☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Arkansas | 71-0407808 | ||||
(State or other jurisdiction of | (I.R.S. Employer | ||||
incorporation or organization) | Identification No.) | ||||
501 Main Street | 71601 | ||||
Pine Bluff | (Zip Code) | ||||
Arkansas | |||||
(Address of principal executive offices) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, par value $0.01 per share | SFNC | The Nasdaq Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||
Smaller reporting company | ☐ | Emerging Growth company | ☐ |
Community Banking Group | Metro Banking Group | Corporate Banking Group | ||||||||||||
East Arkansas Community Division | Arkansas Metro Division (Little Rock, Arkansas; Northwest Arkansas) | Structured Real Estate Unit | ||||||||||||
West Arkansas Community Division | Nashville Metro Division (Nashville, Tennessee) | Commercial Finance Unit | ||||||||||||
Tennessee Community Division (East Tennessee and West Tennessee) | Memphis Metro Division (Memphis, Tennessee) | Equipment Finance Unit | ||||||||||||
Missouri, Oklahoma and Texas Community Division (Central Missouri, South Central Missouri, Southwest Missouri, Southeast Oklahoma, Stillwater, Oklahoma, North Texas) | Missouri Metro Division (St. Louis, Missouri; Kansas City, Missouri; Kansas City, Kansas) | Public Sector Banking Unit | ||||||||||||
Greater Texas Community Division (Houston, North Houston, South Texas, Northeast Texas, College Station, North Central Texas) | Texas Metro Division (Dallas, Texas; Ft. Worth, Texas; North Dallas, Texas; Austin, Texas; San Antonio, Texas) | Participations/Syndications Unit | ||||||||||||
Western Metro Division (Wichita, Kansas; Oklahoma City, Oklahoma; Tulsa, Oklahoma) | Asset Based Lending Unit | |||||||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | |||||||||
October 1 - 31, 2019 | 774 | $ | 24.77 | — | $ | 60,000,000 | |||||||
November 1 - 30, 2019 | 190,502 | 25.58 | 190,000 | $ | 55,140,000 | ||||||||
December 1 - 31, 2019 | 201,522 | 26.33 | 200,000 | $ | 49,870,000 | ||||||||
Total | 392,798 | $ | 25.96 | 390,000 |
Period Ending | ||||||||||||||||||||||||||||||||||||||
Index | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | 12/31/2022 | ||||||||||||||||||||||||||||||||
Simmons First National Corporation | 100.00 | 86.23 | 98.21 | 82.40 | 115.63 | 87.16 | ||||||||||||||||||||||||||||||||
Russell 2000 Index | 100.00 | 88.99 | 111.70 | 134.00 | 153.85 | 122.41 | ||||||||||||||||||||||||||||||||
KBW Nasdaq Regional Banking Index | 100.00 | 82.50 | 102.15 | 93.25 | 127.42 | 118.59 |
Period Ending | ||||||||||||||||||
Index | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | ||||||||||||
Simmons First National Corporation | 100.00 | 128.87 | 158.94 | 148.70 | 128.26 | 146.07 | ||||||||||||
Nasdaq Composite | 100.00 | 106.96 | 116.45 | 150.96 | 146.67 | 200.49 | ||||||||||||
SNL U.S. Bank & Thrift | 100.00 | 102.02 | 128.80 | 151.45 | 125.81 | 170.04 |
Years Ended December 31, | |||||||||||||||||||
(In thousands, except per common share data, ratios & other data) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Income statement data: | |||||||||||||||||||
Interest income | $ | 786,645 | $ | 680,687 | $ | 395,004 | $ | 301,005 | $ | 300,948 | |||||||||
Interest expense | 181,370 | 128,135 | 40,074 | 21,799 | 22,353 | ||||||||||||||
Net interest income | 605,275 | 552,552 | 354,930 | 279,206 | 278,595 | ||||||||||||||
Provision for loan losses | 43,240 | 38,148 | 26,393 | 20,065 | 9,022 | ||||||||||||||
Net interest income after provision for loan losses | 562,035 | 514,404 | 328,537 | 259,141 | 269,573 | ||||||||||||||
Non-interest income | 201,509 | 143,896 | 138,765 | 139,382 | 94,661 | ||||||||||||||
Non-interest expense | 461,112 | 392,229 | 312,379 | 255,085 | 256,970 | ||||||||||||||
Income before taxes | 302,432 | 266,071 | 154,923 | 143,438 | 107,264 | ||||||||||||||
Provision for income taxes | 64,265 | 50,358 | 61,983 | 46,624 | 32,900 | ||||||||||||||
Net income | 238,167 | 215,713 | 92,940 | 96,814 | 74,364 | ||||||||||||||
Preferred stock dividends | 339 | — | — | 24 | 257 | ||||||||||||||
Net income available to common stockholders | $ | 237,828 | $ | 215,713 | $ | 92,940 | $ | 96,790 | $ | 74,107 | |||||||||
Per common share data(9): | |||||||||||||||||||
Basic earnings | 2.42 | 2.34 | 1.34 | 1.58 | 1.32 | ||||||||||||||
Diluted earnings | 2.41 | 2.32 | 1.33 | 1.56 | 1.31 | ||||||||||||||
Core diluted earnings (non-GAAP) (1) | 2.73 | 2.37 | 1.70 | 1.64 | 1.59 | ||||||||||||||
Book value | 26.30 | 24.33 | 22.65 | 18.40 | 17.27 | ||||||||||||||
Tangible book value (non-GAAP) (2) | 15.89 | 14.18 | 12.34 | 11.98 | 10.98 | ||||||||||||||
Dividends | 0.64 | 0.60 | 0.50 | 0.48 | 0.46 | ||||||||||||||
Basic average common shares outstanding | 98,350,992 | 92,268,131 | 69,384,500 | 61,291,296 | 56,167,592 | ||||||||||||||
Diluted average common shares outstanding | 98,796,628 | 92,830,485 | 69,852,920 | 61,927,092 | 56,419,322 | ||||||||||||||
Years Ended December 31, | |||||||||||||||||||
(In thousands, except per common share data, ratios & other data) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Balance sheet data at period end: | |||||||||||||||||||
Total assets | $ | 21,259,143 | $ | 16,543,337 | $ | 15,055,806 | $ | 8,400,056 | $ | 7,559,658 | |||||||||
Investment securities | 3,494,265 | 2,440,946 | 1,957,575 | 1,619,450 | 1,526,780 | ||||||||||||||
Total loans | 14,425,260 | 11,723,171 | 10,779,685 | 5,632,890 | 4,919,355 | ||||||||||||||
Allowance for loan losses (excluding loans acquired) (3) | 67,800 | 56,599 | 41,668 | 36,286 | 31,351 | ||||||||||||||
Goodwill and other intangible assets | 1,182,860 | 937,021 | 948,722 | 401,464 | 380,923 | ||||||||||||||
Non-interest bearing deposits | 3,741,093 | 2,672,405 | 2,665,249 | 1,491,676 | 1,280,234 | ||||||||||||||
Deposits | 16,108,940 | 12,398,752 | 11,092,875 | 6,735,219 | 6,086,096 | ||||||||||||||
Other borrowings | 1,297,599 | 1,345,450 | 1,380,024 | 273,159 | 162,289 | ||||||||||||||
Subordinated debt and trust preferred | 388,260 | 353,950 | 140,565 | 60,397 | 60,570 | ||||||||||||||
Stockholders’ equity | 2,988,924 | 2,246,434 | 2,084,564 | 1,151,111 | 1,076,855 | ||||||||||||||
Tangible stockholders’ equity (non-GAAP) (2) | 1,805,297 | 1,309,413 | 1,135,842 | 749,647 | 665,080 | ||||||||||||||
Capital ratios at period end: | |||||||||||||||||||
Common stockholders’ equity to total assets | 14.06 | % | 13.58 | % | 13.85 | % | 13.70 | % | 13.84 | % | |||||||||
Tangible common equity to tangible assets (non-GAAP) (4) | 8.99 | % | 8.39 | % | 8.05 | % | 9.37 | % | 9.26 | % | |||||||||
Tier 1 leverage ratio | 9.59 | % | 8.78 | % | 9.21 | % | 10.95 | % | 11.20 | % | |||||||||
Common equity Tier 1 risk-based ratio | 10.92 | % | 10.22 | % | 9.80 | % | 13.45 | % | 14.21 | % | |||||||||
Tier 1 risk-based ratio | 10.92 | % | 10.22 | % | 9.80 | % | 14.45 | % | 16.02 | % | |||||||||
Total risk-based capital ratio | 13.73 | % | 13.35 | % | 11.35 | % | 15.12 | % | 16.72 | % | |||||||||
Dividend payout to common stockholders | 26.56 | % | 25.86 | % | 37.59 | % | 30.67 | % | 34.98 | % | |||||||||
Annualized performance ratios: | |||||||||||||||||||
Return on average assets | 1.33 | % | 1.37 | % | 0.92 | % | 1.25 | % | 1.03 | % | |||||||||
Core return on average assets (non-GAAP) (1) | 1.51 | % | 1.40 | % | 1.18 | % | 1.31 | % | 1.25 | % | |||||||||
Return on average common equity | 9.93 | % | 10.00 | % | 6.68 | % | 8.75 | % | 7.90 | % | |||||||||
Core return on average common equity (non-GAAP) (1) | 11.25 | % | 10.21 | % | 8.56 | % | 9.17 | % | 9.55 | % | |||||||||
Return on average tangible equity (non-GAAP) (2) (5) | 17.99 | % | 18.44 | % | 11.26 | % | 13.92 | % | 12.53 | % | |||||||||
Core return on average tangible equity (non-GAAP) (1) (2) (5) | 20.31 | % | 18.81 | % | 14.28 | % | 14.56 | % | 15.05 | % | |||||||||
Net interest margin (6) | 3.83 | % | 3.97 | % | 4.07 | % | 4.19 | % | 4.55 | % | |||||||||
Efficiency ratio (non-GAAP) (7) | 50.33 | % | 52.85 | % | 55.27 | % | 56.32 | % | 59.01 | % | |||||||||
Balance sheet ratios: (8) | |||||||||||||||||||
Nonperforming assets as a percentage of period-end assets | 0.43 | % | 0.37 | % | 0.52 | % | 0.79 | % | 0.85 | % | |||||||||
Nonperforming loans as a percentage of period-end loans | 0.74 | % | 0.41 | % | 0.81 | % | 0.91 | % | 0.58 | % | |||||||||
Nonperforming assets as a percentage of period-end loans and OREO | 0.96 | % | 0.72 | % | 1.38 | % | 1.53 | % | 1.94 | % | |||||||||
Allowance to nonperforming loans | 95.37 | % | 164.41 | % | 90.26 | % | 92.09 | % | 165.83 | % | |||||||||
Allowance for loan losses as a percentage of period-end loans | 0.70 | % | 0.67 | % | 0.73 | % | 0.84 | % | 0.97 | % | |||||||||
Net charge-offs (recoveries) as a percentage of average loans | 0.31 | % | 0.29 | % | 0.35 | % | 0.40 | % | 0.24 | % | |||||||||
Years Ended December 31, | |||||||||||||||||||
(In thousands, except per common share data, ratios & other data) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Other data: | |||||||||||||||||||
Number of financial centers | 251 | 191 | 200 | 150 | 149 | ||||||||||||||
Number of full time equivalent employees | 3,270 | 2,654 | 2,640 | 1,875 | 1,946 |
Critical Accounting |
Net Interest Income |
Years Ended December 31, | |||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Interest income | $ | 861,735 | $ | 671,061 | $ | 759,718 | |||||||||||
FTE adjustment | 24,671 | 19,231 | 11,001 | ||||||||||||||
Interest income - FTE | 886,406 | 690,292 | 770,719 | ||||||||||||||
Interest expense | 144,419 | 79,529 | 119,984 | ||||||||||||||
Net interest income - FTE | $ | 741,987 | $ | 610,763 | $ | 650,735 | |||||||||||
Yield on earning assets - FTE | 3.79 | % | 3.27 | % | 4.00 | % | |||||||||||
Cost of interest bearing liabilities | 0.84 | % | 0.52 | % | 0.84 | % | |||||||||||
Net interest spread - FTE | 2.95 | % | 2.75 | % | 3.16 | % | |||||||||||
Net interest margin - FTE | 3.17 | % | 2.89 | % | 3.38 | % |
Years Ended December 31, | ||||||||||||
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Interest income | $ | 786,645 | $ | 680,687 | $ | 395,004 | ||||||
FTE adjustment | 7,322 | 5,297 | 7,723 | |||||||||
Interest income - FTE | 793,967 | 685,984 | 402,727 | |||||||||
Interest expense | 181,370 | 128,135 | 40,074 | |||||||||
Net interest income - FTE | $ | 612,597 | $ | 557,849 | $ | 362,653 | ||||||
Yield on earning assets - FTE | 4.97 | % | 4.89 | % | 4.52 | % | ||||||
Cost of interest bearing liabilities | 1.49 | % | 1.19 | % | 0.59 | % | ||||||
Net interest spread - FTE | 3.48 | % | 3.70 | % | 3.93 | % | ||||||
Net interest margin - FTE | 3.83 | % | 3.97 | % | 4.07 | % |
(In thousands) | 2022 vs. 2021 | 2021 vs. 2020 | |||||||||
Increase (decrease) due to change in earning assets | $ | 147,423 | $ | (40,169) | |||||||
Increase (decrease) due to change in earning asset yields | 48,691 | (40,258) | |||||||||
Decrease due to change in interest bearing liabilities | (3,274) | (2,191) | |||||||||
Increase (decrease) due to change in interest rates paid on interest bearing liabilities | (61,616) | 42,646 | |||||||||
Increase (decrease) in net interest income | $ | 131,224 | $ | (39,972) |
(In thousands) | 2019 vs. 2018 | 2018 vs. 2017 | ||||||
Increase due to change in earning assets | $ | 97,849 | $ | 255,326 | ||||
Increase due to change in earning asset yields | 10,134 | 27,931 | ||||||
Decrease due to change in interest bearing liabilities | (17,139 | ) | (45,351 | ) | ||||
Decrease due to change in interest rates paid on interest bearing liabilities | (36,096 | ) | (42,710 | ) | ||||
Increase in net interest income | $ | 54,748 | $ | 195,196 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Balance | Expense | Rate (%) | Balance | Expense | Rate (%) | Balance | Expense | Rate (%) | ||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing balances due from banks and federal funds sold | $ | 793,836 | $ | 5,500 | 0.69 | $ | 2,376,421 | $ | 2,795 | 0.12 | $ | 1,970,852 | $ | 4,383 | 0.22 | ||||||||||||||||||||||||||||||||||||||
Investment securities - taxable | 5,462,427 | 94,437 | 1.73 | 4,512,564 | 58,976 | 1.31 | 1,813,640 | 35,039 | 1.93 | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities - non-taxable | 2,703,662 | 86,596 | 3.20 | 2,343,117 | 71,207 | 3.04 | 1,113,851 | 39,666 | 3.56 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 16,609 | 720 | 4.33 | 55,204 | 1,565 | 2.83 | 113,854 | 3,031 | 2.66 | ||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | 8,322 | 3,120 | 37.49 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Loans - including fees | 14,419,763 | 696,033 | 4.83 | 11,810,480 | 555,749 | 4.71 | 14,260,689 | 688,600 | 4.83 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 23,404,619 | 886,406 | 3.79 | 21,097,786 | 690,292 | 3.27 | 19,272,886 | 770,719 | 4.00 | ||||||||||||||||||||||||||||||||||||||||||||
Non-earning assets | 3,014,219 | 2,394,522 | 2,317,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 26,418,838 | $ | 23,492,308 | $ | 21,590,745 | |||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing transaction and savings deposits | $ | 12,253,164 | $ | 63,033 | 0.51 | $ | 10,638,665 | $ | 19,568 | 0.18 | $ | 9,128,936 | $ | 38,462 | 0.42 | ||||||||||||||||||||||||||||||||||||||
Time deposits | 3,094,747 | 36,016 | 1.16 | 2,804,851 | 21,604 | 0.77 | 3,006,768 | 41,398 | 1.38 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 15,347,911 | 99,049 | 0.65 | 13,443,516 | 41,172 | 0.31 | 12,135,704 | 79,860 | 0.66 | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 200,744 | 941 | 0.47 | 247,448 | 579 | 0.23 | 362,629 | 1,715 | 0.47 | ||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | 1,155,310 | 24,934 | 2.16 | 1,340,185 | 19,495 | 1.45 | 1,353,738 | 19,652 | 1.45 | ||||||||||||||||||||||||||||||||||||||||||||
Subordinated debt and debentures | 394,870 | 19,495 | 4.94 | 383,182 | 18,283 | 4.77 | 385,294 | 18,757 | 4.87 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 17,098,835 | 144,419 | 0.84 | 15,414,331 | 79,529 | 0.52 | 14,237,365 | 119,984 | 0.84 | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing deposits | 5,827,160 | 4,836,839 | 4,225,618 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 233,179 | 169,140 | 205,956 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 23,159,174 | 20,420,310 | 18,668,939 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 3,259,664 | 3,071,998 | 2,921,806 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 26,418,838 | $ | 23,492,308 | $ | 21,590,745 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 2.95 | 2.75 | 3.16 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | $ | 741,987 | 3.17 | $ | 610,763 | 2.89 | $ | 650,735 | 3.38 |
Years Ended December 31, | ||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
Average | Income/ | Yield/ | Average | Income/ | Yield/ | Average | Income/ | Yield/ | ||||||||||||||||||||||
(In thousands) | Balance | Expense | Rate (%) | Balance | Expense | Rate (%) | Balance | Expense | Rate (%) | |||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Earning assets: | ||||||||||||||||||||||||||||||
Interest bearing balances due from banks and federal funds sold | $ | 451,946 | $ | 7,486 | 1.66 | $ | 409,092 | $ | 5,996 | 1.47 | $ | 225,466 | $ | 1,933 | 0.86 | |||||||||||||||
Investment securities - taxable | 1,871,770 | 47,140 | 2.52 | 1,725,313 | 43,083 | 2.50 | 1,307,176 | 28,517 | 2.18 | |||||||||||||||||||||
Investment securities - non-taxable | 681,231 | 26,675 | 3.92 | 516,769 | 19,231 | 3.72 | 444,378 | 19,045 | 4.29 | |||||||||||||||||||||
Mortgage loans held for sale | 35,815 | 1,326 | 3.70 | 29,550 | 1,336 | 4.52 | 13,064 | 605 | 4.63 | |||||||||||||||||||||
Assets held in trading accounts | — | — | — | — | — | — | 41 | — | — | |||||||||||||||||||||
Loans | 12,937,147 | 711,340 | 5.50 | 11,355,890 | 616,338 | 5.43 | 6,918,293 | 352,627 | 5.10 | |||||||||||||||||||||
Total interest earning assets | 15,977,909 | 793,967 | 4.97 | 14,036,614 | 685,984 | 4.89 | 8,908,418 | 402,727 | 4.52 | |||||||||||||||||||||
Non-earning assets | 1,893,839 | 1,734,748 | 1,166,533 | |||||||||||||||||||||||||||
Total assets | $ | 17,871,748 | $ | 15,771,362 | $ | 10,074,951 | ||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||
Interest bearing liabilities: | ||||||||||||||||||||||||||||||
Interest bearing transaction and savings deposits | $ | 7,417,104 | $ | 80,314 | 1.08 | $ | 6,691,030 | $ | 56,903 | 0.85 | $ | 4,594,733 | $ | 18,112 | 0.39 | |||||||||||||||
Time deposits | 3,094,094 | 58,697 | 1.90 | 2,344,303 | 30,307 | 1.29 | 1,430,701 | 9,644 | 0.67 | |||||||||||||||||||||
Total interest bearing deposits | 10,511,198 | 139,011 | 1.32 | 9,035,333 | 87,210 | 0.97 | 6,025,434 | 27,756 | 0.46 | |||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 128,547 | 1,010 | 0.79 | 110,986 | 423 | 0.38 | 117,147 | 347 | 0.30 | |||||||||||||||||||||
Other borrowings | 1,199,274 | 23,008 | 1.92 | 1,309,430 | 23,654 | 1.81 | 567,959 | 8,621 | 1.52 | |||||||||||||||||||||
Subordinated debt and debentures | 359,804 | 18,341 | 5.10 | 341,254 | 16,848 | 4.94 | 79,880 | 3,350 | 4.19 | |||||||||||||||||||||
Total interest bearing liabilities | 12,198,823 | 181,370 | 1.49 | 10,797,003 | 128,135 | 1.19 | 6,790,420 | 40,074 | 0.59 | |||||||||||||||||||||
Non-interest bearing liabilities: | ||||||||||||||||||||||||||||||
Non-interest bearing deposits | 3,021,917 | 2,697,235 | 1,788,385 | |||||||||||||||||||||||||||
Other liabilities | 251,631 | 120,027 | 105,331 | |||||||||||||||||||||||||||
Total liabilities | 15,472,371 | 13,614,265 | 8,684,136 | |||||||||||||||||||||||||||
Stockholders’ equity | 2,399,377 | 2,157,097 | 1,390,815 | |||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 17,871,748 | $ | 15,771,362 | $ | 10,074,951 | ||||||||||||||||||||||||
Net interest spread | 3.48 | 3.70 | 3.93 | |||||||||||||||||||||||||||
Net interest margin | $ | 612,597 | 3.83 | $ | 557,849 | 3.97 | $ | 362,653 | 4.07 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2022 vs. 2021 | 2021 vs. 2020 | ||||||||||||||||||||||||||||||||||
Yield/ | Yield/ | ||||||||||||||||||||||||||||||||||
(In thousands, on a fully taxable equivalent basis) | Volume | Rate | Total | Volume | Rate | Total | |||||||||||||||||||||||||||||
Increase (decrease) in: | |||||||||||||||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||||||||||||||
Interest bearing balances due from banks and federal funds sold | $ | (2,952) | $ | 5,657 | $ | 2,705 | $ | 773 | $ | (2,361) | $ | (1,588) | |||||||||||||||||||||||
Investment securities - taxable | 13,996 | 21,465 | 35,461 | 38,285 | (14,348) | 23,937 | |||||||||||||||||||||||||||||
Investment securities - non-taxable | 11,395 | 3,994 | 15,389 | 38,110 | (6,569) | 31,541 | |||||||||||||||||||||||||||||
Mortgage loans held for sale | (1,424) | 579 | (845) | (1,651) | 185 | (1,466) | |||||||||||||||||||||||||||||
Other loans held for sale | 791 | 2,329 | 3,120 | — | — | — | |||||||||||||||||||||||||||||
Loans - including fees | 125,617 | 14,667 | 140,284 | (115,686) | (17,165) | (132,851) | |||||||||||||||||||||||||||||
Total | 147,423 | 48,691 | 196,114 | (40,169) | (40,258) | (80,427) | |||||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||
Interest bearing transaction and savings accounts | 3,386 | 40,079 | 43,465 | 5,548 | (24,442) | (18,894) | |||||||||||||||||||||||||||||
Time deposits | 2,425 | 11,987 | 14,412 | (2,618) | (17,176) | (19,794) | |||||||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | (126) | 488 | 362 | (439) | (697) | (1,136) | |||||||||||||||||||||||||||||
Other borrowings | (2,978) | 8,417 | 5,439 | (197) | 40 | (157) | |||||||||||||||||||||||||||||
Subordinated notes and debentures | 567 | 645 | 1,212 | (103) | (371) | (474) | |||||||||||||||||||||||||||||
Total | 3,274 | 61,616 | 64,890 | 2,191 | (42,646) | (40,455) | |||||||||||||||||||||||||||||
Increase (decrease) in net interest income | $ | 144,149 | $ | (12,925) | $ | 131,224 | $ | (42,360) | $ | 2,388 | $ | (39,972) |
Years Ended December 31, | ||||||||||||||||||||||||
2019 vs. 2018 | 2018 vs. 2017 | |||||||||||||||||||||||
Yield/ | Yield/ | |||||||||||||||||||||||
(In thousands, on a fully taxable equivalent basis) | Volume | Rate | Total | Volume | Rate | Total | ||||||||||||||||||
Increase (decrease) in: | ||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Interest bearing balances due from banks and federal funds sold | $ | 665 | $ | 825 | $ | 1,490 | $ | 2,171 | $ | 1,892 | $ | 4,063 | ||||||||||||
Investment securities - taxable | 3,685 | 372 | 4,057 | 10,030 | 4,536 | 14,566 | ||||||||||||||||||
Investment securities - non-taxable | 6,395 | 1,049 | 7,444 | 2,877 | (2,691 | ) | 186 | |||||||||||||||||
Mortgage loans held for sale | 256 | (266 | ) | (10 | ) | 745 | (14 | ) | 731 | |||||||||||||||
Loans | 86,848 | 8,154 | 95,002 | 239,503 | 24,208 | 263,711 | ||||||||||||||||||
Total | 97,849 | 10,134 | 107,983 | 255,326 | 27,931 | 283,257 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Interest bearing transaction and savings accounts | 6,655 | 16,756 | 23,411 | 10,967 | 27,824 | 38,791 | ||||||||||||||||||
Time deposits | 11,534 | 16,856 | 28,390 | 8,477 | 12,186 | 20,663 | ||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 76 | 511 | 587 | (19 | ) | 95 | 76 | |||||||||||||||||
Other borrowings | (2,061 | ) | 1,415 | (646 | ) | 13,122 | 1,911 | 15,033 | ||||||||||||||||
Subordinated notes and debentures | 935 | 558 | 1,493 | 12,804 | 694 | 13,498 | ||||||||||||||||||
Total | 17,139 | 36,096 | 53,235 | 45,351 | 42,710 | 88,061 | ||||||||||||||||||
Increase (decrease) in net interest income | $ | 80,710 | $ | (25,962 | ) | $ | 54,748 | $ | 209,975 | $ | (14,779 | ) | $ | 195,196 |
Provision for |
Years Ended December 31, | 2019 Change from | 2018 Change from | ||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||
Trust income | $ | 25,040 | $ | 23,128 | $ | 18,570 | $ | 1,912 | 8.3 | % | $ | 4,558 | 24.5 | % | ||||||||||||
Service charges on deposit accounts | 44,782 | 42,508 | 36,079 | 2,274 | 5.4 | 6,429 | 17.8 | |||||||||||||||||||
Other service charges and fees | 5,824 | 7,469 | 9,919 | (1,645 | ) | (22.0 | ) | (2,450 | ) | (24.7 | ) | |||||||||||||||
Mortgage lending income | 15,017 | 9,230 | 9,708 | 5,787 | 62.7 | (478 | ) | (4.9 | ) | |||||||||||||||||
SBA lending income | 2,669 | 1,813 | 3,608 | 856 | 47.2 | (1,795 | ) | (49.8 | ) | |||||||||||||||||
Investment banking income | 2,313 | 3,141 | 2,793 | (828 | ) | (26.4 | ) | 348 | 12.5 | |||||||||||||||||
Debit and credit card fees | 29,289 | 32,268 | 34,258 | (2,979 | ) | (9.2 | ) | (1,990 | ) | (5.8 | ) | |||||||||||||||
Bank owned life insurance income | 4,768 | 4,415 | 3,503 | 353 | 8.0 | 912 | 26.0 | |||||||||||||||||||
Gain on sale of securities, net | 13,314 | 61 | 1,059 | 13,253 | * | (998 | ) | (94.2 | ) | |||||||||||||||||
Gain on sale of Visa, Inc. class B common stock | 42,860 | — | — | 42,860 | * | — | — | |||||||||||||||||||
Gain on sale of premises held for sale, net | — | — | 264 | — | — | (264 | ) | (100.0 | ) | |||||||||||||||||
Gain on sale of insurance lines of business, net | — | — | 3,708 | — | — | (3,708 | ) | * | ||||||||||||||||||
Other income | 15,633 | 19,863 | 15,296 | (4,230 | ) | (21.3 | ) | 4,567 | 29.9 | |||||||||||||||||
Total non-interest income | $ | 201,509 | $ | 143,896 | $ | 138,765 | $ | 57,613 | 40.0 | % | $ | 5,131 | 3.7 | % |
Years Ended December 31, | 2022 Change from | 2021 Change from | |||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2022 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 46,527 | $ | 43,231 | $ | 43,082 | $ | 3,296 | 7.6 | % | $ | 149 | 0.4 | % | |||||||||||||||||||||||||||
Debit and credit card fees | 31,203 | 28,245 | 24,711 | 2,958 | 10.5 | 3,534 | 14.3 | ||||||||||||||||||||||||||||||||||
Wealth management fees | 31,895 | 31,172 | 30,386 | 723 | 2.3 | 786 | 2.6 | ||||||||||||||||||||||||||||||||||
Mortgage lending income | 10,522 | 21,798 | 34,469 | (11,276) | (51.7) | (12,671) | (36.8) | ||||||||||||||||||||||||||||||||||
Bank owned life insurance income | 11,146 | 8,902 | 5,815 | 2,244 | 25.2 | 3,087 | 53.1 | ||||||||||||||||||||||||||||||||||
Other service charges and fees | 7,616 | 7,696 | 6,624 | (80) | (1.0) | 1,072 | 16.2 | ||||||||||||||||||||||||||||||||||
Gain (loss) on sale of securities, net | (278) | 15,498 | 54,806 | (15,776) | * | (39,308) | (71.7) | ||||||||||||||||||||||||||||||||||
Gain on sale of branches | — | 5,316 | 8,368 | (5,316) | * | (3,052) | (36.5) | ||||||||||||||||||||||||||||||||||
Gain on insurance settlement | 4,074 | — | — | 4,074 | * | — | — | ||||||||||||||||||||||||||||||||||
Other income | 27,361 | 29,957 | 31,508 | (2,596) | (8.7) | (1,551) | (4.9) | ||||||||||||||||||||||||||||||||||
Total noninterest income | $ | 170,066 | $ | 191,815 | $ | 239,769 | $ | (21,749) | (11.3) | % | $ | (47,954) | (20.0) | % |
Years Ended December 31, | 2019 Change from | 2018 Change from | Years Ended December 31, | 2022 Change from | 2021 Change from | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | 2018 | 2017 | (Dollars in thousands) | 2022 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 224,331 | $ | 216,743 | $ | 154,314 | $ | 7,588 | 3.5 | % | $ | 62,429 | 40.5 | % | Salaries and employee benefits | $ | 286,982 | $ | 246,335 | $ | 239,573 | $ | 40,647 | 16.5 | % | $ | 6,762 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||
Early retirement program | 3,464 | — | — | 3,464 | * | — | — | Early retirement program | — | — | 2,901 | — | — | (2,901) | (100.0) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Occupancy expense, net | 32,008 | 29,610 | 21,159 | 2,398 | 8.1 | 8,451 | 39.9 | Occupancy expense, net | 44,321 | 38,797 | 37,556 | 5,524 | 14.2 | 1,241 | 3.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Furniture and equipment expense | 18,220 | 16,323 | 19,366 | 1,897 | 11.6 | (3,043 | ) | (15.7 | ) | Furniture and equipment expense | 20,665 | 19,890 | 24,038 | 775 | 3.9 | (4,148) | (17.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate and foreclosure expense | 3,442 | 4,480 | 3,042 | (1,038 | ) | (23.2 | ) | 1,438 | 47.3 | Other real estate and foreclosure expense | 1,003 | 2,121 | 1,752 | (1,118) | (52.7) | 369 | 21.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit insurance | 4,416 | 8,721 | 3,696 | (4,305 | ) | (49.4 | ) | 5,025 | 136.0 | Deposit insurance | 11,608 | 6,973 | 9,184 | 4,635 | 66.5 | (2,211) | (24.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Merger related costs | 36,379 | 4,777 | 21,923 | 31,602 | * | (17,146 | ) | (78.2 | ) | Merger related costs | 22,476 | 15,911 | 4,531 | 6,565 | 41.3 | 11,380 | 251.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses: | Other operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional services | 16,897 | 16,685 | 19,500 | 212 | 1.3 | (2,815 | ) | (14.4 | ) | Professional services | 19,138 | 18,921 | 18,688 | 217 | 1.2 | 233 | 1.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Postage | 6,363 | 5,785 | 4,686 | 578 | 10.0 | 1,099 | 23.5 | Postage | 8,955 | 8,276 | 7,538 | 679 | 8.2 | 738 | 9.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Telephone | 7,685 | 5,947 | 4,262 | 1,738 | 29.2 | 1,685 | 39.5 | Telephone | 6,394 | 6,234 | 8,833 | 160 | 2.6 | (2,599) | (29.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit card expenses | 16,163 | 14,338 | 12,188 | 1,825 | 12.7 | 2,150 | 17.6 | Credit card expenses | 12,243 | 11,112 | 10,199 | 1,131 | 10.2 | 913 | 9.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | 16,499 | 8,410 | 11,141 | 8,089 | 96.2 | (2,731 | ) | (24.5 | ) | Marketing | 28,870 | 22,234 | 19,396 | 6,636 | 29.9 | 2,838 | 14.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Software and technology | 25,146 | 15,558 | 2,204 | 9,588 | 61.6 | 13,354 | * | Software and technology | 40,906 | 40,608 | 39,724 | 298 | 0.7 | 884 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating supplies | 2,322 | 2,346 | 1,980 | (24 | ) | (1.0 | ) | 366 | 18.5 | Operating supplies | 2,556 | 2,766 | 3,322 | (210) | (7.6) | (556) | (16.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 11,805 | 11,009 | 7,668 | 796 | 7.2 | 3,341 | 43.6 | Amortization of intangibles | 15,915 | 13,494 | 13,495 | 2,421 | 17.9 | (1) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Branch right sizing expense | 3,129 | 1,341 | 434 | 1,788 | 133.3 | 907 | * | Branch right sizing expense | 3,475 | (537) | 14,097 | 4,012 | * | (14,634) | (103.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense | 32,843 | 30,156 | 24,816 | 2,687 | 8.9 | 5,340 | 21.5 | Other expense | 41,241 | 30,454 | 29,909 | 10,787 | 35.4 | 545 | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | $ | 461,112 | $ | 392,229 | $ | 312,379 | $ | 68,883 | 17.6 | % | $ | 79,850 | 25.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | Total noninterest expense | $ | 566,748 | $ | 483,589 | $ | 484,736 | $ | 83,159 | 17.2 | % | $ | (1,147) | (0.2) | % |
Income Taxes |
Loan Portfolio |
Years Ended December 31, | |||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||
Credit cards | $ | 196,928 | $ | 187,052 | $ | 188,845 | $ | 204,802 | $ | 204,173 | |||||||||||||||||||
Other consumer | 152,882 | 168,318 | 202,379 | 249,694 | 215,763 | ||||||||||||||||||||||||
Total consumer | 349,810 | 355,370 | 391,224 | 454,496 | 419,936 | ||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||
Construction and development | 2,566,649 | 1,326,371 | 1,596,255 | 2,236,861 | 1,736,817 | ||||||||||||||||||||||||
Single family residential | 2,546,115 | 2,101,975 | 1,880,673 | 2,442,064 | 1,994,716 | ||||||||||||||||||||||||
Other commercial | 7,468,498 | 5,738,904 | 5,746,863 | 6,205,599 | 5,073,994 | ||||||||||||||||||||||||
Total real estate | 12,581,262 | 9,167,250 | 9,223,791 | 10,884,524 | 8,805,527 | ||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||
Commercial | 2,632,290 | 1,992,043 | 2,574,386 | 2,495,516 | 2,192,497 | ||||||||||||||||||||||||
Agricultural | 205,623 | 168,717 | 175,905 | 315,454 | 166,225 | ||||||||||||||||||||||||
Total commercial | 2,837,913 | 2,160,760 | 2,750,291 | 2,810,970 | 2,358,722 | ||||||||||||||||||||||||
Other | 373,139 | 329,123 | 535,591 | 275,714 | 139,081 | ||||||||||||||||||||||||
Total loans before allowance for credit losses | $ | 16,142,124 | $ | 12,012,503 | $ | 12,900,897 | $ | 14,425,704 | $ | 11,723,266 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Credit cards | $ | 204,802 | $ | 204,173 | $ | 185,422 | $ | 184,591 | $ | 177,288 | ||||||||||
Other consumer | 191,946 | 201,297 | 280,094 | 303,972 | 208,380 | |||||||||||||||
Total consumer | 396,748 | 405,470 | 465,516 | 488,563 | 385,668 | |||||||||||||||
Real Estate: | ||||||||||||||||||||
Construction and development | 1,760,894 | 1,300,723 | 614,155 | 336,759 | 279,740 | |||||||||||||||
