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 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 March 31, 2025 and 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 (%)

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 the borrower as well as any guarantors, 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 the borrower as well as any guarantors, the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. The loan to value ratio depends on the type of collateral. Generally, accounts receivable are financed at between 50% and 80% of accounts receivable less than 60 days past due. Inventory financing will range between 50% and 80% (with no work in process) depending on the borrower and nature of inventory. We require a first lien position for those loans.

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

During the three months ended March 31, 2025, the Company did not record a provision for credit losses on loans primarily due to the $4.1 million in net recoveries experienced during the quarter. After considering the recoveries, management determined the level of the allowance for credit losses on loans was adequate. In addition, management determined that a provision was not necessary for the unfunded commitments as the current level of the reserve was considered adequate. During the three months ended March 31, 2024, the Company recorded $5.5 million in provision for credit losses on loans, and the Company reversed $1.0 million in provision for unfunded commitments.


	Three Months Ended March 31, 2025
	Construction/ Land Development		Other Commercial Real Estate		Residential Real Estate		Commercial & Industrial		Consumer & Other		Total
	(In thousands)
Allowance for credit losses:
Beginning balance	$	52,271	$	91,315	$	50,835	$	49,621	$	31,838	$	275,880

Loans charged off	—		(2,300)		(75)		(161)		(922)		(3,458)
Recoveries of loans previously charged off	125		6,160		51		958		228		7,522
Net loans recovered (charged off)	125		3,860		(24)		797		(694)		4,064

Provision for credit losses	(4,220)		(8,890)		2,597		9,704		809		—
Balance, March 31	$	48,176	$	86,285	$	53,408	$	60,122	$	31,953	$	279,944


	Three Months Ended March 31, 2024 and 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)		(1,102)		(159)		(1,746)		(970)		(3,978)
Recoveries of loans previously charged off	7		20		19		101		391		538
Net loans (charged off) recovered	6		(1,082)		(140)		(1,645)		(579)		(3,440)

Provision for credit loss - loans	2,038		1,575		1,183		(157)		861		5,500
Balance, March 31	35,921		79,128		56,903		91,008		27,334		290,294
Loans charged off	(1,436)		(37,030)		(6,908)		(9,343)		(4,341)		(59,058)
Recoveries of loans previously charged off	214		39		161		527		803		1,744
Net loans (charged off) recovered	(1,222)		(36,991)		(6,747)		(8,816)		(3,538)		(57,314)
Provision for credit loss - loans	17,572		49,178		679		(32,571)		8,042		42,900
Balance, December 31	$	52,271	$	91,315	$	50,835	$	49,621	$	31,838	$	275,880


	March 31, 2025
	Nonaccrual		Nonaccrual with Reserve		Loans Past Due Over 90 Days Still Accruing
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential	$	32,953	$	28,358	$	226
Construction/land development	2,061		—		—
Agricultural	538		—		—
Residential real estate loans
Residential 1-4 family	23,510		—		306
Multifamily residential	13,075		—		—
Total real estate	72,137		28,358		532
Consumer	6,014		—		11
Commercial and industrial	7,619		—		2,380
Agricultural & other	613		—		341
Total	$	86,383	$	28,358	$	3,264


	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


	March 31, 2025
	Loans Past Due 30-59 Days		Loans Past Due 60-89 Days		Loans Past Due 90 Days or More		Total Past Due		Current Loans		Total Loans Receivable		Accruing Loans Past Due 90 Days or More
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential	$	2,346	$	2,018	$	33,179	$	37,543	$	5,551,138	$	5,588,681	$	226
Construction/land development	2,259		16		2,061		4,336		2,731,424		2,735,760		—
Agricultural	39		21		538		598		334,839		335,437		—
Residential real estate loans
Residential 1-4 family	8,129		2,096		23,816		34,041		1,913,831		1,947,872		306
Multifamily residential	—		—		13,075		13,075		563,014		576,089		—
Total real estate	12,773		4,151		72,669		89,593		11,094,246		11,183,839		532
Consumer	7,024		2,471		6,025		15,520		1,212,225		1,227,745		11
Commercial and industrial	2,125		206		9,999		12,330		2,032,706		2,045,036		2,380
Agricultural & other	1,107		32		954		2,093		493,403		495,496		341
Total	$	23,029	$	6,860	$	89,647	$	119,536	$	14,832,580	$	14,952,116	$	3,264


	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

•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.

