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Loans and Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Loans and Allowance for Credit Losses LOANS AND ALLOWANCE FOR CREDIT LOSSES
At March 31, 2025, the Company’s loan portfolio was $17.09 billion, compared to $17.01 billion at December 31, 2024. The various categories of loans are summarized as follows: 
March 31,December 31,
(In thousands)20252024
Consumer:  
Credit cards$179,680 $181,675 
Other consumer97,198 127,319 
Total consumer276,878 308,994 
Real Estate:
Construction and development2,778,245 2,789,249 
Single family residential2,647,451 2,689,946 
Other commercial8,051,304 7,912,336 
Total real estate13,477,000 13,391,531 
Commercial:
Commercial2,372,681 2,434,175 
Agricultural264,469 261,154 
Total commercial2,637,150 2,695,329 
Other703,050 610,083 
Total loans$17,094,078 $17,005,937 

The above table presents total loans at amortized cost. The difference between amortized cost and unpaid principal balance is due to (i) premiums and discounts associated with acquisition date fair value adjustments on acquired loans of $6.1 million and $7.2 million at March 31, 2025 and December 31, 2024, respectively, and (ii) deferred origination costs and fees of $8.4 million and $9.6 million at March 31, 2025 and December 31, 2024, respectively.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $78.7 million and $78.8 million at March 31, 2025 and December 31, 2024, respectively, and is included in interest receivable on the consolidated balance sheets.

Loan Origination/Risk Management – The Company seeks to manage its credit risk by diversifying its loan portfolio, determining that borrowers have adequate sources of cash flow for loan repayment without liquidation of collateral; obtaining and monitoring collateral; and providing an adequate allowance for credit losses by regularly reviewing loans through the internal loan review process. The loan portfolio is diversified by borrower, purpose and industry. The Company seeks to use diversification within the loan portfolio to reduce its credit risk, thereby minimizing the adverse impact on the portfolio if weaknesses develop in either the economy or a particular segment of borrowers. Collateral requirements are based on credit assessments of borrowers and may be used to recover the debt in case of default. 

Consumer – The consumer loan portfolio consists of credit card loans and other consumer loans. Credit card loans are diversified by geographic region to reduce credit risk and minimize any adverse impact on the portfolio. Although they are regularly reviewed to facilitate the identification and monitoring of creditworthiness, credit card loans are unsecured loans, making them more susceptible to economic downturns that result in increased unemployment. Other consumer loans include direct installment loans and account overdrafts. Loans in this portfolio segment are sensitive to unemployment and other key consumer economic measures. 

Real estate – The real estate loan portfolio consists of construction and development loans (“C&D”), single family residential loans and commercial loans. C&D and commercial real estate (“CRE”) loans can be particularly sensitive to valuation of real estate. CRE cycles are inevitable. The long planning and production process for new properties and rapid shifts in business conditions and employment create an inherent tension between supply and demand for commercial properties. While general economic trends often move individual markets in the same direction over time, the timing and magnitude of changes are determined by other forces unique to each market. CRE cycles tend to be local in nature and longer than other credit cycles. Factors influencing the CRE market are traditionally different from those affecting residential real estate markets; thereby making predictions for one market based on the other difficult. Additionally, submarkets within CRE – such as office, industrial, apartment, retail and hotel – also experience different cycles, providing an opportunity to lower the overall risk through diversification across types of CRE loans. Management realizes that local demand and supply conditions will also mean that different geographic areas will experience cycles of different amplitude and duration. The Company monitors these loans closely. 
Commercial – The commercial loan portfolio includes commercial and agricultural loans, representing loans to commercial customers and farmers for use in normal business or farming operations to finance working capital needs, equipment purchases or other expansion projects. Paycheck Protection Program (“PPP”) loans are also included in the commercial loan portfolio. Collection risk in this portfolio is driven by the creditworthiness of the underlying borrowers, particularly cash flow from customers’ business or farming operations. The Company continues its efforts to keep loan terms short, reducing the negative impact of upward movement in interest rates. Term loans are generally set up with one or three year balloons, and the Company has instituted a pricing mechanism for commercial loans. It is general practice to require personal guaranties on commercial loans for closely-held or limited liability entities.

