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Allowance for Credit Losses, Credit Quality and Other | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
Allowance for Credit Losses, Credit Quality and Other | Allowance for Credit Losses, Credit Quality and Other The Company uses the discounted cash flow (“DCF”) method to estimate expected losses for all of 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. Based on this analysis, management determined that changes to several of the economic factors for the loss driver segments, along with other model improvements and updates, were necessary, and updated models were implemented beginning with the June 30, 2024 allowance for credit losses calculation. The identified loss drivers by segment are included below as of both December 31, 2024 and 2023.
December 31, 2024
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 (%)
Farmland & Agriculture | 1b, 3 | National Unemployment (%)
Residential 1-4 Family | 1c1, 1c2a, 1c2b | National Unemployment (%) & Housing Price Index (%)
Multifamily | 1d | Rental Vacancy Rate (%) & Housing Price Index (%)
Non-Farm/ Non-Residential CRE | 1e1, 1e2 | National Unemployment (%) & Gross Domestic Product (%)
Commercial & Industrial, Non-Depository Financial Institutions, Purchase/Carry Securities, Leases, Other | 4a, 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 (%)
Obligations of States and Political Subdivisions | 8 | National Unemployment (%) & Gross Domestic Product (%)
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 (%)
For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics. 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. Residential Real Estate Loans. We originate one to four family, residential mortgage loans generally secured by property located in our primary market areas. Residential real estate loans generally have a loan-to-value ratio of up to 90%. These loans are underwritten by giving consideration to many factors including the borrower’s ability to pay, stability of employment or source of income, debt-to-income ratio, credit history and loan-to-value ratio. 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. Consumer & Other Loans. Our consumer & other loans are primarily composed of loans to finance United States Coast Guard registered high-end sail and power boats. The performance of consumer & other loans will be affected by the local and regional economies as well as the rates of personal bankruptcies, job loss, divorce and other individual-specific characteristics. 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 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. During the year ended December 31, 2024, the Company recorded a $48.4 million provision for credit losses on loans. $33.4 million of the provision for credit losses on loans recorded during 2024 was used to establish a hurricane reserve for loans located in the Federal Emergency Management Agency ("FEMA") disaster areas impacted by Hurricanes Helene and Milton which made landfall during the third and fourth quarters of 2024. The remaining portion of the provision was related to loan growth. In addition, during the third quarter of 2024, the Company recorded a $1.0 million provision for credit losses on unfunded commitments, which completely offset the $1.0 million recovery of credit losses on unfunded commitments which was recorded during the first quarter of 2024. During the year ended December 31, 2023, the Company recorded a $12.0 million provision for credit losses on loans, and the Company reversed $1.5 million in provision for unfunded commitments. During the year ended December 31, 2022, the Company completed the acquisition of Happy. As a result, the Company recorded $4.4 million in net loan discounts and a $16.8 million increase in the allowance for credit losses related to PCD loans. In addition, the Company recorded a $45.2 million provision for credit losses on acquired loans for the CECL "double count" and an $11.4 million provision for credit losses on acquired unfunded commitments. In addition, the Company recorded a $5.0 million provision for credit losses on loans due to increased loan growth. However, the Company determined that no additional provision was necessary for unfunded commitments as the current level of the reserve was considered adequate. The following table presents the activity in the allowance for credit losses for the year ended December 31, 2024.
| Year Ended December 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 | (1,437) |  |  | (38,132) |  |  | (7,067) |  |  | (11,089) |  |  | (5,311) |  |  | (63,036) |
Recoveries of loans previously charged off | 221 |  |  | 59 |  |  | 180 |  |  | 628 |  |  | 1,194 |  |  | 2,282 |
Net loans (charged off) recovered | (1,216) |  |  | (38,073) |  |  | (6,887) |  |  | (10,461) |  |  | (4,117) |  |  | (60,754) |
Provision for credit loss - loans | 19,610 |  |  | 50,753 |  |  | 1,862 |  |  | (32,728) |  |  | 8,903 |  |  | 48,400 |
Balance, December 31 | $ | 52,271 |  |  | $ | 91,315 |  |  | $ | 50,835 |  |  | $ | 49,621 |  |  | $ | 31,838 |  |  | $ | 275,880 |
The following table presents the balance in the allowance for credit losses for the year ended December 31, 2023.
| 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 | (263) |  |  | (2,335) |  |  | (269) |  |  | (9,157) |  |  | (4,031) |  |  | (16,055) |
Recoveries of loans previously charged off | 113 |  |  | 533 |  |  | 329 |  |  | 583 |  |  | 1,112 |  |  | 2,670 |
Net loans (charged off) recovered | (150) |  |  | (1,802) |  |  | 60 |  |  | (8,574) |  |  | (2,919) |  |  | (13,385) |
Provision for credit loss - loans | 1,784 |  |  | (13,411) |  |  | 4,837 |  |  | 12,030 |  |  | 6,710 |  |  | 11,950 |
Balance, December 31 | $ | 33,877 |  |  | $ | 78,635 |  |  | $ | 55,860 |  |  | $ | 92,810 |  |  | $ | 27,052 |  |  | $ | 288,234 |
The following table presents the balance in the allowance for loan losses for the year ended December 31, 2022.
