47,780		247,337		250,968		210,945		104,212		298,983		3,003		1,163,228
Commercial and industrial
Risk rating 1	$	678	$	1,729	$	860	$	816	$	231	$	20,920	$	12,287	$	37,521
Risk rating 2	—		160		1,221		208		10		20		1,130		2,749
Risk rating 3	21,943		475,638		267,003		73,719		52,985		248,283		227,129		1,366,700
Risk rating 4	32,124		50,433		33,941		44,843		19,245		85,821		425,396		691,803
Risk rating 5	—		20		832		16,270		3,186		972		2,123		23,403
Risk rating 6	22		12,147		72,252		4,576		668		20,577		52,352		162,594
Risk rating 7	—		—		—		—		—		5		—		5
Risk rating 8	—		—		—		—		—		—		—		—
Total commercial and industrial	54,767		540,127		376,109		140,432		76,325		376,598		720,417		2,284,775
Agricultural and other
Risk rating 1	$	427	$	402	$	120	$	16	$	105	$	—	$	331	$	1,401
Risk rating 2	71		308		28		1		—		1,216		743		2,367
Risk rating 3	17,995		51,938		40,941		30,317		25,416		44,812		140,789		352,208
Risk rating 4	3,781		8,139		9,975		7,231		642		13,634		62,823		106,225
Risk rating 5	—		—		312		—		61		593		15		981
Risk rating 6	—		77		31		55		97		368		822		1,450
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total agricultural and other	22,274		60,864		51,407		37,620		26,321		60,623		205,523		464,632
Total	$	430,301	$	2,131,418	$	3,310,602	$	1,991,010	$	1,013,542	$	3,636,939	$	1,999,861	$	14,513,673


	December 31, 2023
	Term Loans Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Risk rating 1	$	—	$	—	$	—	$	—	$	232	$	116	$	55	$	403
Risk rating 2	—		—		—		—		111		—		—		111
Risk rating 3	305,742		584,860		568,413		243,177		216,746		934,111		440,414		3,293,463
Risk rating 4	83,089		557,540		242,217		224,378		149,258		590,864		95,360		1,942,706
Risk rating 5	—		—		10,000		—		14,095		42,694		758		67,547
Risk rating 6	—		8,198		9,958		23,743		24,380		179,350		95		245,724
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total non-farm/non-residential	388,831		1,150,598		830,588		491,298		404,822		1,747,135		536,682		5,549,954
Construction/land development
Risk rating 1	$	—	$	—	$	10	$	—	$	—	$	—	$	—	$	10
Risk rating 2	759		—		—		—		—		186		—		945
Risk rating 3	300,941		499,984		130,342		62,134		22,656		56,180		44,603		1,116,840
Risk rating 4	198,874		417,244		252,602		22,713		32,342		24,527		209,063		1,157,365
Risk rating 5	641		1,163		—		3,306		218		69		—		5,397
Risk rating 6	—		7,817		1,631		748		641		254		1,327		12,418
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		72		—		—		—		—		72
Total construction/land development	501,215		926,208		384,657		88,901		55,857		81,216		254,993		2,293,047
Agricultural
Risk rating 1	$	—	$	1,605	$	—	$	—	$	—	$	—	$	—	$	1,605
Risk rating 2	247		—		1,936		—		—		—		—		2,183
Risk rating 3	30,252		43,291		22,919		25,992		10,678		43,284		20,104		196,520
Risk rating 4	9,477		24,688		20,358		19,532		7,873		32,692		4,612		119,232
Risk rating 5	—		—		—		—		314		571		—		885
Risk rating 6	—		—		1,675		1,084		1,620		352		—		4,731
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total agricultural	39,976		69,584		46,888		46,608		20,485		76,899		24,716		325,156
Total commercial real estate loans	$	930,022	$	2,146,390	$	1,262,133	$	626,807	$	481,164	$	1,905,250	$	816,391	$	8,168,157
Residential real estate loans
Residential 1-4 family
Risk rating 1	$	—	$	—	$	—	$	—	$	—	$	144	$	2	$	146
Risk rating 2	259		—		—		—		—		20		1		280
Risk rating 3	246,462		366,149		241,985		145,339		93,751		324,569		122,950		1,541,205
Risk rating 4	14,992		37,444		55,406		21,240		13,313		67,084		62,356		271,835
Risk rating 5	—		243		246		479		831		1,343		40		3,182
Risk rating 6	71		5,361		2,926		4,064		3,432		10,567		1,189		27,610
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		2		—		2
Total residential 1-4 family	261,784		409,197		300,563		171,122		111,327		403,729		186,538		1,844,260


