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Loans
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Loans Loans
 
Loans were comprised of the following classifications:
 March 31,
2026		December 31,
2025
Commercial:
Commercial and Industrial Loans$745,597 $761,167 
Commercial Real Estate Loans3,152,336 3,142,472 
Agricultural Loans467,204 489,168 
Leases87,336 87,073 
Retail:
Home Equity Loans500,696 484,300 
Consumer Loans110,065 117,648 
Credit Cards27,519 28,067 
Residential Mortgage Loans767,889 774,553 
Subtotal5,858,642 5,884,448 
Less: Unearned Income(9,214)(9,351)
Allowance for Credit Losses(78,547)(77,694)
Loans, Net$5,770,881 $5,797,403 
The table above includes $69,370 and $89,134 of purchase credit deteriorated loans as of March 31, 2026 and December 31, 2025, respectively.
Allowance for Credit Losses for Loans
The following tables present the activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2026 and 2025:
March 31, 2026Commercial and Industrial
Loans		Commercial Real Estate LoansAgricultural
Loans		LeasesConsumer LoansHome Equity LoansCredit CardsResidential Mortgage LoansTotal
Allowance for Credit Losses:
Beginning Balance$19,576 $40,626 $3,324 $1,178 $687 $4,065 $600 $7,638 $77,694 
Provision (Benefit) for Credit Loss Expense(414)1,487 (80)142 186 222 201 256 2,000 
Loans Charged-off(488)— — (149)(395)— (326)(110)(1,468)
Recoveries Collected2 37 — — 177 4 101 — 321 
Total Ending Allowance Balance$18,676 $42,150 $3,244 $1,171 $655 $4,291 $576 $7,784 $78,547 
March 31, 2025Commercial and Industrial
Loans		Commercial Real Estate LoansAgricultural
Loans		LeasesConsumer LoansHome Equity LoansCredit CardsResidential Mortgage LoansTotal
Allowance for Credit Losses:
Beginning Balance$7,059 $25,818 $4,917 $397 $727 $2,196 $520 $2,802 $44,436 
Change in Accounting Method1,438 (3,271)(1,655)720 (284)1,056 (24)2,013 (7)
2/1/2025 Acquired Heartland PCD5,246 7,080 3,352 — 20 11 — 199 15,908 
Day 2 CECL Provision - Heartland1,797 7,522 170 — 179 570 — 5,962 16,200 
Provision (Benefit) for Credit Loss Expense(75)662 (1,478)34 227 108 265 (636)(893)
Loans Charged-off(126)— — — (325)— (174)— (625)
Recoveries Collected4 — — — 113 1 21 — 139 
Total Ending Allowance Balance$15,343 $37,811 $5,306 $1,151 $657 $3,942 $608 $10,340 $75,158 
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.

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.

The Company has continued to utilize the following portfolio segments and identified the risk characteristics of each portfolio listed below:

Commercial and Industrial Loans - The principal risk of commercial and industrial loans is that these loans are primarily based on the identified cash flow of the borrower and secondarily on the collateral underlying the loans. Most commercial loans are secured by accounts receivable, inventory and equipment. If cash flow from business operations is reduced, the borrower’s ability to repay the loan may diminish, and over time, it may also be difficult to substantiate current value of inventory and equipment. Repayment of these loans is more sensitive than other types of loans to adverse conditions in the general economy.

Commercial Real Estate Loans - Commercial real estate lending is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. Commercial real estate loans are collateralized by the borrower’s underlying real estate. Therefore, diminished cash flows not only affects the ability to repay the loan, it may also reduce the underlying collateral value.

Agricultural Loans - This portfolio is diversified between real estate financing, equipment financing and lines of credit in various segments including grain production, poultry production and livestock production. Mitigating any concentration of risk that may exist in the Company’s agricultural loan portfolio is the use of federal government guarantee programs.

Leases - Leases are primarily for equipment leased to varying types of businesses. If the cash flows from business operations are reduced, the business’s ability to repay the lease is diminished as well.
Home Equity Loans - Home equity loans are generally secured by 1-4 family residences that are owner-occupied. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions.

Consumer Loans - Consumer loan repayment is typically dependent on the borrower remaining employed through the life of the loan as well as the borrower maintaining the underlying collateral adequately.

