Commercial real estate: Commercial real estate loans include all loans secured by non-farm, nonresidential properties and by multifamily residential properties, as well as 1-4 family investment-purpose real estate loans.

Commercial and industrial: Commercial and industrial loans include loans used to purchase fixed assets, provide working capital or meet other financing needs of the business. Loans are normally secured by the assets being purchased or already owned by the borrower, inventory or accounts receivable. These may include SBA and other guaranteed or partially guaranteed types of loans.

Residential real estate: Residential real estate loans include loans secured by primary or secondary personal residences.

Agricultural real estate: Agricultural real estate loans are loans typically secured by farmland.

Agricultural: Agricultural loans are primarily operating lines subject to annual farming revenues including productivity/yield of the agricultural commodities produced. These loans may be secured by growing crops, stored crops, livestock, equipment, and miscellaneous receivables.

Consumer: Consumer loans may include installment loans, unsecured and secured personal lines of credit, overdraft protection and letters of credit. These loans are generally secured by consumer assets but may be unsecured.

From time to time, the Company has purchased pools of residential real estate loans originated by other financial institutions to hold for investment with the intent to diversify the residential real estate portfolio. During the three months ended March 31, 2026 and 2025 the Company did not purchase any pools of residential loans. As of March 31, 2026, and December 31, 2025, residential real estate loans include $269,832 and $252,884 of purchased residential real estate loans.

The Company occasionally purchases the government guaranteed portion of loans originated by other financial institutions to hold for investment. During the three months ended March 31, 2026, the Company did not purchase any loans guaranteed by governmental agencies. During the three months ended March 31, 2025, the Company purchased $61,987 in loans guaranteed by governmental agencies.

The unamortized purchase accounting discounts related to non-purchase credit deteriorated loans included in the loan totals above are $22,847 with related loans of $1,563,591 at March 31, 2026, and $12,853 with related loans of $627,644 at December 31, 2025.

Overdraft deposit accounts are reclassified and included in consumer loans above. These accounts totaled $940 at March 31, 2026, and $878 at December 31, 2025.

The following tables present the activity in the allowance for credit losses by class for the three month period ended March 31, 2026, and 2025.


March 31, 2026	Commercial Real Estate			Commercial and Industrial			Residential Real Estate			Agricultural Real Estate			Agricultural			Consumer			Total
Allowance for credit losses:
Beginning balance	$	20,037		$	17,830		$	8,068		$	4,669		$	337		$	1,815		$	52,756
Provision for credit losses		923			4,467			(613	)		1,326			(261	)		113			5,955
Initial allowance on purchase credit deteriorated ("PCD") loans		855			1,962			160			440			202			1			3,620
Initial allowance on purchased seasoned loans		1,108			718			114			1,254			12			87			3,293
Loans charged-off		(72	)		(1,700	)		(29	)		(36	)		(3	)		(241	)		(2,081	)
Recoveries		31			573			1			12			4			81			702
Total ending allowance balance	$	22,882		$	23,850		$	7,701		$	7,665		$	291		$	1,856		$	64,245


March 31, 2025	Commercial Real Estate			Commercial and Industrial			Residential Real Estate			Agricultural Real Estate			Agricultural			Consumer			Total
Allowance for credit losses:
Beginning balance	$	14,948		$	14,005		$	8,553		$	3,504		$	439		$	1,818		$	43,267
Provision for credit losses		754			(418	)		278			1,606			(67	)		569			2,722
Loans charged-off		(22	)		(443	)		(13	)		(6	)		(17	)		(638	)		(1,139	)
Recoveries		442			404			9			54			1			64			974
Total ending allowance balance	$	16,122		$	13,548		$	8,827		$	5,158		$	356		$	1,813		$	45,824

The following tables present the amortized cost in loans and the balance in the allowance for credit losses by portfolio and class based on the method to determine allowance for credit loss as of March 31, 2026, and December 31, 2025.


