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Loans and Allowance for Credit Losses (Tables) | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
Summary of Loans | A summary of loans at December 31, 2024 and 2023 follows (in thousands):
|  | 2024 |  |  | 2023 |
Construction and land development |  | $ | 236,258 |  |  | $ | 207,033 |
Agricultural real estate |  |  | 391,436 |  |  |  | 392,265 |
1-4 family residential properties |  |  | 502,243 |  |  |  | 549,843 |
Multifamily residential properties |  |  | 334,032 |  |  |  | 321,537 |
Commercial real estate |  |  | 2,442,627 |  |  |  | 2,416,294 |
Loans secured by real estate |  |  | 3,906,596 |  |  |  | 3,886,972 |
Agricultural loans |  |  | 239,138 |  |  |  | 196,202 |
Commercial and industrial loans |  |  | 1,340,865 |  |  |  | 1,273,637 |
Consumer loans |  |  | 54,481 |  |  |  | 92,142 |
All other loans |  |  | 169,232 |  |  |  | 184,609 |
Gross loans |  |  | 5,710,312 |  |  |  | 5,633,562 |
Less: Loans held for sale |  |  | 6,614 |  |  |  | 4,980 |
|  |  | 5,703,698 |  |  |  | 5,628,582 |
Less: |  |  |  |  |  |
Net deferred loan fees, premiums and discounts |  |  | 37,850 |  |  |  | 52,997 |
Allowance for credit losses |  |  | 70,182 |  |  |  | 68,675 |
Net loans |  | $ | 5,595,666 |  |  | $ | 5,506,910 |
Summary of Gross Commercial Real Estate Loans by Property Type | The following table represents the gross commercial real estate loans by property type as of December 31, 2024 (in thousands):
|  | December 31, 2024 |
Commercial real estate |  |  |
Owner occupied |  | $ | 782,231 |
Non owner occupied |  |  |
Shopping centers and malls |  |  | 244,000 |
Industrial and warehouse |  |  | 218,175 |
Hotels and motels |  |  | 206,425 |
Skilled nursing facility |  |  | 172,834 |
Office |  |  | 145,006 |
Assisted living facility |  |  | 119,416 |
Retail |  |  | 110,850 |
Medical office |  |  | 88,532 |
Other property types |  |  | 355,158 |
Total commercial real estate |  | $ | 2,442,627 |
Allowance for Credit Losses Based on Portfolio Segment | The following tables present the balance in the allowance for credit losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2024, 2023, and 2022 (in thousands):
|  | Construction and Land Development |  |  | Agricultural Real Estate |  |  | 1-4 Family Residential Properties |  |  | Commercial Real Estate |  |  | Agricultural Loans |  |  | Commercial and Industrial |  |  | Consumer Loans |  |  | Total |
Twelve months ended December 31, 2024 |
Beginning Balance |  | $ | 2,918 |  |  | $ | 1,366 |  |  | $ | 4,220 |  |  | $ | 31,758 |  |  | $ | 705 |  |  | $ | 25,450 |  |  | $ | 2,258 |  |  | $ | 68,675 |
Initial allowance on loans purchased with credit deterioration |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Provision for credit loss expense |  |  | 352 |  |  |  | (5 | ) |  |  | (785 | ) |  |  | 1,178 |  |  |  | 3,587 |  |  |  | 510 |  |  |  | 798 |  |  |  | 5,635 |
Loans charged off |  |  | — |  |  |  | — |  |  |  | 195 |  |  |  | 451 |  |  |  | 2,410 |  |  |  | 688 |  |  |  | 2,004 |  |  |  | 5,748 |
Recoveries collected |  |  | 5 |  |  |  | — |  |  |  | 339 |  |  |  | 184 |  |  |  | 75 |  |  |  | 330 |  |  |  | 687 |  |  |  | 1,620 |
Ending balance |  | $ | 3,275 |  |  | $ | 1,361 |  |  | $ | 3,579 |  |  | $ | 32,669 |  |  | $ | 1,957 |  |  | $ | 25,602 |  |  | $ | 1,739 |  |  | $ | 70,182 |
Twelve months ended December 31, 2023 |