Single family residential | 1,444,620 | 1,440,443 | 1,094,633 | 904,245 | 696,180 | |||||||||||||||
Other commercial | 3,678,908 | 3,225,287 | 2,530,824 | 1,787,075 | 1,229,072 | |||||||||||||||
Total real estate | 6,884,422 | 5,966,453 | 4,239,612 | 3,028,079 | 2,204,992 | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial | 1,909,796 | 1,774,909 | 825,217 | 639,525 | 500,116 | |||||||||||||||
Agricultural | 163,396 | 164,514 | 148,302 | 150,378 | 148,563 | |||||||||||||||
Total commercial | 2,073,192 | 1,939,423 | 973,519 | 789,903 | 648,679 | |||||||||||||||
Other | 275,714 | 119,042 | 26,962 | 20,662 | 7,115 | |||||||||||||||
Total loans, excluding loans acquired, before allowance for loan losses | $ | 9,630,076 | $ | 8,430,388 | $ | 5,705,609 | $ | 4,327,207 | $ | 3,246,454 |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Consumer: | ||||||||||||||||||||
Other consumer | $ | 57,748 | $ | 15,658 | $ | 51,467 | $ | 49,677 | $ | 75,606 | ||||||||||
Real Estate: | ||||||||||||||||||||
Construction and development | 475,967 | 429,605 | 637,032 | 57,587 | 77,119 | |||||||||||||||
Single family residential | 997,444 | 566,188 | 793,228 | 423,176 | 501,002 | |||||||||||||||
Other commercial | 2,526,247 | 1,848,679 | 2,387,777 | 690,108 | 854,068 | |||||||||||||||
Total real estate | 3,999,658 | 2,844,472 | 3,818,037 | 1,170,871 | 1,432,189 | |||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial | 585,720 | 430,914 | 995,587 | 81,837 | 154,533 | |||||||||||||||
Agricultural | 152,058 | 1,739 | 66,576 | 3,298 | 10,573 | |||||||||||||||
Total commercial | 737,778 | 432,653 | 1,062,163 | 85,135 | 165,106 | |||||||||||||||
Other | — | — | 142,409 | — | — | |||||||||||||||
Total loans acquired (1) | $ | 4,795,184 | $ | 3,292,783 | $ | 5,074,076 | $ | 1,305,683 | $ | 1,672,901 |
1 year | Over 1 year through | Over 5 years through | Over | ||||||||||||||||||||||||||
(In thousands) | or less | 5 years | 15 years | 15 years | Total | ||||||||||||||||||||||||
Consumer | $ | 192,356 | $ | 156,660 | $ | 151 | $ | 643 | $ | 349,810 | |||||||||||||||||||
Real estate | 3,537,918 | 7,429,863 | 1,549,870 | 63,611 | 12,581,262 | ||||||||||||||||||||||||
Commercial | 1,594,462 | 1,197,448 | 27,678 | 18,325 | 2,837,913 | ||||||||||||||||||||||||
Other | 131,990 | 105,167 | 115,110 | 20,872 | 373,139 | ||||||||||||||||||||||||
Total | $ | 5,456,726 | $ | 8,889,138 | $ | 1,692,809 | $ | 103,451 | $ | 16,142,124 | |||||||||||||||||||
Predetermined rate | |||||||||||||||||||||||||||||
Consumer | $ | 98,033 | $ | 43,026 | $ | 46 | $ | 467 | $ | 141,572 | |||||||||||||||||||
Real estate | 1,663,605 | 4,856,742 | 903,434 | 41,569 | 7,465,350 | ||||||||||||||||||||||||
Commercial | 622,572 | 729,417 | 21,275 | 18,317 | 1,391,581 | ||||||||||||||||||||||||
Other | 36,381 | 103,107 | 112,544 | 20,492 | 272,524 | ||||||||||||||||||||||||
Total | $ | 2,420,591 | $ | 5,732,292 | $ | 1,037,299 | $ | 80,845 | $ | 9,271,027 | |||||||||||||||||||
Floating rate | |||||||||||||||||||||||||||||
Consumer | $ | 94,323 | $ | 113,634 | $ | 105 | $ | 176 | $ | 208,238 | |||||||||||||||||||
Real estate | 1,874,313 | 2,573,121 | 646,436 | 22,042 | 5,115,912 | ||||||||||||||||||||||||
Commercial | 971,890 | 468,031 | 6,403 | 8 | 1,446,332 | ||||||||||||||||||||||||
Other | 95,609 | 2,060 | 2,566 | 380 | 100,615 | ||||||||||||||||||||||||
Total | $ | 3,036,135 | $ | 3,156,846 | $ | 655,510 | $ | 22,606 | $ | 6,871,097 |
1 year | Over 1 year through | Over | ||||||||||||||
(In thousands) | or less | 5 years | 5 years | Total | ||||||||||||
Consumer | $ | 224,262 | $ | 150,025 | $ | 80,209 | $ | 454,496 | ||||||||
Real estate | 3,445,642 | 6,649,651 | 788,787 | 10,884,080 | ||||||||||||
Commercial | 1,806,367 | 927,304 | 77,299 | 2,810,970 | ||||||||||||
Other | 261,608 | 14,004 | 102 | 275,714 | ||||||||||||
Total | $ | 5,737,879 | $ | 7,740,984 | $ | 946,397 | $ | 14,425,260 | ||||||||
Predetermined rate | $ | 2,916,922 | $ | 4,247,657 | $ | 104,985 | $ | 7,269,564 | ||||||||
Floating rate | 2,820,957 | 3,493,327 | 841,412 | 7,155,696 | ||||||||||||
Total | $ | 5,737,879 | $ | 7,740,984 | $ | 946,397 | $ | 14,425,260 |
Asset Quality |
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | (Dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual loans (1) | $ | 70,836 | $ | 34,201 | $ | 45,642 | $ | 39,104 | $ | 17,714 | Nonaccrual loans (1) | $ | 58,434 | $ | 68,204 | $ | 122,879 | $ | 93,330 | $ | 55,841 | ||||||||||||||||||||||||||||
Loans past due 90 days or more (principal or interest payments) | 259 | 224 | 520 | 299 | 1,191 | Loans past due 90 days or more (principal or interest payments) | 507 | 349 | 578 | 856 | 226 | ||||||||||||||||||||||||||||||||||||||
Total non-performing loans | 71,095 | 34,425 | 46,162 | 39,403 | 18,905 | Total non-performing loans | 58,941 | 68,553 | 123,457 | 94,186 | 56,067 | ||||||||||||||||||||||||||||||||||||||
Other non-performing assets: | Other non-performing assets: | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreclosed assets held for sale | 19,121 | 25,565 | 32,118 | 26,895 | 44,820 | ||||||||||||||||||||||||||||||||||||||||||||
Foreclosed assets held for sale and other real estate owned | Foreclosed assets held for sale and other real estate owned | 2,887 | 6,032 | 18,393 | 19,121 | 25,565 | |||||||||||||||||||||||||||||||||||||||||||
Other non-performing assets | 1,964 | 553 | 675 | 471 | 211 | Other non-performing assets | 644 | 1,667 | 2,016 | 1,964 | 553 | ||||||||||||||||||||||||||||||||||||||
Total other non-performing assets | 21,085 | 26,118 | 32,793 | 27,366 | 45,031 | Total other non-performing assets | 3,531 | 7,699 | 20,409 | 21,085 | 26,118 | ||||||||||||||||||||||||||||||||||||||
Total non-performing assets | $ | 92,180 | $ | 60,543 | $ | 78,955 | $ | 66,769 | $ | 63,936 | Total non-performing assets | $ | 62,472 | $ | 76,252 | $ | 143,866 | $ | 115,271 | $ | 82,185 | ||||||||||||||||||||||||||||
Performing TDRs | $ | 4,411 | $ | 6,369 | $ | 7,107 | $ | 10,998 | $ | 3,031 | Performing TDRs | $1,849 | $4,289 | $3,138 | $5,887 | $7,436 | |||||||||||||||||||||||||||||||||
Allowance for loan losses to non-performing loans | 95 | % | 164 | % | 90 | % | 92 | % | 166 | % | |||||||||||||||||||||||||||||||||||||||
Non-performing loans to total loans (2) | 0.74 | % | 0.41 | % | 0.81 | % | 0.91 | % | 0.58 | % | |||||||||||||||||||||||||||||||||||||||
Non-performing assets (including performing TDRs) to total assets (2) | 0.45 | % | 0.40 | % | 0.57 | % | 0.93 | % | 0.89 | % | |||||||||||||||||||||||||||||||||||||||
Non-performing assets to total assets (2) | 0.43 | % | 0.37 | % | 0.52 | % | 0.79 | % | 0.85 | % | |||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to non-performing loans | Allowance for credit losses to non-performing loans | 334 | % | 300 | % | 193 | % | 72 | % | 101 | % | ||||||||||||||||||||||||||||||||||||||
Non-performing loans to total loans | Non-performing loans to total loans | 0.37 | % | 0.57 | % | 0.96 | % | 0.65 | % | 0.48 | % | ||||||||||||||||||||||||||||||||||||||
Non-performing assets (including performing TDRs) to total assets | Non-performing assets (including performing TDRs) to total assets | 0.23 | % | 0.33 | % | 0.66 | % | 0.57 | % | 0.54 | % | ||||||||||||||||||||||||||||||||||||||
Non-performing assets to total assets | Non-performing assets to total assets | 0.23 | % | 0.31 | % | 0.64 | % | 0.54 | % | 0.50 | % |
(Dollars in thousands) | Net Charge-offs | Average Loans | Ratio of Net Charge-offs to Average Loans | ||||||||||||||
2022 | |||||||||||||||||
Credit cards | $ | (2,838) | $ | 190,119 | (1.49) | % | |||||||||||
Other consumer | (679) | 177,420 | (0.38) | % | |||||||||||||
Real estate | 2,794 | 11,157,499 | 0.03 | % | |||||||||||||
Commercial | (11,897) | 2,557,060 | (0.47) | % | |||||||||||||
Other | — | 337,665 | — | % | |||||||||||||
Total | $ | (12,620) | $ | 14,419,763 | (0.09) | % | |||||||||||
2021 | |||||||||||||||||
Credit cards | $ | (2,577) | $ | 180,975 | (1.42) | % | |||||||||||
Other consumer | (649) | 181,573 | (0.36) | % | |||||||||||||
Real estate | (5,781) | 8,678,137 | (0.07) | % | |||||||||||||
Commercial | (5,953) | 2,363,701 | (0.25) | % | |||||||||||||
Other | — | 406,094 | — | % | |||||||||||||
Total | $ | (14,960) | $ | 11,810,480 | (0.13) | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Balance, beginning of year | $ | 56,599 | $ | 41,668 | $ | 36,286 | $ | 31,351 | $ | 29,028 | ||||||||||
Loans charged off: | ||||||||||||||||||||
Credit card | 4,585 | 4,051 | 3,905 | 3,195 | 3,107 | |||||||||||||||
Other consumer | 4,894 | 6,637 | 3,767 | 1,975 | 1,672 | |||||||||||||||
Real estate | 2,319 | 5,905 | 7,989 | 7,517 | 1,580 | |||||||||||||||
Commercial | 22,023 | 6,623 | 7,837 | 3,956 | 1,415 | |||||||||||||||
Total loans charged off | 33,821 | 23,216 | 23,498 | 16,643 | 7,774 | |||||||||||||||
Recoveries of loans previously charged off: | ||||||||||||||||||||
Credit card | 1,021 | 1,005 | 1,021 | 907 | 890 | |||||||||||||||
Other consumer | 2,357 | 557 | 2,239 | 516 | 538 | |||||||||||||||
Real estate | 496 | 991 | 990 | 351 | 203 | |||||||||||||||
Commercial | 372 | 745 | 103 | 365 | 180 | |||||||||||||||
Total recoveries | 4,246 | 3,298 | 4,353 | 2,139 | 1,811 | |||||||||||||||
Net loans charged off | 29,575 | 19,918 | 19,145 | 14,504 | 5,963 | |||||||||||||||
Provision for loan losses (1) | 40,776 | 34,849 | 24,527 | 19,439 | 8,286 | |||||||||||||||
Balance, end of year (2) | $ | 67,800 | $ | 56,599 | $ | 41,668 | $ | 36,286 | $ | 31,351 | ||||||||||
Net charge-offs to average loans (3) | 0.31 | % | 0.29 | % | 0.35 | % | 0.40 | % | 0.24 | % | ||||||||||
Allowance for loan losses to period-end loans (3) | 0.70 | % | 0.67 | % | 0.73 | % | 0.84 | % | 0.97 | % | ||||||||||
Allowance for loan losses to net charge-offs (3) | 229.25 | % | 284.16 | % | 217.64 | % | 250.18 | % | 525.76 | % |
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Allowance Amount | % of loans(1) | Allowance Amount | % of loans(1) | Allowance Amount | % of loans(1) | Allowance Amount | % of loans(1) | Allowance Amount | % of loans(1) | (Dollars in thousands) | Allowance Amount | % of loans (1) | Allowance Amount | % of loans (1) | Allowance Amount | % of loans (1) | Allowance Amount | % of loans (1) | Allowance Amount | % of loans (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit cards | $ | 4,051 | 2.1% | $ | 3,923 | 2.4% | $ | 3,784 | 3.2% | $ | 3,779 | 4.3% | $ | 3,893 | 5.5% | Credit cards | $ | 5,140 | 1.2% | $ | 3,987 | 1.6% | $ | 7,472 | 1.4% | $ | 4,051 | 1.4% | $ | 3,923 | 1.7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 1,998 | 2.0% | 2,380 | 2.4% | 3,489 | 4.9% | 2,796 | 7.0% | 1,853 | 6.4% | Other consumer | 2,187 | 0.9% | 2,676 | 1.4% | 4,100 | 1.6% | 1,998 | 1.7% | 2,380 | 1.9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | 38,717 | 71.5% | 29,743 | 70.8% | 27,281 | 74.3% | 21,817 | 70.0% | 19,522 | 67.9% | Real estate | 150,795 | 78.0% | 179,270 | 76.3% | 182,868 | 71.5% | 39,161 | 75.5% | 29,838 | 75.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 22,863 | 21.5% | 20,514 | 23.0% | 7,007 | 17.1% | 7,739 | 18.2% | 5,985 | 20.0% | Commercial | 34,406 | 17.6% | 17,458 | 18.0% | 42,093 | 21.3% | 22,863 | 19.5% | 20,514 | 20.1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 171 | 2.9% | 39 | 1.4% | 107 | 0.5% | 155 | 0.5% | 98 | 0.2% | Other | 4,427 | 2.3% | 1,941 | 2.7% | 1,517 | 4.2% | 171 | 1.9% | 39 | 1.2% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (2) | $ | 67,800 | 100.0% | $ | 56,599 | 100.0% | $ | 41,668 | 100.0% | $ | 36,286 | 100.0% | $ | 31,351 | 100.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 196,955 | 100.0% | $ | 205,332 | 100.0% | $ | 238,050 | 100.0% | $ | 68,244 | 100.0% | $ | 56,694 | 100.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses to period-end loans | Allowance for credit losses to period-end loans | 1.22 | % | 1.71 | % | 1.85 | % | 0.47 | % | 0.48 | % |
Investments and Securities |
(In thousands) | Amortized Cost | Allowance for Credit Losses | Net Carrying Amount | Gross Unrealized Gains | Gross Unrealized (Losses) | Estimated Fair Value | |||||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
U.S. Government agencies | $ | 448,012 | $ | — | $ | 448,012 | $ | — | $ | (102,558) | $ | 345,454 | |||||||||||||||||||||||
Mortgage-backed securities | 1,190,781 | — | 1,190,781 | 227 | (118,960) | 1,072,048 | |||||||||||||||||||||||||||||
State and political subdivisions | 1,861,102 | (110) | 1,860,992 | 56 | (446,198) | 1,414,850 | |||||||||||||||||||||||||||||
Other securities | 261,199 | (1,278) | 259,921 | — | (29,040) | 230,881 | |||||||||||||||||||||||||||||
Total HTM | $ | 3,761,094 | $ | (1,388) | $ | 3,759,706 | $ | 283 | $ | (696,756) | $ | 3,063,233 | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
U.S. Government agencies | $ | 232,609 | $ | — | $ | 232,609 | $ | — | $ | (7,914) | $ | 224,695 | |||||||||||||||||||||||
Mortgage-backed securities | 70,342 | — | 70,342 | 232 | (1,425) | 69,149 | |||||||||||||||||||||||||||||
State and political subdivisions | 1,210,248 | (1,197) | 1,209,051 | 6,166 | (8,462) | 1,206,755 | |||||||||||||||||||||||||||||
Other securities | 17,301 | (82) | 17,219 | — | (440) | 16,779 | |||||||||||||||||||||||||||||
Total HTM | $ | 1,530,500 | $ | (1,279) | $ | 1,529,221 | $ | 6,398 | $ | (18,241) | $ | 1,517,378 |
(In thousands) | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized (Losses) | Estimated Fair Value | ||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 2,257 | $ | — | $ | — | $ | (60) | $ | 2,197 | |||||||||||||||||||||||||
U.S. Government agencies | 191,498 | — | 103 | (7,322) | 184,279 | ||||||||||||||||||||||||||||||
Mortgage-backed securities | 2,809,319 | — | 20 | (266,437) | 2,542,902 | ||||||||||||||||||||||||||||||
State and political subdivisions | 1,056,124 | — | 250 | (185,300) | 871,074 | ||||||||||||||||||||||||||||||
Other securities | 272,215 | — | — | (19,813) | 252,402 | ||||||||||||||||||||||||||||||
Total AFS | $ | 4,331,413 | $ | — | $ | 373 | $ | (478,932) | $ | 3,852,854 | |||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 300 | $ | — | $ | — | $ | — | $ | 300 | |||||||||||||||||||||||||
U.S. Government agencies | 374,754 | — | 495 | (10,608) | 364,641 | ||||||||||||||||||||||||||||||
Mortgage-backed securities | 4,485,548 | — | 6,307 | (43,239) | 4,448,616 | ||||||||||||||||||||||||||||||
State and political subdivisions | 1,791,097 | — | 30,556 | (1,995) | 1,819,658 | ||||||||||||||||||||||||||||||
Other securities | 479,162 | — | 6,647 | (5,479) | 480,330 | ||||||||||||||||||||||||||||||
Total AFS | $ | 7,130,861 | $ | — | $ | 44,005 | $ | (61,321) | $ | 7,113,545 |
Years Ended December 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Estimated Fair | Amortized | Gross Unrealized | Gross Unrealized | Estimated Fair | ||||||||||||||||||||||||
(In thousands) | Cost | Gains | (Losses) | Value | Cost | Gains | (Losses) | Value | |||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||||||||
U.S. Government agencies | $ | — | $ | — | $ | — | $ | — | $ | 16,990 | $ | — | $ | (49 | ) | $ | 16,941 | ||||||||||||||
Mortgage-backed securities | 10,796 | 71 | (59 | ) | 10,808 | 13,346 | 5 | (412 | ) | 12,939 | |||||||||||||||||||||
State and political subdivisions | 27,082 | 849 | — | 27,931 | 256,863 | 3,029 | (954 | ) | 258,938 | ||||||||||||||||||||||
Other securities | 3,049 | 67 | — | 3,116 | 1,995 | 17 | — | 2,012 | |||||||||||||||||||||||
Total HTM | $ | 40,927 | $ | 987 | $ | (59 | ) | $ | 41,855 | $ | 289,194 | $ | 3,051 | $ | (1,415 | ) | $ | 290,830 | |||||||||||||
Available-for-Sale | |||||||||||||||||||||||||||||||
U.S. Treasury | $ | 449,729 | $ | 112 | $ | (112 | ) | $ | 449,729 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
U.S. Government agencies | 194,207 | 1,313 | (1,271 | ) | 194,249 | 157,523 | 518 | (3,740 | ) | 154,301 | |||||||||||||||||||||
Mortgage-backed securities | 1,738,584 | 8,510 | (4,149 | ) | 1,742,945 | 1,552,487 | 3,097 | (32,684 | ) | 1,522,900 | |||||||||||||||||||||
State and political subdivisions | 860,539 | 20,983 | (998 | ) | 880,524 | 320,142 | 171 | (5,470 | ) | 314,843 | |||||||||||||||||||||
Other securities | 185,087 | 822 | (18 | ) | 185,891 | 157,471 | 2,251 | (14 | ) | 159,708 | |||||||||||||||||||||
Total AFS | $ | 3,428,146 | $ | 31,740 | $ | (6,548 | ) | $ | 3,453,338 | $ | 2,187,623 | $ | 6,037 | $ | (41,908 | ) | $ | 2,151,752 |
December 31, 2019 | ||||||||||||||||||||||||||||||||
Over | Over | |||||||||||||||||||||||||||||||
1 year | 5 years | Total | ||||||||||||||||||||||||||||||
1 year | through | through | Over | No fixed | Amortized | Par | Fair | |||||||||||||||||||||||||
(In thousands) | or less | 5 years | 10 years | 10 years | maturity | Cost | Value | Value | ||||||||||||||||||||||||
Held-to-Maturity | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | — | $ | — | $ | — | $ | 10,796 | $ | 10,796 | $ | 10,909 | $ | 10,808 | ||||||||||||||||
State and political subdivisions | 4,897 | 15,972 | 6,213 | — | — | 27,082 | 26,844 | 27,931 | ||||||||||||||||||||||||
Other securities | — | — | 1,174 | 1,875 | — | 3,049 | 3,075 | 3,116 | ||||||||||||||||||||||||
Total | $ | 4,897 | $ | 15,972 | $ | 7,387 | $ | 1,875 | $ | 10,796 | $ | 40,927 | $ | 40,828 | $ | 41,855 | ||||||||||||||||
Percentage of total | 12.0 | % | 39.0 | % | 18.0 | % | 4.6 | % | 26.4 | % | 100.0 | % | ||||||||||||||||||||
Weighted average yield | 2.4 | % | 2.6 | % | 5.7 | % | 1.0 | % | 2.3 | % | 3.0 | % | ||||||||||||||||||||
Available-for-Sale | ||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 449,729 | $ | — | $ | — | $ | — | $ | — | $ | 449,729 | $ | 450,000 | $ | 449,729 | ||||||||||||||||
U.S. Government agencies | 33,053 | 24,543 | 25,814 | 110,797 | — | 194,207 | 192,665 | 194,249 | ||||||||||||||||||||||||
Mortgage-backed securities | — | — | — | — | 1,738,584 | 1,738,584 | 1,699,947 | 1,742,945 | ||||||||||||||||||||||||
State and political subdivisions | 11,649 | 48,406 | 86,126 | 714,358 | — | 860,539 | 840,880 | 880,524 | ||||||||||||||||||||||||
Other securities | — | — | 17,149 | — | 167,938 | 185,087 | 185,511 | 185,891 | ||||||||||||||||||||||||
Total | $ | 494,431 | $ | 72,949 | $ | 129,089 | $ | 825,155 | $ | 1,906,522 | $ | 3,428,146 | $ | 3,369,003 | $ | 3,453,338 | ||||||||||||||||
Percentage of total | 14.4 | % | 2.1 | % | 3.8 | % | 24.1 | % | 55.6 | % | 100.0 | % | ||||||||||||||||||||
Weighted average yield | 1.5 | % | 2.4 | % | 3.0 | % | 3.0 | % | 2.3 | % | 2.4 | % |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Over | Over | ||||||||||||||||||||||||||||||||||||||||||||||
1 year | 5 years | Total | |||||||||||||||||||||||||||||||||||||||||||||
1 year | through | through | Over | No fixed | Amortized | Par | Fair | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | or less | 5 years | 10 years | 10 years | maturity | Cost | Value | Value | |||||||||||||||||||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies | $ | — | $ | — | $ | 79,181 | $ | 368,831 | $ | — | $ | 448,012 | $ | 480,246 | $ | 345,454 | |||||||||||||||||||||||||||||||
Mortgage-backed securities | — | — | — | — | 1,190,781 | 1,190,781 | 1,254,601 | 1,072,048 | |||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 2,639 | 5,700 | 16,711 | 1,836,052 | — | 1,861,102 | 1,873,508 | 1,414,850 | |||||||||||||||||||||||||||||||||||||||
Other securities | — | 2,122 | 256,558 | 2,519 | — | 261,199 | 274,878 | 230,881 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 2,639 | $ | 7,822 | $ | 352,450 | $ | 2,207,402 | $ | 1,190,781 | $ | 3,761,094 | $ | 3,883,233 | $ | 3,063,233 | |||||||||||||||||||||||||||||||
Percentage of total | 0.1 | % | 0.2 | % | 9.4 | % | 58.6 | % | 31.7 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||
Weighted average yield | 3.2 | % | 3.7 | % | 3.4 | % | 2.5 | % | 3.0 | % | 2.7 | % | |||||||||||||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | — | $ | 2,257 | $ | — | $ | — | $ | — | $ | 2,257 | $ | 2,300 | $ | 2,197 | |||||||||||||||||||||||||||||||
U.S. Government agencies | 9,622 | 94,168 | 40,597 | 47,111 | — | 191,498 | 189,650 | 184,279 | |||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | — | — | — | — | 2,809,319 | 2,809,319 | 2,753,345 | 2,542,902 | |||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 2,746 | 14,496 | 19,702 | 1,019,180 | — | 1,056,124 | 1,107,594 | 871,074 | |||||||||||||||||||||||||||||||||||||||
Other securities | — | 73,603 | 198,152 | — | 460 | 272,215 | 271,827 | 252,402 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 12,368 | $ | 184,524 | $ | 258,451 | $ | 1,066,291 | $ | 2,809,779 | $ | 4,331,413 | $ | 4,324,716 | $ | 3,852,854 | |||||||||||||||||||||||||||||||
Percentage of total | 0.3 | % | 4.3 | % | 6.0 | % | 24.5 | % | 64.9 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||
Weighted average yield | 2.5 | % | 2.7 | % | 3.9 | % | 2.3 | % | 2.3 | % | 2.5 | % |
Deposits |
December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Average Amount | Average Rate Paid | Average Amount | Average Rate Paid | Average Amount | Average Rate Paid | (In thousands) | Average Amount | Average Rate Paid | Average Amount | Average Rate Paid | Average Amount | Average Rate Paid | |||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing transaction accounts | $ | 3,021,917 | — | % | $ | 2,697,235 | — | % | $ | 1,788,385 | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing transaction accounts | Noninterest bearing transaction accounts | $ | 5,827,160 | — | % | $ | 4,836,839 | — | % | $ | 4,225,618 | — | % | |||||||||||||||||||||||||||||||||||||||||||
Interest bearing transaction and savings deposits | 7,417,104 | 1.08 | % | 6,691,030 | 0.85 | % | 4,594,733 | 0.39 | % | Interest bearing transaction and savings deposits | 12,253,164 | 0.51 | % | 10,638,665 | 0.18 | % | 9,128,936 | 0.42 | % | |||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 3,094,747 | 1.16 | % | 2,804,851 | 0.77 | % | 3,006,768 | 1.38 | % | ||||||||||||||||||||||||||||||||||||||||||||||
$100,000 or more | 1,994,276 | 2.02 | % | 1,366,745 | 1.50 | % | 650,560 | 0.72 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Other time deposits | 1,099,818 | 1.67 | % | 977,558 | 1.00 | % | 780,141 | 0.64 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 13,533,115 | 1.03 | % | $ | 11,732,568 | 0.74 | % | $ | 7,813,819 | 0.36 | % | Total | $ | 21,175,071 | 0.47 | % | $ | 18,280,355 | 0.23 | % | $ | 16,361,322 | 0.49 | % |
December 31, 2022 | |||||||||||
(In thousands) | Balance | Percent | |||||||||
Maturing | |||||||||||
Three months or less | $ | 341,081 | 48.0 | % | |||||||
Over 3 months to 6 months | 139,565 | 19.6 | % | ||||||||
Over 6 months to 12 months | 167,670 | 23.6 | % | ||||||||
Over 12 months | 62,633 | 8.8 | % | ||||||||
Total | $ | 710,949 | 100.0 | % |
Time Certificates of Deposit ($100,000 or more) December 31, | ||||||||||||||
2019 | 2018 | |||||||||||||
(In thousands) | Balance | Percent | Balance | Percent | ||||||||||
Maturing | ||||||||||||||
Three months or less | $ | 676,042 | 31.4 | % | $ | 511,414 | 35.5 | % | ||||||
Over 3 months to 6 months | 427,426 | 19.9 | % | 240,056 | 16.6 | % | ||||||||
Over 6 months to 12 months | 650,906 | 30.2 | % | 407,989 | 28.3 | % | ||||||||
Over 12 months | 399,050 | 18.5 | % | 283,070 | 19.6 | % | ||||||||
Total | $ | 2,153,424 | 100.0 | % | $ | 1,442,529 | 100.0 | % |
Other Borrowings and Subordinated Debentures |
December 31, | December 31, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2019 | 2018 | 2017 | (Dollars in thousands) | 2022 | 2021 | 2020 | |||||||||||||||||||||
Amount outstanding at year-end | $ | 1,250,000 | $ | 1,330,000 | $ | 1,112,000 | Amount outstanding at year-end | $ | 835,000 | $ | — | $ | — | |||||||||||||||
Weighted-average interest rate at year-end | 1.44 | % | 2.12 | % | 1.31 | % | Weighted-average interest rate at year-end | 4.20 | % | — | % | — | % | |||||||||||||||
Maximum amount outstanding at any month-end during the year | $ | 1,435,000 | $ | 1,435,000 | $ | 1,112,000 | Maximum amount outstanding at any month-end during the year | $ | 1,300,000 | $ | — | $1,350,000 | ||||||||||||||||
Average amount outstanding during the year | $ | 1,183,873 | $ | 1,276,685 | $ | 481,362 | Average amount outstanding during the year | $ | 1,124,314 | $ | — | $1,094,808 | ||||||||||||||||
Weighted-average interest rate for the year | 1.89 | % | 1.75 | % | 1.04 | % | Weighted-average interest rate for the year | 2.08 | % | — | % | 1.69 | % |
Annual Maturities | |||||
Year | (In thousands) | ||||
2023 | $ | 1,768 | |||
2024 | 1,822 | ||||
2025 | 1,822 | ||||
2026 | 1,824 | ||||
2027 | 1,920 | ||||
Thereafter | 381,129 | ||||
Total | $ | 390,285 |
Annual | |||||
(In thousands) | Year | Maturities | |||
2020 | $ | 1,253,299 | |||
2021 | 3,016 | ||||
2022 | 2,187 | ||||
2023 | 2,366 | ||||
2024 | 2,446 | ||||
Thereafter | 422,545 | ||||
Total | $ | 1,685,859 |
Capital |
December 31, | ||||||||
(Dollars in thousands) | 2019 | 2018 | ||||||
Tier 1 capital: | ||||||||
Stockholders’ equity | $ | 2,988,924 | $ | 2,246,434 | ||||
Goodwill and other intangible assets | (1,160,079 | ) | (912,428 | ) | ||||
Unrealized (gain) loss on available-for-sale securities, net of income taxes | (20,891 | ) | 27,374 | |||||
Total Tier 1 capital | 1,807,954 | 1,361,380 | ||||||
Tier 2 capital: | ||||||||
Trust preferred securities and subordinated debt | 388,260 | 353,950 | ||||||
Qualifying allowance for loan losses | 76,644 | 63,608 | ||||||
Total Tier 2 capital | 464,904 | 417,558 | ||||||
Total risk-based capital | $ | 2,272,858 | $ | 1,778,938 | ||||
Risk weighted assets | $ | 16,554,081 | $ | 13,326,832 | ||||
Assets for leverage ratio | $ | 18,852,798 | $ | 15,512,042 | ||||
Ratios at end of year: | ||||||||
Common equity Tier 1 ratio (CET1) | 10.92 | % | 10.22 | % | ||||
Tier 1 leverage ratio | 9.59 | % | 8.78 | % | ||||
Tier 1 risk-based capital ratio | 10.92 | % | 10.22 | % | ||||
Total risk-based capital ratio | 13.73 | % | 13.35 | % | ||||
Minimum guidelines: | ||||||||
Common equity Tier 1 ratio (CET1) | 4.50 | % | 4.50 | % | ||||
Tier 1 leverage ratio | 4.00 | % | 4.00 | % | ||||
Tier 1 risk-based capital ratio | 6.00 | % | 6.00 | % | ||||
Total risk-based capital ratio | 8.00 | % | 8.00 | % |
December 31, | |||||||||||
(Dollars in thousands) | 2022 | 2021 | |||||||||
Tier 1 capital: | |||||||||||
Stockholders’ equity | $ | 3,269,362 | $ | 3,248,841 | |||||||
CECL transition provision | 92,619 | 114,458 | |||||||||
Goodwill and other intangible assets | (1,412,667) | (1,226,686) | |||||||||
Unrealized gain on available-for-sale securities, net of income taxes | 517,560 | 10,545 | |||||||||
Total Tier 1 capital | 2,466,874 | 2,147,158 | |||||||||
Tier 2 capital: | |||||||||||
Trust preferred securities and subordinated debt | 365,989 | 384,131 | |||||||||
Qualifying allowance for credit losses and reserve for unfunded commitments | 115,627 | 71,853 | |||||||||
Total Tier 2 capital | 481,616 | 455,984 | |||||||||
Total risk-based capital | $ | 2,948,490 | $ | 2,603,142 | |||||||
Risk weighted assets | $20,738,727 | $15,538,967 | |||||||||
Assets for leverage ratio | $26,407,061 | $23,647,901 | |||||||||
Ratios at end of year: | |||||||||||
Common equity Tier 1 ratio (CET1) | 11.90 | % | 13.82 | % | |||||||
Tier 1 leverage ratio | 9.34 | % | 9.08 | % | |||||||
Tier 1 risk-based capital ratio | 11.90 | % | 13.82 | % | |||||||
Total risk-based capital ratio | 14.22 | % | 16.75 | % | |||||||
Minimum guidelines: | |||||||||||
Common equity Tier 1 ratio (CET1) | 4.50 | % | 4.50 | % | |||||||
Tier 1 leverage ratio | 4.00 | % | 4.00 | % | |||||||
Tier 1 risk-based capital ratio | 6.00 | % | 6.00 | % | |||||||
Total risk-based capital ratio | 8.00 | % | 8.00 | % |
Payments due by period | ||||||||||||||||||||
Less than | 1-3 | 3-5 | Greater than | |||||||||||||||||
(In thousands) | 1 Year | Years | Years | 5 Years | Total | |||||||||||||||
Long-term debt | $ | 3,299 | $ | 5,203 | $ | 4,812 | $ | 422,545 | $ | 435,859 | ||||||||||
Undiscounted minimum lease payments | 10,071 | 15,489 | 8,581 | 13,659 | 47,800 | |||||||||||||||
Credit card loan commitments | 634,788 | — | — | — | 634,788 | |||||||||||||||
Other loan commitments | 3,991,931 | — | — | — | 3,991,931 | |||||||||||||||
Letters of credit | 71,074 | — | — | — | 71,074 |
GAAP Reconciliation of Non-GAAP Financial Measures |
(In thousands, except per share data) | 2022 | 2021 | 2020 | ||||||||||||||
Net income available to common stockholders | $ | 256,412 | $ | 271,109 | $ | 254,852 | |||||||||||
Certain items: | |||||||||||||||||
Gain on sale of branches | — | (5,316) | (8,368) | ||||||||||||||
Loss from early retirement of TruPS | 365 | — | — | ||||||||||||||
Gain on sale of intellectual property | (750) | — | — | ||||||||||||||
Gain on insurance settlement | (4,074) | — | — | ||||||||||||||
Donation to Simmons First Foundation | 1,738 | — | — | ||||||||||||||
Merger related costs | 22,476 | 15,911 | 4,531 | ||||||||||||||
Early retirement program | — | — | 2,901 | ||||||||||||||
Branch right sizing, net | 3,628 | (906) | 13,727 | ||||||||||||||
Day 2 CECL Provision | 33,779 | 22,688 | — | ||||||||||||||
Tax effect (1) | (14,939) | (8,462) | (3,343) | ||||||||||||||
Certain items, net of tax | 42,223 | 23,915 | 9,448 | ||||||||||||||
Adjusted earnings (non-GAAP) | $ | 298,635 | $ | 295,024 | $ | 264,300 | |||||||||||
Diluted earnings per share | $ | 2.06 | $ | 2.46 | $ | 2.31 | |||||||||||
Certain items: | |||||||||||||||||
Gain on sale of branches | — | (0.05) | (0.07) | ||||||||||||||
Loss from early retirement of TruPS | — | — | — | ||||||||||||||
Gain on sale of intellectual property | (0.01) | — | — | ||||||||||||||
Gain on insurance settlement | (0.03) | — | — | ||||||||||||||
Donation to Simmons First Foundation | 0.01 | — | — | ||||||||||||||
Merger related costs | 0.18 | 0.15 | 0.04 | ||||||||||||||
Early retirement program | — | — | 0.03 | ||||||||||||||
Branch right sizing, net | 0.03 | (0.01) | 0.12 | ||||||||||||||
Day 2 CECL Provision | 0.28 | 0.21 | — | ||||||||||||||
Tax effect (1) | (0.12) | (0.08) | (0.03) | ||||||||||||||
Certain items, net of tax | 0.34 | 0.22 | 0.09 | ||||||||||||||
Adjusted diluted earnings per share (non-GAAP) | $ | 2.40 | $ | 2.68 | $ | 2.40 |
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Noninterest income | $ | 170,066 | $ | 191,815 | $ | 239,769 | |||||||||||
Certain items: | |||||||||||||||||
Gain on sale of branches | — | (5,316) | (8,368) | ||||||||||||||
Gain on insurance settlement | (4,074) | — | — | ||||||||||||||
Loss from early retirement of TruPS | 365 | — | — | ||||||||||||||
Gain on sale of intellectual property | (750) | — | — | ||||||||||||||
Branch right sizing | 153 | (369) | (370) | ||||||||||||||
Total certain items | (4,306) | (5,685) | (8,738) | ||||||||||||||
Adjusted noninterest income (non-GAAP) | $ | 165,760 | $ | 186,130 | $ | 231,031 | |||||||||||