March 31,2026	Commercial Real Estate		Commercial and Industrial		Residential Real Estate		Agricultural Real Estate		Agricultural		Consumer		Total
Allowance for credit losses:
Individually evaluated for credit losses	$	2,903	$	4,944	$	844	$	410	$	78	$	194	$	9,373
Collectively evaluated for credit losses		19,979		18,906		6,857		7,255		213		1,662		54,872
Total	$	22,882	$	23,850	$	7,701	$	7,665	$	291	$	1,856	$	64,245
Loan Balance:
Individually evaluated for credit losses	$	23,986	$	33,102	$	3,623	$	3,928	$	3,457	$	819	$	68,915
Collectively evaluated for credit losses		2,934,277		933,947		716,818		427,380		245,596		101,342		5,359,360
Total	$	2,958,263	$	967,049	$	720,441	$	431,308	$	249,053	$	102,161	$	5,428,275


December 31, 2025	Commercial Real Estate		Commercial and Industrial		Residential Real Estate		Agricultural Real Estate		Agricultural		Consumer		Total
Allowance for credit losses:
Individually evaluated for credit losses	$	2,599	$	2,341	$	910	$	342	$	186	$	171	$	6,549
Collectively evaluated for credit losses		17,438		15,489		7,158		4,327		151		1,644		46,207
Total	$	20,037	$	17,830	$	8,068	$	4,669	$	337	$	1,815	$	52,756
Loan Balance:
Individually evaluated for credit losses	$	18,171	$	21,905	$	4,664	$	2,886	$	3,928	$	770	$	52,324
Collectively evaluated for credit losses		2,208,177		794,980		577,481		276,041		184,547		104,630		4,145,856
Total	$	2,226,348	$	816,885	$	582,145	$	278,927	$	188,475	$	105,400	$	4,198,180

The following tables present the aging of the recorded investment in past due loans as of March 31, 2026, and December 31, 2025, by portfolio and class of loans.


March 31, 2026	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater Than 90 Days Past Due Still On Accrual		Non-accrual		Loans Not Past Due		Total
Commercial real estate	$	15,245	$	7,369	$	667	$	15,980	$	2,919,002	$	2,958,263
Commercial and industrial		8,617		4,592		1,955		25,146		926,739		967,049
Residential real estate		3,558		219		155		3,467		713,042		720,441
Agricultural real estate		1,161		506		76		3,753		425,812		431,308
Agricultural		1,544		2,643		23		3,357		241,486		249,053
Consumer		324		96		—		737		101,004		102,161
Total	$	30,449	$	15,425	$	2,876	$	52,440	$	5,327,085	$	5,428,275


December 31, 2025	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater Than 90 Days Past Due Still On Accrual		Non-accrual		Loans Not Past Due		Total
Commercial real estate	$	4,411	$	3,121	$	—	$	10,492	$	2,208,324	$	2,226,348
Commercial and industrial		3,830		1,655		1,146		21,527		788,727		816,885
Residential real estate		3,825		842		164		4,256		573,058		582,145
Agricultural real estate		1,194		480		—		1,167		276,086		278,927
Agricultural		715		656		1,300		2,153		183,651		188,475
Consumer		353		95		—		681		104,271		105,400
Total	$	14,328	$	6,849	$	2,610	$	40,276	$	4,134,117	$	4,198,180

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. Consumer loans are considered pass credits unless downgraded due to payment status or reviewed as part of a larger credit relationship. The Company uses the following definitions for risk ratings.

Pass: Loans classified as pass include all loans that do not fall under one of the three following categories.

Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date.

Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that

jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

Based on the analysis performed at March 31, 2026, the risk category of loans by type and year of origination is as follows.


