Loans and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2025

The various categories of loans are summarized as follows:


	June 30,		December 31,
(In thousands)	2025		2024
Consumer:
Credit cards	$	176,166	$	181,675
Other consumer	123,831		127,319
Total consumer	299,997		308,994
Real Estate:
Construction and development	2,784,578		2,789,249
Single family residential	2,625,717		2,689,946
Other commercial	7,961,412		7,912,336
Total real estate	13,371,707		13,391,531
Commercial:
Commercial	2,440,507		2,434,175
Agricultural	333,078		261,154
Total commercial	2,773,585		2,695,329
Other	665,807		610,083
Total loans	$	17,111,096	$	17,005,937

Schedule of Nonaccrual Loans, Excluding Loans Acquired

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


	June 30,		December 31,
(In thousands)	2025		2024
Consumer:
Credit cards	$	564	$	565
Other consumer	357		678
Total consumer	921		1,243
Real estate:
Construction and development	10,048		10,681
Single family residential	34,194		33,972
Other commercial	77,398		28,524
Total real estate	121,640		73,177
Commercial:
Commercial	32,792		35,161
Agricultural	1,097		570
Total commercial	33,889		35,731
Other	3		3
Total	$	156,453	$	110,154

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
June 30, 2025
Consumer:
Credit cards	$	1,916	$	667	$	2,583	$	173,583	$	176,166	$	603
Other consumer	895		182		1,077		122,754		123,831		—
Total consumer	2,811		849		3,660		296,337		299,997		603
Real estate:
Construction and development	5,258		10,000		15,258		2,769,320		2,784,578		—
Single family residential	18,154		18,391		36,545		2,589,172		2,625,717		17
Other commercial	5,678		72,719		78,397		7,883,015		7,961,412		—
Total real estate	29,090		101,110		130,200		13,241,507		13,371,707		17
Commercial:
Commercial	4,845		29,244		34,089		2,406,418		2,440,507		89
Agricultural	794		786		1,580		331,498		333,078		—
Total commercial	5,639		30,030		35,669		2,737,916		2,773,585		89
Other	—		3		3		665,804		665,807		—
Total	$	37,540	$	131,992	$	169,532	$	16,941,564	$	17,111,096	$	709


(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

Schedule of Amortized Cost Basis of Loan Modifications Granted

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 and six month periods ended June 30, 2025.


			Percent of
	Interest Rate		Total Class
(Dollars in thousands)	Reduction		of Loans
Three Months Ended June 30, 2025
Real estate:
Single family residential	$	82	—	%
Total real estate	$	82

Six Months Ended June 30, 2025
Real estate:
Single family residential	$	528	0.02	%
Total real estate	$	528

Schedule of Loans by Credit Risk Rating

The following table presents a summary of loans by credit quality indicator, as of June 30, 2025, segregated by class of loans.


	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2025 (YTD)		2024		2023		2022		2021		2020 and Prior		Lines of Credit (“LOC”) Amortized Cost Basis		LOC Converted to Term Loans Amortized Cost Basis		Total
Consumer - credit cards
Delinquency:
Current	$	—	$	—	$	—	$	—	$	—	$	—	$	173,583	$	—	$	173,583
30-89 days past due	—		—		—		—		—		—		1,916		—		1,916
90+ days past due	—		—		—		—		—		—		667		—		667
Total consumer - credit cards	—		—		—		—		—		—		176,166		—		176,166
Current-period consumer - credit cards gross charge-offs	—		—		—		—		—		—		3,162		—		3,162
Consumer - other
Delinquency:
Current	53,461		23,012		11,910		11,480		3,123		1,308		18,460		—		122,754
30-89 days past due	45		175		173		409		27		21		45		—		895
90+ days past due	4		71		21		75		8		—		3		—		182
Total consumer - other	53,510		23,258		12,104		11,964		3,158		1,329		18,508		—		123,831
Current-period consumer - other gross charge-offs	6		552		190		481		62		36		80		—		1,407
Real estate - C&D
Risk rating:
Pass	50,044		35,112		103,079		49,930		25,761		31,610		2,473,597		—		2,769,133
Special mention	—		—		—		47		—		—		2,871		—		2,918
Substandard	—		59		—		37		378		44		12,009		—		12,527
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total real estate - C&D	50,044		35,171		103,079		50,014		26,139		31,654		2,488,477		—		2,784,578
Current-period real estate - C&D gross charge-offs	—		—		—		—		2		—		14		—		16
Real estate - SF residential
Delinquency:
Current	125,768		207,969		295,423		520,882		276,904		656,725		505,501		—		2,589,172
30-89 days past due	—		1,926		2,227		2,389		676		8,730		2,206		—		18,154
90+ days past due	115		734		750		5,168		983		7,238		3,403		—		18,391
Total real estate - SF residential	125,883		210,629		298,400		528,439		278,563		672,693		511,110		—		2,625,717
Current-period real estate - SF residential gross charge-offs	—		248		133		73		47		17		186		—		704