Beginning Balance |  | $ | 2,250 |  |  | $ | 1,433 |  |  | $ | 3,742 |  |  | $ | 28,157 |  |  | $ | 585 |  |  | $ | 20,808 |  |  | $ | 2,118 |  |  | $ | 59,093 |
Initial allowance on loans purchased with credit deterioration |  |  | 308 |  |  |  | — |  |  |  | 124 |  |  |  | 1,066 |  |  |  | — |  |  |  | 2,273 |  |  |  | 20 |  |  |  | 3,791 |
Provision for credit loss expense |  |  | 374 |  |  |  | (67 | ) |  |  | 225 |  |  |  | 1,755 |  |  |  | 490 |  |  |  | 2,322 |  |  |  | 1,005 |  |  |  | 6,104 |
Loans charged off |  |  | 14 |  |  |  | — |  |  |  | 87 |  |  |  | 25 |  |  |  | 408 |  |  |  | 529 |  |  |  | 1,568 |  |  |  | 2,631 |
Recoveries collected |  |  | — |  |  |  | — |  |  |  | 216 |  |  |  | 805 |  |  |  | 38 |  |  |  | 576 |  |  |  | 683 |  |  |  | 2,318 |
Ending balance |  | $ | 2,918 |  |  | $ | 1,366 |  |  | $ | 4,220 |  |  | $ | 31,758 |  |  | $ | 705 |  |  | $ | 25,450 |  |  | $ | 2,258 |  |  | $ | 68,675 |
Twelve months ended December 31, 2022 |
Beginning Balance |  | $ | 1,743 |  |  | $ | 1,257 |  |  | $ | 2,330 |  |  | $ | 26,246 |  |  | $ | 983 |  |  | $ | 19,241 |  |  | $ | 2,855 |  |  | $ | 54,655 |
Initial allowance on loans purchased with credit deterioration |  |  | 272 |  |  |  | — |  |  |  | 3 |  |  |  | 478 |  |  |  | — |  |  |  | 94 |  |  |  | 16 |  |  |  | 863 |
Provision for credit loss expense |  |  | 137 |  |  |  | 176 |  |  |  | 1,241 |  |  |  | 1,462 |  |  |  | (359 | ) |  |  | 2,135 |  |  |  | 14 |  |  |  | 4,806 |
Loans charged off |  |  | 2 |  |  |  | — |  |  |  | 191 |  |  |  | 414 |  |  |  | 93 |  |  |  | 870 |  |  |  | 1,380 |  |  |  | 2,950 |
Recoveries collected |  |  | 100 |  |  |  | — |  |  |  | 359 |  |  |  | 385 |  |  |  | 54 |  |  |  | 208 |  |  |  | 613 |  |  |  | 1,719 |
Ending balance |  | $ | 2,250 |  |  | $ | 1,433 |  |  | $ | 3,742 |  |  | $ | 28,157 |  |  | $ | 585 |  |  | $ | 20,808 |  |  | $ | 2,118 |  |  | $ | 59,093 |
Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans Individually Evaluated | The following table presents the amortized cost basis of collateral-dependent loans by class of loans that were individually evaluated to determine expected credit losses, and the related allowance for credit losses, as of December 31, 2024 (in thousands):
|  | Collateral |  |  | Allowance |
|  | Real Estate |  |  | Business Assets |  |  | Other |  |  | Total |  |  | for Credit Losses |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Agricultural real estate |  |  | 1,107 |  |  |  | — |  |  |  | — |  |  |  | 1,107 |  |  |  | — |
1-4 family residential properties |  |  | 360 |  |  |  | — |  |  |  | — |  |  |  | 360 |  |  |  | — |
Multifamily residential properties |  |  | 895 |  |  |  | — |  |  |  | — |  |  |  | 895 |  |  |  | — |
Commercial real estate |  |  | 4,430 |  |  |  | — |  |  |  | — |  |  |  | 4,430 |  |  |  | 196 |
Loans secured by real estate |  |  | 6,792 |  |  |  | — |  |  |  | — |  |  |  | 6,792 |  |  |  | 196 |
Agricultural loans |  |  | 600 |  |  |  | 9,526 |  |  |  | — |  |  |  | 10,126 |  |  |  | 788 |
Commercial and industrial loans |  |  | 57 |  |  |  | 1,234 |  |  |  | — |  |  |  | 1,291 |  |  |  | 260 |
Consumer loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
All other loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total loans |  | $ | 7,449 |  |  | $ | 10,760 |  |  | $ | — |  |  | $ | 18,209 |  |  | $ | 1,244 |
Credit Risk Profile of Loan Portfolio Based on Risk Rating Category and Payment Activity | The following tables present the credit risk profile of the Company’s loan portfolio based on rating category and payment activity as of December 31, 2024 and 2023 (in thousands):
