Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'OZRK | ' | ' |
Entity Registrant Name | 'BANK OF THE OZARKS INC | ' | ' |
Entity Central Index Key | '0001038205 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 36,890,152 | ' |
Entity Public Float | ' | ' | $1,354,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $195,094 | $206,500 |
Interest earning deposits | 881 | 1,467 |
Cash and cash equivalents | 195,975 | 207,967 |
Investment securities - available for sale ("AFS") | 669,384 | 494,266 |
Loans and leases | 2,632,565 | 2,115,834 |
Purchased loans not covered by Federal Deposit Insurance Corporation ("FDIC") loss share agreements ("purchased non-covered loans") | 372,723 | 41,534 |
Loans covered by FDIC loss share agreements ("covered loans") | 351,791 | 596,239 |
Allowance for loan and lease losses | -42,945 | -38,738 |
Net loans and leases | 3,314,134 | 2,714,869 |
FDIC loss share receivable | 71,854 | 152,198 |
Premises and equipment, net | 245,472 | 225,754 |
Foreclosed assets not covered by FDIC loss share agreements | 11,851 | 13,924 |
Foreclosed assets covered by FDIC loss share agreements | 37,960 | 52,951 |
Accrued interest receivable | 14,359 | 13,201 |
Bank owned life insurance ("BOLI") | 143,473 | 123,846 |
Intangible assets, net | 19,158 | 11,827 |
Other, net | 63,448 | 29,404 |
Total assets | 4,787,068 | 4,040,207 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Demand non-interest bearing | 746,320 | 578,528 |
Savings and interest bearing transaction | 2,073,497 | 1,741,678 |
Time | 897,210 | 780,849 |
Total deposits | 3,717,027 | 3,101,055 |
Repurchase agreements with customers | 53,103 | 29,550 |
Other borrowings | 280,895 | 280,763 |
Subordinated debentures | 64,950 | 64,950 |
FDIC clawback payable | 25,897 | 25,169 |
Accrued interest payable and other liabilities | 16,768 | 27,614 |
Total liabilities | 4,158,640 | 3,529,101 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock; $0.01 par value; 1,000,000 shares authorized; no shares outstanding at December 31, 2013 and 2012 | 0 | 0 |
Common stock; $0.01 par value; 50,000,000 shares authorized; 36,855,852 and 35,271,724 shares issued and outstanding at December 31, 2013 and 2012, respectively | 369 | 353 |
Additional paid-in capital | 143,385 | 73,043 |
Retained earnings | 484,876 | 423,485 |
Accumulated other comprehensive income (loss) | -3,672 | 10,783 |
Total stockholders' equity before noncontrolling interest | 624,958 | 507,664 |
Noncontrolling interest | 3,470 | 3,442 |
Total stockholders' equity | 628,428 | 511,106 |
Total liabilities and stockholders' equity | $4,787,068 | $4,040,207 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 36,855,852 | 35,271,724 |
Common stock, shares outstanding | 36,855,852 | 35,271,724 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income: | ' | ' | ' |
Loans and leases | $129,419 | $115,108 | $112,551 |
Purchased non-covered loans | 14,808 | 254 | 732 |
Covered loans | 45,122 | 61,820 | 66,135 |
Investment securities: | ' | ' | ' |
Taxable | 6,838 | 2,949 | 3,013 |
Tax-exempt | 15,933 | 15,807 | 16,702 |
Deposits with banks and federal funds sold | 33 | 8 | 36 |
Total income | 212,153 | 195,946 | 199,169 |
Interest expense: | ' | ' | ' |
Deposits | 6,103 | 8,982 | 17,686 |
Repurchase agreements with customers | 31 | 47 | 174 |
Other borrowings | 10,780 | 10,723 | 10,835 |
Subordinated debentures | 1,720 | 1,848 | 1,740 |
Total interest expense | 18,634 | 21,600 | 30,435 |
Net interest income | 193,519 | 174,346 | 168,734 |
Provision for loan and lease losses | 12,075 | 11,745 | 11,775 |
Net interest income after provision for loan and lease losses | 181,444 | 162,601 | 156,959 |
Non-interest income: | ' | ' | ' |
Service charges on deposit accounts | 21,644 | 19,400 | 18,094 |
Mortgage lending income | 5,626 | 5,584 | 3,277 |
Trust income | 4,096 | 3,455 | 3,206 |
BOLI income | 4,529 | 2,767 | 2,307 |
Accretion of FDIC loss share receivable, net of amortization of FDIC clawback payable | 7,171 | 7,375 | 10,141 |
Other income from loss share and purchased non-covered loans, net | 13,153 | 10,645 | 6,432 |
Net gains on investment securities | 161 | 457 | 933 |
Gains on sales of other assets | 9,386 | 6,809 | 3,738 |
Gains on merger and acquisition transactions | 1,061 | 2,403 | 65,708 |
Other | 5,110 | 3,965 | 3,247 |
Total non-interest income | 71,937 | 62,860 | 117,083 |
Non-interest expense: | ' | ' | ' |
Salaries and employee benefits | 64,825 | 59,028 | 56,262 |
Net occupancy and equipment | 18,710 | 15,793 | 14,705 |
Other operating expenses | 42,534 | 39,641 | 51,564 |
Total non-interest expense | 126,069 | 114,462 | 122,531 |
Income before taxes | 127,312 | 110,999 | 151,511 |
Provision for income taxes | 40,149 | 33,935 | 50,208 |
Net income | 87,163 | 77,064 | 101,303 |
Earnings attributable to noncontrolling interest | -28 | -20 | 18 |
Net earnings allocated to common stockholders | $87,135 | $77,044 | $101,321 |
Basic earnings per common share | $2.42 | $2.22 | $2.96 |
Diluted earnings per common share | $2.41 | $2.21 | $2.94 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $87,163 | $77,064 | $101,303 |
Other comprehensive income (loss): | ' | ' | ' |
Unrealized gains and losses on investment securities AFS | -23,623 | 2,852 | 16,555 |
Tax effect of unrealized gains and losses on investment securities AFS | 9,266 | -1,118 | -6,494 |
Reclassification of gains and losses on investment securities AFS included in net income | -161 | -457 | -933 |
Tax effect of reclassification of gains and losses on investment securities AFS included in net income | 63 | 179 | 366 |
Total other comprehensive income (loss) | -14,455 | 1,456 | 9,494 |
Total comprehensive income | $72,708 | $78,520 | $110,797 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholder's Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income Loss [Member] | Non-Controlling Interest [Member] | Treasury Stock [Member] |
In Thousands | |||||||
Balance at Dec. 31, 2010 | $323,770 | $341 | $45,107 | $275,074 | ($167) | $3,415 | ' |
Net income | 101,303 | 0 | 0 | 101,303 | 0 | 0 | ' |
Earnings attributable to noncontrolling interest | 0 | 0 | 0 | 18 | 0 | -18 | ' |
Total other comprehensive income | 9,494 | 0 | 0 | 0 | 9,494 | 0 | ' |
Common stock dividends paid | -12,661 | 0 | 0 | -12,661 | 0 | 0 | ' |
Issuance of common stock for exercise of stock options | 4,032 | 3 | 4,029 | 0 | 0 | 0 | ' |
Excess tax benefit on exercise and forfeiture of stock options | 482 | 0 | 482 | 0 | 0 | 0 | ' |
Stock-based compensation expense | 1,528 | 0 | 1,528 | 0 | 0 | 0 | ' |
Investment in noncontrolling interest | 25 | 0 | 0 | 0 | 0 | 25 | ' |
Issuance of unvested common stock under restricted stock plan | 0 | 1 | -1 | 0 | 0 | 0 | ' |
Forfeiture of unvested common stock under restricted stock plan | 0 | 0 | 0 | 0 | 0 | 0 | ' |
Balance at Dec. 31, 2011 | 427,973 | 345 | 51,145 | 363,734 | 9,327 | 3,422 | 0 |
Net income | 77,064 | 0 | 0 | 77,064 | 0 | 0 | 0 |
Earnings attributable to noncontrolling interest | 0 | 0 | 0 | -20 | 0 | 20 | 0 |
Total other comprehensive income | 1,456 | 0 | 0 | 0 | 1,456 | 0 | 0 |
Common stock dividends paid | -17,293 | 0 | 0 | -17,293 | 0 | 0 | 0 |
Issuance of common stock for exercise of stock options | 3,979 | 3 | 3,976 | 0 | 0 | 0 | 0 |
Excess tax benefit on exercise and forfeiture of stock options | 1,538 | 0 | 1,538 | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 2,607 | 0 | 2,607 | 0 | 0 | 0 | 0 |
Repurchase of common stock under restricted stock plan | -341 | 0 | 0 | 0 | 0 | 0 | -341 |
Issuance of unvested common stock under restricted stock plan | 0 | 1 | -342 | 0 | 0 | 0 | 341 |
Forfeiture of unvested common stock under restricted stock plan | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of common stock for acquisition of Genala Banc, Inc. | 14,123 | 4 | 14,119 | 0 | 0 | 0 | 0 |
Balance at Dec. 31, 2012 | 511,106 | 353 | 73,043 | 423,485 | 10,783 | 3,442 | 0 |
Net income | 87,163 | 0 | 0 | 87,163 | 0 | 0 | 0 |
Earnings attributable to noncontrolling interest | 0 | 0 | 0 | -28 | 0 | 28 | 0 |
Total other comprehensive income | -14,455 | 0 | 0 | 0 | -14,455 | 0 | 0 |
Common stock dividends paid | -25,744 | 0 | 0 | -25,744 | 0 | 0 | 0 |
Issuance of common stock for exercise of stock options | 4,274 | 3 | 4,271 | 0 | 0 | 0 | 0 |
Excess tax benefit on exercise and forfeiture of stock options | 3,173 | 0 | 3,173 | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 4,487 | 0 | 4,487 | 0 | 0 | 0 | 0 |
Repurchase of common stock under restricted stock plan | -1,370 | 0 | 0 | 0 | 0 | 0 | -1,370 |
Issuance of unvested common stock under restricted stock plan | 0 | 1 | -1,371 | 0 | 0 | 0 | 1,370 |
Forfeiture of unvested common stock under restricted stock plan | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of common stock for acquisition of Genala Banc, Inc. | 59,794 | 12 | 59,782 | 0 | 0 | 0 | 0 |
Balance at Dec. 31, 2013 | $628,428 | $369 | $143,385 | $484,876 | ($3,672) | $3,470 | $0 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholder's Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' |
Common stock dividends paid | $0.72 | $0.50 | $0.37 |
Issuance of common stock for exercise of stock options, shares | 271,500 | 267,300 | 262,500 |
Repurchase of shares of common stock under restricted stock plan | 27,957 | 10,422 | ' |
Issuance of unvested common stock under restricted stock plan, shares | 109,800 | 128,150 | 95,700 |
Forfeiture of unvested common stock under restricted stock plan, shares | 26,600 | 800 | 1,600 |
Issuance of common stock for acquisitions | 1,257,385 | 423,616 | ' |
Common stock issuance costs | $285,000 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $87,163 | $77,064 | $101,303 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Depreciation | 7,196 | 6,761 | 5,358 |
Amortization | 2,805 | 2,037 | 1,677 |
Earnings attributable to noncontrolling interest | -28 | -20 | 18 |
Provision for loan and lease losses | 12,075 | 11,745 | 11,775 |
Provision for losses on foreclosed assets | 1,352 | 1,713 | 9,525 |
Writedown of other assets | 379 | 0 | 1,250 |
Net amortization of investment securities AFS | 515 | 190 | 426 |
Net gains on investment securities AFS | -161 | -457 | -933 |
Originations of mortgage loans held for sale | -209,284 | -252,998 | -154,168 |
Proceeds from sales of mortgage loans held for sale | 230,391 | 234,539 | 150,562 |
Accretion of covered loans | -45,122 | -61,820 | -66,135 |
Accretion of purchased non-covered loans | -14,808 | -254 | -732 |
Accretion of FDIC loss share receivable, net of amortization of FDIC clawback payable | -7,171 | -7,375 | -10,141 |
Gains on sales of other assets | -9,386 | -6,809 | -3,738 |
Gains on merger and acquisition transactions | -1,061 | -2,403 | -65,708 |
Deferred income tax (benefit) expense | -10,148 | -7,808 | 11,866 |
Increase in cash surrender value of BOLI | -4,529 | -2,767 | -2,307 |
Excess tax benefit on exercise of stock options and vesting of common stock under restricted stock plan | -3,173 | -1,538 | -870 |
Stock-based compensation expense | 4,487 | 2,607 | 1,528 |
Changes in assets and liabilities: | ' | ' | ' |
Accrued interest receivable | -34 | 887 | 1,551 |
Other assets, net | 8,653 | 3,792 | 13,637 |
Accrued interest payable and other liabilities | 49 | -12,784 | 14,844 |
Net cash provided (used) by operating activities | 50,160 | -15,698 | 20,588 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sales of investment securities AFS | 999 | 43,177 | 94,676 |
Proceeds from maturities/calls/paydowns of investment securities AFS | 85,959 | 57,342 | 31,052 |
Purchases of investment securities AFS | -141,454 | -63,064 | -13,453 |
Net advances of loans and leases | -545,361 | -219,209 | -52,829 |
Payments received on purchased non-covered loans | 70,925 | 3,135 | 26,345 |
Payments received on covered loans | 229,949 | 211,787 | 205,788 |
Payments received from FDIC under loss share agreements | 80,269 | 143,997 | 109,001 |
Other net decreases in covered assets and FDIC loss share receivable | 84,900 | 21,915 | 8,122 |
Purchases of premises and equipment | -10,106 | -46,099 | -21,138 |
Proceeds from sales of other assets | 13,123 | 64,750 | 41,847 |
Purchase of BOLI | 0 | -59,000 | 0 |
Cash (invested in) received from unconsolidated investments and noncontrolling interest | -1,108 | 323 | -1,795 |
Net cash proceeds received in merger and acquisition transactions | 56,786 | 28,542 | 365,394 |
Net cash (used) provided by investing activities | -75,119 | 187,596 | 793,010 |
Cash flows from financing activities: | ' | ' | ' |
Net increase (decrease) in deposits | 15,354 | 13,602 | -711,568 |
Net proceeds from (repayments of) other borrowings | 132 | -21,083 | -73,111 |
Net increase (decrease) in repurchase agreements with customers | 17,148 | -3,260 | -11,262 |
Proceeds from exercise of stock options | 4,274 | 3,979 | 4,032 |
Excess tax benefit on exercise of stock option and vesting of common stock under restricted stock plan | 3,173 | 1,538 | 870 |
Repurchase of common stock under restricted stock plan | -1,370 | -341 | 0 |
Cash dividends paid on common stock | -25,744 | -17,293 | -12,661 |
Net cash provided (used) by financing activities | 12,967 | -22,858 | -803,700 |
Net (decrease) increase in cash and cash equivalents | -11,992 | 149,040 | 9,898 |
Cash and cash equivalents - beginning of year | 207,967 | 58,927 | 49,029 |
Cash and cash equivalents - end of year | $195,975 | $207,967 | $58,927 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
1. Summary of Significant Accounting Policies | |
Organization — Bank of the Ozarks, Inc. (the “Company”) is a bank holding company headquartered in Little Rock, Arkansas, which operates under the rules and regulations of the Board of Governors of the Federal Reserve System. The Company owns a wholly-owned state chartered bank subsidiary – Bank of the Ozarks (the “Bank”), four 100%-owned finance subsidiary business trusts – Ozark Capital Statutory Trust II (“Ozark II”), Ozark Capital Statutory Trust III (“Ozark III”), Ozark Capital Statutory Trust IV (“Ozark IV”) and Ozark Capital Statutory Trust V (“Ozark V”) (collectively, the “Trusts”) and, indirectly through the Bank, a subsidiary engaged in the development of real estate, a subsidiary that owns private aircraft and various other entities that hold foreclosed assets or tax credits or engage in other activities. The Bank is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. At December 31, 2013, the Company had 131 offices, including 66 in Arkansas, 28 in Georgia, 15 in North Carolina, 13 in Texas, four in Florida, three in Alabama, and one office each in South Carolina and New York. | |
Basis of presentation, use of estimates and principles of consolidation — The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, assumptions and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
The consolidated financial statements include the accounts of the Company, the Bank, the real estate subsidiary and the aircraft subsidiary. In addition, subsidiaries in which the Company has majority voting interest (principally defined as owning a voting or economic interest greater than 50%) or where the Company exercises control over the operating and financial policies of the subsidiary through an operating agreement or other means are consolidated. Investments in companies in which the Company has significant influence over voting and financing decisions (principally defined as owning a voting or economic interest of 20% to 50%) and investments in limited partnerships and limited liability companies where the Company does not exercise control over the operating and financial policies are generally accounted for by the equity method of accounting. Investments in limited partnerships and limited liability companies in which the Company’s interest is so minor such that it has virtually no influence over operating and financial policies (typically less than 20%) are generally accounted for by the cost method of accounting. Significant intercompany transactions and amounts have been eliminated in consolidation. | |
The voting interest approach is not applicable for entities that are not controlled through voting interests or in which the equity investors do not bear the residual economic risk. In such instances, management makes a determination, based on its review of applicable GAAP, on when the assets, liabilities and activities of a variable interest entity (“VIE”) should be included in the Company’s consolidated financial statements. GAAP requires a VIE to be consolidated by a company if that company is considered the primary beneficiary of the VIE’s activities. The Company has determined that the 100%-owned finance subsidiary Trusts are VIEs, but that the Company is not the primary beneficiary of the Trusts. Accordingly, the Company does not consolidate the activities of the Trusts into its financial statements, but instead reports its ownership interests in the Trusts as other assets and reports the subordinated debentures issued to the Trusts as a liability in the consolidated balance sheets. The distributions on the subordinated debentures are reported as interest expense in the accompanying consolidated statements of income. | |
Cash and cash equivalents — For cash flow purposes, cash and cash equivalents include cash on hand, amounts due from banks and interest earning deposits with banks. | |
Investment securities — Management determines the appropriate classification of investment securities at the time of purchase and reevaluates such designation as of each balance sheet date. At December 31, 2013 and 2012, the Company has classified all of its investment securities as available for sale (“AFS”). | |
AFS investment securities are stated at estimated fair value, with the unrealized gains and losses determined on a specific identification basis. Such unrealized gains and losses, net of tax, are reported as a separate component of stockholders’ equity and included in other comprehensive income (loss). The Company utilizes independent third parties as its principal pricing sources for determining fair value of investment securities which are measured on a recurring basis. As a result, the Company receives estimates of fair values from at least two independent pricing sources for the majority of its individual securities within its investment portfolio. For investment securities traded in an active market, fair values are based on quoted market prices if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable securities, broker quotes or comprehensive interest rate tables, pricing matrices or a combination thereof. For investment securities traded in a market that is not active, fair value is determined using unobservable inputs. Additionally, the valuation of investment securities acquired may include certain unobservable inputs. All fair value estimates received by the Company for its investment securities are reviewed and approved on a quarterly basis by the Company’s Investment Portfolio Manager and its Chief Financial Officer. | |
At December 31, 2013 and 2012, the Company owned stock in the Federal Home Loan Bank of Dallas (“FHLB-Dallas”) and First National Banker’s Bankshares, Inc. (“FNBB”), which do not have readily determinable fair values and are carried at cost. | |
Declines in the fair value of investment securities below their amortized cost are reviewed at least quarterly by the Company for other-than-temporary impairment. Factors considered during such review include, among other things, the length of time and extent that fair value has been less than cost and the financial condition and near term prospects of the issuer. The Company also assesses whether it has the intent to sell the investment security or more likely than not would be required to sell the investment security before any anticipated recovery in fair value. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through the income statement. For securities that do not meet the aforementioned criteria, the amount of impairment is split into (i) other-than-temporary impairment related to credit loss, which must be recognized in the income statement, and (ii) other-than-temporary impairment related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. | |
The fair values of the Company’s investment securities traded in both active and inactive markets can be volatile and may be influenced by a number of factors including market interest rates, prepayment speeds, discount rates, credit quality of the issuer, general market conditions including market liquidity conditions and other factors. Factors and conditions are constantly changing and fair values could be subject to material variations that may significantly impact the Company’s financial condition, results of operations and liquidity. | |
Interest and dividends on investment securities, including the amortization of premiums and accretion of discounts through maturity, or in the case of mortgage-backed securities, over the estimated life of the security, are included in interest income. Realized gains or losses on the sale of investment securities are recognized on the specific identification method at the time of sale and are included in non-interest income. Purchases and sales of investment securities are recorded on a trade-date basis. | |
Loans and leases — Loans, excluding loans covered by Federal Deposit Insurance Corporation (“FDIC”) loss share agreements (“covered loans”) and purchased loans not covered by FDIC loss share agreements (“purchased non-covered loans”), that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs and deferred fees or costs. Interest on loans is recognized on an accrual basis and is calculated using the simple interest method on daily balances of the principal amount outstanding. Loan origination fees and costs are generally deferred and recognized over the life of the loan as an adjustment to yield on the related loan. | |
Leases are classified as either direct financing leases or operating leases, based on the terms of the agreement. Direct financing leases are reported as the sum of (i) total future lease payments to be received, net of unearned income, and (ii) estimated residual value of the leased property. Operating leases are recorded at the cost of the leased property, net of accumulated depreciation. Income on direct financing leases is included in interest income and is recognized on a basis that achieves a constant periodic rate of return on the outstanding investment. Income on operating leases is recognized as non-interest income on a straight-line basis over the lease term. | |
In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the financial statements when they are funded. Related fees are generally recognized when collected. | |
Mortgage loans held for sale are included in the Company’s loans and leases and totaled $15.3 million and $36.4 million, respectively, at December 31, 2013 and 2012. Mortgage loans held for sale are carried at the lower of cost or fair value. Gains and losses from the sales of mortgage loans are the difference between the selling price of the loan and its carrying value, net of discounts and points, and are recognized as mortgage lending income when the loan is sold to investors and servicing rights are released. | |
As part of its standard mortgage lending practice, the Company issues a written put option, in the form of an interest rate lock commitment (“IRLC”), such that the interest rate on the mortgage loan is established prior to funding. In addition to the IRLC, the Company enters into a forward sale commitment (“FSC”) for the sale of its mortgage loan originations to reduce its market risk on such originations in process. The IRLC on mortgage loans held for sale and the FSC have been determined to be derivatives as defined by GAAP. Accordingly, the fair values of derivative assets and liabilities for the Company’s IRLC and FSC are based primarily on the fluctuation of interest rates between the date on which the particular IRLC and FSC were entered into and year-end. At December 31, 2013 and 2012, respectively, the Company’s IRLC and FSC derivative assets and corresponding derivative liabilities were not material. The notional amounts of loan commitments under both the IRLC and FSC were $12.8 million and $18.1 million at December 31, 2013 and 2012, respectively. | |
Covered loans — Covered loans are accounted for in accordance with the provisions of GAAP applicable to loans acquired with deteriorated credit quality and pursuant to the American Institute of Certified Public Accountants’ (“AICPA”) December 18, 2009 letter in which the AICPA summarized the Securities and Exchange Commission’s (“SEC”) view regarding the accounting in subsequent periods for discount accretion associated with non-credit impaired loans acquired in a business combination or asset purchase. Considering, among other factors, the general lack of adequate underwriting, proper documentation, appropriate loan structure and insufficient equity contributions for a large number of these covered loans, and the uncertainty of the borrowers’ and/or guarantors’ ability or willingness to make contractually required (or any) principal and interest payments, management has determined that a significant portion of the loans acquired in FDIC-assisted acquisitions had evidence of credit deterioration since origination. Accordingly, management has elected to apply the provisions of GAAP applicable to loans acquired with deteriorated credit quality, as provided by the AICPA’s December 18, 2009 letter, to all loans acquired in its FDIC-assisted acquisitions. | |
At the time such covered loans are acquired, management individually evaluates substantially all loans acquired in the transaction. This evaluation allows management to determine the estimated fair value of the covered loans (not considering any FDIC loss sharing agreements) and includes no carryover of any previously recorded allowance for loan and lease losses. In determining the estimated fair value of covered loans, management considers a number of factors including, among other things, the remaining life of the acquired loans, estimated prepayments, estimated loss ratios, estimated value of the underlying collateral, estimated holding periods, and net present value of cash flows expected to be received. To the extent that any covered loan acquired is not specifically reviewed, management applies a loss estimate to that loan based on the average expected loss rates for the covered loans that were individually reviewed in that covered loan portfolio. | |
As provided for under GAAP, management has up to 12 months following the date of the acquisition to finalize the fair values of acquired assets and assumed liabilities. Once management has finalized the fair values of acquired assets and assumed liabilities within this 12-month period, management considers such values to be the day 1 fair values (“Day 1 Fair Values”). | |
In determining the Day 1 Fair Values of covered loans, management calculates a non-accretable difference (the credit component of the covered loans) and an accretable difference (the yield component of the covered loans). The non-accretable difference is the difference between the contractually required payments and the cash flows expected to be collected in accordance with management’s determination of the Day 1 Fair Values. Subsequent increases in expected cash flows will result in an adjustment to accretable yield, which would have a positive impact on interest income. Subsequent decreases in expected cash flows will generally result in a provision for loan and lease losses. Subsequent increases in expected cash flows following any previous decrease will result in a reversal of the provision for loan and lease losses to the extent of prior charges and then an adjustment to accretable yield. Any such increase or decrease in expected cash flows will result in a corresponding adjustment of the FDIC loss share receivable or the accretion thereof and the FDIC clawback payable or the amortization thereof for the portion of such reduced or additional loss expected to be collected from the FDIC. | |
The accretable difference on covered loans is the difference between the expected cash flows and the net present value of expected cash flows. Such difference is accreted into earnings using the effective yield method over the term of the loans. In determining the net present value of the expected cash flows for purposes of establishing the Day 1 Fair Values, the Company used discount rates ranging from 6.0% to 9.5% per annum depending on the risk characteristics of each individual loan. At December 31, 2013, the weighted average period during which management expects to receive the estimated cash flows for its covered loan portfolio (not considering any payment under the FDIC loss share agreements) is 2.4 years. | |
Management separately monitors the covered loan portfolio and periodically reviews loans contained within this portfolio against the factors and assumptions used in determining the Day 1 Fair Values. A loan is typically reviewed (i) when it is modified or extended, (ii) when material information becomes available to the Company that provides additional insight regarding the loan’s performance, the status of the borrower, or the quality or value of the underlying collateral, or (iii) in conjunction with the annual review of projected cash flows which include a substantial portion of each acquired covered loan portfolio. Management separately reviews the performance of the portfolio of covered loans on an annual basis, or more frequently to the extent that material information becomes available regarding the performance of an individual loan, to make determinations of the constituent loans’ performance and to consider whether there has been any significant change in performance since management’s initial expectations established in conjunction with the determination of the Day 1 Fair Values or since management’s most recent review of such portfolio’s performance. To the extent that a loan is performing in accordance with or exceeding management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is rated FV1, is not included in any of the Company’s credit quality ratios, is not considered to be an impaired loan, and is not considered in the determination of the required allowance for loan and lease losses. For any loan that is exceeding management’s performance expectation established in conjunction with the determination of Day 1 Fair Values, the accretable yield on such loan is adjusted to reflect such increased performance. To the extent that a loan’s performance has deteriorated from management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is rated FV2, is included in certain of the Company’s credit quality metrics, is considered an impaired loan, and is considered in the determination of the required level of allowance for loan and lease losses. Any improvement in the expected performance of a covered loan would result in a reversal of the provision for loan and lease losses to the extent of prior charges and then an adjustment to accretable yield. | |
Purchased non-covered loans — Purchased non-covered loans include a small volume of non-covered loans acquired in FDIC-assisted acquisitions and loans acquired in the Company’s non-FDIC-assisted acquisitions and are initially recorded at fair value on the date of purchase. Purchased non-covered loans that contain evidence of credit deterioration on the date of purchase are carried at the net present value of expected future proceeds. All other purchased non-covered loans are recorded at their initial fair value, adjusted for subsequent advances, pay downs, amortization or accretion of any premium or discount on purchase, charge-offs and any other adjustment to carrying value. | |
At the time of acquisition of purchased non-covered loans, management individually evaluates substantially all loans acquired in the transaction. For those purchased loans without evidence of credit deterioration, management evaluates each reviewed loan using an internal grading system with a grade assigned to each loan at the date of acquisition. To the extent that any purchased non-covered loan is not specifically reviewed, such loan is assumed to have characteristics similar to the characteristics of the aggregate acquired portfolio. The grade for each purchased non-covered loan is reviewed subsequent to the date of acquisition any time a loan is renewed or extended or at any time information becomes available to the Company that provides material insight regarding the loan’s performance, the borrower or the underlying collateral. To the extent that current information indicates it is probable that the Company will collect all amounts according to the contractual terms thereof, such loan is not considered impaired and is not considered in the determination of the required ALLL. To the extent that current information indicates it is probable that the Company will not be able to collect all amounts according to the contractual terms thereon, such loan is considered impaired and is considered in the determination of the required level of allowance for loan and lease losses. | |
In determining the Day 1 Fair Values of purchased non-covered loans without evidence of credit deterioration at the date of acquisition, management includes (i) no carry over of any previously recorded allowance for loan losses and (ii) an adjustment of the unpaid principal balance to reflect an appropriate market rate of interest, given the risk profile and grade assigned to each loan. This adjustment will be accreted into earnings as a yield adjustment, using the effective yield method, over the remaining life of each loan. | |
Purchased non-covered loans that contain evidence of credit deterioration on the date of purchase are accounted for in accordance with the provisions of GAAP applicable to loans acquired with deteriorated credit quality. At the time such purchased non-covered loans with evidence of credit deterioration are acquired, management individually evaluates each loan to determine the estimated fair value of each loan. This evaluation includes no carryover of any previously recorded allowance for loan and lease losses. In determining the estimated fair value of purchased non-covered loans with evidence of credit deterioration, management considers a number of factors including, among other things, the remaining life of the acquired loans, estimated prepayments, estimated loss ratios, estimated value of the underlying collateral, estimated holding periods, and net present value of cash flows expected to be received. | |
In determining the Day 1 Fair Values of purchased non-covered loans with evidence of credit deterioration, management calculates a non-accretable difference (the credit component of the purchased loans) and an accretable difference (the yield component of the purchased loans). The non-accretable difference is the difference between the contractually required payments and the cash flows expected to be collected in accordance with management’s determination of the Day 1 Fair Values. Subsequent increases in expected cash flows will result in an adjustment to accretable yield, which will have a positive impact on interest income. Subsequent decreases in expected cash flows will generally result in a provision for loan and lease losses. Subsequent increases in expected cash flows following any previous decreases will result in a reversal of the provision for loan and lease losses to the extent of prior charges and then an adjustment to accretable yield. | |
The accretable difference on purchased non-covered loans with evidence of credit deterioration is the difference between the expected cash flows and the net present value of expected cash flows. Such difference is accreted into earnings using the effective yield method over the term of the loans. In determining the net present value of the expected cash flows for purposes of establishing the Day 1 Fair Values, the Company used discount rates ranging from 6.0% to 9.5% per annum depending on the risk characteristics of each individual loan. | |
Management separately monitors purchased non-covered loans with evidence of credit deterioration on the date of purchase and periodically reviews such loans contained within this portfolio against the factors and assumptions used in determining the Day 1 Fair Values. A loan is reviewed (i) any time it is renewed or extended, (ii) at any other time additional information becomes available to the Company that provides material additional insight regarding the loan’s performance, the status of the borrower, or the quality or value of the underlying collateral, or (iii) in conjunction with the annual review of projected cash flows of each acquired portfolio. Management separately reviews the performance of the portfolio of purchased non-covered loans with evidence of credit deterioration on an annual basis, or more frequently to the extent that material information becomes available regarding the performance of an individual loan, to make determinations of the constituent loans’ performance and to consider whether there has been any significant change in performance since management’s initial expectations established in conjunction with the determination of the Day 1 Fair Values or since management’s most recent review of such portfolio’s performance. To the extent that a loan is performing in accordance with or exceeding management’s performance expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is rated FV66, is not included in any of the credit quality ratios, is not considered to be a nonaccrual or impaired loan, and is not considered in the determination of the required allowance for loan and lease losses. For any loan that is exceeding management’s performance expectation established in conjunction with the determination of Day 1 Fair Values, the accretable yield on such loan is adjusted to reflect such increased performance. To the extent that a loan’s performance has deteriorated from management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is rated 88, is included in certain of the Company’s credit quality metrics, is considered an impaired loan, and is considered in the determination of the required level of allowance for loan and lease losses. Any improvement in the expected performance of such loan would result in a reversal of the provision for loan and lease losses to the extent of prior charges and then an adjustment to accretable yield. | |
FDIC loss share receivable — In connection with the Company’s FDIC-assisted acquisitions, the Company has recorded a FDIC loss share receivable to reflect the indemnification provided by the FDIC. Currently, the expected losses on covered assets for each of the Company’s loss share agreements would result in expected recovery of approximately 80% of incurred losses. Since the indemnified items are covered loans and covered foreclosed assets, which are initially measured at Day 1 Fair Values, the FDIC loss share receivable is also initially measured and recorded at Day 1 Fair Values, and is calculated by discounting the cash flows expected to be received from the FDIC. A discount rate of 5.0% per annum was used to determine the Day 1 Fair Values of the FDIC loss share receivable. These cash flows are estimated by multiplying estimated losses by the reimbursement rates as set forth in the loss share agreements. The balance of the FDIC loss share receivable and the accretion (or amortization) thereof is adjusted periodically to reflect changes in expectations of discounted cash flows, expense reimbursements under the loss share agreements and other factors. The Company is accreting (or amortizing) its FDIC loss share receivable over the shorter of (i) the contractual term of the indemnification agreement (ten years for the single family loss share agreements, and five years for the non-single family loss share agreements) or (ii) the remaining life of the indemnified asset. | |
FDIC clawback payable — Pursuant to the clawback provisions of the loss share agreements for the Company’s FDIC-assisted acquisitions, the Company may be required to reimburse the FDIC should actual losses be less than certain thresholds established in each loss share agreement. The amount of the clawback provision for each acquisition is measured and recorded at Day 1 Fair Values. It is calculated as the difference between management’s estimated losses on covered loans and covered foreclosed assets and the loss threshold contained in each loss share agreement, multiplied by the applicable clawback provisions contained in each loss share agreement. This clawback amount, which is payable to the FDIC upon termination of the applicable loss share agreement, is then discounted back to net present value, generally over ten years, using a discount rate of 5.0% per annum. To the extent that actual losses on covered loans and covered foreclosed assets are less than estimated losses, the applicable clawback payable to the FDIC upon termination of the loss share agreements will increase. To the extent that actual losses on covered loans and covered foreclosed assets are more than estimated losses, the applicable clawback payable to the FDIC upon termination of the loss share agreements will decrease. The balance of the FDIC clawback payable and the amortization thereof are adjusted periodically to reflect changes in expected losses on covered assets and the impact of such changes on the clawback payable and other factors. | |
Allowance for loan and lease losses (“ALLL”) — The ALLL is established through a provision for such losses charged against income. All or portions of loans or leases, excluding purchased non-covered loans and covered loans, deemed to be uncollectible are charged against the ALLL when management believes that collectability of all or some portion of outstanding principal is unlikely. Subsequent recoveries, if any, of loans or leases previously charged off are credited to the ALLL. | |
The ALLL is maintained at a level management believes will be adequate to absorb probable incurred losses in the loan and lease portfolio. Provision to and the adequacy of the ALLL are based on evaluations of the loan and lease portfolio utilizing objective and subjective criteria. The objective criteria primarily include an internal grading system and specific allowances. In addition to the objective criteria, the Company subjectively assesses the adequacy of the ALLL and the need for additions thereto, with consideration given to the nature and mix of the portfolio, including concentrations of credit; general economic and business conditions, including national, regional and local business and economic conditions that may affect the borrowers’ or lessees’ ability to pay; expectations regarding the current business cycle; trends that could affect collateral values and other relevant factors. The Company also utilizes a peer group analysis and a historical analysis to validate the overall adequacy of its ALLL. Changes in any of these criteria or the availability of new information could require adjustment of the ALLL in future periods. While a specific allowance has been calculated for impaired loans and leases and for loans and leases where the Company has otherwise determined a specific reserve is appropriate, no portion of the Company’s ALLL is restricted to any individual loan or lease or group of loans or leases, and the entire ALLL is available to absorb losses from any and all loans and leases. | |
The Company’s internal grading system assigns one of nine grades, to all loans and leases, with each grade being assigned an allowance allocation percentage, except residential 1-4 family loans, consumer loans, purchased non-covered loans, covered loans, and certain other loans. The grade for each graded individual loan or lease is determined by the account officer and other approving officers at the time of the loan or lease is made and changed from time to time to reflect an ongoing assessment of loan or lease risk. Grades are reviewed on specific loans and leases from time to time by senior management and as part of the Company’s internal loan review process. The risk elements considered by management in its determination of the appropriate grade for individual loans and leases include the following, among others: (1) for non-farm/non-residential, multifamily residential, and agricultural real estate loans, the debt service coverage ratio (income from the property in excess of operating expenses compared to loan repayment requirements), operating results of the owner in the case of owner-occupied properties, the loan-to-value ratio, the age, condition, value, nature and marketability of the collateral and the specific risks and volatility of income, property value and operating results typical of properties of that type; (2) for construction and land development loans, the perceived feasibility of the project including the ability to sell developed lots or improvements constructed for resale or ability to lease property constructed for lease, the quality and nature of contracts for presale or preleasing, if any, experience and ability of the developer and loan-to-cost and loan-to-value ratios; (3) for commercial and industrial loans and leases, the operating results of the commercial, industrial or professional enterprise, the borrower’s or lessee’s business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in the applicable industry and the age, condition, value, nature and marketability of collateral; and (4) for non-real estate agricultural loans and leases, the operating results, experience and ability of the borrower or lessee, historical and expected market conditions and the age, condition, value, nature and marketability of collateral. In addition, for each category the Company considers secondary sources of income and the financial strength of the borrower or lessee and any guarantors. | |
Residential 1-4 family, consumer loans and certain other loans, are assigned an allowance allocation percentage based on past due status. | |
Allowance allocation percentages for the various risk grades and past due categories for residential 1-4 family, consumer loans and certain other loans are determined by management and are adjusted periodically. In determining these allowance allocation percentages, management considers, among other factors, historical loss percentages and a variety of subjective criteria in determining the allowance allocation percentages. | |
For covered loans, management separately monitors this portfolio and periodically reviews loans contained within this portfolio against the factors and assumptions used in determining the Day 1 Fair Values. To the extent that a loan’s performance has deteriorated from management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is considered in the determination of the required level of ALLL. To the extent that a revised loss estimate exceeds the loss estimate established in the determination of the Day 1 Fair Values, such deterioration will result in an allowance allocation or a charge-off. | |
For purchased non-covered loans, management segregates this portfolio into loans that contain evidence of credit deterioration on the date of purchase and loans that do not contain evidence of credit deterioration on the date of purchase. Purchased non-covered loans with evidence of credit deterioration are regularly monitored and are periodically reviewed by management. To the extent that a loan’s performance has deteriorated from management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is considered in the determination of the required level of ALLL. To the extent that a revised loss estimate exceeds the loss estimate established in the determination of Day 1 Fair Values, such determination will result in an allowance allocation or a charge-off. | |
All other purchased non-covered loans are graded by management at the time of purchase. The grade on these purchased non-covered loans is reviewed regularly as part of the ongoing assessment of such loans. To the extent that current information indicates it is probable that the Company will not be able to collect all amounts according to the contractual terms thereof, such loan is considered in the determination of the required level of ALLL and may result in an allowance allocation or a charge-off. | |
At December 31, 2013 and 2012, the Company had no allowance for its purchased non-covered loans and its covered loans because all losses had been charged off on such loans whose performance had deteriorated from management’s expectations established in conjunction with the determination of the Day 1 Fair Values. | |
