
	2025		2024
Commercial:
Commercial and Industrial Loans	$	761,167	$	591,785
Commercial Real Estate Loans	3,142,472		2,224,872
Agricultural Loans	489,168		431,037
Leases	87,073		79,253
Retail:
Home Equity Loans	484,300		344,808
Consumer Loans	117,648		81,396
Credit Cards	28,067		22,668
Residential Mortgage Loans	774,553		357,448
Subtotal	5,884,448		4,133,267
Less: Unearned Income	(9,351)		(8,365)
Allowance for Credit Losses	(77,694)		(44,436)
Loans, net	$	5,797,403	$	4,080,466


2025	Commercial and Industrial Loans		Commercial Real Estate Loans		Agricultural Loans		Leases		Consumer Loans		Home Equity Loans		Credit Cards		Residential Mortgage Loans		Total
Allowance for Credit Losses:
Beginning Balance	$	7,059	$	25,818	$	4,917	$	397	$	727	$	2,196	$	520	$	2,802	$	44,436
Change in Accounting Method	1,438		(3,271)		(1,655)		720		(284)		1,056		(24)		2,013		(7)
2/1/2025 Acquired Heartland PCD	5,246		7,675		3,352		—		20		11		—		199		16,503
Day 2 CECL Provision - Heartland	1,797		7,522		170		—		179		570		—		5,962		16,200
Provision (Benefit) for Credit Losses	4,751		2,908		(3,460)		61		1,202		309		706		(3,245)		3,232
Loans Charged-off	(764)		(26)		—		—		(1,667)		(96)		(905)		(114)		(3,572)
Recoveries Collected	49		—		—		—		510		19		303		21		902
Total Ending Allowance Balance	$	19,576	$	40,626	$	3,324	$	1,178	$	687	$	4,065	$	600	$	7,638	$	77,694


2024	Commercial and Industrial Loans		Commercial Real Estate Loans		Agricultural Loans		Leases		Consumer Loans		Home Equity Loans		Credit Cards		Residential Mortgage Loans		Total
Allowance for Credit Losses:
Beginning Balance	$	7,921	$	25,923	$	3,837	$	346	$	759	$	1,834	$	383	$	2,762	$	43,765
Provision (Benefit) for Credit Losses	(694)		120		1,086		51		962		424		786		40		2,775
Loans Charged-off	(223)		(308)		(8)		—		(1,511)		(170)		(681)		—		(2,901)
Recoveries Collected	55		83		2		—		517		108		32		—		797
Total Ending Allowance Balance	$	7,059	$	25,818	$	4,917	$	397	$	727	$	2,196	$	520	$	2,802	$	44,436


2023	Commercial and Industrial Loans		Commercial Real Estate Loans		Agricultural Loans		Leases		Consumer Loans		Home Equity Loans		Credit Cards		Residential Mortgage Loans		Total
Allowance for Credit Losses:
Beginning Balance	$	13,749	$	21,598	$	4,188	$	209	$	595	$	1,344	$	257	$	2,228	$	44,168
Provision (Benefit) for Credit Losses	(4,190)		4,305		(324)		137		919		551		563		589		2,550
Loans Charged-off	(1,792)		(56)		(27)		—		(1,309)		(94)		(455)		(58)		(3,791)
Recoveries Collected	154		76		—		—		554		33		18		3		838
Total Ending Allowance Balance	$	7,921	$	25,923	$	3,837	$	346	$	759	$	1,834	$	383	$	2,762	$	43,765

The ACL is a valuation account that is deducted from the amortized cost of loans receivable to present the net amount expected to be collected. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed, and subsequent recoveries, if any, are credited to the ACL. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company records the changes in the allowance on loans through earnings as a “Provision for Credit Losses” in the Consolidated Statements of Income.

At March 31, 2025, the Company changed its method for estimating the allowance for credit losses to the discounted cash flow model on a prospective basis for all loan segments except for the credit card loan segment. Prior to March 31, 2025, the Company utilized the static pool methodology in determining future credit losses. While both methodologies permit the Company to develop reasonable and supportable forecasts, by utilizing the discounted cash flow method, the Company has the ability to better evaluate multiple economic scenarios by capturing macroeconomic conditions within the model assumptions and calculations. This change in methodology had an insignificant impact on the allowance in 2025.

