LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2025

Receivables [Abstract]

Summary of Composition of Loan Portfolio by Loan Class

The following table illustrates the composition of the Corporation’s loan portfolio by loan class as of the dates indicated.

	March 31, 2025		December 31, 2024
Commercial and industrial loans	$	4,306,597	$	4,114,292
Agricultural land, production and other loans to farmers	243,864		256,312
Real estate loans:
Construction	793,175		792,144
Commercial real estate, non-owner occupied	2,177,869		2,274,016
Commercial real estate, owner occupied	1,214,739		1,157,944
Residential	2,389,852		2,374,729
Home equity	650,499		659,811
Individuals' loans for household and other personal expenditures	140,954		166,028
Public finance and other commercial loans	1,087,356		1,059,083
Loans	$	13,004,905	$	12,854,359

Summary of Credit Quality of Loan Portfolio by Loan Class

The following tables summarize the risk grading of the Corporation’s loan portfolio and gross charge-offs by loan class and by year of origination for the periods indicated. Consumer loans are not risk graded. For the purposes of this disclosure, consumer loans are classified in the following manner: loans that are less than 30 days past due are Pass, loans 30-89 days past due are Special Mention and loans greater than 89 days past due are Substandard.  The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date.

March 31, 2025
	Term Loans (amortized cost basis by origination year)
	2025		2024		2023		2022		2021		Prior		Revolving loans amortized cost basis		Revolving loans converted to term		Total
Commercial and industrial loans
Pass	$	431,109	$	1,184,550	$	441,048	$	165,738	$	142,290	$	91,465	$	1,614,342	$	—	$	4,070,542
Special Mention	138		6,225		6,271		21,724		823		2,286		44,753		—		82,220
Substandard	18,505		14,539		18,614		26,623		3,570		1,281		66,790		—		149,922
Doubtful	—		1,974		12		—		1,350		577		—		—		3,913
Total Commercial and industrial loans	449,752		1,207,288		465,945		214,085		148,033		95,609		1,725,885		—		4,306,597
Current period gross charge-offs	—		630		1,040		16		3,094		87		—		—		4,867
Agricultural land, production and other loans to farmers
Pass	18,823		24,089		22,240		29,683		25,580		53,261		60,772		—		234,448
Special Mention	—		159		29		476		—		863		1,227		—		2,754
Substandard	380		2,515		44		780		668		1,322		953		—		6,662
Total Agricultural land, production and other loans to farmers	19,203		26,763		22,313		30,939		26,248		55,446		62,952		—		243,864
Real estate loans:
Construction
Pass	25,407		243,728		200,293		60,604		13,178		10,994		10,327		—		564,531
Special Mention	12,176		97,317		23,145		44,557		—		35		—		—		177,230
Substandard	22,000		10,518		—		18,292		604		—		—		—		51,414
Total Construction	59,583		351,563		223,438		123,453		13,782		11,029		10,327		—		793,175
Commercial real estate, non-owner occupied
Pass	100,071		325,566		250,185		330,932		394,174		561,031		33,931		—		1,995,890
Special Mention	3,286		52,913		11,867		38,487		11,423		4,941		86		—		123,003
Substandard	12,892		11,430		2,436		6,364		6,641		19,211		2		—		58,976
Total Commercial real estate, non-owner occupied	116,249		389,909		264,488		375,783		412,238		585,183		34,019		—		2,177,869
Current period gross charge-offs	—		—		—		178		—		15		—		—		193
Commercial real estate, owner occupied
Pass	74,568		177,392		147,507		159,448		213,429		308,349		36,114		—		1,116,807
Special Mention	481		15,365		5,129		9,712		7,719		8,369		460		—		47,235
Substandard	16,822		14,027		7,033		1,820		3,508		3,914		—		—		47,124
Doubtful	—		3,573		—		—		—		—		—		—		3,573
Total Commercial real estate, owner occupied	91,871		210,357		159,669		170,980		224,656		320,632		36,574		—		1,214,739
Current period gross charge-offs	—		51		152		—		—		5		—		—		208
Residential
Pass	49,584		215,741		417,482		665,752		392,322		599,913		8,327		48		2,349,169
Special Mention	—		485		3,581		6,036		3,667		4,948		150		16		18,883
Substandard	—		1,480		2,162		8,917		4,078		4,816		347		—		21,800
Total Residential	49,584		217,706		423,225		680,705		400,067		609,677		8,824		64		2,389,852
Current period gross charge-offs	—		26		50		121		—		187		—		—		384
Home equity
Pass	2,289		11,023		4,193		23,629		49,320		14,843		532,713		2,105		640,115
Special Mention	—		38		—		—		467		36		4,069		114		4,724
Substandard	61		738		—		663		776		983		2,439		—		5,660
Total Home Equity	2,350		11,799		4,193		24,292		50,563		15,862		539,221		2,219		650,499
Current period gross charge-offs	—		6		—		11		2		44		—		—		63
Individuals' loans for household and other personal expenditures
Pass	14,306		24,848		19,061		28,870		8,844		5,912		38,013		—		139,854
Special Mention	—		257		369		272		141		16		45		—		1,100
Total Individuals' loans for household and other personal expenditures	14,306		25,105		19,430		29,142		8,985		5,928		38,058		—		140,954
Current period gross charge-offs	—		88		140		141		46		52		—		—		467
Public finance and other commercial loans
Pass	21,960		149,522		53,341		202,166		192,512		434,690		30,437		—		1,084,628
Special Mention	—		—		478		—		—		2,250		—		—		2,728
Total Public finance and other commercial loans	21,960		149,522		53,819		202,166		192,512		436,940		30,437		—		1,087,356
Loans	$	824,858	$	2,590,012	$	1,636,520	$	1,851,545	$	1,477,084	$	2,136,306	$	2,486,297	$	2,283	$	13,004,905
Total current period gross charge-offs	$	—	$	801	$	1,382	$	467	$	3,142	$	390	$	—	$	—	$	6,182

