10-Q – 2025-10-30 – umbf-20250930.htm

10-Q

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(MARK ONE)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to ____
Commission file number 001-38481
 
UMB FINANCIAL CORP ORATION
(Exact name of registrant as specified in its charter)
 
 

Missouri

 

43-0903811

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification Number)

 

1010 Grand Boulevard , Kansas City , Missouri

 

64106

(Address of principal executive offices)

 

(Zip Code)

(Registrant's telephone number, including area code): (816) 860-7000
Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 Par Value

UMBF

The NASDAQ Global Select Market

Depositary Shares, each representing 1/400th interest in a share of 7.75% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock Series B

UMBFO

The NASDAQ Global Select Market

 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

Large accelerated filer

☒

Accelerated filer

☐

Non- accelerated filer

☐

 

Smaller reporting company

☐

 

 

 

Emerging growth company

☐

 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of October 27, 2025, UMB Financial Corporation ha d 75,954,660 shares of common stock outstanding.
 

 
 

 

 
UMB FINAN CIAL CORPORATION
FORM 10-Q
INDEX

PART I – FINANCIAL INFORMATION

3

 

 

 

ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

3

CONSOLIDATED BALANCE SHEETS

3

CONSOLIDATED STATEMENTS OF INCOME

4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

5

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

6

CONSOLIDATED STATEMENTS OF CASH FLOWS

8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

67

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

89

ITEM 4.

CONTROLS AND PROCEDURES

94

 

 

 

PART II - OTHER INFORMATION

95

 

 

 

ITEM 1.

LEGAL PROCEEDINGS

95

ITEM 1A.

RISK FACTORS

95

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

95

ITEM 5.

OTHER INFORMATION

95

ITEM 6.

EXHIBITS

97

SIGNATURES

98

 

 

 

 
2

 

PART I – FINANCI AL INFORMATION
ITEM 1. FINANCI AL STATEMENTS
UMB FINANCIAL CORPORATION
CONSOLIDATED B ALANCE SHEETS
(unaudited, dollars in thousands, except share and per share data)

 

 

September 30,

 

 

December 31,

 

 

 

2025

 

 

2024

 

ASSETS

 

 

 

 

 

 

Loans

 

$

37,706,507

 

 

$

25,642,301

 

Allowance for credit losses on loans

 

 

( 404,971

)

 

 

( 259,089

)

Net loans

 

 

37,301,536

 

 

 

25,383,212

 

Loans held for sale

 

 

3,170

 

 

 

2,756

 

Securities:

 

 

 

 

 

 

Available for sale (amortized cost of $ 13,747,149  and $ 8,407,676 , respectively)

 

 

13,378,280

 

 

 

7,774,334

 

Held to maturity, net of allowance for credit losses of $ 1,845  and $ 2,645 , respectively (fair value of $ 5,119,701  and $ 4,748,938 , respectively)

 

 

5,652,387

 

 

 

5,376,267

 

Trading securities

 

 

35,811

 

 

 

28,533

 

Other securities

 

 

719,575

 

 

 

471,018

 

Total securities

 

 

19,786,053

 

 

 

13,650,152

 

Federal funds sold and securities purchased under agreements to resell

 

 

765,113

 

 

 

545,000

 

Interest-bearing due from banks

 

 

7,892,392

 

 

 

7,986,270

 

Cash and due from banks

 

 

1,073,005

 

 

 

573,175

 

Premises and equipment, net

 

 

398,607

 

 

 

221,773

 

Accrued income

 

 

331,645

 

 

 

246,095

 

Goodwill

 

 

1,835,298

 

 

 

207,385

 

Other intangibles, net

 

 

511,450

 

 

 

63,647

 

Other assets

 

 

1,982,912

 

 

 

1,530,199

 

Total assets

 

$

71,881,181

 

 

$

50,409,664

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing demand

 

$

16,188,227

 

 

$

13,617,167

 

Interest-bearing demand and savings

 

 

40,549,723

 

 

 

27,397,195

 

Time deposits under $250,000

 

 

1,985,352

 

 

 

969,132

 

Time deposits of $250,000 or more

 

 

1,412,541

 

 

 

1,158,535

 

Total deposits

 

 

60,135,843

 

 

 

43,142,029

 

Federal funds purchased and repurchase agreements

 

 

2,838,597

 

 

 

2,609,715

 

Long-term debt

 

 

471,331

 

 

 

385,292

 

Accrued expenses and taxes

 

 

453,437

 

 

 

368,457

 

Other liabilities

 

 

538,023

 

 

 

437,630

 

Total liabilities

 

 

64,437,231

 

 

 

46,943,123

 

 

 

 

 

 

 

 

SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Series B Fixed-Rate Reset Non-Cumulative Perpetual Preferred stock, $ 0.01  par value; 30,000  authorized, issued and outstanding

 

 

294,066

 

 

 

—

 

Common stock, $ 1.00  par value; 160,000,000  shares authorized; 78,665,809  shares issued, 75,953,713  and 48,814,177  shares outstanding, respectively

 

 

78,666

 

 

 

55,057

 

Capital surplus

 

 

4,001,834

 

 

 

1,145,638

 

Retained earnings

 

 

3,559,717

 

 

 

3,174,948

 

Accumulated other comprehensive loss, net

 

 

( 324,842

)

 

 

( 573,050

)

Treasury stock, 2,712,096  and 6,242,553  shares, at cost, respectively

 

 

( 165,491

)

 

 

( 336,052

)

Total shareholders' equity

 

 

7,443,950

 

 

 

3,466,541

 

Total liabilities and shareholders' equity

 

$

71,881,181

 

 

$

50,409,664

 

See Notes to Consolidated Financial Statements.

 
3

 

UMB FINANCIAL CORPORATION
CONSOLIDATED STAT EMENTS OF INCOME
(unaudited, dollars in thousands, except share and per share data)
 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

629,057

 

 

$

416,400

 

 

$

1,768,875

 

 

$

1,202,317

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable interest

 

 

138,176

 

 

 

63,466

 

 

 

358,709

 

 

 

186,159

 

Tax-exempt interest

 

 

33,035

 

 

 

24,578

 

 

 

96,022

 

 

 

74,988

 

Total securities income

 

 

171,211

 

 

 

88,044

 

 

 

454,731

 

 

 

261,147

 

Federal funds and resell agreements

 

 

9,365

 

 

 

4,990

 

 

 

25,050

 

 

 

11,726

 

Interest-bearing due from banks

 

 

68,952

 

 

 

47,969

 

 

 

217,811

 

 

 

139,831

 

Trading securities

 

 

312

 

 

 

291

 

 

 

937

 

 

 

1,020

 

Total interest income

 

 

878,897

 

 

 

557,694

 

 

 

2,467,404

 

 

 

1,616,041

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

362,882

 

 

 

262,599

 

 

 

1,009,441

 

 

 

726,999

 

Federal funds and repurchase agreements

 

 

28,632

 

 

 

27,070

 

 

 

81,845

 

 

 

82,813

 

Other

 

 

12,341

 

 

 

20,649

 

 

 

36,413

 

 

 

74,311

 

Total interest expense

 

 

403,855

 

 

 

310,318

 

 

 

1,127,699

 

 

 

884,123

 

Net interest income

 

 

475,042

 

 

 

247,376

 

 

 

1,339,705

 

 

 

731,918

 

Provision for credit losses

 

 

22,500

 

 

 

18,000

 

 

 

129,500

 

 

 

42,050

 

Net interest income after provision for credit losses

 

 

452,542

 

 

 

229,376

 

 

 

1,210,205

 

 

 

689,868

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Trust and securities processing

 

 

87,926

 

 

 

74,222

 

 

 

250,970

 

 

 

213,710

 

Trading and investment banking

 

 

7,026

 

 

 

7,118

 

 

 

19,107

 

 

 

18,041

 

Service charges on deposit accounts

 

 

29,150

 

 

 

20,089

 

 

 

85,472

 

 

 

63,107

 

Insurance fees and commissions

 

 

307

 

 

 

282

 

 

 

674

 

 

 

832

 

Brokerage fees

 

 

20,470

 

 

 

15,749

 

 

 

59,097

 

 

 

42,929

 

Bankcard fees

 

 

29,561

 

 

 

22,394

 

 

 

84,872

 

 

 

66,708

 

Investment securities (losses) gains, net

 

 

( 4,093

)

 

 

2,623

 

 

 

28,810

 

 

 

10,127

 

Other

 

 

32,951

 

 

 

16,266

 

 

 

62,679

 

 

 

47,452

 

Total noninterest income

 

 

203,298

 

 

 

158,743

 

 

 

591,681

 

 

 

462,906

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

220,329

 

 

 

146,984

 

 

 

655,278

 

 

 

432,851

 

Occupancy, net

 

 

19,149

 

 

 

12,274

 

 

 

53,789

 

 

 

36,267

 

Equipment

 

 

16,563

 

 

 

15,988

 

 

 

49,937

 

 

 

48,094

 

Supplies and services

 

 

10,492

 

 

 

4,967

 

 

 

21,660

 

 

 

11,672

 

Marketing and business development

 

 

11,094

 

 

 

6,817

 

 

 

30,436

 

 

 

19,440

 

Processing fees

 

 

45,008

 

 

 

29,697

 

 

 

129,496

 

 

 

87,334

 

Legal and consulting

 

 

21,616

 

 

 

9,518

 

 

 

68,690

 

 

 

33,978

 

Bankcard

 

 

11,775

 

 

 

12,482

 

 

 

36,933

 

 

 

34,867

 

Amortization of other intangible assets

 

 

25,317

 

 

 

1,917

 

 

 

68,067

 

 

 

5,788

 

Regulatory fees

 

 

8,091

 

 

 

4,686

 

 

 

25,587

 

 

 

26,649

 

Other

 

 

29,851

 

 

 

7,124

 

 

 

57,367

 

 

 

19,385

 

Total noninterest expense

 

 

419,285

 

 

 

252,454

 

 

 

1,197,240

 

 

 

756,325

 

Income before income taxes

 

 

236,555

 

 

 

135,665

 

 

 

604,646

 

 

 

396,449

 

Income tax expense

 

 

48,239

 

 

 

26,022

 

 

 

117,603

 

 

 

75,203

 

NET INCOME

 

$

188,316

 

 

$

109,643

 

 

$

487,043

 

 

$

321,246

 

Less: Preferred dividends

 

 

7,944

 

 

 

—

 

 

 

11,969

 

 

 

—

 

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS

 

$

180,372

 

 

$

109,643

 

 

$

475,074

 

 

$

321,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share – basic

 

$

2.38

 

 

$

2.25

 

 

$

6.57

 

 

$

6.59

 

Net income per common share – diluted

 

 

2.36

 

 

 

2.23

 

 

 

6.53

 

 

 

6.56

 

Dividends per common share

 

 

0.40

 

 

 

0.39

 

 

 

1.20

 

 

 

1.17

 

Weighted average common shares outstanding – basic

 

 

75,943,943

 

 

 

48,775,072

 

 

 

72,349,952

 

 

 

48,727,914

 

Weighted average common shares outstanding – diluted

 

 

76,366,818

 

 

 

49,078,497

 

 

 

72,744,289

 

 

 

48,993,581

 

See Notes to Consolidated Financial Statements.

 
4

 

UMB FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, dollars in thousands)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net income

 

$

188,316

 

 

$

109,643

 

 

$

487,043

 

 

$

321,246

 

Other comprehensive income, before tax:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains and losses on debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized holding gains and losses, net

 

 

145,415

 

 

 

229,285

 

 

 

264,987

 

 

 

175,005

 

Less: Reclassification adjustment for net gains included in net income

 

 

( 91

)

 

 

—

 

 

 

( 514

)

 

 

( 139

)

Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity

 

 

8,007

 

 

 

9,618

 

 

 

24,286

 

 

 

27,345

 

Change in unrealized gains and losses on debt securities

 

 

153,331

 

 

 

238,903

 

 

 

288,759

 

 

 

202,211

 

Unrealized gains and losses on derivative hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gains and losses on derivative hedges, net

 

 

( 380

)

 

 

40,445

 

 

 

36,652

 

 

 

18,012

 

Less: Reclassification adjustment for net losses (gains) included in net income

 

 

3,114

 

 

 

( 1,666

)

 

 

5,131

 

 

 

( 7,392

)

Change in unrealized gains and losses on derivative hedges

 

 

2,734

 

 

 

38,779

 

 

 

41,783

 

 

 

10,620

 

Other comprehensive income, before tax

 

 

156,065

 

 

 

277,682

 

 

 

330,542

 

 

 

212,831

 

Income tax expense

 

 

( 38,860

)

 

 

( 67,904

)

 

 

( 82,334

)

 

 

( 51,752

)

Other comprehensive income

 

 

117,205

 

 

 

209,778

 

 

 

248,208

 

 

 

161,079

 

Comprehensive income

 

$

305,521

 

 

$

319,421

 

 

$

735,251

 

 

$

482,325

 

 
See Notes to Consolidated Financial Statements.

 
5

 

UMB FINANCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CHA NGES IN SHAREHOLDERS' EQUITY
(unaudited, dollars in thousands, except per share data)

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Capital
Surplus

 

 

Retained
Earnings

 

 

Accumulated Other Comprehensive (Loss) Income

 

 

Treasury
Stock

 

 

Total

 

Balance – July 1, 2024

 

$

—

 

 

$

55,057

 

 

$

1,132,301

 

 

$

2,984,152

 

 

$

( 605,634

)

 

$

( 338,529

)

 

$

3,227,347

 

Total comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

109,643

 

 

 

209,778

 

 

 

—

 

 

 

319,421

 

Common dividends ($ 0.39  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 19,178

)

 

 

—

 

 

 

—

 

 

 

( 19,178

)

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 201

)

 

 

( 201

)

Issuances of equity awards, net of forfeitures

 

 

—

 

 

 

—

 

 

 

( 256

)

 

 

—

 

 

 

—

 

 

 

256

 

 

 

—

 

Recognition of equity-based compensation

 

 

—

 

 

 

—

 

 

 

4,846

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,846

 

Sale of treasury stock

 

 

—

 

 

 

—

 

 

 

112

 

 

 

—

 

 

 

—

 

 

 

77

 

 

 

189

 

Exercise of stock options

 

 

—

 

 

 

—

 

 

 

1,379

 

 

 

—

 

 

 

—

 

 

 

1,718

 

 

 

3,097

 

Common stock issuance costs

 

 

—

 

 

 

—

 

 

 

( 32

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 32

)

Balance – September 30, 2024

 

$

—

 

 

$

55,057

 

 

$

1,138,350

 

 

$

3,074,617

 

 

$

( 395,856

)

 

$

( 336,679

)

 

$

3,535,489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance – July 1, 2025

 

$

404,767

 

 

$

78,666

 

 

$

4,000,973

 

 

$

3,409,706

 

 

$

( 442,047

)

 

$

( 166,300

)

 

$

7,285,765

 

Total comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

188,316

 

 

 

117,205

 

 

 

—

 

 

 

305,521

 

Cash dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends ($ 264.79  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 7,944

)

 

 

—

 

 

 

—

 

 

 

( 7,944

)

Common dividends ($ 0.40  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 30,566

)

 

 

—

 

 

 

—

 

 

 

( 30,566

)

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 1,825

)

 

 

( 1,825

)

Issuances of equity awards, net of forfeitures

 

 

—

 

 

 

—

 

 

 

( 2,461

)

 

 

—

 

 

 

—

 

 

 

2,461

 

 

 

—

 

Recognition of equity-based compensation

 

 

—

 

 

 

—

 

 

 

7,723

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,723

 

Sale of treasury stock

 

 

—

 

 

 

—

 

 

 

96

 

 

 

—

 

 

 

—

 

 

 

118

 

 

 

214

 

Exercise of stock options

 

 

—

 

 

 

—

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

55

 

 

 

58

 

Preferred stock issuance, net of issuance costs

 

 

4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

Preferred stock redemption

 

 

( 110,705

)

 

 

—

 

 

 

( 4,500

)

 

 

205

 

 

 

—

 

 

 

—

 

 

 

( 115,000

)

Balance – September 30, 2025

 

$

294,066

 

 

$

78,666

 

 

$

4,001,834

 

 

$

3,559,717

 

 

$

( 324,842

)

 

$

( 165,491

)

 

$

7,443,950

 

 

 
6

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Capital
Surplus

 

 

Retained
Earnings

 

 

Accumulated Other Comprehensive (Loss) Income

 

 

Treasury
Stock

 

 

Total

 

Balance – January 1, 2024

 

$

—

 

 

$

55,057

 

 

$

1,134,363

 

 

$

2,810,824

 

 

$

( 556,935

)

 

$

( 342,890

)

 

$

3,100,419

 

Total comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

321,246

 

 

 

161,079

 

 

 

—

 

 

 

482,325

 

Common dividends ($ 1.17  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 57,453

)

 

 

—

 

 

 

—

 

 

 

( 57,453

)

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 7,738

)

 

 

( 7,738

)

Issuances of equity awards, net of forfeitures

 

 

—

 

 

 

—

 

 

 

( 11,220

)

 

 

—

 

 

 

—

 

 

 

11,923

 

 

 

703

 

Recognition of equity-based compensation

 

 

—

 

 

 

—

 

 

 

14,886

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,886

 

Sale of treasury stock

 

 

—

 

 

 

—

 

 

 

237

 

 

 

—

 

 

 

—

 

 

 

184

 

 

 

421

 

Exercise of stock options

 

 

—

 

 

 

—

 

 

 

1,433

 

 

 

—

 

 

 

—

 

 

 

1,842

 

 

 

3,275

 

Common stock issuance costs

 

 

—

 

 

 

—

 

 

 

( 1,349

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 1,349

)

Balance – September 30, 2024

 

$

—

 

 

$

55,057

 

 

$

1,138,350

 

 

$

3,074,617

 

 

$

( 395,856

)

 

$

( 336,679

)

 

$

3,535,489

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance – January 1, 2025

 

$

—

 

 

$

55,057

 

 

$

1,145,638

 

 

$

3,174,948

 

 

$

( 573,050

)

 

$

( 336,052

)

 

$

3,466,541

 

Total comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

487,043

 

 

 

248,208

 

 

 

—

 

 

 

735,251

 

Cash dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends Series A ($ 350.00  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 4,025

)

 

 

—

 

 

 

—

 

 

 

( 4,025

)

Preferred dividends Series B ($ 264.79  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 7,944

)

 

 

—

 

 

 

—

 

 

 

( 7,944

)

Common dividends ($ 1.20  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 90,510

)

 

 

—

 

 

 

—

 

 

 

( 90,510

)

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 17,549

)

 

 

( 17,549

)

Issuances of equity awards, net of forfeitures

 

 

—

 

 

 

—

 

 

 

( 18,663

)

 

 

—

 

 

 

—

 

 

 

19,463

 

 

 

800

 

Recognition of equity-based compensation

 

 

—

 

 

 

—

 

 

 

48,021

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

48,021

 

Sale of treasury stock

 

 

—

 

 

 

—

 

 

 

265

 

 

 

—

 

 

 

—

 

 

 

261

 

 

 

526

 

Exercise of stock options

 

 

—

 

 

 

—

 

 

 

115

 

 

 

—

 

 

 

—

 

 

 

301

 

 

 

416

 

Common stock issuance

 

 

—

 

 

 

—

 

 

 

67,056

 

 

 

—

 

 

 

—

 

 

 

168,085

 

 

 

235,141

 

Preferred stock issuance, net of issuance costs

 

 

294,066

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

294,066

 

Preferred stock redemption

 

 

( 110,705

)

 

 

—

 

 

 

( 4,500

)

 

 

205

 

 

 

—

 

 

 

—

 

 

 

( 115,000

)

Stock issuance for acquisition, net of issuance costs

 

 

110,705

 

 

 

23,609

 

 

 

2,763,902

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,898,216

 

Balance – September 30, 2025

 

$

294,066

 

 

$

78,666

 

 

$

4,001,834

 

 

$

3,559,717

 

 

$

( 324,842

)

 

$

( 165,491

)

 

$

7,443,950

 

 
See Notes to Consolidated Financial Statements.

 
7

 

UMB FINANCIAL CORPORATION
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(unaudited, dollars in thousands)
 

 

 

For the Nine Months Ended

 

 

 

September 30,

 

 

 

2025

 

 

2024

 

OPERATING ACTIVITIES

 

 

 

 

 

 

Net income

 

$

487,043

 

 

$

321,246

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Provision for credit losses

 

 

129,500

 

 

 

42,050

 

Net (accretion) amortization of premiums and discounts from acquisition

 

 

( 93,740

)

 

 

2,457

 

Depreciation and amortization

 

 

104,373

 

 

 

40,057

 

Amortization of debt issuance costs

 

 

638

 

 

 

657

 

Deferred income tax expense (benefit)

 

 

25,219

 

 

 

( 6,798

)

Net increase in trading securities and other earning assets

 

 

( 7,278

)

 

 

( 17,746

)

Gains on investment securities, net

 

 

( 28,810

)

 

 

( 10,127

)

Losses (gains) on sales of assets

 

 

68

 

 

 

( 3,210

)

Amortization of securities premiums, net of discount accretion

 

 

( 2,066

)

 

 

20,666

 

Originations of loans held for sale

 

 

( 73,717

)

 

 

( 60,019

)

Gains on sales of loans held for sale, net

 

 

( 2,009

)

 

 

( 1,516

)

Proceeds from sales of loans held for sale

 

 

75,312

 

 

 

60,779

 

Equity-based compensation

 

 

28,432

 

 

 

15,589

 

Changes in:

 

 

 

 

 

 

Accrued income

 

 

( 11,271

)

 

 

2,852

 

Accrued expenses and taxes

 

 

42,333

 

 

 

( 1,687

)

Other assets and liabilities, net

 

 

246,589

 

 

 

( 113,093

)

Net cash provided by operating activities

 

 

920,616

 

 

 

292,157

 

INVESTING ACTIVITIES

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

Maturities, calls and principal repayments

 

 

502,322

 

 

 

329,830

 

Purchases

 

 

( 319,652

)

 

 

( 97,027

)

Securities available for sale:

 

 

 

 

 

 

Sales

 

 

624,225

 

 

 

19,154

 

Maturities, calls and principal repayments

 

 

1,207,751

 

 

 

7,104,618

 

Purchases

 

 

( 4,015,349

)

 

 

( 6,893,491

)

Equity securities with readily determinable fair values:

 

 

 

 

 

 

Purchases

 

 

( 495

)

 

 

( 265

)

Equity securities without readily determinable fair values:

 

 

 

 

 

 

Sales

 

 

23,150

 

 

 

34,267

 

Maturities, calls and principal repayments

 

 

14,557

 

 

 

56,561

 

Purchases

 

 

( 124,847

)

 

 

( 43,488

)

Payment of tax equity investment commitments

 

 

( 42,489

)

 

 

( 29,456

)

Net increase in loans

 

 

( 2,214,214

)

 

 

( 1,727,556

)

Net increase in fed funds sold and resell agreements

 

 

( 220,113

)

 

 

( 153,890

)

Net cash activity from acquisitions and divestitures

 

 

170,136

 

 

 

( 109,046

)

Net decrease (increase) in interest-bearing balances due from other financial institutions

 

 

952,886

 

 

 

( 24,426

)

Net purchases of premises and equipment

 

 

( 37,825

)

 

 

( 9,829

)

Proceeds from bank-owned and company-owned life insurance death benefit

 

 

2,334

 

 

 

—

 

Net cash used in investing activities

 

 

( 3,477,623

)

 

 

( 1,544,044

)

 

 
8

 

FINANCING ACTIVITIES

 

 

 

 

 

 

Net increase in demand and savings deposits

 

 

2,940,516

 

 

 

4,920,541

 

Net decrease in time deposits

 

 

( 299,109

)

 

 

( 1,010,808

)

Net increase (decrease) in fed funds purchased and repurchase agreements

 

 

206,249

 

 

 

( 96,347

)

Proceeds from short-term debt

 

 

—

 

 

 

500,000

 

Repayment of short-term debt

 

 

—

 

 

 

( 1,250,000

)

Repayment of long-term debt

 

 

( 200,000

)

 

 

—

 

Cash dividends paid

 

 

( 95,006

)

 

 

( 57,602

)

Payment of common stock issuance costs

 

 

( 524

)

 

 

( 1,349

)

Proceeds from exercise of stock options and sales of treasury shares

 

 

942

 

 

 

3,696

 

Purchases of treasury stock

 

 

( 17,549

)

 

 

( 7,738

)

Common stock issuance

 

 

235,141

 

 

 

—

 

Preferred stock issuance

 

 

294,066

 

 

 

—

 

Preferred stock redemption

 

 

( 115,000

)

 

 

—

 

Net cash provided by financing activities

 

 

2,949,726

 

 

 

3,000,393

 

Increase in cash and cash equivalents

 

 

392,719

 

 

 

1,748,506

 

Cash and cash equivalents at beginning of period

 

 

8,448,691

 

 

 

5,528,258

 

Cash and cash equivalents at end of period

 

$

8,841,410

 

 

$

7,276,764

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures:

 

 

 

 

 

 

Income tax payments

 

$

53,126

 

 

$

76,076

 

Total interest payments

 

 

1,099,937

 

 

 

879,867

 

Noncash disclosures:

 

 

 

 

 

 

Acquisition of tax equity investments

 

$

54,208

 

 

$

24,316

 

Commitment to fund tax equity investments

 

 

54,208

 

 

 

24,316

 

Transfer of loans to other real estate owned

 

 

1,310

 

 

 

828

 

Transfer of loans to other repossessed assets

 

 

39

 

 

 

—

 

Issuance of common stock as consideration for acquisition

 

 

2,783,510

 

 

 

—

 

Issuance of preferred stock as consideration for acquisition

 

 

115,230

 

 

 

—

 

Stock based compensation as consideration for acquisition

 

 

20,389

 

 

 

—

 

 
See Notes to Consolidated Financial Statements.

 
9

 

UMB FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED)
1. Financial Statement Presentation
The Consolidated Financial Statements include the accounts of UMB Financial Corporation and its subsidiaries (collectively, the Company) after the elimination of all intercompany transactions. In the opinion of management of the Company, all adjustments relating to items that are of a normal recurring nature and necessary for a fair presentation of the financial position and results of operations have been made. The results of operations and cash flows for the interim periods presented may not be indicative of the results of the full year ending December 31, 2025. The financial statements should be read in conjunction with “Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations” within this Quarterly Report on Form 10-Q (the Form 10-Q) and in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (SEC) on February 27, 2025 (the Form 10-K).
The Company is a financial holding company, which offers a wide range of banking and other financial services to its customers through its branches and offices. The Company’s national bank, UMB Bank, National Association (the Bank), has its principal office in Missouri as well as branches and offices primarily located in the Midwestern, Southwestern, and Western regions of the United States.

2. Summary of Significant Accounting Policies
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also impact reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A summary of the significant accounting policies to assist the reader in understanding the financial presentation is provided in the Notes to Consolidated Financial Statements in the Form 10-K.

Business Combinations
The Company accounts for business combinations using the purchase method of accounting in accordance with FASB ASC Topic 805, Business Combinations , which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date.
On January 31, 2025 (Acquisition Date), the Company acquired Heartland Financial USA, Inc. (HTLF) pursuant to an Agreement and Plan of Merger, dated as of April 28, 2024 . See Note 13, “Acquisition” for additional information.

Cash and cash equivalents
Cash and cash equivalents includes Cash and due from banks and amounts due from the Federal Reserve Bank (FRB). Cash on hand, cash items in the process of collection, and amounts due from correspondent banks are included in Cash and due from banks. Amounts due from the FRB are interest-bearing for all periods presented and are included in the Interest-bearing due from banks line on the Company’s Consolidated Balance Sheets.
This table provides a summary of cash and cash equivalents as presented on the Consolidated Statements of Cash Flows as of September 30, 2025 and September 30, 2024 (in thousands) :

 

 

September 30,

 

 

 

2025

 

 

2024

 

Due from the FRB

 

$

7,768,405

 

 

$

6,498,695

 

Cash and due from banks

 

 

1,073,005

 

 

 

778,069

 

Cash and cash equivalents at end of period

 

$

8,841,410

 

 

$

7,276,764

 

 

 
10

 

Also included in the Interest-bearing due from banks, but not considered cash and cash equivalents, are interest-bearing accounts held at other financial institutions, which totaled $ 124.0 m illion and $ 103.2 million at September 30, 2025 and September 30, 2024 , respectively.

Acquired Loans
Acquired loans are initially recorded at fair value. The Company’s accounting methods for acquired loans depends on whether or not the loan reflects more than insignificant credit deterioration since origination at the date of acquisition.
Non-Purchased Credit Deteriorated Loans
Non-purchased credit deteriorated (Non-PCD) loans do not reflect more than insignificant credit deterioration since origination at the date of acquisition. These loans are recorded at fair value and an increase to the allowance for credit losses (ACL) is recorded with a corresponding increase to the provision for credit losses at the date of acquisition. The difference between fair value and the unpaid principal balance at the acquisition date is amortized or accreted to interest income over the contractual life of the loan using the effective interest method.
Purchased Credit Deteriorated Loans
Purchased loans that reflect a more than insignificant credit deterioration since origination at the date of acquisition are classified as purchased credit deteriorated (PCD) loans. PCD loans are recorded at fair value plus the ACL expected at the time of acquisition. Under this method, there is no provision for credit losses on acquisition of PCD loans. The non-credit-related difference between fair value and the unpaid principal balance at the acquisition date is amortized or accreted to interest income over the contractual life of the loan using the effective interest method.

Per Share Data
Basic net income per common share is computed using net income available to common shareholders and the weighted average number of shares of common stock outstanding during each period. Diluted net income per common share is determined using net income available to common shareholders and the weighted average common shares and assumed incremental common shares issued. The following table provides the amounts used in the determination of basic and diluted net income per common share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share data) :
 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net income

 

$

188,316

 

 

$

109,643

 

 

$

487,043

 

 

$

321,246

 

Less: Preferred dividends

 

 

7,944

 

 

 

—

 

 

 

11,969

 

 

 

—

 

Net income available to common shareholders

 

$

180,372

 

 

$

109,643

 

 

$

475,074

 

 

$

321,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for basic earnings per share

 

 

75,943,943

 

 

 

48,775,072

 

 

 

72,349,952

 

 

 

48,727,914

 

Assumed incremental common shares issued upon vesting of outstanding restricted stock units

 

 

422,875

 

 

 

303,425

 

 

 

394,337

 

 

 

265,667

 

Weighted average common shares for diluted earnings per share

 

 

76,366,818

 

 

 

49,078,497

 

 

 

72,744,289

 

 

 

48,993,581

 

Net income per common share – basic

 

$

2.38

 

 

$

2.25

 

 

$

6.57

 

 

$

6.59

 

Net income per common share – diluted

 

 

2.36

 

 

 

2.23

 

 

 

6.53

 

 

 

6.56

 

Number of antidilutive restricted stock units excluded from diluted earnings per share computation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Number of antidilutive stock options excluded from diluted earnings per share computation

 

 

—

 

 

 

—

 

 

 

4,962

 

 

 

—

 

 

 
11

 

Derivatives
The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Currently, 15 of the Company’s derivatives are designated in qualifying hedging relationships. However, the remainder of the Company’s derivatives are not designated in qualifying hedging relationships, as the derivatives are not used to manage risks within the Company’s assets or liabilities. All changes in fair value of the Company’s non-designated derivatives and fair value hedges are recognized directly in earnings. Changes in fair value of the Company’s cash flow hedges are recognized in accumulated other comprehensive income (AOCI) and are reclassified to earnings when the hedged transaction affects earnings.

3. New Accounting Pronouncements
Equity-Method Investments In March 2023, the FASB issued ASU No. 2023-02, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” The ASU allows entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, this method was only available for qualifying tax equity investments in low-income housing tax credit structures. The Company adopted the amended guidance on January 1, 2024, upon which the Company elected to continue the use of the practical expedient under ASC 323-740-35-4 to account for low-income housing tax credit and historic tax credit investments. Under the practical expedient, the cost of a tax equity investment is amortized in proportion to income tax credits only and is recorded on a net basis within income tax expense. The adoption of this amendment did not have any impact on the Consolidated Financial Statements aside from annual disclosures which were included in the Company's Annual Report on Form 10-K.
Segment Reporting In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The ASU requires expanded segment disclosures, including disclosure of significant segment expenses and other segment items on an annual and interim basis. The Company adopted the amended guidance for the annual financial statements in 2024 and the interim disclosure requirements beginning January 1, 2025. The adoption of this amendment did not have any impact on the Consolidated Financial Statements aside from additional disclosures. See Note 8, “Business Segment Reporting” for related disclosures.
Income Taxes In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this update require additional disclosures primarily related to the rate reconciliation and income taxes paid information. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this accounting pronouncement will have no impact on the Consolidated Financial Statements aside from additional disclosures.

4. Loans and Allowance for Credit Losses
Loan Origination/Risk Management
The Company has certain lending policies and procedures in place that are designed to minimize the level of risk within the loan portfolio. Diversification of the loan portfolio manages the risk associated with fluctuations in economic conditions. Authority levels are established for the extension of credit to ensure consistency throughout the Company. It is necessary that policies, processes, and practices implemented to control the risks of individual credit transactions and portfolio segments are sound and adhered to. The Company maintains an independent loan review department that reviews and validates the risk assessment on a continual basis. Management regularly evaluates the results of the loan reviews. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures.
Commercial and industrial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Commercial loans are made based on the identified cash flows

 
12

 

of the borrower and on the underlying collateral provided by the borrower. The cash flows of the borrower, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts from its customers. Beginning with the third quarter 2025, commercial and industrial loans include all loans to Non-Depository Financial Institutions (NDFIs), which includes a wide range of financial entities that provide services similar to those of traditional banks but do not accept deposits from the general public and are not regulated by the same Federal banking agencies. Previously reported balances have been reclassified for purposes of comparability.
Specialty lending loans include Asset-based loans, which are offered primarily in the form of revolving lines of credit to commercial borrowers that do not generally qualify for traditional bank financing. Asset-based loans are underwritten based primarily upon the value of the collateral pledged to secure the loan, rather than on the borrower’s general financial condition. The Company utilizes pre-loan due diligence techniques, monitoring disciplines, and loan management practices common within the asset-based lending industry to underwrite loans to these borrowers.
Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. The Company requires that an appraisal of the collateral be made at origination and on an as-needed basis, in conformity with current market conditions and regulatory requirements. The underwriting standards address both owner and non-owner-occupied real estate. Also included in Commercial real estate are Construction loans that are underwritten using feasibility studies, independent appraisal reviews, sensitivity analysis or absorption and lease rates, and financial analysis of the developers and property owners. Construction loans are based upon estimates of costs and value associated with the complete project. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their repayment being sensitive to interest rate changes, governmental regulation of real property, economic conditions, completion of the construction project, and the availability of long-term financing.
Consumer real estate loans, including residential real estate and home equity loans, are underwritten based on the borrower’s loan-to-value percentage, collection remedies, and overall credit history.
Consumer loans are underwritten based on the borrower’s repayment ability. The Company monitors delinquencies on all of its consumer loans and leases. The underwriting and review practices combined with the relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Consumer loans and leases that are 90 days past due or more are considered non-performing.
Credit cards include both commercial and consumer credit cards. Commercial credit cards are generally unsecured and are underwritten with criteria similar to commercial loans, including an analysis of the borrower’s cash flow, available business capital, and overall creditworthiness of the borrower. Consumer credit cards are underwritten based on the borrower’s repayment ability. The Company monitors delinquencies on all of its consumer credit cards and periodically reviews the distribution of credit scores relative to historical periods to monitor credit risk on its consumer credit card loans. During the first quarter of 2024, the Company purchased a co-branded credit card portfolio. The purchase included $ 109.4 million in credit card receivables.
Credit risk is a potential loss resulting from nonpayment of either the primary or secondary exposure. Credit risk is mitigated with formal risk management practices and a thorough initial credit-granting process including consistent underwriting standards and approval process. Control factors or techniques to minimize credit risk include knowing the client, understanding total exposure, analyzing the client and debtor’s financial capacity, and monitoring the client’s activities. Credit risk and portions of the portfolio risk are managed through concentration considerations, average risk ratings, and other aggregate characteristics.

 
13

 

The loan portfolio is comprised of loans originated by the Company and purchased loans in connection with the Company’s acquisition of HTLF on January 31, 2025. The purchased loans were recorded at estimated fair value at the Acquisition Date with no carryover of the related allowance. As of the Acquisition Date, loans from the HTLF acquisition had a fair value of $ 9.7 billion, net of allowance for credit losses on PCD loans. See Note 13, “Acquisition” for additional information.
Loan Aging Analysis
The following tables provide a summary of loan classes and an aging of past due loans at September 30, 2025 and December 31, 2024 (in thousands):

 

 

September 30, 2025

 

 

 

30-89
Days Past
Due and
Accruing

 

 

Greater than
90 Days Past
Due and
Accruing

 

 

Nonaccrual
Loans

 

 

Total
Past Due

 

 

Current

 

 

Total Loans

 

Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

32,711

 

 

$

110

 

 

$

33,610

 

 

$

66,431

 

 

$

15,131,651

 

 

$

15,198,082

 

Specialty lending

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

561,394

 

 

 

561,394

 

Commercial real estate

 

 

27,634

 

 

 

—

 

 

 

69,859

 

 

 

97,493

 

 

 

16,485,602

 

 

 

16,583,095

 

Consumer real estate

 

 

5,826

 

 

 

—

 

 

 

24,633

 

 

 

30,459

 

 

 

4,312,100

 

 

 

4,342,559

 

Consumer

 

 

5,518

 

 

 

—

 

 

 

828

 

 

 

6,346

 

 

 

217,107

 

 

 

223,453

 

Credit cards

 

 

12,757

 

 

 

6,021

 

 

 

3,035

 

 

 

21,813

 

 

 

667,994

 

 

 

689,807

 

Leases and other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

108,117

 

 

 

108,117

 

Total loans

 

$

84,446

 

 

$

6,131

 

 

$

131,965

 

 

$

222,542

 

 

$

37,483,965

 

 

$

37,706,507

 

 

 

 

December 31, 2024

 

 

 

30-89
Days Past
Due and
Accruing

 

 

Greater than
90 Days Past
Due and
Accruing

 

 

Nonaccrual
Loans

 

 

Total
Past Due

 

 

Current

 

 

Total Loans

 

Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

446

 

 

$

1

 

 

$

4,423

 

 

$

4,870

 

 

$

10,988,901

 

 

$

10,993,771

 

Specialty lending

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

469,194

 

 

 

469,194

 

Commercial real estate

 

 

1,013

 

 

 

—

 

 

 

805

 

 

 

1,818

 

 

 

10,129,467

 

 

 

10,131,285

 

Consumer real estate

 

 

553

 

 

 

—

 

 

 

13,614

 

 

 

14,167

 

 

 

3,172,963

 

 

 

3,187,130

 

Consumer

 

 

175

 

 

 

12

 

 

 

40

 

 

 

227

 

 

 

193,633

 

 

 

193,860

 

Credit cards

 

 

9,316

 

 

 

7,589

 

 

 

400

 

 

 

17,305

 

 

 

561,461

 

 

 

578,766

 

Leases and other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

88,295

 

 

 

88,295

 

Total loans

 

$

11,503

 

 

$

7,602

 

 

$

19,282

 

 

$

38,387

 

 

$

25,603,914

 

 

$

25,642,301

 

 
The Company sold consumer real estate loans with proceed s of $ 75.3 million and $ 60.8 million in the secondary market without recourse during the nine months ended September 30, 2025 and 2024, respectively.
The Company has ceased the recognition of interest on l oans with a carrying value of $ 132.0 million an d $ 19.3 million at September 30, 2025 and December 31, 2024, respectiv ely. Restructured loans totaled $ 177 thousand a nd $ 196 thousand at September 30, 2025 and December 31, 2024, respectively. Loans 90 days past due and still accruing interest amounted to $ 6.1 million and $ 7.6 million at September 30, 2025 and December 31, 2024, respectively. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. There was an insignificant amount of interest reversed related to loans on nonaccrual during 2025 and 2024 . Nonaccrual loans with no related allowance for credit losses totaled $ 62.5 million and $ 19.3 million at September 30, 2025 and December 31, 2024, respectively.

 
14

 

The following tables provide the amortized cost of nonaccrual loans with no related allowance for credit losses by loan class at September 30, 2025 and December 31, 2024 (in thousands):
 

 

 

September 30, 2025

 

 

 

Nonaccrual
Loans

 

 

Amortized Cost of Nonaccrual Loans with no related Allowance

 

Loans

 

 

 

 

 

 

Commercial and industrial

 

$

33,610

 

 

$

14,793

 

Specialty lending

 

 

—

 

 

 

—

 

Commercial real estate

 

 

69,859

 

 

 

19,164

 

Consumer real estate

 

 

24,633

 

 

 

24,633

 

Consumer

 

 

828

 

 

 

828

 

Credit cards

 

 

3,035

 

 

 

3,035

 

Leases and other

 

 

—

 

 

 

—

 

Total loans

 

$

131,965

 

 

$

62,453

 

 

 

 

December 31, 2024

 

 

 

Nonaccrual
Loans

 

 

Amortized Cost of Nonaccrual Loans with no related Allowance

 

Loans

 

 

 

 

 

 

Commercial and industrial

 

$

4,423

 

 

$

4,423

 

Specialty lending

 

 

—

 

 

 

—

 

Commercial real estate

 

 

805

 

 

 

805

 

Consumer real estate

 

 

13,614

 

 

 

13,614

 

Consumer

 

 

40

 

 

 

40

 

Credit cards

 

 

400

 

 

 

400

 

Leases and other

 

 

—

 

 

 

—

 

Total loans

 

$

19,282

 

 

$

19,282

 

Amortized Cost
The following tables provide a summary of the amortized cost balance of each of the Company’s loan classes disaggregated by collateral type and origination year as of September 30, 2025 and December 31, 2024, as well as the gross charge-offs by loan class and origination year for the nine months ended September 30, 2025 (in thousands):
 

 
15

 

 

 

September 30, 2025

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Loan Segment
and Type

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

Commercial and industrial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment/Accounts Receivable/Inventory

 

$

2,050,313

 

 

$

2,144,396

 

 

$

1,174,588

 

 

$

1,076,786

 

 

$

550,762

 

 

$

369,057

 

 

$

5,275,337

 

 

$

18,774

 

 

$

12,660,013

 

Agriculture

 

 

22,456

 

 

 

43,536

 

 

 

26,417

 

 

 

8,527

 

 

 

5,212

 

 

 

3,616

 

 

 

263,460

 

 

 

295

 

 

 

373,519

 

NDFIs

 

 

148,711

 

 

 

266,104

 

 

 

355,725

 

 

 

50,345

 

 

 

13,808

 

 

 

31,592

 

 

 

1,268,919

 

 

 

135

 

 

 

2,135,339

 

Overdrafts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

29,211

 

 

 

—

 

 

 

29,211

 

Total Commercial and industrial

 

 

2,221,480

 

 

 

2,454,036

 

 

 

1,556,730

 

 

 

1,135,658

 

 

 

569,782

 

 

 

404,265

 

 

 

6,836,927

 

 

 

19,204

 

 

 

15,198,082

 

Current period charge-offs

 

 

—

 

 

 

7,296

 

 

 

7,124

 

 

 

6,687

 

 

 

1,552

 

 

 

956

 

 

 

14,420

 

 

 

—

 

 

 

38,035

 

Specialty lending:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-based lending

 

 

35,381

 

 

 

5,927

 

 

 

—

 

 

 

6,053

 

 

 

32,203

 

 

 

33,107

 

 

 

448,723

 

 

 

—

 

 

 

561,394

 

Total Specialty lending

 

 

35,381

 

 

 

5,927

 

 

 

—

 

 

 

6,053

 

 

 

32,203

 

 

 

33,107

 

 

 

448,723

 

 

 

—

 

 

 

561,394

 

Current period charge-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner-occupied

 

 

901,661

 

 

 

503,574

 

 

 

635,472

 

 

 

1,032,953

 

 

 

830,103

 

 

 

799,917

 

 

 

40,081

 

 

 

2,804

 

 

 

4,746,565

 

Non-owner-occupied

 

 

1,354,864

 

 

 

702,128

 

 

 

1,018,368

 

 

 

1,089,774

 

 

 

850,794

 

 

 

915,711

 

 

 

47,617

 

 

 

—

 

 

 

5,979,256

 

Farmland

 

 

136,277

 

 

 

80,576

 

 

 

93,007

 

 

 

135,288

 

 

 

90,647

 

 

 

177,577

 

 

 

45,669

 

 

 

86,787

 

 

 

845,828

 

5+ Multi-family

 

 

205,011

 

 

 

229,323

 

 

 

100,067

 

 

 

598,814

 

 

 

368,199

 

 

 

101,411

 

 

 

8,862

 

 

 

—

 

 

 

1,611,687

 

1-4 Family construction

 

 

49,100

 

 

 

48,149

 

 

 

890

 

 

 

729

 

 

 

—

 

 

 

25

 

 

 

221

 

 

 

—

 

 

 

99,114

 

General construction

 

 

599,040

 

 

 

801,596

 

 

 

958,737

 

 

 

674,774

 

 

 

152,144

 

 

 

7,716

 

 

 

39,213

 

 

 

67,425

 

 

 

3,300,645

 

Total Commercial real estate

 

 

3,245,953

 

 

 

2,365,346

 

 

 

2,806,541

 

 

 

3,532,332

 

 

 

2,291,887

 

 

 

2,002,357

 

 

 

181,663

 

 

 

157,016

 

 

 

16,583,095

 

Current period charge-offs

 

 

—

 

 

 

—

 

 

 

5,295

 

 

 

680

 

 

 

849

 

 

 

4,250

 

 

 

—

 

 

 

—

 

 

 

11,074

 

Consumer real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HELOC

 

 

2,855

 

 

 

198

 

 

 

836

 

 

 

1,972

 

 

 

826

 

 

 

7,449

 

 

 

696,114

 

 

 

2,178

 

 

 

712,428

 

First lien: 1-4 family

 

 

489,549

 

 

 

379,598

 

 

 

376,497

 

 

 

611,931

 

 

 

758,036

 

 

 

869,513

 

 

 

10,364

 

 

 

343

 

 

 

3,495,831

 

Junior lien: 1-4 family

 

 

19,935

 

 

 

32,734

 

 

 

19,857

 

 

 

30,966

 

 

 

18,346

 

 

 

7,295

 

 

 

5,167

 

 

 

—

 

 

 

134,300

 

Total Consumer real estate

 

 

512,339

 

 

 

412,530

 

 

 

397,190

 

 

 

644,869

 

 

 

777,208

 

 

 

884,257

 

 

 

711,645

 

 

 

2,521

 

 

 

4,342,559

 

Current period charge-offs

 

 

—

 

 

 

—

 

 

 

130

 

 

 

201

 

 

 

711

 

 

 

546

 

 

 

462

 

 

 

—

 

 

 

2,050

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving line

 

 

999

 

 

 

34

 

 

 

9

 

 

 

37

 

 

 

25

 

 

 

542

 

 

 

151,919

 

 

 

1,057

 

 

 

154,622

 

Auto

 

 

7,103

 

 

 

8,452

 

 

 

11,651

 

 

 

6,235

 

 

 

1,623

 

 

 

424

 

 

 

—

 

 

 

—

 

 

 

35,488

 

Other

 

 

6,607

 

 

 

12,164

 

 

 

4,160

 

 

 

8,594

 

 

 

964

 

 

 

854

 

 

 

—

 

 

 

—

 

 

 

33,343

 

Total Consumer

 

 

14,709

 

 

 

20,650

 

 

 

15,820

 

 

 

14,866

 

 

 

2,612

 

 

 

1,820

 

 

 

151,919

 

 

 

1,057

 

 

 

223,453

 

Current period charge-offs

 

 

1

 

 

 

73

 

 

 

230

 

 

 

163

 

 

 

10

 

 

 

110

 

 

 

1,666

 

 

 

—

 

 

 

2,253

 

Credit cards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

322,970

 

 

 

—

 

 

 

322,970

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

366,837

 

 

 

—

 

 

 

366,837

 

Total Credit cards

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

689,807

 

 

 

—

 

 

 

689,807

 

Current period charge-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20,020

 

 

 

—

 

 

 

20,020

 

Leases and other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leases

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,276

 

 

 

—

 

 

 

—

 

 

 

1,276

 

Other

 

 

45,969

 

 

 

19,192

 

 

 

14,441

 

 

 

9,763

 

 

 

7,652

 

 

 

2,089

 

 

 

7,735

 

 

 

—

 

 

 

106,841

 

Total Leases and other

 

 

45,969

 

 

 

19,192

 

 

 

14,441

 

 

 

9,763

 

 

 

7,652

 

 

 

3,365

 

 

 

7,735

 

 

 

—

 

 

 

108,117

 

Current period charge-offs

 

 

—

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7

 

Total loans

 

$

6,075,831

 

 

$

5,277,681

 

 

$

4,790,722

 

 

$

5,343,541

 

 

$

3,681,344

 

 

$

3,329,171

 

 

$

9,028,419

 

 

$

179,798

 

 

$

37,706,507

 

 

 
16

 

 

 

 

December 31, 2024

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Loan Segment
and Type

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

Commercial and industrial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment/Accounts Receivable/Inventory

 

$

2,054,295

 

 

$

1,045,835

 

 

$

916,112

 

 

$

682,754

 

 

$

293,173

 

 

$

135,072

 

 

$

3,975,094

 

 

$

20,356

 

 

$

9,122,691

 

Agriculture

 

 

9,857

 

 

 

5,750

 

 

 

3,554

 

 

 

2,208

 

 

 

356

 

 

 

97

 

 

 

156,546

 

 

 

—

 

 

 

178,368

 

NDFIs

 

 

266,024

 

 

 

350,733

 

 

 

94,730

 

 

 

8,997

 

 

 

10,467

 

 

 

9,080

 

 

 

941,454

 

 

 

—

 

 

 

1,681,485

 

Overdrafts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11,227

 

 

 

—

 

 

 

11,227

 

Total Commercial and industrial

 

 

2,330,176

 

 

 

1,402,318

 

 

 

1,014,396

 

 

 

693,959

 

 

 

303,996

 

 

 

144,249

 

 

 

5,084,321

 

 

 

20,356

 

 

 

10,993,771

 

Specialty lending:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-based lending

 

 

5,803

 

 

 

—

 

 

 

8,026

 

 

 

30,702

 

 

 

29,392

 

 

 

—

 

 

 

395,271

 

 

 

—

 

 

 

469,194

 

Total Specialty lending

 

 

5,803

 

 

 

—

 

 

 

8,026

 

 

 

30,702

 

 

 

29,392

 

 

 

—

 

 

 

395,271

 

 

 

—

 

 

 

469,194

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner-occupied

 

 

352,517

 

 

 

277,049

 

 

 

593,480

 

 

 

442,805

 

 

 

293,799

 

 

 

275,207

 

 

 

4,948

 

 

 

25,266

 

 

 

2,265,071

 

Non-owner-occupied

 

 

784,434

 

 

 

527,773

 

 

 

1,006,769

 

 

 

727,365

 

 

 

404,362

 

 

 

324,839

 

 

 

32,312

 

 

 

—

 

 

 

3,807,854

 

Farmland

 

 

54,656

 

 

 

47,357

 

 

 

58,154

 

 

 

36,127

 

 

 

183,762

 

 

 

23,016

 

 

 

107,468

 

 

 

3

 

 

 

510,543

 

5+ Multi-family

 

 

161,767

 

 

 

47,136

 

 

 

302,225

 

 

 

256,032

 

 

 

28,819

 

 

 

18,732

 

 

 

9,202

 

 

 

—

 

 

 

823,913

 

1-4 Family construction

 

 

46,096

 

 

 

1,385

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5

 

 

 

—

 

 

 

47,486

 

General construction

 

 

493,723

 

 

 

644,885

 

 

 

1,222,539

 

 

 

235,758

 

 

 

4,049

 

 

 

514

 

 

 

74,950

 

 

 

—

 

 

 

2,676,418

 

Total Commercial real estate

 

 

1,893,193

 

 

 

1,545,585

 

 

 

3,183,167

 

 

 

1,698,087

 

 

 

914,791

 

 

 

642,308

 

 

 

228,885

 

 

 

25,269

 

 

 

10,131,285

 

Consumer real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HELOC

 

 

90

 

 

 

16

 

 

 

450

 

 

 

455

 

 

 

334

 

 

 

5,049

 

 

 

390,843

 

 

 

2,484

 

 

 

399,721

 

First lien: 1-4 family

 

 

413,395

 

 

 

361,242

 

 

 

565,017

 

 

 

635,217

 

 

 

496,758

 

 

 

273,628

 

 

 

—

 

 

 

—

 

 

 

2,745,257

 

Junior lien: 1-4 family

 

 

12,516

 

 

 

9,969

 

 

 

10,004

 

 

 

3,978

 

 

 

2,934

 

 

 

2,676

 

 

 

75

 

 

 

—

 

 

 

42,152

 

Total Consumer real estate

 

 

426,001

 

 

 

371,227

 

 

 

575,471

 

 

 

639,650

 

 

 

500,026

 

 

 

281,353

 

 

 

390,918

 

 

 

2,484

 

 

 

3,187,130

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving line

 

 

35

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

101,407

 

 

 

—

 

 

 

101,442

 

Auto

 

 

8,567

 

 

 

7,429

 

 

 

3,534

 

 

 

1,928

 

 

 

673

 

 

 

283

 

 

 

—

 

 

 

—

 

 

 

22,414

 

Other

 

 

13,050

 

 

 

2,876

 

 

 

10,065

 

 

 

25,659

 

 

 

342

 

 

 

796

 

 

 

17,216

 

 

 

—

 

 

 

70,004

 

Total Consumer

 

 

21,652

 

 

 

10,305

 

 

 

13,599

 

 

 

27,587

 

 

 

1,015

 

 

 

1,079

 

 

 

118,623

 

 

 

—

 

 

 

193,860

 

Credit cards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

328,474

 

 

 

—

 

 

 

328,474

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

250,292

 

 

 

—

 

 

 

250,292

 

Total Credit cards

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

578,766

 

 

 

—

 

 

 

578,766

 

Leases and other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leases

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,492

 

 

 

—

 

 

 

—

 

 

 

1,492

 

Other

 

 

30,622

 

 

 

17,322

 

 

 

13,284

 

 

 

9,895

 

 

 

2,335

 

 

 

2,035

 

 

 

11,310

 

 

 

—

 

 

 

86,803

 

Total Leases and other

 

 

30,622

 

 

 

17,322

 

 

 

13,284

 

 

 

9,895

 

 

 

2,335

 

 

 

3,527

 

 

 

11,310

 

 

 

—

 

 

 

88,295

 

Total loans

 

$

4,707,447

 

 

$

3,346,757

 

 

$

4,807,943

 

 

$

3,099,880

 

 

$

1,751,555

 

 

$

1,072,516

 

 

$

6,808,094

 

 

$

48,109

 

 

$

25,642,301

 

 
Accrued interest on loans totaled $ 178.2 million and $ 125.7 million as of September 30, 2025 and December 31, 2024, respectively, and is included in the Accrued income line on the Company’s Consolidated Balance Sheets. The total amount of accrued interest is excluded from the amortized cost basis of loans presented above. Further, the Company has elected not to measure an allowance for credit losses for accrued interest receivable.

 
17

 

Credit Quality Indicators
As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to the risk grading of specified classes of loans, net charge-offs, non-performing loans, and general economic conditions.
The Company utilizes a risk grading matrix to assign a rating to each of its commercial, commercial real estate, and construction real estate loans. Changes in credit risk are monitored on a continuous basis and changes in risk ratings are made when identified. The loan ratings are summarized into the following categories: Pass, Special Mention, Substandard, and Doubtful. Any loan not classified in one of the categories described below is considered to be a Pass loan. A description of the general characteristics of the loan rating categories is as follows:
• Special Mention – This rating reflects 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 asset or the borrower’s credit position at some future date. The rating is not adversely classified and does not expose an institution to sufficient risk to warrant adverse classification.

• Substandard – This rating represents an asset inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans in this category are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard.

• Doubtful – This rating represents an asset that has all the weaknesses inherent in an asset classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work to the advantage of strengthening the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, liquidation procedures, capital injection, or perfecting liens.

 
Commercial and industrial
A discussion of the credit quality indicators that impact each type of collateral securing Commercial and industrial loans is included below:
Equipment, accounts receivable, and inventory General commercial and industrial loans are secured by working capital assets and non-real estate assets. The general purpose of these loans is for financing capital expenditures and current operations for commercial and industrial entities. These assets are short-term in nature. In the case of accounts receivable and inventories, the repayment of debt is reliant upon converting assets into cash or through goods and services being sold and collected. Collateral-based risk is due to aged short-term assets, which can be indicative of underlying issues with the borrower and lead to the value of the collateral being overstated.
Agriculture Agricultural loans are secured by non-real estate agricultural assets. These include shorter-term assets such as equipment, crops, and livestock. The risks associated with loans to finance crops or livestock include the borrower’s ability to successfully raise and market the commodity. Adverse weather conditions and other natural perils can dramatically affect farmers’ or ranchers’ production and ability to service debt. Volatile commodity prices present another significant risk for agriculture borrowers. Market price volatility and production cost volatility can affect both revenues and expenses.
Non-Depository Financial Institutions NDFI loans are secured by working capital assets and non-real estate assets. The general purpose of these loans is for financing capital expenditures and current operations. The repayment of debt is reliant upon converting assets into cash or through services being sold and collected. Collateral-based risk is due to aged short-term assets, which can be indicative of underlying issues with the borrower and lead to the value of the collateral being overstated. Other risks consist of collateral that is secured by the stock

 
18

 

of a NDFI, which can be unlisted stock with a limited market for the stock, or volatility of asset values driven by market performance.
Overdrafts Commercial overdrafts are typically short-term and unsecured. Some commercial borrowers tie their overdraft obligation to their line of credit, so any draw on the line of credit will satisfy the overdraft.
Based on the factors noted above for each type of collateral, the Company assigns risk ratings to borrowers based on their most recently assessed financial position.
The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of September 30, 2025 and December 31, 2024 (in thousands):
 

 

 

September 30, 2025

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Risk by Collateral

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

Equipment/Accounts Receivable/Inventory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

2,023,753

 

 

$

2,079,582

 

 

$

1,102,503

 

 

$

1,007,687

 

 

$

541,036

 

 

$

346,788

 

 

$

4,986,197

 

 

$

18,522

 

 

$

12,106,068

 

Special Mention

 

 

5,395

 

 

 

42,064

 

 

 

7,781

 

 

 

12,204

 

 

 

1,339

 

 

 

10,468

 

 

 

115,882

 

 

 

—

 

 

 

195,133

 

Substandard

 

 

20,150

 

 

 

15,189

 

 

 

64,304

 

 

 

50,092

 

 

 

8,387

 

 

 

11,801

 

 

 

172,795

 

 

 

—

 

 

 

342,718

 

Doubtful

 

 

1,015

 

 

 

7,561

 

 

 

—

 

 

 

6,803

 

 

 

—

 

 

 

—

 

 

 

463

 

 

 

252

 

 

 

16,094

 

Total Equipment/Accounts Receivable/Inventory

 

$

2,050,313

 

 

$

2,144,396

 

 

$

1,174,588

 

 

$

1,076,786

 

 

$

550,762

 

 

$

369,057

 

 

$

5,275,337

 

 

$

18,774

 

 

$

12,660,013

 

Agriculture

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

21,438

 

 

$

43,437

 

 

$

26,178

 

 

$

7,818

 

 

$

5,212

 

 

$

2,895

 

 

$

255,134

 

 

$

245

 

 

$

362,357

 

Special Mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

204

 

 

 

—

 

 

 

—

 

 

 

1,770

 

 

 

—

 

 

 

1,974

 

Substandard

 

 

1,018

 

 

 

99

 

 

 

239

 

 

 

505

 

 

 

—

 

 

 

721

 

 

 

6,556

 

 

 

50

 

 

 

9,188

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Agriculture

 

$

22,456

 

 

$

43,536

 

 

$

26,417

 

 

$

8,527

 

 

$

5,212

 

 

$

3,616

 

 

$

263,460

 

 

$

295

 

 

$

373,519

 

NDFIs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

123,549

 

 

$

257,143

 

 

$

351,389

 

 

$

45,909

 

 

$

13,089

 

 

$

31,393

 

 

$

1,254,012

 

 

$

135

 

 

$

2,076,619

 

Special Mention

 

 

24,842

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

14,907

 

 

 

—

 

 

 

39,759

 

Substandard

 

 

320

 

 

 

8,961

 

 

 

4,336

 

 

 

4,436

 

 

 

709

 

 

 

199

 

 

 

—

 

 

 

—

 

 

 

18,961

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total NDFIs

 

$

148,711

 

 

$

266,104

 

 

$

355,725

 

 

$

50,345

 

 

$

13,808

 

 

$

31,592

 

 

$

1,268,919

 

 

$

135

 

 

$

2,135,339

 

 

 
19

 

 

 

December 31, 2024

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Risk by Collateral

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

Equipment/Accounts Receivable/Inventory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

2,029,012

 

 

$

1,021,589

 

 

$

851,378

 

 

$

662,361

 

 

$

291,712

 

 

$

130,832

 

 

$

3,796,386

 

 

$

20,356

 

 

$

8,803,626

 

Special Mention

 

 

2,044

 

 

 

4,145

 

 

 

6,075

 

 

 

5,949

 

 

 

639

 

 

 

—

 

 

 

37,419

 

 

 

—

 

 

 

56,271

 

Substandard

 

 

23,044

 

 

 

20,101

 

 

 

58,659

 

 

 

14,444

 

 

 

822

 

 

 

4,240

 

 

 

141,289

 

 

 

—

 

 

 

262,599

 

Doubtful

 

 

195

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

195

 

Total Equipment/Accounts Receivable/Inventory

 

$

2,054,295

 

 

$

1,045,835

 

 

$

916,112

 

 

$

682,754

 

 

$

293,173

 

 

$

135,072

 

 

$

3,975,094

 

 

$

20,356

 

 

$

9,122,691

 

Agriculture

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

5,214

 

 

$

5,613

 

 

$

3,465

 

 

$

2,208

 

 

$

356

 

 

$

97

 

 

$

153,585

 

 

$

—

 

 

$

170,538

 

Special Mention

 

 

—

 

 

 

137

 

 

 

89

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,068

 

 

 

—

 

 

 

1,294

 

Substandard

 

 

4,643

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,893

 

 

 

—

 

 

 

6,536

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Agriculture

 

$

9,857

 

 

$

5,750

 

 

$

3,554

 

 

$

2,208

 

 

$

356

 

 

$

97

 

 

$

156,546

 

 

$

—

 

 

$

178,368

 

NDFIs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

266,024

 

 

$

350,733

 

 

$

94,730

 

 

$

8,997

 

 

$

10,467

 

 

$

9,080

 

 

$

929,976

 

 

$

—

 

 

$

1,670,007

 

Special Mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11,478

 

 

 

—

 

 

 

11,478

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total NDFIs

 

$

266,024

 

 

$

350,733

 

 

$

94,730

 

 

$

8,997

 

 

$

10,467

 

 

$

9,080

 

 

$

941,454

 

 

$

—

 

 

$

1,681,485

 

 
Specialty lending
A discussion of the credit quality indicators that impact each type of collateral securing Specialty loans is included below:
Asset-based lending General asset-based loans are secured by accounts receivable, inventory, equipment, and real estate. The purpose of these loans is for financing current operations for commercial customers. The repayment of debt is reliant upon collection of the accounts receivable within 30 to 90 days or converting assets into cash or through goods and services being sold and collected. The Company tracks each individual borrower credit risk based on their loan to collateral position. Any borrower position where the underlying value of collateral is below the fair value of the loan is considered out-of-margin and inherently higher risk.
The following table provides a summary of the amortized cost balance by risk rating for asset-based loans as of September 30, 2025 and December 31, 2024 (in thousands):
 

 

 

Asset-based lending

 

Risk

 

September 30, 2025

 

 

December 31, 2024

 

In-margin

 

$

561,394

 

 

$

469,194

 

Out-of-margin

 

 

—

 

 

 

—

 

Total

 

$

561,394

 

 

$

469,194

 

 

 
20

 

 
Commercial real estate
A discussion of the credit quality indicators that impact each type of collateral securing Commercial real estate loans is included below:
Owner-occupied Owner-occupied loans are secured by commercial real estate. These loans are often longer tenured and susceptible to multiple economic cycles. The loans rely on the owner-occupied operations to service debt which cover a broad spectrum of industries. Real estate debt can carry a significant amount of leverage for a borrower to maintain.
Non-owner-occupied Non-owner-occupied loans are secured by commercial real estate. These loans are often longer tenured and susceptible to multiple economic cycles. The key element of risk in this type of lending is the cyclical nature of real estate markets. Although national conditions affect the overall real estate industry, the effect of national conditions on local markets is equally important. Factors such as unemployment rates, consumer demand, household formation, and the level of economic activity can vary widely from state to state and among metropolitan areas. In addition to geographic considerations, markets can be defined by property type. While all sectors are influenced by economic conditions, some sectors are more sensitive to certain economic factors than others.
Farmland Farmland loans are secured by real estate used for agricultural purposes such as crop and livestock production. Assets used as collateral are long-term assets that carry the ability to have longer amortizations and maturities. Longer terms carry the risk of added susceptibility to market conditions. The limited purpose of some Agriculture-related collateral affects credit risk because such collateral may have limited or no other uses to support values when loan repayment problems emerge.
5+ Multi-family 5+ multi-family loans are secured by a multi-family residential property. The primary risks associated with this type of collateral are largely driven by economic conditions. The national and local market conditions can change with unemployment rates or competing supply of multi-family housing. Tenants may not be able to afford their housing or have better options and this can result in increased vacancy. Rents may need to be lowered to fill apartment units. Increased vacancy and lower rental rates not only drive the borrower’s ability to repay debt but also contribute to how the collateral is valued.
1-4 Family construction 1-4 family construction loans are secured by 1-4 family residential real estate and are in the process of construction or improvements being made. The predominant risk inherent to this portfolio is the risk associated with a borrower’s ability to successfully complete a project on time and within budget. Market conditions also play an important role in understanding the risk profile. Risk from adverse changes in market conditions from the start of development to completion can result in deflated collateral values.
General construction General construction loans are secured by commercial real estate in process of construction or improvements being made and their repayment is dependent on the collateral’s completion. Construction lending presents unique risks not encountered in term financing of existing real estate. The predominant risk inherent to this portfolio is the risk associated with a borrower’s ability to successfully complete a project on time and within budget. Commercial properties under construction are susceptible to market and economic conditions. Demand from prospective customers may erode after construction begins because of a general economic slowdown or an increase in the supply of competing properties.
Based on the factors noted above for each type of collateral, the Company assigns risk ratings to borrowers based on their most recently assessed financial position.
The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of September 30, 2025 and December 31, 2024 (in thousands):

 
21

 

 

 

September 30, 2025

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Risk by Collateral

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

Owner-occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

873,576

 

 

$

497,665

 

 

$

565,377

 

 

$

978,976

 

 

$

806,807

 

 

$

749,409

 

 

$

40,081

 

 

$

261

 

 

$

4,512,152

 

Special Mention

 

 

8,164

 

 

 

2,812

 

 

 

22,406

 

 

 

38,539

 

 

 

14,507

 

 

 

36,920

 

 

 

—

 

 

 

—

 

 

 

123,348

 

Substandard

 

 

19,921

 

 

 

3,097

 

 

 

47,401

 

 

 

15,438

 

 

 

8,789

 

 

 

13,588

 

 

 

—

 

 

 

2,543

 

 

 

110,777

 

Doubtful

 

 

—

 

 

 

—

 

 

 

288

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

288

 

Total Owner-occupied

 

$

901,661

 

 

$

503,574

 

 

$

635,472

 

 

$

1,032,953

 

 

$

830,103

 

 

$

799,917

 

 

$

40,081

 

 

$

2,804

 

 

$

4,746,565

 

Non-owner-occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

1,266,928

 

 

$

686,369

 

 

$

999,652

 

 

$

1,056,343

 

 

$

830,144

 

 

$

882,211

 

 

$

42,193

 

 

$

—

 

 

$

5,763,840

 

Special Mention

 

 

80,138

 

 

 

15,759

 

 

 

4,278

 

 

 

6,844

 

 

 

749

 

 

 

23,797

 

 

 

—

 

 

 

—

 

 

 

131,565

 

Substandard

 

 

7,798

 

 

 

—

 

 

 

14,438

 

 

 

26,587

 

 

 

19,901

 

 

 

9,703

 

 

 

5,424

 

 

 

—

 

 

 

83,851

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Non-owner-occupied

 

$

1,354,864

 

 

$

702,128

 

 

$

1,018,368

 

 

$

1,089,774

 

 

$

850,794

 

 

$

915,711

 

 

$

47,617

 

 

$

—

 

 

$

5,979,256

 

Farmland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

114,282

 

 

$

78,522

 

 

$

76,892

 

 

$

125,116

 

 

$

89,992

 

 

$

166,043

 

 

$

44,640

 

 

$

86,787

 

 

$

782,274

 

Special Mention

 

 

15,461

 

 

 

1,274

 

 

 

13,618

 

 

 

8,946

 

 

 

139

 

 

 

815

 

 

 

1,029

 

 

 

—

 

 

 

41,282

 

Substandard

 

 

6,534

 

 

 

780

 

 

 

2,497

 

 

 

1,226

 

 

 

516

 

 

 

10,719

 

 

 

—

 

 

 

—

 

 

 

22,272

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Farmland

 

$

136,277

 

 

$

80,576

 

 

$

93,007

 

 

$

135,288

 

 

$

90,647

 

 

$

177,577

 

 

$

45,669

 

 

$

86,787

 

 

$

845,828

 

5+ Multi-family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

205,011

 

 

$

229,323

 

 

$

99,826

 

 

$

587,612

 

 

$

359,725

 

 

$

101,213

 

 

$

8,862

 

 

$

—

 

 

$

1,591,572

 

Special Mention

 

 

—

 

 

 

—

 

 

 

241

 

 

 

2,958

 

 

 

8,474

 

 

 

198

 

 

 

—

 

 

 

—

 

 

 

11,871

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,244

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,244

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total 5+ Multi-family

 

$

205,011

 

 

$

229,323

 

 

$

100,067

 

 

$

598,814

 

 

$

368,199

 

 

$

101,411

 

 

$

8,862

 

 

$

—

 

 

$

1,611,687

 

1-4 Family construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

49,100

 

 

$

46,733

 

 

$

649

 

 

$

729

 

 

$

—

 

 

$

25

 

 

$

221

 

 

$

—

 

 

$

97,457

 

Special Mention

 

 

—

 

 

 

1,416

 

 

 

241

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,657

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total 1-4 Family construction

 

$

49,100

 

 

$

48,149

 

 

$

890

 

 

$

729

 

 

$

—

 

 

$

25

 

 

$

221

 

 

$

—

 

 

$

99,114

 

General construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

594,038

 

 

$

745,412

 

 

$

923,697

 

 

$

611,821

 

 

$

150,223

 

 

$

7,570

 

 

$

31,963

 

 

$

67,425

 

 

$

3,132,149

 

Special Mention

 

 

—

 

 

 

56,082

 

 

 

34,619

 

 

 

31,818

 

 

 

1,921

 

 

 

22

 

 

 

—

 

 

 

—

 

 

 

124,462

 

Substandard

 

 

5,002

 

 

 

—

 

 

 

421

 

 

 

31,135

 

 

 

—

 

 

 

124

 

 

 

7,250

 

 

 

—

 

 

 

43,932

 

Doubtful

 

 

—

 

 

 

102

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

102

 

Total General construction

 

$

599,040

 

 

$

801,596

 

 

$

958,737

 

 

$

674,774

 

 

$

152,144

 

 

$

7,716

 

 

$

39,213

 

 

$

67,425

 

 

$

3,300,645

 

 

 
22

 

 

 

