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Loans Receivable and Allowance for Credit Losses

12 Months Ended

Dec. 31, 2024

Loans Receivable and Allowance for Credit Losses

Total net loans receivable at December 31, 2024 and 2023 are summarized as follows:


	2024		Percentage of Total		2023 (1)		Percentage of Total
Farmland	$	31,099	0.67	%	$	33,485	0.76	%
Owner-occupied, nonfarm nonresidential properties	515,208		11.18		511,910		11.46
Agricultural production and other loans to farmers	6,492		0.14		1,652		0.04
Commercial and Industrial	718,775		15.60		726,442		16.26
Obligations (other than securities and leases) of states and political subdivisions	140,430		3.05		152,201		3.41
Other loans	28,110		0.61		25,507		0.57
Other construction loans and all land development and other land loans	282,912		6.14		340,358		7.62
Multifamily (5 or more) residential properties	411,146		8.92		305,697		6.84
Non-owner occupied, nonfarm nonresidential properties	1,033,541		22.42		984,033		22.02
1-4 Family Construction	26,431		0.57		28,055		0.63
Home equity lines of credit	166,327		3.61		130,700		2.92
Residential Mortgages secured by first liens	1,012,746		21.97		1,005,335		22.50
Residential Mortgages secured by junior liens	106,462		2.31		91,240		2.04
Other revolving credit plans	41,095		0.89		42,877		0.96
Automobile	20,961		0.45		25,315		0.57
Other consumer	53,821		1.17		51,592		1.14
Credit cards	13,143		0.29		11,785		0.26
Overdrafts	257		0.01		292		0.01
Total loans	$	4,608,956	100.00	%	$	4,468,476	100.00	%
Less: Allowance for credit losses	(47,357)				(45,832)
Loans, net	$	4,561,599			$	4,422,644

Net deferred loan origination fees (costs) included in the above loan table	$	49			$	2,448

(1) As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and Note 1, "Summary of Significant Accounting Policies," immaterial revisions were made to the total loans disclosure at December 31, 2023, to reflect adjustments for the applicable portfolio segments, which revisions are reflected in the above table.

The Corporation’s outstanding loans receivable and related unfunded commitments are primarily concentrated within Central and Northwest Pennsylvania, Central and Northeast Ohio, Western New York and Southwest Virginia. The Bank attempts to limit concentrations within specific industries by utilizing dollar limitations to single industries or customers, and by entering into participation agreements with third parties. Collateral requirements are established based on management’s assessment of the customer. The Corporation maintains lending policies to control the quality of the loan portfolio. These policies delegate the authority to extend loans under specific guidelines and underwriting standards. These policies are prepared by the Corporation’s management and reviewed and approved annually by the Corporation’s Board of Directors.

Syndicated loans, net of deferred fees and costs, are included in the commercial and industrial classification and totaled $79.9 million and $108.7 million as of December 31, 2024 and 2023, respectively.

Transactions in the allowance for credit losses for the year ended December 31, 2024 were as follows:


	Beginning Allowance (1)		(Charge-offs)		Recoveries		Provision (Benefit) for Credit Losses on Loans Receivable(1)(2)		Ending Allowance
Farmland	$	138	$	—	$	—	$	29	$	167
Owner-occupied, nonfarm nonresidential properties	4,131		(1,448)		55		2,958		5,696
Agricultural production and other loans to farmers	7		—		—		30		37
Commercial and Industrial	9,500		(2,425)		56		628		7,759
Obligations (other than securities and leases) of states and political subdivisions	2,627		—		—		(1,258)		1,369
Other loans	389		—		—		(60)		329
Other construction loans and all land development and other land loans	2,830		(11)		—		(248)		2,571
Multifamily (5 or more) residential properties	1,251		—		—		1,718		2,969
Non-owner occupied, nonfarm nonresidential properties	9,783		(974)		53		1,248		10,110
1-4 Family Construction	191		—		—		7		198
Home equity lines of credit	844		—		5		491		1,340
Residential Mortgages secured by first liens	8,274		(79)		—		763		8,958
Residential Mortgages secured by junior liens	1,487		—		—		(144)		1,343
Other revolving credit plans	977		(156)		30		109		960
Automobile	360		(146)		6		55		275
Other consumer	2,656		(2,094)		192		2,138		2,892
Credit cards	95		(143)		17		158		127
Overdrafts	292		(544)		94		415		257
Total loans	$	45,832	$	(8,020)	$	508	$	9,037	$	47,357

(1) As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and Note 1, "Summary of Significant Accounting Policies," immaterial revisions were made to the beginning allowance column disclosure as of December 31, 2023, to reflect the revisions for the applicable portfolio segments.

(2) Excludes provision for credit losses related to unfunded commitments. Note 18, "Off-Balance Sheet Commitments and Contingencies," in the consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation.

