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LOANS AND ALLOWANCE (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Summary of Composition of Loan Portfolio by Loan Class
The following table illustrates the composition of the Corporation’s loan portfolio by loan class as of the dates indicated:
March 31, 2024December 31, 2023
Commercial and industrial loans$3,722,365 $3,670,948 
Agricultural land, production and other loans to farmers234,431 263,414 
Real estate loans:
Construction941,726 957,545 
Commercial real estate, non-owner occupied2,368,360 2,400,839 
Commercial real estate, owner occupied1,137,894 1,162,083 
Residential2,316,490 2,288,921 
Home equity618,258 617,571 
Individuals' loans for household and other personal expenditures161,459 168,388 
Public finance and other commercial loans964,599 956,318 
Loans$12,465,582 $12,486,027 
Summary of Credit Quality of Loan Portfolio by Loan Class
The following tables summarize the risk grading of the Corporation’s loan portfolio and gross charge-offs by loan class and by year of origination for the periods indicated. Consumer loans are not risk graded. For the purposes of this disclosure, the consumer loans are classified in the following manner: loans that are less than 30 days past due are Pass, loans 30-89 days past due are Special Mention and loans greater than 89 days past due are Substandard.  The entire balance of a loan is considered delinquent if the minimum payment contractually required to be made is not received by the specified due date.
March 31, 2024
Term Loans (amortized cost basis by origination year)Revolving loans amortizedRevolving loans converted
20242023202220212020Priorcost basisto termTotal
Commercial and industrial loans
Pass$370,101 $996,601 $367,993 $231,487 $75,654 $79,364 $1,341,496 $— $3,462,696 
Special Mention482 46,079 13,757 1,215 4,807 2,895 59,223 — 128,458 
Substandard2,834 46,434 23,731 15,038 1,157 1,915 35,069 — 126,178 
Doubtful— 805 — — — — 4,228 — 5,033 
Total Commercial and industrial loans373,417 1,089,919 405,481 247,740 81,618 84,174 1,440,016 — 3,722,365 
Current period gross charge-offs740 554 45 71 345 76 — — 1,831 
Agricultural land, production and other loans to farmers
Pass10,864 28,681 37,013 30,569 30,261 37,157 58,787 — 233,332 
Special Mention— — 266 — — 146 — — 412 
Substandard— 56 143 — 454 34 — — 687 
Total Agricultural land, production and other loans to farmers10,864 28,737 37,422 30,569 30,715 37,337 58,787 — 234,431 
Real estate loans:
Construction
Pass100,743 321,996 267,749 158,342 8,135 9,639 12,414 — 879,018 
Special Mention729 25,332 2,064 652 20,846 — — — 49,623 
Substandard— 2,867 4,896 5,322 — — — — 13,085 
Total Construction101,472 350,195 274,709 164,316 28,981 9,639 12,414 — 941,726 
Commercial real estate, non-owner occupied
Pass113,217 345,073 449,978 497,967 409,018 329,186 15,892 — 2,160,331 
Special Mention28,438 45,237 15,281 11,039 2,757 46,235 — — 148,987 
Substandard— 14,773 9,670 216 20,068 2,059 85 — 46,871 
Doubtful— 11,472 699 — — — — — 12,171 
Total Commercial real estate, non-owner occupied141,655 416,555 475,628 509,222 431,843 377,480 15,977 — 2,368,360 
Current period gross charge-offs— 339 3 — — — — — 342 
Commercial real estate, owner occupied
Pass32,088 176,955 193,895 241,834 235,547 168,792 27,158 — 1,076,269 
Special Mention140 6,681 10,555 6,949 2,618 2,098 — — 29,041 
Substandard1,113 16,524 3,268 4,947 3,302 3,144 286 — 32,584 
Total Commercial real estate, owner occupied33,341 200,160 207,718 253,730 241,467 174,034 27,444 — 1,137,894 
Current period gross charge-offs— — — — 9 — — — 9 
Residential