| Year Ended December 31, 2022
| Construction/ Land Development |  | Other Commercial Real Estate |  | Residential Real Estate |  | Commercial & Industrial |  | Consumer & Other |  | Total
| (In thousands)
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 28,415 |  |  | $ | 87,218 |  |  | $ | 48,458 |  |  | $ | 53,062 |  |  | $ | 19,561 |  |  | $ | 236,714 |
Allowance for credit losses on PCD loans - Happy acquisition | 950 |  |  | 9,283 |  |  | 980 |  |  | 5,596 |  |  | 7 |  |  | 16,816 |
Loans charged off | (1) |  |  | — |  |  | (446) |  |  | (9,773) |  |  | (7,047) |  |  | (17,267) |
Recoveries of loans previously charged off | 405 |  |  | 967 |  |  | 119 |  |  | 780 |  |  | 965 |  |  | 3,236 |
Net loans recovered (charged off) | 404 |  |  | 967 |  |  | (327) |  |  | (8,993) |  |  | (6,082) |  |  | (14,031) |
Provision for credit loss - acquired loans | 7,205 |  |  | 18,711 |  |  | 7,380 |  |  | 11,303 |  |  | 571 |  |  | 45,170 |
Provision for credit loss - loans | (4,731) |  |  | (22,331) |  |  | (5,528) |  |  | 28,386 |  |  | 9,204 |  |  | 5,000 |
Balance December 31 | $ | 32,243 |  |  | $ | 93,848 |  |  | $ | 50,963 |  |  | $ | 89,354 |  |  | $ | 23,261 |  |  | $ | 289,669 |
The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing as of December 31, 2024 and 2023, respectively:
| December 31, 2024
| Nonaccrual |  | Nonaccrual With Reserve |  | Loans Past Due Over 90 Days Still Accruing
| (In thousands)
Real estate: |  |  |  |  |
Commercial real estate loans |  |  |  |  |
Non-farm/non-residential | $ | 35,868 |  |  | $ | 28,768 |  |  | $ | 304 |
Construction/land development | 3,702 |  |  | — |  |  | 600 |
Agricultural | 559 |  |  | — |  |  | — |
Residential real estate loans |  |  |  |  |
Residential 1-4 family | 22,539 |  |  | — |  |  | 1,835 |
Multifamily residential | 13,083 |  |  | — |  |  | — |
Total real estate | 75,751 |  |  | 28,768 |  |  | 2,739 |
Consumer | 6,178 |  |  | — |  |  | 32 |
Commercial and industrial | 10,931 |  |  | — |  |  | 2,263 |
Agricultural & other | 993 |  |  | — |  |  | — |
Total | $ | 93,853 |  |  | $ | 28,768 |  |  | $ | 5,034 |
| 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 |
The Company had $93.9 million and $60.0 million in nonaccrual loans for the periods ended December 31, 2024 and 2023, respectively. In addition, the Company had $5.0 million and $4.1 million in loans past due 90 days or more and still accruing for the periods ended December 31, 2024 and 2023, respectively. The Company had $28.8 million and $2.5 million in nonaccrual loans with a specific reserve as of December 31, 2024 and 2023, respectively. Interest income recognized on the non-accrual loans for the years ended December 31, 2024, 2023 and 2022 was considered immaterial. The following table presents the amortized cost basis of impaired loans by class of 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) as of December 31, 2024 and 2023, respectively:
| December 31, 2024
| Commercial Real Estate |  | Residential Real Estate |  | Other
| (In thousands)
Real estate: |  |  |  |  |
Commercial real estate loans |  |  |  |  |
Non-farm/non-residential | $ | 125,861 |  |  | $ | — |  |  | $ | — |
Construction/land development | 4,301 |  |  | — |  |  | — |
Agricultural | 559 |  |  | — |  |  | — |
Residential real estate loans |  |  |  |  |
Residential 1-4 family | — |  |  | 26,549 |  |  | — |
Multifamily residential | — |  |  | 13,083 |  |  | — |
Total real estate | 130,721 |  |  | 39,632 |  |  | — |
Consumer | — |  |  | — |  |  | 14,228 |
Commercial and industrial | — |  |  | — |  |  | 82,422 |
Agricultural & other | — |  |  | — |  |  | 993 |
Total | $ | 130,721 |  |  | $ | 39,632 |  |  | $ | 97,643 |
| December 31, 2023
| Commercial Real Estate |  | Residential Real Estate |  | Other
| (In thousands)
Real estate: |  |  |  |  |
Commercial real estate loans |  |  |  |  |
Non-farm/non-residential | $ | 39,813 |  |  | $ | — |  |  | $ | — |
Construction/land development | 12,350 |  |  | — |  |  | — |
Agricultural | 431 |  |  | — |  |  | — |
Residential real estate loans |  |  |  |  |
Residential 1-4 family | — |  |  | 21,386 |  |  | — |
Multifamily residential | — |  |  | — |  |  | — |