	December 31, 2023
	Term Loans Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Multifamily residential
Risk rating 1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk rating 2	—		—		—		—		—		—		—		—
Risk rating 3	3,314		9,827		37,755		44,407		31,436		53,068		6,537		186,344
Risk rating 4	669		77,185		69,546		64,295		8,116		18,490		7,822		246,123
Risk rating 5	—		—		—		—		—		3,006		—		3,006
Risk rating 6	—		—		—		—		263		—		—		263
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total multifamily residential	3,983		87,012		107,301		108,702		39,815		74,564		14,359		435,736
Total real estate	$	1,195,789	$	2,642,599	$	1,669,997	$	906,631	$	632,306	$	2,383,543	$	1,017,288	$	10,448,153
Consumer
Risk rating 1	$	5,195	$	2,952	$	2,002	$	839	$	355	$	1,114	$	1,580	$	14,037
Risk rating 2	—		—		—		—		126		54		—		180
Risk rating 3	240,897		245,543		211,312		108,009		108,063		191,220		1,264		1,106,308
Risk rating 4	9,597		7,534		2,479		69		109		6,073		214		26,075
Risk rating 5	22		—		22		483		872		261		—		1,660
Risk rating 6	204		1,559		830		581		881		1,349		11		5,415
Risk rating 7	15		—		—		—		—		—		—		15
Risk rating 8	—		—		—		—		—		—		—		—
Total consumer	255,930		257,588		216,645		109,981		110,406		200,071		3,069		1,153,690
Commercial and industrial
Risk rating 1	$	3,757	$	918	$	1,120	$	236	$	121	$	20,835	$	12,644	$	39,631
Risk rating 2	174		1,293		220		12		164		218		963		3,044
Risk rating 3	487,896		272,608		78,507		50,340		77,761		170,610		227,043		1,364,765
Risk rating 4	115,025		34,474		55,812		33,000		27,189		71,854		378,417		715,771
Risk rating 5	21		547		16,318		3,352		201		980		1,767		23,186
Risk rating 6	12,498		75,536		4,942		1,154		9,086		12,180		63,198		178,594
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total commercial and industrial	619,371		385,376		156,919		88,094		114,522		276,677		684,032		2,324,991
Agricultural and other
Risk rating 1	$	408	$	131	$	16	$	105	$	—	$	2	$	563	$	1,225
Risk rating 2	396		28		1		—		1,181		100		693		2,399
Risk rating 3	52,758		45,796		31,378		26,918		3,059		43,984		145,419		349,312
Risk rating 4	14,007		7,663		8,025		955		10,955		3,188		94,186		138,979
Risk rating 5	—		2,286		—		134		—		593		665		3,678
Risk rating 6	71		33		63		108		—		370		1,656		2,301
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total agricultural and other	67,640		55,937		39,483		28,220		15,195		48,237		243,182		497,894
Total	$	2,138,730	$	3,341,500	$	2,083,044	$	1,132,926	$	872,429	$	2,908,528	$	1,947,571	$	14,424,728


	March 31, 2024
	Gross Loan Write-Offs by Origination Year
	2024			2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Real estate
Commercial real estate loans
Non-farm/non-residential	$	—		$	—	$	—	$	750	$	1	$	351	$	—	$	1,102
Construction/land development	—			—		—		—		1		—		—		1
Agricultural	—			—		—		—		—		—		—		—
Residential real estate loans
Residential 1-4 family	—			1		68		—		25		65		—		159