Pass33,315 413,735 701,242 435,538 357,126 343,918 5,108 15 2,289,997 
Special Mention58 2,354 4,340 2,468 623 4,213 200 — 14,256 
Substandard180 801 3,555 2,690 1,017 3,994 — — 12,237 
Total Residential33,553 416,890 709,137 440,696 358,766 352,125 5,308 15 2,316,490 
Current period gross charge-offs— 39 266 28 21 24 — — 378 
Home equity
Pass5,302 9,261 27,980 59,097 11,158 5,046 489,371 2,102 609,317 
Special Mention— — 711 99 1,075 84 4,245 155 6,369 
Substandard63 — — 725 — 248 1,536 — 2,572 
Total Home Equity5,365 9,261 28,691 59,921 12,233 5,378 495,152 2,257 618,258 
Current period gross charge-offs— 12 2 17 1 125 — — 157 
Individuals' loans for household and other personal expenditures
Pass8,190 32,152 44,959 25,956 5,351 6,787 37,110 25 160,530 
Special Mention10 137 291 135 48 20 84 194 919 
Substandard— 10 — — — — — — 10 
Total Individuals' loans for household and other personal expenditures8,200 32,299 45,250 26,091 5,399 6,807 37,194 219 161,459 
Current period gross charge-offs20 190 131 62 21 12 — — 436 
Public finance and other commercial loans
Pass33,294 54,992 206,812 202,288 153,742 313,389 82 — 964,599 
Total Public finance and other commercial loans33,294 54,992 206,812 202,288 153,742 313,389 82 — 964,599 
Loans$741,161 $2,599,008 $2,390,848 $1,934,573 $1,344,764 $1,360,363 $2,092,374 $2,491 $12,465,582 
Total current period gross charge-offs$760 $1,134 $447 $178 $397 $237 $— $— $3,153 
December 31, 2023
Term Loans (amortized cost basis by origination year)Revolving loans amortizedRevolving loans converted
20232022202120202019Priorcost basisto termTotal
Commercial and industrial loans
Pass$1,175,967 $474,601 $253,148 $86,226 $47,910 $45,020 $1,393,756 $60 $3,476,688 
Special Mention34,356 3,911 1,546 5,149 2,986 241 45,994 — 94,183 
Substandard12,311 20,245 17,733 2,479 1,507 1,512 40,449 144 96,380 
Doubtful857 — — — — — 2,840 — 3,697 
Total Commercial and industrial loans1,223,491 498,757 272,427 93,854 52,403 46,773 1,483,039 204 3,670,948 
Current period gross charge-offs13,973 2,711 576 5,665 78 261 — — 23,264 
Agricultural land, production and other loans to farmers
Pass35,633 38,145 31,511 31,048 12,995 25,462 87,534 — 262,328 
Special Mention— 266 — — — 122 — — 388 
Substandard58 150 — 454 — 36 — — 698 
Total Agricultural land, production and other loans to farmers35,691 38,561 31,511 31,502 12,995 25,620 87,534 — 263,414 
Real estate loans:
Construction
Pass403,578 267,587 198,350 8,372 7,723 2,357 11,735 — 899,702 
Special Mention25,894 — — 20,846 — — — — 46,740 
Substandard1,451 4,330 5,322 — — — — — 11,103 
Total Construction430,923 271,917 203,672 29,218 7,723 2,357 11,735 — 957,545 
Commercial real estate, non-owner occupied
Pass373,378 504,280 535,327 418,553 141,320 200,821 16,744 — 2,190,423 
Special Mention76,382 21,145 7,005 4,531 19,479 27,941 37 — 156,520 
Substandard20,358 10,537 219 20,236 — 2,299 247 — 53,896 
Total Commercial real estate, non-owner occupied470,118 535,962 542,551 443,320 160,799 231,061 17,028 — 2,400,839 
Current period gross charge-offs— 66 — — — — — — 66 
Commercial real estate, owner occupied
Pass176,750 199,821 256,346 263,522 99,180 77,485 27,369 — 1,100,473 
Special Mention6,712 5,034 9,319 2,460 919 2,902 514 — 27,860 
Substandard18,092 3,712 4,183 4,545 289 2,929 — — 33,750 
Total Commercial real estate, owner occupied201,554 208,567 269,848 270,527 100,388 83,316 27,883 — 1,162,083 
Current period gross charge-offs48 — — — 2 — — — 50 
Residential
Pass395,363 695,056 442,495 365,297 98,654 254,718 4,988 83 2,256,654 
Special Mention2,167 5,591 3,202 1,924 1,065 4,837 200 81 19,067 
