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Loans Held for Investment (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Loans by Class
The following table presents loans by class of receivable and portfolio segment as of the dates indicated:
September 30,
2024		December 31,
2023
Real estate:  
Commercial$9,219.3 $8,869.2 
Construction1,307.9 1,826.5 
Residential2,217.8 2,244.3 
Agricultural726.4 716.8 
Total real estate13,471.4 13,656.8 
Consumer:
Indirect742.2 740.9 
Direct and advance lines136.9 141.6 
Credit card76.4 76.5 
Total consumer955.5 959.0 
Commercial2,919.7 2,906.8 
Agricultural689.8 769.4 
Other, including overdrafts2.5 0.1 
Loans held for investment18,038.9 18,292.1 
Deferred loan fees and costs(11.8)(12.5)
Loans held for investment, net of deferred fees and costs18,027.1 18,279.6 
Allowance for credit losses(225.4)(227.7)
Net loans held for investment$17,801.7 $18,051.9 
Schedule of Allowance for Loan Losses by Portfolio Segment
The following tables represent, by loan portfolio segments, the activity in the allowance for credit losses for loans held for investment:
Three Months Ended September 30, 2024Beginning BalanceProvision for (reversal of) Credit Losses
Loans Charged-Off(2)
Recoveries CollectedEnding Balance
Allowance for credit losses (1)
Real estate$139.7 $18.3 $(22.2)$0.2 $136.0 
Consumer18.5 1.5 (4.1)1.3 17.2 
Commercial69.2 (0.1)(2.5)0.2 66.8 
Agricultural5.4 0.3 (0.3)— 5.4 
Total allowance for credit losses$232.8 $20.0 $(29.1)$1.7 $225.4 
Nine Months Ended September 30, 2024Beginning BalanceProvision for (reversal of) Credit Losses
Loans Charged-Off(2)
Recoveries CollectedEnding Balance
Allowance for credit losses (1)
Real estate$160.1 $10.3 $(35.5)$1.1 $136.0 
Consumer13.0 12.5 (11.9)3.6 17.2 
Commercial50.2 23.2 (8.7)2.1 66.8 
Agricultural4.4 1.0 (0.3)0.3 5.4 
Total allowance for credit losses$227.7 $47.0 $(56.4)$7.1 $225.4 
Three Months Ended September 30, 2023Beginning BalanceProvision for (reversal of) Credit Losses
Loans Charged-Off(2)
Recoveries CollectedEnding Balance
Allowance for credit losses (1)
Real estate$158.7 $1.8 $(1.8)$3.5 $162.2 
Consumer13.7 1.8 (3.7)1.1 12.9 
Commercial49.5 (0.9)(0.7)0.5 48.4 
Agricultural2.7 0.5 — — 3.2 
Total allowance for credit losses$224.6 $3.2 $(6.2)$5.1 $226.7 
Nine Months Ended September 30, 2023Beginning BalanceProvision for (reversal of) Credit Losses
Loans Charged-Off(2)
Recoveries CollectedEnding Balance
Allowance for credit losses (1)
Real estate$138.7 $35.6 $(16.6)$4.5 $162.2 
Consumer23.3 (3.7)(10.4)3.7 12.9 
Commercial54.9 (6.2)(2.2)1.9 48.4 
Agricultural3.2 (0.4)— 0.4 3.2 
Total allowance for credit losses$220.1 $25.3 $(29.2)$10.5 $226.7 
(1) Amounts presented exclude the allowance for credit losses related to unfunded commitments and investment securities. The allowance for credit losses related to unfunded commitments and investment securities are included in the “Financial Instruments with Off-Balance Sheet Risk” Note and “Investment Securities” Note, respectively.
(2) Loans, or portions thereof, are charged-off against the allowance for credit losses when management believes the collectability of the principal is unlikely, or, with respect to consumer installment loans, according to an established delinquency schedule.
