Loans and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2024

The various categories of loans are summarized as follows:


(In thousands)	2024		2023
Consumer:
Credit cards	$	181,675	$	191,204
Other consumer	127,319		127,462
Total consumer	308,994		318,666
Real estate:
Construction and development	2,789,249		3,144,220
Single family residential	2,689,946		2,641,556
Other commercial	7,912,336		7,552,410
Total real estate	13,391,531		13,338,186
Commercial:
Commercial	2,434,175		2,490,176
Agricultural	261,154		232,710
Total commercial	2,695,329		2,722,886
Other	610,083		465,932
Total loans	$	17,005,937	$	16,845,670

Schedule of Nonaccrual Loans, Excluding Loans Acquired

The amortized cost basis of nonaccrual loans segregated by class of loans are as follows:


(In thousands)	2024		2023
Consumer:
Credit cards	$	565	$	487
Other consumer	678		589
Total consumer	1,243		1,076
Real estate:
Construction and development	10,681		2,457
Single family residential	33,972		27,209
Other commercial	28,524		11,960
Total real estate	73,177		41,626
Commercial:
Commercial	35,161		39,886
Agricultural	570		734
Total commercial	35,731		40,620
Other	3		3
Total	$	110,154	$	83,325

Schedule of Aging Analysis of Past Due Loans, Excluding Loans Acquired

An age analysis of the amortized cost basis of past due loans, including nonaccrual loans, segregated by class of loans is as follows:


(In thousands)	Gross 30-89 Days Past Due		90 Days or More Past Due		Total Past Due		Current		Total Loans		90 Days Past Due & Accruing
December 31, 2024
Consumer:
Credit cards	$	1,824	$	635	$	2,459	$	179,216	$	181,675	$	529
Other consumer	1,752		381		2,133		125,186		127,319		—
Total consumer	3,576		1,016		4,592		304,402		308,994		529
Real estate:
Construction and development	332		10,530		10,862		2,778,387		2,789,249		—
Single family residential	34,651		16,013		50,664		2,639,282		2,689,946		—
Other commercial	5,433		26,973		32,406		7,879,930		7,912,336		—
Total real estate	40,416		53,516		93,932		13,297,599		13,391,531		—
Commercial:
Commercial	3,535		27,059		30,594		2,403,581		2,434,175		74
Agricultural	393		104		497		260,657		261,154		—
Total commercial	3,928		27,163		31,091		2,664,238		2,695,329		74
Other	276		3		279		609,804		610,083		—
Total	$	48,196	$	81,698	$	129,894	$	16,876,043	$	17,005,937	$	603

December 31, 2023
Consumer:
Credit cards	$	1,734	$	892	$	2,626	$	188,578	$	191,204	$	791
Other consumer	1,471		216		1,687		125,775		127,462		—
Total consumer	3,205		1,108		4,313		314,353		318,666		791
Real estate:
Construction and development	3,171		2,190		5,361		3,138,859		3,144,220		—
Single family residential	30,697		12,522		43,219		2,598,337		2,641,556		7
Other commercial	4,702		3,612		8,314		7,544,096		7,552,410		—
Total real estate	38,570		18,324		56,894		13,281,292		13,338,186		7
Commercial:
Commercial	13,799		22,750		36,549		2,453,627		2,490,176		349
Agricultural	92		516		608		232,102		232,710		—
Total commercial	13,891		23,266		37,157		2,685,729		2,722,886		349
Other	—		3		3		465,929		465,932		—
Total	$	55,666	$	42,701	$	98,367	$	16,747,303	$	16,845,670	$	1,147

Schedule of Troubled Debt Restructuring

The following table presents a summary of the amortized cost basis of loan modifications granted to borrowers experiencing financial difficulty, segregated by class of loans and type of loan modification, for the year ended December 31, 2024.


			Percent of				Percent of
	Interest Rate		Total Class				Total Class
(Dollars in thousands)	Reduction		of Loans		Term Extension		of Loans
Real estate:
Single family residential	$	1,241	0.05	%	$	—	—	%
Other commercial	—		—	%	26,894		0.34	%
Total real estate	$	1,241			$	26,894


			Percent of				Percent of
	Interest Rate		Total Class				Total Class
(Dollars in thousands)	Reduction		of Loans		Term Extension		of Loans
Real estate:
Single family residential	$	79	—	%	$	—	—	%
Other commercial	—		—	%	30,493		0.40	%
Total real estate	79				30,493
Commercial:
Commercial	—		—	%	746		0.03	%
Total commercial	—				746
Total	$	79			$	31,239

Summary of Loans by Credit Risk Rating

The following table presents a summary of loans by credit quality indicator, as of December 31, 2024, segregated by class of loans.


