Companies: 10,793     total market cap: $139.375 T
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Home BancShares
HOMB
#2912
Rank
$5.65 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$27.99
Share price
-2.03%
Change (1 day)
6.34%
Change (1 year)
  1. Home BancShares
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

Home BancShares - 10-Q quarterly report FY2025 Q3


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
☑Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2025
or
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition period from ______ to ______
Commission File Number: 001-41093
HOME BANCSHARES, INC.
(Exact Name of Registrant as Specified in Its Charter)
Arkansas
71-0682831
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
719 Harkrider, Suite 100, Conway, Arkansas
72032
(Address of principal executive offices)(Zip Code)
(501) 339-2929
(Registrant's telephone number, including area code)
Not Applicable
Former name, former address and former fiscal year, if changed since last report
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareHOMBNew York Stock Exchange
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 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 definition 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 registrant’s classes of common stock, as of the latest practicable date.
Common Stock Issued and Outstanding: 196,542,380 shares as of November 4, 2025.

HOME BANCSHARES, INC.
FORM 10-Q
September 30, 2025
INDEX
Page No.
Part I:
Financial Information
Financial Statements
Consolidated Balance Sheets – September 30, 2025 (Unaudited) and December 31, 2024
4
Consolidated Statements of Income (Unaudited) – Three and nine months ended September 30, 2025 and 2024
5
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) – Three and nine months ended September 30, 2025 and 2024
6
Consolidated Statements of Stockholders’ Equity (Unaudited) – Three and nine months ended September 30, 2025 and 2024
7-8
Consolidated Statements of Cash Flows (Unaudited) – Three and nine months ended September 30, 2025 and 2024
9
Condensed Notes to Consolidated Financial Statements (Unaudited)
10-54
Report of Independent Registered Public Accounting Firm
55
Management’s Discussion and Analysis of Financial Condition and Results of Operations
56-93
Quantitative and Qualitative Disclosures About Market Risk
93-95
Controls and Procedures
96
Part II:
Other Information
Legal Proceedings
96
Risk Factors
96
Unregistered Sales of Equity Securities and Use of Proceeds
96
Defaults Upon Senior Securities
96
Mine Safety Disclosures
96
Other Information
96
Exhibits
97-98
Signatures
99

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Some of our statements contained in this document, including matters discussed under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operation," are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to expectations, beliefs, projections, future financial performance, future plans and strategies, and anticipated events or trends, and include statements about the competitiveness of the banking industry, potential regulatory obligations, our entrance and expansion into other markets, including through potential acquisitions, our other business strategies and other statements that are not historical facts. Forward-looking statements are not guarantees of performance or results. When we use words like "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. These forward-looking statements involve risks and uncertainties and are based on our beliefs and assumptions, and on the information available to us at the time that these disclosures were prepared. These forward-looking statements involve risks and uncertainties and may not be realized due to a variety of factors, including, but not limited to, the following:
•the effects of future local, regional, national and international economic conditions, including any impacts from the ongoing federal government shutdown, recent or future changes in tariffs or trade policies, inflation, or a decrease in commercial real estate and residential housing values;
•changes in the level of nonperforming assets and charge-offs, and credit risk generally;
•the risks of changes in interest rates or the level and composition of deposits, loan demand and the values of loan collateral, securities and interest-sensitive assets and liabilities;
•disruptions, uncertainties and related effects on credit quality, liquidity, other aspects of our business and our operations that may result from any future public health crises;
•the ability to identify, complete and successfully integrate new acquisitions;
•the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected;
•diversion of management time on acquisition-related issues;
•the availability of and access to capital and liquidity on terms acceptable to us;
•increased regulatory requirements and supervision that applies as a result of our having over $10 billion in total assets;
•legislation and regulation affecting the financial services industry as a whole, and the Company and its subsidiaries in particular, and future legislative and regulatory changes;
•changes in governmental monetary and fiscal policies;
•the effects of terrorism and efforts to combat it, political instability, war, military conflicts (including the ongoing military conflicts in the Middle East and Ukraine) and other major domestic or international events;
•the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters;
•the ability to keep pace with technological changes, including changes regarding cybersecurity;
•an increase in the incidence or severity of, or any adverse effects resulting from, acts of fraud, illegal payments, cybersecurity breaches or other illegal acts impacting our bank subsidiary, our vendors or our customers;
•the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating regionally, nationally and internationally, together with competitors offering banking products and services by mail, telephone and the Internet;
•potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions;
•potential increases in deposit insurance assessments, increased regulatory scrutiny, investment portfolio losses, or market disruptions resulting from financial challenges in the banking industry;
•the effect of changes in accounting policies and practices and auditing requirements, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters;

•higher defaults on our loan portfolio than we expect; and
•the failure of assumptions underlying the establishment of our allowance for credit losses or changes in our estimate of the adequacy of the allowance for credit losses.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this Cautionary Note. Our actual results may differ significantly from those we discuss in these forward-looking statements. For other factors, risks and uncertainties that could cause our actual results to differ materially from estimates and projections contained in these forward-looking statements, see the "Risk Factors" section of our Form 10-K filed with the Securities and Exchange Commission (the "SEC") on February 27, 2025 and this Form 10-Q.

PART I: FINANCIAL INFORMATION
Item 1: Financial Statements
Home BancShares, Inc.
Consolidated Balance Sheets
(In thousands, except share data)September 30, 2025December 31, 2024
(Unaudited)  
Assets
Cash and due from banks$284,750 $281,063 
Interest-bearing deposits with other banks516,170 629,284 
Cash and cash equivalents800,920 910,347 
Fed funds sold3,625 3,725 
Investment securities — available-for-sale, net of allowance for credit losses of $0 at September 30, 2025 and $2,195 at December 31, 2024 (amortized cost of $3,163,880 and $3,410,272 at September 30, 2025 and December 31, 2024, respectively)
2,924,496 3,072,639 
Investment securities — held-to-maturity, net of allowance for credit losses of $2,005 at both September 30, 2025 and December 31, 2024
1,264,200 1,275,204 
Total investment securities4,188,696 4,347,843 
Loans receivable15,285,972 14,764,500 
Allowance for credit losses(285,649)(275,880)
Loans receivable, net15,000,323 14,488,620 
Bank premises and equipment, net374,515 386,322 
Foreclosed assets held for sale41,263 43,407 
Cash value of life insurance219,075 219,786 
Accrued interest receivable110,702 120,129 
Deferred tax asset, net155,963 186,697 
Goodwill1,398,253 1,398,253 
Core deposit intangibles34,231 40,327 
Other assets380,236 345,292 
Total assets$22,707,802 $22,490,748 
Liabilities and Stockholders’ Equity
Deposits:
Demand and non-interest-bearing$3,880,101 $4,006,115 
Savings and interest-bearing transaction accounts11,500,921 11,347,850 
Time deposits1,946,674 1,792,332 
Total deposits17,327,696 17,146,297 
Securities sold under agreements to repurchase145,998 162,350 
FHLB and other borrowed funds550,500 600,750 
Accrued interest payable and other liabilities189,551 181,080 
Subordinated debentures279,093 439,246 
Total liabilities18,492,838 18,529,723 
Stockholders’ equity:
Common stock, par value $0.01; shares authorized 400,000,000 in 2025 and 300,000,000 in 2024; shares issued and outstanding 196,889,325 in 2025 and 198,882,402 in 2024
1,969 1,989 
Capital surplus2,214,211 2,272,794 
Retained earnings2,181,911 1,942,350 
Accumulated other comprehensive loss(183,127)(256,108)
Total stockholders’ equity4,214,964 3,961,025 
Total liabilities and stockholders’ equity$22,707,802 $22,490,748 
See Condensed Notes to Consolidated Financial Statements.
4
Home BancShares, Inc.
Consolidated Statements of Income
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In thousands, except per share data)2025202420252024
(Unaudited)
Interest income:
Loans$283,165 $281,977 $829,990 $821,595 
Investment securities
Taxable26,326 31,006 80,203 96,822 
Tax-exempt7,743 7,704 23,019 23,276 
Deposits – other banks6,242 12,096 21,813 35,188 
Federal funds sold56 62 164 182 
Total interest income323,532 332,845 955,189 977,063 
Interest expense:
Interest on deposits87,962 97,785 263,237 286,074 
Federal funds purchased— 1 — 1 
FHLB and other borrowed funds5,378 14,383 16,819 42,914 
Securities sold under agreements to repurchase1,019 1,335 3,105 4,102 
Subordinated debentures3,007 4,121 11,254 12,340 
Total interest expense97,366 117,625 294,415 345,431 
Net interest income226,166 215,220 660,774 631,632 
Provision for credit losses on loans6,700 18,200 9,700 31,700 
(Recovery of) provision for credit losses on unfunded commitments(1,000)1,000 (1,000)— 
Recovery of credit losses on investment securities(2,194)(330)(2,194)(330)
Total credit loss expense 3,506 18,870 6,506 31,370 
Net interest income after credit loss expense 222,660 196,350 654,268 600,262 
Non-interest income:
Service charges on deposit accounts10,486 9,888 29,688 29,288 
Other service charges and fees12,130 10,490 35,462 31,358 
Trust fees4,600 4,403 14,594 14,191 
Mortgage lending income4,691 4,437 13,070 12,271 
Insurance commissions574 595 1,698 1,668 
Increase in cash value of life insurance1,404 1,161 4,661 3,635 
Dividends from FHLB, FRB, FNBB & other2,658 2,637 8,033 8,642 
Gain on sale of SBA loans46 145 334 399 
(Loss) gain on sale of branches, equipment and other assets, net(66)32 743 2,076 
(Loss) gain on OREO, net(1)85 (364)151 
Fair value adjustment for marketable securities1,020 1,392 1,224 2,121 
Other income13,963 7,514 38,867 21,552 
Total non-interest income51,505 42,779 148,010 127,352 
Non-interest expense:
Salaries and employee benefits63,804 58,861 189,977 180,198 
Occupancy and equipment14,828 14,546 43,276 43,505 
Data processing expense8,871 9,088 25,793 27,170 
Other operating expenses27,335 27,550 84,760 83,853 
Total non-interest expense114,838 110,045 343,806 334,726 
Income before income taxes159,327 129,084 458,472 392,888 
Income tax expense35,723 29,046 101,256 91,211 
Net income$123,604 $100,038 $357,216 $301,677 
Basic earnings per share$0.63 $0.50 $1.81 $1.51 
Diluted earnings per share$0.63 $0.50 $1.80 $1.51 
See Condensed Notes to Consolidated Financial Statements.
5
Home BancShares, Inc.
Consolidated Statements of Comprehensive Income
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In thousands)2025202420252024
(Unaudited)
Net income$123,604 $100,038 $357,216 $301,677 
Net unrealized gain on available-for-sale securities68,948 88,303 96,056 74,062 
Other comprehensive income before tax effect68,948 88,303 96,056 74,062 
Tax effect on other comprehensive income(16,131)(21,366)(23,075)(19,849)
Other comprehensive income52,817 66,937 72,981 54,213 
Comprehensive income$176,421 $166,975 $430,197 $355,890 
See Condensed Notes to Consolidated Financial Statements.
6
Home BancShares, Inc.
Consolidated Statements of Stockholders’ Equity
Nine Months Ended September 30, 2025
(In thousands, except share data)
Common
Stock
Capital
Surplus
Retained
Earnings
Accumulated
Other
Comprehensive Loss
Total
Balances at January 1, 2025$1,989 $2,272,794 $1,942,350 $(256,108)$3,961,025 
Comprehensive income:
Net income— — 115,209 — 115,209 
Other comprehensive income— — — 31,568 31,568 
Net issuance of 71,734 shares of common stock from exercise of stock options
1 526 — — 527 
Repurchase of 1,000,000 shares of common stock
(10)(29,689)— — (29,699)
Share-based compensation net issuance of 252,000 shares of restricted common stock
2 2,798 — — 2,800 
Excise tax from repurchase of common stock— (117)— — (117)
Cash dividends – Common Stock, $0.195 per share
— — (38,758)— (38,758)
Balances at March 31, 2025 (unaudited)$1,982 $2,246,312 $2,018,801 $(224,540)$4,042,555 
Comprehensive income:
Net income— — 118,403 — 118,403 
Other comprehensive loss— — — (11,404)(11,404)
Net issuance of 34,521 shares of common stock from exercise of stock options
— 75 — — 75 
Repurchase of 1,000,000 shares of common stock
(10)(27,008)— — (27,018)
Share-based compensation net forfeiture of 2,000 shares of restricted common stock
— 2,656 — — 2,656 
Excise tax from repurchase of common stock— (459)— — (459)
Cash dividends – Common Stock, $0.20 per share
— — (39,492)— (39,492)
Balances at June 30, 2025 (unaudited)$1,972 $2,221,576 $2,097,712 $(235,944)$4,085,316 
Comprehensive income:
Net Income— — 123,604 — 123,604 
Other comprehensive loss— — — 52,817 52,817 
Repurchase of 350,000 shares of common stock
(3)(9,925)— — (9,928)
Share-based compensation
— 2,653 — — 2,653 
Excise tax from repurchase of common stock— (93)— — (93)
Cash dividends – Common Stock, $0.20 per share
— — (39,405)— (39,405)
Balances at September 30, 2025 (unaudited)$1,969 $2,214,211 $2,181,911 $(183,127)$4,214,964 
See Condensed Notes to Consolidated Financial Statements.
7
Home BancShares, Inc.
Consolidated Statements of Stockholders’ Equity
Nine Months Ended September 30, 2024
(In thousands, except share data)
Common
Stock
Capital
Surplus
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Balances at January 1, 2024$2,015 $2,348,023 $1,690,112 $(249,075)$3,791,075 
Comprehensive income:
Net income— — 100,109 — 100,109 
Other comprehensive loss— — — (22,350)(22,350)
Net issuance of 76,542 shares of common stock from exercise of stock options
1 670 — — 671 
Repurchase of 1,025,934 shares of common stock
(10)(24,007)— — (24,017)
Share-based compensation net issuance of 219,750 shares of restricted common stock
2 2,273 — — 2,275 
Excise tax from repurchase of common stock— (135)— — (135)
Cash dividends – Common Stock, $0.18 per share
— — (36,227)— (36,227)
Balances at March 31, 2024 (unaudited)$2,008 $2,326,824 $1,753,994 $(271,425)$3,811,401 
Comprehensive income:
Net income— — 101,530 — 101,530 
Other comprehensive income— — — 9,626 9,626 
Net issuance of 149,507 shares of common stock from exercise of stock options
1 (2)— — (1)
Repurchase of 1,400,094 shares of common stock
(14)(32,590)— — (32,604)
Share-based compensation net forfeiture of 200,000 shares of restricted common stock
2 1,946 — — 1,948 
Excise tax from repurchase of common stock— (285)— — (285)
Cash dividends – Common Stock, $0.18 per share
— — (36,112)— (36,112)
Balances at June 30, 2024 (unaudited)$1,997 $2,295,893 $1,819,412 $(261,799)$3,855,503 
Comprehensive income:
Net Income— — 100,038 — 100,038 
Other comprehensive loss— — — 66,937 66,937 
Net issuance of 95,852 shares of common stock from exercise of stock options
1 698 — — 699 
Repurchase of 1,000,000 shares of common stock
(10)(26,922)— — (26,932)
Share-based compensation net forfeiture of 36,833 shares of restricted stock
1 2,494 — — 2,495 
Excise tax from repurchase of common stock— (63)— — (63)
Cash dividends – Common Stock, $0.195 per share
— — (38,888)— (38,888)
Balances at September 30, 2024 (unaudited)$1,989 $2,272,100 $1,880,562 $(194,862)$3,959,789 
See Condensed Notes to Consolidated Financial Statements.
8
Home BancShares, Inc.
Consolidated Statements of Cash Flows
Nine Months Ended September 30,
(In thousands)20252024
(Unaudited)
Operating Activities
Net income$357,216 $301,677 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation & amortization21,746 21,994 
Increase in value of equity securities(1,224)(2,121)
Increase in value of equity method investments(10,708)(2,438)
Amortization of securities, net9,868 11,083 
Accretion of purchased loans(3,883)(6,523)
Share-based compensation8,109 6,718 
Gain on assets(2,143)(2,627)
Gain on repurchase of subordinated debentures(1,882)— 
Provision for credit losses - loans 9,700 31,700 
Recovery of credit losses - unfunded commitments(1,000)— 
Recovery of credit losses - investment securities(2,194)(330)
Deferred income tax effect7,659 686 
Increase in cash value of life insurance(4,661)(3,635)
Originations of mortgage loans held for sale(540,697)(467,339)
Proceeds from sales of mortgage loans held for sale475,426 477,185 
Changes in assets and liabilities:
Accrued interest receivable9,427 95 
Other assets(29,654)(23,990)
Accrued interest payable and other liabilities9,471 43,405 
Net cash provided by operating activities310,576 385,540 
Investing Activities
Net decrease (increase) in federal funds sold100 (1,325)
Net increase in loans(460,582)(428,985)
Purchases of investment securities – available-for-sale(80,116)(62,643)
Proceeds from maturities of investment securities – available-for-sale315,461 363,011 
Proceeds from maturities of investment securities – held-to-maturity12,184 5,054 
Purchases of equity securities(5,000)— 
Redemption (purchase) of other investments11,660 (445)
Purchases for improvements to foreclosed assets(2,925)— 
Proceeds from sale of foreclosed assets8,374 1,475 
Proceeds from sale of SBA loans4,998 5,573 
Purchases of premises and equipment(17,797)(24,277)
Proceeds from sale of premises and equipment14,475 14,818 
Return (purchase) of investment on cash value of life insurance, net6,784 (1,218)
Net cash used in investing activities(192,384)(128,962)
Financing Activities
Net increase (decrease) in deposits181,399 (82,001)
Net (decrease) increase in securities sold under agreements to repurchase(16,352)37,331 
Decrease in FHLB and other borrowed funds(50,250)(1,400,550)
Increase in FHLB and other borrowed funds— 1,400,000 
Retirement of subordinated debentures(158,049)— 
Proceeds from exercise of stock options, net602 1,369 
Repurchase of common stock(67,314)(84,036)
Dividends paid on common stock(117,655)(111,227)
Net cash provided by financing activities(227,619)(239,114)
Net change in cash and cash equivalents(109,427)17,464 
Cash and cash equivalents – beginning of year910,347 1,000,213 
Cash and cash equivalents – end of period$800,920 $1,017,677 
See Condensed Notes to Consolidated Financial Statements.
9
Home BancShares, Inc.
Condensed Notes to Consolidated Financial Statements
(Unaudited)
1. Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations
Home BancShares, Inc. (the "Company" or "HBI") is a bank holding company headquartered in Conway, Arkansas. The Company is primarily engaged in providing a full range of banking services to individual and corporate customers through its wholly-owned community bank subsidiary – Centennial Bank (sometimes referred to as "Centennial" or the "Bank"). The Bank has branch locations in Arkansas, Florida, South Alabama, Texas and New York City. The Company is subject to competition from other financial institutions. The Company also is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities.
A summary of the significant accounting policies of the Company follows:
Operating Segments
Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Bank is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the regions and branches of the Bank provide a group of similar banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts. The individual bank branches and regions have similar operating and economic characteristics. While the chief operating decision maker monitors the revenue streams of the various products, services, branch locations and regions, operations are managed, and financial performance is evaluated on a company-wide basis. Accordingly, all of the banking services and branch locations are considered by management to be aggregated into one reportable operating segment.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, the valuation of investment securities, and the valuation of foreclosed assets. In connection with the determination of the allowance for credit losses and the valuation of foreclosed assets, management obtains independent appraisals for significant properties.
Principles of Consolidation
The consolidated financial statements include the accounts of HBI and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation.
Reclassifications
Various items within the accompanying consolidated financial statements for previous periods have been reclassified to provide more comparative information. These reclassifications had no effect on net earnings or stockholders’ equity.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand, cash held as demand deposits at various banks and the Federal Reserve Bank ("FRB") and interest-bearing deposits with other banks. Included in cash and cash equivalents were $9.5 million and $15.4 million of restricted cash as of September 30, 2025 and December 31, 2024, respectively.
10
Interim financial information
The accompanying unaudited consolidated financial statements have been prepared in condensed format, and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
The information furnished in these interim statements reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year. The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2024 Form 10-K, filed with the Securities and Exchange Commission on February 27, 2025.
Loans Receivable and Allowance for Credit Losses
Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs, deferred fees or costs on originated loans. Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees and direct origination costs are capitalized and recognized as adjustments to yield on the related loans.
The allowance for credit losses on loans receivable is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed and expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.
The Company uses the discount cash flow ("DCF") method to estimate expected losses for all of the Company’s loan pools. These pools are as follows: construction & land development; other commercial real estate; residential real estate; commercial & industrial; and consumer & other. The loan portfolio pools were selected in order to generally align with the loan categories specified in the quarterly call reports required to be filed with the Federal Financial Institutions Examination Council. For each of these loan pools, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers.
For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics.
Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in the national unemployment rate, gross domestic product, national retail sales index, the Federal Housing Finance Agency ("FHFA") housing price index and rental vacancy rate index.

11
The allowance for credit losses is measured based on call report segment as these types of loans exhibit similar risk characteristics. The identified loan segments are as follows:
•1-4 family residential construction loans
•Other construction loans and all land development and other land loans
•Loans secured by farmland (including farm residential and other improvements)
•Revolving, open-end loans secured by 1-4 family residential properties and extended under lines
•Secured by first liens
•Secured by junior liens
•Secured by multifamily (5 or more) residential properties
•Loans secured by owner-occupied, nonfarm nonresidential properties
•Loans secured by other nonfarm nonresidential properties
•Loans to finance agricultural production and other loans to farmers
•Commercial and industrial loans
•Other revolving credit plans
•Automobile loans
•Other consumer loans
•Other consumer loans - Shore Premier Finance
•Obligations (other than securities and leases) of states and political subdivisions in the US
•Loans to nondepository financial institutions
•Loans for purchasing or carrying securities
•All other loans
•Leases
Loans considered to be collateral dependent, according to ASC 326, are loans for which repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Company's assessment as of the reporting date. The aggregate amount of collateral shortfall on such loans is utilized in evaluating the adequacy of the allowance for credit losses and amount of provisions thereto. Losses on collateral dependent loans are charged against the allowance for credit losses when in the process of collection, it appears likely that such losses will be realized. The accrual of interest on collateral dependent loans is discontinued when, in management’s opinion the collection of interest is doubtful or generally when loans are 90 days or more past due. When accrual of interest is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.
Loans evaluated individually that are considered to be collateral dependent are not included in the collective evaluation. For these loans, where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, net of estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the loan, net of estimated costs to sell. For individually analyzed loans which are not considered to be collateral dependent, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation.
Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments and curtailments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies:
•Management has a reasonable expectation at the reporting date that restructured loans made to borrowers experiencing financial difficulty will be executed with an individual borrower.
•The extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.

12
Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factors ("Q-Factors") and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system and (ix) economic conditions.
Loans are placed on non-accrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. Accrued interest related to non-accrual loans is generally charged against the allowance for credit losses when accrued in prior years and reversed from interest income if accrued in the current year. Interest income on non-accrual loans may be recognized to the extent cash payments are received, although the majority of payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status when principal and interest payments are less than 90 days past due, the customer has made the required payments for at least six months, and we reasonably expect to collect all principal and interest.
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures
The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for or recovery of credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.
Earnings per Share
Basic earnings per share is computed based on the weighted-average number of shares outstanding during each year. Diluted earnings per share is computed using the weighted-average shares and all potential dilutive shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share ("EPS") for the following periods:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
(In thousands)
Net income$123,604 $100,038 $357,216 $301,677 
Average shares outstanding197,078 199,380 197,750 200,300 
Effect of common stock options210 81 202 130 
Average diluted shares outstanding197,288 199,461 197,952 200,430 
Basic earnings per share$0.63 $0.50 $1.81 $1.51 
Diluted earnings per share$0.63 $0.50 $1.80 $1.51 
The impact of anti-dilutive shares to the diluted earnings per share calculation was considered immaterial for the periods ended September 30, 2025 and 2024.
13
2. Investment Securities
The following table summarizes the amortized cost and fair value of securities that are classified as available-for-sale and held-to-maturity:
September 30, 2025
Available-for-Sale
Amortized
Cost
Allowance for Credit LossesNet Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$254,741 $— $254,741 $968 $(8,394)$247,315 
U.S. government-sponsored mortgage-backed securities1,378,237 — 1,378,237 1,360 (138,541)1,241,056 
Private mortgage-backed securities155,155 — 155,155 163 (7,417)147,901 
Non-government-sponsored asset backed securities171,752 — 171,752 348 (1,067)171,033 
State and political subdivisions959,533 — 959,533 1,015 (78,219)882,329 
Other securities244,462 — 244,462 1,768 (11,368)234,862 
Total$3,163,880 $— $3,163,880 $5,622 $(245,006)$2,924,496 
September 30, 2025
Held-to-Maturity
Amortized
Cost
Allowance for Credit LossesNet Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$43,770 $— $43,770 $— $(1,523)$42,247 
U.S. government-sponsored mortgage-backed securities118,662 — 118,662 349 (3,366)115,645 
State and political subdivisions1,103,773 (2,005)1,101,768 95 (102,636)999,227 
Total$1,266,205 $(2,005)$1,264,200 $444 $(107,525)$1,157,119 
December 31, 2024
Available-for-Sale
Amortized
Cost
Allowance for Credit LossesNet Carrying Amount
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$297,698 $— $297,698 $1,164 $(14,072)$284,790 
U.S. government-sponsored mortgage-backed securities1,527,463 — 1,527,463 760 (203,539)1,324,684 
Private mortgage-backed securities184,643 — 184,643 — (13,249)171,394 
Non-government-sponsored asset backed securities228,751 228,751 331 (3,434)225,648 
State and political subdivisions956,055 — 956,055 335 (86,029)870,361 
Other securities215,662 (2,195)213,467 576 (18,281)195,762 
Total$3,410,272 $(2,195)$3,408,077 $3,166 $(338,604)$3,072,639 
14
December 31, 2024
Held-to-Maturity
Amortized
Cost		Allowance for Credit LossesNet Carrying AmountGross
Unrealized
Gains		Gross
Unrealized
(Losses)		Estimated
Fair Value
(In thousands)
U.S. government-sponsored enterprises$43,560 $— $43,560 $— $(3,021)$40,539 
U.S. government-sponsored mortgage-backed securities124,169 — 124,169 — (6,695)117,474 
State and political subdivisions1,109,480 (2,005)1,107,475 39 (122,587)984,927 
Total$1,277,209 $(2,005)$1,275,204 $39 $(132,303)$1,142,940 
Assets, principally investment securities, having a carrying value of approximately $2.66 billion and $2.61 billion at September 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits, as collateral for repurchase agreements, and for other purposes required or permitted by law. Investment securities pledged as collateral for repurchase agreements totaled approximately $146.0 million and $162.4 million at September 30, 2025 and December 31, 2024, respectively.
The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at September 30, 2025, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
Available-for-SaleHeld-to-Maturity
Amortized
Cost
Estimated
Fair Value
Amortized
Cost
Estimated
Fair Value
(In thousands)
Due in one year or less$32,853 $32,425 $— $— 
Due after one year through five years257,956 247,955 104,620 101,940 
Due after five years through ten years394,695 375,621 364,055 338,975 
Due after ten years773,232 708,505 678,868 600,559 
U.S. government-sponsored mortgage-backed securities1,378,237 1,241,056 118,662 115,645 
Private mortgage-backed securities155,155 147,901 — — 
Non-government-sponsored asset backed securities171,752 171,033 — — 
Total$3,163,880 $2,924,496 $1,266,205 $1,157,119 
During the three and nine months ended September 30, 2025 and 2024, no available-for-sale securities were sold.