Schedule of Recorded Investment in Impaired Loans
The following tables present the principal balance of collateral-dependent loans by class of receivable as of the dates indicated:
Collateral Type
As of September 30, 2024Business AssetsReal PropertyOtherTotal
Real estate:
Commercial$— $34.1 $— $34.1 
Construction— — — — 
Residential— 1.9 — 1.9 
Agricultural— 1.0 — 1.0 
Total real estate— 37.0 — 37.0 
Commercial71.2 0.1 0.7 72.0 
Agricultural— 0.5 0.1 0.6 
Total collateral-dependent loans$71.2 $37.6 $0.8 $109.6 
Collateral Type
As of December 31, 2023Business AssetsReal PropertyOtherTotal
Real estate:
Commercial$— $26.6 $— $26.6 
Construction— 17.0 — 17.0 
Residential— 0.5 — 0.5 
Agricultural— 1.2 — 1.2 
Total real estate— 45.3 — 45.3 
Commercial4.5 1.4 0.7 6.6 
Agricultural0.7 — — 0.7 
Total collateral-dependent loans$5.2 $46.7 $0.7 $52.6 
Schedule of Recorded Investment in Past Due Loans by Class
Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans classified in the following table as 90 days or more past due continue to accrue interest. The following tables present the contractual aging of the Company’s recorded principal balance of loans by class of receivable as of the dates indicated:
Total Loans
30 - 5960 - 8990 or more30 or More
DaysDaysDaysDaysCurrentNon-accrualTotal
As of September 30, 2024Past DuePast DuePast DuePast DueLoans
Loans (1)
Loans
Real estate:
Commercial$5.1 $6.8 $— $11.9 $9,162.2 $45.2 $9,219.3 
Construction3.6 0.1 — 3.7 1,304.1 0.1 1,307.9 
Residential2.6 2.1 0.2 4.9 2,198.6 14.3 2,217.8 
Agricultural2.4 — — 2.4 719.3 4.7 726.4 
Total real estate13.7 9.0 0.2 22.9 13,384.2 64.3 13,471.4 
Consumer:
Indirect6.4 1.6 0.1 8.1 730.7 3.4 742.2 
Direct and advance lines1.0 0.4 — 1.4 135.1 0.4 136.9 
Credit card0.7 0.5 0.7 1.9 74.5 — 76.4 
Total consumer8.1 2.5 0.8 11.4 940.3 3.8 955.5 
Commercial4.3 1.5 0.6 6.4 2,831.7 81.6 2,919.7 
Agricultural1.6 — 0.2 1.8 665.0 23.0 689.8 
Other, including overdrafts— — — — 2.5 — 2.5 
Loans held for investment$27.7 $13.0 $1.8 $42.5 $17,823.7 $172.7 $18,038.9 
Total Loans
30 - 5960 - 8990 or more30 or More
DaysDaysDaysDaysCurrentNon-accrualTotal
As of December 31, 2023Past DuePast DuePast DuePast DueLoans
Loans (1)
Loans
Real estate:
Commercial$12.7 $6.1 $— $18.8 $8,822.2 $28.2 $8,869.2 
Construction3.1 0.4 — 3.5 1,805.8 17.2 1,826.5 
Residential11.9 3.1 0.6 15.6 2,218.0 10.7 2,244.3 
Agricultural1.8 — — 1.8 709.6 5.4 716.8 
Total real estate29.5 9.6 0.6 39.7 13,555.6 61.5 13,656.8 
Consumer:
Indirect8.0 2.2 0.4 10.6 727.6 2.7 740.9 
Direct and advance lines0.9 0.2 — 1.1 140.2 0.3 141.6 
Credit card0.7 0.5 0.6 1.8 74.7 — 76.5 
Total consumer9.6 2.9 1.0 13.5 942.5 3.0 959.0 
Commercial14.5 1.1 0.3 15.9 2,879.4 11.5 2,906.8 
Agricultural0.1 — 3.0 3.1 735.9 30.4 769.4 
Other, including overdrafts— — — — 0.1 — 0.1 
Loans held for investment$53.7 $13.6 $4.9 $72.2 $18,113.5 $106.4 $18,292.1 

(1) As of September 30, 2024 and December 31, 2023, none of our non-accrual loans were earning interest income. Additionally, no material interest income was recognized on non-accrual loans during the three and the nine months ended September 30, 2024 and 2023, respectively. There were $0.4 million and $2.4 million in reversals of accrued interest during the three and the nine months ended September 30, 2024, and $1.0 million and $1.9 million in reversals of accrued interest during the three and the nine months ended September 30, 2023.