December 31, 2024
	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
Commercial and industrial loans
Pass	$	1,314,174	$	493,138	$	196,877	$	158,215	$	55,639	$	49,554	$	1,576,409	$	130	$	3,844,136
Special Mention	14,982		13,282		20,837		1,097		2,222		348		41,187		—		93,955
Substandard	29,238		32,285		26,973		7,249		1,081		1,134		75,649		513		174,122
Doubtful	1,473		606		—		—		—		—		—		—		2,079
Total Commercial and industrial loans	1,359,867		539,311		244,687		166,561		58,942		51,036		1,693,245		643		4,114,292
Current period gross charge-offs	1,242		39,087		341		8,605		500		424		—		—		50,199
Agricultural land, production and other loans to farmers
Pass	28,600		23,070		30,518		26,442		27,105		29,930		84,502		—		250,167
Special Mention	169		—		245		—		446		422		528		—		1,810
Substandard	2,554		48		800		682		34		81		136		—		4,335
Total Agricultural land, production and other loans to farmers	31,323		23,118		31,563		27,124		27,585		30,433		85,166		—		256,312
Real estate loans:
Construction
Pass	241,622		203,829		114,794		31,864		6,398		8,549		12,836		—		619,892
Special Mention	74,879		21,853		19,019		15,214		—		40		—		—		131,005
Substandard	22,305		—		18,292		—		—		—		—		—		40,597
Doubtful	—		—		—		650		—		—		—		—		650
Total Construction	338,806		225,682		152,105		47,728		6,398		8,589		12,836		—		792,144
Commercial real estate, non-owner occupied
Pass	383,279		275,907		342,442		406,289		327,372		278,362		19,863		—		2,033,514
Special Mention	79,440		9,051		35,230		12,975		5,287		28,200		—		—		170,183
Substandard	34,215		2,506		6,737		6,656		18,607		1,598		—		—		70,319
Total Commercial real estate, non-owner occupied	496,934		287,464		384,409		425,920		351,266		308,160		19,863		—		2,274,016
Current period gross charge-offs	—		339		3		—		—		1		—		—		343
Commercial real estate, owner occupied
Pass	194,703		141,964		164,725		217,319		198,314		127,431		31,573		—		1,076,029
Special Mention	1,887		11,013		7,555		9,910		8,603		1,951		460		—		41,379
Substandard	13,310		7,669		3,189		11,294		1,522		3,552		—		—		40,536
Total Commercial real estate, owner occupied	209,900		160,646		175,469		238,523		208,439		132,934		32,033		—		1,157,944
Current period gross charge-offs	—		—		—		—		9		—		—		—		9
Residential
Pass	221,016		413,552		672,713		397,192		326,154		293,785		8,887		13		2,333,312
Special Mention	1,528		1,953		6,228		4,102		2,891		3,152		150		—		20,004
Substandard	1,306		1,912		8,849		3,989		1,216		3,794		347		—		21,413
Total Residential	223,850		417,417		687,790		405,283		330,261		300,731		9,384		13		2,374,729
Current period gross charge-offs	—		173		779		136		20		288		—		—		1,396
Home equity
Pass	6,788		4,354		24,810		51,313		10,486		3,976		535,132		12,124		648,983
Special Mention	38		—		375		285		297		69		4,568		442		6,074
Substandard	61		—		572		815		—		96		2,244		966		4,754
Total Home Equity	6,887		4,354		25,757		52,413		10,783		4,141		541,944		13,532		659,811
Current period gross charge-offs	—		10		35		22		—		267		—		—		334
Individuals' loans for household and other personal expenditures
Pass	40,819		21,867		31,356		10,520		2,276		4,693		53,180		180		164,891
Special Mention	153		234		347		175		59		40		128		—		1,136
Substandard	—		—		—		—		—		—		—		1		1
Total Individuals' loans for household and other personal expenditures	40,972		22,101		31,703		10,695		2,335		4,733		53,308		181		166,028
Current period gross charge-offs	208		920		523		184		47		80		—		—		1,962
Public finance and other commercial loans
Pass	161,072		53,750		203,884		195,066		146,377		298,802		132		—		1,059,083
Total Public finance and other commercial loans	161,072		53,750		203,884		195,066		146,377		298,802		132		—		1,059,083
Loans	$	2,869,611	$	1,733,843	$	1,937,367	$	1,569,313	$	1,142,386	$	1,139,559	$	2,447,911	$	14,369	$	12,854,359
Total current period gross charge-offs	$	1,450	$	40,529	$	1,681	$	8,947	$	576	$	1,060	$	—	$	—	$	54,243