15
The following table shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of September 30, 2025 and December 31, 2024.
September 30, 2025
Less Than 12 Months 12 Months or More Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises$16,429 $(64)$164,831 $(8,330)$181,260 $(8,394)
U.S. government-sponsored mortgage-backed securities15,657 (22)1,128,946 (138,519)1,144,603 (138,541)
Private mortgage-backed securities— — 138,047 (7,417)138,047 (7,417)
Non-government-sponsored asset backed securities642 (1)56,007 (1,066)56,649 (1,067)
State and political subdivisions28,597 (911)750,624 (77,308)779,221 (78,219)
Other securities11,349 (78)166,792 (11,290)178,141 (11,368)
Total$72,674 $(1,076)$2,405,247 $(243,930)$2,477,921 $(245,006)
Held-to-maturity:
U.S. government-sponsored enterprises$— $— $42,247 $(1,523)$42,247 $(1,523)
U.S. government-sponsored mortgage-backed securities6,583 (42)74,627 (3,324)81,210 (3,366)
State and political subdivisions12,467 (482)982,504 (102,154)994,971 (102,636)
Total$19,050 $(524)$1,099,378 $(107,001)$1,118,428 $(107,525)
December 31, 2024
Less Than 12 Months 12 Months or More Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
(In thousands)
Available-for-sale:
U.S. government-sponsored enterprises$25,946 $(326)$161,759 $(13,746)$187,705 $(14,072)
U.S. government-sponsored mortgage-backed securities34,597 (1,088)1,215,317 (202,451)1,249,914 (203,539)
Private mortgage-backed securities9,491 (129)161,903 (13,120)171,394 (13,249)
Non-government-sponsored asset backed securities10,849 (60)92,857 (3,374)103,706 (3,434)
State and political subdivisions46,591 (1,230)761,289 (84,799)807,880 (86,029)
Other securities7,157 (911)173,204 (17,370)180,361 (18,281)
Total$134,631 $(3,744)$2,566,329 $(334,860)$2,700,960 $(338,604)
Held-to-maturity:
U.S. government-sponsored enterprises$— $— $40,539 $(3,021)$40,539 $(3,021)
U.S. government-sponsored mortgage-backed securities48,254 (1,979)69,220 (4,716)117,474 (6,695)
State and political subdivisions29,612 (1,037)954,335 (121,550)983,947 (122,587)
Total$77,866 $(3,016)$1,064,094 $(129,287)$1,141,960 $(132,303)

16
Debt securities available-for-sale ("AFS") are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income (loss), net of taxes. Securities that are held as available-for-sale are used as a part of our asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses. The Company first assesses whether it intends to sell or is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The Company has made the election to exclude accrued interest receivable on AFS securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met.
Debt securities held-to-maturity ("HTM"), which include any security for which we have the positive intent and ability to hold until maturity, are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized/accreted to the call date to interest income using the constant effective yield method over the estimated life of the security. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses. The Company measures expected credit losses on HTM securities on a collective basis by major security type, with each type sharing similar risk characteristics. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company has made the election to exclude accrued interest receivable on HTM securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed.
During the three and nine months ended September 30, 2025, the Company reversed the $2.2 million allowance for credit losses on the available-for-sale portfolio due to an upgrade in the credit quality of the subordinated debt investment securities for which an allowance had been recorded. However, the Company determined the $2.0 million allowance for credit losses on the held-to-maturity portfolio was adequate. Therefore, no additional provision was considered necessary.
Available-for-Sale Investment Securities
September 30, 2025December 31, 2024
Allowance for credit losses:(In thousands)
Beginning balance, January 1$2,195 $2,525 
Recovery of credit losses(2,195)(330)
Balance, September 30
$— $2,195 
Recovery of credit loss— 
Balance, December 31, 2024
$2,195 
Held-to-Maturity Investment Securities
September 30, 2025December 31, 2024
Allowance for credit losses:(In thousands)
Beginning balance, January 1$2,005 $2,005 
Provision for credit losses
— — 
Balance, September 30
$2,005 $2,005 
Provision for credit loss— 
Balance, December 31, 2024
$2,005 

17
For the nine months ended September 30, 2025, the Company had available-for-sale investment securities with approximately $245.0 million in unrealized losses, of which $243.9 million had been in continuous loss positions for more than twelve months. The Company’s assessments indicated the cause of the market depreciation was primarily due to the change in interest rates and not the issuer’s financial condition or downgrades by rating agencies. In addition, approximately 43.5% of the principal balance from the Company’s investment portfolio will mature or are expected to pay down within five years or less. As a result, the Company has the ability and intent to hold such securities until maturity.
As of September 30, 2025, the Company's available-for-sale securities portfolio consisted of 1,494 investment securities, 1,206 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $245.0 million. The U.S. government-sponsored enterprises portfolio contained unrealized losses of $8.4 million on 61 securities. The U.S. government-sponsored mortgage-backed securities portfolio contained $138.5 million of unrealized losses on 616 securities, and the private mortgage-backed securities portfolio contained $7.4 million of unrealized losses on 29 securities. The non-government-sponsored asset backed securities portfolio contained $1.1 million of unrealized losses on 15 securities. The state and political subdivisions portfolio contained $78.2 million of unrealized losses on 426 securities. In addition, the other securities portfolio contained $11.4 million of unrealized losses on 59 securities. The unrealized losses on the Company's investments were primarily a result of interest rate changes, and the Company expects to recover the amortized cost basis over the term of the securities. The Company has determined that, as of September 30, 2025, a reserve for credit losses is not necessary because the decline in market value was attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.
As of September 30, 2025, the Company's held-to-maturity securities portfolio consisted of 514 investment securities, 494 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $107.5 million. The U.S. government-sponsored enterprises portfolio contained unrealized losses of $1.5 million on 5 securities. The U.S. government-sponsored mortgage-backed securities portfolio contained unrealized losses of $3.4 million on 14 securities. The state and political subdivisions portfolio contained $102.6 million of unrealized losses on 475 securities. The unrealized losses on the Company's investments were a result of interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value was attributable to changes in interest rates and not credit quality, the Company has determined that an additional provision for credit losses was not necessary as of September 30, 2025.
The following table summarizes bond ratings for the Company’s held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of September 30, 2025:
State and political subdivisionsU.S. government-sponsored enterprisesU.S. government-sponsored mortgage-backed securitiesTotal
(In thousands)
Aaa/AAA$233,372 $43,770 $— $277,142 
Aa/AA832,351 — — 832,351 
A32,589 — — 32,589 
Not rated5,461 — — 5,461 
Agency Backed— — 118,662 118,662 
Total$1,103,773 $43,770 $118,662 $1,266,205 
18
Income earned on securities for the three and nine months ended September 30, 2025 and 2024, is as follows:
Three Months Ended
September 30,		For the Nine Months Ended
September 30,
2025202420252024
(In thousands)
Taxable
Available-for-sale$18,899 $23,550 $57,991 $74,439 
Held-to-maturity7,427 7,456 22,212 22,383 
Non-taxable
Available-for-sale4,706 4,612 13,865 13,971 
Held-to-maturity3,037 3,092 9,154 9,305 
Total$34,069 $38,710 $103,222 $120,098 
3. Loans Receivable
The various categories of loans receivable are summarized as follows:
 September 30, 2025December 31, 2024
 (In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$5,494,492 $5,426,780 
Construction/land development2,709,197 2,736,214 
Agricultural331,301 336,993 
Residential real estate loans
Residential 1-4 family2,142,375 1,956,489 
Multifamily residential716,595 496,484 
Total real estate11,393,960 10,952,960 
Consumer1,233,523 1,234,361 
Commercial and industrial2,100,268 2,022,775 
Agricultural346,167 367,251 
Other212,054 187,153 
Total loans receivable15,285,972 14,764,500 
Allowance for credit losses(285,649)(275,880)
Loans receivable, net$15,000,323 $14,488,620 
During the three months ended September 30, 2025, the Company sold $640,000 of the guaranteed portions of SBA loans, which resulted in a gain of approximately $46,000. During the nine months ended September 30, 2025, the Company sold $4.6 million of the guaranteed portions of certain SBA loans, which resulted in a gain of approximately $334,000. During the three months ended September 30, 2024, the Company sold $1.8 million guaranteed portions of certain SBA loans, which resulted in a gain of approximately $145,000. During the nine months ended September 30, 2024, the Company sold $5.1 million guaranteed portions of certain SBA loans, which resulted in a gain of approximately $399,000.

19
Mortgage loans held for sale of approximately $163.9 million and $98.7 million at September 30, 2025 and December 31, 2024, respectively, are included in residential 1-4 family loans. Mortgage loans held for sale are carried at the lower of cost or fair value, determined using an aggregate basis. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to investors. Gains and losses are determined by the difference between the selling price and the carrying amount of the loans sold, net of discounts collected or paid. The Company obtains forward commitments to sell mortgage loans to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale. The forward commitments acquired by the Company for mortgage loans in process of origination are considered mandatory forward commitments. Because these commitments are structured on a mandatory basis, the Company is required to substitute another loan or to buy back the commitment if the original loan does not fund. The Company regularly sells mortgages into the capital markets to mitigate the effects of interest rate volatility during the period from the time an interest rate lock commitment ("IRLC") is issued until the IRLC funds creating a mortgage loan held for sale and its subsequent sale into the secondary/capital markets. Loan sales are typically executed on a mandatory basis. Under a mandatory commitment, the Company agrees to deliver a specified dollar amount with predetermined terms by a certain date. Generally, the commitment is not loan specific, and any combination of loans can be delivered into the outstanding commitment provided the terms fall within the parameters of the commitment. Upon failure to deliver, the Company is subject to fees based on market movement. These commitments and IRLCs are derivative instruments and their fair values at September 30, 2025 and December 31, 2024 were not material.
Purchased loans that have experienced more than insignificant credit deterioration since origination are purchase credit deteriorated ("PCD") loans. An allowance for credit losses is determined using the same methodology as other loans. The Company develops separate PCD models for each loan segment with PCD loans not individually analyzed for credit losses. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses. The Company held approximately $54.2 million and $76.3 million in PCD loans, as of September 30, 2025 and December 31, 2024, respectively. The balance, as of September 30, 2025, results entirely from the acquisition of Happy Bancshares, Inc. ("Happy") in 2022.
A description of our accounting policies for loans and impaired loans (which includes loans individually analyzed for credit losses for which a specific reserve has been recorded, non-accrual loans, loans past due 90 days or more and restructured loans made to borrowers experiencing financial difficulty) are set forth in our 2024 Form 10-K filed with the SEC on February 27, 2025.
4. Allowance for Credit Losses, Credit Quality and Other
The Company uses the discounted cash flow ("DCF") method to estimate expected losses for all of Company’s loan pools. These pools are as follows: construction & land development; other commercial real estate; residential real estate; commercial & industrial; and consumer & other. The loan portfolio pools were selected in order to generally align with the loan categories specified in the quarterly call reports required to be filed with the Federal Financial Institutions Examination Council. For each of these loan pools, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers.
Management qualitatively adjusts model results for risk factors ("Q-Factors") that are not considered within our modeling processes but are, nonetheless, relevant in assessing the expected credit losses within our loan pools. These Q-Factors and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system; and (ix) economic conditions.

20
Each year management evaluates the performance of the selected models used in the CECL calculation through backtesting. Based on the results of the testing, management determines if the various models produced accurate results compared to the actual losses incurred for the current economic environment. Management then determines if changes to the assumptions and economic factors would produce a stronger overall calculation that is more responsive to changes in economic conditions. The Company continues to use regression analysis to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default for the changes in the economic factors for the loss driver segments. Management determined the models in use as of December 31, 2024 were appropriate for use in 2025. The identified loss drivers by segment are included below as of both September 30, 2025 and December 31, 2024.
Loss Driver SegmentCall Report Segment(s)Modeled Economic Factors
1-4 Family Construction1a1National Unemployment (%) & Housing Price Index (%)
All Other Construction1a2National Unemployment (%) & Gross Domestic Product (%)
Farmland & Agriculture1b, 3National Unemployment (%)
Residential 1-4 Family1c1, 1c2a, 1c2bNational Unemployment (%) & Housing Price Index (%)
Multifamily1dRental Vacancy Rate (%) & Housing Price Index (%)
Non-Farm/ Non-Residential CRE1e1, 1e2National Unemployment (%) & Gross Domestic Product (%)
Commercial & Industrial, Non-Depository Financial Institutions, Purchase/Carry Securities, Leases, Other4a, 9a, 9b1, 9b2, 10, OtherNational Unemployment (%) & National Retail Sales (%)
Consumer Auto6cNational Unemployment (%) & National Retail Sales (%)
Other Consumer6b, 6dNational Unemployment (%) & National Retail Sales (%)
Other Consumer - SPF6dNational Unemployment (%)
Obligations of States and Political Subdivisions8National Unemployment (%) & Gross Domestic Product (%)
For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics.
The combination of adjustments for credit expectations (default and loss) and time expectations (prepayment, curtailment, and time to recovery) produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows ("NPV"). An allowance for credit loss is established for the difference between the instrument’s NPV and amortized cost basis.
Construction/Land Development and Other Commercial Real Estate Loans. We originate non-farm and non-residential loans (primarily secured by commercial real estate), construction/land development loans, and agricultural loans, which are generally secured by real estate located in our market areas. Our commercial mortgage loans are generally collateralized by first liens on real estate and amortized (where defined) over a 15 to 30 year period with balloon payments due at the end of one to five years. These loans are generally underwritten by assessing cash flow (debt service coverage), primary and secondary source of repayment, the financial strength of the borrower as well as any guarantors, the strength of the tenant (if any), the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. Generally, we will loan up to 85% of the value of improved property, 65% of the value of raw land and 75% of the value of land to be acquired and developed. A first lien on the property and assignment of lease is required if the collateral is rental property, with second lien positions considered on a case-by-case basis.
Residential Real Estate Loans. We originate one to four family, residential mortgage loans generally secured by property located in our primary market areas. Residential real estate loans generally have a loan-to-value ratio of up to 90%. These loans are underwritten by giving consideration to many factors including the borrower’s ability to pay, stability of employment or source of income, debt-to-income ratio, credit history and loan-to-value ratio.

21
Commercial and Industrial Loans. Commercial and industrial loans are made for a variety of business purposes, including working capital, inventory, equipment and capital expansion. The terms for commercial loans are generally one to seven years. Commercial loan applications must be supported by current financial information on the borrower and, where appropriate, by adequate collateral. Commercial loans are generally underwritten by addressing cash flow (debt service coverage), primary and secondary sources of repayment, the financial strength of the borrower as well as any guarantors, the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. The loan to value ratio depends on the type of collateral. Generally, accounts receivable are financed at between 50% and 80% of accounts receivable less than 60 days past due. Inventory financing will range between 50% and 80% (with no work in process) depending on the borrower and nature of inventory. We require a first lien position for those loans.
Consumer & Other Loans. Our consumer & other loans are primarily composed of loans to finance United States Coast Guard registered high-end sail and power boats. The performance of consumer & other loans will be affected by the local and regional economies as well as the rates of personal bankruptcies, job loss, divorce and other individual changes in circumstance.
Off-Balance Sheet Credit Exposures. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit loss on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The Company uses the DCF method to estimate expected losses for all of the Company’s off-balance sheet credit exposures through the use of the existing DCF models for the Company’s loan portfolio pools. The off-balance sheet credit exposures exhibit similar risk characteristics as loans currently in the Company’s loan portfolio.
During the three and nine months ended September 30, 2025, the Company recorded $6.7 million and $9.7 million in provision for credit losses on loans, respectively. Also, during the three and nine months ended September 30, 2025, the Company recovered $1.0 million in credit losses on unfunded commitments.
During the three and nine months ended September 30, 2024, the Company recorded $18.2 million and $31.7 million in provision for credit losses on loans, respectively. $16.7 million of the provision for credit losses recorded during 2024 was used to establish a hurricane reserve for loans impacted by Hurricane Helene. In addition, during the three months ended September 30, 2024, the Company recorded $1.0 million in provision for unfunded commitments, which completely offset the $1.0 million recovery of credit losses on unfunded commitments that was recorded during the first quarter of 2024.
The following table presents the activity in the allowance for credit losses for the three and nine months ended September 30, 2025:
Three Months Ended September 30, 2025
Construction/
Land
Development 		Other
Commercial
Real Estate 		Residential
Real Estate 		Commercial
& Industrial 		Consumer
& Other 		Total
(In thousands)
Allowance for credit losses:
Beginning balance$46,741 $84,279 $57,972 $60,581 $32,296 $281,869 
Loans charged off— (84)(240)(2,821)(1,506)(4,651)
Recoveries of loans previously charged off
2 711 149 653 216 1,731 
Net loans recovered (charged off)
2 627 (91)(2,168)(1,290)(2,920)
Provision for credit losses670 (3,406)4,903 2,632 1,901 6,700 
Balance, September 30$47,413 $81,500 $62,784 $61,045 $32,907 $285,649 
22
Nine Months Ended September 30, 2025
Construction/
Land
Development 		Other
Commercial
Real Estate 		Residential
Real Estate 		Commercial
& Industrial 		Consumer
& Other 		Total
(In thousands)
Allowance for credit losses:
Beginning balance$52,271 $91,315 $50,835 $49,621 $31,838 $275,880 
Loans charged off(70)(2,403)(369)(5,351)(3,987)(12,180)
Recoveries of loans previously charged off543 8,500 212 2,226 768 12,249 
Net loans recovered (charged off)473 6,097 (157)(3,125)(3,219)69 
Provision for credit losses(5,331)(15,912)12,106 14,549 4,288 9,700 
Balance, September 30$47,413 $81,500 $62,784 $61,045 $32,907 $285,649 
During the nine months ended September 30, 2025, the Company reduced the level of the hurricane reserve from $33.4 million to $6.0 million as the deferred loans returned to regular payment during the year. The reduction in the hurricane reserve and the increase in the economic uncertainty related qualitative factor drove the significant changes in reserve levels between commercial real estate and commercial & industrial loans.
The following table presents the activity in the allowance for credit losses for the three and nine months ended September 30, 2024 and the year ended December 31, 2024:
Three Months Ended September 30, 2024
Construction/
Land
Development 		Other
Commercial
Real Estate 		Residential
Real Estate 		Commercial
& Industrial 		Consumer
& Other 		Total
(In thousands)
Allowance for credit losses:
Beginning balance$58,673 $86,842 $51,354 $69,635 $29,352 $295,856 
Loans charged off— — (42)(741)(1,218)(2,001)
Recoveries of loans previously charged off7 34 54 143 281 519 
Net loans recovered (charged off)7 34 12 (598)(937)(1,482)
Provision for credit losses4,718 9,799 8,059 (8,434)4,058 18,200 
Balance, September 30$63,398 $96,675 $59,425 $60,603 $32,473 $312,574 
Nine Months Ended September 30, 2024 and Year Ended December 31, 2024
Construction/
Land
Development 		Other
Commercial
Real Estate 		Residential
Real Estate
Commercial
& Industrial
Consumer
& Other 		Total
(In thousands)
Allowance for credit losses:
Beginning balance$33,877 $78,635 $55,860 $92,810 $27,052 $288,234 
Loans charged off(81)(1,164)(260)(4,500)(3,072)(9,077)
Recoveries of loans previously charged off
96 59 149 503 910 1,717 
Net loans (charged off) recovered
15 (1,105)(111)(3,997)(2,162)(7,360)
Provision for credit loss - loans29,506 19,145 3,676 (28,210)7,583 31,700 
Balance, September 30
63,398 96,675 59,425 60,603 32,473 312,574 
Loans charged off(1,356)(36,968)(6,807)(6,589)(2,239)(53,959)
Recoveries of loans previously charged off
125 — 31 125 284 565 
Net loans (charged off) recovered
(1,231)(36,968)(6,776)(6,464)(1,955)(53,394)
Provision for credit loss - loans(9,896)31,608 (1,814)(4,518)1,320 16,700 
Balance, December 31
$52,271 $91,315 $50,835 $49,621 $31,838 $275,880 
23
During the second quarter of 2024, the Company implemented updated allowance for credit loss models as part of the annual model review and challenge process. In light of the then current commercial real estate ("CRE") environment, the allowance calculation called for a higher level of reserves for the CRE portfolio and a corresponding reduction in reserves for the commercial and industrial portfolio.
The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing as of September 30, 2025 and December 31, 2024:
September 30, 2025
NonaccrualNonaccrual
with Reserve		Loans Past Due
Over 90 Days
Still Accruing
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$22,301 $14,978 $1,136 
Construction/land development3,418 — — 
Agricultural497 — — 
Residential real estate loans
Residential 1-4 family25,547 — 1,529 
Multifamily residential12,907 12,022 — 
Total real estate64,670 27,000 2,665 
Consumer10,798 4,981 4 
Commercial and industrial4,349 — 1,456 
Agricultural & other1,270 — — 
Total$81,087 $31,981 $4,125 
 December 31, 2024
NonaccrualNonaccrual
with Reserve		Loans Past Due
Over 90 Days
Still Accruing
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$35,868 $28,768 $304 
Construction/land development3,702 — 600 
Agricultural559 — — 
Residential real estate loans
Residential 1-4 family22,539 — 1,835 
Multifamily residential13,083 — — 
Total real estate75,751 28,768 2,739 
Consumer6,178 — 32 
Commercial and industrial10,931 — 2,263 
Agricultural & other993 — — 
Total$93,853 $28,768 $5,034 
The Company had $81.1 million and $93.9 million in nonaccrual loans as of September 30, 2025 and December 31, 2024, respectively. In addition, the Company had $4.1 million and $5.0 million in loans past due 90 days or more and still accruing as of September 30, 2025 and December 31, 2024, respectively.
24
The Company had $32.0 million and $28.8 million in nonaccrual loans with a specific reserve as of September 30, 2025 and December 31, 2024, respectively. Interest income recognized on the non-accrual loans for the periods ended September 30, 2025 and September 30, 2024 was considered immaterial.
The following table presents the amortized cost basis of impaired loans (which includes loans individually analyzed for credit losses for which a specific reserve has been recorded, non-accrual loans, loans past due 90 days or more and restructured loans made to borrowers experiencing financial difficulty) by class of loans as of September 30, 2025 and December 31, 2024:
September 30, 2025
Commercial
Real Estate		Residential
Real Estate		Other
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$99,004 $— $— 
Construction/land development3,418 — — 
Agricultural498 — — 
Residential real estate loans
Residential 1-4 family— 29,673 — 
Multifamily residential— 12,907 — 
Total real estate102,920 42,580 — 
Consumer— — 13,752 
Commercial and industrial— — 65,358 
Agricultural & other— — 1,270 
Total$102,920 $42,580 $80,380 
 December 31, 2024
Commercial
Real Estate		Residential
Real Estate		Other
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$125,861 $— $— 
Construction/land development4,301 — — 
Agricultural559 — — 
Residential real estate loans
Residential 1-4 family— 26,549 — 
Multifamily residential— 13,083 — 
Total real estate130,721 39,632 — 
Consumer— — 14,228 
Commercial and industrial— — 82,422 
Agricultural & other— — 993 
Total$130,721 $39,632 $97,643 
The Company had $225.9 million and $268.0 million in impaired loans for the periods ended September 30, 2025 and December 31, 2024, respectively.
Interest recognized on impaired loans during the three and nine months ended September 30, 2025 was approximately $2.8 million and $8.4 million, respectively. Interest recognized on impaired loans during the three and nine months ended September 30, 2024 was approximately $1.3 million and $3.7 million, respectively. The amount of interest recognized on impaired loans on the cash basis is not materially different than the accrual basis.
25
The following is an aging analysis for loans receivable as of September 30, 2025 and December 31, 2024:
September 30, 2025
Loans
Past Due
30-59 Days		Loans
Past Due
60-89 Days		Loans
Past Due
90 Days
or More		Total
Past Due		Current
Loans		Total
Loans
Receivable		Accruing
Loans
Past Due
90 Days
or More
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$5,581 $1,101 $23,437 $30,119 $5,464,373 $5,494,492 $1,136 
Construction/land development2,467 413 3,418 6,298 2,702,899 2,709,197 — 
Agricultural55 — 497 552 330,749 331,301 — 
Residential real estate loans
Residential 1-4 family999 7,864 27,076 35,939 2,106,436 2,142,375 1,529 
Multifamily residential— — 12,907 12,907 703,688 716,595 — 
Total real estate9,102 9,378 67,335 85,815 11,308,145 11,393,960 2,665 
Consumer741 14 10,802 11,557 1,221,966 1,233,523 4 
Commercial and industrial1,459 594 5,805 7,858 2,092,410 2,100,268 1,456 
Agricultural & other1,083 71 1,270 2,424 555,797 558,221 — 
Total$12,385 $10,057 $85,212 $107,654 $15,178,318 $15,285,972 $4,125 
December 31, 2024
Loans
Past Due
30-59 Days		Loans
Past Due
60-89 Days		Loans
Past Due
90 Days
or More		Total
Past Due		Current
Loans		Total
Loans
Receivable		Accruing
Loans
Past Due
90 Days
or More
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$4,352 $38,944 $36,172 $79,468 $5,347,312 $5,426,780 $304 
Construction/land development369 799 4,302 5,470 2,730,744 2,736,214 600 
Agricultural90 43 559 692 336,301 336,993 — 
Residential real estate loans
Residential 1-4 family1,897 4,877 24,374 31,148 1,925,341 1,956,489 1,835 
Multifamily residential— — 13,083 13,083 483,401 496,484 — 
Total real estate6,708 44,663 78,490 129,861 10,823,099 10,952,960 2,739 
Consumer7,046 68 6,210 13,324 1,221,037 1,234,361 32 
Commercial and industrial309 1,028 13,194 14,531 2,008,244 2,022,775 2,263 
Agricultural and other1,082 291 993 2,366 552,038 554,404 — 
Total$15,145 $46,050 $98,887 $160,082 $14,604,418 $14,764,500 $5,034 