Schedule of Recorded Credit Quality Indicator
The Company evaluates the credit quality and loan performance for the allowance for credit losses of the following class of receivables by origination year using the origination date or the loan’s subsequent renewal or modification date based on the aforementioned risk scale as of and for the periods ended:
 As of and for the nine months ended September 30, 2024
Term Loans Amortized Cost Basis by Origination Year
Risk by Collateral20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Commercial real estate:
Pass$1,026.8 $1,366.2 $1,981.5 $1,441.7 $1,137.3 $1,922.5 $48.2 $56.7 $8,980.9 
Special mention12.6 9.4 21.1 18.3 2.2 36.9 — — 100.5 
Substandard27.6 10.7 4.6 39.3 7.9 47.8 — — 137.9 
Total$1,067.0 $1,386.3 $2,007.2 $1,499.3 $1,147.4 $2,007.2 $48.2 $56.7 $9,219.3 
Current-period gross charge-offs— 5.7 — 15.8 — 0.1 — — 21.6 
Construction real estate:
Pass$256.1 $263.4 $484.4 $114.0 $19.7 $24.2 $129.3 $4.9 $1,296.0 
Special mention3.2 — 6.4 — — — — — 9.6 
Substandard1.9 — — — — 0.4 — — 2.3 
Total$261.2 $263.4 $490.8 $114.0 $19.7 $24.6 $129.3 $4.9 $1,307.9 
Current-period gross charge-offs— — 13.1 — 0.1 — — — 13.2 
Agricultural real estate:
Pass$92.2 $65.0 $113.6 $121.4 $79.9 $159.4 $25.8 $— $657.3 
Special mention1.1 6.6 5.9 5.1 7.6 1.0 — — 27.3 
Substandard12.2 4.4 19.2 3.7 1.4 0.9 — — 41.8 
Total$105.5 $76.0 $138.7 $130.2 $88.9 $161.3 $25.8 $— $726.4 
Current-period gross charge-offs— — — — — — — — — 
Commercial:
Pass$386.0 $395.5 $406.9 $335.8 $176.1 $278.3 $783.5 $6.7 $2,768.8 
Special mention3.0 6.9 8.8 1.5 1.0 1.0 17.5 — 39.7 
Substandard28.9 4.2 5.6 5.2 8.1 3.6 7.1 — 62.7 
Doubtful1.2 1.7 2.5 — — — 43.1 — 48.5 
Total$419.1 $408.3 $423.8 $342.5 $185.2 $282.9 $851.2 $6.7 $2,919.7 
Current-period gross charge-offs0.4 1.9 1.0 0.3 0.1 0.1 1.9 3.0 8.7 
Agricultural:
Pass$81.3 $52.5 $43.2 $20.5 $16.7 $7.4 $355.7 $— $577.3 
Special mention0.5 3.6 0.7 0.1 1.0 0.2 5.2 0.1 11.4 
Substandard51.9 24.6 — 0.1 0.6 — 23.9 — 101.1 
Total$133.7 $80.7 $43.9 $20.7 $18.3 $7.6 $384.8 $0.1 $689.8 
Current-period gross charge-offs— — — 0.3 — — — — 0.3 
December 31, 2023
Term Loans Amortized Cost Basis by Origination Year
Risk by Collateral20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Commercial real estate:
Pass$1,268.0 $2,065.0 $1,612.2 $1,200.1 $716.5 $1,660.5 $46.5 $28.1 $8,596.9 
Special mention4.2 9.1 42.6 12.9 27.5 17.1 0.3 — 113.7 
Substandard65.4 11.8 18.9 2.4 30.1 28.5 0.2 — 157.3 
Doubtful— — 1.3 — — — — — 1.3 
Total$1,337.6 $2,085.9 $1,675.0 $1,215.4 $774.1 $1,706.1 $47.0 $28.1 $8,869.2 
Current-period gross charge-offs1.7 0.3 1.7 2.6 — 1.3 — — 7.6 
Construction:
Pass$493.7 $735.3 $331.2 $36.7 $16.8 $36.2 $104.4 $13.7 $1,768.0 
Special mention0.5 6.6 1.3 — — 0.2 — 0.9 9.5 
Substandard7.0 4.0 24.4 0.2 — 0.4 — — 36.0 
Doubtful— 13.0 — — — — — — 13.0 
Total$501.2 $758.9 $356.9 $36.9 $16.8 $36.8 $104.4 $14.6 $1,826.5 
Current-period gross charge-offs— — 0.1 — 0.6 — — 9.6 10.3 
Agricultural real estate:
Pass$86.2 $123.7 $126.2 $93.5 $56.7 $124.3 $31.8 $7.0 $649.4 
Special mention2.6 9.5 3.5 1.9 1.5 11.3 0.5 — 30.8 
Substandard8.1 20.8 3.6 2.6 0.4 1.1 — — 36.6 
Total$96.9 $154.0 $133.3 $98.0 $58.6 $136.7 $32.3 $7.0 $716.8 
Current-period gross charge-offs— — — — — — — — — 
Commercial:
Pass$481.6 $507.7 $389.8 $215.1 $108.7 $272.9 $762.3 $7.6 $2,745.7 
Special mention7.3 4.7 6.6 3.1 0.9 1.9 14.8 0.2 39.5 