The Company generally places a loan or lease, excluding purchased non-covered loans with evidence of credit deterioration on the date of purchase and covered loans, on nonaccrual status when such loan or lease is (i) deemed impaired or (ii) 90 days or more past due, or earlier when doubt exists as to the ultimate collection of payments. The Company may continue to accrue interest on certain loans or leases contractually past due 90 days or more if such loans or leases are both well secured and in the process of collection. At the time a loan or lease is placed on nonaccrual status, interest previously accrued but uncollected is reversed and charged against interest income. Nonaccrual loans and leases are generally returned to accrual status when payments are less than 90 days past due and the Company reasonably expects to collect all payments. If a loan or lease is determined to be uncollectible, the portion of the principal determined to be uncollectible will be charged against the ALLL. Loans for which the terms have been modified and for which (i) the borrower is experiencing financial difficulties and (ii) a concession has been granted to the borrower by the Company are considered troubled debt restructurings (“TDRs”) and are included in impaired loans and leases. Income on nonaccrual loans or leases, including impaired loans and leases but excluding certain TDRs which continue to accrue interest, is recognized on a cash basis when and if actually collected. For the year ended December 31, 2013, there were no defaults during the preceding 12 months on any loans that were considered TDRs. | |
All loans and leases deemed to be impaired are evaluated individually. The Company considers a loan or lease, excluding purchased non-covered loans with evidence of credit deterioration at the date of puchase and covered loans, to be impaired when based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms thereof. The Company considers a purchased non-covered loan with evidence of credit deterioration at the date of purchase and a covered loan to be impaired once a decrease in expected cash flows or other deterioration in the loan’s expected performance, subsequent to the determination of the Day 1 Fair Values, results in an allowance allocation, a partial or full charge-off or in a provision for loan and lease losses. Most of the Company’s nonaccrual loans and leases, excluding purchased non-covered loans and covered loans, and all TDRs are considered impaired. The majority of the Company’s impaired loans and leases are dependent upon collateral for repayment. For such loans and leases, impairment is measured by comparing collateral value, net of holding and selling costs, to the current investment in the loan or lease. For all other impaired loans and leases, the Company compares estimated discounted cash flows to the current investment in the loan or lease. To the extent that the Company’s current investment in a particular loan or lease exceeds its estimated net collateral value or its estimated discounted cash flows, the impaired amount is specifically considered in the determination of the ALLL or is charged off as a reduction of the ALLL. | |
The Company also maintains an allowance for certain loans and leases, excluding purchased non-covered loans and covered loans, not considered impaired where (i) the customer is continuing to make regular payments, although payments may be past due, (ii) there is a reasonable basis to believe the customer may continue to make regular payments, although there is also an elevated risk that the customer may default, and (iii) the collateral or other repayment sources are likely to be insufficient to recover the current investment in the loan or lease if a default occurs. The Company evaluates such loans and leases to determine if an allowance is needed for these loans and leases. For the purpose of calculating the amount of such allowance, management assumes that (i) no further regular payments occur and (ii) all sums recovered will come from liquidation of collateral and collection efforts from other payment sources. To the extent that the Company’s current investment in a particular loan or lease evaluated for the need for such allowance exceeds its net collateral value or its estimated discounted cash flows, such excess is considered allocated allowance for purposes of the determination of the ALLL. | |
The Company may also include further allowance allocation for risk-rated loans, including commercial real estate loans and excluding purchased non-covered loans and covered loans, that are in markets determined by management to be “stressed.” Stressed markets may include any specific geography experiencing (i) high unemployment substantially above the U.S. average, (ii) significant over-development in one or more commercial real estate categories, (iii) recent or announced loss of a major employer or significant workforce reductions, (iv) significant declines in real estate values and (v) various other factors. The additional ALLL for such stressed markets compensates for the expectation that a higher risk of loss is anticipated for the “work-out” or liquidation of a real estate loan in a stressed market versus a market that is not experiencing any significant levels of stress. The required allocation percentage applicable to real estate loans in stressed markets may be applied to the total market or it may be determined at the individual loan level based on collateral value, loan-to-value ratios, strength of the borrower and/or guarantor, viability of the underlying project and other factors. The Company had no allowance allocation for loans in stressed markets at December 31, 2013 or 2012. | |
The Company also includes specific ALLL allocations for qualitative factors including, among other factors, (i) concentrations of credit, (ii) general economic and business conditions, (iii) trends that could affect collateral values and (iv) expectations regarding the current business cycle. The Company may also consider other qualitative factors in future periods for additional ALLL allocations, including, among other factors, (1) credit quality trends (including trends in nonperforming loans and leases expected to result from existing conditions), (2) seasoning of the loan and lease portfolio, (3) specific industry conditions affecting portfolio segments, (4) the Company’s expansion into new markets and (5) the offering of new loan and lease products. | |
Changes in the criteria used in this evaluation or the availability of new information could cause the ALLL to be increased or decreased in future periods. In addition, bank regulatory agencies, as part of their examination process, may require adjustments to the ALLL based on their judgment and estimates. | |
The accrual of interest on loans and leases, excluding purchased non-covered loans with evidence of credit deterioration at the date of purchase and covered loans, is discontinued when, in management’s opinion, the borrower or lessee may be unable to meet payments as they become due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent interest payments are received. Interest income on purchased non-covered loans with evidence of credit deterioration at the date of purchase and covered loans is accreted into income and is the difference between the carrying value of the loans and the net present value of expected cash flows. | |
Premises and equipment — Premises and equipment are reported at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets. Depreciable lives for the major classes of assets are generally 20 to 45 years for buildings and 3 to 25 years for furniture, fixtures, equipment and certain building improvements. Leasehold improvements are amortized over the shorter of the asset’s estimated useful life or the term of the lease. Accelerated depreciation methods are used for income tax purposes. Maintenance and repair charges are expensed as incurred. | |
Foreclosed assets covered by FDIC loss share agreements — Foreclosed assets covered by FDIC loss share agreements, or covered foreclosed assets, are initially recorded at Day 1 Fair Values. In estimating the Day 1 Fair Values of covered foreclosed assets, management considers a number of factors including, among others, appraised value, estimated selling prices, estimated holding periods and net present value of cash flows expected to be received. Discount rates ranging from 8.0% to 9.5% per annum were used to determine the net present value of covered foreclosed assets for purposes of establishing the Day 1 Fair Values. Valuations of these assets are periodically reviewed by management with the carrying value of such assets adjusted through non-interest income to the then estimated fair value net of estimated selling costs, if lower, until disposition. Fair values of these assets are generally based on third party appraisals, broker price opinions or other valuations of the property. Gains and losses on sales of covered foreclosed assets are recorded in non-interest income. Expenses to maintain the properties, net of amounts reimbursable by the FDIC, are included in non-interest expense. | |
Foreclosed assets not covered by FDIC loss share agreements — Repossessed personal properties and real estate acquired through or in lieu of foreclosure are initially recorded at the lesser of current principal investment or fair value less estimated cost to sell (generally 8% to 10%) at the date of repossession or foreclosure. Valuations of these assets are periodically reviewed by management with the carrying value of such assets adjusted through non-interest expense to the then estimated fair value net of estimated selling costs, if lower, until disposition. Fair values of these assets are generally based on third party appraisals, broker price opinions or other valuations of the property. Gains and losses from the sale of such repossessions and real estate acquired through or in lieu of foreclosure are recorded in non-interest income, and expenses to maintain the properties are included in non-interest expense. | |
Income taxes — The Company utilizes the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based upon the difference between the values of the assets and liabilities as reflected in the financial statements and their related tax basis using enacted tax rates in effect for the year or years in which the differences are expected to be recovered or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. | |
As a result of recording, at fair value, acquired assets and assumed liabilities pursuant to business combinations, differences in amounts reported for financial statement purposes and their related basis for federal and state income tax purposes are created. Such differences are recorded as deferred tax assets and liabilities using enacted tax rates in effect for the year or years in which the differences are expected to be recovered or settled. Business combination transactions may result in the acquisition of net operating loss carryforwards and other assets with built-in losses, the realization of which are subject to limitations pursuant to section 382 (“section 382 limitations”) of the Internal Revenue Code (“IRC”). In determining the section 382 limitation associated with a business combination, management must make a number of estimates and assumptions regarding the ability to utilize acquired net operating loss carryforwards and the expected timing of future recoveries or settlements of acquired assets with built-in losses. To the extent that information available as of the date of acquisition results in a determination by management that some portion of net operating loss carryforwards cannot be utilized or assets with built-in losses are expected to be settled or recovered in future periods in which the ability to realize the benefits will be subject to section 382 limitations, a deferred tax valuation allowance is established for the estimated amount of the deferred tax assets subject to the section 382 limitation. To the extent that information becomes available, during the first 12 months following the consummation of a business combination transaction, that results in changes in management’s initial estimates and assumptions regarding the expected utilization of net operating loss carryforwards or the expected settlement or recovery of acquired assets with built-in losses subject to section 382 limitations, an increase or decrease of the deferred tax valuation allowance will be recorded as an adjustment to bargain purchase gain or goodwill. To the extent that such information becomes available 12 months or more after the consummation of a business combination transaction, or additional information becomes available during the first 12 months as a result of changes in circumstances since the date of the consummation of a business combination transaction, an increase or decrease of the deferred tax valuation allowance will be recorded as an adjustment to deferred income tax expense (benefit). | |
In connection with the acquisition of The First National Bank of Shelby (“First National Bank”), management determined that net operating loss carryforwards and other assets with built-in losses are expected to be settled or otherwise recovered in future periods where the realization of such benefits would be subject to section 382 limitations. Accordingly, as of the date of acquisition and at December 31, 2013, the Company had established a deferred tax valuation allowance of approximately $4.1 million to reflect its assessment that the realization of the benefits from the settlement or recovery of certain of these acquired assets and net operating losses are expected to be subject to section 382 limitations. To the extent that additional information becomes available, management may be required to adjust its estimates and assumptions regarding the realization of the benefits associated with these acquired assets by adjusting this deferred tax valuation allowance. | |
The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a greater than 50% likelihood of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |
The Company files consolidated tax returns. The Bank and the other consolidated entities provide for income taxes on a separate return basis and remit to the Company amounts determined to be currently payable. The Company recognizes interest related to income tax matters as interest income or expense, and penalties related to income tax matters are recognized as non-interest expense. The Company is no longer subject to income tax examinations by U.S. federal tax authorities for years prior to 2010. | |
Bank owned life insurance (“BOLI”) — BOLI consists of life insurance purchased by the Company on (i) a qualifying group of officers with the Company designated as owner and beneficiary of the policies and (ii) one of the Company’s executive officers with the Company designated as owner and both the Company and the executive officer designated as beneficiaries of the policies. The earnings on BOLI policies are used to offset a portion of employee benefit costs. BOLI is carried at the policies’ realizable cash surrender values with changes in cash surrender values and death benefits received in excess of cash surrender values reported in non-interest income. | |
Intangible assets — Intangible assets consist of goodwill, bank charter costs and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The Company had goodwill of $5.2 million at both December 31, 2013 and 2012. The Company performed its annual impairment test of goodwill as of September 30, 2013. This test indicated no impairment of the Company’s goodwill. | |
Bank charter costs represent costs paid to acquire a Texas bank charter and are being amortized over 20 years. Bank charter costs totaled $239,000 at both December 31, 2013 and 2012, less accumulated amortization of $119,000 and $107,000 at December 31, 2013 and 2012, respectively. | |
Core deposit intangibles represent premiums paid for deposits acquired via acquisition and are being amortized over three to seven years. Core deposit intangibles totaled $20.6 million and $10.4 million at December 31, 2013 and 2012, respectively, less accumulated amortization of $6.8 million and $3.9 million at December 31, 2013 and 2012, respectively. | |
The aggregate amount of amortization expense for the Company’s core deposit and bank charter intangibles is expected to be $3.1 million in 2014; $2.8 million in 2015, $2.0 million in 2016, $1.7 million in 2017 and $1.7 million in 2018. | |
Stock-based compensation — The Company has an employee stock option plan, a non-employee director stock option plan and an employee restricted stock plan, which are described more fully in Note 14. The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Such cost is to be recognized over the vesting period of the award. For the years ended December 31, 2013, 2012 and 2011, the Company recognized $4.5 million, $2.6 million and $1.5 million, respectively, of non-interest expense for its stock-based compensation plans. | |
Earnings per common share — Earnings per common share are computed using the two-class method. Basic earnings per share are computed by dividing net earnings allocated to common stockholders by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per common share are computed by dividing reported earnings allocated to common stockholders by the weighted-average number of common shares outstanding after consideration of the dilutive effect, if any, of the Company’s common stock options using the treasury stock method. The Company has determined that its outstanding non-vested stock awards granted under its restricted stock plan are participating securities. | |
Segment disclosures — The Company operates in only one segment – community banking. Accordingly, there is no requirement to report segment information in the Company’s consolidated financial statements. No revenues are derived from foreign countries and no single external customer comprises more than 10% of the Company’s revenues. | |
Recent accounting pronouncements — In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Comprehensive Income,” that requires disclosure, either in a single footnote or parenthetically on the face of the financial statements, of the effect of significant items reclassified from accumulated other comprehensive income to their respective line items in the statement of net income. The effective date of ASU 2013-02 was for reporting periods beginning January 1, 2013. The adoption of these provisions did not have a material impact on the Company’s financial position, results of operations or liquidity, but did increase the Company’s disclosures regarding amounts reclassified out of accumulated other comprehensive income. | |
In July 2012, the FASB issued ASU No. 2012-02 “Intangibles — Goodwill and Other (Topic 350) — Testing Indefinite-Lived Intangible Assets for Impairment” that amends the guidance related to testing indefinite-lived intangible assets, other than goodwill, for impairment. The provisions of ASU 2012-02 allow for a qualitative assessment in testing an indefinite-lived intangible asset for impairment before calculating the fair value of the asset. If the qualitative assessment determines that it is more likely than not that the asset is impaired, then a quantitative assessment of the fair value of the asset is required; otherwise, the quantitative calculation is not necessary. The provisions of ASU 2012-02 were effective January 1, 2013 and did not have a material impact on the Company’s financial position, results of operations, or liquidity. | |
In October 2012, the FASB issued ASU No. 2012-06 “Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution,” to address diversity in practice about how to subsequently measure an indemnification asset for a government-assisted acquisition that includes a loss-sharing agreement. Specifically, this standard update requires a reporting entity to account for a change in the subsequent measurement of the indemnification asset on the same basis as the changes in the asset subject to indemnification. As a result, for any change in expected cash flows of an indemnified asset that is immediately recognized in earnings, the associated change in the indemnification asset is immediately recognized in earnings. For any change in expected cash flows of an indemnified asset that is amortized or accreted into earnings over time, the associated change in the indemnification asset is accreted or amortized into earnings over the shorter of the contractual term of the indemnification agreement or the remaining life of the indemnified asset. The provisions of ASU 2012-06 are being applied prospectively beginning January 1, 2013. The adoption of these provisions did not have a material change on the accounting for the Company’s loss share receivable from the FDIC under its loss share agreements. | |
In January 2014, the FASB issued ASU 2014-04 “Receivables — Troubled Debt Restructurings by Creditors (Sub topic 310-04) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure.” The provisions of this ASU clarify when an insubstance foreclosure occurs and require a creditor to reclassify a collteralized consumer mortgage loan to real estate owned upon obtaining legal title to the real estate collateral, or a deed in lieu of foreclosure, or similar legal agreement that is voluntarily provided by the borrower to satisfy the loan. The ASU is effective for reporting periods beginning January 1, 2014. The proposed provisions of ASU 2014-04 are not expected to have a material impact on the Company’s financial position, results of operations, or liquidity. | |
Reclassifications and recasts — Certain reclassifications of prior years’ amounts have been made to conform with the 2013 financial statements presentation. These reclassifications had no impact on prior years’ net income, as previously reported. | |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisitions | ' | ||||||||||||
2. Acquisitions | |||||||||||||
Non-FDIC-Assisted Acquisitions | |||||||||||||
On December 9, 2013, the Company entered into a definitive agreement and plan of merger (“Bancshares Agreement”) with Bancshares, Inc. (“Bancshares”) headquartered in Houston, Texas and OMNIBANK, N.A., its wholly-owned bank subsidiary which operates seven offices in Texas, including three offices in Houston and one office each in San Antonio, Austin, Cedar Park and Lockhart. At December 31, 2013, Bancshares reported approximately $285 million in total assets, approximately $165 million in loans and approximately $254 million in deposits. | |||||||||||||
Under the terms of the Bancshares Agreement, which has been unanimously approved by both the Company’s and Bancshares’ board of directors and the Bancshares stockholders, the Company will pay aggregate cash consideration of approximately $23 million for all outstanding shares of Bancshares common stock, subject to certain conditions and potential adjustments. Completion of the transaction is subject to certain closing conditions. | |||||||||||||
On July 31, 2013, the Company completed the First National Bank acquisition whereby First National Bank merged with and into the Company’s wholly-owned bank subsidiary in a transaction valued at $68.5 million. The Company issued 1,257,385 shares of its common stock valued at $60.1 million, plus $8.4 million in cash in exchange for all outstanding shares of First National Bank common stock. The Company also acquired certain real property from parties related to First National Bank and on which certain First National Bank offices are located for $3.8 million in cash. | |||||||||||||
The acquisition of First National Bank expanded the Company’s service area in North Carolina by adding 14 offices in Shelby, North Carolina and the surrounding communities. On September 24, 2013 the Company closed one of the acquired offices in Shelby, North Carolina. | |||||||||||||
The following table provides a summary of the assets acquired and liabilities assumed as recorded by First National Bank, the fair value adjustments necessary to adjust those acquired assets and assumed liabilities to estimated fair value, and the resultant fair values of those assets and liabilities as recorded by the Company. As provided for under GAAP, management has up to 12 months following the date of acquisition to finalize the fair values of the acquired assets and assumed liabilities. The fair value adjustments and the resultant fair values shown in the following table continue to be evaluated by management and may be subject to further adjustment. | |||||||||||||
July 31, 2013 | |||||||||||||
As Recorded by | Fair Value | As Recorded | |||||||||||
First National | Adjustments | by the | |||||||||||
Bank | Company | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets acquired: | |||||||||||||
Cash and due from banks | $ | 69,285 | $ | 0 | $ | 69,285 | |||||||
Investment securities | 149,943 | (599 | ) a | 149,344 | |||||||||
Loans and leases | 432,250 | (44,183 | ) b | 388,067 | |||||||||
Allowance for loan losses | (13,931 | ) | 13,931 | b | 0 | ||||||||
Premises and equipment | 14,318 | 5,064 | c | 19,382 | |||||||||
Foreclosed assets | 3,073 | (915 | ) d | 2,158 | |||||||||
Accrued interest receivable | 1,234 | (110 | ) e | 1,124 | |||||||||
BOLI | 14,812 | 0 | 14,812 | ||||||||||
Core deposit intangible asset | 0 | 10,136 | f | 10,136 | |||||||||
Deferred income taxes | 12,179 | 12,325 | g | 24,504 | |||||||||
Other | 4,277 | (251 | ) e | 4,026 | |||||||||
Total assets acquired | 687,440 | (4,602 | ) | 682,838 | |||||||||
Liabilities assumed: | |||||||||||||
Deposits | 595,668 | 4,950 | h | 600,618 | |||||||||
Repurchase agreements with customers | 6,405 | 0 | 6,405 | ||||||||||
Accrued interest payable and other liabilities | 1,296 | 1,164 | i | 2,460 | |||||||||
Total liabilities assumed | 603,369 | 6,114 | 609,483 | ||||||||||
Net assets acquired | $ | 84,071 | $ | (10,716 | ) | 73,355 | |||||||
Consideration paid: | |||||||||||||
Cash | (12,215 | ) | |||||||||||
Common stock | (60,079 | ) | |||||||||||
Total consideration paid | (72,294 | ) | |||||||||||
Gain on acquisition | $ | 1,061 | |||||||||||
Explanation of fair value adjustments | |||||||||||||
a- | Adjustment reflects the fair value adjustment based on the Company’s pricing of the acquired investment securities portfolio. | ||||||||||||
b- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. | ||||||||||||
c- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired. | ||||||||||||
d- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired foreclosed assets. | ||||||||||||
e- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of accrued interest receivable and other assets. | ||||||||||||
f- | Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition. | ||||||||||||
g- | This adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. Management has determined that acquired net operating loss carryforwards and other acquired assets with built-in losses are expected to be settled or otherwise recovered in future periods where the realization of such benefits would be subject to section 382 limitations. Accordingly, as of the date of acquisition, the Company had established a deferred tax valuation allowance of approximately $4.1 million to reflect its assessment that the realization of the benefits from the settlement or recovery of certain of these acquired assets and net operating losses are expected to be subject to section 382 limitations. To the extent that additional information becomes available, management may be required to adjust its estimates and assumptions regarding the realization of the benefits associated with these acquired assets by adjusting this deferred tax valuation allowance. | ||||||||||||
h- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits. | ||||||||||||
i- | Adjustment reflects the amount needed to adjust other liabilities to estimated fair value and to record certain liabilities directly attributable to the acquisition of First National Bank. | ||||||||||||
Beginning August 1, 2013, First National Bank operations are included in the Company’s consolidated results of operations and contributed $11.8 million in net interest income and $5.3 million in net income for the year ended December 31, 2013. The following unaudited supplemental pro forma information is presented to show the estimated results assuming First National Bank was acquired as of the beginning of each period presented, adjusted for estimated potential costs savings. These pro forma results are not necessarily indicative of the operating results that the Company would have achieved had it completed the acquisition as of January 1, 2012 or 2013 and should not be considered as representative of future operating results. | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands, except per | |||||||||||||
share amounts) | |||||||||||||
Net interest income – pro-forma (unaudited) | $ | 211,815 | $ | 206,905 | |||||||||
Net income – pro-forma (unaudited) | $ | 94,052 | $ | 89,659 | |||||||||
EPS – Diluted – pro-forma (unaudited) | $ | 2.55 | $ | 2.48 | |||||||||
On December 31, 2012, the Company completed its acquisition of Genala Banc, Inc. (“Genala”) whereby Genala merged with and into the Company in a transaction valued at $27.5 million. The Company paid $13.4 million of cash and issued 423,616 shares of its common stock valued at $14.1 million for all the outstanding shares of Genala common stock. Genala was the holding company for The Citizens Bank, which operated one banking office in Geneva, Alabama. The acquisition was effective at the close of business on December 31, 2012. Accordingly, no revenue or earnings of Genala or The Citizens Bank are included in the consolidated income statement for the period ending December 31, 2012. | |||||||||||||
A summary of the assets acquired and liabilities assumed in the Genala acquisition is as follows: | |||||||||||||
December 31, 2012 | |||||||||||||
As Recorded | Fair Value | As recorded | |||||||||||
by | Adjustments | by the | |||||||||||
Genala | Company (1) | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets acquired: | |||||||||||||
Cash and due from banks | $ | 41,938 | $ | 0 | $ | 41,938 | |||||||
Investment securities | 85,291 | 2,344 | a | 87,635 | |||||||||
Loans and leases | 43,401 | (3,785 | ) b | 39,616 | |||||||||
Allowance for loan losses | (1,247 | ) | 1,247 | b | 0 | ||||||||
Premises and equipment | 426 | 590 | c | 1,016 | |||||||||
Foreclosed assets | 652 | (342 | ) d | 310 | |||||||||
Accrued interest receivable | 1,220 | 0 | 1,220 | ||||||||||
Intangible assets | 0 | 1,656 | e | 1,656 | |||||||||
Other | 482 | (26 | ) f | 456 | |||||||||
Total assets acquired | 172,163 | 1,684 | 173,847 | ||||||||||
Liabilities assumed: | |||||||||||||
Deposits | 142,652 | 882 | g | 143,534 | |||||||||
Accrued interest payable and other liabilities | 391 | 0 | 391 | ||||||||||
Total liabilities assumed | 143,043 | 882 | 143,925 | ||||||||||
Net assets acquired | $ | 29,120 | $ | 802 | 29,922 | ||||||||
Consideration paid: | |||||||||||||
Cash | (13,396 | ) | |||||||||||
Common stock | (14,123 | ) | |||||||||||
Total consideration paid | (27,519 | ) | |||||||||||
Gain in acquisition | $ | 2,403 | |||||||||||
-1 | Represents the Day 1 Fair Values of assets acquired and liabilities assumed in the Genala acquisition. | ||||||||||||
Explanation of fair value adjustments | |||||||||||||
a- | Adjustment reflects the fair value adjustment based on the Company’s pricing of investment securities, including certain investment securities classified by Genala as held to maturity. | ||||||||||||
b- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. | ||||||||||||
c- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired. | ||||||||||||
d- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired foreclosed assets. | ||||||||||||
e- | Adjustment reflects the fair value adjustment for core deposit intangibles recorded as a result of the acquisition. | ||||||||||||
f- | Adjustment reflects the amount needed to adjust the carrying value of other assets to estimated fair value. | ||||||||||||
g- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits. | ||||||||||||
FDIC-Assisted Acquisitions | |||||||||||||
During 2010 and 2011, the Company, through the Bank, acquired substantially all of the assets and assumed substantially all of the deposits and certain other liabilities of seven failed financial institutions in FDIC-assisted acquisitions. A summary of each acquisition is as follows: | |||||||||||||
Date of FDIC- | Failed Financial Institution | Location | |||||||||||
Assisted Acquisition | |||||||||||||
March 26, 2010 | Unity National Bank (“Unity”) | Cartersville, Georgia | |||||||||||
July 16, 2010 | Woodlands Bank (“Woodlands”) | Bluffton, South Carolina | |||||||||||
September 10, 2010 | Horizon Bank (“Horizon”) | Bradenton, Florida | |||||||||||
December 17, 2010 | Chestatee State Bank (“Chestatee”) | Dawsonville, Georgia | |||||||||||
January 14, 2011 | Oglethorpe Bank (“Oglethorpe”) | Brunswick, Georgia | |||||||||||
April 29, 2011 | First Choice Community Bank (“First Choice”) | Dallas, Georgia | |||||||||||
April 29, 2011 | The Park Avenue Bank (“Park Avenue”) | Valdosta, Georgia | |||||||||||
Loans comprise the majority of the assets acquired in each of these FDIC-assisted acquisitions and, with the exception of Unity, all but a small amount of consumer loans are subject to loss share agreements with the FDIC whereby the Bank is indemnified against a portion of the losses on covered loans and covered foreclosed assets. In the Unity acquisition, all loans, including consumer loans, are subject to loss share agreement with the FDIC. | |||||||||||||
Loss Share Agreements and Other FDIC-Assisted Acquisition Matters | |||||||||||||
In conjunction with these FDIC-assisted acquisitions, the Bank entered into loss share agreements with the FDIC such that the Bank and the FDIC will share in the losses on assets covered under the loss share agreements. Pursuant to the terms of the loss share agreements for the Unity acquisition, on losses up to $65.0 million, the FDIC will reimburse the Bank for 80% of losses. On losses exceeding $65.0 million, the FDIC will reimburse the Bank for 95% of losses. Pursuant to the terms of the loss share agreements for the Woodlands acquisition, the Chestatee acquisition, the Oglethorpe acquisition and the First Choice acquisition, the FDIC will reimburse the Bank for 80% of losses. Pursuant to the terms of the loss share agreements for the Horizon acquisition, the FDIC will reimburse the Bank on single family residential loans and related foreclosed assets for (i) 80% of losses up to $11.8 million, (ii) 30% of losses between $11.8 million and $17.9 million and (iii) 80% of losses in excess of $17.9 million. For non-single family residential loans and related foreclosed assets, the FDIC will reimburse the Bank for (i) 80% of losses up to $32.3 million, (ii) 0% of losses between $32.3 million and $42.8 million and (iii) 80% of losses in excess of $42.8 million. Pursuant to the terms of the loss share agreements for the Park Avenue acquisition, the FDIC will reimburse the Bank for (i) 80% of losses up to $218.2 million, (ii) 0% of losses between $218.2 million and $267.5 million and (iii) 80% of losses in excess of $267.5 million. | |||||||||||||
The loss share agreements applicable to single family residential mortgage loans and related foreclosed assets provide for FDIC loss sharing and the Bank’s reimbursement to the FDIC for recoveries of covered losses for ten years from the date on which each applicable loss share agreement was entered. The loss share agreements applicable to commercial loans and related foreclosed assets provide for FDIC loss sharing for five years from the date on which each applicable loss share agreement was entered and the Bank’s reimbursement to the FDIC for recoveries of covered losses for an additional three years thereafter. | |||||||||||||
To the extent that actual losses incurred by the Bank are less than (i) $65 million on the Unity assets covered under the loss share agreements, (ii) $107 million on the Woodlands assets covered under the loss share agreements, (iii) $60 million on the Horizon assets covered under the loss share agreements, (iv) $66 million on the Chestatee assets covered under the loss share agreements, (v) $66 million on the Oglethorpe assets covered under the loss share agreements, (vi) $87 million on the First Choice assets covered under the loss share agreements and (vii) $269 million on the Park Avenue assets covered under the loss share agreements, the Bank may be required to reimburse the FDIC under the clawback provisions of the loss share agreements. | |||||||||||||
The terms of the purchase and assumption agreements for these FDIC-assisted acquisitions provide for the FDIC to indemnify the Bank against certain claims, including claims with respect to assets, liabilities or any affiliate not acquired or otherwise assumed by the Bank and with respect to claims based on any action by the former directors, officers or employees of Unity, Woodland, Horizon, Chestatee, Oglethorpe, First Choice or Park Avenue. |
Covered_Loans_FDIC_Loss_Share_
Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable | ' | ||||||||||||||||||||||||||||||||
3. Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable | |||||||||||||||||||||||||||||||||
A summary of covered loans, the FDIC loss share receivable, covered foreclosed assets and the FDIC clawback payable is as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Covered loans | $ | 351,791 | $ | 596,239 | |||||||||||||||||||||||||||||
FDIC loss share receivable | 71,854 | 152,198 | |||||||||||||||||||||||||||||||
Covered foreclosed assets | 37,960 | 52,951 | |||||||||||||||||||||||||||||||
Total | $ | 461,605 | $ | 801,388 | |||||||||||||||||||||||||||||
FDIC clawback payable | $ | 25,897 | $ | 25,169 | |||||||||||||||||||||||||||||
Covered Loans | |||||||||||||||||||||||||||||||||
The following table presents a summary of the carrying value and type of covered loans. | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 111,053 | $ | 152,348 | |||||||||||||||||||||||||||||
Non-farm/non-residential | 163,707 | 288,104 | |||||||||||||||||||||||||||||||
Construction/land development | 47,743 | 105,087 | |||||||||||||||||||||||||||||||
Agricultural | 11,150 | 19,690 | |||||||||||||||||||||||||||||||
Multifamily residential | 9,166 | 10,701 | |||||||||||||||||||||||||||||||
Total real estate | 342,819 | 575,930 | |||||||||||||||||||||||||||||||
Commercial and industrial | 8,719 | 18,496 | |||||||||||||||||||||||||||||||
Consumer | 111 | 176 | |||||||||||||||||||||||||||||||
Other | 142 | 1,637 | |||||||||||||||||||||||||||||||
Total covered loans | $ | 351,791 | $ | 596,239 | |||||||||||||||||||||||||||||
The following table presents a summary, by FDIC-assisted acquisition, of covered loans acquired as of the dates of acquisition and activity within covered loans during the years indicated. | |||||||||||||||||||||||||||||||||
Unity | Woodlands | Horizon | Chestatee | Oglethorpe | First | Park | Total | ||||||||||||||||||||||||||
Choice | Avenue | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
At acquisition date: | |||||||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 208,410 | $ | 315,103 | $ | 179,441 | $ | 181,523 | $ | 174,110 | $ | 260,178 | $ | 452,658 | $ | 1,771,423 | |||||||||||||||||
Nonaccretable difference | (52,526 | ) | (83,933 | ) | (52,388 | ) | (47,538 | ) | (67,300 | ) | (86,876 | ) | (124,899 | ) | (515,460 | ) | |||||||||||||||||
Cash flows expected to be collected | 155,884 | 231,170 | 127,053 | 133,985 | 106,810 | 173,302 | 327,759 | 1,255,963 | |||||||||||||||||||||||||
Accretable difference | (21,432 | ) | (44,692 | ) | (35,245 | ) | (22,604 | ) | (25,376 | ) | (24,790 | ) | (63,462 | ) | (237,601 | ) | |||||||||||||||||
Fair value at acquisition date | $ | 134,452 | $ | 186,478 | $ | 91,808 | $ | 111,381 | $ | 81,434 | $ | 148,512 | $ | 264,297 | $ | 1,018,362 | |||||||||||||||||
Carrying value at December 31, 2011 | $ | 96,360 | $ | 131,775 | $ | 79,798 | $ | 74,701 | $ | 64,391 | $ | 131,923 | $ | 227,974 | $ | 806,922 | |||||||||||||||||
Accretion | 6,360 | 10,031 | 5,768 | 5,708 | 5,665 | 9,915 | 18,373 | 61,820 | |||||||||||||||||||||||||
Transfers to covered foreclosed assets | (4,077 | ) | (4,543 | ) | (3,731 | ) | (3,299 | ) | (4,065 | ) | (4,742 | ) | (8,563 | ) | (33,020 | ) | |||||||||||||||||
Payments received | (21,144 | ) | (28,777 | ) | (14,888 | ) | (18,205 | ) | (15,425 | ) | (41,756 | ) | (71,592 | ) | (211,787 | ) | |||||||||||||||||
Charge-offs | (4,422 | ) | (8,332 | ) | (3,714 | ) | (2,089 | ) | (2,117 | ) | (4,008 | ) | (1,410 | ) | (26,092 | ) | |||||||||||||||||
Other activity, net | (228 | ) | (420 | ) | (40 | ) | (148 | ) | (356 | ) | (251 | ) | (161 | ) | (1,604 | ) | |||||||||||||||||
Carrying value at December 31, 2012 | 72,849 | 99,734 | 63,193 | 56,668 | 48,093 | 91,081 | 164,621 | 596,239 | |||||||||||||||||||||||||
Accretion | 5,994 | 7,383 | 4,591 | 4,108 | 4,015 | 7,141 | 11,890 | 45,122 | |||||||||||||||||||||||||
Transfers to covered foreclosed assets | (3,065 | ) | (4,621 | ) | (4,528 | ) | (1,219 | ) | (5,783 | ) | (2,819 | ) | (12,721 | ) | (34,756 | ) | |||||||||||||||||
Payments received | (22,844 | ) | (36,171 | ) | (18,835 | ) | (30,774 | ) | (17,337 | ) | (29,990 | ) | (73,998 | ) | (229,949 | ) | |||||||||||||||||
Charge-offs | (3,732 | ) | (4,207 | ) | (2,717 | ) | (2,510 | ) | (1,303 | ) | (3,150 | ) | (5,550 | ) | (23,169 | ) | |||||||||||||||||
Other activity, net | (234 | ) | (79 | ) | (238 | ) | (197 | ) | (93 | ) | (297 | ) | (558 | ) | (1,696 | ) | |||||||||||||||||
Carrying value at December 31, 2013 | $ | 48,968 | $ | 62,039 | $ | 41,466 | $ | 26,076 | $ | 27,592 | $ | 61,966 | $ | 83,684 | $ | 351,791 | |||||||||||||||||
The following table presents a summary, by FDIC-assisted acquisition, of changes in the accretable difference on covered loans during the years indicated. | |||||||||||||||||||||||||||||||||
Unity | Woodlands | Horizon | Chestatee | Oglethorpe | First | Park | Total | ||||||||||||||||||||||||||
Choice | Avenue | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Accretable difference at December 31, 2011 | $ | 10,614 | $ | 24,555 | $ | 24,432 | $ | 10,663 | $ | 17,338 | $ | 16,900 | $ | 47,147 | $ | 151,649 | |||||||||||||||||
Accretion | (6,360 | ) | (10,031 | ) | (5,768 | ) | (5,708 | ) | (5,665 | ) | (9,915 | ) | (18,373 | ) | (61,820 | ) | |||||||||||||||||
Adjustments to accretable difference due to: | |||||||||||||||||||||||||||||||||
Transfers to covered foreclosed assets | (159 | ) | (364 | ) | (190 | ) | (448 | ) | (700 | ) | (455 | ) | (1,679 | ) | (3,995 | ) | |||||||||||||||||
Covered loans paid off | (719 | ) | (1,220 | ) | (1,418 | ) | (811 | ) | (1,291 | ) | (1,529 | ) | (3,507 | ) | (10,495 | ) | |||||||||||||||||
Cash flow revisions as a result of renewals and/or modifications | 5,196 | 4,396 | (618 | ) | 1,835 | 1,567 | 4,791 | 4,164 | 21,331 | ||||||||||||||||||||||||
Other, net | 2 | 116 | 86 | 181 | 123 | 127 | 190 | 825 | |||||||||||||||||||||||||
Accretable difference at December 31, 2012 | 8,574 | 17,452 | 16,524 | 5,712 | 11,372 | 9,919 | 27,942 | 97,495 | |||||||||||||||||||||||||
Accretion | (5,994 | ) | (7,383 | ) | (4,591 | ) | (4,108 | ) | (4,015 | ) | (7,141 | ) | (11,890 | ) | (45,122 | ) | |||||||||||||||||
Adjustments to accretable difference due to: | |||||||||||||||||||||||||||||||||
Transfers to covered foreclosed assets | (620 | ) | (276 | ) | (97 | ) | (101 | ) | (394 | ) | (41 | ) | (1,732 | ) | (3,261 | ) | |||||||||||||||||
Covered loans paid off | (738 | ) | (688 | ) | (2,486 | ) | (2,206 | ) | (721 | ) | (1,671 | ) | (7,260 | ) | (15,770 | ) | |||||||||||||||||
Cash flow revisions as a result of renewals and/or modifications | 6,725 | 6,913 | 4,992 | 4,669 | 4,972 | 8,535 | 6,089 | 42,895 | |||||||||||||||||||||||||
Other, net | 90 | 198 | 86 | 229 | 97 | 20 | 515 | 1,235 | |||||||||||||||||||||||||
Accretable difference at December 31, 2013 | $ | 8,037 | $ | 16,216 | $ | 14,428 | $ | 4,195 | $ | 11,311 | $ | 9,621 | $ | 13,664 | $ | 77,472 | |||||||||||||||||
FDIC Loss Share Receivable | |||||||||||||||||||||||||||||||||
The following table presents a summary, by FDIC-assisted acquisition, of the FDIC loss share receivable as of the dates of acquisition. | |||||||||||||||||||||||||||||||||
Unity | Woodlands | Horizon | Chestatee | Oglethorpe | First | Park | Total | ||||||||||||||||||||||||||
Choice | Avenue | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
At acquisition date: | |||||||||||||||||||||||||||||||||
Expected principal loss on covered assets: | |||||||||||||||||||||||||||||||||
Covered loans | $ | 50,354 | $ | 73,220 | $ | 40,537 | $ | 46,869 | $ | 62,890 | $ | 82,212 | $ | 113,872 | $ | 469,954 | |||||||||||||||||
Covered foreclosed assets | 9,979 | 5,897 | 3,678 | 15,960 | 7,907 | 628 | 49,850 | 93,899 | |||||||||||||||||||||||||
Total expected principal losses | 60,333 | 79,117 | 44,215 | 62,829 | 70,797 | 82,840 | 163,722 | 563,853 | |||||||||||||||||||||||||
Estimated loss sharing percentage (1) | 80 | % | 80 | % | 80 | % | 80 | % | 80 | % | 80 | % | 80 | % | 80 | % | |||||||||||||||||
Estimated recovery from FDIC loss share agreements | 48,266 | 63,294 | 35,372 | 50,263 | 56,638 | 66,272 | 130,978 | 451,083 | |||||||||||||||||||||||||
Discount for net present value on FDIC loss share receivable | (4,119 | ) | (7,428 | ) | (6,283 | ) | (4,204 | ) | (5,535 | ) | (6,268 | ) | (14,724 | ) | (48,561 | ) | |||||||||||||||||
Net present value of FDIC loss share receivable at acquisition date | $ | 44,147 | $ | 55,866 | $ | 29,089 | $ | 46,059 | $ | 51,103 | $ | 60,004 | $ | 116,254 | $ | 402,522 | |||||||||||||||||
-1 | Certain of the Company’s loss share agreements contain tranches whereby the FDIC’s loss sharing percentage is more than or less than 80%. However, management’s current expectation of most of the principal losses on covered assets under each of the loss share agreements falls in the tranches whereby the FDIC would reimburse the Company for approximately 80% of such losses. | ||||||||||||||||||||||||||||||||
The following table presents a summary, by FDIC-assisted acquisition, of the activity within the FDIC-loss share receivable during the years indicated. | |||||||||||||||||||||||||||||||||
Unity | Woodlands | Horizon | Chestatee | Oglethorpe | First | Park | Total | ||||||||||||||||||||||||||
Choice | Avenue | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Carrying value at December 31, 2011 | $ | 27,575 | $ | 29,177 | $ | 21,757 | $ | 29,382 | $ | 37,720 | $ | 48,442 | $ | 84,992 | $ | 279,045 | |||||||||||||||||
Accretion income | 793 | 1,108 | 680 | 725 | 1,310 | 1,485 | 2,473 | 8,574 | |||||||||||||||||||||||||
Cash received from FDIC | (12,945 | ) | (14,433 | ) | (8,948 | ) | (22,301 | ) | (13,062 | ) | (29,870 | ) | (42,438 | ) | (143,997 | ) | |||||||||||||||||
Reductions of FDIC loss share receivable for payments on covered loans in excess of carrying value | (2,394 | ) | (3,377 | ) | (1,335 | ) | (2,122 | ) | (4,918 | ) | (6,208 | ) | (12,657 | ) | (33,011 | ) | |||||||||||||||||
Increase in FDIC loss share receivable for: | |||||||||||||||||||||||||||||||||
Charge-offs of covered loans | 3,170 | 6,417 | 2,297 | 1,589 | 1,627 | 3,151 | 1,028 | 19,279 | |||||||||||||||||||||||||
Write downs of covered foreclosed assets | 1,591 | 1,193 | 450 | 1,858 | 294 | 278 | 3,181 | 8,845 | |||||||||||||||||||||||||
Expenses on covered assets reimbursable by FDIC | 1,537 | 1,726 | 1,360 | 1,276 | 1,318 | 1,097 | 3,064 | 11,378 | |||||||||||||||||||||||||
Other activity, net | 491 | 562 | 598 | 755 | (293 | ) | (457 | ) | 429 | 2,085 | |||||||||||||||||||||||
Carrying value at December 31, 2012 | 19,818 | 22,373 | 16,859 | 11,162 | 23,996 | 17,918 | 40,072 | 152,198 | |||||||||||||||||||||||||
Accretion income (amortization expense) | (210 | ) | 339 | 163 | 379 | 993 | 2,307 | 4,449 | 8,420 | ||||||||||||||||||||||||
Cash received from FDIC | (7,459 | ) | (9,648 | ) | (9,839 | ) | (4,259 | ) | (9,029 | ) | (11,145 | ) | (28,890 | ) | (80,269 | ) | |||||||||||||||||
Reductions of FDIC loss share receivable for payments on covered loans in excess of carrying value | (2,786 | ) | (4,094 | ) | (4,723 | ) | (6,123 | ) | (6,369 | ) | (3,605 | ) | (9,596 | ) | (37,296 | ) | |||||||||||||||||
Increase in FDIC loss share receivable for: | |||||||||||||||||||||||||||||||||
Charge-offs of covered loans | 2,125 | 3,324 | 2,506 | 2,104 | 961 | 2,635 | 4,200 | 17,855 | |||||||||||||||||||||||||
Write downs of covered foreclosed assets | 1,161 | 563 | 137 | 303 | 16 | 394 | 2,360 | 4,934 | |||||||||||||||||||||||||