Credit Cards - Credit card loans are unsecured and repayment is primarily dependent on the personal income of the borrower.

Residential Mortgage Loans - Residential mortgage loans are typically secured by 1-4 family residences that are owner-occupied. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by unemployment levels in the market area due to economic conditions. Repayment may also be impacted by changes in residential property values.

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.
The following tables present the amortized cost in non-accrual loans and loans past due over 89 days still accruing by class of loans as of March 31, 2026 and December 31, 2025:
March 31, 2026
Non-Accrual With No Allowance for Credit Loss (1)
Total Non-AccrualLoans Past Due Over 89 Days Still Accruing
Commercial and Industrial Loans$145 $15,415 $— 
Commercial Real Estate Loans548 6,621 — 
Agricultural Loans862 2,766 — 
Leases— — — 
Home Equity Loans776 776 — 
Consumer Loans286 286 — 
Credit Cards61 61 — 
Residential Mortgage Loans2,245 3,631 — 
Total$4,923 $29,556 $— 
(1) Includes non-accrual loans with no allowance for credit loss and are also included in Total Non-Accrual loans of $29,556.
Interest income on non-accrual loans recognized during the three months ended March 31, 2026 totaled $43.
December 31, 2025
Non-Accrual With No Allowance for Credit Loss (1)
Total Non-AccrualLoans Past Due Over 89 Days Still Accruing
Commercial and Industrial Loans$308 $16,549 $— 
Commercial Real Estate Loans285 6,303 92 
Agricultural Loans1,197 3,123 — 
Leases— — — 
Home Equity Loans776 776 — 
Consumer Loans30 33 — 
Credit Cards148 148 — 
Residential Mortgage Loans1,471 2,387 — 
Total$4,215 $29,319 $92 
(1) Includes non-accrual loans with no allowance for credit loss and are also included in Total Non-Accrual loans of $29,319.

Interest income on non-accrual loans recognized during the year ended December 31, 2025 totaled $521.

The following tables present the amortized cost basis of collateral-dependent loans by class of loans as of March 31, 2026 and December 31, 2025:
March 31, 2026Real EstateEquipmentAccounts ReceivableOtherTotal
Commercial and Industrial Loans$7,101 $6,420 $— $9,711 $23,232 
Commercial Real Estate Loans27,096 491 — — 27,587 
Agricultural Loans2,442 219 — 630 3,291 
Leases— — — — — 
Home Equity Loans425 — — — 425 
Consumer Loans— — — — — 
Credit Cards— — — — — 
Residential Mortgage Loans458 — — — 458 
Total$37,522 $7,130 $— $10,341 $54,993 
December 31, 2025Real EstateEquipmentAccounts ReceivableOtherTotal
Commercial and Industrial Loans$8,348 $6,880 $400 $10,070 $25,698 
Commercial Real Estate Loans30,670 494 — — 31,164 
Agricultural Loans2,958 279 — 633 3,870 
Leases— — — — — 
Home Equity Loans425 — — — 425 
Consumer Loans— — — — — 
Credit Cards— — — — — 
Residential Mortgage Loans633 — — — 633 
Total$43,034 $7,653 $400 $10,703 $61,790 
The following tables present the aging of the amortized cost basis in past due loans by class of loans as of March 31, 2026 and December 31, 2025:
March 31, 202630-59 Days Past Due60-89 Days Past DueGreater Than 89 Days Past DueTotal
Past Due		Loans Not Past DueTotal
Commercial and Industrial Loans$5,075 $54 $7,689 $12,818 $732,779 $745,597 
Commercial Real Estate Loans1,411 125 4,461 5,997 3,146,339 3,152,336 
Agricultural Loans— 44 224 268 466,936 467,204 
Leases— — — — 87,336 87,336 
Home Equity Loans642 560 776 1,978 498,718 500,696 
Consumer Loans176 28 286 490 109,575 110,065 
Credit Cards126 43 61 230 27,289 27,519 
Residential Mortgage Loans9,127 — 3,398 12,525 755,364 767,889 
Total$16,557 $854 $16,895 $34,306 $5,824,336 $5,858,642 
December 31, 202530-59 Days Past Due60-89 Days Past DueGreater Than 89 Days Past DueTotal
Past Due		Loans Not Past DueTotal
Commercial and Industrial Loans$518 $1,600 $7,096 $9,214 $751,953 $761,167 
Commercial Real Estate Loans2,559 281 4,497 7,337 3,135,135 3,142,472 
Agricultural Loans875 — 1,124 1,999 487,169 489,168 
Leases— — — — 87,073 87,073 
Home Equity Loans2,415 140 776 3,331 480,969 484,300 
Consumer Loans1,017 287 33 1,337 116,311 117,648 
Credit Cards222 105 148 475 27,592 28,067 
Residential Mortgage Loans9,383 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 