March 31, 2026	2026		2025		2024		2023		2022		Prior		Revolving Loans Amortized Cost		Revolving Loans Converted to Term		Total
Commercial real estate
Risk rating
Pass	$	113,543	$	570,533	$	337,946	$	157,900	$	332,386	$	478,864	$	937,356	$	1,476	$	2,930,004
Special mention		—		—		114		—		69		—		666		—		849
Substandard		—		6,194		3,305		1,761		3,280		7,802		5,068		—		27,410
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial real estate	$	113,543	$	576,727	$	341,365	$	159,661	$	335,735	$	486,666	$	943,090	$	1,476	$	2,958,263
Commercial and industrial
Risk rating
Pass	$	29,270	$	199,117	$	125,784	$	45,346	$	46,821	$	50,703	$	417,535	$	780	$	915,356
Special mention		—		—		89		16,233		146		202		130		—		16,800
Substandard		—		2,046		13,825		7,497		1,554		2,435		7,536		—		34,893
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial and industrial	$	29,270	$	201,163	$	139,698	$	69,076	$	48,521	$	53,340	$	425,201	$	780	$	967,049
Residential real estate
Risk rating
Pass	$	27,679	$	74,260	$	22,300	$	43,002	$	58,581	$	372,054	$	118,109	$	359	$	716,344
Special mention		—		—		—		—		—		271		—		—		271
Substandard		—		16		96		825		318		2,006		520		45		3,826
Doubtful		—		—		—		—		—		—		—		—		—
Total residential real estate	$	27,679	$	74,276	$	22,396	$	43,827	$	58,899	$	374,331	$	118,629	$	404	$	720,441
Agricultural real estate
Risk rating
Pass	$	18,823	$	98,744	$	50,114	$	23,764	$	26,655	$	106,360	$	100,136	$	263	$	424,859
Special mention		8		—		—		—		—		126		—		—		134
Substandard		—		—		2,393		2,243		153		1,241		285		—		6,315
Doubtful		—		—		—		—		—		—		—		—		—
Total agricultural real estate	$	18,831	$	98,744	$	52,507	$	26,007	$	26,808	$	107,727	$	100,421	$	263	$	431,308
Agricultural
Risk rating
Pass	$	9,857	$	32,529	$	19,903	$	4,722	$	2,324	$	6,413	$	170,582	$	137	$	246,467
Special mention		—		—		—		—		—		62		—		—		62
Substandard		—		592		54		651		29		630		568		—		2,524
Doubtful		—		—		—		—		—		—		—		—		—
Total agricultural	$	9,857	$	33,121	$	19,957	$	5,373	$	2,353	$	7,105	$	171,150	$	137	$	249,053
Consumer
Risk rating
Pass	$	28,456	$	14,929	$	8,762	$	9,676	$	6,111	$	6,739	$	26,751	$	—	$	101,424
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		91		103		188		196		159		—		—		737
Doubtful		—		—		—		—		—		—		—		—		—
Total consumer	$	28,456	$	15,020	$	8,865	$	9,864	$	6,307	$	6,898	$	26,751	$	—	$	102,161
Total loans
Risk rating
Pass	$	227,628	$	990,112	$	564,809	$	284,410	$	472,878	$	1,021,133	$	1,770,469	$	3,015	$	5,334,454
Special mention		8		—		203		16,233		215		661		796		—		18,116
Substandard		—		8,939		19,776		13,165		5,530		14,273		13,977		45		75,705
Doubtful		—		—		—		—		—		—		—		—		—
Total loans	$	227,636	$	999,051	$	584,788	$	313,808	$	478,623	$	1,036,067	$	1,785,242	$	3,060	$	5,428,275

Based on the analysis performed at December 31, 2025, the risk category of loans by type and year of origination is as follows.