	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2024		2023		2022		2021		2020		2019 and Prior		Lines of Credit (“LOC”) Amortized Cost Basis		LOC Converted to Term Loans Amortized Cost Basis		Total
Consumer - credit cards
Delinquency:
Current	$	—	$	—	$	—	$	—	$	—	$	—	$	179,216	$	—	$	179,216
30-89 days past due	—		—		—		—		—		—		1,824		—		1,824
90+ days past due	—		—		—		—		—		—		635		—		635
Total consumer - credit cards	—		—		—		—		—		—		181,675		—		181,675
Current-period consumer - credit cards gross charge-offs	—		—		—		—		—		—		6,437		—		6,437
Consumer - other
Delinquency:
Current	63,986		17,227		17,877		4,713		1,304		893		19,186		—		125,186
30-89 days past due	515		176		701		59		14		2		285		—		1,752
90+ days past due	85		56		183		20		—		35		2		—		381
Total consumer - other	64,586		17,459		18,761		4,792		1,318		930		19,473		—		127,319
Current-period consumer - other gross charge-offs	192		680		553		98		13		10		292		—		1,838
Real estate - C&D
Risk rating:
Pass	50,288		113,056		71,908		28,921		18,187		20,653		2,468,334				2,771,347
Special mention	—		—		50		—		—		376		2,862				3,288
Substandard	59		409		66		532		—		88		13,460				14,614
Doubtful and loss	—		—		—		—		—		—		—				—
Total real estate - C&D	50,347		113,465		72,024		29,453		18,187		21,117		2,484,656		—		2,789,249
Current-period real estate - C&D gross charge-offs	162		—		—		—		—		—		521				683
Real estate - SF residential
Delinquency:
Current	225,040		324,605		559,278		314,700		187,752		543,590		484,317		—		2,639,282
30-89 days past due	1,205		4,201		9,578		3,316		1,525		12,389		2,437		—		34,651
90+ days past due	1,016		606		4,578		630		1,299		3,951		3,933		—		16,013
Total real estate - SF residential	227,261		329,412		573,434		318,646		190,576		559,930		490,687		—		2,689,946
Current-period real estate - SF residential gross charge-offs	3		190		231		—		37		134		247		—		842
Real estate - other commercial
Risk rating:
Pass	603,206		490,128		1,519,950		1,021,169		419,769		646,399		2,800,863		—		7,501,484
Special mention	9,479		16,272		12,401		9,494		1,472		12,754		111,466		—		173,338
Substandard	12,093		17,099		11,399		3,063		12,073		31,126		150,661		—		237,514
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total real estate - other commercial	624,778		523,499		1,543,750		1,033,726		433,314		690,279		3,062,990		—		7,912,336
Current-period real estate - other commercial gross charge-offs	—		5,202		38		15		—		1		168		—		5,424


	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2024		2023		2022		2021		2020		2019 and Prior		Lines of Credit (“LOC”) Amortized Cost Basis		LOC Converted to Term Loans Amortized Cost Basis		Total
Commercial
Risk rating:
Pass	245,945		253,518		257,227		118,910		28,620		44,606		1,411,467		200		2,360,493
Special mention	112		583		523		313		6		1,025		7,498		—		10,060
Substandard	10,743		2,035		8,317		2,876		2,954		5,923		30,771		—		63,619
Doubtful and loss	—		—		3		—		—		—		—		—		3
Total commercial	256,800		256,136		266,070		122,099		31,580		51,554		1,449,736		200		2,434,175
Current-period commercial - gross charge-offs	536		1,087		5,311		3,500		913		1,994		13,289		—		26,630
Commercial - agriculture
Risk rating:
Pass	30,103		23,222		20,673		8,220		2,825		1,209		169,849		—		256,101
Special mention	—		—		111		—		—		—		2,299		—		2,410
Substandard	1,222		14		29		—		123		14		1,241		—		2,643
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total commercial - agriculture	31,325		23,236		20,813		8,220		2,948		1,223		173,389		—		261,154
Current-period commercial - agriculture gross charge-offs	—		222		—		8		6		—		1		—		237
Other
Delinquency:
Current	71,671		35,574		136,416		26,930		1,287		30,085		307,841		—		609,804
30-89 days past due	—		276		—		—		—		—		—		—		276
90+ days past due	—		—		—		—		—		3		—		—		3
Total other	71,671		35,850		136,416		26,930		1,287		30,088		307,841		—		610,083
Current-period other - gross charge-offs	—		—		—		—		—		—		473		—		473
Total	$	1,326,768	$	1,299,057	$	2,631,268	$	1,543,866	$	679,210	$	1,355,121	$	8,170,447	$	200	$	17,005,937

The following table presents a summary of loans by credit quality indicator, as of December 31, 2023 segregated by class of loans.


