XML 34 R27.htm IDEA: XBRL DOCUMENT v3.25.1
Loans and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Summary of Loans

A summary of loans at March 31, 2025 and December 31, 2024 follows (in thousands):

 

 

 

March 31, 2025

 

 

December 31, 2024

 

Construction and land development

 

$

269,300

 

 

$

236,258

 

Agricultural real estate

 

 

374,034

 

 

 

391,436

 

1-4 family residential properties

 

 

493,490

 

 

 

502,243

 

Multifamily residential properties

 

 

358,115

 

 

 

334,032

 

Commercial real estate

 

 

2,421,215

 

 

 

2,442,627

 

Loans secured by real estate

 

 

3,916,154

 

 

 

3,906,596

 

Agricultural loans

 

 

296,110

 

 

 

239,138

 

Commercial and industrial loans

 

 

1,308,062

 

 

 

1,340,865

 

Consumer loans

 

 

47,632

 

 

 

54,481

 

All other loans

 

 

165,572

 

 

 

169,232

 

Total gross loans

 

 

5,733,530

 

 

 

5,710,312

 

Less: loans held for sale

 

 

3,644

 

 

 

6,614

 

 

 

5,729,886

 

 

 

5,703,698

 

Less:

 

 

 

 

 

 

Net deferred loan fees, premiums and discounts

 

 

34,672

 

 

 

37,850

 

Allowance for credit losses

 

 

70,051

 

 

 

70,182

 

Net loans

 

$

5,625,163

 

 

$

5,595,666

 
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 March 31, 2025 (in thousands):

 

 

 

March 31, 2025

 

Commercial real estate

 

 

 

Owner occupied

 

$

773,520

 

Non owner occupied

 

 

 

Shopping centers and malls

 

 

235,325

 

Industrial and warehouse

 

 

219,134

 

Hotels and motels

 

 

205,438

 

Skilled nursing facility

 

 

163,402

 

Office

 

 

158,157

 

Assisted living facility

 

 

119,125

 

Retail

 

 

110,295

 

RV parks and campgrounds

 

 

98,534

 

Medical office

 

 

82,680

 

Other property types

 

 

255,605

 

Total commercial real estate

 

$

2,421,215

 

 
Allowance for Credit Losses Based on Portfolio Segment

The following table presents the activity in the allowance for credit losses based on portfolio segment for the three months ended March 31, 2025 (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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended
March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

3,275

 

 

$

1,361

 

 

$

3,579

 

 

$

32,669

 

 

$

1,957

 

 

$

25,602

 

 

$

1,739

 

 

$

70,182

 

Provision (release) for credit loss expense

 

 

456

 

 

 

(69

)

 

 

(14

)

 

 

(125

)

 

 

809

 

 

 

559

 

 

 

36

 

 

 

1,652

 

Loans charged off

 

 

—

 

 

 

—

 

 

 

(39

)

 

 

(338

)

 

 

(1,117

)

 

 

(223

)

 

 

(366

)

 

 

(2,083

)

Recoveries collected

 

 

—

 

 

 

—

 

 

 

18

 

 

 

8

 

 

 

—

 

 

 

90

 

 

 

184

 

 

 

300

 

Ending balance

 

$

3,731

 

 

$

1,292

 

 

$

3,544

 

 

$

32,214

 

 

$

1,649

 

 

$

26,028

 

 

$

1,593

 

 

$

70,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following tables present the activity in the allowance for credit losses based on portfolio segment for the three months ended March 31, 2024 and for the year ended December 31, 2024 (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

 

Three months ended
March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

2,918

 

 

$

1,366

 

 

$

4,220

 

 

$

31,758

 

 

$

705

 

 

$

25,450

 

 

$

2,258

 

 

$

68,675

 

Provision (release) for credit loss expense

 

 

(217

)

 

 

(8

)

 

 

(424

)

 

 

618

 

 

 

125

 

 

 

(609

)

 

 

158

 

 

 

(357

)

Loans charged off

 

 

—

 

 

 

—

 

 

 

(67

)

 

 

—

 

 

 

(52

)

 

 

(274

)

 

 

(426

)

 

 

(819

)

Recoveries collected

 

 

—

 

 

 

—

 

 

 

49

 

 

 

161

 

 

 

—

 

 

 

64

 

 

 

163

 

 

 

437

 

Ending balance

 

$

2,701

 

 

$

1,358

 

 

$

3,778

 

 

$

32,537

 

 

$

778

 

 

$

24,631

 

 

$

2,153

 

 

$

67,936

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended
December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

$

2,918

 

 

$

1,366

 

 

$

4,220

 

 

$

31,758

 

 

$

705

 

 

$

25,450

 

 

$

2,258

 

 

$

68,675

 

Provision (release) 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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 March 31, 2025 (in thousands):

 

 

 

Collateral

 

 

Allowance

 

 

 

Real Estate

 

 

Business
Assets

 

 

Total

 

 

for Credit
Losses

 

Agricultural real estate

 

$

575

 

 

$

—

 

 

$

575

 

 

$

—

 

1-4 family residential properties

 

 

166

 

 

 

—

 

 

 

166

 

 

 

—

 

Multifamily residential properties

 

 

882

 

 

 

—

 

 

 

882

 

 

 

—

 

Commercial real estate

 

 

4,194

 

 

 

—

 

 

 

4,194

 

 

 

9

 

Loans secured by real estate

 

 

5,817

 

 

 

—

 

 

 

5,817

 

 

 

9

 

Agricultural loans

 

 

—

 

 

 

5,951

 

 

 

5,951

 

 

 

51

 

Commercial and industrial loans

 

 

—

 

 

 

1,234

 

 

 

1,234

 

 

 

337

 

Total loans

 

$

5,817

 

 

$

7,185

 

 

$

13,002

 

 

$

397

 
Credit Risk Profile of Loan Portfolio on Amortized Cost Basis Based on Risk Rating Category and Year of Origination

The following tables present the credit risk profile of the Company’s loan portfolio on amortized cost basis based on risk rating category and year of origination as of March 31, 2025 (in thousands):

 

 

 

Term Loans by Origination Year

 

 

Revolving

 

 

 

 

Risk rating

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Loans

 

 

Total

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land development loans

 

Pass

 

$

11,064

 

 

$

99,298

 

 

$

108,605

 

 

$

14,446

 

 

$

15,111

 

 

$

20,232

 

 

$

—

 

 

$

268,756

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

377

 

 

 

—

 

 

 

377

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6

 

 

 

—

 

 

 

9

 

 

 

—

 

 

 

15

 

Total

 

$

11,064

 

 

$

99,298

 

 

$

108,605

 

 

$

14,452

 

 

$

15,111

 

 

$

20,618

 

 

$

—

 

 

$

269,148

 

Current period gross write-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Agricultural real estate loans

 

Pass

 

$

17,676

 

 

$

24,813

 

 

$

15,902

 

 

$

136,691

 

 

$

53,147

 

 

$

115,001

 

 

$

—

 

 

$

363,230

 

Special mention

 

 

—

 

 

 

—

 

 

 

188

 

 

 

107

 

 

 

982

 

 

 

7,184

 

 

 

—

 

 

 

8,461

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

574

 

 

 

—

 

 

 

1,148

 

 

 

—

 

 

 

1,722

 

Total

 

$

17,676

 

 

$

24,813

 

 

$

16,090

 

 

$

137,372

 

 

$

54,129

 

 

$

123,333

 

 

$

—

 

 

$

373,413

 

Current period gross write-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

1-4 family residential property loans

 

Pass

 

$

13,535

 

 

$

39,573

 

 

$

35,010

 

 

$

70,278

 

 

$

73,881

 

 

$

164,131

 

 

$

79,716

 

 

$

476,124

 

Special mention

 

 

215

 

 

 

175

 

 

 

—

 

 

 

279

 

 

 

315

 

 

 

579

 

 

 

160

 

 

 

1,723

 

Substandard

 

 

116

 

 

 

169

 

 

 

658

 

 

 

903

 

 

 

783

 

 

 

7,119

 

 

 

544

 

 

 

10,292

 

Total

 

$

13,866

 

 

$

39,917

 

 

$

35,668

 

 

$

71,460

 

 

$

74,979

 

 

$

171,829

 

 

$

80,420

 

 

$

488,139

 

Current period gross write-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

39

 

 

$

—

 

 

$

39

 

Commercial real estate loans

 

Pass

 

$

81,229

 

 

$

212,592

 

 

$

215,627

 

 

$

662,091

 

 

$

516,834

 

 

$

1,027,151

 

 

$

—

 

 

$

2,715,524

 

Special mention

 

 

—

 

 

 

653

 

 

 

13,709

 

 

 

4,052

 

 

 

2,055

 

 

 

10,969

 

 

 

—

 

 

 

31,438

 

Substandard

 

 

—

 

 

 

—

 

 

 

48

 

 

 

3,355

 

 

 

457

 

 

 

4,021

 

 

 

—

 

 

 

7,881

 

Total

 

$

81,229

 

 

$

213,245

 

 

$

229,384

 

 

$

669,498

 

 

$

519,346

 

 

$

1,042,141

 

 

$

—

 

 

$

2,754,843

 

Current period gross write-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

338

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

338

 

Agricultural loans

 

Pass

 

$

77,868

 

 

$

148,331

 

 

$

21,178

 

 

$

20,152

 

 

$

13,992

 

 

$

3,871

 

 

$

—

 

 

$

285,392

 

Special mention

 

 

—

 

 

 

590

 

 

 

2,214

 

 

 

793

 

 

 

80

 

 

 

—

 

 

 

—

 

 

 

3,677

 

Substandard

 

 

170

 

 

 

1,101

 

 

 

4,030

 

 

 

2,163

 

 

 

278

 

 

 

—

 

 

 

—

 

 

 

7,742

 

Total

 

$

78,038

 

 

$

150,022

 

 

$

27,422

 

 

$

23,108

 

 

$

14,350

 

 

$

3,871

 

 

$

—

 

 

$

296,811

 

Current period gross write-offs

 

$

—

 

 

$

—

 

 

$

540

 

 

$

503

 

 

$

74

 

 

$

—

 

 

$

—

 

 

$

1,117

 

Commercial and industrial loans

 

Pass

 

$

135,026

 

 

$

271,202

 

 

$

113,732

 

 

$

258,176

 

 

$

187,818

 

 

$

469,240

 

 

$

—

 

 

$

1,435,194

 

Special mention

 

 

10

 

 

 

5,928

 

 

 

9,491

 

 

 

1,699

 

 

 

3,643

 

 

 

7,516

 

 

 

—

 

 

 

28,287

 

Substandard

 

 

—

 

 

 

65

 

 

 

2,280

 

 

 

557

 

 

 

306

 

 

 

2,595

 

 

 

—

 

 

 

5,803

 

Total

 

$

135,036

 

 

$

277,195

 

 

$

125,503

 

 

$

260,432

 

 

$

191,767

 

 

$

479,351

 

 

$

—

 

 

$

1,469,284

 

Current period gross write-offs

 

$

—

 

 

$

—

 

 

$

14

 

 

$

53

 

 

$

—

 

 

$

156

 

 

$

—

 

 

$

223

 

Consumer loans

 

Pass

 

$

1,498

 

 

$

4,167

 

 

$

4,376

 

 

$

21,299

 

 

$

10,064

 

 

$

5,331

 

 

$

—

 

 

$

46,735

 

Special mention

 

 

—

 

 

 

20

 

 

 

—

 

 

 

36

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

56

 

Substandard

 

 

—

 

 

 

39

 

 

 

28

 

 

 

135

 

 

 

160

 

 

 

67

 

 

 

—

 

 

 

429

 

Total

 

$

1,498

 

 

$

4,226

 

 

$

4,404

 

 

$

21,470

 

 

$

10,224

 

 

$

5,398

 

 

$

—

 

 

$

47,220

 

Current period gross write-offs

 

$

—

 

 

$

2

 

 

$

14

 

 

$

75

 

 

$

36

 

 

$

239

 

 

$

—

 

 

$

366

 

Total loans

 

Pass

 

$

337,896

 

 

$

799,976

 

 

$

514,430

 

 

$

1,183,133

 

 

$

870,847

 

 

$

1,804,957

 

 

$

79,716

 

 

$

5,590,955

 

Special mention

 

 

225

 

 

 

7,366

 

 

 

25,602

 

 

 

6,966

 

 

 

7,075

 

 

 

26,625

 

 

 

160

 

 

 

74,019

 

Substandard

 

 

286

 

 

 

1,374

 

 

 

7,044

 

 

 

7,693

 

 

 

1,984

 

 

 

14,959

 

 

 

544

 

 

 

33,884

 

Total

 

$

338,407

 

 

$

808,716

 

 

$

547,076

 

 

$

1,197,792

 

 

$

879,906

 

 

$

1,846,541

 

 

$

80,420

 

 

$

5,698,858

 

Current period gross write-offs

 

$

—

 

 

$

2

 

 

$

568

 

 

$

969

 

 

$

110

 

 

$

434

 

 

$

—

 

 

$

2,083

 

 

The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category as of December 31, 2024 (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 write-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

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 write-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

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 write-offs

 

$

—

 

 

$

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 write-offs

 

$

—

 

 

$

—

 

 

$

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 write-offs

 

$

—

 

 

$

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 write-offs

 

$

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 write-offs

 

$

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 write-offs

 

$

108

 

 

$

2,369

 

 

$

625

 

 

$

602

 

 

$

69

 

 

$

1,975

 

 

$

—

 

 

$

5,748

 

 
Loan Portfolio Aging Analysis

The following table presents the Company’s loan portfolio aging analysis at March 31, 2025 and December 31, 2024 (in thousands):

 

 

 

30-59
Days Past
Due

 

 

60-89
Days Past
Due

 

 

90 Days or
More
Past Due

 

 

Total Past
Due

 

 

Current

 

 

Total Loans
Receivable

 

 

Total Loans
> 90 Days and
Accruing

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land development

 

$

11

 

 

$

—

 

 

$

—

 

 

$

11

 

 

$

269,137

 

 

$

269,148

 

 

$

—

 

Agricultural real estate

 

 

—

 

 

 

53

 

 

 

841

 

 

 

894

 

 

 

372,519

 

 

 

373,413

 

 

 

—

 

1-4 family residential properties

 

 

4,011

 

 

 

150

 

 

 

1,301

 

 

 

5,462

 

 

 

482,677

 

 

 

488,139

 

 

 

—

 

Multifamily residential properties

 

 

—

 

 

 

—

 

 

 

472

 

 

 

472

 

 

 

356,386

 

 

 

356,858

 

 

 

—

 

Commercial real estate

 

 

3,223

 

 

 

17

 

 

 

388

 

 

 

3,628

 

 

 

2,394,357

 

 

 

2,397,985

 

 

 

—

 

Loans secured by real estate

 

 

7,245

 

 

 

220

 

 

 

3,002

 

 

 

10,467

 

 

 

3,875,076

 

 

 

3,885,543

 

 

 

—

 

Agricultural loans

 

 

1,193

 

 

 

97

 

 

 

5,836

 

 

 

7,126

 

 

 

289,685

 

 

 

296,811

 

 

 

—

 

Commercial and industrial loans

 

 

100

 

 

 

16

 

 

 

376

 

 

 

492

 

 

 

1,303,220

 

 

 

1,303,712

 

 

 

—

 

Consumer loans

 

 

207

 

 

 

31

 

 

 

8

 

 

 

246

 

 

 

46,974

 

 

 

47,220

 

 

 

—

 

All other loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

165,572

 

 

 

165,572

 

 

 

—

 

Total loans

 

$

8,745

 

 

$

364

 

 

$

9,222

 

 

$

18,331

 

 

$

5,680,527

 

 

$

5,698,858

 

 

$

—

 

Percent of total loans

 

 

 

 

 

 

 

 

 

 

 

0.32

%

 

 

 

 

 

 

 

 

 

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

%

 

 

 

 

 

 

 

 

 
Amortized Cost Basis of Loans on Nonaccrual Status and Nonaccrual Loans Individually Evaluated

The following table presents the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated for which no allowance was recorded as of March 31, 2025 and December 31, 2024 (in thousands). There were no loans past due over eighty-nine days that were still accruing.

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Nonaccrual
with no
Allowance for

 

 

Total

 

 

Nonaccrual
with no
Allowance for

 

 

Total

 

 

 

Credit Loss

 

 

Nonaccrual

 

 

Credit Loss

 

 

Nonaccrual

 

Construction and land development

 

$

6

 

 

$

6

 

 

$

6

 

 

$

6

 

Agricultural real estate

 

 

1,871

 

 

 

1,871

 

 

 

2,213

 

 

 

2,213

 

1-4 family residential properties

 

 

4,155

 

 

 

4,983

 

 

 

4,196

 

 

 

4,937

 

Commercial real estate

 

 

7,243

 

 

 

7,328

 

 

 

4,901

 

 

 

7,716

 

Loans secured by real estate

 

 

13,275

 

 

 

14,188

 

 

 

11,316

 

 

 

14,872

 

Agricultural loans

 

 

6,077

 

 

 

8,585

 

 

 

1,371

 

 

 

11,521

 

Commercial and industrial loans

 

 

1,374

 

 

 

2,114

 

 

 

1,320

 

 

 

2,071

 

Consumer loans

 

 

155

 

 

 

155

 

 

 

311

 

 

 

311

 

Total loans

 

$

20,881

 

 

$

25,042

 

 

$

14,318

 

 

$

28,775

 
Amortized Cost Basis of Loans Experiencing Financial Difficulty and Modified

The following table shows the amortized cost of loans at March 31, 2025 and 2024 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural real estate

 

$

—

 

 

$

304

 

 

$

—

 

 

$

—

 

 

 

0.01

%

1-4 family residential properties

 

 

—

 

 

 

42

 

 

 

748

 

 

 

—

 

 

 

0.01

%

Commercial real estate

 

 

—

 

 

 

822

 

 

 

158

 

 

 

979

 

 

 

0.03

%

Loans secured by real estate

 

 

—

 

 

 

1,168

 

 

 

906

 

 

 

979

 

 

 

0.05

%

Commercial and industrial loans

 

 

—

 

 

 

859

 

 

 

87

 

 

 

—

 

 

 

0.02

%

Consumer loans

 

 

—

 

 

 

2

 

 

 

7

 

 

 

—

 

 

 

—

%

Total

 

$

—

 

 

$

2,029

 

 

$

1,000

 

 

$

979

 

 

 

0.07

%

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural real estate

 

$

—

 

 

$

325

 

 

$

—

 

 

$

—

 

 

 

0.01

%

1-4 family residential properties

 

 

—

 

 

 

52

 

 

 

795

 

 

 

—

 

 

 

0.02

%

Commercial real estate

 

 

—

 

 

 

719

 

 

 

126

 

 

 

532

 

 

 

0.03

%

Loans secured by real estate

 

 

—

 

 

 

1,096

 

 

 

921

 

 

 

532

 

 

 

0.05

%

Commercial and industrial loans

 

 

—

 

 

 

185

 

 

 

196

 

 

 

—

 

 

 

0.01

%

Consumer loans

 

 

—

 

 

 

6

 

 

 

12

 

 

 

—

 

 

 

—

%

Total

 

$

—

 

 

$

1,287

 

 

$

1,129

 

 

$

532

 

 

 

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 March 31, 2025 and 2024.

 

 

30-59
Days Past
Due

 

 

60-89
Days Past
Due

 

 

90 Days or
More
Past Due

 

 

Total Past
Due

 

March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

174

 

 

$

—

 

 

$

—

 

 

$

174

 

Commercial and industrial loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total loans

 

$

174

 

 

$

—

 

 

$

—

 

 

$

174

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Commercial and industrial loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total loans

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 
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 March 31, 2025 and 2024.

 

 

Weighted Average

 

 

Weighted Average

 

 

 

Interest Rate

 

 

Term Extension

 

 

 

Reduction

 

 

(in months)

 

March 31, 2025

 

 

 

 

 

 

Commercial real estate

 

 

1.00

%

 

 

—

 

Commercial and industrial loans

 

 

—

%

 

 

—

 

Total

 

 

1.00

%

 

 

—

 

March 31, 2024

 

 

 

 

 

 

Commercial real estate

 

 

—

%

 

 

—

 

Commercial and industrial loans

 

 

—

%

 

 

6.59

 

Total

 

 

—

%

 

 

6.59