Paycheck Protection Program Loans – The Company originated loans pursuant to multiple PPP appropriations of the Coronavirus Aid, Relief and Economic Security Act which provided 100% federally guaranteed loans for small businesses to cover up to 24 weeks of payroll costs and assistance with mortgage interest, rent and utilities. Notably, these small business loans may be forgiven by the SBA if borrowers maintain their payrolls and satisfy certain other conditions. PPP loans have a zero percent risk-weight for regulatory capital ratios. As of March 31, 2025 and December 31, 2024, the total outstanding balance of PPP loans was $1.0 million and $1.6 million, respectively.

Other – The other loan portfolio includes mortgage warehouse loans, representing warehouse lines of credit to mortgage originators for the disbursement of newly originated 1-4 family residential loans. Also included in the other loan portfolio are loans to public sector customers, including state and local governments.

Nonaccrual and Past Due Loans – 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 are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

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

March 31,December 31,
(In thousands)20252024
Consumer:  
Credit cards$576 $565 
Other consumer380 678 
Total consumer956 1,243 
Real estate:
Construction and development13,452 10,681 
Single family residential32,495 33,972 
Other commercial66,930 28,524 
Total real estate112,877 73,177 
Commercial:
Commercial37,260 35,161 
Agricultural801 570 
Total commercial38,061 35,731 
Other3 3 
Total$151,897 $110,154 

As of March 31, 2025 and December 31, 2024, nonaccrual loans for which there was no related allowance for credit losses had an amortized cost of $1.1 million and $1.7 million, respectively. These loans are individually assessed and do not hold an allowance due to being adequately collateralized under the collateral-dependent valuation method.
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		CurrentTotal
Loans		90 Days
Past Due &
Accruing
March 31, 2025      
Consumer:      
Credit cards$1,628 $580 $2,208 $177,472 $179,680 $459 
Other consumer848 136 984 96,214 97,198 — 
Total consumer2,476 716 3,192 273,686 276,878 459 
Real estate:
Construction and development426 12,933 13,359 2,764,886 2,778,245 — 
Single family residential28,076 15,531 43,607 2,603,844 2,647,451 8 
Other commercial10,230 50,516 60,746 7,990,558 8,051,304 — 
Total real estate38,732 78,980 117,712 13,359,288 13,477,000 8 
Commercial:
Commercial4,496 26,367 30,863 2,341,818 2,372,681 27 
Agricultural185 725 910 263,559 264,469 — 
Total commercial4,681 27,092 31,773 2,605,377 2,637,150 27 
Other— 3 3 703,047 703,050 — 
Total$45,889 $106,791 $152,680 $16,941,398 $17,094,078 $494 
December 31, 2024
Consumer:
Credit cards$1,824 $635 $2,459 $179,216 $181,675 $529 
Other consumer1,752 381 2,133 125,186 127,319 — 
Total consumer3,576 1,016 4,592 304,402 308,994 529 
Real estate:
Construction and development332 10,530 10,862 2,778,387 2,789,249 — 
Single family residential34,651 16,013 50,664 2,639,282 2,689,946 — 
Other commercial5,433 26,973 32,406 7,879,930 7,912,336 — 
Total real estate40,416 53,516 93,932 13,297,599 13,391,531 — 
Commercial:
Commercial3,535 27,059 30,594 2,403,581 2,434,175 74 
Agricultural393 104 497 260,657 261,154 — 
Total commercial3,928 27,163 31,091 2,664,238 2,695,329 74 
Other276 3 279 609,804 610,083 — 
Total$48,196 $81,698 $129,894 $16,876,043 $17,005,937 $603 
 
Loan Modifications to Borrowers Experiencing Financial Difficulty

The Company has internal loan modification programs for borrowers experiencing financial difficulties. Modifications to borrowers experiencing financial difficulties may include interest rate reductions, principal or interest forgiveness and/or term extensions. The Company primarily uses interest rate reduction and/or payment modifications or extensions, with an occasional forgiveness of principal.

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 three month period ended March 31, 2025.