Expenses on covered assets reimbursable by FDIC | 1,140 | 1,588 | 1,049 | 373 | 1,215 | 1,177 | 3,427 | 9,969 | |||||||||||||||||||||||||
Other activity, net | 103 | (114 | ) | (421 | ) | (251 | ) | (1,664 | ) | (345 | ) | (1,265 | ) | (3,957 | ) | ||||||||||||||||||
Carrying value at December 31, 2013 | $ | 13,892 | $ | 14,331 | $ | 5,731 | $ | 3,688 | $ | 10,119 | $ | 9,336 | $ | 14,757 | $ | 71,854 | |||||||||||||||||
Foreclosed Assets Covered by FDIC Loss Share Agreements | |||||||||||||||||||||||||||||||||
The following table presents a summary, by FDIC-assisted acquisition, of foreclosed assets covered by FDIC loss share agreements, or covered foreclosed assets, as of the dates of acquisition and activity within covered foreclosed assets during the years indicated. | |||||||||||||||||||||||||||||||||
Unity | Woodlands | Horizon | Chestatee | Oglethorpe | First | Park | Total | ||||||||||||||||||||||||||
Choice | Avenue | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
At acquisition date: | |||||||||||||||||||||||||||||||||
Balance on acquired bank’s books | $ | 20,304 | $ | 12,258 | $ | 8,391 | $ | 31,647 | $ | 16,554 | $ | 2,773 | $ | 91,442 | $ | 183,369 | |||||||||||||||||
Total expected losses | (9,979 | ) | (5,897 | ) | (3,678 | ) | (15,960 | ) | (7,907 | ) | (628 | ) | (49,850 | ) | (93,899 | ) | |||||||||||||||||
Discount for net present value of expected cash flows | (1,466 | ) | (1,332 | ) | (1,030 | ) | (2,281 | ) | (1,562 | ) | (474 | ) | (10,412 | ) | (18,557 | ) | |||||||||||||||||
Fair value at acquisition date | $ | 8,859 | $ | 5,029 | $ | 3,683 | $ | 13,406 | $ | 7,085 | $ | 1,671 | $ | 31,180 | $ | 70,913 | |||||||||||||||||
Carrying value at December 31, 2011 | $ | 10,272 | $ | 14,435 | $ | 3,677 | $ | 9,677 | $ | 7,132 | $ | 2,224 | $ | 25,490 | $ | 72,907 | |||||||||||||||||
Transfers from covered loans | 4,077 | 4,543 | 3,731 | 3,299 | 4,065 | 4,742 | 8,563 | 33,020 | |||||||||||||||||||||||||
Sales of covered foreclosed assets | (4,467 | ) | (9,304 | ) | (4,285 | ) | (7,111 | ) | (4,063 | ) | (3,038 | ) | (11,719 | ) | (43,987 | ) | |||||||||||||||||
Writedowns of covered foreclosed assets | (1,695 | ) | (1,624 | ) | (585 | ) | (1,654 | ) | (337 | ) | (344 | ) | (2,750 | ) | (8,989 | ) | |||||||||||||||||
Carrying value at December 31, 2012 | 8,187 | 8,050 | 2,538 | 4,211 | 6,797 | 3,584 | 19,584 | 52,951 | |||||||||||||||||||||||||
Transfers from covered loans | 3,065 | 4,621 | 4,528 | 1,219 | 5,783 | 2,819 | 12,721 | 34,756 | |||||||||||||||||||||||||
Sales of covered foreclosed assets | (5,823 | ) | (5,251 | ) | (3,129 | ) | (3,102 | ) | (8,399 | ) | (3,350 | ) | (16,900 | ) | (45,954 | ) | |||||||||||||||||
Writedowns of covered foreclosed assets | (1,449 | ) | (529 | ) | (135 | ) | (324 | ) | (51 | ) | (424 | ) | (881 | ) | (3,793 | ) | |||||||||||||||||
Carrying value at December 31, 2013 | $ | 3,980 | $ | 6,891 | $ | 3,802 | $ | 2,004 | $ | 4,130 | $ | 2,629 | $ | 14,254 | $ | 37,960 | |||||||||||||||||
The following table presents a summary of the carrying value and type of covered foreclosed assets. | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 5,004 | $ | 12,279 | |||||||||||||||||||||||||||||
Non-farm/non-residential | 14,301 | 9,570 | |||||||||||||||||||||||||||||||
Construction/land development | 17,202 | 30,602 | |||||||||||||||||||||||||||||||
Agricultural | 1,054 | 449 | |||||||||||||||||||||||||||||||
Multifamily residential | 399 | 51 | |||||||||||||||||||||||||||||||
Total real estate | 37,960 | 52,951 | |||||||||||||||||||||||||||||||
Repossessions | 0 | 0 | |||||||||||||||||||||||||||||||
Total covered foreclosed assets | $ | 37,960 | $ | 52,951 | |||||||||||||||||||||||||||||
FDIC Clawback Payable | |||||||||||||||||||||||||||||||||
The following table presents a summary, by FDIC-assisted acquisition, of the FDIC clawback payable as of the dates of acquisition and activity within the FDIC clawback payable during the years indicated. | |||||||||||||||||||||||||||||||||
Unity | Woodlands | Horizon | Chestatee | Oglethorpe | First | Park | Total | ||||||||||||||||||||||||||
Choice | Avenue | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
At acquisition date: | |||||||||||||||||||||||||||||||||
Estimated FDIC clawback payable | $ | 2,612 | $ | 4,846 | $ | 2,380 | $ | 1,291 | $ | 1,721 | $ | 1,452 | $ | 24,344 | $ | 38,646 | |||||||||||||||||
Discount for net present value on FDIC clawback payable | (1,046 | ) | (1,905 | ) | (919 | ) | (499 | ) | (664 | ) | (560 | ) | (9,399 | ) | (14,992 | ) | |||||||||||||||||
Net present value of FDIC clawback payable at acquisition date | $ | 1,566 | $ | 2,941 | $ | 1,461 | $ | 792 | $ | 1,057 | $ | 892 | $ | 14,945 | $ | 23,654 | |||||||||||||||||
Carrying value at December 31, 2011 | $ | 1,709 | $ | 3,153 | $ | 1,552 | $ | 759 | $ | 1,099 | $ | 923 | $ | 15,450 | $ | 24,645 | |||||||||||||||||
Amortization expense | 79 | 138 | 73 | 35 | 53 | 45 | 776 | 1,199 | |||||||||||||||||||||||||
Changes in FDIC clawback payable related to changes in expected losses on covered assets | (144 | ) | (305 | ) | (157 | ) | 0 | (69 | ) | 0 | 0 | (675 | ) | ||||||||||||||||||||
Carrying value at December 31, 2012 | 1,644 | 2,986 | 1,468 | 794 | 1,083 | 968 | 16,226 | 25,169 | |||||||||||||||||||||||||
Amortization expense | 79 | 132 | 72 | 36 | 58 | 45 | 827 | 1,249 | |||||||||||||||||||||||||
Changes in FDIC clawback payable related to changes in expected losses on covered assets | (93 | ) | (82 | ) | (120 | ) | (79 | ) | (50 | ) | 0 | (97 | ) | (521 | ) | ||||||||||||||||||
Carrying value at December 31, 2013 | $ | 1,630 | $ | 3,036 | $ | 1,420 | $ | 751 | $ | 1,091 | $ | 1,013 | $ | 16,956 | $ | 25,897 | |||||||||||||||||
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
4. Investment Securities | |||||||||||||||||||||||||
The following table is a summary of the amortized cost and estimated fair values of investment securities, all of which are classified as AFS. The Company’s holdings of “other equity securities” include FHLB-Dallas and FNBB shares which do not have readily available fair values and are carried at cost. | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 438,390 | $ | 6,230 | $ | (8,631 | ) | $ | 435,989 | ||||||||||||||||
U.S. Government agency securities | 222,510 | 2,352 | (5,993 | ) | 218,869 | ||||||||||||||||||||
Corporate obligations | 716 | 0 | 0 | 716 | |||||||||||||||||||||
Other equity securities | 13,810 | 0 | 0 | 13,810 | |||||||||||||||||||||
Total investment securities AFS | $ | 675,426 | $ | 8,582 | $ | (14,624 | ) | $ | 669,384 | ||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 345,224 | $ | 16,586 | $ | (293 | ) | $ | 361,517 | ||||||||||||||||
U.S. Government agency securities | 116,835 | 1,466 | (17 | ) | 118,284 | ||||||||||||||||||||
Corporate obligations | 776 | 0 | 0 | 776 | |||||||||||||||||||||
Other equity securities | 13,689 | 0 | 0 | 13,689 | |||||||||||||||||||||
Total investment securities AFS | $ | 476,524 | $ | 18,052 | $ | (310 | ) | $ | 494,266 | ||||||||||||||||
The following table shows gross unrealized losses and estimated fair value of investment securities AFS, aggregated by investment category and length of time that individual investment securities have been in a continuous unrealized loss position. | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 132,568 | $ | 7,237 | $ | 10,823 | $ | 1,394 | $ | 143,391 | $ | 8,631 | |||||||||||||
U.S. Government agency securities | 127,274 | 5,993 | 0 | 0 | 127,274 | 5,993 | |||||||||||||||||||
Total temporarily impaired investment securities | $ | 259,842 | $ | 13,230 | $ | 10,823 | $ | 1,394 | $ | 270,665 | $ | 14,624 | |||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 14,085 | $ | 188 | $ | 7,324 | $ | 105 | $ | 21,409 | $ | 293 | |||||||||||||
U.S. Government agency securities | 14,320 | 17 | 0 | 0 | 14,320 | 17 | |||||||||||||||||||
Total temporarily impaired investment securities | $ | 28,405 | $ | 205 | $ | 7,324 | $ | 105 | $ | 35,729 | $ | 310 | |||||||||||||
In evaluating the Company’s unrealized loss positions for other-than-temporary impairment for the investment securities portfolio, management considers the credit quality of the issuer, the nature and cause of the unrealized loss, the severity and duration of the impairments and other factors. At December 31, 2013 and 2012, management determined the unrealized losses were the result of fluctuations in interest rates and did not reflect deteriorations of the credit quality of the investments. Accordingly, management believes that all of its unrealized losses on investment securities are temporary in nature. The Company does not have the intent to sell these investment securities and more likely than not would not be required to sell these investment securities before fair value recovers to amortized cost. | |||||||||||||||||||||||||
A maturity distribution of investment securities AFS reported at amortized cost and estimated fair value as of December 31, 2013 is as follows: | |||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 28,844 | $ | 29,004 | |||||||||||||||||||||
Due after one year to five years | 88,370 | 88,801 | |||||||||||||||||||||||
Due after five years to ten years | 143,046 | 141,529 | |||||||||||||||||||||||
Due after ten years | 415,166 | 410,050 | |||||||||||||||||||||||
Total | $ | 675,426 | $ | 669,384 | |||||||||||||||||||||
For purposes of this maturity distribution, all investment securities are shown based on their contractual maturity date, except (i) FHLB-Dallas and FNBB stock with no contractual maturity date are shown in the longest maturity category and (ii) U.S. Government agency securities and municipal housing authority securities backed by residential mortgages are allocated among various maturities based on an estimated repayment schedule utilizing Bloomberg median prepayment speeds and interest rate levels at December 31, 2013. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Sales activities and other-than-temporary impairment charges of the Company’s investment securities AFS are summarized as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Sales proceeds | $ | 999 | $ | 43,177 | $ | 94,676 | |||||||||||||||||||
Gross realized gains | $ | 161 | $ | 3,075 | $ | 1,044 | |||||||||||||||||||
Gross realized losses | 0 | (15 | ) | (111 | ) | ||||||||||||||||||||
Other-than-temporary impairment charges | 0 | (2,603 | ) | 0 | |||||||||||||||||||||
Net gains on investment securities | $ | 161 | $ | 457 | $ | 933 | |||||||||||||||||||
Investment securities with carrying values of $510.7 million and $317.1 million at December 31, 2013 and 2012, respectively, were pledged to secure public funds and trust deposits and for other purposes required or permitted by law. | |||||||||||||||||||||||||
At December 31, 2013 and 2012, the Company had no holdings of investment securities of any one issuer in an amount greater than 10% of total common stockholders’ equity. |
Loans_and_Leases
Loans and Leases | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Loans and Leases | ' | ||||||||||||||||
5. Loans and Leases | |||||||||||||||||
The following table is a summary of the loan and lease portfolio, excluding purchased non-covered loans and covered loans, by principal category. | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Real estate: | |||||||||||||||||
Residential 1-4 family | $ | 249,556 | 9.5 | % | $ | 272,052 | 12.9 | % | |||||||||
Non-farm/non-residential | 1,104,114 | 41.9 | 807,906 | 38.1 | |||||||||||||
Construction/land development | 722,557 | 27.4 | 578,776 | 27.4 | |||||||||||||
Agricultural | 45,196 | 1.8 | 50,619 | 2.4 | |||||||||||||
Multifamily residential | 208,337 | 7.9 | 141,243 | 6.7 | |||||||||||||
Total real estate | 2,329,760 | 88.5 | 1,850,596 | 87.5 | |||||||||||||
Commercial and industrial | 124,068 | 4.7 | 159,804 | 7.6 | |||||||||||||
Consumer | 26,182 | 1 | 29,781 | 1.4 | |||||||||||||
Direct financing leases | 86,321 | 3.3 | 68,022 | 3.2 | |||||||||||||
Other | 66,234 | 2.5 | 7,631 | 0.3 | |||||||||||||
Total loans and leases | $ | 2,632,565 | 100 | % | $ | 2,115,834 | 100 | % | |||||||||
The above table includes deferred fees, net of deferred costs, that totaled $3.0 million and $1.7 million at December 31, 2013 and 2012, respectively. Direct financing leases are presented net of unearned income totaling $10.1 million and $8.4 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||
Loans and leases on which the accrual of interest has been discontinued aggregated $8.7 million and $9.1 million at December 31, 2013 and 2012, respectively. Interest income collected and recognized during 2013, 2012 and 2011 for nonaccrual loans and leases at December 31, 2013, 2012 and 2011 was $0.2 million, $0.2 million and $0.4 million, respectively. Under the original terms, these loans and leases would have reported $0.6 million, $0.7 million and $1.2 million of interest income during 2013, 2012 and 2011, respectively. | |||||||||||||||||
The following table is a summary of the purchased non-covered loan portfolio, by principal category. | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Real estate: | |||||||||||||||||
Residential 1-4 family | $ | 131,085 | 35.2 | % | $ | 19,222 | 46.3 | % | |||||||||
Non-farm/non-residential | 152,948 | 41 | 4,842 | 11.7 | |||||||||||||
Construction/land development | 25,633 | 6.9 | 1,950 | 4.7 | |||||||||||||
Agricultural | 9,518 | 2.6 | 3,021 | 7.3 | |||||||||||||
Multifamily residential | 17,210 | 4.6 | 0 | 0 | |||||||||||||
Total real estate | 336,394 | 90.3 | 29,035 | 70 | |||||||||||||
Commercial and industrial | 24,934 | 6.7 | 5,333 | 12.8 | |||||||||||||
Consumer | 6,855 | 1.8 | 4,168 | 10 | |||||||||||||
Other | 4,540 | 1.2 | 2,998 | 7.2 | |||||||||||||
Total | $ | 372,723 | 100 | % | $ | 41,534 | 100 | % | |||||||||
Allowance_for_Loan_and_Lease_L
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators | ' | ||||||||||||||||||||||||||||||||
6. Allowance for Loan and Lease Losses (“ALLL”) and Credit Quality Indicators | |||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | |||||||||||||||||||||||||||||||||
The following table is a summary of activity within the ALLL. | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Balance – beginning of year | $ | 38,738 | $ | 39,169 | $ | 40,230 | |||||||||||||||||||||||||||
Non-covered loans and leases charged off | (4,327 | ) | (6,636 | ) | (12,988 | ) | |||||||||||||||||||||||||||
Recoveries of non-covered loans and leases previously charged off | 1,134 | 655 | 427 | ||||||||||||||||||||||||||||||
Net non-covered loans and leases charged off | (3,193 | ) | (5,981 | ) | (12,561 | ) | |||||||||||||||||||||||||||
Covered loans charged off, net | (4,675 | ) | (6,195 | ) | (275 | ) | |||||||||||||||||||||||||||
Net charge-offs – total loans and leases | (7,868 | ) | (12,176 | ) | (12,836 | ) | |||||||||||||||||||||||||||
Provision for loan and lease losses: | |||||||||||||||||||||||||||||||||
Non-covered loans and leases | 7,400 | 5,550 | 11,500 | ||||||||||||||||||||||||||||||
Covered loans | 4,675 | 6,195 | 275 | ||||||||||||||||||||||||||||||
Total provision | 12,075 | 11,745 | 11,775 | ||||||||||||||||||||||||||||||
Balance – end of year | $ | 42,945 | $ | 38,738 | $ | 39,169 | |||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company identified covered loans acquired in its FDIC-assisted acquisitions where the expected performance of such loans had deteriorated from management’s performance expectations established in conjunction with the determination of the Day 1 Fair Values. As a result the Company recorded partial charge-offs, net of adjustments to the FDIC loss share receivable and the FDIC clawback payable, totaling $4.7 million for such loans during 2013 and $6.2 million for such loans during 2012. The Company also recorded $4.7 million during 2013 and $6.2 million during 2012 of provision for loan and lease losses to cover such charge-offs. In addition to these net charge-offs, the Company transferred certain of these covered loans to covered foreclosed assets. As a result of these actions, the Company had $46.2 million and $38.5 million of impaired covered loans at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
As of and for the years ended December 31, 2013 and 2012, the Company had no impaired purchased non-covered loans and recorded no charge-offs, partial charge-offs or provision for such loans. | |||||||||||||||||||||||||||||||||
The following table is a summary of the Company’s ALLL for the years indicated. | |||||||||||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Provision | Ending | |||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 4,820 | $ | (837 | ) | $ | 106 | $ | 612 | $ | 4,701 | ||||||||||||||||||||||
Non-farm/non-residential | 10,107 | (1,111 | ) | 122 | 4,515 | 13,633 | |||||||||||||||||||||||||||
Construction/land development | 12,000 | (137 | ) | 174 | 269 | 12,306 | |||||||||||||||||||||||||||
Agricultural | 2,878 | (261 | ) | 14 | 369 | 3,000 | |||||||||||||||||||||||||||
Multifamily residential | 2,030 | (4 | ) | 4 | 474 | 2,504 | |||||||||||||||||||||||||||
Commercial and industrial | 3,655 | (922 | ) | 433 | (311 | ) | 2,855 | ||||||||||||||||||||||||||
Consumer | 1,015 | (214 | ) | 104 | 12 | 917 | |||||||||||||||||||||||||||
Direct financing leases | 2,050 | (482 | ) | 33 | 665 | 2,266 | |||||||||||||||||||||||||||
Other | 183 | (359 | ) | 144 | 795 | 763 | |||||||||||||||||||||||||||
Covered loans | 0 | (4,675 | ) | 0 | 4,675 | 0 | |||||||||||||||||||||||||||
Purchased non-covered loans | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Total | $ | 38,738 | $ | (9,002 | ) | $ | 1,134 | $ | 12,075 | $ | 42,945 | ||||||||||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,848 | $ | (1,312 | ) | $ | 107 | $ | 2,177 | $ | 4,820 | ||||||||||||||||||||||
Non-farm/non-residential | 12,203 | (1,226 | ) | 18 | (888 | ) | 10,107 | ||||||||||||||||||||||||||
Construction/land development | 9,478 | (466 | ) | 106 | 2,882 | 12,000 | |||||||||||||||||||||||||||
Agricultural | 3,383 | (997 | ) | 141 | 351 | 2,878 | |||||||||||||||||||||||||||
Multifamily residential | 2,564 | 0 | 0 | (534 | ) | 2,030 | |||||||||||||||||||||||||||
Commercial and industrial | 4,591 | (1,323 | ) | 35 | 352 | 3,655 | |||||||||||||||||||||||||||
Consumer | 1,209 | (732 | ) | 238 | 300 | 1,015 | |||||||||||||||||||||||||||
Direct financing leases | 1,632 | (361 | ) | 2 | 777 | 2,050 | |||||||||||||||||||||||||||
Other | 261 | (219 | ) | 8 | 133 | 183 | |||||||||||||||||||||||||||
Covered loans | 0 | (6,195 | ) | 0 | 6,195 | 0 | |||||||||||||||||||||||||||
Purchased non-covered loans | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Total | $ | 39,169 | $ | (12,831 | ) | $ | 655 | $ | 11,745 | $ | 38,738 | ||||||||||||||||||||||
The following table is a summary of the Company’s ALLL and recorded investment in loans and leases, excluding purchased non-covered loans and covered loans, as of the dates indicated. | |||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | Loans and Leases, Excluding Purchased | ||||||||||||||||||||||||||||||||
Non-Covered Loans and Covered Loans | |||||||||||||||||||||||||||||||||
ALLL for | ALLL for | Total | Individually | All Other | Total | ||||||||||||||||||||||||||||
Individually | All Other | ALLL | Evaluated | Loans and | Loans and | ||||||||||||||||||||||||||||
Evaluated | Loans and | Impaired | Leases | Leases | |||||||||||||||||||||||||||||
Impaired | Leases | Loans and | |||||||||||||||||||||||||||||||
Loans and | Leases | ||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 438 | $ | 4,263 | $ | 4,701 | $ | 4,047 | $ | 245,509 | $ | 249,556 | |||||||||||||||||||||
Non-farm/non-residential | 15 | 13,618 | 13,633 | 2,159 | 1,101,955 | 1,104,114 | |||||||||||||||||||||||||||
Construction/land development | 2 | 12,304 | 12,306 | 236 | 722,321 | 722,557 | |||||||||||||||||||||||||||
Agricultural | 229 | 2,771 | 3,000 | 883 | 44,313 | 45,196 | |||||||||||||||||||||||||||
Multifamily residential | 0 | 2,504 | 2,504 | 0 | 208,337 | 208,337 | |||||||||||||||||||||||||||
Commercial and industrial | 652 | 2,203 | 2,855 | 686 | 123,382 | 124,068 | |||||||||||||||||||||||||||
Consumer | 3 | 914 | 917 | 50 | 26,132 | 26,182 | |||||||||||||||||||||||||||
Direct financing leases | 0 | 2,266 | 2,266 | 0 | 86,321 | 86,321 | |||||||||||||||||||||||||||
Other | 2 | 761 | 763 | 26 | 66,208 | 66,234 | |||||||||||||||||||||||||||
Total | $ | 1,341 | $ | 41,604 | $ | 42,945 | $ | 8,087 | $ | 2,624,478 | $ | 2,632,565 | |||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 518 | $ | 4,302 | $ | 4,820 | $ | 2,906 | $ | 269,146 | $ | 272,052 | |||||||||||||||||||||
Non-farm/non-residential | 53 | 10,054 | 10,107 | 2,898 | 805,008 | 807,906 | |||||||||||||||||||||||||||
Construction/land development | 7 | 11,993 | 12,000 | 542 | 578,234 | 578,776 | |||||||||||||||||||||||||||
Agricultural | 254 | 2,624 | 2,878 | 985 | 49,634 | 50,619 | |||||||||||||||||||||||||||
Multifamily residential | 0 | 2,030 | 2,030 | 0 | 141,243 | 141,243 | |||||||||||||||||||||||||||
Commercial and industrial | 649 | 3,006 | 3,655 | 761 | 159,043 | 159,804 | |||||||||||||||||||||||||||
Consumer | 0 | 1,015 | 1,015 | 33 | 29,748 | 29,781 | |||||||||||||||||||||||||||
Direct financing leases | 0 | 2,050 | 2,050 | 0 | 68,022 | 68,022 | |||||||||||||||||||||||||||
Other | 2 | 181 | 183 | 22 | 7,609 | 7,631 | |||||||||||||||||||||||||||
Total | $ | 1,483 | $ | 37,255 | $ | 38,738 | $ | 8,147 | $ | 2,107,687 | $ | 2,115,834 | |||||||||||||||||||||
The following table is a summary of impaired loans and leases, excluding purchased non-covered loans and covered loans, as of and for the years indicated. | |||||||||||||||||||||||||||||||||
Principal | Net | Principal | Specific | Weighted | |||||||||||||||||||||||||||||
Balance | Charge-offs | Balance, | Allowance | Average | |||||||||||||||||||||||||||||
to Date | Net of | Carrying | |||||||||||||||||||||||||||||||
Charge-offs | Value | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
As of and year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
Impaired loans and leases for which there is a related ALLL: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,609 | $ | (1,692 | ) | $ | 1,917 | $ | 438 | $ | 1,638 | ||||||||||||||||||||||
Non-farm/non-residential | 121 | (75 | ) | 46 | 15 | 93 | |||||||||||||||||||||||||||
Construction/land development | 38 | (22 | ) | 16 | 2 | 17 | |||||||||||||||||||||||||||
Agricultural | 511 | (42 | ) | 469 | 229 | 514 | |||||||||||||||||||||||||||
Commercial and industrial(1) | 2,016 | (1,405 | ) | 611 | 652 | 578 | |||||||||||||||||||||||||||
Consumer | 178 | (156 | ) | 22 | 3 | 10 | |||||||||||||||||||||||||||
Other | 40 | (25 | ) | 15 | 2 | 10 | |||||||||||||||||||||||||||
Total impaired loans and leases with a related ALLL | 6,513 | (3,417 | ) | 3,096 | 1,341 | 2,860 | |||||||||||||||||||||||||||
Impaired loans and leases for which there is not a related ALLL: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 2,939 | (808 | ) | 2,131 | 0 | 1,541 | |||||||||||||||||||||||||||
Non-farm/non-residential | 3,234 | (1,120 | ) | 2,114 | 0 | 4,344 | |||||||||||||||||||||||||||
Construction/land development | 300 | (81 | ) | 219 | 0 | 303 | |||||||||||||||||||||||||||
Agricultural | 426 | (12 | ) | 414 | 0 | 404 | |||||||||||||||||||||||||||
Multi-family | 133 | (133 | ) | 0 | 0 | 124 | |||||||||||||||||||||||||||
Commercial and industrial | 85 | (10 | ) | 75 | 0 | 172 | |||||||||||||||||||||||||||
Consumer | 39 | (12 | ) | 27 | 0 | 24 | |||||||||||||||||||||||||||
Other | 31 | (20 | ) | 11 | 0 | 9 | |||||||||||||||||||||||||||
Total impaired loans and leases without a related ALLL | 7,187 | (2,196 | ) | 4,991 | 0 | 6,921 | |||||||||||||||||||||||||||
Total impaired loans and leases | $ | 13,700 | $ | (5,613 | ) | $ | 8,087 | $ | 1,341 | $ | 9,781 | ||||||||||||||||||||||
As of and year ended December 31, 2012: | |||||||||||||||||||||||||||||||||
Impaired loans and leases for which there is a related ALLL: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 1,887 | $ | (219 | ) | $ | 1,668 | $ | 518 | $ | 1,622 | ||||||||||||||||||||||
Non-farm/non-residential | 204 | (1 | ) | 203 | 53 | 234 | |||||||||||||||||||||||||||
Construction/land development | 711 | (660 | ) | 51 | 7 | 38 | |||||||||||||||||||||||||||
Agricultural | 599 | (40 | ) | 559 | 254 | 291 | |||||||||||||||||||||||||||
Commercial and industrial(1) | 1,473 | (911 | ) | 562 | 649 | 620 | |||||||||||||||||||||||||||
Consumer | 243 | (240 | ) | 3 | 0 | 8 | |||||||||||||||||||||||||||
Other | 527 | (517 | ) | 10 | 2 | 24 | |||||||||||||||||||||||||||
Total impaired loans and leases with a related ALLL | 5,644 | (2,588 | ) | 3,056 | 1,483 | 2,837 | |||||||||||||||||||||||||||
Impaired loans and leases for which there is not a related ALLL: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 1,550 | (312 | ) | 1,238 | 0 | 1,721 | |||||||||||||||||||||||||||
Non-farm/non-residential | 4,267 | (1,572 | ) | 2,695 | 0 | 2,432 | |||||||||||||||||||||||||||
Construction/land development | 837 | (346 | ) | 491 | 0 | 600 | |||||||||||||||||||||||||||
Agricultural | 801 | (375 | ) | 426 | 0 | 374 | |||||||||||||||||||||||||||
Commercial and industrial | 443 | (244 | ) | 199 | 0 | 426 | |||||||||||||||||||||||||||
Consumer | 31 | (1 | ) | 30 | 0 | 31 | |||||||||||||||||||||||||||
Other | 159 | (147 | ) | 12 | 0 | 13 | |||||||||||||||||||||||||||
Total impaired loans and leases without a related ALLL | 8,088 | (2,997 | ) | 5,091 | 0 | 5,597 | |||||||||||||||||||||||||||
Total impaired loans and leases | $ | 13,732 | $ | (5,585 | ) | $ | 8,147 | $ | 1,483 | $ | 8,434 | ||||||||||||||||||||||
-1 | Includes $66,000 and $95,000 at December 31, 2013 and 2012, respectively, of specific allowance related to the unfunded portion of an unexpired letter of credit for a previous customer of the Bank. | ||||||||||||||||||||||||||||||||
Management has determined that certain of the Company’s impaired loans and leases do not require any specific allowance at December 31, 2013 and 2012 because (i) management’s analysis of such individual loans and leases resulted in no impairment or (ii) all identified impairment on such loans and leases has previously been charged off. | |||||||||||||||||||||||||||||||||
Interest income on impaired loans and leases is recognized on a cash basis when and if actually collected. Total interest income recognized on impaired loans and leases for the years ended December 31, 2013, 2012 and 2011 was not material. | |||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||
Loans and Leases, Excluding Purchased Non-Covered Loans and Covered Loans | |||||||||||||||||||||||||||||||||
The following table is a summary of credit quality indicators for the Company’s total loans and leases. | |||||||||||||||||||||||||||||||||
Satisfactory | Moderate | Watch | Substandard | Total | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family (1) | $ | 239,940 | $ | 0 | $ | 3,140 | $ | 6,476 | $ | 249,556 | |||||||||||||||||||||||
Non-farm/non-residential | 916,304 | 128,624 | 52,388 | 6,798 | 1,104,114 | ||||||||||||||||||||||||||||
Construction/land development | 550,436 | 144,435 | 23,574 | 4,112 | 722,557 | ||||||||||||||||||||||||||||
Agricultural | 21,647 | 11,098 | 9,788 | 2,663 | 45,196 | ||||||||||||||||||||||||||||
Multifamily residential | 177,144 | 30,029 | 391 | 773 | 208,337 | ||||||||||||||||||||||||||||
Commercial and industrial | 87,568 | 33,071 | 1,664 | 1,765 | 124,068 | ||||||||||||||||||||||||||||
Consumer (1) | 25,574 | 0 | 230 | 378 | 26,182 | ||||||||||||||||||||||||||||
Direct financing leases | 85,363 | 955 | 0 | 3 | 86,321 | ||||||||||||||||||||||||||||
Other (1) | 63,799 | 2,237 | 119 | 79 | 66,234 | ||||||||||||||||||||||||||||
Total | $ | 2,167,775 | $ | 350,449 | $ | 91,294 | $ | 23,047 | $ | 2,632,565 | |||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family (1) | $ | 263,737 | $ | 0 | $ | 3,146 | $ | 5,169 | $ | 272,052 | |||||||||||||||||||||||
Non-farm/non-residential | 649,494 | 109,429 | 38,231 | 10,752 | 807,906 | ||||||||||||||||||||||||||||
Construction/land development | 395,821 | 130,057 | 37,069 | 15,829 | 578,776 | ||||||||||||||||||||||||||||
Agricultural | 25,854 | 12,105 | 9,509 | 3,151 | 50,619 | ||||||||||||||||||||||||||||
Multifamily residential | 112,360 | 24,092 | 4,009 | 782 | 141,243 | ||||||||||||||||||||||||||||
Commercial and industrial | 121,898 | 31,338 | 3,950 | 2,618 | 159,804 | ||||||||||||||||||||||||||||
Consumer (1) | 29,079 | 0 | 424 | 278 | 29,781 | ||||||||||||||||||||||||||||
Direct financing leases | 66,657 | 1,365 | 0 | 0 | 68,022 | ||||||||||||||||||||||||||||
Other (1) | 6,116 | 1,204 | 239 | 72 | 7,631 | ||||||||||||||||||||||||||||
Total | $ | 1,671,016 | $ | 309,590 | $ | 96,577 | $ | 38,651 | $ | 2,115,834 | |||||||||||||||||||||||
-1 | The Company does not risk rate its residential 1-4 family loans, its consumer loans, and certain “other” loans. However, for purposes of the above table, the Company considers such loans to be (i) satisfactory – if they are performing and less than 30 days past due, (ii) watch – if they are performing and 30 to 89 days past due or (iii) substandard – if they are nonperforming or 90 days or more past due. | ||||||||||||||||||||||||||||||||
The following categories of credit quality indicators are used by the Company: | |||||||||||||||||||||||||||||||||
Satisfactory — Loans and leases in this category are considered to be a satisfactory credit risk and are generally considered to be collectible in full. | |||||||||||||||||||||||||||||||||
Moderate — Loans and leases in this category are considered to be a marginally satisfactory credit risk and are generally considered to be collectible in full. | |||||||||||||||||||||||||||||||||
Watch — Loans and leases in this category are presently protected from apparent loss, however weaknesses exist which could cause future impairment of repayment of principal or interest. | |||||||||||||||||||||||||||||||||
Substandard — Loans and leases in this category are characterized by deterioration in quality exhibited by a number of weaknesses requiring corrective action and posing risk of some loss. | |||||||||||||||||||||||||||||||||
The following table is an aging analysis of past due loans and leases. | |||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total | Current (3) | Total | |||||||||||||||||||||||||||||
Past Due (1) | or More (2) | Past Due | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 4,228 | $ | 2,004 | $ | 6,232 | $ | 243,324 | $ | 249,556 | |||||||||||||||||||||||
Non-farm/non-residential | 2,093 | 1,867 | 3,960 | 1,100,154 | 1,104,114 | ||||||||||||||||||||||||||||
Construction/land development | 235 | 153 | 388 | 722,169 | 722,557 | ||||||||||||||||||||||||||||
Agricultural | 517 | 540 | 1,057 | 44,139 | 45,196 | ||||||||||||||||||||||||||||
Multifamily residential | 773 | 0 | 773 | 207,564 | 208,337 | ||||||||||||||||||||||||||||
Commercial and industrial | 418 | 31 | 449 | 123,619 | 124,068 | ||||||||||||||||||||||||||||
Consumer | 261 | 78 | 339 | 25,843 | 26,182 | ||||||||||||||||||||||||||||
Direct financing leases | 0 | 0 | 0 | 86,321 | 86,321 | ||||||||||||||||||||||||||||
Other | 18 | 24 | 42 | 66,192 | 66,234 | ||||||||||||||||||||||||||||
Total | $ | 8,543 | $ | 4,697 | $ | 13,240 | $ | 2,619,325 | $ | 2,632,565 | |||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,656 | $ | 1,160 | $ | 4,816 | $ | 267,236 | $ | 272,052 | |||||||||||||||||||||||
Non-farm/non-residential | 3,284 | 2,524 | 5,808 | 802,098 | 807,906 | ||||||||||||||||||||||||||||
Construction/land development | 868 | 329 | 1,197 | 577,579 | 578,776 | ||||||||||||||||||||||||||||
Agricultural | 952 | 570 | 1,522 | 49,097 | 50,619 | ||||||||||||||||||||||||||||
Multifamily residential | 312 | 0 | 312 | 140,931 | 141,243 | ||||||||||||||||||||||||||||
Commercial and industrial | 1,091 | 185 | 1,276 | 158,528 | 159,804 | ||||||||||||||||||||||||||||
Consumer | 425 | 57 | 482 | 29,299 | 29,781 | ||||||||||||||||||||||||||||
Direct financing leases | 0 | 0 | 0 | 68,022 | 68,022 | ||||||||||||||||||||||||||||
Other | 9 | 0 | 9 | 7,622 | 7,631 | ||||||||||||||||||||||||||||
Total | $ | 10,597 | $ | 4,825 | $ | 15,422 | $ | 2,100,412 | $ | 2,115,834 | |||||||||||||||||||||||
-1 | Includes $0.8 million and $1.0 million of loans and leases on nonaccrual status at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
-2 | All loans and leases greater than 90 days past due, excluding purchased non-covered loans and covered loans, were on nonaccrual status at December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
-3 | Includes $3.2 million and $3.3 million of loans and leases on nonaccrual status at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
Covered Loans | |||||||||||||||||||||||||||||||||
The following table is a summary of credit quality indicators for the Company’s covered loans. | |||||||||||||||||||||||||||||||||
FV 1 | FV 2 | Total | |||||||||||||||||||||||||||||||
Covered | |||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 105,218 | $ | 5,835 | $ | 111,053 | |||||||||||||||||||||||||||
Non-farm/non-residential | 138,573 | 25,135 | 163,708 | ||||||||||||||||||||||||||||||
Construction/land development | 33,475 | 14,267 | 47,742 | ||||||||||||||||||||||||||||||
Agricultural | 10,807 | 343 | 11,150 | ||||||||||||||||||||||||||||||
Multifamily residential | 8,709 | 457 | 9,166 | ||||||||||||||||||||||||||||||
Commercial and industrial | 8,582 | 137 | 8,719 | ||||||||||||||||||||||||||||||
Consumer | 106 | 5 | 111 | ||||||||||||||||||||||||||||||
Other | 142 | 0 | 142 | ||||||||||||||||||||||||||||||
Total | $ | 305,612 | $ | 46,179 | $ | 351,791 | |||||||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 146,687 | $ | 5,661 | $ | 152,348 | |||||||||||||||||||||||||||
Non-farm/non-residential | 271,705 | 16,399 | 288,104 | ||||||||||||||||||||||||||||||
Construction/land development | 90,321 | 14,766 | 105,087 | ||||||||||||||||||||||||||||||
Agricultural | 18,937 | 753 | 19,690 | ||||||||||||||||||||||||||||||
Multifamily residential | 9,871 | 830 | 10,701 | ||||||||||||||||||||||||||||||
Commercial and industrial | 18,495 | 1 | 18,496 | ||||||||||||||||||||||||||||||
Consumer | 123 | 53 | 176 | ||||||||||||||||||||||||||||||
Other | 1,637 | 0 | 1,637 | ||||||||||||||||||||||||||||||
Total | $ | 557,776 | $ | 38,463 | $ | 596,239 | |||||||||||||||||||||||||||
The following table is an aging analysis of past due covered loans. | |||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total | Current | Total | |||||||||||||||||||||||||||||
Past Due | or More | Past Due | Covered | ||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 5,341 | $ | 12,409 | $ | 17,750 | $ | 93,303 | $ | 111,053 | |||||||||||||||||||||||
Non-farm/non-residential | 6,954 | 32,462 | 39,416 | 124,292 | 163,708 | ||||||||||||||||||||||||||||
Construction/land development | 2,173 | 20,914 | 23,087 | 24,655 | 47,742 | ||||||||||||||||||||||||||||
Agricultural | 237 | 1,328 | 1,565 | 9,585 | 11,150 | ||||||||||||||||||||||||||||
Multifamily residential | 375 | 3,240 | 3,615 | 5,551 | 9,166 | ||||||||||||||||||||||||||||
Commercial and industrial | 605 | 2,001 | 2,606 | 6,113 | 8,719 | ||||||||||||||||||||||||||||
Consumer | 10 | 0 | 10 | 101 | 111 | ||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 142 | 142 | ||||||||||||||||||||||||||||
Total | $ | 15,695 | $ | 72,354 | $ | 88,049 | $ | 263,742 | $ | 351,791 | |||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 9,539 | $ | 20,958 | $ | 30,497 | $ | 121,851 | $ | 152,348 | |||||||||||||||||||||||
Non-farm/non-residential | 18,476 | 55,753 | 74,229 | 213,875 | 288,104 | ||||||||||||||||||||||||||||
Construction/land development | 6,693 | 42,604 | 49,297 | 55,790 | 105,087 | ||||||||||||||||||||||||||||
Agricultural | 1,063 | 3,338 | 4,401 | 15,289 | 19,690 | ||||||||||||||||||||||||||||
Multifamily residential | 0 | 3,345 | 3,345 | 7,356 | 10,701 | ||||||||||||||||||||||||||||
Commercial and industrial | 901 | 4,133 | 5,034 | 13,462 | 18,496 | ||||||||||||||||||||||||||||
Consumer | 29 | 5 | 34 | 142 | 176 | ||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 1,637 | 1,637 | ||||||||||||||||||||||||||||
Total | $ | 36,701 | $ | 130,136 | $ | 166,837 | $ | 429,402 | $ | 596,239 | |||||||||||||||||||||||
At December 31, 2013 and 2012, a significant portion of the Company’s covered loans were past due, including many that were 90 days or more past due. However, such delinquencies were included in the Company’s performance expectations in determining the Day 1 Fair Values. Accordingly, all covered loans continue to accrete interest income and all covered loans rated FV 1 continue to perform in accordance with or exceed management’s expectations established in conjunction with the determination of the Day 1 Fair Values. | |||||||||||||||||||||||||||||||||
Purchased Non-Covered Loans | |||||||||||||||||||||||||||||||||
The following table is a summary of credit quality indicators for the Company’s purchased non-covered loans. | |||||||||||||||||||||||||||||||||
Purchased Non-Covered Loans Without | Purchased Non- | Total | |||||||||||||||||||||||||||||||
Evidence of Credit Deterioration at Acquisition | Covered Loans With | Purchased | |||||||||||||||||||||||||||||||
Evidence of Credit | Non-Covered | ||||||||||||||||||||||||||||||||
Deterioration at | |||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||
FV 33 | FV 44 | FV 55 | FV 36 | FV 77 | FV 66 | FV 88 | Loans | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 27,111 | $ | 32,259 | $ | 21,035 | $ | 35,733 | $ | 0 | $ | 14,947 | $ | 0 | $ | 131,085 | |||||||||||||||||
Non-farm/non-residential | 42,193 | 72,621 | 20,685 | 1,191 | 0 | 16,258 | 0 | 152,948 | |||||||||||||||||||||||||
Construction/land development | 5,930 | 8,106 | 2,137 | 4,553 | 0 | 4,907 | 0 | 25,633 | |||||||||||||||||||||||||
Agricultural | 1,547 | 6,619 | 823 | 164 | 0 | 365 | 0 | 9,518 | |||||||||||||||||||||||||
Multifamily residential | 3,531 | 5,565 | 5,268 | 959 | 0 | 1,887 | 0 | 17,210 | |||||||||||||||||||||||||
Total real estate | 80,312 | 125,170 | 49,948 | 42,600 | 0 | 38,364 | 0 | 336,394 | |||||||||||||||||||||||||
Commercial and industrial | 9,592 | 9,730 | 2,250 | 1,879 | 0 | 1,483 | 0 | 24,934 | |||||||||||||||||||||||||
Consumer | 1,013 | 141 | 171 | 4,794 | 0 | 736 | 0 | 6,855 | |||||||||||||||||||||||||
Other | 1,202 | 2,897 | 157 | 237 | 0 | 47 | 0 | 4,540 | |||||||||||||||||||||||||
Total | $ | 92,119 | $ | 137,938 | $ | 52,526 | $ | 49,510 | $ | 0 | $ | 40,630 | $ | 0 | $ | 372,723 | |||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,400 | $ | 7,363 | $ | 4,937 | $ | 921 | $ | 0 | $ | 2,601 | $ | 0 | $ | 19,222 | |||||||||||||||||
Non-farm/non-residential | 420 | 1,370 | 2,680 | 10 | 0 | 362 | 0 | 4,842 | |||||||||||||||||||||||||
Construction/land development | 438 | 659 | 130 | 134 | 0 | 589 | 0 | 1,950 | |||||||||||||||||||||||||
Agricultural | 784 | 826 | 710 | 164 | 0 | 537 | 0 | 3,021 | |||||||||||||||||||||||||
Total real estate | 5,042 | 10,218 | 8,457 | 1,229 | 0 | 4,089 | 0 | 29,035 | |||||||||||||||||||||||||
Commercial and industrial | 576 | 1,802 | 1,788 | 384 | 0 | 783 | 0 | 5,333 | |||||||||||||||||||||||||
Consumer | 857 | 231 | 79 | 1,341 | 0 | 1,660 | 0 | 4,168 | |||||||||||||||||||||||||
Other | 222 | 110 | 107 | 2,336 | 0 | 223 | 0 | 2,998 | |||||||||||||||||||||||||
Total | $ | 6,697 | $ | 12,361 | $ | 10,431 | $ | 5,290 | $ | 0 | $ | 6,755 | $ | 0 | $ | 41,534 | |||||||||||||||||
The following grades are used for purchased non-covered loans without evidence of credit deterioration at the date of acquisition. | |||||||||||||||||||||||||||||||||
FV 33 – Loans in this category are considered to be satisfactory with minimal credit risk and are generally considered collectible. | |||||||||||||||||||||||||||||||||
FV 44 – Loans in this category are considered to be marginally satisfactory with minimal to moderate credit risk and are generally considered collectible. | |||||||||||||||||||||||||||||||||
FV 55 – Loans in this category exhibit weakness and are considered to have elevated credit risk and elevated risk of repayment. | |||||||||||||||||||||||||||||||||
FV 36 – Loans in this category were not individually reviewed at the date of purchase and are assumed to have characteristics similar to the characteristics of the aggregate acquired portfolio. | |||||||||||||||||||||||||||||||||
FV 77 – Loans in this category have deteriorated since the date of purchase and are considered impaired. | |||||||||||||||||||||||||||||||||
The following grades are used for purchased non-covered loans with evidence of credit deteroriation at the date of acquisition. | |||||||||||||||||||||||||||||||||
FV 66 – Loans in this category are performing in accordance with or exceeding management’s performance expectations established in conjunction with the Day 1 Fair Values. | |||||||||||||||||||||||||||||||||
FV 88 – Loans in this category have deteriorated from management’s performance expectations established in conjunction with the determination of Day 1 Fair Values. | |||||||||||||||||||||||||||||||||
The following table is an aging analysis of past due purchased non-covered loans. | |||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total | Current | Total | |||||||||||||||||||||||||||||
Past Due | or More | Past Due | Purchased | ||||||||||||||||||||||||||||||
Non- | |||||||||||||||||||||||||||||||||
Covered | |||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 6,615 | $ | 4,703 | $ | 11,318 | $ | 119,767 | $ | 131,085 | |||||||||||||||||||||||
Non-farm/non-residential | 4,886 | 5,779 | 10,665 | 142,283 | 152,948 | ||||||||||||||||||||||||||||
Construction/land development | 265 | 4,045 | 4,310 | 21,323 | 25,633 | ||||||||||||||||||||||||||||
Agriculture | 134 | 25 | 159 | 9,359 | 9,518 | ||||||||||||||||||||||||||||
Multifamily residential | 421 | 1,225 | 1,646 | 15,564 | 17,210 | ||||||||||||||||||||||||||||
Commercial and industrial | 614 | 388 | 1,002 | 23,932 | 24,934 | ||||||||||||||||||||||||||||
Consumer | 411 | 237 | 648 | 6,207 | 6,855 | ||||||||||||||||||||||||||||
Other | 0 | 33 | 33 | 4,507 | 4,540 | ||||||||||||||||||||||||||||
Total | $ | 13,346 | $ | 16,435 | $ | 29,781 | $ | 342,942 | $ | 372,723 | |||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 2,322 | $ | 1,594 | $ | 3,916 | $ | 15,306 | $ | 19,222 | |||||||||||||||||||||||
Non-farm/non-residential | 319 | 205 | 524 | 4,318 | 4,842 | ||||||||||||||||||||||||||||
Construction/land development | 148 | 322 | 470 | 1,480 | 1,950 | ||||||||||||||||||||||||||||
Agriculture | 272 | 904 | 1,176 | 1,845 | 3,021 | ||||||||||||||||||||||||||||
Commercial and industrial | 855 | 2,589 | 3,444 | 1,889 | 5,333 | ||||||||||||||||||||||||||||
Consumer | 431 | 1,295 | 1,726 | 2,442 | 4,168 | ||||||||||||||||||||||||||||
Other | 434 | 259 | 693 | 2,305 | 2,998 | ||||||||||||||||||||||||||||
Total | $ | 4,781 | $ | 7,168 | $ | 11,949 | $ | 29,585 | $ | 41,534 | |||||||||||||||||||||||
Foreclosed_Assets_Not_Covered_
Foreclosed Assets Not Covered by FDIC Loss Share Agreements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Foreclosed Assets Not Covered by FDIC Loss Share Agreements | ' | ||||||||||||
7. Foreclosed Assets Not Covered by FDIC Loss Share Agreements | |||||||||||||
The following table is a summary of activity within foreclosed assets not covered by FDIC loss share agreements for the years indicated. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance – beginning of year | $ | 13,924 | $ | 31,762 | $ | 42,216 | |||||||
Loans and other assets transferred into foreclosed assets | 9,464 | 9,047 | 10,676 | ||||||||||
Sales of foreclosed assets | (12,343 | ) | (25,482 | ) | (11,719 | ) | |||||||
Writedowns of foreclosed assets | (1,352 | ) | (1,713 | ) | (9,525 | ) | |||||||
Foreclosed assets acquired in acquisitions | 2,158 | 310 | 114 | ||||||||||
Balance – end of year | $ | 11,851 | $ | 13,924 | $ | 31,762 | |||||||
The following table is a summary of the amount and type of foreclosed assets not covered by FDIC loss share agreements. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Real estate: | |||||||||||||
Residential 1-4 family | $ | 1,604 | $ | 2,863 | |||||||||
Non-farm/non-residential | 4,380 | 2,481 | |||||||||||
Construction/land development | 5,359 | 8,072 | |||||||||||
Agricultural | 222 | 378 | |||||||||||
Multifamily residential | 211 | 0 | |||||||||||
Total real estate | 11,776 | 13,794 | |||||||||||
Commercial and industrial | 75 | 102 | |||||||||||
Consumer | 0 | 28 | |||||||||||
Foreclosed assets not covered by FDIC loss share agreements | $ | 11,851 | $ | 13,924 | |||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
8. Premises and Equipment | |||||||||
The following table is a summary of premises and equipment. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Land | $ | 75,770 | $ | 72,499 | |||||
Construction in process | 2,781 | 2,498 | |||||||
Buildings and improvements | 154,640 | 135,840 | |||||||
Leasehold improvements | 5,048 | 5,158 | |||||||
Equipment | 56,526 | 51,548 | |||||||
Gross premises and equipment | 294,765 | 267,543 | |||||||
Accumulated depreciation | (49,293 | ) | (41,789 | ) | |||||
Premises and equipment, net | $ | 245,472 | $ | 225,754 | |||||
The Company capitalized $0.1 million of interest on construction projects during each of the years ended December 31, 2013, 2012 and 2011. Included in occupancy expense is rent of $1.4 million, $1.6 million and $2.0 million incurred under noncancelable operating leases in 2013, 2012 and 2011, respectively, for leases of real estate, buildings and premises. These leases contain certain renewal and purchase options according to the terms of the agreements. Future amounts due under these noncancelable leases at December 31, 2013 are as follows: $1.1 million in 2014, $1.0 million in 2015, $0.8 million in 2016, $0.6 million in 2017, $0.4 million in 2018 and $1.0 million thereafter. Rental income recognized for leases of buildings and premises under operating leases was $1.1 million during 2013, $1.2 million during 2012 and $1.1 million during 2011. |
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Deposits | ' | ||||||||
9. Deposits | |||||||||
The following table is a summary of the scheduled maturities of time deposits. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Up to one year | $ | 742,069 | $ | 684,118 | |||||
Over one to two years | 107,395 | 65,138 | |||||||
Over two to three years | 25,217 | 25,425 | |||||||
Over three to four years | 12,107 | 3,366 | |||||||
Over four to five years | 10,138 | 2,188 | |||||||
Thereafter | 284 | 614 | |||||||
Total time deposits | $ | 897,210 | $ | 780,849 | |||||
The aggregate amount of time deposits with a minimum denomination of $100,000 was $426.2 million and $337.6 million at December 31, 2013 and 2012, respectively. |
Borrowings
Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Borrowings | ' | ||||||||||||
10. Borrowings | |||||||||||||
Short-term borrowings with original maturities less than one year include FHLB-Dallas advances, Federal Reserve Bank (“FRB”) borrowings and federal funds purchased. The following table is a summary of information relating to these short-term borrowings. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Average annual balance | $ | 8,767 | $ | 10,900 | |||||||||
December 31 balance | 0 | 0 | |||||||||||
Maximum month-end balance during year | 60,775 | 58,925 | |||||||||||
Interest rate: | |||||||||||||
Weighted-average – year | 0.27 | % | 0.36 | % | |||||||||
Weighted-average – December 31 | 0 | 0 | |||||||||||
At both December 31, 2013 and 2012, the Company had fixed rate FHLB-Dallas advances with original maturities exceeding one year of $280.9 million and $280.8 million, respectively. These fixed rate advances bear interest at rates ranging from 0.89% to 4.54% at December 31, 2013, are collateralized by a blanket lien on a substantial portion of the Company’s real estate loans and are subject to prepayment penalties if repaid prior to maturity date. At December 31, 2013, the Bank had $619 million of unused FHLB-Dallas borrowing availability. | |||||||||||||
The following table is a summary of aggregate annual maturities and weighted-average interest rates of FHLB-Dallas advances with an original maturity of over one year as of December 31, 2013. | |||||||||||||
Weighted- | |||||||||||||
Average | |||||||||||||
Maturity | Amount | Interest Rate | |||||||||||
(Dollars in thousands) | |||||||||||||
2014 | $ | 40 | 2.78 | % | |||||||||
2015 | 41 | 2.8 | |||||||||||
2016 | 28 | 3.53 | |||||||||||
2017 | 260,030 | 3.89 | |||||||||||
2018 | 20,154 | 2.53 | |||||||||||
Thereafter | 602 | 4.54 | |||||||||||
Total | $ | 280,895 | 3.8 | ||||||||||
Included in the above table are $280.0 million of FHLB-Dallas advances that contain quarterly call features. The following table is a summary of the weighted-average interest rates and maturity dates of such callable advances as of December 31, 2013. | |||||||||||||
