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 (%)

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 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, 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.


	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


	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


	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


	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

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.


	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

•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 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.


	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


	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


	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


	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


	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.


	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.