|  | Term Loans by Origination Year |  |  | Revolving |  |  |  |
Risk rating |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Loans |  |  | Total |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development loans |
Pass |  | $ | 82,696 |  |  | $ | 101,715 |  |  | $ | 14,390 |  |  | $ | 15,817 |  |  | $ | 4,735 |  |  | $ | 16,342 |  |  | $ | — |  |  | $ | 235,695 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 382 |  |  |  | — |  |  |  | 382 |
Substandard |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | — |  |  |  | 16 |
Total |  | $ | 82,696 |  |  | $ | 101,715 |  |  | $ | 14,396 |  |  | $ | 15,817 |  |  | $ | 4,735 |  |  | $ | 16,734 |  |  | $ | — |  |  | $ | 236,093 |
Current period gross writeoffs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Agricultural real estate loans |
Pass |  | $ | 25,824 |  |  | $ | 17,292 |  |  | $ | 159,433 |  |  | $ | 55,083 |  |  | $ | 48,700 |  |  | $ | 73,592 |  |  | $ | — |  |  | $ | 379,924 |
Special mention |  |  | — |  |  |  | 192 |  |  |  | 107 |  |  |  | 986 |  |  |  | 1,755 |  |  |  | 5,630 |  |  |  | — |  |  |  | 8,670 |
Substandard |  |  | — |  |  |  | 141 |  |  |  | 966 |  |  |  | — |  |  |  | — |  |  |  | 1,059 |  |  |  | — |  |  |  | 2,166 |
Total |  | $ | 25,824 |  |  | $ | 17,625 |  |  | $ | 160,506 |  |  | $ | 56,069 |  |  | $ | 50,455 |  |  | $ | 80,281 |  |  | $ | — |  |  | $ | 390,760 |
Current period gross writeoffs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
1-4 family residential property loans |
Pass |  | $ | 46,350 |  |  | $ | 36,454 |  |  | $ | 74,580 |  |  | $ | 75,325 |  |  | $ | 61,936 |  |  | $ | 110,348 |  |  | $ | 79,714 |  |  | $ | 484,707 |
Special mention |  |  | 175 |  |  |  | — |  |  |  | 204 |  |  |  | 326 |  |  |  | — |  |  |  | 577 |  |  |  | 59 |  |  |  | 1,341 |
Substandard |  |  | 174 |  |  |  | 672 |  |  |  | 916 |  |  |  | 737 |  |  |  | 557 |  |  |  | 6,875 |  |  |  | 618 |  |  |  | 10,549 |
Total |  | $ | 46,699 |  |  | $ | 37,126 |  |  | $ | 75,700 |  |  | $ | 76,388 |  |  | $ | 62,493 |  |  | $ | 117,800 |  |  | $ | 80,391 |  |  | $ | 496,597 |
Current period gross writeoffs |  | $ | — |  |  | $ | 46 |  |  | $ | 13 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 103 |  |  | $ | — |  |  | $ | 195 |
Commercial real estate loans |
Pass |  | $ | 216,297 |  |  | $ | 213,704 |  |  | $ | 680,665 |  |  | $ | 535,056 |  |  | $ | 289,855 |  |  | $ | 774,516 |  |  | $ | — |  |  | $ | 2,710,093 |
Special mention |  |  | 659 |  |  |  | 13,732 |  |  |  | 4,090 |  |  |  | 2,053 |  |  |  | 713 |  |  |  | 10,462 |  |  |  | — |  |  |  | 31,709 |
Substandard |  |  | — |  |  |  | 49 |  |  |  | 3,844 |  |  |  | 467 |  |  |  | — |  |  |  | 4,067 |  |  |  | — |  |  |  | 8,427 |
Total |  | $ | 216,956 |  |  | $ | 227,485 |  |  | $ | 688,599 |  |  | $ | 537,576 |  |  | $ | 290,568 |  |  | $ | 789,045 |  |  | $ | — |  |  | $ | 2,750,229 |
Current period gross writeoffs |  | $ | — |  |  | $ | — |  |  | $ | 151 |  |  | $ | — |  |  | $ | — |  |  | $ | 300 |  |  | $ | — |  |  | $ | 451 |
Agricultural loans |
Pass |  | $ | 175,402 |  |  | $ | 24,024 |  |  | $ | 13,147 |  |  | $ | 9,162 |  |  | $ | 1,585 |  |  | $ | 2,306 |  |  | $ | — |  |  | $ | 225,626 |
Special mention |  |  | 617 |  |  |  | 2,208 |  |  |  | 976 |  |  |  | 100 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,901 |