26
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 (i) the risk rating of loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) non-performing loans and (v) the general economic conditions in Arkansas, Florida, Texas, Alabama and New York.
The Company utilizes a risk rating matrix to assign a risk rating to each of its loans. Loans are rated on a scale from 1 to 8. Descriptions of the general characteristics of the 8 risk ratings are as follows:
•Risk rating 1 – Excellent. Loans in this category are to persons or entities of unquestionable financial strength, a highly liquid financial position, with collateral that is liquid and well margined. These borrowers have performed without question on past obligations, and the Bank expects their performance to continue. Internally generated cash flow covers current maturities of long-term debt by a substantial margin. Loans secured by bank certificates of deposit and savings accounts, with appropriate holds placed on the accounts, are to be rated in this category.
•Risk rating 2 – Good. These are loans to persons or entities with strong financial condition and above-average liquidity that have previously satisfactorily handled their obligations with the Bank. Collateral securing the Bank’s debt is margined in accordance with policy guidelines. Internally generated cash flow covers current maturities of long-term debt more than adequately. Unsecured loans to individuals supported by strong financial statements and on which repayment is satisfactory may be included in this classification.
•Risk rating 3 – Satisfactory. Loans to persons or entities with an average financial condition, adequate collateral margins, adequate cash flow to service long-term debt, and net worth comprised mainly of fixed assets are included in this category. These entities are minimally profitable now, with projections indicating continued profitability into the foreseeable future. Closely held corporations or businesses where a majority of the profits are withdrawn by the owners or paid in dividends are included in this rating category. Overall, these loans are basically sound.
•Risk rating 4 – Watch. Borrowers who have marginal cash flow, marginal profitability or have experienced an unprofitable year and a declining financial condition characterize these loans. The borrower has in the past satisfactorily handled debts with the Bank, but in recent months has either been late, delinquent in making payments, or made sporadic payments. While the Bank continues to be adequately secured, margins have decreased or are decreasing, despite the borrower’s continued satisfactory condition. Other characteristics of borrowers in this class include inadequate credit information, weakness of financial statement and repayment capacity, but with collateral that appears to limit exposure.
•Risk rating 5 – Other Loans Especially Mentioned ("OLEM"). A loan criticized as OLEM has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. OLEM assets are not adversely classified and do not expose the institution to sufficient risk to warrant adverse classification.
•Risk rating 6 – Substandard. A loan classified as substandard is inadequately protected by the sound worth and paying capacity of the borrower or the collateral pledged. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual assets.
•Risk rating 7 – Doubtful. A loan classified as doubtful has all the weaknesses inherent in a loan classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. These are poor quality loans in which neither the collateral, if any, nor the financial condition of the borrower presently ensure collectability in full in a reasonable period of time; in fact, there is permanent impairment in the collateral securing the loan.
•Risk rating 8 – Loss. Assets classified as loss are considered uncollectible and of such little value that the continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this basically worthless asset, even though partial recovery may occur in the future. This classification is based upon current facts, not probabilities. Assets classified as loss should be charged-off in the period in which they became uncollectible.
Loans that do not share risk characteristics are evaluated on an individual basis. All loans over $2.0 million that are rated 5 – 8 are individually assessed for credit losses on a quarterly basis. For these loans, where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, net of estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. The allowance for credit losses may be zero if the fair value of the collateral, less estimated costs to sell, or present value of cash flows at the measurement date exceeds the amortized cost basis of the loan.
27
Based on the most recent analysis performed, the risk category of loans by class of loans as of September 30, 2025 and December 31, 2024 is as follows:
September 30, 2025
Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Risk rating 1$— $— $— $— $— $309 $136 $445 
Risk rating 2— — — — — — — — 
Risk rating 3348,792 204,769 330,245 651,052 429,947 1,000,935 255,141 3,220,881 
Risk rating 475,032 128,424 91,769 557,970 281,611 638,385 238,978 2,012,169 
Risk rating 5243 26 535 13,425 54 23,006 400 37,689 
Risk rating 611,979 33,456 1,738 40,800 6,540 127,461 — 221,974 
Risk rating 7— — 825 — — — — 825 
Risk rating 8— — — — 509 — — 509 
Total non-farm/non-residential436,046 366,675 425,112 1,263,247 718,661 1,790,096 494,655 5,494,492 
Construction/land development
Risk rating 1$— $— $— $— $9 $— $— $9 
Risk rating 2136 95 131 — — 130 — 492 
Risk rating 3435,575 947,632 207,583 179,940 29,750 62,505 67,375 1,930,360 
Risk rating 448,408 177,468 140,473 200,466 24,604 21,923 142,278 755,620 
Risk rating 5— 2,298 — 16,039 — — — 18,337 
Risk rating 6— 1,681 281 405 967 1,045 — 4,379 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total construction/land development484,119 1,129,174 348,468 396,850 55,330 85,603 209,653 2,709,197 
Agricultural
Risk rating 1$— $— $— $1,204 $— $— $— $1,204 
Risk rating 2— 272 233 — 1,030 — — 1,535 
Risk rating 324,124 34,662 18,408 25,398 12,516 48,338 50,234 213,680 
Risk rating 410,434 14,785 10,288 24,219 18,965 27,246 5,952 111,889 
Risk rating 5— — — — — 54 — 54 
Risk rating 6— — — — 1,531 1,234 174 2,939 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total agricultural34,558 49,719 28,929 50,821 34,042 76,872 56,360 331,301 
Total commercial real estate loans$954,723 $1,545,568 $802,509 $1,710,918 $808,033 $1,952,571 $760,668 $8,534,990 
Residential real estate loans
Residential 1-4 family
Risk rating 1$— $— $— $— $— $85 $1 $86 
Risk rating 2— — 158 — — 2 1 161 
Risk rating 3239,934 177,555 246,653 360,167 174,195 411,783 112,944 1,723,231 
Risk rating 411,589 35,743 15,823 54,433 101,407 74,661 82,717 376,373 
Risk rating 5— — 362 1,394 971 4,976 101 7,804 
Risk rating 652 1,292 3,969 8,890 5,595 14,466 455 34,719 
Risk rating 7— — — — — — — — 
Risk rating 8— — — 1 — — — 1 
Total residential 1-4 family251,575 214,590 266,965 424,885 282,168 505,973 196,219 2,142,375 
28
September 30, 2025
Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Multifamily residential
Risk rating 1$— $— $— $— $— $— $— $— 
Risk rating 2— — — — — — — — 
Risk rating 38,757 32,076 65,062 93,737 29,882 106,745 6,408 342,667 
Risk rating 4900 666 104,766 79,191 10,853 58,060 29,844 284,280 
Risk rating 5— — — 44,522 509 1,522 — 46,553 
Risk rating 6— — — 42,022 — 1,073 — 43,095 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total multifamily residential9,657 32,742 169,828 259,472 41,244 167,400 36,252 716,595 
Total real estate$1,215,955 $1,792,900 $1,239,302 $2,395,275 $1,131,445 $2,625,944 $993,139 $11,393,960 
Consumer
Risk rating 1$4,000 $3,430 $1,533 $1,112 $501 $1,221 $1,969 $13,766 
Risk rating 23 — — — — 225 — 228 
Risk rating 3202,067 227,996 157,682 161,249 143,970 272,885 1,066 1,166,915 
Risk rating 43,105 16,907 3,422 5,328 1,930 5,468 123 36,283 
Risk rating 52 — 24 466 203 1,167 — 1,862 
Risk rating 625 1,029 5,820 855 256 5,337 4 13,326 
Risk rating 7— — 1 — — — — 1 
Risk rating 8— 1 1 1,140 — — — 1,142 
Total consumer209,202 249,363 168,483 170,150 146,860 286,303 3,162 1,233,523 
Commercial and industrial
Risk rating 1$1,920 $3,424 $313 $467 $717 $20,737 $14,577 $42,155 
Risk rating 2— 44 79 309 — 16 3,331 3,779 
Risk rating 3310,612 104,236 411,124 130,951 42,793 230,504 279,093 1,509,313 
Risk rating 435,670 59,717 58,177 46,197 24,171 71,113 167,859 462,904 
Risk rating 5— 19 58 66 4,631 1,016 1,188 6,978 
Risk rating 6787 40,721 483 830 8,473 2,522 20,200 74,016 
Risk rating 7— — — — — — — — 
Risk rating 8— — 2 — 352 — 769 1,123 
Total commercial and industrial348,989 208,161 470,236 178,820 81,137 325,908 487,017 2,100,268 
Agricultural and other
Risk rating 1$238 $577 $347 $— $16 $97 $921 $2,196 
Risk rating 2312 145 255 23 — — 2,377 3,112 
Risk rating 334,832 31,167 4,628 35,427 23,609 36,662 160,944 327,269 
Risk rating 468,750 8,982 1,253 3,138 5,003 25,930 109,031 222,087 
Risk rating 5— — — 1,376 392 — 44 1,812 
Risk rating 6— 297 109 355 39 836 109 1,745 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total agricultural and other104,132 41,168 6,592 40,319 29,059 63,525 273,426 558,221 
Total$1,878,278 $2,291,592 $1,884,613 $2,784,564 $1,388,501 $3,301,680 $1,756,744 $15,285,972 
29
December 31, 2024
Term Loans Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Risk rating 1$— $— $— $— $— $326 $68 $394 
Risk rating 2— — — — — — — — 
Risk rating 3178,690 331,274 645,431 512,315 220,835 934,598 228,198 3,051,341 
Risk rating 4120,700 91,233 531,601 267,040 131,943 617,978 313,529 2,074,024 
Risk rating 527 — 1,266 — 1,040 9,613 343 12,289 
Risk rating 633,781 825 33,998 5,701 9,892 204,535 — 288,732 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total non-farm/non-residential333,198 423,332 1,212,296 785,056 363,710 1,767,050 542,138 5,426,780 
Construction/land development
Risk rating 1$— $— $— $9 $— $— $— $9 
Risk rating 2100 134 — — — 157 — 391 
Risk rating 3791,840 397,607 337,382 85,069 40,870 60,994 70,755 1,784,517 
Risk rating 4171,954 173,190 320,896 29,010 6,848 20,977 207,563 930,438 
Risk rating 513 — 16,390 198 — — — 16,601 
Risk rating 6— 108 1,852 1,182 195 871 38 4,246 
Risk rating 7— — — — — — — — 
Risk rating 8— — — 12 — — — 12 
Total construction/land development963,907 571,039 676,520 115,480 47,913 82,999 278,356 2,736,214 
Agricultural
Risk rating 1$449 $— $1,393 $— $— $— $— $1,842 
Risk rating 2277 238 — 1,080 — — — 1,595 
Risk rating 338,900 32,890 29,013 15,091 20,240 42,896 37,392 216,422 
Risk rating 413,582 10,167 27,987 19,765 10,453 25,539 5,015 112,508 
Risk rating 5— — — — — 571 — 571 
Risk rating 6— — — 1,555 1,084 1,228 188 4,055 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total agricultural53,208 43,295 58,393 37,491 31,777 70,234 42,595 336,993 
Total commercial real estate loans$1,350,313 $1,037,666 $1,947,209 $938,027 $443,400 $1,920,283 $863,089 $8,499,987 
Residential real estate loans
Residential 1-4 family
Risk rating 1$— $— $— $— $— $91 $2 $93 
Risk rating 2— 221 — — — 10 4 235 
Risk rating 3219,885 232,289 370,485 222,761 126,372 342,594 120,626 1,635,012 
Risk rating 414,380 18,404 43,419 22,952 19,318 69,811 93,464 281,748 
Risk rating 5854 1,948 887 2,263 193 1,639 778 8,562 
Risk rating 6— 2,630 8,135 2,971 4,230 12,609 263 30,838 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — 1 — 1 
Total residential 1-4 family235,119 255,492 422,926 250,947 150,113 426,755 215,137 1,956,489 
30
December 31, 2024
Term Loans Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Multifamily residential
Risk rating 1$— $— $— $— $— $— $— $— 
Risk rating 2— — — — — — — — 
Risk rating 33,744 11,304 33,411 39,828 51,573 71,488 7,457 218,805 
Risk rating 4297 395 160,913 8,908 58,236 22,820 12,413 263,982 
Risk rating 5— — — — — 242 — 242 
Risk rating 6— — 12,647 586 — 222 — 13,455 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total multifamily residential4,041 11,699 206,971 49,322 109,809 94,772 19,870 496,484 
Total real estate$1,589,473 $1,304,857 $2,577,106 $1,238,296 $703,322 $2,441,810 $1,098,096 $10,952,960 
Consumer
Risk rating 1$4,977 $2,256 $1,548 $789 $524 $1,001 $1,589 $12,684 
Risk rating 2— — — — — 142 — 142 
Risk rating 3268,747 208,277 206,878 173,224 87,540 234,802 1,152 1,180,620 
Risk rating 47,232 4,556 4,926 1,464 161 5,626 195 24,160 
Risk rating 5— 4 8 216 156 407 — 791 
Risk rating 675 5,741 3,618 181 339 5,946 55 15,955 
Risk rating 7— 2 — — — — — 2 
Risk rating 8— 1 — 6 — — — 7 
Total consumer281,031 220,837 216,978 175,880 88,720 247,924 2,991 1,234,361 
Commercial and industrial
Risk rating 1$6,417 $833 $575 $417 $214 $20,878 $12,044 $41,378 
Risk rating 247 117 442 66 4 18 2,709 3,403 
Risk rating 3131,583 509,552 230,981 60,652 43,587 219,289 196,538 1,392,182 
Risk rating 474,388 53,103 30,832 29,032 6,626 59,163 230,272 483,416 
Risk rating 5— 113 324 4,526 15 — 1,068 6,046 
Risk rating 647,007 3,198 3,646 12,617 11 9,406 20,464 96,349 
Risk rating 7— — — — — — — — 
Risk rating 8— — 1 — — — — 1 
Total commercial and industrial259,442 566,916 266,801 107,310 50,457 308,754 463,095 2,022,775 
Agricultural and other
Risk rating 1$705 $375 $120 $16 $100 $— $993 $2,309 
Risk rating 2153 301 23 — — — 2,175 2,652 
Risk rating 333,060 42,562 38,428 26,408 24,261 31,552 180,103 376,374 
Risk rating 431,896 2,287 7,467 6,998 338 14,067 106,309 169,362 
Risk rating 51,914 — 312 — 61 543 5 2,835 
Risk rating 6— 3 — 39 57 663 110 872 
Risk rating 7— — — — — — — — 
Risk rating 8— — — — — — — — 
Total agricultural and other67,728 45,528 46,350 33,461 24,817 46,825 289,695 554,404 
Total$2,197,674 $2,138,138 $3,107,235 $1,554,947 $867,316 $3,045,313 $1,853,877 $14,764,500 

31
The following table presents gross write-offs by origination date as of September 30, 2025 and December 31, 2024.
September 30, 2025
Gross Loan Write-Offs by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Real estate
Commercial real estate loans
Non-farm/non-residential$— $5 $— $47 $87 $2,264 $— $2,403 
Construction/land development— — 11 — 41 18 — 70 
Agricultural— — — — — — — — 
Residential real estate loans
Residential 1-4 family— — 38 202 — 108 21 369 
Total real estate— 5 49 249 128 2,390 21 2,842 
Consumer219 *54 310 616 279 292 61 1,831 
Commercial and industrial— 15 2,198 636 1,137 654 711 5,351 
Agricultural & other2,154 *— — — — 2 — 2,156 
Total$2,373 $74 $2,557 $1,501 $1,544 $3,338 $793 $12,180 
*The 2025 write-off primarily consists of overdrafts.
December 31, 2024
Gross Loan Write-Offs by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Real estate
Commercial real estate loans
Non-farm/non-residential$— $— $26,059 $779 $9,979 $1,220 $95 $38,132 
Construction/land development— — 666 526 33 — 212 1,437 
Agricultural— — — — — — — — 
Residential real estate loans
Residential 1-4 family— 57 170 1 58 184 97 567 
Multifamily residential— — 6,500 — — — — 6,500 
Total real estate— 57 33,395 1,306 10,070 1,404 404 46,636 
Consumer18 **134 997 246 336 474 9 2,214 
Commercial and industrial— 576 97 691 116 6,005 3,604 11,089 
Agricultural & other3,026 **71 — — — — — 3,097 
Total$3,044 $838 $34,489 $2,243 $10,522 $7,883 $4,017 $63,036 
**The 2024 write-offs primarily consist of overdrafts.

32
The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses. The Company also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following tables present the amortized cost of performing and nonperforming loans as of September 30, 2025 and December 31, 2024.
September 30, 2025
Term Loans Amortized Cost Basis by Origination Year
20252024202320222021PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Performing$436,046 $333,219 $424,287 $1,227,721 $716,367 $1,763,193 $494,655 $5,395,488 
Non-performing— 33,456 825 35,526 2,294 26,903 — 99,004 
Total non-farm/non-residential
436,046 366,675 425,112 1,263,247 718,661 1,790,096 494,655 5,494,492 
Construction/land development
Performing$484,119 $1,127,493 $348,267 $396,524 $54,962 $84,761 $209,653 $2,705,779 
Non-performing— 1,681 201 326 368 842 — 3,418 
Total construction/ land development
484,119 1,129,174 348,468 396,850 55,330 85,603 209,653 2,709,197 
Agricultural
Performing$34,558 $49,719 $28,929 $50,821 $34,042 $76,548 $56,186 $330,803 
Non-performing— — — — — 324 174 498 
Total agricultural34,558 49,719 28,929 50,821 34,042 76,872 56,360 331,301 
Total commercial real estate loans
$954,723 $1,545,568 $802,509 $1,710,918 $808,033 $1,952,571 $760,668 $8,534,990 
Residential real estate loans
Residential 1-4 family
Performing$251,575 $213,176 $262,457 $419,241 $276,722 $493,667 $195,864 $2,112,702 
Non-performing— 1,414 4,508 5,644 5,446 12,306 355 29,673 
Total residential 1-4 family
251,575 214,590 266,965 424,885 282,168 505,973 196,219 2,142,375 
Multifamily residential
Performing$9,657 $32,742 $169,828 $247,450 $41,244 $166,515 $36,252 $703,688 
Non-performing— — — 12,022 — 885 — 12,907 
Total multifamily residential
9,657 32,742 169,828 259,472 41,244 167,400 36,252 716,595 
Total real estate$1,215,955 $1,792,900 $1,239,302 $2,395,275 $1,131,445 $2,625,944 $993,139 $11,393,960 
Consumer
Performing$209,169 $248,356 $162,674 $168,196 $146,813 $281,405 $3,158 $1,219,771 
Non-performing33 1,007 5,809 1,954 47 4,898 4 13,752 
Total consumer209,202 249,363 168,483 170,150 146,860 286,303 3,162 1,233,523 
Commercial and industrial
Performing$348,202 $167,654 $470,006 $178,258 $80,042 $323,742 $467,006 $2,034,910 
Non-performing787 40,507 230 562 1,095 2,166 20,011 65,358 
Total commercial and industrial348,989 208,161 470,236 178,820 81,137 325,908 487,017 2,100,268 
Agricultural and other
Performing$104,132 $40,996 $6,483 $40,007 $29,009 $62,975 $273,349 $556,951 
Non-performing— 172 109 312 50 550 77 1,270 
Total agricultural and other104,132 41,168 6,592 40,319 29,059 63,525 273,426 558,221 
Total$1,878,278 $2,291,592 $1,884,613 $2,784,564 $1,388,501 $3,301,680 $1,756,744 $15,285,972 



33
December 31, 2024
Term Loans Amortized Cost Basis by Origination Year
20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential
Performing$301,127 $423,332 $1,178,297 $784,102 $359,710 $1,712,213 $542,138 $5,300,919 
Non-performing32,071 — 33,999 954 4,000 54,837 — 125,861 
Total non-farm/non-residential
333,198 423,332 1,212,296 785,056 363,710 1,767,050 542,138 5,426,780 
Construction/land development
Performing$963,903 $570,931 $674,668 $114,157 $47,736 $82,199 $278,319 $2,731,913 
Non-performing4 108 1,852 1,323 177 800 37 4,301 
Total construction/land development
963,907 571,039 676,520 115,480 47,913 82,999 278,356 2,736,214 
Agricultural
Performing$53,208 $43,295 $58,393 $37,491 $31,777 $69,863 $42,407 $336,434 
Non-performing— — — — — 371 188 559 
Total agricultural53,208 43,295 58,393 37,491 31,777 70,234 42,595 336,993 
Total commercial real estate loans
$1,350,313 $1,037,666 $1,947,209 $938,027 $443,400 $1,920,283 $863,089 $8,499,987 
Residential real estate loans
Residential 1-4 family
Performing$235,119 $252,691 $416,981 $247,959 $146,817 $415,401 $214,972 $1,929,940 
Non-performing— 2,801 5,945 2,988 3,296 11,354 165 26,549 
Total residential 1-4 family
235,119 255,492 422,926 250,947 150,113 426,755 215,137 1,956,489 
Multifamily residential
Performing$4,041 $11,699 $194,474 $48,736 $109,809 $94,772 $19,870 $483,401 
Non-performing— — 12,497 586 — — — 13,083 
Total multifamily residential
4,041 11,699 206,971 49,322 109,809 94,772 19,870 496,484 
Total real estate$1,589,473 $1,304,857 $2,577,106 $1,238,296 $703,322 $2,441,810 $1,098,096 $10,952,960 
Consumer
Performing$280,956 $215,196 $214,938 $175,706 $88,409 $241,992 $2,936 $1,220,133 
Non-performing75 5,641 2,040 174 311 5,932 55 14,228 
Total consumer281,031 220,837 216,978 175,880 88,720 247,924 2,991 1,234,361 
Commercial and industrial
Performing$212,469 $564,063 $263,604 $106,405 $50,453 $300,351 $443,008 $1,940,353 
Non-performing46,973 2,853 3,197 905 4 8,403 20,087 82,422 
Total commercial and industrial259,442 566,916 266,801 107,310 50,457 308,754 463,095 2,022,775 
Agricultural and other
Performing$67,728 $45,525 $46,350 $33,422 $24,815 $45,922 $289,649 $553,411 
Non-performing— 3 — 39 2 903 46 993 
Total agricultural and other67,728 45,528 46,350 33,461 24,817 46,825 289,695 554,404 
Total$2,197,674 $2,138,138 $3,107,235 $1,554,947 $867,316 $3,045,313 $1,853,877 $14,764,500 
The Company had approximately $49.8 million or 186 total revolving loans convert to term loans for the nine months ended September 30, 2025 compared to $45.3 million or 180 total revolving loans convert to term loans for the nine months ended September 30, 2024. These loans were considered immaterial for vintage disclosure inclusion.

34
The following table presents the amortized cost basis of modified loans to borrowers experiencing financial difficulty by class and modification type at September 30, 2025 and December 31, 2024. 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.
September 30, 2025
Combination of Modifications
Term ExtensionInterest Rate ReductionPrincipal ReductionInterest OnlyInterest Rate Reduction and Term ExtensionTerm Extension and Interest OnlyTerm Extension and Principal ReductionPost-
Modification
Outstanding
Balance		Percentage of Total Class of Loans Receivable
(In thousands)
Real estate:
Commercial real estate loans
    Non-farm/non-residential$381 $31,869 $— $1,058 $332 $14,978 $— $48,618 0.88 %
    Construction/land development— — — 38 — — — 38 — 
Residential real estate loans
    Residential 1-4 family1,044 965 100 21 1,725 — 114 3,969 0.19 
Total real estate1,425 32,834 100 1,117 2,057 14,978 114 52,625 0.46 
Consumer— 2,938 1 — — — — 2,939 0.24 
Commercial and industrial61 59,497 — 358 74 — — 59,990 2.86 
Total$1,486 $95,269 $101 $1,475 $2,131 $14,978 $114 $115,554 0.76 %
December 31, 2024
Combination of Modifications
Term ExtensionInterest Rate ReductionPrincipal ReductionInterest OnlyInterest Rate Reduction and Term ExtensionPrincipal Reduction and Interest Rate ReductionTerm Extension and Interest OnlyTerm Extension and Principal ReductionPost-
Modification
Outstanding
Balance		Percentage of Total Class of Loans Receivable
(In thousands)
Real estate:
Commercial real estate loans
    Non-farm/non-residential$388 $32,096 $— $1,228 $339 $— $15,646 $— $49,697 0.92 %
    Construction/land development— — — 52 — — — — 52 — 
Residential real estate loans
    Residential 1-4 family1,076 1,198 102 22 523 — — 117 3,038 0.16 
Total real estate1,464 33,294 102 1,302 862 — 15,646 117 52,787 0.48 
Consumer6 — — 9 — 2 — — 17 — 
Commercial and industrial2,337 67,017 — 441 76 — — — 69,871 3.45 
Total$3,807 $100,311 $102 $1,752 $938 $2 $15,646 $117 $122,675 0.83 %
During the nine months ended September 30, 2025, the Company restructured approximately $4.3 million in loans to seven borrowers. The ending balance of these loans as of September 30, 2025, was $4.2 million. During the nine months ended September 30, 2024, the Company restructured approximately $1.2 million in loans to eight borrowers. The ending balance of these loans as of September 30, 2024, was $1.1 million. The Company considered the financial effect of these loan modifications to borrowers experiencing financial difficulty during the nine months ended September 30, 2025 and September 30, 2024 as well as the unadvanced balances to these borrowers immaterial for tabular disclosure inclusion.
35
The following table presents the amortized cost basis of loans that had a payment default during the nine months ended September 30, 2025 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.
September 30, 2025
Combination Interest Rate Reduction and Term Extension
(Dollars in thousands)
Real estate
Commercial real estate loans
Non-farm/non-residential$— 
Residential real estate loans
Residential 1-4 family86 
Total real estate86 
Consumer— 
Commercial and industrial— 
Total$86 
The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The Company has modified 11 loans over the past 12 months to borrowers experiencing financial difficulty. The pre-modification balance of the loans was $112.1 million, and the ending balance as of September 30, 2025 was $95.8 million. The $95.8 million balance consists of $85,656 of non-accrual loans and $95.7 million of current loans as of September 30, 2025. Three of the modified loans pertained to one borrower relationship and accounted for $91.4 million of the total post-modification outstanding balance. These loans were modified during the year ended December 31, 2024. The modification involved three new loans being underwritten resulting in the interest rate decreasing by 12 basis points and one of the loans in the relationship being charged-off. The charged-off amount was $26.1 million, and the charge-off was recorded during 2024. Six of the $115.6 million in restructured loans held by the Company were considered to be collateral dependent as of September 30, 2025. The outstanding balance of these loans was $109.3 million, and the specific reserve was $3.4 million.
Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses on loans is adjusted by the same amount. The defaults impact the loss rate by applicable loan pool for the quarterly CECL calculation. For individually analyzed loans which are not considered to be collateral dependent, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation.
The following is a presentation of total foreclosed assets as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
(In thousands)
Commercial real estate loans
Non-farm/non-residential$23,614 $28,392 
Construction/land development16,776 13,391 
Residential real estate loans
Residential 1-4 family873 1,624 
Total foreclosed assets held for sale$41,263 $43,407 
36
5. Goodwill and Core Deposits and Other Intangibles
Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposits and other intangibles at September 30, 2025 and December 31, 2024, were as follows:
September 30, 2025December 31, 2024
(In thousands)
Goodwill
Balance, beginning of period$1,398,253 $1,398,253 
Balance, end of period$1,398,253 $1,398,253 
September 30, 2025December 31, 2024
(In thousands)
Core Deposit Intangibles
Balance, beginning of period, January 1$40,327 $48,770 
Amortization expense(6,096)(6,375)
Balance, September 30$34,231 42,395 
Amortization expense(2,068)
Balance, end of year$40,327 
The carrying basis and accumulated amortization of core deposit intangibles at September 30, 2025 and December 31, 2024 were:
September 30, 2025December 31, 2024
(In thousands)
Gross carrying basis$128,888 $128,888 
Accumulated amortization(94,657)(88,561)
Net carrying amount$34,231 $40,327 
Core deposit intangible amortization expense was approximately $2.0 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively. Core deposit intangible amortization expense was approximately $6.1 million and $6.4 million for the nine months ended September 30, 2025 and 2024, respectively. The Company’s estimated amortization expense of core deposits intangibles for each of the years 2025 through 2029 is approximately: 2025 – $8.0 million; 2026 – $7.8 million; 2027– $6.6 million; 2028 – $4.2 million; 2029 - $4.2 million.
The carrying amount of the Company’s goodwill was $1.40 billion at both September 30, 2025 and December 31, 2024. Goodwill is tested annually for impairment during the fourth quarter or more often if events and circumstances indicate there may be an impairment. During the 2024 review, no impairment was found. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated, and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the consolidated financial statements.
6. Other Assets
Other assets consist primarily of equity securities without a readily determinable fair value and other miscellaneous assets. As of September 30, 2025 and December 31, 2024, other assets were $380.2 million and $345.3 million, respectively.
The Company has equity securities without readily determinable fair values such as stock holdings in the Federal Home Loan Bank ("FHLB"), the Federal Reserve Bank ("Federal Reserve") and First National Bankers' Bank ("FNBB") which are outside the scope of ASC Topic 321, Investments – Equity Securities ("ASC Topic 321"). These equity securities without a readily determinable fair value were $130.9 million and $135.2 million at September 30, 2025 and December 31, 2024, and are accounted for at cost.
The Company has equity securities which are either accounted for under ASC Topic 321 if they lack a readily determinable fair value or using net asset value as the practical expedient to determine fair value under ASC Topic 820. These equity securities were $95.0 million and $91.2 million at September 30, 2025 and December 31, 2024, respectively. There were no transactions during the period that would indicate a material change in fair value.
37
7. Deposits
The aggregate amount of time deposits with a minimum denomination of $250,000 was $1.13 billion and $917.1 million at September 30, 2025 and December 31, 2024, respectively. The aggregate amount of time deposits with a minimum denomination of $100,000 was $1.40 billion and $1.20 billion at September 30, 2025 and December 31, 2024, respectively. Interest expense applicable to certificates in excess of $100,000 totaled $12.9 million and $12.7 million for the three months ended September 30, 2025 and 2024, respectively. Interest expense applicable to certificates in excess of $100,000 totaled $37.7 million and $36.5 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025 and December 31, 2024, brokered deposits were $425.9 million and $448.4 million, respectively.
Deposits totaling approximately $3.02 billion and $3.08 billion at September 30, 2025 and December 31, 2024, respectively, were public funds obtained primarily from state and political subdivisions in the United States.
8. Securities Sold Under Agreements to Repurchase
At September 30, 2025 and December 31, 2024, securities sold under agreements to repurchase totaled $146.0 million and $162.4 million, respectively. For the three-month periods ended September 30, 2025 and 2024, securities sold under agreements to repurchase daily weighted-average totaled $145.9 million and $157.2 million, respectively. For the nine-month periods ended September 30, 2025 and 2024, securities sold under agreements to repurchase daily weighted-average totaled $148.5 million and $163.0 million, respectively.
The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of September 30, 2025 and December 31, 2024 is presented in the following table:
September 30, 2025December 31, 2024
Overnight and
Continuous
Total
Overnight and
Continuous
Total
(In thousands)
Securities sold under agreements to repurchase:
Mortgage-backed securities$56,179 $56,179 $48,056 $48,056 
State and political subdivisions30,626 30,626 37,831 37,831 
Other securities59,193 59,193 76,463 76,463 
Total borrowings$145,998 $145,998 $162,350 $162,350 
9. FHLB and Other Borrowed Funds
The Company’s FHLB borrowed funds, which are secured by our loan portfolio, were $550.0 million and $600.0 million at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025, $100.0 million and $450.0 million of the outstanding balances were classified as short-term and long-term advances, respectively. At December 31, 2024, $100.0 million and $500.0 million of the outstanding balances were classified as short-term and long-term advances, respectively.
The FHLB advances mature from 2025 to 2037 with fixed interest rates ranging from 3.37% to 4.84%. Expected maturities could differ from contractual maturities because FHLB may have the right to call, or the Company may have the right to prepay certain obligations.
Other borrowed funds were $500,000 and $750,000 as of September 30, 2025 and December 31, 2024, respectively. These were classified as short-term advances.
Additionally, the Company had $1.33 billion and $1.22 billion at September 30, 2025 and December 31, 2024, respectively, in letters of credit under a FHLB blanket borrowing line of credit, which are used to collateralize public deposits.
38
10. Subordinated Debentures
Subordinated debentures at September 30, 2025 and December 31, 2024 consisted of the following components:
As of
September 30, 2025
As of
December 31, 2024
(In thousands)
Subordinated debt securities
Subordinated notes, net of issuance costs, issued in 2020, due 2030, fixed rate of 5.50% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty
$— $140,764 
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty
279,093 298,482 
Total$279,093 $439,246 
Subordinated Debt Securities. On July 31, 2025, the Company completed the payoff of its $140.0 million in aggregate principal amount of 5.500% Fixed-to-Floating Rate Subordinated Notes due 2030 (the "2030 Notes") acquired from Happy on April 1, 2022, for which the Company had recorded a value of approximately $144.4 million, including fair value adjustments. Each 2030 Note was redeemed pursuant to the terms of the Subordinated Indenture, dated as of July 30, 2020, between the Company and UMB Bank, the Trustee for the 2030 Notes, at the redemption price of 100% of its principal amount, plus accrued and unpaid interest to, but excluding, the redemption date.
Prior to their redemption, the 2030 Notes were unsecured, subordinated debt obligations of the Company and were scheduled to mature on July 31, 2030. From and including the date of issuance to, but excluding July 31, 2025 or the date of earlier redemption, the 2030 Notes bore interest at an initial rate of 5.50% per annum, payable in arrears on January 31 and July 31 of each year. From and including July 31, 2025 to, but excluding, the maturity date or earlier redemption, the 2030 Notes were to bear interest at a floating rate equal to the Benchmark rate (which is expected to be 3-month Secured Overnight Funding Rate ("SOFR")), each as defined in and subject to the provisions of the applicable supplemental indenture for the 2030 Notes, plus 5.345%, payable quarterly in arrears on January 31, April 30, July 31, and October 31 of each year, commencing on October 31, 2025.
The Company was permitted, beginning with the interest payment date of July 31, 2025, and on any interest payment date thereafter, to redeem the 2030 Notes, in whole or in part, subject to prior approval of the Federal Reserve if then required, at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company was also permitted to redeem the 2030 Notes at any time, including prior to July 31, 2025, at the Company’s option, in whole but not in part, subject to prior approval of the Federal Reserve if then required, if certain events occurred that could impact the Company’s ability to deduct interest payable on the 2030 Notes for U.S. federal income tax purposes or preclude the 2030 Notes from being recognized as Tier 2 capital for regulatory capital purposes, or if the Company was required to register as an investment company under the Investment Company Act of 1940, as amended. In each case, the redemption would be at a redemption price equal to 100% of the principal amount of the 2030 Notes plus any accrued and unpaid interest to, but excluding, the redemption date.
On January 18, 2022, the Company completed an underwritten public offering of $300.0 million in aggregate principal amount of its 3.125% Fixed-to-Floating Rate Subordinated Notes due 2032 (the "2032 Notes") for net proceeds, after underwriting discounts and issuance costs of approximately $296.4 million. The 2032 Notes are unsecured, subordinated debt obligations of the Company and will mature on January 30, 2032. From and including the date of issuance to, but excluding January 30, 2027 or the date of earlier redemption, the 2032 Notes will bear interest at an initial rate of 3.125% per annum, payable in arrears on January 30 and July 30 of each year. From and including January 30, 2027 to, but excluding, the maturity date or earlier redemption, the 2032 Notes will bear interest at a floating rate equal to the Benchmark rate (which is expected to be Three-Month Term SOFR), each as defined in and subject to the provisions of the applicable supplemental indenture for the 2032 Notes, plus 182 basis points, payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year, commencing on April 30, 2027.

