Loans Held for Investment (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Receivables [Abstract] |
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| Schedule of Loans by Class |
The following table presents loans by class of receivable and portfolio segment as of the dates indicated: | | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | Real estate: | | | | | Commercial | $ | 8,750.9 | | | $ | 9,263.2 | | | Construction | 1,004.6 | | | 1,244.6 | | | Residential | 2,157.5 | | | 2,191.6 | | | Agricultural | 635.6 | | | 701.1 | | | Total real estate | 12,548.6 | | | 13,400.5 | | | Consumer: | | | | | Indirect | 607.1 | | | 725.0 | | | Direct and advance lines | 134.4 | | | 134.0 | | | Credit card | — | | | 77.6 | | | Total consumer | 741.5 | | | 936.6 | | | Commercial | 2,529.9 | | | 2,829.4 | | | Agricultural | 541.4 | | | 687.9 | | | Other, including overdrafts | 2.0 | | | 1.6 | | | Loans held for investment | 16,363.4 | | | 17,856.0 | | | Deferred loan fees and costs | (10.0) | | | (11.1) | | | Loans held for investment, net of deferred fees and costs | 16,353.4 | | | 17,844.9 | | | Allowance for credit losses | (209.6) | | | (204.1) | | | Net loans held for investment | $ | 16,143.8 | | | $ | 17,640.8 | | | | | | |
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| Schedule of Allowance for Loan Losses by Portfolio Segment |
The following tables represent, by loan portfolio segments, the activity in the allowance for credit losses for loans held for investment: | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | Beginning Balance | | Provision for (reversal of) Credit Losses | Loans Charged-Off(2) | Recoveries Collected | Ending Balance | Allowance for credit losses (1) | | | | | | | | Real estate | $ | 146.0 | | | $ | 0.7 | | $ | (3.2) | | $ | 5.2 | | $ | 148.7 | | | Consumer | 15.9 | | | 0.2 | | (5.6) | | 1.5 | | 12.0 | | | Commercial | 46.3 | | | (1.6) | | (2.2) | | 0.4 | | 42.9 | | | Agricultural | 7.1 | | | 0.8 | | (2.0) | | 0.1 | | 6.0 | | | Total allowance for credit losses | $ | 215.3 | | | $ | 0.1 | | $ | (13.0) | | $ | 7.2 | | $ | 209.6 | | | | | | | | | | Six Months Ended June 30, 2025 | Beginning Balance | | Provision for Credit Loss | Loans Charged-Off(2) | Recoveries Collected | Ending Balance | Allowance for credit losses (1) | | | | | | | | Real estate | $ | 139.4 | | | $ | 7.5 | | $ | (3.5) | | $ | 5.3 | | $ | 148.7 | | | Consumer | 16.8 | | | 2.8 | | (10.3) | | 2.7 | | 12.0 | | | Commercial | 38.9 | | | 8.2 | | (5.1) | | 0.9 | | 42.9 | | | Agricultural | 9.0 | | | 1.8 | | (4.9) | | 0.1 | | 6.0 | | | Total allowance for credit losses | $ | 204.1 | | | $ | 20.3 | | $ | (23.8) | | $ | 9.0 | | $ | 209.6 | | | | | | | | | | Three Months Ended June 30, 2024 | Beginning Balance | | Provision for (reversal of) Credit Losses | Loans Charged-Off(2) | Recoveries Collected | Ending Balance | Allowance for credit losses (1) | | | | | | | | Real estate | $ | 152.9 | | | $ | (3.3) | | $ | (10.1) | | $ | 0.2 | | $ | 139.7 | | | Consumer | 12.6 | | | 8.6 | | (4.0) | | 1.3 | | 18.5 | | | Commercial | 58.0 | | | 12.1 | | (2.2) | | 1.3 | | 69.2 | | | Agricultural | 4.2 | | | 1.2 | | — | | — | | 5.4 | | | Total allowance for credit losses | $ | 227.7 | | | $ | 18.6 | | $ | (16.3) | | $ | 2.8 | | $ | 232.8 | | | | | | | | | | Six Months Ended June 30, 2024 | Beginning Balance | | Provision for (reversal of) Credit Losses | Loans Charged-Off(2) | Recoveries Collected | Ending Balance | Allowance for credit losses (1) | | | | | | | | Real estate | $ | 160.1 | | | $ | (8.0) | | $ | (13.3) | | $ | 0.9 | | $ | 139.7 | | | Consumer | 13.0 | | | 11.0 | | (7.8) | | 2.3 | | 18.5 | | | Commercial | 50.2 | | | 23.3 | | (6.2) | | 1.9 | | 69.2 | | | Agricultural | 4.4 | | | 0.7 | | — | | 0.3 | | 5.4 | | | Total allowance for credit losses | $ | 227.7 | | | $ | 27.0 | | $ | (27.3) | | $ | 5.4 | | $ | 232.8 | | | | | | | | | (1) Amounts presented exclude the ACL related to unfunded commitments and investment securities. The allowance for credit losses related to unfunded commitments and investment securities are included in the “Financial Instruments with Off-Balance Sheet Risk” Note and “Investment Securities” Note, respectively. | (2) Loans, or portions thereof, are charged-off against the ACL when management believes the collectability of the principal is unlikely, or, with respect to consumer installment loans, according to an established delinquency schedule. |
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| Schedule of Recorded Investment in Past Due Loans by Class |
Loans are considered past due if the required principal and interest payments have not been received 30 days or more past the contractual payment due date. Loans classified in the following table as 90 days or more past due continue to accrue interest. The following tables present the contractual aging of the Company’s recorded principal balance of loans by class of receivable as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30 - 59 | 60 - 89 | 90 or more | | | | | | | Days | Days | Days | Total Loans | Current | Non-accrual | Total | | | As of June 30, 2025 | Past Due | Past Due | Past Due | Past Due | Loans | Loans (1)(2)(3) | Loans | | | Real estate: | | | | | | | | | | Commercial | $ | 0.9 | | $ | 4.4 | | $ | 0.1 | | $ | 5.4 | | $ | 8,664.5 | | $ | 81.0 | | $ | 8,750.9 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Construction | 9.3 | | 0.3 | | — | | 9.6 | | 991.0 | | 4.0 | | 1,004.6 | | | | Residential | 1.8 | | 1.5 | | — | | 3.3 | | 2,138.1 | | 16.1 | | 2,157.5 | | | | Agricultural | 5.1 | | 1.2 | | 0.1 | | 6.4 | | 608.4 | | 20.8 | | 635.6 | | | | Total real estate | 17.1 | | 7.4 | | 0.2 | | 24.7 | | 12,402.0 | | 121.9 | | 12,548.6 | | | | Consumer: | | | | | | | | | | Indirect | 7.0 | | 2.1 | | 0.6 | | 9.7 | | 593.5 | | 3.9 | | 607.1 | | | | Direct and advance lines | 0.8 | | 0.3 | | 0.1 | | 1.2 | | 132.7 | | 0.5 | | 134.4 | | | | Credit card | — | | — | | — | | — | | — | | — | | — | | | | Total consumer | 7.8 | | 2.4 | | 0.7 | | 10.9 | | 726.2 | | 4.4 | | 741.5 | | | | Commercial | 3.9 | | 3.2 | | 0.5 | | 7.6 | | 2,477.9 | | 44.4 | | 2,529.9 | | | | Agricultural | 10.4 | | — | | — | | 10.4 | | 509.0 | | 22.0 | | 541.4 | | | | Other, including overdrafts | — | | — | | — | | — | | 2.0 | | — | | 2.0 | | | | Loans held for investment | $ | 39.2 | | $ | 13.0 | | $ | 1.4 | | $ | 53.6 | | $ | 16,117.1 | | $ | 192.7 | | $ | 16,363.4 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30 - 59 | 60 - 89 | 90 or more | | | | | | | Days | Days | Days | Total Loans | Current | Non-accrual | Total | | | As of December 31, 2024 | Past Due | Past Due | Past Due | Past Due | Loans | Loans (1)(2)(3) | Loans | | | Real estate: | | | | | | | | | | Commercial | $ | 4.9 | | $ | 2.8 | | $ | — | | $ | 7.7 | | $ | 9,200.1 | | $ | 55.4 | | $ | 9,263.2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Construction | 3.7 | | — | | — | | 3.7 | | 1,237.6 | | 3.3 | | 1,244.6 | | | | Residential | 6.6 | | 2.7 | | 0.4 | | 9.7 | | 2,166.5 | | 15.4 | | 2,191.6 | | | | Agricultural | 7.6 | | 2.8 | | — | | 10.4 | | 