December 31, 2024

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Risk by Collateral

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

Owner-occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

316,858

 

 

$

276,546

 

 

$

590,337

 

 

$

442,768

 

 

$

289,219

 

 

$

267,944

 

 

$

4,948

 

 

$

25,266

 

 

$

2,213,886

 

Special Mention

 

 

31,213

 

 

 

—

 

 

 

1,512

 

 

 

—

 

 

 

467

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33,192

 

Substandard

 

 

4,446

 

 

 

503

 

 

 

1,631

 

 

 

37

 

 

 

4,113

 

 

 

7,263

 

 

 

—

 

 

 

—

 

 

 

17,993

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Owner-occupied

 

$

352,517

 

 

$

277,049

 

 

$

593,480

 

 

$

442,805

 

 

$

293,799

 

 

$

275,207

 

 

$

4,948

 

 

$

25,266

 

 

$

2,265,071

 

Non-owner-occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

784,434

 

 

$

514,745

 

 

$

981,769

 

 

$

727,365

 

 

$

404,362

 

 

$

324,310

 

 

$

32,312

 

 

$

—

 

 

$

3,769,297

 

Special Mention

 

 

—

 

 

 

13,028

 

 

 

25,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

38,028

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

529

 

 

 

—

 

 

 

—

 

 

 

529

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Non-owner-occupied

 

$

784,434

 

 

$

527,773

 

 

$

1,006,769

 

 

$

727,365

 

 

$

404,362

 

 

$

324,839

 

 

$

32,312

 

 

$

—

 

 

$

3,807,854

 

Farmland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

36,771

 

 

$

45,055

 

 

$

45,131

 

 

$

36,127

 

 

$

182,769

 

 

$

14,209

 

 

$

106,468

 

 

$

3

 

 

$

466,533

 

Special Mention

 

 

982

 

 

 

—

 

 

 

13,023

 

 

 

—

 

 

 

—

 

 

 

2,324

 

 

 

1,000

 

 

 

—

 

 

 

17,329

 

Substandard

 

 

16,903

 

 

 

2,302

 

 

 

—

 

 

 

—

 

 

 

993

 

 

 

6,483

 

 

 

—

 

 

 

—

 

 

 

26,681

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Farmland

 

$

54,656

 

 

$

47,357

 

 

$

58,154

 

 

$

36,127

 

 

$

183,762

 

 

$

23,016

 

 

$

107,468

 

 

$

3

 

 

$

510,543

 

5+ Multi-family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

161,767

 

 

$

47,136

 

 

$

302,225

 

 

$

256,032

 

 

$

28,819

 

 

$

18,732

 

 

$

9,202

 

 

$

—

 

 

$

823,913

 

Special Mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total 5+ Multi-family

 

$

161,767

 

 

$

47,136

 

 

$

302,225

 

 

$

256,032

 

 

$

28,819

 

 

$

18,732

 

 

$

9,202

 

 

$

—

 

 

$

823,913

 

1-4 Family construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

46,096

 

 

$

1,385

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5

 

 

$

—

 

 

$

47,486

 

Special Mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total 1-4 Family construction

 

$

46,096

 

 

$

1,385

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

5

 

 

$

—

 

 

$

47,486

 

General construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

493,614

 

 

$

643,050

 

 

$

1,221,251

 

 

$

235,758

 

 

$

4,049

 

 

$

504

 

 

$

74,950

 

 

$

—

 

 

$

2,673,176

 

Special Mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Substandard

 

 

—

 

 

 

1,835

 

 

 

1,288

 

 

 

—

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

—

 

 

 

3,133

 

Doubtful

 

 

109

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

109

 

Total General construction

 

$

493,723

 

 

$

644,885

 

 

$

1,222,539

 

 

$

235,758

 

 

$

4,049

 

 

$

514

 

 

$

74,950

 

 

$

—

 

 

$

2,676,418

 

Consumer real estate
A discussion of the credit quality indicators that impact each type of collateral securing Consumer real estate loans is included below:
HELOC HELOC loans are revolving lines of credit secured by 1-4 family residential property. The primary risk is the borrower’s inability to repay debt. Revolving notes are often associated with HELOCs that can be secured by real estate without a 1st lien priority. Collateral is susceptible to market volatility impacting home values or economic downturns.

 
23

 

First lien: 1-4 family First lien 1-4 family loans are secured by a first lien on 1-4 family residential property. These term loans carry longer maturities and amortizations. The longer tenure exposes the borrower to multiple economic cycles, coupled with longer amortizations that result in smaller principal reduction early in the life of the loan. Collateral is susceptible to market volatility impacting home values.
Junior lien: 1-4 family Junior lien 1-4 family loans are secured by a junior lien on 1-4 family residential property. The Company’s primary risk is the borrower’s inability to repay debt and not being in a first lien position. Collateral is susceptible to market volatility impacting home values or economic downturns.
A borrower is considered non-performing if the Company has ceased the recognition of interest and the loan is placed on non-accrual. Charge-offs and borrower performance are tracked on a loan origination vintage basis. Certain vintages, based on their maturation cycle, could be at higher risk due to collateral-based risk factors.
The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of September 30, 2025 and December 31, 2024 (in thousands):
 

 

 

September 30, 2025

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Risk by Collateral

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

HELOC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

2,855

 

 

$

198

 

 

$

422

 

 

$

1,277

 

 

$

376

 

 

$

5,785

 

 

$

695,506

 

 

$

1,442

 

 

$

707,861

 

Non-performing

 

 

—

 

 

 

—

 

 

 

414

 

 

 

695

 

 

 

450

 

 

 

1,664

 

 

 

608

 

 

 

736

 

 

 

4,567

 

Total HELOC

 

$

2,855

 

 

$

198

 

 

$

836

 

 

$

1,972

 

 

$

826

 

 

$

7,449

 

 

$

696,114

 

 

$

2,178

 

 

$

712,428

 

First lien: 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

488,275

 

 

$

379,352

 

 

$

372,977

 

 

$

605,994

 

 

$

754,960

 

 

$

864,859

 

 

$

10,364

 

 

$

343

 

 

$

3,477,124

 

Non-performing

 

 

1,274

 

 

 

246

 

 

 

3,520

 

 

 

5,937

 

 

 

3,076

 

 

 

4,654

 

 

 

—

 

 

 

—

 

 

 

18,707

 

Total First lien: 1-4 family

 

$

489,549

 

 

$

379,598

 

 

$

376,497

 

 

$

611,931

 

 

$

758,036

 

 

$

869,513

 

 

$

10,364

 

 

$

343

 

 

$

3,495,831

 

Junior lien: 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

19,894

 

 

$

32,711

 

 

$

19,845

 

 

$

30,767

 

 

$

17,997

 

 

$

7,201

 

 

$

5,167

 

 

$

—

 

 

$

133,582

 

Non-performing

 

 

41

 

 

 

23

 

 

 

12

 

 

 

199

 

 

 

349

 

 

 

94

 

 

 

—

 

 

 

—

 

 

 

718

 

Total Junior lien: 1-4 family

 

$

19,935

 

 

$

32,734

 

 

$

19,857

 

 

$

30,966

 

 

$

18,346

 

 

$

7,295

 

 

$

5,167

 

 

$

—

 

 

$

134,300

 

 

 
24

 

 

 

December 31, 2024

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Risk by Collateral

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

2020

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

HELOC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

90

 

 

$

16

 

 

$

450

 

 

$

203

 

 

$

249

 

 

$

3,780

 

 

$

390,843

 

 

$

1,879

 

 

$

397,510

 

Non-performing

 

 

—

 

 

 

—

 

 

 

—

 

 

 

252

 

 

 

85

 

 

 

1,269

 

 

 

—

 

 

 

605

 

 

 

2,211

 

Total HELOC

 

$

90

 

 

$

16

 

 

$

450

 

 

$

455

 

 

$

334

 

 

$

5,049

 

 

$

390,843

 

 

$

2,484

 

 

$

399,721

 

First lien: 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

413,060

 

 

$

358,303

 

 

$

559,689

 

 

$

633,749

 

 

$

496,615

 

 

$

272,601

 

 

$

—

 

 

$

—

 

 

$

2,734,017

 

Non-performing

 

 

335

 

 

 

2,939

 

 

 

5,328

 

 

 

1,468

 

 

 

143

 

 

 

1,027

 

 

 

—

 

 

 

—

 

 

 

11,240

 

Total First lien: 1-4 family

 

$

413,395

 

 

$

361,242

 

 

$

565,017

 

 

$

635,217

 

 

$

496,758

 

 

$

273,628

 

 

$

—

 

 

$

—

 

 

$

2,745,257

 

Junior lien: 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

12,516

 

 

$

9,952

 

 

$

9,903

 

 

$

3,978

 

 

$

2,934

 

 

$

2,631

 

 

$

75

 

 

$

—

 

 

$

41,989

 

Non-performing

 

 

—

 

 

 

17

 

 

 

101

 

 

 

—

 

 

 

—

 

 

 

45

 

 

 

—

 

 

 

—

 

 

 

163

 

Total Junior lien: 1-4 family

 

$

12,516

 

 

$

9,969

 

 

$

10,004

 

 

$

3,978

 

 

$

2,934

 

 

$

2,676

 

 

$

75

 

 

$

—

 

 

$

42,152

 

 
Consumer
A discussion of the credit quality indicators that impact each type of collateral securing Consumer loans is included below:
Revolving line Consumer Revolving lines of credit are secured by consumer assets other than real estate. The primary risk associated with this collateral is related to market volatility and the value of the underlying financial assets.
Auto Direct consumer auto loans are secured by new and used consumer vehicles. The primary risk with this collateral class is the rate at which the collateral depreciates.
Other This category includes Other consumer loans made to an individual. The primary risk for this category is for those loans where the loan is unsecured. This collateral type also includes other unsecured lending such as consumer overdrafts.

 
25

 

A borrower is considered non-performing if the Company has ceased the recognition of interest and the loan is placed on non-accrual. Charge-offs and borrower performance are tracked on a loan origination vintage basis. Certain vintages, based on their maturation cycle, could be at higher risk due to collateral-based risk factors.
The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of September 30, 2025 and December 31, 2024 (in thousands):
 

 

 

September 30, 2025

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Risk by Collateral

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

2021

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

Revolving line

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

999

 

 

$

34

 

 

$

9

 

 

$

35

 

 

$

25

 

 

$

540

 

 

$

151,287

 

 

$

1,056

 

 

$

153,985

 

Non-performing

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

632

 

 

 

1

 

 

 

637

 

Total Revolving line