Substandard804 3,708 2,529 1,199 866 4,063 31 — 13,200 
Total Residential398,334 704,355 448,226 368,420 100,585 263,618 5,219 164 2,288,921 
Current period gross charge-offs101 252 208 3 3 94 — — 661 
Home equity
Pass9,375 29,784 61,591 11,084 1,092 3,875 484,330 5,837 606,968 
Special Mention— 715 — 1,092 15 2 5,031 149 7,004 
Substandard63 — 727 — — 123 2,589 97 3,599 
Total Home Equity9,438 30,499 62,318 12,176 1,107 4,000 491,950 6,083 617,571 
Current period gross charge-offs69 213 224 149 193 1,596 — — 2,444 
Individuals' loans for household and other personal expenditures
Pass35,781 49,295 28,387 6,726 2,070 5,904 38,619 772 167,554 
Special Mention184 246 138 69 — 14 176 — 827 
Substandard— 6 — — 1 — — — 7 
Total Individuals' loans for household and other personal expenditures35,965 49,547 28,525 6,795 2,071 5,918 38,795 772 168,388 
Current period gross charge-offs147 770 342 77 62 156 — — 1,554 
Public finance and other commercial loans
Pass65,357 208,347 204,863 155,132 91,619 229,355 1,645 — 956,318 
Total Public finance and other commercial loans65,357 208,347 204,863 155,132 91,619 229,355 1,645 — 956,318 
Loans$2,870,871 $2,546,512 $2,063,941 $1,410,944 $529,690 $892,018 $2,164,828 $7,223 $12,486,027 
Total current period gross charge-offs$14,338 $4,012 $1,350 $5,894 $338 $2,107 $— $— $28,039 
The tables below present the amortized cost basis of collateral dependent loans by loan class and their respective collateral type, which are individually evaluated to determine expected credit losses. The total collateral dependent loan balance increased $17.4 million, primarily related to increases of $8.3 million and $8.6 million in commercial and industrial and commercial real estate, non-owner occupied, respectively, for the three months ended March 31, 2024. The total related allowance balance increased $9.5 million, primarily related to increases of $6.9 million and $2.6 million in commercial and industrial and commercial real estate, non-owner occupied, respectively, for the three months ended March 31, 2024.
March 31, 2024
Commercial Real EstateResidential Real EstateOtherTotal Allowance on Collateral Dependent Loans
Commercial and industrial loans$— $— $40,331 $40,331 $18,324 
Real estate loans:
Construction— 6 — 6 — 
Commercial real estate, non-owner occupied26,097 — — 26,097 2,672 
Commercial real estate, owner occupied10,100 — — 10,100 — 
Residential— 1,333 — 1,333 213 
Home equity— 218 — 218 29 
Loans$36,197 $1,557 $40,331 $78,085 $21,238 


December 31, 2023
Commercial Real EstateResidential Real EstateOtherTotal Allowance on Collateral Dependent Loans
Commercial and industrial loans$— $— $32,029 $32,029 $11,474 
Real estate loans:
Construction— 7 — 7 — 
Commercial real estate, non-owner occupied17,516 — — 17,516 35 
Commercial real estate, owner occupied9,452 — — 9,452 — 
Residential— 1,439 — 1,439 230 
Home equity— 223 — 223 30 
Loans$26,968 $1,669 $32,029 $60,666 $11,769 
Summary of Past Due Aging of Loan Portfolio by Loan Class The tables below show a past due aging of the Corporation’s loan portfolio, by loan class, as of the dates indicated:
March 31, 2024
Current30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past DueTotalLoans > 90 Days or More Past Due
And Accruing
Commercial and industrial loans$3,712,412 $3,279 $267 $6,407 $3,722,365 $1,585 
Agricultural land, production and other loans to farmers234,177 254 — — 234,431 — 
Real estate loans:
Construction941,726 — — — 941,726 — 
Commercial real estate, non-owner occupied2,341,845 746 2,988 22,781 2,368,360 — 
Commercial real estate, owner occupied1,136,405 939 6 544 1,137,894 — 