Substandard |  |  | 843 |  |  |  | 7,092 |  |  |  | 2,209 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,144 |
Total |  | $ | 176,862 |  |  | $ | 33,324 |  |  | $ | 16,332 |  |  | $ | 9,262 |  |  | $ | 1,585 |  |  | $ | 2,306 |  |  | $ | — |  |  | $ | 239,671 |
Current period gross writeoffs |  | $ | — |  |  | $ | 2,213 |  |  | $ | 100 |  |  | $ | 52 |  |  | $ | — |  |  | $ | 45 |  |  | $ | — |  |  | $ | 2,410 |
Commercial and industrial loans |
Pass |  | $ | 307,785 |  |  | $ | 228,411 |  |  | $ | 278,845 |  |  | $ | 183,042 |  |  | $ | 131,005 |  |  | $ | 360,610 |  |  | $ | — |  |  | $ | 1,489,698 |
Special mention |  |  | 54 |  |  |  | 1,149 |  |  |  | 1,277 |  |  |  | 748 |  |  |  | 1,020 |  |  |  | 7,583 |  |  |  | — |  |  |  | 11,831 |
Substandard |  |  | 65 |  |  |  | 1,410 |  |  |  | 789 |  |  |  | 446 |  |  |  | 98 |  |  |  | 815 |  |  |  | — |  |  |  | 3,623 |
Total |  | $ | 307,904 |  |  | $ | 230,970 |  |  | $ | 280,911 |  |  | $ | 184,236 |  |  | $ | 132,123 |  |  | $ | 369,008 |  |  | $ | — |  |  | $ | 1,505,152 |
Current period gross writeoffs |  | $ | 10 |  |  | $ | 47 |  |  | $ | 207 |  |  | $ | 378 |  |  | $ | 10 |  |  | $ | 36 |  |  | $ | — |  |  | $ | 688 |
Consumer loans |
Pass |  | $ | 5,098 |  |  | $ | 5,138 |  |  | $ | 24,430 |  |  | $ | 11,810 |  |  | $ | 4,494 |  |  | $ | 2,385 |  |  | $ | — |  |  | $ | 53,355 |
Special mention |  |  | — |  |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14 |
Substandard |  |  | 12 |  |  |  | 21 |  |  |  | 259 |  |  |  | 216 |  |  |  | 54 |  |  |  | 29 |  |  |  | — |  |  |  | 591 |
Total |  | $ | 5,110 |  |  | $ | 5,159 |  |  | $ | 24,703 |  |  | $ | 12,026 |  |  | $ | 4,548 |  |  | $ | 2,414 |  |  | $ | — |  |  | $ | 53,960 |
Current period gross writeoffs |  | $ | 98 |  |  | $ | 63 |  |  | $ | 154 |  |  | $ | 139 |  |  | $ | 59 |  |  | $ | 1,491 |  |  | $ | — |  |  | $ | 2,004 |
Total loans |
Pass |  | $ | 859,452 |  |  | $ | 626,738 |  |  | $ | 1,245,490 |  |  | $ | 885,295 |  |  | $ | 542,310 |  |  | $ | 1,340,099 |  |  | $ | 79,714 |  |  | $ | 5,579,098 |
Special mention |  |  | 1,505 |  |  |  | 17,281 |  |  |  | 6,668 |  |  |  | 4,213 |  |  |  | 3,488 |  |  |  | 24,634 |  |  |  | 59 |  |  |  | 57,848 |
Substandard |  |  | 1,094 |  |  |  | 9,385 |  |  |  | 8,989 |  |  |  | 1,866 |  |  |  | 709 |  |  |  | 12,855 |  |  |  | 618 |  |  |  | 35,516 |
Total |  | $ | 862,051 |  |  | $ | 653,404 |  |  | $ | 1,261,147 |  |  | $ | 891,374 |  |  | $ | 546,507 |  |  | $ | 1,377,588 |  |  | $ | 80,391 |  |  | $ | 5,672,462 |
Current period gross writeoffs |  | $ | 108 |  |  | $ | 2,369 |  |  | $ | 625 |  |  | $ | 602 |  |  | $ | 69 |  |  | $ | 1,975 |  |  | $ | — |  |  | $ | 5,748 |
|  | Term Loans by Origination Year |  |  | Revolving |  |  |  |
Risk rating |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Loans |  |  | Total |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development loans |
Pass |  | $ | 68,086 |  |  | $ | 74,065 |  |  | $ | 27,392 |  |  | $ | 5,188 |  |  | $ | 10,795 |  |  | $ | 19,115 |  |  | $ | — |  |  | $ | 204,641 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 436 |  |  |  | — |  |  |  | 436 |
Total |  | $ | 68,086 |  |  | $ | 74,065 |  |  | $ | 27,392 |  |  | $ | 5,188 |  |  | $ | 10,795 |  |  | $ | 19,551 |  |  | $ | — |  |  | $ | 205,077 |
Current period gross writeoffs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |
Agricultural real estate loans |