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The Company may, beginning with the interest payment date of January 30, 2027, and on any interest payment date thereafter, redeem the 2032 Notes, in whole or in part, subject to prior approval of the Federal Reserve if then required, at a redemption price equal to 100% of the principal amount of the 2032 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the 2032 Notes at any time, including prior to January 30, 2027, at the Company’s option, in whole but not in part, subject to prior approval of the Federal Reserve if then required, if certain events occur that could impact the Company’s ability to deduct interest payable on the 2032 Notes for U.S. federal income tax purposes or preclude the 2032 Notes from being recognized as Tier 2 capital for regulatory capital purposes, or if the Company is required to register as an investment company under the Investment Company Act of 1940, as amended. In each case, the redemption would be at a redemption price equal to 100% of the principal amount of the 2032 Notes plus any accrued and unpaid interest to, but excluding, the redemption date.
On September 4, 2025, the Company repurchased $20.0 million of the 2032 Notes in an open-market transaction. The repurchase resulted in a $1.9 million gain.
11. Income Taxes
In July 2025, the United States enacted the One Big Beautiful Bill Act, which extends certain provisions of the Tax Cuts and Jobs Act of 2017 in addition to other changes. The Company continues to evaluate the impact the new legislation will have on the Company’s consolidated financial statements.
The following is a summary of the components of the provision for income taxes for the three and nine months ended September 30, 2025 and 2024:
For the Three Months Ended September 30,For the Nine Months Ended September 30,
2025202420252024
(In thousands)
Current:
Federal$27,861 $26,586 $77,855 $75,213 
State5,633 5,412 15,742 15,312 
Total current33,494 31,998 93,597 90,525 
Deferred:
Federal1,854 (2,453)6,371 570 
State375 (499)1,288 116 
Total deferred2,229 (2,952)7,659 686 
Income tax expense$35,723 $29,046 $101,256 $91,211 
The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Statutory federal income tax rate21.00 %21.00 %21.00 %21.00 %
Effect of non-taxable interest income(1.19)(1.28)(1.13)(0.98)
Stock compensation0.28 0.58 0.53 0.57 
State income taxes, net of federal benefit2.37 2.45 2.32 2.57 
Other(0.04)(0.25)(0.63)0.06 
Effective income tax rate22.42 %22.50 %22.09 %23.22 %
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The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows:
September 30,
2025		December 31,
2024
(In thousands)
Deferred tax assets:
Allowance for credit losses$78,193 $76,221 
Deferred compensation6,056 6,783 
Stock compensation3,523 4,981 
Non-accrual interest income1,547 1,798 
Real estate owned311 674 
Unrealized loss on investment securities, available-for-sale56,460 79,847 
Loan discounts2,369 3,323 
Investments22,699 26,042 
Accelerated depreciation on premises and equipment2,089 664 
Other12,683 14,634 
Gross deferred tax assets185,930 214,967 
Deferred tax liabilities:
Tax basis on acquisitions9,963 7,439 
Core deposit intangibles7,672 8,997 
FHLB dividends2,054 1,919 
Other10,278 9,915 
Gross deferred tax liabilities29,967 28,270 
Net deferred tax assets$155,963 $186,697 
The Company files income tax returns in the U.S. federal jurisdiction. The Company's income tax returns are open and subject to examinations from the 2021 tax year and forward. The Company's various state income tax returns are generally open from the 2021 and later tax return years based on individual state statute of limitations.
12. Common Stock, Compensation Plans and Other
Common Stock
As of September 30, 2025, the Company’s Restated Articles of Incorporation, as amended, authorized the issuance of up to 400,000,000 shares of common stock, par value $0.01 per share. The Company also has the authority to issue up to 5,500,000 shares of preferred stock, par value $0.01 per share under the Company’s Restated Articles of Incorporation, as amended.
Stock Repurchases
During the nine months ended September 30, 2025, the Company repurchased a total of 2,350,000 shares with a weighted-average stock price of $28.33 per share. Shares repurchased under the program as of September 30, 2025 since its inception total 28,857,507 shares. The remaining balance available for repurchase is 17,650,000 shares at September 30, 2025.
Stock Compensation Plans
The Company has a stock option and performance incentive plan known as the Home BancShares, Inc. 2022 Equity Incentive Plan (the "Plan"). The purpose of the Plan is to attract and retain highly qualified officers, directors, key employees, and other persons, and to motivate those persons to improve the Company’s business results. As of September 30, 2025, the maximum total number of shares of the Company’s common stock available for issuance under the Plan was 14,788,000 shares. At September 30, 2025, the Company had 1,807,514 shares of common stock available for future grants and 3,094,082 shares of common stock reserved for issuance pursuant to the Plan.

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The intrinsic value of the stock options outstanding was $6.8 million, which includes the intrinsic value of vested stock options of $5.5 million at September 30, 2025. The intrinsic value of stock options exercised during the nine months ended September 30, 2025 was approximately $2.6 million. Total unrecognized compensation cost related to non-vested stock option awards, which are expected to be recognized over the vesting periods, was approximately $712,000 as of September 30, 2025.
The table below summarizes the stock option transactions under the Plan at September 30, 2025 and December 31, 2024 and changes during the nine-month period and year then ended:
For the Nine Months Ended September 30, 2025
For the Year Ended
December 31, 2024
Shares (000) Weighted-
Average
Exercisable
Price		Shares (000) Weighted-
Average
Exercisable
Price
Outstanding, beginning of year1,590 $22.66 2,776 $20.95 
Granted10 26.46 10 29.41 
Forfeited/Expired(15)22.00 (35)21.87 
Exercised(298)21.16 (1,161)18.65 
Outstanding, end of period1,287 23.05 1,590 22.66 
Exercisable, end of period1,015 22.88 1,044 22.34 
Stock-based compensation expense for stock-based compensation awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company's employee stock options. The weighted-average fair value of options granted during the nine months ended September 30, 2025 was $6.86. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model based on the weighted-average assumptions for expected dividend yield, expected stock price volatility, risk-free interest rate, and expected life of options granted.
The assumptions used in determining the fair value of the 2025 and 2024 stock option grants were as follows:
For the Nine Months Ended September 30, 2025
For the Year Ended December 31, 2024
Expected dividend yield3.02 %2.65 %
Expected stock price volatility29.16 %28.47 %
Risk-free interest rate4.13 %4.25 %
Expected life of options6.5 years6.5 years
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The following is a summary of currently outstanding and exercisable options at September 30, 2025:
Options OutstandingOptions Exercisable
Exercise PricesOptions
Outstanding
Shares
(000)		Weighted-
Average
Remaining
Contractual
Life (in years)		Weighted-
Average
Exercise
Price		Options
Exercisable
Shares (000)		Weighted-
Average
Exercise
Price
$18.00 to $19.99
22 3.53$19.06 22 $19.06 
$20.00 to $21.99
139 2.7920.88 137 20.87 
$22.00 to $23.99
1,053 2.9223.20 815 23.18 
$24.00 to $25.99
53 3.1725.39 41 25.72 
$26.00 to $27.99
10 9.5526.46 — — 
$28.00 to $29.99
10 9.1129.41— — 
1,287 1,015 
The table below summarized the activity for the Company’s restricted stock issued and outstanding at September 30, 2025 and December 31, 2024 and changes during the period and year then ended:
As of
September 30, 2025
As of
December 31, 2024
(In thousands)
Beginning of year1,429 1,429 
Issued263 531 
Vested(554)(469)
Forfeited(13)(62)
End of period1,125 1,429 
Amount of expense for the nine months and twelve months ended, respectively
$7,403 $8,228 
Total unrecognized compensation cost related to non-vested restricted stock awards, which are expected to be recognized over the vesting periods, was approximately $14.9 million as of September 30, 2025.
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13. Non-Interest Expense
The table below shows the components of non-interest expense for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In thousands)
Salaries and employee benefits$63,804 $58,861 $189,977 $180,198 
Occupancy and equipment14,828 14,546 43,276 43,505 
Data processing expense8,871 9,088 25,793 27,170 
Other operating expenses:
Advertising2,149 1,810 6,131 5,156 
Amortization of intangibles2,024 2,095 6,096 6,375 
Electronic banking expense3,357 3,569 9,584 10,137 
Directors’ fees405 362 1,288 1,283 
Due from bank service charges404 302 968 860 
FDIC and state assessment3,245 3,360 8,268 12,172 
Insurance1,110 926 3,158 2,734 
Legal and accounting1,061 1,902 7,062 6,600 
Other professional fees2,083 2,062 6,241 6,406 
Operating supplies773 673 2,195 1,969 
Postage538 522 1,529 1,542 
Telephone367 455 1,222 1,369 
Other expense9,819 9,512 31,018 27,250 
Total other operating expenses27,335 27,550 84,760 83,853 
Total non-interest expense$114,838 $110,045 $343,806 $334,726 
14. Leases
The Company leases land and office facilities under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2039 and do not include renewal options based on economic factors that would have implied that continuation of the lease was reasonably certain. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. The leases generally include real estate taxes and common area maintenance charges in the rental payments. Short-term leases are leases having a term of twelve months or less. The Company does not separate nonlease components from the associated lease component of our operating leases. As a result, the Company accounts for these components as a single component since (i) the timing and pattern of transfer of the nonlease components and the associated lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company recognizes short term leases on a straight-line basis and does not record a related right-of-use ("ROU") asset and liability for such leases. In addition, equipment leases were determined to be immaterial and a related ROU asset and liability for such leases is not recorded.
As of September 30, 2025, the balances of the ROU asset and lease liability were $36.9 million and $37.8 million, respectively. As of December 31, 2024, the balances of the ROU asset and lease liability were $42.3 million and $45.2 million, respectively. The ROU asset is included in bank premises and equipment, net, and the lease liability is included in accrued interest payable and other liabilities.
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The minimum rental commitments under these noncancelable operating leases are as follows (in thousands) as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
2025$2,705 $10,262 
20269,813 9,663 
20277,701 8,341 
20285,388 6,464 
20295,082 5,675 
Thereafter21,704 16,346 
Total future minimum lease payments$52,393 $56,751 
Discount effect of cash flows(14,556)(11,560)
Present value of net future minimum lease payments$37,837 $45,191 
Additional information (dollar amounts in thousands):
Three Months EndedNine Months Ended
Lease expense:September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Operating lease expense$2,537$2,266$7,158$6,901
Variable lease expense248302790895
Total lease expense$2,785$2,568$7,948$7,796
Other information:
Cash paid for amounts included in the measurement of lease liabilities
$4,124$1,972$8,140$6,802
Weighted-average remaining lease term (in years)
7.787.647.337.75
Weighted-average discount rate3.64 %3.52 %3.64 %3.46 %
The Company currently leases two properties from two related parties. Total rent expense from the leases was $20,000, or 0.71% of total lease expense and $60,000, or 0.75% of total lease expense, for the three and nine months ended September 30, 2025.
15. Significant Estimates and Concentrations of Credit Risks
Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for credit losses and certain concentrations of credit risk are reflected in Note 4, while deposit concentrations are reflected in Note 7.
The Company’s primary market areas are in Arkansas, Florida, Texas, South Alabama and New York. The Company primarily grants loans to customers located within these markets unless the borrower has an established relationship with the Company.
The diversity of the Company’s economic base tends to provide a stable lending environment. Although the Company has a loan portfolio that is diversified in both industry and geographic area, a substantial portion of its debtors’ ability to honor their contracts is dependent upon real estate values, tourism demand and the economic conditions prevailing in its market areas.
Although the Company has a diversified loan portfolio, at September 30, 2025 and December 31, 2024, commercial real estate loans represented 55.8% and 57.6% of total loans receivable, respectively, and 202.5% and 214.6% of total stockholders’ equity, respectively. Residential real estate loans represented 18.7% and 16.6% of total loans receivable and 67.8% and 61.9% of total stockholders’ equity at September 30, 2025 and December 31, 2024, respectively.
Approximately 78.2% of the Company’s total loans and 82.6% of the Company’s real estate loans as of September 30, 2025, are to borrowers whose collateral is located in Alabama, Arkansas, Florida, Texas and New York, the states in which the Company has its branch locations.
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Any future volatility in the economy could cause the values of assets and liabilities recorded in the financial statements to change rapidly, resulting in material future adjustments in asset values, the allowance for credit losses and capital that could negatively impact the Company’s ability to meet regulatory capital requirements and maintain sufficient liquidity.
16. Commitments and Contingencies
In the ordinary course of business, the Company makes various commitments and incurs certain contingent liabilities to fulfill the financing needs of its customers. These commitments and contingent liabilities include lines of credit and commitments to extend credit and issue standby letters of credit. The Company applies the same credit policies and standards as they do in the lending process when making these commitments. The collateral obtained is based on the assessed creditworthiness of the borrower.
At September 30, 2025 and December 31, 2024, commitments to extend credit of $4.02 billion and $4.47 billion, respectively, were outstanding. A percentage of these balances are participated out to other banks; therefore, the Company can call on the participating banks to fund future draws. Since some of these commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements.
Outstanding standby letters of credit are contingent commitments issued by the Company, generally to guarantee the performance of a customer in third-party borrowing arrangements. The term of the guarantee is dependent upon the creditworthiness of the borrower. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. The maximum amount of future payments the Company could be required to make under these guarantees at September 30, 2025 and December 31, 2024, was $146.1 million and $153.9 million, respectively.
The Company and/or its bank subsidiary have various unrelated legal proceedings, most of which involve loan foreclosure activity pending, which, in the aggregate, are not expected to have a material adverse effect on the financial position or results of operations or cash flows of the Company and its subsidiary.
17. Regulatory Matters
The Bank is subject to a legal limitation on dividends that can be paid to the parent company without prior approval of the applicable regulatory agencies. Arkansas bank regulators have specified that the maximum dividend limit state banks may pay to the parent company without prior approval is 75% of the current year earnings plus 75% of the retained net earnings of the preceding year. Since the Bank is also under supervision of the Federal Reserve, it is further limited if the total of all dividends declared in any calendar year by the Bank exceeds the Bank’s net profits to date for that year combined with its retained net profits for the preceding two years. During the nine months ended September 30, 2025, the Company requested approximately $264.1 million in regular dividends from its banking subsidiary.
The Company’s banking subsidiary is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s regulators could require adjustments to regulatory capital not reflected in the consolidated financial statements.
Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total, Tier 1 common equity Tier 1 ("CET1") and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). Management believes that, as of September 30, 2025, the Company meets all capital adequacy requirements to which it is subject.

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On December 31, 2018, the federal banking agencies issued a joint final rule to revise their regulatory capital rules to permit bank holding companies and banks to phase-in, for regulatory capital purposes, the day-one impact of the new CECL accounting rule on retained earnings over a period of three years. As part of its response to the impact of COVID-19, on March 27, 2020, the federal banking regulatory agencies issued an interim final rule that provided the option to temporarily delay certain effects of CECL on regulatory capital for two years, followed by a three-year transition period. The interim final rule allows bank holding companies and banks to delay for two years 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL. The Company elected to adopt the interim final rule, which is reflected in the risk-based capital ratios as of December 31, 2024. The risk-based capital ratios of September 30, 2025 do not include a transitional period adjustment as the transition period has ended.
Basel III became effective for the Company and its bank subsidiary on January 1, 2015. Basel III amended the prompt corrective action rules to incorporate a CET1 requirement and to raise the capital requirements for certain capital categories. In order to be adequately capitalized for purposes of the prompt corrective action rules, a banking organization is required to have at least a 4.5% CET1 risk-based capital ratio, a 4% Tier 1 leverage capital ratio, a 6% Tier 1 risk-based capital ratio and an 8% total risk-based capital ratio.
The Federal Reserve Board’s risk-based capital guidelines include the definitions for (1) a well-capitalized institution, (2) an adequately-capitalized institution, and (3) an undercapitalized institution. Under Basel III, the criteria for a well-capitalized institution are: a 6.5% CET1 risk-based capital ratio, a 5% Tier 1 leverage capital ratio, an 8% Tier 1 risk-based capital ratio, and a 10% total risk-based capital ratio. As of September 30, 2025, the Bank met the capital standards for a well-capitalized institution. The Company’s CET1 risk-based capital ratio, Tier 1 leverage capital ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratio were 16.08%, 13.84%, 16.08%, and 18.85%, respectively, as of September 30, 2025.
18. Additional Cash Flow Information
The following is a summary of the Company’s additional cash flow information during the nine-month period ended:
September 30,
20252024
(In thousands)
Interest paid$300,449 $324,658 
Income taxes paid81,061 80,075 
Assets acquired by foreclosure3,325 11,734 
19. Financial Instruments
Fair value is the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair values:
Level 1Quoted prices in active markets for identical assets or liabilities
Level 2Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities
Level 3Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Transfers of financial instruments between levels within the fair value hierarchy are recognized on the date management determines that the underlying circumstances or assumptions have changed.

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Available-for-sale securities – Available-for-sale securities are the only material instruments valued on a recurring basis which are held by the Company at fair value. The Company's available-for-sale securities are primarily considered to be Level 2 securities. The Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. There were no material transfers between hierarchy levels during the period ended September 30, 2025 and December 31, 2024.
The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities with complicated structures. Pricing for the Company’s investment securities is fairly generic and is easily obtained. The Company uses a third-party comparison pricing vendor in order to reflect consistency in the fair values of the investment securities sampled by the Company each quarter.
The following table presents the Company's financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis during the periods ended September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
Fair Value Measurements
Fair ValueLevel 1Level 2Level 3
(in thousands)
U.S. government-sponsored enterprises$247,315 $— $247,315 $— 
U.S. government-sponsored mortgage-backed securities1,241,056 — 1,241,056 — 
Private mortgage-backed securities147,901 — 147,901 — 
Non-government-sponsored asset backed securities171,033 — 171,033 — 
State and political subdivisions882,329 — 867,014 15,315 
Other securities234,862 — 229,990 4,872 
Total$2,924,496 $— $2,904,309 $20,187 
December 31, 2024
Fair Value Measurements
Fair ValueLevel 1Level 2Level 3
(in thousands)
U.S. government-sponsored enterprises$284,790 $— $284,790 $— 
U.S. government-sponsored mortgage-backed securities1,324,684 — 1,324,684 — 
Private mortgage-backed securities171,394 — 171,394 — 
Non-government-sponsored asset backed securities225,648 — 225,648 — 
State and political subdivisions870,361 — 853,699 16,662 
Other securities195,762 — 190,895 4,867 
Total$3,072,639 $— $3,051,110 $21,529 
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. Assets and liabilities measured at fair value on a nonrecurring basis include the following:

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Individually Evaluated Loans – Individually evaluated loans are the only material financial assets valued on a non-recurring basis which are held by the Company at fair value. When the Company has a specific expectation to initiate, or has initiated, foreclosure proceedings, and when the repayment of a loan is expected to be substantially dependent upon the liquidation of the underlying collateral, the loan relationship is considered to be collateral dependent. Fair value of the loan is determined by establishing an allowance for credit loss for any exposure based on the valuation of the underlying collateral. The valuation of the collateral is determined by either an independent third-party appraisal or other collateral analysis. Discounts can be made by the Company based upon the overall evaluation of the independent appraisal. Collateral-dependent loans are classified within Level 3 of the fair value hierarchy due to the unobservable inputs used in determining their fair value such as collateral values and the borrower’s underlying financial condition. Collateral values supporting the individually assessed loans are evaluated quarterly for updates to appraised values or adjustments due to non-current valuations. The Company reversed $616,000 and $470,000 of accrued interest receivable when impaired loans were put on non-accrual status during the three months ended September 30, 2025 and 2024, respectively. The Company reversed $1.9 million and $956,000 of accrued interest receivable when impaired loans were put on non-accrual status during the nine months ended September 30, 2025 and 2024, respectively.
Foreclosed assets held for sale – Foreclosed assets held for sale are the only material non-financial assets valued on a non-recurring basis which are held by the Company at fair value, less estimated costs to sell. At foreclosure, if the fair value, less estimated costs to sell, of the real estate acquired is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for credit losses. Additionally, valuations are periodically performed by management and any subsequent reduction in value is recognized by a charge to income. Regulatory guidelines require the Company to reevaluate the fair value of foreclosed assets held for sale on at least an annual basis. The Company’s policy is to comply with the regulatory guidelines.
The following table presents the Company's assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis during the periods ended September 30, 2025 and December 31, 2024 (in thousands):
Fair Value Measurements
Fair ValueLevel 1Level 2Level 3
September 30, 2025
(in thousands)
Individually evaluated loans (collateral-dependent)(1)(2)
$226,430 $— $— $226,430 
December 31, 2024
Individually evaluated loans (collateral-dependent)(1)(2)
$209,799 $— $— $209,799 
Foreclosed assets and other real estate owned(1)(3)
17,882 — — 17,882 
(1) These amounts represent the resulting carrying amounts on the consolidated balance sheets for collateral-dependent loans and foreclosed assets and other real estate owned for which fair value re-measurements took place during the period.
(2) Specific reserves of $18.1 million and $23.8 million were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended September 30, 2025 and December 31, 2024, respectively.
(3) Remeasurements of foreclosed assets held for sale resulted in a $2.5 million reduction in fair value for the year ended December 31, 2024.
The significant unobservable (Level 3) inputs used in the fair value measurement of collateral for collateral-dependent impaired loans and foreclosed assets primarily relate to customized discounting criteria applied to the customer’s reported amount of collateral. The amount of the collateral discount depends upon the condition and marketability of the underlying collateral. As the Company’s primary objective in the event of default would be to monetize the collateral to settle the outstanding balance of the loan, less marketable collateral would receive a larger discount. During the reported periods, collateral discounts ranged from approximately 10% to 50%.
The following methods and assumptions were used to estimate the fair value of each class of financial instruments not previously disclosed:
Cash and cash equivalents and federal funds sold – For these short-term instruments, the carrying amount is a reasonable estimate of fair value.

49
Investment securities - held-to-maturity securities – These securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things.
Loans receivable, net of impaired loans and allowance – For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are assumed to approximate the carrying amounts. The fair values for fixed-rate loans are estimated using discounted cash flow analysis, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Loan fair value estimates include judgments regarding future expected loss experience and risk characteristics. Fair values for acquired loans are based on a discounted cash flow methodology that considers factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, current discount rates and whether or not the loan is amortizing. Loans are grouped together according to similar characteristics and are treated in the aggregate when applying various valuation techniques. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses as that has been included in the estimated cash flows.
Accrued interest receivable and payable – The carrying amounts of accrued interest approximates fair value.
FHLB, FRB & FNBB stock; other equity investments; marketable equity securities – The carrying amount of these investments approximate fair value.
Deposits and securities sold under agreements to repurchase – The fair values of demand deposits, savings deposits and securities sold under agreements to repurchase are, by definition, equal to the amount payable on demand and, therefore, approximate their carrying amounts. The fair values for time deposits are estimated using a discounted cash flow calculation that utilizes interest rates currently being offered on time deposits with similar contractual maturities.
FHLB and other borrowed funds – For short-term instruments, the carrying amount is a reasonable estimate of fair value. The fair value of long-term debt is estimated based on the current rates available to the Company for debt with similar terms and remaining maturities.
Subordinated debentures – The fair value of subordinated debentures is estimated using the rates that would be charged for subordinated debentures of similar remaining maturities.
Commitments to extend credit, letters of credit and lines of credit – The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The fair value of these commitments is not material and are therefore, omitted from this disclosure.
The following table presents the estimated fair values of the Company’s financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date.
50
September 30, 2025
Fair Value Measurements
Carrying
Amount		Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Cash and cash equivalents$800,920 $800,920 $— $— $800,920 
Federal funds sold3,625 3,625 — 3,625 
Investment securities - held-to-maturity1,264,200 — 1,157,119 — 1,157,119 
Loans receivable, net of impaired loans and allowance14,792,587 — — 14,817,424 14,817,424 
Accrued interest receivable110,702 110,702 — — 110,702 
FHLB, Federal Reserve & FNBB stock; other equity investments
225,959 — — 225,959 225,959 
Marketable equity securities55,177 55,177 — — 55,177 
Financial liabilities:
Deposits:
Demand and non-interest bearing$3,880,101 $3,880,101 $— $— $3,880,101 
Savings and interest-bearing transaction accounts11,500,921 11,500,921 — — 11,500,921 
Time deposits1,946,674 — — 1,932,935 1,932,935 
Securities sold under agreements to repurchase145,998 145,998 — — 145,998 
FHLB and other borrowed funds550,500 — 520,928 — 520,928 
Accrued interest payable14,151 14,151 — — 14,151 
Subordinated debentures279,093 — — 257,137 257,137 
51
December 31, 2024
Fair Value Measurements
Carrying
Amount		Level 1Level 2Level 3Total
(In thousands)
Financial assets:
Cash and cash equivalents$910,347 $910,347 $— $— $910,347 
Federal funds sold3,725 3,725 — — 3,725 
Investment securities - held-to-maturity1,275,204 — 1,142,940 — 1,142,940 
Loans receivable, net of impaired loans and allowance14,244,458 — — 14,207,935 14,207,935 
Accrued interest receivable120,129 120,129 — — 120,129 
FHLB, Federal Reserve & FNBB stock; other equity investments
226,910 — — 226,910 226,910 
Marketable equity securities48,954 48,954 — — 48,954 
Financial liabilities:
Deposits:
Demand and non-interest bearing$4,006,115 $4,006,115 $— $— $4,006,115 
Savings and interest-bearing transaction accounts11,347,850 11,347,850 — — 11,347,850 
Time deposits1,792,332 — — 1,781,156 1,781,156 
Securities sold under agreements to repurchase162,350 162,350 — — 162,350 
FHLB and other borrowed funds600,750 — 556,095 — 556,095 
Accrued interest payable20,186 20,186 — — 20,186 
Subordinated debentures439,246 — — 375,887 375,887 
20. Segment Information
The Company has one reportable segment: The Banking Segment. The Company's reportable segment is determined by the Chairman and Chief Executive Officer, who is the designated chief operating decision maker ("CODM"), based upon information provided about the Company's products and services offered, primarily banking operations. The segment is also defined by the level of detailed information provided to the CODM, who uses such information to review performance of various components of the business such as geographical regions and branches, which are then aggregated since these have similar operating and economic characteristics. Each of the branches and regions of the Bank provide a group of similar banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts.
The CODM will evaluate the financial performance of the Company's business components such as evaluating revenue streams, significant expenses and budget to actual results in order to assess the Company's segment and to determine the allocation of resources. The CODM uses revenue streams to evaluate product pricing and significant expenses to assess performance and evaluate return on assets. The CODM uses consolidated net income in order to benchmark the Company against its competitors. The benchmarking analysis coupled with monitoring of budget to actual results are used in assessment performance and in establishing compensation. Loans, investments and deposits provide the revenues in the banking operation. Interest expense, provision for credit losses and payroll provide the significant expenses in the banking operation. All operations are domestic.
Accounting policies for segments are the same as those described in Note 1. Segment performance is evaluated using consolidated net income. The table below presents the information reported internally for performance assessment by the CODM as of the three and nine months ended September 30, 2025 and 2024.
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Three Months Ended September 30,Nine Months Ended September 30,
Banking Segment2025202420252024
(In thousands)
Interest Income$323,532 $332,845 $955,189 $977,063 
Reconciliation of revenue:
Other Revenues*51,505 42,779 148,010 127,352 
Total consolidated revenues$375,037 $375,624 $1,103,199 $1,104,415 
Less:
Interest Expense97,366 117,625 294,415 345,431 
Segment net interest income and noninterest income$277,671 $257,999 $808,784 $758,984 
Less:
Provision for credit losses3,506 18,870 6,506 31,370 
Salaries and employee benefits63,804 58,861 189,977 180,198 
Occupancy and equipment**14,828 14,546 43,276 43,505 
Data Processing expense8,871 9,088 25,793 27,170 
Other expense9,819 9,512 31,018 27,250 
FDIC and state assessment3,245 3,360 8,268 12,172 
Electronic banking expense3,357 3,569 9,584 10,137 
Other segment items***10,914 11,109 35,890 34,294 
Income tax expense35,723 29,046 101,256 91,211 
Segment net income/consolidated net income123,604 100,038 357,216 301,677 
Reconciliation of profit or loss:
Adjustments and reconciling items — — — — 
Consolidated net income$123,604 $100,038 $357,216 $301,677 
*Includes earnings in equity method investments of $2.0 million and $1.2 million for the three months ended September 30, 2025 and 2024, respectively. Includes earnings in equity method investments of $11.4 million and $3.4 million for the nine months ended September 30, 2025 and 2024, respectively.
** Includes depreciation and amortization expense of $5.3 million for both the three month periods ended September 30, 2025 and 2024. Includes depreciation and amortization expense of $15.9 million and $16.1 million for the nine months ended September 30, 2025 and 2024, respectively.
***Other segment items include expenses for advertising, amortization of intangibles, directors' fees, due from bank service charges, insurance expense, legal and accounting fees, other professional fees, operating supplies, postage and telephone.





53
21. Recent Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures." The amendments apply to all public entities that are required to report segment information in accordance with FASB ASC Topic 280, Segment Reporting. The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss. Public entities are required to disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. In addition, public entities must provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting, in interim periods. The amendments clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements. The Amendments require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Finally, the amendments require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in the ASU and all existing segment disclosures in ASC Topic 280. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company adopted the guidance effective December 31, 2024, and its adoption did not have a significant impact on our financial position or financial statements.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The amendments require that public business entities on an annual basis (a) disclose specific categories in the rate reconciliation and (b) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments also require that all entities disclose on an annual basis the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). The amendments require that all entities disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. The ASU is effective for public business entities for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company will implement the guidance beginning with the Company's 2025 Annual Report on Form 10-K. The Company does not expect the adoption of the guidance to have a significant impact on our financial position or financial statements.
In November 2024, the FASB issued ASU No. 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses." The ASU requires footnote disclosure about specific expenses by requiring companies to disaggregate, in a tabular presentation, each relevant expense caption on the face of the income statement that includes any of the following natural expenses: (i) purchases of inventory, (ii) employee compensation, (iii) depreciation, (iv) intangible asset amortization and (v) depreciation, depletion and amortization recognized as part of oil- and gas-producing activities. The tabular disclosure would also include certain other expenses, when applicable. The ASU does not change or remove existing expense disclosure requirements; however, it may affect where that information appears in the footnotes to the financial statements. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impacts related to the adoption of the ASU.
In January 2025, the FASB issued ASU No. 2025-01, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date." The ASU revises the effective date to clarify that all public business entities are required to adopt the guidance in the annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Entities within the ASU's scope are permitted to early adopt the ASU. The Company is currently evaluating the potential impacts related to the adoption of the ASU.
54
Report of Independent Registered Public Accounting Firm
Audit Committee, Board of Directors and Stockholders
Home BancShares, Inc.
Results of Review of Interim Consolidated Financial Statements
We have reviewed the condensed consolidated balance sheet of Home BancShares Inc. ("the Company") and subsidiaries as of September 30, 2025, and the related condensed consolidated statements of income, comprehensive income, stockholders’ equity for the three-month and nine-month periods ended September 30, 2025 and 2024, and cash flows for the nine-month periods ended September 30, 2025 and 2024, and the related notes (collectively referred to as the "interim financial information or statements"). Based on our reviews, we are not aware of any material modifications that should be made to the condensed financial statements referred to above for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), the consolidated balance sheet of the Company and subsidiaries as of December 31, 2024, and the related consolidated statements of income, comprehensive income (loss) , stockholders’ equity, and cash flows for the year then ended (not presented herein), and in our report dated February 27, 2025 we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.
Basis for Review Results
These interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
/s/ Forvis Mazars, LLP

Little Rock, Arkansas
November 4, 2025
55
Item 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with our Form 10-K, filed with the Securities and Exchange Commission on February 27, 2025, which includes the audited financial statements for the year ended December 31, 2024. Unless the context requires otherwise, the terms "Company," "us," "we," and "our" refer to Home BancShares, Inc. on a consolidated basis.
General
We are a bank holding company headquartered in Conway, Arkansas, offering a broad array of financial services through our wholly-owned bank subsidiary, Centennial Bank (sometimes referred to as "Centennial" or the "Bank"). As of September 30, 2025, we had, on a consolidated basis, total assets of $22.71 billion, loans receivable, net of allowance for credit losses, of $15.00 billion, total deposits of $17.33 billion, and stockholders’ equity of $4.21 billion.
We generate the majority of our revenue from interest on loans and investments, service charges, and mortgage banking income. Deposits and Federal Home Loan Bank ("FHLB") and other borrowed funds are our primary sources of funding. Our largest expenses are interest on our funding sources, salaries and related employee benefits and occupancy and equipment. We measure our performance by calculating our return on average common equity, return on average assets and net interest margin. We also measure our performance by our efficiency ratio, which is calculated by dividing non-interest expense less amortization of core deposit intangibles by the sum of net interest income on a tax equivalent basis and non-interest income. The efficiency ratio, as adjusted, is a non-GAAP measure and is calculated by dividing non-interest expense less amortization of core deposit intangibles by the sum of net interest income on a tax equivalent basis and non-interest income excluding adjustments such as merger and acquisition expenses and/or certain gains, losses and other non-interest income and expenses.
Table 1: Key Financial Measures
As of or for the Three Months Ended September 30,As of or for the Nine Months Ended September 30,
2025202420252024
(Dollars in thousands, except per share data)
Total assets$22,707,802$22,823,117$22,707,802$22,823,117
Loans receivable15,285,97214,823,97915,285,97214,823,979
Allowance for credit losses(285,649)(312,574)(285,649)(312,574)
Total deposits17,327,69616,705,71017,327,69616,705,710
Total stockholders’ equity4,214,9643,959,7894,214,9643,959,789
Net income123,604100,038357,216301,677
Basic earnings per share0.630.501.811.51
Diluted earnings per share0.630.501.801.51
Book value per share21.4119.9121.4119.91
Tangible book value per share (non-GAAP)(1)
14.1312.6714.1312.67
Annualized net interest margin - FTE4.56%4.28%4.48%4.23%
Efficiency ratio40.2141.4241.3542.91
Efficiency ratio, as adjusted (non-GAAP)(2)
40.9541.6641.9142.87
Return on average assets2.171.742.111.77
Return on average common equity11.9110.2311.8110.53
(1)See Table 25 for the non-GAAP tabular reconciliation.
(2)See Table 29 for the non-GAAP tabular reconciliation.




