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Loans Held for Investment (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Loans by Class
The following table presents loans by class of receivable and portfolio segment as of the dates indicated:
March 31,
2025		December 31,
2024
Real estate:  
Commercial$9,196.1 $9,263.2 
Construction1,097.3 1,244.6 
Residential2,161.4 2,191.6 
Agricultural678.1 701.1 
Total real estate13,132.9 13,400.5 
Consumer:
Indirect680.2 725.0 
Direct and advance lines132.4 134.0 
Credit card74.2 77.6 
Total consumer886.8 936.6 
Commercial2,770.6 2,829.4 
Agricultural595.8 687.9 
Other, including overdrafts1.8 1.6 
Loans held for investment17,387.9 17,856.0 
Deferred loan fees and costs(10.6)(11.1)
Loans held for investment, net of deferred fees and costs17,377.3 17,844.9 
Allowance for credit losses(215.3)(204.1)
Net loans held for investment$17,162.0 $17,640.8 
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 March 31, 2025Beginning BalanceProvision for Credit Losses
Loans Charged-Off(2)
Recoveries CollectedEnding Balance
Allowance for credit losses (1)
Real estate$139.4 $6.8 $(0.3)$0.1 $146.0 
Consumer16.8 2.6 (4.7)1.2 15.9 
Commercial38.9 9.8 (2.9)0.5 46.3 
Agricultural9.0 1.0 (2.9)— 7.1 
Total allowance for credit losses$204.1 $20.2 $(10.8)$1.8 $215.3 
Three Months Ended March 31, 2024Beginning BalanceProvision for (reversal of) Credit Losses
Loans Charged-Off(2)
Recoveries CollectedEnding Balance
Allowance for credit losses (1)
Real estate$160.1 $(4.7)$(3.2)$0.7 $152.9 
Consumer13.0 2.4 (3.8)1.0 12.6 
Commercial50.2 11.2 (4.0)0.6 58.0 
Agricultural4.4 (0.5)— 0.3 4.2 
Total allowance for credit losses$227.7 $8.4 $(11.0)$2.6 $227.7 
(1) Amounts presented exclude the ACL 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 ACL 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 Past Due Loans by Class
Loans are considered past due if the required principal and interest payments have not been received 30 days or more past the contractual payment due date. 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:
30 - 5960 - 8990 or more
DaysDaysDaysTotal LoansCurrentNon-accrualTotal
As of March 31, 2025Past DuePast DuePast DuePast DueLoans
Loans (1)(2)(3)
Loans
Real estate:
Commercial$1.4 $28.5 $— $29.9 $9,083.3 $82.9 $9,196.1 
Construction3.6 — — 3.6 1,089.7 4.0 1,097.3 
Residential10.7 0.4 0.7 11.8 2,133.0 16.6 2,161.4 
Agricultural10.1 7.0 0.1 17.2 640.4 20.5 678.1 
Total real estate25.8 35.9 0.8 62.5 12,946.4 124.0 13,132.9 
Consumer:
Indirect7.2 1.6 0.1 8.9 666.8 4.5 680.2 
Direct and advance lines0.5 0.2 — 0.7 131.1 0.6 132.4 
Credit card0.7 0.4 0.7 1.8 72.4 — 74.2 
Total consumer8.4 2.2 0.8 11.4 870.3 5.1 886.8 
Commercial4.4 1.3 1.3 7.0 2,732.3 31.3 2,770.6 
Agricultural11.0 1.2 0.1 12.3 552.0 31.5 595.8 
Other, including overdrafts— — — — 1.8 — 1.8 
Loans held for investment$49.6 $40.6 $3.0 $93.2 $17,102.8 $191.9 $17,387.9 
30 - 5960 - 8990 or more
DaysDaysDaysTotal LoansCurrentNon-accrualTotal
As of December 31, 2024Past DuePast DuePast DuePast DueLoans
Loans (1)(2)(3)
Loans
Real estate:
Commercial$4.9 $2.8 $— $7.7 $9,200.1 $55.4 $9,263.2 
Construction3.7 — — 3.7 1,237.6 3.3 1,244.6 
Residential6.6 2.7 0.4 9.7 2,166.5 15.4 2,191.6 
Agricultural7.6 2.8 — 10.4 685.4 5.3 701.1 
Total real estate22.8 8.3 0.4 31.5 13,289.6 79.4 13,400.5 
Consumer:
Indirect8.4 2.6 0.7 11.7 709.4 3.9 725.0 
Direct and advance lines0.6 0.2 0.3 1.1 132.3 0.6 134.0 
Credit card0.7 0.5 1.0 2.2 75.4 — 77.6 
Total consumer9.7 3.3 2.0 15.0 917.1 4.5 936.6 
Commercial11.2 3.0 0.6 14.8 2,781.1 33.5 2,829.4 
Agricultural2.4 2.8 — 5.2 661.8 20.9 687.9 
Other, including overdrafts— — — — 1.6 — 1.6 
Loans held for investment$46.1 $17.4 $3.0 $66.5 $17,651.2 $138.3 $17,856.0 

(1) As of March 31, 2025 and December 31, 2024, none of our non-accrual loans were earning interest income. Additionally, $0.4 million and no material interest income was recognized on non-accrual loans during the three months ended March 31, 2025 and 2024, respectively. There were $1.5 million and $1.8 million in reversals of accrued interest during the three months ended March 31, 2025 and 2024, respectively.