Total real estate | 52,594 |  |  | 21,386 |  |  | — |
Consumer | — |  |  | — |  |  | 3,511 |
Commercial and industrial | — |  |  | — |  |  | 16,890 |
Agricultural & other | — |  |  | — |  |  | 512 |
Total | $ | 52,594 |  |  | $ | 21,386 |  |  | $ | 20,913 |
The Company had $268.0 million and $94.9 million in impaired loans for the periods ended December 31, 2024 and 2023, respectively. 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. The following is an aging analysis for loans receivable as of December 31, 2024 and 2023:
| December 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 | $ | 4,352 |  |  | $ | 38,944 |  |  | $ | 36,172 |  |  | $ | 79,468 |  |  | $ | 5,347,312 |  |  | $ | 5,426,780 |  |  | $ | 304 |
Construction/land development | 369 |  |  | 799 |  |  | 4,302 |  |  | 5,470 |  |  | 2,730,744 |  |  | 2,736,214 |  |  | 600 |
Agricultural | 90 |  |  | 43 |  |  | 559 |  |  | 692 |  |  | 336,301 |  |  | 336,993 |  |  | — |
Residential real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family | 1,897 |  |  | 4,877 |  |  | 24,374 |  |  | 31,148 |  |  | 1,925,341 |  |  | 1,956,489 |  |  | 1,835 |
Multifamily residential | — |  |  | — |  |  | 13,083 |  |  | 13,083 |  |  | 483,401 |  |  | 496,484 |  |  | — |
Total real estate | 6,708 |  |  | 44,663 |  |  | 78,490 |  |  | 129,861 |  |  | 10,823,099 |  |  | 10,952,960 |  |  | 2,739 |
Consumer | 7,046 |  |  | 68 |  |  | 6,210 |  |  | 13,324 |  |  | 1,221,037 |  |  | 1,234,361 |  |  | 32 |
Commercial and industrial | 309 |  |  | 1,028 |  |  | 13,194 |  |  | 14,531 |  |  | 2,008,244 |  |  | 2,022,775 |  |  | 2,263 |
Agricultural and other | 1,082 |  |  | 291 |  |  | 993 |  |  | 2,366 |  |  | 552,038 |  |  | 554,404 |  |  | — |
Total | $ | 15,145 |  |  | $ | 46,050 |  |  | $ | 98,887 |  |  | $ | 160,082 |  |  | $ | 14,604,418 |  |  | $ | 14,764,500 |  |  | $ | 5,034 |
| 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 |
Non-accruing loans were $93.9 million and $60.0 million at December 31, 2024 and 2023, respectively. Interest recognized on impaired loans during the years ended December 31, 2024, 2023 and 2022 was approximately $13.5 million, $2.5 million and $9.6 million, respectively. The amount of interest recognized on impaired loans on the cash basis is not materially different than the accrual basis. Credit Quality Indicators. 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 (i) the risk rating of loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) non-performing loans and (v) the general economic conditions in Arkansas, Florida, Texas, Alabama and New York. The Company utilizes a risk rating matrix to assign a risk rating to each of its loans. Loans are rated on a scale from 1 to 8. Descriptions of the general characteristics of the 8 risk ratings are as follows: •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 5 – Other Loans Especially Mentioned (“OLEM”). A loan criticized as OLEM has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. OLEM assets are not adversely classified and do not expose the institution to sufficient risks to warrant adverse classification. •Risk rating 6 – Substandard. A loan classified as substandard is inadequately protected by the sound worth and paying capacity of the borrower or the collateral pledged. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual assets. •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 impairment 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. Based on the most recent analysis performed, the risk category of loans by class as of December 31, 2024 and 2023 is as follows:
| December 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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 326 |  |  | $ | 68 |  |  | $ | 394 |
Risk rating 2 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Risk rating 3 | 178,690 |  |  | 331,274 |  |  | 645,431 |  |  | 512,315 |  |  | 220,835 |  |  | 934,598 |  |  | 228,198 |  |  | 3,051,341 |
Risk rating 4 | 120,700 |  |  | 91,233 |  |  | 531,601 |  |  | 267,040 |  |  | 131,943 |  |  | 617,978 |  |  | 313,529 |  |  | 2,074,024 |
