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Loans (Tables)

3 Months Ended

Mar. 31, 2025

Loans

Schedule of loan portfolio composition including carrying value by segment

The tables below show the loan portfolio composition including carrying value by segment as of the dates shown. The carrying value of loans is net of discounts, fees, costs and fair value marks of $27.5 million and $30.1 million as of March 31, 2025 and December 31, 2024, respectively.


	March 31, 2025
	Total loans			% of total
Commercial	$	4,603,771		60.2%
Commercial real estate non-owner occupied		1,795,856		23.5%
Residential real estate		1,233,649		16.1%
Consumer		13,020		0.2%
Total	$	7,646,296		100.0%


	December 31, 2024
	Total loans			% of total
Commercial	$	4,670,430		60.2%
Commercial real estate non-owner occupied		1,812,338		23.4%
Residential real estate		1,253,838		16.2%
Consumer		14,537		0.2%
Total	$	7,751,143		100.0%

Schedule of information about delinquent and non-accrual loans

Information about delinquent and non-accrual loans is shown in the following tables at March 31, 2025 and December 31, 2024:


		March 31, 2025
					Greater
		30-89 days			than 90 days						Total past
		past due and			past due and			Non-accrual			due and
		accruing			accruing			loans			non-accrual			Current			Total loans
Commercial:
Commercial and industrial		$	8,408		$	912		$	24,224		$	33,544		$	1,943,250		$	1,976,794
Municipal and non-profit			—			—			—			—			1,116,995			1,116,995
Owner occupied commercial real estate			2,813			—			3,641			6,454			1,218,576			1,225,030
Food and agribusiness			3,687			—			587			4,274			280,678			284,952
Total commercial			14,908			912			28,452			44,272			4,559,499			4,603,771
Commercial real estate non-owner occupied:
Construction			—			—			—			—			250,106			250,106
Acquisition/development			—			—			—			—			75,864			75,864
Multifamily			—			—			—			—			332,739			332,739
Non-owner occupied			196			—			—			196			1,136,951			1,137,147
Total commercial real estate non-owner occupied			196			—			—			196			1,795,660			1,795,856
Residential real estate:
Senior lien			1,304			—			5,781			7,085			1,140,574			1,147,659
Junior lien			572			100			352			1,024			84,966			85,990
Total residential real estate			1,876			100			6,133			8,109			1,225,540			1,233,649
Consumer			23			—			35			58			12,962			13,020
Total loans		$	17,003		$	1,012		$	34,620		$	52,635		$	7,593,661		$	7,646,296


		March 31, 2025
		Non-accrual loans			Non-accrual loans
		with a related			with no related
		allowance for			allowance for			Non-accrual
		credit loss			credit loss			loans
Commercial:
Commercial and industrial		$	13,049		$	11,175		$	24,224
Owner occupied commercial real estate			3,641			—			3,641
Food and agribusiness			1			586			587
Total commercial			16,691			11,761			28,452
Commercial real estate non-owner occupied:
Non-owner occupied			—			—			—
Total commercial real estate non-owner occupied			—			—			—
Residential real estate:
Senior lien			3,348			2,433			5,781
Junior lien			352			—			352
Total residential real estate			3,700			2,433			6,133
Consumer			35			—			35
Total loans		$	20,426		$	14,194		$	34,620


		December 31, 2024
					Greater
		30-89 days			than 90 days						Total past
		past due and			past due and			Non-accrual			due and
		accruing			accruing			loans			non-accrual			Current			Total loans
Commercial:
Commercial and industrial		$	20,290		$	5,492		$	21,950		$	47,732		$	1,948,093		$	1,995,825
Municipal and non-profit			—			—			—			—			1,107,142			1,107,142
Owner occupied commercial real estate			1,611			9,447			195			11,253			1,252,891			1,264,144
Food and agribusiness			—			—			587			587			302,732			303,319
Total commercial			21,901			14,939			22,732			59,572			4,610,858			4,670,430
Commercial real estate non-owner occupied:
Construction			—			—			—			—			250,335			250,335
Acquisition/development			—			—			—			—			82,862			82,862
Multifamily			—			—			—			—			320,781			320,781
Non-owner occupied			158			—			5,971			6,129			1,152,231			1,158,360
Total commercial real estate non-owner occupied			158			—			5,971			6,129			1,806,209			1,812,338
Residential real estate:
Senior lien			952			—			6,747			7,699			1,161,568			1,169,267
Junior lien			133			—			505			638			83,933			84,571
Total residential real estate			1,085			—			7,252			8,337			1,245,501			1,253,838
Consumer			20			1			39			60			14,477			14,537
Total loans		$	23,164		$	14,940		$	35,994		$	74,098		$	7,677,045		$	7,751,143