685.4 | | 5.3 | | 701.1 | | | | Total real estate | 22.8 | | 8.3 | | 0.4 | | 31.5 | | 13,289.6 | | 79.4 | | 13,400.5 | | | | Consumer: | | | | | | | | | | Indirect | 8.4 | | 2.6 | | 0.7 | | 11.7 | | 709.4 | | 3.9 | | 725.0 | | | | Direct and advance lines | 0.6 | | 0.2 | | 0.3 | | 1.1 | | 132.3 | | 0.6 | | 134.0 | | | | Credit card | 0.7 | | 0.5 | | 1.0 | | 2.2 | | 75.4 | | — | | 77.6 | | | | Total consumer | 9.7 | | 3.3 | | 2.0 | | 15.0 | | 917.1 | | 4.5 | | 936.6 | | | | Commercial | 11.2 | | 3.0 | | 0.6 | | 14.8 | | 2,781.1 | | 33.5 | | 2,829.4 | | | | Agricultural | 2.4 | | 2.8 | | — | | 5.2 | | 661.8 | | 20.9 | | 687.9 | | | | Other, including overdrafts | — | | — | | — | | — | | 1.6 | | — | | 1.6 | | | | Loans held for investment | $ | 46.1 | | $ | 17.4 | | $ | 3.0 | | $ | 66.5 | | $ | 17,651.2 | | $ | 138.3 | | $ | 17,856.0 | | |
(1) As of June 30, 2025 and December 31, 2024, none of our non-accrual loans were earning interest income. Additionally, $1.1 million and $1.5 million interest income was recognized on non-accrual loans during the three and the six months ended June 30, 2025, respectively, and $0.5 million and $0.8 million interest income was recognized on non-accrual loans during the three and the six months ended June 30, 2024, respectively. There were $1.0 million and $2.5 million in reversals of accrued interest during the three and the six months ended June 30, 2025, respectively, and $0.2 million and $2.0 million in reversals of accrued interest during the three and the six months ended June 30, 2024, respectively. (2) As of June 30, 2025 and December 31, 2024, there were approximately $130.3 million and $56.9 million, respectively, of non-accrual loans for which there was no related allowance for credit loss, as these loans had sufficient collateral securing the loan for repayment. (3) As of June 30, 2025, there were approximately $29.5 million, $9.7 million, and $74.7 million of non-accrual loans that were 30-59 days past due, 60-89 days past due, and 90 days or more past due, respectively. As of December 31, 2024, there were approximately $13.5 million, $6.2 million, and $40.5 million of non-accrual loans that were 30-59 days past due, 60-89 days past due, and 90 days or more past due, respectively.
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| Schedule of Recorded Credit Quality Indicator |
The Company evaluates the credit quality and loan performance for the allowance for credit losses of the following class of receivables by origination year using the origination date or the loan’s subsequent renewal or modification date based on the aforementioned risk scale as of and for the periods ended: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | | Term Loans Amortized Cost Basis by Origination Year | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted To Term | Total | | Commercial real estate: | | | | | | | | | | | Pass | $ | 483.3 | | $ | 1,097.8 | | $ | 1,162.6 | | $ | 1,562.9 | | $ | 1,174.0 | | $ | 2,322.1 | | $ | 69.6 | | $ | 97.1 | | $ | 7,969.4 | | | Special mention | 116.1 | | 137.4 | | 45.5 | | 39.7 | | 96.8 | | 111.5 | | 0.1 | | — | | 547.1 | | | Substandard | 21.2 | | 41.4 | | 27.0 | | 36.3 | | 46.3 | | 53.7 | | — | | 0.4 | | 226.3 | | | Doubtful | 1.9 | | 0.5 | | 5.7 | | — | | — | | — | | — | | — | | 8.1 | | | Total | 622.5 | | 1,277.1 | | 1,240.8 | | 1,638.9 | | 1,317.1 | | 2,487.3 | | 69.7 | | 97.5 | | 8,750.9 | | | | | | | | | | | | | Construction real estate: | | | | | | | | | | | Pass | 143.4 | | 349.5 | | 108.5 | | 228.0 | | 33.4 | | 