December 31, 2025	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost		Revolving Loans Converted to Term		Total
Commercial real estate
Risk rating
Pass	$	429,259	$	319,227	$	162,815	$	256,817	$	162,737	$	258,510	$	614,449	$	999	$	2,204,813
Special mention		—		115		—		73		—		—		667		—		855
Substandard		4,739		2,329		1,376		3,839		1,148		3,211		4,038		—		20,680
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial real estate	$	433,998	$	321,671	$	164,191	$	260,729	$	163,885	$	261,721	$	619,154	$	999	$	2,226,348
Commercial and industrial
Risk rating
Pass	$	192,904	$	120,288	$	43,779	$	48,264	$	33,804	$	25,293	$	304,608	$	849	$	769,789
Special mention		—		93		16,865		147		10		336		129		—		17,580
Substandard		319		16,822		7,547		1,144		215		1,832		1,637		—		29,516
Doubtful		—		—		—		—		—		—		—		—		—
Total commercial and industrial	$	193,223	$	137,203	$	68,191	$	49,555	$	34,029	$	27,461	$	306,374	$	849	$	816,885
Residential real estate
Risk rating
Pass	$	49,089	$	17,591	$	30,673	$	36,518	$	242,578	$	121,963	$	78,442	$	379	$	577,233
Special mention		—		—		—		—		—		277		—		—		277
Substandard		17		104		1,265		553		217		2,213		221		45		4,635
Doubtful		—		—		—		—		—		—		—		—		—
Total residential real estate	$	49,106	$	17,695	$	31,938	$	37,071	$	242,795	$	124,453	$	78,663	$	424	$	582,145
Agricultural real estate
Risk rating
Pass	$	65,295	$	43,928	$	19,536	$	16,115	$	10,270	$	49,537	$	70,113	$	270	$	275,064
Special mention		—		—		—		—		—		129		—		—		129
Substandard		—		—		2,146		78		407		1,103		—		—		3,734
Doubtful		—		—		—		—		—		—		—		—		—
Total agricultural real estate	$	65,295	$	43,928	$	21,682	$	16,193	$	10,677	$	50,769	$	70,113	$	270	$	278,927
Agricultural
Risk rating
Pass	$	27,452	$	20,798	$	4,886	$	1,649	$	1,506	$	2,618	$	127,847	$	224	$	186,980
Special mention		—		—		1		—		—		32		—		—		33
Substandard		56		87		143		130		17		663		366		—		1,462
Doubtful		—		—		—		—		—		—		—		—		—
Total agricultural	$	27,508	$	20,885	$	5,030	$	1,779	$	1,523	$	3,313	$	128,213	$	224	$	188,475
Consumer
Risk rating
Pass	$	37,830	$	8,889	$	9,933	$	7,213	$	3,326	$	3,485	$	34,044	$	—	$	104,720
Special mention		—		—		—		—		—		—		—		—		—
Substandard		17		61		216		223		119		44		—		—		680
Doubtful		—		—		—		—		—		—		—		—		—
Total consumer	$	37,847	$	8,950	$	10,149	$	7,436	$	3,445	$	3,529	$	34,044	$	—	$	105,400
Total loans
Risk rating
Pass	$	801,829	$	530,721	$	271,622	$	366,576	$	454,221	$	461,406	$	1,229,503	$	2,721	$	4,118,599
Special mention		—		208		16,866		220		10		774		796		—		18,874
Substandard		5,148		19,403		12,693		5,967		2,123		9,066		6,262		45		60,707
Doubtful		—		—		—		—		—		—		—		—		—
Total loans	$	806,977	$	550,332	$	301,181	$	372,763	$	456,354	$	471,246	$	1,236,561	$	2,766	$	4,198,180

The following table discloses the charge-off and recovery activity by loan type and year of origination for the three month period ending March 31, 2026.