The tables below present the amortized cost basis of collateral dependent loans by loan class and their respective collateral type, which are individually evaluated to determine expected credit losses. The total collateral dependent loan balance decreased $2.2 million, primarily related to a decrease of $5.3 million in the commercial and industrial loan class, partially offset by increases of $1.3 million and $1.9 million in commercial real estate, non-owner occupied, and commercial real estate, owner occupied loan classes, respectively, for the three months ended March 31, 2025. The total related allowance balance increased $5.6 million, primarily related to increases of $2.4 million, $1.6 million, and $1.4 million in construction, commercial real estate, owner occupied, and commercial and industrial loan classes, respectively, for the three months ended March 31, 2025.

	March 31, 2025
	Commercial Real Estate		Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial and industrial loans	$	—	$	—	$	18,173	$	18,173	$	9,243
Real estate loans:
Construction	—		22,606		—		22,606		2,432
Commercial real estate, non-owner occupied	28,919		—		—		28,919		4,435
Commercial real estate, owner occupied	11,609		—		—		11,609		1,606
Residential	—		1,150		—		1,150		183
Home equity	—		195		—		195		24
Loans	$	40,528	$	23,951	$	18,173	$	82,652	$	17,923

	December 31, 2024
	Commercial Real Estate		Residential Real Estate		Other		Total		Allowance on Collateral Dependent Loans
Commercial and industrial loans	$	—	$	—	$	23,455	$	23,455	$	7,803
Real estate loans:
Construction	—		22,652		—		22,652		—
Commercial real estate, non-owner occupied	27,583		—		—		27,583		4,295
Commercial real estate, owner occupied	9,748		—		—		9,748		—
Residential	—		1,174		—		1,174		189
Home equity	—		201		—		201		25
Loans	$	37,331	$	24,027	$	23,455	$	84,813	$	12,312