Risk rating 5 | 27 |  |  | — |  |  | 1,266 |  |  | — |  |  | 1,040 |  |  | 9,613 |  |  | 343 |  |  | 12,289 |
Risk rating 6 | 33,781 |  |  | 825 |  |  | 33,998 |  |  | 5,701 |  |  | 9,892 |  |  | 204,535 |  |  | — |  |  | 288,732 |
Risk rating 7 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Risk rating 8 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total non-farm/non-residential | 333,198 |  |  | 423,332 |  |  | 1,212,296 |  |  | 785,056 |  |  | 363,710 |  |  | 1,767,050 |  |  | 542,138 |  |  | 5,426,780 |
Construction/land development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating 1 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |
Risk rating 2 | 100 |  |  | 134 |  |  | — |  |  | — |  |  | — |  |  | 157 |  |  | — |  |  | 391 |
Risk rating 3 | 791,840 |  |  | 397,607 |  |  | 337,382 |  |  | 85,069 |  |  | 40,870 |  |  | 60,994 |  |  | 70,755 |  |  | 1,784,517 |
Risk rating 4 | 171,954 |  |  | 173,190 |  |  | 320,896 |  |  | 29,010 |  |  | 6,848 |  |  | 20,977 |  |  | 207,563 |  |  | 930,438 |
Risk rating 5 | 13 |  |  | — |  |  | 16,390 |  |  | 198 |  |  | — |  |  | — |  |  | — |  |  | 16,601 |
Risk rating 6 | — |  |  | 108 |  |  | 1,852 |  |  | 1,182 |  |  | 195 |  |  | 871 |  |  | 38 |  |  | 4,246 |
Risk rating 7 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Risk rating 8 | — |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | 12 |
Total construction/land development | 963,907 |  |  | 571,039 |  |  | 676,520 |  |  | 115,480 |  |  | 47,913 |  |  | 82,999 |  |  | 278,356 |  |  | 2,736,214 |
Agricultural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating 1 | $ | 449 |  |  | $ | — |  |  | $ | 1,393 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,842 |
Risk rating 2 | 277 |  |  | 238 |  |  | — |  |  | 1,080 |  |  | — |  |  | — |  |  | — |  |  | 1,595 |
Risk rating 3 | 38,900 |  |  | 32,890 |  |  | 29,013 |  |  | 15,091 |  |  | 20,240 |  |  | 42,896 |  |  | 37,392 |  |  | 216,422 |
Risk rating 4 | 13,582 |  |  | 10,167 |  |  | 27,987 |  |  | 19,765 |  |  | 10,453 |  |  | 25,539 |  |  | 5,015 |  |  | 112,508 |
Risk rating 5 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 571 |  |  | — |  |  | 571 |
Risk rating 6 | — |  |  | — |  |  | — |  |  | 1,555 |  |  | 1,084 |  |  | 1,228 |  |  | 188 |  |  | 4,055 |
Risk rating 7 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Risk rating 8 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total agricultural | 53,208 |  |  | 43,295 |  |  | 58,393 |  |  | 37,491 |  |  | 31,777 |  |  | 70,234 |  |  | 42,595 |  |  | 336,993 |
Total commercial real estate loans | $ | 1,350,313 |  |  | $ | 1,037,666 |  |  | $ | 1,947,209 |  |  | $ | 938,027 |  |  | $ | 443,400 |  |  | $ | 1,920,283 |  |  | $ | 863,089 |  |  | $ | 8,499,987 |
Residential real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating 1 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 91 |  |  | $ | 2 |  |  | $ | 93 |
Risk rating 2 | — |  |  | 221 |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 4 |  |  | 235 |
Risk rating 3 | 219,885 |  |  | 232,289 |  |  | 370,485 |  |  | 222,761 |  |  | 126,372 |  |  | 342,594 |  |  | 120,626 |  |  | 1,635,012 |
Risk rating 4 | 14,380 |  |  | 18,404 |  |  | 43,419 |  |  | 22,952 |  |  | 19,318 |  |  | 69,811 |  |  | 93,464 |  |  | 281,748 |
Risk rating 5 | 854 |  |  | 1,948 |  |  | 887 |  |  | 2,263 |  |  | 193 |  |  | 1,639 |  |  | 778 |  |  | 8,562 |
Risk rating 6 | — |  |  | 2,630 |  |  | 8,135 |  |  | 2,971 |  |  | 4,230 |  |  | 12,609 |  |  | 263 |  |  | 30,838 |
Risk rating 7 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Risk rating 8 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Total residential 1-4 family | 235,119 |  |  | 255,492 |  |  | 422,926 |  |  | 250,947 |  |  | 150,113 |  |  | 426,755 |  |  | 215,137 |  |  | 1,956,489 |
| December 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 | 3,744 |  |  | 11,304 |  |  | 33,411 |  |  | 39,828 |  |  | 51,573 |  |  | 71,488 |  |  | 7,457 |  |  | 218,805 |
Risk rating 4 | 297 |  |  | 395 |  |  | 160,913 |  |  | 8,908 |  |  | 58,236 |  |  | 22,820 |  |  | 12,413 |  |  | 263,982 |
Risk rating 5 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 242 |  |  | — |  |  | 242 |
