Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2026

The various categories of loans are summarized as follows:


	March 31,		December 31,
(In thousands)	2026		2025
Consumer:
Credit cards	$	172,610	$	175,760
Other consumer	96,387		115,472
Total consumer	268,997		291,232
Real Estate:
Construction and development	2,621,859		2,873,807
Single family residential	2,566,162		2,607,450
Other commercial	8,764,648		8,289,968
Total real estate	13,952,669		13,771,225
Commercial:
Commercial	2,521,440		2,382,339
Agricultural	333,508		306,300
Total commercial	2,854,948		2,688,639
Other	856,269		741,083
Total loans	$	17,932,883	$	17,492,179

Schedule of Nonaccrual Loans, Excluding Loans Acquired

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


	March 31,		December 31,
(In thousands)	2026		2025
Consumer:
Credit cards	$	555	$	568
Other consumer	331		386
Total consumer	886		954
Real estate:
Construction and development	39,354		17,516
Single family residential	37,279		33,345
Other commercial	46,065		45,417
Total real estate	122,698		96,278
Commercial:
Commercial	16,001		13,458
Agricultural	1,648		1,098
Total commercial	17,649		14,556
Other	—		3
Total	$	141,233	$	111,791

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
March 31, 2026
Consumer:
Credit cards	$	2,448	$	591	$	3,039	$	169,571	$	172,610	$	502
Other consumer	660		226		886		95,501		96,387		—
Total consumer	3,108		817		3,925		265,072		268,997		502
Real estate:
Construction and development	26,609		37,179		63,788		2,558,071		2,621,859		—
Single family residential	37,398		15,895		53,293		2,512,869		2,566,162		—
Other commercial	28,443		43,521		71,964		8,692,684		8,764,648		145
Total real estate	92,450		96,595		189,045		13,763,624		13,952,669		145
Commercial:
Commercial	6,500		13,572		20,072		2,501,368		2,521,440		—
Agricultural	1,095		491		1,586		331,922		333,508		—
Total commercial	7,595		14,063		21,658		2,833,290		2,854,948		—
Other	263		—		263		856,006		856,269		—
Total	$	103,416	$	111,475	$	214,891	$	17,717,992	$	17,932,883	$	647

December 31, 2025
Consumer:
Credit cards	$	2,414	$	751	$	3,165	$	172,595	$	175,760	$	697
Other consumer	1,073		166		1,239		114,233		115,472		—
Total consumer	3,487		917		4,404		286,828		291,232		697
Real estate:
Construction and development	13,344		17,418		30,762		2,843,045		2,873,807		—
Single family residential	34,731		15,690		50,421		2,557,029		2,607,450		—
Other commercial	10,879		38,047		48,926		8,241,042		8,289,968		148
Total real estate	58,954		71,155		130,109		13,641,116		13,771,225		148
Commercial:
Commercial	2,755		10,672		13,427		2,368,912		2,382,339		103
Agricultural	14		598		612		305,688		306,300		—
Total commercial	2,769		11,270		14,039		2,674,600		2,688,639		103
Other	—		3		3		741,080		741,083		—
Total	$	65,210	$	83,345	$	148,555	$	17,343,624	$	17,492,179	$	948

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 month period ended March 31, 2026.


			Percent of				Percent of
	Interest Rate		Total Class				Total Class
(Dollars in thousands)	Reduction		of Loans		Term Extension		of Loans









Three Months Ended March 31, 2026
Consumer:
Other consumer	$	4	—	%	$	7	0.01	%
Total consumer	4				7
Real estate:
Single family residential	163		0.01	%	—		—	%
Other commercial	2,355		0.03	%	—		—	%
Total real estate	2,518				—
Total	$	2,522			$	7


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

Schedule of Loans by Credit Risk Rating

The following table presents a summary of loans by credit quality indicator, as of March 31, 2026, segregated by class of loans.