Noninterest expense | $ | 566,748 | $ | 483,589 | $ | 484,736 | |||||||||||
Certain items: | |||||||||||||||||
Merger related costs | (22,476) | (15,911) | (4,531) | ||||||||||||||
Donation to Simmons First Foundation | (1,738) | — | — | ||||||||||||||
Early retirement program | — | — | (2,901) | ||||||||||||||
Branch right sizing | (3,475) | 537 | (14,097) | ||||||||||||||
Total certain items | (27,689) | (15,374) | (21,529) | ||||||||||||||
Adjusted noninterest expense (non-GAAP) | $ | 539,059 | $ | 468,215 | $ | 463,207 |
(In thousands, except per share data) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Twelve months ended | ||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 237,828 | $ | 215,713 | $ | 92,940 | $ | 96,790 | $ | 74,107 | ||||||||||
Non-core items: | ||||||||||||||||||||
Accelerated vesting on retirement agreements | — | — | — | — | 2,209 | |||||||||||||||
Gain on sale of banking operations | — | — | — | — | (2,110 | ) | ||||||||||||||
Gain from early retirement of trust preferred securities | — | — | — | (594 | ) | — | ||||||||||||||
Gain on sale of insurance lines of business | — | — | (3,708 | ) | — | — | ||||||||||||||
Loss on FDIC loss-share termination | — | — | — | — | 7,476 | |||||||||||||||
Donation to Simmons First Foundation | — | — | 5,000 | — | — | |||||||||||||||
Merger related costs | 36,379 | 4,777 | 21,923 | 4,835 | 13,760 | |||||||||||||||
Early retirement program | 3,464 | — | — | — | — | |||||||||||||||
Branch right sizing | 3,129 | 1,341 | 169 | 3,359 | 3,144 | |||||||||||||||
Tax effect (1) | (11,234 | ) | (1,598 | ) | (8,746 | ) | (2,981 | ) | (8,964 | ) | ||||||||||
Net non-core items (before SAB 118 adjustment) | 31,738 | 4,520 | 14,638 | 4,619 | 15,515 | |||||||||||||||
SAB 118 adjustment (2) | — | — | 11,471 | — | — | |||||||||||||||
Core earnings (non-GAAP) | $ | 269,566 | $ | 220,233 | $ | 119,049 | $ | 101,409 | $ | 89,622 | ||||||||||
Diluted earnings per share | $ | 2.41 | $ | 2.32 | $ | 1.33 | $ | 1.56 | $ | 1.31 | ||||||||||
Non-core items: | ||||||||||||||||||||
Accelerated vesting on retirement agreements | — | — | — | — | 0.04 | |||||||||||||||
Gain on sale of banking operations | — | — | — | — | (0.04 | ) | ||||||||||||||
Gain from early retirement of trust preferred securities | — | — | — | (0.01 | ) | — | ||||||||||||||
Gain on sale of insurance lines of business | — | — | (0.04 | ) | — | — | ||||||||||||||
Loss on FDIC loss-share termination | — | — | — | — | 0.14 | |||||||||||||||
Donation to Simmons First Foundation | — | — | 0.07 | — | — | |||||||||||||||
Merger related costs | 0.37 | 0.05 | 0.31 | 0.08 | 0.25 | |||||||||||||||
Early retirement program | 0.03 | — | — | — | — | |||||||||||||||
Branch right sizing | 0.03 | 0.02 | — | 0.06 | 0.06 | |||||||||||||||
Tax effect (1) | (0.11 | ) | (0.02 | ) | (0.13 | ) | (0.05 | ) | (0.17 | ) | ||||||||||
Net non-core items (before SAB 118 adjustment) | 0.32 | 0.05 | 0.21 | 0.08 | 0.28 | |||||||||||||||
SAB 118 adjustment (2) | — | — | 0.16 | — | — | |||||||||||||||
Core diluted earnings per share (non-GAAP) | $ | 2.73 | $ | 2.37 | $ | 1.70 | $ | 1.64 | $ | 1.59 |
(In thousands, except per share data) | 2019 | 2018 | 2017 | 2016 | 2015 | (In thousands, except per share data) | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||
Total common stockholders’ equity | $ | 2,988,157 | $ | 2,246,434 | $ | 2,084,564 | $ | 1,151,111 | $ | 1,046,003 | ||||||||||||||||||||||||||
Total equity | Total equity | $ | 3,269,362 | $ | 3,248,841 | $ | 2,976,656 | |||||||||||||||||||||||||||||
Preferred stock | Preferred stock | — | — | (767) | ||||||||||||||||||||||||||||||||
Total common equity | Total common equity | 3,269,362 | 3,248,841 | 2,975,889 | ||||||||||||||||||||||||||||||||
Intangible assets: | Intangible assets: | |||||||||||||||||||||||||||||||||||
Goodwill | (1,055,520 | ) | (845,687 | ) | (842,651 | ) | (348,505 | ) | (327,686 | ) | Goodwill | (1,319,598) | (1,146,007) | (1,075,305) | ||||||||||||||||||||||
Other intangible assets | (127,340 | ) | (91,334 | ) | (106,071 | ) | (52,959 | ) | (53,237 | ) | Other intangible assets | (128,951) | (106,235) | (111,110) | ||||||||||||||||||||||
Total intangibles | (1,182,860 | ) | (937,021 | ) | (948,722 | ) | (401,464 | ) | (380,923 | ) | Total intangibles | (1,448,549) | (1,252,242) | (1,186,415) | ||||||||||||||||||||||
Tangible common stockholders’ equity | $ | 1,805,297 | $ | 1,309,413 | $ | 1,135,842 | $ | 749,647 | $ | 665,080 | ||||||||||||||||||||||||||
Tangible common equity | Tangible common equity | $ | 1,820,813 | $ | 1,996,599 | $ | 1,789,474 | |||||||||||||||||||||||||||||
Shares of common stock outstanding | 113,628,601 | 92,347,643 | 92,029,118 | 62,555,446 | 60,556,864 | Shares of common stock outstanding | 127,046,654 | 112,715,444 | 108,077,662 | |||||||||||||||||||||||||||
Book value per common share | $ | 26.30 | $ | 24.33 | $ | 22.65 | $ | 18.40 | $ | 17.27 | Book value per common share | $ | 25.73 | $ | 28.82 | $ | 27.53 | |||||||||||||||||||
Tangible book value per common share (non-GAAP) | $ | 15.89 | $ | 14.18 | $ | 12.34 | $ | 11.98 | $ | 10.98 | Tangible book value per common share (non-GAAP) | $ | 14.33 | $ | 17.71 | $ | 16.56 |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Total common stockholders’ equity | $ | 2,988,157 | $ | 2,246,434 | $ | 2,084,564 | $ | 1,151,111 | $ | 1,046,003 | ||||||||||
Intangible assets: | ||||||||||||||||||||
Goodwill | (1,055,520 | ) | (845,687 | ) | (842,651 | ) | (348,505 | ) | (327,686 | ) | ||||||||||
Other intangible assets | (127,340 | ) | (91,334 | ) | (106,071 | ) | (52,959 | ) | (53,237 | ) | ||||||||||
Total intangibles | (1,182,860 | ) | (937,021 | ) | (948,722 | ) | (401,464 | ) | (380,923 | ) | ||||||||||
Tangible common stockholders’ equity | $ | 1,805,297 | $ | 1,309,413 | $ | 1,135,842 | $ | 749,647 | $ | 665,080 | ||||||||||
Total assets | $ | 21,259,143 | $ | 16,543,337 | $ | 15,055,806 | $ | 8,400,056 | $ | 7,559,658 | ||||||||||
Intangible assets: | ||||||||||||||||||||
Goodwill | (1,055,520 | ) | (845,687 | ) | (842,651 | ) | (348,505 | ) | (327,686 | ) | ||||||||||
Other intangible assets | (127,340 | ) | (91,334 | ) | (106,071 | ) | (52,959 | ) | (53,237 | ) | ||||||||||
Total intangibles | (1,182,860 | ) | (937,021 | ) | (948,722 | ) | (401,464 | ) | (380,923 | ) | ||||||||||
Tangible assets | $ | 20,076,283 | $ | 15,606,316 | $ | 14,107,084 | $ | 7,998,592 | $ | 7,178,735 | ||||||||||
Ratio of common equity to assets | 14.06 | % | 13.58 | % | 13.85 | % | 13.70 | % | 13.84 | % | ||||||||||
Ratio of tangible common equity to tangible assets (non-GAAP) | 8.99 | % | 8.39 | % | 8.05 | % | 9.37 | % | 9.26 | % |
(Dollars in thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Total common equity | $ | 3,269,362 | $ | 3,248,841 | $ | 2,975,889 | |||||||||||
Intangible assets: | |||||||||||||||||
Goodwill | (1,319,598) | (1,146,007) | (1,075,305) | ||||||||||||||
Other intangible assets | (128,951) | (106,235) | (111,110) | ||||||||||||||
Total intangibles | (1,448,549) | (1,252,242) | (1,186,415) | ||||||||||||||
Tangible common equity | $ | 1,820,813 | $ | 1,996,599 | $ | 1,789,474 | |||||||||||
Total assets | $ | 27,461,061 | $ | 24,724,759 | $ | 22,359,752 | |||||||||||
Intangible assets: | |||||||||||||||||
Goodwill | (1,319,598) | (1,146,007) | (1,075,305) | ||||||||||||||
Other intangible assets | (128,951) | (106,235) | (111,110) | ||||||||||||||
Total intangibles | (1,448,549) | (1,252,242) | (1,186,415) | ||||||||||||||
Tangible assets | $ | 26,012,512 | $ | 23,472,517 | $ | 21,173,337 | |||||||||||
Ratio of common equity to assets | 11.91 | % | 13.14 | % | 13.31 | % | |||||||||||
Ratio of tangible common equity to tangible assets (non-GAAP) | 7.00 | % | 8.51 | % | 8.45 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Twelve months ended | |||||||||||||||||||
Net income available to common stockholders | $ | 237,828 | $ | 215,713 | $ | 92,940 | $ | 96,790 | $ | 74,107 | |||||||||
Net non-core items, net of taxes, adjustment | 31,738 | 4,520 | 26,109 | 4,619 | 15,515 | ||||||||||||||
Core earnings | $ | 269,566 | $ | 220,233 | $ | 119,049 | $ | 101,409 | $ | 89,622 | |||||||||
Average total assets | $ | 17,871,748 | $ | 15,771,362 | $ | 10,074,951 | $ | 7,760,233 | $ | 7,164,788 | |||||||||
Return on average assets | 1.33 | % | 1.37 | % | 0.92 | % | 1.25 | % | 1.03 | % | |||||||||
Core return on average assets (non-GAAP) | 1.51 | % | 1.40 | % | 1.18 | % | 1.31 | % | 1.25 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||
Twelve months ended | |||||||||||||||||||
Net income available to common stockholders | $ | 237,828 | $ | 215,713 | $ | 92,940 | $ | 96,790 | $ | 74,107 | |||||||||
Amortization of intangibles, net of taxes | 8,720 | 8,132 | 4,659 | 3,611 | 2,972 | ||||||||||||||
Total income available to common stockholders | $ | 246,548 | $ | 223,845 | $ | 97,599 | $ | 100,401 | $ | 77,079 | |||||||||
Net non-core items, net of taxes | 31,738 | 4,520 | 26,109 | 4,619 | 15,515 | ||||||||||||||
Core earnings | 269,566 | 220,233 | 119,049 | 101,409 | 89,622 | ||||||||||||||
Amortization of intangibles, net of taxes | 8,720 | 8,132 | 4,659 | 3,611 | 2,972 | ||||||||||||||
Total core income available to common stockholders | $ | 278,286 | $ | 228,365 | $ | 123,708 | $ | 105,020 | $ | 92,594 | |||||||||
Average common stockholders’ equity | $ | 2,396,024 | $ | 2,157,097 | $ | 1,390,815 | $ | 1,105,775 | $ | 938,521 | |||||||||
Average intangible assets: | |||||||||||||||||||
Goodwill | (921,635 | ) | (845,308 | ) | (455,453 | ) | (332,974 | ) | (281,133 | ) | |||||||||
Other intangible assets | (104,000 | ) | (97,820 | ) | (68,896 | ) | (51,710 | ) | (42,104 | ) | |||||||||
Total average intangibles | (1,025,635 | ) | (943,128 | ) | (524,349 | ) | (384,684 | ) | (323,237 | ) | |||||||||
Average tangible common stockholders’ equity | $ | 1,370,389 | $ | 1,213,969 | $ | 866,466 | $ | 721,091 | $ | 615,284 | |||||||||
Return on average common equity | 9.93 | % | 10.00 | % | 6.68 | % | 8.75 | % | 7.90 | % | |||||||||
Return on average tangible common equity (non-GAAP) | 17.99 | % | 18.44 | % | 11.26 | % | 13.92 | % | 12.53 | % | |||||||||
Core return on average common equity (non-GAAP) | 11.25 | % | 10.21 | % | 8.56 | % | 9.17 | % | 9.55 | % | |||||||||
Core return on tangible common equity (non-GAAP) | 20.31 | % | 18.81 | % | 14.28 | % | 14.56 | % | 15.05 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Twelve months ended | ||||||||||||||||||||
Net interest income | $ | 605,275 | $ | 552,552 | $ | 354,930 | $ | 279,206 | $ | 278,595 | ||||||||||
FTE adjustment | 7,322 | 5,297 | 7,723 | 7,722 | 8,517 | |||||||||||||||
Fully tax equivalent net interest income | 612,597 | 557,849 | 362,653 | 286,928 | 287,112 | |||||||||||||||
Total accretable yield | (41,244 | ) | (35,263 | ) | (27,793 | ) | (24,257 | ) | (46,131 | ) | ||||||||||
Core net interest income | $ | 571,353 | $ | 522,586 | $ | 334,860 | $ | 262,671 | $ | 240,981 | ||||||||||
Average earning assets | $ | 15,977,909 | $ | 14,036,614 | $ | 8,908,418 | $ | 6,855,322 | $ | 6,305,966 | ||||||||||
Net interest margin | 3.83 | % | 3.97 | % | 4.07 | % | 4.19 | % | 4.55 | % | ||||||||||
Core net interest margin (non-GAAP) | 3.58 | % | 3.72 | % | 3.76 | % | 3.83 | % | 3.82 | % |
(Dollars in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
Twelve months ended | ||||||||||||||||||||
Non-interest expense | $ | 461,112 | $ | 392,229 | $ | 312,379 | $ | 255,085 | $ | 256,970 | ||||||||||
Non-core non-interest expense adjustment | (42,972 | ) | (6,118 | ) | (27,357 | ) | (8,435 | ) | (18,747 | ) | ||||||||||
Other real estate and foreclosure expense adjustment | (3,282 | ) | (4,240 | ) | (3,042 | ) | (4,389 | ) | (4,861 | ) | ||||||||||
Amortization of intangibles adjustment | (11,805 | ) | (11,009 | ) | (7,666 | ) | (5,942 | ) | (4,889 | ) | ||||||||||
Efficiency ratio numerator | $ | 403,053 | $ | 370,862 | $ | 274,314 | $ | 236,319 | $ | 228,473 | ||||||||||
Net-interest income | $ | 605,275 | $ | 552,552 | $ | 354,930 | $ | 279,206 | $ | 278,595 | ||||||||||
Non-interest income | 201,509 | 143,896 | 138,765 | 139,382 | 94,661 | |||||||||||||||
Non-core non-interest income adjustment | — | — | (3,972 | ) | (835 | ) | 5,731 | |||||||||||||
Fully tax-equivalent adjustment | 7,322 | 5,297 | 7,723 | 7,722 | 8,517 | |||||||||||||||
Gain on sale of securities | (13,314 | ) | (61 | ) | (1,059 | ) | (5,848 | ) | (307 | ) | ||||||||||
Efficiency ratio denominator | $ | 800,792 | $ | 701,684 | $ | 496,387 | $ | 419,627 | $ | 387,197 | ||||||||||
Efficiency ratio (non-GAAP) | 50.33 | % | 52.85 | % | 55.27 | % | 56.32 | % | 59.01 | % |
Quarter | ||||||||||||||||||||
(In thousands, except per share data) | First | Second | Third | Fourth | Total | |||||||||||||||
2019 | ||||||||||||||||||||
Interest income | $ | 179,116 | $ | 196,169 | $ | 197,306 | $ | 214,054 | $ | 786,645 | ||||||||||
Interest expense | 42,090 | 45,813 | 47,142 | 46,325 | 181,370 | |||||||||||||||
Net interest income | 137,026 | 150,356 | 150,164 | 167,729 | 605,275 | |||||||||||||||
Provision for loan losses | 9,285 | 7,079 | 21,973 | 4,903 | 43,240 | |||||||||||||||
Gain on sale of securities | 2,740 | 2,823 | 7,374 | 377 | 13,314 | |||||||||||||||
Non-interest income, net of gain on sale of securities | 31,021 | 36,183 | 76,401 | 44,590 | 188,195 | |||||||||||||||
Non-interest expense | 101,409 | 110,743 | 106,865 | 142,095 | 461,112 | |||||||||||||||
Net income available to common stockholders | 47,695 | 55,598 | 81,826 | 52,709 | 237,828 | |||||||||||||||
Basic earnings per share (1) | 0.52 | 0.58 | 0.85 | 0.49 | 2.42 | |||||||||||||||
Diluted earnings per share (1) | 0.51 | 0.58 | 0.84 | 0.49 | 2.41 | |||||||||||||||
2018 | ||||||||||||||||||||
Interest income | $ | 157,139 | $ | 166,268 | $ | 178,984 | $ | 178,296 | $ | 680,687 | ||||||||||
Interest expense | 22,173 | 29,431 | 36,016 | 40,515 | 128,135 | |||||||||||||||
Net interest income | 134,966 | 136,837 | 142,968 | 137,781 | 552,552 | |||||||||||||||
Provision for loan losses | 9,150 | 9,033 | 10,345 | 9,620 | 38,148 | |||||||||||||||
Gain (loss) on sale of securities | 6 | (7 | ) | 54 | 8 | 61 | ||||||||||||||
Non-interest income, net of gain (loss) on sale of securities | 37,529 | 38,055 | 33,671 | 34,580 | 143,835 | |||||||||||||||
Non-interest expense | 98,073 | 98,507 | 100,253 | 95,396 | 392,229 | |||||||||||||||
Net income available to common stockholders | 51,312 | 53,562 | 55,193 | 55,646 | 215,713 | |||||||||||||||
Basic earnings per share (1) | 0.56 | 0.58 | 0.60 | 0.60 | 2.34 | |||||||||||||||
Diluted earnings per share (1) | 0.55 | 0.58 | 0.59 | 0.60 | 2.32 |
Liquidity and Market Risk Management |
Interest Rate Scenario | % Change from Base | ||||
Up 300 basis points | 4.46 | % | |||
Up 200 basis points | % | ||||
Up 100 basis points | % | ||||
Down 100 basis points | % | ||||
Down 200 basis points | % | ||||
Down 300 basis points | (5.39) | % |
Report of Independent Registered Public Accounting Firm (PCAOB ID 686) | |||||
FORVIS, LLP | |||||
(Formerly, BKD, | |||||
/s/ |
FORVIS, LLP | |||||
(Formerly, BKD, | |||||
/s/ |
(In thousands, except share data) | 2022 | 2021 | |||||||||
ASSETS | |||||||||||
Cash and noninterest bearing balances due from banks | $ | 200,616 | $ | 209,190 | |||||||
Interest bearing balances due from banks and federal funds sold | 481,506 | 1,441,463 | |||||||||
Cash and cash equivalents | 682,122 | 1,650,653 | |||||||||
Interest bearing balances due from banks – time | 795 | 1,882 | |||||||||
Investment securities: | |||||||||||
Held-to-maturity, net of allowance for credit losses of $1,388 and $1,279 at December 31, 2022 and 2021, respectively | 3,759,706 | 1,529,221 | |||||||||
Available-for-sale, at estimated fair value (amortized cost of $4,331,413 and $7,130,861 at December 31, 2022 and 2021, respectively) | 3,852,854 | 7,113,545 | |||||||||
Total investments | 7,612,560 | 8,642,766 | |||||||||
Mortgage loans held for sale | 3,486 | 36,356 | |||||||||
Other loans held for sale | — | 100 | |||||||||
Loans | 16,142,124 | 12,012,503 | |||||||||
Allowance for credit losses on loans | (196,955) | (205,332) | |||||||||
Net loans | 15,945,169 | 11,807,171 | |||||||||
Premises and equipment | 548,741 | 483,469 | |||||||||
Foreclosed assets and other real estate owned | 2,887 | 6,032 | |||||||||
Interest receivable | 102,892 | 72,990 | |||||||||
Bank owned life insurance | 491,340 | 445,305 | |||||||||
Goodwill | 1,319,598 | 1,146,007 | |||||||||
Other intangible assets | 128,951 | 106,235 | |||||||||
Other assets | 622,520 | 325,793 | |||||||||
Total assets | $ | 27,461,061 | $ | 24,724,759 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Deposits: | |||||||||||
Noninterest bearing transaction accounts | $ | 6,016,651 | $ | 5,325,318 | |||||||
Interest bearing transaction accounts and savings deposits | 11,762,885 | 11,588,770 | |||||||||
Time deposits | 4,768,558 | 2,452,460 | |||||||||
Total deposits | 22,548,094 | 19,366,548 | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | 160,403 | 185,403 | |||||||||
Other borrowings | 859,296 | 1,337,973 | |||||||||
Subordinated notes and debentures | 365,989 | 384,131 | |||||||||
Accrued interest and other liabilities | 257,917 | 201,863 | |||||||||
Total liabilities | 24,191,699 | 21,475,918 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, Class A, $0.01 par value; 350,000,000 and 175,000,000 shares authorized at December 31, 2022 and 2021, respectively; 127,046,654 and 112,715,444 shares issued and outstanding at December 31, 2022 and 2021, respectively | 1,270 | 1,127 | |||||||||
Surplus | 2,530,066 | 2,164,989 | |||||||||
Undivided profits | 1,255,586 | 1,093,270 | |||||||||
Accumulated other comprehensive loss | (517,560) | (10,545) | |||||||||
Total stockholders’ equity | 3,269,362 | 3,248,841 | |||||||||
Total liabilities and stockholders’ equity | $ | 27,461,061 | $ | 24,724,759 |
(In thousands, except share data) | 2019 | 2018 | ||||||
ASSETS | ||||||||
Cash and non-interest bearing balances due from banks | $ | 277,208 | $ | 171,792 | ||||
Interest bearing balances due from banks and federal funds sold | 719,415 | 661,666 | ||||||
Cash and cash equivalents | 996,623 | 833,458 | ||||||
Interest bearing balances due from banks – time | 4,554 | 4,934 | ||||||
Investment securities: | ||||||||
Held-to-maturity | 40,927 | 289,194 | ||||||
Available-for-sale | 3,453,338 | 2,151,752 | ||||||
Total investments | 3,494,265 | 2,440,946 | ||||||
Mortgage loans held for sale | 58,102 | 26,799 | ||||||
Other assets held for sale | 260,332 | 1,790 | ||||||
Loans: | ||||||||
Legacy loans | 9,630,076 | 8,430,388 | ||||||
Allowance for loan losses | (67,800 | ) | (56,599 | ) | ||||
Loans acquired, net of discount and allowance | 4,795,184 | 3,292,783 | ||||||
Net loans | 14,357,460 | 11,666,572 | ||||||
Premises and equipment | 492,384 | 295,060 | ||||||
Foreclosed assets and other real estate owned | 19,121 | 25,565 | ||||||
Interest receivable | 62,707 | 49,938 | ||||||
Bank owned life insurance | 254,152 | 193,170 | ||||||
Goodwill | 1,055,520 | 845,687 | ||||||
Other intangible assets | 127,340 | 91,334 | ||||||
Other assets | 76,583 | 68,084 | ||||||
Total assets | $ | 21,259,143 | $ | 16,543,337 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Deposits: | ||||||||
Non-interest bearing transaction accounts | $ | 3,741,093 | $ | 2,672,405 | ||||
Interest bearing transaction accounts and savings deposits | 9,090,878 | 6,830,191 | ||||||
Time deposits | 3,276,969 | 2,896,156 | ||||||
Total deposits | 16,108,940 | 12,398,752 | ||||||
Federal funds purchased and securities sold under agreements to repurchase | 150,145 | 95,792 | ||||||
Other borrowings | 1,297,599 | 1,345,450 | ||||||
Subordinated notes and debentures | 388,260 | 353,950 | ||||||
Other liabilities held for sale | 159,853 | 162 | ||||||
Accrued interest and other liabilities | 165,422 | 102,797 | ||||||
Total liabilities | 18,270,219 | 14,296,903 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, 40,040,000 shares authorized; Series D, $0.01 par value, $1,000 liquidation value per share; 767 shares issued and outstanding at December 31, 2019 | 767 | — | ||||||
Common stock, Class A, $0.01 par value; 175,000,000 shares authorized at December 31, 2019 and 2018; 113,628,601 and 92,347,643 shares issued and outstanding at December 31, 2019 and 2018, respectively | 1,136 | 923 | ||||||
Surplus | 2,117,282 | 1,597,944 | ||||||
Undivided profits | 848,848 | 674,941 | ||||||
Accumulated other comprehensive income (loss) | 20,891 | (27,374 | ) | |||||
Total stockholders’ equity | 2,988,924 | 2,246,434 | ||||||
Total liabilities and stockholders’ equity | $ | 21,259,143 | $ | 16,543,337 |
(In thousands, except per share data) | 2022 | 2021 | 2020 | ||||||||||||||
INTEREST INCOME | |||||||||||||||||
Loans, including fees | $ | 694,192 | $ | 555,008 | $ | 687,771 | |||||||||||
Interest bearing balances due from banks and federal funds sold | 5,500 | 2,795 | 4,383 | ||||||||||||||
Investment securities | 158,203 | 111,693 | 64,533 | ||||||||||||||
Mortgage loans held for sale | 720 | 1,565 | 3,031 | ||||||||||||||
Other loans held for sale | 3,120 | — | — | ||||||||||||||
TOTAL INTEREST INCOME | 861,735 | 671,061 | 759,718 | ||||||||||||||
INTEREST EXPENSE | |||||||||||||||||
Deposits | 99,049 | 41,172 | 79,860 | ||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 941 | 579 | 1,715 | ||||||||||||||
Other borrowings | 24,934 | 19,495 | 19,652 | ||||||||||||||
Subordinated notes and debentures | 19,495 | 18,283 | 18,757 | ||||||||||||||
TOTAL INTEREST EXPENSE | 144,419 | 79,529 | 119,984 | ||||||||||||||
NET INTEREST INCOME | 717,316 | 591,532 | 639,734 | ||||||||||||||
Provision for credit losses | 14,074 | (32,704) | 74,973 | ||||||||||||||
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 703,242 | 624,236 | 564,761 | ||||||||||||||
NONINTEREST INCOME | |||||||||||||||||
Service charges on deposit accounts | 46,527 | 43,231 | 43,082 | ||||||||||||||
Debit and credit card fees | 31,203 | 28,245 | 24,711 | ||||||||||||||
Wealth management fees | 31,895 | 31,172 | 30,386 | ||||||||||||||
Mortgage lending income | 10,522 | 21,798 | 34,469 | ||||||||||||||
Bank owned life insurance income | 11,146 | 8,902 | 5,815 | ||||||||||||||
Other service charges and fees | 7,616 | 7,696 | 6,624 | ||||||||||||||
Gain (loss) on sale of securities, net | (278) | 15,498 | 54,806 | ||||||||||||||
Gain on insurance settlement | 4,074 | — | — | ||||||||||||||
Other income | 27,361 | 35,273 | 39,876 | ||||||||||||||
TOTAL NONINTEREST INCOME | 170,066 | 191,815 | 239,769 | ||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||
Salaries and employee benefits | 286,982 | 246,335 | 242,474 | ||||||||||||||
Occupancy expense, net | 44,321 | 38,797 | 37,556 | ||||||||||||||
Furniture and equipment expense | 20,665 | 19,890 | 24,038 | ||||||||||||||
Other real estate and foreclosure expense | 1,003 | 2,121 | 1,752 | ||||||||||||||
Deposit insurance | 11,608 | 6,973 | 9,184 | ||||||||||||||
Merger related costs | 22,476 | 15,911 | 4,531 | ||||||||||||||
Other operating expenses | 179,693 | 153,562 | 165,201 | ||||||||||||||
TOTAL NONINTEREST EXPENSE | 566,748 | 483,589 | 484,736 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 306,560 | 332,462 | 319,794 | ||||||||||||||
Provision for income taxes | 50,148 | 61,306 | 64,890 | ||||||||||||||
NET INCOME | 256,412 | 271,156 | 254,904 | ||||||||||||||
Preferred stock dividends | — | 47 | 52 | ||||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 256,412 | $ | 271,109 | $ | 254,852 | |||||||||||
BASIC EARNINGS PER SHARE | $ | 2.07 | $ | 2.47 | $ | 2.32 | |||||||||||
DILUTED EARNINGS PER SHARE | $ | 2.06 | $ | 2.46 | $ | 2.31 |
(In thousands, except per share data) | 2019 | 2018 | 2017 | |||||||||
INTEREST INCOME | ||||||||||||
Loans | $ | 710,935 | $ | 616,037 | $ | 352,351 | ||||||
Interest bearing balances due from banks and federal funds sold | 7,486 | 5,996 | 1,933 | |||||||||
Investment securities | 66,898 | 57,318 | 40,115 | |||||||||
Mortgage loans held for sale | 1,326 | 1,336 | 605 | |||||||||
TOTAL INTEREST INCOME | 786,645 | 680,687 | 395,004 | |||||||||
INTEREST EXPENSE | ||||||||||||
Deposits | 139,011 | 87,210 | 27,756 | |||||||||
Federal funds purchased and securities sold under agreements to repurchase | 1,010 | 423 | 347 | |||||||||
Other borrowings | 23,008 | 23,654 | 8,621 | |||||||||
Subordinated notes and debentures | 18,341 | 16,848 | 3,350 | |||||||||
TOTAL INTEREST EXPENSE | 181,370 | 128,135 | 40,074 | |||||||||
NET INTEREST INCOME | 605,275 | 552,552 | 354,930 | |||||||||
Provision for loan losses | 43,240 | 38,148 | 26,393 | |||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 562,035 | 514,404 | 328,537 | |||||||||
NON-INTEREST INCOME | ||||||||||||
Trust income | 25,040 | 23,128 | 18,570 | |||||||||
Service charges on deposit accounts | 44,782 | 42,508 | 36,079 | |||||||||
Other service charges and fees | 5,824 | 7,469 | 9,919 | |||||||||
Mortgage lending income | 15,017 | 9,230 | 9,708 | |||||||||
SBA lending income | 2,669 | 1,813 | 3,608 | |||||||||
Investment banking income | 2,313 | 3,141 | 2,793 | |||||||||
Debit and credit card fees | 29,289 | 32,268 | 34,258 | |||||||||
Bank owned life insurance income | 4,768 | 4,415 | 3,503 | |||||||||
Gain on sale of securities, net | 13,314 | 61 | 1,059 | |||||||||
Other income | 58,493 | 19,863 | 19,268 | |||||||||
TOTAL NON-INTEREST INCOME | 201,509 | 143,896 | 138,765 | |||||||||
NON-INTEREST EXPENSE | ||||||||||||
Salaries and employee benefits | 227,795 | 216,743 | 154,314 | |||||||||
Occupancy expense, net | 32,008 | 29,610 | 21,159 | |||||||||
Furniture and equipment expense | 18,220 | 16,323 | 19,366 | |||||||||
Other real estate and foreclosure expense | 3,442 | 4,480 | 3,042 | |||||||||
Deposit insurance | 4,416 | 8,721 | 3,696 | |||||||||
Merger related costs | 36,379 | 4,777 | 21,923 | |||||||||
Other operating expenses | 138,852 | 111,575 | 88,879 | |||||||||
TOTAL NON-INTEREST EXPENSE | 461,112 | 392,229 | 312,379 | |||||||||
INCOME BEFORE INCOME TAXES | 302,432 | 266,071 | 154,923 | |||||||||
Provision for income taxes | 64,265 | 50,358 | 61,983 | |||||||||
NET INCOME | 238,167 | 215,713 | 92,940 | |||||||||
Preferred stock dividends | 339 | — | — | |||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 237,828 | $ | 215,713 | $ | 92,940 | ||||||
BASIC EARNINGS PER SHARE (1) | $ | 2.42 | $ | 2.34 | $ | 1.34 | ||||||
DILUTED EARNINGS PER SHARE (1) | $ | 2.41 | $ | 2.32 | $ | 1.33 |
(In thousands) | 2019 | 2018 | 2017 | (In thousands) | 2022 | 2021 | 2020 | ||||||||||||||||||||||
NET INCOME | $ | 238,167 | $ | 215,713 | $ | 92,940 | NET INCOME | $ | 256,412 | $ | 271,156 | $ | 254,904 | ||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||||||
Unrealized holding gains (losses) arising during the period on available-for-sale securities | 76,109 | (13,626 | ) | 2,645 | Unrealized holding gains (losses) arising during the period on available-for-sale securities | (593,010) | (91,434) | 107,382 | |||||||||||||||||||||
Unrealized holding gain on the transfer of held-to-maturity securities to available-for-sale per ASU 2017-12 | 2,547 | — | — | ||||||||||||||||||||||||||
Less: Reclassification adjustment for realized gains included in net income | 13,314 | 61 | 1,059 | ||||||||||||||||||||||||||
Less: Reclassification adjustment for realized gains (losses) included in net income | Less: Reclassification adjustment for realized gains (losses) included in net income | (278) | 15,498 | 54,806 | |||||||||||||||||||||||||
Less: Realized losses on available-for-sale securities interest rate hedges | Less: Realized losses on available-for-sale securities interest rate hedges | (98,374) | (10,588) | — | |||||||||||||||||||||||||
Net unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity during the period | Net unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity during the period | (206,682) | 1,106 | — | |||||||||||||||||||||||||
Less: Amortization of net unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity | Less: Amortization of net unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity | (14,632) | (104) | — | |||||||||||||||||||||||||
Other comprehensive income (loss), before tax effect | 65,342 | (13,687 | ) | 1,586 | Other comprehensive income (loss), before tax effect | (686,408) | (95,134) | 52,576 | |||||||||||||||||||||
Less: Tax effect of other comprehensive income (loss) | 17,077 | (3,577 | ) | 622 | Less: Tax effect of other comprehensive income (loss) | (179,393) | (24,863) | 13,741 | |||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 48,265 | (10,110 | ) | 964 | TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (507,015) | (70,271) | 38,835 | |||||||||||||||||||||
COMPREHENSIVE INCOME | $ | 286,432 | $ | 205,603 | $ | 93,904 | |||||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | COMPREHENSIVE INCOME (LOSS) | $ | (250,603) | $ | 200,885 | $ | 293,739 |
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 256,412 | $ | 271,156 | $ | 254,904 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 48,962 | 47,220 | 49,038 | ||||||||||||||
Provision for credit losses | 14,074 | (32,704) | 74,973 | ||||||||||||||
Loss (gain) on sale of investments | 278 | (15,498) | (54,806) | ||||||||||||||
Net accretion of investment securities and assets | (39,031) | (52,781) | (56,771) | ||||||||||||||
Net amortization on borrowings | 313 | 1,257 | 541 | ||||||||||||||
Stock-based compensation expense | 15,317 | 15,868 | 13,197 | ||||||||||||||
Gain on sale of premises and equipment, net of impairment | — | (591) | (14) | ||||||||||||||
Gain on sale of foreclosed assets and other real estate owned | (390) | (932) | (391) | ||||||||||||||
Gain on sale of mortgage loans held for sale | (7,945) | (36,434) | (44,864) | ||||||||||||||
Gain on sale of other intangibles | — | — | (301) | ||||||||||||||
Gain on sale of branches | — | (5,316) | (8,094) | ||||||||||||||
Gain on sale of loans | (282) | — | — | ||||||||||||||
Fair value write-down of closed branches | — | — | 434 | ||||||||||||||
Deferred income taxes | 14,933 | 10,937 | (122) | ||||||||||||||
Income from bank owned life insurance | (11,164) | (9,477) | (7,206) | ||||||||||||||
Loss from early retirement of TruPS | 365 | — | — | ||||||||||||||
Originations of mortgage loans held for sale | (497,815) | (1,034,716) | (1,206,818) | ||||||||||||||
Proceeds from sale of mortgage loans held for sale | 538,630 | 1,190,891 | 1,172,406 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Interest receivable | (22,107) | 4,423 | (10,846) | ||||||||||||||
Other assets | (7,214) | (33,495) | (7,480) | ||||||||||||||
Accrued interest and other liabilities | 10,417 | (50,620) | 50,508 | ||||||||||||||
Income taxes payable | 8,445 | 8,592 | (15,745) | ||||||||||||||