Total real estate	—			1		68		750		27		416		—		1,262
Consumer	—			12		39		26		87		34		—		198
Commercial and industrial	—			106		25		258		—		2		1,355		1,746
Agricultural & other	772		*	—		—		—		—		—		—		772
Total	$	772		$	119	$	132	$	1,034	$	114	$	452	$	1,355	$	3,978


	December 31, 2023
	Gross Loan Write-Offs by Origination Year
	2023			2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Real estate
Commercial real estate loans
Non-farm/non-residential	$	—		$	—	$	—	$	—	$	1,826	$	502	$	—	$	2,328
Construction/land development	—			2		168		5		—		88		—		263
Agricultural	—			—		—		—		1		6		—		7
Residential real estate loans
Residential 1-4 family	—			29		28		73		13		126		—		269

Total real estate	—			31		196		78		1,840		722		—		2,867
Consumer	—			51		44		98		63		263		25		544
Commercial and industrial	—			407		1,110		894		911		5,369		466		9,157
Agricultural & other	3,252		**	1		1		2		64		3		164		3,487
Total	$	3,252		$	490	$	1,351	$	1,072	$	2,878	$	6,357	$	655	$	16,055


	March 31, 2024
	Term Loans Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Performing	$	91,081	$	489,474	$	1,103,713	$	844,097	$	421,053	$	2,052,324	$	571,030	$	5,572,772
Non-performing	—		—		81		8,667		1,407		33,958		80		44,193
Total non-farm/non-residential	91,081		489,474		1,103,794		852,764		422,460		2,086,282		571,110		5,616,965
Construction/land development
Performing	$	121,343	$	505,026	$	917,637	$	334,866	$	70,220	$	123,226	$	241,852	$	2,314,170
Non-performing	—		—		11,796		1,673		1,157		817		942		16,385
Total construction/ land development	121,343		505,026		929,433		336,539		71,377		124,043		242,794		2,330,555
Agricultural
Performing	$	20,686	$	45,559	$	67,502	$	42,501	$	38,750	$	90,595	$	31,611	$	337,204
Non-performing	—		—		—		71		—		343		—		414
Total agricultural	20,686		45,559		67,502		42,572		38,750		90,938		31,611		337,618
Total commercial real estate loans	$	233,110	$	1,040,059	$	2,100,729	$	1,231,875	$	532,587	$	2,301,263	$	845,515	$	8,285,138
Residential real estate loans
Residential 1-4 family
Performing	$	71,946	$	238,505	$	420,458	$	291,510	$	162,453	$	481,331	$	210,075	$	1,876,278
Non-performing	—		530		4,220		3,169		3,203		12,154		420		23,696
Total residential 1-4 family	71,946		239,035		424,678		294,679		165,656		493,485		210,495		1,899,974
Multifamily residential
Performing	$	424	$	3,996	$	106,711	$	75,459	$	108,441	$	105,987	$	14,908	$	415,926
Non-performing	—		—		—		—		—		—		—		—
Total multifamily residential	424		3,996		106,711		75,459		108,441		105,987		14,908		415,926
Total real estate	$	305,480	$	1,283,090	$	2,632,118	$	1,602,013	$	806,684	$	2,900,735	$	1,070,918	$	10,601,038
Consumer
Performing	$	47,780	$	247,223	$	250,314	$	210,065	$	103,311	$	296,854	$	2,985	$	1,158,532
Non-performing	—		114		654		880		901		2,129		18		4,696
Total consumer	47,780		247,337		250,968		210,945		104,212		298,983		3,003		1,163,228
Commercial and industrial
Performing	$	54,767	$	537,330	$	373,206	$	139,722	$	75,802	$	370,961	$	717,451	$	2,269,239
Non-performing	—		2,797		2,903		710		523		5,637		2,966		15,536
Total commercial and industrial	54,767		540,127		376,109		140,432		76,325		376,598		720,417		2,284,775
Agricultural and other
Performing	$	22,274	$	60,787	$	51,376	$	37,565	$	26,321	$	60,546	$	205,390	$	464,259
Non-performing	—		77		31		55		—		77		133		373
Total agricultural and other	22,274		60,864		51,407		37,620		26,321		60,623		205,523		464,632
Total	$	430,301	$	2,131,418	$	3,310,602	$	1,991,010	$	1,013,542	$	3,636,939	$	1,999,861	$	14,513,673