Summary of Past Due Aging of Loan Portfolio by Loan Class

The tables below show a past due aging of the Corporation’s loan portfolio, by loan class, as of the dates indicated:

	March 31, 2025
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	4,260,713	$	13,082	$	25,602	$	7,200	$	4,306,597	$	3,905
Agricultural land, production and other loans to farmers	243,504		119		241		—		243,864		—
Real estate loans:
Construction	777,629		35		15,226		285		793,175		—
Commercial real estate, non-owner occupied	2,159,499		4,878		1,869		11,623		2,177,869		—
Commercial real estate, owner occupied	1,202,715		2,020		4,496		5,508		1,214,739		183
Residential	2,352,273		12,758		5,027		19,794		2,389,852		192
Home equity	641,332		3,840		561		4,766		650,499		—
Individuals' loans for household and other personal expenditures	139,854		908		192		—		140,954		—
Public finance and other commercial loans	1,087,356		—		—		—		1,087,356		—
Loans	$	12,864,875	$	37,640	$	53,214	$	49,176	$	13,004,905	$	4,280

	December 31, 2024
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Total		Loans > 90 Days or More Past Due And Accruing
Commercial and industrial loans	$	4,096,605	$	7,428	$	473	$	9,786	$	4,114,292	$	2,010
Agricultural land, production and other loans to farmers	256,148		164		—		—		256,312		—
Real estate loans:
Construction	761,819		4,332		22,005		3,988		792,144		3,683
Commercial real estate, non-owner occupied	2,259,549		2,407		1,718		10,342		2,274,016		—
Commercial real estate, owner occupied	1,153,861		3,783		—		300		1,157,944		—
Residential	2,337,002		12,302		6,606		18,819		2,374,729		208
Home equity	649,238		4,431		1,569		4,573		659,811		—
Individuals' loans for household and other personal expenditures	164,891		926		210		1		166,028		1
Public finance and other commercial loans	1,059,083		—		—		—		1,059,083		—
Loans	$	12,738,196	$	35,773	$	32,581	$	47,809	$	12,854,359	$	5,902

Summary of Non-Accrual Loans by Loan class

The following table summarizes the Corporation’s nonaccrual loans by loan class as of the dates indicated.

	March 31, 2025				December 31, 2024
	Nonaccrual Loans		Nonaccrual Loans with no Allowance for Credit Losses		Nonaccrual Loans		Nonaccrual Loans with no Allowance for Credit Losses
Commercial and industrial loans	$	6,136	$	736	$	8,090	$	4,937
Agricultural land, production and other loans to farmers	70		—		75		—
Real estate loans:
Construction	24,520		604		24,629		22,650
Commercial real estate, non-owner occupied	13,403		10,976		12,118		10,153
Commercial real estate, owner occupied	9,208		4,709		2,440		1,904
Residential	23,347		—		21,491		—
Home equity	5,238		—		4,924		—
Individuals' loans for household and other personal expenditures	—		—		6		—
Loans	$	81,922	$	17,025	$	73,773	$	39,644

Summary of Modified Loans

The following tables present the amortized cost basis of loans at March 31, 2025 and 2024 that were both experiencing financial difficulty and modified during the three months ended March 31, 2025 and 2024, by class and by type of modification. For the three months ended March 31, 2025, the table below excludes loan modifications considered insignificant. 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.

	Three Months Ended March 31, 2025
	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Payment Delay		Term Extension		% of Total Class of Financing Receivable
Commercial and industrial loans	$	—	$	7,365	0.17	%
Real estate loans:
Construction	—		22,000		2.77	%
Commercial real estate, owner occupied	—		10,254		0.84	%
Residential	269		—		0.01	%
Total	$	269	$	39,619

	Three Months Ended March 31, 2024
	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Payment Delay		Term Extension		Interest Rate Reduction		Combination Payment Delay & Term Extension		% of Total Class of Financing Receivable
Commercial and industrial loans	$	1,542	$	2,798	$	250	$	14	0.12	%
Real estate loans:
Commercial real estate, owner occupied	—		190		—		—		0.02	%
Residential	1,617		—		—		—		0.07	%
Home equity	90		266		—		—		0.06	%
Total	$	3,249	$	3,254	$	250	$	14

The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2025 and 2024.