Net cash provided by operating activities | 322,198 | 277,780 | 202,543 | ||||||||||||||
INVESTING ACTIVITIES | |||||||||||||||||
Net change in loans | (1,900,325) | 2,333,893 | 1,327,248 | ||||||||||||||
Proceeds from sale of loans | 73,746 | 28,033 | 49,736 | ||||||||||||||
Decrease in due from banks - time | 1,087 | 292 | 2,975 | ||||||||||||||
Purchases of premises and equipment, net | (35,268) | (47,861) | (13,272) | ||||||||||||||
Proceeds from sale of premises and equipment | — | 5,621 | 369 | ||||||||||||||
Proceeds from sale of foreclosed assets and other real estate owned | 4,754 | 21,983 | 10,788 | ||||||||||||||
Proceeds from sale of available-for-sale securities | — | 342,577 | 1,717,364 | ||||||||||||||
Proceeds from maturities of available-for-sale securities | 1,137,923 | 1,001,669 | 2,346,930 | ||||||||||||||
Purchases of available-for-sale securities | (261,375) | (5,266,148) | (4,140,963) | ||||||||||||||
Proceeds from maturities of held-to-maturity securities | 86,229 | 15,712 | 13,970 | ||||||||||||||
Purchases of held-to-maturity securities | (331,273) | (708,580) | (308,854) | ||||||||||||||
Proceeds from bank owned life insurance death benefits | 1,873 | 3,814 | 2,018 | ||||||||||||||
Purchases of bank owned life insurance | — | (160,000) | — | ||||||||||||||
Cash received in business combinations, net | 276,396 | 25,425 | — | ||||||||||||||
Disposition of assets and liabilities held for sale | — | (134,166) | 181,560 | ||||||||||||||
Net cash (used in) provided by investing activities | (946,233) | (2,537,736) | 1,189,869 | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||
Net change in deposits | 462,530 | 847,494 | 1,086,713 | ||||||||||||||
Repayments of subordinated debentures | (56,189) | (1,563) | (7,442) | ||||||||||||||
Dividends paid on preferred stock | — | (47) | (52) | ||||||||||||||
Dividends paid on common stock | (94,096) | (78,845) | (74,593) | ||||||||||||||
Net change in other borrowed funds | (516,726) | (80,254) | 45,983 | ||||||||||||||
Net change in federal funds purchased and securities sold under agreements to repurchase | (25,000) | (116,562) | 148,966 | ||||||||||||||
Net shares (cancelled) issued under stock compensation plans | (5,033) | 290 | (4,087) | ||||||||||||||
Shares issued under employee stock purchase plan | 1,151 | 1,170 | 956 | ||||||||||||||
Repurchase of common stock | (111,133) | (132,459) | (113,327) | ||||||||||||||
Retirement of preferred stock | — | (767) | — | ||||||||||||||
Net cash (used in) provided by financing activities | (344,496) | 438,457 | 1,083,117 | ||||||||||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (968,531) | (1,821,499) | 2,475,529 | ||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 1,650,653 | 3,472,152 | 996,623 | ||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 682,122 | $ | 1,650,653 | $ | 3,472,152 |
(In thousands) | 2019 | 2018 | 2017 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 238,167 | $ | 215,713 | $ | 92,940 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 36,257 | 28,412 | 21,062 | ||||||||
Provision for loan losses | 43,240 | 38,148 | 26,393 | ||||||||
Gain on sale of investments | (13,314 | ) | (61 | ) | (1,059 | ) | |||||
Net accretion of investment securities and assets | (53,619 | ) | (48,684 | ) | (38,090 | ) | |||||
Net amortization (accretion) on borrowings | 394 | (380 | ) | 561 | |||||||
Stock-based compensation expense | 12,921 | 9,725 | 10,681 | ||||||||
Gain on sale of premises and equipment held for sale, net of impairment | — | — | (615 | ) | |||||||
Gain on sale of foreclosed assets and other real estate owned | (33 | ) | (650 | ) | (1,076 | ) | |||||
Gain on sale of mortgage loans held for sale | (20,064 | ) | (12,844 | ) | (12,186 | ) | |||||
Loss (gain) on sale of loans | 4,451 | (10 | ) | (18 | ) | ||||||
Gain on sale of Visa, Inc. class B common stock | (42,860 | ) | — | — | |||||||
Fair value write-down of closed branches | — | 836 | 325 | ||||||||
Deferred income taxes | 34,911 | 8,412 | 23,251 | ||||||||
Gain on sale of insurance lines of business | — | — | (3,708 | ) | |||||||
Income from bank owned life insurance | (4,854 | ) | (5,003 | ) | (3,503 | ) | |||||
Originations of mortgage loans held for sale | (755,500 | ) | (546,676 | ) | (507,907 | ) | |||||
Proceeds from sale of mortgage loans held for sale | 756,642 | 556,759 | 526,245 | ||||||||
Changes in assets and liabilities: | |||||||||||
Interest receivable | 3,231 | (6,227 | ) | (2,432 | ) | ||||||
Assets held in trading accounts | — | — | 41 | ||||||||
Other assets | 42,189 | (1,414 | ) | 12,456 | |||||||
Accrued interest and other liabilities | (35,886 | ) | 33,978 | (14,194 | ) | ||||||
Income taxes payable | 20,074 | (9,355 | ) | (14,604 | ) | ||||||
Net cash provided by operating activities | 266,347 | 260,679 | 114,563 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Net collections (originations) of loans | 23,806 | (912,793 | ) | (719,219 | ) | ||||||
Proceeds from sale of loans | 104,587 | 24,977 | 20,705 | ||||||||
Decrease (increase) in due from banks - time | 1,130 | (1,620 | ) | 3,233 | |||||||
Purchases of premises and equipment, net | (67,831 | ) | (29,740 | ) | (34,216 | ) | |||||
Proceeds from sale of premises and equipment | — | — | 3,475 | ||||||||
Purchases of other real estate owned | — | — | (1,021 | ) | |||||||
Proceeds from sale of foreclosed assets and other real estate owned | 17,986 | 27,751 | 18,255 | ||||||||
Proceeds from sale of available-for-sale securities | 1,235,030 | 7,959 | 679,613 | ||||||||
Proceeds from maturities of available-for-sale securities | 776,084 | 258,325 | 487,717 | ||||||||
Purchases of available-for-sale securities | (1,710,483 | ) | (825,914 | ) | (854,708 | ) | |||||
Proceeds from maturities of held-to-maturity securities | 31,969 | 80,803 | 97,494 | ||||||||
Purchases of held-to-maturity securities | — | (1,172 | ) | (860 | ) | ||||||
Proceeds from bank owned life insurance death benefits | 2,435 | 1,814 | — | ||||||||
Purchases of bank owned life insurance | — | (4,000 | ) | (143 | ) | ||||||
Proceeds from the sale of insurance lines of business | — | — | 9,296 | ||||||||
Cash received (paid) in business combinations | 178,260 | — | (48,092 | ) | |||||||
Disposition of assets and liabilities held for sale | 1,235 | (55,211 | ) | — | |||||||
Net cash provided by (used in) investing activities | 594,208 | (1,428,821 | ) | (338,471 | ) | ||||||
FINANCING ACTIVITIES | |||||||||||
Net change in deposits | (404,826 | ) | 1,305,877 | 120,667 | |||||||
Proceeds from issuance of subordinated notes and other borrowings | 25,500 | 326,355 | — | ||||||||
Repayments of subordinated debentures and subordinated debt | — | (113,990 | ) | (3,000 | ) | ||||||
Dividends paid on preferred stock | (339 | ) | — | — | |||||||
Dividends paid on common stock | (63,921 | ) | (55,646 | ) | (35,116 | ) | |||||
Net change in other borrowed funds | (240,806 | ) | (34,574 | ) | 521,865 | ||||||
Net change in federal funds purchased and securities sold under agreements to repurchase | 40,207 | (26,652 | ) | (71,003 | ) | ||||||
Net shares (cancelled) issued under stock compensation plans | (2,389 | ) | 1,162 | 2,260 | |||||||
Shares issued under employee stock purchase plan | 1,312 | 1,026 | 618 | ||||||||
Repurchase of common stock | (10,128 | ) | — | — | |||||||
Retirement of preferred stock | (42,000 | ) | — | — | |||||||
Net cash (used in) provided by financing activities | (697,390 | ) | 1,403,558 | 536,291 | |||||||
INCREASE IN CASH EQUIVALENTS | 163,165 | 235,416 | 312,383 | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 833,458 | 598,042 | 285,659 | ||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 996,623 | $ | 833,458 | $ | 598,042 |
(In thousands, except share data) | Preferred Stock | Common Stock | Surplus | Accumulated Other Comprehensive Income (Loss) | Undivided Profits | Total | |||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 767 | $ | 1,136 | $ | 2,117,282 | $ | 20,891 | $ | 848,848 | $ | 2,988,924 | |||||||||||||||||||||||
Impact of ASU 2016-13 adoption | — | — | — | — | (128,101) | (128,101) | |||||||||||||||||||||||||||||
Comprehensive income | — | — | — | 38,835 | 254,904 | 293,739 | |||||||||||||||||||||||||||||
Stock issued for employee stock purchase plan – 43,681 shares | — | 1 | 955 | — | — | 956 | |||||||||||||||||||||||||||||
Stock-based compensation plans, net – 362,080 shares | — | 3 | 9,107 | — | — | 9,110 | |||||||||||||||||||||||||||||
Stock repurchases - 5,956,700 shares | — | (59) | (113,268) | — | — | (113,327) | |||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | (52) | (52) | |||||||||||||||||||||||||||||
Dividends on common stock – $0.68 per share | — | — | — | — | (74,593) | (74,593) | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | 767 | 1,081 | 2,014,076 | 59,726 | 901,006 | 2,976,656 | |||||||||||||||||||||||||||||
Comprehensive income | — | — | — | (70,271) | 271,156 | 200,885 | |||||||||||||||||||||||||||||
Stock issued for employee stock purchase plan - 60,697 shares | — | 1 | 1,169 | — | — | 1,170 | |||||||||||||||||||||||||||||
Stock-based compensation plans, net - 474,970 shares | — | 4 | 16,154 | — | — | 16,158 | |||||||||||||||||||||||||||||
Stock issued for Landmark acquisition - 4,499,872 shares | — | 45 | 138,146 | — | — | 138,191 | |||||||||||||||||||||||||||||
Stock issued for Triumph acquisition - 4,164,712 shares | — | 42 | 127,857 | — | — | 127,899 | |||||||||||||||||||||||||||||
Preferred stock retirement | (767) | — | — | — | — | (767) | |||||||||||||||||||||||||||||
Stock repurchases - 4,562,469 shares | — | (46) | (132,413) | — | — | (132,459) | |||||||||||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | (47) | (47) | |||||||||||||||||||||||||||||
Dividends on common stock - $0.72 per share | — | — | — | — | (78,845) | (78,845) | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | — | 1,127 | 2,164,989 | (10,545) | 1,093,270 | 3,248,841 | |||||||||||||||||||||||||||||
Comprehensive income | — | — | — | (507,015) | 256,412 | (250,603) | |||||||||||||||||||||||||||||
Stock issued for employee stock purchase plan - 59,475 shares | — | 1 | 1,150 | — | — | 1,151 | |||||||||||||||||||||||||||||
Stock-based compensation plans, net - 429,423 shares | — | 3 | 10,281 | — | — | 10,284 | |||||||||||||||||||||||||||||
Stock issued for Spirit acquisition - 18,275,074 shares | — | 183 | 464,735 | — | — | 464,918 | |||||||||||||||||||||||||||||
Stock repurchases - 4,432,762 shares | — | (44) | (111,089) | — | — | (111,133) | |||||||||||||||||||||||||||||
Dividends on common stock – $0.76 per share | — | — | — | — | (94,096) | (94,096) | |||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | — | $ | 1,270 | $ | 2,530,066 | $ | (517,560) | $ | 1,255,586 | $ | 3,269,362 |
(In thousands, except share data (1)) | Preferred Stock | Common Stock | Surplus | Accumulated Other Comprehensive Income (Loss) | Undivided Profits | Total | ||||||||||||||||||
Balance, December 31, 2016 | $ | — | $ | 626 | $ | 711,663 | $ | (15,212 | ) | $ | 454,034 | $ | 1,151,111 | |||||||||||
Comprehensive income | — | — | — | 964 | 92,940 | 93,904 | ||||||||||||||||||
Reclassify stranded tax effects due to 2017 tax law changes | — | — | — | (3,016 | ) | 3,016 | — | |||||||||||||||||
Stock issued for employee stock purchase plan – 26,002 shares | — | — | 618 | — | — | 618 | ||||||||||||||||||
Stock-based compensation plans, net – 359,286 shares | — | 3 | 12,938 | — | — | 12,941 | ||||||||||||||||||
Stock issued for Hardeman acquisition – 1,599,940 common shares | — | 16 | 42,622 | — | — | 42,638 | ||||||||||||||||||
Stock issued for OKSB acquisition –14,488,604 common shares | — | 145 | 431,253 | — | — | 431,398 | ||||||||||||||||||
Stock issued for First Texas acquisition – 12,999,840 common shares | — | 130 | 386,940 | — | — | 387,070 | ||||||||||||||||||
Dividends on common stock – $0.50 per share | — | — | — | — | (35,116 | ) | (35,116 | ) | ||||||||||||||||
Balance, December 31, 2017 | — | 920 | 1,586,034 | (17,264 | ) | 514,874 | 2,084,564 | |||||||||||||||||
Comprehensive income | — | — | — | (10,110 | ) | 215,713 | 205,603 | |||||||||||||||||
Stock issued for employee stock purchase plan – 39,782 shares | — | — | 1,026 | — | — | 1,026 | ||||||||||||||||||
Stock-based compensation plans, net – 278,743 shares | — | 3 | 10,884 | — | — | 10,887 | ||||||||||||||||||
Dividends on common stock – $0.60 per share | — | — | — | — | (55,646 | ) | (55,646 | ) | ||||||||||||||||
Balance, December 31, 2018 | — | 923 | 1,597,944 | (27,374 | ) | 674,941 | 2,246,434 | |||||||||||||||||
Comprehensive income | — | — | — | 48,265 | 238,167 | 286,432 | ||||||||||||||||||
Stock issued for employee stock purchase plan - 60,413 | — | 1 | 1,311 | — | — | 1,312 | ||||||||||||||||||
Stock-based compensation plans, net - 261,200 shares | — | 3 | 10,529 | — | — | 10,532 | ||||||||||||||||||
Stock issued for Reliance acquisition - 3,999,623 shares | 42,000 | 40 | 102,790 | — | — | 144,830 | ||||||||||||||||||
Stock issued for Landrum acquisition - 17,349,722 shares | 767 | 173 | 414,832 | — | — | 415,772 | ||||||||||||||||||
Preferred stock retirement | (42,000 | ) | — | — | — | — | (42,000 | ) | ||||||||||||||||
Stock repurchases - 390,000 shares | — | (4 | ) | (10,124 | ) | — | — | (10,128 | ) | |||||||||||||||
Dividends on preferred stock | — | — | — | — | (339 | ) | (339 | ) | ||||||||||||||||
Dividends on common stock - $0.64 per share | — | — | — | — | (63,921 | ) | (63,921 | ) | ||||||||||||||||
Balance, December 31, 2019 | $ | 767 | $ | 1,136 | $ | 2,117,282 | $ | 20,891 | $ | 848,848 | $ | 2,988,924 |
(In thousands, except per share data) | 2019 | 2018 | 2017 | |||||||||
Net income available to common stockholders | $ | 237,828 | $ | 215,713 | $ | 92,940 | ||||||
Average common shares outstanding | 98,351 | 92,268 | 69,385 | |||||||||
Average potential dilutive common shares | 446 | 562 | 468 | |||||||||
Average diluted common shares | 98,797 | 92,830 | 69,853 | |||||||||
Basic earnings per share | $ | 2.42 | $ | 2.34 | $ | 1.34 | ||||||
Diluted earnings per share | $ | 2.41 | $ | 2.32 | $ | 1.33 |
(In thousands, except per share data) | 2022 | 2021 | 2020 | ||||||||||||||
Net income available to common stockholders | $ | 256,412 | $ | 271,109 | $ | 254,852 | |||||||||||
Average common shares outstanding | 123,958 | 109,577 | 109,860 | ||||||||||||||
Average potential dilutive common shares | 512 | 621 | 313 | ||||||||||||||
Average diluted common shares | 124,470 | 110,198 | 110,173 | ||||||||||||||
Basic earnings per share | $ | 2.07 | $ | 2.47 | $ | 2.32 | |||||||||||
Diluted earnings per share | $ | 2.06 | $ | 2.46 | $ | 2.31 |
(In thousands) | Acquired from Spirit | Fair Value Adjustments | Fair Value | ||||||||||||||
Assets Acquired | |||||||||||||||||
Cash and due from banks | $ | 277,790 | $ | — | $ | 277,790 | |||||||||||
Investment securities | 362,088 | (13,401) | 348,687 | ||||||||||||||
Loans acquired | 2,314,085 | (19,925) | 2,294,160 | ||||||||||||||
Allowance for credit losses on loans | (17,005) | 7,382 | (9,623) | ||||||||||||||
Premises and equipment | 84,135 | (19,074) | 65,061 | ||||||||||||||
Bank owned life insurance | 36,890 | — | 36,890 | ||||||||||||||
Goodwill | 77,681 | (77,681) | — | ||||||||||||||
Core deposit and other intangible assets | 6,245 | 32,386 | 38,631 | ||||||||||||||
Other assets | 58,403 | (2,448) | 55,955 | ||||||||||||||
Total assets acquired | $ | 3,200,312 | $ | (92,761) | $ | 3,107,551 | |||||||||||
Liabilities Assumed | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest bearing transaction accounts | $ | 825,228 | $ | (165) | $ | 825,063 | |||||||||||
Interest bearing transaction accounts and savings deposits | 1,383,663 | — | 1,383,663 | ||||||||||||||
Time deposits | 509,209 | 1,081 | 510,290 | ||||||||||||||
Total deposits | 2,718,100 | 916 | 2,719,016 | ||||||||||||||
Other borrowings | 37,547 | 503 | 38,050 | ||||||||||||||
Subordinated debentures | 36,491 | 879 | 37,370 | ||||||||||||||
Accrued interest and other liabilities | 23,667 | (3,918) | 19,749 | ||||||||||||||
Total liabilities assumed | 2,815,805 | (1,620) | 2,814,185 | ||||||||||||||
Equity | 384,507 | (384,507) | — | ||||||||||||||
Total equity assumed | 384,507 | (384,507) | — | ||||||||||||||
Total liabilities and equity assumed | $ | 3,200,312 | $ | (386,127) | $ | 2,814,185 | |||||||||||
Net assets acquired | 293,366 | ||||||||||||||||
Purchase price | 466,311 | ||||||||||||||||
Goodwill | $ | 172,945 |
(In thousands) | Acquired from Landrum | Fair Value Adjustments | Fair Value | ||||||||
Assets Acquired | |||||||||||
Cash and due from banks | $ | 215,285 | $ | — | $ | 215,285 | |||||
Due from banks - time | 248 | — | 248 | ||||||||
Investment securities | 1,021,755 | 4,100 | 1,025,855 | ||||||||
Loans acquired | 2,049,137 | (43,201 | ) | 2,005,936 | |||||||
Allowance for loan losses | (22,736 | ) | 22,736 | — | |||||||
Foreclosed assets | 373 | (183 | ) | 190 | |||||||
Premises and equipment | 63,878 | 20,588 | 84,466 | ||||||||
Bank owned life insurance | 19,206 | — | 19,206 | ||||||||
Goodwill | 407 | (407 | ) | — | |||||||
Core deposit intangible | — | 24,345 | 24,345 | ||||||||
Other intangibles | 412 | 4,704 | 5,116 | ||||||||
Other assets | 33,924 | (7,251 | ) | 26,673 | |||||||
Total assets acquired | $ | 3,381,889 | $ | 25,431 | $ | 3,407,320 | |||||
Liabilities Assumed | |||||||||||
Deposits: | |||||||||||
Non-interest bearing transaction accounts | $ | 716,675 | $ | — | $ | 716,675 | |||||
Interest bearing transaction accounts and savings deposits | 1,465,429 | — | 1,465,429 | ||||||||
Time deposits | 867,197 | 299 | 867,496 | ||||||||
Total deposits | 3,049,301 | 299 | 3,049,600 | ||||||||
Other borrowings | 10,055 | — | 10,055 | ||||||||
Subordinated debentures | 34,794 | (877 | ) | 33,917 | |||||||
Accrued interest and other liabilities | 31,057 | (1,748 | ) | 29,309 | |||||||
Total liabilities assumed | 3,125,207 | (2,326 | ) | 3,122,881 | |||||||
Equity | 256,682 | (256,682 | ) | — | |||||||
Total equity assumed | 256,682 | (256,682 | ) | — | |||||||
Total liabilities and equity assumed | $ | 3,381,889 | $ | (259,008 | ) | $ | 3,122,881 | ||||
Net assets acquired | 284,439 | ||||||||||
Purchase price | 415,779 | ||||||||||
Goodwill | $ | 131,340 |
(In thousands, except per share data) | 2022 | 2021 | |||||||||
Revenue(1) | $ | 912,631 | $ | 927,061 | |||||||
Net income | $ | 264,522 | $ | 307,752 | |||||||
Diluted earnings per share | $ | 2.04 | $ | 2.40 |
(In thousands) | Acquired from Landmark | Fair Value Adjustments | Fair Value | ||||||||||||||
Assets Acquired | |||||||||||||||||
Cash and due from banks | $ | 27,591 | $ | — | $ | 27,591 | |||||||||||
Due from banks - time | 100 | — | 100 | ||||||||||||||
Investment securities | 114,793 | (125) | 114,668 | ||||||||||||||
Loans acquired | 785,551 | 3,953 | 789,504 | ||||||||||||||
Allowance for credit losses on loans | (5,980) | 3,621 | (2,359) | ||||||||||||||
Premises and equipment | 9,540 | (4,099) | 5,441 | ||||||||||||||
Bank owned life insurance | 21,287 | — | 21,287 | ||||||||||||||
Core deposit intangible | 88 | 4,071 | 4,159 | ||||||||||||||
Other assets | 13,036 | (4,605) | 8,431 | ||||||||||||||
Total assets acquired | $ | 966,006 | $ | 2,816 | $ | 968,822 | |||||||||||
Liabilities Assumed | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest bearing transaction accounts | $ | 110,393 | $ | — | $ | 110,393 | |||||||||||
Interest bearing transaction accounts and savings deposits | 425,777 | — | 425,777 | ||||||||||||||
Time deposits | 266,835 | (334) | 266,501 | ||||||||||||||
Total deposits | 803,005 | (334) | 802,671 | ||||||||||||||
Other borrowings | 47,023 | — | 47,023 | ||||||||||||||
Accrued interest and other liabilities | 8,459 | (3,122) | 5,337 | ||||||||||||||
Total liabilities assumed | 858,487 | (3,456) | 855,031 | ||||||||||||||
Equity | 107,519 | (107,519) | — | ||||||||||||||
Total equity assumed | 107,519 | (107,519) | — | ||||||||||||||
Total liabilities and equity assumed | $ | 966,006 | $ | (110,975) | $ | 855,031 | |||||||||||
Net assets acquired | 113,791 | ||||||||||||||||
Purchase price | 145,195 | ||||||||||||||||
Goodwill | $ | 31,404 |
(In thousands) | Acquired from Reliance | Fair Value Adjustments | Fair Value | ||||||||
Assets Acquired | |||||||||||
Cash and due from banks | $ | 25,693 | $ | — | $ | 25,693 | |||||
Due from banks - time | 502 | — | 502 | ||||||||
Investment securities | 287,983 | (1,873 | ) | 286,110 | |||||||
Loans acquired | 1,138,527 | (41,657 | ) | 1,096,870 | |||||||
Allowance for loan losses | (10,808 | ) | 10,808 | — | |||||||
Foreclosed assets | 11,092 | (5,180 | ) | 5,912 | |||||||
Premises and equipment | 32,452 | (3,001 | ) | 29,451 | |||||||
Bank owned life insurance | 39,348 | — | 39,348 | ||||||||
Core deposit intangible | — | 18,350 | 18,350 | ||||||||
Other assets | 25,165 | 6,911 | 32,076 | ||||||||
Total assets acquired | $ | 1,549,954 | $ | (15,642 | ) | $ | 1,534,312 | ||||
(In thousands) | Acquired from Reliance | Fair Value Adjustments | Fair Value | ||||||||
Liabilities Assumed | |||||||||||
Deposits: | |||||||||||
Non-interest bearing transaction accounts | $ | 108,845 | $ | (33 | ) | $ | 108,812 | ||||
Interest bearing transaction accounts and savings deposits | 639,798 | — | 639,798 | ||||||||
Time deposits | 478,415 | (1,758 | ) | 476,657 | |||||||
Total deposits | 1,227,058 | (1,791 | ) | 1,225,267 | |||||||
Securities sold under agreement to repurchase | 14,146 | — | 14,146 | ||||||||
Other borrowings | 162,900 | (5,500 | ) | 157,400 | |||||||
Accrued interest and other liabilities | 8,185 | 268 | 8,453 | ||||||||
Total liabilities assumed | 1,412,289 | (7,023 | ) | 1,405,266 | |||||||
Equity | 137,665 | (137,665 | ) | — | |||||||
Total equity assumed | 137,665 | (137,665 | ) | — | |||||||
Total liabilities and equity assumed | $ | 1,549,954 | $ | (144,688 | ) | $ | 1,405,266 | ||||
Net assets acquired | 129,046 | ||||||||||
Purchase price | 207,539 | ||||||||||
Goodwill | $ | 78,493 |
(In thousands) | Acquired from Triumph | Fair Value Adjustments | Fair Value | ||||||||||||||
Assets Acquired | |||||||||||||||||
Cash and due from banks | $ | 7,484 | $ | — | $ | 7,484 | |||||||||||
Due from banks - time | 495 | — | 495 | ||||||||||||||
Investment securities | 130,571 | (1,116) | 129,455 | ||||||||||||||
Loans acquired | 702,460 | (3,674) | 698,786 | ||||||||||||||
Allowance for credit losses on loans | (12,617) | 1,525 | (11,092) | ||||||||||||||
Premises and equipment | 2,774 | 484 | 3,258 | ||||||||||||||
Goodwill | 1,550 | (1,550) | — | ||||||||||||||
Core deposit intangible | — | 5,136 | 5,136 | ||||||||||||||
Other assets | 12,806 | 897 | 13,703 | ||||||||||||||
Total assets acquired | $ | 845,523 | $ | 1,702 | $ | 847,225 | |||||||||||
Liabilities Assumed | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest bearing transaction accounts | $ | 115,729 | $ | — | $ | 115,729 | |||||||||||
Interest bearing transaction accounts and savings deposits | 383,434 | — | 383,434 | ||||||||||||||
Time deposits | 219,477 | 1,094 | 220,571 | ||||||||||||||
Total deposits | 718,640 | 1,094 | 719,734 | ||||||||||||||
Other borrowings | 2,854 | — | 2,854 | ||||||||||||||
Subordinated debentures | 30,700 | — | 30,700 | ||||||||||||||
Accrued interest and other liabilities | 2,882 | 455 | 3,337 | ||||||||||||||
Total liabilities assumed | 755,076 | 1,549 | 756,625 | ||||||||||||||
Equity | 90,446 | (90,446) | — | ||||||||||||||
Total equity assumed | 90,446 | (90,446) | — | ||||||||||||||
Total liabilities and equity assumed | $ | 845,522 | $ | (88,897) | $ | 756,625 | |||||||||||
Net assets acquired | 90,600 | ||||||||||||||||
Purchase price | 130,544 | ||||||||||||||||
Goodwill | $ | 39,944 |
(In thousands) | Acquired from OKSB | Fair Value Adjustments | Fair Value | |||||||||
Assets Acquired | ||||||||||||
Cash and due from banks | $ | 79,517 | $ | — | $ | 79,517 | ||||||
Investment securities | 485,468 | (1,295 | ) | 484,173 | ||||||||
Loans acquired | 2,039,524 | (43,071 | ) | 1,996,453 | ||||||||
Allowance for loan losses | (26,957 | ) | 26,957 | — | ||||||||
Foreclosed assets | 6,284 | (1,127 | ) | 5,157 | ||||||||
Premises and equipment | 21,210 | 5,457 | 26,667 | |||||||||
Bank owned life insurance | 28,704 | — | 28,704 | |||||||||
Goodwill | 13,545 | (13,545 | ) | — | ||||||||
Core deposit intangible | 1,933 | 40,191 | 42,124 | |||||||||
Other intangibles | 3,806 | — | 3,806 | |||||||||
Other assets | 33,455 | (9,141 | ) | 24,314 | ||||||||
Total assets acquired | $ | 2,686,489 | $ | 4,426 | $ | 2,690,915 |
Liabilities Assumed | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing transaction accounts | $ | 485,971 | $ | — | $ | 485,971 | ||||||
Interest bearing transaction accounts and savings deposits | 869,252 | — | 869,252 | |||||||||
Time deposits | 613,345 | (2,213 | ) | 611,132 | ||||||||
Total deposits | 1,968,568 | (2,213 | ) | 1,966,355 | ||||||||
Securities sold under agreement to repurchase | 11,256 | — | 11,256 | |||||||||
Other borrowings | 347,000 | — | 347,000 | |||||||||
Subordinated debentures | 46,393 | — | 46,393 | |||||||||
Accrued interest and other liabilities | 17,440 | 5,364 | 22,804 | |||||||||
Total liabilities assumed | 2,390,657 | 3,151 | 2,393,808 | |||||||||
Equity | 295,832 | (295,832 | ) | — | ||||||||
Total equity assumed | 295,832 | (295,832 | ) | — | ||||||||
Total liabilities and equity assumed | $ | 2,686,489 | $ | (292,681 | ) | $ | 2,393,808 | |||||
Net assets acquired | 297,107 | |||||||||||
Purchase price | 526,251 | |||||||||||
Goodwill | $ | 229,144 |
(In thousands) | Acquired from First Texas | Fair Value Adjustments | Fair Value | |||||||||
Assets Acquired | ||||||||||||
Cash and due from banks | $ | 59,277 | $ | — | $ | 59,277 | ||||||
Investment securities | 81,114 | (596 | ) | 80,518 | ||||||||
Loans acquired | 2,246,212 | (37,834 | ) | 2,208,378 | ||||||||
Allowance for loan losses | (20,864 | ) | 20,664 | (200 | ) | |||||||
Premises and equipment | 24,864 | 10,123 | 34,987 | |||||||||
Bank owned life insurance | 7,190 | — | 7,190 | |||||||||
Goodwill | 37,227 | (37,227 | ) | — | ||||||||
Core deposit intangible | — | 7,328 | 7,328 | |||||||||
Other assets | 18,263 | 11,485 | 29,748 | |||||||||
Total assets acquired | $ | 2,453,283 | $ | (26,057 | ) | $ | 2,427,226 | |||||
Liabilities Assumed | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing transaction accounts | $ | 74,410 | $ | — | $ | 74,410 | ||||||
Interest bearing transaction accounts and savings deposits | 1,683,298 | — | 1,683,298 | |||||||||
Time deposits | 124,233 | (283 | ) | 123,950 | ||||||||
Total deposits | 1,881,941 | (283 | ) | 1,881,658 | ||||||||
Securities sold under agreement to repurchase | 50,000 | — | 50,000 | |||||||||
Other borrowings | 235,000 | — | 235,000 | |||||||||
Subordinated debentures | 30,323 | 589 | 30,912 | |||||||||
Accrued interest and other liabilities | 11,727 | 1,669 | 13,396 | |||||||||
Total liabilities assumed | 2,208,991 | 1,975 | 2,210,966 | |||||||||
Equity | 244,292 | (244,292 | ) | — | ||||||||
Total equity assumed | 244,292 | (244,292 | ) | — | ||||||||
Total liabilities and equity assumed | $ | 2,453,283 | $ | (242,317 | ) | $ | 2,210,966 | |||||
Net assets acquired | 216,260 | |||||||||||
Purchase price | 457,103 | |||||||||||
Goodwill | $ | 240,843 |
(In thousands) | Acquired from Hardeman | Fair Value Adjustments | Fair Value | |||||||||
Assets Acquired | ||||||||||||
Cash and due from banks | $ | 8,001 | $ | — | $ | 8,001 | ||||||
Interest bearing balances due from banks - time | 1,984 | — | 1,984 | |||||||||
Investment securities | 170,654 | (285 | ) | 170,369 | ||||||||
Loans acquired | 257,641 | (5,992 | ) | 251,649 | ||||||||
Allowance for loan losses | (2,382 | ) | 2,382 | — | ||||||||
Foreclosed assets | 1,083 | (452 | ) | 631 | ||||||||
Premises and equipment | 9,905 | 1,258 | 11,163 | |||||||||
Bank owned life insurance | 7,819 | — | 7,819 | |||||||||
Goodwill | 11,485 | (11,485 | ) | — | ||||||||
Core deposit intangible | — | 7,840 | 7,840 | |||||||||
Other intangibles | — | 830 | 830 | |||||||||
Other assets | 2,639 | (1 | ) | 2,638 | ||||||||
Total assets acquired | $ | 468,829 | $ | (5,905 | ) | $ | 462,924 |
(In thousands) | Acquired from Hardeman | Fair Value Adjustments | Fair Value | |||||||||
Liabilities Assumed | ||||||||||||
Deposits: | ||||||||||||
Non-interest bearing transaction accounts | $ | 76,555 | $ | — | $ | 76,555 | ||||||
Interest bearing transaction accounts and savings deposits | 214,872 | — | 214,872 | |||||||||
Time deposits | 97,917 | (368 | ) | 97,549 | ||||||||
Total deposits | 389,344 | (368 | ) | 388,976 | ||||||||
Securities sold under agreement to repurchase | 17,163 | — | 17,163 | |||||||||
Other borrowings | 3,000 | — | 3,000 | |||||||||
Subordinated debentures | 6,702 | — | 6,702 | |||||||||
Accrued interest and other liabilities | 1,891 | 1,924 | 3,815 | |||||||||
Total liabilities assumed | 418,100 | 1,556 | 419,656 | |||||||||
Equity | 50,729 | (50,729 | ) | — | ||||||||
Total equity assumed | 50,729 | (50,729 | ) | — | ||||||||
Total liabilities and equity assumed | $ | 468,829 | $ | (49,173 | ) | $ | 419,656 | |||||
Net assets acquired | 43,268 | |||||||||||
Purchase price | 72,639 | |||||||||||
Goodwill | $ | 29,371 |
Years Ended December 31, | |||||||||||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Estimated Fair Value | |||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||||||||
U.S. Government agencies | $ | — | $ | — | $ | — | $ | — | $ | 16,990 | $ | — | $ | (49 | ) | $ | 16,941 | ||||||||||||||
Mortgage-backed securities | 10,796 | 71 | (59 | ) | 10,808 | 13,346 | 5 | (412 | ) | 12,939 | |||||||||||||||||||||
State and political subdivisions | 27,082 | 849 | — | 27,931 | 256,863 | 3,029 | (954 | ) | 258,938 | ||||||||||||||||||||||
Other securities | 3,049 | 67 | — | 3,116 | 1,995 | 17 | — | 2,012 | |||||||||||||||||||||||
Total HTM | $ | 40,927 | $ | 987 | $ | (59 | ) | $ | 41,855 | $ | 289,194 | $ | 3,051 | $ | (1,415 | ) | $ | 290,830 | |||||||||||||
Available-for-Sale | |||||||||||||||||||||||||||||||
U.S. Treasury | $ | 449,729 | $ | 112 | $ | (112 | ) | $ | 449,729 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
U.S. Government agencies | 194,207 | 1,313 | (1,271 | ) | 194,249 | 157,523 | 518 | (3,740 | ) | 154,301 | |||||||||||||||||||||
Mortgage-backed securities | 1,738,584 | 8,510 | (4,149 | ) | 1,742,945 | 1,552,487 | 3,097 | (32,684 | ) | 1,522,900 | |||||||||||||||||||||
State and political subdivisions | 860,539 | 20,983 | (998 | ) | 880,524 | 320,142 | 171 | (5,470 | ) | 314,843 | |||||||||||||||||||||
Other securities | 185,087 | 822 | (18 | ) | 185,891 | 157,471 | 2,251 | (14 | ) | 159,708 | |||||||||||||||||||||