	December 31, 2023
	Term Loans Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Performing	$	388,831	$	1,150,598	$	821,373	$	490,153	$	404,061	$	1,718,776	$	536,349	$	5,510,141
Non-performing	—		—		9,215		1,145		761		28,359		333		39,813
Total non-farm/non-residential	388,831		1,150,598		830,588		491,298		404,822		1,747,135		536,682		5,549,954
Construction/land development
Performing	$	501,215	$	918,390	$	382,954	$	88,204	$	55,239	$	81,028	$	253,667	$	2,280,697
Non-performing	—		7,818		1,703		697		618		188		1,326		12,350
Total construction/land development	501,215		926,208		384,657		88,901		55,857		81,216		254,993		2,293,047
Agricultural
Performing	$	39,976	$	69,584	$	46,809	$	46,608	$	20,485	$	76,547	$	24,716	$	324,725
Non-performing	—		—		79		—		—		352		—		431
Total agricultural	39,976		69,584		46,888		46,608		20,485		76,899		24,716		325,156
Total commercial real estate loans	$	930,022	$	2,146,390	$	1,262,133	$	626,807	$	481,164	$	1,905,250	$	816,391	$	8,168,157
Residential real estate loans
Residential 1-4 family
Performing	$	261,784	$	405,239	$	298,207	$	167,475	$	108,091	$	396,130	$	185,948	$	1,822,874
Non-performing	—		3,958		2,356		3,647		3,236		7,599		590		21,386
Total residential 1-4 family	261,784		409,197		300,563		171,122		111,327		403,729		186,538		1,844,260
Multifamily residential
Performing	$	3,983	$	87,012	$	107,301	$	108,702	$	39,815	$	74,564	$	14,359	$	435,736
Non-performing	—		—		—		—		—		—		—		—
Total multifamily residential	3,983		87,012		107,301		108,702		39,815		74,564		14,359		435,736
Total real estate	$	1,195,789	$	2,642,599	$	1,669,997	$	906,631	$	632,306	$	2,383,543	$	1,017,288	$	10,448,153
Consumer
Performing	$	255,771	$	256,826	$	215,831	$	109,442	$	110,267	$	198,982	$	3,060	$	1,150,179
Non-performing	159		762		814		539		139		1,089		9		3,511
Total consumer	255,930		257,588		216,645		109,981		110,406		200,071		3,069		1,153,690
Commercial and industrial
Performing	$	616,809	$	382,190	$	156,056	$	87,531	$	111,529	$	273,434	$	680,552	$	2,308,101
Non-performing	2,562		3,186		863		563		2,993		3,243		3,480		16,890
Total commercial and industrial	619,371		385,376		156,919		88,094		114,522		276,677		684,032		2,324,991
Agricultural and other
Performing	$	67,569	$	55,904	$	39,473	$	28,220	$	15,195	$	48,203	$	242,818	$	497,382
Non-performing	71		33		10		—		—		34		364		512
Total agricultural and other	67,640		55,937		39,483		28,220		15,195		48,237		243,182		497,894
Total	$	2,138,730	$	3,341,500	$	2,083,044	$	1,132,926	$	872,429	$	2,908,528	$	1,947,571	$	14,424,728