Transactions in the allowance for credit losses for the year ended December 31, 2023 were as follows:


	Beginning Allowance		(Charge-offs)		Recoveries		Provision (Benefit) for Credit Losses on Loans Receivable (1)(2)		Ending Allowance (2)
Farmland	$	159	$	—	$	—	$	(21)	$	138
Owner-occupied, nonfarm nonresidential properties	2,905		(26)		29		1,223		4,131
Agricultural production and other loans to farmers	6		—		—		1		7
Commercial and Industrial	9,766		(392)		438		(312)		9,500
Obligations (other than securities and leases) of states and political subdivisions	1,863		—		—		764		2,627
Other loans	456		—		—		(67)		389
Other construction loans and all land development and other land loans	3,253		—		—		(423)		2,830
Multifamily (5 or more) residential properties	2,353		(65)		6		(1,043)		1,251
Non-owner occupied, nonfarm nonresidential properties	7,653		(694)		10		2,814		9,783
1-4 Family Construction	327		—		—		(136)		191
Home equity lines of credit	1,173		(10)		5		(324)		844
Residential Mortgages secured by first liens	8,484		(117)		3		(96)		8,274
Residential Mortgages secured by junior liens	1,035		—		—		452		1,487
Other revolving credit plans	722		(119)		30		344		977
Automobile	271		(56)		1		144		360
Other consumer	2,665		(1,982)		134		1,839		2,656
Credit cards	67		(189)		18		199		95
Overdrafts	278		(604)		139		479		292
Total loans	$	43,436	$	(4,254)	$	813	$	5,837	$	45,832

(1) Excludes provision for credit losses related to unfunded commitments. Note 18, "Off-Balance Sheet Commitments and Contingencies," in the consolidated financial statements provides more detail concerning the provision for credit losses related to unfunded commitments of the Corporation.

(2) As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and Note 1, "Summary of Significant Accounting Policies," immaterial revisions were made to the provision (benefit) for credit losses on loans receivable column and ending allowance column disclosures as of December 31, 2023, to reflect the revisions for the applicable portfolio segments.

Transactions in the allowance for credit losses for the year ended December 31, 2022 were as follows:


	Beginning Allowance		(Charge-offs)		Recoveries		Provision (Benefit) for Credit Losses on Loans Receivable(1)		Ending Allowance
Farmland	$	151	$	—	$	—	$	8	$	159
Owner-occupied, nonfarm nonresidential properties	3,339		(21)		15		(428)		2,905
Agricultural production and other loans to farmers	9		—		—		(3)		6
Commercial and Industrial	8,837		(175)		139		965		9,766
Obligations (other than securities and leases) of states and political subdivisions	1,649		—		—		214		1,863
Other loans	149		—		—		307		456
Other construction loans and all land development and other land loans	2,198		—		—		1,055		3,253
Multifamily (5 or more) residential properties	2,289		—		—		64		2,353
Non-owner occupied, nonfarm nonresidential properties	6,481		(335)		336		1,171		7,653
1-4 Family Construction	158		—		—		169		327
Home equity lines of credit	1,169		—		12		(8)		1,173
Residential Mortgages secured by first liens	6,943		(51)		28		1,564		8,484
Residential Mortgages secured by junior liens	546		—		—		489		1,035
Other revolving credit plans	528		(92)		50		236		722
Automobile	263		(28)		2		34		271
Other consumer	2,546		(1,623)		89		1,653		2,665
Credit cards	92		(99)		38		36		67
Overdrafts	241		(561)		138		460		278
Total loans	$	37,588	$	(2,985)	$	847	$	7,986	$	43,436

The Corporation's allowance for credit losses is influenced by loan volumes, risk rating migration, delinquency status and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions.

For the year ended December 31, 2024, the allowance for credit losses increased primarily due to the growth in the Corporation's loan portfolio in new market areas, partially offset by improvements in the Corporation's historical loss rates, annual updates to the Corporation's loss drivers and assumptions, as well as the impact of net charge-offs. Significant uncertainty persists regarding the domestic and global economy due to persistent inflation in certain segments of the U.S. economy, elevated interest rates, fluctuating levels of consumer confidence, and geopolitical conflicts. Management will continue to proactively evaluate its estimate of expected credit losses as new information becomes available.

Provision for credit losses was $9.2 million for the year ended December 31, 2024, compared to $6.0 million and $8.6 million for the years ended December 31, 2023 and 2022, respectively. Included in the provision for credit losses for the year ended December 31, 2024 was $185 thousand related to the allowance for unfunded commitments compared to $156 thousand and $603 thousand provision towards the allowance for unfunded commitments for the years ended December 31, 2023 and 2022, respectively.