(2) As of March 31, 2025 and December 31, 2024, there were approximately $116.5 million and $56.9 million, respectively, of non-accrual loans for which there was no related allowance for credit loss, as these loans had sufficient collateral securing the loan for repayment.
(3) As of March 31, 2025, there were approximately $14.8 million, $28.3 million, and $76.9 million of non-accrual loans that were 30-59 days past due, 60-89 days past due, and 90 days or more past due, respectively. As of December 31, 2024, there were approximately $13.5 million, $6.2 million, and $40.5 million of non-accrual loans that were 30-59 days past due, 60-89 days past due, and 90 days or more past due, respectively.
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:
March 31, 2025
Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Commercial real estate:
Pass$216.2 $1,206.1 $1,283.2 $1,807.9 $1,257.2 $2,619.8 $66.5 $97.3 $8,554.2 
Special mention34.3 101.6 29.5 45.9 92.6 97.8 — 0.2 401.9 
Substandard7.2 71.2 30.2 25.9 48.2 54.7 0.5 0.2 238.1 
Doubtful1.9 — — — — — — — 1.9 
Total259.6 1,378.9 1,342.9 1,879.7 1,398.0 2,772.3 67.0 97.7 9,196.1 
Construction real estate:
Pass66.5 395.4 144.1 236.3 35.0 32.2 117.4 36.4 1,063.3 
Special mention— 1.0 — 16.8 — — — — 17.8 
Substandard9.8 3.1 — — 1.8 — 0.2 — 14.9 
Doubtful— 1.3 — — — — — — 1.3 
Total76.3 400.8 144.1 253.1 36.8 32.2 117.6 36.4 1,097.3 
Agricultural real estate:
Pass27.1 106.0 49.2 100.2 103.6 175.5 30.5 1.8 593.9 
Special mention— 9.1 0.2 7.4 5.9 11.7 — — 34.3 
Substandard— 7.4 8.1 21.2 4.5 8.7 — — 49.9 
Doubtful— — — — — — — — — 
Total27.1 122.5 57.5 128.8 114.0 195.9 30.5 1.8 678.1 
Commercial:
Pass98.1 401.3 313.5 344.4 284.4 370.4 778.7 13.9 2,604.7 
Special mention0.5 9.8 13.3 7.2 3.0 0.7 25.4 — 59.9 
Substandard4.6 28.0 10.3 13.8 6.3 4.5 33.0 0.4 100.9 
Doubtful0.5 3.1 — 1.1 0.4 — — — 5.1 
Total103.7 442.2 337.1 366.5 294.1 375.6 837.1 14.3 2,770.6 
Agricultural:
Pass14.6 83.5 26.8 35.7 14.0 16.3 329.0 0.1 520.0 
Special mention3.8 1.3 0.8 1.8 0.4 0.3 20.7 — 29.1 
Substandard4.7 20.3 0.6 0.1 — 0.5 5.8 10.0 42.0 
Doubtful— 0.1 2.6 — — — 2.0 — 4.7 
Total$23.1 $105.2 $30.8 $37.6 $14.4 $17.1 $357.5 $10.1 $595.8 
December 31, 2024
Term Loans Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Commercial real estate:
Pass$1,208.5 $1,340.2 $1,909.1 $1,344.1 $1,069.7 $1,778.3 $74.1 $109.8 $8,833.8 
Special mention78.4 17.5 15.8 16.1 4.9 79.2 0.6 9.8 222.3 
Substandard81.5 12.1 22.0 37.3 10.2 43.5 0.5 — 207.1 
Total1,368.4 1,369.8 1,946.9 1,397.5 1,084.8 1,901.0 75.2 119.6 9,263.2 
Construction:
Pass438.0 233.0 320.2 76.5 17.3 20.9 124.8 1.8 1,232.5 
Special mention2.1 — 6.4 — — — — — 8.5 
Doubtful3.6 — — — — — — — 3.6 
Total443.7 233.0 326.6 76.5 17.3 20.9 124.8 1.8 1,244.6 
Agricultural real estate:
Pass118.6 53.0 104.7 107.9 66.0 144.1 33.4 0.5 628.2 
Special mention1.1 0.2 6.8 6.1 8.5 0.7 — — 23.4 
Substandard12.9 8.2 19.7 3.4 4.4 0.9 — — 49.5 
Total132.6 61.4 131.2 117.4 78.9 145.7 33.4 0.5 701.1 
Commercial:
Pass438.8 353.0 375.9 316.0 165.9 255.2 767.3 8.9 2,681.0 