Total AFS | $ | 3,428,146 | $ | 31,740 | $ | (6,548 | ) | $ | 3,453,338 | $ | 2,187,623 | $ | 6,037 | $ | (41,908 | ) | $ | 2,151,752 |
(In thousands) | Amortized Cost | Allowance for Credit Losses | Net Carrying Amount | Gross Unrealized Gains | Gross Unrealized (Losses) | Estimated Fair Value | |||||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
U.S. Government agencies | $ | 448,012 | $ | — | $ | 448,012 | $ | — | $ | (102,558) | $ | 345,454 | |||||||||||||||||||||||
Mortgage-backed securities | 1,190,781 | — | 1,190,781 | 227 | (118,960) | 1,072,048 | |||||||||||||||||||||||||||||
State and political subdivisions | 1,861,102 | (110) | 1,860,992 | 56 | (446,198) | 1,414,850 | |||||||||||||||||||||||||||||
Other securities | 261,199 | (1,278) | 259,921 | — | (29,040) | 230,881 | |||||||||||||||||||||||||||||
Total HTM | $ | 3,761,094 | $ | (1,388) | $ | 3,759,706 | $ | 283 | $ | (696,756) | $ | 3,063,233 | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
U.S. Government agencies | $ | 232,609 | $ | — | $ | 232,609 | $ | — | $ | (7,914) | $ | 224,695 | |||||||||||||||||||||||
Mortgage-backed securities | 70,342 | — | 70,342 | 232 | (1,425) | 69,149 | |||||||||||||||||||||||||||||
State and political subdivisions | 1,210,248 | (1,197) | 1,209,051 | 6,166 | (8,462) | 1,206,755 | |||||||||||||||||||||||||||||
Other securities | 17,301 | (82) | 17,219 | — | (440) | 16,779 | |||||||||||||||||||||||||||||
Total HTM | $ | 1,530,500 | $ | (1,279) | $ | 1,529,221 | $ | 6,398 | $ | (18,241) | $ | 1,517,378 |
(In thousands) | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized (Losses) | Estimated Fair Value | ||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
U.S. Treasury | $ | 2,257 | $ | — | $ | — | $ | (60) | $ | 2,197 | |||||||||||||||||||
U.S. Government agencies | 191,498 | — | 103 | (7,322) | 184,279 | ||||||||||||||||||||||||
Mortgage-backed securities | 2,809,319 | — | 20 | (266,437) | 2,542,902 | ||||||||||||||||||||||||
State and political subdivisions | 1,056,124 | — | 250 | (185,300) | 871,074 | ||||||||||||||||||||||||
Other securities | 272,215 | — | — | (19,813) | 252,402 | ||||||||||||||||||||||||
Total AFS | $ | 4,331,413 | $ | — | $ | 373 | $ | (478,932) | $ | 3,852,854 | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
U.S. Treasury | $ | 300 | $ | — | $ | — | $ | — | $ | 300 | |||||||||||||||||||
U.S. Government agencies | 374,754 | — | 495 | (10,608) | 364,641 | ||||||||||||||||||||||||
Mortgage-backed securities | 4,485,548 | — | 6,307 | (43,239) | 4,448,616 | ||||||||||||||||||||||||
State and political subdivisions | 1,791,097 | — | 30,556 | (1,995) | 1,819,658 | ||||||||||||||||||||||||
Other securities | 479,162 | — | 6,647 | (5,479) | 480,330 | ||||||||||||||||||||||||
Total AFS | $ | 7,130,861 | $ | — | $ | 44,005 | $ | (61,321) | $ | 7,113,545 |
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
(In thousands) | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Held-to-Maturity | ||||||||||||||||||||||||
Mortgage-backed securities | $ | 3,489 | $ | (30 | ) | $ | 2,300 | $ | (29 | ) | $ | 5,789 | $ | (59 | ) | |||||||||
Total HTM | $ | 3,489 | $ | (30 | ) | $ | 2,300 | $ | (29 | ) | $ | 5,789 | $ | (59 | ) | |||||||||
Available-for-Sale | ||||||||||||||||||||||||
U.S. Treasury | $ | 299,667 | $ | (112 | ) | $ | — | $ | — | $ | 299,667 | $ | (112 | ) | ||||||||||
U.S. Government agencies | 14,454 | (130 | ) | 86,239 | (1,141 | ) | 100,693 | (1,271 | ) | |||||||||||||||
Mortgage-backed securities | 405,540 | (1,326 | ) | 349,293 | (2,823 | ) | 754,833 | (4,149 | ) | |||||||||||||||
State and political subdivisions | 111,088 | (975 | ) | 2,730 | (23 | ) | 113,818 | (998 | ) | |||||||||||||||
Other securities | 3,982 | (18 | ) | — | — | 3,982 | (18 | ) | ||||||||||||||||
Total AFS | $ | 834,731 | $ | (2,561 | ) | $ | 438,262 | $ | (3,987 | ) | $ | 1,272,993 | $ | (6,548 | ) | |||||||||
December 31, 2018 | ||||||||||||||||||||||||
Held-to-Maturity | ||||||||||||||||||||||||
U.S. Government agencies | $ | 992 | $ | (2 | ) | $ | 15,948 | $ | (47 | ) | $ | 16,940 | $ | (49 | ) | |||||||||
Mortgage-backed securities | — | — | 12,177 | (412 | ) | 12,177 | (412 | ) | ||||||||||||||||
State and political subdivisions | 39,149 | (208 | ) | 50,889 | (746 | ) | 90,038 | (954 | ) | |||||||||||||||
Total HTM | $ | 40,141 | $ | (210 | ) | $ | 79,014 | $ | (1,205 | ) | $ | 119,155 | $ | (1,415 | ) | |||||||||
Available-for-Sale | ||||||||||||||||||||||||
U.S. Government agencies | $ | 26,562 | $ | (221 | ) | $ | 108,636 | $ | (3,519 | ) | $ | 135,198 | $ | (3,740 | ) | |||||||||
Mortgage-backed securities | 163,560 | (1,146 | ) | 1,037,679 | (31,538 | ) | 1,201,239 | (32,684 | ) | |||||||||||||||
State and political subdivisions | 129,075 | (1,406 | ) | 132,020 | (4,064 | ) | 261,095 | (5,470 | ) | |||||||||||||||
Other securities | 65 | (13 | ) | 99 | (1 | ) | 164 | (14 | ) | |||||||||||||||
Total AFS | $ | 319,262 | $ | (2,786 | ) | $ | 1,278,434 | $ | (39,122 | ) | $ | 1,597,696 | $ | (41,908 | ) |
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
(In thousands) | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||
U.S. Treasury | $ | 2,197 | $ | (60) | $ | — | $ | — | $ | 2,197 | $ | (60) | |||||||||||||||||||||||
U.S. Government agencies | 101,138 | (3,263) | 66,970 | (4,059) | 168,108 | (7,322) | |||||||||||||||||||||||||||||
Mortgage-backed securities | 653,288 | (27,437) | 1,880,277 | (239,000) | 2,533,565 | (266,437) | |||||||||||||||||||||||||||||
State and political subdivisions | 147,989 | (24,740) | 692,478 | (160,560) | 840,467 | (185,300) | |||||||||||||||||||||||||||||
Other securities | 176,505 | (11,401) | 75,439 | (8,412) | 251,944 | (19,813) | |||||||||||||||||||||||||||||
Total AFS | $ | 1,081,117 | $ | (66,901) | $ | 2,715,164 | $ | (412,031) | $ | 3,796,281 | $ | (478,932) |
(In thousands) | State and Political Subdivisions | Other Securities | Total | ||||||||||||||
December 31, 2022 | |||||||||||||||||
Held-to-maturity | |||||||||||||||||
Beginning balance, January 1, 2022 | $ | 1,197 | $ | 82 | $ | 1,279 | |||||||||||
Provision for credit loss expense | — | — | — | ||||||||||||||
Net increase (decrease) in allowance on previously impaired securities | (1,180) | 1,180 | — | ||||||||||||||
Recoveries | 93 | 16 | 109 | ||||||||||||||
Ending balance, December 31, 2022 | $ | 110 | $ | 1,278 | $ | 1,388 | |||||||||||
December 31, 2021 | |||||||||||||||||
Held-to-maturity | |||||||||||||||||
Beginning balance, January 1, 2021 | $ | 2,307 | $ | 608 | $ | 2,915 | |||||||||||
Provision for credit loss expense | (1,110) | (73) | (1,183) | ||||||||||||||
Securities charged-off | — | (600) | (600) | ||||||||||||||
Recoveries | — | 147 | 147 | ||||||||||||||
Ending balance, December 31, 2021 | $ | 1,197 | $ | 82 | $ | 1,279 | |||||||||||
Available-for-sale | |||||||||||||||||
Beginning balance, January 1, 2021 | $ | 217 | $ | 95 | $ | 312 | |||||||||||
Reduction due to sales | — | (11) | (11) | ||||||||||||||
Net decrease in allowance on previously impaired securities | (217) | (84) | (301) | ||||||||||||||
Ending balance, December 31, 2021 | $ | — | $ | — | $ | — |
State and Political Subdivisions | |||||||||||||||||||||||||||||
(In thousands) | Not Guaranteed or Pre-Refunded | Other Credit Enhancement or Insurance | Pre-Refunded | Total | Other Securities | ||||||||||||||||||||||||
Aaa/AAA | $ | 183,096 | $ | 284,142 | $ | — | $ | 467,238 | $ | — | |||||||||||||||||||
Aa/AA | 665,150 | 504,783 | — | 1,169,933 | — | ||||||||||||||||||||||||
A | 45,471 | 157,439 | — | 202,910 | 173,142 | ||||||||||||||||||||||||
Baa/BBB | — | 5,938 | — | 5,938 | 53,573 | ||||||||||||||||||||||||
Not Rated | 8,215 | 6,868 | — | 15,083 | 34,484 | ||||||||||||||||||||||||
Total | $ | 901,932 | $ | 959,170 | $ | — | $ | 1,861,102 | $ | 261,199 |
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Taxable: | ||||||||||||
Held-to-maturity | $ | 1,207 | $ | 2,157 | $ | 2,521 | ||||||
Available-for-sale | 45,934 | 40,926 | 25,996 | |||||||||
Non-taxable: | ||||||||||||
Held-to-maturity | 1,412 | 7,424 | 8,693 | |||||||||
Available-for-sale | 18,345 | 6,811 | 2,905 | |||||||||
Total | $ | 66,898 | $ | 57,318 | $ | 40,115 |
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Taxable: | |||||||||||||||||
Held-to-maturity | $ | 33,778 | $ | 4,208 | $ | 985 | |||||||||||
Available-for-sale | 60,659 | 54,768 | 34,054 | ||||||||||||||
Non-taxable: | |||||||||||||||||
Held-to-maturity | 36,516 | 16,047 | 919 | ||||||||||||||
Available-for-sale | 27,250 | 36,670 | 28,575 | ||||||||||||||
Total | $ | 158,203 | $ | 111,693 | $ | 64,533 |
Held-to-Maturity | Available-for-Sale | |||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
One year or less | $ | 4,897 | $ | 4,919 | $ | 494,432 | $ | 494,338 | ||||||||
After one through five years | 15,972 | 16,325 | 72,949 | 73,370 | ||||||||||||
After five through ten years | 7,387 | 7,928 | 129,088 | 131,267 | ||||||||||||
After ten years | 1,875 | 1,875 | 825,155 | 842,798 | ||||||||||||
Securities not due on a single maturity date | 10,796 | 10,808 | 1,738,584 | 1,742,945 | ||||||||||||
Other securities (no maturity) | — | — | 167,938 | 168,620 | ||||||||||||
Total | $ | 40,927 | $ | 41,855 | $ | 3,428,146 | $ | 3,453,338 |
Held-to-Maturity | Available-for-Sale | |||||||||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
One year or less | $ | 2,639 | $ | 2,635 | $ | 12,368 | $ | 12,169 | ||||||||||||||||||
After one through five years | 7,822 | 7,660 | 184,524 | 176,836 | ||||||||||||||||||||||
After five through ten years | 352,450 | 310,335 | 258,451 | 238,768 | ||||||||||||||||||||||
After ten years | 2,207,402 | 1,670,555 | 1,066,291 | 881,720 | ||||||||||||||||||||||
Securities not due on a single maturity date | 1,190,781 | 1,072,048 | 2,809,319 | 2,542,901 | ||||||||||||||||||||||
Other securities (no maturity) | — | — | 460 | 460 | ||||||||||||||||||||||
Total | $ | 3,761,094 | $ | 3,063,233 | $ | 4,331,413 | $ | 3,852,854 |
(In thousands) | 2022 | 2021 | |||||||||
Consumer: | |||||||||||
Credit cards | $ | 196,928 | $ | 187,052 | |||||||
Other consumer | 152,882 | 168,318 | |||||||||
Total consumer | 349,810 | 355,370 | |||||||||
Real estate: | |||||||||||
Construction and development | 2,566,649 | 1,326,371 | |||||||||
Single family residential | 2,546,115 | 2,101,975 | |||||||||
Other commercial | 7,468,498 | 5,738,904 | |||||||||
Total real estate | 12,581,262 | 9,167,250 | |||||||||
Commercial: | |||||||||||
Commercial | 2,632,290 | 1,992,043 | |||||||||
Agricultural | 205,623 | 168,717 | |||||||||
Total commercial | 2,837,913 | 2,160,760 | |||||||||
Other | 373,139 | 329,123 | |||||||||
Total loans | $ | 16,142,124 | $ | 12,012,503 |
(In thousands) | 2019 | 2018 | ||||||
Consumer: | ||||||||
Credit cards | $ | 204,802 | $ | 204,173 | ||||
Other consumer | 191,946 | 201,297 | ||||||
Total consumer | 396,748 | 405,470 | ||||||
Real estate: | ||||||||
Construction and development | 1,760,894 | 1,300,723 | ||||||
Single family residential | 1,444,620 | 1,440,443 | ||||||
Other commercial | 3,678,908 | 3,225,287 | ||||||
Total real estate | 6,884,422 | 5,966,453 | ||||||
Commercial: | ||||||||
Commercial | 1,909,796 | 1,774,909 | ||||||
Agricultural | 163,396 | 164,514 | ||||||
Total commercial | 2,073,192 | 1,939,423 | ||||||
Other | 275,714 | 119,042 | ||||||
Loans | 9,630,076 | 8,430,388 | ||||||
Loans acquired, net of discount and allowance (1) | 4,795,184 | 3,292,783 | ||||||
Total loans | $ | 14,425,260 | $ | 11,723,171 |
(In thousands) | 2019 | 2018 | ||||||
Consumer: | ||||||||
Credit cards | $ | 382 | $ | 296 | ||||
Other consumer | 1,378 | 2,159 | ||||||
Total consumer | 1,760 | 2,455 | ||||||
Real estate: | ||||||||
Construction and development | 4,538 | 1,269 | ||||||
Single family residential | 18,102 | 11,939 | ||||||
Other commercial | 9,361 | 7,205 | ||||||
Total real estate | 32,001 | 20,413 | ||||||
Commercial: | ||||||||
Commercial | 36,575 | 10,049 | ||||||
Agricultural | 500 | 1,284 | ||||||
Total commercial | 37,075 | 11,333 | ||||||
Total | $ | 70,836 | $ | 34,201 |
(In thousands) | 2022 | 2021 | |||||||||
Consumer: | |||||||||||
Credit cards | $ | 349 | $ | 377 | |||||||
Other consumer | 433 | 381 | |||||||||
Total consumer | 782 | 758 | |||||||||
Real estate: | |||||||||||
Construction and development | 2,799 | 2,296 | |||||||||
Single family residential | 22,319 | 19,268 | |||||||||
Other commercial | 14,998 | 26,953 | |||||||||
Total real estate | 40,116 | 48,517 | |||||||||
Commercial: | |||||||||||
Commercial | 17,356 | 18,774 | |||||||||
Agricultural | 177 | 152 | |||||||||
Total commercial | 17,533 | 18,926 | |||||||||
Other | 3 | 3 | |||||||||
Total | $ | 58,434 | $ | 68,204 |
(In thousands) | Gross 30-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans | 90 Days Past Due & Accruing | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Credit cards | $ | 848 | $ | 641 | $ | 1,489 | $ | 203,313 | $ | 204,802 | $ | 259 | ||||||||||||
Other consumer | 4,057 | 595 | 4,652 | 187,294 | 191,946 | — | ||||||||||||||||||
Total consumer | 4,905 | 1,236 | 6,141 | 390,607 | 396,748 | 259 | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Construction and development | 4,968 | 605 | 5,573 | 1,755,321 | 1,760,894 | — | ||||||||||||||||||
Single family residential | 13,414 | 8,769 | 22,183 | 1,422,437 | 1,444,620 | — | ||||||||||||||||||
Other commercial | 4,302 | 3,969 | 8,271 | 3,670,637 | 3,678,908 | — | ||||||||||||||||||
Total real estate | 22,684 | 13,343 | 36,027 | 6,848,395 | 6,884,422 | — | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial | 6,253 | 12,174 | 18,427 | 1,891,369 | 1,909,796 | — | ||||||||||||||||||
Agricultural | 207 | 450 | 657 | 162,739 | 163,396 | — | ||||||||||||||||||
Total commercial | 6,460 | 12,624 | 19,084 | 2,054,108 | 2,073,192 | — | ||||||||||||||||||
Other | — | — | — | 275,714 | 275,714 | — | ||||||||||||||||||
Total | $ | 34,049 | $ | 27,203 | $ | 61,252 | $ | 9,568,824 | $ | 9,630,076 | $ | 259 | ||||||||||||
December 31, 2018 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Credit cards | $ | 1,033 | $ | 506 | $ | 1,539 | $ | 202,634 | $ | 204,173 | $ | 209 | ||||||||||||
Other consumer | 4,264 | 896 | 5,160 | 196,137 | 201,297 | 4 | ||||||||||||||||||
Total consumer | 5,297 | 1,402 | 6,699 | 398,771 | 405,470 | 213 | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Construction and development | 533 | 308 | 841 | 1,299,882 | 1,300,723 | — | ||||||||||||||||||
Single family residential | 7,769 | 4,127 | 11,896 | 1,428,547 | 1,440,443 | — | ||||||||||||||||||
Other commercial | 3,379 | 2,773 | 6,152 | 3,219,135 | 3,225,287 | — | ||||||||||||||||||
Total real estate | 11,681 | 7,208 | 18,889 | 5,947,564 | 5,966,453 | — | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial | 4,472 | 5,105 | 9,577 | 1,765,332 | 1,774,909 | 11 | ||||||||||||||||||
Agricultural | 467 | 1,055 | 1,522 | 162,992 | 164,514 | — | ||||||||||||||||||
Total commercial | 4,939 | 6,160 | 11,099 | 1,928,324 | 1,939,423 | 11 | ||||||||||||||||||
Other | — | — | — | 119,042 | 119,042 | — | ||||||||||||||||||
Total | $ | 21,917 | $ | 14,770 | $ | 36,687 | $ | 8,393,701 | $ | 8,430,388 | $ | 224 |
(In thousands) | Gross 30-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans | 90 Days Past Due & Accruing | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Credit cards | $ | 1,297 | $ | 409 | $ | 1,706 | $ | 195,222 | $ | 196,928 | $ | 225 | ||||||||||||||||||||||||||
Other consumer | 852 | 214 | 1,066 | 151,816 | 152,882 | — | ||||||||||||||||||||||||||||||||
Total consumer | 2,149 | 623 | 2,772 | 347,038 | 349,810 | 225 | ||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||
Construction and development | 4,677 | 443 | 5,120 | 2,561,529 | 2,566,649 | — | ||||||||||||||||||||||||||||||||
Single family residential | 23,625 | 11,075 | 34,700 | 2,511,415 | 2,546,115 | 106 | ||||||||||||||||||||||||||||||||
Other commercial | 2,759 | 7,100 | 9,859 | 7,458,639 | 7,468,498 | — | ||||||||||||||||||||||||||||||||
Total real estate | 31,061 | 18,618 | 49,679 | 12,531,583 | 12,581,262 | 106 | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
Commercial | 5,034 | 7,575 | 12,609 | 2,619,681 | 2,632,290 | 176 | ||||||||||||||||||||||||||||||||
Agricultural | 111 | 67 | 178 | 205,445 | 205,623 | — | ||||||||||||||||||||||||||||||||
Total commercial | 5,145 | 7,642 | 12,787 | 2,825,126 | 2,837,913 | 176 | ||||||||||||||||||||||||||||||||
Other | 61 | 3 | 64 | 373,075 | 373,139 | — | ||||||||||||||||||||||||||||||||
Total | $ | 38,416 | $ | 26,886 | $ | 65,302 | $ | 16,076,822 | $ | 16,142,124 | $ | 507 | ||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Credit cards | $ | 847 | $ | 413 | $ | 1,260 | $ | 185,792 | $ | 187,052 | $ | 247 | ||||||||||||||||||||||||||
Other consumer | 1,149 | 130 | 1,279 | 167,039 | 168,318 | — | ||||||||||||||||||||||||||||||||
Total consumer | 1,996 | 543 | 2,539 | 352,831 | 355,370 | 247 | ||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||
Construction and development | 114 | 504 | 618 | 1,325,753 | 1,326,371 | — | ||||||||||||||||||||||||||||||||
Single family residential | 11,313 | 9,398 | 20,711 | 2,081,264 | 2,101,975 | 102 | ||||||||||||||||||||||||||||||||
Other commercial | 2,474 | 12,268 | 14,742 | 5,724,162 | 5,738,904 | — | ||||||||||||||||||||||||||||||||
Total real estate | 13,901 | 22,170 | 36,071 | 9,131,179 | 9,167,250 | 102 | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
Commercial | 4,812 | 10,074 | 14,886 | 1,977,157 | 1,992,043 | — | ||||||||||||||||||||||||||||||||
Agricultural | 13 | 117 | 130 | 168,587 | 168,717 | — | ||||||||||||||||||||||||||||||||
Total commercial | 4,825 | 10,191 | 15,016 | 2,145,744 | 2,160,760 | — | ||||||||||||||||||||||||||||||||
Other | — | 3 | 3 | 329,120 | 329,123 | — | ||||||||||||||||||||||||||||||||
Total | $ | 20,722 | $ | 32,907 | $ | 53,629 | $ | 11,958,874 | $ | 12,012,503 | $ | 349 |
(In thousands) | Unpaid Contractual Principal Balance | Recorded Investment With No Allowance | Recorded Investment With Allowance | Total Recorded Investment | Related Allowance | Average Investment in Impaired Loans | Interest Income Recognized | ||||||||||||||||||||
December 31, 2019 | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Credit cards | $ | 382 | $ | 382 | $ | — | $ | 382 | $ | — | $ | 373 | $ | 50 | |||||||||||||
Other consumer | 1,537 | 1,378 | — | 1,378 | — | 1,659 | 41 | ||||||||||||||||||||
Total consumer | 1,919 | 1,760 | — | 1,760 | — | 2,032 | 91 | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||
Construction and development | 4,648 | 4,466 | 72 | 4,538 | 4 | 2,464 | 61 | ||||||||||||||||||||
Single family residential | 19,466 | 15,139 | 2,963 | 18,102 | 42 | 15,470 | 382 | ||||||||||||||||||||
Other commercial | 10,645 | 4,713 | 3,740 | 8,453 | 694 | 9,983 | 247 | ||||||||||||||||||||
Total real estate | 34,759 | 24,318 | 6,775 | 31,093 | 740 | 27,917 | 690 | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial | 53,436 | 6,582 | 28,998 | 35,580 | 5,007 | 28,219 | 697 | ||||||||||||||||||||
Agricultural | 525 | 383 | 116 | 499 | — | 908 | 22 | ||||||||||||||||||||
Total commercial | 53,961 | 6,965 | 29,114 | 36,079 | 5,007 | 29,127 | 719 | ||||||||||||||||||||
Total | $ | 90,639 | $ | 33,043 | $ | 35,889 | $ | 68,932 | $ | 5,747 | $ | 59,076 | $ | 1,500 | |||||||||||||
December 31, 2018 | |||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Credit cards | $ | 296 | $ | 296 | $ | — | $ | 296 | $ | — | $ | 266 | $ | 85 | |||||||||||||
Other consumer | 2,311 | 2,159 | — | 2,159 | — | 3,719 | 112 | ||||||||||||||||||||
Total consumer | 2,607 | 2,455 | — | 2,455 | — | 3,985 | 197 | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||
Construction and development | 1,344 | 784 | 485 | 1,269 | 211 | 1,651 | 50 | ||||||||||||||||||||
Single family residential | 12,906 | 11,468 | 616 | 12,084 | 36 | 13,257 | 399 | ||||||||||||||||||||
Other commercial | 8,434 | 2,976 | 5,458 | 8,434 | — | 13,608 | 410 | ||||||||||||||||||||
Total real estate | 22,684 | 15,228 | 6,559 | 21,787 | 247 | 28,516 | 859 | ||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial | 10,361 | 5,733 | 4,628 | 10,361 | 437 | 10,003 | 301 | ||||||||||||||||||||
Agricultural | 2,419 | 1,180 | — | 1,180 | — | 1,412 | 43 | ||||||||||||||||||||
Total commercial | 12,780 | 6,913 | 4,628 | 11,541 | 437 | 11,415 | 344 | ||||||||||||||||||||
Total | $ | 38,071 | $ | 24,596 | $ | 11,187 | $ | 35,783 | $ | 684 | $ | 43,916 | $ | 1,400 |
Accruing TDR Loans | Nonaccrual TDR Loans | Total TDR Loans | |||||||||||||||||||
(Dollars in thousands) | Number | Balance | Number | Balance | Number | Balance | |||||||||||||||
December 31, 2019 | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||
Construction and development | — | $ | — | 1 | $ | 72 | 1 | $ | 72 | ||||||||||||
Single-family residential | 7 | 1,151 | 12 | 671 | 19 | 1,822 | |||||||||||||||
Other commercial | 1 | 476 | 2 | 80 | 3 | 556 | |||||||||||||||
Total real estate | 8 | 1,627 | 15 | 823 | 23 | 2,450 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Commercial | 4 | 2,784 | 3 | 79 | 7 | 2,863 | |||||||||||||||
Total commercial | 4 | 2,784 | 3 | 79 | 7 | 2,863 | |||||||||||||||
Total | 12 | $ | 4,411 | 18 | $ | 902 | 30 | $ | 5,313 | ||||||||||||
December 31, 2018 | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||
Construction and development | — | $ | — | 3 | $ | 485 | 3 | $ | 485 | ||||||||||||
Single-family residential | 6 | 230 | 10 | 616 | 16 | 846 | |||||||||||||||
Other commercial | 2 | 3,306 | 2 | 1,027 | 4 | 4,333 | |||||||||||||||
Total real estate | 8 | 3,536 | 15 | 2,128 | 23 | 5,664 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Commercial | 4 | 2,833 | 6 | 718 | 10 | 3,551 | |||||||||||||||
Total commercial | 4 | 2,833 | 6 | 718 | 10 | 3,551 | |||||||||||||||
Total | 12 | $ | 6,369 | 21 | $ | 2,846 | 33 | $ | 9,215 |
Accruing TDR Loans | Nonaccrual TDR Loans | Total TDR Loans | ||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number | Balance | Number | Balance | Number | Balance | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||
Single-family residential | 24 | $ | 1,849 | 12 | $ | 1,589 | 36 | $ | 3,438 | |||||||||||||||||||||||||||||
Other commercial | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total real estate | 24 | 1,849 | 12 | 1,589 | 36 | 3,438 | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
Commercial | — | — | 1 | 33 | 1 | 33 | ||||||||||||||||||||||||||||||||
Total commercial | — | — | 1 | 33 | 1 | 33 | ||||||||||||||||||||||||||||||||
Total | 24 | $ | 1,849 | 13 | $ | 1,622 | 37 | $ | 3,471 | |||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||
Single-family residential | 28 | $ | 3,087 | 14 | $ | 1,196 | 42 | $ | 4,283 | |||||||||||||||||||||||||||||
Other commercial | 1 | 766 | 2 | 48 | 3 | 814 | ||||||||||||||||||||||||||||||||
Total real estate | 29 | 3,853 | 16 | 1,244 | 45 | 5,097 | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
Commercial | 2 | 436 | 2 | 1,406 | 4 | 1,842 | ||||||||||||||||||||||||||||||||
Total commercial | 2 | 436 | 2 | 1,406 | 4 | 1,842 | ||||||||||||||||||||||||||||||||
Total | 31 | $ | 4,289 | 18 | $ | 2,650 | 49 | $ | 6,939 |
Modification Type | |||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Balance Prior to TDR | Balance at December 31, | Change in Maturity Date | Change in Rate | Financial Impact on Date of Restructure | |||||||||||||||||
Year Ended December 31, 2019 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Single-family residential | 4 | $ | 997 | $ | 996 | $ | 996 | $ | — | $ | — | ||||||||||||
Total real estate | 4 | 997 | 996 | 996 | — | — | |||||||||||||||||
Total | 4 | $ | 997 | $ | 996 | $ | 996 | $ | — | $ | — | ||||||||||||
Year Ended December 31, 2018 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||
Other consumer | 1 | $ | 91 | $ | 91 | $ | 91 | $ | — | $ | — | ||||||||||||
Total consumer | 1 | 91 | 91 | 91 | — | — | |||||||||||||||||
Real estate: | |||||||||||||||||||||||
Construction and development | 1 | 99 | 98 | 98 | — | — | |||||||||||||||||
Single-family residential | 1 | 61 | 62 | 62 | — | — | |||||||||||||||||
Other commercial | 2 | 392 | 390 | 390 | — | 212 | |||||||||||||||||
Total real estate | 4 | 552 | 550 | 550 | — | 212 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial | 3 | 2,363 | 2,358 | 2,358 | — | 190 | |||||||||||||||||
Total commercial | 3 | 2,363 | 2,358 | 2,358 | — | 190 | |||||||||||||||||
Total | 8 | $ | 3,006 | $ | 2,999 | $ | 2,999 | $ | — | $ | 402 |
Modification Type | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Number of Loans | Balance Prior to TDR | Balance at December 31, | Change in Maturity Date | Change in Rate | Financial Impact on Date of Restructure | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||
Single-family residential | 4 | $ | 760 | $ | 730 | $ | — | $ | 730 | $ | — | |||||||||||||||||||||||||||
Other commercial | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total real estate | 4 | $ | 760 | $ | 730 | $ | — | $ | 730 | $ | — | |||||||||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||
Single-family residential | 3 | $ | 274 | $ | 197 | $ | — | $ | 197 | $ | — | |||||||||||||||||||||||||||
Other commercial | 1 | 784 | 766 | — | 766 | — | ||||||||||||||||||||||||||||||||
Total real estate | 4 | $ | 1,058 | $ | 963 | $ | — | $ | 963 | $ | — |
• •Pass (Good) - Loans under this category possess a nominal risk of default. This category includes borrowers with strong financial strength and superior financial ratios and trends. These loans are generally fully secured by cash or equivalents (other than those rated “excellent”). •Pass (Acceptable – Average) - Loans in this category are considered to possess a normal level of risk. Borrowers in this category have satisfactory financial strength and adequate cash flow coverage to service debt requirements. If secured, the perfected collateral should be of acceptable quality and within established borrowing parameters. •Pass (Monitor) - Loans in the Watch (Monitor) category exhibit an overall acceptable level of risk, but that risk may be increased by certain conditions, which represent “red flags”. These “red flags” require a higher level of supervision or monitoring than the normal “Pass” rated credit. The borrower may be experiencing these conditions for the first time, or it may be recovering from weakness, which at one time justified a higher rating. These conditions may include: weaknesses in financial trends; marginal cash flow; one-time negative operating results; non-compliance with policy or borrowing agreements; poor diversity in operations; lack of adequate monitoring information or lender supervision; questionable management ability/stability. 99 •Special Mention - A loan in this category 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. Special Mention loans are not adversely classified (although they are “criticized”) and do not expose an institution to sufficient risk to warrant adverse classification. Borrowers may be experiencing adverse operating trends or an ill-proportioned balance sheet. Non-financial characteristics of a Special Mention rating may include management problems, pending litigation, a non-existent or ineffective loan agreement or other material structural weakness, and/or other significant deviation from prudent lending practices. • |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 and Prior | Lines of Credit (“LOC”) Amortized Cost Basis | LOC Converted to Term Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||||||
Consumer - credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 195,222 | $ | — | $ | 195,222 | |||||||||||||||||||||||||||||||||||
30-89 days past due | — | — | — | — | — | — | 1,297 | — | 1,297 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | — | — | — | — | — | — | 409 | — | 409 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer - credit cards | — | — | — | — | — | — | 196,928 | — | 196,928 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer - other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 86,303 | 26,339 | 10,071 | 3,804 | 2,671 | 2,275 | 20,350 | 3 | $ | 151,816 | |||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | 298 | 241 | 135 | 13 | 34 | 119 | 12 | — | 852 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | 121 | 47 | 2 | 1 | 2 | 41 | — | — | 214 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer - other | 86,722 | 26,627 | 10,208 | 3,818 | 2,707 | 2,435 | 20,362 | 3 | 152,882 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - C&D | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 237,304 | 68,916 | 50,912 | 16,920 | 13,625 | 9,611 | 2,163,776 | 334 | $ | 2,561,398 | |||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | 41 | 1,342 | — | 1,383 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 1,091 | 116 | 36 | 13 | 31 | 103 | 2,478 | — | 3,868 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate - C&D | 238,395 | 69,032 | 50,948 | 16,933 | 13,656 | 9,755 | 2,167,596 | 334 | 2,566,649 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - SF residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 700,976 | 411,885 | 295,365 | 141,608 | 192,176 | 440,931 | 324,282 | 4,192 | $ | 2,511,415 | |||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | 3,105 | 3,415 | 1,290 | 2,018 | 3,129 | 8,626 | 2,042 | 23,625 | |||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | 586 | 871 | 885 | 968 | 1,017 | 6,312 | 436 | 11,075 | |||||||||||||||||||||||||||||||||||||||||||||
Total real estate - SF residential | 704,667 | 416,171 | 297,540 | 144,594 | 196,322 | 455,869 | 326,760 | 4,192 | 2,546,115 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - other commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,917,352 | 1,482,049 | 768,630 | 254,986 | 179,729 | 428,027 | 2,093,379 | 19,469 | 7,143,621 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 19,538 | 32,831 | 38,821 | 206 | 2,261 | 20,741 | 104,431 | — | 218,829 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 24,639 | 3,399 | 27,399 | 2,544 | 2,026 | 15,217 | 30,824 | — | 106,048 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate - other commercial | 1,961,529 | 1,518,279 | 834,850 | 257,736 | 184,016 | 463,985 | 2,228,634 | 19,469 | 7,468,498 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 595,256 | 300,650 | 168,539 | 41,924 | 31,329 | 35,447 | 1,401,402 | 24,940 | 2,599,487 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 199 | 1,700 | 11 | 32 | — | 927 | 2,708 | 80 | 5,657 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 5,257 | 2,435 | 3,328 | 802 | 891 | 1,290 | 11,337 | 1,805 | 27,145 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 600,712 | 304,785 | 171,878 | 42,758 | 32,220 | 37,664 | 1,415,447 | 26,826 | 2,632,290 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial - agriculture | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 44,377 | 22,901 | 12,044 | 4,483 | 1,029 | 369 | 119,342 | 310 | 204,855 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 8 | — | — | — | — | — | — | — | 8 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 55 | 8 | 78 | 49 | 10 | — | 560 | — | 760 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial - agriculture | 44,440 | 22,909 | 12,122 | 4,532 | 1,039 | 369 | 119,902 | 310 | 205,623 | ||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 152,086 | 29,362 | 8,181 | 4,742 | 20,018 | 25,349 | 132,384 | 953 | 373,075 | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | — | — | — | — | — | 61 | — | — | 61 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | — | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Total other | 152,086 | 29,362 | 8,181 | 4,742 | 20,018 | 25,413 | 132,384 | 953 | 373,139 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,788,551 | $ | 2,387,165 | $ | 1,385,727 | $ | 475,113 | $ | 449,978 | $ | 995,490 | $ | 6,608,013 | $ | 52,087 | $ | 16,142,124 |