Management’s judgment in determining the level of the allowance is based on evaluations of historical loan losses, current conditions and reasonable and supportable forecasts relevant to the collectability of loans. The methodology for estimating the amount reported in the ACL is the sum of two main components, an allowance assessed on a collective basis for pools of loans that share similar risk characteristics and an allowance assessed on individual loans that do not share similar risk characteristics with other loans. Loans that share common risk characteristics are evaluated collectively using a discounted cash flow approach. The discounted cash flow approach used by the Company utilizes loan-level cash flow projections, pool-level assumptions, multiple economic scenarios from Moody’s, historical and peer group losses and qualitative assumptions.

Estimated cash flows consider the principal and interest in accordance with the contractual term of the loan and estimated prepayments. Contractual cash flows are based on the amortized cost and are adjusted for balances guaranteed by governmental entities. Estimated cash flows also reflect calculated probabilities of default, loss given default rates, and prepayment and curtailment estimates, as well as qualitative factors. The probability of default estimates are generated using a regression model that estimates the likelihood of a loan being charged-off during its life. The regression model uses combinations of variables to assess historical loss correlations to economic factors and these variables become model forecast inputs for economic factors that are updated in the model each period. As indicated above, the Company uses an economic forecast provided by a third-party for these model inputs.

The Company evaluates multiple economic scenarios that are designed to capture a range of supportable macroeconomic conditions, taking into consideration the forecasted direction of the economic and business environment and its likely impact on the estimated allowance as compared to the historical losses over the reasonable and supportable time frame. Economic forecasts for the current period are uploaded to the model, which targets certain forecasted macroeconomic factors, such as unemployment rate, value of construction, agriculture prices, housing price index, vacancy rates, debt service burden, and certain rate and market indices. The Company determines the weighting of each scenario based upon historical trends and economic, monetary, and fiscal conditions within the Company’s footprint that could impact future credit losses.

Loans that do not share similar risk characteristics are evaluated on an individual basis to determine the expected allowance for credit loss. When the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date adjusted for selling costs.

All classes of loans, including loans acquired with deteriorated credit quality, are generally placed on non-accrual status when scheduled principal or interest payments are past due for 90 days or more or when the borrower’s ability to repay becomes doubtful. For purchased loans, the determination is made at the time of acquisition as well as over the life of the loan. Uncollected accrued interest for each class of loans is reversed against income at the time a loan is placed on non-accrual. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. All classes of loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans are typically charged-off at 180 days past due, or earlier if deemed uncollectible. Exceptions to the non-accrual and charge-off policies are made when the loan is well secured and in the process of collection.


December 31, 2025	Non-Accrual With No Allowance for Credit Loss ⁽¹⁾		Non-Accrual		Loans Past Due Over 89 Days Still Accruing

Commercial and Industrial Loans	$	308	$	16,549	$	—
Commercial Real Estate Loans	285		6,303		92
Agricultural Loans	1,197		3,123		—
Leases	—		—		—
Home Equity Loans	776		776		—
Consumer Loans	30		33		—
Credit Cards	148		148		—
Residential Mortgage Loans	1,471		2,387		—
Total	$	4,215	$	29,319	$	92


December 31, 2024	Non-Accrual With No Allowance for Credit Loss ⁽¹⁾		Non-Accrual		Loans Past Due Over 89 Days Still Accruing

Commercial and Industrial Loans	$	1,346	$	5,018	$	—
Commercial Real Estate Loans	1,268		1,745		183
Agricultural Loans	655		765		5
Leases	—		—		—
Home Equity Loans	1,087		1,087		—
Consumer Loans	63		63		—
Credit Cards	54		54		—
Residential Mortgage Loans	1,977		2,202		—
Total	$	6,450	$	10,934	$	188


December 31, 2025	Real Estate		Equipment		Accounts Receivable		Other		Total

Commercial and Industrial Loans	$	8,348	$	6,880	$	400	$	10,070	$	25,698
Commercial Real Estate Loans	30,670		494		—		—		31,164
Agricultural Loans	2,958		279		—		633		3,870
Leases	—		—		—		—		—
Home Equity Loans	425		—		—		—		425
Consumer Loans	—		—		—		—		—
Credit Cards	—		—		—		—		—
Residential Mortgage Loans	633		—		—		—		633
Total	$	43,034	$	7,653	$	400	$	10,703	$	61,790