	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2023		2022		2021		2020		2019		2018 and Prior		Lines of Credit (“LOC”) Amortized Cost Basis		LOC Converted to Term Loans Amortized Cost Basis		Total
Consumer - credit cards
Delinquency:
Current	$	—	$	—	$	—	$	—	$	—	$	—	$	188,578	$	—	$	188,578
30-89 days past due	—		—		—		—		—		—		1,734		—		1,734
90+ days past due	—		—		—		—		—		—		892		—		892
Total consumer - credit cards	—		—		—		—		—		—		191,204		—		191,204
Current-period consumer - credit cards gross charge-offs	—		—		—		—		—		—		5,303		—		5,303
Consumer - other
Delinquency:
Current	55,091		35,904		12,115		3,838		1,471		1,106		16,250		—		$	125,775
30-89 days past due	400		719		127		53		2		16		154		—		1,471
90+ days past due	35		127		46		—		—		—		8		—		216
Total consumer - other	55,526		36,750		12,288		3,891		1,473		1,122		16,412		—		127,462
Current-period consumer - other gross charge-offs	220		826		493		79		29		128		449		—		2,224
Real estate - C&D
Risk rating:
Pass	138,749		143,711		52,081		45,027		10,278		13,632		2,710,853		504		$	3,114,835
Special mention	—		1,143		7,284		—		—		396		16,682		—		25,505
Substandard	—		101		48		—		—		247		3,484		—		3,880
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total real estate - C&D	138,749		144,955		59,413		45,027		10,278		14,275		2,731,019		504		3,144,220
Current-period real estate - C&D gross charge-offs	—		1,148		—		—		—		8		349		—		1,505
Real estate - SF residential
Delinquency:
Current	371,326		620,933		352,589		238,128		121,416		504,675		388,705		565		$	2,598,337
30-89 days past due	5,222		5,061		3,667		2,283		1,741		9,759		2,964		—		30,697
90+ days past due	1,313		2,443		1,810		1,661		120		3,465		1,710		—		12,522
Total real estate - SF residential	377,861		628,437		358,066		242,072		123,277		517,899		393,379		565		2,641,556
Current-period real estate - SF residential gross charge-offs	—		111		12		73		—		677		232		—		1,105
Real estate - other commercial
Risk rating:
Pass	729,602		1,651,010		1,237,810		621,595		171,230		417,122		2,333,637		—		7,162,006
Special mention	37,302		8,458		10,149		7,844		1,364		11,604		84,978		—		161,699
Substandard	40,664		10,290		4,495		16,646		6,293		9,861		140,454		—		228,703
Doubtful and loss	—		—		—		2		—		—		—		—		2
Total real estate - other commercial	807,568		1,669,758		1,252,454		646,087		178,887		438,587		2,559,069		—		7,552,410
Current-period real estate - other commercial gross charge-offs	—		—		—		7		2		35		9,731		—		9,775


	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2023		2022		2021		2020		2019		2018 and Prior		Lines of Credit (“LOC”) Amortized Cost Basis		LOC Converted to Term Loans Amortized Cost Basis		Total
Commercial
Risk rating:
Pass	440,872		354,016		200,941		67,320		27,374		42,953		1,271,826		—		2,405,302
Special mention	157		14,117		316		367		98		889		8,228		—		24,172
Substandard	1,998		11,874		6,272		2,934		1,722		3,392		32,510		—		60,702
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total commercial	443,027		380,007		207,529		70,621		29,194		47,234		1,312,564		—		2,490,176
Current-period commercial - gross charge-offs	463		2,081		778		197		244		815		1,351		—		5,929
Commercial - agriculture
Risk rating:
Pass	39,680		30,075		13,940		6,280		2,071		303		134,180		—		226,529
Special mention	363		733		1,068		—		—		—		3,257		—		5,421
Substandard	518		37		71		104		26		—		4		—		760
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total commercial - agriculture	40,561		30,845		15,079		6,384		2,097		303		137,441		—		232,710
Current-period commercial - agriculture gross charge-offs	—		7		—		—		—		26		—		—		33
Other
Delinquency:
Current	45,234		144,732		28,413		2,543		3,255		36,719		205,033		—		465,929
30-89 days past due	—		—		—		—		—		—		—		—		—
90+ days past due	—		—		—		—		—		3		—		—		3
Total other	45,234		144,732		28,413		2,543		3,255		36,722		205,033		—		465,932
Current-period other - gross charge-offs	—		—		—		—		—		—		298		—		298
Total	$	1,908,526	$	3,035,484	$	1,933,242	$	1,016,625	$	348,461	$	1,056,142	$	7,546,121	$	1,069	$	16,845,670