(In thousands) | Risk Rate 1-4 | Risk Rate 5 | Risk Rate 6 | Risk Rate 7 | Risk Rate 8 | Total | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Credit cards | $ | 204,161 | $ | — | $ | 641 | $ | — | $ | — | $ | 204,802 | ||||||||||||
Other consumer | 190,350 | — | 1,596 | — | — | 191,946 | ||||||||||||||||||
Total consumer | 394,511 | — | 2,237 | — | — | 396,748 | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Construction and development | 1,754,269 | 49 | 6,576 | — | — | 1,760,894 | ||||||||||||||||||
Single family residential | 1,415,603 | 4,868 | 24,146 | 3 | — | 1,444,620 | ||||||||||||||||||
Other commercial | 3,621,296 | 28,873 | 28,739 | — | — | 3,678,908 | ||||||||||||||||||
Total real estate | 6,791,168 | 33,790 | 59,461 | 3 | — | 6,884,422 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial | 1,835,335 | 25,185 | 49,276 | — | — | 1,909,796 | ||||||||||||||||||
Agricultural | 162,808 | 41 | 547 | — | — | 163,396 | ||||||||||||||||||
Total commercial | 1,998,143 | 25,226 | 49,823 | — | — | 2,073,192 | ||||||||||||||||||
Other | 275,714 | — | — | — | — | 275,714 | ||||||||||||||||||
Loans acquired | 4,653,295 | 43,602 | 97,900 | 170 | 217 | 4,795,184 | ||||||||||||||||||
Total | $ | 14,112,831 | $ | 102,618 | $ | 209,421 | $ | 173 | $ | 217 | $ | 14,425,260 |
(In thousands) | Risk Rate 1-4 | Risk Rate 5 | Risk Rate 6 | Risk Rate 7 | Risk Rate 8 | Total | ||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Credit cards | $ | 203,667 | $ | — | $ | 506 | $ | — | $ | — | $ | 204,173 | ||||||||||||
Other consumer | 198,840 | — | 2,457 | — | — | 201,297 | ||||||||||||||||||
Total consumer | 402,507 | — | 2,963 | — | — | 405,470 | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
Construction and development | 1,296,988 | 1,910 | 1,825 | — | — | 1,300,723 | ||||||||||||||||||
Single family residential | 1,420,052 | 1,628 | 18,528 | 235 | — | 1,440,443 | ||||||||||||||||||
Other commercial | 3,193,289 | 17,169 | 14,829 | — | — | 3,225,287 | ||||||||||||||||||
Total real estate | 5,910,329 | 20,707 | 35,182 | 235 | — | 5,966,453 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial | 1,742,002 | 8,357 | 24,550 | — | — | 1,774,909 | ||||||||||||||||||
Agricultural | 162,824 | 75 | 1,615 | — | — | 164,514 | ||||||||||||||||||
Total commercial | 1,904,826 | 8,432 | 26,165 | — | — | 1,939,423 | ||||||||||||||||||
Other | 119,042 | — | — | — | — | 119,042 | ||||||||||||||||||
Loans acquired | 3,187,083 | 51,255 | 54,097 | 348 | — | 3,292,783 | ||||||||||||||||||
Total | $ | 11,523,787 | $ | 80,394 | $ | 118,407 | $ | 583 | $ | — | $ | 11,723,171 |
(In thousands) | 2019 | 2018 | |||||
Consumer: | |||||||
Credit cards | $ | (3,564 | ) | $ | (3,046 | ) | |
Other consumer | (2,537 | ) | (6,080 | ) | |||
Total consumer | (6,101 | ) | (9,126 | ) | |||
Real estate: | |||||||
Construction and development | (375 | ) | (1,775 | ) | |||
Single family residential | (703 | ) | (494 | ) | |||
Other commercial | (745 | ) | (2,645 | ) | |||
Total real estate | (1,823 | ) | (4,914 | ) | |||
Commercial: | |||||||
Commercial | (21,651 | ) | (5,878 | ) | |||
Agricultural | — | — | |||||
Total commercial | (21,651 | ) | (5,878 | ) | |||
Total | $ | (29,575 | ) | $ | (19,918 | ) |
Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 and Prior | Lines of Credit (“LOC”) Amortized Cost Basis | LOC Converted to Term Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||||||||||||
Consumer - credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 185,792 | $ | — | $ | 185,792 | |||||||||||||||||||||||||||||||||||
30-89 days past due | — | — | — | — | — | — | 847 | — | 847 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | — | — | — | — | — | — | 413 | — | 413 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer - credit cards | — | — | — | — | — | — | 187,052 | — | 187,052 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer - other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 97,830 | 21,885 | 11,712 | 6,756 | 5,416 | 3,833 | 19,607 | — | $ | 167,039 | |||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | 265 | 121 | 164 | 49 | 219 | 156 | 175 | — | 1,149 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | 23 | 23 | 28 | 21 | 13 | 22 | — | — | 130 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer - other | 98,118 | 22,029 | 11,904 | 6,826 | 5,648 | 4,011 | 19,782 | — | 168,318 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - C&D | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 74,813 | 83,729 | 28,803 | 17,349 | 8,505 | 9,319 | 1,074,617 | 20,285 | $ | 1,317,420 | |||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | 270 | — | — | 47 | — | — | 317 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 191 | 77 | 16 | 54 | 324 | 423 | 5,598 | 1,951 | 8,634 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate - C&D | 75,004 | 83,806 | 29,089 | 17,403 | 8,829 | 9,789 | 1,080,215 | 22,236 | 1,326,371 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - SF residential | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 419,605 | 335,788 | 185,190 | 260,037 | 193,110 | 421,957 | 256,155 | 9,422 | $ | 2,081,264 | |||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | 1,061 | 883 | 1,662 | 791 | 1,077 | 4,360 | 1,479 | — | 11,313 | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | 27 | 561 | 507 | 1,199 | 1,358 | 5,104 | 570 | 72 | 9,398 | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate - SF residential | 420,693 | 337,232 | 187,359 | 262,027 | 195,545 | 431,421 | 258,204 | 9,494 | 2,101,975 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate - other commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,349,746 | 807,701 | 375,824 | 267,696 | 476,029 | 537,493 | 1,409,099 | 164,856 | 5,388,444 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 28,151 | 30,981 | 2,799 | 6,650 | 39,361 | 4,801 | 38,638 | 1,608 | 152,989 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 28,137 | 10,186 | 5,243 | 10,806 | 30,060 | 27,107 | 53,860 | 32,072 | 197,471 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total real estate - other commercial | 1,406,034 | 848,868 | 383,866 | 285,152 | 545,450 | 569,401 | 1,501,597 | 198,536 | 5,738,904 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 455,499 | 187,517 | 80,486 | 57,437 | 36,529 | 57,099 | 1,004,971 | 41,885 | 1,921,423 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | 670 | 2,482 | 1,066 | 189 | 261 | 2,770 | 8,500 | 10,499 | 26,437 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 3,436 | 18,381 | 4,397 | 1,196 | 578 | 850 | 8,242 | 7,103 | 44,183 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 459,605 | 208,380 | 85,949 | 58,822 | 37,368 | 60,719 | 1,021,713 | 59,487 | 1,992,043 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial - agriculture | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 32,780 | 20,230 | 10,253 | 3,646 | 2,364 | 459 | 98,245 | 327 | 168,304 | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 191 | 25 | 27 | 53 | 22 | 3 | 23 | 69 | 413 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful and loss | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial - agriculture | 32,971 | 20,255 | 10,280 | 3,699 | 2,386 | 462 | 98,268 | 396 | 168,717 | ||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquency: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | 24,247 | 4,740 | 1,236 | 22,438 | 6,692 | 5,578 | 264,189 | — | 329,120 | ||||||||||||||||||||||||||||||||||||||||||||
30-89 days past due | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
90+ days past due | — | — | — | — | — | 3 | — | — | 3 | ||||||||||||||||||||||||||||||||||||||||||||
Total other | 24,247 | 4,740 | 1,236 | 22,438 | 6,692 | 5,581 | 264,189 | — | 329,123 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,516,672 | $ | 1,525,310 | $ | 709,683 | $ | 656,367 | $ | 801,918 | $ | 1,081,384 | $ | 4,431,020 | $ | 290,149 | $ | 12,012,503 |
(In thousands) | Real Estate Collateral | Other Collateral | Total | ||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Construction and development | $ | 2,156 | $ | — | $ | 2,156 | |||||||||||||||||
Single family residential | — | — | — | ||||||||||||||||||||
Other commercial real estate | 65,450 | — | 65,450 | ||||||||||||||||||||
Commercial | — | 3,320 | 3,320 | ||||||||||||||||||||
Total | $ | 67,606 | $ | 3,320 | $ | 70,926 | |||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Construction and development | $ | 2,489 | $ | — | $ | 2,489 | |||||||||||||||||
Single family residential | 1,838 | — | 1,838 | ||||||||||||||||||||
Other commercial real estate | 32,849 | — | 32,849 | ||||||||||||||||||||
Commercial | — | 9,913 | 9,913 | ||||||||||||||||||||
Total | $ | 37,176 | $ | 9,913 | $ | 47,089 |
(In thousands) | Commercial | Real Estate | Credit Card | Other Consumer and Other | Total | ||||||||||||||
December 31, 2019 | |||||||||||||||||||
Balance, beginning of year (2) | $ | 20,514 | $ | 29,743 | $ | 3,923 | $ | 2,419 | $ | 56,599 | |||||||||
Provision for loan losses (1) | 24,000 | 10,797 | 3,692 | 2,287 | 40,776 | ||||||||||||||
Charge-offs | (22,023 | ) | (2,319 | ) | (4,585 | ) | (4,894 | ) | (33,821 | ) | |||||||||
Recoveries | 372 | 496 | 1,021 | 2,357 | 4,246 | ||||||||||||||
Net charge-offs | (21,651 | ) | (1,823 | ) | (3,564 | ) | (2,537 | ) | (29,575 | ) | |||||||||
Balance, end of year (2) | $ | 22,863 | $ | 38,717 | $ | 4,051 | $ | 2,169 | $ | 67,800 | |||||||||
Period-end amount allocated to: | |||||||||||||||||||
Loans individually evaluated for impairment | $ | 5,007 | $ | 740 | $ | — | $ | — | $ | 5,747 | |||||||||
Loans collectively evaluated for impairment | 17,856 | 37,977 | 4,051 | 2,169 | 62,053 | ||||||||||||||
Balance, end of year (2) | $ | 22,863 | $ | 38,717 | $ | 4,051 | $ | 2,169 | $ | 67,800 | |||||||||
December 31, 2018 | |||||||||||||||||||
Balance, beginning of year (2) | $ | 7,007 | $ | 27,281 | $ | 3,784 | $ | 3,596 | $ | 41,668 | |||||||||
Provision for loan losses (1) | 19,385 | 7,376 | 3,185 | 4,903 | 34,849 | ||||||||||||||
Charge-offs | (6,623 | ) | (5,905 | ) | (4,051 | ) | (6,637 | ) | (23,216 | ) | |||||||||
Recoveries | 745 | 991 | 1,005 | 557 | 3,298 | ||||||||||||||
Net charge-offs | (5,878 | ) | (4,914 | ) | (3,046 | ) | (6,080 | ) | (19,918 | ) | |||||||||
Balance, end of year (2) | $ | 20,514 | $ | 29,743 | $ | 3,923 | $ | 2,419 | $ | 56,599 | |||||||||
Period-end amount allocated to: | |||||||||||||||||||
Loans individually evaluated for impairment | $ | 437 | $ | 247 | $ | — | $ | — | $ | 684 | |||||||||
Loans collectively evaluated for impairment | 20,077 | 29,496 | 3,923 | 2,419 | 55,915 | ||||||||||||||
Balance, end of year (2) | $ | 20,514 | $ | 29,743 | $ | 3,923 | $ | 2,419 | $ | 56,599 |
(In thousands) | Commercial | Real Estate | Credit Card | Other Consumer and Other | Total | ||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Beginning balance, January 1, 2022 | $ | 17,458 | $ | 179,270 | $ | 3,987 | $ | 4,617 | $ | 205,332 | |||||||||||||||||||
Acquisition adjustment for PCD loans | 6,433 | 3,187 | — | 2 | 9,622 | ||||||||||||||||||||||||
Provision for credit loss expense | 22,412 | (34,456) | 3,991 | 2,674 | (5,379) | ||||||||||||||||||||||||
Charge-offs | (14,270) | (4,122) | (3,862) | (1,876) | (24,130) | ||||||||||||||||||||||||
Recoveries | 2,373 | 6,916 | 1,024 | 1,197 | 11,510 | ||||||||||||||||||||||||
Net charge-offs | (11,897) | 2,794 | (2,838) | (679) | (12,620) | ||||||||||||||||||||||||
Ending balance, December 31, 2022 | $ | 34,406 | $ | 150,795 | $ | 5,140 | $ | 6,614 | $ | 196,955 | |||||||||||||||||||
(In thousands) | Commercial | Real Estate | Credit Card | Other Consumer and Other | Total | ||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Beginning balance, January 1, 2021 | $ | 42,093 | $ | 182,868 | $ | 7,472 | $ | 5,617 | $ | 238,050 | |||||||||||||||||||
Acquisition adjustment for PCD loans | 3,349 | 10,101 | — | 1 | 13,451 | ||||||||||||||||||||||||
Provision for credit loss expense | (22,031) | (7,918) | (908) | (352) | (31,209) | ||||||||||||||||||||||||
Charge-offs | (10,613) | (10,691) | (3,625) | (2,053) | (26,982) | ||||||||||||||||||||||||
Recoveries | 4,660 | 4,910 | 1,048 | 1,404 | 12,022 | ||||||||||||||||||||||||
Net charge-offs | (5,953) | (5,781) | (2,577) | (649) | (14,960) | ||||||||||||||||||||||||
Ending balance, December 31, 2021 | $ | 17,458 | $ | 179,270 | $ | 3,987 | $ | 4,617 | $ | 205,332 | |||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Beginning balance, January 1, 2020 - prior to adoption of CECL | $ | 22,863 | $ | 39,161 | $ | 4,051 | $ | 2,169 | $ | 68,244 | |||||||||||||||||||
Impact of CECL adoption | 22,733 | 114,314 | 2,232 | 12,098 | 151,377 | ||||||||||||||||||||||||
Provision for credit loss expense | 42,017 | 42,276 | 4,288 | (6,093) | 82,488 | ||||||||||||||||||||||||
Charge-offs | (48,736) | (13,788) | (4,113) | (4,022) | (70,659) | ||||||||||||||||||||||||
Recoveries | 3,216 | 905 | 1,014 | 1,465 | 6,600 | ||||||||||||||||||||||||
Net charge-offs | (45,520) | (12,883) | (3,099) | (2,557) | (64,059) | ||||||||||||||||||||||||
Ending balance, December 31, 2020 | $ | 42,093 | $ | 182,868 | $ | 7,472 | $ | 5,617 | $ | 238,050 |
(In thousands) | Commercial | Real Estate | Credit Card | Other Consumer and Other | Total | |||||||||||||||
December 31, 2017 | ||||||||||||||||||||
Balance, beginning of year (2) | $ | 7,739 | $ | 21,817 | $ | 3,779 | $ | 2,951 | $ | 36,286 | ||||||||||
Provision for loan losses (1) | 7,002 | 12,463 | 2,889 | 2,173 | 24,527 | |||||||||||||||
Charge-offs | (7,837 | ) | (7,989 | ) | (3,905 | ) | (3,767 | ) | (23,498 | ) | ||||||||||
Recoveries | 103 | 990 | 1,021 | 2,239 | 4,353 | |||||||||||||||
Net charge-offs | (7,734 | ) | (6,999 | ) | (2,884 | ) | (1,528 | ) | (19,145 | ) | ||||||||||
Balance, end of year (2) | $ | 7,007 | $ | 27,281 | $ | 3,784 | $ | 3,596 | $ | 41,668 |
(In thousands) | Commercial | Real Estate | Credit Card | Other Consumer and Other | Total | |||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Loans individually evaluated for impairment | $ | 36,079 | $ | 31,093 | $ | 382 | $ | 1,378 | $ | 68,932 | ||||||||||
Loans collectively evaluated for impairment | 2,037,113 | 6,853,329 | 204,420 | 466,282 | 9,561,144 | |||||||||||||||
Balance, end of period | $ | 2,073,192 | $ | 6,884,422 | $ | 204,802 | $ | 467,660 | $ | 9,630,076 | ||||||||||
December 31, 2018 | ||||||||||||||||||||
Loans individually evaluated for impairment | $ | 13,062 | $ | 24,253 | $ | 296 | $ | 2,159 | $ | 39,770 | ||||||||||
Loans collectively evaluated for impairment | 1,926,361 | 5,942,200 | 203,877 | 318,180 | 8,390,618 | |||||||||||||||
Balance, end of period | $ | 1,939,423 | $ | 5,966,453 | $ | 204,173 | $ | 320,339 | $ | 8,430,388 |
Loans Acquired At December 31, | ||||||||
(In thousands) | 2019 | 2018 | ||||||
Consumer: | ||||||||
Other consumer | $ | 57,748 | $ | 15,658 | ||||
Real estate: | ||||||||
Construction and development | 475,967 | 429,605 | ||||||
Single family residential | 997,444 | 566,188 | ||||||
Other commercial | 2,526,247 | 1,848,679 | ||||||
Total real estate | 3,999,658 | 2,844,472 | ||||||
Commercial: | ||||||||
Commercial | 585,720 | 430,914 | ||||||
Agricultural | 152,058 | 1,739 | ||||||
Total commercial | 737,778 | 432,653 | ||||||
Total loans acquired (1) | $ | 4,795,184 | $ | 3,292,783 |
(In thousands) | December 31, 2019 | December 31, 2018 | ||||||
Consumer: | ||||||||
Other consumer | $ | 327 | $ | 140 | ||||
Real estate: | ||||||||
Construction and development | 751 | 114 | ||||||
Single family residential | 9,593 | 6,603 | ||||||
Other commercial | 7,221 | 1,167 | ||||||
Total real estate | 17,565 | 7,884 | ||||||
Commercial: | ||||||||
Commercial | 4,349 | 13,578 | ||||||
Agricultural | 253 | 38 | ||||||
Total commercial | 4,602 | 13,616 | ||||||
Total | $ | 22,494 | $ | 21,640 |
(In thousands) | Gross 30-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total Loans | 90 Days Past Due & Accruing | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Other consumer | $ | 827 | $ | 140 | $ | 967 | $ | 56,781 | $ | 57,748 | $ | — | ||||||||||||
Real estate: | ||||||||||||||||||||||||
Construction and development | 824 | 473 | 1,297 | 474,670 | 475,967 | — | ||||||||||||||||||
Single family residential | 12,904 | 5,020 | 17,924 | 979,520 | 997,444 | 597 | ||||||||||||||||||
Other commercial | 3,343 | 2,481 | 5,824 | 2,520,423 | 2,526,247 | — | ||||||||||||||||||
Total real estate | 17,071 | 7,974 | 25,045 | 3,974,613 | 3,999,658 | 597 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial | 4,326 | 1,377 | 5,703 | 580,017 | 585,720 | — | ||||||||||||||||||
Agricultural | 1,016 | 6 | 1,022 | 151,036 | 152,058 | — | ||||||||||||||||||
Total commercial | 5,342 | 1,383 | 6,725 | 731,053 | 737,778 | — | ||||||||||||||||||
Total | $ | 23,240 | $ | 9,497 | $ | 32,737 | $ | 4,762,447 | $ | 4,795,184 | $ | 597 |
December 31, 2018 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Other consumer | $ | 337 | $ | 49 | $ | 386 | $ | 15,272 | $ | 15,658 | $ | 2 | ||||||||||||
Real estate: | ||||||||||||||||||||||||
Construction and development | 8,283 | 27 | 8,310 | 421,295 | 429,605 | — | ||||||||||||||||||
Single family residential | 4,706 | 3,049 | 7,755 | 558,433 | 566,188 | — | ||||||||||||||||||
Other commercial | 168 | 577 | 745 | 1,847,934 | 1,848,679 | — | ||||||||||||||||||
Total real estate | 13,157 | 3,653 | 16,810 | 2,827,662 | 2,844,472 | — | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial | 1,302 | 9,542 | 10,844 | 420,070 | 430,914 | — | ||||||||||||||||||
Agricultural | 31 | 5 | 36 | 1,703 | 1,739 | — | ||||||||||||||||||
Total commercial | 1,333 | 9,547 | 10,880 | 421,773 | 432,653 | — | ||||||||||||||||||
Total | $ | 14,827 | $ | 13,249 | $ | 28,076 | $ | 3,264,707 | $ | 3,292,783 | $ | 2 |
(In thousands) | Risk Rate 1-4 | Risk Rate 5 | Risk Rate 6 | Risk Rate 7 | Risk Rate 8 | Total | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Other consumer | $ | 57,318 | $ | — | $ | 430 | $ | — | $ | — | $ | 57,748 | ||||||||||||
Real estate: | ||||||||||||||||||||||||
Construction and development | 474,750 | 21 | 1,159 | — | 37 | 475,967 | ||||||||||||||||||
Single family residential | 978,681 | 1,181 | 17,455 | 127 | — | 997,444 | ||||||||||||||||||
Other commercial | 2,446,685 | 40,872 | 38,690 | — | — | 2,526,247 | ||||||||||||||||||
Total real estate | 3,900,116 | 42,074 | 57,304 | 127 | 37 | 3,999,658 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial | 548,928 | 1,528 | 35,041 | 43 | 180 | 585,720 | ||||||||||||||||||
Agricultural | 146,933 | — | 5,125 | — | — | 152,058 | ||||||||||||||||||
Total commercial | 695,861 | 1,528 | 40,166 | 43 | 180 | 737,778 | ||||||||||||||||||
Total | $ | 4,653,295 | $ | 43,602 | $ | 97,900 | $ | 170 | $ | 217 | $ | 4,795,184 | ||||||||||||
December 31, 2018 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Other consumer | $ | 15,380 | $ | — | $ | 278 | $ | — | $ | — | $ | 15,658 | ||||||||||||
Real estate: | ||||||||||||||||||||||||
Construction and development | 393,122 | 27,621 | 8,862 | — | — | 429,605 | ||||||||||||||||||
Single family residential | 553,460 | 2,081 | 10,299 | 348 | — | 566,188 | ||||||||||||||||||
Other commercial | 1,822,179 | 9,137 | 17,363 | — | — | 1,848,679 | ||||||||||||||||||
Total real estate | 2,768,761 | 38,839 | 36,524 | 348 | — | 2,844,472 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||
Commercial | 401,300 | 12,416 | 17,198 | — | — | 430,914 | ||||||||||||||||||
Agricultural | 1,642 | — | 97 | — | — | 1,739 | ||||||||||||||||||
Total commercial | 402,942 | 12,416 | 17,295 | — | — | 432,653 | ||||||||||||||||||
Total | $ | 3,187,083 | $ | 51,255 | $ | 54,097 | $ | 348 | $ | — | $ | 3,292,783 |
(In thousands) | Not Impaired | Impaired | ||||||
Contractually required principal and interest at acquisition | $ | 2,033,315 | $ | 15,822 | ||||
Non-accretable difference (expected losses and foregone interest) | — | (4,646 | ) | |||||
Cash flows expected to be collected at acquisition | 2,033,315 | 11,176 | ||||||
Accretable yield | (38,555 | ) | — | |||||
Basis in acquired loans at acquisition | $ | 1,994,760 | $ | 11,176 |
(In thousands) | Not Impaired | Impaired | ||||||
Contractually required principal and interest at acquisition | $ | 1,138,142 | $ | 385 | ||||
Non-accretable difference (expected losses and foregone interest) | — | (210 | ) | |||||
Cash flows expected to be collected at acquisition | 1,138,142 | 175 | ||||||
Accretable yield | (41,447 | ) | ||||||
Basis in acquired loans at acquisition | $ | 1,096,695 | $ | 175 |
(In thousands) | Not Impaired | Impaired | ||||||
Contractually required principal and interest at acquisition | $ | 2,021,388 | $ | 18,136 | ||||
Non-accretable difference (expected losses and foregone interest) | — | (6,731 | ) | |||||
Cash flows expected to be collected at acquisition | 2,021,388 | 11,405 | ||||||
Accretable yield | (36,340 | ) | — | |||||
Basis in acquired loans at acquisition | $ | 1,985,048 | $ | 11,405 |
(In thousands) | Not Impaired | Impaired | ||||||
Contractually required principal and interest at acquisition | $ | 2,246,212 | $ | — | ||||
Non-accretable difference (expected losses and foregone interest) | — | — | ||||||
Cash flows expected to be collected at acquisition | 2,246,212 | — | ||||||
Accretable yield | (37,834 | ) | — | |||||
Basis in acquired loans at acquisition | $ | 2,208,378 | $ | — |
(In thousands) | Not Impaired | Impaired | ||||||
Contractually required principal and interest at acquisition | $ | 254,189 | $ | 3,452 | ||||
Non-accretable difference (expected losses and foregone interest) | — | (990 | ) | |||||
Cash flows expected to be collected at acquisition | 254,189 | 2,462 | ||||||
Accretable yield | (5,002 | ) | — | |||||
Basis in acquired loans at acquisition | $ | 249,187 | $ | 2,462 |
(In thousands) | Accretable Yield | Carrying Amount of Loans | ||||||
Balance, January 1, 2017 | $ | 1,655 | $ | 17,802 | ||||
Additions | — | 13,793 | ||||||
Accretable yield adjustments | 4,893 | — | ||||||
Accretion | (5,928 | ) | 5,928 | |||||
Payments and other reductions, net | — | (20,407 | ) | |||||
Balance, December 31, 2017 | 620 | 17,116 | ||||||
Additions | — | — | ||||||
Accretable yield adjustments | 2,045 | — | ||||||
Accretion | (1,205 | ) | 1,205 | |||||
Payments and other reductions, net | — | (14,271 | ) | |||||
Balance, December 31, 2018 | 1,460 | 4,050 | ||||||
Additions | — | 11,351 | ||||||
Accretable yield adjustments | 39 | — | ||||||
Accretion | (51 | ) | 51 | |||||
Payments and other reductions, net | — | (2,068 | ) | |||||
Balance, December 31, 2019 | $ | 1,448 | $ | 13,384 |
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Provision for credit losses related to: | |||||||||||||||||
Loans | $ | (5,379) | $ | (31,209) | $ | 82,488 | |||||||||||
Unfunded commitments | 19,453 | — | (10,000) | ||||||||||||||
Securities - HTM | — | (1,183) | 2,546 | ||||||||||||||
Securities - AFS | — | (312) | (61) | ||||||||||||||
Total | $ | 14,074 | $ | (32,704) | $ | 74,973 |
(In thousands) | Commercial | Real Estate | Credit Card | Other Consumer and Other | Total | ||||||||||||||||||||||||
Unpaid principal balance | $ | 8,258 | $ | 66,534 | $ | — | $ | 59 | $ | 74,851 | |||||||||||||||||||
PCD allowance for credit loss at acquisition | (6,433) | (3,187) | — | (2) | (9,622) | ||||||||||||||||||||||||
Non-credit related discount | (378) | (998) | — | (1) | (1,377) | ||||||||||||||||||||||||
Fair value of PCD loans | $ | 1,447 | $ | 62,349 | $ | — | $ | 56 | $ | 63,852 |
(In thousands) | Commercial | Real Estate | Credit Card | Other Consumer and Other | Total | ||||||||||||||||||||||||
Unpaid principal balance | $ | 11,046 | $ | 55,549 | $ | — | $ | 67 | $ | 66,662 | |||||||||||||||||||
PCD allowance for credit loss at acquisition | (350) | (2,008) | — | (1) | (2,359) | ||||||||||||||||||||||||
Non-credit related discount | (160) | (2,415) | — | (2) | (2,577) | ||||||||||||||||||||||||
Fair value of PCD loans | $ | 10,536 | $ | 51,126 | $ | — | $ | 64 | $ | 61,726 |
(In thousands) | Commercial | Real Estate | Credit Card | Other Consumer and Other | Total | ||||||||||||||||||||||||
Unpaid principal balance | $ | 40,466 | $ | 80,803 | $ | — | $ | 15 | $ | 121,284 | |||||||||||||||||||
PCD allowance for credit loss at acquisition | (2,999) | (8,093) | — | — | (11,092) | ||||||||||||||||||||||||
Non-credit related discount | (279) | (1,314) | — | (1) | (1,594) | ||||||||||||||||||||||||
Fair value of PCD loans | $ | 37,188 | $ | 71,396 | $ | — | $ | 14 | $ | 108,598 |
2019 | 2018 | 2017 | ||||||||||
Operating lease cost for the years ended December 31 | $ | 13,560,000 | $ | 13,378,000 | $ | 7,780,000 | ||||||
Weighted average remaining lease term | 8.37 years | |||||||||||
Weighted average discount rate | 3.27 | % |
(Dollars in thousands) | 2022 | 2021 | |||||||||
Right-of-use lease assets | $ | 46,845 | $ | 48,855 | |||||||
Lease liabilities | 47,850 | 49,321 | |||||||||
Weighted average remaining lease term | 6.69 years | 7.96 years | |||||||||
Weighted average discount rate | 2.41 | % | 2.00 | % |
Year | (In thousands) | ||
2020 | $ | 10,071 | |
2021 | 8,394 | ||
2022 | 7,095 | ||
2023 | 5,236 | ||
2024 | 3,345 | ||
Thereafter | 13,659 | ||
Total undiscounted minimum lease payments | 47,800 | ||
Less: Net present value adjustment | 6,946 | ||
Lease liability included in other liabilities | $ | 40,854 |
Year | (In thousands) | ||||
2023 | $ | 11,210 | |||
2024 | 8,460 | ||||
2025 | 6,894 | ||||
2026 | 5,893 | ||||
2027 | 3,750 | ||||
Thereafter | 16,971 | ||||
Total undiscounted minimum lease payments | 53,178 | ||||
Less: Net present value adjustment | 5,328 | ||||
Lease liability included in other liabilities | $ | 47,850 |
(In thousands) | 2022 | 2021 | |||||||||
Right-of-use lease assets | $ | 46,845 | $ | 48,855 | |||||||
Premises and equipment: | |||||||||||
Land | 122,841 | 101,728 | |||||||||
Buildings and improvements | 370,530 | 320,844 | |||||||||
Furniture, fixtures and equipment | 122,029 | 107,122 | |||||||||
Software | 70,984 | 66,947 | |||||||||
Construction in progress | 15,488 | 9,117 | |||||||||
Accumulated depreciation and amortization | (199,976) | (171,144) | |||||||||
Total premises and equipment, net | $ | 548,741 | $ | 483,469 |
(In thousands) | 2019 | 2018 | (In thousands) | 2022 | 2021 | |||||||||||||
Core deposit premiums: | Core deposit premiums: | |||||||||||||||||
Balance, beginning of year | $ | 79,807 | $ | 89,325 | Balance, beginning of year | $ | 93,862 | $ | 97,363 | |||||||||
Acquisitions(1) | 42,695 | — | Acquisitions(1) | 36,500 | 9,295 | |||||||||||||
Disposition of intangible asset(2) | Disposition of intangible asset(2) | — | (674) | |||||||||||||||
Amortization | (10,694 | ) | (9,518 | ) | Amortization | (14,346) | (12,122) | |||||||||||
Balance, end of year | 111,808 | 79,807 | Balance, end of year | 116,016 | 93,862 | |||||||||||||
Books of business and other intangibles: | Books of business and other intangibles: | |||||||||||||||||
Balance, beginning of year | 11,527 | 16,746 | Balance, beginning of year | 12,373 | 13,747 | |||||||||||||
Acquisitions(2) | 5,116 | — | ||||||||||||||||
Disposition of intangible asset | — | (3,849 | ) | |||||||||||||||
Acquisitions(3) | Acquisitions(3) | 2,131 | — | |||||||||||||||
Amortization | (1,111 | ) | (1,370 | ) | Amortization | (1,569) | (1,374) | |||||||||||
Balance, end of year | 15,532 | 11,527 | Balance, end of year | 12,935 | 12,373 | |||||||||||||
Total other intangible assets, net | $ | 127,340 | $ | 91,334 | Total other intangible assets, net | $ | 128,951 | $ | 106,235 |
(In thousands) | 2019 | 2018 | |||||
Core deposit premiums: | |||||||
Gross carrying amount | $ | 148,679 | $ | 105,984 | |||
Accumulated amortization | (36,871 | ) | (26,177 | ) | |||
Core deposit premiums, net | 111,808 | 79,807 | |||||
Books of business and other intangibles: | |||||||
Gross carrying amount | 20,350 | 15,234 | |||||
Accumulated amortization | (4,818 | ) | (3,707 | ) | |||
Books of business and other intangibles, net | 15,532 | 11,527 | |||||
Total other intangible assets, net | $ | 127,340 | $ | 91,334 |
(In thousands) | 2022 | 2021 | |||||||||
Core deposit premiums: | |||||||||||
Gross carrying amount | $ | 189,996 | $ | 153,496 | |||||||
Accumulated amortization | (73,980) | (59,634) | |||||||||
Core deposit premiums, net | 116,016 | 93,862 | |||||||||
Books of business and other intangibles: | |||||||||||
Gross carrying amount | 22,068 | 19,937 | |||||||||
Accumulated amortization | (9,133) | (7,564) | |||||||||
Books of business and other intangibles, net | 12,935 | 12,373 | |||||||||
Total other intangible assets, net | $ | 128,951 | $ | 106,235 |
Year | (In thousands) | ||
2020 | $ | 13,712 | |
2021 | 13,650 | ||
2022 | 13,598 | ||
2023 | 13,316 | ||
2024 | 12,413 | ||
Thereafter | 60,651 | ||
Total | $ | 127,340 |
Year | (In thousands) | ||||
2023 | $ | 16,306 | |||
2024 | 15,403 | ||||
2025 | 12,819 | ||||
2026 | 12,346 | ||||
2027 | 12,218 | ||||
Thereafter | 59,859 | ||||
Total | $ | 128,951 |
Year | (In thousands) | ||||
2023 | $ | 4,141,394 | |||
2024 | 503,103 | ||||
2025 | 95,340 | ||||
2026 | 18,452 | ||||
2027 | 8,415 | ||||
Thereafter | 1,854 | ||||
Total | $ | 4,768,558 |
(In thousands) | 2019 | 2018 | 2017 | (In thousands) | 2022 | 2021 | 2020 | |||||||||||||||||||||
Income taxes currently payable | $ | 29,354 | $ | 41,946 | $ | 38,732 | Income taxes currently payable | $ | 35,215 | $ | 50,369 | $ | 65,012 | |||||||||||||||
Deferred income taxes | 34,911 | 8,412 | 23,251 | Deferred income taxes | 14,933 | 10,937 | (122) | |||||||||||||||||||||
Provision for income taxes | $ | 64,265 | $ | 50,358 | $ | 61,983 | Provision for income taxes | $ | 50,148 | $ | 61,306 | $ | 64,890 |
(In thousands) | 2019 | 2018 | ||||||
Deferred tax assets: | ||||||||