		December 31, 2024
		Non-accrual loans			Non-accrual loans
		with a related			with no related
		allowance for			allowance for			Non-accrual
		credit loss			credit loss			loans
Commercial:
Commercial and industrial		$	12,746		$	9,204		$	21,950
Owner occupied commercial real estate			195			—			195
Food and agribusiness			1			586			587
Total commercial			12,942			9,790			22,732
Commercial real estate non-owner occupied:
Non-owner occupied			5,971			—			5,971
Total commercial real estate non-owner occupied			5,971			—			5,971
Residential real estate:
Senior lien			3,319			3,428			6,747
Junior lien			505			—			505
Total residential real estate			3,824			3,428			7,252
Consumer			39			—			39
Total loans		$	22,776		$	13,218		$	35,994

Schedule of the amortized cost basis and current period gross charge-offs for all loans as determined by the Company's internal risk rating system and year of origination

The amortized cost basis and current period gross charge-offs for all loans as determined by the Company’s internal risk rating system and year of origination are shown in the following tables as of and for the three months ended March 31, 2025 and the year ended December 31, 2024:


		March 31, 2025
																				Revolving			Revolving
																				loans			loans
		Origination year																		amortized			converted
		2025			2024			2023			2022			2021			Prior			cost basis			to term			Total
Commercial:
Commercial and industrial:
Pass		$	95,838		$	424,705		$	156,189		$	316,781		$	193,923		$	137,872		$	424,386		$	4,489		$	1,754,183
Special mention			—			2,262			28,767			8,911			14,030			14,355			39,494			305			108,124
Substandard			—			16,206			35,716			8,764			22,306			4,450			21,988			301			109,731
Doubtful			—			—			1,159			2,158			137			1,302			—			—			4,756
Total commercial and industrial			95,838			443,173			221,831			336,614			230,396			157,979			485,868			5,095			1,976,794
Gross charge-offs: Commercial and industrial			—			3,042			7,075			—			—			—			—			—			10,117
Municipal and non-profit:
Pass			2,497			117,890			151,450			140,903			216,874			454,396			32,985			—			1,116,995
Total municipal and non-profit			2,497			117,890			151,450			140,903			216,874			454,396			32,985			—			1,116,995
Owner occupied commercial real estate:
Pass			10,128			269,728			201,724			203,221			128,324			289,044			24,750			17			1,126,936
Special mention			—			17,761			1,664			8,892			16,228			15,383			—			—			59,928
Substandard			—			—			—			20,213			10,926			5,072			848			—			37,059
Doubtful			—			—			—			691			—			416			—			—			1,107
Total owner occupied commercial real estate			10,128			287,489			203,388			233,017			155,478			309,915			25,598			17			1,225,030
Gross charge-offs: Owner occupied commercial real estate			—			—			2,266			883			—			303			—			—			3,452
Food and agribusiness:
Pass			295			14,124			9,421			64,934			6,180			33,492			144,709			293			273,448
Special mention			—			—			—			3,947			2,750			189			—			—			6,886
Substandard			—			—			—			—			774			3,430			414			—			4,618
Total food and agribusiness			295			14,124			9,421			68,881			9,704			37,111			145,123			293			284,952
Total commercial			108,758			862,676			586,090			779,415			612,452			959,401			689,574			5,405			4,603,771
Gross charge-offs: Commercial			—			3,042			9,341			883			—			303			—			—			13,569
Commercial real estate non-owner occupied:
Construction:
Pass			1,461			62,035			61,141			49,548			28,793			888			35,069			11,171			250,106
Total construction			1,461			62,035			61,141			49,548			28,793			888			35,069			11,171			250,106
Acquisition/development:
Pass			568			16,572			4,000			25,689			19,229			8,452			(14)			—			74,496
Special mention			—			—			—			1,077			—			—			—			—			1,077
Substandard			—			—			—			—			—			291			—			—			291
Total acquisition/development			568			16,572			4,000			26,766			19,229			8,743			(14)			—			75,864
Multifamily:
Pass			—			1,343			22,745			153,168			70,366			76,027			796			—			324,445
Special mention			—			—			—			8,294			—			—			—			—			8,294
Total multifamily			—			1,343			22,745			161,462			70,366			76,027			796			—			332,739
Non-owner occupied
Pass			7,967			67,949			119,351			304,412			138,453			418,168			10,952			—			1,067,252
Special mention			—			5,245			1,295			33,039			12,709			16,932			(1)			—			69,219
Substandard			—			—			—			—			—			676			—			—			676
Total non-owner occupied			7,967			73,194			120,646			337,451			151,162			435,776			10,951			—			1,137,147
Gross charge-offs: Non-owner occupied			—			—			—			—			1,467			—			—			—			1,467
Total commercial real estate non-owner occupied			9,996			153,144			208,532			575,227			269,550			521,434			46,802			11,171			1,795,856
Gross charge-offs: Commercial real estate non-owner occupied			—			—			—			—			1,467			—			—			—			1,467
Residential real estate:
Senior lien
Pass			13,349			65,103			68,624			409,594			275,567			265,255			42,780			663			1,140,935
Special mention			—			—			—			—			—			15			—			—			15
Substandard			—			64			662			2,529			689			2,593			—			—			6,537
Doubtful			—			—			—			172			—			—			—			—			172
Total senior lien			13,349			65,167			69,286			412,295			276,256			267,863			42,780			663			1,147,659
Junior lien
Pass			706			8,426			3,387			4,565			1,747			6,943			58,850			816			85,440
Special mention			—			—			—			—			—			27			—			—			27
Substandard			—			42			—			99			—			212			170			—			523
Total junior lien			706			8,468			3,387			4,664			1,747			7,182			59,020			816			85,990
Total residential real estate			14,055			73,635			72,673			416,959			278,003			275,045			101,800			1,479			1,233,649

Consumer
Pass			1,129			4,062			1,613			1,176			752			589			2,906			758			12,985
Substandard			—			—			—			—			—			35			—			—			35
Total consumer			1,129			4,062			1,613			1,176			752			624			2,906			758			13,020
Gross charge-offs: Consumer			201			10			—			—			—			—			4			—			215
Total loans		$	133,938		$	1,093,517		$	868,908		$	1,772,777		$	1,160,757		$	1,756,504		$	841,082		$	18,813		$	7,646,296
Gross charge-offs: Total loans			201			3,052			9,341			883			1,467			303			4			—			15,251


		December 31, 2024
																				Revolving			Revolving
																				loans			loans
		Origination year																		amortized			converted
		2024			2023			2022			2021			2020			Prior			cost basis			to term			Total
Commercial:
Commercial and industrial:
Pass		$	445,993		$	181,920		$	332,246		$	215,561		$	51,902		$	92,115		$	468,752		$	2,614		$	1,791,103
Special mention			8,005			32,319			13,753			17,496			12,915			5,552			16,146			651			106,837
Substandard			13,417			34,320			8,909			21,575			3,011			2,020			8,982			387			92,621
Doubtful			1,250			1,159			1,490			17			975			373			—			—			5,264
Total commercial and industrial			468,665			249,718			356,398			254,649			68,803			100,060			493,880			3,652			1,995,825
Gross charge-offs: Commercial and industrial			—			2,028			—			26			155			156			—			—			2,365
Municipal and non-profit:
Pass			116,551			152,183			137,249			217,362			73,399			378,561			29,747			—			1,105,052
Special mention			—			—			—			170			1,920			—			—			—			2,090
Total municipal and non-profit			116,551			152,183			137,249			217,532			75,319			378,561			29,747			—			1,107,142
Owner occupied commercial real estate:
Pass			269,810			205,119			225,766			131,547			83,791			232,653			20,912			8,990			1,178,588
Special mention			430			1,664			13,798			23,482			268			12,744			—			—			52,386
Substandard			—			7,180			15,266			3,397			1,243			4,759			847			—			32,692
Doubtful			—			—			—			—			—			478			—			—			478
Total owner occupied commercial real estate			270,240			213,963			254,830			158,426			85,302			250,634			21,759			8,990			1,264,144
Gross charge-offs: Owner occupied commercial real estate			—			—			13			—			—			—			—			—			13
Food and agribusiness:
Pass			14,727			9,884			68,909			6,587			5,940			33,081			156,113			344			295,585
Special mention			—			—			4,045			2,898			—			204			—			—			7,147
Substandard			—			—			—			586			—			1			—			—			587
Total food and agribusiness			14,727			9,884			72,954			10,071			5,940			33,286			156,113			344			303,319
Gross charge-offs: Food and agribusiness			—			—			—			—			—			2,704			—			—			2,704
Total commercial			870,183			625,748			821,431			640,678			235,364			762,541			701,499			12,986			4,670,430
Gross charge-offs: Commercial			—			2,028			13			26			155			2,860			—			—			5,082
Commercial real estate non-owner occupied:
Construction:
Pass			55,139			59,137			54,735			33,859			917			—			46,548			—			250,335
Total construction			55,139			59,137			54,735			33,859			917			—			46,548			—			250,335
Acquisition/development:
Pass			16,645			4,038			31,028			20,412			1,079			8,110			184			—			81,496
Special mention			—			—			1,072			—			—			—			—			—			1,072
Substandard			—			—			—			—			—			294			—			—			294
Total acquisition/development			16,645			4,038			32,100			20,412			1,079			8,404			184			—			82,862
Multifamily:
Pass			1,363			16,470			138,872			70,419			45,700			31,034			853			—			304,711
Special mention			4,159			—			8,091			3,820			—			—			—			—			16,070
Total multifamily			5,522			16,470			146,963			74,239			45,700			31,034			853			—			320,781
Non-owner occupied
Pass			68,192			143,857			303,998			143,085			125,374			304,162			11,018			—			1,099,686
Special mention			5,246			1,298			17,272			12,184			—			16,009			—			—			52,009
Substandard			—			—			—			5,516			—			694			—			—			6,210
Doubtful			—			—			—			455			—			—			—			—			455
Total non-owner occupied			73,438			145,155			321,270			161,240			125,374			320,865			11,018			—			1,158,360
Gross charge-offs: Non-owner occupied			—			—			293			—			—			4,422			—			—			4,715
Total commercial real estate non-owner occupied			150,744			224,800			555,068			289,750			173,070			360,303			58,603			—			1,812,338
Gross charge-offs: Commercial real estate non-owner occupied			—			—			293			—			—			4,422			—			—			4,715
Residential real estate:
Senior lien
Pass			66,465			77,136			415,279			280,209			100,990			174,830			46,053			583			1,161,545
Special mention			—			—			—			—			—			16			—			—			16
Substandard			64			663			3,422			700			394			2,270			—			—			7,513
Doubtful			—			—			172			—			—			21			—			—			193
Total senior lien			66,529			77,799			418,873			280,909			101,384			177,137			46,053			583			1,169,267
Junior lien
Pass			6,870			3,498			4,614			1,789			1,964			5,488			59,331			311			83,865
Special mention			—			—			—			—			—			27			—			—			27
Substandard			44			—			240			—			89			134			172			—			679
Total junior lien			6,914			3,498			4,854			1,789			2,053			5,649			59,503			311			84,571
Total residential real estate			73,443			81,297			423,727			282,698			103,437			182,786			105,556			894			1,253,838
Consumer
Pass			4,557			1,994			1,443			942			528			169			4,795			71			14,499
Substandard			—			—			—			—			—			38			—			—			38
Total consumer			4,557			1,994			1,443			942			528			207			4,795			71			14,537
Gross charge-offs: Consumer			877			23			30			3			—			48			—			—			981

Total loans		$	1,098,927		$	933,839		$	1,801,669		$	1,214,068		$	512,399		$	1,305,837		$	870,453		$	13,951		$	7,751,143
Gross charge-offs: Total loans			877			2,051			336			29			155			7,330			—			—			10,778

Schedule of collateral dependent loans

The amortized cost basis of collateral-dependent loans over $250 thousand was as follows at March 31, 2025 and December 31, 2024:


		March 31, 2025
								Total amortized
		Real property			Business assets			cost basis
Commercial:
Commercial and industrial		$	5,414		$	6,728		$	12,142
Owner occupied commercial real estate			6,034			949			6,983
Food and agribusiness			586			—			586
Total commercial			12,034			7,677			19,711
Residential real estate:
Senior lien			3,634			—			3,634
Junior lien			222			—			222
Total residential real estate			3,856			—			3,856
Total loans		$	15,890		$	7,677		$	23,567


		December 31, 2024
								Total amortized
		Real property			Business assets			cost basis
Commercial:
Commercial and industrial		$	6,281		$	4,924		$	11,205
Owner occupied commercial real estate			1,343			—			1,343
Food and agribusiness			586			—			586
Total commercial			8,210			4,924			13,134
Commercial real estate non-owner occupied:
Non-owner occupied			5,971			—			5,971
Total commercial real estate non-owner occupied			5,971			—			5,971
Residential real estate:
Senior lien			5,075			—			5,075
Junior lien			222			—			222
Total residential real estate			5,297			—			5,297
Total loans		$	19,478		$	4,924		$	24,402

Schedule of modified loans to borrowers experiencing financial difficulty

The following schedules present, by loan class, the amortized cost basis for loans to borrowers experiencing financial difficulty that remain outstanding and were modified and during the three months ended March 31, 2025 and 2024:


		As of and for the three months ended March 31, 2025
		Payment delay
		Amortized			% of loan
		cost basis			class
Commercial:
Commercial and industrial		$	3,526		0.2%
Owner occupied commercial real estate			2,195		0.2%
Total commercial			5,721		0.1%
Total loans		$	5,721		0.1%


		As of and for the three months ended March 31, 2024
												Combination - interest rate					Combination - term extension
		Term extension					Payment Delay					reduction and term extension					and payment delay
		Amortized			% of loan		Amortized			% of loan		Amortized			% of loan		Amortized			% of loan
		cost basis			class		cost basis			class		cost basis			class		cost basis			class
Commercial:
Commercial and industrial		$	—		0.0%		$	8,561		0.4%		$	—		0.0%		$	—		0.0%
Municipal and non-profit			—		0.0%			1,664		0.1%			—		0.0%			—		0.0%
Total commercial			—		0.0%			10,225		0.2%			—		0.0%			—		0.0%
Commercial real estate non-owner occupied:
Non-owner occupied			18,770		1.8%			—		0.0%			—		0.0%			—		0.0%
Total commercial real estate non-owner occupied			18,770		1.0%			—		0.0%			—		0.0%			—		0.0%
Residential real estate:
Senior lien			—		0.0%			869		0.1%			651		0.1%			382		0.0%
Total residential real estate			—		0.0%			869		0.1%			651		0.0%			382		0.0%
Total loans		$	18,770		0.2%		$	11,094		0.1%		$	651		0.0%		$	382		0.0%

Schedule of payment status of loans

The following schedules present, by loan class, the payment status of loans that have been modified in the last twelve months as of the dates presented on an amortized cost basis:


		March 31, 2025
		Current			30-89 days past due			90+ days past due			Non-accrual
Commercial:
Commercial and industrial		$	5,014		$	7,454		$	—		$	1,602
Owner occupied commercial real estate			2,195			—			—			—
Total commercial			7,209			7,454			—			1,602
Commercial real estate non-owner occupied:
Non-owner occupied			158			—			—			—
Total commercial real estate non-owner occupied			158			—			—			—
Residential real estate:
Senior lien			20			—			—			—
Junior lien			—			—			—			42
Total residential real estate			20			—			—			42
Total loans		$	7,387		$	7,454		$	—		$	1,644


		March 31, 2024
		Current			30-89 days past due			90+ days past due			Non-accrual
Commercial:
Commercial and industrial		$	3,129		$	—		$	—		$	5,354
Owner occupied commercial real estate			1,664									—
Total commercial			4,793			—			—			5,354
Commercial real estate non-owner occupied:
Non-owner occupied			5,298			—			—			13,472
Total commercial real estate non-owner occupied			5,298			—			—			13,472
Residential real estate:
Senior lien			651			—			—			1,251
Total loans		$	10,742		$	—		$	—		$	20,077

Schedule of financial effect of the modifications made to borrowers experiencing financial difficulty


		As of and for the three months ended March 31, 2025
		Financial Effect
		Payment delay
Commercial:
Commercial and industrial		Delayed payments for a weighted average of 0.4 years
Owner occupied commercial real estate		Delayed payments for a weighted average of 0.3 years


		As of and for the three months ended March 31, 2024
		Financial effect
		Term extension		Payment delay		Combination - Interest rate reduction and Term extension		Combination - Term extension and Payment delay
Commercial:
Commercial and industrial				Delayed payments for a weighted average of 0.5 years
Owner occupied commercial real estate				Delayed payments for a weighted average of 0.5 years
Commercial real estate non-owner occupied:
Non-owner occupied		Extended a weighted average of 0.3 years to the life of loans
Residential real estate:
Senior lien				Delayed payments for a weighted average of 0.3 years		Reduced weighted average contractual interest rate by 2.5% and extended a weighted average life of 30 years		Extended a weighted average of 0.7 years to the life of loans and delayed payments for a weighted average of 0.7 years