28.3 | | 73.4 | | 3.5 | | 968.0 | | | Special mention | 10.4 | | 1.1 | | 0.2 | | 0.1 | | — | | — | | — | | — | | 11.8 | | | Substandard | 9.5 | | 1.9 | | 0.1 | | 10.1 | | 1.7 | | — | | 0.2 | | — | | 23.5 | | | Doubtful | — | | 1.3 | | — | | — | | — | | — | | — | | — | | 1.3 | | | Total | 163.3 | | 353.8 | | 108.8 | | 238.2 | | 35.1 | | 28.3 | | 73.6 | | 3.5 | | 1,004.6 | | | | | | | | | | | | | Agricultural real estate: | | | | | | | | | | | Pass | 37.0 | | 93.8 | | 46.1 | | 111.5 | | 92.9 | | 149.7 | | 22.2 | | 0.3 | | 553.5 | | | Special mention | 4.1 | | 10.6 | | 1.7 | | 4.2 | | 8.1 | | 15.3 | | 1.1 | | — | | 45.1 | | | Substandard | 6.7 | | 2.9 | | 6.8 | | 3.3 | | 6.3 | | 11.0 | | — | | — | | 37.0 | | | | | | | | | | | | | Total | 47.8 | | 107.3 | | 54.6 | | 119.0 | | 107.3 | | 176.0 | | 23.3 | | 0.3 | | 635.6 | | | | | | | | | | | | | Commercial: | | | | | | | | | | | Pass | 166.9 | | 340.4 | | 287.2 | | 317.6 | | 251.9 | | 312.2 | | 660.9 | | 7.1 | | 2,344.2 | | | Special mention | 6.7 | | 11.0 | | 8.7 | | 4.9 | | 4.4 | | 0.8 | | 43.1 | | — | | 79.6 | | | Substandard | 7.3 | | 26.2 | | 8.3 | | 8.7 | | 5.2 | | 2.6 | | 23.9 | | 13.7 | | 95.9 | | | Doubtful | 0.5 | | 2.5 | | 0.5 | | 6.3 | | 0.4 | | — | | — | | — | | 10.2 | | | Total | 181.4 | | 380.1 | | 304.7 | | 337.5 | | 261.9 | | 315.6 | | 727.9 | | 20.8 | | 2,529.9 | | | | | | | | | | | | | Agricultural: | | | | | | | | | | | Pass | 52.6 | | 50.0 | | 23.0 | | 31.0 | | 11.7 | | 8.3 | | 269.9 | | 0.9 | | 447.4 | | | Special mention | 13.9 | | 2.7 | | 1.0 | | 3.9 | | 0.8 | | — | | 37.1 | | 1.5 | | 60.9 | | | Substandard | 11.1 | | 5.4 | | 0.7 | | 0.1 | | — | | 0.5 | | 4.6 | | 0.1 | | 22.5 | | | Doubtful | 5.9 | | 0.1 | | 2.6 | | — | | — | | — | | 2.0 | | — | | 10.6 | | | Total | $ | 83.5 | | $ | 58.2 | | $ | 27.3 | | $ | 35.0 | | $ | 12.5 | | $ | 8.8 | | $ | 313.6 | | $ | 2.5 | | $ | 541.4 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | Term Loans Amortized Cost Basis by Origination Year | | | | | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted To Term | Total | | Commercial real estate: | | | | | | | | | | | Pass | $ | 1,208.5 | | $ | 1,340.2 | | $ | 1,909.1 | | $ | 1,344.1 | | $ | 1,069.7 | | $ | 1,778.3 | | $ | 74.1 | | $ | 109.8 | | $ | 8,833.8 | | | Special mention | 78.4 | | 17.5 | | 15.8 | | 16.1 | | 4.9 | | 79.2 | | 0.6 | | 9.8 | | 222.3 | | | Substandard | 81.5 | | 12.1 | | 22.0 | | 37.3 | | 10.2 | | 43.5 | | 0.5 | | — | | 207.1 | | | | | | | | | | | | | Total | 1,368.4 | | 1,369.8 | | 1,946.9 | | 1,397.5 | | 1,084.8 | | 1,901.0 | | 75.2 | | 119.6 | | 9,263.2 | | | | | | | | | | | | | Construction: | | | | | | | | | | | Pass | 438.0 | | 233.0 | | 320.2 | | 76.5 | | 17.3 | | 20.9 | | 124.8 | | 1.8 | | 1,232.5 | | | Special mention | 2.1 | | — | | 6.4 | | — | | — | | — | | — | | — | | 8.5 | | | | | | | | | | | | | Doubtful | 3.6 | | — | | — | | — | | — | | — | | — | | — | | 3.6 | | | Total | 443.7 | | 233.0 | | 326.6 | | 76.5 | | 17.3 | | 20.9 | | 124.8 | | 1.8 | | 1,244.6 | | | | | | | | | | | | | Agricultural real estate: | | | | | | | | | | | Pass | 118.6 | | 53.0 | | 104.7 | | 107.9 | | 66.0 | | 144.1 | | 33.4 | | 0.5 | | 628.2 | | | Special mention | 1.1 | | 0.2 | | 6.8 | | 6.1 | | 8.5 | | 0.7 | | — | | — | | 23.4 | | | Substandard | 12.9 | | 8.2 | | 19.7 | | 3.4 | | 4.4 | | 0.9 | | — | | — | | 49.5 | | | | | | | | | | | | | Total | 132.6 | | 61.4 | | 131.2 | | 117.4 | | 78.9 | | 145.7 | | 33.4 | | 0.5 | | 701.1 | | | | | | | | | | | | | Commercial: | | | | | | | | | | | Pass | 438.8 | | 353.0 | | 375.9 | | 316.0 | | 165.9 | | 255.2 | | 767.3 | | 8.9 | | 2,681.0 | | | Special mention | 3.9 | | 13.9 | | 3.1 | | 2.2 | | 6.2 | | 0.6 | | 19.1 | | — | | 49.0 | | | Substandard | 30.8 | | 5.4 | | 12.8 | | 5.5 | | 1.6 | | 3.4 | | 35.2 | | 1.5 | | 96.2 | | | Doubtful | — | | 1.6 | | 1.1 | | 0.5 | | — | | — | | — | | — | | 3.2 | | | Total | 473.5 | | 373.9 | | 392.9 | | 324.2 | | 173.7 | | 259.2 | | 821.6 | | 10.4 | | 2,829.4 | | | | | | | | | | | | | Agricultural: | | | | | | | | | | | Pass | 109.6 | | 34.1 | | 39.4 | | 16.6 | | 13.5 | | 5.8 | | 379.4 | | 1.1 | | 599.5 | | | Special mention | 4.1 | | 1.4 | | 0.9 | | 0.2 | | 0.9 | | 0.1 | | 5.1 | | — | | 12.7 | | | Substandard | 4.1 | | 25.9 | | 0.1 | | — | | 0.5 | | — | | 25.9 | | 0.3 | | 56.8 | | | Doubtful | 18.9 | | — | | — | | — | | — | | — | | — | | — | | 18.9 | | | Total | $ | 136.7 | | $ | 61.4 | | $ | 40.4 | | $ | 16.8 | | $ | 14.9 | | $ | 5.9 | | $ | 410.4 | | $ | 1.4 | | $ | 687.9 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | | Term Loans Amortized Cost Basis by Origination Year | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted To Term | Total | | Residential: | | | | | | | | | | | Performing | $ | 18.2 | | $ | 29.8 | | $ | 75.8 | | $ | 407.0 | | $ | 469.6 | | $ | 639.1 | | $ | 496.1 | | $ | 5.8 | | $ | 2,141.4 | | | Nonperforming | 0.5 | | 1.2 | | 1.3 | | 5.0 | | 2.3 | | 5.7 | | — | | 0.1 | | 16.1 | | | Total | 18.7 | | 31.0 | | 77.1 | | 412.0 | | 471.9 | | 644.8 | | 496.1 | | 5.9 | | 2,157.5 | | | | | | | | | | | | | Consumer indirect: | | | | | | | | | | | Performing | 31.3 | | 216.3 | | 98.8 | | 132.6 | | 53.3 | | 70.3 | | — | | — | | 602.6 | | | Nonperforming | 0.2 | | 0.9 | | 0.8 | | 1.2 | | 0.7 | | 0.7 | | — | | — | | 4.5 | | | Total | 31.5 | | 217.2 | | 99.6 | | 133.8 | | 54.0 | | 71.0 | | — | | — | | 607.1 | | | | | | | | | | | | | Consumer direct and advance lines: | | | | | | | | | | | Performing | 28.9 | | 35.2 | | 18.8 | | 13.8 | | 7.3 | | 7.0 | | 22.8 | | — | | 133.8 | | | Nonperforming | — | | 0.2 | | 0.1 | | 0.1 | | 0.1 | | 0.1 | | — | | — | | 0.6 | | | Total | $ | 28.9 | | $ | 35.4 | | $ | 18.9 | | $ | 13.9 | | $ | 7.4 | | $ | 7.1 | | $ | 22.8 | | $ | — | | $ | 134.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | Term Loans Amortized Cost Basis by Origination Year | | | | | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted To Term | Total | | Residential: | | | | | | | | | | | Performing | $ | 22.6 | | $ | 73.8 | | $ | 409.1 | | $ | 487.3 | | $ | 440.2 | | $ | 252.5 | | $ | 477.8 | | $ | 12.5 | | $ | 2,175.8 | | | Nonperforming | 1.3 | | 1.5 | | 4.9 | | 2.1 | | 1.1 | | 4.9 | | — | | — | | 15.8 | | | Total | 23.9 | | 75.3 | | 414.0 | | 489.4 | | 441.3 | | 257.4 | | 477.8 | | 12.5 | | 2,191.6 | | | | | | | | | | | | | Consumer indirect: | | | | | | | | | | | Performing | 266.8 | | 127.2 | | 167.5 | | 68.9 | | 44.4 | | 45.6 | | — | | — | | 720.4 | | | Nonperforming | 0.9 | | 1.1 | | 1.1 | | 0.6 | | 0.4 | | 0.5 | | — | | — | | 4.6 | | | Total | 267.7 | | 128.3 | | 168.6 | | 69.5 | | 44.8 | | 46.1 | | — | | — | | 725.0 | | | | | | | | | | | | | Consumer direct and advance lines: | | | | | | | | | | | Performing | 46.5 | | 25.4 | | 18.5 | | 10.0 | | 4.2 | | 5.2 | | 23.2 | | 0.1 | | 133.1 | | | Nonperforming | 0.4 | | 0.1 | | 0.2 | | 0.1 | | — | | 0.1 | | — | | — | | 0.9 | | | Total | 46.9 | | 25.5 | | 18.7 | | 10.1 | | 4.2 | | 5.3 | | 23.2 | | 0.1 | | 134.0 | | | | | | | | | | | | | Consumer credit card: | | | | | | | | | | | Performing | — | | — | | — | | — | | — | | — | | 76.6 | | — | | 76.6 | | | Nonperforming | — | | — | | — | | — | | — | | — | | 1.0 | | — | | 1.0 | | | Total | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 77.6 | | $ | — | | $ | 77.6 | | | | | | | | | | | | | | | | | | | | | |
