v3.26.1
Loans, Allowance for Credit Losses - Loans, and Credit Quality (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Loan Composition
The loan composition is summarized as follows.
June 30, 2026December 31, 2025
(in thousands)Amount% of
Total		Amount% of
Total
Commercial & industrial$2,350,769 22 %$1,367,522 20 %
Owner-occupied commercial real estate (“CRE”)1,543,772 14 939,587 14 
Agricultural1,765,864 16 1,415,425 21 
CRE investment2,329,696 22 1,188,351 17 
Construction & land development571,280 5 326,638 5 
Residential construction139,823 1 95,268 1 
Residential first mortgage1,584,362 15 1,193,683 17 
Residential junior mortgage474,964 4 268,188 4 
Retail & other87,634 1 41,683 1 
Loans
10,848,164 100 %6,836,345 100 %
Less allowance for credit losses - Loans (“ACL-Loans”)133,584 68,806 
Loans, net
$10,714,580 $6,767,539 
Allowance for credit losses - Loans to loans1.23 %1.01 %
Schedule of Allowance for Credit Losses
A roll forward of the allowance for credit losses - loans is summarized as follows.
Three Months Ended Six Months EndedYear Ended
(in thousands)June 30, 2026June 30, 2025June 30, 2026June 30, 2025December 31, 2025
Beginning balance$133,435 $67,480 $68,806 $66,322 $66,322 
ACL on acquired PCD loans— — 19,735 — — 
ACL on acquired PSL loans— — 44,377 — — 
Provision for credit losses - loans800 1,300 2,150 2,800 4,300 
Charge-offs(714)(568)(1,586)(956)(2,263)
Recoveries63 196 102 242 447 
Net (charge-offs) recoveries(651)(372)(1,484)(714)(1,816)
Ending balance$133,584 $68,408 $133,584 $68,408 $68,806 
The following tables present the balance and activity in the ACL-Loans by portfolio segment.
Six Months Ended June 30, 2026
(in thousands)Commercial
& industrial		Owner-
occupied
CRE		AgriculturalCRE
investment		Construction & land
development		Residential
construction		Residential
first mortgage		Residential
junior
mortgage		Retail
& other		Total
ACL-Loans
Beginning balance$16,905 $5,289 $9,434 $15,038 $3,611 $1,250 $13,310 $3,351 $618 $68,806 
ACL on PCD loans8,174 2,168 518 5,300 2,638 — 204 49 684 19,735 
ACL on PSL loans21,262 4,254 1,739 7,758 3,192 718 3,920 1,223 311 44,377 
Provision(10,027)4,787 (563)1,670 1,761 (1,147)248 4,215 1,206 2,150 
Charge-offs(804)(23)— — — — (33)(42)(684)(1,586)
Recoveries38 — 5 — — — 1 4 54 102 
Net (charge-offs) recoveries(766)(23)5 — — — (32)(38)(630)(1,484)
Ending balance$35,548 $16,475 $11,133 $29,766 $11,202 $821 $17,650 $8,800 $2,189 $133,584 
As % of ACL-Loans27 %12 %8 %22 %8 %1 %13 %7 %2 %100 %

Year Ended December 31, 2025
(in thousands)Commercial
& industrial		Owner-
occupied
CRE		AgriculturalCRE
investment		Construction
& land
development		Residential
construction		Residential
first
mortgage		Residential
junior
mortgage		Retail &
other
Total
ACL-Loans
Beginning balance$16,147 $5,362 $9,957 $14,616 $2,658 $1,234 $12,590 $2,827 $931 $66,322 
Provision2,154 (79)(458)422 953 16 817 522 (47)4,300 
Charge-offs(1,577)(189)(65)— — — (98)(2)(332)(2,263)
Recoveries181 195 — — — — 1 4 66 447 
Net (charge-offs) recoveries(1,396)6 (65)— — — (97)2 (266)(1,816)
Ending balance$16,905 $5,289 $9,434 $15,038 $3,611 $1,250 $13,310 $3,351 $618 $68,806 
As % of ACL-Loans24 %8 %14 %22 %5 %2 %19 %5 %1 %100 %
Schedule of Provision for Credit Losses The following table presents the components of the provision for credit losses.