The following tables present the amortized cost basis of loans on nonaccrual status and loans past due over 89 days still accruing as of December 31, 2024 and 2023, respectively:


	December 31, 2024
	Nonaccrual		Nonaccrual With No Allowance for Credit Loss		Loans Past Due over 89 Days Still Accruing
Farmland	$	522	$	522	$	—
Owner-occupied, nonfarm nonresidential properties	5,896		1,392		—

Commercial and Industrial	10,682		10,111		—


Other construction loans and all land development and other land loans	1,482		36		—
Multifamily (5 or more) residential properties	20,658		266		491
Non-owner occupied, nonfarm nonresidential properties	5,913		5,913		—

Home equity lines of credit	837		837		—
Residential Mortgages secured by first liens	9,093		8,311		—
Residential Mortgages secured by junior liens	271		271		—
Other revolving credit plans	154		154		—
Automobile	66		66		—
Other consumer	749		749		—
Credit cards	—		—		162

Total loans	$	56,323	$	28,628	$	653


	December 31, 2023
	Nonaccrual		Nonaccrual With No Allowance for Credit Loss		Loans Past Due over 89 Days Still Accruing
Farmland	$	1,083	$	1,083	$	—
Owner-occupied, nonfarm nonresidential properties	2,673		1,488		—

Commercial and Industrial	7,512		4,389		—


Other construction loans and all land development and other land loans	1,653		104		—
Multifamily (5 or more) residential properties	305		305		—
Non-owner occupied, nonfarm nonresidential properties	9,076		6,716		—

Home equity lines of credit	940		940		—
Residential Mortgages secured by first liens	5,316		4,902		23
Residential Mortgages secured by junior liens	123		123		—
Other revolving credit plans	81		81		—
Automobile	79		79		—
Other consumer	798		798		—
Credit cards	—		—		32

Total loans	$	29,639	$	21,008	$	55

All payments received while on nonaccrual status are applied against the principal balance of the loan. The Corporation does not recognize interest income while loans are on nonaccrual status.

The following tables present the amortized cost basis of loans receivable that are individually evaluated and collateral-dependent by class of loans as of December 31, 2024 and 2023, respectively:


	December 31, 2024
	Real Estate Collateral		Non-Real Estate Collateral
Farmland	$	352	$	—
Owner-occupied, nonfarm nonresidential properties	4,503		—

Commercial and Industrial	258		2,553


Other construction loans and all land development and other land loans	1,446		—
Multifamily (5 or more) residential properties	20,658		—
Non-owner occupied, nonfarm nonresidential properties	5,224		—

Home equity lines of credit	290		—
Residential Mortgages secured by first liens	1,411		—






Total loans	$	34,142	$	2,553


	December 31, 2023
	Real Estate Collateral		Non-Real Estate Collateral
Farmland	$	736	$	—
Owner-occupied, nonfarm nonresidential properties	6,890		4

Commercial and Industrial	5,489		4,291


Other construction loans and all land development and other land loans	1,549		—
Multifamily (5 or more) residential properties	305		—
Non-owner occupied, nonfarm nonresidential properties	8,291		—


Home equity lines of credit	308		—
Residential Mortgages secured by first liens	1,070		—






Total loans	$	24,638	$	4,295

The following table presents the aging of the amortized cost basis in past-due loans as of December 31, 2024 by class of loans:


	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due		Loans Not Past Due		Total
Farmland	$	—	$	—	$	—	$	—	$	31,099	$	31,099
Owner-occupied, nonfarm nonresidential properties	77		1,479		5,030		6,586		508,622		515,208
Agricultural production and other loans to farmers	—		—		—		—		6,492		6,492
Commercial and Industrial	704		185		6,632		7,521		711,254		718,775
Obligations (other than securities and leases) of states and political subdivisions	—		—		—		—		140,430		140,430
Other loans	—		—		—		—		28,110		28,110
Other construction loans and all land development and other land loans	—		—		1,482		1,482		281,430		282,912
Multifamily (5 or more) residential properties	—		20,392		757		21,149		389,997		411,146
Non-owner occupied, nonfarm nonresidential properties	—		—		—		—		1,033,541		1,033,541
1-4 Family Construction	216		—		—		216		26,215		26,431
Home equity lines of credit	1,006		387		323		1,716		164,611		166,327
Residential Mortgages secured by first liens	2,908		1,910		5,795		10,613		1,002,133		1,012,746
Residential Mortgages secured by junior liens	224		35		64		323		106,139		106,462
Other revolving credit plans	351		4		100		455		40,640		41,095
Automobile	135		3		—		138		20,823		20,961
Other consumer	601		271		358		1,230		52,591		53,821
Credit cards	97		115		162		374		12,769		13,143
Overdrafts	—		—		—		—		257		257
Total loans	$	6,319	$	24,781	$	20,703	$	51,803	$	4,557,153	$	4,608,956

The following table presents the aging of the amortized cost basis in past-due loans as of December 31, 2023 by class of loans.