Percent of
Interest RateTotal Class
(Dollars in thousands)Reductionof Loans
Three Months Ended March 31, 2025
Real estate:
Single family residential$451 0.02 %
Total real estate$451 

The financial effects of the loan modifications made to borrowers experiencing financial difficulty were not significant during the three month period ended March 31, 2025. Furthermore, such modifications did not significantly impact the Company’s determination of the allowance for credit losses during those periods.

There were no loan modifications granted to borrowers experiencing financial difficulty during the three month period ended March 31, 2024.

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty. There was one CRE loan, related to a downtown St. Louis hotel that was originated pre-pandemic, to a borrower experiencing financial difficulty with a period-end amortized cost basis of $26.9 million that was modified during the previous twelve months and which subsequently defaulted during the three months ended March 31, 2025. This CRE loan was placed on nonaccrual status during the period. There was one commercial loan to a borrower experiencing financial difficulty with a period-end amortized cost basis of $23,000 that was modified during the previous twelve months and which subsequently defaulted during the three months ended March 31, 2024. In relation to loans modified to borrowers experiencing financial difficulty, the Company defines a payment default as a payment received more than 90 days after its due date.

At March 31, 2025 and December 31, 2024, the Company had $5.9 million and $4.0 million, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process. At March 31, 2025 and December 31, 2024, the Company had $1.2 million and $1.3 million, respectively, of Other Real Estate Owned (“OREO”) secured by residential real estate properties.

Credit Quality Indicators – As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the weighted-average risk rating of commercial and real estate loans, (ii) the level of classified commercial and real estate loans, (iii) net charge-offs, (iv) nonperforming loans (see details above) and (v) the general economic conditions of the Company’s local markets.

The Company utilizes a risk rating matrix to assign a risk rate to each of its commercial and real estate loans. Risk ratings are updated on an ongoing basis and are subject to change by continuous loan monitoring processes including lending management monitoring, executive management and board committee oversight, and independent credit review. A description of the general characteristics of the risk ratings is as follows:
 
•Pass (Excellent) – This category includes loans which are virtually free of credit risk. Borrowers in this category represent the highest credit quality and greatest financial strength.
•Pass (Good) - Loans under this category possess a nominal risk of default. This category includes borrowers with strong financial strength and superior financial ratios and trends. These loans are generally fully secured by cash or equivalents (other than those rated “excellent”).
•Pass (Acceptable – Average) - Loans in this category are considered to possess a normal level of risk. Borrowers in this category have satisfactory financial strength and adequate cash flow coverage to service debt requirements. If secured, the perfected collateral should be of acceptable quality and within established borrowing parameters.
•Pass (Monitor) - Loans in the Watch (Monitor) category exhibit an overall acceptable level of risk, but that risk may be increased by certain conditions, which represent “red flags”. These “red flags” require a higher level of supervision or monitoring than the normal “Pass” rated credit. The borrower may be experiencing these conditions for the first time, or it may be recovering from weakness, which at one time justified a higher rating. These conditions may include: weaknesses in financial trends; marginal cash flow; one-time negative operating results; non-compliance with policy or borrowing agreements; poor diversity in operations; lack of adequate monitoring information or lender supervision; questionable management ability/stability.
•Special Mention - A loan in this category has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention loans are not adversely classified (although they are “criticized”) and do not expose an institution to sufficient risk to warrant adverse classification. Borrowers may be experiencing adverse operating trends or an ill-proportioned balance sheet. Non-financial characteristics of a Special Mention rating may include management problems, pending litigation, a non-existent or ineffective loan agreement or other material structural weakness, and/or other significant deviation from prudent lending practices.
•Substandard - A Substandard loan is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. The loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. This does not imply ultimate loss of the principal, but may involve burdensome administrative expenses and the accompanying cost to carry the loan.
•Doubtful - A loan classified Doubtful has all the weaknesses inherent in a substandard loan except that the weaknesses make collection or liquidation in full (on the basis of currently existing facts, conditions, and values) highly questionable and improbable. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. The possibility of loss is extremely high, but because of specific pending events that may strengthen the asset, its classification as loss is deferred. Pending factors include: proposed merger or acquisition; liquidation procedures; capital injection; perfection of liens on additional collateral; and refinancing plans. Loans classified as Doubtful are placed on nonaccrual status.
•Loss - Loans classified Loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loans has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless loan, even though partial recovery may be affected in the future. Borrowers in the Loss category are often in bankruptcy, have formally suspended debt repayments, or have otherwise ceased normal business operations. Loans should be classified as Loss and charged-off in the period in which they become uncollectible.