Three Months Ended Six Months EndedYear Ended
(in thousands)June 30, 2026June 30, 2025June 30, 2026June 30, 2025December 31, 2025
Provision for credit losses on:
Loans$800 $1,300 $2,150 $2,800 $4,300 
Unfunded commitments700 (250)5,400 (250)(50)
Total$1,500 $1,050 $7,550 $2,550 $4,250 
Schedule of Collateral Dependent Loans by Portfolio Segment The following tables present collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation.
June 30, 2026Collateral Type
(in thousands)Real EstateOther Business AssetsTotalWithout an AllowanceWith an AllowanceAllowance Allocation
Commercial & industrial$— $14,537 $14,537 $8,407 $6,130 $4,210 
Owner-occupied CRE19,759 — 19,759 16,531 3,228 425 
Agricultural5,919 2,892 8,811 8,811 — — 
CRE investment9,136 — 9,136 1,667 7,469 661 
Construction & land development— — — — — — 
Residential construction— — — — — — 
Residential first mortgage2,376 — 2,376 2,287 89 6 
Residential junior mortgage278 — 278 — 278 4 
Retail & other— — — — — — 
Total loans$37,468 $17,429 $54,897 $37,703 $17,194 $5,306 

December 31, 2025Collateral Type
(in thousands)Real EstateOther Business AssetsTotalWithout an AllowanceWith an AllowanceAllowance Allocation
Commercial & industrial$— $9,111 $9,111 $5,986 $3,125 $322 
Owner-occupied CRE5,755 — 5,755 5,755 — — 
Agricultural6,784 3,589 10,373 10,373 — — 
CRE investment497 — 497 497 — — 
Construction & land development— — — — — — 
Residential construction— — — — — — 
Residential first mortgage1,847 — 1,847 1,486 361 1 
Residential junior mortgage166 — 166 166 — — 
Retail & other— — — — — — 
Total loans$15,049 $12,700 $27,749 $24,263 $3,486 $323 
Schedule of Past Due Loans by Portfolio Segment
The following tables present past due loans by portfolio segment.
June 30, 2026
(in thousands)30-89 Days Past
Due (accruing)		90 Days & Over or nonaccrualCurrentTotal
Commercial & industrial$722 $18,409 $2,331,638 $2,350,769 
Owner-occupied CRE2,134 21,661 1,519,977 1,543,772 
Agricultural107 9,661 1,756,096 1,765,864 
CRE investment— 9,446 2,320,250 2,329,696 
Construction & land development5 100 571,175 571,280 
Residential construction557 — 139,266 139,823 
Residential first mortgage3,663 10,214 1,570,485 1,584,362 
Residential junior mortgage1,015 1,862 472,087 474,964 
Retail & other728 192 86,714 87,634 
Total loans$8,931 $71,545 $10,767,688 $10,848,164 
Percent of total loans0.1 %0.7 %99.2 %100.0 %
December 31, 2025
(in thousands)30-89 Days Past
Due (accruing)		90 Days & Over or nonaccrualCurrentTotal
Commercial & industrial$541 $10,314 $1,356,667 $1,367,522 
Owner-occupied CRE3,311 6,938 929,338 939,587 
Agricultural123 10,476 1,404,826 1,415,425 
CRE investment250 497 1,187,604 1,188,351 
Construction & land development29 — 326,609 326,638 
Residential construction601 — 94,667 95,268 
Residential first mortgage5,305 3,022 1,185,356 1,193,683 
Residential junior mortgage494 311 267,383 268,188 
Retail & other453 121 41,109 41,683 
Total loans$11,107 $31,679 $6,793,559 $6,836,345 
Percent of total loans0.1 %0.5 %99.4 %100.0 %
Schedule of Nonaccrual Loans by Portfolio Segment
The following table presents nonaccrual loans by portfolio segment.