	Three Months Ended March 31, 2025
	Financial Effect of Loan Modifications
	Payment Delay	Term Extension
Commercial and industrial loans		Extended loans by a weighted average of 3 months.
Real estate loans:
Construction		Extended loans by a weighted average of 5 months.
Commercial real estate, owner occupied		Extended loans by a weighted average of 3 months.
Residential	Provided payment deferrals with weighted average delayed amounts of $6.

	Three Months Ended March 31, 2024
	Financial Effect of Loan Modifications
	Payment Delay	Term Extension	Interest Rate Reduction	Combination Payment Delay & Term Extension
Commercial and industrial loans	Provided payment deferrals with weighted average delayed amounts of $50.	Extended loans by a weighted average of 15 months.	Reduced the weighted average contractual interest rate from 9.00% to 8.00%.	Provided payment deferrals with weighted average delayed amounts of $5. Extended loans by a weighted average of 3 months.
Real estate loans:
Commercial real estate, owner occupied		Extended loans by a weighted average of 5 months.
Residential	Provided payment deferrals with weighted average delayed amounts of $31.
Home equity	Provided payment deferrals with weighted average delayed amounts of $4.	Extended loans by a weighted average of 6 months.

The Corporation closely monitors the performance of financial difficulty modifications to understand the effectiveness of its efforts. The following tables present the performance of financial difficulty modifications in the twelve months following modification.

	March 31, 2025
	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Total
Commercial and industrial loans	$	17,281	$	—	$	—	$	4,231	$	21,512
Agricultural land, production and other loans to farmers	2,212		—		—		—		2,212
Real estate loans:
Construction	22,000		—		—		—		22,000
Commercial real estate, owner occupied	12,730		—		—		3,573		16,303
Residential	4,846		298		25		1,740		6,909
Home equity	261		—		—		—		261
Total	$	59,330	$	298	$	25	$	9,544	$	69,197

	March 31, 2024
	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Total
Commercial and industrial loans	$	4,605	$	—	$	—	$	98	$	4,703
Real estate loans:
Commercial real estate, owner occupied	189		—		7		—		196
Residential	—		—		122		1,617		1,739
Home equity	356		—		—		—		356
Total	$	5,150	$	—	$	129	$	1,715	$	6,994

Summary of Changes in Allowance for Loan Losses

The following tables summarize changes in the allowance for credit losses by loan segment for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31, 2025
	Commercial		Commercial Real Estate		Construction		Consumer & Residential		Total
Allowance for credit losses - loans
Balances, December 31, 2024	$	94,757	$	51,099	$	9,784	$	37,117	$	192,757
Provision for credit losses - loans	9,154		(4,367)		1,757		(2,344)		4,200
Recoveries on loans	938		5		—		313		1,256
Loans charged off	(4,867)		(401)		—		(914)		(6,182)
Balances, March 31, 2025	$	99,982	$	46,336	$	11,541	$	34,172	$	192,031

	Three Months Ended March 31, 2024
	Commercial		Commercial Real Estate		Construction		Consumer & Residential		Total
Allowance for credit losses - loans
Balances, December 31, 2023	$	97,348	$	44,048	$	24,823	$	38,715	$	204,934
Provision for credit losses - loans	3,145		1,528		(4,454)		1,781		2,000
Recoveries on loans	551		53		—		296		900
Loans charged off	(1,831)		(351)		—		(971)		(3,153)
Balances, March 31, 2024	$	99,213	$	45,278	$	20,369	$	39,821	$	204,681

Summary of Financial Instruments with Off-balance Sheet Risk

Financial instruments with off-balance sheet risk were as follows:

	March 31, 2025		December 31, 2024
Amounts of commitments:
Loan commitments to extend credit	$	5,321,554	$	5,006,085
Standby letters of credit	$	65,210	$	71,271