Loans Held for Investment (Tables)

3 Months Ended

Mar. 31, 2026

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, 2026		December 31, 2025
Real estate:
Commercial	$	8,040.5	$	8,144.4
Construction	669.1		837.2
Residential	2,084.3		2,108.8
Agricultural	619.2		629.0
Total real estate	11,413.1		11,719.4
Consumer:
Indirect	419.4		477.5
Direct and advance lines	128.0		131.5
Total consumer	547.4		609.0
Commercial	2,342.9		2,359.6
Agricultural	426.8		520.2
Other, including overdrafts	5.8		1.7
Loans held for investment	14,736.0		15,209.9
Deferred loan fees and costs	(7.6)		(8.3)
Loans held for investment, net of deferred fees and costs	14,728.4		15,201.6
Allowance for credit losses	(195.8)		(191.4)
Net loans held for investment	$	14,532.6	$	15,010.2

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, 2026	Beginning Balance		Provision for (reversal of) Credit Losses		Loans Charged-Off(2)		Recoveries Collected		Ending Balance
Allowance for credit losses (1)
Real estate	$	131.2	$	(3.3)	$	(0.5)	$	1.5	$	128.9
Consumer	11.2		3.9		(3.8)		1.0		12.3
Commercial	36.9		5.2		(2.2)		1.5		41.4
Agricultural	12.1		1.0		—		0.1		13.2
Total allowance for credit losses	$	191.4	$	6.8	$	(6.5)	$	4.1	$	195.8
Three Months Ended March 31, 2025	Beginning Balance		Provision for (reversal of) Credit Losses		Loans Charged-Off(2)		Recoveries Collected		Ending Balance
Allowance for credit losses (1)
Real estate	$	139.4	$	6.8	$	(0.3)	$	0.1	$	146.0
Consumer	16.8		2.6		(4.7)		1.2		15.9
Commercial	38.9		9.8		(2.9)		0.5		46.3
Agricultural	9.0		1.0		(2.9)		—		7.1
Total allowance for credit losses	$	204.1	$	20.2	$	(10.8)	$	1.8	$	215.3
(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 - 59		60 - 89		90 or more
	Days		Days		Days		Total Loans		Current		Non-accrual		Total
As of March 31, 2026	Past Due		Past Due		Past Due		Past Due		Loans		Loans (1)(2)(3)		Loans
Real estate:
Commercial	$	12.5	$	25.3	$	—	$	37.8	$	7,968.1	$	34.6	$	8,040.5
Construction	0.3		0.6		—		0.9		663.9		4.3		669.1
Residential	8.6		0.5		—		9.1		2,061.5		13.7		2,084.3
Agricultural	4.6		0.3		0.1		5.0		586.7		27.5		619.2
Total real estate	26.0		26.7		0.1		52.8		11,280.2		80.1		11,413.1
Consumer:
Indirect	4.7		1.4		0.2		6.3		408.8		4.3		419.4
Direct and advance lines	0.5		0.3		—		0.8		126.5		0.7		128.0
Total consumer	5.2		1.7		0.2		7.1		535.3		5.0		547.4
Commercial	6.2		1.6		0.8		8.6		2,291.5		42.8		2,342.9
Agricultural	4.1		0.4		—		4.5		395.4		26.9		426.8
Other, including overdrafts	—		—		—		—		5.8		—		5.8
Loans held for investment	$	41.5	$	30.4	$	1.1	$	73.0	$	14,508.2	$	154.8	$	14,736.0

	30 - 59		60 - 89		90 or more
	Days		Days		Days		Total Loans		Current		Non-accrual		Total
As of December 31, 2025	Past Due		Past Due		Past Due		Past Due		Loans		Loans (1)(2)(3)		Loans
Real estate:
Commercial	$	34.1	$	5.7	$	0.3	$	40.1	$	8,068.7	$	35.6	$	8,144.4
Construction	13.4		0.1		—		13.5		819.4		4.3		837.2
Residential	8.3		2.5		0.1		10.9		2,084.0		13.9		2,108.8
Agricultural	0.2		—		—		0.2		601.7		27.1		629.0
Total real estate	56.0		8.3		0.4		64.7		11,573.8		80.9		11,719.4
Consumer:
Indirect	6.5		1.7		0.1		8.3		463.6		5.6		477.5
Direct and advance lines	0.9		0.2		—		1.1		129.7		0.7		131.5
Total consumer	7.4		1.9		0.1		9.4		593.3		6.3		609.0
Commercial	3.1		4.9		0.9		8.9		2,329.0		21.7		2,359.6
Agricultural	0.5		0.6		—		1.1		494.5		24.6		520.2
Other, including overdrafts	—		—		—		—		1.7		—		1.7
Loans held for investment	$	67.0	$	15.7	$	1.4	$	84.1	$	14,992.3	$	133.5	$	15,209.9

(1) As of March 31, 2026 and December 31, 2025, none of our non-accrual loans were earning interest income. Additionally, $1.3 million and $0.4 million interest income was recognized on non-accrual loans during the three months ended March 31, 2026 and 2025, respectively. There were $0.5 million and $1.5 million in reversals of accrued interest during the three months ended March 31, 2026 and 2025, respectively.