Risk rating 6 | — |  |  | — |  |  | 12,647 |  |  | 586 |  |  | — |  |  | 222 |  |  | — |  |  | 13,455 |
Risk rating 7 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Risk rating 8 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total multifamily residential | 4,041 |  |  | 11,699 |  |  | 206,971 |  |  | 49,322 |  |  | 109,809 |  |  | 94,772 |  |  | 19,870 |  |  | 496,484 |
Total real estate | $ | 1,589,473 |  |  | $ | 1,304,857 |  |  | $ | 2,577,106 |  |  | $ | 1,238,296 |  |  | $ | 703,322 |  |  | $ | 2,441,810 |  |  | $ | 1,098,096 |  |  | $ | 10,952,960 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating 1 | $ | 4,977 |  |  | $ | 2,256 |  |  | $ | 1,548 |  |  | $ | 789 |  |  | $ | 524 |  |  | $ | 1,001 |  |  | $ | 1,589 |  |  | $ | 12,684 |
Risk rating 2 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 142 |  |  | — |  |  | 142 |
Risk rating 3 | 268,747 |  |  | 208,277 |  |  | 206,878 |  |  | 173,224 |  |  | 87,540 |  |  | 234,802 |  |  | 1,152 |  |  | 1,180,620 |
Risk rating 4 | 7,232 |  |  | 4,556 |  |  | 4,926 |  |  | 1,464 |  |  | 161 |  |  | 5,626 |  |  | 195 |  |  | 24,160 |
Risk rating 5 | — |  |  | 4 |  |  | 8 |  |  | 216 |  |  | 156 |  |  | 407 |  |  | — |  |  | 791 |
Risk rating 6 | 75 |  |  | 5,741 |  |  | 3,618 |  |  | 181 |  |  | 339 |  |  | 5,946 |  |  | 55 |  |  | 15,955 |
Risk rating 7 | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
Risk rating 8 | — |  |  | 1 |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 7 |
Total consumer | 281,031 |  |  | 220,837 |  |  | 216,978 |  |  | 175,880 |  |  | 88,720 |  |  | 247,924 |  |  | 2,991 |  |  | 1,234,361 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating 1 | 6,417 |  |  | $ | 833 |  |  | $ | 575 |  |  | $ | 417 |  |  | $ | 214 |  |  | $ | 20,878 |  |  | $ | 12,044 |  |  | $ | 41,378 |
Risk rating 2 | 47 |  |  | 117 |  |  | 442 |  |  | 66 |  |  | 4 |  |  | 18 |  |  | 2,709 |  |  | 3,403 |
Risk rating 3 | 131,583 |  |  | 509,552 |  |  | 230,981 |  |  | 60,652 |  |  | 43,587 |  |  | 219,289 |  |  | 196,538 |  |  | 1,392,182 |
Risk rating 4 | 74,388 |  |  | 53,103 |  |  | 30,832 |  |  | 29,032 |  |  | 6,626 |  |  | 59,163 |  |  | 230,272 |  |  | 483,416 |
Risk rating 5 | — |  |  | 113 |  |  | 324 |  |  | 4,526 |  |  | 15 |  |  | — |  |  | 1,068 |  |  | 6,046 |
Risk rating 6 | 47,007 |  |  | 3,198 |  |  | 3,646 |  |  | 12,617 |  |  | 11 |  |  | 9,406 |  |  | 20,464 |  |  | 96,349 |
Risk rating 7 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Risk rating 8 | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total commercial and industrial | 259,442 |  |  | 566,916 |  |  | 266,801 |  |  | 107,310 |  |  | 50,457 |  |  | 308,754 |  |  | 463,095 |  |  | 2,022,775 |
Agricultural and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating 1 | $ | 705 |  |  | $ | 375 |  |  | $ | 120 |  |  | $ | 16 |  |  | $ | 100 |  |  | $ | — |  |  | $ | 993 |  |  | $ | 2,309 |
Risk rating 2 | 153 |  |  | 301 |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  | 2,175 |  |  | 2,652 |
Risk rating 3 | 33,060 |  |  | 42,562 |  |  | 38,428 |  |  | 26,408 |  |  | 24,261 |  |  | 31,552 |  |  | 180,103 |  |  | 376,374 |
Risk rating 4 | 31,896 |  |  | 2,287 |  |  | 7,467 |  |  | 6,998 |  |  | 338 |  |  | 14,067 |  |  | 106,309 |  |  | 169,362 |
Risk rating 5 | 1,914 |  |  | — |  |  | 312 |  |  | — |  |  | 61 |  |  | 543 |  |  | 5 |  |  | 2,835 |
Risk rating 6 | — |  |  | 3 |  |  | — |  |  | 39 |  |  | 57 |  |  | 663 |  |  | 110 |  |  | 872 |
Risk rating 7 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Risk rating 8 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total agricultural and other | 67,728 |  |  | 45,528 |  |  | 46,350 |  |  | 33,461 |  |  | 24,817 |  |  | 46,825 |  |  | 289,695 |  |  | 554,404 |
Total | $ | 2,197,674 |  |  | $ | 2,138,138 |  |  | $ | 3,107,235 |  |  | $ | 1,554,947 |  |  | $ | 867,316 |  |  | $ | 3,045,313 |  |  | $ | 1,853,877 |  |  | $ | 14,764,500 |
| 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 |
The following table presents gross write-offs by origination date for the year ended December 31, 2024 and December 31, 2023.