	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2025 (YTD)		2024		2023		2022		2021		2020 and Prior		Lines of Credit (“LOC”) Amortized Cost Basis		LOC Converted to Term Loans Amortized Cost Basis		Total
Real estate - other commercial
Risk rating:
Pass	$	545,373	$	565,202	$	415,348	$	1,296,447	$	954,520	$	917,826	$	2,744,028	$	—	$	7,438,744
Special mention	—		11,990		2,604		31,513		5,566		19,306		130,294		—		201,273
Substandard	3,801		6,278		17,974		18,861		16,517		43,980		213,984		—		321,395
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total real estate - other commercial	549,174		583,470		435,926		1,346,821		976,603		981,112		3,088,306		—		7,961,412
Current-period real estate - other commercial gross charge-offs	192		353		26		239		24		145		4,176		—		5,155
Commercial
Risk rating:
Pass	220,783		193,414		189,015		203,271		96,536		47,958		1,395,291		—		2,346,268
Special mention	107		767		550		798		178		1,047		31,693		—		35,140
Substandard	3,314		11,376		4,725		6,060		2,445		5,815		25,361		—		59,096
Doubtful and loss	—		—		—		3		—		—		—		—		3
Total commercial	224,204		205,557		194,290		210,132		99,159		54,820		1,452,345		—		2,440,507
Current-period commercial - gross charge-offs	—		51		892		2,322		840		1,824		6,560		—		12,489
Commercial - agriculture
Risk rating:
Pass	36,151		19,999		17,518		12,865		4,894		2,511		236,814		—		330,752
Special mention	576		19		3		97		—		—		2		—		697
Substandard	—		19		210		170		7		162		1,061		—		1,629
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total commercial - agriculture	36,727		20,037		17,731		13,132		4,901		2,673		237,877		—		333,078
Current-period commercial - agriculture gross charge-offs	—		—		11		—		—		—		—		—		11
Other
Delinquency:
Current	22,053		66,965		34,965		133,568		26,536		28,152		353,565		—		665,804
30-89 days past due	—		—		—		—		—		—		—		—		—
90+ days past due	—		—		—		—		—		3		—		—		3
Total other	22,053		66,965		34,965		133,568		26,536		28,155		353,565		—		665,807
Current-period other - gross charge-offs	—		—		—		—		—		—		77		—		77
Total	$	1,061,595	$	1,145,087	$	1,096,495	$	2,294,070	$	1,415,059	$	1,772,436	$	8,326,354	$	—	$	17,111,096

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

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
June 30, 2025
Construction and development	$	500	$	—	$	500
Single family residential	—		—		—
Other commercial real estate	91,110		—		91,110
Commercial	—		22,521		22,521
Total	$	91,610	$	22,521	$	114,131

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

The following table details activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 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)	Commercial		Real Estate		Credit Card		Other Consumer and Other		Total
Allowance for credit losses:
Three Months Ended June 30, 2025
Beginning balance, April 1, 2025	$	39,913	$	200,079	$	6,117	$	6,059	$	252,168
Provision for credit loss expense	5,073		5,269		1,338		265		11,945
Charge-offs	(8,257)		(1,450)		(1,702)		(351)		(11,760)
Recoveries	469		87		334		294		1,184
Net (charge-offs) recoveries	(7,788)		(1,363)		(1,368)		(57)		(10,576)
Ending balance, June 30, 2025	$	37,198	$	203,985	$	6,087	$	6,267	$	253,537


(In thousands)	Commercial		Real Estate		Credit Card		Other Consumer and Other		Total
Six Months Ended June 30, 2025
Beginning balance, January 1, 2025	$	41,587	$	181,962	$	6,007	$	5,463	$	235,019
Provision for credit loss expense	6,645		27,712		2,697		1,688		38,742
Charge-offs	(12,500)		(5,875)		(3,162)		(1,484)		(23,021)
Recoveries	1,466		186		545		600		2,797
Net (charge-offs) recoveries	(11,034)		(5,689)		(2,617)		(884)		(20,224)
Ending balance, June 30, 2025	$	37,198	$	203,985	$	6,087	$	6,267	$	253,537

Activity in the allowance for credit losses for the three and six months ended June 30, 2024 was as follows:


(In thousands)	Commercial		Real Estate		Credit Card		Other Consumer and Other		Total
Allowance for credit losses:
Three Months Ended June 30, 2024
Beginning balance, April 1, 2024	$	35,191	$	180,414	$	5,768	$	5,994	$	227,367
Provision for credit loss expense	15,147		(5,187)		1,194		(55)		11,099
Charge-offs	(7,243)		(123)		(1,418)		(550)		(9,334)
Recoveries	455		72		221		509		1,257
Net (charge-offs) recoveries	(6,788)		(51)		(1,197)		(41)		(8,077)
Ending balance, June 30, 2024	$	43,550	$	175,176	$	5,765	$	5,898	$	230,389

Six Months Ended June 30, 2024
Beginning balance, January 1, 2024	$	36,470	$	177,177	$	5,868	$	5,716	$	225,231
Provision for credit loss expense	18,019		172		2,492		622		21,305
Charge-offs	(11,836)		(2,980)		(3,064)		(1,282)		(19,162)
Recoveries	897		807		469		842		3,015
Net (charge-offs) recoveries	(10,939)		(2,173)		(2,595)		(440)		(16,147)
Ending balance, June 30, 2024	$	43,550	$	175,176	$	5,765	$	5,898	$	230,389

The components of the provision for credit losses for the three and six month periods ended June 30, 2025 and 2024 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2025		2024		2025		2024
Provision for credit losses related to:
Loans	$	11,945	$	11,099	$	38,742	$	21,305
Unfunded commitments	—		—		—		—
Securities - HTM	—		—		—		—
Securities - AFS	—		—		—		—
Total	$	11,945	$	11,099	$	38,742	$	21,305