Pass |  | $ | 19,231 |  |  | $ | 164,812 |  |  | $ | 57,815 |  |  | $ | 53,249 |  |  | $ | 19,419 |  |  | $ | 71,189 |  |  | $ | — |  |  | $ | 385,715 |
Special mention |  |  | 206 |  |  |  | — |  |  |  | 627 |  |  |  | — |  |  |  | 1,170 |  |  |  | 1,868 |  |  |  | — |  |  |  | 3,871 |
Substandard |  |  | — |  |  |  | — |  |  |  | 371 |  |  |  | — |  |  |  | — |  |  |  | 1,175 |  |  |  | — |  |  |  | 1,546 |
Total |  | $ | 19,437 |  |  | $ | 164,812 |  |  | $ | 58,813 |  |  | $ | 53,249 |  |  | $ | 20,589 |  |  | $ | 74,232 |  |  | $ | — |  |  | $ | 391,132 |
Current period gross writeoffs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
1-4 family residential property loans |
Pass |  | $ | 66,119 |  |  | $ | 96,995 |  |  | $ | 79,085 |  |  | $ | 73,073 |  |  | $ | 26,854 |  |  | $ | 105,257 |  |  | $ | 75,700 |  |  | $ | 523,083 |
Special mention |  |  | — |  |  |  | 967 |  |  |  | 3,184 |  |  |  | — |  |  |  | — |  |  |  | 3,804 |  |  |  | 10 |  |  |  | 7,965 |
Substandard |  |  | 152 |  |  |  | 759 |  |  |  | 460 |  |  |  | 396 |  |  |  | 288 |  |  |  | 8,865 |  |  |  | 501 |  |  |  | 11,421 |
Total |  | $ | 66,271 |  |  | $ | 98,721 |  |  | $ | 82,729 |  |  | $ | 73,469 |  |  | $ | 27,142 |  |  | $ | 117,926 |  |  | $ | 76,211 |  |  | $ | 542,469 |
Current period gross writeoffs |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |  |  | $ | 63 |  |  | $ | — |  |  | $ | 87 |
Commercial real estate loans |
Pass |  | $ | 185,628 |  |  | $ | 680,099 |  |  | $ | 548,733 |  |  | $ | 317,075 |  |  | $ | 239,323 |  |  | $ | 701,464 |  |  | $ | — |  |  | $ | 2,672,322 |
Special mention |  |  | 3,666 |  |  |  | 2,706 |  |  |  | 1,317 |  |  |  | 2,159 |  |  |  | 1,563 |  |  |  | 7,778 |  |  |  | — |  |  |  | 19,189 |
Substandard |  |  | — |  |  |  | 3,899 |  |  |  | 520 |  |  |  | 20 |  |  |  | 775 |  |  |  | 7,108 |  |  |  | — |  |  |  | 12,322 |
Total |  | $ | 189,294 |  |  | $ | 686,704 |  |  | $ | 550,570 |  |  | $ | 319,254 |  |  | $ | 241,661 |  |  | $ | 716,350 |  |  | $ | — |  |  | $ | 2,703,833 |
Current period gross writeoffs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |
Agricultural loans |
Pass |  | $ | 147,993 |  |  | $ | 27,895 |  |  | $ | 10,044 |  |  | $ | 2,549 |  |  | $ | 1,883 |  |  | $ | 5,854 |  |  | $ | — |  |  | $ | 196,218 |
Special mention |  |  | 6 |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | 38 |  |  |  | — |  |  |  | — |  |  |  | 54 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 147,999 |  |  | $ | 27,905 |  |  | $ | 10,044 |  |  | $ | 2,549 |  |  | $ | 1,921 |  |  | $ | 5,854 |  |  | $ | — |  |  | $ | 196,272 |
Current period gross writeoffs |  | $ | — |  |  | $ | 276 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 132 |  |  | $ | — |  |  | $ | 408 |
Commercial and industrial loans |
Pass |  | $ | 290,304 |  |  | $ | 306,794 |  |  | $ | 232,198 |  |  | $ | 154,499 |  |  | $ | 73,906 |  |  | $ | 347,957 |  |  | $ | — |  |  | $ | 1,405,658 |
Special mention |  |  | 1,047 |  |  |  | 1,857 |  |  |  | 9,982 |  |  |  | 562 |  |  |  | 597 |  |  |  | 28,900 |  |  |  | — |  |  |  | 42,945 |
Substandard |  |  | — |  |  |  | 537 |  |  |  | 791 |  |  |  | 58 |  |  |  | 29 |  |  |  | 750 |  |  |  | — |  |  |  | 2,165 |
Total |  | $ | 291,351 |  |  | $ | 309,188 |  |  | $ | 242,971 |  |  | $ | 155,119 |  |  | $ | 74,532 |  |  | $ | 377,607 |  |  | $ | — |  |  | $ | 1,450,768 |
Current period gross writeoffs |  | $ | — |  |  | $ | 353 |  |  | $ | — |  |  | $ | 49 |  |  | $ | 20 |  |  | $ | 107 |  |  | $ | — |  |  | $ | 529 |
Consumer loans |
Pass |  | $ | 9,547 |  |  | $ | 40,225 |  |  | $ | 21,264 |  |  | $ | 10,387 |  |  | $ | 4,475 |  |  | $ | 4,035 |  |  | $ | — |  |  | $ | 89,933 |
Special mention |  |  | — |  |  |  | 26 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26 |
Substandard |  |  | 86 |  |  |  | 405 |  |  |  | 325 |  |  |  | 139 |  |  |  | 59 |  |  |  | 41 |  |  |  | — |  |  |  | 1,055 |
Total |  | $ | 9,633 |  |  | $ | 40,656 |  |  | $ | 21,589 |  |  | $ | 10,526 |  |  | $ | 4,534 |  |  | $ | 4,076 |  |  | $ | — |  |  | $ | 91,014 |
Current period gross writeoffs |  | $ | — |  |  | $ | 132 |  |  | $ | 208 |  |  | $ | 2 |  |  | $ | 20 |  |  | $ | 1,206 |  |  | $ | — |  |  | $ | 1,568 |
Total loans |
Pass |  | $ | 786,908 |  |  | $ | 1,390,885 |  |  | $ | 976,531 |  |  | $ | 616,020 |  |  | $ | 376,655 |  |  | $ | 1,254,871 |  |  | $ | 75,700 |  |  | $ | 5,477,570 |
Special mention |  |  | 4,925 |  |  |  | 5,566 |  |  |  | 15,110 |  |  |  | 2,721 |  |  |  | 3,368 |  |  |  | 42,350 |  |  |  | 10 |  |  |  | 74,050 |
Substandard |  |  | 238 |  |  |  | 5,600 |  |  |  | 2,467 |  |  |  | 613 |  |  |  | 1,151 |  |  |  | 18,375 |  |  |  | 501 |  |  |  | 28,945 |
Total |  | $ | 792,071 |  |  | $ | 1,402,051 |  |  | $ | 994,108 |  |  | $ | 619,354 |  |  | $ | 381,174 |  |  | $ | 1,315,596 |  |  | $ | 76,211 |  |  | $ | 5,580,565 |
Current period gross writeoffs |  | $ | 10 |  |  | $ | 761 |  |  | $ | 208 |  |  | $ | 51 |  |  | $ | 93 |  |  | $ | 1,508 |  |  | $ | — |  |  | $ | 2,631 |
Loan Portfolio Aging Analysis | The following table presents the Company’s loan portfolio aging analysis at December 31, 2024 and 2023 (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
|  |  |  |  |  |  |  | 90 Days |  |  |  |  |  |  |  |  |  |  |  | Loans > 90 |
|  | 30-59 days |  |  | 60-89 days |  |  | or More |  |  | Total |  |  |  |  |  | Total Loans |  |  | days and |
|  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Current |  |  | Receivable |  |  | Accruing |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | 236,087 |  |  | $ | 236,093 |  |  | $ | — |
Agricultural real estate |  |  | — |  |  |  | — |  |  |  | 533 |  |  |  | 533 |  |  |  | 390,227 |  |  |  | 390,760 |  |  |  | — |
1-4 family residential properties |  |  | 2,209 |  |  |  | 931 |  |  |  | 2,089 |  |  |  | 5,229 |  |  |  | 491,368 |  |  |  | 496,597 |  |  |  | — |
Multifamily residential properties |  |  | — |  |  |  | — |  |  |  | 472 |  |  |  | 472 |  |  |  | 332,172 |  |  |  | 332,644 |  |  |  | — |
Commercial real estate |  |  | 595 |  |  |  | 553 |  |  |  | 344 |  |  |  | 1,492 |  |  |  | 2,416,093 |  |  |  | 2,417,585 |  |  |  | — |
Loans secured by real estate |  |  | 2,810 |  |  |  | 1,484 |  |  |  | 3,438 |  |  |  | 7,732 |  |  |  | 3,865,947 |  |  |  | 3,873,679 |  |  |  | — |
Agricultural loans |  |  | 550 |  |  |  | — |  |  |  | 1,289 |  |  |  | 1,839 |  |  |  | 237,832 |  |  |  | 239,671 |  |  |  | — |
Commercial and industrial loans |  |  | 337 |  |  |  | 89 |  |  |  | 463 |  |  |  | 889 |  |  |  | 1,335,031 |  |  |  | 1,335,920 |  |  |  | — |
Consumer loans |  |  | 442 |  |  |  | 48 |  |  |  | 111 |  |  |  | 601 |  |  |  | 53,359 |  |  |  | 53,960 |  |  |  | — |
All other loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 169,232 |  |  |  | 169,232 |  |  |  | — |
Total loans |  | $ | 4,139 |  |  | $ | 1,621 |  |  | $ | 5,301 |  |  | $ | 11,061 |  |  | $ | 5,661,401 |  |  | $ | 5,672,462 |  |  | $ | — |