Loans that do not share risk characteristics are evaluated on an individual basis. All loans over $2.0 million that are rated 5 – 8 are individually assessed for credit losses on a quarterly 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 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. The allowance for credit losses may be zero if the fair value of the collateral, less estimated costs to sell, or present value of cash flows at the measurement date exceeds the amortized cost basis of the loan.


	March 31, 2025
	Term Loans Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Risk rating 1	$	—	$	—	$	—	$	—	$	—	$	320	$	—	$	320
Risk rating 2	—		—		—		—		—		—		—		—
Risk rating 3	86,681		160,251		359,628		678,743		447,619		1,103,473		289,438		3,125,833
Risk rating 4	17,131		115,159		116,893		572,962		311,072		717,639		319,820		2,170,676
Risk rating 5	247		27		921		391		56		7,066		358		9,066
Risk rating 6	11,972		33,617		825		35,727		6,386		194,259		—		282,786
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total non-farm/non-residential	116,031		309,054		478,267		1,287,823		765,133		2,022,757		609,616		5,588,681
Construction/land development
Risk rating 1	$	—	$	—	$	—	$	—	$	9	$	—	$	—	$	9
Risk rating 2	—		98		133		—		—		149		—		380
Risk rating 3	104,055		977,178		341,364		282,926		42,446		88,460		70,362		1,906,791
Risk rating 4	11,849		141,922		115,012		254,824		70,540		26,241		189,381		809,769
Risk rating 5	113		—		—		16,269		—		—		—		16,382
Risk rating 6	—		—		108		228		966		1,091		36		2,429
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total construction/land development	116,017		1,119,198		456,617		554,247		113,961		115,941		259,779		2,735,760
Agricultural
Risk rating 1	$	—	$	300	$	—	$	1,326	$	—	$	—	$	—	$	1,626
Risk rating 2	—		275		237		—		1,063		—		—		1,575
Risk rating 3	12,194		37,916		32,246		27,919		13,899		57,070		36,237		217,481
Risk rating 4	1,618		14,919		10,309		25,044		19,524		33,127		5,515		110,056
Risk rating 5	—		—		—		—		—		631		—		631
Risk rating 6	—		—		—		—		1,555		2,329		184		4,068
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total agricultural	13,812		53,410		42,792		54,289		36,041		93,157		41,936		335,437
Total commercial real estate loans	$	245,860	$	1,481,662	$	977,676	$	1,896,359	$	915,135	$	2,231,855	$	911,331	$	8,659,878
Residential real estate loans
Residential 1-4 family
Risk rating 1	$	—	$	—	$	—	$	—	$	—	$	88	$	2	$	90
Risk rating 2	—		—		161		—		—		8		3		172
Risk rating 3	55,288		166,957		242,543		358,134		183,574		450,056		119,487		1,576,039
Risk rating 4	2,576		30,600		11,767		51,296		55,550		83,831		93,929		329,549
Risk rating 5	—		—		1,563		2,053		2,141		2,861		1,102		9,720
Risk rating 6	—		864		3,201		9,048		3,175		15,775		239		32,302
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total residential 1-4 family	57,864		198,421		259,235		420,531		244,440		552,619		214,762		1,947,872