March 31, 2026	2026			2025			2024			2023			2022			Prior			Revolving Loans Amortized Cost			Revolving Loans Converted to Term		Total
Commercial real estate
Gross charge-offs	$	—		$	—		$	(17	)	$	(1	)	$	—		$	(40	)	$	(14	)	$	—	$	(72	)
Gross recoveries		—			—			—			—			1			17			13			—		31
Net charge-offs	$	—		$	—		$	(17	)	$	(1	)	$	1		$	(23	)	$	(1	)	$	—	$	(41	)
Commercial and industrial
Gross charge-offs	$	—		$	(1	)	$	(916	)	$	(598	)	$	(102	)	$	(81	)	$	(2	)	$	—	$	(1,700	)
Gross recoveries		—			—			—			—			1			530			42			—		573
Net charge-offs	$	—		$	(1	)	$	(916	)	$	(598	)	$	(101	)	$	449		$	40		$	—	$	(1,127	)
Residential real estate
Gross charge-offs	$	—		$	—		$	—		$	(21	)	$	(1	)	$	(2	)	$	(5	)	$	—	$	(29	)
Gross recoveries		—			—			—			—			—			1			—			—		1
Net charge-offs	$	—		$	—		$	—		$	(21	)	$	(1	)	$	(1	)	$	(5	)	$	—	$	(28	)
Agricultural real estate
Gross charge-offs	$	—		$	—		$	(5	)	$	(14	)	$	(13	)	$	—		$	(4	)	$	—	$	(36	)
Gross recoveries		—			—			—			—			—			12			—			—		12
Net charge-offs	$	—		$	—		$	(5	)	$	(14	)	$	(13	)	$	12		$	(4	)	$	—	$	(24	)
Agricultural
Gross charge-offs	$	—		$	(1	)	$	—		$	(2	)	$	—		$	—		$	—		$	—	$	(3	)
Gross recoveries		—			—			—			1			—			1			2			—		4
Net charge-offs	$	—		$	(1	)	$	—		$	(1	)	$	—		$	1		$	2		$	—	$	1
Consumer
Gross charge-offs	$	(24	)	$	(48	)	$	(14	)	$	(29	)	$	(36	)	$	(64	)	$	(26	)	$	—	$	(241	)
Gross recoveries		—			3			4			5			29			38			2			—		81
Net charge-offs	$	(24	)	$	(45	)	$	(10	)	$	(24	)	$	(7	)	$	(26	)	$	(24	)	$	—	$	(160	)
Total loans
Gross charge-offs	$	(24	)	$	(50	)	$	(952	)	$	(665	)	$	(152	)	$	(187	)	$	(51	)	$	—	$	(2,081	)
Gross recoveries		—			3			4			6			31			599			59			—		702
Net charge-offs	$	(24	)	$	(47	)	$	(948	)	$	(659	)	$	(121	)	$	412		$	8		$	—	$	(1,379	)

The following table discloses the charge-off and recovery activity by loan type and year of origination for the three month period ending March 31, 2025.