June 30, 2026December 31, 2025
(in thousands)Nonaccrual Loans% of TotalNonaccrual Loans% of Total
Commercial & industrial$18,409 26 %$10,314 32 %
Owner-occupied CRE21,661 30 6,938 22 
Agricultural9,661 14 10,476 33 
CRE investment9,446 13 497 2 
Construction & land development100 — — — 
Residential construction— — — — 
Residential first mortgage10,214 14 3,022 10 
Residential junior mortgage1,862 3 311 1 
Retail & other192 — 121 — 
Nonaccrual loans
$71,545 100 %$31,679 100 %
Percent of total loans0.7 %0.5 %
Schedule of Loans by Risk Categories and Gross Charge-offs
The following tables present total loans by risk categories and year of origination, as well as gross charge-offs by year of origination. Acquired loans have been included based upon the actual origination date.
June 30, 2026Amortized Cost Basis by Origination Year
(in thousands)20262025202420232022PriorRevolvingRevolving to TermTOTAL
Commercial & industrial
Grades 1-4$238,582 $448,744 $171,621 $155,496 $173,209 $273,263 $660,336 $— $2,121,251 
Grade 56,300 10,281 6,695 14,850 10,944 17,310 56,582 — 122,962 
Grade 6— 13,799 2,626 1,547 2,755 4,519 4,900 — 30,146 
Grade 7 *1,395 1,710 9,013 6,404 18,302 13,588 25,998 — 76,410 
Total$246,277 $474,534 $189,955 $178,297 $205,210 $308,680 $747,816 $— $2,350,769 
Current period gross charge-offs$— $(29)$(128)$(360)$(105)$(12)$(170)$— $(804)
Owner-occupied CRE
Grades 1-4$122,988 $237,431 $167,387 $138,964 $202,434 $481,107 $16,406 $— $1,366,717 
Grade 5354 5,348 8,323 17,029 15,682 50,186 147 — 97,069 
Grade 6— — 180 — 2,469 5,572 115 — 8,336 
Grade 7 *111 913 6,063 12,888 15,443 34,503 1,729 — 71,650 
Total$123,453 $243,692 $181,953 $168,881 $236,028 $571,368 $18,397 $— $1,543,772 
Current period gross charge-offs$— $— $— $— $— $(23)$— $— $(23)
Agricultural
Grades 1-4$83,935 $230,580 $182,083 $125,319 $248,322 $350,702 $372,520 $— $1,593,461 
Grade 513,489 9,900 4,851 6,761 19,304 23,089 49,234 — 126,628 
Grade 6577 139 1,310 101 493 2,984 2,945 — 8,549 
Grade 7 *638 4,572 1,229 2,101 1,769 19,385 7,532 — 37,226 
Total$98,639 $245,191 $189,473 $134,282 $269,888 $396,160 $432,231 $— $1,765,864 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
CRE investment
Grades 1-4$77,769 $184,302 $197,062 $133,777 $373,786 $1,129,851 $47,430 $— $2,143,977 
Grade 5— 911 4,441 19,202 26,204 51,852 — — 102,610 
Grade 6— — — 20,000 18,246 1,056 — — 39,302 
Grade 7 *— 1,153 — 10,271 13,463 18,920 — — 43,807 
Total$77,769 $186,366 $201,503 $183,250 $431,699 $1,201,679 $47,430 $— $2,329,696 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & land development
Grades 1-4$43,384 $214,382 $117,061 $44,556 $26,257 $42,487 $3,258 $— $491,385 
Grade 5— 12,675 826 4,395 44,456 1,011 56 — 63,419 
Grade 6— — — — 162 — — — 162 
Grade 7 *— — — 831 15,483 — — — 16,314 
Total$43,384 $227,057 $117,887 $49,782 $86,358 $43,498 $3,314 $— $571,280 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential construction
