Loans and Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2025

The various categories of loans are summarized as follows:


	September 30,		December 31,
(In thousands)	2025		2024
Consumer:
Credit cards	$	173,020	$	181,675
Other consumer	112,335		127,319
Total consumer	285,355		308,994
Real Estate:
Construction and development	2,874,823		2,789,249
Single family residential	2,617,849		2,689,946
Other commercial	7,875,649		7,912,336
Total real estate	13,368,321		13,391,531
Commercial:
Commercial	2,397,388		2,434,175
Agricultural	353,181		261,154
Total commercial	2,750,569		2,695,329
Other	784,572		610,083
Total loans	$	17,188,817	$	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:


	September 30,		December 31,
(In thousands)	2025		2024
Consumer:
Credit cards	$	593	$	565
Other consumer	266		678
Total consumer	859		1,243
Real estate:
Construction and development	9,326		10,681
Single family residential	30,671		33,972
Other commercial	80,970		28,524
Total real estate	120,967		73,177
Commercial:
Commercial	29,564		35,161
Agricultural	1,562		570
Total commercial	31,126		35,731
Other	564		3
Total	$	153,516	$	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
September 30, 2025
Consumer:
Credit cards	$	1,360	$	613	$	1,973	$	171,047	$	173,020	$	423
Other consumer	1,142		135		1,277		111,058		112,335		—
Total consumer	2,502		748		3,250		282,105		285,355		423
Real estate:
Construction and development	283		9,285		9,568		2,865,255		2,874,823		—
Single family residential	18,401		12,250		30,651		2,587,198		2,617,849		—
Other commercial	12,985		67,942		80,927		7,794,722		7,875,649		—
Total real estate	31,669		89,477		121,146		13,247,175		13,368,321		—
Commercial:
Commercial	4,953		25,251		30,204		2,367,184		2,397,388		—
Agricultural	638		892		1,530		351,651		353,181		—
Total commercial	5,591		26,143		31,734		2,718,835		2,750,569		—
Other	—		3		3		784,569		784,572		—
Total	$	39,762	$	116,371	$	156,133	$	17,032,684	$	17,188,817	$	423

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 nine month periods ended September 30, 2025.


			Percent of				Percent of
	Interest Rate		Total Class				Total Class
(Dollars in thousands)	Reduction		of Loans		Term Extension		of Loans
Three Months Ended September 30, 2025
Consumer:
Other consumer	$	—	—	%	$	21	0.02	%
Total consumer	—				21
Real estate:
Single family residential	309		0.01	%	—		—	%
Total real estate	309				—
Total	$	309			$	21

Nine Months Ended September 30, 2025
Consumer:
Other consumer	$	—	—	%	$	21	0.02	%
Total consumer	—				21
Real estate:
Single family residential	827		0.03	%	—		—	%
Total real estate	827				—
Total	$	827			$	21


			Percent of
	Interest Rate		Total Class
(Dollars in thousands)	Reduction		of Loans
Three Months Ended September 30, 2024
Real estate:
Single family residential	$	142	0.01	%
Total real estate	$	142

Nine Months Ended September 30, 2024
Real estate:
Single family residential	$	795	0.03	%
Total real estate	$	795

Schedule of Loans by Credit Risk Rating

The following table presents a summary of loans by credit quality indicator, as of September 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	$	—	$	—	$	—	$	—	$	—	$	—	$	171,047	$	—	$	171,047
30-89 days past due	—		—		—		—		—		—		1,360		—		1,360
90+ days past due	—		—		—		—		—		—		613		—		613
Total consumer - credit cards	—		—		—		—		—		—		173,020		—		173,020
Current-period consumer - credit cards gross charge-offs	—		—		—		—		—		—		5,024		—		5,024
Consumer - other
Delinquency:
Current	49,396		18,565		9,695		8,621		2,443		1,101		21,237		—		111,058
30-89 days past due	229		362		152		344		28		—		27		—		1,142
90+ days past due	30		59		20		18		8		—		—		—		135
Total consumer - other	49,655		18,986		9,867		8,983		2,479		1,101		21,264		—		112,335
Current-period consumer - other gross charge-offs	53		713		285		637		63		36		104		—		1,891
Real estate - C&D
Risk rating:
Pass	83,248		72,848		82,239		34,795		19,253		18,498		2,540,087				2,850,968
Special mention	—		—		—		46		—		—		12,115				12,161
Substandard	—		300		52		19		21		42		11,260				11,694
Doubtful and loss	—		—		—		—		—		—		—				—
Total real estate - C&D	83,248		73,148		82,291		34,860		19,274		18,540		2,563,462		—		2,874,823
Current-period real estate - C&D gross charge-offs	—		34		—		—		2		—		14		—		50
Real estate - SF residential
Delinquency:
Current	193,423		218,445		283,430		501,913		266,946		591,325		531,716		—		2,587,198
30-89 days past due	520		3,263		2,372		4,342		822		4,464		2,618		—		18,401
90+ days past due	334		3,125		1,559		2,739		208		2,338		1,947		—		12,250
Total real estate - SF residential	194,277		224,833		287,361		508,994		267,976		598,127		536,281		—		2,617,849
Current-period real estate - SF residential gross charge-offs	—		271		282		122		47		35		232		—		989