	March 31, 2025
	Term Loans Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Multifamily residential
Risk rating 1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Risk rating 2	—		—		—		—		—		—		—		—
Risk rating 3	786		2,748		11,439		33,096		39,310		120,662		7,445		215,486
Risk rating 4	818		297		81,149		164,714		8,829		80,107		11,012		346,926
Risk rating 5	—		—		—		—		—		241		—		241
Risk rating 6	—		—		—		12,647		578		211		—		13,436
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total multifamily residential	1,604		3,045		92,588		210,457		48,717		201,221		18,457		576,089
Total real estate	$	305,328	$	1,683,128	$	1,329,499	$	2,527,347	$	1,208,292	$	2,985,695	$	1,144,550	$	11,183,839
Consumer
Risk rating 1	$	1,110	$	4,355	$	2,013	$	1,339	$	737	$	1,535	$	1,701	$	12,790
Risk rating 2	—		—		—		—		—		245		—		245
Risk rating 3	75,071		251,914		182,747		177,969		160,834		310,378		1,260		1,160,173
Risk rating 4	1,018		15,681		8,718		4,693		1,257		4,960		149		36,476
Risk rating 5	—		7		35		—		208		491		—		741
Risk rating 6	—		49		5,641		4,747		346		6,519		15		17,317
Risk rating 7	—		—		2		—		—		—		—		2
Risk rating 8	—		—		1		—		—		—		—		1
Total consumer	77,199		272,006		199,157		188,748		163,382		324,128		3,125		1,227,745
Commercial and industrial
Risk rating 1	$	169	$	5,168	$	400	$	551	$	364	$	20,852	$	12,232	$	39,736
Risk rating 2	—		46		119		408		10		18		2,495		3,096
Risk rating 3	58,888		139,000		547,790		222,608		55,154		275,964		212,519		1,511,923
Risk rating 4	7,041		51,866		27,609		25,931		37,025		56,633		190,139		396,244
Risk rating 5	—		—		119		175		4,669		85		1,894		6,942
Risk rating 6	—		46,540		4,190		3,955		9,664		3,955		18,787		87,091
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		1		1		—		2		—		4
Total commercial and industrial	66,098		242,620		580,228		253,629		106,886		357,509		438,066		2,045,036
Agricultural and other
Risk rating 1	$	102	$	649	$	354	$	—	$	16	$	100	$	571	$	1,792
Risk rating 2	4		145		261		23		—		—		696		1,129
Risk rating 3	16,713		43,048		13,579		37,256		24,615		39,294		149,238		323,743
Risk rating 4	40,282		11,740		1,822		3,497		5,806		27,624		74,377		165,148
Risk rating 5	—		—		—		1,679		618		558		2		2,857
Risk rating 6	—		—		3		312		39		385		88		827
Risk rating 7	—		—		—		—		—		—		—		—
Risk rating 8	—		—		—		—		—		—		—		—
Total agricultural and other	57,101		55,582		16,019		42,767		31,094		67,961		224,972		495,496
Total	$	505,726	$	2,253,336	$	2,124,903	$	3,012,491	$	1,509,654	$	3,735,293	$	1,810,713	$	14,952,116


	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


	March 31, 2025
	Gross Loan Write-Offs by Origination Year
	2025			2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Real estate
Commercial real estate loans
Non-farm/non-residential	$	—		$	—	$	—	$	47	$	5	$	2,248	$	—	$	2,300
Construction/land development	—			—		—		—		—		—		—		—
Agricultural	—			—		—		—		—		—		—		—
Residential real estate loans
Residential 1-4 family	—			—		38		—		—		37		—		75

Total real estate	—			—		38		47		5		2,285		—		2,375
Consumer	—			27		63		30		6		64		40		230
Commercial and industrial	—			—		15		1		—		145		—		161
Agricultural & other	692		*	—		—		—		—		—		—		692
Total	$	692		$	27	$	116	$	78	$	11	$	2,494	$	40	$	3,458


	December 31, 2024
	Gross Loan Write-Offs by Origination Year
	2024			2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Real estate
Commercial real estate loans
Non-farm/non-residential	$	—		$	—	$	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