56
Overview
Results of Operations for the Three Months Ended September 30, 2025 and 2024
Our net income increased $23.6 million, or 23.6%, to $123.6 million for the three-month period ended September 30, 2025, from $100.0 million for the same period in 2024. On a diluted earnings per share basis, our earnings were $0.63 per share for the three-month period ended September 30, 2025 compared to $0.50 per share for the three-month period ended September 30, 2024. During the three months ended September 30, 2025, the Company recorded $6.7 million in provision for credit losses on loans. In addition, the Company recorded a $1.0 million recovery of credit losses on unfunded commitments. The Company also recorded a $2.2 million recovery of credit losses on investment securities. As a result, total credit loss expense for the three-month period ended September 30, 2025 was $3.5 million. During the three months ended September 30, 2025, the Company recorded $2.0 million in recoveries on historic losses, a $1.9 million gain on the retirement of subordinated debt, a $1.0 million increase in the fair value of marketable securities and $187,000 in bank owned life insurance ("BOLI") death benefits.
Total interest expense decreased $20.3 million, or 17.2%, and non-interest income increased $8.7 million, or 20.4%. This was partially offset by a $9.3 million, or 2.8%, decrease in total interest income and a $4.8 million, or 4.4%, increase in non-interest expense. The decrease in interest expense was primarily due to a $9.8 million, or 10.0%, decrease in interest on deposits and a $9.0 million, or 62.6%, decrease in interest on FHLB and other borrowed funds. The increase in non-interest income was primarily due to a $6.4 million, or 85.8%, increase in other income and a $1.6 million, or 15.6%, increase in other service charges and fees. Included within other income was the $2.0 million in income from recoveries of historic losses, $1.9 million gain on retirement of subordinated debt and $187,000 in BOLI death benefits. The decrease in interest income resulted from a $5.9 million, or 48.4%, decrease in interest income on deposits at other banks, and a $4.6 million, or 12.0%, decrease in investment interest income, which was partially offset by a $1.2 million, or 0.4%, increase in loan interest income. The increase in non-interest expense was primarily due to a $4.9 million, or 8.4%, increase in salaries and employee benefits expense.
Our net interest margin increased from 4.28% for the three-month period ended September 30, 2024 to 4.56% for the three-month period ended September 30, 2025. The yield on interest earning assets decreased from 6.60% for the three-months ended September 30, 2025 to 6.49% for the three-months ended September 30, 2024, and average interest earning assets decreased from $20.23 billion to $19.94 billion. The decrease in average interest earning assets is primarily due to a $400.3 million decrease in average investment securities and a $335.8 million decrease in average interest-bearing balances due from banks, partially offset by a $453.8 million increase in average loans receivable. For the three months ended September 30, 2025 and 2024, we recognized $1.3 million and $1.9 million, respectively, in total net accretion for acquired loans and deposits. The reduction in accretion was dilutive to the net interest margin by one basis point. We recognized $1.5 million in event income for the three-months ended September 30, 2025 compared to $573,000 for the three-months ended September 30, 2024. The increase in accretion was accretive to the net interest margin by two basis points. The cost of interest bearing liabilities decreased from 3.17% for the three-months ended September 30, 2024 to 2.69% for the three-months ended September 30, 2025, and average interest-bearing liabilities decreased from $14.76 billion to $14.36 billion. The decrease in average interest-bearing liabilities is primarily due to a $750.4 million decrease in FHLB and other borrowed funds and a $100.7 million decrease in average subordinated debentures, which was partially offset by a $454.5 million increase in average interest-bearing deposits. The reduction in FHLB borrowed funds was due to the Company paying off its Bank Term Funding Program ("BTFP") advance in November 2024. During the third quarter of 2024, the Company held excess liquidity of approximately $500.0 million, primarily related to the BTFP advance, which was dilutive to the net interest margin by approximately 10 basis points. The reduction in subordinated debentures was due to the Company completing the payoff of its $140.0 million 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030 and the Company also repurchasing $20.0 million of its $300.0 million Fixed-to-Floating Rate Subordinated Notes due 2032 during the third quarter of 2025. The two payoff events were accretive to the net interest margin by approximately three basis points. The overall increase in the net interest margin was due to a decrease in interest expense resulting from a decrease in interest rates paid on interest-bearing liabilities, a decrease in interest expense resulting from a reduction in the average balance of interest-bearing liabilities and an increase in interest income resulting from the increase in the average balance of interest-earning assets which was partially offset by a decrease in interest income due to a reduction in asset yields.
Our efficiency ratio was 40.21% for the three months ended September 30, 2025, compared to 41.42% for the same period in 2024. For the third quarter of 2025, our efficiency ratio, as adjusted (non-GAAP), was 40.95%, compared to 41.66% reported for the third quarter of 2024. (See Table 29 for the non-GAAP tabular reconciliation).
Our annualized return on average assets was 2.17% for the three months ended September 30, 2025, compared to 1.74% for the same period in 2024. (See Table 26 for the related non-GAAP financial measures and tabular reconciliation). Our annualized return on average common equity was 11.91% and 10.23% for the three months ended September 30, 2025, and 2024, respectively. (See Table 27 for the related non-GAAP financial measures and tabular reconciliation).
57
Results of Operations for the Nine Months Ended September 30, 2025 and 2024
Our net income increased $55.5 million, or 18.4%, to $357.2 million for the nine-month period ended September 30, 2025, from $301.7 million for the same period in 2024. On a diluted earnings per share basis, our earnings were $1.80 per share for the nine-month period ended September 30, 2025 compared to $1.51 per share for the nine-month period ended September 30, 2024. During the nine months ended September 30, 2025, the Company recorded $9.7 million in provision for credit losses on loans. In addition, the Company recorded a $1.0 million recovery of credit losses on unfunded commitments. The Company also recorded a $2.2 million recovery of credit losses on investment securities. As a result, total credit loss expense for the nine months ended September 30, 2025 was $6.5 million. During the nine months ended September 30, 2025, the Company recorded $7.4 million in special income from equity investments, $2.0 million in recoveries on historic losses, a $1.9 million gain on the retirement of subordinated debt, $1.5 million in income from an FDIC assessment reduction, $1.4 million in BOLI death benefits, a $1.2 million increase in the fair value of marketable securities, a $983,000 gain on sale of bank premises and equipment, and $885,000 in legal fee reimbursements, which was partially offset by $3.3 million in legal claims expense.
Total interest expense decreased $51.0 million, or 14.8%, and non-interest income increased $20.7 million, or 16.2%. This was partially offset by a $21.9 million, or 2.2%, decrease in total interest income and a $9.1 million, or 2.7%, increase in non-interest expense. The decrease in interest expense was primarily due to a $26.1 million, or 60.8%, decrease in interest on FHLB and other borrowed funds and a $22.8 million, or 8.0%, decrease in interest on deposits. The increase in non-interest income was primarily due to a $17.3 million, or 80.3%, increase in other income and a $4.1 million, or 13.1%, increase in other service charges and fees. Included within other income was the $7.4 million in special income from equity investments, $2.0 million in recoveries on historic losses, $1.9 million gain on retirement of subordinated debt, $1.4 million in BOLI death benefits and $885,000 in legal fee reimbursements. The decrease in interest income resulted from a $16.9 million, or 14.1%, decrease in investment interest income and a $13.4 million, or 38.0%, decrease in interest income on deposits at other banks, which was partially offset by an $8.4 million, or 1.0%, increase in loan interest income. The increase in non-interest expense was primarily due to a $9.8 million, or 5.4%, increase in salaries and employee benefits expense, which was partially offset by a $1.4 million, or 5.1%, decrease in data processing expense.
Our net interest margin increased from 4.23% for the nine-month period ended September 30, 2024 to 4.48% for the nine-month period ended September 30, 2025. The yield on interest earning assets was 6.45% and 6.52% for the nine months ended September 30, 2025 and 2024, respectively, and average interest earning assets decreased from $20.16 billion to $19.95 billion. The decrease in average interest earning assets is primarily due to a $413.1 million decrease in average investment securities and a $214.1 million decrease in average interest-bearing balances due from banks, which was partially offset by a $423.1 million increase in average loans receivable. For the nine months ended September 30, 2025 and 2024, we recognized $3.9 million and $6.5 million, respectively, in total net accretion for acquired loans and deposits. The reduction in accretion was dilutive to the net interest margin by two basis points. We recognized $3.4 million in event income for both the nine-months ended September 30, 2025 and 2024. The cost of interest bearing liabilities decreased from 3.14% for the nine-months ended September 30, 2024 to 2.73% for the nine-months ended September 30, 2025, and average interest-bearing liabilities decreased from $14.72 billion to $14.44 billion. The decrease in average interest-bearing liabilities is primarily due to a $728.5 million decrease in FHLB and other borrowed funds and a $34.3 million decrease in subordinated debentures, which was partially offset by a $504.0 million increase in average interest-bearing deposits. The reduction in FHLB borrowed funds was due to the Company paying off its BTFP advance in November 2024. During the third quarter of 2024, the Company held excess liquidity of approximately $500.0 million, primarily related to the BTFP advance, which was dilutive to the net interest margin by approximately 10 basis points. The reduction in subordinated debentures was due to the Company completing the payoff of its $140.0 million 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030 and the Company also repurchasing $20.0 million of its $300.0 million Fixed-to-Floating Rate Subordinated Notes due 2032 during the third quarter of 2025. The two payoff events were accretive to the net interest margin by approximately one basis point. The overall increase in the net interest margin was due to a decrease in interest expense resulting from a decrease in interest rates paid on interest-bearing liabilities, a decrease in interest expense resulting from a reduction in the average balance of interest-bearing liabilities and an increase in interest income resulting from the increase in the average balance of interest-earning assets which was partially offset by a decrease in interest income due to a reduction in asset yields.
Our efficiency ratio was 41.35% for the nine months ended September 30, 2025, compared to 42.91% for the same period in 2024. For the nine months ended September 30, 2025, our efficiency ratio, as adjusted (non-GAAP), was 41.91%, compared to 42.87% reported for the same period of 2024. (See Table 29 for the non-GAAP tabular reconciliation).
Our annualized return on average assets was 2.11% for the nine months ended September 30, 2025, compared to 1.77% for the same period in 2024. (See Table 26 for the related non-GAAP financial measures and tabular reconciliation). Our annualized return on average common equity was 11.81% and 10.53% for the nine months ended September 30, 2025, and 2024, respectively. (See Table 27 for the related non-GAAP financial measures and tabular reconciliation).

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Financial Condition as of and for the Period Ended September 30, 2025 and December 31, 2024
Our total assets as of September 30, 2025 increased $217.1 million to $22.71 billion from $22.49 billion reported as of December 31, 2024. Cash and cash equivalents decreased $109.4 million for the nine months ended September 30, 2025. Our loan portfolio balance increased to $15.29 billion, as of September 30, 2025, from $14.76 billion at December 31, 2024. The increase in loans was primarily due to $563.1 million of organic loan growth in our community banking footprint, which was partially offset by $41.6 million of loan decline from our Centennial Commercial Finance Group ("Centennial CFG") franchise. Investment securities decreased by $159.1 million resulting from paydowns and maturities during the first nine months of 2025. Total deposits increased $181.4 million to $17.33 billion as of September 30, 2025 from $17.15 billion as of December 31, 2024. Subordinated debentures decreased by $160.2 million for the nine months ended September 30, 2025. The reduction in subordinated debentures was due to the Company completing the payoff of its $140.0 million 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030 and the Company also repurchasing $20.0 million of its $300.0 million Fixed-to-Floating Rate Subordinated Notes due 2032 during the third quarter of 2025. Stockholders’ equity increased $253.9 million to $4.21 billion as of September 30, 2025, compared to $3.96 billion as of December 31, 2024. The $253.9 million increase in stockholders’ equity is primarily associated with the $357.2 million in net income and $73.0 million in other comprehensive income for the nine months ended September 30, 2025, which was partially offset by the $117.7 million in shareholder dividends paid and stock repurchases of $67.3 million.
Our non-performing loans were $85.2 million, or 0.56% of total loans as of September 30, 2025, compared to $98.9 million, or 0.67% of total loans, as of December 31, 2024. The allowance for credit losses as a percentage of non-performing loans increased to 335.22% as of September 30, 2025, from 278.99% as of December 31, 2024. As of September 30, 2025, our non-performing assets decreased to $126.5 million, or 0.56% of total assets, from $142.4 million, or 0.63% of total assets, as of December 31, 2024.
Critical Accounting Policies and Estimates
Overview. We prepare our consolidated financial statements based on the selection of certain accounting policies, generally accepted accounting principles and customary practices in the banking industry. These policies, in certain areas, require us to make significant estimates and assumptions. Our accounting policies are described in detail in the notes to our consolidated financial statements included as part of this document.
We consider a policy critical if (i) the accounting estimate requires assumptions about matters that are highly uncertain at the time of the accounting estimate; and (ii) different estimates that could reasonably have been used in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, would have a material impact on our financial statements. Using these criteria, we believe that the accounting policies most critical to us are those associated with our lending practices, including the accounting for the allowance for credit losses, foreclosed assets, investments, intangible assets, income taxes and stock options.
Credit Losses. We account for credit losses in accordance with ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASC 326" or "CECL"). The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases.
Investments – Available-for-sale. Securities available-for-sale ("AFS") are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income (loss), net of taxes. Securities that are held as available-for-sale are used as a part of our asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326. The Company first assesses whether it intends to sell or is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet this criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, and changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The Company has made the election to exclude accrued interest receivable on AFS securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are
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recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met.
Investments – Held-to-Maturity. Debt securities held-to-maturity ("HTM"), which include any security for which we have the positive intent and ability to hold until maturity, are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized/accreted to the call date to interest income using the constant effective yield method over the estimated life of the security. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326. The Company measures expected credit losses on HTM securities on a collective basis by major security type, with each type sharing similar risk characteristics. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company has made the election to exclude accrued interest receivable on HTM securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed.
Loans Receivable and Allowance for Credit Losses. Except for loans acquired during our acquisitions, substantially all of our loans receivable are reported at their outstanding principal balance adjusted for any charge-offs, as it is management’s intent to hold them for the foreseeable future or until maturity or payoff, except for mortgage loans held for sale. Interest income on loans is accrued over the term of the loans based on the principal balance outstanding.
The allowance for credit losses on loans receivable is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed and expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off.
Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in the national unemployment rate, gross domestic product, rental vacancy rate, housing price index and rental vacancy rate index.
The allowance for credit losses is measured based on call report segment as these types of loans exhibit similar risk characteristics. The identified loan segments are as follows:
•1-4 family residential construction loans
•Other construction loans and all land development and other land loans
•Loans secured by farmland (including farm residential and other improvements)
•Revolving, open-end loans secured by 1-4 family residential properties and extended under lines
•Secured by first liens
•Secured by junior liens
•Secured by multifamily (5 or more) residential properties
•Loans secured by owner-occupied, nonfarm nonresidential properties
•Loans secured by other nonfarm nonresidential properties
•Loans to finance agricultural production and other loans to farmers
•Commercial and industrial loans
•Other revolving credit plans
•Automobile loans
•Other consumer loans
•Other consumer loans - Shore Premier Finance
•Obligations (other than securities and leases) of states and political subdivisions in the US
•Loans to nondepository financial institutions
•Loans for purchasing or carrying securities
•All other loans
•Leases

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The allowance for credit losses for each segment is measured through the use of the discounted cash flow method ("DCF"). Loans evaluated individually that are considered to be collateral dependent are not included in the collective evaluation. For these loans, where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral, net of estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the loan, net of estimated costs to sell. For individually analyzed loans which are not considered to be collateral dependent, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation.
Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments and curtailments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies:
•Management has a reasonable expectation at the reporting date that restructured loans made to borrowers experiencing financial difficulty will be executed with an individual borrower.
•The extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.
Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factors ("Q-Factors") and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system; and (ix) economic conditions.
Loans are placed on non-accrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. Accrued interest related to non-accrual loans is generally charged against the allowance for credit losses when accrued in prior years and reversed from interest income if accrued in the current year. Interest income on non-accrual loans may be recognized to the extent cash payments are received, although the majority of payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status when principal and interest payments are less than 90 days past due, the customer has made required payments for at least six months, and we reasonably expect to collect all principal and interest.
The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Purchase credit deteriorated ("PCD") loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit loss.
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for or reversal of credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life.
Foreclosed Assets Held for Sale. Real estate and personal property acquired through or in lieu of loan foreclosure are to be sold and are initially recorded at fair value at the date of foreclosure, establishing a new cost basis. Valuations are periodically performed by management, and the real estate and personal property are carried at fair value less costs to sell. Gains and losses from the sale of other real estate and personal property are recorded in non-interest income, and expenses used to maintain the properties are included in non-interest expenses.
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Intangible Assets. Intangible assets consist of goodwill and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The core deposit intangible represents the excess intangible value of acquired deposit customer relationships as determined by valuation specialists. The core deposit intangibles are being amortized over 48 months to 121 months on a straight-line basis. Goodwill is not amortized but rather is evaluated for impairment on at least an annual basis. We perform an annual impairment test of goodwill and core deposit intangibles as required by FASB ASC 350, Intangibles - Goodwill and Other, in the fourth quarter or more often if events and circumstances indicate there may be an impairment.
Income Taxes. We account for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. We determine deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur.
Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term "more likely than not" means a likelihood of more than 50 percent; the terms "examined" and "upon examination" also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to the management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized.
Both we and our subsidiary file consolidated tax returns. Our subsidiary provides for income taxes on a separate return basis, and remits to us amounts determined to be currently payable.
Stock Compensation. In accordance with FASB ASC 718, Compensation - Stock Compensation, and FASB ASC 505-50, Equity-Based Payments to Non-Employees, the fair value of each option award is estimated on the date of grant. We recognize compensation expense for the grant-date fair value of the option award over the vesting period of the award.
Branches
As opportunities arise, we will continue to open new (commonly referred to as de novo) branches in our current markets and in other attractive market areas.
During the nine months ended September 30, 2025, we closed one branch in Jacksonville, Arkansas, and we opened a new branch in San Antonio, Texas.
As of September 30, 2025, we had 218 branch locations. There were 75 branches in Arkansas, 78 branches in Florida, 59 branches in Texas, five branches in Alabama and one branch in New York City.
Results of Operations
For the three and nine months ended September 30, 2025 and 2024
Our net income increased $23.6 million, or 23.6%, to $123.6 million for the three-month period ended September 30, 2025, from $100.0 million for the same period in 2024. On a diluted earnings per share basis, our earnings were $0.63 per share for the three-month period ended September 30, 2025 compared to $0.50 per share for the three-month period ended September 30, 2024. During the three months ended September 30, 2025, the Company recorded $6.7 million in provision for credit losses on loans. In addition, the Company recorded a $1.0 million recovery of credit losses on unfunded commitments. The Company also recorded a $2.2 million recovery of credit losses on investment securities. As a result, total credit loss expense for the three-month period ended September 30, 2025 was $3.5 million. During the three months ended September 30, 2025, the Company recorded $2.0 million in recoveries on historic losses, a $1.9 million gain on the retirement of subordinated debt, a $1.0 million increase in the fair value of marketable securities and $187,000 in BOLI death benefits.
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Our net income increased $55.5 million, or 18.4%, to $357.2 million for the nine-month period ended September 30, 2025, from $301.7 million for the same period in 2024. On a diluted earnings per share basis, our earnings were $1.80 per share for the nine-month period ended September 30, 2025 compared to $1.51 per share for the nine-month period ended September 30, 2024. During the nine months ended September 30, 2025, the Company recorded $9.7 million in provision for credit losses on loans. In addition, the Company recorded a $1.0 million recovery of credit losses on unfunded commitments. The Company also recorded a $2.2 million recovery of credit losses on investment securities. As a result, total credit loss expense for the nine months ended September 30, 2025 was $6.5 million. During the nine months ended September 30, 2025, the Company recorded $7.4 million in special income from equity investments, $2.0 million in recoveries on historic losses, a $1.9 million gain on the retirement of subordinated debt, $1.5 million in income from an FDIC assessment reduction, $1.4 million in BOLI death benefits, a $1.2 million increase in the fair value of marketable securities, a $983,000 gain on sale of bank premises and equipment, and $885,000 in legal fee reimbursements, which was partially offset by $3.3 million in legal claims expense.
Net Interest Income
Net interest income, our principal source of earnings, is the difference between the interest income generated by earning assets and the total interest cost of the deposits and borrowings obtained to fund those assets. Factors affecting the level of net interest income include the volume of earning assets and interest-bearing liabilities, yields earned on loans and investments, rates paid on deposits and other borrowings, the level of non-performing loans and the amount of non-interest-bearing liabilities supporting earning assets. Net interest income is analyzed in the discussion and tables below on a fully taxable equivalent basis. The adjustment to convert certain income to a fully taxable equivalent basis consists of dividing tax-exempt income by one minus the combined federal and state income tax rate (24.433% and 24.989% for 2025 and 2024, respectively).
The Federal Reserve Board sets various benchmark rates, including the Federal Funds rate, and thereby influences the general market rates of interest, including the deposit and loan rates offered by financial institutions. The Federal Reserve reduced the target rate three times during 2024. First, on September 18, 2024, the target rate was reduced to 4.75% to 5.00%, second, on November 7, 2024, the target rate was reduced to 4.50% to 4.75% and third, on December 18, 2024, the target rate was reduced to 4.25% to 4.50%. On September 17, 2025, the Federal Reserve reduced the target rate to 4.00% to 4.25%.
Our net interest margin increased from 4.28% for the three-month period ended September 30, 2024 to 4.56% for the three-month period ended September 30, 2025. The yield on interest earning assets decreased from 6.60% for the three-months ended September 30, 2025 to 6.49% for the three-months ended September 30, 2024, and average interest earning assets decreased from $20.23 billion to $19.94 billion. The decrease in average interest earning assets is primarily due to a $400.3 million decrease in average investment securities and a $335.8 million decrease in average interest-bearing balances due from banks, partially offset by a $453.8 million increase in average loans receivable. For the three months ended September 30, 2025 and 2024, we recognized $1.3 million and $1.9 million, respectively, in total net accretion for acquired loans and deposits. The reduction in accretion was dilutive to the net interest margin by one basis point. We recognized $1.5 million in event income for the three-months ended September 30, 2025 compared to $573,000 for the three-months ended September 30, 2024. The increase in accretion was accretive to the net interest margin by two basis points. The cost of interest bearing liabilities decreased from 3.17% for the three-months ended September 30, 2024 to 2.69% for the three-months ended September 30, 2025, and average interest-bearing liabilities decreased from $14.76 billion to $14.36 billion. The decrease in average interest-bearing liabilities is primarily due to a $750.4 million decrease in FHLB and other borrowed funds and a $100.7 million decrease in average subordinated debentures, which was partially offset by a $454.5 million increase in average interest-bearing deposits. The reduction in FHLB borrowed funds was due to the Company paying off its BTFP advance in November 2024. During the third quarter of 2024, the Company held excess liquidity of approximately $500.0 million, primarily related to the BTFP advance, which was dilutive to the net interest margin by approximately 10 basis points. The reduction in subordinated debentures was due to the Company completing the payoff of its $140.0 million 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030 and the Company also repurchasing $20.0 million of its $300.0 million Fixed-to-Floating Rate Subordinated Notes due 2032 during the third quarter of 2025. The two payoff events were accretive to the net interest margin by approximately three basis points. The overall increase in the net interest margin was due to a decrease in interest expense resulting from a decrease in interest rates paid on interest-bearing liabilities, a decrease in interest expense resulting from a reduction in the average balance of interest-bearing liabilities and an increase in interest income resulting from the increase in the average balance of interest-earning assets which was partially offset by a decrease in interest income due to a reduction in asset yields.
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Our net interest margin increased from 4.23% for the nine-month period ended September 30, 2024 to 4.48% for the nine-month period ended September 30, 2025. The yield on interest earning assets was 6.45% and 6.52% for the nine months ended September 30, 2025 and 2024, respectively, and average interest earning assets decreased from $20.16 billion to $19.95 billion. The decrease in average interest earning assets is primarily due to a $413.1 million decrease in average investment securities and a $214.1 million decrease in average interest-bearing balances due from banks, which was partially offset by a $423.1 million increase in average loans receivable. For the nine months ended September 30, 2025 and 2024, we recognized $3.9 million and $6.5 million, respectively, in total net accretion for acquired loans and deposits. The reduction in accretion was dilutive to the net interest margin by two basis points. We recognized $3.4 million in event income for both the nine-months ended September 30, 2025 and 2024. The cost of interest bearing liabilities decreased from 3.14% for the nine-months ended September 30, 2024 to 2.73% for the nine-months ended September 30, 2025, and average interest-bearing liabilities decreased from $14.72 billion to $14.44 billion. The decrease in average interest-bearing liabilities is primarily due to a $728.5 million decrease in FHLB and other borrowed funds and a $34.3 million decrease in subordinated debentures, which was partially offset by a $504.0 million increase in average interest-bearing deposits. The reduction in FHLB borrowed funds was due to the Company paying off its BTFP advance in November 2024. During the third quarter of 2024, the Company held excess liquidity of approximately $500.0 million, primarily related to the BTFP advance, which was dilutive to the net interest margin by approximately 10 basis points. The reduction in subordinated debentures was due to the Company completing the payoff of its $140.0 million 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030 and the Company also repurchasing $20.0 million of its $300.0 million Fixed-to-Floating Rate Subordinated Notes due 2032 during the third quarter of 2025. The two payoff events were accretive to the net interest margin by approximately one basis point. The overall increase in the net interest margin was due to a decrease in interest expense resulting from a decrease in interest rates paid on interest-bearing liabilities, a decrease in interest expense resulting from a reduction in the average balance of interest-bearing liabilities and an increase in interest income resulting from the increase in the average balance of interest-earning assets which was partially offset by a decrease in interest income due to a reduction in asset yields.
Net interest income on a fully taxable equivalent basis increased $11.2 million, or 5.2%, to $229.1 million for the three-month period ended September 30, 2025, from $217.8 million for the same period in 2024. This increase in net interest income for the three-month period ended September 30, 2025 was the result of a $20.3 million decrease in interest expense, which was partially offset by a $9.0 million decrease in interest income, on a fully taxable equivalent basis. The $20.3 million decrease in interest expense is primarily the result of the lower interest rate environment. The lower rates on interest bearing liabilities resulted in a decrease in interest expense of approximately $15.4 million, in addition to a decrease in average interest bearing liabilities which reduced interest expense by approximately $4.9 million. The $9.0 million decrease in interest income was also primarily the result of the lower interest rate environment, as well. The lower yield on earning assets resulted in a decrease in interest income of approximately $10.1 million, which was partially offset by an increase of $1.1 million in interest income due to the change in average interest earning asset balances.
Net interest income on a fully taxable equivalent basis increased $31.0 million, or 4.9%, to $668.8 million for the nine-month period ended September 30, 2025, from $637.8 million for the same period in 2024. This increase in net interest income for the nine-month period ended September 30, 2025 was the result of a $51.0 million decrease in interest expense, which was partially offset by an $20.0 million decrease in interest income, on a fully taxable equivalent basis. The $51.0 million decrease in interest expense is primarily the result of the lower interest rate environment. The lower rates on interest bearing liabilities resulted in a decrease in interest expense of approximately $39.4 million, in addition to a decrease in average interest bearing liabilities which reduced interest expense by approximately $11.6 million. The $20.0 million decrease in interest income was also primarily the result of the lower interest rate environment, as well. The lower yield on earning assets resulted in a decrease in interest income of approximately $24.9 million, which was partially offset by an increase of $4.8 million in interest income due to the change in average interest earning asset balances.