	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	$	804,441	$	692,222	$	502,547	$	1,168,191	$	840,703	$	672,954	$	2,671,842	$	—	$	7,352,900
Special mention	—		5,803		4,023		24,970		2,023		13,225		136,234		—		186,278
Substandard	3,841		34,855		6,645		16,948		16,323		34,970		222,843		—		336,425
Doubtful and loss	—		—		—		46		—		—		—		—		46
Total real estate - other commercial	808,282		732,880		513,215		1,210,155		859,049		721,149		3,030,919		—		7,875,649
Current-period real estate - other commercial gross charge-offs	192		353		26		274		24		157		5,160		—		6,186
Commercial
Risk rating:
Pass	267,528		205,563		184,867		169,479		72,287		32,288		1,377,766		—		2,309,778
Special mention	—		331		962		757		77		717		32,919		—		35,763
Substandard	3,440		14,625		4,541		5,148		1,668		4,402		18,007		—		51,831
Doubtful and loss	—		—		13		3		—		—		—		—		16
Total commercial	270,968		220,519		190,383		175,387		74,032		37,407		1,428,692		—		2,397,388
Current-period commercial - gross charge-offs	60		52		1,530		3,489		929		2,899		11,586		—		20,545
Commercial - agriculture
Risk rating:
Pass	42,969		19,569		15,416		10,742		3,596		2,070		256,622		—		350,984
Special mention	497		17		—		69		—		—		52		—		635
Substandard	—		110		9		32		—		120		1,291		—		1,562
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total commercial - agriculture	43,466		19,696		15,425		10,843		3,596		2,190		257,965		—		353,181
Current-period commercial - agriculture gross charge-offs	—		6		11		—		—		13		4		—		34
Other
Delinquency:
Current	27,308		64,486		27,017		128,936		26,090		26,592		484,140		—		784,569
30-89 days past due	—		—		—		—		—		—		—		—		—
90+ days past due	—		—		—		—		—		3		—		—		3
Total other	27,308		64,486		27,017		128,936		26,090		26,595		484,140		—		784,572
Current-period other - gross charge-offs	—		—		—		—		—		—		193		—		193
Total	$	1,477,204	$	1,354,548	$	1,125,559	$	2,078,158	$	1,252,496	$	1,405,109	$	8,495,743	$	—	$	17,188,817

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
September 30, 2025
Construction and development	$	402	$	—	$	402
Single family residential	—		—		—
Other commercial real estate	92,542		—		92,542
Commercial			15,472		15,472
Total	$	92,944	$	15,472	$	108,416

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 nine months ended September 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 September 30, 2025
Beginning balance, July 1, 2025	$	37,198	$	203,985	$	6,087	$	6,267	$	253,537
Provision for credit loss expense	7,196		5,517		1,499		968		15,180
Charge-offs	(8,079)		(1,350)		(1,862)		(600)		(11,891)
Recoveries	505		115		257		303		1,180
Net (charge-offs) recoveries	(7,574)		(1,235)		(1,605)		(297)		(10,711)
Ending balance, September 30, 2025	$	36,820	$	208,267	$	5,981	$	6,938	$	258,006


(In thousands)	Commercial		Real Estate		Credit Card		Other Consumer and Other		Total
Nine Months Ended September 30, 2025
Beginning balance, January 1, 2025	$	41,587	$	181,962	$	6,007	$	5,463	$	235,019
Provision for credit loss expense	13,841		33,229		4,196		2,656		53,922
Charge-offs	(20,579)		(7,225)		(5,024)		(2,084)		(34,912)
Recoveries	1,971		301		802		903		3,977
Net (charge-offs) recoveries	(18,608)		(6,924)		(4,222)		(1,181)		(30,935)
Ending balance, September 30, 2025	$	36,820	$	208,267	$	5,981	$	6,938	$	258,006

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


(In thousands)	Commercial		Real Estate		Credit Card		Other Consumer and Other		Total
Allowance for credit losses:
Three Months Ended September 30, 2024
Beginning balance, July 1, 2024	$	43,550	$	175,176	$	5,765	$	5,898	$	230,389
Provision for credit loss expense	8,088		1,598		1,755		707		12,148
Charge-offs	(8,235)		(159)		(1,744)		(524)		(10,662)
Recoveries	439		403		231		275		1,348
Net (charge-offs) recoveries	(7,796)		244		(1,513)		(249)		(9,314)
Ending balance, September 30, 2024	$	43,842	$	177,018	$	6,007	$	6,356	$	233,223

Nine Months Ended September 30, 2024
Beginning balance, January 1, 2024	$	36,470	$	177,177	$	5,868	$	5,716	$	225,231
Provision for credit loss expense	26,107		1,770		4,247		1,329		33,453
Charge-offs	(20,071)		(3,139)		(4,808)		(1,806)		(29,824)
Recoveries	1,336		1,210		700		1,117		4,363
Net (charge-offs) recoveries	(18,735)		(1,929)		(4,108)		(689)		(25,461)
Ending balance, September 30, 2024	$	43,842	$	177,018	$	6,007	$	6,356	$	233,223

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


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2025		2024		2025		2024
Provision for credit losses related to:
Loans	$	15,180	$	12,148	$	53,922	$	33,453
Unfunded commitments	—		—		—		—
Securities - HTM	(3,214)		—		(3,214)		—
Securities - AFS	—		—		—		—
Total	$	11,966	$	12,148	$	50,708	$	33,453