Amount | Weighted- | Maturity | |||||||||||
Average | |||||||||||||
Interest Rate | |||||||||||||
(Dollars in thousands) | |||||||||||||
Callable quarterly | $ | 260,000 | 3.9 | % | 2017 | ||||||||
Callable quarterly | 20,000 | 2.53 | 2018 | ||||||||||
Total | $ | 280,000 | 3.8 | ||||||||||
Subordinated_Debentures
Subordinated Debentures | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Brokers And Dealers [Abstract] | ' | ||||||||||||||||
Subordinated Debentures | ' | ||||||||||||||||
11. Subordinated Debentures | |||||||||||||||||
At December 31, 2013 the Company had the following issues of trust preferred securities outstanding and subordinated debentures owed to the Trusts. | |||||||||||||||||
Subordinated | Trust Preferred | ||||||||||||||||
Debentures | Securities | Interest Rate at | Final Maturity | ||||||||||||||
Owed to Trust | of the Trust | December 31, 2013 | Date | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Ozark III | $ | 14,434 | $ | 14,000 | 3.2 | % | September 25, 2033 | ||||||||||
Ozark II | 14,433 | 14,000 | 3.15 | September 29, 2033 | |||||||||||||
Ozark IV | 15,464 | 15,000 | 2.47 | September 28, 2034 | |||||||||||||
Ozark V | 20,619 | 20,000 | 1.85 | December 15, 2036 | |||||||||||||
Total | $ | 64,950 | $ | 63,000 | |||||||||||||
On September 25, 2003, Ozark III sold to investors in a private placement offering $14 million of adjustable rate trust preferred securities, and on September 29, 2003, Ozark II sold to investors in a private placement offering $14 million of adjustable rate trust preferred securities (collectively, “2003 Securities”). The 2003 Securities bear interest, adjustable quarterly, at 90-day London Interbank Offered Rate (“LIBOR”) plus 2.95% for Ozark III and 90-day LIBOR plus 2.90% for Ozark II. The aggregate proceeds of $28 million from the 2003 Securities were used to purchase an equal principal amount of adjustable rate subordinated debentures of the Company that bear interest, adjustable quarterly, at 90-day LIBOR plus 2.95% for Ozark III and 90-day LIBOR plus 2.90% for Ozark II (collectively, “2003 Debentures”). | |||||||||||||||||
On September 28, 2004, Ozark IV sold to investors in a private placement offering $15 million of adjustable rate trust preferred securities (“2004 Securities”). The 2004 Securities bear interest, adjustable quarterly, at 90-day LIBOR plus 2.22%. The $15 million proceeds from the 2004 Securities were used to purchase an equal principal amount of adjustable rate subordinated debentures of the Company that bear interest, adjustable quarterly, at 90-day LIBOR plus 2.22% (“2004 Debentures”). | |||||||||||||||||
On September 29, 2006, Ozark V sold to investors in a private placement offering $20 million of adjustable rate trust preferred securities (“2006 Securities”). The Securities bear interest, adjustable quarterly, at 90-day LIBOR plus 1.60%. The $20 million proceeds from the 2006 Securities were used to purchase an equal principal amount of adjustable rate subordinated debentures of the Company that bear interest, adjustable quarterly, at 90-day LIBOR plus 1.60% (“2006 Debentures”). | |||||||||||||||||
In addition to the issuance of these adjustable rate securities, Ozark II and Ozark III collectively sold $0.9 million, Ozark IV sold $0.4 million and Ozark V sold $0.6 million of trust common equity to the Company. The proceeds from the sales of the trust common equity were used, respectively, to purchase $0.9 million of 2003 Debentures, $0.4 million of 2004 Debentures and $0.6 million of 2006 Debentures issued by the Company. | |||||||||||||||||
At both December 31, 2013 and 2012, the Company had an aggregate of $64.9 million of subordinated debentures outstanding and had an asset of $1.9 million representing its investment in the common equity issued by the Trusts. At both December 31, 2013 and 2012, the sole assets of the Trusts were the respective adjustable rate debentures and the liabilities of the respective Trusts were the 2003 Securities, the 2004 Securities and the 2006 Securities. At both December 31, 2013 and 2012, the Trusts had aggregate common equity of $1.9 million and did not have any restricted net assets. The Company has, through various contractual arrangements, fully and unconditionally guaranteed all obligations of the Trusts with respect to the 2003 Securities, the 2004 Securities and the 2006 Securities. Additionally, there are no restrictions on the ability of the Trusts to transfer funds to the Company in the form of cash dividends, loans or advances. The Company has the option to defer interest payments on the subordinated debentures from time to time for a period not to exceed five consecutive years. | |||||||||||||||||
These securities generally mature at or near the 30th anniversary date of each issuance. However, these securities and debentures may be prepaid at par, subject to regulatory approval, prior to maturity at any time on or after September 25 and 29, 2008 for the two issues of 2003 Securities and 2003 Debentures; on or after September 28, 2009 for the 2004 Securities and 2004 Debentures; and on or after December 15, 2011 for the 2006 Securities and 2006 Debentures. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
12. Income Taxes | |||||||||||||
The following table is a summary of the components of the provision (benefit) for income taxes. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 43,750 | $ | 37,254 | $ | 33,360 | |||||||
State | 6,547 | 4,489 | 4,982 | ||||||||||
Total current | 50,297 | 41,743 | 38,342 | ||||||||||
Deferred: | |||||||||||||
Federal | (8,689 | ) | (6,384 | ) | 10,230 | ||||||||
State | (1,459 | ) | (1,424 | ) | 1,636 | ||||||||
Total deferred | (10,148 | ) | (7,808 | ) | 11,866 | ||||||||
Provision for income taxes | $ | 40,149 | $ | 33,935 | $ | 50,208 | |||||||
The following table is a summary of the reconciliation between the statutory federal income tax rate and effective income tax rate for the years indicated. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Increase (decrease) in taxes resulting from: | |||||||||||||
State income taxes, net of federal benefit | 2.6 | 1.8 | 2.8 | ||||||||||
Effect of tax-exempt interest income | (4.4 | ) | (5.0 | ) | (3.8 | ) | |||||||
Effect of BOLI and other tax-exempt income | (1.2 | ) | (0.8 | ) | (0.5 | ) | |||||||
Other, net | (0.5 | ) | (0.4 | ) | (0.4 | ) | |||||||
Effective income tax rate | 31.5 | % | 30.6 | % | 33.1 | % | |||||||
Income tax benefits from the exercise of stock options and vesting of common stock under the Company’s restricted stock plan in the amount of $3.2 million, $1.5 million and $0.9 million in 2013, 2012 and 2011, respectively, were recorded as an increase to additional paid-in capital. | |||||||||||||
At December 31, 2013, current income taxes receivable of $3.0 million were included in other assets. At December 31, 2012, current income taxes payable of $2.8 million were included in other liabilities. | |||||||||||||
The following table is a summary of the types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan and lease losses | $ | 16,576 | $ | 16,227 | |||||||||
Differences in amounts reflected in financial statements and income tax basis of purchased non-covered loans | 17,167 | 0 | |||||||||||
Stock-based compensation | 2,400 | 1,831 | |||||||||||
Deferred compensation | 1,775 | 1,767 | |||||||||||
Foreclosed assets | 3,165 | 3,258 | |||||||||||
Investment securities AFS | 5,056 | 0 | |||||||||||
Differences in amounts reflected in financial statements and income tax basis of assets acquired and liabilities assumed in FDIC-assisted acquisitions | 3,424 | 0 | |||||||||||
Acquired net operating losses | 7,509 | 0 | |||||||||||
Other, net | 3,858 | 0 | |||||||||||
Total gross deferred tax assets | 60,930 | 23,083 | |||||||||||
Less valuation allowance | (4,102 | ) | 0 | ||||||||||
Net deferred tax asset | 56,828 | 23,083 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation on premises and equipment | 17,459 | 14,196 | |||||||||||
Investment securities AFS | 0 | 8,083 | |||||||||||
Differences in amounts reflected in financial statements and income tax basis of assets acquired and liabilities assumed in FDIC-assisted acquisitions | 0 | 8,810 | |||||||||||
Acquired intangible assets | 4,227 | 639 | |||||||||||
Other, net | 0 | 246 | |||||||||||
Total gross deferred tax liabilities | 21,686 | 31,974 | |||||||||||
Net deferred tax assets (liabilities) | $ | 35,142 | $ | (8,891 | ) | ||||||||
The net operating losses were acquired from the First National Bank transaction and totaled $19.0 million, of which $11.5 million expires in 2032 and $7.5 million expires in 2033. | |||||||||||||
At December 31, 2013, the Company had established a deferred tax valuation allowance of approximately $4.1 million to reflect its assessment that the realization of the benefits from the settlement or recovery of certain of these acquired assets and net operating losses are expected to be subject to section 382 limitations. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
13. Employee Benefit Plans | |
The Company maintains a qualified retirement plan (the “401(k) Plan”) with a salary deferral feature designed to qualify under Section 401 of the IRC. The 401(k) Plan permits employees of the Company to defer a portion of their compensation in accordance with the provisions of Section 401(k) of the IRC. During 2012, the Company amended the 401(k) Plan to make it a Safe-Harbor Cost or Deferred Arrangement (“Safe-Harbor CODA”) effective January 1, 2013. As a result, (i) certain key employees are eligible to make salary deferrals into the 401(k) Plan beginning January 1, 2013, (ii) the 401(k) Plan is no longer subject to any provisions of the average deferral percentage test described in IRC section 401(k)(3) or the average contribution percentage test described in IRC section 401(m)(2), (iii) the basic matching contribution is (a) 100% of the amount of the employee’s deferrals that do not exceed 3% of the employee’s compensation for the year plus (b) 50% of the amount of the employee’s elective deferrals that exceed 3% but do not exceed 5% of the employee’s compensation for the year, and (iv) all employer matching contributions made under the provisions of the Safe-Harbor CODA are non-forfeitable. Certain other statutory limitations with respect to the Company’s contribution under the 401(k) Plan also apply. Matching contributions made by the Company prior to the 401(k) Plan becoming a Safe Harbor CODA vest over six years and are held in trust until distributed pursuant to the terms of the 401(k) Plan. | |
Contributions to the 401(k) Plan are invested in accordance with participant elections among certain investment options. Distributions from participant accounts are not permitted before age 65, except in the event of death, permanent disability, certain financial hardships or termination of employment. The Company made matching cash contributions to the 401(k) Plan during 2013, 2012 and 2011 of $1.8 million, $0.9 million and $0.8 million, respectively. | |
The Company also maintains the Bank of the Ozarks, Inc. Deferred Compensation Plan (the “Plan”), which is an unfunded deferred compensation arrangement for the group of employees designated as key employees, including certain of the Company’s executive officers. Under the terms of the Plan, eligible participants may elect to defer a portion of their compensation. Such deferred compensation is distributable in lump sum or specified installments upon separation from service with the Company or upon other specified events as defined in the Plan. During 2012, the Company had the ability to make a contribution to each participant’s account, limited to one half of the first 6% of compensation deferred by the participant and subject to certain other limitations. Effective January 1, 2013, the Plan was amended such that the Company no longer makes any contribution to the Plan for the benefit of each participant or otherwise. Amounts deferred under the Plan are invested in certain approved investments (excluding securities of the Company or its affiliates). Company contributions to the Plan in 2012 and 2011 totaled $122,000 and $123,000, respectively, with no contributions to the Plan in 2013. At December 31, 2013 and 2012, the Company had Plan assets, along with an equal amount of liabilities, totaling $3.9 million and $4.2 million, respectively, recorded on the accompanying consolidated balance sheet. | |
Effective May 4, 2010, the Company established a Supplemental Executive Retirement Plan (“SERP”) and certain other benefit arrangements for its Chairman and Chief Executive Officer. Pursuant to the SERP, this officer is entitled to receive 180 equal monthly payments of $32,197, or $386,360 annually, commencing at the later of obtaining age 70 or separation from service. If separation from service occurs prior to age 70, such benefit will be at a reduced amount. The costs of such benefits, assuming a retirement date at age 70, will be fully accrued by the Company at such retirement date. During 2013, 2012 and 2011, respectively, the Company accrued $180,000, $161,000 and $148,000 for the future benefits payable under the SERP. The SERP is an unfunded plan and is considered a general contractual obligation of the Company. | |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
14. Stock-Based Compensation | |||||||||||||||||
The Company has a nonqualified stock option plan for certain key employees and officers of the Company. This plan provides for the granting of nonqualified options to purchase shares of common stock in the Company. No option may be granted under this plan for less than the fair market value of the common stock, defined by the plan as the average of the highest reported asked price and the lowest reported bid price, on the date of the grant. The benefits or amounts that may be received by or allocated to any particular officer or employee of the Company under this plan will be determined in the sole discretion of the Company’s board of directors or its personnel and compensation committee. While the vesting period and the termination date for the employee plan options are determined when options are granted, all such employee options outstanding at December 31, 2013 were issued with a vesting period of three years and expire seven years after issuance. At December 31, 2013 there were 428,400 shares available for future grants under this plan. | |||||||||||||||||
The Company also has a nonqualified stock option plan for non-employee directors. This plan permits each director who is not otherwise an employee of the Company, or any subsidiary, to receive options to purchase 2,000 shares of the Company’s common stock on the day following his or her election as a director of the Company at each annual meeting of stockholders and up to 2,000 shares upon election or appointment for the first time as a director of the Company. No option may be granted under this plan for less than the fair market value of the common stock, defined by the plan as the average of the highest reported asked price and the lowest reported bid price, on the date of the grant. These options are exercisable immediately and expire ten years after issuance. | |||||||||||||||||
All shares issued in connection with options exercised under both the employee and non-employee director stock option plans are in the form of newly-issued shares. | |||||||||||||||||
The following table summarizes stock option activity for both the employee and non-employee director stock option plans for the year ended December 31, 2013. | |||||||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price/Share | Contractual | (in thousands) | |||||||||||||||
Life (in years) | |||||||||||||||||
Outstanding – January 1, 2013 | 957,150 | $ | 22.12 | ||||||||||||||
Granted | 263,000 | 48.79 | |||||||||||||||
Exercised | (271,500 | ) | 15.74 | ||||||||||||||
Forfeited | (65,350 | ) | 26.92 | ||||||||||||||
Outstanding – December 31, 2013 | 883,300 | 31.67 | 5.5 | $ | 22,011 | (1) | |||||||||||
Fully vested and exercisable at December 31, 2013 | 239,300 | $ | 19.61 | 4.3 | $ | 8,850 | (1) | ||||||||||
Expected to vest in future periods | 515,960 | ||||||||||||||||
Fully vested and expected to vest at December 31, 2013 (2) | 755,260 | $ | 30.91 | 5.4 | $ | 19,394 | (1) | ||||||||||
-1 | Based on closing price of $ 56.59 per share on December 31, 2013. | ||||||||||||||||
-2 | At December 31, 2013 the Company estimates that options to purchase 128,040 shares of the Company’s common stock will not vest and will be forfeited prior to their vesting date. | ||||||||||||||||
Intrinsic value for stock options is defined as the amount by which the current market price of the underlying stock exceeds the exercise price. For those stock options where the exercise price exceeds the current market price of the underlying stock, the intrinsic value is zero. The total intrinsic value of options exercised during 2013, 2012 and 2011 was $7.7 million, $4.4 million and $2.2 million, respectively. | |||||||||||||||||
Options to purchase 263,000 shares, 268,550 shares and 235,200 shares, respectively, were granted during 2013, 2012 and 2011 with a weighted-average grant date fair value of $11.22, $9.58, and $7.30, respectively. The fair value for each option grant is estimated on the date of grant using the Black-Scholes option pricing model. | |||||||||||||||||
The following table is a summary of the weighted-average assumptions used in the Black-Scholes option pricing model for the years indicated. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | 1.3 | % | 0.71 | % | 1.15 | % | |||||||||||
Expected dividend yield | 1.85 | % | 1.87 | % | 1.68 | % | |||||||||||
Expected stock volatility | 30.2 | % | 40.6 | % | 40.1 | % | |||||||||||
Expected life (years) | 5 | 5 | 5 | ||||||||||||||
The Company uses the U.S. Treasury yield curve in effect at the time of the grant to determine the risk-free interest rate. The expected dividend yield is estimated using the current annual dividend level and recent stock price of the Company’s common stock at the date of grant. Expected stock volatility is based on historical volatilities of the Company’s common stock. The expected life of the options is calculated based on the “simplified” method as provided for under Staff Accounting Bulletin No. 110. | |||||||||||||||||
The total fair value of options to purchase shares of the Company’s common stock that vested during 2013, 2012 and 2011 was $1.2 million, $0.5 million and $0.7 million, respectively. Stock-based compensation expense for stock options included in non-interest expense was $1.7 million, $1.1 million and $0.8 million for 2013, 2012 and 2011, respectively. Total unrecognized compensation cost related to nonvested stock-based compensation was $3.6 million at December 31, 2013 and is expected to be recognized over a weighted-average period of 2.3 years. | |||||||||||||||||
The Company has a restricted stock plan that permits issuance of up to 800,000 shares of restricted stock or restricted stock units. All officers and employees of the Company are eligible to receive awards under the restricted stock plan. The benefits or amounts that may be received by or allocated to any particular officer or employee of the Company under the restricted stock plan will be determined in the sole discretion of the Company’s board of directors or its personnel and compensation committee. Shares of common stock issued under the restricted stock plan may be shares of original issuance, shares held in treasury or shares that have been reacquired by the Company. At December 31, 2013 there were 387,550 shares available for future grants under this plan. | |||||||||||||||||
The following table summarizes non-vested restricted stock activity for the year ended December 31, 2013. | |||||||||||||||||
Shares | |||||||||||||||||
Outstanding – January 1, 2013 | 295,250 | ||||||||||||||||
Granted | 109,800 | ||||||||||||||||
Forfeited | (26,600 | ) | |||||||||||||||
Earned and issued | (70,400 | ) | |||||||||||||||
Outstanding – December 31, 2013 | 308,050 | ||||||||||||||||
Weighted-average grant date fair value | $ | 35.97 | |||||||||||||||
Restricted stock awards of 109,800 shares, 128,150 shares and 95,700 shares, respectively, were granted during 2013, 2012 and 2011 with a weighted-average grant date fair value of $49.59, $31.86 and $23.69, respectively. The fair value of the restricted stock awards is amortized to compensation expense over the vesting period (generally three years) and is based on the market price of the Company’s common stock at the date of grant multiplied by the number of shares granted that are expected to vest. Stock-based compensation expense for restricted stock included in non-interest expense was $2.8 million, $1.6 million and $0.8 million for 2013, 2012 and 2011, respectively. Unrecognized compensation expense for nonvested restricted stock awards was $7.9 million at December 31, 2013 and is expected to be recognized over a weighted-average period of 2.4 years. | |||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
15. Commitments and Contingencies | |||||
The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments primarily include commitments to extend credit and standby letters of credit. | |||||
The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company has the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. | |||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since these commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. The type of collateral held varies but may include accounts receivable, inventory, property, plant and equipment, and other real or personal property. | |||||
At December 31, 2013, the Company had outstanding commitments to extend credit, excluding mortgage interest rate lock commitments, totaling $1.21 billion. While many of these commitments are expected to be disbursed within the next 12 months, the following table shows the contractual maturities of outstanding commitments to extend credit at December 31, 2013. | |||||
Contractual Maturities at | |||||
December 31, 2013 | |||||
Maturity | Amount | ||||
(Dollars in thousands) | |||||
2014 | $ | 156,942 | |||
2015 | 128,397 | ||||
2016 | 499,279 | ||||
2017 | 293,059 | ||||
2018 | 107,366 | ||||
Thereafter | 24,430 | ||||
Total | $ | 1,209,473 | |||
Outstanding standby letters of credit are contingent commitments issued by the Company generally to guarantee the performance of a customer in third party borrowing arrangements. The terms of the letters of credit are generally for a period of one year. The maximum amount of future payments the Company could be required to make under these letters of credit at December 31, 2013 and 2012 is $4.6 million and $19.1 million, respectively. The Company holds collateral to support letters of credit when deemed necessary. The total of collateralized commitments at December 31, 2013 and 2012 was $4.4 million and $18.9 million, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
16. Related Party Transactions | |||||||||||||
The Company has, in the ordinary course of business, lending transactions with certain of its officers, directors, director nominees and their related and affiliated parties (related parties). The following table is a summary of activity of loans to related parties for the periods indicated. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance – beginning of year | $ | 2,526 | $ | 2,150 | $ | 3,374 | |||||||
New loans and advances | 15,680 | 19,778 | 16,978 | ||||||||||
Repayments | (12,273 | ) | (19,447 | ) | (18,202 | ) | |||||||
Change in composition of related parties | 1,068 | 45 | 0 | ||||||||||
Balance – end of year | $ | 7,001 | $ | 2,526 | $ | 2,150 | |||||||
The Company had outstanding commitments to extend credit to related parties totaling $5.8 million and $10.6 million at December 31, 2013 and 2012, respectively. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
17. Regulatory Matters | |||||||||||||||||||||||||
The Company is subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial condition and results of operations. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by the regulators about component risk weightings and other factors. | |||||||||||||||||||||||||
Federal and state regulatory agencies generally require the Company and the Bank to maintain minimum Tier 1 and total capital to risk-weighted assets of 4.0% and 8.0%, respectively, and Tier 1 capital to average quarterly assets (Tier 1 leverage ratio) of at least 3.0%. Tier 1 capital generally consists of common equity, retained earnings, certain types of preferred stock, qualifying minority interest and trust preferred securities, subject to limitations, and excludes goodwill and various intangible assets. Total capital includes Tier 1 capital, any amounts of trust preferred securities excluded from Tier 1 capital, and the lesser of the ALLL or 1.25% of risk-weighted assets. At December 31, 2013 and 2012 the Company’s and the Bank’s Tier 1 and total capital ratios and their Tier 1 leverage ratios exceeded minimum requirements. | |||||||||||||||||||||||||
The following table is a summary of the actual and required regulatory capital amounts and ratios of the Company and the Bank as of the dates indicated. | |||||||||||||||||||||||||
Required | |||||||||||||||||||||||||
Actual | For Capital | To Be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||||||
Company | $ | 715,417 | 17.09 | % | $ | 334,799 | 8 | % | $ | 418,499 | 10 | % | |||||||||||||
Bank | 698,738 | 16.72 | 334,348 | 8 | 417,935 | 10 | |||||||||||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||||||||
Company | 672,472 | 16.07 | 167,400 | 4 | 251,100 | 6 | |||||||||||||||||||
Bank | 655,793 | 15.69 | 167,174 | 4 | 250,761 | 6 | |||||||||||||||||||
Tier 1 leverage (to average assets): | |||||||||||||||||||||||||
Company | 672,472 | 14.12 | 142,912 | 3 | 238,187 | 5 | |||||||||||||||||||
Bank | 655,793 | 13.78 | 142,788 | 3 | 237,979 | 5 | |||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||||||
Company | $ | 585,874 | 19.36 | % | $ | 242,120 | 8 | % | $ | 302,650 | 10 | % | |||||||||||||
Bank | 573,926 | 18.95 | 242,263 | 8 | 302,829 | 10 | |||||||||||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||||||||
Company | 548,054 | 18.11 | 121,060 | 4 | 181,590 | 6 | |||||||||||||||||||
Bank | 536,084 | 17.7 | 121,132 | 4 | 181,697 | 6 | |||||||||||||||||||
Tier 1 leverage (to average assets): | |||||||||||||||||||||||||
Company | 548,054 | 14.4 | 114,199 | 3 | 190,332 | 5 | |||||||||||||||||||
Bank | 536,084 | 14.13 | 113,812 | 3 | 189,687 | 5 | |||||||||||||||||||
As of December 31, 2013 and 2012, the most recent notification from the regulators categorized the Company and the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Company’s or the Bank’s category. | |||||||||||||||||||||||||
In July 2013, the Federal Reserve Board and other United States (“U.S.”) banking regulatory agencies approved a final rule to implement the revised capital adequacy standards of the Basel Committee on Banking Supervision (“Basel III”) that establishes a new capital framework for U. S. Banking organizations. When implemented on January 1, 2015, Basel III will increase existing risk-based capital requirements, introduce new requirements, and change various capital component definitions. | |||||||||||||||||||||||||
The state bank commissioner’s approval is required before the Bank can declare and pay any dividend of 75% or more of the net profits of the Bank after all taxes for the current year plus 75% of the retained net profits for the immediately preceding year. At December 31, 2013 and 2012, respectively, $43.9 million and $40.4 million were available for payment of dividends by the Bank without the approval of regulatory authorities. | |||||||||||||||||||||||||
Under FRB regulation, the Bank is also limited as to the amount it may loan to its affiliates, including the Company, and such loans must be collateralized by specific types of collateral. The maximum amount available for loan from the Bank to the Company is limited to 10% of the Bank’s capital and surplus or approximately $67 million and $56 million, respectively, at December 31, 2013 and 2012. | |||||||||||||||||||||||||
The Bank is required by bank regulatory agencies to maintain certain minimum balances of cash or deposits primarily with the FRB. At December 31, 2013 and 2012, these required balances aggregated $12.8 million and $10.1 million, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
18. Fair Value Measurements | |||||||||||||||||
The Company measures certain of its assets and liabilities on a fair value basis using various valuation techniques and assumptions, depending on the nature of the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, fair value is used either annually or on a non-recurring basis to evaluate certain assets and liabilities for impairment or for disclosure purposes. | |||||||||||||||||
The Company applies the following fair value hierarchy. | |||||||||||||||||
Level 1 – Quoted prices for identical instruments in active markets. | |||||||||||||||||
Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable. | |||||||||||||||||
Level 3 – Instruments whose inputs are unobservable. | |||||||||||||||||
The following table sets forth the Company’s assets that are accounted for at fair value. At December 31, 2013 and 2012, the Company had no liabilities that were accounted for at fair value. | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Investment securities AFS(1): | |||||||||||||||||
Obligations of state and political subdivisions | $ | 0 | $ | 417,307 | $ | 18,682 | $ | 435,989 | |||||||||
U.S. Government agency securities | 0 | 218,869 | 0 | 218,869 | |||||||||||||
Corporate bonds | 0 | 716 | 0 | 716 | |||||||||||||
Total investment securities AFS | 0 | 636,892 | 18,682 | 655,574 | |||||||||||||
Impaired non-covered loans and leases | 0 | 0 | 8,087 | 8,087 | |||||||||||||
Impaired covered loans | 0 | 0 | 46,179 | 46,179 | |||||||||||||
Foreclosed assets not covered by FDIC loss share agreements | 0 | 0 | 11,851 | 11,851 | |||||||||||||
Foreclosed assets covered by FDIC loss share agreements | 0 | 0 | 37,960 | 37,960 | |||||||||||||
Total assets at fair value | $ | 0 | $ | 636,892 | $ | 122,759 | $ | 759,651 | |||||||||
December 31, 2012: | |||||||||||||||||
Investment securities AFS(1): | |||||||||||||||||
Obligations of state and political subdivisions | $ | 0 | $ | 332,107 | $ | 29,410 | $ | 361,517 | |||||||||
U.S. Government agency securities | 0 | 43,522 | 74,762 | 118,284 | |||||||||||||
Corporate bonds | 0 | 776 | 0 | 776 | |||||||||||||
Total investment securities AFS | 0 | 376,405 | 104,172 | 480,577 | |||||||||||||
Impaired non-covered loans and leases | 0 | 0 | 6,664 | 6,664 | |||||||||||||
Impaired covered loans | 0 | 0 | 38,463 | 38,463 | |||||||||||||
Foreclosed assets not covered by FDIC loss share agreements | 0 | 0 | 13,924 | 13,924 | |||||||||||||
Foreclosed assets covered by FDIC loss share agreements | 0 | 0 | 52,951 | 52,951 | |||||||||||||
Total assets at fair value | $ | 0 | $ | 376,405 | $ | 216,174 | $ | 592,579 | |||||||||
-1 | Does not include $13.8 million at December 31, 2013 and $13.7 million at December 31, 2012 of shares of FHLB-Dallas and FNBB stock that do not have readily determinable fair values and are carried at cost. | ||||||||||||||||
The following table presents information related to Level 3 non-recurring fair value measurements at December 31, 2013. | |||||||||||||||||
Description | Fair Value at | Technique | Unobservable Inputs | ||||||||||||||
December 31, 2013 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Impaired non-covered loans and leases | $ | 8,087 | Third party appraisal(1) or discounted cash flows | 1. Management discount based on underlying collateral characteristics and market conditions | |||||||||||||
2. Life of loan | |||||||||||||||||
Impaired covered loans | $ | 46,179 | Third party appraisal(1) and/or discounted cash flows | 1. Life of loan | |||||||||||||
2. Discount rate | |||||||||||||||||
Foreclosed assets not covered by FDIC loss share agreements | $ | 11,851 | Third party appraisal(1), broker price opinions and/or discounted cash flows | 1. Management discount based on asset characteristics and market conditions | |||||||||||||
2. Discount rate | |||||||||||||||||
3. Holding period | |||||||||||||||||
Foreclosed assets covered by FDIC loss share agreements | $ | 37,960 | Third party appraisal(1), broker price opinions and/or discounted cash flows | 1. Management discount based on asset characteristics and market conditions | |||||||||||||
2. Discount rate | |||||||||||||||||
3. Holding period | |||||||||||||||||
(1) | The Company utilizes valuation techniques consistent with the market, cost, and income approaches, or a combination thereof in determining fair value. | ||||||||||||||||
The following methods and assumptions are used to estimate the fair value of the Company’s assets and liabilities that are accounted for at fair value. | |||||||||||||||||
Investment securities — The Company utilizes independent third parties as its principal sources for determining fair value of investment securities which are measured on a recurring basis. As a result, the Company receives estimates of fair values from at least two independent pricing sources for the majority of its individual securities within its investment portfolio. For investment securities traded in an active market, the fair values are obtained from independent pricing services and are based on quoted market prices if available. If quoted market prices are not available, fair values are based on market prices for comparable securities, broker quotes or comprehensive interest rate tables, pricing matrices or a combination thereof. For investment securities traded in a market that is not active, fair value is determined using unobservable inputs. All fair value estimates received by the Company from its investment securities are reviewed and approved on a quarterly basis by the Company’s Investment Portfolio Manager and its Chief Financial Officer. | |||||||||||||||||
The Company has determined that certain of its investment securities had a limited to non-existent trading market at December 31, 2013 and 2012. As a result, the Company considers these investments as Level 3 in the fair value hierarchy. Specifically the fair values of certain obligations of state and political subdivisions consisting of certain unrated private placement bonds (the “private placement bonds”) in the amount of $18.7 million and $23.1 million at December 31, 2013 and 2012, respectively, were calculated using Level 3 hierarchy inputs and assumptions as the trading market for such securities was determined to be “not active”. This determination was based on the limited number of trades or, in certain cases, the existence of no reported trades for the private placement bonds. The private placement bonds are generally prepayable at par value at the option of the issuer. As a result, management believes the private placement bonds should be valued at the lower of (i) the matrix pricing provided by the Company’s third party pricing services for comparable unrated municipal securities or (ii) par value. At December 31, 2013 and 2012, the third party pricing matrices valued the Company’s total portfolio of private placement bonds at $18.7 million and $23.8 million, respectively, which was equal to the par value of the private placement bonds at December 31, 2013 and exceeded the lower of the matrix pricing or par value of the private placement bonds by $0.7 million at December 31, 2012. Accordingly, at December 31, 2013 and 2012 the Company reported the private placement bonds at $18.7 million and $23.1 million, respectively. | |||||||||||||||||
Impaired non-covered loans and leases – Fair values are measured on a non-recurring basis based on the underlying collateral value of the impaired loan or lease, reduced for holding and selling costs, or the estimated discounted cash flows for such loan or lease. The Company has reduced the carrying value of its impaired loans and leases (all of which are included in nonaccrual loans and leases) by $7.0 million and $7.1 million, respectively, to the estimated fair value of $6.7 million, for such loans and leases at December 31, 2013 and 2012. These adjustments to reduce the carrying value of impaired loans and leases to estimated fair value at December 31, 2013 and 2012 consisted of $5.6 million and $5.6 million, respectively, of partial charge-offs and $1.4 million and $1.5 million, respectively, of specific loan and lease loss allocations. | |||||||||||||||||
Impaired covered loans – Impaired covered loans are measured at fair value on a non-recurring basis. As of December 31, 2013 and 2012, the Company had identified covered loans acquired in its FDIC-assisted acquisitions where the expected performance of such loans had deteriorated from management’s performance expectations established in conjunction with the determination of the Day 1 Fair Values. As a result the Company recorded partial charge-offs, net of adjustments to the FDIC loss share receivable and the FDIC clawback payable, totaling $4.7 million for 2013 and $6.2 million for 2012 for such loans. The Company also recorded $4.7 million for 2013 and $6.2 million for 2012 of provision for loan and lease losses to cover such charge-offs. In addition to those net charge-offs, the Company also transferred certain of these covered loans to covered foreclosed assets. As a result of these actions, the Company had $46.2 million and $38.5 million of impaired covered loans at December 31, 2013 and 2012, respectively. | |||||||||||||||||
Foreclosed assets not covered by FDIC loss share agreements – Repossessed personal properties and real estate acquired through or in lieu of foreclosure are measured on a non-recurring basis and are initially recorded at the lesser of current principal investment or fair value less estimated cost to sell (generally 8% to 10%) at the date of repossession or foreclosure. Valuations of these assets are periodically reviewed by management with the carrying value of such assets adjusted to the then estimated fair value net of estimated selling costs, if lower, until disposition. Fair values of foreclosed and repossessed assets held for sale are generally based on third party appraisals, broker price opinions or other valuations of the property, resulting in a Level 3 classification. | |||||||||||||||||
Foreclosed assets covered by FDIC loss share agreements – Foreclosed assets covered by FDIC loss share agreements, or covered foreclosed assets, are initially recorded at Day 1 Fair Values. In estimating the Day 1 Fair Values of covered foreclosed assets, management considers a number of factors including, among others, appraised value, estimated selling prices, estimated holding periods and net present value of cash flows expected to be received. Discount rates ranging from 8.0% to 9.5% per annum were used to determine the net present value of covered foreclosed assets for purposes of establishing the Day 1 Fair Values. Valuations of these assets are periodically reviewed by management with the carrying value of such assets adjusted through non-interest income to the then estimated fair value net of estimated selling costs, if lower, until disposition. Fair values of these assets are generally based on third party appraisals, broker price opinions or other valuations of the property. | |||||||||||||||||
The following table presents additional information for the periods indicated about assets measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value. | |||||||||||||||||
Investment | |||||||||||||||||
Securities | |||||||||||||||||
AFS | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balances – December 31, 2011 | $ | 24,192 | |||||||||||||||
Total realized gains/(losses) included in earnings | 0 | ||||||||||||||||
Total unrealized gains/(losses) included in other comprehensive income | 359 | ||||||||||||||||
Paydowns and maturities | (1,150 | ) | |||||||||||||||
Acquired in Genala acquisition | 81,121 | ||||||||||||||||
Sales | (350 | ) | |||||||||||||||
Transfers in and/or out of Level 3 | 0 | ||||||||||||||||
Balances – December 31, 2012 | $ | 104,172 | |||||||||||||||
Total realized gains/(losses) included in earnings | 0 | ||||||||||||||||
Total unrealized gains/(losses) included in other comprehensive income | (1,941 | ) | |||||||||||||||
Paydowns and maturities | (32,762 | ) | |||||||||||||||
Sales | 0 | ||||||||||||||||
Transfers in and/or out of Level 3 | (50,787 | ) | |||||||||||||||
Balances – December 31, 2013 | $ | 18,682 | |||||||||||||||
During 2013 and 2012, there were no transfers of assets or liabilities measured at fair value between Level 1 and Level 2 fair value hierarchy. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||
19. Fair Value of Financial Instruments | |||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of financial instruments. | |||||||||||||||||||
Cash and due from banks – For these short-term instruments, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||
Investment securities – The Company utilizes independent third parties as its principal sources for determining fair value of investment securities which are measured on a recurring basis. As a result, the Company receives estimates of fair values from at least two independent pricing sources for the majority of its individual securities within its investment portfolio. For investment securities traded in an active market, the fair values are obtained from independent pricing services and are based on quoted market prices if available. If quoted market prices are not available, fair values are based on market prices for comparable securities, broker quotes, comprehensive interest rate tables, pricing matrices or a combination thereof. For investment securities traded in a market that is not active, fair value is determined using unobservable inputs. All fair value estimates received by the Company from its investment securities are reviewed and approved on a quarterly basis by the Company’s Investment Portfolio Manager and its Chief Financial Officer. The Company’s investments in the common stock of the FHLB-Dallas and FNBB of $13.8 million and $13.7 million at December 31, 2013 and 2012 do not have readily determinable fair values and are carried at cost. | |||||||||||||||||||
Loans and leases – The fair value of loans and leases, including covered loans and purchased non-covered loans, is estimated by discounting the future cash flows using the current rate at which similar loans or leases would be made to borrowers or lessees with similar credit ratings and for the same remaining maturities. | |||||||||||||||||||
FDIC loss share receivable – The fair value of the FDIC loss share receivable is based on the net present value of future cash proceeds expected to be received from the FDIC under the provisions of the loss share agreements using a discount rate that is based on current market rates. | |||||||||||||||||||
Deposit liabilities – The fair value of demand deposits, savings accounts, money market deposits and other transaction accounts is the amount payable on demand at the reporting date. The fair value of fixed maturity time deposits is estimated using the rate currently available for deposits of similar remaining maturities. | |||||||||||||||||||
Repurchase agreements – For these short-term instruments, the carrying amount is a reasonable estimate of fair value. | |||||||||||||||||||
Other borrowed funds – For these short-term instruments, the carrying amount is a reasonable estimate of fair value. The fair value of long-term instruments is estimated based on the current rates available to the Company for borrowings with similar terms and remaining maturities. | |||||||||||||||||||
Subordinated debentures – The fair values of these instruments are based primarily upon discounted cash flows using rates for securities with similar terms and remaining maturities. | |||||||||||||||||||
Off-balance sheet instruments – The fair values of commercial loan commitments and letters of credit are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and were not material at December 31, 2013 and 2012. | |||||||||||||||||||
The fair values of certain of these instruments were calculated by discounting expected cash flows, which contain numerous uncertainties and involve significant judgments by management. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. | |||||||||||||||||||
The following table presents the estimated fair values of the Company’s financial instruments. | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fair | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Value | Amount | Fair | Amount | Fair | |||||||||||||||
Hierarchy | Value | Value | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 195,975 | $ | 195,975 | $ | 207,967 | $ | 207,967 | ||||||||||
Investment securities AFS | Levels 2 and 3 | 669,384 | 669,384 | 494,266 | 494,266 | ||||||||||||||
Loans and leases, net of ALLL | Level 3 | 3,314,134 | 3,286,600 | 2,714,869 | 2,683,896 | ||||||||||||||
FDIC loss share receivable | Level 3 | 71,854 | 71,770 | 152,198 | 152,565 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Demand, savings and money market account deposits | Level 1 | $ | 2,819,817 | $ | 2,819,817 | $ | 2,320,206 | $ | 2,320,206 | ||||||||||
Time deposits | Level 2 | 897,210 | 897,708 | 780,849 | 781,784 | ||||||||||||||
Repurchase agreements with customers | Level 1 | 53,103 | 53,103 | 29,550 | 29,550 | ||||||||||||||
Other borrowings | Level 2 | 280,895 | 319,650 | 280,763 | 328,881 | ||||||||||||||
FDIC clawback payable | Level 3 | 25,897 | 25,897 | 25,169 | 25,169 | ||||||||||||||
Subordinated debentures | Level 2 | 64,950 | 30,974 | 64,950 | 30,523 |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
20. Supplemental Cash Flow Information | |||||||||||||
Supplemental cash flow information is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Cash paid during the period for: | |||||||||||||
Interest | $ | 18,929 | $ | 22,540 | $ | 32,202 | |||||||
Taxes | 49,453 | 49,888 | 18,448 | ||||||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||||
Loans transferred to foreclosed assets not covered by FDIC loss share agreements | 9,464 | 9,047 | 10,676 | ||||||||||
Loans advanced for sales of foreclosed assets not covered by FDIC loss share agreements | 2,942 | 12,710 | 675 | ||||||||||
Covered loans transferred to covered foreclosed assets | 34,756 | 33,020 | 29,014 | ||||||||||
Net change in unrealized gains and losses on investment securities AFS | (23,784 | ) | 2,395 | 15,622 | |||||||||
Common stock issued in merger and acquisition transactions | 60,079 | 14,123 | 0 | ||||||||||
Unsettled AFS investment security purchases | 917 | 2,513 | 0 |
Other_Operating_Expenses
Other Operating Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Other Operating Expenses | ' | ||||||||||||
21. Other Operating Expenses | |||||||||||||
The following table is a summary of other operating expenses. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Postage and supplies | $ | 3,297 | $ | 3,195 | $ | 3,091 | |||||||
Telephone and data lines | 3,419 | 3,374 | 3,049 | ||||||||||
Advertising and public relations | 2,205 | 4,089 | 3,571 | ||||||||||
Professional and outside services | 6,690 | 4,401 | 4,822 | ||||||||||
Software expense | 5,400 | 3,265 | 3,082 | ||||||||||
Travel and meals | 2,236 | 2,705 | 3,488 | ||||||||||
FDIC and state assessments | 695 | 703 | 719 | ||||||||||
FDIC insurance | 1,875 | 1,505 | 2,155 | ||||||||||
ATM expense | 1,036 | 871 | 1,022 | ||||||||||
Loan collection and repossession expense | 4,381 | 6,135 | 7,873 | ||||||||||
Writedowns of foreclosed and other assets | 1,203 | 1,713 | 9,525 | ||||||||||
Amortization of intangible assets | 2,805 | 2,037 | 1,677 | ||||||||||
Other | 7,292 | 5,648 | 7,490 | ||||||||||
Total other operating expenses | $ | 42,534 | $ | 39,641 | $ | 51,564 | |||||||
Earnings_Per_Common_Share_EPS
Earnings Per Common Share ("EPS") | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Common Share ("EPS") | ' | ||||||||||||
22. Earnings Per Common Share (“EPS”) | |||||||||||||
The following table sets forth the computation of basic and diluted EPS. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Numerator: | |||||||||||||
Distributed earnings allocated to common stockholders | $ | 25,744 | $ | 17,293 | $ | 12,661 | |||||||
Undistributed earnings allocated to common stockholders | 61,391 | 59,751 | 88,660 | ||||||||||
Net earnings allocated to common stockholders | $ | 87,135 | $ | 77,044 | $ | 101,321 | |||||||
Denominator: | |||||||||||||