	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2026 (YTD)		2025		2024		2023		2022		2021 and Prior		Lines of Credit (“LOC”) Amortized Cost Basis		LOC Converted to Term Loans Amortized Cost Basis		Total
Consumer - credit cards
Delinquency:
Current	$	—	$	—	$	—	$	—	$	—	$	—	$	169,571	$	—	$	169,571
30-89 days past due	—		—		—		—		—		—		2,448		—		2,448
90+ days past due	—		—		—		—		—		—		591		—		591
Total consumer - credit cards	—		—		—		—		—		—		172,610		—		172,610
Current-period consumer - credit cards gross charge-offs	—		—		—		—		—		—		1,677		—		1,677
Consumer - other
Delinquency:
Current	20,020		26,085		12,488		5,958		5,362		2,375		23,213		—		95,501
30-89 days past due	—		156		161		34		170		42		97		—		660
90+ days past due	—		70		29		16		98		13		—		—		226
Total consumer - other	20,020		26,311		12,678		6,008		5,630		2,430		23,310		—		96,387
Current-period consumer - other gross charge-offs	—		210		143		56		49		14		54		—		526
Real estate - C&D
Risk rating:
Pass	20,576		139,862		29,110		59,753		32,818		41,271		2,219,290		—		2,542,680
Special mention	—		—		—		—		—		—		10,162		—		10,162
Substandard	—		—		50		44		3,574		46		65,303		—		69,017
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total real estate - C&D	20,576		139,862		29,160		59,797		36,392		41,317		2,294,755		—		2,621,859
Current-period real estate - C&D gross charge-offs	—		—		—		525		—		308		—		—		833
Real estate - SF residential
Delinquency:
Current	54,605		224,651		174,685		250,267		458,676		786,582		563,403		—		2,512,869
30-89 days past due	214		2,803		2,949		2,806		6,258		18,781		3,587		—		37,398
90+ days past due	—		390		757		1,738		5,904		4,644		2,462		—		15,895
Total real estate - SF residential	54,819		227,844		178,391		254,811		470,838		810,007		569,452		—		2,566,162
Current-period real estate - SF residential gross charge-offs	—		50		26		299		138		—		2		—		515


	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2026 (YTD)		2025		2024		2023		2022		2021 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	$	371,669	$	1,402,491	$	487,630	$	380,627	$	1,104,694	$	1,525,470	$	3,114,564	$	—	$	8,387,145
Special mention	—		4,622		12,869		4,061		16,167		10,853		87,788		—		136,360
Substandard	—		3,792		4,470		16,202		31,126		57,651		127,902		—		241,143
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total real estate - other commercial	371,669		1,410,905		504,969		400,890		1,151,987		1,593,974		3,330,254		—		8,764,648
Current-period real estate - other commercial gross charge-offs	—		—		432		1,157		—		3,692		—		—		5,281
Commercial
Risk rating:
Pass	112,274		311,756		155,136		131,188		138,774		99,232		1,491,117		—		2,439,477
Special mention	—		—		73		73		1,367		870		38,664		—		41,047
Substandard	—		1,842		5,907		3,749		1,950		6,268		21,200		—		40,916
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total commercial	112,274		313,598		161,116		135,010		142,091		106,370		1,550,981		—		2,521,440
Current-period commercial - gross charge-offs	—		447		288		108		85		247		—		—		1,175
Commercial - agriculture
Risk rating:
Pass	27,846		39,531		14,540		11,634		8,255		4,252		225,010		—		331,068
Special mention	—		338		—		80		68		—		295		—		781
Substandard	—		952		16		99		60		97		435		—		1,659
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total commercial - agriculture	27,846		40,821		14,556		11,813		8,383		4,349		225,740		—		333,508
Current-period commercial - agriculture gross charge-offs	—		491		—		—		—		—		—		—		491
Other
Delinquency:
Current	9,676		97,710		61,364		23,496		125,720		49,097		488,943		—		856,006
30-89 days past due	—		—		—		263		—		—		—		—		263
90+ days past due	—		—		—		—		—		—		—		—		—
Total other	9,676		97,710		61,364		23,759		125,720		49,097		488,943		—		856,269
Current-period other - gross charge-offs	—		—		—		—		—		—		64		—		64
Total	$	616,880	$	2,257,051	$	962,234	$	892,088	$	1,941,041	$	2,607,544	$	8,656,045	$	—	$	17,932,883

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


	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2025		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	$	—	$	—	$	—	$	—	$	—	$	—	$	172,595	$	—	$	172,595
30-89 days past due	—		—		—		—		—		—		2,414		—		2,414
90+ days past due	—		—		—		—		—		—		751		—		751
Total consumer - credit cards	—		—		—		—		—		—		175,760		—		175,760
Current-period consumer - credit cards gross charge-offs	—		—		—		—		—		—		6,370		—		6,370
Consumer - other
Delinquency:
Current	61,242		14,933		7,889		6,942		2,029		864		20,334		—		114,233
30-89 days past due	315		344		97		244		39		—		34		—		1,073
90+ days past due	31		55		34		39		3		—		4		—		166
Total consumer - other	61,588		15,332		8,020		7,225		2,071		864		20,372		—		115,472
Current-period consumer - other gross charge-offs	166		933		387		679		64		36		129		—		2,394
Real estate - C&D
Risk rating:
Pass	143,444		32,104		81,866		35,266		22,861		22,127		2,477,812		—		2,815,480
Special mention	—		—		—		—		—		—		3,281		—		3,281
Substandard	—		—		46		3,578		12		39		51,371		—		55,046
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total real estate - C&D	143,444		32,104		81,912		38,844		22,873		22,166		2,532,464		—		2,873,807
Current-period real estate - C&D gross charge-offs	—		303		—		—		4		21		14		—		342
Real estate - SF residential
Delinquency:
Current	240,137		180,340		264,324		475,155		254,727		578,426		563,920		—		2,557,029
30-89 days past due	2,013		2,087		3,187		8,148		2,080		14,425		2,791		—		34,731
90+ days past due	54		445		2,804		4,983		180		5,024		2,200		—		15,690
Total real estate - SF residential	242,204		182,872		270,315		488,286		256,987		597,875		568,911		—		2,607,450
Current-period real estate - SF residential gross charge-offs	—		309		281		122		47		217		269		—		1,245
Real estate - other commercial
Risk rating:
Pass	1,417,580		514,130		400,008		1,129,929		864,043		797,780		2,730,301		—		7,853,771
Special mention	—		5,123		2,003		27,132		2,126		5,531		127,576		—		169,491
Substandard	4,601		3,600		16,313		20,158		21,763		33,061		167,210		—		266,706
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total real estate - other commercial	1,422,181		522,853		418,324		1,177,219		887,932		836,372		3,025,087		—		8,289,968
Current-period real estate - other commercial gross charge-offs	192		5,940		26		293		102		1,215		23,720		—		31,488