	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due		Loans Not Past Due (1)		Total (1)
Farmland	$	—	$	182	$	129	$	311	$	33,174	$	33,485
Owner-occupied, nonfarm nonresidential properties	120		—		1,390		1,510		510,400		511,910
Agricultural production and other loans to farmers	—		—		—		—		1,652		1,652
Commercial and Industrial	64		379		314		757		725,685		726,442
Obligations (other than securities and leases) of states and political subdivisions	—		—		—		—		152,201		152,201
Other loans	—		—		—		—		25,507		25,507
Other construction loans and all land development and other land loans	—		41		1,612		1,653		338,705		340,358
Multifamily (5 or more) residential properties	—		—		305		305		305,392		305,697
Non-owner occupied, nonfarm nonresidential properties	95		299		2,031		2,425		981,608		984,033
1-4 Family Construction	—		—		—		—		28,055		28,055
Home equity lines of credit	582		682		339		1,603		129,097		130,700
Residential Mortgages secured by first liens	2,360		1,094		1,651		5,105		1,000,230		1,005,335
Residential Mortgages secured by junior liens	21		38		60		119		91,121		91,240
Other revolving credit plans	114		41		14		169		42,708		42,877
Automobile	62		5		67		134		25,181		25,315
Other consumer	452		453		354		1,259		50,333		51,592
Credit cards	110		17		32		159		11,626		11,785
Overdrafts	—		—		—		—		292		292
Total loans	$	3,980	$	3,231	$	8,298	$	15,509	$	4,452,967	$	4,468,476

(1) As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and Note 1, "Summary of Significant Accounting Policies," immaterial revisions were made to the loans receivable not past due and total columns disclosure as of December 31, 2023, to reflect the revisions for the applicable portfolio segments.

Loan Modifications

The Corporation adopted ASU 2022-02, Financial Instruments—Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measure of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty.

Occasionally, the Corporation modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses.

In some cases, the Corporation provides multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. For the loans included in the "combination" columns below, multiple types of modifications have been made on the same loan within the current reporting period. The combination is at least two of the following: a term extension, principal forgiveness, an other-than-insignificant payment delay and/or an interest rate reduction.

The following table presents the amortized cost basis of loans at December 31, 2024 that were both experiencing financial difficulty and modified during the year ended December 31, 2024, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:


	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction		Combination Payment Delay and Term Extension		Total Class of Financing Receivable
Farmland	$	—	$	1,040	$	—	$	—	$	—	3.34	%
Owner-occupied, nonfarm nonresidential properties	—		696		—		—		—		0.14

Commercial and Industrial	—		—		410		—		—		0.06




Non-owner occupied, nonfarm nonresidential properties	—		5,225		—		—		—		0.51









Total	$	—	$	6,961	$	410	$	—	$	—	0.16	%

The following table presents the amortized cost basis of loans at December 31, 2023 that were both experiencing financial difficulty and modified during the year ended December 31, 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:


	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction		Combination Payment Delay and Term Extension		Total Class of Financing Receivable

Owner-occupied, nonfarm nonresidential properties	$	—	$	5,934	$	—	$	—	$	—	1.20	%

Commercial and Industrial	—		7,794		524		320		—		1.19




Non-owner occupied, nonfarm nonresidential properties	—		5,911		—		—		785		0.75


Residential Mortgages secured by first liens	—		—		414		—		—		0.04
Residential Mortgages secured by junior liens	—		—		29		—		—		0.03





Total	$	—	$	19,639	$	967	$	320	$	785	0.49	%

The Corporation has zero in unfunded available credit to customers whose loan receivables are included in the previous tables.

The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

The following table presents the performance of such loans that have been modified during the year ended December 31, 2024:


	Current		30 - 59 Days Past Due		60 - 89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due
Farmland	$	1,040	$	—	$	—	$	—	$	—
Owner-occupied, nonfarm nonresidential properties	696		—		—		—		—

Commercial and Industrial	410		—		—		—		—




Non-owner occupied, nonfarm nonresidential properties	5,225		—		—		—		—









Total	$	7,371	$	—	$	—	$	—	$	—

The following table presents the performance of such loans that have been modified during the year ended December 31, 2023:


	Current		30 - 59 Days Past Due		60 - 89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due

Owner-occupied, nonfarm nonresidential properties	$	5,934	$	—	$	—	$	—	$	—

Commercial and Industrial	8,638		—		—		—		—




Non-owner occupied, nonfarm nonresidential properties	6,696		—		—		—		—


Residential Mortgages secured by first liens	414		—		—		—		—
Residential Mortgages secured by junior liens	29		—		—		—		—





Total	$	21,711	$	—	$	—	$	—	$	—

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the year ended December 31, 2024:


	Principal Forgiveness		Weighted Average Term Extension (in years)	Weighted Average Interest Rate Reduction



Commercial and Industrial	$	—	1.00	—	%














Total	$	—	1.00	—	%

The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the year ended December 31, 2023:


	Principal Forgiveness		Weighted Average Term Extension (in years)	Weighted Average Interest Rate Reduction



Commercial and Industrial	$	—	1.00	0.50	%




Non-owner occupied, nonfarm nonresidential properties	—		0.75	—


Residential Mortgages secured by first liens	—		0.50	—
Residential Mortgages secured by junior liens	—		0.50	—





Total	$	—	0.76	0.50	%

There were no loans that had a payment default during the year ended December 31, 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.

The following table presents the amortized cost basis of loans that had a payment default during the year ended December 31, 2023 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty:


	Principal Forgiveness		Payment Delay		Term Extension		Interest Rate Reduction		Combination Payment Delay and Term Extension






Other construction loans and all land development and other land loans	$	—	$	1,549	$	—	$	—	$	—

Non-owner occupied, nonfarm nonresidential properties	—		—		1,523		—		—









Total	$	—	$	1,549	$	1,523	$	—	$	—

If the Corporation determines that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off and the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount.