Denominator for basic EPS – weighted-average common shares | 35,955 | 34,637 | 34,260 | ||||||||||
Effect of dilutive securities – stock options | 246 | 251 | 222 | ||||||||||
Denominator for diluted EPS – weighted-average common shares and assumed conversions | 36,201 | 34,888 | 34,482 | ||||||||||
Basic EPS | $ | 2.42 | $ | 2.22 | $ | 2.96 | |||||||
Diluted EPS | $ | 2.41 | $ | 2.21 | $ | 2.94 | |||||||
Options to purchase 238,050 shares, 257,350 shares and 213,400 shares, respectively, of the Company’s common stock at a weighted-average exercise price of $49.59 per share, $31.86 per share and $23.69 per share, respectively, were outstanding during 2013, 2012 and 2011, but were not included in the computation of diluted EPS because the options’ exercise price was greater than the average market price of the common shares and inclusion would have been antidilutive. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
23. Subsequent Event | |
On January 30, 2014, the Company entered into a definitive agreement and plan of merger (the “Summit Agreement”) with Summit Bancorp, Inc. (“Summit”), and its wholly-owned bank subsidiary Summit Bank, headquartered in Arkadelphia, Arkansas, whereby the Company will acquire all of the outstanding common stock of Summit in a transaction valued at approximately $216.0 million. | |
Under the terms of the Summit Agreement, each outstanding share of common stock of Summit will be converted, at the election of each Summit shareholder, into the right to receive shares of the Company’s common stock, plus cash in lieu of any fractional share, or the right to receive cash, all subject to certain conditions and potential adjustments, provided that at least 80% of the merger consideration paid to Summit shareholders will consist of shares of the Company’s common stock. The number of Company shares to be issued will be determined based on Summit shareholder elections and the Company’s 10-day average closing stock price as of the fifth business day prior to the closing date, subject to a minimum agreed value of $43.58 per share and a maximum agreed value of $72.63 per share. Upon the closing of the transaction, Summit will merge into the Company and Summit Bank will merge into the Bank. Completion of the transaction is subject to certain closing conditions, including receipt of customary regulatory approvals and the approval of the shareholders of Summit. |
Parent_Company_Financial_Infor
Parent Company Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Parent Company Financial Information | ' | ||||||||||||
24. Parent Company Financial Information | |||||||||||||
The following condensed balance sheets, income statements and statements of cash flows reflect the financial position, results of operations and cash flows for the parent company. | |||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 13,044 | $ | 11,230 | |||||||||
Investment in consolidated bank subsidiary | 670,187 | 557,601 | |||||||||||
Investment in unconsolidated Trusts | 1,950 | 1,950 | |||||||||||
Excess cost over fair value of net assets acquired | 1,092 | 1,092 | |||||||||||
Other, net | 3,873 | 1,916 | |||||||||||
Total assets | $ | 690,146 | $ | 573,789 | |||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||
Accounts payable | $ | 72 | $ | 27 | |||||||||
Accrued interest payable | 166 | 171 | |||||||||||
Income taxes payable | 0 | 977 | |||||||||||
Subordinated debentures | 64,950 | 64,950 | |||||||||||
Total liabilities | 65,188 | 66,125 | |||||||||||
Stockholders’ equity: | |||||||||||||
Common stock | 369 | 353 | |||||||||||
Additional paid-in capital | 143,385 | 73,043 | |||||||||||
Retained earnings | 484,876 | 423,485 | |||||||||||
Accumulated other comprehensive income (loss) | (3,672 | ) | 10,783 | ||||||||||
Total stockholders’ equity | 624,958 | 507,664 | |||||||||||
Total liabilities and stockholders’ equity | $ | 690,146 | $ | 573,789 | |||||||||
Condensed Statements of Income | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Income: | |||||||||||||
Dividends from Bank | $ | 34,000 | $ | 26,750 | $ | 12,300 | |||||||
Dividends from Trusts | 52 | 55 | 52 | ||||||||||
Interest | 0 | 437 | 1,145 | ||||||||||
Other | 24 | 8 | 0 | ||||||||||
Total income | 34,076 | 27,250 | 13,497 | ||||||||||
Expenses: | |||||||||||||
Interest | 1,720 | 1,848 | 1,740 | ||||||||||
Other operating expenses | 7,716 | 5,016 | 3,447 | ||||||||||
Total expenses | 9,436 | 6,864 | 5,187 | ||||||||||
Net income before income tax benefit and equity in undistributed earnings of Bank | 24,640 | 20,386 | 8,310 | ||||||||||
Income tax benefit | 3,956 | 2,818 | 1,792 | ||||||||||
Equity in undistributed earnings of Bank | 58,539 | 53,840 | 91,219 | ||||||||||
Net income | $ | 87,135 | $ | 77,044 | $ | 101,321 | |||||||
Condensed Statements of Cash Flows | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 87,135 | $ | 77,044 | $ | 101,321 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of Bank | (58,539 | ) | (53,840 | ) | (91,219 | ) | |||||||
Deferred income tax benefit | (566 | ) | (396 | ) | (177 | ) | |||||||
Stock-based compensation expense | 4,487 | 2,607 | 1,528 | ||||||||||
Tax benefits on exercise of stock options and vesting of common stock under restricted stock plan | (3,173 | ) | (1,538 | ) | (870 | ) | |||||||
Changes in other assets and other liabilities | 844 | 1,319 | 2,445 | ||||||||||
Net cash provided by operating activities | 30,188 | 25,196 | 13,028 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Net paydowns (fundings) of portfolio loans | 0 | 67 | (532 | ) | |||||||||
Cash paid in merger and acquisition transactions, net of cash required | (8,707 | ) | (13,223 | ) | 0 | ||||||||
Net cash used by investing activities | (8,707 | ) | (13,156 | ) | (532 | ) | |||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from exercise of stock options | 4,274 | 3,979 | 4,032 | ||||||||||
Tax benefits on exercise of stock options and vesting of common stock under restricted stock plan | 3,173 | 1,538 | 870 | ||||||||||
Repurchase of common stock under restricted stock plan | (1,370 | ) | (341 | ) | 0 | ||||||||
Cash dividends paid on common stock | (25,744 | ) | (17,293 | ) | (12,661 | ) | |||||||
Net cash used by financing activities | (19,667 | ) | (12,117 | ) | (7,759 | ) | |||||||
Net increase (decrease) in cash | 1,814 | (77 | ) | 4,737 | |||||||||
Cash—beginning of year | 11,230 | 11,307 | 6,570 | ||||||||||
Cash—end of year | $ | 13,044 | $ | 11,230 | $ | 11,307 | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
Organization — Bank of the Ozarks, Inc. (the “Company”) is a bank holding company headquartered in Little Rock, Arkansas, which operates under the rules and regulations of the Board of Governors of the Federal Reserve System. The Company owns a wholly-owned state chartered bank subsidiary – Bank of the Ozarks (the “Bank”), four 100%-owned finance subsidiary business trusts – Ozark Capital Statutory Trust II (“Ozark II”), Ozark Capital Statutory Trust III (“Ozark III”), Ozark Capital Statutory Trust IV (“Ozark IV”) and Ozark Capital Statutory Trust V (“Ozark V”) (collectively, the “Trusts”) and, indirectly through the Bank, a subsidiary engaged in the development of real estate, a subsidiary that owns private aircraft and various other entities that hold foreclosed assets or tax credits or engage in other activities. The Bank is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. At December 31, 2013, the Company had 131 offices, including 66 in Arkansas, 28 in Georgia, 15 in North Carolina, 13 in Texas, four in Florida, three in Alabama, and one office each in South Carolina and New York. | |
Basis of Presentation, Use of Estimates and Principles of Consolidation | ' |
Basis of presentation, use of estimates and principles of consolidation — The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, assumptions and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |
The consolidated financial statements include the accounts of the Company, the Bank, the real estate subsidiary and the aircraft subsidiary. In addition, subsidiaries in which the Company has majority voting interest (principally defined as owning a voting or economic interest greater than 50%) or where the Company exercises control over the operating and financial policies of the subsidiary through an operating agreement or other means are consolidated. Investments in companies in which the Company has significant influence over voting and financing decisions (principally defined as owning a voting or economic interest of 20% to 50%) and investments in limited partnerships and limited liability companies where the Company does not exercise control over the operating and financial policies are generally accounted for by the equity method of accounting. Investments in limited partnerships and limited liability companies in which the Company’s interest is so minor such that it has virtually no influence over operating and financial policies (typically less than 20%) are generally accounted for by the cost method of accounting. Significant intercompany transactions and amounts have been eliminated in consolidation. | |
The voting interest approach is not applicable for entities that are not controlled through voting interests or in which the equity investors do not bear the residual economic risk. In such instances, management makes a determination, based on its review of applicable GAAP, on when the assets, liabilities and activities of a variable interest entity (“VIE”) should be included in the Company’s consolidated financial statements. GAAP requires a VIE to be consolidated by a company if that company is considered the primary beneficiary of the VIE’s activities. The Company has determined that the 100%-owned finance subsidiary Trusts are VIEs, but that the Company is not the primary beneficiary of the Trusts. Accordingly, the Company does not consolidate the activities of the Trusts into its financial statements, but instead reports its ownership interests in the Trusts as other assets and reports the subordinated debentures issued to the Trusts as a liability in the consolidated balance sheets. The distributions on the subordinated debentures are reported as interest expense in the accompanying consolidated statements of income. | |
Cash and Cash Equivalents | ' |
Cash and cash equivalents — For cash flow purposes, cash and cash equivalents include cash on hand, amounts due from banks and interest earning deposits with banks. | |
Investment Securities | ' |
Investment securities — Management determines the appropriate classification of investment securities at the time of purchase and reevaluates such designation as of each balance sheet date. At December 31, 2013 and 2012, the Company has classified all of its investment securities as available for sale (“AFS”). | |
AFS investment securities are stated at estimated fair value, with the unrealized gains and losses determined on a specific identification basis. Such unrealized gains and losses, net of tax, are reported as a separate component of stockholders’ equity and included in other comprehensive income (loss). The Company utilizes independent third parties as its principal pricing sources for determining fair value of investment securities which are measured on a recurring basis. As a result, the Company receives estimates of fair values from at least two independent pricing sources for the majority of its individual securities within its investment portfolio. For investment securities traded in an active market, fair values are based on quoted market prices if available. If quoted market prices are not available, fair values are based on quoted market prices of comparable securities, broker quotes or comprehensive interest rate tables, pricing matrices or a combination thereof. For investment securities traded in a market that is not active, fair value is determined using unobservable inputs. Additionally, the valuation of investment securities acquired may include certain unobservable inputs. All fair value estimates received by the Company for its investment securities are reviewed and approved on a quarterly basis by the Company’s Investment Portfolio Manager and its Chief Financial Officer. | |
At December 31, 2013 and 2012, the Company owned stock in the Federal Home Loan Bank of Dallas (“FHLB-Dallas”) and First National Banker’s Bankshares, Inc. (“FNBB”), which do not have readily determinable fair values and are carried at cost. | |
Declines in the fair value of investment securities below their amortized cost are reviewed at least quarterly by the Company for other-than-temporary impairment. Factors considered during such review include, among other things, the length of time and extent that fair value has been less than cost and the financial condition and near term prospects of the issuer. The Company also assesses whether it has the intent to sell the investment security or more likely than not would be required to sell the investment security before any anticipated recovery in fair value. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through the income statement. For securities that do not meet the aforementioned criteria, the amount of impairment is split into (i) other-than-temporary impairment related to credit loss, which must be recognized in the income statement, and (ii) other-than-temporary impairment related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. | |
The fair values of the Company’s investment securities traded in both active and inactive markets can be volatile and may be influenced by a number of factors including market interest rates, prepayment speeds, discount rates, credit quality of the issuer, general market conditions including market liquidity conditions and other factors. Factors and conditions are constantly changing and fair values could be subject to material variations that may significantly impact the Company’s financial condition, results of operations and liquidity. | |
Interest and dividends on investment securities, including the amortization of premiums and accretion of discounts through maturity, or in the case of mortgage-backed securities, over the estimated life of the security, are included in interest income. Realized gains or losses on the sale of investment securities are recognized on the specific identification method at the time of sale and are included in non-interest income. Purchases and sales of investment securities are recorded on a trade-date basis. | |
Loans and Leases | ' |
Loans and leases — Loans, excluding loans covered by Federal Deposit Insurance Corporation (“FDIC”) loss share agreements (“covered loans”) and purchased loans not covered by FDIC loss share agreements (“purchased non-covered loans”), that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs and deferred fees or costs. Interest on loans is recognized on an accrual basis and is calculated using the simple interest method on daily balances of the principal amount outstanding. Loan origination fees and costs are generally deferred and recognized over the life of the loan as an adjustment to yield on the related loan. | |
Leases are classified as either direct financing leases or operating leases, based on the terms of the agreement. Direct financing leases are reported as the sum of (i) total future lease payments to be received, net of unearned income, and (ii) estimated residual value of the leased property. Operating leases are recorded at the cost of the leased property, net of accumulated depreciation. Income on direct financing leases is included in interest income and is recognized on a basis that achieves a constant periodic rate of return on the outstanding investment. Income on operating leases is recognized as non-interest income on a straight-line basis over the lease term. | |
In the ordinary course of business, the Company has entered into off-balance sheet financial instruments consisting of commitments to extend credit and letters of credit. Such financial instruments are recorded in the financial statements when they are funded. Related fees are generally recognized when collected. | |
Mortgage loans held for sale are included in the Company’s loans and leases and totaled $15.3 million and $36.4 million, respectively, at December 31, 2013 and 2012. Mortgage loans held for sale are carried at the lower of cost or fair value. Gains and losses from the sales of mortgage loans are the difference between the selling price of the loan and its carrying value, net of discounts and points, and are recognized as mortgage lending income when the loan is sold to investors and servicing rights are released. | |
As part of its standard mortgage lending practice, the Company issues a written put option, in the form of an interest rate lock commitment (“IRLC”), such that the interest rate on the mortgage loan is established prior to funding. In addition to the IRLC, the Company enters into a forward sale commitment (“FSC”) for the sale of its mortgage loan originations to reduce its market risk on such originations in process. The IRLC on mortgage loans held for sale and the FSC have been determined to be derivatives as defined by GAAP. Accordingly, the fair values of derivative assets and liabilities for the Company’s IRLC and FSC are based primarily on the fluctuation of interest rates between the date on which the particular IRLC and FSC were entered into and year-end. At December 31, 2013 and 2012, respectively, the Company’s IRLC and FSC derivative assets and corresponding derivative liabilities were not material. The notional amounts of loan commitments under both the IRLC and FSC were $12.8 million and $18.1 million at December 31, 2013 and 2012, respectively. | |
Covered Loans | ' |
Covered loans — Covered loans are accounted for in accordance with the provisions of GAAP applicable to loans acquired with deteriorated credit quality and pursuant to the American Institute of Certified Public Accountants’ (“AICPA”) December 18, 2009 letter in which the AICPA summarized the Securities and Exchange Commission’s (“SEC”) view regarding the accounting in subsequent periods for discount accretion associated with non-credit impaired loans acquired in a business combination or asset purchase. Considering, among other factors, the general lack of adequate underwriting, proper documentation, appropriate loan structure and insufficient equity contributions for a large number of these covered loans, and the uncertainty of the borrowers’ and/or guarantors’ ability or willingness to make contractually required (or any) principal and interest payments, management has determined that a significant portion of the loans acquired in FDIC-assisted acquisitions had evidence of credit deterioration since origination. Accordingly, management has elected to apply the provisions of GAAP applicable to loans acquired with deteriorated credit quality, as provided by the AICPA’s December 18, 2009 letter, to all loans acquired in its FDIC-assisted acquisitions. | |
At the time such covered loans are acquired, management individually evaluates substantially all loans acquired in the transaction. This evaluation allows management to determine the estimated fair value of the covered loans (not considering any FDIC loss sharing agreements) and includes no carryover of any previously recorded allowance for loan and lease losses. In determining the estimated fair value of covered loans, management considers a number of factors including, among other things, the remaining life of the acquired loans, estimated prepayments, estimated loss ratios, estimated value of the underlying collateral, estimated holding periods, and net present value of cash flows expected to be received. To the extent that any covered loan acquired is not specifically reviewed, management applies a loss estimate to that loan based on the average expected loss rates for the covered loans that were individually reviewed in that covered loan portfolio. | |
As provided for under GAAP, management has up to 12 months following the date of the acquisition to finalize the fair values of acquired assets and assumed liabilities. Once management has finalized the fair values of acquired assets and assumed liabilities within this 12-month period, management considers such values to be the day 1 fair values (“Day 1 Fair Values”). | |
In determining the Day 1 Fair Values of covered loans, management calculates a non-accretable difference (the credit component of the covered loans) and an accretable difference (the yield component of the covered loans). The non-accretable difference is the difference between the contractually required payments and the cash flows expected to be collected in accordance with management’s determination of the Day 1 Fair Values. Subsequent increases in expected cash flows will result in an adjustment to accretable yield, which would have a positive impact on interest income. Subsequent decreases in expected cash flows will generally result in a provision for loan and lease losses. Subsequent increases in expected cash flows following any previous decrease will result in a reversal of the provision for loan and lease losses to the extent of prior charges and then an adjustment to accretable yield. Any such increase or decrease in expected cash flows will result in a corresponding adjustment of the FDIC loss share receivable or the accretion thereof and the FDIC clawback payable or the amortization thereof for the portion of such reduced or additional loss expected to be collected from the FDIC. | |
The accretable difference on covered loans is the difference between the expected cash flows and the net present value of expected cash flows. Such difference is accreted into earnings using the effective yield method over the term of the loans. In determining the net present value of the expected cash flows for purposes of establishing the Day 1 Fair Values, the Company used discount rates ranging from 6.0% to 9.5% per annum depending on the risk characteristics of each individual loan. At December 31, 2013, the weighted average period during which management expects to receive the estimated cash flows for its covered loan portfolio (not considering any payment under the FDIC loss share agreements) is 2.4 years. | |
Management separately monitors the covered loan portfolio and periodically reviews loans contained within this portfolio against the factors and assumptions used in determining the Day 1 Fair Values. A loan is typically reviewed (i) when it is modified or extended, (ii) when material information becomes available to the Company that provides additional insight regarding the loan’s performance, the status of the borrower, or the quality or value of the underlying collateral, or (iii) in conjunction with the annual review of projected cash flows which include a substantial portion of each acquired covered loan portfolio. Management separately reviews the performance of the portfolio of covered loans on an annual basis, or more frequently to the extent that material information becomes available regarding the performance of an individual loan, to make determinations of the constituent loans’ performance and to consider whether there has been any significant change in performance since management’s initial expectations established in conjunction with the determination of the Day 1 Fair Values or since management’s most recent review of such portfolio’s performance. To the extent that a loan is performing in accordance with or exceeding management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is rated FV1, is not included in any of the Company’s credit quality ratios, is not considered to be an impaired loan, and is not considered in the determination of the required allowance for loan and lease losses. For any loan that is exceeding management’s performance expectation established in conjunction with the determination of Day 1 Fair Values, the accretable yield on such loan is adjusted to reflect such increased performance. To the extent that a loan’s performance has deteriorated from management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is rated FV2, is included in certain of the Company’s credit quality metrics, is considered an impaired loan, and is considered in the determination of the required level of allowance for loan and lease losses. Any improvement in the expected performance of a covered loan would result in a reversal of the provision for loan and lease losses to the extent of prior charges and then an adjustment to accretable yield. | |
Purchased Non-covered Loans | ' |
Purchased non-covered loans — Purchased non-covered loans include a small volume of non-covered loans acquired in FDIC-assisted acquisitions and loans acquired in the Company’s non-FDIC-assisted acquisitions and are initially recorded at fair value on the date of purchase. Purchased non-covered loans that contain evidence of credit deterioration on the date of purchase are carried at the net present value of expected future proceeds. All other purchased non-covered loans are recorded at their initial fair value, adjusted for subsequent advances, pay downs, amortization or accretion of any premium or discount on purchase, charge-offs and any other adjustment to carrying value. | |
At the time of acquisition of purchased non-covered loans, management individually evaluates substantially all loans acquired in the transaction. For those purchased loans without evidence of credit deterioration, management evaluates each reviewed loan using an internal grading system with a grade assigned to each loan at the date of acquisition. To the extent that any purchased non-covered loan is not specifically reviewed, such loan is assumed to have characteristics similar to the characteristics of the aggregate acquired portfolio. The grade for each purchased non-covered loan is reviewed subsequent to the date of acquisition any time a loan is renewed or extended or at any time information becomes available to the Company that provides material insight regarding the loan’s performance, the borrower or the underlying collateral. To the extent that current information indicates it is probable that the Company will collect all amounts according to the contractual terms thereof, such loan is not considered impaired and is not considered in the determination of the required ALLL. To the extent that current information indicates it is probable that the Company will not be able to collect all amounts according to the contractual terms thereon, such loan is considered impaired and is considered in the determination of the required level of allowance for loan and lease losses. | |
In determining the Day 1 Fair Values of purchased non-covered loans without evidence of credit deterioration at the date of acquisition, management includes (i) no carry over of any previously recorded allowance for loan losses and (ii) an adjustment of the unpaid principal balance to reflect an appropriate market rate of interest, given the risk profile and grade assigned to each loan. This adjustment will be accreted into earnings as a yield adjustment, using the effective yield method, over the remaining life of each loan. | |
Purchased non-covered loans that contain evidence of credit deterioration on the date of purchase are accounted for in accordance with the provisions of GAAP applicable to loans acquired with deteriorated credit quality. At the time such purchased non-covered loans with evidence of credit deterioration are acquired, management individually evaluates each loan to determine the estimated fair value of each loan. This evaluation includes no carryover of any previously recorded allowance for loan and lease losses. In determining the estimated fair value of purchased non-covered loans with evidence of credit deterioration, management considers a number of factors including, among other things, the remaining life of the acquired loans, estimated prepayments, estimated loss ratios, estimated value of the underlying collateral, estimated holding periods, and net present value of cash flows expected to be received. | |
In determining the Day 1 Fair Values of purchased non-covered loans with evidence of credit deterioration, management calculates a non-accretable difference (the credit component of the purchased loans) and an accretable difference (the yield component of the purchased loans). The non-accretable difference is the difference between the contractually required payments and the cash flows expected to be collected in accordance with management’s determination of the Day 1 Fair Values. Subsequent increases in expected cash flows will result in an adjustment to accretable yield, which will have a positive impact on interest income. Subsequent decreases in expected cash flows will generally result in a provision for loan and lease losses. Subsequent increases in expected cash flows following any previous decreases will result in a reversal of the provision for loan and lease losses to the extent of prior charges and then an adjustment to accretable yield. | |
The accretable difference on purchased non-covered loans with evidence of credit deterioration is the difference between the expected cash flows and the net present value of expected cash flows. Such difference is accreted into earnings using the effective yield method over the term of the loans. In determining the net present value of the expected cash flows for purposes of establishing the Day 1 Fair Values, the Company used discount rates ranging from 6.0% to 9.5% per annum depending on the risk characteristics of each individual loan. | |
Management separately monitors purchased non-covered loans with evidence of credit deterioration on the date of purchase and periodically reviews such loans contained within this portfolio against the factors and assumptions used in determining the Day 1 Fair Values. A loan is reviewed (i) any time it is renewed or extended, (ii) at any other time additional information becomes available to the Company that provides material additional insight regarding the loan’s performance, the status of the borrower, or the quality or value of the underlying collateral, or (iii) in conjunction with the annual review of projected cash flows of each acquired portfolio. Management separately reviews the performance of the portfolio of purchased non-covered loans with evidence of credit deterioration on an annual basis, or more frequently to the extent that material information becomes available regarding the performance of an individual loan, to make determinations of the constituent loans’ performance and to consider whether there has been any significant change in performance since management’s initial expectations established in conjunction with the determination of the Day 1 Fair Values or since management’s most recent review of such portfolio’s performance. To the extent that a loan is performing in accordance with or exceeding management’s performance expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is rated FV66, is not included in any of the credit quality ratios, is not considered to be a nonaccrual or impaired loan, and is not considered in the determination of the required allowance for loan and lease losses. For any loan that is exceeding management’s performance expectation established in conjunction with the determination of Day 1 Fair Values, the accretable yield on such loan is adjusted to reflect such increased performance. To the extent that a loan’s performance has deteriorated from management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is rated 88, is included in certain of the Company’s credit quality metrics, is considered an impaired loan, and is considered in the determination of the required level of allowance for loan and lease losses. Any improvement in the expected performance of such loan would result in a reversal of the provision for loan and lease losses to the extent of prior charges and then an adjustment to accretable yield. | |
FDIC Loss Share Receivable | ' |
FDIC loss share receivable — In connection with the Company’s FDIC-assisted acquisitions, the Company has recorded a FDIC loss share receivable to reflect the indemnification provided by the FDIC. Currently, the expected losses on covered assets for each of the Company’s loss share agreements would result in expected recovery of approximately 80% of incurred losses. Since the indemnified items are covered loans and covered foreclosed assets, which are initially measured at Day 1 Fair Values, the FDIC loss share receivable is also initially measured and recorded at Day 1 Fair Values, and is calculated by discounting the cash flows expected to be received from the FDIC. A discount rate of 5.0% per annum was used to determine the Day 1 Fair Values of the FDIC loss share receivable. These cash flows are estimated by multiplying estimated losses by the reimbursement rates as set forth in the loss share agreements. The balance of the FDIC loss share receivable and the accretion (or amortization) thereof is adjusted periodically to reflect changes in expectations of discounted cash flows, expense reimbursements under the loss share agreements and other factors. The Company is accreting (or amortizing) its FDIC loss share receivable over the shorter of (i) the contractual term of the indemnification agreement (ten years for the single family loss share agreements, and five years for the non-single family loss share agreements) or (ii) the remaining life of the indemnified asset. | |
FDIC Clawback Payable | ' |
FDIC clawback payable — Pursuant to the clawback provisions of the loss share agreements for the Company’s FDIC-assisted acquisitions, the Company may be required to reimburse the FDIC should actual losses be less than certain thresholds established in each loss share agreement. The amount of the clawback provision for each acquisition is measured and recorded at Day 1 Fair Values. It is calculated as the difference between management’s estimated losses on covered loans and covered foreclosed assets and the loss threshold contained in each loss share agreement, multiplied by the applicable clawback provisions contained in each loss share agreement. This clawback amount, which is payable to the FDIC upon termination of the applicable loss share agreement, is then discounted back to net present value, generally over ten years, using a discount rate of 5.0% per annum. To the extent that actual losses on covered loans and covered foreclosed assets are less than estimated losses, the applicable clawback payable to the FDIC upon termination of the loss share agreements will increase. To the extent that actual losses on covered loans and covered foreclosed assets are more than estimated losses, the applicable clawback payable to the FDIC upon termination of the loss share agreements will decrease. The balance of the FDIC clawback payable and the amortization thereof are adjusted periodically to reflect changes in expected losses on covered assets and the impact of such changes on the clawback payable and other factors. | |
Allowance for Loan and Lease Losses ("ALLL") | ' |
Allowance for loan and lease losses (“ALLL”) — The ALLL is established through a provision for such losses charged against income. All or portions of loans or leases, excluding purchased non-covered loans and covered loans, deemed to be uncollectible are charged against the ALLL when management believes that collectability of all or some portion of outstanding principal is unlikely. Subsequent recoveries, if any, of loans or leases previously charged off are credited to the ALLL. | |
The ALLL is maintained at a level management believes will be adequate to absorb probable incurred losses in the loan and lease portfolio. Provision to and the adequacy of the ALLL are based on evaluations of the loan and lease portfolio utilizing objective and subjective criteria. The objective criteria primarily include an internal grading system and specific allowances. In addition to the objective criteria, the Company subjectively assesses the adequacy of the ALLL and the need for additions thereto, with consideration given to the nature and mix of the portfolio, including concentrations of credit; general economic and business conditions, including national, regional and local business and economic conditions that may affect the borrowers’ or lessees’ ability to pay; expectations regarding the current business cycle; trends that could affect collateral values and other relevant factors. The Company also utilizes a peer group analysis and a historical analysis to validate the overall adequacy of its ALLL. Changes in any of these criteria or the availability of new information could require adjustment of the ALLL in future periods. While a specific allowance has been calculated for impaired loans and leases and for loans and leases where the Company has otherwise determined a specific reserve is appropriate, no portion of the Company’s ALLL is restricted to any individual loan or lease or group of loans or leases, and the entire ALLL is available to absorb losses from any and all loans and leases. | |
The Company’s internal grading system assigns one of nine grades, to all loans and leases, with each grade being assigned an allowance allocation percentage, except residential 1-4 family loans, consumer loans, purchased non-covered loans, covered loans, and certain other loans. The grade for each graded individual loan or lease is determined by the account officer and other approving officers at the time of the loan or lease is made and changed from time to time to reflect an ongoing assessment of loan or lease risk. Grades are reviewed on specific loans and leases from time to time by senior management and as part of the Company’s internal loan review process. The risk elements considered by management in its determination of the appropriate grade for individual loans and leases include the following, among others: (1) for non-farm/non-residential, multifamily residential, and agricultural real estate loans, the debt service coverage ratio (income from the property in excess of operating expenses compared to loan repayment requirements), operating results of the owner in the case of owner-occupied properties, the loan-to-value ratio, the age, condition, value, nature and marketability of the collateral and the specific risks and volatility of income, property value and operating results typical of properties of that type; (2) for construction and land development loans, the perceived feasibility of the project including the ability to sell developed lots or improvements constructed for resale or ability to lease property constructed for lease, the quality and nature of contracts for presale or preleasing, if any, experience and ability of the developer and loan-to-cost and loan-to-value ratios; (3) for commercial and industrial loans and leases, the operating results of the commercial, industrial or professional enterprise, the borrower’s or lessee’s business, professional and financial ability and expertise, the specific risks and volatility of income and operating results typical for businesses in the applicable industry and the age, condition, value, nature and marketability of collateral; and (4) for non-real estate agricultural loans and leases, the operating results, experience and ability of the borrower or lessee, historical and expected market conditions and the age, condition, value, nature and marketability of collateral. In addition, for each category the Company considers secondary sources of income and the financial strength of the borrower or lessee and any guarantors. | |
Residential 1-4 family, consumer loans and certain other loans, are assigned an allowance allocation percentage based on past due status. | |
Allowance allocation percentages for the various risk grades and past due categories for residential 1-4 family, consumer loans and certain other loans are determined by management and are adjusted periodically. In determining these allowance allocation percentages, management considers, among other factors, historical loss percentages and a variety of subjective criteria in determining the allowance allocation percentages. | |
For covered loans, management separately monitors this portfolio and periodically reviews loans contained within this portfolio against the factors and assumptions used in determining the Day 1 Fair Values. To the extent that a loan’s performance has deteriorated from management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is considered in the determination of the required level of ALLL. To the extent that a revised loss estimate exceeds the loss estimate established in the determination of the Day 1 Fair Values, such deterioration will result in an allowance allocation or a charge-off. | |
For purchased non-covered loans, management segregates this portfolio into loans that contain evidence of credit deterioration on the date of purchase and loans that do not contain evidence of credit deterioration on the date of purchase. Purchased non-covered loans with evidence of credit deterioration are regularly monitored and are periodically reviewed by management. To the extent that a loan’s performance has deteriorated from management’s expectation established in conjunction with the determination of the Day 1 Fair Values, such loan is considered in the determination of the required level of ALLL. To the extent that a revised loss estimate exceeds the loss estimate established in the determination of Day 1 Fair Values, such determination will result in an allowance allocation or a charge-off. | |
All other purchased non-covered loans are graded by management at the time of purchase. The grade on these purchased non-covered loans is reviewed regularly as part of the ongoing assessment of such loans. To the extent that current information indicates it is probable that the Company will not be able to collect all amounts according to the contractual terms thereof, such loan is considered in the determination of the required level of ALLL and may result in an allowance allocation or a charge-off. | |
At December 31, 2013 and 2012, the Company had no allowance for its purchased non-covered loans and its covered loans because all losses had been charged off on such loans whose performance had deteriorated from management’s expectations established in conjunction with the determination of the Day 1 Fair Values. | |
The Company generally places a loan or lease, excluding purchased non-covered loans with evidence of credit deterioration on the date of purchase and covered loans, on nonaccrual status when such loan or lease is (i) deemed impaired or (ii) 90 days or more past due, or earlier when doubt exists as to the ultimate collection of payments. The Company may continue to accrue interest on certain loans or leases contractually past due 90 days or more if such loans or leases are both well secured and in the process of collection. At the time a loan or lease is placed on nonaccrual status, interest previously accrued but uncollected is reversed and charged against interest income. Nonaccrual loans and leases are generally returned to accrual status when payments are less than 90 days past due and the Company reasonably expects to collect all payments. If a loan or lease is determined to be uncollectible, the portion of the principal determined to be uncollectible will be charged against the ALLL. Loans for which the terms have been modified and for which (i) the borrower is experiencing financial difficulties and (ii) a concession has been granted to the borrower by the Company are considered troubled debt restructurings (“TDRs”) and are included in impaired loans and leases. Income on nonaccrual loans or leases, including impaired loans and leases but excluding certain TDRs which continue to accrue interest, is recognized on a cash basis when and if actually collected. For the year ended December 31, 2013, there were no defaults during the preceding 12 months on any loans that were considered TDRs. | |
All loans and leases deemed to be impaired are evaluated individually. The Company considers a loan or lease, excluding purchased non-covered loans with evidence of credit deterioration at the date of puchase and covered loans, to be impaired when based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms thereof. The Company considers a purchased non-covered loan with evidence of credit deterioration at the date of purchase and a covered loan to be impaired once a decrease in expected cash flows or other deterioration in the loan’s expected performance, subsequent to the determination of the Day 1 Fair Values, results in an allowance allocation, a partial or full charge-off or in a provision for loan and lease losses. Most of the Company’s nonaccrual loans and leases, excluding purchased non-covered loans and covered loans, and all TDRs are considered impaired. The majority of the Company’s impaired loans and leases are dependent upon collateral for repayment. For such loans and leases, impairment is measured by comparing collateral value, net of holding and selling costs, to the current investment in the loan or lease. For all other impaired loans and leases, the Company compares estimated discounted cash flows to the current investment in the loan or lease. To the extent that the Company’s current investment in a particular loan or lease exceeds its estimated net collateral value or its estimated discounted cash flows, the impaired amount is specifically considered in the determination of the ALLL or is charged off as a reduction of the ALLL. | |
The Company also maintains an allowance for certain loans and leases, excluding purchased non-covered loans and covered loans, not considered impaired where (i) the customer is continuing to make regular payments, although payments may be past due, (ii) there is a reasonable basis to believe the customer may continue to make regular payments, although there is also an elevated risk that the customer may default, and (iii) the collateral or other repayment sources are likely to be insufficient to recover the current investment in the loan or lease if a default occurs. The Company evaluates such loans and leases to determine if an allowance is needed for these loans and leases. For the purpose of calculating the amount of such allowance, management assumes that (i) no further regular payments occur and (ii) all sums recovered will come from liquidation of collateral and collection efforts from other payment sources. To the extent that the Company’s current investment in a particular loan or lease evaluated for the need for such allowance exceeds its net collateral value or its estimated discounted cash flows, such excess is considered allocated allowance for purposes of the determination of the ALLL. | |
The Company may also include further allowance allocation for risk-rated loans, including commercial real estate loans and excluding purchased non-covered loans and covered loans, that are in markets determined by management to be “stressed.” Stressed markets may include any specific geography experiencing (i) high unemployment substantially above the U.S. average, (ii) significant over-development in one or more commercial real estate categories, (iii) recent or announced loss of a major employer or significant workforce reductions, (iv) significant declines in real estate values and (v) various other factors. The additional ALLL for such stressed markets compensates for the expectation that a higher risk of loss is anticipated for the “work-out” or liquidation of a real estate loan in a stressed market versus a market that is not experiencing any significant levels of stress. The required allocation percentage applicable to real estate loans in stressed markets may be applied to the total market or it may be determined at the individual loan level based on collateral value, loan-to-value ratios, strength of the borrower and/or guarantor, viability of the underlying project and other factors. The Company had no allowance allocation for loans in stressed markets at December 31, 2013 or 2012. | |
The Company also includes specific ALLL allocations for qualitative factors including, among other factors, (i) concentrations of credit, (ii) general economic and business conditions, (iii) trends that could affect collateral values and (iv) expectations regarding the current business cycle. The Company may also consider other qualitative factors in future periods for additional ALLL allocations, including, among other factors, (1) credit quality trends (including trends in nonperforming loans and leases expected to result from existing conditions), (2) seasoning of the loan and lease portfolio, (3) specific industry conditions affecting portfolio segments, (4) the Company’s expansion into new markets and (5) the offering of new loan and lease products. | |