| December 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 | $ | — |  |  | $ | — |  |  | $ | 26,059 |  |  | $ | 779 |  |  | $ | 9,979 |  |  | $ | 1,220 |  |  | $ | 95 |  |  | $ | 38,132 |
Construction/land development | — |  |  | — |  |  | 666 |  |  | 526 |  |  | 33 |  |  | — |  |  | 212 |  |  | 1,437 |
Agricultural | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family | — |  |  | 57 |  |  | 170 |  |  | 1 |  |  | 58 |  |  | 184 |  |  | 97 |  |  | 567 |
Multifamily residential | — |  |  | — |  |  | 6,500 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,500 |
Total real estate | — |  |  | 57 |  |  | 33,395 |  |  | 1,306 |  |  | 10,070 |  |  | 1,404 |  |  | 404 |  |  | 46,636 |
Consumer | 18 |  | * | 134 |  |  | 997 |  |  | 246 |  |  | 336 |  |  | 474 |  |  | 9 |  |  | 2,214 |
Commercial and industrial | — |  |  | 576 |  |  | 97 |  |  | 691 |  |  | 116 |  |  | 6,005 |  |  | 3,604 |  |  | 11,089 |
Agricultural & other | 3,026 |  | * | 71 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,097 |
Total | $ | 3,044 |  |  | $ | 838 |  |  | $ | 34,489 |  |  | $ | 2,243 |  |  | $ | 10,522 |  |  | $ | 7,883 |  |  | $ | 4,017 |  |  | $ | 63,036 |
*The 2024 write-offs primarily consist of overdrafts.
| 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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 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 |
** The 2023 write-off primarily consists of overdrafts. The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses. The Company also evaluates credit quality based on the aging status of the loan, which was previously presented and by payment activity. The following tables present the amortized cost of performing and nonperforming loans as of December 31, 2024 and 2023.
| December 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 | $ | 301,127 |  |  | $ | 423,332 |  |  | $ | 1,178,297 |  |  | $ | 784,102 |  |  | $ | 359,710 |  |  | $ | 1,712,213 |  |  | $ | 542,138 |  |  | $ | 5,300,919 |
Non-performing | 32,071 |  |  | — |  |  | 33,999 |  |  | 954 |  |  | 4,000 |  |  | 54,837 |  |  | — |  |  | 125,861 |
Total non-farm/ non-residential | 333,198 |  |  | 423,332 |  |  | 1,212,296 |  |  | 785,056 |  |  | 363,710 |  |  | 1,767,050 |  |  | 542,138 |  |  | 5,426,780 |
Construction/land development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | 963,903 |  |  | 570,931 |  |  | 674,668 |  |  | 114,157 |  |  | 47,736 |  |  | 82,199 |  |  | 278,319 |  |  | 2,731,913 |
Non-performing | 4 |  |  | 108 |  |  | 1,852 |  |  | 1,323 |  |  | 177 |  |  | 800 |  |  | 37 |  |  | 4,301 |
Total construction/ land development | 963,907 |  |  | 571,039 |  |  | 676,520 |  |  | 115,480 |  |  | 47,913 |  |  | 82,999 |  |  | 278,356 |  |  | 2,736,214 |
Agricultural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 53,208 |  |  | $ | 43,295 |  |  | $ | 58,393 |  |  | $ | 37,491 |  |  | $ | 31,777 |  |  | $ | 69,863 |  |  | $ | 42,407 |  |  | $ | 336,434 |
Non-performing | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 371 |  |  | 188 |  |  | 559 |
Total agricultural | 53,208 |  |  | 43,295 |  |  | 58,393 |  |  | 37,491 |  |  | 31,777 |  |  | 70,234 |  |  | 42,595 |  |  | 336,993 |
Total commercial real estate loans | $ | 1,350,313 |  |  | $ | 1,037,666 |  |  | $ | 1,947,209 |  |  | $ | 938,027 |  |  | $ | 443,400 |  |  | $ | 1,920,283 |  |  | $ | 863,089 |  |  | $ | 8,499,987 |