Credit Quality Indicators

The Corporation categorizes loans receivable into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Corporation analyzes loans individually to classify the loans as to credit risk.

The Corporation uses the following definitions for risk ratings:

Special Mention: A loan classified as special mention has a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Corporation’s credit position at some future date.

Substandard: A loan classified as substandard is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. The loan has a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. A substandard loan is characterized by the distinct possibility that the Corporation will sustain some loss if the deficiencies are not corrected.

Doubtful: A loan classified as doubtful has all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

The following tables represent the Corporation's commercial credit risk profile by risk rating. Loans receivable not rated as special mention, substandard, or doubtful are considered to be pass rated loans.


	December 31, 2024
			Non-Pass Rated
	Pass		Special Mention		Substandard		Doubtful		Total Non-Pass		Total
Farmland	$	25,171	$	5,267	$	661	$	—	$	5,928	$	31,099
Owner-occupied, nonfarm nonresidential properties	491,798		1,289		22,121		—		23,410		515,208
Agricultural production and other loans to farmers	6,492		—		—		—		—		6,492
Commercial and Industrial	654,139		4,321		60,315		—		64,636		718,775
Obligations (other than securities and leases) of states and political subdivisions	140,430		—		—		—		—		140,430
Other loans	28,110		—		—		—		—		28,110
Other construction loans and all land development and other land loans	281,466		—		1,446		—		1,446		282,912
Multifamily (5 or more) residential properties	385,946		—		25,200		—		25,200		411,146
Non-owner occupied, nonfarm nonresidential properties	1,008,507		4,947		20,087		—		25,034		1,033,541









Total loans	$	3,022,059	$	15,824	$	129,830	$	—	$	145,654	$	3,167,713


	December 31, 2023 (1)
			Non-Pass Rated
	Pass		Special Mention		Substandard		Doubtful		Total Non-Pass		Total
Farmland	$	32,402	$	—	$	1,083	$	—	$	1,083	$	33,485
Owner-occupied, nonfarm nonresidential properties	475,093		25,484		11,333		—		36,817		511,910
Agricultural production and other loans to farmers	1,652		—		—		—		—		1,652
Commercial and Industrial	653,981		52,030		20,431		—		72,461		726,442
Obligations (other than securities and leases) of states and political subdivisions	139,014		13,187		—		—		13,187		152,201
Other loans	25,507		—		—		—		—		25,507
Other construction loans and all land development and other land loans	338,746		—		1,612		—		1,612		340,358
Multifamily (5 or more) residential properties	303,554		1,346		797		—		2,143		305,697
Non-owner occupied, nonfarm nonresidential properties	957,254		3,008		23,771		—		26,779		984,033









Total loans	$	2,927,203	$	95,055	$	59,027	$	—	$	154,082	$	3,081,285

(1) As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and Note 1, "Summary of Significant Accounting Policies," immaterial revisions were made to the pass, special mention, total non-pass and total columns disclosure as of December 31, 2023, to reflect the revisions for the applicable portfolio segments.

The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by risk grade within each portfolio segment as of December 31, 2024. Current period originations may include modifications.


	Term Loans Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
Farmland
Risk rating
Pass	$	265	$	3,165	$	6,756	$	6,477	$	1,436	$	6,662	$	410	$	—	$	25,171
Special mention	—		—		5,267		—		—		—		—		—		5,267
Substandard	170		—		—		—		—		491		—		—		661

Total	$	435	$	3,165	$	12,023	$	6,477	$	1,436	$	7,153	$	410	$	—	$	31,099
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Owner-occupied, nonfarm nonresidential properties
Risk rating
Pass	$	74,692	$	62,609	$	114,980	$	98,469	$	39,931	$	90,249	$	10,868	$	—	$	491,798
Special mention	—		—		—		254		—		527		508		—		1,289
Substandard	14,181		1,114		4,370		696		—		1,507		253		—		22,121

Total	$	88,873	$	63,723	$	119,350	$	99,419	$	39,931	$	92,283	$	11,629	$	—	$	515,208
Current period gross write offs	$	—	$	—	$	750	$	—	$	—	$	698	$	—	$	—	$	1,448

Agricultural production and other loans to farmers
Risk rating
Pass	$	5,072	$	473	$	18	$	26	$	40	$	148	$	715	$	—	$	6,492
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

Total	$	5,072	$	473	$	18	$	26	$	40	$	148	$	715	$	—	$	6,492
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial and Industrial
Risk rating
Pass	$	148,569	$	44,080	$	104,613	$	63,646	$	24,511	$	18,771	$	249,949	$	—	$	654,139
Special mention	7		55		139		424		61		32		3,603		—		4,321
Substandard	845		5,145		10,988		1,461		49		1,935		39,892		—		60,315

Total	$	149,421	$	49,280	$	115,740	$	65,531	$	24,621	$	20,738	$	293,444	$	—	$	718,775
Current period gross write offs	$	—	$	301	$	116	$	537	$	1	$	43	$	1,428	$	—	$	2,426

