Loans and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 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:


		June 30, 2026				December 31, 2025
		(Dollars in thousands)
Residential mortgage loans held for sale		$	18,656			$	14,155

Commercial and industrial			3,290,092				2,303,936
Real estate:
Construction, land development and other land loans			3,143,607				2,741,455
1-4 family residential (includes home equity)			8,586,119				8,260,482
Commercial real estate (includes multi-family residential)			7,220,978				5,776,397
Farmland			705,868				662,031
Agriculture			360,254				365,873
Consumer and other			412,268				376,241
Total loans held for investment, excluding Warehouse Purchase Program			23,719,186				20,486,415
Warehouse Purchase Program			1,290,156				1,304,798
Total loans, including Warehouse Purchase Program		$	25,027,998			$	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 six months ended June 30, 2026				As of and for the year ended December 31, 2025
		(Dollars in thousands)
Beginning balance on January 1		$	272			$	266
New loans			628				182
Transfers			3,514				—
Repayments			(754	)			(176	)
Ending balance		$	3,660			$	272

Aging Analysis of Past Due Loans

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


		June 30, 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		$	6,608			$	—			$	6,608			$	2,447			$	3,134,552			$	3,143,607
Warehouse Purchase Program loans			—				—				—				—				1,290,156				1,290,156
Agriculture and agriculture real estate (includes farmland)			5,392				1,086				6,478				14,504				1,045,140				1,066,122
1-4 family (includes home equity) (1)			40,137				137				40,274				57,253				8,507,248				8,604,775
Commercial real estate (includes multi-family residential)			38,435				472				38,907				16,167				7,165,904				7,220,978
Commercial and industrial			17,267				665				17,932				25,481				3,246,679				3,290,092
Consumer and other			537				—				537				1,059				410,672				412,268
Total		$	108,376			$	2,360			$	110,736			$	116,911			$	24,800,351			$	25,027,998


		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 $18.7 million and $14.2 million of residential mortgage loans held for sale at June 30, 2026, and December 31, 2025, respectively.

Non-performing Assets

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


		June 30, 2026				December 31, 2025
		(Dollars in thousands)
Nonaccrual loans (1)		$	116,911			$	137,217
Accruing loans 90 or more days past due			2,360				317
Total nonperforming loans			119,271				137,534
Repossessed assets			9				12
Other real estate			11,296				13,296
Total nonperforming assets		$	130,576			$	150,842

Nonperforming assets to total loans and other real estate			0.52	%			0.69	%
Nonperforming assets to total loans, excluding Warehouse Purchase Program loans, and other real estate			0.55	%			0.74	%
Nonaccrual loans to total loans			0.47	%			0.63	%
Nonaccrual loans to total loans, excluding Warehouse Purchase Program loans			0.49	%			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 Purchased Seasoned 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 June 30, 2026, and December 31, 2025.


		June 30, 2026				December 31, 2025
		(Dollars in thousands)
PCD loans:
Outstanding balance		$	382,745			$	300,010
Discount			(7,444	)			(5,267	)
Recorded investment		$	375,301			$	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 June 30, 2026, and December 31, 2025.


		June 30, 2026				December 31, 2025
		(Dollars in thousands)
PSLs:
Outstanding balance		$	4,399,194			$	1,498,731
Discount			(65,782	)			(17,479	)
Recorded investment		$	4,333,412			$	1,481,252

Summary of Changes in Accretable Yields of Acquired Loans

Changes in the accretable yield for acquired PCD loans for the three and six months ended June 30, 2026, and 2025 were as follows:


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
		(Dollars in thousands)
Balance at beginning of period		$	8,440			$	6,713			$	5,267			$	7,390
Additions			(95	)			—				4,250				—
Accretion recoveries (charge-offs)			—				—				14				—
Accretion			(901	)			(638	)			(2,087	)			(1,315	)
Balance at June 30,		$	7,444			$	6,075			$	7,444			$	6,075

Changes in the discount accretion for PSLs for the three and six months ended June 30, 2026, and 2025 were as follows:


		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
		(Dollars in thousands)
Balance at beginning of period		$	68,592			$	25,250			$	17,479			$	27,845
Additions			31				—				53,971				—
Accretion recoveries			263				2				(2	)			22
Accretion			(3,104	)			(2,486	)			(5,666	)			(5,101	)
Balance at June 30,		$	65,782			$	22,766			$	65,782			$	22,766

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 June 30, 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		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Grade 2			—				2,941				327				461				—				262				—				—				3,991
Grade 3			251,510				847,097				282,398				256,468				188,810				98,414				155,845				353				2,080,895
Grade 4			21,720				149,091				105,118				125,381				291,474				42,315				212,379				—				947,478
Grade 5			—				203				1,135				23,690				10,040				5,202				8,159				—				48,429
Grade 6			—				1,917				—				—				—				1,115				1,436				—				4,468
Grade 7			—				1,456				—				61				95				94				—				—				1,706
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			—				26,922				4,719				6,378				10,149				4,433				4,039				—				56,640
Total		$	273,230			$	1,029,627			$	393,697			$	412,439			$	500,568			$	151,835			$	381,858			$	353			$	3,143,607

Current-period gross write-offs		$	—			$	—			$	50			$	—			$	—			$	—			$	—			$	—			$	50

Agriculture and Agriculture Real Estate (includes Farmland)
Grade 1		$	1,448			$	2,427			$	309			$	149			$	3			$	89			$	9,249			$	—			$	13,674
Grade 2			—				60				—				2				2,270				978				—				—				3,310
Grade 3			97,606				109,159				67,034				51,888				143,724				157,509				186,139				81				813,140
Grade 4			21,470				33,082				16,214				13,466				31,002				41,014				36,981				—				193,229
Grade 5			2,864				5,461				702				621				535				2,570				134				—				12,887
Grade 6			—				—				1				—				—				—				—				—				1
Grade 7			—				—				—				—				195				1,130				—				—				1,325
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			389				269				13,068				1,813				3,434				3,684				5,899				—				28,556
Total		$	123,777			$	150,458			$	97,328			$	67,939			$	181,163			$	206,974			$	238,402			$	81			$	1,066,122

Current-period gross write-offs		$	—			$	39			$	40			$	—			$	—			$	23			$	35			$	—			$	137

1-4 Family (includes Home Equity) (1)
Grade 1		$	—			$	—			$	—			$	67			$	125			$	104			$	—			$	—			$	296
Grade 2			97				4,226				910				374				415				5,026				—				—				11,048
Grade 3			219,217				528,263				580,486				1,409,466				1,947,578				3,303,732				112,127				1,941				8,102,810
Grade 4			12,339				27,467				24,278				32,184				77,526				205,721				11,900				—				391,415
Grade 5			338				2,663				2,153				451				10,362				6,643				—				—				22,610
Grade 6			173				369				1,700				1,797				2,328				3,039				—				—				9,406
Grade 7			—				218				1,571				6,761				18,233				29,814				67				—				56,664
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			—				44				4,464				900				1,627				3,248				243				—				10,526
Total		$	232,164			$	563,250			$	615,562			$	1,452,000			$	2,058,194			$	3,557,327			$	124,337			$	1,941			$	8,604,775

Current-period gross write-offs		$	—			$	58			$	—			$	485			$	713			$	9			$	19			$	—			$	1,284


		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		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Grade 2			409				4,958				27,996				1,686				4,105				19,080				—				—				58,234
Grade 3			390,571				546,592				386,639				411,034				803,900				1,722,534				94,792				150				4,356,212
Grade 4			37,723				206,488				175,434				186,478				629,031				973,005				37,119				392				2,245,670
Grade 5			—				8,808				31,611				9,292				24,310				174,020				6,800				—				254,841
Grade 6			—				6,093				16,565				2,272				16,865				64,549				3,153				—				109,497
Grade 7			—				436				1,288				5,094				2,914				793				985				—				11,510
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			—				11,031				22,499				24,459				52,017				75,008				—				—				185,014
Total		$	428,703			$	784,406			$	662,032			$	640,315			$	1,533,142			$	3,028,989			$	142,849			$	542			$	7,220,978

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

Commercial and Industrial
Grade 1		$	18,386			$	27,837			$	12,629			$	2,876			$	614			$	4,552			$	68,469			$	80			$	135,443
Grade 2			5,938				270				4,523				1,205				6,790				680				45,774				—				65,180
Grade 3			262,697				422,126				175,611				149,748				85,870				265,352				989,549				392				2,351,345
Grade 4			21,805				107,280				48,931				43,077				29,163				56,376				221,324				2,781				530,737
Grade 5			2,582				1,529				2,856				1,367				26,748				2,600				41,533				—				79,215
Grade 6			826				2,039				2,166				2,347				2,520				330				7,136				—				17,364
Grade 7			11,199				593				3,072				389				151				2,412				—				—				17,816
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			—				22,945				6,425				3,094				2,911				31,637				25,980				—				92,992
Total		$	323,433			$	584,619			$	256,213			$	204,103			$	154,767			$	363,939			$	1,399,765			$	3,253			$	3,290,092

Current-period gross write-offs		$	802			$	782			$	295			$	2,016			$	2,306			$	315			$	29,832			$	6,109			$	42,457

Consumer and Other
Grade 1		$	14,546			$	13,879			$	4,604			$	1,415			$	490			$	1,259			$	2,473			$	—			$	38,666
Grade 2			404				7,664				83,900				14,049				19,951				—				1,873				—				127,841
Grade 3			55,345				20,250				20,400				14,991				19,424				24,952				45,124				701				201,187
Grade 4			199				2,440				1,843				2,596				1,056				18,342				13,101				—				39,577
Grade 5			5				565				—				175				—				1,370				184				—				2,299
Grade 6			—				—				14				46				—				8				—				—				68
Grade 7			21				19				6				20				—				129				862				—				1,057
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			—				—				—				—				—				1,573				—				—				1,573
Total		$	70,520			$	44,817			$	110,767			$	33,292			$	40,921			$	47,633			$	63,617			$	701			$	412,268

Current-period gross write-offs		$	3,381			$	82			$	15			$	5			$	10			$	25			$	129			$	—			$	3,647


		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			1,290,156				—				—				—				—				—				—				—				1,290,156
Grade 4			—				—				—				—				—				—				—				—				—
Grade 5			—				—				—				—				—				—				—				—				—
Grade 6			—				—				—				—				—				—				—				—				—
Grade 7			—				—				—				—				—				—				—				—				—
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			—				—				—				—				—				—				—				—				—
Total		$	1,290,156			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	1,290,156

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

Total
Grade 1		$	34,380			$	44,143			$	17,542			$	4,507			$	1,232			$	6,004			$	80,191			$	80			$	188,079
Grade 2			6,848				20,119				117,656				17,777				33,531				26,026				47,647				—				269,604
Grade 3			2,567,102				2,473,487				1,512,568				2,293,595				3,189,306				5,572,493				1,583,576				3,618				19,195,745
Grade 4			115,256				525,848				371,818				403,182				1,059,252				1,336,773				532,804				3,173				4,348,106
Grade 5			5,789				19,229				38,457				35,596				71,995				192,405				56,810				—				420,281
Grade 6			999				10,418				20,446				6,462				21,713				69,041				11,725				—				140,804
Grade 7			11,220				2,722				5,937				12,325				21,588				34,372				1,914				—				90,078
Grade 8			—				—				—				—				—				—				—				—				—
Grade 9			—				—				—				—				—				—				—				—				—
PCD Loans			389				61,211				51,175				36,644				70,138				119,583				36,161				—				375,301
Total		$	2,741,983			$	3,157,177			$	2,135,599			$	2,810,088			$	4,468,755			$	7,356,697			$	2,350,828			$	6,871			$	25,027,998

Current-period gross write-offs		$	4,183			$	961			$	400			$	2,506			$	3,029			$	593			$	30,015			$	6,109			$	47,796

(1)

Includes $18.7 million of residential mortgage loans held for sale at June 30, 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 and six months ended June 30, 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 March 31, 2026		$	76,127			$	23,213			$	75,134			$	95,416			$	104,735			$	9,215			$	383,840
Allowance on PCD loans at acquisition			—				(236	)			—				—				1,420				—				1,184
Provision for credit losses on loans			(1,949	)			798				1,901				(2,356	)			(580	)			2,186				—
Charge-offs			(50	)			(75	)			(385	)			—				(2,781	)			(2,025	)			(5,316	)
Recoveries			—				47				71				1,064				1,395				556				3,133
Net (charge-offs) recoveries			(50	)			(28	)			(314	)			1,064				(1,386	)			(1,469	)			(2,183	)
Balance June 30, 2026		$	74,128			$	23,747			$	76,721			$	94,124			$	104,189			$	9,932			$	382,841

Six 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				691				1,353				12,423				32,229				909				53,330
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			(6,706	)			(444	)			(6,265	)			(8,431	)			21,324				522				—
Charge-offs			(50	)			(137	)			(1,284	)			(221	)			(42,457	)			(3,647	)			(47,796	)
Recoveries			—				57				108				1,406				1,846				887				4,304
Net (charge-offs) recoveries			(50	)			(80	)			(1,176	)			1,185				(40,611	)			(2,760	)			(43,492	)
Balance June 30, 2026		$	74,128			$	23,747			$	76,721			$	94,124			$	104,189			$	9,932			$	382,841

Allowance for credit losses on loans:
Three Months Ended
Balance March 31, 2025		$	80,580			$	26,097			$	83,895			$	90,307			$	60,174			$	8,048			$	349,101
Provision for credit losses on loans			(2,765	)			737				(1,448	)			(1,131	)			3,126				1,481				—
Charge-offs			(82	)			(37	)			(410	)			(112	)			(1,636	)			(1,945	)			(4,222	)
Recoveries			85				51				68				57				592				352				1,205
Net (charge-offs) recoveries			3				14				(342	)			(55	)			(1,044	)			(1,593	)			(3,017	)
Balance June 30, 2025		$	77,818			$	26,848			$	82,105			$	89,121			$	62,256			$	7,936			$	346,084

Six 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			(325	)			(859	)			2,763				(2,793	)			(1,870	)			3,084				—
Charge-offs			(82	)			(37	)			(1,468	)			(499	)			(2,577	)			(3,502	)			(8,165	)
Recoveries			241				51				75				266				1,203				608				2,444
Net (charge-offs) recoveries			159				14				(1,393	)			(233	)			(1,374	)			(2,894	)			(5,721	)
Balance June 30, 2025		$	77,818			$	26,848			$	82,105			$	89,121			$	62,256			$	7,936			$	346,084

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 and six months ended June 30, 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 June 30, 2026
Commercial real estate (includes multi-family residential)		$	25,017			$	—			$	25,017				0.3	%
Agriculture and agriculture real estate (includes farmland)			1,196				—				1,196				0.1	%
Consumer and other			22				—				22				0.0	%
Total		$	26,235			$	—			$	26,235				0.1	%

Six Months Ended June 30, 2026
Commercial real estate (includes multi-family residential)		$	25,017			$	—			$	25,017				0.3	%
Agriculture and agriculture real estate (includes farmland)			2,196				—				2,196				0.2	%
Consumer and other			22				—				22				0.0	%
Total		$	27,235			$	—			$	27,235				0.1	%


		Term Extension				Interest Rate Reduction				Total				Percent of Total Class of Loans
		(Dollars in thousands)
Three Months Ended June 30, 2025
Commercial real estate (includes multi-family residential)		$	—			$	—			$	—				0.0	%
Agriculture and agriculture real estate (includes farmland)			—				—				—				0.0	%
Total		$	—			$	—			$	—				0.0	%

Six Months Ended June 30, 2025
Commercial real estate (includes multi-family residential)		$	680			$	23,205			$	23,885				0.4	%
Agriculture and agriculture real estate (includes farmland)			158				—				158				0.0	%
Total		$	838			$	23,205			$	24,043				0.4	%