Substandard15.8 19.6 9.0 7.0 1.6 3.0 58.8 0.4 115.2 
Doubtful3.3 1.3 1.6 — — 0.1 0.1 — 6.4 
Total$508.0 $533.3 $407.0 $225.2 $111.2 $277.9 $836.0 $8.2 $2,906.8 
Current-period gross charge-offs0.2 0.4 0.5 0.5 0.2 0.1 1.4 0.1 3.4 
Agricultural:
Pass$105.7 $57.7 $31.6 $22.4 $6.1 $7.2 $421.9 $3.4 $656.0 
Special mention2.6 0.8 0.5 0.2 0.1 0.1 9.0 3.1 16.4 
Substandard43.8 0.3 2.7 0.7 28.8 2.2 18.5 — 97.0 
Total$152.1 $58.8 $34.8 $23.3 $35.0 $9.5 $449.4 $6.5 $769.4 
Current-period gross charge-offs— — — — — — — — — 
The following tables present the recorded investment of these loan portfolios based on the credit risk profile of loans that are performing and loans that are nonperforming as of the periods indicated:
 As of and for the nine months ended September 30, 2024
Term Loans Amortized Cost Basis by Origination Year
Risk by Collateral20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Residential:
Performing$14.6 $70.5 $419.9 $489.5 $454.7 $264.6 $480.2 $9.3 $2,203.3 
Nonperforming1.0 0.8 3.6 1.8 1.6 5.4 — 0.3 14.5 
Total$15.6 $71.3 $423.5 $491.3 $456.3 $270.0 $480.2 $9.6 $2,217.8 
Current-period gross charge-offs— 0.2 0.1 0.1 0.2 0.1 — — 0.7 
Consumer indirect:
Performing$203.0 $146.9 $194.8 $83.0 $55.4 $55.6 $— $— $738.7 
Nonperforming0.3 0.8 1.0 0.5 0.4 0.5 — — 3.5 
Total$203.3 $147.7 $195.8 $83.5 $55.8 $56.1 $— $— $742.2 
Current-period gross charge-offs0.2 1.7 2.9 0.9 0.3 0.9 — — 6.9 
Consumer direct and advance lines:
Performing$37.1 $29.8 $22.2 $12.0 $5.5 $5.9 $24.0 $— $136.5 
Nonperforming0.1 0.1 0.1 — — 0.1 — — 0.4 
Total$37.2 $29.9 $22.3 $12.0 $5.5 $6.0 $24.0 $— $136.9 
Current-period gross charge-offs0.1 0.5 0.7 0.2 0.1 1.3 — — 2.9 
Consumer credit card:
Performing$— $— $— $— $— $— $75.7 $— $75.7 
Nonperforming— — — — — — 0.7 — 0.7 
Total$— $— $— $— $— $— $76.4 $— $76.4 
Current-period gross charge-offs— — — — — — 2.1 — 2.1 
December 31, 2023
Term Loans Amortized Cost Basis by Origination Year
Risk by Collateral20232022202120202019PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Residential:
Performing$44.7 $356.9 $521.3 $500.6 $88.5 $217.1 $471.8 $32.1 $2,233.0 
Nonperforming1.1 2.1 1.2 1.1 0.7 5.1 — — 11.3 
Total$45.8 $359.0 $522.5 $501.7 $89.2 $222.2 $471.8 $32.1 $2,244.3 
Current-period gross charge-offs0.3 — 0.1 0.1 — 0.1 — — 0.6 
Consumer indirect:
Performing$194.9 $264.7 $115.4 $81.1 $32.9 $48.8 $— $— $737.8 
Nonperforming0.4 0.9 0.6 0.4 0.2 0.6 — — 3.1 
Total$195.3 $265.6 $116.0 $81.5 $33.1 $49.4 $— $— $740.9 
Current-period gross charge-offs0.5 3.2 1.8 0.8 0.3 0.7 — — 7.3 
Consumer direct and advance lines:
Performing$44.5 $32.9 $18.5 $9.4 $3.6 $6.0 $26.2 $0.2 $141.3 
Nonperforming0.1 0.1 0.1 — — — — — 0.3 
Total$44.6 $33.0 $18.6 $9.4 $3.6 $6.0 $26.2 $0.2 $141.6 
Current-period gross charge-offs0.2 0.5 0.2 0.4 0.1 2.6 0.1 — 4.1 
Consumer credit card:
Performing$— $— $— $— $— $— $75.9 $— $75.9 
Nonperforming— — — — — — 0.6 — 0.6 
Total$— $— $— $— $— $— $76.5 $— $76.5 
Current-period gross charge-offs— — — — — — 2.6 — 2.6 
Financing Receivable, Troubled Debt Restructuring
The following table presents the amortized cost basis of loans, by class and by type of modification, at September 30, 2024 and 2023 that were both experiencing financial difficulty and modified during the periods indicated. The percentage of the principal balance of loans that were modified to borrowers in financial distress as compared to the principal balance of each class of receivable is also presented below:
Three Months Ended September 30, 2024Principal ForgivenessTerm ExtensionTerm Extension and Interest Rate ReductionTotal
% of Total Class of Loans Held for Investment (1)
Real estate:
Commercial$— $0.5 $— $0.5 0.01 %
Construction— 1.9 — 1.9 0.15 
Agricultural— 6.5 — 6.5 0.89 
Total real estate— 8.9 — 8.9 0.07 
Commercial— 0.9 0.5 1.4 0.05 
Agricultural— 21.4 — 21.4 3.10 
Loans held for investment (2)
$— $31.2 $0.5 $31.7 0.18 
Nine Months Ended September 30, 2024
Real estate:
Commercial$— $14.7 $— $14.7 0.16 %
Construction— 1.9 — 1.9 0.15 
Residential— 0.1 0.3 0.4 0.02 
Agricultural— 12.1 — 12.1 1.67 
Total real estate— 28.8 0.3 29.1 0.22 
Commercial— 14.4 0.5 14.9 0.51 
Agricultural— 23.2 22.2 45.4 6.58 
Loans held for investment (2)
$— $66.4 $23.0 $89.4 0.50 
Three Months Ended September 30, 2023Principal ForgivenessTerm ExtensionTerm Extension and Interest Rate ReductionTotal
% of Total Class of Loans Held for Investment (1)
Real estate:
Commercial$— $10.9 $0.6 $11.5 0.13 %
Construction— 13.1 — 13.1 0.68 
Residential— 0.4 — 0.4 0.02 
Agricultural— 6.1 — 6.1 0.83 
Total real estate— 30.5 0.6 31.1 0.23 
Commercial— 1.6 — 1.6 0.05 
Agricultural— 0.5 — 0.5 0.07 
Loans held for investment (2)
$— $32.6 $0.6 $33.2 0.18 
Nine Months Ended September 30, 2023
Real estate:
Commercial$1.6 $23.0 $0.6 $25.2 0.29 %
Construction— 13.2 — 13.2 0.68 
Residential0.1 0.5 — 0.6 0.03 
Agricultural— 6.4 — 6.4 0.87 
Total real estate1.7 43.1 0.6 45.4 0.33 
Commercial— 9.4 — 9.4 0.32 
Agricultural— 36.4 — 36.4 5.27 
Loans held for investment (2)
$1.7 $88.9 $0.6 $91.2 0.50 
(1) Based on the principal balance as of period end, divided by the period end principal balance of the corresponding class of receivables.
(2) As of September 30, 2024 and 2023, the Company excluded $1.1 million and $1.7 million, respectively, in accrued interest from the amortized cost of the identified loans.
The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the periods indicated:
Term Extension and Interest Rate Reduction
Three Months Ended September 30, 2024Principal ForgivenessWeighted-Average Months of Term ExtensionWeighted-Average Months of Term ExtensionWeighted-Average Interest Rate Reduction
Real estate:
Commercial$— 5.90.0— %
Construction— 4.00.0— 
Agricultural— 7.70.0— 
Total real estate— 
Commercial— 5.359.00.8 
Agricultural— 3.90.0— 
Loans held for investment (1)
$— 
Nine Months Ended September 30, 2024
Real estate:
Commercial$— 6.80.0— %
Construction— 4.00.0— 
Residential— 11.031.23.4 
Agricultural— 7.40.0— 
Total real estate— 
Commercial— 7.79.21.0 
Agricultural— 4.155.21.1 
Loans held for investment (1)
$— 
Term Extension and Interest Rate Reduction
Three Months Ended September 30, 2023Principal ForgivenessWeighted-Average Months of Term ExtensionWeighted-Average Months of Term ExtensionWeighted-Average Interest Rate Reduction
Real estate:
Commercial$— 4.66.00.25 %
Construction— 9.00.0— 
Residential— 144.40.0— 
Agricultural— 4.00.0— 
Total real estate— 
Commercial— 7.80.0— 
Agricultural— 3.50.0— 
Loans held for investment (1)
$— 
Nine Months Ended September 30, 2023
Real estate:
Commercial$1.3 5.76.00.25 %
Construction— 9.00.0— 
Residential0.3 139.20.0— 
Agricultural— 4.60.0— 
Total real estate1.6 
Commercial— 8.80.0— 
Agricultural— 9.20.0— 
Loans held for investment (1)
$1.6 
(1) Balances based on loan original contractual terms.