December 31, 2024	Real Estate		Equipment		Accounts Receivable		Other		Total

Commercial and Industrial Loans	$	5,986	$	90	$	—	$	58	$	6,134
Commercial Real Estate Loans	7,293		—		—		—		7,293
Agricultural Loans	2,777		263		—		—		3,040
Leases	—		—		—		—		—
Home Equity Loans	423		—		—		—		423
Consumer Loans	10		—		—		—		10
Credit Cards	—		—		—		—		—
Residential Mortgage Loans	523		—		—		—		523
Total	$	17,012	$	353	$	—	$	58	$	17,423


December 31, 2025	30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due		Loans Not Past Due		Total

Commercial and Industrial Loans	$	518	$	1,600	$	7,096	$	9,214	$	751,953	$	761,167
Commercial Real Estate Loans	2,559		281		4,497		7,337		3,135,135		3,142,472
Agricultural Loans	875		—		1,124		1,999		487,169		489,168
Leases	—		—		—		—		87,073		87,073
Home Equity Loans	2,415		140		776		3,331		480,969		484,300
Consumer Loans	1,017		287		33		1,337		116,311		117,648
Credit Cards	222		105		148		475		27,592		28,067
Residential Mortgage Loans	9,383		2,751		2,142		14,276		760,277		774,553
Total	$	16,989	$	5,164	$	15,816	$	37,969	$	5,846,479	$	5,884,448


December 31, 2024	30-59 Days Past Due		60-89 Days Past Due		Greater Than 89 Days Past Due		Total Past Due		Loans Not Past Due		Total

Commercial and Industrial Loans	$	531	$	36	$	4,395	$	4,962	$	586,823	$	591,785
Commercial Real Estate Loans	546		673		1,368		2,587		2,222,285		2,224,872
Agricultural Loans	241		—		428		669		430,368		431,037
Leases	—		—		—		—		79,253		79,253
Home Equity Loans	1,515		544		1,087		3,146		341,662		344,808
Consumer Loans	185		194		63		442		80,954		81,396
Credit Cards	398		98		54		550		22,118		22,668
Residential Mortgage Loans	5,744		3,644		2,035		11,423		346,025		357,448
Total	$	9,160	$	5,189	$	9,430	$	23,779	$	4,109,488	$	4,133,267

The Company’s loan modifications for borrowers experiencing financial difficulties will typically include one or a combination of the following: a reduction of the stated interest rate of the loan; an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; or a permanent reduction of the recorded investment in the loan. No modifications in 2025 or 2024 resulted in the permanent reduction of the amortized cost in the loan.

At December 31, 2025 and 2024, the Company had no modified loans made to borrowers experiencing financial difficulty. There were no modified loans that had a payment default during the year ended December 31, 2025 and 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. The Company considers a loan to be in payment default once it is 30 days contractually past due under the modified terms.

The Company categorizes loans 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 Company classifies loans as to credit risk by individually analyzing loans. This analysis includes commercial and industrial loans, commercial real estate loans, and agricultural loans with an outstanding balance greater than $250. This analysis is typically performed on at least an annual basis. The Company uses the following definitions for risk ratings:

Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.


	Term Loans Amortized Cost Basis by Origination Year
As of December 31, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial and Industrial:
Risk Rating
Pass	$	139,921	$	105,911	$	64,427	$	77,540	$	52,599	$	45,106	$	231,427	$	716,931
Special Mention	1,171		714		2,077		1,221		286		2,046		5,364		12,879
Substandard	277		1,628		3,081		5,983		4,394		11,510		4,484		31,357
Doubtful	—		—		—		—		—		—		—		—
Total Commercial and Industrial Loans	$	141,369	$	108,253	$	69,585	$	84,744	$	57,279	$	58,662	$	241,275	$	761,167