Changes in the criteria used in this evaluation or the availability of new information could cause the ALLL to be increased or decreased in future periods. In addition, bank regulatory agencies, as part of their examination process, may require adjustments to the ALLL based on their judgment and estimates. | |
The accrual of interest on loans and leases, excluding purchased non-covered loans with evidence of credit deterioration at the date of purchase and covered loans, is discontinued when, in management’s opinion, the borrower or lessee may be unable to meet payments as they become due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent interest payments are received. Interest income on purchased non-covered loans with evidence of credit deterioration at the date of purchase and covered loans is accreted into income and is the difference between the carrying value of the loans and the net present value of expected cash flows. | |
Premises and Equipment | ' |
Premises and equipment — Premises and equipment are reported at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets. Depreciable lives for the major classes of assets are generally 20 to 45 years for buildings and 3 to 25 years for furniture, fixtures, equipment and certain building improvements. Leasehold improvements are amortized over the shorter of the asset’s estimated useful life or the term of the lease. Accelerated depreciation methods are used for income tax purposes. Maintenance and repair charges are expensed as incurred. | |
Foreclosed Assets Covered by FDIC Loss Share Agreements | ' |
Foreclosed assets covered by FDIC loss share agreements — Foreclosed assets covered by FDIC loss share agreements, or covered foreclosed assets, are initially recorded at Day 1 Fair Values. In estimating the Day 1 Fair Values of covered foreclosed assets, management considers a number of factors including, among others, appraised value, estimated selling prices, estimated holding periods and net present value of cash flows expected to be received. Discount rates ranging from 8.0% to 9.5% per annum were used to determine the net present value of covered foreclosed assets for purposes of establishing the Day 1 Fair Values. Valuations of these assets are periodically reviewed by management with the carrying value of such assets adjusted through non-interest income to the then estimated fair value net of estimated selling costs, if lower, until disposition. Fair values of these assets are generally based on third party appraisals, broker price opinions or other valuations of the property. Gains and losses on sales of covered foreclosed assets are recorded in non-interest income. Expenses to maintain the properties, net of amounts reimbursable by the FDIC, are included in non-interest expense. | |
Foreclosed Assets Not Covered by FDIC Loss Share Agreements | ' |
Foreclosed assets not covered by FDIC loss share agreements — Repossessed personal properties and real estate acquired through or in lieu of foreclosure are initially recorded at the lesser of current principal investment or fair value less estimated cost to sell (generally 8% to 10%) at the date of repossession or foreclosure. Valuations of these assets are periodically reviewed by management with the carrying value of such assets adjusted through non-interest expense to the then estimated fair value net of estimated selling costs, if lower, until disposition. Fair values of these assets are generally based on third party appraisals, broker price opinions or other valuations of the property. Gains and losses from the sale of such repossessions and real estate acquired through or in lieu of foreclosure are recorded in non-interest income, and expenses to maintain the properties are included in non-interest expense. | |
Income Taxes | ' |
Income taxes — The Company utilizes the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based upon the difference between the values of the assets and liabilities as reflected in the financial statements and their related tax basis using enacted tax rates in effect for the year or years in which the differences are expected to be recovered or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. | |
As a result of recording, at fair value, acquired assets and assumed liabilities pursuant to business combinations, differences in amounts reported for financial statement purposes and their related basis for federal and state income tax purposes are created. Such differences are recorded as deferred tax assets and liabilities using enacted tax rates in effect for the year or years in which the differences are expected to be recovered or settled. Business combination transactions may result in the acquisition of net operating loss carryforwards and other assets with built-in losses, the realization of which are subject to limitations pursuant to section 382 (“section 382 limitations”) of the Internal Revenue Code (“IRC”). In determining the section 382 limitation associated with a business combination, management must make a number of estimates and assumptions regarding the ability to utilize acquired net operating loss carryforwards and the expected timing of future recoveries or settlements of acquired assets with built-in losses. To the extent that information available as of the date of acquisition results in a determination by management that some portion of net operating loss carryforwards cannot be utilized or assets with built-in losses are expected to be settled or recovered in future periods in which the ability to realize the benefits will be subject to section 382 limitations, a deferred tax valuation allowance is established for the estimated amount of the deferred tax assets subject to the section 382 limitation. To the extent that information becomes available, during the first 12 months following the consummation of a business combination transaction, that results in changes in management’s initial estimates and assumptions regarding the expected utilization of net operating loss carryforwards or the expected settlement or recovery of acquired assets with built-in losses subject to section 382 limitations, an increase or decrease of the deferred tax valuation allowance will be recorded as an adjustment to bargain purchase gain or goodwill. To the extent that such information becomes available 12 months or more after the consummation of a business combination transaction, or additional information becomes available during the first 12 months as a result of changes in circumstances since the date of the consummation of a business combination transaction, an increase or decrease of the deferred tax valuation allowance will be recorded as an adjustment to deferred income tax expense (benefit). | |
In connection with the acquisition of The First National Bank of Shelby (“First National Bank”), management determined that net operating loss carryforwards and other assets with built-in losses are expected to be settled or otherwise recovered in future periods where the realization of such benefits would be subject to section 382 limitations. Accordingly, as of the date of acquisition and at December 31, 2013, the Company had established a deferred tax valuation allowance of approximately $4.1 million to reflect its assessment that the realization of the benefits from the settlement or recovery of certain of these acquired assets and net operating losses are expected to be subject to section 382 limitations. To the extent that additional information becomes available, management may be required to adjust its estimates and assumptions regarding the realization of the benefits associated with these acquired assets by adjusting this deferred tax valuation allowance. | |
The Company recognizes a tax position as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a greater than 50% likelihood of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. | |
The Company files consolidated tax returns. The Bank and the other consolidated entities provide for income taxes on a separate return basis and remit to the Company amounts determined to be currently payable. The Company recognizes interest related to income tax matters as interest income or expense, and penalties related to income tax matters are recognized as non-interest expense. The Company is no longer subject to income tax examinations by U.S. federal tax authorities for years prior to 2010. | |
Bank Owned Life Insurance ("BOLI") | ' |
Bank owned life insurance (“BOLI”) — BOLI consists of life insurance purchased by the Company on (i) a qualifying group of officers with the Company designated as owner and beneficiary of the policies and (ii) one of the Company’s executive officers with the Company designated as owner and both the Company and the executive officer designated as beneficiaries of the policies. The earnings on BOLI policies are used to offset a portion of employee benefit costs. BOLI is carried at the policies’ realizable cash surrender values with changes in cash surrender values and death benefits received in excess of cash surrender values reported in non-interest income. | |
Intangible Assets | ' |
Intangible assets — Intangible assets consist of goodwill, bank charter costs and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The Company had goodwill of $5.2 million at both December 31, 2013 and 2012. The Company performed its annual impairment test of goodwill as of September 30, 2013. This test indicated no impairment of the Company’s goodwill. | |
Bank charter costs represent costs paid to acquire a Texas bank charter and are being amortized over 20 years. Bank charter costs totaled $239,000 at both December 31, 2013 and 2012, less accumulated amortization of $119,000 and $107,000 at December 31, 2013 and 2012, respectively. | |
Core deposit intangibles represent premiums paid for deposits acquired via acquisition and are being amortized over three to seven years. Core deposit intangibles totaled $20.6 million and $10.4 million at December 31, 2013 and 2012, respectively, less accumulated amortization of $6.8 million and $3.9 million at December 31, 2013 and 2012, respectively. | |
The aggregate amount of amortization expense for the Company’s core deposit and bank charter intangibles is expected to be $3.1 million in 2014; $2.8 million in 2015, $2.0 million in 2016, $1.7 million in 2017 and $1.7 million in 2018. | |
Stock-Based Compensation | ' |
Stock-based compensation — The Company has an employee stock option plan, a non-employee director stock option plan and an employee restricted stock plan, which are described more fully in Note 14. The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Such cost is to be recognized over the vesting period of the award. For the years ended December 31, 2013, 2012 and 2011, the Company recognized $4.5 million, $2.6 million and $1.5 million, respectively, of non-interest expense for its stock-based compensation plans. | |
Earnings Per Common Share | ' |
Earnings per common share — Earnings per common share are computed using the two-class method. Basic earnings per share are computed by dividing net earnings allocated to common stockholders by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings per common share are computed by dividing reported earnings allocated to common stockholders by the weighted-average number of common shares outstanding after consideration of the dilutive effect, if any, of the Company’s common stock options using the treasury stock method. The Company has determined that its outstanding non-vested stock awards granted under its restricted stock plan are participating securities. | |
Segment Disclosures | ' |
Segment disclosures — The Company operates in only one segment – community banking. Accordingly, there is no requirement to report segment information in the Company’s consolidated financial statements. No revenues are derived from foreign countries and no single external customer comprises more than 10% of the Company’s revenues. | |
Recent Accounting Pronouncements | ' |
Recent accounting pronouncements — In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Comprehensive Income,” that requires disclosure, either in a single footnote or parenthetically on the face of the financial statements, of the effect of significant items reclassified from accumulated other comprehensive income to their respective line items in the statement of net income. The effective date of ASU 2013-02 was for reporting periods beginning January 1, 2013. The adoption of these provisions did not have a material impact on the Company’s financial position, results of operations or liquidity, but did increase the Company’s disclosures regarding amounts reclassified out of accumulated other comprehensive income. | |
In July 2012, the FASB issued ASU No. 2012-02 “Intangibles — Goodwill and Other (Topic 350) — Testing Indefinite-Lived Intangible Assets for Impairment” that amends the guidance related to testing indefinite-lived intangible assets, other than goodwill, for impairment. The provisions of ASU 2012-02 allow for a qualitative assessment in testing an indefinite-lived intangible asset for impairment before calculating the fair value of the asset. If the qualitative assessment determines that it is more likely than not that the asset is impaired, then a quantitative assessment of the fair value of the asset is required; otherwise, the quantitative calculation is not necessary. The provisions of ASU 2012-02 were effective January 1, 2013 and did not have a material impact on the Company’s financial position, results of operations, or liquidity. | |
In October 2012, the FASB issued ASU No. 2012-06 “Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution,” to address diversity in practice about how to subsequently measure an indemnification asset for a government-assisted acquisition that includes a loss-sharing agreement. Specifically, this standard update requires a reporting entity to account for a change in the subsequent measurement of the indemnification asset on the same basis as the changes in the asset subject to indemnification. As a result, for any change in expected cash flows of an indemnified asset that is immediately recognized in earnings, the associated change in the indemnification asset is immediately recognized in earnings. For any change in expected cash flows of an indemnified asset that is amortized or accreted into earnings over time, the associated change in the indemnification asset is accreted or amortized into earnings over the shorter of the contractual term of the indemnification agreement or the remaining life of the indemnified asset. The provisions of ASU 2012-06 are being applied prospectively beginning January 1, 2013. The adoption of these provisions did not have a material change on the accounting for the Company’s loss share receivable from the FDIC under its loss share agreements. | |
In January 2014, the FASB issued ASU 2014-04 “Receivables — Troubled Debt Restructurings by Creditors (Sub topic 310-04) Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure.” The provisions of this ASU clarify when an insubstance foreclosure occurs and require a creditor to reclassify a collteralized consumer mortgage loan to real estate owned upon obtaining legal title to the real estate collateral, or a deed in lieu of foreclosure, or similar legal agreement that is voluntarily provided by the borrower to satisfy the loan. The ASU is effective for reporting periods beginning January 1, 2014. The proposed provisions of ASU 2014-04 are not expected to have a material impact on the Company’s financial position, results of operations, or liquidity. | |
Reclassifications and Recasts | ' |
Reclassifications and recasts — Certain reclassifications of prior years’ amounts have been made to conform with the 2013 financial statements presentation. These reclassifications had no impact on prior years’ net income, as previously reported. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Summary of Assets Acquired and Liabilities Assumed in Acquisition | ' | ||||||||||||
The following table provides a summary of the assets acquired and liabilities assumed as recorded by First National Bank, the fair value adjustments necessary to adjust those acquired assets and assumed liabilities to estimated fair value, and the resultant fair values of those assets and liabilities as recorded by the Company. As provided for under GAAP, management has up to 12 months following the date of acquisition to finalize the fair values of the acquired assets and assumed liabilities. The fair value adjustments and the resultant fair values shown in the following table continue to be evaluated by management and may be subject to further adjustment. | |||||||||||||
July 31, 2013 | |||||||||||||
As Recorded by | Fair Value | As Recorded | |||||||||||
First National | Adjustments | by the | |||||||||||
Bank | Company | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets acquired: | |||||||||||||
Cash and due from banks | $ | 69,285 | $ | 0 | $ | 69,285 | |||||||
Investment securities | 149,943 | (599 | ) a | 149,344 | |||||||||
Loans and leases | 432,250 | (44,183 | ) b | 388,067 | |||||||||
Allowance for loan losses | (13,931 | ) | 13,931 | b | 0 | ||||||||
Premises and equipment | 14,318 | 5,064 | c | 19,382 | |||||||||
Foreclosed assets | 3,073 | (915 | ) d | 2,158 | |||||||||
Accrued interest receivable | 1,234 | (110 | ) e | 1,124 | |||||||||
BOLI | 14,812 | 0 | 14,812 | ||||||||||
Core deposit intangible asset | 0 | 10,136 | f | 10,136 | |||||||||
Deferred income taxes | 12,179 | 12,325 | g | 24,504 | |||||||||
Other | 4,277 | (251 | ) e | 4,026 | |||||||||
Total assets acquired | 687,440 | (4,602 | ) | 682,838 | |||||||||
Liabilities assumed: | |||||||||||||
Deposits | 595,668 | 4,950 | h | 600,618 | |||||||||
Repurchase agreements with customers | 6,405 | 0 | 6,405 | ||||||||||
Accrued interest payable and other liabilities | 1,296 | 1,164 | i | 2,460 | |||||||||
Total liabilities assumed | 603,369 | 6,114 | 609,483 | ||||||||||
Net assets acquired | $ | 84,071 | $ | (10,716 | ) | 73,355 | |||||||
Consideration paid: | |||||||||||||
Cash | (12,215 | ) | |||||||||||
Common stock | (60,079 | ) | |||||||||||
Total consideration paid | (72,294 | ) | |||||||||||
Gain on acquisition | $ | 1,061 | |||||||||||
Explanation of fair value adjustments | |||||||||||||
a- | Adjustment reflects the fair value adjustment based on the Company’s pricing of the acquired investment securities portfolio. | ||||||||||||
b- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. | ||||||||||||
c- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired. | ||||||||||||
d- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired foreclosed assets. | ||||||||||||
e- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of accrued interest receivable and other assets. | ||||||||||||
f- | Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition. | ||||||||||||
g- | This adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. Management has determined that acquired net operating loss carryforwards and other acquired assets with built-in losses are expected to be settled or otherwise recovered in future periods where the realization of such benefits would be subject to section 382 limitations. Accordingly, as of the date of acquisition, the Company had established a deferred tax valuation allowance of approximately $4.1 million to reflect its assessment that the realization of the benefits from the settlement or recovery of certain of these acquired assets and net operating losses are expected to be subject to section 382 limitations. To the extent that additional information becomes available, management may be required to adjust its estimates and assumptions regarding the realization of the benefits associated with these acquired assets by adjusting this deferred tax valuation allowance. | ||||||||||||
h- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits. | ||||||||||||
i- | Adjustment reflects the amount needed to adjust other liabilities to estimated fair value and to record certain liabilities directly attributable to the acquisition of First National Bank. | ||||||||||||
A summary of the assets acquired and liabilities assumed in the Genala acquisition is as follows: | |||||||||||||
December 31, 2012 | |||||||||||||
As Recorded | Fair Value | As recorded | |||||||||||
by | Adjustments | by the | |||||||||||
Genala | Company (1) | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets acquired: | |||||||||||||
Cash and due from banks | $ | 41,938 | $ | 0 | $ | 41,938 | |||||||
Investment securities | 85,291 | 2,344 | a | 87,635 | |||||||||
Loans and leases | 43,401 | (3,785 | ) b | 39,616 | |||||||||
Allowance for loan losses | (1,247 | ) | 1,247 | b | 0 | ||||||||
Premises and equipment | 426 | 590 | c | 1,016 | |||||||||
Foreclosed assets | 652 | (342 | ) d | 310 | |||||||||
Accrued interest receivable | 1,220 | 0 | 1,220 | ||||||||||
Intangible assets | 0 | 1,656 | e | 1,656 | |||||||||
Other | 482 | (26 | ) f | 456 | |||||||||
Total assets acquired | 172,163 | 1,684 | 173,847 | ||||||||||
Liabilities assumed: | |||||||||||||
Deposits | 142,652 | 882 | g | 143,534 | |||||||||
Accrued interest payable and other liabilities | 391 | 0 | 391 | ||||||||||
Total liabilities assumed | 143,043 | 882 | 143,925 | ||||||||||
Net assets acquired | $ | 29,120 | $ | 802 | 29,922 | ||||||||
Consideration paid: | |||||||||||||
Cash | (13,396 | ) | |||||||||||
Common stock | (14,123 | ) | |||||||||||
Total consideration paid | (27,519 | ) | |||||||||||
Gain in acquisition | $ | 2,403 | |||||||||||
-1 | Represents the Day 1 Fair Values of assets acquired and liabilities assumed in the Genala acquisition. | ||||||||||||
Explanation of fair value adjustments | |||||||||||||
a- | Adjustment reflects the fair value adjustment based on the Company’s pricing of investment securities, including certain investment securities classified by Genala as held to maturity. | ||||||||||||
b- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. | ||||||||||||
c- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment acquired. | ||||||||||||
d- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired foreclosed assets. | ||||||||||||
e- | Adjustment reflects the fair value adjustment for core deposit intangibles recorded as a result of the acquisition. | ||||||||||||
f- | Adjustment reflects the amount needed to adjust the carrying value of other assets to estimated fair value. | ||||||||||||
g- | Adjustment reflects the fair value adjustment based on the Company’s evaluation of the acquired deposits. | ||||||||||||
Summary of Supplemental Pro-forma Information | ' | ||||||||||||
The following unaudited supplemental pro forma information is presented to show the estimated results assuming First National Bank was acquired as of the beginning of each period presented, adjusted for estimated potential costs savings. These pro forma results are not necessarily indicative of the operating results that the Company would have achieved had it completed the acquisition as of January 1, 2012 or 2013 and should not be considered as representative of future operating results. | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands, except per | |||||||||||||
share amounts) | |||||||||||||
Net interest income – pro-forma (unaudited) | $ | 211,815 | $ | 206,905 | |||||||||
Net income – pro-forma (unaudited) | $ | 94,052 | $ | 89,659 | |||||||||
EPS – Diluted – pro-forma (unaudited) | $ | 2.55 | $ | 2.48 | |||||||||
Summary of Date of Acquisition | ' | ||||||||||||
During 2010 and 2011, the Company, through the Bank, acquired substantially all of the assets and assumed substantially all of the deposits and certain other liabilities of seven failed financial institutions in FDIC-assisted acquisitions. A summary of each acquisition is as follows: | |||||||||||||
Date of FDIC- | Failed Financial Institution | Location | |||||||||||
Assisted Acquisition | |||||||||||||
March 26, 2010 | Unity National Bank (“Unity”) | Cartersville, Georgia | |||||||||||
July 16, 2010 | Woodlands Bank (“Woodlands”) | Bluffton, South Carolina | |||||||||||
September 10, 2010 | Horizon Bank (“Horizon”) | Bradenton, Florida | |||||||||||
December 17, 2010 | Chestatee State Bank (“Chestatee”) | Dawsonville, Georgia | |||||||||||
January 14, 2011 | Oglethorpe Bank (“Oglethorpe”) | Brunswick, Georgia | |||||||||||
April 29, 2011 | First Choice Community Bank (“First Choice”) | Dallas, Georgia | |||||||||||
April 29, 2011 | The Park Avenue Bank (“Park Avenue”) | Valdosta, Georgia |
Covered_Loans_FDIC_Loss_Share_1
Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Covered Assets, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable | ' | ||||||||||||||||||||||||||||||||
A summary of covered loans, the FDIC loss share receivable, covered foreclosed assets and the FDIC clawback payable is as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Covered loans | $ | 351,791 | $ | 596,239 | |||||||||||||||||||||||||||||
FDIC loss share receivable | 71,854 | 152,198 | |||||||||||||||||||||||||||||||
Covered foreclosed assets | 37,960 | 52,951 | |||||||||||||||||||||||||||||||
Total | $ | 461,605 | $ | 801,388 | |||||||||||||||||||||||||||||
FDIC clawback payable | $ | 25,897 | $ | 25,169 | |||||||||||||||||||||||||||||
Summary of Carrying Value and Type of Covered Loans | ' | ||||||||||||||||||||||||||||||||
The following table presents a summary of the carrying value and type of covered loans. | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 111,053 | $ | 152,348 | |||||||||||||||||||||||||||||
Non-farm/non-residential | 163,707 | 288,104 | |||||||||||||||||||||||||||||||
Construction/land development | 47,743 | 105,087 | |||||||||||||||||||||||||||||||
Agricultural | 11,150 | 19,690 | |||||||||||||||||||||||||||||||
Multifamily residential | 9,166 | 10,701 | |||||||||||||||||||||||||||||||
Total real estate | 342,819 | 575,930 | |||||||||||||||||||||||||||||||
Commercial and industrial | 8,719 | 18,496 | |||||||||||||||||||||||||||||||
Consumer | 111 | 176 | |||||||||||||||||||||||||||||||
Other | 142 | 1,637 | |||||||||||||||||||||||||||||||
Total covered loans | $ | 351,791 | $ | 596,239 | |||||||||||||||||||||||||||||
Summary by FDIC-Assisted Acquisition, of Covered Loans Acquired and Activity Within Covered Loans | ' | ||||||||||||||||||||||||||||||||
The following table presents a summary, by FDIC-assisted acquisition, of covered loans acquired as of the dates of acquisition and activity within covered loans during the years indicated. | |||||||||||||||||||||||||||||||||
Unity | Woodlands | Horizon | Chestatee | Oglethorpe | First | Park | Total | ||||||||||||||||||||||||||
Choice | Avenue | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
At acquisition date: | |||||||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 208,410 | $ | 315,103 | $ | 179,441 | $ | 181,523 | $ | 174,110 | $ | 260,178 | $ | 452,658 | $ | 1,771,423 | |||||||||||||||||
Nonaccretable difference | (52,526 | ) | (83,933 | ) | (52,388 | ) | (47,538 | ) | (67,300 | ) | (86,876 | ) | (124,899 | ) | (515,460 | ) | |||||||||||||||||
Cash flows expected to be collected | 155,884 | 231,170 | 127,053 | 133,985 | 106,810 | 173,302 | 327,759 | 1,255,963 | |||||||||||||||||||||||||
Accretable difference | (21,432 | ) | (44,692 | ) | (35,245 | ) | (22,604 | ) | (25,376 | ) | (24,790 | ) | (63,462 | ) | (237,601 | ) | |||||||||||||||||
Fair value at acquisition date | $ | 134,452 | $ | 186,478 | $ | 91,808 | $ | 111,381 | $ | 81,434 | $ | 148,512 | $ | 264,297 | $ | 1,018,362 | |||||||||||||||||
Carrying value at December 31, 2011 | $ | 96,360 | $ | 131,775 | $ | 79,798 | $ | 74,701 | $ | 64,391 | $ | 131,923 | $ | 227,974 | $ | 806,922 | |||||||||||||||||
Accretion | 6,360 | 10,031 | 5,768 | 5,708 | 5,665 | 9,915 | 18,373 | 61,820 | |||||||||||||||||||||||||
Transfers to covered foreclosed assets | (4,077 | ) | (4,543 | ) | (3,731 | ) | (3,299 | ) | (4,065 | ) | (4,742 | ) | (8,563 | ) | (33,020 | ) | |||||||||||||||||
Payments received | (21,144 | ) | (28,777 | ) | (14,888 | ) | (18,205 | ) | (15,425 | ) | (41,756 | ) | (71,592 | ) | (211,787 | ) | |||||||||||||||||
Charge-offs | (4,422 | ) | (8,332 | ) | (3,714 | ) | (2,089 | ) | (2,117 | ) | (4,008 | ) | (1,410 | ) | (26,092 | ) | |||||||||||||||||
Other activity, net | (228 | ) | (420 | ) | (40 | ) | (148 | ) | (356 | ) | (251 | ) | (161 | ) | (1,604 | ) | |||||||||||||||||
Carrying value at December 31, 2012 | 72,849 | 99,734 | 63,193 | 56,668 | 48,093 | 91,081 | 164,621 | 596,239 | |||||||||||||||||||||||||
Accretion | 5,994 | 7,383 | 4,591 | 4,108 | 4,015 | 7,141 | 11,890 | 45,122 | |||||||||||||||||||||||||
Transfers to covered foreclosed assets | (3,065 | ) | (4,621 | ) | (4,528 | ) | (1,219 | ) | (5,783 | ) | (2,819 | ) | (12,721 | ) | (34,756 | ) | |||||||||||||||||
Payments received | (22,844 | ) | (36,171 | ) | (18,835 | ) | (30,774 | ) | (17,337 | ) | (29,990 | ) | (73,998 | ) | (229,949 | ) | |||||||||||||||||
Charge-offs | (3,732 | ) | (4,207 | ) | (2,717 | ) | (2,510 | ) | (1,303 | ) | (3,150 | ) | (5,550 | ) | (23,169 | ) | |||||||||||||||||
Other activity, net | (234 | ) | (79 | ) | (238 | ) | (197 | ) | (93 | ) | (297 | ) | (558 | ) | (1,696 | ) | |||||||||||||||||
Carrying value at December 31, 2013 | $ | 48,968 | $ | 62,039 | $ | 41,466 | $ | 26,076 | $ | 27,592 | $ | 61,966 | $ | 83,684 | $ | 351,791 | |||||||||||||||||
Summary by FDIC-Assisted Acquisition, of Changes in Accretable Difference on Covered Loans | ' | ||||||||||||||||||||||||||||||||
The following table presents a summary, by FDIC-assisted acquisition, of changes in the accretable difference on covered loans during the years indicated. | |||||||||||||||||||||||||||||||||
Unity | Woodlands | Horizon | Chestatee | Oglethorpe | First | Park | Total | ||||||||||||||||||||||||||
Choice | Avenue | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Accretable difference at December 31, 2011 | $ | 10,614 | $ | 24,555 | $ | 24,432 | $ | 10,663 | $ | 17,338 | $ | 16,900 | $ | 47,147 | $ | 151,649 | |||||||||||||||||
Accretion | (6,360 | ) | (10,031 | ) | (5,768 | ) | (5,708 | ) | (5,665 | ) | (9,915 | ) | (18,373 | ) | (61,820 | ) | |||||||||||||||||
Adjustments to accretable difference due to: | |||||||||||||||||||||||||||||||||
Transfers to covered foreclosed assets | (159 | ) | (364 | ) | (190 | ) | (448 | ) | (700 | ) | (455 | ) | (1,679 | ) | (3,995 | ) | |||||||||||||||||
Covered loans paid off | (719 | ) | (1,220 | ) | (1,418 | ) | (811 | ) | (1,291 | ) | (1,529 | ) | (3,507 | ) | (10,495 | ) | |||||||||||||||||
Cash flow revisions as a result of renewals and/or modifications | 5,196 | 4,396 | (618 | ) | 1,835 | 1,567 | 4,791 | 4,164 | 21,331 | ||||||||||||||||||||||||
Other, net | 2 | 116 | 86 | 181 | 123 | 127 | 190 | 825 | |||||||||||||||||||||||||
Accretable difference at December 31, 2012 | 8,574 | 17,452 | 16,524 | 5,712 | 11,372 | 9,919 | 27,942 | 97,495 | |||||||||||||||||||||||||
Accretion | (5,994 | ) | (7,383 | ) | (4,591 | ) | (4,108 | ) | (4,015 | ) | (7,141 | ) | (11,890 | ) | (45,122 | ) | |||||||||||||||||
Adjustments to accretable difference due to: | |||||||||||||||||||||||||||||||||
Transfers to covered foreclosed assets | (620 | ) | (276 | ) | (97 | ) | (101 | ) | (394 | ) | (41 | ) | (1,732 | ) | (3,261 | ) | |||||||||||||||||
Covered loans paid off | (738 | ) | (688 | ) | (2,486 | ) | (2,206 | ) | (721 | ) | (1,671 | ) | (7,260 | ) | (15,770 | ) | |||||||||||||||||
Cash flow revisions as a result of renewals and/or modifications | 6,725 | 6,913 | 4,992 | 4,669 | 4,972 | 8,535 | 6,089 | 42,895 | |||||||||||||||||||||||||
Other, net | 90 | 198 | 86 | 229 | 97 | 20 | 515 | 1,235 | |||||||||||||||||||||||||
Accretable difference at December 31, 2013 | $ | 8,037 | $ | 16,216 | $ | 14,428 | $ | 4,195 | $ | 11,311 | $ | 9,621 | $ | 13,664 | $ | 77,472 | |||||||||||||||||
Summary by Acquisition, of FDIC Loss Share Receivable as of Date of Acquisition and Activity Within FDIC Loss Share Receivable | ' | ||||||||||||||||||||||||||||||||
The following table presents a summary, by FDIC-assisted acquisition, of the FDIC loss share receivable as of the dates of acquisition. | |||||||||||||||||||||||||||||||||
Unity | Woodlands | Horizon | Chestatee | Oglethorpe | First | Park | Total | ||||||||||||||||||||||||||
Choice | Avenue | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
At acquisition date: | |||||||||||||||||||||||||||||||||
Expected principal loss on covered assets: | |||||||||||||||||||||||||||||||||
Covered loans | $ | 50,354 | $ | 73,220 | $ | 40,537 | $ | 46,869 | $ | 62,890 | $ | 82,212 | $ | 113,872 | $ | 469,954 | |||||||||||||||||
Covered foreclosed assets | 9,979 | 5,897 | 3,678 | 15,960 | 7,907 | 628 | 49,850 | 93,899 | |||||||||||||||||||||||||
Total expected principal losses | 60,333 | 79,117 | 44,215 | 62,829 | 70,797 | 82,840 | 163,722 | 563,853 | |||||||||||||||||||||||||
Estimated loss sharing percentage (1) | 80 | % | 80 | % | 80 | % | 80 | % | 80 | % | 80 | % | 80 | % | 80 | % | |||||||||||||||||
Estimated recovery from FDIC loss share agreements | 48,266 | 63,294 | 35,372 | 50,263 | 56,638 | 66,272 | 130,978 | 451,083 | |||||||||||||||||||||||||
Discount for net present value on FDIC loss share receivable | (4,119 | ) | (7,428 | ) | (6,283 | ) | (4,204 | ) | (5,535 | ) | (6,268 | ) | (14,724 | ) | (48,561 | ) | |||||||||||||||||
Net present value of FDIC loss share receivable at acquisition date | $ | 44,147 | $ | 55,866 | $ | 29,089 | $ | 46,059 | $ | 51,103 | $ | 60,004 | $ | 116,254 | $ | 402,522 | |||||||||||||||||
-1 | Certain of the Company’s loss share agreements contain tranches whereby the FDIC’s loss sharing percentage is more than or less than 80%. However, management’s current expectation of most of the principal losses on covered assets under each of the loss share agreements falls in the tranches whereby the FDIC would reimburse the Company for approximately 80% of such losses. | ||||||||||||||||||||||||||||||||
The following table presents a summary, by FDIC-assisted acquisition, of the activity within the FDIC-loss share receivable during the years indicated. | |||||||||||||||||||||||||||||||||
Unity | Woodlands | Horizon | Chestatee | Oglethorpe | First | Park | Total | ||||||||||||||||||||||||||
Choice | Avenue | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Carrying value at December 31, 2011 | $ | 27,575 | $ | 29,177 | $ | 21,757 | $ | 29,382 | $ | 37,720 | $ | 48,442 | $ | 84,992 | $ | 279,045 | |||||||||||||||||
Accretion income | 793 | 1,108 | 680 | 725 | 1,310 | 1,485 | 2,473 | 8,574 | |||||||||||||||||||||||||
Cash received from FDIC | (12,945 | ) | (14,433 | ) | (8,948 | ) | (22,301 | ) | (13,062 | ) | (29,870 | ) | (42,438 | ) | (143,997 | ) | |||||||||||||||||
Reductions of FDIC loss share receivable for payments on covered loans in excess of carrying value | (2,394 | ) | (3,377 | ) | (1,335 | ) | (2,122 | ) | (4,918 | ) | (6,208 | ) | (12,657 | ) | (33,011 | ) | |||||||||||||||||
Increase in FDIC loss share receivable for: | |||||||||||||||||||||||||||||||||
Charge-offs of covered loans | 3,170 | 6,417 | 2,297 | 1,589 | 1,627 | 3,151 | 1,028 | 19,279 | |||||||||||||||||||||||||
Write downs of covered foreclosed assets | 1,591 | 1,193 | 450 | 1,858 | 294 | 278 | 3,181 | 8,845 | |||||||||||||||||||||||||
Expenses on covered assets reimbursable by FDIC | 1,537 | 1,726 | 1,360 | 1,276 | 1,318 | 1,097 | 3,064 | 11,378 | |||||||||||||||||||||||||
Other activity, net | 491 | 562 | 598 | 755 | (293 | ) | (457 | ) | 429 | 2,085 | |||||||||||||||||||||||
Carrying value at December 31, 2012 | 19,818 | 22,373 | 16,859 | 11,162 | 23,996 | 17,918 | 40,072 | 152,198 | |||||||||||||||||||||||||
Accretion income (amortization expense) | (210 | ) | 339 | 163 | 379 | 993 | 2,307 | 4,449 | 8,420 | ||||||||||||||||||||||||
Cash received from FDIC | (7,459 | ) | (9,648 | ) | (9,839 | ) | (4,259 | ) | (9,029 | ) | (11,145 | ) | (28,890 | ) | (80,269 | ) | |||||||||||||||||
Reductions of FDIC loss share receivable for payments on covered loans in excess of carrying value | (2,786 | ) | (4,094 | ) | (4,723 | ) | (6,123 | ) | (6,369 | ) | (3,605 | ) | (9,596 | ) | (37,296 | ) | |||||||||||||||||
Increase in FDIC loss share receivable for: | |||||||||||||||||||||||||||||||||
Charge-offs of covered loans | 2,125 | 3,324 | 2,506 | 2,104 | 961 | 2,635 | 4,200 | 17,855 | |||||||||||||||||||||||||
Write downs of covered foreclosed assets | 1,161 | 563 | 137 | 303 | 16 | 394 | 2,360 | 4,934 | |||||||||||||||||||||||||
Expenses on covered assets reimbursable by FDIC | 1,140 | 1,588 | 1,049 | 373 | 1,215 | 1,177 | 3,427 | 9,969 | |||||||||||||||||||||||||
Other activity, net | 103 | (114 | ) | (421 | ) | (251 | ) | (1,664 | ) | (345 | ) | (1,265 | ) | (3,957 | ) | ||||||||||||||||||
Carrying value at December 31, 2013 | $ | 13,892 | $ | 14,331 | $ | 5,731 | $ | 3,688 | $ | 10,119 | $ | 9,336 | $ | 14,757 | $ | 71,854 | |||||||||||||||||
Summary by FDIC-Assisted Acquisition, of Foreclosed Assets Covered by FDIC Loss Share Agreements | ' | ||||||||||||||||||||||||||||||||
The following table presents a summary, by FDIC-assisted acquisition, of foreclosed assets covered by FDIC loss share agreements, or covered foreclosed assets, as of the dates of acquisition and activity within covered foreclosed assets during the years indicated. | |||||||||||||||||||||||||||||||||
Unity | Woodlands | Horizon | Chestatee | Oglethorpe | First | Park | Total | ||||||||||||||||||||||||||
Choice | Avenue | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
At acquisition date: | |||||||||||||||||||||||||||||||||
Balance on acquired bank’s books | $ | 20,304 | $ | 12,258 | $ | 8,391 | $ | 31,647 | $ | 16,554 | $ | 2,773 | $ | 91,442 | $ | 183,369 | |||||||||||||||||
Total expected losses | (9,979 | ) | (5,897 | ) | (3,678 | ) | (15,960 | ) | (7,907 | ) | (628 | ) | (49,850 | ) | (93,899 | ) | |||||||||||||||||
Discount for net present value of expected cash flows | (1,466 | ) | (1,332 | ) | (1,030 | ) | (2,281 | ) | (1,562 | ) | (474 | ) | (10,412 | ) | (18,557 | ) | |||||||||||||||||
Fair value at acquisition date | $ | 8,859 | $ | 5,029 | $ | 3,683 | $ | 13,406 | $ | 7,085 | $ | 1,671 | $ | 31,180 | $ | 70,913 | |||||||||||||||||
Carrying value at December 31, 2011 | $ | 10,272 | $ | 14,435 | $ | 3,677 | $ | 9,677 | $ | 7,132 | $ | 2,224 | $ | 25,490 | $ | 72,907 | |||||||||||||||||
Transfers from covered loans | 4,077 | 4,543 | 3,731 | 3,299 | 4,065 | 4,742 | 8,563 | 33,020 | |||||||||||||||||||||||||
Sales of covered foreclosed assets | (4,467 | ) | (9,304 | ) | (4,285 | ) | (7,111 | ) | (4,063 | ) | (3,038 | ) | (11,719 | ) | (43,987 | ) | |||||||||||||||||
Writedowns of covered foreclosed assets | (1,695 | ) | (1,624 | ) | (585 | ) | (1,654 | ) | (337 | ) | (344 | ) | (2,750 | ) | (8,989 | ) | |||||||||||||||||
Carrying value at December 31, 2012 | 8,187 | 8,050 | 2,538 | 4,211 | 6,797 | 3,584 | 19,584 | 52,951 | |||||||||||||||||||||||||
Transfers from covered loans | 3,065 | 4,621 | 4,528 | 1,219 | 5,783 | 2,819 | 12,721 | 34,756 | |||||||||||||||||||||||||
Sales of covered foreclosed assets | (5,823 | ) | (5,251 | ) | (3,129 | ) | (3,102 | ) | (8,399 | ) | (3,350 | ) | (16,900 | ) | (45,954 | ) | |||||||||||||||||
Writedowns of covered foreclosed assets | (1,449 | ) | (529 | ) | (135 | ) | (324 | ) | (51 | ) | (424 | ) | (881 | ) | (3,793 | ) | |||||||||||||||||
Carrying value at December 31, 2013 | $ | 3,980 | $ | 6,891 | $ | 3,802 | $ | 2,004 | $ | 4,130 | $ | 2,629 | $ | 14,254 | $ | 37,960 | |||||||||||||||||
Summary of Carrying Value and Type of Foreclosed Assets Covered by FDIC Loss Share Agreements | ' | ||||||||||||||||||||||||||||||||
The following table presents a summary of the carrying value and type of covered foreclosed assets. | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 5,004 | $ | 12,279 | |||||||||||||||||||||||||||||
Non-farm/non-residential | 14,301 | 9,570 | |||||||||||||||||||||||||||||||
Construction/land development | 17,202 | 30,602 | |||||||||||||||||||||||||||||||
Agricultural | 1,054 | 449 | |||||||||||||||||||||||||||||||
Multifamily residential | 399 | 51 | |||||||||||||||||||||||||||||||
Total real estate | 37,960 | 52,951 | |||||||||||||||||||||||||||||||
Repossessions | 0 | 0 | |||||||||||||||||||||||||||||||
Total covered foreclosed assets | $ | 37,960 | $ | 52,951 | |||||||||||||||||||||||||||||
Summary by FDIC-Assisted Acquisition, of FDIC Clawback Payable | ' | ||||||||||||||||||||||||||||||||
The following table presents a summary, by FDIC-assisted acquisition, of the FDIC clawback payable as of the dates of acquisition and activity within the FDIC clawback payable during the years indicated. | |||||||||||||||||||||||||||||||||
Unity | Woodlands | Horizon | Chestatee | Oglethorpe | First | Park | Total | ||||||||||||||||||||||||||
Choice | Avenue | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
At acquisition date: | |||||||||||||||||||||||||||||||||
Estimated FDIC clawback payable | $ | 2,612 | $ | 4,846 | $ | 2,380 | $ | 1,291 | $ | 1,721 | $ | 1,452 | $ | 24,344 | $ | 38,646 | |||||||||||||||||
Discount for net present value on FDIC clawback payable | (1,046 | ) | (1,905 | ) | (919 | ) | (499 | ) | (664 | ) | (560 | ) | (9,399 | ) | (14,992 | ) | |||||||||||||||||
Net present value of FDIC clawback payable at acquisition date | $ | 1,566 | $ | 2,941 | $ | 1,461 | $ | 792 | $ | 1,057 | $ | 892 | $ | 14,945 | $ | 23,654 | |||||||||||||||||
Carrying value at December 31, 2011 | $ | 1,709 | $ | 3,153 | $ | 1,552 | $ | 759 | $ | 1,099 | $ | 923 | $ | 15,450 | $ | 24,645 | |||||||||||||||||
Amortization expense | 79 | 138 | 73 | 35 | 53 | 45 | 776 | 1,199 | |||||||||||||||||||||||||
Changes in FDIC clawback payable related to changes in expected losses on covered assets | (144 | ) | (305 | ) | (157 | ) | 0 | (69 | ) | 0 | 0 | (675 | ) | ||||||||||||||||||||
Carrying value at December 31, 2012 | 1,644 | 2,986 | 1,468 | 794 | 1,083 | 968 | 16,226 | 25,169 | |||||||||||||||||||||||||
Amortization expense | 79 | 132 | 72 | 36 | 58 | 45 | 827 | 1,249 | |||||||||||||||||||||||||
Changes in FDIC clawback payable related to changes in expected losses on covered assets | (93 | ) | (82 | ) | (120 | ) | (79 | ) | (50 | ) | 0 | (97 | ) | (521 | ) | ||||||||||||||||||
Carrying value at December 31, 2013 | $ | 1,630 | $ | 3,036 | $ | 1,420 | $ | 751 | $ | 1,091 | $ | 1,013 | $ | 16,956 | $ | 25,897 | |||||||||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Summary of Amortized Cost and Estimated Fair Values of Investment Securities | ' | ||||||||||||||||||||||||
The following table is a summary of the amortized cost and estimated fair values of investment securities, all of which are classified as AFS. The Company’s holdings of “other equity securities” include FHLB-Dallas and FNBB shares which do not have readily available fair values and are carried at cost. | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 438,390 | $ | 6,230 | $ | (8,631 | ) | $ | 435,989 | ||||||||||||||||
U.S. Government agency securities | 222,510 | 2,352 | (5,993 | ) | 218,869 | ||||||||||||||||||||
Corporate obligations | 716 | 0 | 0 | 716 | |||||||||||||||||||||
Other equity securities | 13,810 | 0 | 0 | 13,810 | |||||||||||||||||||||
Total investment securities AFS | $ | 675,426 | $ | 8,582 | $ | (14,624 | ) | $ | 669,384 | ||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 345,224 | $ | 16,586 | $ | (293 | ) | $ | 361,517 | ||||||||||||||||
U.S. Government agency securities | 116,835 | 1,466 | (17 | ) | 118,284 | ||||||||||||||||||||
Corporate obligations | 776 | 0 | 0 | 776 | |||||||||||||||||||||
Other equity securities | 13,689 | 0 | 0 | 13,689 | |||||||||||||||||||||
Total investment securities AFS | $ | 476,524 | $ | 18,052 | $ | (310 | ) | $ | 494,266 | ||||||||||||||||
Gross Unrealized Losses and Estimated Fair Value of Investment Securities | ' | ||||||||||||||||||||||||
The following table shows gross unrealized losses and estimated fair value of investment securities AFS, aggregated by investment category and length of time that individual investment securities have been in a continuous unrealized loss position. | |||||||||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | ||||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 132,568 | $ | 7,237 | $ | 10,823 | $ | 1,394 | $ | 143,391 | $ | 8,631 | |||||||||||||
U.S. Government agency securities | 127,274 | 5,993 | 0 | 0 | 127,274 | 5,993 | |||||||||||||||||||
Total temporarily impaired investment securities | $ | 259,842 | $ | 13,230 | $ | 10,823 | $ | 1,394 | $ | 270,665 | $ | 14,624 | |||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 14,085 | $ | 188 | $ | 7,324 | $ | 105 | $ | 21,409 | $ | 293 | |||||||||||||
U.S. Government agency securities | 14,320 | 17 | 0 | 0 | 14,320 | 17 | |||||||||||||||||||
Total temporarily impaired investment securities | $ | 28,405 | $ | 205 | $ | 7,324 | $ | 105 | $ | 35,729 | $ | 310 | |||||||||||||
Maturity Distribution of Investment Securities AFS Reported at Amortized Cost and Estimated Fair Value | ' | ||||||||||||||||||||||||
A maturity distribution of investment securities AFS reported at amortized cost and estimated fair value as of December 31, 2013 is as follows: | |||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 28,844 | $ | 29,004 | |||||||||||||||||||||
Due after one year to five years | 88,370 | 88,801 | |||||||||||||||||||||||
Due after five years to ten years | 143,046 | 141,529 | |||||||||||||||||||||||
Due after ten years | 415,166 | 410,050 | |||||||||||||||||||||||
Total | $ | 675,426 | $ | 669,384 | |||||||||||||||||||||
Sales Activities of Company's Investment Securities AFS are Summarized | ' | ||||||||||||||||||||||||
Sales activities and other-than-temporary impairment charges of the Company’s investment securities AFS are summarized as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Sales proceeds | $ | 999 | $ | 43,177 | $ | 94,676 | |||||||||||||||||||
Gross realized gains | $ | 161 | $ | 3,075 | $ | 1,044 | |||||||||||||||||||
Gross realized losses | 0 | (15 | ) | (111 | ) | ||||||||||||||||||||
Other-than-temporary impairment charges | 0 | (2,603 | ) | 0 | |||||||||||||||||||||
Net gains on investment securities | $ | 161 | $ | 457 | $ | 933 | |||||||||||||||||||
Loans_and_Leases_Tables
Loans and Leases (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||
Summary of Loan and Lease Portfolio, Excluding Loans Covered by FDIC Loss Share Agreements | ' | ||||||||||||||||
The following table is a summary of the loan and lease portfolio, excluding purchased non-covered loans and covered loans, by principal category. | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Real estate: | |||||||||||||||||
Residential 1-4 family | $ | 249,556 | 9.5 | % | $ | 272,052 | 12.9 | % | |||||||||
Non-farm/non-residential | 1,104,114 | 41.9 | 807,906 | 38.1 | |||||||||||||
Construction/land development | 722,557 | 27.4 | 578,776 | 27.4 | |||||||||||||
Agricultural | 45,196 | 1.8 | 50,619 | 2.4 | |||||||||||||
Multifamily residential | 208,337 | 7.9 | 141,243 | 6.7 | |||||||||||||
Total real estate | 2,329,760 | 88.5 | 1,850,596 | 87.5 | |||||||||||||
Commercial and industrial | 124,068 | 4.7 | 159,804 | 7.6 | |||||||||||||
Consumer | 26,182 | 1 | 29,781 | 1.4 | |||||||||||||
Direct financing leases | 86,321 | 3.3 | 68,022 | 3.2 | |||||||||||||
Other | 66,234 | 2.5 | 7,631 | 0.3 | |||||||||||||
Total loans and leases | $ | 2,632,565 | 100 | % | $ | 2,115,834 | 100 | % | |||||||||
Purchased Non-covered Loan Portfolio | ' | ||||||||||||||||
The following table is a summary of the purchased non-covered loan portfolio, by principal category. | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Real estate: | |||||||||||||||||
Residential 1-4 family | $ | 131,085 | 35.2 | % | $ | 19,222 | 46.3 | % | |||||||||
Non-farm/non-residential | 152,948 | 41 | 4,842 | 11.7 | |||||||||||||
Construction/land development | 25,633 | 6.9 | 1,950 | 4.7 | |||||||||||||
Agricultural | 9,518 | 2.6 | 3,021 | 7.3 | |||||||||||||
Multifamily residential | 17,210 | 4.6 | 0 | 0 | |||||||||||||
Total real estate | 336,394 | 90.3 | 29,035 | 70 | |||||||||||||
Commercial and industrial | 24,934 | 6.7 | 5,333 | 12.8 | |||||||||||||
Consumer | 6,855 | 1.8 | 4,168 | 10 | |||||||||||||
Other | 4,540 | 1.2 | 2,998 | 7.2 | |||||||||||||
Total | $ | 372,723 | 100 | % | $ | 41,534 | 100 | % | |||||||||
Allowance_for_Loan_and_Lease_L1
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Activity Within Allowance for Loan and Lease Losses | ' | ||||||||||||||||||||||||||||||||
The following table is a summary of activity within the ALLL. | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Balance – beginning of year | $ | 38,738 | $ | 39,169 | $ | 40,230 | |||||||||||||||||||||||||||