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Tables 2 and 3 reflect an analysis of net interest income on a fully taxable equivalent basis for the three and nine months ended September 30, 2025 and 2024, as well as changes in the fully taxable equivalent net interest margin for the three and nine months ended September 30, 2025 compared to the same period in 2024.
Table 2: Analysis of Net Interest Income
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)
Interest income$323,532 $332,845 $955,189 $977,063 
Fully taxable equivalent adjustment2,916 2,616 7,976 6,136 
Interest income – fully taxable equivalent326,448 335,461 963,165 983,199 
Interest expense97,366 117,625 294,415 345,431 
Net interest income – fully taxable equivalent$229,082 $217,836 $668,750 $637,768 
Yield on earning assets – fully taxable equivalent6.49 %6.60 %6.45 %6.52 %
Cost of interest-bearing liabilities2.69 3.17 2.73 3.14 
Net interest spread – fully taxable equivalent3.80 3.43 3.72 3.38 
Net interest margin – fully taxable equivalent4.56 4.28 4.48 4.23 
Table 3: Changes in Fully Taxable Equivalent Net Interest Margin
Three Months Ended September 30,Nine Months Ended September 30,
2025 vs. 20242025 vs. 2024
(In thousands)
Increase in interest income due to change in earning assets$1,067 $4,844 
Decrease in interest income due to change in earning asset yields(10,080)(24,878)
Decrease in interest expense due to change in interest-bearing liabilities4,892 11,577 
Decrease in interest expense due to change in interest rates paid on interest-bearing liabilities15,367 39,439 
Increase in net interest income$11,246 $30,982 

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Table 4 shows, for each major category of earning assets and interest-bearing liabilities, the average amount outstanding, the interest income or expense on that amount and the average rate earned or expensed for the three and nine months ended September 30, 2025 and 2024, respectively. The table also shows the average rate earned on all earning assets, the average rate expensed on all interest-bearing liabilities, the net interest spread and the net interest margin for the same periods. The analysis is presented on a fully taxable equivalent basis. Non-accrual loans were included in average loans for the purpose of calculating the rate earned on total loans.
Table 4: Average Balance Sheets and Net Interest Income Analysis
Three Months Ended September 30,
20252024
Average
Balance
Income /
Expense
Yield /
Rate
Average
Balance
Income /
Expense		Yield /
Rate
(Dollars in thousands)
ASSETS
Earnings assets
Interest-bearing balances due from banks$567,617 $6,242 4.36 %$903,456 $12,096 5.33 %
Federal funds sold5,142 56 4.32 4,629 62 5.33 
Investment securities – taxable3,039,247 26,326 3.44 3,391,838 31,006 3.64 
Investment securities – non-taxable1,115,834 10,201 3.63 1,163,568 10,181 3.48 
Loans receivable15,216,448 283,623 7.39 14,762,667 282,116 7.60 
Total interest-earning assets19,944,288 326,448 6.49 %20,226,158 335,461 6.60 %
Non-earning assets2,694,650 2,667,626 
Total assets$22,638,938 $22,893,784 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts$11,408,316 $70,406 2.45 %$11,095,572 79,232 2.84 %
Time deposits1,911,703 17,556 3.64 1,769,952 18,553 4.17 
Total interest-bearing deposits13,320,019 87,962 2.62 12,865,524 97,785 3.02 
Federal funds purchased11 — — 43 1 9.25 
Securities sold under agreement to repurchase145,883 1,019 2.77 157,178 1,335 3.38 
FHLB and other borrowed funds550,501 5,378 3.88 1,300,876 14,383 4.40 
Subordinated debentures338,757 3,007 3.52 439,467 4,121 3.73 
Total interest-bearing liabilities14,355,171 97,366 2.69 %14,763,088 117,625 3.17 %
Non-interest-bearing liabilities
Non-interest-bearing deposits3,956,826 3,993,187 
Other liabilities211,057 247,797 
Total liabilities18,523,054 19,004,072 
Stockholders’ equity4,115,884 3,889,712 
Total liabilities and stockholders’ equity$22,638,938 $22,893,784 
Net interest spread3.80 %3.43 %
Net interest income and margin$229,082 4.56 %$217,836 4.28 %

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Nine Months Ended September 30,
20252024
Average
Balance
Income /
Expense
Yield /
Rate
Average
Balance
Income /
Expense		Yield /
Rate
(Dollars in thousands)
ASSETS
Earnings assets
Interest-bearing balances due from banks$664,308 $21,813 4.39 %$878,368 $35,188 5.35 %
Federal funds sold5,037 164 4.35 4,688 182 5.19 
Investment securities – taxable3,104,254 80,203 3.45 3,436,874 96,822 3.76 
Investment securities – non-taxable1,121,481 30,294 3.61 1,202,003 29,077 3.23 
Loans receivable15,056,440 830,691 7.38 14,633,382 821,930 7.50 
Total interest-earning assets19,951,520 963,165 6.45 %20,155,315 983,199 6.52 %
Non-earning assets2,710,647 2,662,627 
Total assets$22,662,167 $22,817,942 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts$11,450,902 $211,120 2.47 %$11,084,397 232,757 2.80 %
Time deposits1,866,855 52,117 3.73 1,729,400 53,317 4.12 
Total interest-bearing deposits13,317,757 263,237 2.64 12,813,797 286,074 2.98 
Federal funds purchased19 — — 26 1 5.14 
Securities sold under agreement to repurchase148,462 3,105 2.80 163,013 4,102 3.36 
FHLB and other borrowed funds572,538 16,819 3.93 1,301,005 42,914 4.41 
Subordinated debentures405,285 11,254 3.71 439,613 12,340 3.75 
Total interest-bearing liabilities14,444,061 294,415 2.73 %14,717,454 345,431 3.14 %
Non-interest-bearing liabilities
Non-interest-bearing deposits3,973,135 4,031,447 
Other liabilities201,228 242,422 
Total liabilities18,618,424 18,991,323 
Stockholders’ equity4,043,743 3,826,619 
Total liabilities and stockholders’ equity$22,662,167 $22,817,942 
Net interest spread3.72 %3.38 %
Net interest income and margin$668,750 4.48 %$637,768 4.23 %
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Table 5 shows changes in interest income and interest expense resulting from changes in volume and changes in interest rates for the three and nine months ended September 30, 2025 compared to the same period in 2024, on a fully taxable basis. The changes in interest rate and volume have been allocated to changes in average volume and changes in average rates, in proportion to the relationship of absolute dollar amounts of the changes in rates and volume.
Table 5: Volume/Rate Analysis
Three Months Ended September 30,Nine Months Ended September 30,
2025 over 20242025 over 2024
VolumeYield /
Rate		TotalVolumeYield /
Rate		Total
(In thousands)
Increase (decrease) in:
Interest income:
Interest-bearing balances due from banks$(3,954)$(1,900)$(5,854)$(7,687)$(5,688)$(13,375)
Federal funds sold6 (12)(6)13 (31)(18)
Investment securities – taxable(3,111)(1,569)(4,680)(8,952)(7,667)(16,619)
Investment securities – non-taxable(427)447 20 (2,031)3,248 1,217 
Loans receivable8,553 (7,046)1,507 23,501 (14,740)8,761 
Total interest income1,067 (10,080)(9,013)4,844 (24,878)(20,034)
Interest expense:
Interest-bearing transaction and savings deposits2,181 (11,007)(8,826)7,496 (29,133)(21,637)
Time deposits1,414 (2,411)(997)4,055 (5,255)(1,200)
Federal funds purchased— (1)(1)— (1)(1)
Securities sold under agreement to repurchase(91)(225)(316)(345)(652)(997)
FHLB and other borrowed funds(7,493)(1,512)(9,005)(21,829)(4,266)(26,095)
Subordinated debentures(903)(211)(1,114)(954)(132)(1,086)
Total interest expense(4,892)(15,367)(20,259)(11,577)(39,439)(51,016)
Increase (decrease) in net interest income$5,959 $5,287 $11,246 $16,421 $14,561 $30,982 
Provision for Credit Losses
Credit Loss Expense: During the three months ended September 30, 2025, the Company recorded $6.7 million in provision for credit losses on loans. In addition, the Company recorded a $1.0 million recovery of credit losses on unfunded commitments. The Company also recorded a $2.2 million recovery of credit losses on investment securities. As a result, total credit loss expense for the three-month period ended September 30, 2025 was $3.5 million. During the nine months ended September 30, 2025, the Company recorded $9.7 million in provision for credit losses on loans. In addition, the Company recorded a $1.0 million recovery of credit losses on unfunded commitments. The Company also recorded a $2.2 million recovery of credit losses on investment securities. As a result, total credit loss expense for the nine months ended September 30, 2025 was $6.5 million.
During the three months ended September 30, 2024, the Company recorded $18.9 million in credit loss expense. The $18.9 million of credit loss expense includes $18.2 million in provision for credit losses on loans. Of the $18.2 million provision for credit losses on loans recorded, $16.7 million was used to establish a hurricane reserve for loans impacted by Hurricane Helene. The Company also recorded a $1.0 million provision for credit losses on unfunded commitments, which completely offset the $1.0 million recovery of credit losses on unfunded commitments that was recorded during the first quarter of 2024. The Company also recorded a $330,000 recovery of credit losses on available-for-sale investments. During the nine months ended September 30, 2024, the Company recorded $31.4 million in credit loss expense. The $31.4 million of credit loss expense includes $31.7 million in provision for credit losses on loans, which was partially offset by the $330,000 recovery of credit losses on available-for-sale investments. Of the $31.7 million provision for credit losses on loans recorded, $16.7 million was used to establish a hurricane reserve for loans. For both the three and nine month periods ended September 30, 2024, the Company determined the $2.0 million allowance for credit losses on the held-to-maturity portfolio was adequate. Therefore, no additional provision was considered necessary for the HTM portfolio.

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Net charge-offs to average total loans were 0.08% and 0.04% for the three months ended September 30, 2025 and 2024, respectively. Net charge-offs to average total loans were 0.00% and 0.07% for the nine months ended September 30, 2025 and 2024, respectively.
Non-Interest Income
Total non-interest income was $51.5 million and $148.0 million for the three and nine months ended September 30, 2025, compared to $42.8 million and $127.4 million for the same period in 2024. Our recurring non-interest income includes service charges on deposit accounts, other service charges and fees, trust fees, mortgage lending income, insurance commissions, increase in cash value of life insurance, fair value adjustment for marketable securities and dividends.
Table 6 measures the various components of our non-interest income for the three and nine months ended September 30, 2025 and 2024.
Table 6: Non-Interest Income
Three Months Ended September 30,2025 Change
from 2024		Nine Months Ended September 30,2025 Change
from 2024
2025202420252024
(Dollars in thousands)
Service charges on deposit accounts$10,486 $9,888 $598 6.0 %$29,688 $29,288 $400 1.4 %
Other service charges and fees12,130 10,490 1,640 15.6 35,462 31,358 4,104 13.1 
Trust fees4,600 4,403 197 4.5 14,594 14,191 403 2.8 
Mortgage lending income4,691 4,437 254 5.7 13,070 12,271 799 6.5 
Insurance commissions574 595 (21)(3.5)1,698 1,668 30 1.8 
Increase in cash value of life insurance1,404 1,161 243 20.9 4,661 3,635 1,026 28.2 
Dividends from FHLB, FRB, FNBB & other2,658 2,637 21 0.8 8,033 8,642 (609)(7.0)
Gain on sale of SBA loans46 145 (99)(68.3)334 399 (65)(16.3)
(Loss) gain on sale of branches, equipment and other assets, net(66)32 (98)(306.3)743 2,076 (1,333)(64.2)
(Loss) gain on OREO, net(1)85 (86)(101.2)(364)151 (515)(341.1)
Fair value adjustment for marketable securities1,020 1,392 (372)(26.7)1,224 2,121 (897)(42.3)
Other income13,963 7,514 6,449 85.8 38,867 21,552 17,315 80.3 
Total non-interest income$51,505 $42,779 $8,726 20.4 %$148,010 $127,352 $20,658 16.2 %
Non-interest income increased $8.7 million, or 20.4%, to $51.5 million for the three months ended September 30, 2025 from $42.8 million for the same period in 2024. The primary factors in this increase were the increases in service charges on deposit accounts, other service charges and fees and other income, which was partially offset by the decrease in fair value adjustment for marketable securities.
Additional details for the three months ended September 30, 2025 on some of the more significant changes are as follows:
•The $598,000 increase in service charges on deposit accounts is primarily related to an increase in overdraft fees.
•The $1.6 million increase in other service charges and fees is primarily related to an increase in Centennial CFG property finance loan fees.
•The $372,000 decrease in the fair value adjustment for marketable securities is due to market fluctuations.
•The $6.4 million increase in other income is primarily due to a $1.9 million gain on repurchase of subordinated debt, a $1.8 million increase in income from a lawsuit settlement, a $986,000 increase in investment brokerage fee income, a $741,000 increase in fair value of equity securities, a $539,000 increase in recoveries on historic losses and a $264,000 increase in building rental income.

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Non-interest income increased $20.7 million, or 16.2%, to $148.0 million for the nine months ended September 30, 2025 from $127.4 million for the same period in 2024. The primary factors in this increase were the increases in other service charges and fees, mortgage lending income, cash value of life insurance and other income, which were partially offset by decreases in dividends from FHLB, FRB, FNBB & other; gain on sale of branches, equipment and other assets, net; gain on OREO, net and fair value adjustment for marketable securities.
Additional details for the nine months ended September 30, 2025 on some of the more significant changes are as follows:
•The $4.1 million increase in other service charges and fees is primarily related to an increase in Centennial CFG property finance loan fees.
•The $799,000 increase in mortgage lending income is primarily related to an increase in volume of secondary market loans.
•The $1.0 million increase in the cash value of life insurance is primarily related to enhancement charges related to a 1035 exchange in BOLI policies.
•The $609,000 decrease in dividends from FHLB, FRB, Bankers' Bank and other was primarily due to a lower volume of dividends from the FHLB and equity investments.
•The $1.3 million decrease in the gain on sale of branches, equipment and other assets, net is primarily due to the sale of a building from our Texas region during 2024.
•The $515,000 decrease in the gain on OREO, net, is primarily due to a loss on the sale of a building from our Florida region during 2025.
•The $897,000 decrease in the fair value adjustment for marketable securities is due to market fluctuations.
•The $17.3 million increase in other income is primarily due to an $8.3 million increase in fair value of equity securities, which includes $7.4 million in special income from equity investments, a $1.9 million gain on repurchase of subordinated debt, a $1.9 million increase in recoveries on historic losses, a $1.8 million increase in income from a lawsuit settlement, a $1.5 million increase in investment brokerage fee income, a $1.3 million increase in BOLI death benefit income, a $557,000 increase in building rental income and a $513,000 increase in miscellaneous income.
Non-Interest Expense
Non-interest expense consists of salaries and employee benefits, occupancy and equipment, data processing, and other expenses such as advertising, amortization of intangibles, electronic banking expense, FDIC and state assessment, insurance, legal and accounting fees, other professional fees and other expenses.
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Table 7 below sets forth a summary of non-interest expense for the three and nine months ended September 30, 2025 and 2024.
Table 7: Non-Interest Expense
Three Months Ended September 30,2025 Change
from 2024		Nine Months Ended September 30,2024 Change
from 2023
2025202420252024
(Dollars in thousands)
Salaries and employee benefits$63,804 $58,861 $4,943 8.4 %$189,977 $180,198 $9,779 5.4 %
Occupancy and equipment14,828 14,546 282 1.9 43,276 43,505 (229)(0.5)
Data processing expense8,871 9,088 (217)(2.4)25,793 27,170 (1,377)(5.1)
Other operating expenses:
Advertising2,149 1,810 339 18.7 6,131 5,156 975 18.9 
Amortization of intangibles2,024 2,095 (71)(3.4)6,096 6,375 (279)(4.4)
Electronic banking expense3,357 3,569 (212)(5.9)9,584 10,137 (553)(5.5)
Directors' fees405 362 43 11.9 1,288 1,283 5 0.4 
Due from bank service charges404 302 102 33.8 968 860 108 12.6 
FDIC and state assessment3,245 3,360 (115)(3.4)8,268 12,172 (3,904)(32.1)
Insurance1,110 926 184 19.9 3,158 2,734 424 15.5 
Legal and accounting1,061 1,902 (841)(44.2)7,062 6,600 462 7.0 
Other professional fees2,083 2,062 21 1.0 6,241 6,406 (165)(2.6)
Operating supplies773 673 100 14.9 2,195 1,969 226 11.5 
Postage538 522 16 3.1 1,529 1,542 (13)(0.8)
Telephone367 455 (88)(19.3)1,222 1,369 (147)(10.7)
Other expense9,819 9,512 307 3.2 31,018 27,250 3,768 13.8 
Total non-interest expense$114,838 $110,045 $4,793 4.4 %$343,806 $334,726 $9,080 2.7 %
Non-interest expense increased $4.8 million, or 4.4%, to $114.8 million for the three months ended September 30, 2025 from $110.0 million for the same period in 2024. The primary factor that resulted in this increase was the increase in salaries and employee benefits, which were partially offset by the decrease in legal and accounting expense.
Additional details for the three months ended September 30, 2025 on some of the more significant changes are as follows:
•The $4.9 million increase in salaries and employee benefits expense is primarily due to an increase in incentive compensation as a result of an increase in revenue for the Company combined with the additional costs of doing business.
•The $841,000 decrease in legal and accounting expense is primarily due to legal matters which occurred during 2024.
Non-interest expense increased $9.1 million, or 2.7%, to $343.8 million for the nine months ended September 30, 2025 from $334.7 million for the same period in 2024. The primary factors that resulted in this increase were the increases in salaries and employee benefits, advertising expense and other expense, which were partially offset by the decreases in data processing expense and FDIC and state assessment expense.
Additional details for the nine months ended September 30, 2025 on some of the more significant changes are as follows:
•The $9.8 million increase in salaries and employee benefits expense is primarily due to an increase in incentive compensation as a result of an increase in revenue for the Company combined with the additional costs of doing business and an increase in deferred loan costs.
•The $1.4 million decrease in data processing expense is primarily due to relationship credits received as a result of a new contract.
•The $975,000 increase in advertising expense is primarily due to an increased volume of advertising.
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•The $3.9 million decrease in FDIC and state assessment expense is due to a reversal adjustment from restating call report uninsured deposits from December 2022 through December 2024, which lowered assessment expense by $1.5 million, as well as the FDIC special assessment being incurred during the second quarter of 2024. The FDIC special assessment was levied in order to recover the losses to the Deposit Insurance Fund associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank.
•The $3.8 million increase in other expense is primarily due to $3.3 million in legal claims expense being recorded during the second quarter of 2025.
Income Taxes
Income tax expense increased $6.7 million, or 23.0%, to $35.7 million for the three-month period ended September 30, 2025, from $29.0 million for the same period in 2024. Income tax expense increased $10.0 million, or 11.0%, to $101.3 million for the nine-month period ended September 30, 2025, from $91.2 million for the same period in 2024. The effective income tax rate was 22.42% and 22.09% for the three and nine months ended September 30, 2025, compared to 22.50% and 23.22% for the same period in 2024. The marginal tax rate was 24.433% and 24.989% for 2025 and 2024, respectively.
Financial Condition as of and for the Period Ended September 30, 2025 and December 31, 2024
Our total assets as of September 30, 2025 increased $217.1 million to $22.71 billion from $22.49 billion reported as of December 31, 2024. Cash and cash equivalents decreased $109.4 million for the nine months ended September 30, 2025. Our loan portfolio balance increased to $15.29 billion, as of September 30, 2025, from $14.76 billion at December 31, 2024. The increase in loans was primarily due to $563.1 million of organic loan growth in our community banking footprint, which was partially offset by $41.6 million of loan decline from our Centennial Commercial Finance Group ("Centennial CFG") franchise. Investment securities decreased by $159.1 million resulting from paydowns and maturities during the first nine months of 2025. Total deposits increased $181.4 million to $17.33 billion as of September 30, 2025 from $17.15 billion as of December 31, 2024. Subordinated debentures decreased by $160.2 million for the nine months ended September 30, 2025. The reduction in subordinated debentures was due to the Company completing the payoff of its $140.0 million 5.50% Fixed-to-Floating Rate Subordinated Notes due 2030 and the Company also repurchasing $20.0 million of its $300.0 million Fixed-to-Floating Rate Subordinated Notes due 2032 during the third quarter of 2025. Stockholders’ equity increased $253.9 million to $4.21 billion as of September 30, 2025, compared to $3.96 billion as of December 31, 2024. The $253.9 million increase in stockholders’ equity is primarily associated with the $357.2 million in net income and $73.0 million in other comprehensive income for the nine months ended September 30, 2025, which was partially offset by the $117.7 million in shareholder dividends paid and stock repurchases of $67.3 million.
Loan Portfolio
Loans Receivable
Our loan portfolio averaged $15.22 billion and $14.76 billion during the three months ended September 30, 2025 and 2024, respectively. Our loan portfolio averaged $15.06 billion and $14.63 billion during the nine months ended September 30, 2025 and 2024, respectively. Loans receivable were $15.29 billion and $14.76 billion as of September 30, 2025 and December 31, 2024, respectively.
From December 31, 2024 to September 30, 2025, the Company experienced an increase of approximately $521.5 million in loans. The increase in loans was due to $563.1 million of organic loan growth in our community banking footprint partially offset by $41.6 million of loan decline from our Centennial CFG franchise.
The most significant components of the loan portfolio were commercial real estate, residential real estate, consumer and commercial and industrial loans. These loans are generally secured by residential or commercial real estate or business or personal property. Although these loans are primarily originated within our franchises in Arkansas, Florida, Texas, Alabama and Centennial CFG, the property securing these loans may not physically be located within our market areas of Arkansas, Florida, Texas, Alabama and New York. Loans receivable were approximately $3.77 billion, $4.38 billion, $3.90 billion, $95.4 million, $1.36 billion and $1.78 billion as of September 30, 2025 in Arkansas, Florida, Texas, Alabama, SPF and Centennial CFG, respectively.
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Table 8 presents our loans receivable balances by category as of September 30, 2025 and December 31, 2024.
Table 8: Loans Receivable
September 30, 2025December 31, 2024
(In thousands)
Real estate:
Commercial real estate loans:
Non-farm/non-residential$5,494,492 $5,426,780 
Construction/land development2,709,197 2,736,214 
Agricultural331,301 336,993 
Residential real estate loans:
Residential 1-4 family2,142,375 1,956,489 
Multifamily residential716,595 496,484 
Total real estate11,393,960 10,952,960 
Consumer1,233,523 1,234,361 
Commercial and industrial2,100,268 2,022,775 
Agricultural346,167 367,251 
Other212,054 187,153 
Total loans receivable$15,285,972 $14,764,500 
Commercial Real Estate Loans. We originate non-farm and non-residential loans (primarily secured by commercial real estate), construction/land development loans, and agricultural loans, which are generally secured by real estate located in our market areas. Our commercial mortgage loans are generally collateralized by first liens on real estate and amortized (where defined) over a 15 to 30-year period with balloon payments due at the end of one to five years. These loans are generally underwritten by assessing cash flow (debt service coverage), primary and secondary source of repayment, the financial strength of the borrower as well as any guarantors, the strength of the tenant (if any), the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. Generally, we will loan up to 85% of the value of improved property, 65% of the value of raw land and 75% of the value of land to be acquired and developed. A first lien on the property and assignment of lease is required if the collateral is rental property, with second lien positions considered on a case-by-case basis.
As of September 30, 2025, we had approximately $1.08 billion of construction/land development loans which were collateralized by land. This consisted of approximately $81.9 million for raw land and approximately $1.00 billion for land with commercial and/or residential lots.
As of September 30, 2025, commercial real estate ("CRE") loans totaled $8.53 billion, or 55.8%, of loans receivable, as compared to $8.50 billion, or 57.6%, of loans receivable, as of December 31, 2024. CRE loans originated in our Arkansas, Florida, Texas, Alabama, SPF and Centennial CFG markets were $2.36 billion, $2.58 billion, $2.22 billion, $43.2 million, zero and $1.34 billion at September 30, 2025, respectively.
Table 9 presents the composition of the funded and unfunded balances of our CRE portfolio by loan type, as of September 30, 2025 and December 31, 2024, and their respective percentages of our total CRE portfolio.

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Table 9: CRE Loan Concentrations
September 30, 2025
Funded Balance% of CRE LoansUnfunded Balance% of CRE Loans
(Dollars in thousands)
Non-Farm/Non-Residential:
Single Purpose Building$804,719 9.4 %$66,489 3.1 %
Office Building1,005,168 11.8 96,880 4.5 
Hotel1,081,685 12.7 15,586 0.7 
Industrial431,359 5.1 36,812 1.7 
Retail569,114 6.7 21,013 1.0 
Owner-Occupied (1)
1,602,447 18.7 137,657 6.4 
Construction/Land Development:
 Construction Residential-Spec392,989 4.6 305,155 14.3 
 Residential Land Development437,091 5.1 81,625 3.8 
 Construction Commercial265,036 3.1 173,348 8.2 
 Construction Multi Family712,311 8.3 599,505 28.1 
 Commercial Land Development565,170 6.6 95,992 4.5 
 Construction Residential-Presold186,770 2.2 162,721 7.6 
 Construction Hotel68,337 0.8 306,676 14.3 
 Raw Land81,493 1.0 2,426 0.1 
Agricultural (1)
331,301 3.9 35,375 1.7 
Total Commercial Real Estate (2)
$8,534,990 100.0 %$2,137,260 100.0 %
December 31, 2024
Funded Balance% of CRE LoansUnfunded Balance% of CRE Loans
(Dollars in thousands)
Non-Farm/Non-Residential:
Single Purpose Building$829,697 9.8 %$64,948 2.5 %
Office Building1,070,459 12.6 107,769 4.2 
Hotel1,081,120 12.7 24,652 1.0 
Industrial385,072 4.5 29,517 1.1 
Retail507,405 6.0 12,579 0.5 
Owner-Occupied (1)
1,553,027 18.2 167,399 6.5 
Construction/Land Development:
 Construction Residential-Spec433,964 5.1 330,119 12.8 
 Residential Land Development537,686 6.3 86,200 3.4 
 Construction Commercial337,727 4.0 360,340 14.0 
 Construction Multi Family556,168 6.5 908,976 35.4 
 Commercial Land Development512,284 6.0 99,165 3.9 
 Construction Residential-Presold186,325 2.2 141,047 5.5 
 Construction Hotel64,239 0.8 191,088 7.4 
 Raw Land107,821 1.3 8,215 0.3 
Agricultural (1)
336,993 4.0 38,913 1.5 
Total Commercial Real Estate (2)
$8,499,987 100.0 %$2,570,927 100.0 %
(1)     Agriculture real estate loans and owner-occupied non-farm non-residential loans are not included within CRE for regulatory reporting purposes.
(2)     Excludes multi-family residential loans of $716.6 million and $496.5 million as of September 30, 2025 and December 31, 2024, respectively, which are included in the residential real estate loans throughout the filing. Multi-family residential loans are included in CRE for regulatory purposes.

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Table 10 presents the composition of our CRE loan portfolio by the ten largest geographical locations of the collateral as of September 30, 2025 and December 31, 2024.
Table 10: Geographical Locations of CRE Loans
(In thousands)FloridaTexasArkansasNew YorkCaliforniaGeorgiaAlabamaUtahPennsylvaniaTennesseeAll OtherTotal
As of September 30, 2025
Non-Farm/Non-Residential:
Single Purpose Building$232,110 $197,905 $205,799 $48,577 $— $13,153 $7,773 $— $— $5,083 $94,319 $804,719 
Office Building257,099 389,633 65,552 633 27,079 130,101 9,159 — 19,899 — 106,013 1,005,168 
Hotel526,514 257,457 119,422 5,018 — 24,140 17,981 — — — 131,153 1,081,685 
Industrial43,272 145,912 39,228 57,669 20,631 — 53,434 — — — 71,213 431,359 
Retail167,288 244,549 44,616 — 35,920 704 11,870 — 3,538 413 60,216 569,114 
Owner-Occupied (1)
459,516 488,113 362,220 — 6,592 18,402 27,379 — 80,535 6,330 153,360 1,602,447 
Construction/Land Development:
 Construction Residential -
 Spec		113,668 110,489 40,385 123,435 — — 604 — — — 4,408 392,989 
 Residential Land
 Development		137,966 92,457 46,044 — — 173 1,864 120,761 — 3,615 34,211 437,091 
 Construction Commercial61,058 39,906 87,587 22,117 15,298 — 2,211 14,637 — 10,232 11,990 265,036 
 Construction Multi Family241,085 186,677 52,564 104,884 — — — — 257 37,617 89,227 712,311 
 Commercial Land
 Development		170,417 65,073 31,475 31,369 88,660 24,323 8,346 — — 21,203 124,304 565,170 
 Construction Residential -
 Presold		67,741 93,444 24,050 — — — 1,535 — — — — 186,770 
 Construction Hotel1,993 20,828 — — — — 11,248 — — 18,181 16,087 68,337 
 Raw Land10,483 12,026 19,222 — 39,330 — 238 — — — 194 81,493 
Agricultural (1)
43,279 157,104 110,420 — — — 2,838 — — — 17,660 331,301 
Total Commercial Real Estate (2)
$2,533,489 $2,501,573 $1,248,584 $393,702 $233,510 $210,996 $156,480 $135,398 $104,229 $102,674 $914,355 $8,534,990 
(In thousands)FloridaTexasArkansasNew YorkGeorgiaUtahAlabamaCaliforniaPennsylvaniaTennesseeAll OtherTotal
As of December 31, 2024
Non-Farm/Non-Residential:
Single Purpose Building$275,440 $212,649 $168,691 $49,278 $17,506 $— $6,494 $429 $— $1,586 $97,624 $829,697 
Office Building333,230 355,794 64,062 50,091 91,723 — 18,934 — 25,616 — 131,009 1,070,459 
Hotel541,001 263,647 99,830 4,943 24,319 — 18,575 16,419 — — 112,386 1,081,120 
Industrial44,392 91,344 40,908 57,556 — — 59,745 19,941 — — 71,186 385,072 
Retail148,053 252,087 56,885 4,158 — — 12,166 — — 435 33,621 507,405 
Owner-Occupied (1)
492,655 431,489 337,935 — 21,051 — 26,314 5,748 83,199 6,911 147,725 1,553,027 
Construction/Land Development:— 
 Construction Residential -
 Spec		150,143 107,149 41,299 126,299 — — 82 — — — 8,992 433,964 
 Residential Land
 Development		148,897 102,369 51,865 — 304 165,643 2,329 — — 2,466 63,813 537,686 
 Construction Commercial84,027 111,199 62,549 15,159 — 12,451 1,182 — 876 9,194 41,090 337,727 
 Construction Multi Family240,255 72,676 32,812 139,130 — — — 19,326 228 37,881 13,860 556,168 
 Commercial Land
 Development		118,729 70,700 31,841 37,820 40,068 — 9,752 50,036 — 42,181 111,157 512,284 
 Construction Residential -
 Presold		93,517 61,538 29,937 — — — 1,022 — — — 311 186,325 
 Construction Hotel6,693 9,796 22,036 — 13,555 — 5,152 — — — 7,007 64,239 
 Raw Land9,036 8,537 31,649 — — — 1,311 34,388 — — 22,900 107,821 
Agricultural (1)
32,589 176,084 106,684 — — — 3,736 — — — 17,900 336,993 
Total Commercial Real Estate (2)
$2,718,657 $2,327,058 $1,178,983 $484,434 $208,526 $178,094 $166,794 $146,287 $109,919 $100,654 $880,581 $8,499,987 
(1)     Agriculture real estate loans and owner-occupied non-farm non-residential loans are not included within CRE for regulatory reporting purposes.
(2)     Excludes multi-family residential loans of $716.6 million and $496.5 million as of September 30, 2025 and December 31, 2024, respectively, which are included in the residential real estate loans throughout the filing. Multi-family residential loans are included in CRE for regulatory purposes.
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Our loan policy states that in order to achieve a well-balanced, diversified credit portfolio, concentrations containing inappropriate or excessive risk are to be avoided. It is the goal of the Company to maintain a prudent diversification of loans. We define a concentration of credit as direct or indirect obligations according to the following guidelines: (i) concentrations of 25% or more of total risk-based capital by individual borrower, small, interrelated group of individuals, single repayment source or individual project; (ii) concentrations of 100% or more of total risk-based capital by industry or product line. As of September 30, 2025, we have not met the threshold for the concentration limits. In addition, the Bank's Board of Directors monitors the CRE loan portfolio for concentrations related to geography, industry, and collateral type and determines applicable guidelines. The Chief Lending Officer also reviews the portfolio periodically to determine if any concentrations exist and makes recommendations with respect to setting internal guidelines.
The Company also monitors key risk indicators ("KRIs") on a quarterly basis for the overall loan portfolio as well as specific KRIs for the CRE portfolio. The KRIs are tied to the Bank's appetite for credit risk which is reflected in the Bank's credit policy and underwriting criteria. The KRIs related to underwriting include loan downgrades by loan review, loan downgrades to classified levels and loan policy exceptions (loan to value, debt coverage ratio and credit score). The KRIs related to CRE loans include concentrations of construction and land loans, concentrations of total CRE loans, CRE loans in excess of loan to value guidelines and total real estate loans in excess of loan to value guidelines. The results of the KRI analysis are presented to the Bank's Asset Quality Committee on a quarterly basis. Any exceptions to established limits and thresholds are monitored and addressed in a timely manner as required by the Asset Quality Committee.
The Company has a CRE strategy and contingency plan which outlines the principles required to adequately manage our CRE exposures. It discusses the inherent risks within CRE lending, as well as the risks unique to specific lending activities and property taxes. In addition, the plan outlines internal limits related to CRE lending, reasoning for operating outside those limits, and provides for a contingency plan to reduce the CRE exposures under adverse economic conditions or other situations where it is deemed necessary to do so. The responsibility for monitoring the CRE Strategy and Contingency Plan, and subsequent reporting to management and the Board of Directors lies with the Chief Lending Officer and the Asset Quality Committee of the Board of Directors. Within the CRE Strategy and Contingency Plan, we established four adverse economic triggers to measure on an ongoing basis to attempt to determine when a change in CRE strategy might be warranted, at least from an external economic perspective. If one or a combination of these triggers have exceeded Board approved thresholds, the Executive Risk Committee will determine which action or combination of actions, if any, to take based on the specific situation. If utilized, the required actions are likely to focus on tightening/loosening of underwriting criteria, potential capital raises or loan distribution actions such as selling or participating loans. However, other action steps may be considered necessary depending upon the specific situation. As of September 30, 2025, none of the triggers exceeded our internal guidelines, and we have not recommended any additional changes to our underwriting standards because the Company considers the current standards to be adequate in addressing the risks to our CRE portfolio.
Residential Real Estate Loans. We originate one to four family, residential mortgage loans generally secured by property located in our primary market areas. Approximately 56.1% and 36.7% of our residential mortgage loans consist of owner occupied 1-4 family properties and non-owner occupied 1-4 family properties (rental), respectively, as of September 30, 2025, with the remaining 7.2% relating to condominiums and mobile homes. Residential real estate loans generally have a loan-to-value ratio of up to 90%. These loans are underwritten by giving consideration to the borrower’s ability to pay, stability of employment or source of income, debt-to-income ratio, credit history and loan-to-value ratio.
As of September 30, 2025, residential real estate loans totaled $2.86 billion, or 18.7%, of loans receivable, compared to $2.45 billion, or 16.6%, of loans receivable, as of December 31, 2024. Residential real estate loans originated in our Arkansas, Florida, Texas, Alabama, SPF and Centennial CFG markets were $686.3 million, $1.22 billion, $671.6 million, $42.5 million, zero and $233.9 million at September 30, 2025, respectively.
Consumer Loans. Our consumer loans are composed of secured and unsecured loans originated by our bank, the primary portion of which consists of loans to finance United States Coast Guard registered high-end sail and power boats within our SPF division. The performance of consumer loans will be affected by the local and regional economies as well as the rates of personal bankruptcies, job loss, divorce and other individual changes in circumstance.
As of September 30, 2025, consumer loans totaled $1.23 billion, or 8.1%, of loans receivable, compared to $1.23 billion, or 8.4%, of loans receivable, as of December 31, 2024. Consumer loans originated in our Arkansas, Florida, Texas, Alabama, SPF and Centennial CFG markets were $19.6 million, $6.8 million, $7.9 million, $420,000, $1.20 billion and zero at September 30, 2025, respectively.

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Commercial and Industrial Loans. Commercial and industrial loans are made for a variety of business purposes, including working capital, inventory, equipment and capital expansion. The terms for commercial loans are generally one to seven years. Commercial loan applications must be supported by current financial information of the borrower and, where appropriate, by adequate collateral. Commercial loans are generally underwritten by addressing cash flow (debt service coverage), primary and secondary sources of repayment, the financial strength of the borrower as well as any guarantors, the borrower’s liquidity and leverage, management experience, ownership structure, economic conditions and industry specific trends and collateral. The loan to value ratio depends on the type of collateral. Generally, accounts receivable are financed at between 50% and 80% of accounts receivable less than 60 days past due. Inventory financing will range between 50% and 80% (with no work in process) depending on the borrower and nature of inventory. We require a first lien position for those loans.
As of September 30, 2025, commercial and industrial loans totaled $2.10 billion, or 13.7%, of loans receivable, compared to $2.02 billion, or 13.7%, of loans receivable, as of December 31, 2024. Commercial and industrial loans originated in our Arkansas, Florida, Texas, Alabama, SPF and Centennial CFG markets were $478.7 million, $541.0 million, $736.1 million, $9.3 million, $165.2 million and $170.0 million at September 30, 2025, respectively.
Non-Performing Assets
We classify our problem loans into three categories: past due loans, special mention loans and classified loans (accruing and non-accruing).
When management determines that a loan is no longer performing, and that collection of interest appears doubtful, the loan is placed on non-accrual status. Loans that are 90 days past due are placed on non-accrual status unless they are adequately secured and there is reasonable assurance of full collection of both principal and interest. Our management closely monitors all loans that are contractually 90 days past due, treated as "special mention" or otherwise classified or on non-accrual status.
Purchased loans that have experienced more than insignificant credit deterioration since origination are PCD loans. An allowance for credit losses is determined using the same methodology as other loans. The Company develops separate PCD models for each loan segment with PCD loans not individually analyzed for credit losses. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses. The Company held approximately $54.2 million and $76.3 million in PCD loans, as of September 30, 2025 and December 31, 2024, respectively.
Table 11 sets forth information with respect to our non-performing assets as of September 30, 2025 and December 31, 2024. As of these dates, all non-performing restructured loans are included in non-accrual loans.
Table 11: Non-performing Assets
As of September 30, 2025As of December 31, 2024
(Dollars in thousands)
Non-accrual loans$81,087 $93,853 
Loans past due 90 days or more (principal or interest payments)4,125 5,034 
Total non-performing loans85,212 98,887 
Other non-performing assets
Foreclosed assets held for sale, net41,263 43,407 
Other non-performing assets— 63 
Total other non-performing assets41,263 43,470 
Total non-performing assets$126,475 $142,357 
Allowance for credit losses to non-accrual loans352.27 %293.95 %
Allowance for credit losses to non-performing loans335.22 278.99 
Non-accrual loans to total loans0.53 0.64 
Non-performing loans to total loans0.56 0.67 
Non-performing assets to total assets0.56 0.63 

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Our non-performing loans are comprised of non-accrual loans and accruing loans that are contractually past due 90 days. Our bank subsidiary recognizes income principally on the accrual basis of accounting. When loans are classified as non-accrual, the accrued interest is charged off and no further interest is accrued, unless the credit characteristics of the loan improve. If a loan is determined by management to be uncollectible, the portion of the loan determined to be uncollectible is then charged to the allowance for credit losses.
Our non-performing loans were $85.2 million, or 0.56% of total loans as of September 30, 2025, compared to $98.9 million, or 0.67% of total loans, as of December 31, 2024. The allowance for credit losses as a percentage of non-performing loans increased to 335.22% as of September 30, 2025, from 278.99% as of December 31, 2024. As of September 30, 2025, our non-performing assets decreased to $126.5 million, or 0.56% of total assets, from $142.4 million, or 0.63% of total assets, as of December 31, 2024.
Table 12 below shows the non-performing loans and non-performing assets by region as of September 30, 2025 and December 31, 2024:
Table 12: Non-performing Assets By Region
As of September 30, 2025
(in thousands)
Arkansas
FloridaTexasAlabama
Shore Premier Finance
Centennial CFGTotal
Non-accrual loans$19,102 $24,867 $25,701 $158 $10,472 $787 $81,087 
Loans 90+ days past due704 254 3,167 — — — 4,125 
Total non-performing loans$19,806 $25,121 $28,868 $158 $10,472 $787 $85,212 
Foreclosed assets held for sale972 768 16,711 — — 22,812 41,263 
Other non-performing assets— — — — — — — 
Total other non-performing assets$972 $768 $16,711 $— $— $22,812 $41,263 
Total non-performing assets$20,778 $25,889 $45,579 $158 $10,472 $23,599 $126,475 
As of December 31, 2024
(in thousands)
Arkansas
FloridaTexasAlabama
Shore Premier Finance
Centennial CFGTotal
Non-accrual loans$18,448 $38,778 $23,494 $206 $5,537 $7,390 $93,853 
Loans 90+ days past due538 362 4,134 — — — 5,034 
Total non-performing loans$18,986 $39,140 $27,628 $206 $5,537 $7,390 $98,887 
Foreclosed assets held for sale757 5,951 13,924 — — 22,775 43,407 
Other non-performing assets— — 63 — — — 63 
Total other non-performing assets$757 $5,951 $13,987 $— $— $22,775 $43,470 
Total non-performing assets$19,743 $45,091 $41,615 $206 $5,537 $30,165 $142,357 
Debt restructuring generally occurs when a borrower is experiencing, or is expected to experience, financial difficulties in the near term. As a result, we will work with the borrower to prevent further difficulties, and ultimately to improve the likelihood of recovery on the loan. In those circumstances it may be beneficial to restructure the terms of a loan and work with the borrower for the benefit of both parties, versus forcing the property into foreclosure and having to dispose of it in potentially an unfavorable and depressed real estate market. When we have modified the terms of a loan, we usually either reduce the monthly payment and/or interest rate for generally about three to twelve months. For our restructured loans that accrue interest at the time the loan is restructured, it would be a rare exception to have charged-off any portion of the loan.

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A loan modification that might not otherwise be considered may be granted. These loans can involve loans remaining on non-accrual, moving to non-accrual, or continuing on an accrual status, depending on the individual facts and circumstances of the borrower. Generally, a non-accrual loan that is restructured remains on non-accrual for a period of three months to demonstrate that the borrower can meet the restructured terms. However, performance prior to the restructuring, or significant events that coincide with the restructuring, are considered in assessing whether the borrower can pay under the new terms and may result in the loan being returned to an accrual status after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan will remain in a non-accrual status.
As of September 30, 2025, we had $99.1 million of restructured loans that are in compliance with the modified terms and are not reported as past due or non-accrual, and we had $16.5 million of restructured loans that are not in compliance with the modified terms and are reported as non-accrual. Of the $99.1 million of restructured loans that are in compliance with the modified terms, our Arkansas market contained $1.9 million, our Florida market contained $1.4 million, our Texas market contained $92.8 million and our SPF region contained $2.9 million of these restructured loans. Of the $16.5 million of restructured loans not in compliance with the modified terms, our Arkansas market contained $1.4 million, our Florida market contained $15.1 million and our Texas market contained $57,000.
The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The Company has modified 11 loans over the past 12 months to borrowers experiencing financial difficulty. The pre-modification balance of the loans was $112.1 million, and the ending balance as of September 30, 2025 was $95.8 million. The $95.8 million balance consists of $85,656 of non-accrual loans and $95.7 million of current loans as of September 30, 2025. Three of the modified loans pertained to one borrower relationship and accounted for $91.4 million of the total post-modification outstanding balance. These loans were modified during the year ended December 31, 2024. The modification involved three new loans being underwritten resulting in the interest rate decreasing by 12 basis points and one of the loans in the relationship being charged-off. The charged-off amount was $26.1 million, and the charge-off was recorded during 2024. Six of the $115.6 million in restructured loans held by the Company were considered to be collateral dependent as of September 30, 2025. The outstanding balance of these loans was $109.3 million, and the specific reserve was $3.4 million.
The Company had $225.9 million and $268.0 million in impaired loans (which includes loans individually analyzed for credit losses for which a specific reserve has been recorded, non-accrual loans, loans past due 90 days or more and restructured loans made to borrowers experiencing financial difficulty) for the periods ended September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, our Arkansas, Florida, Texas, Alabama, SPF and Centennial CFG markets accounted for approximately $25.4 million, $34.5 million, $151.6 million, $158,000, $13.4 million and $787,000 of the impaired loans, respectively.
The amortized cost balance for loans with a specific allocation decreased from $92.7 million to $77.1 million, and the specific allocation for impaired loans decreased by approximately $5.7 million to $18.1 million at September 30, 2025 compared to $23.8 million at December 31, 2024.
Total foreclosed assets held for sale were $41.3 million as of September 30, 2025, compared to $43.4 million as of December 31, 2024, for a decrease of $2.1 million. The foreclosed assets held for sale as of September 30, 2025 are comprised of $972,000 located in Arkansas, $768,000 located in Florida, $16.7 million located in Texas, zero in Alabama, zero in SPF and $22.8 million in Centennial CFG. The majority of the foreclosed assets held for sale is comprised of two properties. The first is an office building located in Santa Monica, California with a carrying value of $22.8 million. The second is an apartment complex which is under construction in Gunter, Texas with a carrying value of $14.3 million. These two properties account for $37.1 million of the balance of foreclosed assets held for sale at September 30, 2025.
Table 13 shows the summary of foreclosed assets held for sale as of September 30, 2025 and December 31, 2024.
Table 13: Foreclosed Assets Held For Sale
As of September 30, 2025As of December 31, 2024
(In thousands)
Commercial real estate loans
Non-farm/non-residential$23,614 $28,392 
Construction/land development16,776 13,391 
Residential real estate loans
Residential 1-4 family873 1,624 
Total foreclosed assets held for sale$41,263 $43,407 
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Past Due and Non-Accrual Loans
Table 14 shows the summary of non-accrual loans as of September 30, 2025 and December 31, 2024:
Table 14: Total Non-Accrual Loans
As of September 30, 2025As of December 31, 2024
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$22,301 $35,868 
Construction/land development3,418 3,702 
Agricultural497 559 
Residential real estate loans
Residential 1-4 family25,547 22,539 
Multifamily residential12,907 13,083 
Total real estate64,670 75,751 
Consumer10,798 6,178 
Commercial and industrial4,349 10,931 
Agricultural & other1,270 993 
Total non-accrual loans$81,087 $93,853 
If non-accrual loans had been accruing interest in accordance with the original terms of their respective agreements, interest income of approximately $1.7 million and $1.5 million, respectively, would have been recorded for the three-month periods ended September 30, 2025 and 2024. If non-accrual loans had been accruing interest in accordance with the original terms of their respective agreements, interest income of approximately $5.1 million and $4.5 million, respectively, would have been recorded for the nine-month periods ended September 30, 2025 and 2024. The interest income recognized on non-accrual loans for the three months ended September 30, 2025 and 2024 was considered immaterial.
Table 15 shows the summary of accruing past due loans 90 days or more as of September 30, 2025 and December 31, 2024:
Table 15: Loans Accruing Past Due 90 Days or More
As of September 30, 2025As of December 31, 2024
(In thousands)
Real estate:
Commercial real estate loans
Non-farm/non-residential$1,136 $304 
Construction/land development— 600 
Residential real estate loans
Residential 1-4 family1,529 1,835 
Total real estate2,665 2,739 
Consumer4 32 
Commercial and industrial1,456 2,263 
 Agricultural & Other— — 
Total loans accruing past due 90 days or more$4,125 $5,034 
Our ratio of total loans accruing past due 90 days or more and non-accrual loans to total loans was 0.56% and 0.67% at September 30, 2025 and December 31, 2024, respectively.
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Allowance for Credit Losses
Overview. The allowance for credit losses on loans receivable increased from $275.9 million as of December 31, 2024 to $285.6 million as of September 30, 2025. The specific reserve for loans individually analyzed for credit losses was $18.1 million on $226.4 million of individually analyzed loans as of September 30, 2025, compared to a specific reserve of $23.8 million on $209.8 million of individually analyzed loans as of December 31, 2024. The allowance for credit losses as a percentage of loans was 1.87% at both September 30, 2025 and December 31, 2024.
Loans Collectively Evaluated for Credit Loss. Loans receivable collectively evaluated for credit loss increased by approximately $504.8 million from $14.55 billion at December 31, 2024 to $15.06 billion at September 30, 2025. The percentage of the allowance for credit losses allocated to loans receivable collectively evaluated for credit loss to the total loans collectively evaluated for credit loss was 1.78% and 1.73% at September 30, 2025 and December 31, 2024, respectively.
Charge-offs and Recoveries. For the three months ended September 30, 2025, total charge-offs were $4.7 million and total recoveries were $1.7 million, for a net charge-off position of $2.9 million. For the nine months ended September 30, 2025, total charge-offs were $12.2 million and total recoveries were $12.2 million, for a net recovery position of $69,000. For the three months ended September 30, 2024, total charge-offs were $2.0 million and total recoveries were $519,000, for a net charge-off position of $1.5 million. For the nine months ended September 30, 2024, total charge-offs were $9.1 million and total recoveries were $1.7 million, for a net charge-off position of $7.4 million.
Table 16 below shows charge-off and recovery detail by region for the nine months ended September 30, 2025 and 2024.
Table 16: Charge-Off and Recovery Detail By Region
For the Three Months Ended September 30, 2025
(in thousands)ArkansasFloridaTexasAlabamaShore Premier FinanceCentennial CFGTotal
Charge-offs$605 $807 $2,496 $8 $735 $— $4,651 
Recoveries(225)(47)(1,451)(3)(5)— (1,731)
Net charge-offs (recoveries)$380 $760 $1,045 $5 $730 $— $2,920 
For the Nine Months Ended September 30, 2025
(in thousands)ArkansasFloridaTexasAlabamaShore Premier FinanceCentennial CFGTotal
Charge-offs$1,541 $3,531 $5,528 $29 $1,370 $181 $12,180 
Recoveries(676)(741)(10,137)(7)(30)(658)(12,249)
Net charge-offs (recoveries)$865 $2,790 $(4,609)$22 $1,340 $(477)$(69)
For the Three Months Ended September 30, 2024
(in thousands)ArkansasFloridaTexasAlabamaShore Premier FinanceCentennial CFGTotal
Charge-offs$687 $458 $716 $11 $129 $— $2,001 
Recoveries(149)(148)(213)(7)(2)— (519)
Net charge-offs$538 $310 $503 $4 $127 $— $1,482 
For the Nine Months Ended September 30, 2024
(in thousands)ArkansasFloridaTexasAlabamaShore Premier FinanceCentennial CFGTotal
Charge-offs$3,844 $1,199 $3,477 $41 $294 $222 $9,077 
Recoveries(730)(364)(598)(18)(7)— (1,717)
Net charge-offs$3,114 $835 $2,879 $23 $287 $222 $7,360 
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Loans partially charged-off are placed on non-accrual status until it is proven that the borrower's repayment ability with respect to the remaining principal balance can be reasonably assured. This is usually established over a period of 6-12 months of timely payment performance.
Table 17 shows the allowance for credit losses, charge-offs and recoveries as of and for the three and nine months ended September 30, 2025 and 2024.
Table 17: Analysis of Allowance for Credit Losses
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)
Balance, beginning of period$281,869 $295,856 $275,880 $288,234 
Loans charged off
Real estate:
Commercial real estate loans:
Non-farm/non-residential84 — 2,403 1,164 
Construction/land development— — 70 81 
Residential real estate loans:
Residential 1-4 family240 42 369 260 
Total real estate324 42 2,842 1,505 
Consumer816 402 1,831 799 
Commercial and industrial2,821 741 5,351 4,500 
Other690 816 2,156 2,273 
Total loans charged off4,651 2,001 12,180 9,077 
Recoveries of loans previously charged off
Real estate:
Commercial real estate loans:
Non-farm/non-residential711 34 8,500 59 
Construction/land development2 7 543 96 
Residential real estate loans:
Residential 1-4 family149 54 212 149 
Total real estate862 95 9,255 304 
Consumer25 13 93 74 
Commercial and industrial653 143 2,226 503 
Other191 268 675 836 
Total recoveries1,731 519 12,249 1,717 
Net loans charged off (recovered)2,920 1,482 (69)7,360 
Provision for credit loss 6,700 18,200 9,700 31,700 
Ending balance$285,649 $312,574 $285,649 $312,574 
Net charge-offs (recoveries) to average loans receivable0.08 %0.04 %— %0.07 %
Allowance for credit losses to total loans1.87 2.11 1.87 2.11 
Allowance for credit losses to net charge-offs (recoveries)2,465.73 5,301.65 (309,637.39)3,179.40 


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Table 18 presents the allocation of allowance for credit losses as of September 30, 2025 and December 31, 2024.
Table 18: Allocation of Allowance for Credit Losses
As of September 30, 2025As of December 31, 2024
Allowance
Amount
% of
loans(1)
Allowance
Amount
% of
loans(1)
(Dollars in thousands)
Real estate:
Commercial real estate loans:
Non-farm/non- residential$78,492 35.9%$88,141 36.7%
Construction/land development47,413 17.752,271 18.5
Agricultural residential real estate loans3,008 2.23,174 2.3
Residential real estate loans:
Residential 1-4 family46,429 14.040,347 13.2
Multifamily residential16,355 4.710,488 3.4
Total real estate191,697 74.5194,421 74.1
Consumer27,902 8.127,589 8.4
Commercial and industrial59,562 13.748,330 13.7
Agricultural1,483 2.31,291 2.5
Other5,005 1.44,249 1.3
Total$285,649 100.0%$275,880 100.0%
(1)Percentage of loans in each category to total loans receivable.
During the nine months ended September 30, 2025, the Company reduced the level of the hurricane reserve from $33.4 million to $6.0 million as the deferred loans returned to regular payment during the year. The reduction in the hurricane reserve and the increase in the economic uncertainty related qualitative factor drove the significant changes in reserve levels between commercial real estate and commercial & industrial loans.
Investment Securities
Our securities portfolio is the second largest component of earning assets and provides a significant source of revenue. Securities within the portfolio are classified as held-to-maturity, available-for-sale, or trading based on the intent and objective of the investment and the ability to hold to maturity. Fair values of securities are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable securities. The estimated effective duration of our securities portfolio was 5.2 years as of September 30, 2025.
Securities held-to-maturity, which include any security for which we have the positive intent and ability to hold until maturity, are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized/accreted to the call date to interest income using the constant effective yield method over the estimated life of the security. We had $1.26 billion and $1.28 billion of held-to-maturity securities at September 30, 2025 and December 31, 2024, respectively. The detail of the held-to-maturity portfolio by carrying amount and percentage of the portfolio at September 30, 2025 and December 31, 2024 can be seen below.
Table 19: Held to Maturity Securities
September 30, 2025December 31, 2024
Net Carrying AmountPercentage of TotalNet Carrying AmountPercentage of Total
(In Thousands)(In Thousands)
U.S. government-sponsored enterprises$43,770 3.4 %$43,560 3.4 %
U.S. government-sponsored mortgage-backed securities118,662 9.4 %124,169 9.8 %
State and political subdivisions1,101,768 87.2 %1,107,475 86.8 %
Total$1,264,200 100.0 %$1,275,204 100.0 %
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Securities available-for-sale are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity as other comprehensive (loss) income. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. Available-for-sale securities were $2.92 billion and $3.07 billion as September 30, 2025 and December 31, 2024, respectively. The detail of the available-for-sale portfolio by estimated fair value and percentage of the portfolio at September 30, 2025 and December 31, 2024 can be seen below.
Table 20: Available for Sale Securities
September 30, 2025December 31, 2024
Estimated Fair ValuePercentage of TotalEstimated Fair ValuePercentage of Total
(In Thousands)(In Thousands)
U.S. government-sponsored enterprises$247,315 8.5 %$284,790 9.3 %
U.S. government-sponsored mortgage-backed securities1,241,056 42.4 %1,324,684 43.1 %
Private mortgage-backed securities147,901 5.1 %171,394 5.6 %
Non-government-sponsored asset backed securities171,033 5.8 %225,648 7.3 %
State and political subdivisions882,329 30.2 %870,361 28.3 %
Other securities234,862 8.0 %195,762 6.4 %
Total$2,924,496 100.0 %$3,072,639 100.0 %
During the three and nine months ended September 30, 2025, the Company reversed the $2.2 million allowance for credit losses on the available-for-sale portfolio due to an upgrade in the credit quality of the subordinated debt investment securities for which an allowance had been recorded. However, the Company determined the $2.0 million allowance for credit losses on the held-to-maturity portfolio was adequate. Therefore, no additional provision was considered necessary.
See Note 2 to the Condensed Notes to Consolidated Financial Statements for the carrying value and fair value of investment securities.
Deposits
Our deposits averaged $17.28 billion and $16.86 billion for the three months ended September 30, 2025 and September 30, 2024, respectively. Our deposits averaged $17.29 billion and $16.85 billion for the nine months ended September 30, 2025 and September 30, 2024, respectively. Total deposits were $17.33 billion as of September 30, 2025, and $17.15 billion as of December 31, 2024. Deposits are our primary source of funds. We offer a variety of products designed to attract and retain deposit customers. Those products consist of checking accounts, regular savings deposits, NOW accounts, money market accounts and certificates of deposit. Deposits are gathered from individuals, partnerships and corporations in our market areas. In addition, we obtain deposits from state and local entities and, to a lesser extent, U.S. Government and other depository institutions.
Our policy also permits the acceptance of brokered deposits. From time to time, when appropriate in order to fund strong loan demand, we accept brokered time deposits, generally in denominations of less than $250,000, from a regional brokerage firm, and other national brokerage networks. We also participate in the One-Way Buy Insured Cash Sweep ("ICS") service and similar services, which provide for one-way buy transactions among banks for the purpose of purchasing cost-effective floating-rate funding without collateralization or stock purchase requirements. Management believes these sources represent a reliable and cost-efficient alternative funding source for the Company. However, to the extent that our condition or reputation deteriorates, or to the extent that there are significant changes in market interest rates which we do not elect to match, we may experience an outflow of brokered deposits. In that event we would be required to obtain alternate sources for funding.
Table 21 reflects the classification of the brokered deposits as of September 30, 2025 and December 31, 2024.
Table 21: Brokered Deposits
September 30, 2025December 31, 2024
(In thousands)
Insured Cash Sweep and Other Transaction Accounts$425,879 $448,442 
Total Brokered Deposits$425,879 $448,442 
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The interest rates paid are competitively priced for each particular deposit product and structured to meet our funding requirements. We will continue to manage interest expense through deposit pricing. We may allow higher rate deposits to run off during periods of limited loan demand. We believe that additional funds can be attracted, and deposit growth can be realized through deposit pricing if we experience increased loan demand or other liquidity needs.
The Federal Reserve Board sets various benchmark rates, including the Federal Funds rate, and thereby influences the general market rates of interest, including the deposit and loan rates offered by financial institutions. The Federal Reserve reduced the target rate three times during 2024. First, on September 18, 2024, the target rate was reduced to 4.75% to 5.00%, second, on November 7, 2024, the target rate was reduced to 4.50% to 4.75% and third, on December 18, 2024, the target rate was reduced to 4.25% to 4.50%. On September 17, 2025, the Federal Reserve reduced the target rate to 4.00% to 4.25%.
Table 22 reflects the classification of the average deposits and the average rate paid on each deposit category, which are in excess of 10 percent of average total deposits, for the three and nine months ended September 30, 2025 and 2024.
Table 22: Average Deposit Balances and Rates
Three Months Ended September 30,
20252024
Average
Amount		Average
Rate Paid		Average
Amount		Average
Rate Paid
(Dollars in thousands)
Non-interest-bearing transaction accounts$3,956,826 — %$3,993,187 — %
Interest-bearing transaction accounts10,293,147 2.63 9,979,924 3.06 
Savings deposits1,115,169 0.73 1,115,648 0.88 
Time deposits:
$100,000 or more1,350,075 3.80 1,163,122 4.35 
Other time deposits561,628 3.26 606,830 3.82 
Total$17,276,845 2.02 %$16,858,711 2.31 %
Nine Months Ended September 30,
20252024
Average
Amount		Average
Rate Paid		Average
Amount		Average
Rate Paid
(Dollars in thousands)
Non-interest-bearing transaction accounts$3,973,135 — %$4,031,447 — %
Interest-bearing transaction accounts10,343,784 2.65 9,947,966 3.03 
Savings deposits1,107,118 0.72 1,136,431 0.87 
Time deposits:
$100,000 or more1,293,001 3.90 1,135,059 4.30 
Other time deposits573,854 3.35 594,341 3.77 
Total$17,290,892 2.04 %$16,845,244 2.27 %
Securities Sold Under Agreements to Repurchase
We enter into short-term purchases of securities under agreements to resell (resale agreements) and sales of securities under agreements to repurchase (repurchase agreements) of substantially identical securities. The amounts advanced under resale agreements and the amounts borrowed under repurchase agreements are carried on the balance sheet at the amount advanced. Interest incurred on repurchase agreements is reported as interest expense. Securities sold under agreements to repurchase decreased $16.4 million, or 10.1%, from $162.4 million as of December 31, 2024 to $146.0 million as of September 30, 2025.


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FHLB and Other Borrowed Funds
The Company’s FHLB borrowed funds, which are secured by our loan portfolio, were $550.0 million and $600.0 million at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025, $100.0 million and $450.0 million of the outstanding balances were classified as short-term and long-term advances, respectively. At December 31, 2024, $100.0 million and $500.0 million of the outstanding balances were classified as short-term and long-term advances, respectively.
The FHLB advances mature from 2025 to 2037 with fixed interest rates ranging from 3.37% to 4.84%. Expected maturities could differ from contractual maturities because FHLB may have the right to call, or the Company may have the right to prepay certain obligations.
Other borrowed funds were $500,000 and $750,000 as of September 30, 2025 and December 31, 2024, respectively. These were classified as short-term advances.
Additionally, the Company had $1.33 billion and $1.22 billion at September 30, 2025 and December 31, 2024, respectively, in letters of credit under a FHLB blanket borrowing line of credit, which are used to collateralize public deposits.
Subordinated Debentures
Subordinated debentures were $279.1 million and $439.2 million as of September 30, 2025 and December 31, 2024, respectively. Subordinated Debt Securities. On July 31, 2025, the Company completed the payoff of its $140.0 million in aggregate principal amount of 5.500% Fixed-to-Floating Rate Subordinated Notes due 2030 (the "2030 Notes") acquired from Happy on April 1, 2022, for which the Company had recorded a value of approximately $144.4 million, including fair value adjustments. Each 2030 Note was redeemed pursuant to the terms of the Subordinated Indenture, dated as of July 30, 2020, between the Company and UMB Bank, the Trustee for the 2030 Notes, at the redemption price of 100% of its principal amount, plus accrued and unpaid interest to, but excluding, the redemption date.
Prior to their redemption, the 2030 Notes were unsecured, subordinated debt obligations of the Company and were scheduled to mature on July 31, 2030. From and including the date of issuance to, but excluding July 31, 2025 or the date of earlier redemption, the 2030 Notes bore interest at an initial rate of 5.50% per annum, payable in arrears on January 31 and July 31 of each year. From and including July 31, 2025 to, but excluding, the maturity date or earlier redemption, the 2030 Notes were to bear interest at a floating rate equal to the Benchmark rate (which is expected to be 3-month Secured Overnight Funding Rate ("SOFR")), each as defined in and subject to the provisions of the applicable supplemental indenture for the 2030 Notes, plus 5.345%, payable quarterly in arrears on January 31, April 30, July 31, and October 31 of each year, commencing on October 31, 2025.
The Company was permitted, beginning with the interest payment date of July 31, 2025, and on any interest payment date thereafter, to redeem the 2030 Notes, in whole or in part, subject to prior approval of the Federal Reserve if then required, at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company was also permitted to redeem the 2030 Notes at any time, including prior to July 31, 2025, at the Company’s option, in whole but not in part, subject to prior approval of the Federal Reserve if then required, if certain events occurred that could impact the Company’s ability to deduct interest payable on the 2030 Notes for U.S. federal income tax purposes or preclude the 2030 Notes from being recognized as Tier 2 capital for regulatory capital purposes, or if the Company was required to register as an investment company under the Investment Company Act of 1940, as amended. In each case, the redemption would be at a redemption price equal to 100% of the principal amount of the 2030 Notes plus any accrued and unpaid interest to, but excluding, the redemption date.
On January 18, 2022, the Company completed an underwritten public offering of $300.0 million in aggregate principal amount of its 3.125% Fixed-to-Floating Rate Subordinated Notes due 2032 (the "2032 Notes") for net proceeds, after underwriting discounts and issuance costs, of approximately $296.4 million. The 2032 Notes are unsecured, subordinated debt obligations of the Company and will mature on January 30, 2032. From and including the date of issuance to, but excluding January 30, 2027 or the date of earlier redemption, the 2032 Notes will bear interest at an initial rate of 3.125% per annum, payable in arrears on January 30 and July 30 of each year. From and including January 30, 2027 to, but excluding the maturity date or earlier redemption, the 2032 Notes will bear interest at a floating rate equal to the Benchmark rate (which is expected to be Three-Month Term SOFR), each as defined in and subject to the provisions of the applicable supplemental indenture for the 2032 Notes, plus 182 basis points, payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year, commencing on April 30, 2027.

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The Company may, beginning with the interest payment date of January 30, 2027, and on any interest payment date thereafter, redeem the 2032 Notes, in whole or in part, subject to prior approval of the Federal Reserve if then required, at a redemption price equal to 100% of the principal amount of the 2032 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the 2032 Notes at any time, including prior to January 30, 2027, at the Company’s option, in whole but not in part, subject to prior approval of the Federal Reserve if then required, if certain events occur that could impact the Company’s ability to deduct interest payable on the 2032 Notes for U.S. federal income tax purposes or preclude the 2032 Notes from being recognized as Tier 2 capital for regulatory capital purposes, or if the Company is required to register as an investment company under the Investment Company Act of 1940, as amended. In each case, the redemption would be at a redemption price equal to 100% of the principal amount of the 2032 Notes plus any accrued and unpaid interest to, but excluding, the redemption date.
On September 4, 2025, the Company repurchased $20.0 million of the 2032 Notes in an open-market transaction. The repurchase resulted in a $1.9 million gain.
Stockholders’ Equity
Stockholders’ equity increased $253.9 million to $4.21 billion as of September 30, 2025, from $3.96 billion as of December 31, 2024. The $253.9 million increase in stockholders’ equity is primarily associated with the $357.2 million in net income and the $73.0 million in other comprehensive income for the nine months ended September 30, 2025, which was partially offset by the $117.7 million in shareholder dividends paid and stock repurchases of $67.3 million in 2025. As of September 30, 2025 and December 31, 2024, our equity to asset ratio was 18.56% and 17.61%, respectively. Book value per share was $21.41 as of September 30, 2025, compared to $19.92 as of December 31, 2024, an 10.0% annualized increase.
Common Stock Cash Dividends. We declared cash dividends on our common stock of $0.20 and $0.195 per share for the three months ended September 30, 2025 and 2024, respectively, and $0.595 and $0.555 per share for the nine months ended September 30, 2025 and 2024, respectively. The common stock dividend payout ratio for the three months ended September 30, 2025 and 2024 was 31.9% and 38.9%, respectively. The common stock dividend payout ratio for the nine months ended September 30, 2025 and 2024 was 32.9% and 36.9%, respectively. On October 17, 2025, the Board of Directors declared a regular $0.21 per share quarterly cash dividend payable December 3, 2025, to shareholders of record November 12, 2025.
Stock Repurchase Program. During the first nine months of 2025, the Company repurchased a total of 2,350,000 shares with a weighted-average stock price of $28.33 per share. Shares repurchased under the program as of September 30, 2025 since its inception total 28,857,507 shares. The remaining balance available for repurchase was 17,650,000 shares at September 30, 2025.
Liquidity and Capital Adequacy Requirements
Risk-Based Capital. We, as well as our bank subsidiary, are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and other discretionary actions by regulators that, if enforced, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. Our capital amounts and classifications are also subject to qualitative judgments by the regulators as to components, risk weightings and other factors.
In July 2013, the Federal Reserve Board and the other federal bank regulatory agencies issued a final rule to revise their risk-based and leverage capital requirements and their method for calculating risk-weighted assets to make them consistent with the agreements that were reached by the Basel Committee on Banking Supervision in "Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems" and certain provisions of the Dodd-Frank Act ("Basel III"). Basel III applies to all depository institutions, bank holding companies with total consolidated assets of $500 million or more, and savings and loan holding companies. Basel III became effective for the Company and its bank subsidiary on January 1, 2015. Basel III limits a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a "capital conservation buffer" of 2.5% of common equity Tier 1 capital to risk-weighted assets, which is in addition to the amount necessary to meet its minimum risk-based capital requirements.
Basel III amended the prompt corrective action rules to incorporate a common equity Tier 1 ("CET1") capital requirement and to raise the capital requirements for certain capital categories. In order to be adequately capitalized for purposes of the prompt corrective action rules, a banking organization is required to have at least a 4.5% CET1 risk-based capital ratio, a 4% Tier 1 leverage ratio, a 6% Tier 1 risk-based capital ratio and an 8% total risk-based capital ratio.

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Quantitative measures established by regulation to ensure capital adequacy require us to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. Management believes that, as of September 30, 2025 and December 31, 2024, we met all regulatory capital adequacy requirements to which we were subject.
On December 21, 2018, the federal banking agencies issued a joint final rule to revise their regulatory capital rules to permit bank holding companies and banks to phase-in, for regulatory capital purposes, the day-one impact of the new CECL accounting rule on retained earnings over a period of three years. As part of its response to the impact of COVID-19, on March 27, 2020, the federal banking regulatory agencies issued an interim final rule that provided the option to temporarily delay certain effects of CECL on regulatory capital for two years, followed by a three-year transition period. The interim final rule allows bank holding companies and banks to delay for two years 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL. The Company elected to adopt the interim final rule, which is reflected in the risk-based capital ratios presented below as of December 31, 2024. The risk-based capital ratios presented below as of September 30, 2025 do not include a transitional period adjustment as the transition period has ended.
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Table 23 presents our risk-based capital ratios on a consolidated basis as of September 30, 2025 and December 31, 2024.
Table 23: Risk-Based Capital
As of September 30, 2025As of December 31, 2024
(Dollars in thousands)
Tier 1 capital
Stockholders’ equity$4,214,964 $3,961,025 
ASC 326 transitional period adjustment— 8,123 
Goodwill and core deposit intangibles, net(1,432,044)(1,438,140)
Unrealized loss on available-for-sale securities183,127 256,108 
Total common equity Tier 1 capital2,966,047 2,787,116 
Total Tier 1 capital2,966,047 2,787,116 
Tier 2 capital
Allowance for credit losses285,649 275,880 
ASC 326 transitional period adjustment— (8,123)
Disallowed allowance for credit losses (limited to 1.25% of risk weighted assets)(53,945)(36,105)
Qualifying allowance for credit losses231,704 231,652 
Qualifying subordinated notes279,093 439,246 
Total Tier 2 capital510,797 670,898 
Total risk-based capital$3,476,844 $3,458,014 
Average total assets for leverage ratio$21,437,898 $21,365,045 
Risk weighted assets$18,443,324 $18,447,826 
Ratios at end of period
Common equity Tier 1 capital16.08 %15.11 %
Leverage ratio13.84 13.05 
Tier 1 risk-based capital16.08 15.11 
Total risk-based capital18.85 18.74 
Minimum guidelines – Basel III
Common equity Tier 1 capital7.00 %7.00 %
Leverage ratio4.00 4.00 
Tier 1 risk-based capital8.50 8.50 
Total risk-based capital10.50 10.50 
Well-capitalized guidelines
Common equity Tier 1 capital6.50 %6.50 %
Leverage ratio5.00 5.00 
Tier 1 risk-based capital8.00 8.00 
Total risk-based capital10.00 10.00 
As of the most recent notification from regulatory agencies, our bank subsidiary was "well-capitalized" under the regulatory framework for prompt corrective action. To be categorized as "well-capitalized," we, as well as our banking subsidiary, must maintain minimum CET1 capital, leverage, Tier 1 risk-based capital, and total risk-based capital ratios as set forth in the table. There are no conditions or events since that notification that we believe have changed the bank subsidiary’s category.
Non-GAAP Financial Measurements
Our accounting and reporting policies conform to generally accepted accounting principles in the United States ("GAAP") and the prevailing practices in the banking industry. However, this report contains financial information determined by methods other than in accordance with GAAP, including earnings, as adjusted; diluted earnings per common share, as adjusted; tangible book value per share; return on average assets, excluding intangible amortization; return on average assets, as adjusted; return on average common equity, as adjusted; return on average tangible equity, excluding intangible amortization; return on average tangible equity, as adjusted; tangible equity to tangible assets; and efficiency ratio, as adjusted.
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We believe these non-GAAP measures and ratios, when taken together with the corresponding GAAP measures and ratios, provide meaningful supplemental information regarding our performance. We believe investors benefit from referring to these non-GAAP measures and ratios in assessing our operating results and related trends, and when planning and forecasting future periods. However, these non-GAAP measures and ratios should be considered in addition to, and not as a substitute for or preferable to, ratios prepared in accordance with GAAP.
The tables below present non-GAAP reconciliations of earnings, as adjusted, and diluted earnings per share, as adjusted, as well as the non-GAAP computations of tangible book value per share; return on average assets, excluding intangible amortization; return on average assets, as adjusted; return on average common equity, as adjusted; return on average tangible equity excluding intangible amortization; return on average tangible equity, as adjusted; tangible equity to tangible assets; and efficiency ratio, as adjusted. The items used in these calculations are included in financial results presented in accordance with GAAP.
Earnings, as adjusted, and diluted earnings per common share, as adjusted, are meaningful non-GAAP financial measures for management, as they exclude certain items such as merger expenses and/or certain gains and losses. Management believes the exclusion of these items in expressing earnings provides a meaningful foundation for period-to-period and company-to-company comparisons, which management believes will aid both investors and analysts in analyzing our financial measures and predicting future performance. These non-GAAP financial measures are also used by management to assess the performance of our business, because management does not consider these items to be relevant to ongoing financial performance.
In Table 24 below, we have provided a reconciliation of the non-GAAP calculation of the financial measure for the periods indicated.
Table 24: Earnings, As Adjusted
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)
GAAP net income available to common shareholders (A)$123,604 $100,038 $357,216 $301,677 
Pre-tax adjustments:
Gain on retirement of subordinated debt(1,882)— (1,882)— 
FDIC special assessment— — (1,516)2,260 
Fair value adjustment for marketable securities(1,020)(1,392)(1,224)(2,121)
Special income from equity investment— — (7,389)— 
Gain on sale of premises and equipment— — (983)(2,059)
Legal fee reimbursement— — (885)— 
Legal claims expense— — 3,300 — 
Recoveries on historic losses(2,040)— (2,040)— 
BOLI death benefits(187)— (1,430)(162)
Total pre-tax adjustments(5,129)(1,392)(14,049)(2,082)
Tax-effect of adjustments(1)
(1,207)(348)(3,083)(480)
Investment DTA write-off— — — 2,030 
Total adjustments after-tax (B)(3,922)(1,044)(10,966)428 
Earnings, as adjusted (C)$119,682 $98,994 $346,250 $302,105 
Average diluted shares outstanding (D)197,288 199,461 197,952 200,430 
GAAP diluted earnings per share: A/D$0.63 $0.50 $1.80 $1.51 
Adjustments after-tax: B/D(0.02)— (0.05)— 
Diluted earnings per common share excluding adjustments: C/D$0.61 $0.50 $1.75 $1.51 
(1) Blended statutory rate of 24.433% for 2025 and 24.989% for 2024.

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We had $1.43 billion, $1.44 billion and $1.44 billion total goodwill and core deposit intangibles as of September 30, 2025, December 31, 2024 and September 30, 2024, respectively. Because of our level of intangible assets and related amortization expenses, management believes tangible book value per share, return on average assets excluding intangible amortization, return on average tangible equity, return on average tangible equity excluding intangible amortization, and tangible equity to tangible assets are useful in evaluating our company. Management also believes return on average assets, as adjusted, return on average equity, as adjusted, and return on average tangible equity, as adjusted, are meaningful non-GAAP financial measures, as they exclude items such as certain non-interest income and expenses that management believes are not indicative of our primary business operating results. These calculations, which are similar to the GAAP calculations of book value per share, return on average assets, return on average equity, and equity to assets, are presented in Tables 25 through 28, respectively.
Table 25: Tangible Book Value Per Share
As of September 30, 2025As of December 31, 2024
(In thousands, except per share data)
Book value per share: A/B$21.41 $19.92 
Tangible book value per share: (A-C-D)/B14.13 12.68 
(A) Total equity$4,214,964 $3,961,025 
(B) Shares outstanding196,889 198,882 
(C) Goodwill1,398,253 1,398,253 
(D) Core deposit intangibles34,231 40,327 
Table 26: Return on Average Assets, As Adjusted
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)
Return on average assets: A/D2.17%1.74%2.11%1.77%
Return on average assets, as adjusted: (A+C)/D2.10 1.72 2.04 1.77 
Return on average assets excluding intangible amortization: B/(D-E)2.34 1.88 2.28 1.92 
(A) Net income$123,604 $100,038 $357,216 $301,677 
  Intangible amortization after-tax1,529 1,571 4,607 4,782 
(B) Earnings excluding intangible amortization$125,133 $101,609 $361,823 $306,459 
(C) Adjustments after-tax$(3,922)$(1,044)$(10,966)$428 
(D) Average assets22,638,938 22,893,784 22,662,167 22,817,942 
(E) Average goodwill, core deposits and other intangible assets1,433,474 1,441,654 1,435,475 1,443,770 
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Table 27: Return on Average Equity, As Adjusted
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)
Return on average equity: A/D11.91%10.23%11.81%10.53%
Return on average common equity, as adjusted: (A+C)/D11.54 10.12 11.45 10.55 
Return on average tangible common equity: A/(D-E)18.28 16.26 18.31 16.91 
Return on average tangible equity excluding intangible amortization: B/(D-E)18.51 16.51 18.55 17.18 
Return on average tangible common equity, as adjusted: (A+C)/(D-E)17.70 16.09 17.75 16.94 
(A) Net income$123,604 $100,038 $357,216 $301,677 
(B) Earnings excluding intangible amortization125,133 101,609 361,823 306,459 
(C) Adjustments after-tax(3,922)(1,044)(10,966)428 
(D) Average equity4,115,884 3,889,712 4,043,743 3,826,619 
(E) Average goodwill, core deposits and other intangible assets1,433,474 1,441,654 1,435,475 1,443,770 
Table 28: Tangible Equity to Tangible Assets
As of September 30, 2025As of December 31, 2024
(Dollars in thousands)
Equity to assets: B/A18.56 %17.61 %
Tangible equity to tangible assets: (B-C-D)/(A-C-D)13.08 11.98 
(A) Total assets$22,707,802 $22,490,748 
(B) Total equity4,214,964 3,961,025 
(C) Goodwill1,398,253 1,398,253 
(D) Core deposit intangibles34,231 40,327 
The efficiency ratio is a standard measure used in the banking industry and is calculated by dividing non-interest expense less amortization of core deposit intangibles by the sum of net interest income on a tax equivalent basis and non-interest income. The efficiency ratio, as adjusted, is a meaningful non-GAAP measure for management, as it excludes certain items and is calculated by dividing non-interest expense less amortization of core deposit intangibles by the sum of net interest income on a tax equivalent basis and non-interest income excluding items such as merger expenses and/or certain gains, losses and other non-interest income and expenses. In Table 29 below, we have provided a reconciliation of the non-GAAP calculation of the financial measure for the periods indicated.
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Table 29: Efficiency Ratio, As Adjusted
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(Dollars in thousands)
Net interest income (A)$226,166 $215,220 $660,774 $631,632 
Non-interest income (B)51,505 42,779 148,010 127,352 
Non-interest expense (C)114,838 110,045 343,806 334,726 
FTE Adjustment (D)2,916 2,616 7,976 6,136 
Amortization of intangibles (E)2,024 2,095 6,096 6,375 
Adjustments:
Non-interest income:
Gain on retirement of subordinated debt$1,882 $— $1,882 $— 
Fair value adjustment for marketable securities1,020 1,392 1,224 2,121 
Special income from equity investments— — 7,389 — 
(Loss) gain on OREO, net(1)85 (364)151 
(Loss) gain on branches, equipment and other assets, net(66)32 743 2,076 
BOLI death benefits187 — 1,430 162 
Recoveries on historic losses2,040 — 2,040 — 
Legal expense reimbursement— — 885 — 
Total non-interest income adjustments (F)$5,062 $1,509 $15,229 $4,510 
Non-interest expense:
FDIC special assessment— — (1,516)2,260 
Legal claims expense— — 3,300 — 
Total non-interest expense adjustments (G)$— $— $1,784 $2,260 
Efficiency ratio (reported): ((C-E)/(A+B+D))40.21 %41.42 %41.35 %42.91 %
Efficiency ratio, as adjusted (non-GAAP): ((C-E-G)/(A+B+D-F))40.95 41.66 41.91 42.87 
Recently Issued Accounting Pronouncements
See Note 21 to the Condensed Notes to Consolidated Financial Statements for a discussion of certain recently issued and recently adopted accounting pronouncements.
Item 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Liquidity and Market Risk Management
At September 30, 2025, we held $2.14 billion in assets that could be used for liquidity purposes, which we refer to as net available internal liquidity. This balance consisted of $1.46 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $488.6 million in cash on deposit with the Federal Reserve Bank ("FRB") and $191.6 million in other liquid cash accounts.
Consistent with our practice of maintaining access to significant external liquidity, we had $3.58 billion in net available sources of borrowed funds, which we refer to as net available external liquidity, as of September 30, 2025. This included $5.20 billion in total borrowing capacity with the Federal Home Loan Bank ("FHLB"), of which $1.88 billion has been drawn upon in the ordinary course of business, resulting in $3.32 billion in net available liquidity with the FHLB as of September 30, 2025. The $1.88 billion consisted of $550.0 million in outstanding FHLB advances and $1.33 billion used for pledging purposes. We also had access to approximately $165.6 million available borrowing capacity from the Discount Window. As of September 30, 2025, the Company also had access to $35.0 million from First National Bankers’ Bank ("FNBB"), and $55.0 million from other various external sources.
Overall, we had $5.72 billion net available liquidity as of September 30, 2025, which consisted of $2.14 billion of net available internal liquidity and $3.58 billion in net available external liquidity. Details on our available liquidity as of September 30, 2025 are available below.
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Table 30: Available Liquidity
(in thousands)Total AvailableAmount UsedNet Availability
Internal Sources
Unpledged investment securities (market value)$1,459,900 $— $1,459,900 
Cash at FRB488,585 — 488,585 
Other liquid cash accounts191,627 — 191,627 
Total Internal Liquidity2,140,112 — 2,140,112 
External Sources
FHLB5,203,039 1,882,575 3,320,464 
FRB Discount Window165,600 — 165,600 
FNBB35,000 — 35,000 
Other55,000 — 55,000 
Total External Liquidity5,458,639 1,882,575 3,576,064 
Total Available Liquidity$7,598,751 $1,882,575 $5,716,176 

We have continued to limit our exposure to uninsured deposits and have been actively monitoring this exposure in light of the current banking environment. As of September 30, 2025, we held approximately $8.53 billion in uninsured deposits of which $846.8 million were intercompany subsidiary deposit balances and $2.99 billion were collateralized deposits, for a net position of $4.69 billion. This represented approximately 27.1% of total deposits. In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.03 billion as of September 30, 2025.
Table 31: Uninsured Deposits
(in thousands)
As of September 30, 2025
Uninsured Deposits$8,526,039 
Intercompany Subsidiary and Affiliate Balances846,842 
Collateralized Deposits2,990,458 
Net Uninsured Position$4,688,739 
Total Available Liquidity5,716,176 
Net Uninsured Position4,688,739 
Net Available Liquidity in Excess of Uninsured Deposits$1,027,437 

Asset/Liability Management. Our management actively measures and manages interest rate risk. The asset/liability committees of the boards of directors of our holding company and bank subsidiary are also responsible for approving our asset/liability management policies, overseeing the formulation and implementation of strategies to improve balance sheet positioning and earnings, and reviewing our interest rate sensitivity position.
Our objective is to manage liquidity in a way that ensures cash flow requirements of depositors and borrowers are met in a timely and orderly fashion while ensuring the reliance on various funding sources does not become so heavily weighted to any one source that it causes undue risk to the bank. Our liquidity sources are prioritized based on availability and ease of activation. Our current liquidity condition is a primary driver in determining our funding needs and is a key component of our asset and liability management.
Various sources of liquidity are available to meet the cash flow needs of depositors and borrowers. Our principal source of funds is core deposits, including checking, savings, money market accounts and certificates of deposit. We may also from time to time obtain wholesale funding through brokered deposits. Secondary sources of funding include advances from the Federal Home Loan Bank of Dallas, the Federal Reserve Bank Discount Window and other borrowings, such as through correspondent banking relationships. These secondary sources enable us to borrow funds at rates and terms which, at times, are more beneficial to us. Additionally, as needed, we can liquidate or utilize our available-for-sale investment portfolio as collateral to provide funds for an intermediate source of liquidity.
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Interest Rate Sensitivity. Our primary business is banking and the resulting earnings, primarily net interest income, are susceptible to changes in market interest rates. It is management’s goal to maximize net interest income within acceptable levels of interest rate and liquidity risks.
A key element in the financial performance of financial institutions is the level and type of interest rate risk assumed. The single most significant measure of interest rate risk is the relationship of the repricing periods of earning assets and interest-bearing liabilities. The more closely the repricing periods are correlated, the less interest rate risk we assume. We use net interest income simulation modeling and economic value of equity as the primary methods in analyzing and managing interest rate risk.
One of the tools that our management uses to measure short-term interest rate risk is a net interest income simulation model. This analysis calculates the difference between net interest income forecasted using base market rates and using a rising and a falling interest rate scenario. The income simulation model includes various assumptions regarding the re-pricing relationships for each of our products. Many of our assets are floating rate loans, which are assumed to re-price immediately, and proportional to the change in market rates, depending on their contracted index. Some loans and investments include the opportunity of prepayment (embedded options), and accordingly, the simulation model uses indexes to estimate these prepayments and reinvest their proceeds at current yields. Our non-term deposit products re-price overnight in the model while we project certain other deposits by product type to have stable balances based on our deposit history. This accounts for the portion of our portfolio that moves more slowly than market rates and changes at our discretion.
This analysis indicates the impact of changes in net interest income for the given set of rate changes and assumptions. It assumes the balance sheet remains static and that its structure does not change over the course of the year. It does not account for all factors that impact this analysis, including changes by management to mitigate the impact of interest rate changes or secondary impacts such as changes to our credit risk profile as interest rates change.
Furthermore, loan prepayment rate estimates and spread relationships change regularly. Interest rate fluctuations create changes in actual loan prepayment rates that will differ from the market estimates incorporated in this analysis. Changes that vary significantly from the assumptions may have significant effects on our net interest income.

For the rising and falling interest rate scenarios, the base market interest rate forecast was increased and decreased over twelve months by 200 and 100 basis points, respectively. At September 30, 2025, our net interest margin exposure related to these hypothetical changes in market interest rates was within the current guidelines established by us.
Table 32 presents our sensitivity to net interest income as of September 30, 2025 and September 30, 2024.
Table 32: Sensitivity of Net Interest Income
Percentage Change from BasePercentage Change from BaseSeptember 30,
Interest Rate ScenarioSeptember 30, 2025September 30, 20242025 vs. 2024
Up 200 basis points10.24 %9.92 %0.32 %
Up 100 basis points5.33 5.17 0.16 
Down 100 basis points(5.88)(5.78)(0.10)
Down 200 basis points(11.06)(11.74)0.68 
There have been no material changes in our market risk exposure from September 30, 2024 to September 30, 2025. Our balance sheet mix has remained consistent. The target rate changes by the Federal Reserve have impacted our earnings, but our net interest income exposure is still within our current guidelines. The Federal Reserve reduced the target rate three times during 2024. First, on September 18, 2024, the target rate was reduced to 4.75% to 5.00%, second, on November 7, 2024, the target rate was reduced to 4.50% to 4.75% and third, on December 18, 2024, the target rate was reduced to 4.25% to 4.50%. On September 17, 2025, the Federal Reserve reduced the target rate to 4.00% to 4.25%.


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Item 4: CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls
Based on their evaluation as of the end of the period covered by this Quarterly Report on Form 10-Q, the Chief Executive Officer and Chief Financial Officer have concluded that the disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934) are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. Additionally, our disclosure controls and procedures were also effective in ensuring that information required to be disclosed in our Exchange Act report is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal controls over financial reporting during the quarter ended September 30, 2025, which have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II: OTHER INFORMATION
Item 1: Legal Proceedings
There are no material pending legal proceedings, other than ordinary routine litigation incidental to its business, to which the Company or its subsidiaries are a party or of which any of their property is the subject.
Item 1A: Risk Factors
There were no material changes from the risk factors set forth in Part I, Item 1A, "Risk Factors," of our Form 10-K for the year ended December 31, 2024. See the discussion of our risk factors in the Form 10-K, as filed with the SEC. The risks described are not the only risks facing the Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
During the three months ended September 30, 2025, the Company utilized a portion of its stock repurchase program which was most recently amended and re-approved by the Board of Directors on January 17, 2025, authorizing the repurchase of up 20,000,000 shares of the Company's common stock. The following table sets forth information with respect to purchases made by or on behalf of the Company of shares of the Company’s common stock during the periods indicated:
PeriodNumber of
Shares
Purchased		Average Price
Paid Per Share
Purchased		Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
Maximum Number
of Shares That May
Yet Be Purchased
Under the Plans or
Programs(1)
July 1 through July 31, 2025100,000 $28.65 100,000 17,900,000 
August 1 through August 31, 2025140,000 27.84 140,000 17,760,000 
September 1 through September 30, 2025110,000 28.68 110,000 17,650,000 
Total350,000  350,000  
(1)The above described stock repurchase program has no expiration date.
Item 3: Defaults Upon Senior Securities
Not applicable.
Item 4: Mine Safety Disclosures
Not applicable.
Item 5: Other Information
During the three months ended September 30, 2025, none of the Company’s directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
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Table of Contents
Item 6: Exhibits
Exhibit No.Description of Exhibit
3.1
3.2
 
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
3.11
3.12
3.13
3.14
4.1
4.2Instruments defining the rights of security holders including indentures. Home BancShares hereby agrees to furnish to the SEC upon request copies of instruments defining the rights of holders of long-term debt of Home BancShares and its consolidated subsidiaries. No issuance of debt exceeds ten percent of the assets of Home BancShares and its subsidiaries on a consolidated basis.
15
31.1
31.2
32.1
32.2
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Table of Contents
101.INSInline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.*
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101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document*
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*    Filed herewith


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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
HOME BANCSHARES, INC.
(Registrant)
Date:November 4, 2025/s/ John W. Allison
John W. Allison, Chairman and Chief Executive Officer
Date:November 4, 2025/s/ Brian S. Davis
Brian S. Davis, Chief Financial Officer
Date:November 4, 2025/s/ Jennifer C. Floyd
Jennifer C. Floyd, Chief Accounting Officer
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