Obligations (other than securities and leases) of states and political subdivisions
Risk rating
Pass	$	7,999	$	24,754	$	15,756	$	30,419	$	11,411	$	45,882	$	4,209	$	—	$	140,430
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

Total	$	7,999	$	24,754	$	15,756	$	30,419	$	11,411	$	45,882	$	4,209	$	—	$	140,430
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Other loans
Risk rating
Pass	$	2,134	$	3,382	$	12,291	$	4,602	$	1,341	$	274	$	4,086	$	—	$	28,110
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

Total	$	2,134	$	3,382	$	12,291	$	4,602	$	1,341	$	274	$	4,086	$	—	$	28,110
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


	Term Loans Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
Other construction loans and all land development and other land loans
Risk rating
Pass	$	112,919	$	58,596	$	99,268	$	3,141	$	749	$	1,875	$	4,918	$	—	$	281,466
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		1,446		—		—		1,446

Total	$	112,919	$	58,596	$	99,268	$	3,141	$	749	$	3,321	$	4,918	$	—	$	282,912
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	11	$	11

Multifamily (5 or more) residential properties
Risk rating
Pass	$	46,905	$	49,880	$	173,994	$	67,500	$	20,706	$	25,037	$	1,924	$	—	$	385,946
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		2,107		20,392		—		2,701		—		—		—		25,200

Total	$	46,905	$	51,987	$	194,386	$	67,500	$	23,407	$	25,037	$	1,924	$	—	$	411,146
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Non-owner occupied, nonfarm nonresidential properties
Risk rating
Pass	$	141,083	$	190,123	$	320,047	$	183,621	$	38,309	$	127,515	$	7,809	$	—	$	1,008,507
Special mention	1,962		—		212		2,003		—		349		421		—		4,947
Substandard	11,469		762		689		—		5,225		1,942		—		—		20,087

Total	$	154,514	$	190,885	$	320,948	$	185,624	$	43,534	$	129,806	$	8,230	$	—	$	1,033,541
Current period gross write offs	$	—	$	—	$	33	$	296	$	—	$	625	$	20	$	—	$	974

The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by risk grade within each portfolio segment as of December 31, 2023. Current period originations may include modifications. As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and Note 1, "Summary of Significant Accounting Policies," immaterial revisions were made to the vintage loan disclosure at December 31, 2023, to reflect the revisions for the applicable portfolio segments.


	Term Loans Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
Farmland
Risk rating
Pass	$	3,250	$	12,897	$	6,845	$	1,465	$	815	$	6,828	$	302	$	—	$	32,402
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		306		—		—		777		—		—		1,083

Total	$	3,250	$	12,897	$	7,151	$	1,465	$	815	$	7,605	$	302	$	—	$	33,485
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Owner-occupied, nonfarm nonresidential properties
Risk rating
Pass	$	64,237	$	125,894	$	107,740	$	44,286	$	49,366	$	73,649	$	9,921	$	—	$	475,093
Special mention	320		6,611		1,180		13,623		407		210		3,133		—		25,484
Substandard	848		—		696		292		6,738		2,593		166		—		11,333

Total	$	65,405	$	132,505	$	109,616	$	58,201	$	56,511	$	76,452	$	13,220	$	—	$	511,910
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	26	$	—	$	—	$	26

Agricultural production and other loans to farmers
Risk rating
Pass	$	703	$	34	$	89	$	60	$	5	$	159	$	602	$	—	$	1,652
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

Total	$	703	$	34	$	89	$	60	$	5	$	159	$	602	$	—	$	1,652
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial and Industrial
Risk rating
Pass	$	78,325	$	140,178	$	141,439	$	33,475	$	6,662	$	14,709	$	239,193	$	—	$	653,981
Special mention	7,718		7,803		2,795		65		139		21		33,489		—		52,030
Substandard	—		385		4,281		396		3,476		1,655		10,238		—		20,431

Total	$	86,043	$	148,366	$	148,515	$	33,936	$	10,277	$	16,385	$	282,920	$	—	$	726,442
Current period gross write offs	$	50	$	—	$	—	$	191	$	—	$	—	$	151	$	—	$	392

Obligations (other than securities and leases) of states and political subdivisions
Risk rating
Pass	$	24,964	$	16,791	$	31,768	$	12,399	$	4,190	$	45,331	$	3,571	$	—	$	139,014
Special mention	—		—		—		—		—		13,187		—		—		13,187
Substandard	—		—		—		—		—		—		—		—		—

Total	$	24,964	$	16,791	$	31,768	$	12,399	$	4,190	$	58,518	$	3,571	$	—	$	152,201
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Other loans
Risk rating
Pass	$	3,649	$	12,211	$	5,289	$	1,809	$	288	$	—	$	2,261	$	—	$	25,507
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—

Total	$	3,649	$	12,211	$	5,289	$	1,809	$	288	$	—	$	2,261	$	—	$	25,507
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