	March 31, 2024
									Combination of Modifications
	Term Extension		Interest Rate Reduction		Principal Reduction		Interest Only		Interest Rate Reduction and Term Extension		Principal Reduction and Interest Rate Reduction		Term Extension and Interest Only		Term Extension and Principal Reduction		Post- Modification Outstanding Balance		Percentage of Total Class of Loans Receivable
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential	$	396	$	457	$	—	$	1,415	$	347	$	—	$	16,023	$	—	$	18,638	0.33	%
Construction/land development	—		—		—		121		—		—		—		—		121		0.01

Residential real estate loans
Residential 1-4 family	626		724		105		56		500		—		—		115		2,126		0.11

Total real estate	1,022		1,181		105		1,592		847		—		16,023		115		20,885		0.20
Consumer	—		—		1		9		—		4		—		—		14		—
Commercial and industrial	2,257		38		4		1,669		74		—		—		—		4,042		0.18

Total	$	3,279	$	1,219	$	110	$	3,270	$	921	$	4	$	16,023	$	115	$	24,941	0.17	%


	December 31, 2023
									Combination of Modifications
	Term Extension		Interest Rate Reduction		Principal Reduction		Interest Only		Interest Rate Reduction and Term Extension		Principal Reduction and Interest Rate Reduction		Term Extension and Interest Only		Term Extension and Principal Reduction		Post- Modification Outstanding Balance		Percentage of Total Class of Loans Receivable
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential	$	398	$	—	$	—	$	1,537	$	348	$	—	$	16,023	$	—	$	18,306	0.33	%
Construction/land development	—		—		—		149		—		—		—		—		149		0.01

Residential real estate loans
Residential 1-4 family	560		598		106		59		516		—		—		116		1,955		0.11

Total real estate	958		598		106		1,745		864		—		16,023		116		20,410		0.20
Consumer	14		—		1		10		—		5		—		—		30		—
Commercial and industrial	2,253		38		42		1,763		74		—		—		—		4,170		0.18

Total	$	3,225	$	636	$	149	$	3,518	$	938	$	5	$	16,023	$	116	$	24,610	0.17	%

During the three-months ended March 31, 2024, the Company restructured approximately $668,000 in loans to 3 borrowers. The ending balance of these loans as of March 31, 2024, was $656,000. During the three-months ended March 31, 2023, the Company restructured approximately $52,000 in loans to three borrowers. The ending balance of these loans as of March 31, 2023, was $48,000. The Company considered the financial effect of these loan modifications to borrowers experiencing financial difficulty during the three-months ended March 31, 2024 and March 31, 2023 as well as the unadvanced balances to these borrowers immaterial for tabular disclosure inclusion.


	March 31, 2024
	Term Extension		Interest Rate Reduction		Principal Reduction		Interest Only		Combination Interest Rate Reduction and Term Extension		Combination Interest Rate Reduction and Principal Reduction		Combination Term Extension and Principal Reduction
	(Dollars in thousands)
Real estate
Commercial real estate loans
Non-farm/non-residential	$	—	$	—	$	—	$	319	$	—	$	—	$	—


Residential real estate loans
Residential 1-4 family	115		104		9		—		323		—		115
Total real estate	115		104		9		319		323		—		115

Commercial and industrial	—		—		—		28		—		—		—

Total	$	115	$	104	$	9	$	347	$	323	$	—	$	115

The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The Company has modified 21 loans over the past 12 months to borrowers experiencing financial difficulty. The pre-modification balance of the loans was $20.2 million, and the ending balance as of March 31, 2024 was $21.5 million. The $21.5 million balance consists of $1.0 million of non-accrual loans and $20.5 million of current loans, of which $71,000 were 30-59 days past due and $1.1 million were past due 90 days or more as of March 31, 2024. The remaining balance of the loans was current as of March 31, 2024.

Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses on loans is adjusted by the same amount. The defaults impact the loss rate by applicable loan pool for the quarterly CECL calculation. For individually analyzed loans which are not considered to be collateral dependent, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation.