Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Types of Loans in Loan Portfolio

The loan portfolio consists of various types of loans and is categorized by major type as follows:


		March 31, 2026				December 31, 2025
		(Dollars in thousands)
Residential mortgage loans held for sale		$	21,925			$	14,155

Commercial and industrial			3,281,253				2,303,936
Real estate:
Construction, land development and other land loans			3,253,389				2,741,455
1-4 family residential (includes home equity)			8,700,834				8,260,482
Commercial real estate (includes multi-family residential)			7,126,213				5,776,397
Farmland			703,930				662,031
Agriculture			360,610				365,873
Consumer and other			406,680				376,241
Total loans held for investment, excluding Warehouse Purchase Program			23,832,909				20,486,415
Warehouse Purchase Program			1,433,152				1,304,798
Total loans, including Warehouse Purchase Program		$	25,287,986			$	21,805,368

Related Party Loans

An analysis of activity with respect to these related party loans is as follows:


		As of and for the three months ended March 31, 2026				As of and for the year ended December 31, 2025
		(Dollars in thousands)
Beginning balance on January 1		$	272			$	266
New loans			405				182
Repayments			(3	)			(176	)
Ending balance		$	674			$	272

Aging Analysis of Past Due Loans

An aging analysis of past due loans, segregated by category of loan, is presented below:


		March 31, 2026
		Loans Past Due and Still Accruing
		30-89 Days				90 or More Days				Total Past Due Loans				Nonaccrual Loans				Current Loans				Total Loans
		(Dollars in thousands)
Construction, land development and other land loans		$	18,843			$	237			$	19,080			$	484			$	3,233,825			$	3,253,389
Warehouse Purchase Program loans			—				—				—				—				1,433,152				1,433,152
Agriculture and agriculture real estate (includes farmland)			4,269				—				4,269				14,925				1,045,346				1,064,540
1-4 family (includes home equity) (1)			45,205				76				45,281				55,501				8,621,977				8,722,759
Commercial real estate (includes multi-family residential)			23,466				1,922				25,388				12,960				7,087,865				7,126,213
Commercial and industrial			28,046				6				28,052				21,590				3,231,611				3,281,253
Consumer and other			943				—				943				1,013				404,724				406,680
Total		$	120,772			$	2,241			$	123,013			$	106,473			$	25,058,500			$	25,287,986


		December 31, 2025
		Loans Past Due and Still Accruing
		30-89 Days				90 or More Days				Total Past Due Loans				Nonaccrual Loans				Current Loans				Total Loans
		(Dollars in thousands)
Construction, land development and other land loans		$	5,233			$	297			$	5,530			$	177			$	2,735,748			$	2,741,455
Warehouse Purchase Program loans			—				—				—				—				1,304,798				1,304,798
Agriculture and agriculture real estate (includes farmland)			4,834				—				4,834				15,378				1,007,692				1,027,904
1-4 family (includes home equity) (1)			47,057				—				47,057				53,932				8,173,648				8,274,637
Commercial real estate (includes multi-family residential)			13,386				—				13,386				5,326				5,757,685				5,776,397
Commercial and industrial			9,436				—				9,436				61,387				2,233,113				2,303,936
Consumer and other			1,159				20				1,179				1,017				374,045				376,241
Total		$	81,105			$	317			$	81,422			$	137,217			$	21,586,729			$	21,805,368

(1)

Includes $21.9 million and $14.2 million of residential mortgage loans held for sale at March 31, 2026, and December 31, 2025, respectively.

Non-performing Assets

The following table presents information regarding nonperforming assets as of the dates indicated:


		March 31, 2026				December 31, 2025
		(Dollars in thousands)
Nonaccrual loans (1)		$	106,473			$	137,217
Accruing loans 90 or more days past due			2,241				317
Total nonperforming loans			108,714				137,534
Repossessed assets			136				12
Other real estate			13,257				13,296
Total nonperforming assets		$	122,107			$	150,842

Nonperforming assets to total loans and other real estate			0.48	%			0.69	%
Nonperforming assets to total loans, excluding Warehouse Purchase Program loans, and other real estate			0.51	%			0.74	%
Nonaccrual loans to total loans			0.42	%			0.63	%
Nonaccrual loans to total loans, excluding Warehouse Purchase Program loans			0.45	%			0.67	%

(1)

There were no nonperforming Warehouse Purchase Program loans or Warehouse Purchase Program lines of credit for the periods presented.