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

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 during the three months ended March 31, 2026 or the year ended December 31, 2025 resulted in the permanent reduction of the amortized cost in the loan.

During the three months ended March 31, 2026 and 2025, the Company had no modified loans made to borrowers experiencing financial difficulty. There were no modified loans that had a payment default during the three months ended March 31, 2026 and 2025 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.
Credit Quality Indicators:
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:
 
Special Mention. Loans classified as special mention have 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 institution’s credit position at some future date.
 
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.
 
Doubtful. Loans classified as doubtful have 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.
 
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans.

Based on the analysis performed at March 31, 2026 and December 31, 2025, the risk category of loans by class of loans is as follows:
Term Loans Amortized Cost Basis by Origination Year
As of March 31, 202620262025202420232022PriorRevolving Loans Amortized Cost BasisTotal
Commercial and Industrial:
Risk Rating
Pass$37,614 $123,527 $98,944 $60,692 $70,439 $88,337 $228,013 $707,566 
Special Mention— 556 202 1,949 1,149 2,185 4,101 10,142 
Substandard— 78 1,432 2,817 5,318 15,314 2,930 27,889 
Doubtful— — — — — — — — 
Total Commercial & Industrial Loans$37,614 $124,161 $100,578 $65,458 $76,906 $105,836 $235,044 $745,597 
Current Period Gross Charge-Offs$— $— $— $— $114 $7 $367 $488 
Commercial Real Estate:
Risk Rating
Pass$83,151 $487,680 $436,317 $378,598 $486,618 $1,153,519 $35,865 $3,061,748 
Special Mention— 126 2,549 17,459 3,133 28,961 927 53,155 
Substandard227 63 — 1,096 2,846 33,201 — 37,433 
Doubtful— — — — — — — — 
Total Commercial Real Estate Loans$83,378 $487,869 $438,866 $397,153 $492,597 $1,215,681 $36,792 $3,152,336 
Current Period Gross Charge-Offs$— $— $— $— $— $— $— $— 
Agricultural:
Risk Rating
Pass$18,823 $52,700 $33,102 $29,406 $44,542 $146,023 $96,851 $421,447 
Special Mention920 4,620 1,932 2,791 2,034 14,629 12,531 39,457 
Substandard— — 418 747 — 4,587 548 6,300 
Doubtful— — — — — — — — 
Total Agricultural Loans$19,743 $57,320 $35,452 $32,944 $46,576 $165,239 $109,930 $467,204 
Current Period Gross Charge-Offs$— $— $— $— $— $— $— $— 
Leases:
Risk Rating
Pass$7,777 $31,382 $22,801 $17,674 $3,288 $4,414 $— $87,336 
Special Mention— — — — — — — — 
Substandard— — — — — — — — 
Doubtful— — — — — — — — 
Total Leases$7,777 $31,382 $22,801 $17,674 $3,288 $4,414 $— $87,336 
Current Period Gross Charge-Offs$— $— $— $149 $— $— $— $149 
Term Loans Amortized Cost Basis by Origination Year
As of December 31, 202520252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
Commercial and Industrial:
Risk Rating
Pass$139,921 $105,911 $64,427 $77,540 $52,599 $45,106 $231,427 $716,931 
Special Mention1,171 714 2,077 1,221 286 2,046 5,364 12,879 
Substandard277 1,628 3,081 5,983 4,394 11,510 4,484 31,357 
Doubtful— — — — — — — — 
Total Commercial & 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 Mention220 2,448 17,816 3,173 7,879 22,681 783 55,000 
Substandard68 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 Mention4,683 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 $489,168 
Current Period Gross Charge-Offs$— $— $— $— $— $8 $— $8 
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 $— $87,073 
Current Period Gross Charge-Offs$— $— $— $— $— $— $— $— 
The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses. For residential 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 tables present 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 March 31, 2026 and December 31, 2025.
Term Loans Amortized Cost Basis by Origination Year
As of March 31, 202620262025202420232022PriorRevolving Loans Amortized Cost BasisTotal
Consumer:
Payment performance
Performing$9,448 $53,439 $19,263 $11,464 $4,306 $4,973 $6,886 $109,779 
Nonperforming— 5 264 15 — 2 — 286 
Total Consumer Loans$9,448 $53,444 $19,527 $11,479 $4,306 $4,975 $6,886 $110,065 
Current Period Gross Charge-Offs$356 $1 $23 $9 $1 $5 $— $395 
Home Equity:
Payment performance
Performing$— $379 $1,508 $1,799 $4,064 $5,788 $486,382 $499,920 
Nonperforming— — 177 206 159 210 24 776 
Total Home Equity Loans$— $379 $1,685 $2,005 $4,223 $5,998 $486,406 $500,696 
Current Period Gross Charge-Offs$— $— $— $— $— $— $— $— 
Residential Mortgage:
Payment performance
Performing$9,699 $81,094 $83,204 $93,848 $184,548 $311,865 $— $764,258 
Nonperforming— — 332 463 751 2,085 — 3,631 
Total Residential Mortgage Loans$9,699 $81,094 $83,536 $94,311 $185,299 $313,950 $— $767,889 
Current Period Gross Charge-Offs$— $— $— $51 $— $59 $— $110 
Term Loans Amortized Cost Basis by Origination Year
As of December 31, 202520252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
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 