(2) As of March 31, 2026 and December 31, 2025, there were approximately $53.1 million and $59.8 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, 2026, there were approximately $8.0 million, $6.8 million, and $80.8 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, 2025, there were approximately $4.5 million, $3.8 million, and $60.5 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:

	Term Loans Amortized Cost Basis by Origination Year
As of March 31, 2026	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted To Term		Total
Commercial real estate:
Pass	$	255.1	$	991.1	$	947.9	$	1,058.0	$	1,276.4	$	2,772.6	$	60.4	$	72.1	$	7,433.6
Special mention	2.8		59.3		24.1		46.8		69.3		156.1		0.6		—		359.0
Substandard	31.1		66.8		8.0		28.5		31.6		67.7		—		—		233.7
Doubtful	—		1.9		5.0		6.1		0.8		0.4		—		—		14.2
Total	289.0		1,119.1		985.0		1,139.4		1,378.1		2,996.8		61.0		72.1		8,040.5
Construction real estate:
Pass	24.1		198.3		148.7		68.3		106.0		44.8		40.7		1.1		632.0
Special mention	—		9.4		0.6		—		0.1		—		—		—		10.1
Substandard	1.7		2.8		5.2		0.2		14.5		0.2		0.4		—		25.0
Doubtful	—		—		1.3		—		—		0.7		—		—		2.0
Total	25.8		210.5		155.8		68.5		120.6		45.7		41.1		1.1		669.1
Agricultural real estate:
Pass	29.9		92.6		57.8		34.6		99.9		175.8		22.7		0.9		514.2
Special mention	1.1		1.8		8.3		2.9		3.6		18.9		3.9		—		40.5
Substandard	19.8		2.5		14.2		6.5		4.3		13.8		0.7		—		61.8
Doubtful	—		—		—		—		—		2.7		—		—		2.7
Total	50.8		96.9		80.3		44.0		107.8		211.2		27.3		0.9		619.2
Commercial:
Pass	102.8		278.9		224.4		204.6		257.9		427.1		625.9		48.3		2,169.9
Special mention	0.2		3.4		24.3		2.8		5.4		1.8		54.5		—		92.4
Substandard	8.1		8.0		7.8		2.2		10.3		5.2		8.9		0.2		50.7
Doubtful	—		5.0		1.3		—		5.4		0.5		—		17.7		29.9
Total	111.1		295.3		257.8		209.6		279.0		434.6		689.3		66.2		2,342.9
Agricultural:
Pass	31.7		46.7		19.5		12.4		22.0		9.1		195.7		0.1		337.2
Special mention	0.3		13.8		1.2		0.4		1.3		—		24.5		—		41.5
Substandard	3.5		3.8		3.1		0.8		1.3		0.6		14.9		0.9		28.9
Doubtful	—		14.6		—		2.6		—		—		2.0		—		19.2
Total	$	35.5	$	78.9	$	23.8	$	16.2	$	24.6	$	9.7	$	237.1	$	1.0	$	426.8