	March 31, 2025
	Term Loans Amortized Cost Basis by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Performing	$	116,031	$	277,146	$	477,442	$	1,253,353	$	762,756	$	1,983,193	$	609,616	$	5,479,537
Non-performing	—		31,908		825		34,470		2,377		39,564		—		109,144
Total non-farm/non-residential	116,031		309,054		478,267		1,287,823		765,133		2,022,757		609,616		5,588,681
Construction/land development
Performing	$	116,017	$	1,119,138	$	456,509	$	554,019	$	113,237	$	115,036	$	259,743	$	2,733,699
Non-performing	—		60		108		228		724		905		36		2,061
Total construction/ land development	116,017		1,119,198		456,617		554,247		113,961		115,941		259,779		2,735,760
Agricultural
Performing	$	13,812	$	53,410	$	42,792	$	54,289	$	36,041	$	92,803	$	41,752	$	334,899
Non-performing	—		—		—		—		—		354		184		538
Total agricultural	13,812		53,410		42,792		54,289		36,041		93,157		41,936		335,437
Total commercial real estate loans	$	245,860	$	1,481,662	$	977,676	$	1,896,359	$	915,135	$	2,231,855	$	911,331	$	8,659,878
Residential real estate loans
Residential 1-4 family
Performing	$	57,864	$	197,574	$	256,092	$	414,677	$	241,331	$	539,699	$	214,653	$	1,921,890
Non-performing	—		847		3,143		5,854		3,109		12,920		109		25,982
Total residential 1-4 family	57,864		198,421		259,235		420,531		244,440		552,619		214,762		1,947,872
Multifamily residential
Performing	$	1,604	$	3,045	$	92,588	$	197,961	$	48,139	$	201,221	$	18,457	$	563,015
Non-performing	—		—		—		12,496		578		—		—		13,074
Total multifamily residential	1,604		3,045		92,588		210,457		48,717		201,221		18,457		576,089
Total real estate	$	305,328	$	1,683,128	$	1,329,499	$	2,527,347	$	1,208,292	$	2,985,695	$	1,144,550	$	11,183,839
Consumer
Performing	$	77,199	$	271,981	$	193,548	$	186,651	$	163,269	$	317,981	$	3,119	$	1,213,748
Non-performing	—		25		5,609		2,097		113		6,147		6		13,997
Total consumer	77,199		272,006		199,157		188,748		163,382		324,128		3,125		1,227,745
Commercial and industrial
Performing	$	66,098	$	196,112	$	577,322	$	249,938	$	105,277	$	354,022	$	420,956	$	1,969,725
Non-performing	—		46,508		2,906		3,691		1,609		3,487		17,110		75,311
Total commercial and industrial	66,098		242,620		580,228		253,629		106,886		357,509		438,066		2,045,036
Agricultural and other
Performing	$	57,101	$	55,582	$	16,016	$	42,455	$	31,055	$	67,409	$	224,925	$	494,543
Non-performing	—		—		3		312		39		552		47		953
Total agricultural and other	57,101		55,582		16,019		42,767		31,094		67,961		224,972		495,496
Total	$	505,726	$	2,253,336	$	2,124,903	$	3,012,491	$	1,509,654	$	3,735,293	$	1,810,713	$	14,952,116


	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


	March 31, 2025
									Combination of Modifications
	Term Extension		Interest Rate Reduction		Principal Reduction		Interest Only		Interest Rate Reduction and Term Extension		Principal Reduction and Interest Rate Reduction		Term Extension and Interest Only		Term Extension and Principal Reduction		Post- Modification Outstanding Balance		Percentage of Total Class of Loans Receivable
	(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential	$	385	$	31,926	$	—	$	1,175	$	337	$	—	$	15,423	$	—	$	49,246	0.88	%
Construction/land development	—		—		—		47		—		—		—		—		47		—

Residential real estate loans
Residential 1-4 family	1,063		1,194		101		21		1,476		—		—		116		3,971		0.20

Total real estate	1,448		33,120		101		1,243		1,813		—		15,423		116		53,264		0.48
Consumer	6		2,964		1		8		—		1		—		—		2,980		0.24
Commercial and industrial	2,371		63,049		—		441		75		—		—		—		65,936		3.22

Total	$	3,825	$	99,133	$	102	$	1,692	$	1,888	$	1	$	15,423	$	116	$	122,180	0.82	%


	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
	(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	%

During the three months ended March 31, 2025, the Company restructured approximately $4.0 million in loans to four borrowers. The ending balance of these loans as of March 31, 2025, was $3.9 million. During the three months ended March 31, 2024, the Company restructured approximately $668,000 in loans to 3 borrowers. The ending balance of these loans as of March 31, 2024, was $656,000. The Company considered the financial effect of these loan modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2025 and March 31, 2024 as well as the unadvanced balances to these borrowers immaterial for tabular disclosure inclusion.

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 16 loans over the past 12 months to borrowers experiencing financial difficulty. The pre-modification balance of the loans was $112.3 million, and the ending balance as of March 31, 2025 was $100.2 million. The $100.2 million balance consists of $1.2 million of non-accrual loans and $99.0 million of current loans, of which all were current as of March 31, 2025. Three of the modified loans pertained to one borrower relationship and accounted for $95.0 million of the total post-modification outstanding balance. These loans were modified during the year ended December 31, 2024. 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, and the charge-off was recorded during 2024. Six of the $122.2 million in restructured loans held by the Company were considered to be collateral dependent as of March 31, 2025. The outstanding balance of these loans was $113.3 million, and the specific reserve was $4.2 million.

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.