The following table summarizes the current-period gross charge-offs by class of receivable and portfolio segment as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | | Term Loans Amortized Cost Basis by Origination Year | | | | | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted To Term | Total | | Real estate: | | | | | | | | | | | Commercial | $ | — | | $ | — | | $ | — | | $ | 0.2 | | $ | 2.5 | | $ | 0.1 | | $ | — | | $ | — | | $ | 2.8 | | | | | | | | | | | | | Residential | — | | 0.2 | | 0.1 | | 0.3 | | 0.1 | | — | | — | | — | | 0.7 | | | | | | | | | | | | | Total real estate | — | | 0.2 | | 0.1 | | 0.5 | | 2.6 | | 0.1 | | — | | — | | 3.5 | | | Consumer: | | | | | | | | | | | Indirect | — | | 1.2 | | 1.5 | | 1.2 | | 0.4 | | 0.5 | | — | | — | | 4.8 | | | Direct and advance lines | 0.1 | | 0.5 | | 0.3 | | 0.1 | | — | | 1.0 | | — | | — | | 2.0 | | | Credit card | — | | — | | — | | — | | — | | — | | 3.5 | | — | | 3.5 | | | Total consumer | 0.1 | | 1.7 | | 1.8 | | 1.3 | | 0.4 | | 1.5 | | 3.5 | | — | | 10.3 | | | Commercial | — | | 0.5 | | 1.9 | | 0.4 | | 0.3 | | 0.8 | | 1.2 | | — | | 5.1 | | | Agricultural | 2.0 | | 2.9 | | — | | — | | — | | — | | — | | — | | 4.9 | | | Total current-period gross charge-offs | $ | 2.1 | | $ | 5.3 | | $ | 3.8 | | $ | 2.2 | | $ | 3.3 | | $ | 2.4 | | $ | 4.7 | | $ | — | | $ | 23.8 | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | | | Term Loans Amortized Cost Basis by Origination Year | | | | | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted To Term | Total | | Real estate: | | | | | | | | | | | Commercial | $ | 0.2 | | $ | 5.7 | | $ | — | | $ | 19.4 | | $ | — | | $ | 0.1 | | $ | — | | $ | — | | $ | 25.4 | | | Construction | — | | — | | 13.1 | | — | | 0.1 | | — | | — | | — | | 13.2 | | | Residential | — | | 0.2 | | 0.2 | | 0.1 | | 0.3 | | 0.2 | | — | | — | | 1.0 | | | | | | | | | | | | | Total real estate | 0.2 | | 5.9 | | 13.3 | | 19.5 | | 0.4 | | 0.3 | | — | | — | | 39.6 | | | Consumer: | | | | | | | | | | | Indirect | 0.5 | | 2.0 | | 3.4 | | 1.1 | | 0.4 | | 1.1 | | — | | — | | 8.5 | | | Direct and advance lines | 0.2 | | 0.6 | | 0.9 | | 0.2 | | — | | 1.8 | | 0.1 | | 0.1 | | 3.9 | | | Credit card | — | | — | | — | | — | | — | | — | | 3.0 | | — | | 3.0 | | | Total consumer | 0.7 | | 2.6 | | 4.3 | | 1.3 | | 0.4 | | 2.9 | | 3.1 | | 0.1 | | 15.4 | | | Commercial | 21.6 | | 2.2 | | 1.1 | | 0.3 | | 0.1 | | 0.1 | | 31.1 | | 2.9 | | 59.4 | | | Agricultural | — | | — | | — | | 0.3 | | — | | — | | — | | — | | 0.3 | | | Total current-period gross charge-offs | $ | 22.5 | | $ | 10.7 | | $ | 18.7 | | $ | 21.4 | | $ | 0.9 | | $ | 3.3 | | $ | 34.2 | | $ | 3.0 | | $ | 114.7 | | | | | | | | | | | |
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| Financing Receivable, Troubled Debt Restructuring |
The following tables present the amortized cost basis of loans, by class and by type of modification, at June 30, 2025 and 2024 that were both experiencing financial difficulty and modified during the periods indicated. The percentage of the principal balance of loans that were modified to borrowers in financial distress as compared to the principal balance of each class of receivable is also presented below: | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | Principal Forgiveness | Term Extension | | Term Extension and Interest Rate Reduction | Total | % of Total