Residential real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 235,119 |  |  | $ | 252,691 |  |  | $ | 416,981 |  |  | $ | 247,959 |  |  | $ | 146,817 |  |  | $ | 415,401 |  |  | $ | 214,972 |  |  | $ | 1,929,940 |
Non-performing | — |  |  | 2,801 |  |  | 5,945 |  |  | 2,988 |  |  | 3,296 |  |  | 11,354 |  |  | 165 |  |  | 26,549 |
Total residential 1-4 family | 235,119 |  |  | 255,492 |  |  | 422,926 |  |  | 250,947 |  |  | 150,113 |  |  | 426,755 |  |  | 215,137 |  |  | 1,956,489 |
Multifamily residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 4,041 |  |  | $ | 11,699 |  |  | $ | 194,474 |  |  | $ | 48,736 |  |  | $ | 109,809 |  |  | $ | 94,772 |  |  | $ | 19,870 |  |  | $ | 483,401 |
Non-performing | — |  |  | — |  |  | 12,497 |  |  | 586 |  |  | — |  |  | — |  |  | — |  |  | 13,083 |
Total multifamily residential | 4,041 |  |  | 11,699 |  |  | 206,971 |  |  | 49,322 |  |  | 109,809 |  |  | 94,772 |  |  | 19,870 |  |  | 496,484 |
Total real estate | 1,589,473 |  |  | 1,304,857 |  |  | 2,577,106 |  |  | 1,238,296 |  |  | 703,322 |  |  | 2,441,810 |  |  | 1,098,096 |  |  | 10,952,960 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 280,956 |  |  | $ | 215,196 |  |  | $ | 214,938 |  |  | $ | 175,706 |  |  | $ | 88,409 |  |  | $ | 241,992 |  |  | $ | 2,936 |  |  | $ | 1,220,133 |
Non-performing | 75 |  |  | 5,641 |  |  | 2,040 |  |  | 174 |  |  | 311 |  |  | 5,932 |  |  | 55 |  |  | 14,228 |
Total consumer | 281,031 |  |  | 220,837 |  |  | 216,978 |  |  | 175,880 |  |  | 88,720 |  |  | 247,924 |  |  | 2,991 |  |  | 1,234,361 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 212,469 |  |  | $ | 564,063 |  |  | $ | 263,604 |  |  | $ | 106,405 |  |  | $ | 50,453 |  |  | $ | 300,351 |  |  | $ | 443,008 |  |  | $ | 1,940,353 |
Non-performing | 46,973 |  |  | 2,853 |  |  | 3,197 |  |  | 905 |  |  | 4 |  |  | 8,403 |  |  | 20,087 |  |  | 82,422 |
Total commercial and industrial | 259,442 |  |  | 566,916 |  |  | 266,801 |  |  | 107,310 |  |  | 50,457 |  |  | 308,754 |  |  | 463,095 |  |  | 2,022,775 |
Agricultural and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing | $ | 67,728 |  |  | $ | 45,525 |  |  | $ | 46,350 |  |  | $ | 33,422 |  |  | $ | 24,815 |  |  | $ | 45,922 |  |  | $ | 289,649 |  |  | $ | 553,411 |
Non-performing | — |  |  | 3 |  |  | — |  |  | 39 |  |  | 2 |  |  | 903 |  |  | 46 |  |  | 993 |
Total agricultural and other | 67,728 |  |  | 45,528 |  |  | 46,350 |  |  | 33,461 |  |  | 24,817 |  |  | 46,825 |  |  | 289,695 |  |  | 554,404 |
Total | $ | 2,197,674 |  |  | $ | 2,138,138 |  |  | $ | 3,107,235 |  |  | $ | 1,554,947 |  |  | $ | 867,316 |  |  | $ | 3,045,313 |  |  | $ | 1,853,877 |  |  | $ | 14,764,500 |
| 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 |
The Company had approximately $55.0 million or 213 total revolving loans convert to term loans for the year ended December 31, 2024 compared to $69.0 million or 217 total revolving loans convert to term loans for the year ended December 31, 2023. These loans were considered immaterial for vintage disclosure inclusion. The following table presents the amortized cost basis of modified loans to borrowers experiencing financial difficulty by class and modification type at December 31, 2024 and December 31, 2023. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below.