The Company considers the performance of the loan portfolio and its impact on the allowance for credit loan losses. For certain retail 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 recorded investment in credit cards based on payment activity:
Credit CardsMarch 31, 2026December 31, 2025
   Performing$27,458 $27,919 
   Nonperforming61 148 
      Total$27,519 $28,067 

The following tables present loans purchased and/or sold during the year by portfolio segment and excludes the business combination activity:

March 31, 2026Commercial and Industrial LoansCommercial Real Estate LoansAgricultural LoansLeasesConsumer LoansHome Equity LoansCredit CardsResidential Mortgage LoansTotal
   Purchases$— $— $— $— $— $— $— $— $— 
   Sales— — — — — — — — — 
December 31, 2025Commercial and Industrial LoansCommercial Real Estate LoansAgricultural LoansLeasesConsumer LoansHome Equity LoansCredit CardsResidential Mortgage LoansTotal
Purchases$— $— $— $— $— $— $— $— $— 
Sales— — 2,391 — — — — — 2,391 
Loan Servicing
Mortgage loans serviced for others are not reported as assets. The principal balances of these loans at period end are as follows:
March 31, 2026December 31, 2025
Mortgage loan portfolios serviced for:
     FHLB$85,375 $84,942 
     FHLMC353,205 348,750 
     FNMA1,573 1,651 

Custodial escrow balances maintained in connection with serviced loans were $1,363 and $1,110 at March 31, 2026 and December 31, 2025, respectively.

Activity for loan servicing rights and the related valuation allowance follows:
March 31, 2026December 31, 2025
Loan Servicing Rights:
     Beginning of Year$4,544 $179 
     Additions176 569 
     2/1/2025 Acquired Heartland Loan Servicing Rights— 4,513 
     Disposals— — 
     Amortized to Expense187 717 
     Other Changes— — 
     Change in Valuation Allowance— — 
     End of Period$4,533 $4,544 
Valuation Allowance:$— $— 
     Beginning of Year— — 
     Additions Expensed— — 
     Reductions Credited to Operations— — 
     Direct Write-downs— — 
     End of Period$— $— 

The fair value of servicing rights was $4,791 and $4,556 at March 31, 2026 and December 31, 2025, respectively. Fair value at March 31, 2026 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 0.33%. Fair value at December 31, 2025, was determined using a discount rate 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 0.43%.