Current Period Gross Charge-Offs	$	—	$	306	$	—	$	138	$	—	$	77	$	243	$	764

Commercial Real Estate:
Risk Rating
Pass	$	455,803	$	435,591	$	385,103	$	515,257	$	443,780	$	774,987	$	36,077	$	3,046,598
Special Mention	220		2,448		17,816		3,173		7,879		22,681		783		55,000
Substandard	68		12		865		2,861		8,948		28,120		—		40,874
Doubtful	—		—		—		—		—		—		—		—
Total Commercial Real Estate Loans	$	456,091	$	438,051	$	403,784	$	521,291	$	460,607	$	825,788	$	36,860	$	3,142,472

Current Period Gross Charge-Offs	$	—	$	—	$	—	$	—	$	—	$	26	$	—	$	26

Agricultural:
Risk Rating
Pass	$	54,791	$	35,843	$	33,138	$	45,677	$	29,011	$	126,308	$	118,304	$	443,072
Special Mention	4,683		1,974		2,823		2,138		3,183		11,842		12,510		39,153
Substandard	—		437		832		64		101		4,526		983		6,943
Doubtful	—		—		—		—		—		—		—		—
Total Agricultural Loans	$	59,474	$	38,254	$	36,793	$	47,879	$	32,295	$	142,676	$	131,797	$	489,168

Current Period Gross Charge-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Leases:
Risk Rating
Pass	$	33,383	$	24,235	$	19,668	$	4,356	$	2,064	$	3,367	$	—	$	87,073
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total Leases	$	33,383	$	24,235	$	19,668	$	4,356	$	2,064	$	3,367	$	—	$	87,073

Current Period Gross Charge-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


	Term Loans Amortized Cost Basis by Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
Commercial and Industrial:
Risk Rating
Pass	$	118,037	$	86,412	$	93,406	$	64,298	$	17,140	$	49,181	$	143,096	$	571,570
Special Mention	147		1,709		787		1,061		1,202		2,044		1,023		7,973
Substandard	108		627		181		3,164		908		3,619		3,635		12,242
Doubtful	—		—		—		—		—		—		—		—
Total Commercial and Industrial Loans	$	118,292	$	88,748	$	94,374	$	68,523	$	19,250	$	54,844	$	147,754	$	591,785

Current Period Gross Charge-Offs	$	—	$	4	$	96	$	64	$	—	$	13	$	46	$	223

Commercial Real Estate:
Risk Rating
Pass	$	327,488	$	315,981	$	410,135	$	394,698	$	187,849	$	502,263	$	39,271	$	2,177,685
Special Mention	433		13,433		1,740		5,395		1,975		12,349		200		35,525
Substandard	—		181		566		5,155		—		5,760		—		11,662
Doubtful	—		—		—		—		—		—		—		—
Total Commercial Real Estate Loans	$	327,921	$	329,595	$	412,441	$	405,248	$	189,824	$	520,372	$	39,471	$	2,224,872

Current Period Gross Charge-Offs	$	—	$	—	$	—	$	—	$	—	$	308	$	—	$	308

Agricultural:
Risk Rating
Pass	$	47,179	$	35,379	$	48,105	$	33,666	$	35,726	$	103,702	$	102,251	$	406,008
Special Mention	547		1,426		146		822		5,075		10,676		2,065		20,757
Substandard	175		—		—		—		—		4,097		—		4,272
Doubtful	—		—		—		—		—		—		—		—
Total Agricultural Loans	$	47,901	$	36,805	$	48,251	$	34,488	$	40,801	$	118,475	$	104,316	$	431,037

Current Period Gross Charge-Offs	$	—	$	—	$	—	$	—	$	—	$	8	$	—	$	8

Leases:
Risk Rating
Pass	$	32,214	$	26,392	$	8,272	$	6,578	$	2,128	$	3,669	$	—	$	79,253
Special Mention	—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—
Total Leases	$	32,214	$	26,392	$	8,272	$	6,578	$	2,128	$	3,669	$	—	$	79,253

Current Period Gross Charge-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses. For residential, home equity and consumer loan classes, the Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the amortized cost in residential, home equity and consumer loans based on payment activity as well as the current period gross charge-offs for the periods ended December 31, 2025 and 2024.


