XML 35 R28.htm IDEA: XBRL DOCUMENT v3.25.3
Loans and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2025
Receivables [Abstract]  
Summary of Loans

A summary of loans at September 30, 2025 and December 31, 2024 follows (in thousands):

 

 

 

September 30, 2025

 

 

December 31, 2024

 

Construction and land development

 

$

336,925

 

 

$

236,258

 

Agricultural real estate

 

 

368,062

 

 

 

391,436

 

1-4 family residential properties

 

 

500,134

 

 

 

502,243

 

Multifamily residential properties

 

 

331,410

 

 

 

334,032

 

Commercial real estate

 

 

2,451,529

 

 

 

2,442,627

 

Loans secured by real estate

 

 

3,988,060

 

 

 

3,906,596

 

Agricultural loans

 

 

310,669

 

 

 

239,138

 

Commercial and industrial loans

 

 

1,353,613

 

 

 

1,340,865

 

Consumer loans

 

 

36,558

 

 

 

54,481

 

All other loans

 

 

163,730

 

 

 

169,232

 

Total gross loans

 

 

5,852,630

 

 

 

5,710,312

 

Less: loans held for sale

 

 

5,543

 

 

 

6,614

 

Total gross loans held for investment

 

 

5,847,087

 

 

 

5,703,698

 

Less:

 

 

 

 

 

 

Net deferred loan fees, premiums and discounts

 

 

28,592

 

 

 

37,850

 

Allowance for credit losses

 

 

72,925

 

 

 

70,182

 

Net loans

 

$

5,745,570

 

 

$

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 September 30, 2025 (in thousands):

 

 

 

September 30, 2025

 

 

December 31, 2024

 

Commercial real estate

 

 

 

 

 

 

Owner occupied

 

$

752,039

 

 

$

782,231

 

Non-owner occupied

 

 

 

 

 

 

Industrial and warehouse

 

 

230,346

 

 

 

218,175

 

Shopping centers and malls

 

 

227,733

 

 

 

244,000

 

Hotels and motels

 

 

217,804

 

 

 

206,425

 

Skilled nursing facility

 

 

171,800

 

 

 

172,834

 

Office

 

 

162,594

 

 

 

145,006

 

Assisted living facility

 

 

139,043

 

 

 

119,416

 

Retail

 

 

111,357

 

 

 

110,850

 

RV parks and campgrounds

 

 

107,396

 

 

 

84,346

 

Medical office

 

 

75,390

 

 

 

88,532

 

Other property types

 

 

256,027

 

 

 

270,812

 

Total commercial real estate

 

$

2,451,529

 

 

$

2,442,627

 
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 and nine months ended September 30, 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
September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

4,066

 

 

$

1,322

 

 

$

3,616

 

 

$

33,258

 

 

$

1,767

 

 

$

25,618

 

 

$

1,513

 

 

$

71,160

 

Provision (release) for credit loss expense

 

 

727

 

 

 

(110

)

 

 

29

 

 

 

1,655

 

 

 

(353

)

 

 

1,222

 

 

 

183

 

 

 

3,353

 

Loans charged off

 

 

(107

)

 

 

—

 

 

 

(1

)

 

 

(699

)

 

 

—

 

 

 

(942

)

 

 

(342

)

 

 

(2,091

)

Recoveries collected

 

 

—

 

 

 

53

 

 

 

78

 

 

 

5

 

 

 

198

 

 

 

66

 

 

 

103

 

 

 

503

 

Ending balance

 

$

4,686

 

 

$

1,265

 

 

$

3,722

 

 

$

34,219

 

 

$

1,612

 

 

$

25,964

 

 

$

1,457

 

 

$

72,925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended
September 30, 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

 

 

1,518

 

 

 

(149

)

 

 

8

 

 

 

2,641

 

 

 

1,743

 

 

 

1,578

 

 

 

233

 

 

 

7,572

 

Loans charged off

 

 

(107

)

 

 

—

 

 

 

(95

)

 

 

(1,107

)

 

 

(2,503

)

 

 

(1,654

)

 

 

(969

)

 

 

(6,435

)

Recoveries collected

 

 

—

 

 

 

53

 

 

 

230

 

 

 

16

 

 

 

415

 

 

 

438

 

 

 

454

 

 

 

1,606

 

Ending balance

 

$

4,686

 

 

$

1,265

 

 

$

3,722

 

 

$

34,219

 

 

$

1,612

 

 

$

25,964

 

 

$

1,457

 

 

$

72,925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following tables present the activity in the allowance for credit losses based on portfolio segment for the three and nine months ended September 30, 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
September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

2,646

 

 

$

1,372

 

 

$

3,580

 

 

$

32,918

 

 

$

885

 

 

$

24,931

 

 

$

1,980

 

 

$

68,312

 

Provision for credit loss expense

 

 

23

 

 

 

(30

)

 

 

55

 

 

 

349

 

 

 

(50

)

 

 

542

 

 

 

377

 

 

 

1,266

 

Loans charged off

 

 

—

 

 

 

—

 

 

 

(42

)

 

 

(451

)

 

 

—

 

 

 

(1

)

 

 

(840

)

 

 

(1,334

)

Recoveries collected

 

 

5

 

 

 

—

 

 

 

88

 

 

 

9

 

 

 

25

 

 

 

97

 

 

 

306

 

 

 

530

 

Ending balance

 

$

2,674

 

 

$

1,342

 

 

$

3,681

 

 

$

32,825

 

 

$

860

 

 

$

25,569

 

 

$

1,823

 

 

$

68,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended
September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

2,918

 

 

$

1,366

 

 

$

4,220

 

 

$

31,758

 

 

$

705

 

 

$

25,450

 

 

$

2,258

 

 

$

68,675

 

Provision for credit loss expense

 

 

(249

)

 

 

(24

)

 

 

(633

)

 

 

1,343

 

 

 

391

 

 

 

557

 

 

 

607

 

 

 

1,992

 

Loans charged off

 

 

—

 

 

 

—

 

 

 

(143

)

 

 

(451

)

 

 

(261

)

 

 

(643

)

 

 

(1,640

)

 

 

(3,138

)

Recoveries collected

 

 

5

 

 

 

—

 

 

 

237

 

 

 

175

 

 

 

25

 

 

 

205

 

 

 

598

 

 

 

1,245

 

Ending balance

 

$

2,674

 

 

$

1,342

 

 

$

3,681

 

 

$

32,825

 

 

$

860

 

 

$

25,569

 

 

$

1,823

 

 

$

68,774

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 September 30, 2025 (in thousands):

 

 

 

Collateral

 

 

Allowance

 

 

 

Real Estate

 

 

Business
Assets

 

 

Other

 

 

Total

 

 

for Credit
Losses

 

1-4 family residential properties

 

$

145

 

 

$

—

 

 

$

—

 

 

$

145

 

 

$

—

 

Multifamily residential properties

 

 

384

 

 

 

—

 

 

 

—

 

 

 

384

 

 

 

—

 

Commercial real estate

 

 

6,950

 

 

 

—

 

 

 

—

 

 

 

6,950

 

 

 

299

 

Loans secured by real estate

 

 

7,479

 

 

 

—

 

 

 

—

 

 

 

7,479

 

 

 

299

 

Commercial and industrial loans

 

 

—

 

 

 

1,374

 

 

 

29

 

 

 

1,403

 

 

 

—

 

Other loans

 

 

—

 

 

 

2,075

 

 

 

—

 

 

 

2,075

 

 

 

—

 

Total loans

 

$

7,479

 

 

$

3,449

 

 

$

29

 

 

$

10,957

 

 

$

299

 
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 September 30, 2025 (in thousands):

 

 

 

Term Loans by Origination Year

 

 

Revolving

 

 

 

 

Risk rating

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Loans

 

 

Total

 

September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land development loans

 

Pass

 

$

72,819

 

 

$

120,295

 

 

$

103,131

 

 

$

9,553

 

 

$

15,038

 

 

$

15,589

 

 

$

—

 

 

$

336,425

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

357

 

 

 

—

 

 

 

357

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

—

 

 

 

8

 

 

 

—

 

 

 

13

 

Total

 

$

72,819

 

 

$

120,295

 

 

$

103,131

 

 

$

9,558

 

 

$

15,038

 

 

$

15,954

 

 

$

—

 

 

$

336,795

 

Current period gross write-offs

 

$

—

 

 

$

—

 

 

$

107

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

107

 

Agricultural real estate loans

 

Pass

 

$

29,421

 

 

$

22,408

 

 

$

12,699

 

 

$

132,936

 

 

$

59,142

 

 

$

98,280

 

 

$

—

 

 

$

354,886

 

Special mention

 

 

228

 

 

 

539

 

 

 

1,988

 

 

 

1,139

 

 

 

990

 

 

 

2,600

 

 

 

—

 

 

 

7,484

 

Substandard

 

 

583

 

 

 

—

 

 

 

—

 

 

 

105

 

 

 

—

 

 

 

4,415

 

 

 

—

 

 

 

5,103

 

Total

 

$

30,232

 

 

$

22,947

 

 

$

14,687

 

 

$

134,180

 

 

$

60,132

 

 

$

105,295

 

 

$

—

 

 

$

367,473

 

Current period gross write-offs

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

1-4 family residential properties

 

Pass

 

$

48,591

 

 

$

34,586

 

 

$

31,118

 

 

$

66,128

 

 

$

68,822

 

 

$

146,002

 

 

$

88,471

 

 

$

483,718

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

243

 

 

 

69

 

 

 

747

 

 

 

—

 

 

 

1,059

 

Substandard

 

 

129

 

 

 

510

 

 

 

580

 

 

 

874

 

 

 

918

 

 

 

6,730

 

 

 

1,019

 

 

 

10,760

 

Total

 

$

48,720

 

 

$

35,096

 

 

$

31,698

 

 

$

67,245

 

 

$

69,809

 

 

$

153,479

 

 

$

89,490

 

 

$

495,537

 

Current period gross write-offs

 

$

—

 

 

$

—

 

 

$

9

 

 

$

—

 

 

$

—

 

 

$

86

 

 

$

—

 

 

$

95

 

Commercial real estate loans

 

Pass

 

$

289,806

 

 

$

204,644

 

 

$

169,816

 

 

$

613,889

 

 

$

501,485

 

 

$

932,382

 

 

$

—

 

 

$

2,712,022

 

Special mention

 

 

—

 

 

 

420

 

 

 

77

 

 

 

11,589

 

 

 

—

 

 

 

5,092

 

 

 

—

 

 

 

17,178

 

Substandard

 

 

—

 

 

 

3,350

 

 

 

13,594

 

 

 

5,097

 

 

 

2,406

 

 

 

9,082

 

 

 

—

 

 

 

33,529

 

Total

 

$

289,806

 

 

$

208,414

 

 

$

183,487

 

 

$

630,575

 

 

$

503,891

 

 

$

946,556

 

 

$

—

 

 

$

2,762,729

 

Current period gross write-offs

 

$

—

 

 

$

699

 

 

$

—

 

 

$

338

 

 

$

—

 

 

$

70

 

 

$

—

 

 

$

1,107

 

Agricultural loans

 

Pass

 

$

197,424

 

 

$

62,560

 

 

$

13,421

 

 

$

16,830

 

 

$

12,412

 

 

$

3,753

 

 

$

—

 

 

$

306,400

 

Special mention

 

 

1,355

 

 

 

76

 

 

 

11

 

 

 

—

 

 

 

23

 

 

 

—

 

 

 

—

 

 

 

1,465

 

Substandard

 

 

293

 

 

 

479

 

 

 

2,202

 

 

 

755

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,729

 

Total

 

$

199,072

 

 

$

63,115

 

 

$

15,634

 

 

$

17,585

 

 

$

12,435

 

 

$

3,753

 

 

$

—

 

 

$

311,594

 

Current period gross write-offs

 

$

—

 

 

$

280

 

 

$

1,081

 

 

$

836

 

 

$

306

 

 

$

—

 

 

$

—

 

 

$

2,503

 

Commercial and industrial loans

 

Pass

 

$

362,349

 

 

$

228,578

 

 

$

101,224

 

 

$

228,885

 

 

$

159,932

 

 

$

377,237

 

 

$

—

 

 

$

1,458,205

 

Special mention

 

 

160

 

 

 

15,055

 

 

 

9,367

 

 

 

578

 

 

 

3,340

 

 

 

5,108

 

 

 

—

 

 

 

33,608

 

Substandard

 

 

—

 

 

 

248

 

 

 

2,246

 

 

 

1,525

 

 

 

338

 

 

 

17,423

 

 

 

—

 

 

 

21,780

 

Total

 

$

362,509

 

 

$

243,881

 

 

$

112,837

 

 

$

230,988

 

 

$

163,610

 

 

$

399,768

 

 

$

—

 

 

$

1,513,593

 

Current period gross write-offs

 

$

—

 

 

$

—

 

 

$

163

 

 

$

225

 

 

$

497

 

 

$

769

 

 

$

—

 

 

$

1,654

 

Consumer loans

 

Pass

 

$

4,722

 

 

$

2,978

 

 

$

3,253

 

 

$

15,325

 

 

$

6,736

 

 

$

2,864

 

 

$

—

 

 

$

35,878

 

Special mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

44

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

44

 

Substandard

 

 

5

 

 

 

28

 

 

 

17

 

 

 

151

 

 

 

132

 

 

 

62

 

 

 

—

 

 

 

395

 

Total

 

$

4,727

 

 

$

3,006

 

 

$

3,270

 

 

$

15,520

 

 

$

6,868

 

 

$

2,926

 

 

$

—

 

 

$

36,317

 

Current period gross write-offs

 

$

—

 

 

$

20

 

 

$

26

 

 

$

99

 

 

$

43

 

 

$

781

 

 

$

—

 

 

$

969

 

Total loans

 

Pass

 

$

1,005,132

 

 

$

676,049

 

 

$

434,662

 

 

$

1,083,546

 

 

$

823,567

 

 

$

1,576,107

 

 

$

88,471

 

 

$

5,687,534

 

Special mention

 

 

1,743

 

 

 

16,090

 

 

 

11,443

 

 

 

13,593

 

 

 

4,422

 

 

 

13,904

 

 

 

—

 

 

 

61,195

 

Substandard

 

 

1,010

 

 

 

4,615

 

 

 

18,639

 

 

 

8,512

 

 

 

3,794

 

 

 

37,720

 

 

 

1,019

 

 

 

75,309

 

Total

 

$

1,007,885

 

 

$

696,754

 

 

$

464,744

 

 

$

1,105,651

 

 

$

831,783

 

 

$

1,627,731

 

 

$

89,490

 

 

$

5,824,038

 

Current period gross write-offs

 

$

—

 

 

$

999

 

 

$

1,386

 

 

$

1,498

 

 

$

846

 

 

$

1,706

 

 

$

—

 

 

$

6,435

 

 

The following tables present the credit risk profile of the Company’s loan portfolio, on amortized cost basis, 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 properties

 

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 on Amortized Cost Basis Aging Analysis

The following table presents the Company’s loan portfolio, on an amortized cost basis, aging analysis at September 30, 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

 

September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and land development

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

336,795

 

 

$

336,795

 

 

$

—

 

Agricultural real estate

 

 

—

 

 

 

—

 

 

 

841

 

 

 

841

 

 

 

366,632

 

 

 

367,473

 

 

 

—

 

1-4 family residential properties

 

 

491

 

 

 

554

 

 

 

1,487

 

 

 

2,532

 

 

 

493,005

 

 

 

495,537

 

 

 

—

 

Multifamily residential properties

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

330,549

 

 

 

330,549

 

 

 

—

 

Commercial real estate

 

 

1,834

 

 

 

13,730

 

 

 

4,984

 

 

 

20,548

 

 

 

2,411,632

 

 

 

2,432,180

 

 

 

—

 

Loans secured by real estate

 

 

2,325

 

 

 

14,284

 

 

 

7,312

 

 

 

23,921

 

 

 

3,938,613

 

 

 

3,962,534

 

 

 

—

 

Agricultural loans

 

 

318

 

 

 

30

 

 

 

190

 

 

 

538

 

 

 

311,056

 

 

 

311,594

 

 

 

—

 

Commercial and industrial loans

 

 

972

 

 

 

947

 

 

 

388

 

 

 

2,307

 

 

 

1,347,556

 

 

 

1,349,863

 

 

 

—

 

Consumer loans

 

 

293

 

 

 

74

 

 

 

35

 

 

 

402

 

 

 

35,915

 

 

 

36,317

 

 

 

—

 

All other loans

 

 

—

 

 

 

—

 

 

 

2,075

 

 

 

2,075

 

 

 

161,655

 

 

 

163,730

 

 

 

—

 

Total loans

 

$

3,908

 

 

$

15,335

 

 

$

10,000

 

 

$

29,243

 

 

$

5,794,795

 

 

$

5,824,038

 

 

$

—

 

Percent of total loans

 

 

 

 

 

 

 

 

 

 

 

0.50

%

 

 

 

 

 

 

 

 

 

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 September 30, 2025 and December 31, 2024 (in thousands). There were no loans past due over eighty-nine days that were still accruing.

 

 

September 30, 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

 

$

5

 

 

$

5

 

 

$

6

 

 

$

6

 

Agricultural real estate

 

 

1,097

 

 

 

1,097

 

 

 

2,213

 

 

 

2,213

 

1-4 family residential properties

 

 

4,522

 

 

 

5,344

 

 

 

4,196

 

 

 

4,937

 

Commercial real estate

 

 

9,785

 

 

 

9,785

 

 

 

4,901

 

 

 

7,716

 

Loans secured by real estate

 

 

15,409

 

 

 

16,231

 

 

 

11,316

 

 

 

14,872

 

Agricultural loans

 

 

190

 

 

 

190

 

 

 

1,371

 

 

 

11,521

 

Commercial and industrial loans

 

 

1,389

 

 

 

2,140

 

 

 

1,320

 

 

 

2,071

 

Consumer loans

 

 

150

 

 

 

150

 

 

 

311

 

 

 

311

 

All other loans

 

 

2,075

 

 

 

2,076

 

 

 

—

 

 

 

—

 

Total loans

 

$

19,213

 

 

$

20,787

 

 

$

14,318

 

 

$

28,775

 
Amortized Cost Basis of Loans Experiencing Financial Difficulty and Modified

The following table shows the amortized cost of loans at September 30, 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

 

 

 

Delay

 

 

Extension

 

 

Rate

 

 

Financing

 

 

 

Investment

 

 

Modifications

 

 

Reduction

 

 

Receivable

 

September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural real estate

 

$

291

 

 

$

—

 

 

$

—

 

 

 

—

%

1-4 family residential properties

 

 

10

 

 

 

1,093

 

 

 

—

 

 

 

0.02

%

Commercial real estate

 

 

761

 

 

 

—

 

 

 

505

 

 

 

0.02

%

Loans secured by real estate

 

 

1,062

 

 

 

1,093

 

 

 

505

 

 

 

0.04

%

Commercial and industrial loans

 

 

818

 

 

 

76

 

 

 

—

 

 

 

0.02

%

Consumer loans

 

 

—

 

 

 

5

 

 

 

—

 

 

 

—

%

Total

 

$

1,880

 

 

$

1,174

 

 

$

505

 

 

 

0.06

%

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Agricultural real estate

 

$

312

 

 

$

—

 

 

$

—

 

 

 

0.01

%

1-4 family residential properties

 

 

47

 

 

 

768

 

 

 

—

 

 

 

0.01

%

Commercial real estate

 

 

874

 

 

 

212

 

 

 

472

 

 

 

0.03

%

Loans secured by real estate

 

 

1,233

 

 

 

980

 

 

 

472

 

 

 

0.05

%

Commercial and industrial loans

 

 

151

 

 

 

119

 

 

 

—

 

 

 

—

%

Consumer loans

 

 

3

 

 

 

10

 

 

 

—

 

 

 

—

%

Total

 

$

1,387

 

 

$

1,109

 

 

$

472

 

 

 

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 September 30, 2025 and 2024.

 

 

30-59
Days Past
Due

 

 

60-89
Days Past
Due

 

 

90 Days or
More
Past Due

 

 

Total Past
Due

 

September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

—

 

 

$

505

 

 

$

—

 

 

$

505

 

Loans secured by real estate

 

 

—

 

 

 

505

 

 

 

—

 

 

 

505

 

Commercial and industrial loans

 

 

—

 

 

 

723

 

 

 

—

 

 

 

723

 

Consumer loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total loans

 

$

—

 

 

$

1,228

 

 

$

—

 

 

$

1,228

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Commercial real estate

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Loans secured by real estate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consumer loans

 

 

—

 

 

 

96

 

 

 

116

 

 

 

212

 

Total loans

 

$

—

 

 

$

96

 

 

$

116

 

 

$

212

 
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 September 30, 2025 and 2024.

 

 

Weighted Average

 

 

Weighted Average

 

 

 

Interest Rate

 

 

Term Extension

 

 

 

Reduction

 

 

(in months)

 

September 30, 2025

 

 

 

 

 

 

1-4 family residential properties

 

 

—

%

 

 

135

 

Commercial and industrial loans

 

 

—

%

 

 

—

 

September 30, 2024

 

 

 

 

 

 

1-4 family residential properties

 

 

—

%

 

 

—

 

Commercial and industrial loans

 

 

—

%

 

 

7