	Term Loans Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
Other construction loans and all land development and other land loans
Risk rating
Pass	$	92,321	$	197,166	$	23,484	$	15,540	$	1,706	$	1,129	$	7,400	$	—	$	338,746
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		1,549		—		63		—		1,612

Total	$	92,321	$	197,166	$	23,484	$	15,540	$	3,255	$	1,129	$	7,463	$	—	$	340,358
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Multifamily (5 or more) residential properties
Risk rating
Pass	$	49,566	$	127,027	$	70,261	$	25,232	$	10,928	$	19,786	$	754	$	—	$	303,554
Special mention	1,346		—		—		—		—		—		—		—		1,346
Substandard	797		—		—		—		—		—		—		—		797

Total	$	51,709	$	127,027	$	70,261	$	25,232	$	10,928	$	19,786	$	754	$	—	$	305,697
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	65	$	—	$	—	$	65

Non-owner occupied, nonfarm nonresidential properties
Risk rating
Pass	$	198,343	$	332,733	$	195,106	$	42,216	$	55,150	$	125,532	$	8,174	$	—	$	957,254
Special mention	—		—		—		1,887		—		688		433		—		3,008
Substandard	778		1,134		488		5,911		3,266		10,484		1,710		—		23,771

Total	$	199,121	$	333,867	$	195,594	$	50,014	$	58,416	$	136,704	$	10,317	$	—	$	984,033
Current period gross write offs	$	—	$	358	$	—	$	—	$	88	$	—	$	248	$	—	$	694

The Corporation considers the performance of the loan portfolio and its impact on the allowance for credit losses. For 1-4 family construction, home equity lines of credit, residential mortgages secured by first liens, residential mortgages secured by junior liens, automobile, credit cards, other revolving credit plans and other consumer segments, the Corporation evaluates credit quality based on the performance status of the loan, which was previously presented, and by payment activity. Nonperforming loans include loans receivable on nonaccrual status and loans receivable past due over 89 days and still accruing interest.


	December 31, 2024						December 31, 2023 (1)
	Performing		Nonperforming		Total		Performing		Nonperforming		Total
1-4 Family Construction	$	26,431	$	—	$	26,431	$	28,055	$	—	$	28,055
Home equity lines of credit	165,490		837		166,327		129,760		940		130,700
Residential Mortgages secured by first liens	1,003,653		9,093		1,012,746		999,996		5,339		1,005,335
Residential Mortgages secured by junior liens	106,191		271		106,462		91,117		123		91,240
Other revolving credit plans	40,941		154		41,095		42,796		81		42,877
Automobile	20,895		66		20,961		25,236		79		25,315
Other consumer	53,072		749		53,821		50,794		798		51,592
Total loans	$	1,416,673	$	11,170	$	1,427,843	$	1,367,754	$	7,360	$	1,375,114

(1) As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and Note 1, "Summary of Significant Accounting Policies," immaterial revisions were made to the performing and total columns at December 31, 2023, to reflect the revisions for the applicable portfolio segments.


	Term Loans Amortized Cost Basis by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
1-4 Family Construction
Payment performance
Performing	$	21,411	$	3,717	$	1,254	$	—	$	—	$	49	$	—	$	—	$	26,431
Nonperforming	—		—		—		—		—		—		—		—		—
Total	$	21,411	$	3,717	$	1,254	$	—	$	—	$	49	$	—	$	—	$	26,431
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home equity lines of credit
Payment performance
Performing	$	44,573	$	28,211	$	30,557	$	9,440	$	8,106	$	30,649	$	7,993	$	5,961	$	165,490
Nonperforming	—		50		—		—		—		—		—		787		837
Total	$	44,573	$	28,261	$	30,557	$	9,440	$	8,106	$	30,649	$	7,993	$	6,748	$	166,327
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Residential mortgages secured by first lien
Payment performance
Performing	$	106,278	$	135,898	$	224,633	$	177,756	$	128,924	$	226,926	$	3,238	$	—	$	1,003,653
Nonperforming	363		2,494		1,657		1,305		839		2,435		—		—		9,093
Total	$	106,641	$	138,392	$	226,290	$	179,061	$	129,763	$	229,361	$	3,238	$	—	$	1,012,746
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	79	$	—	$	—	$	79

Residential mortgages secured by junior liens
Payment performance
Performing	$	32,777	$	22,256	$	22,931	$	11,769	$	5,695	$	9,465	$	1,298	$	—	$	106,191
Nonperforming	19		40		34		123		—		16		39		—		271
Total	$	32,796	$	22,296	$	22,965	$	11,892	$	5,695	$	9,481	$	1,337	$	—	$	106,462
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Other revolving credit plans
Payment performance
Performing	$	10,454	$	5,556	$	6,898	$	2,163	$	5,366	$	10,504	$	—	$	—	$	40,941
Nonperforming	—		—		27		6		—		121		—		—		154
Total	$	10,454	$	5,556	$	6,925	$	2,169	$	5,366	$	10,625	$	—	$	—	$	41,095
Current period gross write offs	$	—	$	9	$	—	$	41	$	25	$	81	$	—	$	—	$	156