The Company monitors credit quality in the consumer portfolio by delinquency status. The delinquency status of loans is updated daily. A description of the delinquency credit quality indicators is as follows:

•Current - Loans in this category are either current in payments or are under 30 days past due. These loans are considered to have a normal level of risk.
•30-89 Days Past Due - Loans in this category are between 30 and 89 days past due and are subject to the Company’s loss mitigation process. These loans are considered to have a moderate level of risk.
•90+ Days Past Due - Loans in this category are 90 days or more past due and are placed on nonaccrual status. These loans have been subject to the Company’s loss mitigation process and foreclosure and/or charge-off proceedings have commenced.

The Company uses a dual risk rating scale that utilizes quantitative models and qualitative factors (“score cards”) to assist in determining the appropriate risk rating for its commercial loans. This dual risk rating methodology incorporates a “probability of default” analysis which utilizes quantified metrics such as loan terms and financial performance, as well as a “loss given default” analysis which utilizes collateral values and economics of the market, among other attributes. Model outputs are reviewed and analyzed to ensure the projected risk levels are commensurate with underwriting and credit leader expectations. The risk rating scale includes Probability of Default levels of 1 – 16 and Loss Given Default levels of A – I. The scale allows for more granular recognition of risk and diversification of grading among traditional Pass grades.
The following is a reconciliation between the expanded risk rating scale and the Company’s traditional risk rating segments utilized within the commercial loan classes presented in the credit quality indicator tables.

•Pass - Includes loans with an expanded risk rating of 1 through 11. Loans with a risk rating of 10 and 11 equate to loans included on management’s “watch list” and is intended to be utilized on a temporary basis for pass grade borrowers where a significant risk-modifying action is anticipated in the near term.
•Special Mention - Includes loans with an expanded risk rating of 12.
•Substandard - Includes loans with an expanded risk rating of 13 and 14.
•Doubtful and loss - Includes loans with an expanded risk rating of 15 and 16.

The following table presents a summary of loans by credit quality indicator, as of March 31, 2025, segregated by class of loans.