Percent of total loans |  |  |  |  |  |  |  |  |  |  |  | 0.19 | % |  |  |  |  |  |  |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | 585 |  |  | $ | — |  |  | $ | 585 |  |  | $ | 204,492 |  |  | $ | 205,077 |  |  | $ | — |
Agricultural real estate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 391,132 |  |  |  | 391,132 |  |  |  | — |
1-4 family residential properties |  |  | 2,957 |  |  |  | 486 |  |  |  | 727 |  |  |  | 4,170 |  |  |  | 538,299 |  |  |  | 542,469 |  |  |  | — |
Multifamily residential properties |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | 150 |  |  |  | 318,979 |  |  |  | 319,129 |  |  |  | — |
Commercial real estate |  |  | 819 |  |  |  | 45 |  |  |  | 940 |  |  |  | 1,804 |  |  |  | 2,382,900 |  |  |  | 2,384,704 |  |  |  | — |
Loans secured by real estate |  |  | 3,926 |  |  |  | 1,116 |  |  |  | 1,667 |  |  |  | 6,709 |  |  |  | 3,835,802 |  |  |  | 3,842,511 |  |  |  | — |
Agricultural loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 196,272 |  |  |  | 196,272 |  |  |  | — |
Commercial and industrial loans |  |  | 367 |  |  |  | 70 |  |  |  | 858 |  |  |  | 1,295 |  |  |  | 1,264,864 |  |  |  | 1,266,159 |  |  |  | — |
Consumer loans |  |  | 979 |  |  |  | 157 |  |  |  | 252 |  |  |  | 1,388 |  |  |  | 89,626 |  |  |  | 91,014 |  |  |  | — |
All other loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 184,609 |  |  |  | 184,609 |  |  |  | — |
Total loans |  | $ | 5,272 |  |  | $ | 1,343 |  |  | $ | 2,777 |  |  | $ | 9,392 |  |  | $ | 5,571,173 |  |  | $ | 5,580,565 |  |  | $ | — |
Percent of total loans |  |  |  |  |  |  |  |  |  |  |  | 0.17 | % |  |  |  |  |  |  |  |  |
Recorded Balance of Loans on Nonaccrual Loans | The following table presents the Company’s recorded balance of nonaccrual loans at December 31, 2024 and December 31, 2023 (in thousands). This table excludes performing purchased credit deteriorated loans and performing loans modified.
|  | 2024 |  |  | 2023 |
|  | Nonaccrual with no Allowance for |  |  |  |  |  | Nonaccrual with no Allowance for |  |  |  |
|  | Credit Loss |  |  | Nonaccrual |  |  | Credit Loss |  |  | Nonaccrual |
Construction and land development |  | $ | 6 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Agricultural real estate |  |  | 2,213 |  |  |  | 2,213 |  |  |  | 1,146 |  |  |  | 1,146 |
1-4 family residential properties |  |  | 4,196 |  |  |  | 4,937 |  |  |  | 4,679 |  |  |  | 4,940 |
Multifamily residential properties |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial real estate |  |  | 4,901 |  |  |  | 7,716 |  |  |  | 10,237 |  |  |  | 10,237 |
Loans secured by real estate |  |  | 11,316 |  |  |  | 14,872 |  |  |  | 16,062 |  |  |  | 16,323 |
Agricultural loans |  |  | 1,371 |  |  |  | 11,521 |  |  |  | — |  |  |  | — |
Commercial and industrial loans |  |  | 1,320 |  |  |  | 2,071 |  |  |  | 1,931 |  |  |  | 1,931 |
Consumer loans |  |  | 311 |  |  |  | 311 |  |  |  | 578 |  |  |  | 578 |
Total loans |  | $ | 14,318 |  |  | $ | 28,775 |  |  | $ | 18,571 |  |  | $ | 18,832 |
Amortized Cost Basis of Loans Experiencing Financial Difficulty and Modified | The following table shows the amortized cost of loans at December 31, 2024 and 2023 that were both experiencing financial difficulty and modified segregated by portfolio segment and type of modification. The percentage of the amortized cost of loans that were modified to borrowers in financial distress as compared to outstanding loans is also presented below.