Recorded Investment and Outstanding Balance for Purchased Credit Deteriorated Loans and Non Purchased Credit Deteriorated Loans

The recorded investment in PCD loans included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of March 31, 2026, and December 31, 2025.


		March 31, 2026				December 31, 2025
		(Dollars in thousands)
PCD loans:
Outstanding balance		$	452,668			$	300,010
Discount			(8,440	)			(5,267	)
Recorded investment		$	444,228			$	294,743

The recorded investment in PSLs included in the consolidated balance sheet and the related outstanding balance as of the dates indicated are presented in the table below. The outstanding balance represents the total amount owed as of March 31, 2026, and December 31, 2025.


		March 31, 2026				December 31, 2025
		(Dollars in thousands)
PSLs:
Outstanding balance		$	4,785,565			$	1,498,731
Discount			(68,592	)			(17,479	)
Recorded investment		$	4,716,973			$	1,481,252

Summary of Changes in Accretable Yields of Acquired Loans

Changes in the accretable yield for acquired PCD loans for the three months ended March 31, 2026, and 2025 were as follows:


		Three Months Ended March 31,
		2026				2025
		(Dollars in thousands)
Balance at beginning of period		$	5,267			$	7,390
Additions			4,345				—
Accretion recoveries (charge-offs)			14				—
Accretion			(1,186	)			(677	)
Balance at March 31,		$	8,440			$	6,713

Changes in the discount accretion for PSLs for the three months ended March 31, 2026, and 2025 were as follows:


		Three Months Ended March 31,
		2026				2025
		(Dollars in thousands)
Balance at beginning of period		$	17,479			$	27,845
Additions			53,940				—
Accretion recoveries			(265	)			20
Accretion			(2,562	)			(2,615	)
Balance at March 31,		$	68,592			$	25,205

Risk Grade by Category of Loan and Year of Origination/Renewal

The following tables present loans by risk grade, by category of loan and by year of origination/renewal at March 31, 2026.


		Term Loans
		Amortized Cost Basis by Origination Year
		2026				2025				2024				2023				2022				Prior				Revolving Loans				Revolving Loans Converted to Term Loans				Total
		(Dollars in thousands)

Construction, Land Development and Other Land Loans
Grade 1		$	—			$	—			$	330			$	—			$	—			$	160			$	—			$	—			$	490
Grade 2			949				4,036				505				480				—				115				—				—				6,085
Grade 3			119,475				938,505				349,210				280,634				339,991				143,834				314,450				—				2,486,099
Grade 4			10,082				114,267				82,287				157,807				233,400				37,207				44,985				—				680,035
Grade 5			—				220				1,140				—				—				5,231				500				—				7,091
Grade 6			—				902				—				12				—				570				—				—				1,484
Grade 7			—				—				50				132				43				200				—				—				425
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			—				29,379				6,071				6,757				16,329				8,156				4,988				—				71,680
Total		$	130,506			$	1,087,309			$	439,593			$	445,822			$	589,763			$	195,473			$	364,923			$	—			$	3,253,389

Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—

Agriculture and Agriculture Real Estate (includes Farmland)
Grade 1		$	1,373			$	3,545			$	338			$	150			$	4			$	—			$	8,481			$	—			$	13,891
Grade 2			—				60				—				4				2,283				1,002				—				—				3,349
Grade 3			47,020				119,093				76,602				55,259				156,828				170,898				194,335				233				820,268
Grade 4			8,737				35,523				11,664				14,914				26,112				38,307				46,118				1,374				182,749
Grade 5			2,555				3,490				1,123				639				544				2,776				—				—				11,127
Grade 6			—				—				2				—				—				—				—				—				2
Grade 7			—				—				370				—				223				903				—				250				1,746
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			392				286				13,068				1,832				2,058				7,882				5,890				—				31,408
Total		$	60,077			$	161,997			$	103,167			$	72,798			$	188,052			$	221,768			$	254,824			$	1,857			$	1,064,540

Current-period gross write-offs		$	—			$	39			$	—			$	—			$	—			$	23			$	—			$	—			$	62

1-4 Family (includes Home Equity) (1)
Grade 1		$	—			$	—			$	—			$	67			$	130			$	105			$	—			$	—			$	302
Grade 2			97				774				927				378				545				5,194				—				—				7,915
Grade 3			91,593				524,587				602,835				1,488,977				2,058,373				3,550,195				112,370				3,021				8,431,951
Grade 4			6,495				23,309				13,035				17,624				34,889				91,296				8,079				42				194,769
Grade 5			342				2,803				2,162				464				1,126				4,939				—				—				11,836
Grade 6			—				251				2,256				2,292				606				3,247				76				—				8,728
Grade 7			—				—				407				7,226				17,588				29,654				—				—				54,875
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			—				45				4,504				990				2,737				3,863				244				—				12,383
Total		$	98,527			$	551,769			$	626,126			$	1,518,018			$	2,115,994			$	3,688,493			$	120,769			$	3,063			$	8,722,759