Loans acquired | $ | 20,783 | $ | 12,536 | ||||
Allowance for loan losses | 16,732 | 13,947 | ||||||
Valuation of foreclosed assets | 2,626 | 1,474 | ||||||
Tax NOLs from acquisition | 18,118 | 7,242 | ||||||
Deferred compensation payable | 2,750 | 2,707 | ||||||
Accrued equity and other compensation | 6,677 | 8,182 | ||||||
Acquired securities | 3,393 | 397 | ||||||
Unrealized loss on available-for-sale securities | — | 9,196 | ||||||
Right-of-use lease liability | 10,221 | — | ||||||
Other | 7,886 | 7,042 | ||||||
Gross deferred tax assets | 89,186 | 62,723 | ||||||
Deferred tax liabilities: | ||||||||
Goodwill and other intangible amortization | (41,221 | ) | (30,471 | ) | ||||
Accumulated depreciation | (36,554 | ) | (13,361 | ) | ||||
Right-of-use lease asset | (10,176 | ) | — | |||||
Unrealized gain on available-for-sale securities | (3,720 | ) | — | |||||
Other | (7,651 | ) | (5,360 | ) | ||||
Gross deferred tax liabilities | (99,322 | ) | (49,192 | ) | ||||
Net deferred tax (liability) asset | $ | (10,136 | ) | $ | 13,531 |
(In thousands) | 2022 | 2021 | |||||||||
Deferred tax assets: | |||||||||||
Loans acquired | $ | 5,846 | $ | 4,832 | |||||||
Allowance for credit losses | 47,145 | 48,462 | |||||||||
Valuation of foreclosed assets | 523 | 628 | |||||||||
Tax NOLs from acquisition | 10,962 | 13,537 | |||||||||
Deferred compensation payable | 3,867 | 3,426 | |||||||||
Accrued equity and other compensation | 8,153 | 5,776 | |||||||||
Acquired securities | 7,651 | 223 | |||||||||
Right-of-use lease liability | 11,641 | 11,984 | |||||||||
Unrealized loss on AFS securities | 177,839 | 8,164 | |||||||||
Allowance for unfunded commitments | 10,200 | 5,442 | |||||||||
Other | 4,173 | 7,202 | |||||||||
Gross deferred tax assets | 288,000 | 109,676 | |||||||||
Deferred tax liabilities: | |||||||||||
Goodwill and other intangible amortization | (44,539) | (38,329) | |||||||||
Accumulated depreciation | (24,288) | (26,347) | |||||||||
Right-of-use lease asset | (11,396) | (11,871) | |||||||||
Unrealized gain on swaps | (25,836) | (2,767) | |||||||||
Other | (8,875) | (3,718) | |||||||||
Gross deferred tax liabilities | (114,934) | (83,032) | |||||||||
Net deferred tax asset | $ | 173,066 | $ | 26,644 |
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Computed at the statutory rate (1) | $ | 63,442 | $ | 55,875 | $ | 54,223 | ||||||
Increase (decrease) in taxes resulting from: | ||||||||||||
State income taxes, net of federal tax benefit | 5,860 | 5,015 | 1,582 | |||||||||
Discrete items related to ASU 2016-09 | (38 | ) | (2,439 | ) | (1,480 | ) | ||||||
Tax exempt interest income | (4,390 | ) | (3,168 | ) | (4,209 | ) | ||||||
Tax exempt earnings on BOLI | (852 | ) | (869 | ) | (926 | ) | ||||||
Federal tax credits | (2,933 | ) | (3,003 | ) | (1,586 | ) | ||||||
Impact of DTA remeasurement | — | — | 11,471 | |||||||||
Other differences, net | 3,176 | (1,053 | ) | 2,908 | ||||||||
Actual tax provision | $ | 64,265 | $ | 50,358 | $ | 61,983 |
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Computed at the statutory rate | $ | 64,378 | $ | 69,807 | $ | 67,143 | |||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State income taxes, net of federal tax benefit | 3,249 | 4,452 | 6,402 | ||||||||||||||
Discrete items related to share-based compensation | (74) | (17) | 375 | ||||||||||||||
Tax exempt interest income | (14,484) | (11,510) | (6,726) | ||||||||||||||
Tax exempt earnings on bank owned life insurance | (1,918) | (1,212) | (1,214) | ||||||||||||||
Federal tax credits | (1,708) | (2,260) | (2,177) | ||||||||||||||
Other differences, net | 705 | 2,046 | 1,087 | ||||||||||||||
Actual tax provision | $ | 50,148 | $ | 61,306 | $ | 64,890 |
Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||
(In thousands) | Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater than 90 Days | Total | ||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Repurchase agreements: | |||||||||||||||||||||||||||||
U.S. Government agencies | $ | 152,403 | $ | — | $ | — | $ | — | $ | 152,403 | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Repurchase agreements: | |||||||||||||||||||||||||||||
U.S. Government agencies | $ | 170,403 | $ | — | $ | — | $ | — | $ | 170,403 |
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||
(In thousands) | Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater than 90 Days | Total | |||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Repurchase agreements: | ||||||||||||||||||||
U.S. Government agencies | $ | 133,220 | $ | — | $ | — | $ | — | $ | 133,220 | ||||||||||
December 31, 2018 | ||||||||||||||||||||
Repurchase agreements: | ||||||||||||||||||||
U.S. Government agencies | $ | 95,542 | $ | — | $ | — | $ | — | $ | 95,542 |
(In thousands) | 2019 | 2018 | ||||||
Other Borrowings | ||||||||
FHLB advances, net of discount, due 2020 to 2033, 0.55% to 7.37%, secured by real estate loans | $ | 1,262,691 | $ | 1,345,450 | ||||
Other long-term debt | 34,908 | — | ||||||
Total other borrowings | 1,297,599 | 1,345,450 | ||||||
Subordinated Notes and Debentures | ||||||||
Subordinated notes payable, due 4/1/2028, fixed-to-floating rate (fixed rate of 5.00% through 3/31/2023, floating rate of 2.15% above the three month LIBOR rate, reset quarterly) | 330,000 | 330,000 | ||||||
Trust preferred securities, net of discount, due 9/15/2037, floating rate of 1.37% above the three month LIBOR rate, reset quarterly | 10,310 | 10,310 | ||||||
Trust preferred securities, net of discount, due 6/6/2037, floating rate of 1.57% above the three month LIBOR rate, reset quarterly, callable without penalty | 10,310 | 10,310 | ||||||
Trust preferred securities, due 12/15/2035, floating rate of 1.45% above the three month LIBOR rate, reset quarterly, callable without penalty | 6,702 | 6,702 | ||||||
Trust preferred securities, net of discount, due 6/15/2037, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty | 25,015 | — | ||||||
Trust preferred securities, net of discount, due 12/15/2036, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty | 3,004 | — | ||||||
Other subordinated debentures, due 12/31/36, floating rate of prime rate minus 1.1%, reset quarterly | 5,927 | — | ||||||
Unamortized debt issuance costs | (3,008 | ) | (3,372 | ) | ||||
Total subordinated notes and debentures | 388,260 | 353,950 | ||||||
Total other borrowings and subordinated debt | $ | 1,685,859 | $ | 1,699,400 |
(In thousands) | 2022 | 2021 | |||||||||
Other Borrowings | |||||||||||
FHLB advances, net of discount, due 2023 to 2033, 1.88% to 5.53%, secured by real estate loans | $ | 838,487 | $ | 1,306,143 | |||||||
Other long-term debt | 20,809 | 31,830 | |||||||||
Total other borrowings | 859,296 | 1,337,973 | |||||||||
Subordinated Notes and Debentures | |||||||||||
Subordinated notes payable, due 4/1/2028, fixed-to-floating rate (fixed rate of 5.00% through 3/31/2023, floating rate of 2.15% above the three month LIBOR rate, reset quarterly) | 330,000 | 330,000 | |||||||||
Subordinated notes payable, net of premium adjustments, due 7/31/2030, fixed-to-floating rate (fixed rate of 6.00% through 7/30/2025, floating rate of 5.92% above the three month SOFR rate, reset quarterly) | 37,285 | — | |||||||||
Trust preferred securities, net of discount, due 9/15/2037, floating rate of 1.37% above the three month LIBOR rate, reset quarterly | — | 10,310 | |||||||||
Trust preferred securities, net of discount, due 6/6/2037, floating rate of 1.57% above the three month LIBOR rate, reset quarterly, callable without penalty | — | 10,310 | |||||||||
Trust preferred securities, due 12/15/2035, floating rate of 1.45% above the three month LIBOR rate, reset quarterly, callable without penalty | — | 6,702 | |||||||||
Trust preferred securities, net of discount, due 6/15/2037, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty | — | 25,329 | |||||||||
Trust preferred securities, net of discount, due 12/15/2036, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty | — | 3,041 | |||||||||
Unamortized debt issuance costs | (1,296) | (1,561) | |||||||||
Total subordinated notes and debentures | 365,989 | 384,131 | |||||||||
Total other borrowings and subordinated debt | $ | 1,225,285 | $ | 1,722,104 |
Year | (In thousands) | ||||
2023 | $ | 1,768 | |||
2024 | 1,822 | ||||
2025 | 1,822 | ||||
2026 | 1,824 | ||||
2027 | 1,920 | ||||
Thereafter | 381,129 | ||||
Total | $ | 390,285 |
Year | (In thousands) | ||
2020 | $ | 3,299 | |
2021 | 3,016 | ||
2022 | 2,187 | ||
2023 | 2,366 | ||
2024 | 2,446 | ||
Thereafter | 422,545 | ||
Total | $ | 435,859 |
(In thousands) | 2019 | 2018 | |||||
Balance, beginning of year | $ | 66,391 | $ | 58,867 | |||
New extensions of credit | 2,503 | 7,661 | |||||
Repayments | (48,756 | ) | (137 | ) | |||
Balance, end of year | $ | 20,138 | $ | 66,391 |
(In thousands) | 2022 | 2021 | |||||||||
Balance, beginning of year | $ | 6,216 | $ | 6,536 | |||||||
New extensions of credit | 180 | 1,487 | |||||||||
Repayments | (2,724) | (1,807) | |||||||||
Balance, end of year | $ | 3,672 | $ | 6,216 |
Stock Options Outstanding | Stock Awards Outstanding | Stock Units Outstanding | |||||||||||||||||||
(Shares in thousands) | Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Exercise Price | |||||||||||||||
Balance, December 31, 2016 | 946 | $ | 21.43 | 278 | $ | 20.48 | 406 | $ | 22.70 | ||||||||||||
Granted | — | — | — | — | 906 | 28.86 | |||||||||||||||
Stock options exercised | (122 | ) | 17.66 | — | — | — | — | ||||||||||||||
Stock awards/units vested (earned) | — | — | (91 | ) | 19.40 | (449 | ) | 27.13 | |||||||||||||
Forfeited/expired | (12 | ) | 22.67 | (25 | ) | 21.91 | (35 | ) | 25.76 | ||||||||||||
Balance, December 31, 2017 | 812 | 21.98 | 162 | 20.85 | 828 | 26.13 | |||||||||||||||
Granted | — | — | — | — | 429 | 29.16 | |||||||||||||||
Stock options exercised | (112 | ) | 19.22 | — | — | — | — | ||||||||||||||
Stock awards/units vested (earned) | — | — | (80 | ) | 20.41 | (311 | ) | 25.56 | |||||||||||||
Forfeited/expired | (5 | ) | 21.73 | (10 | ) | 20.12 | (129 | ) | 27.95 | ||||||||||||
Balance, December 31, 2018 | 695 | 22.42 | 72 | 21.45 | 817 | 27.65 | |||||||||||||||
Granted | — | — | — | — | 842 | 26.05 | |||||||||||||||
Stock options exercised | (3 | ) | 12.79 | — | — | — | — | ||||||||||||||
Stock awards/units vested (earned) | — | — | (49 | ) | 20.72 | (405 | ) | 26.75 | |||||||||||||
Forfeited/expired | — | — | (2 | ) | 21.82 | (102 | ) | 28.10 | |||||||||||||
Balance, December 31, 2019 | 692 | $ | 22.46 | 21 | $ | 23.19 | 1,152 | $ | 26.79 | ||||||||||||
Exercisable, December 31, 2019 | 692 | $ | 22.46 |
Stock Options Outstanding | Non-vested Stock Awards Outstanding | Non-vested Stock Units Outstanding (1) | ||||||||||||||||||||||||||||||||||||
(Shares in thousands) | Number of Shares | Weighted Average Exercise Price | Number of Shares | Weighted Average Grant-Date Fair Value | Number of Shares | Weighted Average Grant-Date Fair Value | ||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 692 | $ | 22.46 | 21 | $ | 23.19 | 1,152 | $ | 26.79 | |||||||||||||||||||||||||||||
Granted | — | — | — | — | 568 | 21.69 | ||||||||||||||||||||||||||||||||
Stock options exercised | (1) | 10.71 | — | — | — | — | ||||||||||||||||||||||||||||||||
Stock awards/units vested (earned) | — | — | (16) | 23.41 | (550) | 25.90 | ||||||||||||||||||||||||||||||||
Forfeited/expired | (33) | 22.49 | — | — | (138) | 26.12 | ||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 658 | 22.48 | 5 | 22.35 | 1,032 | 24.53 | ||||||||||||||||||||||||||||||||
Granted | — | — | — | — | 674 | 28.94 | ||||||||||||||||||||||||||||||||
Stock options exercised | (185) | 22.42 | — | — | — | — | ||||||||||||||||||||||||||||||||
Stock awards/units vested (earned) | — | — | (3) | 22.48 | (434) | 25.61 | ||||||||||||||||||||||||||||||||
Forfeited/expired | — | — | — | — | (87) | 25.86 | ||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 473 | 22.50 | 2 | 22.20 | 1,185 | 26.51 | ||||||||||||||||||||||||||||||||
Granted | — | — | — | — | 719 | 26.42 | ||||||||||||||||||||||||||||||||
Stock options exercised | (3) | 13.30 | — | — | — | — | ||||||||||||||||||||||||||||||||
Stock awards/units vested (earned) | — | — | (2) | 22.20 | (609) | 26.30 | ||||||||||||||||||||||||||||||||
Forfeited/expired | — | — | — | — | (98) | 25.68 | ||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 470 | $ | 22.56 | — | $ | — | 1,197 | $ | 26.63 | |||||||||||||||||||||||||||||
Exercisable, December 31, 2022 | 470 | $ | 22.56 |
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||||||||||||||
Range of Exercise Prices | Number of Shares (In thousands) | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Number of Shares (In thousands) | Weighted Average Exercise Price | |||||||||||||||||||||||||||||||||||||||
$ | 10.65 | — | $ | 10.65 | 1 | 0.04 | $10.65 | 1 | $10.65 | |||||||||||||||||||||||||||||||||||
20.29 | — | 20.29 | 47 | 1.89 | 20.29 | 47 | 20.29 | |||||||||||||||||||||||||||||||||||||
22.20 | — | 22.20 | 51 | 2.23 | 22.20 | 51 | 22.20 | |||||||||||||||||||||||||||||||||||||
22.75 | — | 22.75 | 293 | 2.47 | 22.75 | 293 | 22.75 | |||||||||||||||||||||||||||||||||||||
23.51 | — | 23.51 | 71 | 2.89 | 23.51 | 71 | 23.51 | |||||||||||||||||||||||||||||||||||||
24.07 | — | 24.07 | 7 | 2.71 | 24.07 | 7 | 24.07 | |||||||||||||||||||||||||||||||||||||
$ | 10.65 | — | $ | 24.07 | 470 | 2.45 | $22.56 | 470 | $22.56 |
Options Outstanding | Options Exercisable | |||||||||||||||||
Range of Exercise Prices | Number of Shares (In thousands) | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Number of Shares (In thousands) | Weighted Average Exercise Price | |||||||||||||
$ | 9.46 | — | $ | 9.46 | 1 | 2.04 | $9.46 | 1 | $9.46 | |||||||||
10.65 | — | 10.65 | 3 | 3.07 | 10.65 | 3 | 10.65 | |||||||||||
10.76 | — | 10.76 | 1 | 0.05 | 10.76 | 1 | 10.76 | |||||||||||
20.29 | — | 20.29 | 71 | 5.00 | 20.29 | 71 | 20.29 | |||||||||||
20.36 | — | 20.36 | 2 | 4.88 | 20.36 | 2 | 20.36 | |||||||||||
22.20 | — | 22.20 | 74 | 5.23 | 22.20 | 74 | 22.20 | |||||||||||
22.75 | — | 22.75 | 436 | 5.61 | 22.75 | 436 | 22.75 | |||||||||||
23.51 | — | 23.51 | 97 | 6.05 | 23.51 | 97 | 23.51 | |||||||||||
24.07 | — | 24.07 | 7 | 5.71 | 24.07 | 7 | 24.07 | |||||||||||
$ | 9.46 | — | $ | 24.07 | 692 | 5.55 | $22.46 | 692 | $22.46 |
(In thousands) | Performance Stock Units | |||||||
Non-vested, December 31, 2019 | 199 | |||||||
Granted | 122 | |||||||
Vested (earned) | (81) | |||||||
Forfeited | (18) | |||||||
Non-vested, December 31, 2020 | 222 | |||||||
Granted | 171 | |||||||
Vested (earned) | (57) | |||||||
Forfeited | (5) | |||||||
Non-vested, December 31, 2021 | 331 | |||||||
Granted | 184 | |||||||
Vested (earned) | (149) | |||||||
Forfeited | (14) | |||||||
Non-vested, December 31, 2022 | 352 |
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Interest paid | $ | 134,980 | $ | 82,914 | $ | 123,995 | |||||||||||
Income taxes paid | 25,084 | 55,202 | 47,777 | ||||||||||||||
Transfers of loans to foreclosed assets held for sale | 1,219 | 4,322 | 10,712 | ||||||||||||||
Transfers of premises to foreclosed assets and other real estate owned | — | — | 3,120 | ||||||||||||||
Transfers of premises to premises held for sale | — | — | 11,200 | ||||||||||||||
Transfers of other real estate owned to premises held for sale | — | — | 4,163 | ||||||||||||||
Transfer of premises held for sale to other real estate owned | — | 4,368 | — | ||||||||||||||
Transfer of premises held for sale to premises | — | 5,610 | — | ||||||||||||||
Transfers of assets held for sale to other assets | 100 | — | — | ||||||||||||||
Transfers of available-for-sale to held-to-maturity securities | 1,992,542 | 500,809 | — | ||||||||||||||
Transfers of loans to other assets held for sale | — | — | 114,925 | ||||||||||||||
Transfers of deposits to other liabilities held for sale | — | — | 213,025 |
(In thousands) | 2019 | 2018 | 2017 | ||||||||
Interest paid | $ | 182,541 | $ | 122,801 | $ | 39,384 | |||||
Income taxes paid | 51,999 | 25,718 | 35,770 | ||||||||
Transfers of loans to foreclosed assets held for sale | 4,760 | 16,858 | 6,983 | ||||||||
Transfers of premises to foreclosed assets and other real estate owned | 647 | 3,690 | 5,422 | ||||||||
Transfers of premises held for sale to foreclosed assets and other real estate owned | — | — | 3,188 | ||||||||
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities (adoption of ASU 2016-02) | 32,757 | — | — | ||||||||
Transfers of held-to-maturity to available-for-sale securities | 216,373 | — | — | ||||||||
Transfers of loans to other assets held for sale | 259,939 | — | — | ||||||||
Transfers of deposits to other liabilities held for sale | 159,853 | — | — |
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
Professional services | $ | 19,138 | $ | 18,921 | $ | 18,688 | |||||||||||
Postage | 8,955 | 8,276 | 7,538 | ||||||||||||||
Telephone | 6,394 | 6,234 | 8,833 | ||||||||||||||
Credit card expense | 12,243 | 11,112 | 10,199 | ||||||||||||||
Marketing | 28,870 | 22,234 | 19,396 | ||||||||||||||
Software and technology | 40,906 | 40,608 | 39,724 | ||||||||||||||
Operating supplies | 2,556 | 2,766 | 3,322 | ||||||||||||||
Amortization of intangibles | 15,915 | 13,494 | 13,495 | ||||||||||||||
Branch right sizing expense | 3,475 | (537) | 14,097 | ||||||||||||||
Other expense | 41,241 | 30,454 | 29,909 | ||||||||||||||
Total other operating expenses | $ | 179,693 | $ | 153,562 | $ | 165,201 |
(In thousands) | 2019 | 2018 | 2017 | |||||||||
Professional services | $ | 16,897 | $ | 16,685 | $ | 19,500 | ||||||
Postage | 6,363 | 5,785 | 4,686 | |||||||||
Telephone | 7,685 | 5,947 | 4,262 | |||||||||
Credit card expense | 16,163 | 14,338 | 12,188 | |||||||||
Marketing | 16,499 | 8,410 | 11,141 | |||||||||
Software and technology | 25,146 | 15,558 | 2,204 | |||||||||
Operating supplies | 2,322 | 2,346 | 1,980 | |||||||||
Amortization of intangibles | 11,805 | 11,009 | 7,668 | |||||||||
Branch right sizing expense | 3,129 | 1,341 | 434 | |||||||||
Other expense | 32,843 | 30,156 | 24,816 | |||||||||
Total other operating expenses | $ | 138,852 | $ | 111,575 | $ | 88,879 |
•Level 1 Inputs – Quoted prices in active markets for identical assets or liabilities. •Level 2 Inputs – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for similar assets or liabilities 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 3 Inputs – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Fair Value Measurements | ||||||||||||||||
(In thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
December 31, 2019 | ||||||||||||||||
Available-for-sale securities | ||||||||||||||||
U.S. Treasury | $ | 449,729 | $ | 449,729 | $ | — | $ | — | ||||||||
U.S. Government agencies | 194,249 | — | 194,249 | — | ||||||||||||
Mortgage-backed securities | 1,742,945 | — | 1,742,945 | — | ||||||||||||
States and political subdivisions | 880,524 | — | 880,524 | — | ||||||||||||
Other securities | 185,891 | — | 185,891 | — | ||||||||||||
Other assets held for sale | 260,332 | — | — | 260,332 | ||||||||||||
Derivative asset | 14,903 | — | 14,903 | — | ||||||||||||
Other liabilities held for sale | (159,853 | ) | — | — | (159,853 | ) | ||||||||||
Derivative liability | (12,650 | ) | — | (12,650 | ) | — | ||||||||||
December 31, 2018 | ||||||||||||||||
Available-for-sale securities | ||||||||||||||||
U.S. Government agencies | $ | 154,301 | $ | — | $ | 154,301 | $ | — | ||||||||
Mortgage-backed securities | 1,522,900 | — | 1,522,900 | — | ||||||||||||
States and political subdivisions | 314,843 | — | 314,843 | — | ||||||||||||
Other securities | 159,708 | — | 159,708 | — | ||||||||||||
Other assets held for sale | 1,790 | — | — | 1,790 | ||||||||||||
Derivative asset | 6,242 | — | 6,242 | — | ||||||||||||
Other liabilities held for sale | (162 | ) | — | — | (162 | ) | ||||||||||
Derivative liability | (5,283 | ) | — | (5,283 | ) | — |
Fair Value Measurements | |||||||||||||||||||||||
(In thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
U.S. Treasury | $ | 2,197 | $ | 2,197 | $ | — | $ | — | |||||||||||||||
U.S. Government agencies | 184,279 | — | 184,279 | — | |||||||||||||||||||
Mortgage-backed securities | 2,542,902 | — | 2,542,902 | — | |||||||||||||||||||
State and political subdivisions | 871,074 | — | 871,074 | — | |||||||||||||||||||
Other securities | 252,402 | — | 252,402 | — | |||||||||||||||||||
Mortgage loans held for sale | 3,486 | — | — | 3,486 | |||||||||||||||||||
Derivative asset | 139,323 | — | 139,323 | — | |||||||||||||||||||
Derivative liability | (34,440) | — | (34,440) | — | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
U.S. Treasury | $ | 300 | $ | 300 | $ | — | $ | — | |||||||||||||||
U.S. Government agencies | 364,641 | — | 364,641 | — | |||||||||||||||||||
Mortgage-backed securities | 4,448,616 | — | 4,448,616 | — | |||||||||||||||||||
State and political subdivisions | 1,819,658 | — | 1,819,658 | — | |||||||||||||||||||
Other securities | 480,330 | — | 480,330 | — | |||||||||||||||||||
Mortgage loans held for sale | 36,356 | — | — | 36,356 | |||||||||||||||||||
Derivative asset | 25,852 | — | 25,852 | — | |||||||||||||||||||
Derivative liability | (15,443) | — | (15,443) | — |
Fair Value Measurements Using | ||||||||||||||||
(In thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
December 31, 2019 | ||||||||||||||||
Impaired loans (1) (2) (collateral dependent) | $ | 49,190 | $ | — | $ | — | $ | 49,190 | ||||||||
Foreclosed assets and other real estate owned (1) | 18,798 | — | — | 18,798 | ||||||||||||
December 31, 2018 | ||||||||||||||||
Impaired loans (1) (2) (collateral dependent) | $ | 17,789 | $ | — | $ | — | $ | 17,789 | ||||||||
Foreclosed assets and other real estate owned (1) | 23,714 | — | — | 23,714 |
Fair Value Measurements Using | |||||||||||||||||||||||
(In thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Individually assessed loans (1) (2) (collateral-dependent) | $ | 70,926 | $ | — | $ | — | $ | 70,926 | |||||||||||||||
Foreclosed assets and other real estate owned (1) | 2,418 | — | — | 2,418 | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Individually assessed loans (1) (2) (collateral-dependent) | $ | 47,089 | $ | — | $ | — | $ | 47,089 | |||||||||||||||
Foreclosed assets and other real estate owned (1) | 4,875 | — | — | 4,875 |
Carrying | Fair Value Measurements | |||||||||||||||||||
(In thousands) | Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 996,623 | $ | 996,623 | $ | — | $ | — | $ | 996,623 | ||||||||||
Interest bearing balances due from banks - time | 4,554 | — | 4,554 | — | 4,554 | |||||||||||||||
Held-to-maturity securities | 40,927 | — | 41,855 | — | 41,855 | |||||||||||||||
Mortgage loans held for sale | 58,102 | — | — | 58,102 | 58,102 | |||||||||||||||
Interest receivable | 62,707 | — | 62,707 | — | 62,707 | |||||||||||||||
Legacy loans, net | 9,562,276 | — | — | 9,517,472 | 9,517,472 | |||||||||||||||
Loans acquired, net | 4,795,184 | — | — | 4,772,716 | 4,772,716 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Non-interest bearing transaction accounts | 3,741,093 | — | 3,741,093 | — | 3,741,093 | |||||||||||||||
Interest bearing transaction accounts and savings deposits | 9,090,878 | — | 9,090,878 | — | 9,090,878 | |||||||||||||||
Time deposits | 3,276,969 | — | — | 3,270,333 | 3,270,333 | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 150,145 | — | 150,145 | — | 150,145 | |||||||||||||||
Other borrowings | 1,297,599 | — | 1,298,011 | — | 1,298,011 | |||||||||||||||
Subordinated notes and debentures | 388,260 | — | 397,088 | — | 397,088 | |||||||||||||||
Interest payable | 12,898 | — | 12,898 | — | 12,898 | |||||||||||||||
December 31, 2018 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 833,458 | $ | 833,458 | $ | — | $ | — | $ | 833,458 | ||||||||||
Interest bearing balances due from banks - time | 4,934 | — | 4,934 | — | 4,934 | |||||||||||||||
Held-to-maturity securities | 289,194 | — | 290,830 | — | 290,830 | |||||||||||||||
Mortgage loans held for sale | 26,799 | — | — | 26,799 | 26,799 | |||||||||||||||
Interest receivable | 49,938 | — | 49,938 | — | 49,938 | |||||||||||||||
Legacy loans, net | 8,373,789 | — | — | 8,280,690 | 8,280,690 | |||||||||||||||
Loans acquired, net | 3,292,783 | — | — | 3,256,174 | 3,256,174 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Non-interest bearing transaction accounts | 2,672,405 | — | 2,672,405 | — | 2,672,405 | |||||||||||||||
Interest bearing transaction accounts and savings deposits | 6,830,191 | — | 6,830,191 | — | 6,830,191 | |||||||||||||||
Time deposits | 2,896,156 | — | — | 2,872,342 | 2,872,342 | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 95,792 | — | 95,792 | — | 95,792 | |||||||||||||||
Other borrowings | 1,345,450 | — | 1,342,868 | — | 1,342,868 | |||||||||||||||
Subordinated debentures | 353,950 | — | 355,812 | — | 355,812 | |||||||||||||||
Interest payable | 9,897 | — | 9,897 | — | 9,897 |
Carrying | Fair Value Measurements | ||||||||||||||||||||||||||||
(In thousands) | Amount | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 682,122 | $ | 682,122 | $ | — | $ | — | $ | 682,122 | |||||||||||||||||||
Interest bearing balances due from banks - time | 795 | — | 795 | — | 795 | ||||||||||||||||||||||||
Held-to-maturity securities, net | 3,759,706 | — | 3,063,233 | — | 3,063,233 | ||||||||||||||||||||||||
Interest receivable | 102,892 | — | 102,892 | — | 102,892 | ||||||||||||||||||||||||
Loans, net | 15,945,169 | — | — | 15,573,555 | 15,573,555 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Noninterest bearing transaction accounts | 6,016,651 | — | 6,016,651 | — | 6,016,651 | ||||||||||||||||||||||||
Interest bearing transaction accounts and savings deposits | 11,762,885 | — | 11,762,885 | — | 11,762,885 | ||||||||||||||||||||||||
Time deposits | 4,768,558 | — | — | 4,696,473 | 4,696,473 | ||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 160,403 | — | 160,403 | — | 160,403 | ||||||||||||||||||||||||
Other borrowings | 859,296 | — | 857,257 | — | 857,257 | ||||||||||||||||||||||||
Subordinated notes and debentures | 365,989 | — | 363,578 | — | 363,578 | ||||||||||||||||||||||||
Interest payable | 16,399 | — | 16,399 | — | 16,399 | ||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,650,653 | $ | 1,650,653 | $ | — | $ | — | $ | 1,650,653 | |||||||||||||||||||
Interest bearing balances due from banks - time | 1,882 | — | 1,882 | — | 1,882 | ||||||||||||||||||||||||
Held-to-maturity securities, net | 1,529,221 | — | 1,517,378 | — | 1,517,378 | ||||||||||||||||||||||||
Interest receivable | 72,990 | — | 72,990 | — | 72,990 | ||||||||||||||||||||||||
Loans and other loans held for sale, net | 11,807,171 | — | — | 11,922,735 | 11,922,735 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Noninterest bearing transaction accounts | 5,325,318 | — | 5,325,318 | — | 5,325,318 | ||||||||||||||||||||||||
Interest bearing transaction accounts and savings deposits | 11,588,770 | — | 11,588,770 | — | 11,588,770 | ||||||||||||||||||||||||
Time deposits | 2,452,460 | — | — | 2,451,055 | 2,451,055 | ||||||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 185,403 | — | 185,403 | — | 185,403 | ||||||||||||||||||||||||
Other borrowings | 1,337,973 | — | 1,393,711 | — | 1,393,711 | ||||||||||||||||||||||||
Subordinated notes and debentures | 384,131 | — | 394,464 | — | 394,464 | ||||||||||||||||||||||||
Interest payable | 6,759 | — | 6,759 | — | 6,759 |
December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||
(In thousands) | Balance Sheet Location | Weighted Average Pay Rate | Receive Rate | Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||||||||
Derivative assets | Other assets | 1.21% | Federal Funds | $ | 1,001,715 | $ | 104,833 | $ | 1,001,715 | $ | 10,524 |
Carrying Amount of Hedged Assets | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets | ||||||||||||||||||||||
Line Item on the Balance Sheet (In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Investment securities - Available-for-sale | $ | 944,115 | $ | 1,050,188 | $ | 106,321 | $ | 10,588 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
(In thousands) | Notional | Fair Value | Notional | Fair Value | |||||||||||
Derivative assets | $ | 401,969 | $ | 14,903 | $ | 274,247 | $ | 6,242 | |||||||
Derivative liabilities | 387,075 | 12,650 | 245,717 | 5,283 |
2022 | 2021 | ||||||||||||||||||||||
(In thousands) | Notional | Fair Value | Notional | Fair Value | |||||||||||||||||||
Derivative assets | $ | 413,968 | $ | 34,490 | $ | 318,428 | $ | 15,328 | |||||||||||||||
Derivative liabilities | 414,955 | 34,440 | 321,985 | 15,443 |
Actual | Minimum For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provision | |||||||||||||||
(In thousands) | Amount | Ratio (%) | Amount | Ratio (%) | Amount | Ratio (%) | |||||||||||
December 31, 2019 | |||||||||||||||||
Total Risk-Based Capital Ratio | |||||||||||||||||
Simmons First National Corporation | $ | 2,272,858 | 13.7 | $ | 1,327,216 | 8.0 | N/A | ||||||||||
Simmons Bank | 1,852,880 | 12.9 | 1,149,073 | 8.0 | 1,436,341 | 10.0 | |||||||||||
Landmark Bank | 291,378 | 13.9 | 167,700 | 8.0 | 209,624 | 10.0 | |||||||||||
Tier 1 Risk-Based Capital Ratio | |||||||||||||||||
Simmons First National Corporation | 1,807,954 | 10.9 | 995,204 | 6.0 | N/A | ||||||||||||
Simmons Bank | 1,777,602 | 12.3 | 867,123 | 6.0 | 1,156,164 | 8.0 | |||||||||||
Landmark Bank | 290,016 | 13.8 | 126,094 | 6.0 | 168,125 | 8.0 | |||||||||||
Common Equity Tier 1 Capital Ratio | |||||||||||||||||
Simmons First National Corporation | 1,807,187 | 10.9 | 746,086 | 4.5 | N/A | ||||||||||||
Simmons Bank | 1,777,602 | 12.3 | 650,342 | 4.5 | 939,383 | 6.5 | |||||||||||
Landmark Bank | 270,016 | 12.9 | 94,192 | 4.5 | 136,055 | 6.5 | |||||||||||
Tier 1 Leverage Ratio | |||||||||||||||||
Simmons First National Corporation | 1,807,954 | 9.6 | 753,314 | 4.0 | N/A | ||||||||||||
Simmons Bank | 1,777,602 | 10.7 | 664,524 | 4.0 | 830,655 | 5.0 | |||||||||||
Landmark Bank | 290,016 | 8.8 | 131,825 | 4.0 | 164,782 | 5.0 | |||||||||||
December 31, 2018 | |||||||||||||||||
Total Risk-Based Capital Ratio | |||||||||||||||||
Simmons First National Corporation | $ | 1,778,938 | 13.3 | $ | 1,070,038 | 8.0 | N/A | ||||||||||
Simmons Bank | 1,532,864 | 11.5 | 1,066,340 | 8.0 | 1,332,925 | 10.0 | |||||||||||
Tier 1 Risk-Based Capital Ratio | |||||||||||||||||
Simmons First National Corporation | 1,361,380 | 10.2 | 800,812 | 6.0 | N/A | ||||||||||||
Simmons Bank | 1,469,260 | 11.0 | 801,415 | 6.0 | 1,068,553 | 8.0 | |||||||||||
Common Equity Tier 1 Capital Ratio | |||||||||||||||||
Simmons First National Corporation | 1,361,380 | 10.2 | 600,609 | 4.5 | N/A | ||||||||||||
Simmons Bank | 1,469,260 | 11.0 | 601,061 | 4.5 | 868,199 | 6.5 | |||||||||||
Tier 1 Leverage Ratio | |||||||||||||||||
Simmons First National Corporation | 1,361,380 | 8.8 | 618,809 | 4.0 | N/A | ||||||||||||
