SEC EDGAR · 10-Q

10-Q – 2026-07-30 – umbf-20260630.htm

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Omsättning

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Losses on sales of assets
Gains on sales of loans held for sale, net
Proceeds from sales of loans held for sale
Sales
Proceeds from exercise of stock options and sales of treasury shares
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 securin | 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.
unemployment and retail sales. The ACL for Commercial credit cards is measured using roll-rate loss rate method based on days past due. | The ACL for the State and political HTM securities segment is measured using a loss rate method based on historical bond rating transitions. Primary risk drivers within the segment are bond ratings in the portfolio along with changes of macro-economic conditions. There is no ACL for the U.S. Treasury and GSE mortgage-backed HTM securities portfolios as they are considered to be agency-backed securities with no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. govern

Periodens resultat

NET INCOME
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS
Net income per common share – basic
Net income per common share – diluted
Net income
Less: Reclassification adjustment for net gains included in net income
Less: Reclassification adjustment for net (gains) losses included in net income
Adjustments to reconcile net income to net cash provided by operating activities:

Resultat per aktie

Weighted average common shares outstanding for basic earnings per share
Weighted average common shares for diluted earnings per share
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

Kassaflöde

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.
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 securin | 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 c | 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
The following categories of off-balance sheet credit exposures have been identified: | Revolving Lines of Credit: includes commercial, construction, agricultural, personal, and home-equity. Risks inherent to revolving lines of credit often are related to the susceptibility of an individual or business experiencing unpredictable cash flow or financial troubles, thus leading to payment default. During these financial troubles, the borrower could have less than desirable assets collateralizing the revolving line of credit. The financial strain the borrower is experiencing could lead | Non-Revolving Lines of Credit: includes commercial and personal. Lines that do not carry a revolving feature are generally associated with a specific expenditure or project, such as to purchase equipment or the construction of real estate. The predominate risk associated with non-revolving lines is the diversion of funds for other expenditures. If the funds get diverted, the contributory value to collateral suffers.
The table below presents the fair value of the Company’s derivative financial instruments as of June 30, 2026 and December 31, 2025. The Company’s derivative assets and derivative liabilities are located within Other assets and Other liabilities, respectively, on the Company’s Consolidated Balance Sheets. | Derivative fair values are determined using valuation techniques including discounted cash flow analysis on the expected cash flows from each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the resp | This table provides a summary of the fair value of the Company’s derivative assets and liabilities as of June 30, 2026 and December 31, 2025 ( in thousands ):
For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in Interest income in the Consolidated Statements of Income. | Cash Flow Hedges of Interest Rate Risk | The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps, floors, and floor spreads as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underl
Cash Flow Hedges of Interest Rate Risk | The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps, floors, and floor spreads as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underl | Interest rate floors designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an upfront premium. Interest rate floor spreads designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the purchased floor rate on the contract in exchange for an upfront premium, and involve payment of variable-rate amounts to the coun
The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps, floors, and floor spreads as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underl | Interest rate floors designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an upfront premium. Interest rate floor spreads designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the purchased floor rate on the contract in exchange for an upfront premium, and involve payment of variable-rate amounts to the coun | For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and is subsequently reclassified into interest expense and interest income in the period during which the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to interest rate swap derivatives will be reclassified to Interest expense as interest payments are received or paid on the Company’s hedged items. Amounts reported in AOC

Likvida medel

(Decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
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.
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 June 30, 2026 and June 30, 2025 (in thousands) :
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 June 30, 2026 and June 30, 2025 (in thousands) :
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 $ 121.0 m illion and $ 118.0 million at June 30, 2026 and June 30, 2025 , respectively.

Nettoskuld

Adjustments to reconcile net income to net cash provided by operating activities:
Net cash provided by operating activities
Net cash activity from acquisitions and divestitures
Net cash used in investing activities
Net cash (used in) provided by financing activities

Eget kapital

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Total shareholders' equity
Total liabilities and shareholders' equity
UMB FINANCIAL CORPORATION | CONSOLIDATED STATEMENTS OF CHA NGES IN SHAREHOLDERS' EQUITY | (unaudited, dollars in thousands, except per share data)
to funding sources under favorable terms, and enhances the Company’s ability to capitalize on business growth and acquisition opportunities. The Company continues to maximize shareholder value through a mix of reinvesting in organic growth, evaluating acquisition opportunities that complement the Company’s strategies, increasing dividends over time, and appropriately utilizing a share repurchase program. At June 30, 2026, the Company had $8.0 billion in total shareholders’ equity. This is an inc | Earnings Summary
Earnings Summary | The following is a summary regarding the Company’s earnings for the second quarter of 2026. The changes identified in the summary are explained in greater detail below. The Company recorded net income available to common shareholders of $271.8 million for the three-month period ended June 30, 2026, compared to net income available to common shareholders of $215.4 million for the same period a year earlier. Basic earnings per common share for the second quarter of 2026 were $3.58 per share ($3.56 | The Company recorded net income available to common shareholders of $527.4 million for the six-month period ended June 30, 2026, compared to net income available to common shareholders of $294.7 million for the same period a year earlier. Basic earnings per common share for the six-month period ended June 30, 2026 were $6.94 per share ($6.90 per share fully-diluted) compared to $4.18 per share ($4.16 per share fully-diluted) for the same period in 2025. Return on average assets and return on ave
The following is a summary regarding the Company’s earnings for the second quarter of 2026. The changes identified in the summary are explained in greater detail below. The Company recorded net income available to common shareholders of $271.8 million for the three-month period ended June 30, 2026, compared to net income available to common shareholders of $215.4 million for the same period a year earlier. Basic earnings per common share for the second quarter of 2026 were $3.58 per share ($3.56 | The Company recorded net income available to common shareholders of $527.4 million for the six-month period ended June 30, 2026, compared to net income available to common shareholders of $294.7 million for the same period a year earlier. Basic earnings per common share for the six-month period ended June 30, 2026 were $6.94 per share ($6.90 per share fully-diluted) compared to $4.18 per share ($4.16 per share fully-diluted) for the same period in 2025. Return on average assets and return on ave | Net interest income for the three and six-month periods ended June 30, 2026 increased $65.5 million, or 14.0%, and increased $202.2 million, or 23.4%, respectively, compared to the same periods in 2025. For the three-month period ended June 30, 2026, average earning assets increased by $3.9 billion, or 6.3%, and for the six-month period ended June 30, 2026, they increased by $6.7 billion, or 11.5%, compared to the same periods in 2025. Net interest margin, on a tax-equivalent basis, increased to

Antal aktier

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 July 27, 2026, UMB Financial Corporation ha d 75,950,030 shares of common stock outstanding.
Common stock, $ 1.00 par value; 160,000,000 shares authorized; 78,665,809 shares issued, 75,947,552 and 75,960,675 shares outstanding, respectively
Weighted average common shares outstanding – basic
Weighted average common shares outstanding – diluted
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
Weighted average common shares outstanding for basic earnings per share
Total Number of Shares (or Units) Purchased (1)
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (2)

Antal anställda

• the Company’s ability to grow revenue, control expenses, or attract and retain qualified employees;
Operational Risk | Operational risk generally refers to the risk of loss resulting from the Company’s operations, including those operations performed for the Company by third parties. This would include but is not limited to the risk of fraud by employees or persons outside the Company, the execution of unauthorized transactions by employees or others, errors relating to transaction processing, breaches of the internal control system and compliance requirements, and unplanned interruptions in service. This risk o | The Company operates in many markets and relies on the ability of its employees and systems to properly process a high number of transactions. In the event of a breakdown in internal control systems, improper operation of systems or improper employee actions, the Company could suffer financial loss, face regulatory action and suffer damage to its reputation. In order to address this risk, management maintains a system of internal controls with the objective of providing proper transaction author
Operational risk generally refers to the risk of loss resulting from the Company’s operations, including those operations performed for the Company by third parties. This would include but is not limited to the risk of fraud by employees or persons outside the Company, the execution of unauthorized transactions by employees or others, errors relating to transaction processing, breaches of the internal control system and compliance requirements, and unplanned interruptions in service. This risk o | The Company operates in many markets and relies on the ability of its employees and systems to properly process a high number of transactions. In the event of a breakdown in internal control systems, improper operation of systems or improper employee actions, the Company could suffer financial loss, face regulatory action and suffer damage to its reputation. In order to address this risk, management maintains a system of internal controls with the objective of providing proper transaction author | The Company maintains systems of internal controls that provide management with timely and accurate information about the Company’s operations. These systems have been designed to manage operational risk at appropriate levels given the Company’s financial strength, the environment in which it operates, and considering factors such as competition and regulation. The Company has also established procedures that are designed to ensure that policies relating to conduct, ethics, and business practice

Organisk tillväxt

Business Segment financial information is produced using an internal reporting system which is based on a series of management estimates for funds transfer pricing (FTP), and allocations of noninterest expense and income taxes. The process for determining FTP is based on a number of factors and assumptions, including prevailing market interest rates, the expected lives of various assets and liabilities, and the Company’s broader funding profile. These estimates and allocations are periodically r | The following summaries provide information about the activities of each Business Segment:
to funding sources under favorable terms, and enhances the Company’s ability to capitalize on business growth and acquisition opportunities. The Company continues to maximize shareholder value through a mix of reinvesting in organic growth, evaluating acquisition opportunities that complement the Company’s strategies, increasing dividends over time, and appropriately utilizing a share repurchase program. At June 30, 2026, the Company had $8.0 billion in total shareholders’ equity. This is an inc | Earnings Summary

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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 June 30, 2026
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 July 27, 2026, UMB Financial Corporation ha d 75,950,030 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

88

ITEM 4.

CONTROLS AND PROCEDURES

93

 

 

 

PART II - OTHER INFORMATION

94

 

 

 

ITEM 1.

LEGAL PROCEEDINGS

94

ITEM 1A.

RISK FACTORS

94

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

94

ITEM 6.

EXHIBITS

95

SIGNATURES

96

 

 

 

 
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)

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

ASSETS

 

 

 

 

 

 

Loans

 

$

41,149,726

 

 

$

38,779,408

 

Allowance for credit losses on loans

 

 

( 437,376

)

 

 

( 419,478

)

Net loans

 

 

40,712,350

 

 

 

38,359,930

 

Loans held for sale

 

 

6,800

 

 

 

2,030

 

Securities:

 

 

 

 

 

 

Available for sale (amortized cost of $ 13,903,318  and $ 13,999,900 , respectively)

 

 

13,488,159

 

 

 

13,709,141

 

Held to maturity, net of allowance for credit losses of $ 3,996  and $ 1,684 , respectively (fair value of $ 5,239,447  and $ 5,250,465 , respectively)

 

 

5,712,430

 

 

 

5,722,543

 

Trading securities

 

 

45,839

 

 

 

22,331

 

Other securities

 

 

693,502

 

 

 

676,300

 

Total securities

 

 

19,939,930

 

 

 

20,130,315

 

Federal funds sold and securities purchased under agreements to resell

 

 

928,438

 

 

 

1,548,093

 

Interest-bearing due from banks

 

 

4,951,010

 

 

 

6,940,535

 

Cash and due from banks

 

 

779,876

 

 

 

952,547

 

Premises and equipment, net

 

 

397,352

 

 

 

398,271

 

Accrued income

 

 

347,447

 

 

 

349,639

 

Goodwill

 

 

1,837,594

 

 

 

1,839,825

 

Other intangibles, net

 

 

439,949

 

 

 

486,869

 

Other assets

 

 

1,914,814

 

 

 

2,086,036

 

Total assets

 

$

72,255,560

 

 

$

73,094,090

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing demand

 

$

16,177,250

 

 

$

17,143,341

 

Interest-bearing demand and savings

 

 

40,381,530

 

 

 

39,752,587

 

Time deposits under $250,000

 

 

1,834,890

 

 

 

1,934,617

 

Time deposits of $250,000 or more

 

 

1,373,012

 

 

 

1,826,245

 

Total deposits

 

 

59,766,682

 

 

 

60,656,790

 

Federal funds purchased and repurchase agreements

 

 

3,083,600

 

 

 

3,324,938

 

Long-term debt

 

 

480,126

 

 

 

474,229

 

Accrued expenses and taxes

 

 

360,694

 

 

 

435,351

 

Other liabilities

 

 

533,665

 

 

 

509,214

 

Total liabilities

 

 

64,224,767

 

 

 

65,400,522

 

 

 

 

 

 

 

 

SHAREHOLDERS' EQUITY

 

 

 

 

 

 

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

 

 

294,066

 

 

 

294,066

 

Common stock, $ 1.00  par value; 160,000,000  shares authorized; 78,665,809  shares issued, 75,947,552  and 75,960,675  shares outstanding, respectively

 

 

78,666

 

 

 

78,666

 

Capital surplus

 

 

4,016,045

 

 

 

4,011,047

 

Retained earnings

 

 

4,197,812

 

 

 

3,736,413

 

Accumulated other comprehensive loss, net

 

 

( 371,517

)

 

 

( 261,520

)

Treasury stock, 2,718,257  and 2,705,134  shares, at cost, respectively

 

 

( 184,279

)

 

 

( 165,104

)

Total shareholders' equity

 

 

8,030,793

 

 

 

7,693,568

 

Total liabilities and shareholders' equity

 

$

72,255,560

 

 

$

73,094,090

 

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

 

 

Six Months Ended

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

643,995

 

 

$

612,414

 

 

$

1,277,073

 

 

$

1,139,818

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable interest

 

 

146,593

 

 

 

122,237

 

 

 

291,892

 

 

 

220,533

 

Tax-exempt interest

 

 

35,181

 

 

 

33,024

 

 

 

69,635

 

 

 

62,987

 

Total securities income

 

 

181,774

 

 

 

155,261

 

 

 

361,527

 

 

 

283,520

 

Federal funds and resell agreements

 

 

11,259

 

 

 

8,733

 

 

 

27,322

 

 

 

15,685

 

Interest-bearing due from banks

 

 

33,950

 

 

 

73,874

 

 

 

71,852

 

 

 

148,859

 

Trading securities

 

 

388

 

 

 

255

 

 

 

659

 

 

 

625

 

Total interest income

 

 

871,366

 

 

 

850,537

 

 

 

1,738,433

 

 

 

1,588,507

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

298,927

 

 

 

343,153

 

 

 

591,300

 

 

 

646,559

 

Federal funds and repurchase agreements

 

 

28,953

 

 

 

27,423

 

 

 

58,651

 

 

 

53,213

 

Other

 

 

10,961

 

 

 

12,937

 

 

 

21,591

 

 

 

24,072

 

Total interest expense

 

 

338,841

 

 

 

383,513

 

 

 

671,542

 

 

 

723,844

 

Net interest income

 

 

532,525

 

 

 

467,024

 

 

 

1,066,891

 

 

 

864,663

 

Provision for credit losses

 

 

28,000

 

 

 

21,000

 

 

 

55,000

 

 

 

107,000

 

Net interest income after provision for credit losses

 

 

504,525

 

 

 

446,024

 

 

 

1,011,891

 

 

 

757,663

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Trust and securities processing

 

 

98,295

 

 

 

83,263

 

 

 

192,962

 

 

 

163,044

 

Trading and investment banking

 

 

5,314

 

 

 

6,170

 

 

 

13,054

 

 

 

12,081

 

Service charges on deposit accounts

 

 

29,588

 

 

 

28,865

 

 

 

59,062

 

 

 

56,322

 

Insurance fees and commissions

 

 

207

 

 

 

189

 

 

 

462

 

 

 

367

 

Brokerage fees

 

 

25,400

 

 

 

20,525

 

 

 

46,489

 

 

 

38,627

 

Bankcard fees

 

 

29,954

 

 

 

29,018

 

 

 

58,832

 

 

 

55,311

 

Investment securities gains, net

 

 

27,087

 

 

 

37,685

 

 

 

30,133

 

 

 

32,903

 

Other

 

 

29,660

 

 

 

16,470

 

 

 

49,304

 

 

 

29,728

 

Total noninterest income

 

 

245,505

 

 

 

222,185

 

 

 

450,298

 

 

 

388,383

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

227,162

 

 

 

213,551

 

 

 

446,843

 

 

 

434,949

 

Occupancy, net

 

 

19,277

 

 

 

18,571

 

 

 

38,352

 

 

 

34,640

 

Equipment

 

 

13,942

 

 

 

16,426

 

 

 

27,262

 

 

 

33,374

 

Supplies and services

 

 

5,504

 

 

 

6,383

 

 

 

11,108

 

 

 

11,168

 

Marketing and business development

 

 

13,916

 

 

 

11,344

 

 

 

27,708

 

 

 

19,342

 

Processing fees

 

 

43,073

 

 

 

43,638

 

 

 

85,132

 

 

 

84,488

 

Legal and consulting

 

 

14,415

 

 

 

18,468

 

 

 

23,502

 

 

 

47,074

 

Bankcard

 

 

11,873

 

 

 

12,363

 

 

 

23,714

 

 

 

25,158

 

Amortization of other intangible assets

 

 

23,460

 

 

 

25,268

 

 

 

46,920

 

 

 

42,750

 

Regulatory fees

 

 

9,097

 

 

 

9,259

 

 

 

17,367

 

 

 

17,496

 

Other

 

 

17,914

 

 

 

17,897

 

 

 

32,608

 

 

 

27,516

 

Total noninterest expense

 

 

399,633

 

 

 

393,168

 

 

 

780,516

 

 

 

777,955

 

Income before income taxes

 

 

350,397

 

 

 

275,041

 

 

 

681,673

 

 

 

368,091

 

Income tax expense

 

 

72,827

 

 

 

57,647

 

 

 

142,665

 

 

 

69,364

 

NET INCOME

 

$

277,570

 

 

$

217,394

 

 

$

539,008

 

 

$

298,727

 

Less: Preferred dividends

 

 

5,812

 

 

 

2,012

 

 

 

11,625

 

 

 

4,025

 

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS

 

$

271,758

 

 

$

215,382

 

 

$

527,383

 

 

$

294,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share – basic

 

$

3.58

 

 

$

2.84

 

 

$

6.94

 

 

$

4.18

 

Net income per common share – diluted

 

 

3.56

 

 

 

2.82

 

 

 

6.90

 

 

 

4.16

 

Dividends per common share

 

 

0.43

 

 

 

0.40

 

 

 

0.86

 

 

 

0.80

 

Weighted average common shares outstanding – basic

 

 

75,972,781

 

 

 

75,923,082

 

 

 

76,002,535

 

 

 

70,523,171

 

Weighted average common shares outstanding – diluted

 

 

76,392,233

 

 

 

76,241,798

 

 

 

76,422,437

 

 

 

70,901,635

 

See Notes to Consolidated Financial Statements.

 
4

 

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

 

 

Three Months Ended

 

 

Six Months Ended

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net income

 

$

277,570

 

 

$

217,394

 

 

$

539,008

 

 

$

298,727

 

Other comprehensive (loss) income, before tax:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains and losses on debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized holding gains and losses, net

 

 

( 38,499

)

 

 

43,337

 

 

 

( 123,971

)

 

 

119,572

 

Less: Reclassification adjustment for net gains included in net income

 

 

( 26

)

 

 

( 33

)

 

 

( 429

)

 

 

( 423

)

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

 

 

7,290

 

 

 

7,989

 

 

 

14,378

 

 

 

16,279

 

Change in unrealized gains and losses on debt securities

 

 

( 31,235

)

 

 

51,293

 

 

 

( 110,022

)

 

 

135,428

 

Unrealized gains and losses on derivative hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gains and losses on derivative hedges, net

 

 

( 22,693

)

 

 

14,386

 

 

 

( 38,746

)

 

 

37,032

 

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

 

 

( 426

)

 

 

2,041

 

 

 

( 1,223

)

 

 

2,017

 

Change in unrealized gains and losses on derivative hedges

 

 

( 23,119

)

 

 

16,427

 

 

 

( 39,969

)

 

 

39,049

 

Other comprehensive (loss) income, before tax

 

 

( 54,354

)

 

 

67,720

 

 

 

( 149,991

)

 

 

174,477

 

Income tax benefit (expense)

 

 

14,187

 

 

 

( 17,069

)

 

 

39,994

 

 

 

( 43,474

)

Other comprehensive (loss) income

 

 

( 40,167

)

 

 

50,651

 

 

 

( 109,997

)

 

 

131,003

 

Comprehensive income

 

$

237,403

 

 

$

268,045

 

 

$

429,011

 

 

$

429,730

 

 
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 – April 1, 2025

 

$

110,705

 

 

$

78,666

 

 

$

3,993,662

 

 

$

3,224,866

 

 

$

( 492,698

)

 

$

( 166,767

)

 

$

6,748,434

 

Total comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

217,394

 

 

 

50,651

 

 

 

—

 

 

 

268,045

 

Cash dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends ($ 175.00  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 2,012

)

 

 

—

 

 

 

—

 

 

 

( 2,012

)

Common dividends ($ 0.40  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 30,542

)

 

 

—

 

 

 

—

 

 

 

( 30,542

)

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 290

)

 

 

( 290

)

Issuances of equity awards, net of forfeitures

 

 

—

 

 

 

—

 

 

 

( 607

)

 

 

—

 

 

 

—

 

 

 

607

 

 

 

—

 

Recognition of equity-based compensation

 

 

—

 

 

 

—

 

 

 

7,879

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,879

 

Sale of treasury stock

 

 

—

 

 

 

—

 

 

 

53

 

 

 

—

 

 

 

—

 

 

 

83

 

 

 

136

 

Exercise of stock options

 

 

—

 

 

 

—

 

 

 

( 14

)

 

 

—

 

 

 

—

 

 

 

67

 

 

 

53

 

Preferred stock issuance

 

 

294,062

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

294,062

 

Balance – June 30, 2025

 

$

404,767

 

 

$

78,666

 

 

$

4,000,973

 

 

$

3,409,706

 

 

$

( 442,047

)

 

$

( 166,300

)

 

$

7,285,765

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance – April 1, 2026

 

$

294,066

 

 

$

78,666

 

 

$

4,006,726

 

 

$

3,958,611

 

 

$

( 331,350

)

 

$

( 179,722

)

 

$

7,826,997

 

Total comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

277,570

 

 

 

( 40,167

)

 

 

—

 

 

 

237,403

 

Cash dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends ($ 193.75  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 5,812

)

 

 

—

 

 

 

—

 

 

 

( 5,812

)

Common dividends ($ 0.43  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 32,557

)

 

 

—

 

 

 

—

 

 

 

( 32,557

)

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 5,087

)

 

 

( 5,087

)

Issuances of equity awards, net of forfeitures

 

 

—

 

 

 

—

 

 

 

52

 

 

 

—

 

 

 

—

 

 

 

172

 

 

 

224

 

Recognition of equity-based compensation

 

 

—

 

 

 

—

 

 

 

9,126

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,126

 

Sale of treasury stock

 

 

—

 

 

 

—

 

 

 

59

 

 

 

—

 

 

 

—

 

 

 

65

 

 

 

124

 

Exercise of stock options

 

 

—

 

 

 

—

 

 

 

82

 

 

 

—

 

 

 

—

 

 

 

293

 

 

 

375

 

Balance – June 30, 2026

 

$

294,066

 

 

$

78,666

 

 

$

4,016,045

 

 

$

4,197,812

 

 

$

( 371,517

)

 

$

( 184,279

)

 

$

8,030,793

 

 

 
6

 

 

 

Preferred
Stock

 

 

Common
Stock

 

 

Capital
Surplus

 

 

Retained
Earnings

 

 

Accumulated Other Comprehensive (Loss) Income

 

 

Treasury
Stock

 

 

Total

 

Balance – January 1, 2025

 

$

—

 

 

$

55,057

 

 

$

1,145,638

 

 

$

3,174,948

 

 

$

( 573,050

)

 

$

( 336,052

)

 

$

3,466,541

 

Total comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

298,727

 

 

 

131,003

 

 

 

—

 

 

 

429,730

 

Cash dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends ($ 350.0 0 per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 4,025

)

 

 

—

 

 

 

—

 

 

 

( 4,025

)

Common dividends ($ 0.80  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 59,944

)

 

 

—

 

 

 

—

 

 

 

( 59,944

)

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 15,724

)

 

 

( 15,724

)

Issuances of equity awards, net of forfeitures

 

 

—

 

 

 

—

 

 

 

( 16,202

)

 

 

—

 

 

 

—

 

 

 

17,002

 

 

 

800

 

Recognition of equity-based compensation

 

 

—

 

 

 

—

 

 

 

40,298

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

40,298

 

Sale of treasury stock

 

 

—

 

 

 

—

 

 

 

169

 

 

 

—

 

 

 

—

 

 

 

143

 

 

 

312

 

Exercise of stock options

 

 

—

 

 

 

—

 

 

 

112

 

 

 

—

 

 

 

—

 

 

 

246

 

 

 

358

 

Common stock issuance

 

 

—

 

 

 

—

 

 

 

67,056

 

 

 

—

 

 

 

—

 

 

 

168,085

 

 

 

235,141

 

Preferred stock issuance

 

 

294,062

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

294,062

 

Stock issuance for acquisition, net of issuance costs

 

 

110,705

 

 

 

23,609

 

 

 

2,763,902

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,898,216

 

Balance – June 30, 2025

 

$

404,767

 

 

$

78,666

 

 

$

4,000,973

 

 

$

3,409,706

 

 

$

( 442,047

)

 

$

( 166,300

)

 

$

7,285,765

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance – January 1, 2026

 

$

294,066

 

 

$

78,666

 

 

$

4,011,047

 

 

$

3,736,413

 

 

$

( 261,520

)

 

$

( 165,104

)

 

$

7,693,568

 

Total comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

539,008

 

 

 

( 109,997

)

 

 

—

 

 

 

429,011

 

Cash dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividends ($ 387.50  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 11,625

)

 

 

—

 

 

 

—

 

 

 

( 11,625

)

Common dividends ($ 0.86  per share)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 65,984

)

 

 

—

 

 

 

—

 

 

 

( 65,984

)

Purchase of treasury stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 37,901

)

 

 

( 37,901

)

Issuances of equity awards, net of forfeitures

 

 

—

 

 

 

—

 

 

 

( 16,259

)

 

 

—

 

 

 

—

 

 

 

17,983

 

 

 

1,724

 

Recognition of equity-based compensation

 

 

—

 

 

 

—

 

 

 

21,050

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

21,050

 

Sale of treasury stock

 

 

—

 

 

 

—

 

 

 

142

 

 

 

—

 

 

 

—

 

 

 

150

 

 

 

292

 

Exercise of stock options

 

 

—

 

 

 

—

 

 

 

65

 

 

 

—

 

 

 

—

 

 

 

593

 

 

 

658

 

Balance – June 30, 2026

 

$

294,066

 

 

$

78,666

 

 

$

4,016,045

 

 

$

4,197,812

 

 

$

( 371,517

)

 

$

( 184,279

)

 

$

8,030,793

 

 
See Notes to Consolidated Financial Statements.

 
7

 

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

 

 

For the Six Months Ended

 

 

 

June 30,

 

 

 

2026

 

 

2025

 

OPERATING ACTIVITIES

 

 

 

 

 

 

Net income

 

$

539,008

 

 

$

298,727

 

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

 

 

 

 

 

 

Provision for credit losses

 

 

55,000

 

 

 

107,000

 

Net accretion of premiums and discounts from acquisition

 

 

( 86,082

)

 

 

( 60,204

)

Depreciation and amortization

 

 

70,222

 

 

 

67,361

 

Amortization of debt issuance costs

 

 

213

 

 

 

438

 

Deferred income tax expense

 

 

17,858

 

 

 

23,772

 

Net (increase) decrease in trading securities and other earning assets

 

 

( 23,508

)

 

 

3,835

 

Gains on investment securities, net

 

 

( 30,133

)

 

 

( 32,903

)

Losses on sales of assets

 

 

1,124

 

 

 

62

 

Amortization of securities premiums, net of discount accretion

 

 

3,061

 

 

 

1,828

 

Originations of loans held for sale

 

 

( 63,896

)

 

 

( 43,485

)

Gains on sales of loans held for sale, net

 

 

( 1,541

)

 

 

( 1,165

)

Proceeds from sales of loans held for sale

 

 

60,667

 

 

 

41,668

 

Equity-based compensation

 

 

22,774

 

 

 

20,709

 

Changes in:

 

 

 

 

 

 

Accrued income

 

 

2,192

 

 

 

( 7,016

)

Accrued expenses and taxes

 

 

( 72,426

)

 

 

( 21,935

)

Other assets and liabilities, net

 

 

215,997

 

 

 

249,715

 

Net cash provided by operating activities

 

 

710,530

 

 

 

648,407

 

INVESTING ACTIVITIES

 

 

 

 

 

 

Securities held to maturity:

 

 

 

 

 

 

Maturities, calls and principal repayments

 

 

253,434

 

 

 

346,297

 

Purchases

 

 

( 234,023

)

 

 

( 15,319

)

Securities available for sale:

 

 

 

 

 

 

Sales

 

 

57,146

 

 

 

616,354

 

Maturities, calls and principal repayments

 

 

946,269

 

 

 

819,828

 

Purchases

 

 

( 884,636

)

 

 

( 2,571,763

)

Equity securities with readily determinable fair values:

 

 

 

 

 

 

Sales

 

 

20,590

 

 

 

—

 

Purchases

 

 

( 212

)

 

 

( 392

)

Equity securities without readily determinable fair values:

 

 

 

 

 

 

Sales

 

 

28,249

 

 

 

23,068

 

Maturities, calls and principal repayments

 

 

16,713

 

 

 

11,096

 

Purchases

 

 

( 47,801

)

 

 

( 114,823

)

Payment of tax equity investment commitments

 

 

( 32,734

)

 

 

( 34,762

)

Net increase in loans

 

 

( 2,346,075

)

 

 

( 1,332,396

)

Net decrease (increase) in fed funds sold and resell agreements

 

 

619,655

 

 

 

( 192,191

)

Net cash activity from acquisitions and divestitures

 

 

—

 

 

 

174,985

 

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

 

 

258

 

 

 

958,769

 

Net purchases of premises and equipment

 

 

( 22,978

)

 

 

( 23,427

)

Net cash used in investing activities

 

 

( 1,626,145

)

 

 

( 1,334,676

)

 

 
8

 

FINANCING ACTIVITIES

 

 

 

 

 

 

Net (decrease) increase in demand and savings deposits

 

 

( 337,148

)

 

 

2,898,641

 

Net decrease in time deposits

 

 

( 552,960

)

 

 

( 405,498

)

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

 

 

( 241,338

)

 

 

300,258

 

Repayment of long-term debt

 

 

—

 

 

 

( 11,055

)

Cash dividends paid

 

 

( 78,113

)

 

 

( 62,504

)

Payment of common stock issuance costs

 

 

—

 

 

 

( 524

)

Proceeds from exercise of stock options and sales of treasury shares

 

 

950

 

 

 

670

 

Purchases of treasury stock

 

 

( 37,901

)

 

 

( 15,724

)

Common stock issuance

 

 

—

 

 

 

235,141

 

Preferred stock issuance

 

 

—

 

 

 

294,062

 

Net cash (used in) provided by financing activities

 

 

( 1,246,510

)

 

 

3,233,467

 

(Decrease) increase in cash and cash equivalents

 

 

( 2,162,125

)

 

 

2,547,198

 

Cash and cash equivalents at beginning of period

 

 

7,771,973

 

 

 

8,448,691

 

Cash and cash equivalents at end of period

 

$

5,609,848

 

 

$

10,995,889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures:

 

 

 

 

 

 

Income tax payments

 

$

83,535

 

 

$

20,402

 

Total interest payments

 

 

680,523

 

 

 

699,709

 

Noncash disclosures:

 

 

 

 

 

 

Acquisition of tax equity investments

 

$

2,500

 

 

$

29,314

 

Commitment to fund tax equity investments

 

 

2,500

 

 

 

29,314

 

Transfer of loans to other real estate owned

 

 

1,489

 

 

 

900

 

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 SIX MONTHS ENDED JUNE 30, 2026 (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, 2026. 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, 2025, filed with the Securities and Exchange Commission (SEC) on February 26, 2026 (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 June 30, 2026 and June 30, 2025 (in thousands) :

 

 

June 30,

 

 

 

2026

 

 

2025

 

Due from the FRB

 

$

4,829,972

 

 

$

9,908,193

 

Cash and due from banks

 

 

779,876

 

 

 

1,087,696

 

Cash and cash equivalents at end of period

 

$

5,609,848

 

 

$

10,995,889

 

 

 
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 $ 121.0 m illion and $ 118.0 million at June 30, 2026 and June 30, 2025 , 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 six months ended June 30, 2026 and 2025 (in thousands, except share and per share data) :
 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net income

 

$

277,570

 

 

$

217,394

 

 

$

539,008

 

 

$

298,727

 

Less: Preferred dividends

 

 

5,812

 

 

 

2,012

 

 

 

11,625

 

 

 

4,025

 

Net income available to common shareholders

 

$

271,758

 

 

$

215,382

 

 

$

527,383

 

 

$

294,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding for basic earnings per share

 

 

75,972,781

 

 

 

75,923,082

 

 

 

76,002,535

 

 

 

70,523,171

 

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

 

 

419,452

 

 

 

318,716

 

 

 

419,902

 

 

 

378,464

 

Weighted average common shares for diluted earnings per share

 

 

76,392,233

 

 

 

76,241,798

 

 

 

76,422,437

 

 

 

70,901,635

 

Net income per common share – basic

 

$

3.58

 

 

$

2.84

 

 

$

6.94

 

 

$

4.18

 

Net income per common share – diluted

 

 

3.56

 

 

 

2.82

 

 

 

6.90

 

 

 

4.16

 

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

 

 

 

—

 

 

 

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
Income Statement Reporting In November 2024, the FASB issued Accounting Standards Update (ASU) No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40).” The amendments in this update require additional disclosures providing disaggregated information about prescribed categories underlying relevant income statement expense captions. The amendments in this update are effective for fiscal years beginning January 1, 2027, and interim periods beginning January 1, 2028. Early adoption is permitted and should be applied on a prospective basis. 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 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.

 
12

 

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.
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

 

Loan Aging Analysis
The following tables provide a summary of loan classes and an aging of past due loans at June 30, 2026 and December 31, 2025 (in thousands):

 

 

June 30, 2026

 

 

 

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

 

$

15,797

 

 

$

179

 

 

$

33,917

 

 

$

49,893

 

 

$

17,889,869

 

 

$

17,939,762

 

Specialty lending

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

657,710

 

 

 

657,710

 

Commercial real estate

 

 

21,290

 

 

 

—

 

 

 

61,827

 

 

 

83,117

 

 

 

16,484,246

 

 

 

16,567,363

 

Consumer real estate

 

 

5,209

 

 

 

399

 

 

 

30,561

 

 

 

36,169

 

 

 

4,478,048

 

 

 

4,514,217

 

Consumer

 

 

624

 

 

 

5,238

 

 

 

177

 

 

 

6,039

 

 

 

263,158

 

 

 

269,197

 

Credit cards

 

 

8,864

 

 

 

7,899

 

 

 

1,044

 

 

 

17,807

 

 

 

683,425

 

 

 

701,232

 

Leases and other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

500,245

 

 

 

500,245

 

Total loans

 

$

51,784

 

 

$

13,715

 

 

$

127,526

 

 

$

193,025

 

 

$

40,956,701

 

 

$

41,149,726

 

 

 

 

December 31, 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

 

$

36,391

 

 

$

6,417

 

 

$

26,633

 

 

$

69,441

 

 

$

16,201,079

 

 

$

16,270,520

 

Specialty lending

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

518,237

 

 

 

518,237

 

Commercial real estate

 

 

24,786

 

 

 

—

 

 

 

86,838

 

 

 

111,624

 

 

 

16,264,615

 

 

 

16,376,239

 

Consumer real estate

 

 

10,451

 

 

 

244

 

 

 

29,910

 

 

 

40,605

 

 

 

4,395,863

 

 

 

4,436,468

 

Consumer

 

 

689

 

 

 

5,237

 

 

 

777

 

 

 

6,703

 

 

 

232,108

 

 

 

238,811

 

Credit cards

 

 

9,194

 

 

 

6,505

 

 

 

508

 

 

 

16,207

 

 

 

684,526

 

 

 

700,733

 

Leases and other

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

238,400

 

 

 

238,400

 

Total loans

 

$

81,511

 

 

$

18,403

 

 

$

144,666

 

 

$

244,580

 

 

$

38,534,828

 

 

$

38,779,408

 

 
The Company sold consumer real estate loans with proceed s of $ 60.7 million and $ 41.7 million in the secondary market without recourse during the six months ended June 30, 2026 and 2025, respectively.
The Company has ceased the recognition of interest on l oans with a carrying value of $ 127.5 million an d $ 144.7 million at June 30, 2026 and December 31, 2025, respectiv ely. Restructured loans totaled $ 157 thousand a nd $ 169 thousand at June 30, 2026 and December 31, 2025, respectively. Loans 90 days past due and still accruing interest amounted to $ 13.7 million and $ 18.4 million at June 30, 2026 and December 31, 2025, 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 2026 and 2025 . Nonaccrual loans with no related allowance for credit losses totaled $ 84.2 million and $ 76.8 million at June 30, 2026 and December 31, 2025, respectively.

 
14

 

The following tables provide the amortized cost of nonaccrual loans with no related allowance for credit losses by loan class at June 30, 2026 and December 31, 2025 (in thousands):
 

 

 

June 30, 2026

 

 

 

Nonaccrual
Loans

 

 

Amortized Cost of Nonaccrual Loans with no related Allowance

 

Loans

 

 

 

 

 

 

Commercial and industrial

 

$

33,917

 

 

$

14,228

 

Specialty lending

 

 

—

 

 

 

—

 

Commercial real estate

 

 

61,827

 

 

 

39,178

 

Consumer real estate

 

 

30,561

 

 

 

29,551

 

Consumer

 

 

177

 

 

 

177

 

Credit cards

 

 

1,044

 

 

 

1,044

 

Leases and other

 

 

—

 

 

 

—

 

Total loans

 

$

127,526

 

 

$

84,178

 

 

 

 

December 31, 2025

 

 

 

Nonaccrual
Loans

 

 

Amortized Cost of Nonaccrual Loans with no related Allowance

 

Loans

 

 

 

 

 

 

Commercial and industrial

 

$

26,633

 

 

$

10,870

 

Specialty lending

 

 

—

 

 

 

—

 

Commercial real estate

 

 

86,838

 

 

 

35,973

 

Consumer real estate

 

 

29,910

 

 

 

28,661

 

Consumer

 

 

777

 

 

 

777

 

Credit cards

 

 

508

 

 

 

508

 

Leases and other

 

 

—

 

 

 

—

 

Total loans

 

$

144,666

 

 

$

76,789

 

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 June 30, 2026 and December 31, 2025, as well as the gross charge-offs by loan class and origination year for the six months ended June 30, 2026 (in thousands):
 

 
15

 

 

 

June 30, 2026

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Loan Segment
and Type

 

2026

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

Commercial and industrial:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment/Accounts Receivable/Inventory

 

$

2,117,193

 

 

$

2,538,752

 

 

$

1,664,541

 

 

$

819,602

 

 

$

747,661

 

 

$

581,891

 

 

$

6,144,832

 

 

$

20,447

 

 

$

14,634,919

 

Agriculture

 

 

15,722

 

 

 

24,780

 

 

 

17,997

 

 

 

20,683

 

 

 

5,307

 

 

 

3,841

 

 

 

353,108

 

 

 

—

 

 

 

441,438

 

NDFIs

 

 

106,719

 

 

 

181,631

 

 

 

293,521

 

 

 

356,570

 

 

 

53,622

 

 

 

18,935

 

 

 

1,832,814

 

 

 

421

 

 

 

2,844,233

 

Overdrafts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

19,172

 

 

 

—

 

 

 

19,172

 

Total Commercial and industrial

 

 

2,239,634

 

 

 

2,745,163

 

 

 

1,976,059

 

 

 

1,196,855

 

 

 

806,590

 

 

 

604,667

 

 

 

8,349,926

 

 

 

20,868

 

 

 

17,939,762

 

Current period charge-offs

 

 

15

 

 

 

—

 

 

 

41

 

 

 

102

 

 

 

71

 

 

 

603

 

 

 

11,440

 

 

 

—

 

 

 

12,272

 

Specialty lending:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-based lending

 

 

51,570

 

 

 

38,437

 

 

 

2,989

 

 

 

—

 

 

 

6,433

 

 

 

46,332

 

 

 

511,949

 

 

 

—

 

 

 

657,710

 

Total Specialty lending

 

 

51,570

 

 

 

38,437

 

 

 

2,989

 

 

 

—

 

 

 

6,433

 

 

 

46,332

 

 

 

511,949

 

 

 

—

 

 

 

657,710

 

Current period charge-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner-occupied

 

 

535,382

 

 

 

1,157,525

 

 

 

557,615

 

 

 

505,468

 

 

 

885,425

 

 

 

1,288,592

 

 

 

46,994

 

 

 

538

 

 

 

4,977,539

 

Non-owner-occupied

 

 

960,336

 

 

 

1,502,277

 

 

 

739,683

 

 

 

548,768

 

 

 

997,794

 

 

 

1,268,408

 

 

 

39,333

 

 

 

—

 

 

 

6,056,599

 

Farmland

 

 

111,106

 

 

 

264,017

 

 

 

68,862

 

 

 

63,823

 

 

 

96,724

 

 

 

214,606

 

 

 

62,025

 

 

 

—

 

 

 

881,163

 

5+ Multi-family

 

 

255,240

 

 

 

95,985

 

 

 

194,816

 

 

 

132,012

 

 

 

567,165

 

 

 

473,161

 

 

 

6,289

 

 

 

—

 

 

 

1,724,668

 

1-4 Family construction

 

 

51,421

 

 

 

40,213

 

 

 

25,236

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

116,870

 

General construction

 

 

505,979

 

 

 

825,964

 

 

 

562,440

 

 

 

564,466

 

 

 

288,487

 

 

 

18,716

 

 

 

44,472

 

 

 

—

 

 

 

2,810,524

 

Total Commercial real estate

 

 

2,419,464

 

 

 

3,885,981

 

 

 

2,148,652

 

 

 

1,814,537

 

 

 

2,835,595

 

 

 

3,263,483

 

 

 

199,113

 

 

 

538

 

 

 

16,567,363

 

Current period charge-offs

 

 

—

 

 

 

—

 

 

 

403

 

 

 

6,145

 

 

 

4,394

 

 

 

995

 

 

 

—

 

 

 

—

 

 

 

11,937

 

Consumer real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HELOC

 

 

591

 

 

 

1,367

 

 

 

478

 

 

 

2,128

 

 

 

2,561

 

 

 

8,528

 

 

 

749,509

 

 

 

2,996

 

 

 

768,158

 

First lien: 1-4 family

 

 

381,589

 

 

 

574,413

 

 

 

323,306

 

 

 

317,289

 

 

 

593,506

 

 

 

1,439,016

 

 

 

855

 

 

 

1,333

 

 

 

3,631,307

 

Junior lien: 1-4 family

 

 

9,881

 

 

 

15,698

 

 

 

24,973

 

 

 

17,417

 

 

 

25,230

 

 

 

21,062

 

 

 

491

 

 

 

—

 

 

 

114,752

 

Total Consumer real estate

 

 

392,061

 

 

 

591,478

 

 

 

348,757

 

 

 

336,834

 

 

 

621,297

 

 

 

1,468,606

 

 

 

750,855

 

 

 

4,329

 

 

 

4,514,217

 

Current period charge-offs

 

 

—

 

 

 

—

 

 

 

29

 

 

 

371

 

 

 

167

 

 

 

327

 

 

 

5

 

 

 

—

 

 

 

899

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving line

 

 

—

 

 

 

484

 

 

 

34

 

 

 

96

 

 

 

442

 

 

 

707

 

 

 

160,755

 

 

 

6,984

 

 

 

169,502

 

Auto

 

 

6,530

 

 

 

6,380

 

 

 

5,421

 

 

 

6,891

 

 

 

3,407

 

 

 

608

 

 

 

—

 

 

 

—

 

 

 

29,237

 

Other

 

 

5,293

 

 

 

10,126

 

 

 

7,422

 

 

 

2,483

 

 

 

5,301

 

 

 

1,538

 

 

 

38,295

 

 

 

—

 

 

 

70,458

 

Total Consumer

 

 

11,823

 

 

 

16,990

 

 

 

12,877

 

 

 

9,470

 

 

 

9,150

 

 

 

2,853

 

 

 

199,050

 

 

 

6,984

 

 

 

269,197

 

Current period charge-offs

 

 

—

 

 

 

19

 

 

 

47

 

 

 

56

 

 

 

103

 

 

 

12

 

 

 

1,820

 

 

 

—

 

 

 

2,057

 

Credit cards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

348,172

 

 

 

—

 

 

 

348,172

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

353,060

 

 

 

—

 

 

 

353,060

 

Total Credit cards

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

701,232

 

 

 

—

 

 

 

701,232

 

Current period charge-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,202

 

 

 

—

 

 

 

12,202

 

Leases and other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leases

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

933

 

 

 

—

 

 

 

—

 

 

 

933

 

Other

 

 

69,283

 

 

 

166,648

 

 

 

15,240

 

 

 

7,871

 

 

 

7,149

 

 

 

10,744

 

 

 

222,377

 

 

 

—

 

 

 

499,312

 

Total Leases and other

 

 

69,283

 

 

 

166,648

 

 

 

15,240

 

 

 

7,871

 

 

 

7,149

 

 

 

11,677

 

 

 

222,377

 

 

 

—

 

 

 

500,245

 

Current period charge-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total loans

 

$

5,183,835

 

 

$

7,444,697

 

 

$

4,504,574

 

 

$

3,365,567

 

 

$

4,286,214

 

 

$

5,397,618

 

 

$

10,934,502

 

 

$

32,719

 

 

$

41,149,726

 

 

 
16

 

 

 

 

December 31, 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

 

$

2,989,029

 

 

$

1,901,767

 

 

$

1,039,595

 

 

$

929,230

 

 

$

471,193

 

 

$

321,761

 

 

$

5,636,442

 

 

$

12,186

 

 

$

13,301,203

 

Agriculture

 

 

30,385

 

 

 

22,585

 

 

 

24,980

 

 

 

7,827

 

 

 

3,859

 

 

 

3,180

 

 

 

426,729

 

 

 

2,258

 

 

 

521,803

 

NDFIs

 

 

130,392

 

 

 

286,076

 

 

 

368,137

 

 

 

86,436

 

 

 

12,136

 

 

 

29,406

 

 

 

1,517,283

 

 

 

271

 

 

 

2,430,137

 

Overdrafts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17,377

 

 

 

—

 

 

 

17,377

 

Total Commercial and industrial

 

 

3,149,806

 

 

 

2,210,428

 

 

 

1,432,712

 

 

 

1,023,493

 

 

 

487,188

 

 

 

354,347

 

 

 

7,597,831

 

 

 

14,715

 

 

 

16,270,520

 

Specialty lending:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-based lending

 

 

46,480

 

 

 

5,639

 

 

 

—

 

 

 

5,801

 

 

 

25,763

 

 

 

22,632

 

 

 

411,922

 

 

 

—

 

 

 

518,237

 

Total Specialty lending

 

 

46,480

 

 

 

5,639

 

 

 

—

 

 

 

5,801

 

 

 

25,763

 

 

 

22,632

 

 

 

411,922

 

 

 

—

 

 

 

518,237

 

Commercial real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Owner-occupied

 

 

1,151,075

 

 

 

529,761

 

 

 

599,178

 

 

 

955,385

 

 

 

775,378

 

 

 

724,775

 

 

 

39,505

 

 

 

—

 

 

 

4,775,057

 

Non-owner-occupied

 

 

1,664,285

 

 

 

656,031

 

 

 

847,458

 

 

 

1,018,831

 

 

 

769,616

 

 

 

736,502

 

 

 

41,093

 

 

 

1,054

 

 

 

5,734,870

 

Farmland

 

 

258,796

 

 

 

74,542

 

 

 

85,814

 

 

 

131,009

 

 

 

83,613

 

 

 

163,318

 

 

 

66,403

 

 

 

75

 

 

 

863,570

 

5+ Multi-family

 

 

329,902

 

 

 

179,107

 

 

 

171,945

 

 

 

554,125

 

 

 

434,660

 

 

 

96,475

 

 

 

10,441

 

 

 

—

 

 

 

1,776,655

 

1-4 Family construction

 

 

75,849

 

 

 

11,564

 

 

 

240

 

 

 

520

 

 

 

—

 

 

 

—

 

 

 

1,301

 

 

 

—

 

 

 

89,474

 

General construction

 

 

1,099,253

 

 

 

868,115

 

 

 

719,128

 

 

 

373,196

 

 

 

28,313

 

 

 

16,273

 

 

 

32,335

 

 

 

—

 

 

 

3,136,613

 

Total Commercial real estate

 

 

4,579,160

 

 

 

2,319,120

 

 

 

2,423,763

 

 

 

3,033,066

 

 

 

2,091,580

 

 

 

1,737,343

 

 

 

191,078

 

 

 

1,129

 

 

 

16,376,239

 

Consumer real estate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HELOC

 

 

2,748

 

 

 

399

 

 

 

756

 

 

 

2,075

 

 

 

577

 

 

 

7,784

 

 

 

698,503

 

 

 

5,331

 

 

 

718,173

 

First lien: 1-4 family

 

 

653,333

 

 

 

368,156

 

 

 

364,405

 

 

 

631,555

 

 

 

735,751

 

 

 

830,570

 

 

 

6,864

 

 

 

13

 

 

 

3,590,647

 

Junior lien: 1-4 family

 

 

20,458

 

 

 

31,221

 

 

 

19,212

 

 

 

28,538

 

 

 

17,405

 

 

 

6,048

 

 

 

4,766

 

 

 

—

 

 

 

127,648

 

Total Consumer real estate

 

 

676,539

 

 

 

399,776

 

 

 

384,373

 

 

 

662,168

 

 

 

753,733

 

 

 

844,402

 

 

 

710,133

 

 

 

5,344

 

 

 

4,436,468

 

Consumer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving line

 

 

1,485

 

 

 

34

 

 

 

23

 

 

 

49

 

 

 

24

 

 

 

526

 

 

 

160,454

 

 

 

102

 

 

 

162,697

 

Auto

 

 

8,179

 

 

 

7,292

 

 

 

9,743

 

 

 

5,307

 

 

 

1,118

 

 

 

248

 

 

 

—

 

 

 

—

 

 

 

31,887

 

Other

 

 

12,907

 

 

 

11,197

 

 

 

3,514

 

 

 

5,917

 

 

 

853

 

 

 

1,272

 

 

 

8,567

 

 

 

—

 

 

 

44,227

 

Total Consumer

 

 

22,571

 

 

 

18,523

 

 

 

13,280

 

 

 

11,273

 

 

 

1,995

 

 

 

2,046

 

 

 

169,021

 

 

 

102

 

 

 

238,811

 

Credit cards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

347,749

 

 

 

—

 

 

 

347,749

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

352,984

 

 

 

—

 

 

 

352,984

 

Total Credit cards

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

700,733

 

 

 

—

 

 

 

700,733

 

Leases and other:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leases

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,214

 

 

 

—

 

 

 

—

 

 

 

1,214

 

Other

 

 

181,160

 

 

 

16,408

 

 

 

8,588

 

 

 

8,713

 

 

 

7,344

 

 

 

1,671

 

 

 

13,302

 

 

 

—

 

 

 

237,186

 

Total Leases and other

 

 

181,160

 

 

 

16,408

 

 

 

8,588

 

 

 

8,713

 

 

 

7,344

 

 

 

2,885

 

 

 

13,302

 

 

 

—

 

 

 

238,400

 

Total loans

 

$

8,655,716

 

 

$

4,969,894

 

 

$

4,262,716

 

 

$

4,744,514

 

 

$

3,367,603

 

 

$

2,963,655

 

 

$

9,794,020

 

 

$

21,290

 

 

$

38,779,408

 

 
Accrued interest on loans totaled $ 174.1 million and $ 176.1 million as of June 30, 2026 and December 31, 2025, 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 June 30, 2026 and December 31, 2025 (in thousands):
 

 

 

June 30, 2026

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Risk by Collateral

 

2026

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

Equipment/Accounts Receivable/Inventory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

2,064,385

 

 

$

2,507,694

 

 

$

1,616,205

 

 

$

780,852

 

 

$

696,623

 

 

$

574,866

 

 

$

5,920,736

 

 

$

10,201

 

 

$

14,171,562

 

Special Mention

 

 

102

 

 

 

3,705

 

 

 

30,810

 

 

 

9,142

 

 

 

2,228

 

 

 

1,055

 

 

 

90,700

 

 

 

—

 

 

 

137,742

 

Substandard

 

 

52,206

 

 

 

23,283

 

 

 

13,460

 

 

 

29,594

 

 

 

48,810

 

 

 

5,970

 

 

 

132,934

 

 

 

10,246

 

 

 

316,503

 

Doubtful

 

 

500

 

 

 

4,070

 

 

 

4,066

 

 

 

14

 

 

 

—

 

 

 

—

 

 

 

462

 

 

 

—

 

 

 

9,112

 

Total Equipment/Accounts Receivable/Inventory

 

$

2,117,193

 

 

$

2,538,752

 

 

$

1,664,541

 

 

$

819,602

 

 

$

747,661

 

 

$

581,891

 

 

$

6,144,832

 

 

$

20,447

 

 

$

14,634,919

 

Agriculture

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

12,983

 

 

$

23,035

 

 

$

17,700

 

 

$

20,333

 

 

$

5,206

 

 

$

3,466

 

 

$

337,635

 

 

$

—

 

 

$

420,358

 

Special Mention

 

 

2,447

 

 

 

1,571

 

 

 

—

 

 

 

252

 

 

 

51

 

 

 

36

 

 

 

3,922

 

 

 

—

 

 

 

8,279

 

Substandard

 

 

292

 

 

 

174

 

 

 

297

 

 

 

98

 

 

 

50

 

 

 

339

 

 

 

11,551

 

 

 

—

 

 

 

12,801

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Agriculture

 

$

15,722

 

 

$

24,780

 

 

$

17,997

 

 

$

20,683

 

 

$

5,307

 

 

$

3,841

 

 

$

353,108

 

 

$

—

 

 

$

441,438

 

NDFIs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

106,719

 

 

$

181,351

 

 

$

286,906

 

 

$

354,035

 

 

$

50,955

 

 

$

18,927

 

 

$

1,821,067

 

 

$

421

 

 

$

2,820,381

 

Special Mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11,747

 

 

 

—

 

 

 

11,747

 

Substandard

 

 

—

 

 

 

280

 

 

 

6,615

 

 

 

2,535

 

 

 

2,667

 

 

 

8

 

 

 

—

 

 

 

—

 

 

 

12,105

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total NDFIs

 

$

106,719

 

 

$

181,631

 

 

$

293,521

 

 

$

356,570

 

 

$

53,622

 

 

$

18,935

 

 

$

1,832,814

 

 

$

421

 

 

$

2,844,233

 

 

 
19

 

 

 

December 31, 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

 

$

2,958,147

 

 

$

1,842,768

 

 

$

982,320

 

 

$

874,006

 

 

$

462,210

 

 

$

302,753

 

 

$

5,404,325

 

 

$

4,492

 

 

$

12,831,021

 

Special Mention

 

 

4,962

 

 

 

37,671

 

 

 

7,883

 

 

 

6,085

 

 

 

893

 

 

 

9,535

 

 

 

63,256

 

 

 

6,635

 

 

 

136,920

 

Substandard

 

 

21,647

 

 

 

17,207

 

 

 

49,292

 

 

 

49,139

 

 

 

8,090

 

 

 

9,473

 

 

 

168,348

 

 

 

1,059

 

 

 

324,255

 

Doubtful

 

 

4,273

 

 

 

4,121

 

 

 

100

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

513

 

 

 

—

 

 

 

9,007

 

Total Equipment/Accounts Receivable/Inventory

 

$

2,989,029

 

 

$

1,901,767

 

 

$

1,039,595

 

 

$

929,230

 

 

$

471,193

 

 

$

321,761

 

 

$

5,636,442

 

 

$

12,186

 

 

$

13,301,203

 

Agriculture

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

26,921

 

 

$

22,252

 

 

$

24,757

 

 

$

7,254

 

 

$

3,824

 

 

$

2,622

 

 

$

406,985

 

 

$

815

 

 

$

495,430

 

Special Mention

 

 

2,464

 

 

 

—

 

 

 

—

 

 

 

71

 

 

 

35

 

 

 

—

 

 

 

5,374

 

 

 

—

 

 

 

7,944

 

Substandard

 

 

1,000

 

 

 

333

 

 

 

223

 

 

 

502

 

 

 

—

 

 

 

558

 

 

 

14,370

 

 

 

—

 

 

 

16,986

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,443

 

 

 

1,443

 

Total Agriculture

 

$

30,385

 

 

$

22,585

 

 

$

24,980

 

 

$

7,827

 

 

$

3,859

 

 

$

3,180

 

 

$

426,729

 

 

$

2,258

 

 

$

521,803

 

NDFIs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

129,859

 

 

$

277,053

 

 

$

364,738

 

 

$

82,934

 

 

$

11,470

 

 

$

29,289

 

 

$

1,489,473

 

 

$

221

 

 

$

2,385,037

 

Special Mention

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

27,810

 

 

 

50

 

 

 

27,862

 

Substandard

 

 

533

 

 

 

9,023

 

 

 

3,399

 

 

 

3,502

 

 

 

664

 

 

 

117

 

 

 

—

 

 

 

—

 

 

 

17,238

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total NDFIs

 

$

130,392

 

 

$

286,076

 

 

$

368,137

 

 

$

86,436

 

 

$

12,136

 

 

$

29,406

 

 

$

1,517,283

 

 

$

271

 

 

$

2,430,137

 

 
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 June 30, 2026 and December 31, 2025 (in thousands):
 

 

 

Asset-based lending

 

Risk

 

June 30, 2026

 

 

December 31, 2025

 

In-margin

 

$

657,710

 

 

$

518,237

 

Out-of-margin

 

 

—

 

 

 

—

 

Total

 

$

657,710

 

 

$

518,237

 

 

 
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 June 30, 2026 and December 31, 2025 (in thousands):

 
21

 

 

 

June 30, 2026

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Risk by Collateral

 

2026

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

Owner-occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

477,420

 

 

$

1,143,977

 

 

$

554,446

 

 

$

463,876

 

 

$

843,516

 

 

$

1,244,377

 

 

$

46,004

 

 

$

538

 

 

$

4,774,154

 

Special Mention

 

 

51,659

 

 

 

3,689

 

 

 

116

 

 

 

—

 

 

 

16,406

 

 

 

15,850

 

 

 

340

 

 

 

—

 

 

 

88,060

 

Substandard

 

 

6,303

 

 

 

9,859

 

 

 

3,053

 

 

 

41,592

 

 

 

25,503

 

 

 

28,365

 

 

 

650

 

 

 

—

 

 

 

115,325

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Owner-occupied

 

$

535,382

 

 

$

1,157,525

 

 

$

557,615

 

 

$

505,468

 

 

$

885,425

 

 

$

1,288,592

 

 

$

46,994

 

 

$

538

 

 

$

4,977,539

 

Non-owner-occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

931,798

 

 

$

1,502,277

 

 

$

735,807

 

 

$

527,055

 

 

$

974,214

 

 

$

1,225,011

 

 

$

34,371

 

 

$

—

 

 

$

5,930,533

 

Special Mention

 

 

—

 

 

 

—

 

 

 

1,877

 

 

 

16,581

 

 

 

8,373

 

 

 

15,955

 

 

 

—

 

 

 

—

 

 

 

42,786

 

Substandard

 

 

28,538

 

 

 

—

 

 

 

1,999

 

 

 

5,128

 

 

 

15,207

 

 

 

27,442

 

 

 

4,962

 

 

 

—

 

 

 

83,276

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

Total Non-owner-occupied

 

$

960,336

 

 

$

1,502,277

 

 

$

739,683

 

 

$

548,768

 

 

$

997,794

 

 

$

1,268,408

 

 

$

39,333

 

 

$

—

 

 

$

6,056,599

 

Farmland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

101,410

 

 

$

232,209

 

 

$

62,847

 

 

$

46,198

 

 

$

84,721

 

 

$

176,726

 

 

$

61,026

 

 

$

—

 

 

$

765,137

 

Special Mention

 

 

5,325

 

 

 

23,286

 

 

 

185

 

 

 

236

 

 

 

629

 

 

 

3,200

 

 

 

—

 

 

 

—

 

 

 

32,861

 

Substandard

 

 

4,371

 

 

 

8,522

 

 

 

5,830

 

 

 

17,389

 

 

 

11,374

 

 

 

34,680

 

 

 

999

 

 

 

—

 

 

 

83,165

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Farmland

 

$

111,106

 

 

$

264,017

 

 

$

68,862

 

 

$

63,823

 

 

$

96,724

 

 

$

214,606

 

 

$

62,025

 

 

$

—

 

 

$

881,163

 

5+ Multi-family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

216,409

 

 

$

95,985

 

 

$

194,816

 

 

$

113,863

 

 

$

558,021

 

 

$

472,075

 

 

$

6,284

 

 

$

—

 

 

$

1,657,453

 

Special Mention

 

 

38,831

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

97

 

 

 

1,086

 

 

 

5

 

 

 

—

 

 

 

40,019

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18,149

 

 

 

9,047

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27,196

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total 5+ Multi-family

 

$

255,240

 

 

$

95,985

 

 

$

194,816

 

 

$

132,012

 

 

$

567,165

 

 

$

473,161

 

 

$

6,289

 

 

$

—

 

 

$

1,724,668

 

1-4 Family construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

50,751

 

 

$

40,213

 

 

$

24,781

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

115,745

 

Special Mention

 

 

670

 

 

 

—

 

 

 

455

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,125

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total 1-4 Family construction

 

$

51,421

 

 

$

40,213

 

 

$

25,236

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

116,870

 

General construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

494,647

 

 

$

811,295

 

 

$

558,292

 

 

$

527,131

 

 

$

249,472

 

 

$

15,398

 

 

$

37,222

 

 

$

—

 

 

$

2,693,457

 

Special Mention

 

 

3,693

 

 

 

14,570

 

 

 

4,148

 

 

 

404

 

 

 

19,334

 

 

 

1,865

 

 

 

—

 

 

 

—

 

 

 

44,014

 

Substandard

 

 

7,639

 

 

 

—

 

 

 

—

 

 

 

36,931

 

 

 

19,681

 

 

 

1,453

 

 

 

7,250

 

 

 

—

 

 

 

72,954

 

Doubtful

 

 

—

 

 

 

99

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

99

 

Total General construction

 

$

505,979

 

 

$

825,964

 

 

$

562,440

 

 

$

564,466

 

 

$

288,487

 

 

$

18,716

 

 

$

44,472

 

 

$

—

 

 

$

2,810,524

 

 

 
22

 

 

 

December 31, 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

 

$

1,135,389

 

 

$

489,616

 

 

$

529,515

 

 

$

904,187

 

 

$

751,944

 

 

$

681,592

 

 

$

39,385

 

 

$

—

 

 

$

4,531,628

 

Special Mention

 

 

4,148

 

 

 

37,092

 

 

 

19,605

 

 

 

30,991

 

 

 

11,892

 

 

 

27,290

 

 

 

120

 

 

 

—

 

 

 

131,138

 

Substandard

 

 

11,538

 

 

 

3,053

 

 

 

50,058

 

 

 

20,207

 

 

 

11,542

 

 

 

15,893

 

 

 

—

 

 

 

—

 

 

 

112,291

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Owner-occupied

 

$

1,151,075

 

 

$

529,761

 

 

$

599,178

 

 

$

955,385

 

 

$

775,378

 

 

$

724,775

 

 

$

39,505

 

 

$

—

 

 

$

4,775,057

 

Non-owner-occupied

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

1,619,478

 

 

$

652,107

 

 

$

827,493

 

 

$

974,293

 

 

$

749,272

 

 

$

716,905

 

 

$

36,134

 

 

$

1,054

 

 

$

5,576,736

 

Special Mention

 

 

23,339

 

 

 

1,950

 

 

 

—

 

 

 

19,994

 

 

 

745

 

 

 

12,307

 

 

 

—

 

 

 

—

 

 

 

58,335

 

Substandard

 

 

21,468

 

 

 

1,974

 

 

 

7,013

 

 

 

17,856

 

 

 

19,599

 

 

 

7,290

 

 

 

4,959

 

 

 

—

 

 

 

80,159

 

Doubtful

 

 

—

 

 

 

—

 

 

 

12,952

 

 

 

6,688

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

19,640

 

Total Non-owner-occupied

 

$

1,664,285

 

 

$

656,031

 

 

$

847,458

 

 

$

1,018,831

 

 

$

769,616

 

 

$

736,502

 

 

$

41,093

 

 

$

1,054

 

 

$

5,734,870

 

Farmland

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

230,559

 

 

$

67,852

 

 

$

65,697

 

 

$

116,281

 

 

$

80,909

 

 

$

124,702

 

 

$

65,013

 

 

$

75

 

 

$

751,088

 

Special Mention

 

 

18,101

 

 

 

342

 

 

 

—

 

 

 

115

 

 

 

120

 

 

 

1,869

 

 

 

—

 

 

 

—

 

 

 

20,547

 

Substandard

 

 

10,136

 

 

 

6,348

 

 

 

20,117

 

 

 

14,613

 

 

 

2,584

 

 

 

36,747

 

 

 

1,390

 

 

 

—

 

 

 

91,935

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total Farmland

 

$

258,796

 

 

$

74,542

 

 

$

85,814

 

 

$

131,009

 

 

$

83,613

 

 

$

163,318

 

 

$

66,403

 

 

$

75

 

 

$

863,570

 

5+ Multi-family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

329,902

 

 

$

179,107

 

 

$

157,535

 

 

$

543,003

 

 

$

426,213

 

 

$

96,282

 

 

$

10,441

 

 

$

—

 

 

$

1,742,483

 

Special Mention

 

 

—

 

 

 

—

 

 

 

238

 

 

 

2,891

 

 

 

8,447

 

 

 

193

 

 

 

—

 

 

 

—

 

 

 

11,769

 

Substandard

 

 

—

 

 

 

—

 

 

 

14,172

 

 

 

8,231

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22,403

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total 5+ Multi-family

 

$

329,902

 

 

$

179,107

 

 

$

171,945

 

 

$

554,125

 

 

$

434,660

 

 

$

96,475

 

 

$

10,441

 

 

$

—

 

 

$

1,776,655

 

1-4 Family construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

74,900

 

 

$

11,104

 

 

$

—

 

 

$

520

 

 

$

—

 

 

$

—

 

 

$

1,301

 

 

$

—

 

 

$

87,825

 

Special Mention

 

 

949

 

 

 

460

 

 

 

240

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,649

 

Substandard

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Doubtful

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total 1-4 Family construction

 

$

75,849

 

 

$

11,564

 

 

$

240

 

 

$

520

 

 

$

—

 

 

$

—

 

 

$

1,301

 

 

$

—

 

 

$

89,474

 

General construction

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pass

 

$

1,078,840

 

 

$

865,015

 

 

$

684,507

 

 

$

333,717

 

 

$

23,062

 

 

$

14,951

 

 

$

25,085

 

 

$

—

 

 

$

3,025,177

 

Special Mention

 

 

14,579

 

 

 

3,100

 

 

 

128

 

 

 

18,919

 

 

 

1,903

 

 

 

29

 

 

 

—

 

 

 

—

 

 

 

38,658

 

Substandard

 

 

5,732

 

 

 

—

 

 

 

34,493

 

 

 

20,560

 

 

 

3,348

 

 

 

1,293

 

 

 

7,250

 

 

 

—

 

 

 

72,676

 

Doubtful

 

 

102

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

102

 

Total General construction

 

$

1,099,253

 

 

$

868,115

 

 

$

719,128

 

 

$

373,196

 

 

$

28,313

 

 

$

16,273

 

 

$

32,335

 

 

$

—

 

 

$

3,136,613

 

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 June 30, 2026 and December 31, 2025 (in thousands):
 

 

 

June 30, 2026

 

 

 

Amortized Cost Basis by Origination Year - Term Loans

 

 

 

 

 

 

 

 

 

 

Risk by Collateral

 

2026

 

 

2025

 

 

2024

 

 

2023

 

 

2022

 

 

Prior

 

 

Amortized Cost - Revolving Loans

 

 

Amortized Cost - Revolving Loans Converted to Term Loans

 

 

Total

 

HELOC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

532

 

 

$

1,356

 

 

$

117

 

 

$

1,001

 

 

$

1,787

 

 

$

6,139

 

 

$

749,352

 

 

$

2,546

 

 

$

762,830

 

Non-performing

 

 

59

 

 

 

11

 

 

 

361

 

 

 

1,127

 

 

 

774

 

 

 

2,389

 

 

 

157

 

 

 

450

 

 

 

5,328

 

Total HELOC

 

$

591

 

 

$

1,367

 

 

$

478

 

 

$

2,128

 

 

$

2,561

 

 

$

8,528

 

 

$

749,509

 

 

$

2,996

 

 

$

768,158

 

First lien: 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

380,978

 

 

$

572,745

 

 

$

322,776

 

 

$

312,864

 

 

$

586,081

 

 

$

1,430,073

 

 

$

855

 

 

$

1,333

 

 

$

3,607,705

 

Non-performing

 

 

611

 

 

 

1,668

 

 

 

530

 

 

 

4,425

 

 

 

7,425

 

 

 

8,943

 

 

 

—

 

 

 

—

 

 

 

23,602

 

Total First lien: 1-4 family

 

$

381,589

 

 

$

574,413

 

 

$

323,306

 

 

$

317,289

 

 

$

593,506

 

 

$

1,439,016

 

 

$

855

 

 

$

1,333

 

 

$

3,631,307

 

Junior lien: 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

9,881

 

 

$

15,698

 

 

$

24,934

 

 

$

17,297

 

 

$

25,178

 

 

$

20,748

 

 

$

491

 

 

$

—

 

 

$

114,227

 

Non-performing

 

 

—

 

 

 

—

 

 

 

39

 

 

 

120

 

 

 

52

 

 

 

314

 

 

 

—

 

 

 

—

 

 

 

525

 

Total Junior lien: 1-4 family

 

$

9,881

 

 

$

15,698

 

 

$

24,973

 

 

$

17,417

 

 

$

25,230

 

 

$

21,062

 

 

$

491

 

 

$

—

 

 

$

114,752

 

 

 
24

 

 

 

December 31, 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

 

$

2,736

 

 

$

87

 

 

$

407

 

 

$

1,343

 

 

$

324

 

 

$

5,979

 

 

$

697,853

 

 

$

4,358

 

 

$

713,087

 

Non-performing

 

 

12

 

 

 

312

 

 

 

349

 

 

 

732

 

 

 

253

 

 

 

1,805

 

 

 

650

 

 

 

973

 

 

 

5,086

 

Total HELOC

 

$

2,748

 

 

$

399

 

 

$

756

 

 

$

2,075

 

 

$

577

 

 

$

7,784

 

 

$

698,503

 

 

$

5,331

 

 

$

718,173

 

First lien: 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

608,545

 

 

$

367,915

 

 

$

359,419

 

 

$

624,670

 

 

$

732,306

 

 

$

824,314

 

 

$

6,864

 

 

$

13

 

 

$

3,524,046

 

Non-performing

 

 

44,788

 

 

 

241

 

 

 

4,986

 

 

 

6,885

 

 

 

3,445

 

 

 

6,256

 

 

 

—

 

 

 

—

 

 

 

66,601

 

Total First lien: 1-4 family

 

$

653,333

 

 

$

368,156

 

 

$

364,405

 

 

$

631,555

 

 

$

735,751

 

 

$

830,570

 

 

$

6,864

 

 

$

13

 

 

$

3,590,647

 

Junior lien: 1-4 family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performing

 

$

20,419

 

 

$

30,975

 

 

$

19,202

 

 

$

28,417

 

 

$

17,324

 

 

$

5,974

 

 

$

4,766

 

 

$

—

 

 

$

127,077

 

Non-performing

 

 

39

 

 

 

246

 

 

 

10

 

 

 

121

 

 

 

81

 

 

 

74

 

 

 

—

 

 

 

—

 

 

 

571

 

Total Junior lien: 1-4 family

 

$

20,458

 

 

$

31,221

 

 

$

19,212

 

 

$

28,538

 

 

$

17,405

 

 

$

6,048

 

 

$

4,766

 

 

$

—

 

 

$

127,648

 

 
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