v3.26.1
Loans (Tables)
6 Months Ended
Jun. 30, 2026
Loans  
Schedule of loan portfolio composition including carrying value by segment The tables below show the loan portfolio composition including carrying value by segment as of the dates shown. The carrying value of loans is net of discounts, fees, costs and fair value marks of $26.7 million and $21.7 million as of June 30, 2026 and December 31, 2025, respectively.

June 30, 2026

Total loans

% of total

Commercial

$

5,605,299

57.3%

Commercial real estate non-owner occupied

2,650,629

27.1%

Residential real estate

1,503,461

15.4%

Consumer

14,663

0.2%

Total

$

9,774,052

100.0%

December 31, 2025

Total loans

% of total

Commercial

$

4,668,153

62.8%

Commercial real estate non-owner occupied

1,582,428

21.3%

Residential real estate

1,169,699

15.7%

Consumer

13,076

0.2%

Total

$

7,433,356

100.0%

Schedule of information about delinquent and non-accrual loans

Information about delinquent and non-accrual loans is shown in the following tables at June 30, 2026 and December 31, 2025:

June 30, 2026

Greater

30-89 days

than 90 days

Total past

past due and

past due and

Non-accrual

due and

accruing

accruing

loans

non-accrual

Current

Total loans

Commercial:

Commercial and industrial

$

918

$

6,739

$

24,637

$

32,294

$

2,728,018

$

2,760,312

Municipal and non-profit

1,296,849

1,296,849

Owner occupied commercial real estate

9,195

3,475

3,213

15,883

1,293,773

1,309,656

Food and agribusiness

6,669

13,633

20,302

218,180

238,482

Total commercial

16,782

23,847

27,850

68,479

5,536,820

5,605,299

Commercial real estate non-owner occupied:

Construction

2,061

2,061

253,224

255,285

Acquisition/development

46

46

225,069

225,115

Multifamily

299,834

299,834

Non-owner occupied

1,870,395

1,870,395

Total commercial real estate non-owner occupied

2,061

46

2,107

2,648,522

2,650,629

Residential real estate:

Senior lien

298

3,179

2,074

5,551

1,406,626

1,412,177

Junior lien

43

25

161

229

91,055

91,284

Total residential real estate

341

3,204

2,235

5,780

1,497,681

1,503,461

Consumer

46

46

14,617

14,663

Total loans

$

17,169

$

29,112

$

30,131

$

76,412

$

9,697,640

$

9,774,052

June 30, 2026

Non-accrual loans

Non-accrual loans

with a related

with no related

allowance for

allowance for

Non-accrual

credit loss

credit loss

loans

Commercial:

Commercial and industrial

$

13,499

$

11,138

$

24,637

Owner occupied commercial real estate

3,213

3,213

Total commercial

16,712

11,138

27,850

Commercial real estate non-owner occupied:

Construction

Acquisition/development

46

46

Total commercial real estate non-owner occupied

46

46

Residential real estate:

Senior lien

1,720

354

2,074

Junior lien

161

161

Total residential real estate

1,881

354

2,235

Total loans

$

18,639

$

11,492

$

30,131

December 31, 2025

Greater

30-89 days

than 90 days

Total past

past due and

past due and

Non-accrual

due and

accruing

accruing

loans

non-accrual

Current

Total loans

Commercial:

Commercial and industrial

$

6,243

$

4,716

$

19,607

$

30,566

$

2,007,138

$

2,037,704

Municipal and non-profit

1,273,761

1,273,761

Owner occupied commercial real estate

1,498

1,541

2,355

5,394

1,123,224

1,128,618

Food and agribusiness

2,868

6,184

9,052

219,018

228,070

Total commercial

10,609

12,441

21,962

45,012

4,623,141

4,668,153

Commercial real estate non-owner occupied:

Construction

188,992

188,992

Acquisition/development

867

331

1,198

51,289

52,487

Multifamily

298,497

298,497

Non-owner occupied

154

154

1,042,298

1,042,452

Total commercial real estate non-owner occupied

154

867

331

1,352

1,581,076

1,582,428

Residential real estate:

Senior lien

1,027

2,100

2,332

5,459

1,082,248

1,087,707

Junior lien

123

249

372

81,620

81,992

Total residential real estate

1,150

2,100

2,581

5,831

1,163,868

1,169,699

Consumer

48

9

38

95

12,981

13,076

Total loans

$

11,961

$

15,417

$

24,912

$

52,290

$

7,381,066

$

7,433,356

December 31, 2025

Non-accrual loans

Non-accrual loans

with a related

with no related

allowance for

allowance for

Non-accrual

credit loss

credit loss

loans

Commercial:

Commercial and industrial

$

13,738

$

5,869

$

19,607

Owner occupied commercial real estate

2,355

2,355

Total commercial

16,093

5,869

21,962

Commercial real estate non-owner occupied:

Acquisition/development

47

284

331

Total commercial real estate non-owner occupied

47

284

331

Residential real estate:

Senior lien

1,715

617

2,332

Junior lien

249

249

Total residential real estate

1,964

617

2,581

Consumer

38

38

Total loans

$

18,142

$

6,770

$

24,912

Schedule of the amortized cost basis and current period gross charge-offs for all loans as determined by the Company's internal risk rating system and year of origination

The amortized cost basis and current period gross charge-offs for all loans as determined by the Company’s internal risk rating system and year of origination are shown in the following tables as of and for the six months ended June 30, 2026 and the year ended December 31, 2025:

June 30, 2026

Revolving

Revolving

loans

loans

Origination year

amortized

converted

2026

2025

2024

2023

2022

Prior

cost basis

to term

Total

Commercial:

Commercial and industrial:

Pass

$

367,160

$

534,760

$

433,360

$

118,374

$

174,585

$

235,381

$

758,909

$

982

$

2,623,511

Special mention

9,143

2,064

29,618

19,186

3,446

7,210

6,500

77,167

Substandard

364

4,942

12,043

1,668

11,548

17,248

4,251

52,064

Doubtful

4,119

1,146

1,893

299

19

94

7,570

Total commercial and industrial

367,160

548,386

441,512

161,928

195,738

250,394

783,461

11,733

2,760,312

Gross charge-offs: Commercial and industrial

2,653

4,298

1,124

5,496

13,571

Municipal and non-profit:

Pass

82,187

256,077

104,104

126,133

127,361

554,857

45,657

473

1,296,849

Total municipal and non-profit

82,187

256,077

104,104

126,133

127,361

554,857

45,657

473

1,296,849

Owner occupied commercial real estate:

Pass

104,798

189,042

167,565

115,929

244,612

392,417

29,179

1,243,542

Special mention

1,945

6,977

1,647

6,175

22,780

39,524

Substandard

118

650

3,510

4,801

15,431

24,510

Doubtful

18

121

1,941

2,080

Total owner occupied commercial real estate

104,798

191,123

175,192

121,086

255,709

432,569

29,179

1,309,656

Gross charge-offs: Owner occupied commercial real estate

142

49

191

Food and agribusiness:

Pass

18,605

1,455

9,871

10,036

58,354

24,431

88,891

211,643

Special mention

5,418

5,222

83

7

530

1,199

12,459

Substandard

3,893

10,189

298

14,380

Total food and agribusiness

18,605

1,455

19,182

15,258

58,437

34,627

89,719

1,199

238,482

Total commercial

572,750

997,041

739,990

424,405

637,245

1,272,447

948,016

13,405

5,605,299

Gross charge-offs: Commercial

2,653

4,298

1,266

5,545

13,762

Commercial real estate non-owner occupied:

Construction:

Pass

48,453

68,566

57,421

14,455

16,510

27,220

17,047

249,672

Substandard

4,993

4,993

Doubtful

620

620

Total construction

48,453

68,566

57,421

14,455

22,123

27,220

17,047

255,285

Acquisition/development:

Pass

70,149

24,245

48,834

4,062

31,157

13,359

8,906

200,712

Special mention

2,044

8,811

9,748

20,603

Substandard

2,941

46

2,987

Doubtful

249

564

813

Total acquisition/development

70,149

24,245

51,127

16,378

40,905

13,405

8,906

225,115

Multifamily:

Pass

7,012

37,618

4,792

33,241

131,761

72,650

287,074

Special mention

4,452

4,452

Substandard

8,308

8,308

Total multifamily

7,012

37,618

4,792

33,241

144,521

72,650

299,834

Non-owner occupied:

Pass

404,472

170,470

210,365

182,536

289,339

563,271

32,296

1,852,749

Special mention

699

9,841

166

10,706

Substandard

4,034

4,034

Doubtful

2,353

553

2,906

Total non-owner occupied

404,472

170,470

211,064

182,536

301,533

568,024

32,296

1,870,395

Total commercial real estate non-owner occupied

530,086

300,899

324,404

246,610

509,082

681,299

58,249

2,650,629

Gross charge-offs: Commercial real estate non-owner occupied

1

1

Residential real estate:

Senior lien:

Pass

143,566

237,735

91,958

59,213

357,804

480,272

33,899

262

1,404,709

Special mention

536

536

Substandard

58

384

2,134

728

1,257

2,113

6,674

Doubtful

4

254

258

Total senior lien

143,624

238,123

94,346

59,941

359,061

482,921

33,899

262

1,412,177

Gross charge-offs: Senior lien

24

52

76

Junior lien:

Pass

6,495

2,407

1,745

2,613

3,255

6,239

66,930

1,224

90,908

Special mention

27

27

Substandard

84

102

163

349

Total junior lien

6,495

2,407

1,745

2,613

3,339

6,368

67,093

1,224

91,284

Total residential real estate

150,119

240,530

96,091

62,554

362,400

489,289

100,992

1,486

1,503,461

Gross charge-offs: Residential real estate

24

52

76

Consumer:

Pass

3,337

2,610

1,386

916

408

382

5,520

88

14,647

Substandard

8

8

16

Total consumer

3,337

2,618

1,394

916

408

382

5,520

88

14,663

Gross charge-offs: Consumer

357

3

18

48

426

Total loans

$

1,256,292

$

1,541,088

$

1,161,879

$

734,485

$

1,509,135

$

2,443,417

$

1,112,777

$

14,979

$

9,774,052

Gross charge-offs: Total loans

$

357

$

3

$

2,653

$

4,316

$

1,290

$

5,646

$

$

$

14,265

December 31, 2025

Revolving

Revolving

loans

loans

Origination year

amortized

converted

2025

2024

2023

2022

2021

Prior

cost basis

to term

Total

Commercial:

Commercial and industrial:

Pass

$

448,020

$

367,280

$

116,168

$

228,648

$

149,829

$

105,169

$

427,465

$

36,042

$

1,878,621

Special mention

12,367

794

33,712

7,835

1,311

3,338

15,938

2,376

77,671

Substandard

1

8,765

17,661

3,084

19,043

3,108

21,665

682

74,009

Doubtful

4,000

291

2,079

387

646

7,403

Total commercial and industrial

464,388

377,130

169,620

239,954

170,183

112,261

465,068

39,100

2,037,704

Gross charge-offs: Commercial and industrial

933

3,042

14,062

366

2,504

1,094

22,001

Municipal and non-profit:

Pass

268,314

114,545

128,619

133,664

208,117

385,561

34,941

1,273,761

Total municipal and non-profit

268,314

114,545

128,619

133,664

208,117

385,561

34,941

1,273,761

Owner occupied commercial real estate:

Pass

140,118

213,072

113,393

192,107

124,070

242,553

15,572

1,117

1,042,002

Special mention

2,955

1,664

7,387

6,906

22,164

850

41,926

Substandard

12,227

9,509

8,135

8,874

5,290

44,035

Doubtful

239

416

655

Total owner occupied commercial real estate

140,118

228,254

124,566

207,868

139,850

270,423

16,422

1,117

1,128,618

Gross charge-offs: Owner occupied commercial real estate

2,266

1,480

303

4,049

Food and agribusiness:

Pass

630

13,377

8,500

61,432

6,063

18,866

101,022

4,072

213,962

Special mention

3,659

4,407

8,066

Substandard

83

867

5,092

6,042

Total food and agribusiness

630

13,377

8,500

65,174

6,930

28,365

101,022

4,072

228,070

Gross charge-offs: Food and agribusiness

24

24

Total commercial

873,450

733,306

431,305

646,660

525,080

796,610

617,453

44,289

4,668,153

Gross charge-offs: Commercial

933

3,042

16,352

1,846

2,504

1,397

26,074

Commercial real estate non-owner occupied:

Construction:

Pass

18,338

85,198

8,900

42,629

880

33,047

188,992

Total construction

18,338

85,198

8,900

42,629

880

33,047

188,992

Acquisition/development:

Pass

4,483

16,627

435

20,076

1,923

8,072

540

52,156

Substandard

331

331

Total acquisition/development

4,483

16,627

435

20,076

1,923

8,403

540

52,487

Multifamily:

Pass

11,500

1,320

37,107

146,730

23,501

65,554

285,712

Special mention

4,482

4,482

Substandard

8,303

8,303

Total multifamily

11,500

1,320

37,107

159,515

23,501

65,554

298,497

Non-owner occupied:

Pass

61,931

48,296

140,934

238,047

154,937

340,290

22,351

1,006,786

Special mention

4,700

179

4,879

Substandard

3,000

27,787

30,787

Total non-owner occupied

66,631

48,296

140,934

241,047

154,937

368,256

22,351

1,042,452

Gross charge-offs: Non-owner occupied

1,467

1,467

Total commercial real estate non-owner occupied

100,952

151,441

187,376

463,267

180,361

443,093

55,938

1,582,428

Gross charge-offs: Commercial real estate non-owner occupied

1,467

1,467

Residential real estate:

Senior lien:

Pass

118,410

55,172

46,936

364,528

250,897

225,011

21,622

4

1,082,580

Special mention

11

11

Substandard

5

737

1,996

442

1,896

5,076

Doubtful

40

40

Total senior lien

118,410

55,177

47,673

366,564

251,339

226,918

21,622

4

1,087,707

Gross charge-offs: Senior lien

26

145

1

1

173

Junior lien:

Pass

2,778

5,871

3,110

3,837

876

5,264

59,651

68

81,455

Special mention

27

27

Substandard

87

259

164

510

Total junior lien

2,778

5,871

3,110

3,924

876

5,550

59,815

68

81,992

Total residential real estate

121,188

61,048

50,783

370,488

252,215

232,468

81,437

72

1,169,699

Gross charge-offs: Residential real estate

26

145

1

1

173

Consumer:

Pass

4,157

1,812

1,007

553

347

312

4,794

37

13,019

Substandard

10

9

38

57

Total consumer

4,167

1,821

1,007

553

347

350

4,794

37

13,076

Gross charge-offs: Consumer

715

11

1

20

747

Total loans

$

1,099,757

$

947,616

$

670,471

$

1,480,968

$

958,003

$

1,472,521

$

759,622

$

44,398

$

7,433,356

Gross charge-offs: Total loans

$

1,648

$

3,079

$

16,353

$

1,991

$

3,972

$

1,418

$

$

$

28,461

Schedule of collateral dependent loans The amortized cost basis of collateral-dependent loans over $250 thousand was as follows at June 30, 2026 and December 31, 2025:

June 30, 2026

Total amortized

Real property

Business assets

cost basis

Commercial:

Commercial and industrial

$

13,769

$

11,794

$

25,563

Owner occupied commercial real estate

4,829

1,078

5,907

Total commercial

18,598

12,872

31,470

Commercial real estate non-owner occupied:

Acquisition/development

5,798

5,798

Non-owner occupied

7,199

996

8,195

Total commercial real estate non-owner occupied

12,997

996

13,993

Residential real estate:

Senior lien

2,717

2,717

Total residential real estate

2,717

2,717

Total loans

$

34,312

$

13,868

$

48,180

December 31, 2025

Total amortized

Real property

Business assets

cost basis

Commercial:

Commercial and industrial

$

3,095

$

18,453

$

21,548

Owner occupied commercial real estate

4,563

1,052

5,615

Total commercial

7,658

19,505

27,163

Residential real estate:

Senior lien

1,030

1,030

Total residential real estate

1,030

1,030

Total loans

$

8,688

$

19,505

$

28,193

Schedule of modified loans to borrowers experiencing financial difficulty

The following schedules present, by loan class, the amortized cost basis for loans to borrowers experiencing financial difficulty that remain outstanding and were modified within the three and six months ended June 30, 2026:

As of and for the three months ended June 30, 2026

Combination - interest rate

Term extension

Payment delay

reduction and term extension

Amortized

% of loan

Amortized

% of loan

Amortized

% of loan

cost basis

class

cost basis

class

cost basis

class

Commercial:

Commercial and industrial

$

152

0.0%

$

3,999

0.1%

$

0.0%

Owner occupied commercial real estate

0.0%

0.0%

5,557

0.4%

Total commercial

152

0.0%

3,999

0.1%

5,557

0.1%

Total loans

$

152

0.0%

$

3,999

0.0%

$

5,557

0.1%

As of and for the six months ended June 30, 2026

Combination - interest rate

Term extension

Payment delay

reduction and term extension

Amortized

% of loan

Amortized

% of loan

Amortized

% of loan

cost basis

class

cost basis

class

cost basis

class

Commercial:

Commercial and industrial

$

152

0.0%

$

3,999

0.2%

$

0.0%

Owner occupied commercial real estate

0.0%

0.0%

5,557

0.5%

Total commercial

152

0.0%

3,999

0.1%

5,557

0.1%

Residential real estate:

Senior lien

59

0.0%

0.0%

0.0%

Total residential real estate

59

0.0%

0.0%

0.0%

Total loans

$

211

0.0%

$

3,999

0.1%

$

5,557

0.1%

The following schedules present, by loan class, the amortized cost basis for loans to borrowers experiencing financial difficulty that remain outstanding and were modified within the three and six months ended June 30, 2025:

As of and for the three months ended June 30, 2025

Term extension

Payment delay

Amortized

% of loan

Amortized

% of loan

cost basis

class

cost basis

class

Commercial:

Commercial and industrial

$

1,488

0.1%

$

8,277

0.4%

Owner occupied commercial real estate

2,004

0.2%

0.0%

Total commercial

3,492

0.1%

8,277

0.2%

Total loans

$

3,492

0.0%

$

8,277

0.1%

As of and for the six months ended June 30, 2025

Term extension

Payment delay

Reduction and term extension

Amortized

% of loan

Amortized

% of loan

Amortized

% of loan

cost basis

class

cost basis

class

cost basis

class

Commercial:

Commercial and industrial

$

1,488

0.1%

$

11,657

0.6%

$

0.0%

Owner occupied commercial real estate

2,004

0.2%

2,195

0.2%

0.0%

Total commercial

3,492

0.1%

13,852

0.3%

0.0%

Total loans

$

3,492

0.0%

$

13,852

0.2%

$

0.0%

Schedule of payment status of loans

The following schedules present, by loan class, the payment status of loans that have been modified in the last twelve months as of the dates presented on an amortized cost basis:

June 30, 2026

Current

30-89 days past due

90+ days past due

Non-accrual

Commercial:

Commercial and industrial

$

5,577

$

$

$

4,018

Owner occupied commercial real estate

5,557

Total commercial

11,134

4,018

Commercial real estate non-owner occupied:

Non-owner occupied

31,247

Total commercial real estate non-owner occupied

31,247

Residential real estate:

Senior lien

58

Total residential real estate

58

Total loans

$

42,439

$

$

$

4,018

June 30, 2025

Current

30-89 days past due

90+ days past due

Non-accrual

Commercial:

Commercial and industrial

$

13,145

$

$

$

1,482

Owner occupied commercial real estate

2,195

2,004

Total commercial

15,340

3,486

Residential real estate:

Junior lien

40

Total residential real estate

40

Total loans

$

15,340

$

$

$

3,526

Schedule of financial effect of the modifications made to borrowers experiencing financial difficulty

As of and for the three months ended June 30, 2026

As of and for the six months ended June 30, 2026

Financial Effect

Financial Effect

  ​

Term Extension

  ​

Payment Delay

  ​

Combination - Interest rate reduction and Term extension

  ​

Term Extension

  ​

Payment Delay

  ​

Combination - Interest rate reduction and Term extension

Commercial:

Commercial and industrial

Extended a weighted average of 1.7 years to the life of loans

Delayed payments for a weighted average of 0.3 years

Extended a weighted average of 1.7 years to the life of loans

Delayed payments for a weighted average of 0.3 years

Owner occupied commercial real estate

Reduced weighted average contractual interest rate from 9.25% to 7% and added weighted average of 0.4 years to the life of loans

Reduced weighted average contractual interest rate from 9.25% to 7% and added weighted average of 0.4 years to the life of loans

Residential real estate:

Senior lien

Extended a weighted average of 10.9 years to the life of loans

As of and for the three months ended June 30, 2025

Financial Effect

Term extension

Payment delay

Commercial:

Commercial and industrial

Extended a weighted average of 1.0 year to the life of loans

Extended a weighted average of 0.5 years to the life of loans

Owner occupied commercial real estate

Extended a weighted average of 0.7 years to the life of loans