Loans (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Receivables [Abstract] |
|
| Summary of the Company’s Loan Portfolio by Loan Class |
The following is a summary of the Company’s loan portfolio by loan class.
|
|
|
|
|
|
|
|
|
(In thousands) |
|
March 31,
2026 |
|
|
December 31,
2025 |
|
Secured by real estate: |
|
|
|
|
|
|
Residential properties |
|
$ |
1,746,754 |
|
|
$ |
1,748,571 |
|
Construction and land development |
|
|
461,366 |
|
|
|
452,044 |
|
Farmland |
|
|
332,937 |
|
|
|
339,528 |
|
Other commercial |
|
|
2,776,274 |
|
|
|
2,805,604 |
|
Total real estate |
|
|
5,317,331 |
|
|
|
5,345,747 |
|
Commercial and industrial loans |
|
|
776,829 |
|
|
|
721,855 |
|
Agricultural production and other loans to farmers |
|
|
99,362 |
|
|
|
112,345 |
|
Consumer and other loans |
|
|
110,603 |
|
|
|
111,586 |
|
Total loans before allowance for credit losses |
|
$ |
6,304,125 |
|
|
$ |
6,291,533 |
|
|
| Summary of the Recorded Investment in Non-accrual Loans, Segregated by Class |
The following table presents the amortized cost basis of nonaccrual loans, segregated by class as of March 31, 2026 and December 31, 2025. At March 31, 2026 and December 31, 2025, the Company had no nonaccrual loans without a related allowance for credit loss.
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Total Nonaccrual |
|
|
Past Due 90
days or more
and Accruing |
|
March 31, 2026 |
|
|
|
|
|
|
Secured by real estate: |
|
|
|
|
|
|
Residential properties |
|
$ |
13,672 |
|
|
$ |
703 |
|
Construction and land development |
|
|
2,040 |
|
|
|
1,211 |
|
Farmland |
|
|
1,166 |
|
|
|
161 |
|
Other commercial |
|
|
6,940 |
|
|
|
3,274 |
|
Total real estate |
|
|
23,818 |
|
|
|
5,349 |
|
Commercial and industrial loans |
|
|
2,163 |
|
|
|
300 |
|
Agricultural production and other loans to farmers |
|
|
900 |
|
|
|
353 |
|
Consumer and other loans |
|
|
160 |
|
|
|
— |
|
Total |
|
$ |
27,041 |
|
|
$ |
6,002 |
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
|
|
|
Secured by real estate: |
|
|
|
|
|
|
Residential properties |
|
$ |
10,667 |
|
|
$ |
2,797 |
|
Construction and land development |
|
|
2,025 |
|
|
|
— |
|
Farmland |
|
|
1,389 |
|
|
|
— |
|
Other commercial |
|
|
6,818 |
|
|
|
859 |
|
Total real estate |
|
|
20,899 |
|
|
|
3,656 |
|
Commercial and industrial loans |
|
|
1,547 |
|
|
|
203 |
|
Agricultural production and other loans to farmers |
|
|
861 |
|
|
|
6 |
|
Consumer and other loans |
|
|
168 |
|
|
|
9 |
|
Total |
|
$ |
23,475 |
|
|
$ |
3,874 |
|
|
| Summary of Collateral Dependent Loans by Class and Collateral Type |
The following table presents the amortized cost basis of collateral-dependent loans by class and collateral type as of March 31, 2026 and December 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Real
Estate |
|
|
Accounts
Receivable
& Inventory |
|
|
Equipment |
|
|
Other |
|
March 31, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
Secured by real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential properties |
|
$ |
4,158 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Construction and land development |
|
|
5,437 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other commercial |
|
|
35,571 |
|
|
|
— |
|
|
|
— |
|
|
|
173 |
|
Total real estate |
|
|
45,166 |
|
|
|
— |
|
|
|
— |
|
|
|
173 |
|
Commercial and industrial loans |
|
|
2,766 |
|
|
|
1,584 |
|
|
|
1,993 |
|
|
|
69 |
|
Total |
|
$ |
47,932 |
|
|
$ |
1,584 |
|
|
$ |
1,993 |
|
|
$ |
242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Real
Estate |
|
|
Accounts
Receivable
& Inventory |
|
|
Equipment |
|
|
Other |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Secured by real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential properties |
|
$ |
4,212 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Construction and land development |
|
|
5,717 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other commercial |
|
|
35,793 |
|
|
|
— |
|
|
|
— |
|
|
|
175 |
|
Total real estate |
|
|
45,722 |
|
|
|
— |
|
|
|
— |
|
|
|
175 |
|
Commercial and industrial loans |
|
|
2,786 |
|
|
|
8,327 |
|
|
|
2,037 |
|
|
|
70 |
|
Total |
|
$ |
48,508 |
|
|
$ |
8,327 |
|
|
$ |
2,037 |
|
|
$ |
245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Age Analysis of Past Due Loans |
An age analysis of past due loans (including both accruing and non-accruing loans) segregated by class of loans is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Past Due 30-89 Days |
|
|
Past Due 90 Days or More |
|
|
Total Past Due |
|
|
Current |
|
|
Total Loans |
|