Class of Loans Held for Investment (1) | | Real estate: | | | | | | | | Commercial | $ | — | | $ | 13.2 | | | $ | — | | $ | 13.2 | | 0.15 | % | | | | | | | | | | | | | | | | Agricultural | — | | 5.1 | | | — | | 5.1 | | 0.80 | | | Total real estate | — | | 18.3 | | | — | | 18.3 | | 0.15 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial | — | | 3.9 | | | 0.1 | | 4.0 | | 0.16 | | | Agricultural | — | | 8.9 | | | — | | 8.9 | | 1.64 | | | | | | | | | Loans held for investment (2) | $ | — | | $ | 31.1 | | | $ | 0.1 | | $ | 31.2 | | 0.19 | | | | | | | | | | Six Months Ended June 30, 2025 | | | | | | | | Real estate: | | | | | | | | Commercial | $ | — | | $ | 14.2 | | | $ | 0.8 | | $ | 15.0 | | 0.17 | % | | Construction | — | | 11.5 | | | — | | 11.5 | | 1.14 | | | Residential | — | | 0.3 | | | 0.2 | | 0.5 | | 0.02 | | | Agricultural | — | | 5.2 | | | — | | 5.2 | | 0.82 | | | Total real estate | — | | 31.2 | | | 1.0 | | 32.2 | | 0.26 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial | — | | 6.2 | | | 0.1 | | 6.3 | | 0.25 | | | Agricultural | — | | 10.7 | | | 1.4 | | 12.1 | | 2.23 | | | | | | | | | Loans held for investment (2) | $ | — | | $ | 48.1 | | | $ | 2.5 | | $ | 50.6 | | 0.31 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | Principal Forgiveness | Term Extension | | Term Extension and Interest Rate Reduction | Total | % of Total Class of Loans Held for Investment (1) | | Real estate: | | | | | | | | Commercial | $ | — | | $ | 6.3 | | | $ | — | | $ | 6.3 | | 0.07 | % | | | | | | | | | Residential | — | | — | | | 0.3 | | 0.3 | | 0.01 | | | Agricultural | — | | 5.7 | | | — | | 5.7 | | 0.79 | | | Total real estate | — | | 12.0 | | | 0.3 | | 12.3 | | 0.09 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial | — | | 11.7 | | | — | | 11.7 | | 0.38 | | | Agricultural | — | | 22.8 | | | 22.8 | | 45.6 | | 6.53 | | | | | | | | | Loans held for investment (2) | $ | — | | $ | 46.5 | | | $ | 23.1 | | $ | 69.6 | | 0.38 | | | | | | | | | | Six Months Ended June 30, 2024 | | | | | | | | Real estate: | | | | | | | | Commercial | $ | — | | $ | 17.5 | | | $ | — | | $ | 17.5 | | 0.19 | % | | | | | | | | | Residential | — | | 0.1 | | | 0.3 | | 0.4 | | 0.02 | | | Agricultural | — | | 11.7 | | | — | | 11.7 | | 1.62 | | | Total real estate | — | | 29.3 | | | 0.3 | | 29.6 | | 0.22 | | | Consumer: | | | | | | | | | | | | | | | Direct and advance lines | — | | 0.1 | | | — | | 0.1 | | 0.07 | | | | | | | | | | Total consumer | — | | 0.1 | | | — | | 0.1 | | 0.01 | | | Commercial | — | | 16.0 | | | 5.9 | | 21.9 | | 0.72 | | | Agricultural | — | | 23.5 | | | 22.8 | | 46.3 | | 6.63 | | | | | | | | | Loans held for investment (2) | $ | — | | $ | 68.9 | | | $ | 29.0 | | $ | 97.9 | | 0.54 | | | | | | | | |
(1) Based on the principal balance as of period end, divided by the period end principal balance of the corresponding class of receivables. (2) As of June 30, 2025 and 2024, the Company excluded $0.3 million and $0.8 million, respectively, in accrued interest from the amortized cost of the identified loans. The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty during the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | Term Extension and Interest Rate Reduction | | Three Months Ended June 30, 2025 | Principal Forgiveness | Weighted-Average Months of Term Extension | | Weighted-Average Months of Term Extension | Weighted-Average Interest Rate Reduction | | Real estate: | | | | | | | Commercial | $ | — | | 14.4 | | 0.0 | — | % | | | | | | | | | | | | | | Agricultural | — | | 6.0 | | 0.0 | — | | | Total