	Term Loans Amortized Cost Basis by Origination Year
As of December 31, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted To Term		Total
Commercial real estate:
Pass	$	1,025.6	$	948.6	$	1,095.2	$	1,344.8	$	1,101.6	$	1,892.9	$	59.0	$	49.5	$	7,517.2
Special mention	96.3		28.9		43.7		35.4		64.6		88.4		0.6		—		357.9
Substandard	81.1		41.4		27.8		32.7		27.7		48.4		—		—		259.1
Doubtful	1.9		2.2		5.7		—		0.4		—		—		—		10.2
Total	1,204.9		1,021.1		1,172.4		1,412.9		1,194.3		2,029.7		59.6		49.5		8,144.4
Construction:
Pass	240.1		211.5		110.4		92.3		25.4		21.3		85.9		12.5		799.4
Special mention	3.8		5.0		—		14.4		—		—		—		—		23.2
Substandard	10.7		0.1		0.2		0.3		1.0		0.1		0.2		—		12.6
Doubtful	—		1.3		—		—		0.7		—		—		—		2.0
Total	254.6		217.9		110.6		107.0		27.1		21.4		86.1		12.5		837.2
Agricultural real estate:
Pass	100.8		68.5		36.5		104.0		73.7		121.6		19.7		—		524.8
Special mention	10.2		10.1		3.4		4.5		8.7		13.8		2.1		—		52.8
Substandard	15.9		9.5		6.6		2.9		8.1		7.8		—		0.6		51.4
Total	126.9		88.1		46.5		111.4		90.5		143.2		21.8		0.6		629.0
Commercial:
Pass	301.3		287.8		228.4		277.2		225.5		260.4		593.3		4.6		2,178.5
Special mention	6.4		23.7		3.3		1.4		3.2		0.4		52.8		0.2		91.4
Substandard	9.3		13.4		6.8		14.2		4.7		0.7		26.2		1.3		76.6
Doubtful	4.9		1.0		0.5		6.3		0.4		—		—		—		13.1
Total	321.9		325.9		239.0		299.1		233.8		261.5		672.3		6.1		2,359.6
Agricultural:
Pass	80.2		25.0		15.1		25.6		7.5		4.7		277.8		5.6		441.5
Special mention	7.9		1.4		2.7		2.0		0.4		—		26.0		—		40.4
Substandard	3.3		3.6		0.8		0.8		—		0.4		9.6		1.0		19.5
Doubtful	6.2		—		2.6		—		—		—		2.0		8.0		18.8
Total	$	97.6	$	30.0	$	21.2	$	28.4	$	7.9	$	5.1	$	315.4	$	14.6	$	520.2

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 by origination year using the origination date or the loan’s subsequent renewal or modification date as of the periods ended:

	Term Loans Amortized Cost Basis by Origination Year
As of March 31, 2026	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted To Term		Total
Residential:
Performing	$	9.9	$	55.2	$	39.2	$	69.0	$	386.8	$	1,014.6	$	489.4	$	6.5	$	2,070.6
Nonperforming	—		0.7		0.9		1.3		4.2		6.6		—		—		13.7
Total	9.9		55.9		40.1		70.3		391.0		1,021.2		489.4		6.5		2,084.3
Consumer indirect:
Performing	1.2		26.5		149.0		64.4		89.7		84.1		—		—		414.9
Nonperforming	—		0.7		1.2		0.9		0.7		1.0		—		—		4.5
Total	1.2		27.2		150.2		65.3		90.4		85.1		—		—		419.4
Consumer direct and advance lines:
Performing	13.0		40.6		22.0		11.3		8.1		9.0		23.1		0.2		127.3
Nonperforming	—		0.1		0.2		0.1		0.1		0.2		—		—		0.7
Total	$	13.0	$	40.7	$	22.2	$	11.4	$	8.2	$	9.2	$	23.1	$	0.2	$	128.0

	Term Loans Amortized Cost Basis by Origination Year
As of December 31, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted To Term		Total
Residential:
Performing	$	45.6	$	35.5	$	71.5	$	394.6	$	449.2	$	596.8	$	494.2	$	7.4	$	2,094.8
Nonperforming	0.4		1.1		1.0		4.4		2.2		4.8		0.1		—		14.0
Total	46.0		36.6		72.5		399.0		451.4		601.6		494.3		7.4		2,108.8
Consumer indirect:
Performing	30.8		169.6		74.5		102.1		39.9		54.9		—		—		471.8
Nonperforming	0.7		1.4		1.2		1.0		0.6		0.8		—		—		5.7
Total	31.5		171.0		75.7		103.1		40.5		55.7		—		—		477.5
Consumer direct and advance lines:
Performing	47.7		25.6		13.3		9.9		5.3		5.0		23.9		0.1		130.8
Nonperforming	0.1		0.2		0.1		0.1		—		0.1		—		0.1		0.7
Total	$	47.8	$	25.8	$	13.4	$	10.0	$	5.3	$	5.1	$	23.9	$	0.2	$	131.5

The following table summarizes the current-period gross charge-offs by class of receivable and portfolio segment as of the dates indicated:

	Term Loans Amortized Cost Basis by Origination Year
As of March 31, 2026	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost Basis		Total
Real estate:
Residential	$	—	$	—	$	0.1	$	0.2	$	0.2	$	—	$	—	$	0.5
Total real estate	—		—		0.1		0.2		0.2		—		—		0.5
Consumer:
Indirect	—		0.5		0.8		0.4		0.5		0.5		—		2.7
Direct and advance lines	—		0.2		0.2		0.2		—		0.5		—		1.1
Total consumer	—		0.7		1.0		0.6		0.5		1.0		—		3.8
Commercial	—		0.3		0.7		0.4		0.1		—		0.7		2.2
Total current-period gross charge-offs	$	—	$	1.0	$	1.8	$	1.2	$	0.8	$	1.0	$	0.7	$	6.5

	Term Loans Amortized Cost Basis by Origination Year
As of December 31, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted To Term		Total
Real estate:
Commercial	$	—	$	0.4	$	0.1	$	16.2	$	5.1	$	0.2	$	—	$	—	$	22.0
Residential	0.1		0.5		0.1		0.4		0.2		0.1		—		—		1.4
Agricultural	—		—		0.2		—		—		—		—		—		0.2
Total real estate	0.1		0.9		0.4		16.6		5.3		0.3		—		—		23.6
Consumer:
Indirect	0.6		2.4		2.4		2.4		0.8		1.0		—		—		9.6
Direct and advance lines	0.4		1.2		0.6		0.2		0.1		1.9		—		—		4.4
Credit card	—		—		—		—		—		—		3.5		—		3.5
Total consumer	1.0		3.6		3.0		2.6		0.9		2.9		3.5		—		17.5
Commercial	0.7		1.0		2.5		1.3		0.3		0.4		2.5		0.2		8.9
Agricultural	2.0		2.9		—		—		—		—		0.1		—		5.0
Total current-period gross charge-offs	$	3.8	$	8.4	$	5.9	$	20.5	$	6.5	$	3.6	$	6.1	$	0.2	$	55.0

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, 2026 and 2025 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, 2026	Term Extension		Term Extension and Interest Rate Reduction		Total		% of Total Class of Loans Held for Investment (1)
Real estate:
Commercial	$	1.3	$	0.2	$	1.5	0.02	%
Construction	1.7		—		1.7		0.25
Agricultural	11.4		—		11.4		1.84
Total real estate	14.4		0.2		14.6		0.13
Consumer:
Direct and advance lines	0.1		—		0.1		0.08
Total consumer	0.1		—		0.1
Commercial	8.2		0.2		8.4		0.36
Agricultural	8.1		—		8.1		1.90
Loans held for investment (2)	$	30.8	$	0.4	$	31.2	0.21

Three Months Ended March 31, 2025	Term Extension		Term Extension and Interest Rate Reduction		Total		% 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
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

(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, 2026 and 2025, the Company excluded $0.1 million and $0.1 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, 2026	Weighted-Average Months of Term Extension	Weighted-Average Months of Term Extension	Weighted-Average Interest Rate Reduction
Real estate:
Commercial	12.6	120.0	1.7	%
Construction	8.1	0.0	—
Agricultural	11.7	0.0	—
Total real estate
Consumer:
Direct and advance lines	38.1	0.0	—
Total consumer
Commercial	12.8	3.0	0.8
Agricultural	6.2	0.0	—
Loans held for investment (1)

		Term Extension and Interest Rate Reduction
Three Months Ended March 31, 2025	Weighted-Average Months of Term Extension	Weighted-Average Months of Term Extension	Weighted-Average Interest Rate Reduction
Real estate:
Commercial	8.8	13.3	0.85	%
Construction	5.8	0.0	—
Residential	4.0	94.0	2.0
Total real estate
Commercial	8.6	5.0	0.5
Agricultural	7.5	7.4	1.0
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, 2026	Business Assets		Real Property		Other		Total
Real estate:
Commercial	$	—	$	31.4	$	—	$	31.4
Construction	—		3.7		—		3.7
Residential	—		2.6		—		2.6
Agricultural	0.4		24.6		—		25.0
Total real estate	0.4		62.3		—		62.7
Commercial	23.6		7.4		2.2		33.2
Agricultural	23.5		0.4		1.0		24.9
Total collateral-dependent loans	$	47.5	$	70.1	$	3.2	$	120.8

	Collateral Type
As of December 31, 2025	Business Assets		Real Property		Other		Total
Real estate:
Commercial	$	—	$	33.5	$	—	$	33.5
Construction	—		3.8		—		3.8
Residential	—		2.6		—		2.6
Agricultural	0.5		23.3		—		23.8
Total real estate	0.5		63.2		—		63.7
Commercial	5.3		8.4		1.3		15.0
Agricultural	22.9		0.5		—		23.4
Total collateral-dependent loans	$	28.7	$	72.1	$	1.3	$	102.1