	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2025		2024		2023		2022		2021		2020 and Prior		Lines of Credit (“LOC”) Amortized Cost Basis		LOC Converted to Term Loans Amortized Cost Basis		Total
Commercial
Risk rating:
Pass	$	348,879	$	164,847	$	142,008	$	155,170	$	69,768	$	37,007	$	1,390,040	$	—	$	2,307,719
Special mention	—		131		600		1,276		174		720		40,752		—		43,653
Substandard	3,380		6,054		2,771		1,696		1,598		4,524		10,941		—		30,964
Doubtful and loss	—		—		—		3		—		—		—		—		3
Total commercial	352,259		171,032		145,379		158,145		71,540		42,251		1,441,733		—		2,382,339
Current-period commercial - gross charge-offs	277		8,849		1,622		5,058		937		9,230		16,229		—		42,202
Commercial - agriculture
Risk rating:
Pass	47,211		16,056		14,185		10,101		3,519		1,793		211,605		—		304,470
Special mention	419		14		—		68		—		—		48		—		549
Substandard	—		20		99		24		8		120		1,010		—		1,281
Doubtful and loss	—		—		—		—		—		—		—		—		—
Total commercial - agriculture	47,630		16,090		14,284		10,193		3,527		1,913		212,663		—		306,300
Current-period commercial - agriculture gross charge-offs	—		6		11		—		—		13		351		—		381
Other
Delinquency:
Current	100,774		62,625		26,085		126,263		25,475		25,607		374,251		—		741,080
30-89 days past due	—		—		—		—		—		—		—		—		—
90+ days past due	—		—		—		—		—		3		—		—		3
Total other	100,774		62,625		26,085		126,263		25,475		25,610		374,251		—		741,083
Current-period other - gross charge-offs	—		—		—		—		—		—		240		—		240
Total	$	2,370,080	$	1,002,908	$	964,319	$	2,006,175	$	1,270,405	$	1,527,051	$	8,351,241	$	—	$	17,492,179

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
March 31, 2026
Construction and development	$	43,940	$	—	$	43,940
Single family residential	—		—		—
Other commercial real estate	64,411		—		64,411
Commercial	—		2,014		2,014
Total	$	108,351	$	2,014	$	110,365

December 31, 2025
Construction and development	$	44,114	$	—	$	44,114
Single family residential	—		—		—
Other commercial real estate	66,266		—		66,266
Commercial	—		1,994		1,994
Total	$	110,380	$	1,994	$	112,374

The following table details activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2026. 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 March 31, 2026
Beginning balance, January 1, 2026	$	27,998	$	183,677	$	5,991	$	6,711	$	224,377
Provision for credit loss expense	3,240		10,669		924		(211)		14,622
Charge-offs	(1,666)		(6,629)		(1,677)		(590)		(10,562)
Recoveries	253		449		468		301		1,471
Net (charge-offs) recoveries	(1,413)		(6,180)		(1,209)		(289)		(9,091)
Ending balance, March 31, 2026	$	29,825	$	188,166	$	5,706	$	6,211	$	229,908

Activity in the allowance for credit losses for the three months ended March 31, 2025 was as follows:


(In thousands)	Commercial		Real 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 expense	1,572		22,443		1,359		1,423		26,797
Charge-offs	(4,243)		(4,425)		(1,460)		(1,133)		(11,261)
Recoveries	997		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

The components of the provision for credit losses for the three month periods ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
(In thousands)		2026		2025
Provision for credit losses related to:
Loans		$	14,622	$	26,797
Unfunded commitments		—		—
Securities - HTM		—		—
Securities - AFS		—		—
Total		$	14,622	$	26,797