| December 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
| (Dollars in thousands)
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-farm/non-residential | $ | 388 |  |  | $ | 32,096 |  |  | $ | — |  |  | $ | 1,228 |  |  | $ | 339 |  |  | $ | — |  |  | $ | 15,646 |  |  | $ | — |  |  | $ | 49,697 |  |  | 0.92 | %
Construction/land development | — |  |  | — |  |  | — |  |  | 52 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 52 |  |  | — | %
Residential real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family | 1,076 |  |  | 1,198 |  |  | 102 |  |  | 22 |  |  | 523 |  |  | — |  |  | — |  |  | 117 |  |  | 3,038 |  |  | 0.16 | %
Total real estate | 1,464 |  |  | 33,294 |  |  | 102 |  |  | 1,302 |  |  | 862 |  |  | — |  |  | 15,646 |  |  | 117 |  |  | 52,787 |  |  | 0.48 | %
Consumer | 6 |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 17 |  |  | — | %
Commercial and industrial | 2,337 |  |  | 67,017 |  |  | — |  |  | 441 |  |  | 76 |  |  | — |  |  | — |  |  | — |  |  | 69,871 |  |  | 3.45 | %
Total | $ | 3,807 |  |  | $ | 100,311 |  |  | $ | 102 |  |  | $ | 1,752 |  |  | $ | 938 |  |  | $ | 2 |  |  | $ | 15,646 |  |  | $ | 117 |  |  | $ | 122,675 |  |  | 0.83 | %
| 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
| (Dollars 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 | %
Agricultural | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | %
Residential real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential 1-4 family | 560 |  |  | 598 |  |  | 106 |  |  | 59 |  |  | 516 |  |  | — |  |  | — |  |  | 116 |  |  | 1,955 |  |  | 0.11 | %
Multifamily residential | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | %
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 year ended December 31, 2024, the Company restructured approximately $108.4 million in loans to 13 borrowers. The ending balance of these loans as of December 31, 2024, was $100.5 million. The Company considered the financial effect of these loan modifications to borrowers experiencing financial difficulty during the year ended December 31, 2024 immaterial for tabular disclosure inclusion. Three of the modified loans pertained to one borrower relationship and accounted for $99.1 million of the total post-modification outstanding balance. The modification involved three new loans being underwritten resulting in the interest rate decreasing by 12 basis points and one of the loans in the relationship being charged-off. The charged-off amount was $26.1 million. Five of the $122.7 million in restructured loans held by the Company were considered to be collateral dependent as of December 31, 2024. The outstanding balance of these loans was $114.7 million, and the specific reserve was $2.9 million. The following table presents the amortized cost basis of loans that had a payment default during the years ended December 31, 2024 and 2023, respectively, and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.
| December 31, 2024
| Term Extension |  |  |  |  |  |  |  | Combination Interest Rate Reduction and Term Extension |  |  |  |
| (Dollars in thousands)
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |
Non-farm/non-residential | $ | — |  |  |  |  |  |  |  |  | $ | — |  |  |  |  |
Construction/land development | — |  |  |  |  |  |  |  |  | — |  |  |  |  |
Agricultural | — |  |  |  |  |  |  |  |  | — |  |  |  |  |
Residential real estate loans |  |  |  |  |  |  |  |  | — |  |  |  |  |
Residential 1-4 family | 249 |  |  |  |  |  |  |  |  | — |  |  |  |  |
Total real estate | 249 |  |  |  |  |  |  |  |  | — |  |  |  |  |
Consumer | 5 |  |  |  |  |  |  |  |  | — |  |  |  |  |
Commercial and industrial | — |  |  |  |  |  |  |  |  | 2 |  |  |  |  |
Total | $ | 254 |  |  |  |  |  |  |  |  | $ | 2 |  |  |  |  |
| December 31, 2023
| 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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Construction/land development | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Agricultural | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Residential real estate loans |  |  |  |  |  |  |  |  | — |  |  |  |  |
Residential 1-4 family | 299 |  |  | 105 |  |  | 9 |  |  | — |  |  | 328 |  |  | — |  |  | 116 |
Total real estate | 299 |  |  | 105 |  |  | 9 |  |  | — |  |  | 328 |  |  | — |  |  | 116 |
Consumer | 14 |  |  | — |  |  | — |  |  | 29 |  |  | — |  |  | 5 |  |  | — |
Commercial and industrial | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 313 |  |  | $ | 105 |  |  | $ | 9 |  |  | $ | 29 |  |  | $ | 328 |  |  | $ | 5 |  |  | $ | 116 |
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 13 loans over the past 12 months to borrowers experiencing financial difficulty. The pre-modification balance of the loans was $134.4 million, and the ending balance as of December 31, 2024 was $100.5 million. The $100.5 million balance consists of $256,190 of non-accrual loans and $100.2 million of current loans, of which all were current as of December 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. The Company has purchased loans for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The Company held approximately $76.3 million and $130.7 million in PCD loans, as of December 31, 2024 and 2023, respectively. The balance, as of December 31, 2024, resulted from the acquisition of Happy. The balance, as of December 31, 2023, consisted of $130.4 million resulting from the acquisition of Happy and $376,100 from the acquisition of LH-Finance. The following is a presentation of total foreclosed assets as of December 31, 2024 and 2023:
| December 31, 2024 |  | December 31, 2023
| (In thousands)
Commercial real estate loans |  |  |
Non-farm/non-residential | $ | 28,392 |  |  | $ | 29,894 |
Construction/land development | 13,391 |  |  | 47 |
Residential real estate loans |  |  |
Residential 1-4 family | 1,624 |  |  | 545 |
Total foreclosed assets held for sale | $ | 43,407 |  |  | $ | 30,486 |

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