Schedule of the Activity in the Allowance for Loan Losses

The collateral securing these loans consist of commercial real estate properties, residential properties, and other business assets.


(In thousands)	Real Estate Collateral		Other Collateral		Total
December 31, 2024
Construction and development	$	1,251	$	—	$	1,251
Single family residential	—		—		—
Other commercial real estate	69,429		—		69,429
Commercial	—		31,900		31,900
Total	$	70,680	$	31,900	$	102,580

December 31, 2023
Construction and development	$	43,826	$	—	$	43,826
Single family residential	3,870		—		3,870
Other commercial real estate	76,229		—		76,229
Commercial	—		20,679		20,679
Total	$	123,925	$	20,679	$	144,604

The following table details activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2024, 2023 and 2022. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.


(In thousands)	Commercial		Real Estate		Credit Card		Other Consumer and Other		Total
December 31, 2024
Beginning balance, January 1, 2024	$	36,470	$	177,177	$	5,868	$	5,716	$	225,231
Provision for credit loss expense	30,389		10,249		5,485		662		46,785
Charge-offs	(26,867)		(6,949)		(6,437)		(2,311)		(42,564)
Recoveries	1,595		1,485		1,091		1,396		5,567
Net charge-offs	(25,272)		(5,464)		(5,346)		(915)		(36,997)
Ending balance, December 31, 2024	$	41,587	$	181,962	$	6,007	$	5,463	$	235,019

December 31, 2023
Beginning balance, January 1, 2023	$	34,406	$	150,795	$	5,140	$	6,614	$	196,955
Provision for credit loss expense	5,934		36,381		5,023		86		47,424
Charge-offs	(5,962)		(12,385)		(5,303)		(2,522)		(26,172)
Recoveries	2,092		2,386		1,008		1,538		7,024
Net charge-offs	(3,870)		(9,999)		(4,295)		(984)		(19,148)
Ending balance, December 31, 2023	$	36,470	$	177,177	$	5,868	$	5,716	$	225,231


(In thousands)	Commercial		Real Estate		Credit Card		Other Consumer and Other		Total
December 31, 2022
Beginning balance, January 1, 2022	$	17,458	$	179,270	$	3,987	$	4,617	$	205,332
Acquisition adjustment for PCD loans	6,433		3,187		—		2		9,622
Provision for credit loss expense	22,412		(34,456)		3,991		2,674		(5,379)
Charge-offs	(14,270)		(4,122)		(3,862)		(1,876)		(24,130)
Recoveries	2,373		6,916		1,024		1,197		11,510
Net charge-offs	(11,897)		2,794		(2,838)		(679)		(12,620)
Ending balance, December 31, 2022	$	34,406	$	150,795	$	5,140	$	6,614	$	196,955

The components of provision for credit losses for the years ended December 31 were as follows:


(In thousands)	2024		2023		2022
Provision for credit losses related to:
Loans	$	46,785	$	47,424	$	(5,379)
Unfunded commitments	—		(16,300)		19,453
Securities - HTM	—		1,826		—
Securities - AFS	—		9,078		—
Total	$	46,785	$	42,028	$	14,074

Schedule of Financing Receivable, Purchased With Credit Deterioration

The following table provides a summary of loans purchased as part of the Spirit acquisition with credit deterioration at acquisition:


(In thousands)	Commercial		Real Estate		Credit Card		Other Consumer and Other		Total
Unpaid principal balance	$	8,258	$	66,534	$	—	$	59	$	74,851
PCD allowance for credit loss at acquisition	(6,433)		(3,187)		—		(2)		(9,622)
Non-credit related discount	(378)		(998)		—		(1)		(1,377)
Fair value of PCD loans	$	1,447	$	62,349	$	—	$	56	$	63,852