Term Loans Amortized Cost Basis by Origination Year
(In thousands)2025 (YTD)20242023202220212020 and PriorLines of Credit (“LOC”) Amortized Cost BasisLOC Converted to Term Loans Amortized Cost BasisTotal
Consumer - credit cards    
Delinquency:
Current$— $— $— $— $— $— $177,472 $— $177,472 
30-89 days past due— — — — — — 1,628 — 1,628 
90+ days past due— — — — — — 580 — 580 
Total consumer - credit cards— — — — — — 179,680 — 179,680 
Current-period consumer - credit cards gross charge-offs— — — — — — 1,460 — 1,460 
Consumer - other
Delinquency:
Current14,694 29,273 14,353 14,538 3,803 1,679 17,874 — 96,214 
30-89 days past due6 149 203 445 22 4 19 — 848 
90+ days past due— 60 26 12 38 — — — 136 
Total consumer - other14,700 29,482 14,582 14,995 3,863 1,683 17,893 — 97,198 
Current-period consumer - other gross charge-offs— 450 126 368 32 36 58 — 1,070 
Real estate - C&D
Risk rating:
Pass18,222 44,186 110,827 62,199 26,930 36,214 2,461,129 — 2,759,707 
Special mention— — — 49 — 370 2,869 — 3,288 
Substandard— 59 63 102 457 79 14,490 — 15,250 
Doubtful and loss— — — — — — — — — 
Total real estate - C&D18,222 44,245 110,890 62,350 27,387 36,663 2,478,488 — 2,778,245 
Current-period real estate - C&D gross charge-offs— — — — — — — — — 
Real estate - SF residential
Delinquency:
Current58,690 225,634 310,195 545,289 294,653 695,559 473,824 — 2,603,844 
30-89 days past due— 1,332 1,695 8,582 2,076 12,484 1,907 — 28,076 
90+ days past due— 880 1,526 2,857 964 5,782 3,522 — 15,531 
Total real estate - SF residential58,690 227,846 313,416 556,728 297,693 713,825 479,253 — 2,647,451 
Current-period real estate - SF residential gross charge-offs— 13 — — 42 — 103 — 158 
Term Loans Amortized Cost Basis by Origination Year
(In thousands)2025 (YTD)20242023202220212020 and PriorLines of Credit (“LOC”) Amortized Cost BasisLOC Converted to Term Loans Amortized Cost BasisTotal
Real estate - other commercial
Risk rating:
Pass$270,315 $591,253 $442,670 $1,444,686 $1,001,908 $989,293 $2,829,154 $— $7,569,279 
Special mention— 9,693 16,260 35,702 5,857 18,346 122,853 — 208,711 
Substandard— 13,062 19,860 10,246 2,644 45,275 182,227 — 273,314 
Doubtful and loss— — — — — — — — — 
Total real estate - other commercial270,315 614,008 478,790 1,490,634 1,010,409 1,052,914 3,134,234 — 8,051,304 
Current-period real estate - other commercial gross charge-offs— — — — — 56 4,211 — 4,267 
Commercial
Risk rating:
Pass94,983 223,010 214,831 236,156 108,831 55,817 1,344,729 187 2,278,544 
Special mention— 736 2,556 593 322 1,058 28,691 — 33,956 
Substandard32 13,909 3,389 7,457 2,866 7,759 24,766 — 60,178 
Doubtful and loss— — — 3 — — — — 3 
Total commercial95,015 237,655 220,776 244,209 112,019 64,634 1,398,186 187 2,372,681 
Current-period commercial - gross charge-offs— 28 404 874 641 186 2,110 — 4,243 
Commercial - agriculture
Risk rating:
Pass24,673 23,394 19,784 17,619 6,247 3,380 166,247 — 261,344 
Special mention— — 4 139 — 4 1,436 — 1,583 
Substandard— 214 143 40 26 162 957 — 1,542 
Doubtful and loss— — — — — — — — — 
Total commercial - agriculture24,673 23,608 19,931 17,798 6,273 3,546 168,640 — 264,469 
Current-period commercial - agriculture gross charge-offs— — — — — — — — 
Other
Delinquency:
Current14,736 68,197 35,157 135,869 26,705 29,918 392,465 — 703,047 
30-89 days past due— — — — — — — — — 
90+ days past due— — — — — 3 — — 3 
Total other14,736 68,197 35,157 135,869 26,705 29,921 392,465 — 703,050 
Current-period other - gross charge-offs— — — — — — 63 — 63 
Total$496,351 $1,245,041 $1,193,542 $2,522,583 $1,484,349 $1,903,186 $8,248,839 $187 $17,094,078 
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)202420232022202120202019 and PriorLines of Credit (“LOC”) Amortized Cost BasisLOC Converted to Term Loans Amortized Cost BasisTotal
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:
Current63,986 17,227 17,877 4,713 1,304 893 19,186 — 125,186 
30-89 days past due515 176 701 59 14 2 285 — 1,752 
90+ days past due85 56 183 20 — 35 2 — 381 
Total consumer - other64,586 17,459 18,761 4,792 1,318 930 19,473 — 127,319 
Current-period consumer - other gross charge-offs192 680 553 98 13 10 292 — 1,838 
Real estate - C&D
Risk rating:
Pass50,288 113,056 71,908 28,921 18,187 20,653 2,468,334 — 2,771,347 
Special mention— — 50 — — 376 2,862 — 3,288 
Substandard59 409 66 532 — 88 13,460 — 14,614 
Doubtful and loss— — — — — — — — — 
Total real estate - C&D50,347 113,465 72,024 29,453 18,187 21,117 2,484,656 — 2,789,249 
Current-period real estate - C&D gross charge-offs162 — — — — — 521 — 683 
Real estate - SF residential
Delinquency:
Current225,040 324,605 559,278 314,700 187,752 543,590 484,317 — 2,639,282 
30-89 days past due1,205 4,201 9,578 3,316 1,525 12,389 2,437 — 34,651 
90+ days past due1,016 606 4,578 630 1,299 3,951 3,933 — 16,013 
Total real estate - SF residential227,261 329,412 573,434 318,646 190,576 559,930 490,687 — 2,689,946 
Current-period real estate - SF residential gross charge-offs3 190 231 — 37 134 247 — 842 
Real estate - other commercial
Risk rating:
Pass603,206 490,128 1,519,950 1,021,169 419,769 646,399 2,800,863 — 7,501,484 
Special mention9,479 16,272 12,401 9,494 1,472 12,754 111,466 — 173,338 
Substandard12,093 17,099 11,399 3,063 12,073 31,126 150,661 — 237,514 
Doubtful and loss— — — — — — — — — 
Total real estate - other commercial624,778 523,499 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)202420232022202120202019 and PriorLines of Credit (“LOC”) Amortized Cost BasisLOC Converted to Term Loans Amortized Cost BasisTotal
Commercial
Risk rating:
Pass$245,945 $253,518 $257,227 $118,910 $28,620 $44,606 $1,411,467 $200 $2,360,493 
Special mention112 583 523 313 6 1,025 7,498 — 10,060 
Substandard10,743 2,035 8,317 2,876 2,954 5,923 30,771 — 63,619 
Doubtful and loss— — 3 — — — — — 3 
Total commercial256,800 256,136 266,070 122,099 31,580 51,554 1,449,736 200 2,434,175 
Current-period commercial - gross charge-offs536 1,087 5,311 3,500 913 1,994 13,289 — 26,630 
Commercial - agriculture
Risk rating:
Pass30,103 23,222 20,673 8,220 2,825 1,209 169,849 — 256,101 
Special mention— — 111 — — — 2,299 — 2,410 
Substandard1,222 14 29 — 123 14 1,241 — 2,643 
Doubtful and loss— — — — — — — — — 
Total commercial - agriculture31,325 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:
Current71,671 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 other71,671 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 