|  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
|  |  |  |  | Payment |  |  | Term |  |  | Interest |  |  | Class of |
|  | Principal |  |  | Delay |  |  | Extension |  |  | Rate |  |  | Financing |
|  | Forgiveness |  |  | Investment |  |  | Modifications |  |  | Reduction |  |  | Receivable |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agricultural real estate |  | $ | — |  |  | $ | 309 |  |  | $ | — |  |  | $ | — |  |  |  | 0.01 | %
1-4 family residential properties |  |  | — |  |  |  | 45 |  |  |  | 758 |  |  |  | — |  |  |  | 0.01 | %
Commercial real estate |  |  | — |  |  |  | 847 |  |  |  | 188 |  |  |  | 472 |  |  |  | 0.03 | %
Loans secured by real estate |  |  | — |  |  |  | 1,201 |  |  |  | 946 |  |  |  | 472 |  |  |  | 0.05 | %
Commercial and industrial loans |  |  | — |  |  |  | 136 |  |  |  | 92 |  |  |  | — |  |  |  | — | %
Consumer loans |  |  | — |  |  |  | 2 |  |  |  | 8 |  |  |  | — |  |  |  | — | %
Total |  | $ | — |  |  | $ | 1,339 |  |  | $ | 1,046 |  |  | $ | 472 |  |  |  | 0.05 | %
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agricultural real estate |  | $ | — |  |  | $ | 331 |  |  | $ | — |  |  | $ | — |  |  |  | 0.01 | %
1-4 family residential properties |  |  | — |  |  |  | 55 |  |  |  | 807 |  |  |  | — |  |  |  | 0.02 | %
Commercial real estate |  |  | — |  |  |  | 744 |  |  |  | 131 |  |  |  | 562 |  |  |  | 0.03 | %
Loans secured by real estate |  |  | — |  |  |  | 1,130 |  |  |  | 938 |  |  |  | 562 |  |  |  | 0.05 | %
Commercial and industrial loans |  |  | — |  |  |  | 199 |  |  |  | 178 |  |  |  | — |  |  |  | 0 | %
Consumer loans |  |  | — |  |  |  | 6 |  |  |  | 38 |  |  |  | — |  |  |  | — | %
Total |  | $ | — |  |  | $ | 1,335 |  |  | $ | 1,154 |  |  | $ | 562 |  |  |  | 0.05 | %
Performance of loans modified | The following table shows the performance of such loans that have been modified in the last twelve months ended December 31, 2024.
|  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days or More Past Due |  |  | Total Past Due |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  | $ | — |  |  | $ | — |  |  | $ | 472 |  |  | $ | 472 |
Loans secured by real estate |  |  | — |  |  |  | — |  |  |  | 472 |  |  |  | 472 |
Total loans |  | $ | — |  |  | $ | — |  |  | $ | 472 |  |  | $ | 472 |
Financial Effect of Loan Modifications | The following table shows the financial effect of loan modifications during the current quarter to borrowers experiencing financial difficulty for the three months ended December 31, 2024.
|  | Weighted Average |  |  | Weighted Average |
|  | Interest Rate |  |  | Term Extension |
|  | Reduction |  |  | (in months) |
Commercial and industrial loans |  |  | — | % |  |  | — |
Consumer loans |  |  | — | % |  |  | — |
Commercial real estate |  |  | — | % |  |  | — |
Summary of Purchased Credit Deteriorated (PCD) Loans | During 2023, the Company acquired loans from Blackhawk Bank, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination. The carrying amount of those loans is as follows (in thousands):
|  | Blackhawk Acquisition |
Purchase price of purchase credit deteriorated loans at acquisition |  | $ | 115,250 |
Allowance for credit losses at acquisition |  |  | (3,791 | )
Non-credit discount/(premium) at acquisition |  |  | (5,476 | )
Fair value of purchased credit deteriorated loans at acquisition |  | $ | 105,983 |

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