Current-period gross write-offs		$	—			$	58			$	—			$	119			$	713			$	9			$	—			$	—			$	899


		Term Loans
		Amortized Cost Basis by Origination Year
		2026				2025				2024				2023				2022				Prior				Revolving Loans				Revolving Loans Converted to Term Loans				Total
		(Dollars in thousands)

Commercial Real Estate (includes Multi-Family Residential)
Grade 1		$	—			$	—			$	—			$	406			$	1,259			$	3,908			$	—			$	—			$	5,573
Grade 2			413				3,866				6,271				1,702				2,941				16,465				—				—				31,658
Grade 3			127,894				585,498				533,244				457,316				860,614				2,008,887				119,326				2,584				4,695,363
Grade 4			3,730				151,080				77,481				148,430				551,823				875,456				13,574				—				1,821,574
Grade 5			3,988				4,636				27,550				2,297				6,609				167,685				2,837				—				215,602
Grade 6			—				4,641				28,570				4,421				12,209				70,005				—				—				119,846
Grade 7			—				495				931				5,118				1,214				1,785				985				—				10,528
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			—				35,776				26,525				25,104				62,619				76,045				—				—				226,069
Total		$	136,025			$	785,992			$	700,572			$	644,794			$	1,499,288			$	3,220,236			$	136,722			$	2,584			$	7,126,213

Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	221			$	—			$	—			$	221

Commercial and Industrial
Grade 1		$	17,272			$	29,419			$	14,163			$	3,465			$	829			$	4,756			$	62,032			$	118			$	132,054
Grade 2			5,788				3,018				4,564				1,905				6,826				548				42,989				—				65,638
Grade 3			100,819				521,239				232,816				186,223				117,886				293,785				1,227,165				2,919				2,682,852
Grade 4			9,475				36,264				23,631				28,575				29,269				25,917				82,507				3,072				238,710
Grade 5			400				531				430				573				20,680				41				4,472				—				27,127
Grade 6			—				1,943				1,856				2,691				2,660				375				5,666				24				15,215
Grade 7			12,101				533				3,068				402				—				2,582				59				—				18,745
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			—				23,048				6,955				3,339				3,463				32,425				30,546				1,136				100,912
Total		$	145,855			$	615,995			$	287,483			$	227,173			$	181,613			$	360,429			$	1,455,436			$	7,269			$	3,281,253

Current-period gross write-offs		$	—			$	740			$	151			$	1,634			$	2,269			$	299			$	28,498			$	6,085			$	39,676

Consumer and Other
Grade 1		$	8,098			$	19,080			$	4,979			$	2,008			$	551			$	1,090			$	1,690			$	—			$	37,496
Grade 2			258				12,439				90,059				14,182				20,091				1,937				984				—				139,950
Grade 3			26,376				25,209				24,482				21,243				22,685				29,237				51,491				—				200,723
Grade 4			25				138				528				189				32				17,850				6,306				—				25,068
Grade 5			—				345				—				24				—				—				211				—				580
Grade 6			—				—				16				50				—				2				—				8				76
Grade 7			—				—				—				22				—				129				860				—				1,011
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			—				—				—				—				—				1,769				7				—				1,776
Total		$	34,757			$	57,211			$	120,064			$	37,718			$	43,359			$	52,014			$	61,549			$	8			$	406,680

Current-period gross write-offs		$	1,452			$	74			$	7			$	—			$	—			$	19			$	70			$	—			$	1,622


		Term Loans
		Amortized Cost Basis by Origination Year
		2026				2025				2024				2023				2022				Prior				Revolving Loans				Revolving Loans Converted to Term Loans				Total
		(Dollars in thousands)

Warehouse Purchase Program
Grade 1		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Grade 2			—				—				—				—				—				—				—				—				—
Grade 3			1,433,152				—				—				—				—				—				—				—				1,433,152
Grade 4			—				—				—				—				—				—				—				—				—
Grade 5			—				—				—				—				—				—				—				—				—
Grade 6			—				—				—				—				—				—				—				—				—
Grade 7			—				—				—				—				—				—				—				—				—
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			—				—				—				—				—				—				—				—				—
Total		$	1,433,152			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	1,433,152

Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—

Total
Grade 1		$	26,743			$	52,044			$	19,810			$	6,096			$	2,773			$	10,019			$	72,203			$	118			$	189,806
Grade 2			7,505				24,193				102,326				18,651				32,686				25,261				43,973				—				254,595
Grade 3			1,946,329				2,714,131				1,819,189				2,489,652				3,556,377				6,196,836				2,019,137				8,757				20,750,408
Grade 4			38,544				360,581				208,626				367,539				875,525				1,086,033				201,569				4,488				3,142,905
Grade 5			7,285				12,025				32,405				3,997				28,959				180,672				8,020				—				273,363
Grade 6			—				7,737				32,700				9,466				15,475				74,199				5,742				32				145,351
Grade 7			12,101				1,028				4,826				12,900				19,068				35,253				1,904				250				87,330
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			392				88,534				57,123				38,022				87,206				130,140				41,675				1,136				444,228
Total		$	2,038,899			$	3,260,273			$	2,277,005			$	2,946,323			$	4,618,069			$	7,738,413			$	2,394,223			$	14,781			$	25,287,986

Current-period gross write-offs		$	1,452			$	911			$	158			$	1,753			$	2,982			$	571			$	28,568			$	6,085			$	42,480

(1)

Includes $21.9 million of residential mortgage loans held for sale at March 31, 2026.

Allowance for Credit Losses on Loans by Category of Loan

The following table details activity in the allowance for credit losses on loans by category of loan for the three months ended March 31, 2026 and 2025.


		Construction, Land Development and Other Land Loans				Agriculture and Agriculture Real Estate (includes Farmland)				1-4 Family (includes Home Equity)				Commercial Real Estate (includes Multi-Family Residential)				Commercial and Industrial				Consumer and Other				Total
		(Dollars in thousands)
Allowance for credit losses on loans:
Three Months Ended
Balance December 31, 2025		$	69,817			$	23,438			$	76,596			$	77,251			$	77,939			$	8,701			$	333,742
Allowance on PCD loans at acquisition			5,725				927				1,353				12,423				30,809				909				52,146
Allowance on PSLs at acquisition (1)			5,342				142				6,213				11,696				13,308				2,560				39,261
Provision for credit losses on loans			(4,757	)			(1,242	)			(8,166	)			(6,075	)			21,904				(1,664	)			—
Charge-offs			—				(62	)			(899	)			(221	)			(39,676	)			(1,622	)			(42,480	)
Recoveries			—				10				37				342				451				331				1,171
Net (charge-offs) recoveries			—				(52	)			(862	)			121				(39,225	)			(1,291	)			(41,309	)
Balance March 31, 2026		$	76,127			$	23,213			$	75,134			$	95,416			$	104,735			$	9,215			$	383,840

Allowance for credit losses on loans:
Three Months Ended
Balance December 31, 2024		$	77,984			$	27,693			$	80,735			$	92,147			$	65,500			$	7,746			$	351,805
Provision for credit losses on loans			2,440				(1,596	)			4,211				(1,662	)			(4,996	)			1,603				—
Charge-offs			—				—				(1,057	)			(387	)			(942	)			(1,557	)			(3,943	)
Recoveries			156				—				6				209				612				256				1,239
Net (charge-offs) recoveries			156				—				(1,051	)			(178	)			(330	)			(1,301	)			(2,704	)
Balance March 31, 2025		$	80,580			$	26,097			$	83,895			$	90,307			$	60,174			$	8,048			$	349,101

Schedule of Amortized Cost of Loans Experiencing Financial Difficulty and Modified

The following table displays the amortized cost of loans that were both experiencing financial difficulty and modified during the three months ended March 31, 2026, and 2025 presented by category of loan and type of modification.


		Term Extension				Interest Rate Reduction				Total				Percent of Total Class of Loans
		(Dollars in thousands)
Three Months Ended March 31, 2026
Agriculture and agriculture real estate (includes farmland)		$	1,000			$	—			$	1,000				0.1	%
Total		$	1,000			$	—			$	1,000				0.1	%


		Term Extension				Interest Rate Reduction				Total				Percent of Total Class of Loans
		(Dollars in thousands)
Three Months Ended March 31, 2025
Commercial real estate (includes multi-family residential)		$	742			$	23,434			$	24,176				0.4	%
Agriculture and agriculture real estate (includes farmland)			185				—				185				0.0	%
Total		$	927			$	23,434			$	24,361				0.4	%