XML 50 R40.htm IDEA: XBRL DOCUMENT v3.25.0.1
Loans and Allowance for Credit Losses (Tables)
 12 Months Ended
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