Allowance for Credit Losses

Allowance for Credit Losses – The allowance for credit losses is a reserve established through a provision for credit losses charged to expense, which represents management’s best estimate of lifetime expected losses based on reasonable and supportable forecasts, quantitative factors, and other qualitative considerations. The allowance, in the judgment of management, is necessary to reserve for expected loan losses and risks inherent in the loan portfolio. The Company’s allowance for credit loss methodology includes reserve factors calculated to estimate current expected credit losses to amortized cost balances over the remaining contractual life of the portfolio, adjusted for prepayments, in accordance with ASC Topic 326-20, Financial Instruments - Credit Losses. Accordingly, the methodology is comprised of two components: individual assessments on loans with unique risk characteristics and collective assessments for loans that share similar risk characteristics. Loans with similar risk characteristics such as loan type, collateral type, and internal risk ratings are aggregated for collective assessment. The Company uses statistically-based models that leverage assumptions about current and future economic conditions throughout the contractual life of the loan. Expected credit losses are estimated by either lifetime loss rates or expected loss cash flows based on three key parameters: probability-of-default (“PD”), exposure-at-default (“EAD”), and loss-given-default (“LGD”). Future economic conditions are incorporated to the extent that they are reasonable and supportable. Beyond the reasonable and supportable periods, the economic variables revert to a historical equilibrium at a pace dependent on the state of the economy reflected within the economic scenarios. To determine the best estimate of credit losses as of March 31, 2025, the Company utilized a probability-weighted, multiple-scenario approach consisting of Baseline, Upside (S1), and Downside (S3) scenarios published by Moody’s Analytics in March 2025 that was updated to reflect the U.S. economic outlook. The Company also includes qualitative adjustments to the allowance based on factors and considerations that have not otherwise been fully accounted for. These factors may include but are not limited to portfolio trends and considerations, other economic considerations, policy actions, concentration risk, or imprecision risk.
Loans with similar risk characteristics such as loan type, collateral type, and internal risk ratings are aggregated into homogeneous segments for assessment. Reserve factors are based on estimated probability of default and loss given default for each segment. The estimates are determined based on economic forecasts over the reasonable and supportable forecast period based on projected performance of economic variables that have a statistical relationship with the historical loss experience of the segments.

Loans that have unique risk characteristics are evaluated on an individual basis. These evaluations are typically performed on loans with a deteriorated internal risk rating. For a collateral-dependent loan, the Company’s evaluation process includes a valuation by appraisal or other collateral analysis adjusted for selling costs, when appropriate. This valuation is compared to the remaining outstanding principal balance of the loan. If a loss is determined to be probable, the loss is included in the allowance for credit losses as a specific allocation.

Loans for which the repayment is expected to be provided substantially through the operation or sale of collateral and where the borrower is experiencing financial difficulty had an amortized cost of $95.4 million and $102.6 million as of March 31, 2025 and December 31, 2024, respectively, as further detailed in the table below. The collateral securing these loans consist of commercial real estate properties, residential properties, and other business assets.

(In thousands)Real Estate CollateralOther CollateralTotal
March 31, 2025
Construction and development$3,594 $— $3,594 
Single family residential— — — 
Other commercial real estate69,429 — 69,429 
Commercial— 22,376 22,376 
Total$73,023 $22,376 $95,399 
December 31, 2024
Construction and development$1,251 $— $1,251 
Single family residential— — — 
Other commercial real estate69,429 — 69,429 
Commercial— 31,900 31,900 
Total$70,680 $31,900 $102,580 

The following table details activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2025. 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)CommercialReal
Estate		Credit
Card		Other
Consumer
and Other		Total
Allowance for credit losses:
Three Months Ended March 31, 2025
Beginning balance, January 1, 2025$41,587 $181,962 $6,007 $5,463 $235,019 
Provision for credit loss expense1,572 22,443 1,359 1,423 26,797 
Charge-offs(4,243)(4,425)(1,460)(1,133)(11,261)
Recoveries997 99 211 306 1,613 
Net (charge-offs) recoveries(3,246)(4,326)(1,249)(827)(9,648)
Ending balance, March 31, 2025$39,913 $200,079 $6,117 $6,059 $252,168 
Activity in the allowance for credit losses for the three months ended March 31, 2024 was as follows:

(In thousands)CommercialReal
Estate		Credit
Card		Other
Consumer
and Other		Total
Allowance for credit losses:
Three Months Ended March 31, 2024
Beginning balance, January 1, 2024$36,470 $177,177 $5,868 $5,716 $225,231 
Provision for credit loss expense2,872 5,359 1,298 677 10,206 
Charge-offs(4,593)(2,857)(1,646)(732)(9,828)
Recoveries442 735 248 333 1,758 
Net (charge-offs) recoveries(4,151)(2,122)(1,398)(399)(8,070)
Ending balance, March 31, 2024$35,191 $180,414 $5,768 $5,994 $227,367 

As of March 31, 2025, the Company’s allowance for credit losses was considered sufficient based upon expected losses that were supported by scenario-weighted economic forecasts. The provision expense for the three months ended March 31, 2025 reflected an incremental provision expense of $15.6 million related to two specific credit relationships which migrated to nonperforming during the period, as well as the impact of updated economic assumptions.

Reserve for Unfunded Commitments
 
In addition to the allowance for credit losses, the Company has established a reserve for unfunded commitments, classified in other liabilities. This reserve is maintained at a level management believes to be sufficient to absorb losses arising from unfunded loan commitments. The reserve for unfunded commitments was $25.6 million for both periods ended March 31, 2025 and December 31, 2024. The adequacy of the reserve for unfunded commitments is determined quarterly based on methodology similar to the methodology for determining the allowance for credit losses. No adjustment was made to the reserve for unfunded commitments during the three month periods ended March 31, 2025 or 2024, as it was considered sufficient to cover any loss expectations.

Provision for Credit Losses

Provision for credit losses is determined by the Company as the amount to be added to the allowance for credit loss accounts for various types of financial instruments including loans, securities and off-balance-sheet credit exposure after net charge-offs have been deducted to bring the allowance to a level which, in management’s best estimate, is necessary to absorb expected credit losses over the lives of the respective financial instruments.

The components of the provision for credit losses for the three month periods ended March 31, 2025 and 2024 were as follows:

Three Months Ended
March 31,
(In thousands)20252024
Provision for credit losses related to:  
Loans$26,797 $10,206 
Unfunded commitments— — 
Securities - HTM— — 
Securities - AFS— — 
Total$26,797 $10,206