	Term Loans Amortized Cost Basis by Origination Year
As of December 31, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
Consumer:
Payment performance
Performing	$	58,703	$	28,540	$	13,023	$	5,094	$	3,489	$	2,434	$	6,332	$	117,615
Nonperforming	—		27		—		6		—		—		—		33
Total Consumer Loans	$	58,703	$	28,567	$	13,023	$	5,100	$	3,489	$	2,434	$	6,332	$	117,648

Current Period Gross Charge-Offs	$	1,502	$	51	$	66	$	30	$	15	$	3	$	—	$	1,667

Home Equity:
Payment performance
Performing	$	315	$	1,706	$	1,495	$	3,900	$	1,294	$	4,672	$	470,142	$	483,524
Nonperforming	—		—		198		251		85		86		156		776
Total Home Equity Loans	$	315	$	1,706	$	1,693	$	4,151	$	1,379	$	4,758	$	470,298	$	484,300

Current Period Gross Charge-Offs	$	—	$	—	$	—	$	68	$	25	$	3	$	—	$	96

Residential Mortgage:
Payment performance
Performing	$	78,420	$	83,687	$	99,058	$	188,414	$	142,032	$	180,555	$	—	$	772,166
Nonperforming	—		335		148		228		502		1,174		—		2,387
Total Residential Mortgage Loans	$	78,420	$	84,022	$	99,206	$	188,642	$	142,534	$	181,729	$	—	$	774,553

Current Period Gross Charge-Offs	$	—	$	—	$	77	$	—	$	37	$	—	$	—	$	114


	Term Loans Amortized Cost Basis by Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
Consumer:
Payment performance
Performing	$	40,504	$	20,828	$	9,359	$	5,469	$	1,181	$	1,542	$	2,450	$	81,333
Nonperforming	26		1		13		15		—		8		—		63
Total Consumer Loans	$	40,530	$	20,829	$	9,372	$	5,484	$	1,181	$	1,550	$	2,450	$	81,396

Current Period Gross Charge-Offs	$	1,212	$	181	$	72	$	40	$	—	$	2	$	4	$	1,511

Home Equity:
Payment performance
Performing	$	172	$	161	$	3,721	$	773	$	478	$	3,532	$	334,884	$	343,721
Nonperforming	—		128		277		24		25		604		29		1,087
Total Home Equity Loans	$	172	$	289	$	3,998	$	797	$	503	$	4,136	$	334,913	$	344,808

Current Period Gross Charge-Offs	$	—	$	—	$	62	$	99	$	—	$	—	$	9	$	170

Residential Mortgage:
Payment performance
Performing	$	48,957	$	51,059	$	57,988	$	73,239	$	35,370	$	88,633	$	—	$	355,246
Nonperforming	—		214		229		669		234		856		—		2,202
Total Residential Mortgage Loans	$	48,957	$	51,273	$	58,217	$	73,908	$	35,604	$	89,489	$	—	$	357,448

Current Period Gross Charge-Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


	Commercial and Industrial Loans		Commercial Real Estate Loans		Agricultural Loans		Leases		Consumer Loans		Home Equity Loans		Credit Cards		Residential Mortgage Loans		Total
December 31, 2025
Purchases	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Sales	—		—		2,391		—		—		—		—		—		2,391

December 31, 2024
Purchases	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Sales	—		—		—		—		—		—		—		—		—


	2025		2024
Loan Servicing Rights:
Beginning of Year	$	179	$	207
Additions	569		—
2/1/2025 Acquired Heartland Loan Servicing Rights	4,513		—
Disposals	—		—
Amortized to Expense	717		28
Other Changes	—		—
Change in Valuation Allowance	—		—

End of Year	$	4,544	$	179

Valuation Allowance:
Beginning of Year	$	—	$	—
Additions Expensed	—		—
Reductions Credited to Operations	—		—
Direct Write-downs	—		—

End of Year	$	—	$	—

The fair value of servicing rights was $4,556 and $179 at year-end 2025 and 2024, respectively. Fair value at year-end 2025 was determined using discount rates ranging from 9.63% to 10.00%, prepayment speeds ranging from 9.00% to 27.54%, depending on the stratification of the specific right, and a weighted average default rate of .43%. Fair value at year-end 2024 was determined using a discount rate of 10.00% and prepayment speeds ranging from 9.00% to 12.60%, depending on the stratification of the specific right.