Non-covered loans and leases charged off | (4,327 | ) | (6,636 | ) | (12,988 | ) | |||||||||||||||||||||||||||
Recoveries of non-covered loans and leases previously charged off | 1,134 | 655 | 427 | ||||||||||||||||||||||||||||||
Net non-covered loans and leases charged off | (3,193 | ) | (5,981 | ) | (12,561 | ) | |||||||||||||||||||||||||||
Covered loans charged off, net | (4,675 | ) | (6,195 | ) | (275 | ) | |||||||||||||||||||||||||||
Net charge-offs – total loans and leases | (7,868 | ) | (12,176 | ) | (12,836 | ) | |||||||||||||||||||||||||||
Provision for loan and lease losses: | |||||||||||||||||||||||||||||||||
Non-covered loans and leases | 7,400 | 5,550 | 11,500 | ||||||||||||||||||||||||||||||
Covered loans | 4,675 | 6,195 | 275 | ||||||||||||||||||||||||||||||
Total provision | 12,075 | 11,745 | 11,775 | ||||||||||||||||||||||||||||||
Balance – end of year | $ | 42,945 | $ | 38,738 | $ | 39,169 | |||||||||||||||||||||||||||
Summary of Company's Allowance for Loan and Lease Losses | ' | ||||||||||||||||||||||||||||||||
The following table is a summary of the Company’s ALLL for the years indicated. | |||||||||||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Provision | Ending | |||||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 4,820 | $ | (837 | ) | $ | 106 | $ | 612 | $ | 4,701 | ||||||||||||||||||||||
Non-farm/non-residential | 10,107 | (1,111 | ) | 122 | 4,515 | 13,633 | |||||||||||||||||||||||||||
Construction/land development | 12,000 | (137 | ) | 174 | 269 | 12,306 | |||||||||||||||||||||||||||
Agricultural | 2,878 | (261 | ) | 14 | 369 | 3,000 | |||||||||||||||||||||||||||
Multifamily residential | 2,030 | (4 | ) | 4 | 474 | 2,504 | |||||||||||||||||||||||||||
Commercial and industrial | 3,655 | (922 | ) | 433 | (311 | ) | 2,855 | ||||||||||||||||||||||||||
Consumer | 1,015 | (214 | ) | 104 | 12 | 917 | |||||||||||||||||||||||||||
Direct financing leases | 2,050 | (482 | ) | 33 | 665 | 2,266 | |||||||||||||||||||||||||||
Other | 183 | (359 | ) | 144 | 795 | 763 | |||||||||||||||||||||||||||
Covered loans | 0 | (4,675 | ) | 0 | 4,675 | 0 | |||||||||||||||||||||||||||
Purchased non-covered loans | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Total | $ | 38,738 | $ | (9,002 | ) | $ | 1,134 | $ | 12,075 | $ | 42,945 | ||||||||||||||||||||||
Year ended December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,848 | $ | (1,312 | ) | $ | 107 | $ | 2,177 | $ | 4,820 | ||||||||||||||||||||||
Non-farm/non-residential | 12,203 | (1,226 | ) | 18 | (888 | ) | 10,107 | ||||||||||||||||||||||||||
Construction/land development | 9,478 | (466 | ) | 106 | 2,882 | 12,000 | |||||||||||||||||||||||||||
Agricultural | 3,383 | (997 | ) | 141 | 351 | 2,878 | |||||||||||||||||||||||||||
Multifamily residential | 2,564 | 0 | 0 | (534 | ) | 2,030 | |||||||||||||||||||||||||||
Commercial and industrial | 4,591 | (1,323 | ) | 35 | 352 | 3,655 | |||||||||||||||||||||||||||
Consumer | 1,209 | (732 | ) | 238 | 300 | 1,015 | |||||||||||||||||||||||||||
Direct financing leases | 1,632 | (361 | ) | 2 | 777 | 2,050 | |||||||||||||||||||||||||||
Other | 261 | (219 | ) | 8 | 133 | 183 | |||||||||||||||||||||||||||
Covered loans | 0 | (6,195 | ) | 0 | 6,195 | 0 | |||||||||||||||||||||||||||
Purchased non-covered loans | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||
Total | $ | 39,169 | $ | (12,831 | ) | $ | 655 | $ | 11,745 | $ | 38,738 | ||||||||||||||||||||||
Summary of Allowance for Loan and Lease Losses and Recorded Investment in Loans and Leases, Excluding Loans Covered by FDIC | ' | ||||||||||||||||||||||||||||||||
The following table is a summary of the Company’s ALLL and recorded investment in loans and leases, excluding purchased non-covered loans and covered loans, as of the dates indicated. | |||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | Loans and Leases, Excluding Purchased | ||||||||||||||||||||||||||||||||
Non-Covered Loans and Covered Loans | |||||||||||||||||||||||||||||||||
ALLL for | ALLL for | Total | Individually | All Other | Total | ||||||||||||||||||||||||||||
Individually | All Other | ALLL | Evaluated | Loans and | Loans and | ||||||||||||||||||||||||||||
Evaluated | Loans and | Impaired | Leases | Leases | |||||||||||||||||||||||||||||
Impaired | Leases | Loans and | |||||||||||||||||||||||||||||||
Loans and | Leases | ||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 438 | $ | 4,263 | $ | 4,701 | $ | 4,047 | $ | 245,509 | $ | 249,556 | |||||||||||||||||||||
Non-farm/non-residential | 15 | 13,618 | 13,633 | 2,159 | 1,101,955 | 1,104,114 | |||||||||||||||||||||||||||
Construction/land development | 2 | 12,304 | 12,306 | 236 | 722,321 | 722,557 | |||||||||||||||||||||||||||
Agricultural | 229 | 2,771 | 3,000 | 883 | 44,313 | 45,196 | |||||||||||||||||||||||||||
Multifamily residential | 0 | 2,504 | 2,504 | 0 | 208,337 | 208,337 | |||||||||||||||||||||||||||
Commercial and industrial | 652 | 2,203 | 2,855 | 686 | 123,382 | 124,068 | |||||||||||||||||||||||||||
Consumer | 3 | 914 | 917 | 50 | 26,132 | 26,182 | |||||||||||||||||||||||||||
Direct financing leases | 0 | 2,266 | 2,266 | 0 | 86,321 | 86,321 | |||||||||||||||||||||||||||
Other | 2 | 761 | 763 | 26 | 66,208 | 66,234 | |||||||||||||||||||||||||||
Total | $ | 1,341 | $ | 41,604 | $ | 42,945 | $ | 8,087 | $ | 2,624,478 | $ | 2,632,565 | |||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 518 | $ | 4,302 | $ | 4,820 | $ | 2,906 | $ | 269,146 | $ | 272,052 | |||||||||||||||||||||
Non-farm/non-residential | 53 | 10,054 | 10,107 | 2,898 | 805,008 | 807,906 | |||||||||||||||||||||||||||
Construction/land development | 7 | 11,993 | 12,000 | 542 | 578,234 | 578,776 | |||||||||||||||||||||||||||
Agricultural | 254 | 2,624 | 2,878 | 985 | 49,634 | 50,619 | |||||||||||||||||||||||||||
Multifamily residential | 0 | 2,030 | 2,030 | 0 | 141,243 | 141,243 | |||||||||||||||||||||||||||
Commercial and industrial | 649 | 3,006 | 3,655 | 761 | 159,043 | 159,804 | |||||||||||||||||||||||||||
Consumer | 0 | 1,015 | 1,015 | 33 | 29,748 | 29,781 | |||||||||||||||||||||||||||
Direct financing leases | 0 | 2,050 | 2,050 | 0 | 68,022 | 68,022 | |||||||||||||||||||||||||||
Other | 2 | 181 | 183 | 22 | 7,609 | 7,631 | |||||||||||||||||||||||||||
Total | $ | 1,483 | $ | 37,255 | $ | 38,738 | $ | 8,147 | $ | 2,107,687 | $ | 2,115,834 | |||||||||||||||||||||
Schedule of Impaired Loans and Leases, Excluding Loans Covered by FDIC Loss Share Agreements | ' | ||||||||||||||||||||||||||||||||
The following table is a summary of impaired loans and leases, excluding purchased non-covered loans and covered loans, as of and for the years indicated. | |||||||||||||||||||||||||||||||||
Principal | Net | Principal | Specific | Weighted | |||||||||||||||||||||||||||||
Balance | Charge-offs | Balance, | Allowance | Average | |||||||||||||||||||||||||||||
to Date | Net of | Carrying | |||||||||||||||||||||||||||||||
Charge-offs | Value | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
As of and year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
Impaired loans and leases for which there is a related ALLL: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,609 | $ | (1,692 | ) | $ | 1,917 | $ | 438 | $ | 1,638 | ||||||||||||||||||||||
Non-farm/non-residential | 121 | (75 | ) | 46 | 15 | 93 | |||||||||||||||||||||||||||
Construction/land development | 38 | (22 | ) | 16 | 2 | 17 | |||||||||||||||||||||||||||
Agricultural | 511 | (42 | ) | 469 | 229 | 514 | |||||||||||||||||||||||||||
Commercial and industrial(1) | 2,016 | (1,405 | ) | 611 | 652 | 578 | |||||||||||||||||||||||||||
Consumer | 178 | (156 | ) | 22 | 3 | 10 | |||||||||||||||||||||||||||
Other | 40 | (25 | ) | 15 | 2 | 10 | |||||||||||||||||||||||||||
Total impaired loans and leases with a related ALLL | 6,513 | (3,417 | ) | 3,096 | 1,341 | 2,860 | |||||||||||||||||||||||||||
Impaired loans and leases for which there is not a related ALLL: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 2,939 | (808 | ) | 2,131 | 0 | 1,541 | |||||||||||||||||||||||||||
Non-farm/non-residential | 3,234 | (1,120 | ) | 2,114 | 0 | 4,344 | |||||||||||||||||||||||||||
Construction/land development | 300 | (81 | ) | 219 | 0 | 303 | |||||||||||||||||||||||||||
Agricultural | 426 | (12 | ) | 414 | 0 | 404 | |||||||||||||||||||||||||||
Multi-family | 133 | (133 | ) | 0 | 0 | 124 | |||||||||||||||||||||||||||
Commercial and industrial | 85 | (10 | ) | 75 | 0 | 172 | |||||||||||||||||||||||||||
Consumer | 39 | (12 | ) | 27 | 0 | 24 | |||||||||||||||||||||||||||
Other | 31 | (20 | ) | 11 | 0 | 9 | |||||||||||||||||||||||||||
Total impaired loans and leases without a related ALLL | 7,187 | (2,196 | ) | 4,991 | 0 | 6,921 | |||||||||||||||||||||||||||
Total impaired loans and leases | $ | 13,700 | $ | (5,613 | ) | $ | 8,087 | $ | 1,341 | $ | 9,781 | ||||||||||||||||||||||
As of and year ended December 31, 2012: | |||||||||||||||||||||||||||||||||
Impaired loans and leases for which there is a related ALLL: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 1,887 | $ | (219 | ) | $ | 1,668 | $ | 518 | $ | 1,622 | ||||||||||||||||||||||
Non-farm/non-residential | 204 | (1 | ) | 203 | 53 | 234 | |||||||||||||||||||||||||||
Construction/land development | 711 | (660 | ) | 51 | 7 | 38 | |||||||||||||||||||||||||||
Agricultural | 599 | (40 | ) | 559 | 254 | 291 | |||||||||||||||||||||||||||
Commercial and industrial(1) | 1,473 | (911 | ) | 562 | 649 | 620 | |||||||||||||||||||||||||||
Consumer | 243 | (240 | ) | 3 | 0 | 8 | |||||||||||||||||||||||||||
Other | 527 | (517 | ) | 10 | 2 | 24 | |||||||||||||||||||||||||||
Total impaired loans and leases with a related ALLL | 5,644 | (2,588 | ) | 3,056 | 1,483 | 2,837 | |||||||||||||||||||||||||||
Impaired loans and leases for which there is not a related ALLL: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | 1,550 | (312 | ) | 1,238 | 0 | 1,721 | |||||||||||||||||||||||||||
Non-farm/non-residential | 4,267 | (1,572 | ) | 2,695 | 0 | 2,432 | |||||||||||||||||||||||||||
Construction/land development | 837 | (346 | ) | 491 | 0 | 600 | |||||||||||||||||||||||||||
Agricultural | 801 | (375 | ) | 426 | 0 | 374 | |||||||||||||||||||||||||||
Commercial and industrial | 443 | (244 | ) | 199 | 0 | 426 | |||||||||||||||||||||||||||
Consumer | 31 | (1 | ) | 30 | 0 | 31 | |||||||||||||||||||||||||||
Other | 159 | (147 | ) | 12 | 0 | 13 | |||||||||||||||||||||||||||
Total impaired loans and leases without a related ALLL | 8,088 | (2,997 | ) | 5,091 | 0 | 5,597 | |||||||||||||||||||||||||||
Total impaired loans and leases | $ | 13,732 | $ | (5,585 | ) | $ | 8,147 | $ | 1,483 | $ | 8,434 | ||||||||||||||||||||||
-1 | Includes $66,000 and $95,000 at December 31, 2013 and 2012, respectively, of specific allowance related to the unfunded portion of an unexpired letter of credit for a previous customer of the Bank. | ||||||||||||||||||||||||||||||||
Summary of Credit Quality Indicators for Loans and Leases, Including Covered and Non-Covered Loans and Leases | ' | ||||||||||||||||||||||||||||||||
The following table is a summary of credit quality indicators for the Company’s total loans and leases. | |||||||||||||||||||||||||||||||||
Satisfactory | Moderate | Watch | Substandard | Total | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family (1) | $ | 239,940 | $ | 0 | $ | 3,140 | $ | 6,476 | $ | 249,556 | |||||||||||||||||||||||
Non-farm/non-residential | 916,304 | 128,624 | 52,388 | 6,798 | 1,104,114 | ||||||||||||||||||||||||||||
Construction/land development | 550,436 | 144,435 | 23,574 | 4,112 | 722,557 | ||||||||||||||||||||||||||||
Agricultural | 21,647 | 11,098 | 9,788 | 2,663 | 45,196 | ||||||||||||||||||||||||||||
Multifamily residential | 177,144 | 30,029 | 391 | 773 | 208,337 | ||||||||||||||||||||||||||||
Commercial and industrial | 87,568 | 33,071 | 1,664 | 1,765 | 124,068 | ||||||||||||||||||||||||||||
Consumer (1) | 25,574 | 0 | 230 | 378 | 26,182 | ||||||||||||||||||||||||||||
Direct financing leases | 85,363 | 955 | 0 | 3 | 86,321 | ||||||||||||||||||||||||||||
Other (1) | 63,799 | 2,237 | 119 | 79 | 66,234 | ||||||||||||||||||||||||||||
Total | $ | 2,167,775 | $ | 350,449 | $ | 91,294 | $ | 23,047 | $ | 2,632,565 | |||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family (1) | $ | 263,737 | $ | 0 | $ | 3,146 | $ | 5,169 | $ | 272,052 | |||||||||||||||||||||||
Non-farm/non-residential | 649,494 | 109,429 | 38,231 | 10,752 | 807,906 | ||||||||||||||||||||||||||||
Construction/land development | 395,821 | 130,057 | 37,069 | 15,829 | 578,776 | ||||||||||||||||||||||||||||
Agricultural | 25,854 | 12,105 | 9,509 | 3,151 | 50,619 | ||||||||||||||||||||||||||||
Multifamily residential | 112,360 | 24,092 | 4,009 | 782 | 141,243 | ||||||||||||||||||||||||||||
Commercial and industrial | 121,898 | 31,338 | 3,950 | 2,618 | 159,804 | ||||||||||||||||||||||||||||
Consumer (1) | 29,079 | 0 | 424 | 278 | 29,781 | ||||||||||||||||||||||||||||
Direct financing leases | 66,657 | 1,365 | 0 | 0 | 68,022 | ||||||||||||||||||||||||||||
Other (1) | 6,116 | 1,204 | 239 | 72 | 7,631 | ||||||||||||||||||||||||||||
Total | $ | 1,671,016 | $ | 309,590 | $ | 96,577 | $ | 38,651 | $ | 2,115,834 | |||||||||||||||||||||||
-1 | The Company does not risk rate its residential 1-4 family loans, its consumer loans, and certain “other” loans. However, for purposes of the above table, the Company considers such loans to be (i) satisfactory – if they are performing and less than 30 days past due, (ii) watch – if they are performing and 30 to 89 days past due or (iii) substandard – if they are nonperforming or 90 days or more past due. | ||||||||||||||||||||||||||||||||
The following table is a summary of credit quality indicators for the Company’s covered loans. | |||||||||||||||||||||||||||||||||
FV 1 | FV 2 | Total | |||||||||||||||||||||||||||||||
Covered | |||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 105,218 | $ | 5,835 | $ | 111,053 | |||||||||||||||||||||||||||
Non-farm/non-residential | 138,573 | 25,135 | 163,708 | ||||||||||||||||||||||||||||||
Construction/land development | 33,475 | 14,267 | 47,742 | ||||||||||||||||||||||||||||||
Agricultural | 10,807 | 343 | 11,150 | ||||||||||||||||||||||||||||||
Multifamily residential | 8,709 | 457 | 9,166 | ||||||||||||||||||||||||||||||
Commercial and industrial | 8,582 | 137 | 8,719 | ||||||||||||||||||||||||||||||
Consumer | 106 | 5 | 111 | ||||||||||||||||||||||||||||||
Other | 142 | 0 | 142 | ||||||||||||||||||||||||||||||
Total | $ | 305,612 | $ | 46,179 | $ | 351,791 | |||||||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 146,687 | $ | 5,661 | $ | 152,348 | |||||||||||||||||||||||||||
Non-farm/non-residential | 271,705 | 16,399 | 288,104 | ||||||||||||||||||||||||||||||
Construction/land development | 90,321 | 14,766 | 105,087 | ||||||||||||||||||||||||||||||
Agricultural | 18,937 | 753 | 19,690 | ||||||||||||||||||||||||||||||
Multifamily residential | 9,871 | 830 | 10,701 | ||||||||||||||||||||||||||||||
Commercial and industrial | 18,495 | 1 | 18,496 | ||||||||||||||||||||||||||||||
Consumer | 123 | 53 | 176 | ||||||||||||||||||||||||||||||
Other | 1,637 | 0 | 1,637 | ||||||||||||||||||||||||||||||
Total | $ | 557,776 | $ | 38,463 | $ | 596,239 | |||||||||||||||||||||||||||
The following table is a summary of credit quality indicators for the Company’s purchased non-covered loans. | |||||||||||||||||||||||||||||||||
Purchased Non-Covered Loans Without | Purchased Non- | Total | |||||||||||||||||||||||||||||||
Evidence of Credit Deterioration at Acquisition | Covered Loans With | Purchased | |||||||||||||||||||||||||||||||
Evidence of Credit | Non-Covered | ||||||||||||||||||||||||||||||||
Deterioration at | |||||||||||||||||||||||||||||||||
Acquisition | |||||||||||||||||||||||||||||||||
FV 33 | FV 44 | FV 55 | FV 36 | FV 77 | FV 66 | FV 88 | Loans | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 27,111 | $ | 32,259 | $ | 21,035 | $ | 35,733 | $ | 0 | $ | 14,947 | $ | 0 | $ | 131,085 | |||||||||||||||||
Non-farm/non-residential | 42,193 | 72,621 | 20,685 | 1,191 | 0 | 16,258 | 0 | 152,948 | |||||||||||||||||||||||||
Construction/land development | 5,930 | 8,106 | 2,137 | 4,553 | 0 | 4,907 | 0 | 25,633 | |||||||||||||||||||||||||
Agricultural | 1,547 | 6,619 | 823 | 164 | 0 | 365 | 0 | 9,518 | |||||||||||||||||||||||||
Multifamily residential | 3,531 | 5,565 | 5,268 | 959 | 0 | 1,887 | 0 | 17,210 | |||||||||||||||||||||||||
Total real estate | 80,312 | 125,170 | 49,948 | 42,600 | 0 | 38,364 | 0 | 336,394 | |||||||||||||||||||||||||
Commercial and industrial | 9,592 | 9,730 | 2,250 | 1,879 | 0 | 1,483 | 0 | 24,934 | |||||||||||||||||||||||||
Consumer | 1,013 | 141 | 171 | 4,794 | 0 | 736 | 0 | 6,855 | |||||||||||||||||||||||||
Other | 1,202 | 2,897 | 157 | 237 | 0 | 47 | 0 | 4,540 | |||||||||||||||||||||||||
Total | $ | 92,119 | $ | 137,938 | $ | 52,526 | $ | 49,510 | $ | 0 | $ | 40,630 | $ | 0 | $ | 372,723 | |||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,400 | $ | 7,363 | $ | 4,937 | $ | 921 | $ | 0 | $ | 2,601 | $ | 0 | $ | 19,222 | |||||||||||||||||
Non-farm/non-residential | 420 | 1,370 | 2,680 | 10 | 0 | 362 | 0 | 4,842 | |||||||||||||||||||||||||
Construction/land development | 438 | 659 | 130 | 134 | 0 | 589 | 0 | 1,950 | |||||||||||||||||||||||||
Agricultural | 784 | 826 | 710 | 164 | 0 | 537 | 0 | 3,021 | |||||||||||||||||||||||||
Total real estate | 5,042 | 10,218 | 8,457 | 1,229 | 0 | 4,089 | 0 | 29,035 | |||||||||||||||||||||||||
Commercial and industrial | 576 | 1,802 | 1,788 | 384 | 0 | 783 | 0 | 5,333 | |||||||||||||||||||||||||
Consumer | 857 | 231 | 79 | 1,341 | 0 | 1,660 | 0 | 4,168 | |||||||||||||||||||||||||
Other | 222 | 110 | 107 | 2,336 | 0 | 223 | 0 | 2,998 | |||||||||||||||||||||||||
Total | $ | 6,697 | $ | 12,361 | $ | 10,431 | $ | 5,290 | $ | 0 | $ | 6,755 | $ | 0 | $ | 41,534 | |||||||||||||||||
Schedule of Aging Analysis Past Due Loans and Leases, Loans Covered & Non-Covered by FDIC Loss Share Agreements | ' | ||||||||||||||||||||||||||||||||
The following table is an aging analysis of past due loans and leases. | |||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total | Current (3) | Total | |||||||||||||||||||||||||||||
Past Due (1) | or More (2) | Past Due | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 4,228 | $ | 2,004 | $ | 6,232 | $ | 243,324 | $ | 249,556 | |||||||||||||||||||||||
Non-farm/non-residential | 2,093 | 1,867 | 3,960 | 1,100,154 | 1,104,114 | ||||||||||||||||||||||||||||
Construction/land development | 235 | 153 | 388 | 722,169 | 722,557 | ||||||||||||||||||||||||||||
Agricultural | 517 | 540 | 1,057 | 44,139 | 45,196 | ||||||||||||||||||||||||||||
Multifamily residential | 773 | 0 | 773 | 207,564 | 208,337 | ||||||||||||||||||||||||||||
Commercial and industrial | 418 | 31 | 449 | 123,619 | 124,068 | ||||||||||||||||||||||||||||
Consumer | 261 | 78 | 339 | 25,843 | 26,182 | ||||||||||||||||||||||||||||
Direct financing leases | 0 | 0 | 0 | 86,321 | 86,321 | ||||||||||||||||||||||||||||
Other | 18 | 24 | 42 | 66,192 | 66,234 | ||||||||||||||||||||||||||||
Total | $ | 8,543 | $ | 4,697 | $ | 13,240 | $ | 2,619,325 | $ | 2,632,565 | |||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,656 | $ | 1,160 | $ | 4,816 | $ | 267,236 | $ | 272,052 | |||||||||||||||||||||||
Non-farm/non-residential | 3,284 | 2,524 | 5,808 | 802,098 | 807,906 | ||||||||||||||||||||||||||||
Construction/land development | 868 | 329 | 1,197 | 577,579 | 578,776 | ||||||||||||||||||||||||||||
Agricultural | 952 | 570 | 1,522 | 49,097 | 50,619 | ||||||||||||||||||||||||||||
Multifamily residential | 312 | 0 | 312 | 140,931 | 141,243 | ||||||||||||||||||||||||||||
Commercial and industrial | 1,091 | 185 | 1,276 | 158,528 | 159,804 | ||||||||||||||||||||||||||||
Consumer | 425 | 57 | 482 | 29,299 | 29,781 | ||||||||||||||||||||||||||||
Direct financing leases | 0 | 0 | 0 | 68,022 | 68,022 | ||||||||||||||||||||||||||||
Other | 9 | 0 | 9 | 7,622 | 7,631 | ||||||||||||||||||||||||||||
Total | $ | 10,597 | $ | 4,825 | $ | 15,422 | $ | 2,100,412 | $ | 2,115,834 | |||||||||||||||||||||||
-1 | Includes $0.8 million and $1.0 million of loans and leases on nonaccrual status at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
-2 | All loans and leases greater than 90 days past due, excluding purchased non-covered loans and covered loans, were on nonaccrual status at December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
-3 | Includes $3.2 million and $3.3 million of loans and leases on nonaccrual status at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||
The following table is an aging analysis of past due covered loans. | |||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total | Current | Total | |||||||||||||||||||||||||||||
Past Due | or More | Past Due | Covered | ||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 5,341 | $ | 12,409 | $ | 17,750 | $ | 93,303 | $ | 111,053 | |||||||||||||||||||||||
Non-farm/non-residential | 6,954 | 32,462 | 39,416 | 124,292 | 163,708 | ||||||||||||||||||||||||||||
Construction/land development | 2,173 | 20,914 | 23,087 | 24,655 | 47,742 | ||||||||||||||||||||||||||||
Agricultural | 237 | 1,328 | 1,565 | 9,585 | 11,150 | ||||||||||||||||||||||||||||
Multifamily residential | 375 | 3,240 | 3,615 | 5,551 | 9,166 | ||||||||||||||||||||||||||||
Commercial and industrial | 605 | 2,001 | 2,606 | 6,113 | 8,719 | ||||||||||||||||||||||||||||
Consumer | 10 | 0 | 10 | 101 | 111 | ||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 142 | 142 | ||||||||||||||||||||||||||||
Total | $ | 15,695 | $ | 72,354 | $ | 88,049 | $ | 263,742 | $ | 351,791 | |||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 9,539 | $ | 20,958 | $ | 30,497 | $ | 121,851 | $ | 152,348 | |||||||||||||||||||||||
Non-farm/non-residential | 18,476 | 55,753 | 74,229 | 213,875 | 288,104 | ||||||||||||||||||||||||||||
Construction/land development | 6,693 | 42,604 | 49,297 | 55,790 | 105,087 | ||||||||||||||||||||||||||||
Agricultural | 1,063 | 3,338 | 4,401 | 15,289 | 19,690 | ||||||||||||||||||||||||||||
Multifamily residential | 0 | 3,345 | 3,345 | 7,356 | 10,701 | ||||||||||||||||||||||||||||
Commercial and industrial | 901 | 4,133 | 5,034 | 13,462 | 18,496 | ||||||||||||||||||||||||||||
Consumer | 29 | 5 | 34 | 142 | 176 | ||||||||||||||||||||||||||||
Other | 0 | 0 | 0 | 1,637 | 1,637 | ||||||||||||||||||||||||||||
Total | $ | 36,701 | $ | 130,136 | $ | 166,837 | $ | 429,402 | $ | 596,239 | |||||||||||||||||||||||
The following table is an aging analysis of past due purchased non-covered loans. | |||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total | Current | Total | |||||||||||||||||||||||||||||
Past Due | or More | Past Due | Purchased | ||||||||||||||||||||||||||||||
Non- | |||||||||||||||||||||||||||||||||
Covered | |||||||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 6,615 | $ | 4,703 | $ | 11,318 | $ | 119,767 | $ | 131,085 | |||||||||||||||||||||||
Non-farm/non-residential | 4,886 | 5,779 | 10,665 | 142,283 | 152,948 | ||||||||||||||||||||||||||||
Construction/land development | 265 | 4,045 | 4,310 | 21,323 | 25,633 | ||||||||||||||||||||||||||||
Agriculture | 134 | 25 | 159 | 9,359 | 9,518 | ||||||||||||||||||||||||||||
Multifamily residential | 421 | 1,225 | 1,646 | 15,564 | 17,210 | ||||||||||||||||||||||||||||
Commercial and industrial | 614 | 388 | 1,002 | 23,932 | 24,934 | ||||||||||||||||||||||||||||
Consumer | 411 | 237 | 648 | 6,207 | 6,855 | ||||||||||||||||||||||||||||
Other | 0 | 33 | 33 | 4,507 | 4,540 | ||||||||||||||||||||||||||||
Total | $ | 13,346 | $ | 16,435 | $ | 29,781 | $ | 342,942 | $ | 372,723 | |||||||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 2,322 | $ | 1,594 | $ | 3,916 | $ | 15,306 | $ | 19,222 | |||||||||||||||||||||||
Non-farm/non-residential | 319 | 205 | 524 | 4,318 | 4,842 | ||||||||||||||||||||||||||||
Construction/land development | 148 | 322 | 470 | 1,480 | 1,950 | ||||||||||||||||||||||||||||
Agriculture | 272 | 904 | 1,176 | 1,845 | 3,021 | ||||||||||||||||||||||||||||
Commercial and industrial | 855 | 2,589 | 3,444 | 1,889 | 5,333 | ||||||||||||||||||||||||||||
Consumer | 431 | 1,295 | 1,726 | 2,442 | 4,168 | ||||||||||||||||||||||||||||
Other | 434 | 259 | 693 | 2,305 | 2,998 | ||||||||||||||||||||||||||||
Total | $ | 4,781 | $ | 7,168 | $ | 11,949 | $ | 29,585 | $ | 41,534 | |||||||||||||||||||||||
Foreclosed_Assets_Not_Covered_1
Foreclosed Assets Not Covered by FDIC Loss Share Agreements (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Summary of Activity Within Foreclosed Assets Not Covered by FDIC Loss Share Agreements | ' | ||||||||||||
The following table is a summary of activity within foreclosed assets not covered by FDIC loss share agreements for the years indicated. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance – beginning of year | $ | 13,924 | $ | 31,762 | $ | 42,216 | |||||||
Loans and other assets transferred into foreclosed assets | 9,464 | 9,047 | 10,676 | ||||||||||
Sales of foreclosed assets | (12,343 | ) | (25,482 | ) | (11,719 | ) | |||||||
Writedowns of foreclosed assets | (1,352 | ) | (1,713 | ) | (9,525 | ) | |||||||
Foreclosed assets acquired in acquisitions | 2,158 | 310 | 114 | ||||||||||
Balance – end of year | $ | 11,851 | $ | 13,924 | $ | 31,762 | |||||||
Amount and Type of Foreclosed Assets Not Covered by FDIC Loss Share Agreements | ' | ||||||||||||
The following table is a summary of the amount and type of foreclosed assets not covered by FDIC loss share agreements. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Real estate: | |||||||||||||
Residential 1-4 family | $ | 1,604 | $ | 2,863 | |||||||||
Non-farm/non-residential | 4,380 | 2,481 | |||||||||||
Construction/land development | 5,359 | 8,072 | |||||||||||
Agricultural | 222 | 378 | |||||||||||
Multifamily residential | 211 | 0 | |||||||||||
Total real estate | 11,776 | 13,794 | |||||||||||
Commercial and industrial | 75 | 102 | |||||||||||
Consumer | 0 | 28 | |||||||||||
Foreclosed assets not covered by FDIC loss share agreements | $ | 11,851 | $ | 13,924 | |||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of Premises and Equipment | ' | ||||||||
The following table is a summary of premises and equipment. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Land | $ | 75,770 | $ | 72,499 | |||||
Construction in process | 2,781 | 2,498 | |||||||
Buildings and improvements | 154,640 | 135,840 | |||||||
Leasehold improvements | 5,048 | 5,158 | |||||||
Equipment | 56,526 | 51,548 | |||||||
Gross premises and equipment | 294,765 | 267,543 | |||||||
Accumulated depreciation | (49,293 | ) | (41,789 | ) | |||||
Premises and equipment, net | $ | 245,472 | $ | 225,754 | |||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Summary of Scheduled Maturities of Time Deposits | ' | ||||||||
The following table is a summary of the scheduled maturities of time deposits. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(Dollars in thousands) | |||||||||
Up to one year | $ | 742,069 | $ | 684,118 | |||||
Over one to two years | 107,395 | 65,138 | |||||||
Over two to three years | 25,217 | 25,425 | |||||||
Over three to four years | 12,107 | 3,366 | |||||||
Over four to five years | 10,138 | 2,188 | |||||||
Thereafter | 284 | 614 | |||||||
Total time deposits | $ | 897,210 | $ | 780,849 | |||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Summary of Information Relating to Short-Term Borrowings | ' | ||||||||||||
The following table is a summary of information relating to these short-term borrowings. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Average annual balance | $ | 8,767 | $ | 10,900 | |||||||||
December 31 balance | 0 | 0 | |||||||||||
Maximum month-end balance during year | 60,775 | 58,925 | |||||||||||
Interest rate: | |||||||||||||
Weighted-average – year | 0.27 | % | 0.36 | % | |||||||||
Weighted-average – December 31 | 0 | 0 | |||||||||||
Aggregate Annual Maturities and Weighted-Average Rates of FHLB-Dallas Advances with Original Maturity of Over One Year | ' | ||||||||||||
The following table is a summary of aggregate annual maturities and weighted-average interest rates of FHLB-Dallas advances with an original maturity of over one year as of December 31, 2013. | |||||||||||||
Weighted- | |||||||||||||
Average | |||||||||||||
Maturity | Amount | Interest Rate | |||||||||||
(Dollars in thousands) | |||||||||||||
2014 | $ | 40 | 2.78 | % | |||||||||
2015 | 41 | 2.8 | |||||||||||
2016 | 28 | 3.53 | |||||||||||
2017 | 260,030 | 3.89 | |||||||||||
2018 | 20,154 | 2.53 | |||||||||||
Thereafter | 602 | 4.54 | |||||||||||
Total | $ | 280,895 | 3.8 | ||||||||||
FHLB-Dallas Advances Containing Quarterly Call Features and are Callable | ' | ||||||||||||
The following table is a summary of the weighted-average interest rates and maturity dates of such callable advances as of December 31, 2013. | |||||||||||||
Amount | Weighted- | Maturity | |||||||||||
Average | |||||||||||||
Interest Rate | |||||||||||||
(Dollars in thousands) | |||||||||||||
Callable quarterly | $ | 260,000 | 3.9 | % | 2017 | ||||||||
Callable quarterly | 20,000 | 2.53 | 2018 | ||||||||||
Total | $ | 280,000 | 3.8 | ||||||||||
Subordinated_Debentures_Tables
Subordinated Debentures (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Brokers And Dealers [Abstract] | ' | ||||||||||||||||
Schedule of Issues of Trust Preferred Securities Outstanding and Subordinated Debentures Owed to Trust | ' | ||||||||||||||||
At December 31, 2013 the Company had the following issues of trust preferred securities outstanding and subordinated debentures owed to the Trusts. | |||||||||||||||||
Subordinated | Trust Preferred | ||||||||||||||||
Debentures | Securities | Interest Rate at | Final Maturity | ||||||||||||||
Owed to Trust | of the Trust | December 31, 2013 | Date | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Ozark III | $ | 14,434 | $ | 14,000 | 3.2 | % | September 25, 2033 | ||||||||||
Ozark II | 14,433 | 14,000 | 3.15 | September 29, 2033 | |||||||||||||
Ozark IV | 15,464 | 15,000 | 2.47 | September 28, 2034 | |||||||||||||
Ozark V | 20,619 | 20,000 | 1.85 | December 15, 2036 | |||||||||||||
Total | $ | 64,950 | $ | 63,000 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Summary of Components of Provision (Benefit) for Income Taxes | ' | ||||||||||||
The following table is a summary of the components of the provision (benefit) for income taxes. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 43,750 | $ | 37,254 | $ | 33,360 | |||||||
State | 6,547 | 4,489 | 4,982 | ||||||||||
Total current | 50,297 | 41,743 | 38,342 | ||||||||||
Deferred: | |||||||||||||
Federal | (8,689 | ) | (6,384 | ) | 10,230 | ||||||||
State | (1,459 | ) | (1,424 | ) | 1,636 | ||||||||
Total deferred | (10,148 | ) | (7,808 | ) | 11,866 | ||||||||
Provision for income taxes | $ | 40,149 | $ | 33,935 | $ | 50,208 | |||||||
Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate | ' | ||||||||||||
The following table is a summary of the reconciliation between the statutory federal income tax rate and effective income tax rate for the years indicated. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Increase (decrease) in taxes resulting from: | |||||||||||||
State income taxes, net of federal benefit | 2.6 | 1.8 | 2.8 | ||||||||||
Effect of tax-exempt interest income | (4.4 | ) | (5.0 | ) | (3.8 | ) | |||||||
Effect of BOLI and other tax-exempt income | (1.2 | ) | (0.8 | ) | (0.5 | ) | |||||||
Other, net | (0.5 | ) | (0.4 | ) | (0.4 | ) | |||||||
Effective income tax rate | 31.5 | % | 30.6 | % | 33.1 | % | |||||||
Types of Temporary Differences Between Tax Basis of Assets and Liabilities | ' | ||||||||||||
The following table is a summary of the types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan and lease losses | $ | 16,576 | $ | 16,227 | |||||||||
Differences in amounts reflected in financial statements and income tax basis of purchased non-covered loans | 17,167 | 0 | |||||||||||
Stock-based compensation | 2,400 | 1,831 | |||||||||||
Deferred compensation | 1,775 | 1,767 | |||||||||||
Foreclosed assets | 3,165 | 3,258 | |||||||||||
Investment securities AFS | 5,056 | 0 | |||||||||||
Differences in amounts reflected in financial statements and income tax basis of assets acquired and liabilities assumed in FDIC-assisted acquisitions | 3,424 | 0 | |||||||||||
Acquired net operating losses | 7,509 | 0 | |||||||||||
Other, net | 3,858 | 0 | |||||||||||
Total gross deferred tax assets | 60,930 | 23,083 | |||||||||||
Less valuation allowance | (4,102 | ) | 0 | ||||||||||
Net deferred tax asset | 56,828 | 23,083 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation on premises and equipment | 17,459 | 14,196 | |||||||||||
Investment securities AFS | 0 | 8,083 | |||||||||||
Differences in amounts reflected in financial statements and income tax basis of assets acquired and liabilities assumed in FDIC-assisted acquisitions | 0 | 8,810 | |||||||||||
Acquired intangible assets | 4,227 | 639 | |||||||||||
Other, net | 0 | 246 | |||||||||||
Total gross deferred tax liabilities | 21,686 | 31,974 | |||||||||||
Net deferred tax assets (liabilities) | $ | 35,142 | $ | (8,891 | ) | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes stock option activity for both the employee and non-employee director stock option plans for the year ended December 31, 2013. | |||||||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price/Share | Contractual | (in thousands) | |||||||||||||||
Life (in years) | |||||||||||||||||
Outstanding – January 1, 2013 | 957,150 | $ | 22.12 | ||||||||||||||
Granted | 263,000 | 48.79 | |||||||||||||||
Exercised | (271,500 | ) | 15.74 | ||||||||||||||
Forfeited | (65,350 | ) | 26.92 | ||||||||||||||
Outstanding – December 31, 2013 | 883,300 | 31.67 | 5.5 | $ | 22,011 | (1) | |||||||||||
Fully vested and exercisable at December 31, 2013 | 239,300 | $ | 19.61 | 4.3 | $ | 8,850 | (1) | ||||||||||
Expected to vest in future periods | 515,960 | ||||||||||||||||
Fully vested and expected to vest at December 31, 2013 (2) | 755,260 | $ | 30.91 | 5.4 | $ | 19,394 | (1) | ||||||||||
-1 | Based on closing price of $ 56.59 per share on December 31, 2013. | ||||||||||||||||
-2 | At December 31, 2013 the Company estimates that options to purchase 128,040 shares of the Company’s common stock will not vest and will be forfeited prior to their vesting date. | ||||||||||||||||
Weighted Average Assumptions Used in Black Scholes Option Pricing Model | ' | ||||||||||||||||
The following table is a summary of the weighted-average assumptions used in the Black-Scholes option pricing model for the years indicated. | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk-free interest rate | 1.3 | % | 0.71 | % | 1.15 | % | |||||||||||
Expected dividend yield | 1.85 | % | 1.87 | % | 1.68 | % | |||||||||||
Expected stock volatility | 30.2 | % | 40.6 | % | 40.1 | % | |||||||||||
Expected life (years) | 5 | 5 | 5 | ||||||||||||||
Summary of Non-Vested Restricted Stock Activity | ' | ||||||||||||||||
The following table summarizes non-vested restricted stock activity for the year ended December 31, 2013. | |||||||||||||||||
Shares | |||||||||||||||||
Outstanding – January 1, 2013 | 295,250 | ||||||||||||||||
Granted | 109,800 | ||||||||||||||||
Forfeited | (26,600 | ) | |||||||||||||||
Earned and issued | (70,400 | ) | |||||||||||||||
Outstanding – December 31, 2013 | 308,050 | ||||||||||||||||
Weighted-average grant date fair value | $ | 35.97 | |||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Contractual Maturities | ' | ||||
While many of these commitments are expected to be disbursed within the next 12 months, the following table shows the contractual maturities of outstanding commitments to extend credit at December 31, 2013. | |||||
Contractual Maturities at | |||||
December 31, 2013 | |||||
Maturity | Amount | ||||
(Dollars in thousands) | |||||
2014 | $ | 156,942 | |||
2015 | 128,397 | ||||
2016 | 499,279 | ||||
2017 | 293,059 | ||||
2018 | 107,366 | ||||
Thereafter | 24,430 | ||||
Total | $ | 1,209,473 | |||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Summary of Activity of Loans to Related Parties | ' | ||||||||||||
The following table is a summary of activity of loans to related parties for the periods indicated. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Balance – beginning of year | $ | 2,526 | $ | 2,150 | $ | 3,374 | |||||||
New loans and advances | 15,680 | 19,778 | 16,978 | ||||||||||
Repayments | (12,273 | ) | (19,447 | ) | (18,202 | ) | |||||||
Change in composition of related parties | 1,068 | 45 | 0 | ||||||||||
Balance – end of year | $ | 7,001 | $ | 2,526 | $ | 2,150 | |||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Actual and Required Regulatory Capital Amounts and Ratios of Company and Bank | ' | ||||||||||||||||||||||||
The following table is a summary of the actual and required regulatory capital amounts and ratios of the Company and the Bank as of the dates indicated. | |||||||||||||||||||||||||
Required | |||||||||||||||||||||||||
Actual | For Capital | To Be Well | |||||||||||||||||||||||
Adequacy | Capitalized Under | ||||||||||||||||||||||||
Purposes | Prompt Corrective | ||||||||||||||||||||||||
Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
December 31, 2013: | |||||||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||||||
Company | $ | 715,417 | 17.09 | % | $ | 334,799 | 8 | % | $ | 418,499 | 10 | % | |||||||||||||
Bank | 698,738 | 16.72 | 334,348 | 8 | 417,935 | 10 | |||||||||||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||||||||
Company | 672,472 | 16.07 | 167,400 | 4 | 251,100 | 6 | |||||||||||||||||||
Bank | 655,793 | 15.69 | 167,174 | 4 | 250,761 | 6 | |||||||||||||||||||
Tier 1 leverage (to average assets): | |||||||||||||||||||||||||
Company | 672,472 | 14.12 | 142,912 | 3 | 238,187 | 5 | |||||||||||||||||||
Bank | 655,793 | 13.78 | 142,788 | 3 | 237,979 | 5 | |||||||||||||||||||
December 31, 2012: | |||||||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||||||
Company | $ | 585,874 | 19.36 | % | $ | 242,120 | 8 | % | $ | 302,650 | 10 | % | |||||||||||||
Bank | 573,926 | 18.95 | 242,263 | 8 | 302,829 | 10 | |||||||||||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||||||||
Company | 548,054 | 18.11 | 121,060 | 4 | 181,590 | 6 | |||||||||||||||||||
Bank | 536,084 | 17.7 | 121,132 | 4 | 181,697 | 6 | |||||||||||||||||||
Tier 1 leverage (to average assets): | |||||||||||||||||||||||||
Company | 548,054 | 14.4 | 114,199 | 3 | 190,332 | 5 | |||||||||||||||||||
Bank | 536,084 | 14.13 | 113,812 | 3 | 189,687 | 5 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and Liabilities at Fair Value | ' | ||||||||||||||||
The following table sets forth the Company’s assets that are accounted for at fair value. At December 31, 2013 and 2012, the Company had no liabilities that were accounted for at fair value. | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Investment securities AFS(1): | |||||||||||||||||
Obligations of state and political subdivisions | $ | 0 | $ | 417,307 | $ | 18,682 | $ | 435,989 | |||||||||
U.S. Government agency securities | 0 | 218,869 | 0 | 218,869 | |||||||||||||
Corporate bonds | 0 | 716 | 0 | 716 | |||||||||||||
Total investment securities AFS | 0 | 636,892 | 18,682 | 655,574 | |||||||||||||
Impaired non-covered loans and leases | 0 | 0 | 8,087 | 8,087 | |||||||||||||
Impaired covered loans | 0 | 0 | 46,179 | 46,179 | |||||||||||||
Foreclosed assets not covered by FDIC loss share agreements | 0 | 0 | 11,851 | 11,851 | |||||||||||||
Foreclosed assets covered by FDIC loss share agreements | 0 | 0 | 37,960 | 37,960 | |||||||||||||
Total assets at fair value | $ | 0 | $ | 636,892 | $ | 122,759 | $ | 759,651 | |||||||||
December 31, 2012: | |||||||||||||||||
Investment securities AFS(1): | |||||||||||||||||
Obligations of state and political subdivisions | $ | 0 | $ | 332,107 | $ | 29,410 | $ | 361,517 | |||||||||
U.S. Government agency securities | 0 | 43,522 | 74,762 | 118,284 | |||||||||||||
Corporate bonds | 0 | 776 | 0 | 776 | |||||||||||||
Total investment securities AFS | 0 | 376,405 | 104,172 | 480,577 | |||||||||||||
Impaired non-covered loans and leases | 0 | 0 | 6,664 | 6,664 | |||||||||||||
Impaired covered loans | 0 | 0 | 38,463 | 38,463 | |||||||||||||
Foreclosed assets not covered by FDIC loss share agreements | 0 | 0 | 13,924 | 13,924 | |||||||||||||
Foreclosed assets covered by FDIC loss share agreements | 0 | 0 | 52,951 | 52,951 | |||||||||||||
Total assets at fair value | $ | 0 | $ | 376,405 | $ | 216,174 | $ | 592,579 | |||||||||
-1 | Does not include $13.8 million at December 31, 2013 and $13.7 million at December 31, 2012 of shares of FHLB-Dallas and FNBB stock that do not have readily determinable fair values and are carried at cost. | ||||||||||||||||
Schedule of Information Related to Level 3 Non-Recurring Fair Value Measurements | ' | ||||||||||||||||
The following table presents information related to Level 3 non-recurring fair value measurements at December 31, 2013. | |||||||||||||||||
Description | Fair Value at | Technique | Unobservable Inputs | ||||||||||||||
December 31, 2013 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Impaired non-covered loans and leases | $ | 8,087 | Third party appraisal(1) or discounted cash flows | 1. Management discount based on underlying collateral characteristics and market conditions | |||||||||||||
2. Life of loan | |||||||||||||||||
Impaired covered loans | $ | 46,179 | Third party appraisal(1) and/or discounted cash flows | 1. Life of loan | |||||||||||||
2. Discount rate | |||||||||||||||||
Foreclosed assets not covered by FDIC loss share agreements | $ | 11,851 | Third party appraisal(1), broker price opinions and/or discounted cash flows | 1. Management discount based on asset characteristics and market conditions | |||||||||||||
2. Discount rate | |||||||||||||||||
3. Holding period | |||||||||||||||||
Foreclosed assets covered by FDIC loss share agreements | $ | 37,960 | Third party appraisal(1), broker price opinions and/or discounted cash flows | 1. Management discount based on asset characteristics and market conditions | |||||||||||||
2. Discount rate | |||||||||||||||||
3. Holding period | |||||||||||||||||
(1) | The Company utilizes valuation techniques consistent with the market, cost, and income approaches, or a combination thereof in determining fair value. | ||||||||||||||||
Assets Measured at Fair Value on Recurring Basis Utilizing Level 3 Inputs | ' | ||||||||||||||||
The following table presents additional information for the periods indicated about assets measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value. | |||||||||||||||||
Investment | |||||||||||||||||
Securities | |||||||||||||||||
AFS | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balances – December 31, 2011 | $ | 24,192 | |||||||||||||||
Total realized gains/(losses) included in earnings | 0 | ||||||||||||||||
Total unrealized gains/(losses) included in other comprehensive income | 359 | ||||||||||||||||
Paydowns and maturities | (1,150 | ) | |||||||||||||||
Acquired in Genala acquisition | 81,121 | ||||||||||||||||
Sales | (350 | ) | |||||||||||||||
Transfers in and/or out of Level 3 | 0 | ||||||||||||||||
Balances – December 31, 2012 | $ | 104,172 | |||||||||||||||
Total realized gains/(losses) included in earnings | 0 | ||||||||||||||||
Total unrealized gains/(losses) included in other comprehensive income | (1,941 | ) | |||||||||||||||
Paydowns and maturities | (32,762 | ) | |||||||||||||||
Sales | 0 | ||||||||||||||||
Transfers in and/or out of Level 3 | (50,787 | ) | |||||||||||||||
Balances – December 31, 2013 | $ | 18,682 | |||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||
The following table presents the estimated fair values of the Company’s financial instruments. | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Fair | Carrying | Estimated | Carrying | Estimated | |||||||||||||||
Value | Amount | Fair | Amount | Fair | |||||||||||||||
Hierarchy | Value | Value | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 195,975 | $ | 195,975 | $ | 207,967 | $ | 207,967 | ||||||||||
Investment securities AFS | Levels 2 and 3 | 669,384 | 669,384 | 494,266 | 494,266 | ||||||||||||||
Loans and leases, net of ALLL | Level 3 | 3,314,134 | 3,286,600 | 2,714,869 | 2,683,896 | ||||||||||||||
FDIC loss share receivable | Level 3 | 71,854 | 71,770 | 152,198 | 152,565 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Demand, savings and money market account deposits | Level 1 | $ | 2,819,817 | $ | 2,819,817 | $ | 2,320,206 | $ | 2,320,206 | ||||||||||
Time deposits | Level 2 | 897,210 | 897,708 | 780,849 | 781,784 | ||||||||||||||
Repurchase agreements with customers | Level 1 | 53,103 | 53,103 | 29,550 | 29,550 | ||||||||||||||
Other borrowings | Level 2 | 280,895 | 319,650 | 280,763 | 328,881 | ||||||||||||||
FDIC clawback payable | Level 3 | 25,897 | 25,897 | 25,169 | 25,169 | ||||||||||||||
Subordinated debentures | Level 2 | 64,950 | 30,974 | 64,950 | 30,523 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Schedule of Supplemental Cash Flow Information | ' | ||||||||||||
Supplemental cash flow information is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Cash paid during the period for: | |||||||||||||
Interest | $ | 18,929 | $ | 22,540 | $ | 32,202 | |||||||
Taxes | 49,453 | 49,888 | 18,448 | ||||||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||||
Loans transferred to foreclosed assets not covered by FDIC loss share agreements | 9,464 | 9,047 | 10,676 | ||||||||||
Loans advanced for sales of foreclosed assets not covered by FDIC loss share agreements | 2,942 | 12,710 | 675 | ||||||||||
Covered loans transferred to covered foreclosed assets | 34,756 | 33,020 | 29,014 | ||||||||||
Net change in unrealized gains and losses on investment securities AFS | (23,784 | ) | 2,395 | 15,622 | |||||||||
Common stock issued in merger and acquisition transactions | 60,079 | 14,123 | 0 | ||||||||||
Unsettled AFS investment security purchases | 917 | 2,513 | 0 |
Other_Operating_Expenses_Table
Other Operating Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Summary of Other Operating Expenses | ' | ||||||||||||
The following table is a summary of other operating expenses. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Postage and supplies | $ | 3,297 | $ | 3,195 | $ | 3,091 | |||||||
Telephone and data lines | 3,419 | 3,374 | 3,049 | ||||||||||
Advertising and public relations | 2,205 | 4,089 | 3,571 | ||||||||||
Professional and outside services | 6,690 | 4,401 | 4,822 | ||||||||||
Software expense | 5,400 | 3,265 | 3,082 | ||||||||||
Travel and meals | 2,236 | 2,705 | 3,488 | ||||||||||
FDIC and state assessments | 695 | 703 | 719 | ||||||||||
FDIC insurance | 1,875 | 1,505 | 2,155 | ||||||||||
ATM expense | 1,036 | 871 | 1,022 | ||||||||||
Loan collection and repossession expense | 4,381 | 6,135 | 7,873 | ||||||||||
Writedowns of foreclosed and other assets | 1,203 | 1,713 | 9,525 | ||||||||||
Amortization of intangible assets | 2,805 | 2,037 | 1,677 | ||||||||||
Other | 7,292 | 5,648 | 7,490 | ||||||||||
Total other operating expenses | $ | 42,534 | $ | 39,641 | $ | 51,564 | |||||||
Earnings_Per_Common_Share_EPS_
Earnings Per Common Share ("EPS") (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Calculation of Numerator and Denominator in Basic and Diluted Earnings Per Share | ' | ||||||||||||
The following table sets forth the computation of basic and diluted EPS. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except per share amounts) | |||||||||||||
Numerator: | |||||||||||||
Distributed earnings allocated to common stockholders | $ | 25,744 | $ | 17,293 | $ | 12,661 | |||||||
Undistributed earnings allocated to common stockholders | 61,391 | 59,751 | 88,660 | ||||||||||
Net earnings allocated to common stockholders | $ | 87,135 | $ | 77,044 | $ | 101,321 | |||||||
Denominator: | |||||||||||||
Denominator for basic EPS – weighted-average common shares | 35,955 | 34,637 | 34,260 | ||||||||||
Effect of dilutive securities – stock options | 246 | 251 | 222 | ||||||||||
Denominator for diluted EPS – weighted-average common shares and assumed conversions | 36,201 | 34,888 | 34,482 | ||||||||||
Basic EPS | $ | 2.42 | $ | 2.22 | $ | 2.96 | |||||||
Diluted EPS | $ | 2.41 | $ | 2.21 | $ | 2.94 | |||||||
Parent_Company_Financial_Infor1
Parent Company Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Schedule of Condensed Balance Sheets of Parent Company | ' | ||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Assets: | |||||||||||||
Cash | $ | 13,044 | $ | 11,230 | |||||||||
Investment in consolidated bank subsidiary | 670,187 | 557,601 | |||||||||||
Investment in unconsolidated Trusts | 1,950 | 1,950 | |||||||||||
Excess cost over fair value of net assets acquired | 1,092 | 1,092 | |||||||||||
Other, net | 3,873 | 1,916 | |||||||||||
Total assets | $ | 690,146 | $ | 573,789 | |||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||
Accounts payable | $ | 72 | $ | 27 | |||||||||