March 31, 2025	2025			2024			2023			2022			2021			Prior			Revolving Loans Amortized Cost			Revolving Loans Converted to Term		Total
Commercial real estate
Gross charge-offs	$	—		$	(3	)	$	(1	)	$	(14	)	$	(4	)	$	—		$	—		$	—	$	(22	)
Gross recoveries		—			—			—			199			—			243			—			—		442
Net charge-offs	$	—		$	(3	)	$	(1	)	$	185		$	(4	)	$	243		$	—		$	—	$	420
Commercial and industrial
Gross charge-offs	$	—		$	(40	)	$	(25	)	$	(37	)	$	(20	)	$	(310	)	$	(11	)	$	—	$	(443	)
Gross recoveries		—			—			4			3			86			279			31			1		404
Net charge-offs	$	—		$	(40	)	$	(21	)	$	(34	)	$	66		$	(31	)	$	20		$	1	$	(39	)
Residential real estate
Gross charge-offs	$	—		$	—		$	(1	)	$	(2	)	$	—		$	(8	)	$	(2	)	$	—	$	(13	)
Gross recoveries		—			—			—			—			—			9			—			—		9
Net charge-offs	$	—		$	—		$	(1	)	$	(2	)	$	—		$	1		$	(2	)	$	—	$	(4	)
Agricultural real estate
Gross charge-offs	$	—		$	—		$	—		$	(6	)	$	—		$	—		$	—		$	—	$	(6	)
Gross recoveries		—			—			—			—			—			54			—			—		54
Net charge-offs	$	—		$	—		$	—		$	(6	)	$	—		$	54		$	—		$	—	$	48
Agricultural
Gross charge-offs	$	—		$	(11	)	$	(5	)	$	(1	)	$	—		$	—		$	—		$	—	$	(17	)
Gross recoveries		—			—			—			—			—			1			—			—		1
Net charge-offs	$	—		$	(11	)	$	(5	)	$	(1	)	$	—		$	1		$	—		$	—	$	(16	)
Consumer
Gross charge-offs	$	(70	)	$	(41	)	$	(125	)	$	(225	)	$	(60	)	$	(86	)	$	(31	)	$	—	$	(638	)
Gross recoveries		—			5			2			20			7			25			5			—		64
Net charge-offs	$	(70	)	$	(36	)	$	(123	)	$	(205	)	$	(53	)	$	(61	)	$	(26	)	$	—	$	(574	)
Total loans
Gross charge-offs	$	(70	)	$	(95	)	$	(157	)	$	(285	)	$	(84	)	$	(404	)	$	(44	)	$	—	$	(1,139	)
Gross recoveries		—			5			6			222			93			611			36			1		974
Net charge-offs	$	(70	)	$	(90	)	$	(151	)	$	(63	)	$	9		$	207		$	(8	)	$	1	$	(165	)

The following table presents the amortized cost basis of loans at March 31, 2026, and 2025, that were both experiencing financial difficulty and modified during the three months ended March 31, 2026, and 2025, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below.


March 31, 2026	Payment Delay		Term Extension		Combination Payment Delay and Term Extension		Total Modifications		Total Class of Financing Receivable
Commercial real estate	$	—	$	—	$	—	$	—		0.00	%
Commercial and industrial		—		—		—		—		0.00	%
Residential real estate		—		—		—		—		0.00	%
Agricultural real estate		—		—		—		—		0.00	%
Agricultural		—		—		—		—		0.00	%
Consumer		—		—		—		—		0.00	%
Total	$	—	$	—	$	—	$	—		0.00	%

March 31, 2025	Payment Delay		Term Extension		Combination Payment Delay and Term Extension		Total Modifications		Total Class of Financing Receivable
Commercial real estate	$	100	$	—	$	—	$	100		0.01	%
Commercial and industrial		172		78		37		287		0.04	%
Residential real estate		—		—		—		—		0.00	%
Agricultural real estate		—		—		—		—		0.00	%
Agricultural		—		—		—		—		0.00	%
Consumer		—		—		—		—		0.00	%
Total	$	272	$	78	$	37	$	387		0.01	%

At March 31, 2026, and 2025, there were $74 and $30 in commitments to lend additional amounts on these loans.

At modification date, the Company considers loans modified to borrowers in financial distress as loans that do not share similar risk characteristics with collectively evaluated loans at modification date for the purposes of calculating the allowance for credit losses. These loans will be evaluated for credit losses based on either discounted cash flows or the fair value of collateral at modification date; however, subsequent to the modification date these loans will be evaluated for credit losses as part of the collectively evaluated pools after a period of ongoing performance under the terms of the modified loan.

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of such loans that have been modified during the twelve months ended March 31, 2026, and 2025.

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk from a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for credit losses on off-balance-sheet credit exposures is adjusted as a provision for credit loss expense recognized within other non-interest expense on the consolidated statements of income and included in other liabilities on the consolidated balance sheets. The estimated credit loss includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The estimate of expected credit loss is based on the historical loss rate for the class of loan the commitments would be classified as if funded.