real estate | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial | — | | 8.1 | | 23.6 | 0.2 | | | Agricultural | — | | 5.9 | | 0.0 | — | | | | | | | | Loans held for investment (1) | $ | — | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | | | | Real estate: | | | | | | | Commercial | $ | — | | 13.5 | | 13.3 | 0.9 | % | | Construction | — | | 6.4 | | 0.0 | — | | | Residential | — | | 22.3 | | 84.8 | 2.2 | | | Agricultural | — | | 6.0 | | 0.0 | — | | | Total real estate | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial | — | | 9.7 | | 22.4 | 0.5 | | | Agricultural | — | | 6.5 | | 7.3 | 1.0 | | | | | | | | Loans held for investment (1) | $ | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Term Extension and Interest Rate Reduction | | Three Months Ended June 30, 2024 | Principal Forgiveness | Weighted-Average Months of Term Extension | | Weighted-Average Months of Term Extension | Weighted-Average Interest Rate Reduction | | Real estate: | | | | | | | Commercial | $ | — | | 11.6 | | 0.0 | — | % | | | | | | | | Residential | — | | 0.0 | | 31.2 | 3.4 | | | Agricultural | — | | 7.1 | | 0.0 | — | | | Total real estate | — | | | | | | | Consumer: | | | | | | | Indirect | — | | 4.5 | | 0.0 | — | | | Direct and advance lines | — | | 5.0 | | 0.0 | — | | | | | | | | | Total consumer | — | | | | | | | Commercial | — | | 7.8 | | 0.0 | — | | | Agricultural | — | | 4.1 | | 55.2 | 1.2 | | | | | | | | Loans held for investment (1) | $ | — | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | | | | | Real estate: | | | | | | | Commercial | $ | — | | 7.2 | | 0.0 | — | % | | | | | | | | Residential | — | | 11.0 | | 31.2 | 3.4 | | | Agricultural | — | | 7.0 | | 0.0 | — | | | Total real estate | — | | | | | | | Consumer: | | | | | | | Indirect | — | | 4.9 | | 0.0 | — | | | Direct and advance lines | — | | 10.1 | | 0.0 | — | | | | | | | | | Total consumer | — | | | | | | | Commercial | — | | 7.8 | | 5.0 | 1.0 | | | Agricultural | — | | 4.1 | | 55.2 | 1.2 | | | | | | | | Loans held for investment (1) | $ | — | | | | | |
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| Financing Receivable Repayment Through Operation or Sale of Collateral |
The following tables present the principal balance of collateral-dependent loans by class of receivable as of the dates indicated: | | | | | | | | | | | | | | | | Collateral Type | | As of June 30, 2025 | Business Assets | Real Property | Other | Total | | Real estate: | | | | | | Commercial | $ | — | | $ | 78.8 | | $ | — | | $ | 78.8 | | | Construction | — | | 4.0 | | — | | 4.0 | | | Residential | — | | 2.7 | | — | | 2.7 | | | Agricultural | — | | 17.0 | | — | | 17.0 | | | Total real estate | — | | 102.5 | | — | | 102.5 | | | Commercial | 25.9 | | 8.5 | | 0.8 | | 35.2 | | | Agricultural | 13.4 | | 7.1 | | 0.1 | | 20.6 | | | Total collateral-dependent loans | $ | 39.3 | | $ | 118.1 | | $ | 0.9 | | $ | 158.3 | |
| | | | | | | | | | | | | | | | | | | | | Collateral Type | | As of December 31, 2024 | Business Assets | Real Property | Other | Total | | Real estate: | | | | | | Commercial | $ | — | | $ | 47.3 | | $ | — | | $ | 47.3 | | | Construction | — | | 3.2 | | — | | 3.2 | | | Residential | — | | 2.7 | | — | | 2.7 | | | Agricultural | — | | 1.8 | | — | | 1.8 | | | Total real estate | — | | 55.0 | | — | | 55.0 | | | Commercial | 20.3 | | 1.1 | | 0.8 | | 22.2 | | | Agricultural | — | | 20.3 | | 0.1 | | 20.4 | | | Total collateral-dependent loans | $ | 20.3 | | $ | 76.4 | | $ | 0.9 | | $ | 97.6 | |
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