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Loans Receivable | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
Loans Receivable | 4. Loans Receivable The various categories of loans receivable are summarized as follows:
| September 30, 2024 |  | December 31, 2023
| (In thousands)
Real estate: |  |  |
Commercial real estate loans |  |  |
Non-farm/non-residential | $ | 5,496,536 |  |  | $ | 5,549,954 |
Construction/land development | 2,741,419 |  |  | 2,293,047 |
Agricultural | 335,965 |  |  | 325,156 |
Residential real estate loans |  |  |
Residential 1-4 family | 1,932,352 |  |  | 1,844,260 |
Multifamily residential | 482,648 |  |  | 435,736 |
Total real estate | 10,988,920 |  |  | 10,448,153 |
Consumer | 1,219,197 |  |  | 1,153,690 |
Commercial and industrial | 2,084,667 |  |  | 2,324,991 |
Agricultural | 352,963 |  |  | 307,327 |
Other | 178,232 |  |  | 190,567 |
Total loans receivable | 14,823,979 |  |  | 14,424,728 |
Allowance for credit losses | (312,574) |  |  | (288,234) |
Loans receivable, net | $ | 14,511,405 |  |  | $ | 14,136,494 |
During the three months ended September 30, 2024, the Company sold $1.8 million of the guaranteed portions of certain SBA loans, which resulted in a gain of approximately $145,000. During the nine months ended September 30, 2024, the Company sold $5.1 million of the guaranteed portions of certain SBA loans, which resulted in a gain of approximately $399,000. During the three months ended September 30, 2023, the Company sold $1.0 million guaranteed portions of certain SBA loans, which resulted in a gain of approximately $97,000. During the nine months ended September 30, 2023, the Company sold $3.2 million guaranteed portions of certain SBA loans, which resulted in a gain of approximately $236,000. Mortgage loans held for sale of approximately $92.0 million and $123.4 million at September 30, 2024 and December 31, 2023, respectively, are included in residential 1-4 family loans. Mortgage loans held for sale are carried at the lower of cost or fair value, determined using an aggregate basis. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to investors. Gains and losses are determined by the difference between the selling price and the carrying amount of the loans sold, net of discounts collected or paid. The Company obtains forward commitments to sell mortgage loans to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale. The forward commitments acquired by the Company for mortgage loans in process of origination are considered mandatory forward commitments. Because these commitments are structured on a mandatory basis, the Company is required to substitute another loan or to buy back the commitment if the original loan does not fund. The Company regularly sells mortgages into the capital markets to mitigate the effects of interest rate volatility during the period from the time an interest rate lock commitment (“IRLC”) is issued until the IRLC funds creating a mortgage loan held for sale and its subsequent sale into the secondary/capital markets. Loan sales are typically executed on a mandatory basis. Under a mandatory commitment, the Company agrees to deliver a specified dollar amount with predetermined terms by a certain date. Generally, the commitment is not loan specific, and any combination of loans can be delivered into the outstanding commitment provided the terms fall within the parameters of the commitment. Upon failure to deliver, the Company is subject to fees based on market movement. These commitments and IRLCs are derivative instruments and their fair values at September 30, 2024 and December 31, 2023 were not material. Purchased loans that have experienced more than insignificant credit deterioration since origination are PCD loans. An allowance for credit losses is determined using the same methodology as other loans. The Company develops separate PCD models for each loan segment with PCD loans not individually analyzed for credit losses. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses. The Company held approximately $79.6 million and $130.7 million in PCD loans, as of September 30, 2024 and December 31, 2023, respectively. The balance, as of September 30, 2024, results entirely from the acquisition of Happy. A description of our accounting policies for loans and impaired loans (which includes loans individually analyzed for credit losses for which a specific reserve has been recorded, non-accrual loans, loans past due 90 days or more and restructured loans made to borrowers experiencing financial difficulty) are set forth in our 2023 Form 10-K filed with the SEC on February 26, 2024.

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