March 31, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured by real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential properties |
|
$ |
14,584 |
|
|
$ |
9,258 |
|
|
$ |
23,842 |
|
|
$ |
1,722,912 |
|
|
$ |
1,746,754 |
|
Construction and land development |
|
|
2,688 |
|
|
|
3,213 |
|
|
|
5,901 |
|
|
|
455,465 |
|
|
|
461,366 |
|
Farmland |
|
|
903 |
|
|
|
1,282 |
|
|
|
2,185 |
|
|
|
330,752 |
|
|
|
332,937 |
|
Other commercial |
|
|
12,995 |
|
|
|
5,356 |
|
|
|
18,351 |
|
|
|
2,757,923 |
|
|
|
2,776,274 |
|
Total real estate |
|
|
31,170 |
|
|
|
19,109 |
|
|
|
50,279 |
|
|
|
5,267,052 |
|
|
|
5,317,331 |
|
Commercial and industrial loans |
|
|
6,046 |
|
|
|
1,938 |
|
|
|
7,984 |
|
|
|
768,845 |
|
|
|
776,829 |
|
Agricultural production and other loans to farmers |
|
|
271 |
|
|
|
485 |
|
|
|
756 |
|
|
|
98,606 |
|
|
|
99,362 |
|
Consumer and other loans |
|
|
397 |
|
|
|
69 |
|
|
|
466 |
|
|
|
110,137 |
|
|
|
110,603 |
|
Total |
|
$ |
37,884 |
|
|
$ |
21,601 |
|
|
$ |
59,485 |
|
|
$ |
6,244,640 |
|
|
$ |
6,304,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
Past Due 30-89 Days |
|
|
Past Due 90 Days or More |
|
|
Total Past Due |
|
|
Current |
|
|
Total Loans |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured by real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential properties |
|
$ |
14,737 |
|
|
$ |
9,155 |
|
|
$ |
23,892 |
|
|
$ |
1,724,679 |
|
|
$ |
1,748,571 |
|
Construction and land development |
|
|
2,139 |
|
|
|
1,718 |
|
|
|
3,857 |
|
|
|
448,187 |
|
|
|
452,044 |
|
Farmland |
|
|
360 |
|
|
|
1,072 |
|
|
|
1,432 |
|
|
|
338,096 |
|
|
|
339,528 |
|
Other commercial |
|
|
4,909 |
|
|
|
5,511 |
|
|
|
10,420 |
|
|
|
2,795,184 |
|
|
|
2,805,604 |
|
Total real estate |
|
|
22,145 |
|
|
|
17,456 |
|
|
|
39,601 |
|
|
|
5,306,146 |
|
|
|
5,345,747 |
|
Commercial and industrial loans |
|
|
1,616 |
|
|
|
1,287 |
|
|
|
2,903 |
|
|
|
718,952 |
|
|
|
721,855 |
|
Agricultural production and other loans to farmers |
|
|
102 |
|
|
|
867 |
|
|
|
969 |
|
|
|
111,376 |
|
|
|
112,345 |
|
Consumer and other loans |
|
|
408 |
|
|
|
117 |
|
|
|
525 |
|
|
|
111,061 |
|
|
|
111,586 |
|
Total |
|
$ |
24,271 |
|
|
$ |
19,727 |
|
|
$ |
43,998 |
|
|
$ |
6,247,535 |
|
|
$ |
6,291,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Modifications by Class and Modification Type |
The following table presents the amortized cost basis of loans that were both made to borrowers experiencing financial difficulty and modified during the three months ended March 31, 2026 and March 31, 2025, by class and type of modification.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2026 |
|
(Dollars in thousands) |
|
Payment
Delay |
|
|
Term
Extension |
|
|
% of Total
Loans |
|
Other commercial |
|
$ |
2,647 |
|
|
$ |
— |
|
|
|
0.04 |
% |
Commercial and industrial |
|
|
— |
|
|
|
2,835 |
|
|
|
0.04 |
% |
Total |
|
$ |
2,647 |
|
|
$ |
2,835 |
|
|
|
0.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2025 |
|
(Dollars in thousands) |
|
Payment Delay |
|
|
% of Total
Loans |
|
Other commercial |
|
$ |
23,201 |
|
|
|
0.38 |
% |
Total |
|
$ |
23,201 |
|
|
|
0.38 |
% |
The following table describes the financial effects of the modification made to the borrower experiencing financial difficulty during the three months ended March 31, 2026 and March 31, 2025.
|
|
|
|
|
Three Months Ended March 31, 2026 |
|
|
Payment Delay |
Other commercial |
|
Delayed the payment a weighted average of 28 months |
|
|
|
|
|
Term Extension |
Commercial and industrial |
|
Added a weighted average of 3 months to the life of the modified loan |
|
|
|
|
|
Three Months Ended March 31, 2025 |
|
|
Payment Delay |
Other commercial |
|
Delayed the payment a weighted average of 12 months |
Commercial and industrial |
|
N/A |
|
| Summary of Age Analysis of Modified Loans |
The following table presents the performance of loans that have been modified during the last twelve months ended March 31, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended March 31, 2026 |
|
(In thousands) |
|
Current |
|
|
30-89 Days
Past Due |
|
|
90 Days or More
Past Due |
|
Secured by real estate: |
|
|
|
|
|
|
|
|
|
Residential properties |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,014 |
|
Construction and land development |
|
|
— |
|
|
|
1,502 |
|
|
|
— |
|
Other commercial |
|
|
4,987 |
|
|
|
— |
|
|
|
367 |
|
Total real estate |
|
|
4,987 |
|
|
|
1,502 |
|
|
|
1,381 |
|
Commercial and industrial loans |
|
|
83 |
|
|
|
2,766 |
|
|
|
— |
|
Total loans before allowance for loan losses |
|
$ |
5,070 |
|
|
$ |
4,268 |
|
|
$ |
1,381 |
|
|