Residential2,293,704 8,741 4,197 9,848 2,316,490 1,185 
Home equity611,309 2,918 1,643 2,388 618,258 68 
Individuals' loans for household and other personal expenditures160,530 529 390 10 161,459 — 
Public finance and other commercial loans964,599 — — — 964,599 — 
Loans$12,396,707 $17,406 $9,491 $41,978 $12,465,582 $2,838 


December 31, 2023
Current30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past DueTotalLoans > 90 Days or More Past Due
And Accruing
Commercial and industrial loans$3,657,447 $5,021 $1,622 $6,858 $3,670,948 $86 
Agricultural land, production and other loans to farmers263,414 — — — 263,414 — 
Real estate loans:
Construction955,588 — 1,957 — 957,545 — 
Commercial real estate, non-owner occupied2,376,184 12,995 195 11,465 2,400,839 — 
Commercial real estate, owner occupied1,161,869 — 104 110 1,162,083 — 
Residential2,259,496 11,810 5,472 12,143 2,288,921 — 
Home equity608,948 3,614 1,647 3,362 617,571 52 
Individuals' loans for household and other personal expenditures167,553 635 192 8 168,388 — 
Public finance and other commercial loans956,284 — — 34 956,318 34 
Loans$12,406,783 $34,075 $11,189 $33,980 $12,486,027 $172 
Summary of Non-Accrual Loans by Loan class
The following table summarizes the Corporation’s nonaccrual loans by loan class as of the dates indicated:
March 31, 2024December 31, 2023
Nonaccrual LoansNonaccrual Loans with no Allowance for Credit LossesNonaccrual LoansNonaccrual Loans with no Allowance for Credit Losses
Commercial and industrial loans$7,140 $305 $9,050 $1,015 
Agricultural land, production and other loans to farmers56 — 58 — 
Real estate loans:
Construction— — 520 — 
Commercial real estate, non-owner occupied23,213 10,650 11,932 11,095 
Commercial real estate, owner occupied2,687 1,936 3,041 2,257 
Residential25,900 — 25,140 — 
Home equity3,449 — 3,820 — 
Individuals' loans for household and other personal expenditures33 — 19 — 
Loans$62,478 $12,891 $53,580 $14,367 
Summary of Modified Loans The following tables present the amortized cost basis of loans at March 31, 2024 and March 31, 2023 that were both experiencing financial difficulty and modified during the three months ended March 31, 2024 and 2023, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below.
Three Months Ended March 31, 2024
Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Payment DelayTerm ExtensionInterest Rate ReductionCombination Payment Delay & Term Extension% of Total Class of Financing Receivable
Commercial and industrial loans$1,542 $2,798 $250 $14 0.12 %
Real estate loans:
Commercial real estate, owner occupied— 190 — — 0.02 %
Residential1,617 — — — 0.07 %
Home equity90 266 — — 0.06 %
Total$3,249 $3,254 $250 $14 
Three Months Ended March 31, 2023
Loan Modifications Made to Borrowers Experiencing Financial Difficulty
Term ExtensionCombination Interest Rate Reduction & Term Extension% of Total Class of Financing Receivable
Commercial and industrial loans$9,224 $— 0.26 %
Agricultural land, production and other loans to farmers37 — 0.02 %
Real estate loans:
Construction17 — — %
Commercial real estate, non-owner occupied97 5,966 0.26 %
Commercial real estate, owner occupied10,822 82 0.88 %
Total$20,197 $6,048 


The following tables present the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the three months ended March 31, 2024 and 2023.

Three Months Ended March 31, 2024
Financial Effect of Loan Modifications
Payment DelayTerm ExtensionInterest Rate ReductionCombination Payment Delay & Term Extension
Commercial and industrial loans
Provided payment deferrals with weighted average delayed amounts of $50,000.