Special mention3.9 13.9 3.1 2.2 6.2 0.6 19.1 — 49.0 
Substandard30.8 5.4 12.8 5.5 1.6 3.4 35.2 1.5 96.2 
Doubtful— 1.6 1.1 0.5 — — — — 3.2 
Total473.5 373.9 392.9 324.2 173.7 259.2 821.6 10.4 2,829.4 
Agricultural:
Pass109.6 34.1 39.4 16.6 13.5 5.8 379.4 1.1 599.5 
Special mention4.1 1.4 0.9 0.2 0.9 0.1 5.1 — 12.7 
Substandard4.1 25.9 0.1 — 0.5 — 25.9 0.3 56.8 
Doubtful18.9 — — — — — — — 18.9 
Total$136.7 $61.4 $40.4 $16.8 $14.9 $5.9 $410.4 $1.4 $687.9 
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:
 March 31, 2025
Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Residential:
Performing$4.9 $29.4 $76.2 $412.4 $479.8 $663.2 $473.1 $5.1 $2,144.1 
Nonperforming0.4 0.9 1.5 5.6 2.3 6.6 — — 17.3 
Total5.3 30.3 77.7 418.0 482.1 669.8 473.1 5.1 2,161.4 
Consumer indirect:
Performing31.0 242.8 112.0 149.3 60.9 79.6 — — 675.6 
Nonperforming— 0.8 1.2 1.2 0.6 0.8 — — 4.6 
Total31.0 243.6 113.2 150.5 61.5 80.4 — — 680.2 
Consumer direct and advance lines:
Performing14.4 40.3 21.9 15.9 8.6 8.0 22.5 0.2 131.8 
Nonperforming— 0.2 0.1 0.1 0.1 0.1 — — 0.6 
Total14.4 40.5 22.0 16.0 8.7 8.1 22.5 0.2 132.4 
Consumer credit card:
Performing— — — — — — 73.5 — 73.5 
Nonperforming— — — — — — 0.7 — 0.7 
Total$— $— $— $— $— $— $74.2 $— $74.2 
December 31, 2024
Term Loans Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Residential:
Performing$22.6 $73.8 $409.1 $487.3 $440.2 $252.5 $477.8 $12.5 $2,175.8 
Nonperforming1.3 1.5 4.9 2.1 1.1 4.9 — — 15.8 
Total23.9 75.3 414.0 489.4 441.3 257.4 477.8 12.5 2,191.6 
Consumer indirect:
Performing266.8 127.2 167.5 68.9 44.4 45.6 — — 720.4 
Nonperforming0.9 1.1 1.1 0.6 0.4 0.5 — — 4.6 
Total267.7 128.3 168.6 69.5 44.8 46.1 — — 725.0 
Consumer direct and advance lines:
Performing46.5 25.4 18.5 10.0 4.2 5.2 23.2 0.1 133.1 
Nonperforming0.4 0.1 0.2 0.1 — 0.1 — — 0.9 
Total46.9 25.5 18.7 10.1 4.2 5.3 23.2 0.1 134.0 
Consumer credit card:
Performing— — — — — — 76.6 — 76.6 
Nonperforming— — — — — — 1.0 — 1.0 
Total$— $— $— $— $— $— $77.6 $— $77.6 
The following table summarizes the current-period gross charge-offs by class of receivable and portfolio segment as of the dates indicated:
 March 31, 2025
Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisRevolving Loans Converted To TermTotal
Real estate:
Residential— 0.2 0.1 — — — — — 0.3 
Total real estate— 0.2 0.1 — — — — — 0.3 
Consumer:
Indirect— 0.6 0.9 0.7 0.2 0.3 — — 2.7 
Direct and advance lines— 0.2 0.2 0.1 — 0.5 — — 1.0 
Credit card— — — — — — 1.0 — 1.0 
Total consumer— 0.8 1.1 0.8 0.2 0.8 1.0 — 4.7 
Commercial— 0.1 1.8 0.3 0.1 — 0.6 — 2.9 
Agricultural— 2.9 — — — — — — 2.9 
Total current-period gross charge-offs$— $4.0 $3.0 $1.1 $0.3 $0.8 $1.6 $— $10.8 
Financing Receivable, Troubled Debt Restructuring
The following tables present the amortized cost basis of loans, by class and by type of modification, at March 31, 2025 and 2024 that were both experiencing financial difficulty and modified during the periods indicated. The percentage of the principal balance of loans that were modified to borrowers in financial distress as compared to the principal balance of each class of receivable is also presented below:
Three Months Ended March 31, 2025Principal ForgivenessTerm ExtensionTerm Extension and Interest Rate ReductionTotal
% of Total Class of Loans Held for Investment (1)
Real estate:
Commercial$— $8.5 $0.8 $9.3 0.10 %
Construction— 11.6 — 11.6 1.06 
Residential— 0.1 0.1 0.2 0.01 
Agricultural— — — — — 
Total real estate— 20.2 0.9 21.1 0.16 
Commercial— 0.7 0.1 0.8 0.03 
Agricultural— 1.0 1.9 2.9 0.49 
Loans held for investment (2)
$— $21.9 $2.9 $24.8 0.14 
Three Months Ended March 31, 2024Principal ForgivenessTerm ExtensionTerm Extension and Interest Rate ReductionTotal
% of Total Class of Loans Held for Investment (1)
Real estate:
Commercial$— $22.7 $— $22.7 0.25 %
Residential— 0.1 — 0.1 — 
Agricultural— 6.1 — 6.1 0.85 
Total real estate— 28.9 — 28.9 0.21 
Commercial— 4.8 5.9 10.7 0.37 
Agricultural— 1.0 — 1.0 0.14 
Loans held for investment (2)
$— $34.7 $5.9 $40.6 0.22 
(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 March 31, 2025 and 2024, the Company excluded $0.1 million and $0.2 million, respectively, in accrued interest from the amortized cost of the identified loans.
The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the periods indicated:
Term Extension and Interest Rate Reduction
Three Months Ended March 31, 2025Principal ForgivenessWeighted-Average Months of Term ExtensionWeighted-Average Months of Term ExtensionWeighted-Average Interest Rate Reduction
Real estate:
Commercial$— 8.813.30.9 %
Construction— 5.80.0— 
Residential— 4.094.02.0 
Total real estate— 
Commercial— 8.65.00.5 
Agricultural— 7.57.41.0 
Loans held for investment (1)
$— 
Term Extension and Interest Rate Reduction
Three Months Ended March 31, 2024Principal ForgivenessWeighted-Average Months of Term ExtensionWeighted-Average Months of Term ExtensionWeighted-Average Interest Rate Reduction
Real estate:
Commercial$— 6.00.0— %
Construction— 0.00.0— 
Residential— 11.00.0— 
Agricultural— 7.00.0— 
Total real estate— 
Commercial— 7.75.01.0 
Agricultural— 3.30.0— 
Loans held for investment (1)
$— 
(1) Balances based on loan original contractual terms.
Financing Receivable Repayment Through Operation or Sale of Collateral
The following tables present the principal balance of collateral-dependent loans by class of receivable as of the dates indicated:
Collateral Type
As of March 31, 2025Business AssetsReal PropertyOtherTotal
Real estate:
Commercial$— $73.9 $— $73.9 
Construction— 4.0 — 4.0 
Residential— 2.7 — 2.7 
Agricultural— 11.7 — 11.7 
Total real estate— 92.3 — 92.3 
Commercial11.9 8.6 0.7 21.2 
Agricultural7.4 16.6 — 24.0 
Total collateral-dependent loans$19.3 $117.5 $0.7 $137.5 
Collateral Type
As of December 31, 2024Business AssetsReal PropertyOtherTotal
Real estate:
Commercial$— $47.3 $— $47.3 
Construction— 3.2 — 3.2 
Residential— 2.7 — 2.7 
Agricultural— 1.8 — 1.8 
Total real estate— 55.0 — 55.0 
Commercial20.3 1.1 0.8 22.2 
Agricultural— 20.3 0.1 20.4 
Total collateral-dependent loans$20.3 $76.4 $0.9 $97.6