Simmons Bank | 1,469,260 | 9.5 | 618,636 | 4.0 | 773,295 | 5.0 |
Actual | Minimum For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Action Provision | |||||||||||||||||||||||||||||||||
(In thousands) | Amount | Ratio (%) | Amount | Ratio (%) | Amount | Ratio (%) | |||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital Ratio | |||||||||||||||||||||||||||||||||||
Simmons First National Corporation | $ | 2,948,490 | 14.2 | $ | 1,661,121 | 8.0 | N/A | ||||||||||||||||||||||||||||
Simmons Bank | 2,743,625 | 13.3 | 1,650,301 | 8.0 | 2,062,876 | 10.0 | |||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital Ratio | |||||||||||||||||||||||||||||||||||
Simmons First National Corporation | 2,466,874 | 11.9 | 1,243,802 | 6.0 | N/A | ||||||||||||||||||||||||||||||
Simmons Bank | 2,628,002 | 12.7 | 1,241,576 | 6.0 | 1,655,434 | 8.0 | |||||||||||||||||||||||||||||
Common Equity Tier 1 Capital Ratio | |||||||||||||||||||||||||||||||||||
Simmons First National Corporation | 2,466,874 | 11.9 | 932,852 | 4.5 | N/A | ||||||||||||||||||||||||||||||
Simmons Bank | 2,628,002 | 12.7 | 931,182 | 4.5 | 1,345,040 | 6.5 | |||||||||||||||||||||||||||||
Tier 1 Leverage Ratio | |||||||||||||||||||||||||||||||||||
Simmons First National Corporation | 2,466,874 | 9.3 | 1,061,021 | 4.0 | N/A | ||||||||||||||||||||||||||||||
Simmons Bank | 2,628,002 | 10.0 | 1,051,201 | 4.0 | 1,314,001 | 5.0 | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Total Risk-Based Capital Ratio | |||||||||||||||||||||||||||||||||||
Simmons First National Corporation | $ | 2,603,142 | 16.7 | $ | 1,247,014 | 8.0 | N/A | ||||||||||||||||||||||||||||
Simmons Bank | 2,389,704 | 15.4 | 1,241,405 | 8.0 | 1,551,756 | 10.0 | |||||||||||||||||||||||||||||
Tier 1 Risk-Based Capital Ratio | |||||||||||||||||||||||||||||||||||
Simmons First National Corporation | 2,147,158 | 13.8 | 933,547 | 6.0 | N/A | ||||||||||||||||||||||||||||||
Simmons Bank | 2,317,855 | 15.0 | 927,142 | 6.0 | 1,236,189 | 8.0 | |||||||||||||||||||||||||||||
Common Equity Tier 1 Capital Ratio | |||||||||||||||||||||||||||||||||||
Simmons First National Corporation | 2,147,158 | 13.8 | 700,160 | 4.5 | N/A | ||||||||||||||||||||||||||||||
Simmons Bank | 2,317,855 | 15.0 | 695,357 | 4.5 | 1,004,404 | 6.5 | |||||||||||||||||||||||||||||
Tier 1 Leverage Ratio | |||||||||||||||||||||||||||||||||||
Simmons First National Corporation | 2,147,158 | 9.1 | 943,806 | 4.0 | N/A | ||||||||||||||||||||||||||||||
Simmons Bank | 2,317,855 | 9.8 | 946,063 | 4.0 | 1,182,579 | 5.0 | |||||||||||||||||||||||||||||
(In thousands) | 2019 | 2018 | ||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 104,068 | $ | 219,063 | ||||
Investment securities | 743 | 2,848 | ||||||
Investments in wholly-owned subsidiaries | 3,269,224 | 2,368,870 | ||||||
Loans | 657 | 774 | ||||||
Intangible assets, net | 133 | 133 | ||||||
Premises and equipment | 27,351 | 5,804 | ||||||
Other assets | 31,738 | 29,974 | ||||||
TOTAL ASSETS | $ | 3,433,914 | $ | 2,627,466 | ||||
LIABILITIES | ||||||||
Long-term debt | $ | 413,760 | $ | 353,950 | ||||
Other liabilities | 31,230 | 27,082 | ||||||
Total liabilities | 444,990 | 381,032 | ||||||
STOCKHOLDERS’ EQUITY | ||||||||
Preferred stock | 767 | — | ||||||
Common stock | 1,136 | 923 | ||||||
Surplus | 2,117,282 | 1,597,944 | ||||||
Undivided profits | 848,848 | 674,941 | ||||||
Accumulated other comprehensive gain (loss): | ||||||||
Unrealized appreciation (depreciation) on available-for-sale securities, net of income taxes of $7,392 and ($9,686) at December 31, 2019 and 2018 respectively | 20,891 | (27,374 | ) | |||||
Total stockholders’ equity | 2,988,924 | 2,246,434 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,433,914 | $ | 2,627,466 |
(In thousands) | 2022 | 2021 | |||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 116,915 | $ | 175,711 | |||||||
Investment securities | 6,109 | 2,932 | |||||||||
Investments in wholly-owned subsidiaries | 3,453,961 | 3,444,624 | |||||||||
Loans | 1,412 | 2,610 | |||||||||
Intangible assets, net | 133 | 133 | |||||||||
Premises and equipment | 22,083 | 23,861 | |||||||||
Other assets | 80,513 | 53,877 | |||||||||
TOTAL ASSETS | $ | 3,681,126 | $ | 3,703,748 | |||||||
LIABILITIES | |||||||||||
Long-term debt | $ | 386,798 | $ | 406,552 | |||||||
Other liabilities | 24,966 | 48,355 | |||||||||
Total liabilities | 411,764 | 454,907 | |||||||||
STOCKHOLDERS’ EQUITY | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 1,270 | 1,127 | |||||||||
Surplus | 2,530,066 | 2,164,989 | |||||||||
Undivided profits | 1,255,586 | 1,093,270 | |||||||||
Accumulated other comprehensive loss: | |||||||||||
Unrealized depreciation on available-for-sale securities, net of income taxes of $(183,124) and $(3,731) at December 31, 2022 and 2021 respectively | (517,560) | (10,545) | |||||||||
Total stockholders’ equity | 3,269,362 | 3,248,841 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,681,126 | $ | 3,703,748 |
(In thousands) | 2019 | 2018 | 2017 | |||||||||
INCOME | ||||||||||||
Dividends from subsidiaries | $ | 67,893 | $ | 145,980 | $ | 69,107 | ||||||
Other income | 13,658 | 658 | 4,111 | |||||||||
Income | 81,551 | 146,638 | 73,218 | |||||||||
EXPENSE | 40,594 | 32,714 | 32,234 | |||||||||
Income before income taxes and equity in undistributed net income of subsidiaries | 40,957 | 113,924 | 40,984 | |||||||||
Provision for income taxes | (5,680 | ) | (10,732 | ) | (12,311 | ) | ||||||
Income before equity in undistributed net income of subsidiaries | 46,637 | 124,656 | 53,295 | |||||||||
Equity in undistributed net income of subsidiaries | 191,530 | 91,057 | 39,645 | |||||||||
NET INCOME | 238,167 | 215,713 | 92,940 | |||||||||
Preferred stock dividends | 339 | — | — | |||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 237,828 | $ | 215,713 | $ | 92,940 |
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
INCOME | |||||||||||||||||
Dividends from subsidiaries | $ | 219,868 | $ | 227,310 | $ | 311,253 | |||||||||||
Other income | 508 | 1,080 | 762 | ||||||||||||||
Income | 220,376 | 228,390 | 312,015 | ||||||||||||||
EXPENSE | 46,133 | 44,847 | 37,204 | ||||||||||||||
Income before income taxes and equity in undistributed net income of subsidiaries | 174,243 | 183,543 | 274,811 | ||||||||||||||
Provision for income taxes | (9,391) | (11,314) | (9,438) | ||||||||||||||
Income before equity in undistributed net income of subsidiaries | 183,634 | 194,857 | 284,249 | ||||||||||||||
Equity in undistributed net income (loss) of subsidiaries | 72,778 | 76,299 | (29,345) | ||||||||||||||
NET INCOME | 256,412 | 271,156 | 254,904 | ||||||||||||||
Preferred stock dividends | — | 47 | 52 | ||||||||||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 256,412 | $ | 271,109 | $ | 254,852 |
(In thousands) | 2019 | 2018 | 2017 | |||||||||
NET INCOME | $ | 238,167 | $ | 215,713 | $ | 92,940 | ||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | 48,265 | (10,110 | ) | 964 | ||||||||
COMPREHENSIVE INCOME | $ | 286,432 | $ | 205,603 | $ | 93,904 |
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
NET INCOME | $ | 256,412 | $ | 271,156 | $ | 254,904 | |||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | (507,015) | (70,271) | 38,835 | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | (250,603) | $ | 200,885 | $ | 293,739 |
(In thousands) | 2019 | 2018 | 2017 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net income | $ | 238,167 | $ | 215,713 | $ | 92,940 | ||||||
Items not requiring (providing) cash | ||||||||||||
Stock-based compensation expense | 12,921 | 9,725 | 10,681 | |||||||||
Depreciation and amortization | 1,637 | 880 | 1,183 | |||||||||
Deferred income taxes | (3,632 | ) | 26 | 1,190 | ||||||||
Equity in undistributed net income of bank subsidiaries | (191,530 | ) | (91,057 | ) | (39,645 | ) | ||||||
Changes in: | ||||||||||||
Other assets | 3,299 | 1,524 | 8,585 | |||||||||
Other liabilities | (2,648 | ) | 17,340 | (6,769 | ) | |||||||
Net cash provided by operating activities | 58,214 | 154,151 | 68,165 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Net originations of loans | 117 | 219 | 90 | |||||||||
Net (purchases of) proceeds from premises and equipment | (23,184 | ) | 3,342 | (18 | ) | |||||||
Repayment of (advances to) subsidiaries | — | 2,667 | (15,000 | ) | ||||||||
Proceeds from maturities of available-for-sale securities | 2,544 | 152 | 42 | |||||||||
Purchases of available-for-sale securities | (439 | ) | (211 | ) | (2,752 | ) | ||||||
Cash paid in business combinations | (36,811 | ) | — | (100,468 | ) | |||||||
Other, net | 29 | (1,903 | ) | — | ||||||||
Net cash (used in) provided by investing activities | (57,744 | ) | 4,266 | (118,106 | ) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Proceeds from issuance of subordinated notes | — | 326,355 | — | |||||||||
Issuance (repayment) of long-term debt, net | 2,000 | (231,352 | ) | 8,014 | ||||||||
(Cancellation) issuance of common stock, net | (1,077 | ) | 2,188 | 2,878 | ||||||||
Stock repurchases | (10,128 | ) | — | �� | — | |||||||
Dividends paid on preferred stock | (339 | ) | — | — | ||||||||
Dividends paid on common stock | (63,921 | ) | (55,646 | ) | (35,116 | ) | ||||||
Preferred stock retirement | (42,000 | ) | — | — | ||||||||
Net cash (used in) provided by financing activities | (115,465 | ) | 41,545 | (24,224 | ) | |||||||
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (114,995 | ) | 199,962 | (74,165 | ) | |||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 219,063 | 19,101 | 93,266 | |||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 104,068 | $ | 219,063 | $ | 19,101 |
(In thousands) | 2022 | 2021 | 2020 | ||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 256,412 | $ | 271,156 | $ | 254,904 | |||||||||||
Items not requiring (providing) cash | |||||||||||||||||
Stock-based compensation expense | 15,317 | 15,868 | 13,197 | ||||||||||||||
Depreciation and amortization | 1,981 | 1,805 | 1,796 | ||||||||||||||
Deferred income taxes | (652) | 3,347 | 1,583 | ||||||||||||||
Equity in undistributed net income (loss) of bank subsidiaries | (72,778) | (76,299) | 29,345 | ||||||||||||||
Changes in: | |||||||||||||||||
Other assets | (26,775) | (2,099) | (27,056) | ||||||||||||||
Other liabilities | (28,745) | 11,109 | 7,790 | ||||||||||||||
Net cash provided by operating activities | 144,760 | 224,887 | 281,559 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
Net collections (originations) of loans | 1,198 | (2,139) | 186 | ||||||||||||||
Net (purchases of) proceeds from premises and equipment | (21) | (83) | (7) | ||||||||||||||
(Advances to) repayment for subsidiaries | — | — | (15,363) | ||||||||||||||
Cash acquired (paid) in business combinations | 60,126 | (6,818) | — | ||||||||||||||
Other, net | 1,688 | 2 | 185 | ||||||||||||||
Net cash provided by (used in) investing activities | 62,991 | (9,038) | (14,999) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
(Repayment) issuance of long-term debt, net | (57,436) | (1,563) | (7,442) | ||||||||||||||
(Cancellation) issuance of common stock, net | (3,882) | 1,460 | (3,131) | ||||||||||||||
Stock repurchases | (111,133) | (132,459) | (113,327) | ||||||||||||||
Dividends paid on preferred stock | — | (47) | (52) | ||||||||||||||
Dividends paid on common stock | (94,096) | (78,845) | (74,593) | ||||||||||||||
Preferred stock retirement | — | (767) | — | ||||||||||||||
Net cash used in financing activities | (266,547) | (212,221) | (198,545) | ||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (58,796) | 3,628 | 68,015 | ||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 175,711 | 172,083 | 104,068 | ||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 116,915 | $ | 175,711 | $ | 172,083 |
Name | Principal Occupation | ||||
George A. Makris, Jr. | Executive Chairman and Chairman of the Board* | ||||
Robert A. Fehlman | Chief Executive Officer* | ||||
James M. Brogdon | President and Chief Financial Officer* | ||||
Stephen C. Massanelli | Senior Executive Vice President and Chief Administrative Officer* | ||||
Matthew S. Reddin | Executive Vice President and Chief Banking Officer, Simmons Bank | ||||
George A. Makris III | Executive Vice President, General Counsel and Secretary* | ||||
Jennifer B. Compton | Executive Vice President and Chief People Officer* | ||||
David W. Garner | Executive Vice President and Chief Accounting Officer* | ||||
Ann Madea | Executive Vice President and Chief Information Officer* | ||||
Chad Rawls | Executive Vice President and Chief Credit Officer, Simmons Bank | ||||
Brad Yaney | Executive Vice President of Credit Risk Management, Simmons Bank |
Name | Principal Occupation and Employer | ||||
Dean Bass | Retired Chairman and Chief Executive Officer, Spirit of Texas Bancshares, Inc. and Spirit of Texas Bank, SSB | ||||
Jay Burchfield | Retired Chairman, Ozark Trust and Investment Corp. | ||||
Marty D. Casteel | Retired Senior Executive Vice President of the Company; Retired Chairman, President and Chief Executive Officer of Simmons Bank | ||||
William E. Clark, II | Chairman and Chief Executive Officer, Clark Contractors, LLC | ||||
Steven A. Cossé | Retired President and Chief Executive Officer, Murphy Oil Corporation | ||||
Mark C. Doramus | Chief Financial Officer, Stephens Inc. | ||||
Edward Drilling | Retired Senior Vice President of External and Regulatory Affairs, AT&T Inc. | ||||
Eugene Hunt | Attorney, Hunt Law Firm | ||||
Jerry Hunter | Senior Counsel, Bryan Cave Leighton Paisner LLP | ||||
Susan Lanigan | Retired Executive Vice President and General Counsel, Chico’s FAS, Inc. | ||||
George A. Makris, Jr. | Executive Chairman and Chairman of the Board, the Company and Simmons Bank | ||||
W. Scott McGeorge | Chairman, Pine Bluff Sand and Gravel Company | ||||
Tom Purvis | Partner, L2L Development Advisors, LLC | ||||
Robert L. Shoptaw | Retired Executive, Arkansas Blue Cross and Blue Shield | ||||
Julie Stackhouse | Retired Executive Vice President, Federal Reserve Bank of St. Louis | ||||
Russell W. Teubner | Distinguished Engineer, Broadcom, Inc. | ||||
Mindy West | Executive Vice President, Chief Financial Officer and Treasurer, Murphy USA Inc |
Exhibit No. | Description | |||||||||
Stock Purchase Agreement by and between Simmons First National Corporation and Rogers Bancshares, Inc., dated as of September 10, 2013 (incorporated by reference to Exhibit 10.1 to Simmons First National Corporation’s Current Report on Form 8-K filed on September 17, 2013 (File No. 000-06253)). | ||||||||||
Agreement and Plan of Merger, dated as of March 24, 2014, by and between Simmons First National Corporation and Delta Trust & Banking Corporation (incorporated by reference to Annex A to the Joint Proxy Statement/Prospectus filed by Simmons First National Corporation on July 23, 2014 (File No. | ||||||||||
Agreement and Plan of Merger, dated as of May 6, 2014, by and between Simmons First National Corporation and Community First Bancshares, Inc., as amended on September 11, 2014 (incorporated by reference to Annex A to the Joint Proxy Statement/Prospectus filed by Simmons First National Corporation on October 8, 2014 (File No. 000-06253)). | ||||||||||
Agreement and Plan of Merger, dated as of May 27, 2014, by and between Simmons First National Corporation and Liberty Bancshares, Inc., as amended on September 11, 2014 (incorporated by reference to Annex B to the Joint Proxy Statement/Prospectus filed by Simmons First National Corporation on October 8, 2014 (File No. 000-06253)). | ||||||||||
Agreement and Plan of Merger, dated as of April 28, 2015, by and between Simmons First National Corporation and Ozark Trust & Investment Corporation (incorporated by reference to Exhibit 10.1 to Simmons First National Corporation’s Current Report on Form 8-K for April 29, 2015 (File No. 000-06253)). | ||||||||||
Exhibit No. | Description | |||||||
Stock Purchase Agreement by and among Citizens National Bank, Citizens National Bancorp, Inc. and Simmons First National Corporation, dated as of May 18, 2016 (incorporated by reference to Exhibit 2.1 to Simmons First National Corporation’s Current Report on Form 8-K for May 18, 2016 (File No. 000-06253)). | ||||||||
Agreement and Plan of Merger, dated as of November 17, 2016, by and between Simmons First National Corporation and Hardeman County Investment Company, Inc. (incorporated by reference to Exhibit 2.1 to Simmons First National Corporation’s Current Report on Form 8-K for November 17, 2016 (File No. 000-06253)). | ||||||||
Agreement and Plan of Merger, dated as of December 14, 2016, by and between Simmons First National Corporation and Southwest Bancorp, Inc., as amended on July 19, 2017 (incorporated by reference to Exhibit 2.11 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the | ||||||||
Agreement and Plan of Merger, dated as of January 23, 2017, by and between Simmons First National Corporation and First Texas, BHC, Inc., as amended on July 19, 2017 (incorporated by reference to Exhibit 2.12 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the | ||||||||
Agreement and Plan of Merger, dated as of November 13, 2018, by and between Simmons First National Corporation and Reliance Bancshares, Inc., as amended on February 11, 2019 (incorporated by reference to Annex A to the Proxy Statement/Prospectus filed pursuant to Rule 424(b)(3) by Simmons First National Corporation | ||||||||
Agreement and Plan of Merger, dated as of July 30, 2019, by and between Simmons First National Corporation and The Landrum Company (incorporated by reference to Exhibit 2.1 to Simmons First National | ||||||||
Agreement and Plan of Merger, dated as of June 4, 2021, by and among Simmons First National Corporation, Simmons Bank and Landmark Community Bank (incorporated by reference to Annex A to the Registration Statement on Form S-4 filed under the Securities Act of 1933 by Simmons First National Corporation on July 21, 2021 (File No. 333-258059)). | ||||||||
Agreement and Plan of Merger, dated as of June 4, 2021, by and between Simmons First National Corporation and Triumph Bancshares, Inc. (incorporated by reference to Annex B to the Registration Statement on Form S-4 filed under the Securities Act of 1933 by Simmons First National Corporation on July 21, 2021 (File No. 333-258059)). | ||||||||
Agreement and Plan of Merger, dated as of November 18, 2021, by and between Simmons First National Corporation and Spirit of Texas Bancshares, Inc. (incorporated by reference to Annex A to the Registration Statement on Form S-4 filed under the Securities Act of 1933 by Simmons First National Corporation on January 18, 2022 (File No. 333-261842)). | ||||||||
Amended and Restated Articles of Incorporation of Simmons First National Corporation, as amended on | ||||||||
Articles of Amendment to the Amended and Restated Articles of Incorporation of Simmons First National Corporation, dated August 3, 2022 (incorporated by reference to Exhibit 3.2 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (File No. 000-06253)). | ||||||||
Amended and Restated By-Laws of Simmons First National Corporation (incorporated by reference to Exhibit 3.1 to Simmons First National Corporation’s Current Report on Form 8-K filed on | ||||||||
Instruments defining the rights of security holders, including indentures. Simmons First National Corporation hereby agrees to furnish copies of instruments defining the rights of holders of long-term debt of the Corporation and its consolidated subsidiaries to the U.S. Securities and Exchange Commission upon request. No issuance of debt exceeds ten percent of the total assets of the Corporation and its subsidiaries on a consolidated basis. | ||||||||
Description of Registrant’s Securities.* |
Exhibit No. | Description | |||||||
Second Amended and Restated Simmons First National Corporation 2015 Incentive Plan | ||||||||
Form of Associate Restricted Stock Unit Award Certificate and Terms and Conditions (incorporated by reference to Exhibit 10.2 to Simmons First National Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 000-06253)).^ | ||||||||
Form of Associate Restricted Stock Unit Award Certificate and Terms and Conditions (2022) (incorporated by reference to Exhibit 10.2 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (File No. 000-06253)).^ | ||||||||
Form of Associate Performance Share Unit Award Certificate and Terms and Conditions (2020) (incorporated by reference to Exhibit 10.3 to Simmons First National Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 000-06253)).^ | ||||||||
Form of Associate Performance Share Unit Award Certificate and Terms and Conditions (2021) (incorporated by reference to Exhibit 10.4 to Simmons First National Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021 (File No. 000-06253)).^ | ||||||||
Form of Associate Performance Share Unit Award Certificate and Terms and Conditions (2022) (incorporated by reference to Exhibit 10.3 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (File No. 000-06253)).^ | ||||||||
Form of Associate Cash Award Certificate and Terms and Conditions (incorporated by reference to Exhibit 10.5 to Simmons First National Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021 (File No. 000-06253)).^ | ||||||||
Form of Associate Cash Award Certificate and Terms and Conditions (2022) (incorporated by reference to Exhibit 10.4 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (File No. 000-06253)).^ | ||||||||
Form of Director Restricted Stock Unit Award Certificate and Terms and Conditions (incorporated by reference to Exhibit 10.5 to Simmons First National Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 000-06253)).^ | ||||||||
Form of Director Restricted Stock Unit Award Certificate and Terms and Conditions (2022) (incorporated by reference to Exhibit 10.5 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (File No. 000-06253)).^ | ||||||||
Deferred Compensation Agreement for Marty D. Casteel dated January 22, 2018 (incorporated by reference to Exhibit 10.3 to Simmons First National Corporation’s Annual Report on Form 10-K for the year ended December 31, 2017 (File No. 000-06253)).^ | ||||||||
Deferred Compensation Agreement for George A. Makris, Jr. dated January 2, 2013 (incorporated by reference to Exhibit 10.2 to Simmons First National Corporation’s Current Report on Form 8-K | ||||||||
Amendment to Deferred Compensation Agreement for George A. Makris, Jr. dated January 25, 2018 (incorporated by reference to Exhibit 10.4 to Simmons First National Corporation’s Annual Report on Form 10-K for the | ||||||||
Amended and Restated Deferred Compensation Agreement for Robert A. Fehlman effective February 27, 2017 (incorporated by reference to Exhibit 10.25 to Simmons First National Corporation’s Annual Report on Form 10-K for the | ||||||||
First Amended and Restated Executive Change in Control Severance Agreement for George A. Makris, Jr. dated March 26, 2021 (incorporated by reference to Exhibit 10.2 to Simmons First National Corporation’s Current Report on Form 8-K filed on April 1, 2021 (File No. 000-06253)).^ | ||||||||
Exhibit No. | Description | |||||||
First Amended and Restated Executive Change in Control Severance Agreement for Stephen C. Massanelli dated March 26, 2021 (incorporated by reference to Exhibit 10.3 to Simmons First National Corporation’s Current Report on Form 8-K filed on April 1, 2021 (File No. 000-06253)).^ | ||||||||
Deferred Compensation Agreement for Marty D. Casteel dated January 25, 2010 (incorporated by reference to Exhibit 10.3 to Simmons First National Corporation’s Current Report on Form 8-K filed on January 29, 2010 (File No. 000-06253)).^ | ||||||||
Amended and Restated Executive Severance Agreement for Robert A. Fehlman dated March 1, 2006 (incorporated by reference to Exhibit 10.3 to Simmons First National Corporation’s Current Report on Form 8-K filed on March 2, 2006 (File No. 000-06253)).^ | ||||||||
First Amendment to Amended and Restated Executive Severance Agreement for Robert A. Fehlman dated March, 1, 2006. (incorporated by reference to Exhibit 10.14 to Simmons First National Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 000-06253)).^ | ||||||||
Second Amendment to Amended and Restated Executive Severance Agreement for Robert A. Fehlman dated March 1, 2006. (incorporated by reference to Exhibit 10.15 to Simmons First National Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 000-06253)).^ | ||||||||
Deferred Compensation Agreement for Jennifer B. Compton dated February 28, 2017 (incorporated by reference to Exhibit 10.11 to Simmons First National Corporation’s Annual Report on Form 10-K for the year ended December 31, 2019 (File No. 000-06235)).^ | ||||||||
First Amendment to Deferred Compensation Agreement for Jennifer B. Compton dated July 27, 2022 (incorporated by reference to Exhibit 10.1 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (File No. 000-06235)).^ | ||||||||
First Amended and Restated Executive Change in Control Severance Agreement for Jennifer B. Compton dated March 26, 2021 (incorporated by reference to Exhibit 10.5 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (File No. 000-06253)).^ | ||||||||
First Amended and Restated Executive Change in Control Severance Agreement for David Garner dated March 26, 2021 (incorporated by reference to Exhibit 10.7 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (File No. 000-06253)).^ | ||||||||
First Amended and Restated Executive Change in Control Severance Agreement for George A. Makris III dated March 26, 2021 (incorporated by reference to Exhibit 10.6 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (File No. 000-06253)).^ | ||||||||
First Amended and Restated Executive Change in Control Severance Agreement for Matthew S. Reddin dated March 26, 2021 (incorporated by reference to Exhibit 10.4 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (File No. 000-06253)).^ | ||||||||
Deferred Compensation Agreement for George A. Makris III dated March 11, 2022 (incorporated by reference to Exhibit 10.1 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (File No. 000-06253)).^ | ||||||||
First Amendment to Deferred Compensation Agreement for George A. Makris III dated July 27, 2022 (incorporated by reference to Exhibit 10.2 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (File No. 000-06235)).^ | ||||||||
Deferred Compensation Agreement for Matthew Reddin dated March 7, 2017. (incorporated by reference to Exhibit 10.23 to Simmons First National Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020 (File No. 000-06253)).^ | ||||||||
First Amendment to Deferred Compensation Agreement for Matthew Reddin dated August 4, 2022 (incorporated by reference to Exhibit 10.3 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (File No. 000-06235)).^ | ||||||||
Exhibit No. | Description | |||||||
Deferred Compensation Agreement for David Garner dated January 2, 2020 (incorporated by reference to Exhibit 10.1 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 (File No. 000-06253)).^ | ||||||||
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to Simmons First National Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (File No. 000-06253)).^ | ||||||||
Indemnification Agreement for James M. Brogdon dated July 30, 2021 (incorporated by reference to Exhibit 10.1 to Simmons First National Corporation’s Current Report on Form 8-K filed | ||||||||
Executive Change in Control Severance Agreement for | ||||||||
Deferred Compensation Agreement | ||||||||
Amended and Restated Simmons First National Corporation Code of Ethics (as amended and restated on July 23, 2020) (incorporated by reference to Exhibit 14.1 to Simmons First National Corporation’s Current Report on Form 8-K filed on July | ||||||||
Finance Group Code of Ethics, dated July 2003 (incorporated by reference to Exhibit 14 to Simmons First National Corporation’s Annual Report on Form 10-K for the | ||||||||
Subsidiaries of the Registrant.* | ||||||||
Consent of | ||||||||
Rule 13a-15(e) and 15d-15(e) Certification – Robert A. Fehlman, | ||||||||
Rule 13a-15(e) and 15d-15(e) Certification – James M. Brogdon, President and Chief Financial | ||||||||
Rule 13a-15(e) and 15d-15(e) Certification – David W. Garner, Executive Vice President | ||||||||
Certification Pursuant to 18 U.S.C. Sections 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Robert A. Fehlman, | ||||||||
Certification Pursuant to 18 U.S.C. Sections 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – James M. Brogdon, President and Chief Financial | ||||||||
Certification Pursuant to 18 U.S.C. Sections 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – David W. Garner, Executive Vice President | ||||||||
101.INS | 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. * / ** | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema.* | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase.* | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase.* | |||||||
101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase. * / ** | |||||||
Description | ||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase.* | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). ** |
* | Filed herewith | |||||||
** | ||||||||
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. | ||||||||
^ | Management contract or a compensatory plan or arrangement. |
/s/ | February 27, | ||||||||||
Signature | Title | |||||||
/s/ George A. Makris, Jr. | Executive Chairman and Director | |||||||
George A. Makris, Jr. | ||||||||
/s/ Robert A. Fehlman | ||||||||
Robert A. Fehlman | (Principal Executive Officer) | |||||||
/s/ James M. Brogdon | President and Chief Financial Officer | |||||||
James M. Brogdon | ||||||||
/s/ David W. Garner | Executive Vice President | |||||||
David W. Garner | (Principal Accounting Officer) | |||||||
/s/ | Director | |||||||
/s/ Jay Burchfield | Director | |||||||
Jay Burchfield | ||||||||
/s/ Marty D. Casteel | Director | |||||||
Marty D. Casteel | ||||||||
/s/ William E. Clark, II | Director | |||||||
William E. Clark, II | ||||||||
/s/ Steven A. Cossé | Director | |||||||
Steven A. Cossé | ||||||||
/s/ Mark C. Doramus | Director | |||||||
Mark C. Doramus | ||||||||
/s/ Edward Drilling | Director | |||||||
Edward Drilling | ||||||||
/s/ Eugene Hunt | Director | |||||||
Eugene Hunt |
/s/ Jerry M. Hunter | Director | |||||||
Jerry M. Hunter | ||||||||
/s/ Susan Lanigan | Director | |||||||
Susan Lanigan | ||||||||
/s/ W. Scott McGeorge | Director | |||||||
W. Scott McGeorge | ||||||||
/s/ Tom Purvis | Director | |||||||
Tom Purvis | ||||||||
/s/ Robert L. Shoptaw | Director | |||||||
Robert L. Shoptaw | ||||||||
/s/ Julie Stackhouse | Director | |||||||
Julie Stackhouse | ||||||||
/s/ Russell W. Teubner | Director | |||||||
Russell W. Teubner | ||||||||
/s/ | Director | |||||||