Grades 1-4$27,731 $76,626 $8,673 $2,960 $4,523 $1,992 $10,292 $— $132,797 
Grade 5401 163 — 6,462 — — — — 7,026 
Grade 6— — — — — — — — — 
Grade 7 *— — — — — — — — — 
Total$28,132 $76,789 $8,673 $9,422 $4,523 $1,992 $10,292 $— $139,823 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential first mortgage
Grades 1-4$99,690 $201,591 $129,180 $153,436 $385,219 $578,566 $8,797 $— $1,556,479 
Grade 5273 1,358 636 1,539 3,517 5,661 242 — 13,226 
Grade 6— — — 80 49 624 — — 753 
Grade 7 *— 237 689 1,392 3,378 8,208 — — 13,904 
Total$99,963 $203,186 $130,505 $156,447 $392,163 $593,059 $9,039 $— $1,584,362 
Current period gross charge-offs$— $— $— $— $— $(33)$— $— $(33)
Residential junior mortgage
Grades 1-4$3,203 $15,191 $10,846 $14,646 $17,876 $28,002 $378,864 $3,262 $471,890 
Grade 5— — 9 — 449 342 — — 800 
Grade 6— — — 187 — — — — 187 
Grade 7 *— 133 — 446 867 319 322 — 2,087 
Total$3,203 $15,324 $10,855 $15,279 $19,192 $28,663 $379,186 $3,262 $474,964 
Current period gross charge-offs$— $— $— $— $(42)$— $— $— $(42)
Retail & other
Grades 1-4$10,716 $15,308 $7,766 $6,432 $5,527 $12,090 $29,603 $— $87,442 
Grade 5— — — — — — — — — 
Grade 6— — — — — — — — — 
Grade 7 *— 63 31 74 22 2 — — 192 
Total$10,716 $15,371 $7,797 $6,506 $5,549 $12,092 $29,603 $— $87,634 
Current period gross charge-offs$— $(13)$(7)$(99)$(6)$(129)$(430)$— $(684)
Total loans$731,536 $1,687,510 $1,038,601 $902,146 $1,650,610 $3,157,191 $1,677,308 $3,262 $10,848,164 
* The total Grade 7 loans at June 30, 2026 included $25 million of loans covered by government loan program guarantees.
December 31, 2025Amortized Cost Basis by Origination Year
(in thousands)20252024202320222021PriorRevolvingRevolving to TermTOTAL
Commercial & industrial
Grades 1-4$297,093 $144,896 $92,466 $84,058 $80,057 $77,686 $424,640 $— $1,200,896 
Grade 54,152 6,622 14,051 12,515 3,471 6,448 53,059 — 100,318 
Grade 613,593 896 1,497 2,677 826 — 13,285 — 32,774 
Grade 7 *805 2,580 3,612 4,170 4,901 4,817 12,649 — 33,534 
Total$315,643 $154,994 $111,626 $103,420 $89,255 $88,951 $503,633 $— $1,367,522 
Current period gross charge-offs$(125)$(103)$(45)$(76)$(524)$(8)$(696)$— $(1,577)
Owner-occupied CRE
Grades 1-4$132,613 $84,209 $77,111 $134,342 $113,456 $262,006 $2,321 $— $806,058 
Grade 51,653 6,496 12,864 14,243 24,479 25,868 49 — 85,652 
Grade 6— 13,038 1,511 1,311 — 1,097 — — 16,957 
Grade 7 *— 1,676 3,718 1,970 6,523 17,033 — — 30,920 
Total$134,266 $105,419 $95,204 $151,866 $144,458 $306,004 $2,370 $— $939,587 
Current period gross charge-offs$— $— $— $— $— $(189)$— $— $(189)
Agricultural
Grades 1-4$178,383 $178,254 $122,462 $233,078 $109,828 $184,017 $290,983 $— $1,297,005 
Grade 59,136 2,956 4,910 10,910 7,110 16,267 26,604 — 77,893 
Grade 61,197 — 595 137 — 5,997 1,632 — 9,558 
Grade 7 *937 381 1,278 3,926 6,982 12,412 5,053 — 30,969 
Total$189,653 $181,591 $129,245 $248,051 $123,920 $218,693 $324,272 $— $1,415,425 
Current period gross charge-offs$— $— $— $— $— $— $(65)$— $(65)
CRE investment