Automobile
Payment performance
Performing	$	5,794	$	8,504	$	3,975	$	1,149	$	664	$	809	$	—	$	—	$	20,895
Nonperforming	—		15		47		—		4		—		—		—		66
Total	$	5,794	$	8,519	$	4,022	$	1,149	$	668	$	809	$	—	$	—	$	20,961
Current period gross write offs	$	22	$	93	$	7	$	14	$	6	$	4	$	—	$	—	$	146

Other consumer
Payment performance
Performing	$	27,727	$	13,090	$	5,344	$	2,432	$	2,162	$	2,317	$	—	$	—	$	53,072
Nonperforming	219		368		82		67		8		5		—		—		749
Total	$	27,946	$	13,458	$	5,426	$	2,499	$	2,170	$	2,322	$	—	$	—	$	53,821
Current period gross write offs	$	133	$	1,141	$	630	$	154	$	24	$	12	$	—	$	—	$	2,094

The following tables detail the amortized cost of loans receivable, by year of origination (for term loans) and by payment activity within each portfolio segment as of December 31, 2023. Current period originations may include modifications. As previously disclosed in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and Note 1, "Summary of Significant Accounting Policies," immaterial revisions were made to the vintage loan disclosure at December 31, 2023, to reflect the revisions for the applicable portfolio segments.


	Term Loans Amortized Cost Basis by Origination Year
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
1-4 Family Construction
Payment performance
Performing	$	16,968	$	9,977	$	251	$	—	$	59	$	1	$	799	$	—	$	28,055
Nonperforming	—		—		—		—		—		—		—		—		—
Total	$	16,968	$	9,977	$	251	$	—	$	59	$	1	$	799	$	—	$	28,055
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home equity lines of credit
Payment performance
Performing	$	27,110	$	32,027	$	11,437	$	9,844	$	6,781	$	30,467	$	7,479	$	4,615	$	129,760
Nonperforming	—		—		—		—		—		14		—		926		940
Total	$	27,110	$	32,027	$	11,437	$	9,844	$	6,781	$	30,481	$	7,479	$	5,541	$	130,700
Current period gross write offs	$	—	$	—	$	—	$	—	$	10	$	—	$	—	$	—	$	10

Residential mortgages secured by first lien
Payment performance
Performing	$	141,019	$	238,242	$	200,794	$	144,676	$	77,919	$	194,185	$	3,161	$	—	$	999,996
Nonperforming	497		174		787		615		492		2,736		38		—		5,339
Total	$	141,516	$	238,416	$	201,581	$	145,291	$	78,411	$	196,921	$	3,199	$	—	$	1,005,335
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	22	$	95	$	—	$	117

Residential mortgages secured by junior liens
Payment performance
Performing	$	28,685	$	27,032	$	14,204	$	7,102	$	3,888	$	8,833	$	1,373	$	—	$	91,117
Nonperforming	—		38		—		—		—		42		43		—		123
Total	$	28,685	$	27,070	$	14,204	$	7,102	$	3,888	$	8,875	$	1,416	$	—	$	91,240
Current period gross write offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Other revolving credit plans
Payment performance
Performing	$	8,684	$	8,027	$	2,732	$	11,274	$	1,634	$	10,445	$	—	$	—	$	42,796
Nonperforming	—		29		5		—		—		47		—		—		81
Total	$	8,684	$	8,056	$	2,737	$	11,274	$	1,634	$	10,492	$	—	$	—	$	42,877
Current period gross write offs	$	—	$	—	$	50	$	4	$	16	$	49	$	—	$	—	$	119

Automobile
Payment performance
Performing	$	12,545	$	6,800	$	2,597	$	1,472	$	1,025	$	797	$	—	$	—	$	25,236
Nonperforming	16		51		—		7		5		—		—		—		79
Total	$	12,561	$	6,851	$	2,597	$	1,479	$	1,030	$	797	$	—	$	—	$	25,315
Current period gross write offs	$	18	$	23	$	—	$	8	$	7	$	—	$	—	$	—	$	56

Other consumer
Payment performance
Performing	$	27,202	$	12,261	$	5,255	$	3,107	$	1,471	$	1,498	$	—	$	—	$	50,794
Nonperforming	283		330		116		12		6		51		—		—		798
Total	$	27,485	$	12,591	$	5,371	$	3,119	$	1,477	$	1,549	$	—	$	—	$	51,592
Current period gross write offs	$	210	$	1,164	$	467	$	96	$	33	$	12	$	—	$	—	$	1,982


	December 31, 2024		December 31, 2023

Credit card
Payment performance
Performing	$	12,981	$	11,753
Nonperforming	162		32
Total	$	13,143	$	11,785
Current period gross write offs	$	143	$	189

Holiday’s loan portfolio, included in other consumer loans above, is summarized as follows at December 31, 2024 and 2023:


	December 31, 2024		December 31, 2023
Gross consumer loans	$	27,261	$	31,242

Less: unearned discounts	(4,772)		(5,696)
Total consumer loans, net of unearned discounts	$	22,489	$	25,546