Extended loans by a weighted average of 15 months.
Reduced the weighted average contractual interest rate from 9.00% to 8.00%.
Provided payment deferrals with weighted average delayed amounts of $5,000. Extended loans by a weighted average of 3 months.
Real estate loans:
Commercial real estate, owner occupied
Extended loans by a weighted average of 5 months.
Residential
Provided payment deferrals with weighted average delayed amounts of $31,000.
Home equity
Provided payment deferrals with weighted average delayed amounts of $4,000.
Extended loans by a weighted average of 6 months.

Three Months Ended March 31, 2023
Financial Effect of Loan Modifications
Term ExtensionCombination Interest Rate Reduction & Term Extension
Commercial and industrial loans
Added a weighted average life of 4 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Agricultural land, production and other loans to farmers
Added a weighted average life of 60 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Real estate loans:
Construction
Added a weighted average life of 24 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Commercial real estate, non-owner occupied
Added a weighted average life of 12 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Reduced the weighted average contractual interest rate from 7.81% to 7.40%. Added a weighted average 41 months to the life of loans, which reduced monthly payment amounts for the borrowers.
Commercial real estate, owner occupied
Added a weighted average life of 9 months to the life of the loans, which reduced monthly payment amounts for the borrowers.
Reduced the weighted average contractual interest rate from 10.25% to 6.61%. Added a weighted average 114 months to the life of loans, which reduced monthly payment amounts for the borrowers.
The following tables present the amortized cost basis and payment status of loans modified within the previous twelve months to borrowers experiencing financial difficulty, and that subsequently defaulted during the three months ended March 31, 2024 and 2023 and remained in default at period end.
Three Months Ended March 31, 2024
Payment Status
Current30-89 Days Past Due90+ Days Past Due
Commercial and industrial loans$4,605 $— $98 
Real estate loans:
Commercial real estate, owner occupied189 7 — 
Residential— 122 1,617 
Home equity356 — — 
Total$5,150 $129 $1,715 

Three Months Ended March 31, 2023
Payment Status
Current
Commercial and industrial loans$9,224 
Agricultural land, production and other loans to farmers37 
Real estate loans:
Construction17 
Commercial real estate, non-owner occupied6,063 
Commercial real estate, owner occupied10,904 
Total$26,245 
Summary of Changes in Allowance for Loan Losses The following tables summarize changes in the allowance for credit losses by loan segment for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31, 2024
CommercialCommercial Real EstateConstructionConsumer & ResidentialTotal
Allowance for credit losses
Balances, December 31, 2023$97,348 $44,048 $24,823 $38,715 $204,934 
Provision for credit losses3,145 1,528 (4,454)1,781 2,000 
Recoveries on loans551 53 — 296 900 
Loans charged off(1,831)(351)— (971)(3,153)
Balances, March 31, 2024$99,213 $45,278 $20,369 $39,821 $204,681 
Three Months Ended March 31, 2023
CommercialCommercial Real EstateConstructionConsumer & ResidentialTotal
Allowance for credit losses
Balances, December 31, 2022$102,216 $46,839 $28,955 $45,267 $223,277 
Provision for credit losses(1,199)(583)(384)2,166 — 
Recoveries on loans530 56 — 258 844 
Loans charged off(243)(4)— (822)(1,069)
Balances, March 31, 2023$101,304 $46,308 $28,571 $46,869 $223,052 
Summary of Financial Instruments with Off-balance Sheet Risk
Financial instruments with off-balance sheet risk were as follows:
March 31, 2024December 31, 2023
Amounts of commitments:
Loan commitments to extend credit$4,993,077 $5,025,790 
Standby letters of credit$72,956 $65,580 
Summary of Allowance for Credit Losses, Off-balance Sheet
The table below reflects the total allowance for credit losses for the off-balance sheet commitment for the three months ended March 31, 2024 and 2023:
Three Months Ended
March 31, 2024March 31, 2023
Balance at beginning of the period$19,500 $23,300 
Provision for credit losses - unfunded commitments— — 
Ending balance$19,500 $23,300