Grades 1-4$107,033 $115,996 $40,985 $233,167 $193,969 $438,694 $12,801 $— $1,142,645 
Grade 5— 3,608 1,177 4,694 12,622 19,183 — — 41,284 
Grade 6— — — 3,204 — — — — 3,204 
Grade 7 *— — 552 — — 666 — — 1,218 
Total$107,033 $119,604 $42,714 $241,065 $206,591 $458,543 $12,801 $— $1,188,351 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Construction & land development
Grades 1-4$90,203 $125,309 $26,359 $25,189 $42,103 $11,642 $2,205 $— $323,010 
Grade 5— 375 39 1,943 215 830 — — 3,402 
Grade 6— — — 166 — — — — 166 
Grade 7 *— — — 60 — — — — 60 
Total$90,203 $125,684 $26,398 $27,358 $42,318 $12,472 $2,205 $— $326,638 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential construction
Grades 1-4$77,376 $12,131 $872 $2,917 $1,572 $400 $— $— $95,268 
Grade 5— — — — — — — — — 
Grade 6— — — — — — — — — 
Grade 7 *— — — — — — — — — 
Total$77,376 $12,131 $872 $2,917 $1,572 $400 $— $— $95,268 
Current period gross charge-offs$— $— $— $— $— $— $— $— $— 
Residential first mortgage
Grades 1-4$164,721 $118,575 $139,900 $310,381 $194,581 $253,195 $824 $— $1,182,177 
Grade 5449 1,184 1,348 986 564 1,642 — — 6,173 
Grade 6— — — — — — — — — 
Grade 7 *— 399 378 1,421 1,316 1,819 — — 5,333 
Total$165,170 $120,158 $141,626 $312,788 $196,461 $256,656 $824 $— $1,193,683 
Current period gross charge-offs$— $(85)$— $— $— $(13)$— $— $(98)
Residential junior mortgage
Grades 1-4$9,258 $5,317 $6,072 $3,531 $2,539 $6,869 $229,989 $3,664 $267,239 
Grade 5— 12 — 454 — — 171 — 637 
Grade 6— — — — — — — — — 
Grade 7 *— — — 48 — — 264 — 312 
Total$9,258 $5,329 $6,072 $4,033 $2,539 $6,869 $230,424 $3,664 $268,188 
Current period gross charge-offs$— $— $— $— $— $(2)$— $— $(2)
Retail & other
Grades 1-4$6,696 $3,821 $2,930 $3,485 $1,798 $3,997 $18,832 $— $41,559 
Grade 5— — — — — — — — — 
Grade 6— — — — — — — — — 
Grade 7 *60 4 53 — 7 — — — 124 
Total$6,756 $3,825 $2,983 $3,485 $1,805 $3,997 $18,832 $— $41,683 
Current period gross charge-offs$— $(13)$(11)$— $— $(14)$(294)$— $(332)
Total loans$1,095,358 $828,735 $556,740 $1,094,983 $808,919 $1,352,585 $1,095,361 $3,664 $6,836,345 
* The total Grade 7 loans at December 31, 2025 included $15 million of loans covered by government loan program guarantees.
Schedule of Aggregated by Portfolio Segment and Type of Modification
The following table presents the amortized cost of loans that were made to borrowers experiencing financial difficulty and were modified during the six months ended June 30, 2025, aggregated by portfolio segment and type of modification. There were no loans to borrowers experiencing financial difficulty that were modified during the six months ended June 30, 2026.
(in thousands)Payment DelayTerm ExtensionInterest Rate ReductionTerm Extension & Interest Rate ReductionTotal% of Total Loans
Six Months Ended June 30, 2025
Commercial & industrial$2,382 $— $— $— $2,382 0.17 %
Owner-occupied CRE— — — — — — %
Agricultural— — — — — — %
CRE investment— — — — — — %
Total$2,382 $— $— $— $2,382 0.03 %