Accrued interest payable | 166 | 171 | |||||||||||
Income taxes payable | 0 | 977 | |||||||||||
Subordinated debentures | 64,950 | 64,950 | |||||||||||
Total liabilities | 65,188 | 66,125 | |||||||||||
Stockholders’ equity: | |||||||||||||
Common stock | 369 | 353 | |||||||||||
Additional paid-in capital | 143,385 | 73,043 | |||||||||||
Retained earnings | 484,876 | 423,485 | |||||||||||
Accumulated other comprehensive income (loss) | (3,672 | ) | 10,783 | ||||||||||
Total stockholders’ equity | 624,958 | 507,664 | |||||||||||
Total liabilities and stockholders’ equity | $ | 690,146 | $ | 573,789 | |||||||||
Schedule of Condensed Statements of Income of Parent Company | ' | ||||||||||||
Condensed Statements of Income | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Income: | |||||||||||||
Dividends from Bank | $ | 34,000 | $ | 26,750 | $ | 12,300 | |||||||
Dividends from Trusts | 52 | 55 | 52 | ||||||||||
Interest | 0 | 437 | 1,145 | ||||||||||
Other | 24 | 8 | 0 | ||||||||||
Total income | 34,076 | 27,250 | 13,497 | ||||||||||
Expenses: | |||||||||||||
Interest | 1,720 | 1,848 | 1,740 | ||||||||||
Other operating expenses | 7,716 | 5,016 | 3,447 | ||||||||||
Total expenses | 9,436 | 6,864 | 5,187 | ||||||||||
Net income before income tax benefit and equity in undistributed earnings of Bank | 24,640 | 20,386 | 8,310 | ||||||||||
Income tax benefit | 3,956 | 2,818 | 1,792 | ||||||||||
Equity in undistributed earnings of Bank | 58,539 | 53,840 | 91,219 | ||||||||||
Net income | $ | 87,135 | $ | 77,044 | $ | 101,321 | |||||||
Schedule of Condensed Statements of Cash Flows of Parent Company | ' | ||||||||||||
Condensed Statements of Cash Flows | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(Dollars in thousands) | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 87,135 | $ | 77,044 | $ | 101,321 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed earnings of Bank | (58,539 | ) | (53,840 | ) | (91,219 | ) | |||||||
Deferred income tax benefit | (566 | ) | (396 | ) | (177 | ) | |||||||
Stock-based compensation expense | 4,487 | 2,607 | 1,528 | ||||||||||
Tax benefits on exercise of stock options and vesting of common stock under restricted stock plan | (3,173 | ) | (1,538 | ) | (870 | ) | |||||||
Changes in other assets and other liabilities | 844 | 1,319 | 2,445 | ||||||||||
Net cash provided by operating activities | 30,188 | 25,196 | 13,028 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Net paydowns (fundings) of portfolio loans | 0 | 67 | (532 | ) | |||||||||
Cash paid in merger and acquisition transactions, net of cash required | (8,707 | ) | (13,223 | ) | 0 | ||||||||
Net cash used by investing activities | (8,707 | ) | (13,156 | ) | (532 | ) | |||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from exercise of stock options | 4,274 | 3,979 | 4,032 | ||||||||||
Tax benefits on exercise of stock options and vesting of common stock under restricted stock plan | 3,173 | 1,538 | 870 | ||||||||||
Repurchase of common stock under restricted stock plan | (1,370 | ) | (341 | ) | 0 | ||||||||
Cash dividends paid on common stock | (25,744 | ) | (17,293 | ) | (12,661 | ) | |||||||
Net cash used by financing activities | (19,667 | ) | (12,117 | ) | (7,759 | ) | |||||||
Net increase (decrease) in cash | 1,814 | (77 | ) | 4,737 | |||||||||
Cash—beginning of year | 11,230 | 11,307 | 6,570 | ||||||||||
Cash—end of year | $ | 13,044 | $ | 11,230 | $ | 11,307 | |||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | |
Office | ||||
Trust | ||||
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Ownership interest owned finance subsidiary business trusts | 100.00% | ' | ' | ' |
Number of finance subsidiary trusts | 4 | ' | ' | ' |
Number of offices | 131 | ' | ' | ' |
Percentage of subsidiaries company owns to have majority voting interest | 50.00% | ' | ' | ' |
Percentage of cost method investments | 20.00% | ' | ' | ' |
Mortgage loans held for sale included in loans and leases | $15,300,000 | $36,400,000 | ' | ' |
Notional amounts of loan commitments | 12,800,000 | 18,100,000 | ' | ' |
Number of months management has to finalize the fair values of acquired assets and assumed liabilities | '12 months | ' | ' | ' |
Covered loan portfolio, expects to receive estimated cash flows period, years | '2 years 4 months 24 days | ' | ' | ' |
Expected recovery of incurred losses, loss share agreements result, percentage | 80.00% | ' | ' | ' |
Discount rate used to determine net present value of FDIC loss share receivable | 5.00% | ' | ' | ' |
FDIC loss share agreement, single family residential mortgage loans and related foreclosed assets, period | '10 years | '10 years | ' | ' |
FDIC loss share agreement, commercial loans and related foreclosed assets period, years | '5 years | '5 years | ' | ' |
Discount rate of claw back amount payable to FDIC upon termination | 5.00% | ' | ' | ' |
Discount rate claw back amount, discounted period | '10 years | ' | ' | ' |
Number of days past due before a loan is deemed impaired | '90 days | ' | ' | ' |
Estimated cost percentage of repossessed personal properties and real estate, maximum | 10.00% | ' | ' | ' |
Estimated cost percentage of repossessed personal properties and real estate, minimum | 8.00% | ' | ' | ' |
Deferred tax valuation allowance | 4,102,000 | 0 | ' | 4,100,000 |
Threshold for determining the amount of tax benefit realized upon tax position being sustained in a tax examination | 50.00% | ' | ' | ' |
Goodwill | 5,200,000 | 5,200,000 | ' | ' |
Stock based compensation non-interest expenses | 4,500,000 | 2,600,000 | 1,500,000 | ' |
Stressed Markets [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Allowance allocation for loans in stressed markets | 0 | 0 | ' | ' |
Core Deposits [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Core deposit intangibles | 20,600,000 | 10,400,000 | ' | ' |
Accumulated amortization | 6,800,000 | 3,900,000 | ' | ' |
Aggregate amount of amortization expense, 2014 | 3,100,000 | ' | ' | ' |
Aggregate amount of amortization expense, 2015 | 2,800,000 | ' | ' | ' |
Aggregate amount of amortization expense, 2016 | 2,000,000 | ' | ' | ' |
Aggregate amount of amortization expense, 2017 | 1,700,000 | ' | ' | ' |
Aggregate amount of amortization expense, 2018 | 1,700,000 | ' | ' | ' |
Arkansas [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of offices | 66 | ' | ' | ' |
Georgia [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of offices | 28 | ' | ' | ' |
North Carolina [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of offices | 15 | ' | ' | ' |
Texas [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of offices | 13 | ' | ' | ' |
Costs paid to acquire bank charter, amortized period, years | '20 years | ' | ' | ' |
Costs paid to acquire bank charter | 239,000 | 239,000 | ' | ' |
Accumulated amortization | 119,000 | 107,000 | ' | ' |
Florida [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of offices | 4 | ' | ' | ' |
Alabama [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of offices | 3 | ' | ' | ' |
South Carolina [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of offices | 1 | ' | ' | ' |
New York [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of offices | 1 | ' | ' | ' |
Variable Interest Entity, Not Primary Beneficiary [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Owned finance subsidiary trusts, VIEs | 100.00% | ' | ' | ' |
First National Bank [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Deferred tax valuation allowance | $4,100,000 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Principally defined as owning a voting or economic interest | 20.00% | ' | ' | ' |
Discount rates determining net present value of expected cash flows on covered loans | 6.00% | ' | ' | ' |
Discount rates determining net present value of expected cash flows on non-covered loans | 6.00% | ' | ' | ' |
Discount rates used to determine net present value of covered foreclosed assets | 8.00% | ' | ' | ' |
Minimum [Member] | Buildings [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Depreciable life of assets | '20 years | ' | ' | ' |
Minimum [Member] | Furniture, Fixtures, Equipment and Building Improvements [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Depreciable life of assets | '3 years | ' | ' | ' |
Minimum [Member] | Core Deposits [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Core deposit intangibles amortization period | '3 years | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Principally defined as owning a voting or economic interest | 50.00% | ' | ' | ' |
Discount rates determining net present value of expected cash flows on covered loans | 9.50% | ' | ' | ' |
Discount rates determining net present value of expected cash flows on non-covered loans | 9.50% | ' | ' | ' |
Discount rates used to determine net present value of covered foreclosed assets | 9.50% | ' | ' | ' |
Maximum [Member] | Buildings [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Depreciable life of assets | '45 years | ' | ' | ' |
Maximum [Member] | Furniture, Fixtures, Equipment and Building Improvements [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Depreciable life of assets | '25 years | ' | ' | ' |
Maximum [Member] | Core Deposits [Member] | ' | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Core deposit intangibles amortization period | '7 years | ' | ' | ' |
Acquisitions_2013_Acquisition_
Acquisitions - 2013 Acquisition - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 |
Houston Texas [Member] | Houston [Member] | San Antonio Texas [Member] | Austin [Member] | Cedar Park and Lockhart [Member] | Omni Bank [Member] | First National Bank [Member] | First National Bank [Member] | First National Bank [Member] | |||
Office | Office | Office | Office | Office | Office | ||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase and assumption agreement, date | ' | ' | 9-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating branches acquired | ' | ' | ' | 3 | 1 | 2 | 1 | ' | ' | ' | ' |
Total Assets | $4,787,068,000 | $4,040,207,000 | ' | ' | ' | ' | ' | $285,000,000 | ' | ' | ' |
Loans | ' | ' | ' | ' | ' | ' | ' | 165,000,000 | ' | ' | ' |
Deposits | 3,717,027,000 | 3,101,055,000 | ' | ' | ' | ' | ' | 254,000,000 | ' | ' | ' |
Number of Bank Offices | ' | ' | ' | ' | ' | ' | ' | 7 | ' | 14 | ' |
Cash consideration for outstanding shares | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | ' | ' | ' |
Date of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jul-13 | ' | ' |
Total transaction value | ' | ' | ' | ' | ' | ' | ' | ' | 68,500,000 | ' | ' |
Purchase of real property from party | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' |
Number of common stock issued | ' | ' | ' | ' | ' | ' | ' | ' | 1,257,385 | ' | ' |
Value of common stock issued | ' | ' | ' | ' | ' | ' | ' | ' | 60,100,000 | ' | ' |
Cash consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | 8,400,000 | ' | ' |
Number of office closed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,800,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,300,000 |
Acquisitions_Summary_of_Assets
Acquisitions - Summary of Assets Acquired and Liabilities Assumed in Acquisition (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |||
First National Bank [Member] | Fair Value Adjustments First National Bank [Member] | As recorded by the Company [Member] | As recorded by the Company [Member] | Genala [Member] | Fair Value Adjustments Genala [Member] | |||||||
Business Combination, Separately Recognized Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash and due from banks | ' | ' | ' | $69,285 | $0 | $69,285 | $41,938 | [1] | $41,938 | $0 | ||
Investment securities | ' | ' | ' | 149,943 | -599 | [2] | 149,344 | 87,635 | [1] | 85,291 | 2,344 | [2] |
Loans and leases | ' | ' | ' | 432,250 | -44,183 | [3] | 388,067 | 39,616 | [1] | 43,401 | -3,785 | [3] |
Allowance for loan losses | ' | ' | ' | -13,931 | 13,931 | [3] | 0 | 0 | [1] | -1,247 | 1,247 | [3] |
Premises and equipment | ' | ' | ' | 14,318 | 5,064 | [4] | 19,382 | 1,016 | [1] | 426 | 590 | [4] |
Foreclosed assets | ' | ' | ' | 3,073 | -915 | [5] | 2,158 | 310 | [1] | 652 | -342 | [5] |
Accrued interest receivable | ' | ' | ' | 1,234 | -110 | [6] | 1,124 | 1,220 | [1] | 1,220 | 0 | |
BOLI | ' | ' | ' | 14,812 | 0 | 14,812 | ' | ' | ' | |||
Core deposit intangible asset | ' | ' | ' | 0 | 10,136 | [7] | 10,136 | 1,656 | [1] | 0 | 1,656 | [8] |
Deferred income taxes | ' | ' | ' | 12,179 | 12,325 | [9] | 24,504 | ' | ' | ' | ||
Other | ' | ' | ' | 4,277 | -251 | [6] | 4,026 | 456 | [1] | 482 | -26 | [10] |
Total assets acquired | ' | ' | ' | 687,440 | -4,602 | 682,838 | 173,847 | [1] | 172,163 | 1,684 | ||
Deposits | ' | ' | ' | 595,668 | 4,950 | [11] | 600,618 | 143,534 | [1] | 142,652 | 882 | [11] |
Repurchase agreements with customers | ' | ' | ' | 6,405 | 0 | 6,405 | ' | ' | ' | |||
Accrued interest payable and other liabilities | ' | ' | ' | 1,296 | 1,164 | [12] | 2,460 | 391 | [1] | 391 | 0 | |
Total liabilities assumed | ' | ' | ' | 603,369 | 6,114 | 609,483 | 143,925 | [1] | 143,043 | 882 | ||
Net assets acquired | ' | ' | ' | 84,071 | -10,716 | 73,355 | 29,922 | [1] | 29,120 | 802 | ||
Cash | ' | ' | ' | ' | ' | -12,215 | -13,396 | [1] | ' | ' | ||
Common stock | -59,794 | -14,123 | ' | ' | ' | -60,079 | -14,123 | [1] | ' | ' | ||
Total consideration paid | ' | ' | ' | ' | ' | -72,294 | -27,519 | [1] | ' | ' | ||
Gain in acquisition | $1,061 | $2,403 | $65,708 | ' | ' | $1,061 | $2,403 | [1] | ' | ' | ||
[1] | Represents the Day 1 Fair Values of assets acquired and liabilities assumed in the Genala acquisition. | |||||||||||
[2] | Adjustment reflects the fair value adjustment based on the Company's pricing of the acquired investment securities portfolio. | |||||||||||
[3] | Adjustment reflects the fair value adjustment based on the Company's evaluation of the acquired loan portfolio and to eliminate the recorded allowance for loan losses. | |||||||||||
[4] | Adjustment reflects the fair value adjustment based on the Company's evaluation of the premises and equipment acquired. | |||||||||||
[5] | Adjustment reflects the fair value adjustment based on the Company's evaluation of the acquired foreclosed assets. | |||||||||||
[6] | Adjustment reflects the fair value adjustment based on the Company's evaluation of accrued interest receivable and other assets. | |||||||||||
[7] | Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition. | |||||||||||
[8] | Adjustment reflects the fair value adjustment for core deposit intangibles recorded as a result of the acquisition | |||||||||||
[9] | This adjustment reflects the differences in the carrying values of acquired assets and assumed liabilities for financial reporting purposes and their basis for federal income tax purposes. Management has determined that acquired net operating loss carryforwards and other acquired assets with built-in losses are expected to be settled or otherwise recovered in future periods where the realization of such benefits would be subject to section 382 limitations. Accordingly, as of the date of acquisition, the Company had established a deferred tax valuation allowance of approximately $4.1 million to reflect its assessment that the realization of the benefits from the settlement or recovery of certain of these acquired assets and net operating losses are expected to be subject to section 382 limitations. To the extent that additional information becomes available, management may be required to adjust its estimates and assumptions regarding the realization of the benefits associated with these acquired assets by adjusting this deferred tax valuation allowance. | |||||||||||
[10] | Adjustment reflects the amount needed to adjust the carrying value of other assets to estimated fair value | |||||||||||
[11] | Adjustment reflects the fair value adjustment based on the Company's evaluation of the acquired deposits. | |||||||||||
[12] | Adjustment reflects the amount needed to adjust other liabilities to estimated fair value and to record certain liabilities directly attributable to the acquisition of First National Bank. |
Acquisitions_Summary_of_Assets1
Acquisitions - Summary of Assets Acquired and Liabilities Assumed in Acquisition (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Business Combinations [Abstract] | ' | ' | ' |
Deferred tax valuation allowance | $4,102 | $4,100 | $0 |
Acquisitions_Summary_of_Supple
Acquisitions - Summary of Supplemental Pro-forma Information (Detail) (First National Bank [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
First National Bank [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Net interest income - pro-forma (unaudited) | $211,815 | $206,905 |
Net income - pro-forma (unaudited) | $94,052 | $89,659 |
EPS - Diluted - pro-forma (unaudited) | $2.55 | $2.48 |
Acquisition_2012_Acquisition_A
Acquisition - 2012 Acquisition - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | ' | ' |
Number of common stock issued | 1,257,385 | 423,616 |
Genala [Member] | Alabama [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Number of Bank Offices | 1 | ' |
Acquisition-related Costs [Member] | Genala [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Date of acquisition | 31-Dec-12 | ' |
Total transaction value | 27,500,000 | ' |
Cash paid | 13,400,000 | ' |
Number of common stock issued | 423,616 | ' |
Value of common stock issued | 14,100,000 | ' |
Acquisitions_Summary_of_Date_o
Acquisitions - Summary of Date of Acquisition (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Unity [Member] | Cartersville, GA [Member] | ' |
Business Acquisition [Line Items] | ' |
Date of FDIC - Assisted Acquisition | 26-Mar-10 |
Woodlands [Member] | Bluffton South Carolina [Member] | ' |
Business Acquisition [Line Items] | ' |
Date of FDIC - Assisted Acquisition | 16-Jul-10 |
Horizon [Member] | Bradenton, FL [Member] | ' |
Business Acquisition [Line Items] | ' |
Date of FDIC - Assisted Acquisition | 10-Sep-10 |
Chestatee [Member] | Dawsonville, GA [Member] | ' |
Business Acquisition [Line Items] | ' |
Date of FDIC - Assisted Acquisition | 17-Dec-10 |
Oglethorpe [Member] | Brunswick, GA [Member] | ' |
Business Acquisition [Line Items] | ' |
Date of FDIC - Assisted Acquisition | 14-Jan-11 |
First Choice [Member] | Dallas, GA [Member] | ' |
Business Acquisition [Line Items] | ' |
Date of FDIC - Assisted Acquisition | 29-Apr-11 |
Park Avenue [Member] | Valdosta, GA [Member] | ' |
Business Acquisition [Line Items] | ' |
Date of FDIC - Assisted Acquisition | 29-Apr-11 |
Acquisitions_Loss_Share_Agreem
Acquisitions - Loss Share Agreements and Other FDIC Assisted Acquisition Matters - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ' | ' |
FDIC loss share agreement, single family residential mortgage loans and related foreclosed assets, period | '10 years | '10 years |
FDIC loss share agreement, commercial loans and related foreclosed assets period, years | '5 years | '5 years |
FDIC loss share agreement, reimbursement of recoveries of covered losses, additional period, years | '3 years | '3 years |
Unity [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC loss share threshold | 65 | ' |
FDIC loss share reimbursement percentage above threshold | 95.00% | ' |
FDIC loss share reimbursement percentage below threshold | 80.00% | ' |
FDIC clawback payable loss threshold | 65 | ' |
Unity [Member] | Minimum [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC loss share threshold | 65 | ' |
Woodlands [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC clawback payable loss threshold | 107 | ' |
Horizon [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC clawback payable loss threshold | 60 | ' |
Horizon [Member] | Single Family Residential Loan [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC loss share threshold | 11.8 | ' |
FDIC loss share reimbursement percentage above threshold | 30.00% | ' |
FDIC loss share reimbursement percentage below threshold | 80.00% | ' |
Horizon [Member] | Single Family Residential Loan [Member] | FDIC Loss Share Second Threshold [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC loss share threshold | 17.9 | ' |
FDIC loss share reimbursement percentage above threshold | 80.00% | ' |
Horizon [Member] | Non Single Family Residential Loans [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC loss share threshold | 32.3 | ' |
FDIC loss share reimbursement percentage above threshold | 0.00% | ' |
FDIC loss share reimbursement percentage below threshold | 80.00% | ' |
Horizon [Member] | Non Single Family Residential Loans [Member] | FDIC Loss Share Second Threshold [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC loss share threshold | 42.8 | ' |
FDIC loss share reimbursement percentage above threshold | 80.00% | ' |
Chestatee [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC clawback payable loss threshold | 66 | ' |
Oglethorpe [Member] | Minimum [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC clawback payable loss threshold | 66 | ' |
First Choice [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC clawback payable loss threshold | 87 | ' |
Park Avenue [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC loss share threshold | 218.2 | ' |
FDIC loss share reimbursement percentage above threshold | 0.00% | ' |
FDIC loss share reimbursement percentage below threshold | 80.00% | ' |
FDIC clawback payable loss threshold | 269 | ' |
Park Avenue [Member] | FDIC Loss Share Second Threshold [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC loss share threshold | 267.5 | ' |
FDIC loss share reimbursement percentage above threshold | 80.00% | ' |
Woodlands, Chestatee, Oglethorpe, First Choice [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
FDIC loss share reimbursement percentage above threshold | 80.00% | ' |
Covered_Loans_FDIC_Loss_Share_2
Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable - Summary of Covered Assets, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 14, 2011 |
In Thousands, unless otherwise specified | ||||
Receivables [Abstract] | ' | ' | ' | ' |
Covered loans | $351,791 | $596,239 | $806,922 | ' |
FDIC loss share receivable | 71,854 | 152,198 | ' | ' |
Covered foreclosed assets | 37,960 | 52,951 | 72,907 | 93,899 |
Total | 461,605 | 801,388 | ' | ' |
FDIC clawback payable | $25,897 | $25,169 | $24,645 | ' |
Covered_Loans_FDIC_Loss_Share_3
Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable - Summary of Carrying Value and Type of Covered Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total covered loans | $351,791 | $596,239 | $806,922 |
Real estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total covered loans | 342,819 | 575,930 | ' |
Real estate [Member] | Residential 1-4 family [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total covered loans | 111,053 | 152,348 | ' |
Real estate [Member] | Non-farm/non-residential [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total covered loans | 163,707 | 288,104 | ' |
Real estate [Member] | Construction/land development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total covered loans | 47,743 | 105,087 | ' |
Real estate [Member] | Agricultural [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total covered loans | 11,150 | 19,690 | ' |
Real estate [Member] | Multifamily residential [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total covered loans | 9,166 | 10,701 | ' |
Commercial and industrial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total covered loans | 8,719 | 18,496 | ' |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total covered loans | 111 | 176 | ' |
Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total covered loans | $142 | $1,637 | ' |
Covered_Loans_FDIC_Loss_Share_4
Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable - Summary by FDIC-Assisted Acquisition, of Covered Loans Acquired and Activity Within Covered Loans (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Apr. 29, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 26, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 10, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 17, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 29, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 29, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Unity [Member] | Unity [Member] | Unity [Member] | Woodlands [Member] | Woodlands [Member] | Woodlands [Member] | Horizon [Member] | Horizon [Member] | Horizon [Member] | Chestatee [Member] | Chestatee [Member] | Chestatee [Member] | Oglethorpe [Member] | Oglethorpe [Member] | Oglethorpe [Member] | First Choice [Member] | First Choice [Member] | First Choice [Member] | Park Avenue [Member] | Park Avenue [Member] | Park Avenue [Member] | |||||
Covered Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractually required principal and interest | $1,771,423 | ' | ' | ' | $208,410 | ' | ' | $315,103 | ' | ' | $179,441 | ' | ' | $181,523 | ' | ' | $174,110 | ' | ' | $260,178 | ' | ' | $452,658 | ' | ' |
Nonaccretable difference | -515,460 | ' | ' | ' | -52,526 | ' | ' | -83,933 | ' | ' | -52,388 | ' | ' | -47,538 | ' | ' | -67,300 | ' | ' | -86,876 | ' | ' | -124,899 | ' | ' |
Cash flows expected to be collected | 1,255,963 | ' | ' | ' | 155,884 | ' | ' | 231,170 | ' | ' | 127,053 | ' | ' | 133,985 | ' | ' | 106,810 | ' | ' | 173,302 | ' | ' | 327,759 | ' | ' |
Accretable difference | -237,601 | ' | ' | ' | -21,432 | ' | ' | -44,692 | ' | ' | -35,245 | ' | ' | -22,604 | ' | ' | -25,376 | ' | ' | -24,790 | ' | ' | -63,462 | ' | ' |
Fair value at acquisition date | 1,018,362 | ' | ' | ' | 134,452 | ' | ' | 186,478 | ' | ' | 91,808 | ' | ' | 111,381 | ' | ' | 81,434 | ' | ' | 148,512 | ' | ' | 264,297 | ' | ' |
Covered loan Carrying value beginning Balance | ' | 596,239 | 806,922 | ' | ' | 72,849 | 96,360 | ' | 99,734 | 131,775 | ' | 63,193 | 79,798 | ' | 56,668 | 74,701 | ' | 48,093 | 64,391 | ' | 91,081 | 131,923 | ' | 164,621 | 227,974 |
Accretion | ' | 45,122 | 61,820 | ' | ' | 5,994 | 6,360 | ' | 7,383 | 10,031 | ' | 4,591 | 5,768 | ' | 4,108 | 5,708 | ' | 4,015 | 5,665 | ' | 7,141 | 9,915 | ' | 11,890 | 18,373 |
Transfers to covered foreclosed assets | ' | -34,756 | -33,020 | -29,014 | ' | -3,065 | -4,077 | ' | -4,621 | -4,543 | ' | -4,528 | -3,731 | ' | -1,219 | -3,299 | ' | -5,783 | -4,065 | ' | -2,819 | -4,742 | ' | -12,721 | -8,563 |
Payments received | ' | -229,949 | -211,787 | ' | ' | -22,844 | -21,144 | ' | -36,171 | -28,777 | ' | -18,835 | -14,888 | ' | -30,774 | -18,205 | ' | -17,337 | -15,425 | ' | -29,990 | -41,756 | ' | -73,998 | -71,592 |
Charge-offs | ' | -23,169 | -26,092 | ' | ' | -3,732 | -4,422 | ' | -4,207 | -8,332 | ' | -2,717 | -3,714 | ' | -2,510 | -2,089 | ' | -1,303 | -2,117 | ' | -3,150 | -4,008 | ' | -5,550 | -1,410 |
Other activity, net | ' | -1,696 | -1,604 | ' | ' | -234 | -228 | ' | -79 | -420 | ' | -238 | -40 | ' | -197 | -148 | ' | -93 | -356 | ' | -297 | -251 | ' | -558 | -161 |
Covered loans, Carrying value, ending balance | ' | $351,791 | $596,239 | $806,922 | ' | $48,968 | $72,849 | ' | $62,039 | $99,734 | ' | $41,466 | $63,193 | ' | $26,076 | $56,668 | ' | $27,592 | $48,093 | ' | $61,966 | $91,081 | ' | $83,684 | $164,621 |
Covered_Loans_FDIC_Loss_Share_5
Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable - Summary by FDIC-Assisted Acquisition, of Changes in Accretable Difference on Covered Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Covered Assets [Line Items] | ' | ' |
Accretable difference, beginning balance | $97,495 | $151,649 |
Accretion | -45,122 | -61,820 |
Transfers to covered foreclosed assets | -3,261 | -3,995 |
Covered loans paid off | -15,770 | -10,495 |
Cash flow revisions as a result of renewals and/or modifications | 42,895 | 21,331 |
Other, net | 1,235 | 825 |
Accretable difference, Ending Balance | 77,472 | 97,495 |
Unity [Member] | ' | ' |
Covered Assets [Line Items] | ' | ' |
Accretable difference, beginning balance | 8,574 | 10,614 |
Accretion | -5,994 | -6,360 |
Transfers to covered foreclosed assets | -620 | -159 |
Covered loans paid off | -738 | -719 |
Cash flow revisions as a result of renewals and/or modifications | 6,725 | 5,196 |
Other, net | 90 | 2 |
Accretable difference, Ending Balance | 8,037 | 8,574 |
Woodlands [Member] | ' | ' |
Covered Assets [Line Items] | ' | ' |
Accretable difference, beginning balance | 17,452 | 24,555 |
Accretion | -7,383 | -10,031 |
Transfers to covered foreclosed assets | -276 | -364 |
Covered loans paid off | -688 | -1,220 |
Cash flow revisions as a result of renewals and/or modifications | 6,913 | 4,396 |
Other, net | 198 | 116 |
Accretable difference, Ending Balance | 16,216 | 17,452 |
Horizon [Member] | ' | ' |
Covered Assets [Line Items] | ' | ' |
Accretable difference, beginning balance | 16,524 | 24,432 |
Accretion | -4,591 | -5,768 |
Transfers to covered foreclosed assets | -97 | -190 |
Covered loans paid off | -2,486 | -1,418 |
Cash flow revisions as a result of renewals and/or modifications | 4,992 | -618 |
Other, net | 86 | 86 |
Accretable difference, Ending Balance | 14,428 | 16,524 |
Chestatee [Member] | ' | ' |
Covered Assets [Line Items] | ' | ' |
Accretable difference, beginning balance | 5,712 | 10,663 |
Accretion | -4,108 | -5,708 |
Transfers to covered foreclosed assets | -101 | -448 |
Covered loans paid off | -2,206 | -811 |
Cash flow revisions as a result of renewals and/or modifications | 4,669 | 1,835 |
Other, net | 229 | 181 |
Accretable difference, Ending Balance | 4,195 | 5,712 |
Oglethorpe [Member] | ' | ' |
Covered Assets [Line Items] | ' | ' |
Accretable difference, beginning balance | 11,372 | 17,338 |
Accretion | -4,015 | -5,665 |
Transfers to covered foreclosed assets | -394 | -700 |
Covered loans paid off | -721 | -1,291 |
Cash flow revisions as a result of renewals and/or modifications | 4,972 | 1,567 |
Other, net | 97 | 123 |
Accretable difference, Ending Balance | 11,311 | 11,372 |
First Choice [Member] | ' | ' |
Covered Assets [Line Items] | ' | ' |
Accretable difference, beginning balance | 9,919 | 16,900 |
Accretion | -7,141 | -9,915 |
Transfers to covered foreclosed assets | -41 | -455 |
Covered loans paid off | -1,671 | -1,529 |
Cash flow revisions as a result of renewals and/or modifications | 8,535 | 4,791 |
Other, net | 20 | 127 |
Accretable difference, Ending Balance | 9,621 | 9,919 |
Park Avenue [Member] | ' | ' |
Covered Assets [Line Items] | ' | ' |
Accretable difference, beginning balance | 27,942 | 47,147 |
Accretion | -11,890 | -18,373 |
Transfers to covered foreclosed assets | -1,732 | -1,679 |
Covered loans paid off | -7,260 | -3,507 |
Cash flow revisions as a result of renewals and/or modifications | 6,089 | 4,164 |
Other, net | 515 | 190 |
Accretable difference, Ending Balance | $13,664 | $27,942 |
Covered_Loans_FDIC_Loss_Share_6
Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable - Summary by Acquisition, of FDIC Loss Share Receivable as of Date of Acquisition and Activity Within FDIC Loss Share Receivable (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jan. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 26, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 26, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 26, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 26, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 16, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 10, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 17, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Unity [Member] | Unity [Member] | Unity [Member] | Unity [Member] | Woodlands [Member] | Woodlands [Member] | Woodlands [Member] | Woodlands [Member] | Horizon [Member] | Horizon [Member] | Horizon [Member] | Horizon [Member] | Chestatee [Member] | Chestatee [Member] | Chestatee [Member] | Chestatee [Member] | Oglethorpe [Member] | Oglethorpe [Member] | Oglethorpe [Member] | Oglethorpe [Member] | First Choice [Member] | First Choice [Member] | First Choice [Member] | First Choice [Member] | Park Avenue [Member] | Park Avenue [Member] | Park Avenue [Member] | Park Avenue [Member] | |||||||||||||
FDIC Loss Share Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Covered loans | $469,954 | ' | ' | ' | $50,354 | ' | ' | ' | $73,220 | ' | ' | ' | $40,537 | ' | ' | ' | $46,869 | ' | ' | ' | $62,890 | ' | ' | ' | $82,212 | ' | ' | ' | $113,872 | ' | ' | ' | ||||||||
Covered foreclosed assets | 93,899 | 37,960 | 52,951 | 72,907 | 9,979 | 3,980 | 8,187 | 10,272 | 5,897 | 6,891 | 8,050 | 14,435 | 3,678 | 3,802 | 2,538 | 3,677 | 15,960 | 2,004 | 4,211 | 9,677 | 7,907 | 4,130 | 6,797 | 7,132 | 628 | 2,629 | 3,584 | 2,224 | 49,850 | 14,254 | 19,584 | 25,490 | ||||||||
Total expected principal losses | 563,853 | ' | ' | ' | 60,333 | ' | ' | ' | 79,117 | ' | ' | ' | 44,215 | ' | ' | ' | 62,829 | ' | ' | ' | 70,797 | ' | ' | ' | 82,840 | ' | ' | ' | 163,722 | ' | ' | ' | ||||||||
Estimated loss sharing percentage | 80.00% | [1] | ' | ' | ' | 80.00% | [1] | ' | ' | ' | 80.00% | [1] | ' | ' | ' | 80.00% | [1] | ' | ' | ' | 80.00% | [1] | ' | ' | ' | 80.00% | [1] | ' | ' | ' | 80.00% | [1] | ' | ' | ' | 80.00% | [1] | ' | ' | ' |
Estimated recovery from FDIC loss share agreements | 451,083 | ' | ' | ' | 48,266 | ' | ' | ' | 63,294 | ' | ' | ' | 35,372 | ' | ' | ' | 50,263 | ' | ' | ' | 56,638 | ' | ' | ' | 66,272 | ' | ' | ' | 130,978 | ' | ' | ' | ||||||||
Discount for net present value on FDIC loss share receivable | -48,561 | ' | ' | ' | -4,119 | ' | ' | ' | -7,428 | ' | ' | ' | -6,283 | ' | ' | ' | -4,204 | ' | ' | ' | -5,535 | ' | ' | ' | -6,268 | ' | ' | ' | -14,724 | ' | ' | ' | ||||||||
Net present value of FDIC loss share receivable at acquisition date | 402,522 | ' | ' | ' | 44,147 | ' | ' | ' | 55,866 | ' | ' | ' | 29,089 | ' | ' | ' | 46,059 | ' | ' | ' | 51,103 | ' | ' | ' | 60,004 | ' | ' | ' | 116,254 | ' | ' | ' | ||||||||
FDIC loss share receivable, Carrying value beginning balance | ' | 152,198 | 279,045 | ' | ' | 19,818 | 27,575 | ' | ' | 22,373 | 29,177 | ' | ' | 16,859 | 21,757 | ' | ' | 11,162 | 29,382 | ' | ' | 23,996 | 37,720 | ' | ' | 17,918 | 48,442 | ' | ' | 40,072 | 84,992 | ' | ||||||||
Accretion income (amortization expense) | ' | 8,420 | 8,574 | ' | ' | -210 | 793 | ' | ' | 339 | 1,108 | ' | ' | 163 | 680 | ' | ' | 379 | 725 | ' | ' | 993 | 1,310 | ' | ' | 2,307 | 1,485 | ' | ' | 4,449 | 2,473 | ' | ||||||||
Cash received from FDIC | ' | -80,269 | -143,997 | ' | ' | -7,459 | -12,945 | ' | ' | -9,648 | -14,433 | ' | ' | -9,839 | -8,948 | ' | ' | -4,259 | -22,301 | ' | ' | -9,029 | -13,062 | ' | ' | -11,145 | -29,870 | ' | ' | -28,890 | -42,438 | ' | ||||||||
Reductions of FDIC loss share receivable for payments on covered loans in excess of carrying value | ' | -37,296 | -33,011 | ' | ' | -2,786 | -2,394 | ' | ' | -4,094 | -3,377 | ' | ' | -4,723 | -1,335 | ' | ' | -6,123 | -2,122 | ' | ' | -6,369 | -4,918 | ' | ' | -3,605 | -6,208 | ' | ' | -9,596 | -12,657 | ' | ||||||||
Charge-offs of covered loans | ' | 17,855 | 19,279 | ' | ' | 2,125 | 3,170 | ' | ' | 3,324 | 6,417 | ' | ' | 2,506 | 2,297 | ' | ' | 2,104 | 1,589 | ' | ' | 961 | 1,627 | ' | ' | 2,635 | 3,151 | ' | ' | 4,200 | 1,028 | ' | ||||||||
Write downs of covered foreclosed assets | ' | 4,934 | 8,845 | ' | ' | 1,161 | 1,591 | ' | ' | 563 | 1,193 | ' | ' | 137 | 450 | ' | ' | 303 | 1,858 | ' | ' | 16 | 294 | ' | ' | 394 | 278 | ' | ' | 2,360 | 3,181 | ' | ||||||||
Expenses on covered assets reimbursable by FDIC | ' | 9,969 | 11,378 | ' | ' | 1,140 | 1,537 | ' | ' | 1,588 | 1,726 | ' | ' | 1,049 | 1,360 | ' | ' | 373 | 1,276 | ' | ' | 1,215 | 1,318 | ' | ' | 1,177 | 1,097 | ' | ' | 3,427 | 3,064 | ' | ||||||||
Other activity, net | ' | -3,957 | 2,085 | ' | ' | 103 | 491 | ' | ' | -114 | 562 | ' | ' | -421 | 598 | ' | ' | -251 | 755 | ' | ' | -1,664 | -293 | ' | ' | -345 | -457 | ' | ' | -1,265 | 429 | ' | ||||||||
FDIC loss share receivable, Carrying value ending balance | ' | $71,854 | $152,198 | ' | ' | $13,892 | $19,818 | ' | ' | $14,331 | $22,373 | ' | ' | $5,731 | $16,859 | ' | ' | $3,688 | $11,162 | ' | ' | $10,119 | $23,996 | ' | ' | $9,336 | $17,918 | ' | ' | $14,757 | $40,072 | ' | ||||||||
[1] | Certain of the Company's loss share agreements contain tranches whereby the FDIC's loss sharing percentage is more than or less than 80%. However, management's current expectation of most of the principal losses on covered assets under each of the loss share agreements falls in the tranches whereby the FDIC would reimburse the Company for approximately 80% of such losses. |
Covered_Loans_FDIC_Loss_Share_7
Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable - Summary by Acquisition, of FDIC Loss Share Receivable as of Date of Acquisition and Activity Within FDIC Loss Share Receivable (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Receivables [Abstract] | ' |
FDIC loss sharing percentage, point of measure | 80.00% |
FDIC loss percentage, expect to reimbursement | 80.00% |
Covered_Loans_FDIC_Loss_Share_8
Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable - Summary by FDIC-Assisted Acquisition, of Foreclosed Assets Covered by FDIC Loss Share Agreements (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Apr. 29, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 14, 2011 | Mar. 26, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 26, 2010 | Sep. 10, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 26, 2010 | Dec. 17, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 26, 2010 | Jan. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2010 | Apr. 29, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 10, 2010 | Apr. 29, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 17, 2010 |
Unity [Member] | Unity [Member] | Unity [Member] | Woodlands [Member] | Woodlands [Member] | Woodlands [Member] | Woodlands [Member] | Horizon [Member] | Horizon [Member] | Horizon [Member] | Horizon [Member] | Chestatee [Member] | Chestatee [Member] | Chestatee [Member] | Chestatee [Member] | Oglethorpe [Member] | Oglethorpe [Member] | Oglethorpe [Member] | Oglethorpe [Member] | First Choice [Member] | First Choice [Member] | First Choice [Member] | First Choice [Member] | Park Avenue [Member] | Park Avenue [Member] | Park Avenue [Member] | Park Avenue [Member] | ||||||
Foreclosed Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance on acquired bank's books | $183,369 | ' | ' | ' | ' | $20,304 | ' | ' | $12,258 | ' | ' | ' | $8,391 | ' | ' | ' | $31,647 | ' | ' | ' | $16,554 | ' | ' | ' | $2,773 | ' | ' | ' | $91,442 | ' | ' | ' |
Total expected losses | -93,899 | ' | ' | ' | ' | -9,979 | ' | ' | -5,897 | ' | ' | ' | -3,678 | ' | ' | ' | -15,960 | ' | ' | ' | -7,907 | ' | ' | ' | -628 | ' | ' | ' | -49,850 | ' | ' | ' |
Discount for net present value of expected cash flows | -18,557 | ' | ' | ' | ' | -1,466 | ' | ' | -1,332 | ' | ' | ' | -1,030 | ' | ' | ' | -2,281 | ' | ' | ' | -1,562 | ' | ' | ' | -474 | ' | ' | ' | -10,412 | ' | ' | ' |
Fair value at acquisition date | 70,913 | ' | ' | ' | ' | 8,859 | ' | ' | 5,029 | ' | ' | ' | 3,683 | ' | ' | ' | 13,406 | ' | ' | ' | 7,085 | ' | ' | ' | 1,671 | ' | ' | ' | 31,180 | ' | ' | ' |
Covered foreclosed assets, Carrying value, Beginning Balance | ' | 52,951 | 72,907 | ' | 93,899 | ' | 8,187 | 10,272 | ' | 8,050 | 14,435 | 5,897 | ' | 2,538 | 3,677 | 3,678 | ' | 4,211 | 9,677 | 15,960 | ' | 6,797 | 7,132 | 7,907 | ' | 3,584 | 2,224 | 628 | ' | 19,584 | 25,490 | 49,850 |
Transfers from covered loans | ' | 34,756 | 33,020 | 29,014 | ' | ' | 3,065 | 4,077 | ' | 4,621 | 4,543 | ' | ' | 4,528 | 3,731 | ' | ' | 1,219 | 3,299 | ' | ' | 5,783 | 4,065 | ' | ' | 2,819 | 4,742 | ' | ' | 12,721 | 8,563 | ' |
Sales of covered foreclosed assets | ' | -45,954 | -43,987 | ' | ' | ' | -5,823 | -4,467 | ' | -5,251 | -9,304 | ' | ' | -3,129 | -4,285 | ' | ' | -3,102 | -7,111 | ' | ' | -8,399 | -4,063 | ' | ' | -3,350 | -3,038 | ' | ' | -16,900 | -11,719 | ' |
Writedowns of covered foreclosed assets | ' | -3,793 | -8,989 | ' | ' | ' | -1,449 | -1,695 | ' | -529 | -1,624 | ' | ' | -135 | -585 | ' | ' | -324 | -1,654 | ' | ' | -51 | -337 | ' | ' | -424 | -344 | ' | ' | -881 | -2,750 | ' |
Covered foreclosed assets, Carrying value, Ending Balance | ' | $37,960 | $52,951 | $72,907 | $93,899 | $9,979 | $3,980 | $8,187 | ' | $6,891 | $8,050 | $5,897 | ' | $3,802 | $2,538 | $3,678 | ' | $2,004 | $4,211 | $15,960 | ' | $4,130 | $6,797 | $7,907 | ' | $2,629 | $3,584 | $628 | ' | $14,254 | $19,584 | $49,850 |
Covered_Loans_FDIC_Loss_Share_9
Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable - Summary of Carrying Value and Type of Foreclosed Assets Covered by FDIC Loss Share Agreements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 14, 2011 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Total covered foreclosed assets | $37,960 | $52,951 | $72,907 | $93,899 |
Repossessions [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Total covered foreclosed assets | 0 | 0 | ' | ' |
Real estate [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Total covered foreclosed assets | 37,960 | 52,951 | ' | ' |
Real estate [Member] | Residential 1-4 family [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Total covered foreclosed assets | 5,004 | 12,279 | ' | ' |
Real estate [Member] | Non-farm/non-residential [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Total covered foreclosed assets | 14,301 | 9,570 | ' | ' |
Real estate [Member] | Construction/land development [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Total covered foreclosed assets | 17,202 | 30,602 | ' | ' |
Real estate [Member] | Agricultural [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Total covered foreclosed assets | 1,054 | 449 | ' | ' |
Real estate [Member] | Multifamily residential [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Total covered foreclosed assets | $399 | $51 | ' | ' |
Recovered_Sheet1
Covered Loans, FDIC Loss Share Receivable, Covered Foreclosed Assets and FDIC Clawback Payable - Summary by FDIC-Assisted Acquisition, of FDIC Clawback Payable (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Apr. 29, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 26, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 16, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 10, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 17, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 29, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 29, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Unity [Member] | Unity [Member] | Unity [Member] | Woodlands [Member] | Woodlands [Member] | Woodlands [Member] | Horizon [Member] | Horizon [Member] | Horizon [Member] | Chestatee [Member] | Chestatee [Member] | Chestatee [Member] | Oglethorpe [Member] | Oglethorpe [Member] | Oglethorpe [Member] | First Choice [Member] | First Choice [Member] | First Choice [Member] | Park Avenue [Member] | Park Avenue [Member] | Park Avenue [Member] | ||||
FDIC Clawback Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated FDIC clawback payable | $38,646 | ' | ' | $2,612 | ' | ' | $4,846 | ' | ' | $2,380 | ' | ' | $1,291 | ' | ' | $1,721 | ' | ' | $1,452 | ' | ' | $24,344 | ' | ' |
Discount for net present value on FDIC clawback payable | -14,992 | ' | ' | -1,046 | ' | ' | -1,905 | ' | ' | -919 | ' | ' | -499 | ' | ' | -664 | ' | ' | -560 | ' | ' | -9,399 | ' | ' |
Net present value of FDIC clawback payable at acquisition date | 23,654 | ' | ' | 1,566 | ' | ' | 2,941 | ' | ' | 1,461 | ' | ' | 792 | ' | ' | 1,057 | ' | ' | 892 | ' | ' | 14,945 | ' | ' |
FDIC clawback payable, Carrying value, beginning balance | ' | 25,169 | 24,645 | ' | 1,644 | 1,709 | ' | 2,986 | 3,153 | ' | 1,468 | 1,552 | ' | 794 | 759 | ' | 1,083 | 1,099 | ' | 968 | 923 | ' | 16,226 | 15,450 |
Amortization expense | ' | 1,249 | 1,199 | ' | 79 | 79 | ' | 132 | 138 | ' | 72 | 73 | ' | 36 | 35 | ' | 58 | 53 | ' | 45 | 45 | ' | 827 | 776 |
Changes in FDIC clawback payable related to changes in expected losses on covered assets | ' | -521 | -675 | ' | -93 | -144 | ' | -82 | -305 | ' | -120 | -157 | ' | -79 | 0 | ' | -50 | -69 | ' | 0 | 0 | ' | -97 | 0 |
FDIC clawback payable, Carrying value, ending balance | ' | $25,897 | $25,169 | ' | $1,630 | $1,644 | ' | $3,036 | $2,986 | ' | $1,420 | $1,468 | ' | $751 | $794 | ' | $1,091 | $1,083 | ' | $1,013 | $968 | ' | $16,956 | $16,226 |
Investment_Securities_Summary_
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Investment Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $675,426 | $476,524 |
Gross Unrealized Gains | 8,582 | 18,052 |
Gross Unrealized Losses | -14,624 | -310 |
Estimated Fair Value | 669,384 | 494,266 |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 438,390 | 345,224 |
Gross Unrealized Gains | 6,230 | 16,586 |
Gross Unrealized Losses | -8,631 | -293 |
Estimated Fair Value | 435,989 | 361,517 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 222,510 | 116,835 |
Gross Unrealized Gains | 2,352 | 1,466 |
Gross Unrealized Losses | -5,993 | -17 |
Estimated Fair Value | 218,869 | 118,284 |
Corporate Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 716 | 776 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 716 | 776 |
Other Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 13,810 | 13,689 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $13,810 | $13,689 |
Investment_Securities_Gross_Un
Investment Securities - Gross Unrealized Losses and Estimated Fair Value of Investment Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total temporarily impaired investment securities, Estimated Fair Value, Less than 12 Months | $259,842 | $28,405 |
Total temporarily impaired investment securities, Unrealized Losses, Less than 12 Months | 13,230 | 205 |
Total temporarily impaired investment securities, Estimated Fair Value, 12 Months or More | 10,823 | 7,324 |
Total temporarily impaired investment securities, Unrealized Losses, 12 Months or More | 1,394 | 105 |
Total temporarily impaired securities, Estimated Fair Value, Total | 270,665 | 35,729 |
Total temporarily impaired securities, Unrealized Losses, Total | 14,624 | 310 |
Obligations of State and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total temporarily impaired investment securities, Estimated Fair Value, Less than 12 Months | 132,568 | 14,085 |
Total temporarily impaired investment securities, Unrealized Losses, Less than 12 Months | 7,237 | 188 |
Total temporarily impaired investment securities, Estimated Fair Value, 12 Months or More | 10,823 | 7,324 |
Total temporarily impaired investment securities, Unrealized Losses, 12 Months or More | 1,394 | 105 |
Total temporarily impaired securities, Estimated Fair Value, Total | 143,391 | 21,409 |
Total temporarily impaired securities, Unrealized Losses, Total | 8,631 | 293 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Total temporarily impaired investment securities, Estimated Fair Value, Less than 12 Months | 127,274 | 14,320 |
Total temporarily impaired investment securities, Unrealized Losses, Less than 12 Months | 5,993 | 17 |
Total temporarily impaired investment securities, Estimated Fair Value, 12 Months or More | 0 | 0 |
Total temporarily impaired investment securities, Unrealized Losses, 12 Months or More | 0 | 0 |
Total temporarily impaired securities, Estimated Fair Value, Total | 127,274 | 14,320 |
Total temporarily impaired securities, Unrealized Losses, Total | $5,993 | $17 |
Investment_Securities_Maturity
Investment Securities - Maturity Distribution of Investment Securities AFS Reported at Amortized Cost and Estimated Fair Value (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Investments Debt And Equity Securities [Abstract] | ' |
Amortized Cost, One year or less | $28,844 |
Amortized Cost, After one year to five years | 88,370 |
Amortized Cost, After five years to ten years | 143,046 |
Amortized Cost, After ten years | 415,166 |
Total, Amortized Cost | 675,426 |
Estimated Fair Value, One year or less | 29,004 |
Estimated Fair Value, After one year to five years | 88,801 |
Estimated Fair Value, After five years to ten years | 141,529 |
Estimated Fair Value, After ten years | 410,050 |
Total, Estimated Fair Value | $669,384 |
Investment_Securities_Sales_Ac
Investment Securities - Sales Activities of Company's Investment Securities AFS are Summarized (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' |
Sales proceeds | $999 | $43,177 | $94,676 |
Gross realized gains | 161 | 3,075 | 1,044 |
Gross realized losses | 0 | -15 | -111 |
Other-than-temporary impairment charges | 0 | -2,603 | 0 |
Net gains on investment securities | $161 | $457 | $933 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Amortized Cost And Fair Value Debt Securities [Abstract] | ' | ' |
Investment securities with carrying value | $510.70 | $317.10 |
Holdings of investment securities of any one issuer greater than ten percent of total common stockholder's equity | 0.00% | 0.00% |
Loans_and_Leases_Summary_of_Lo
Loans and Leases - Summary of Loan and Lease Portfolio, Excluding Loans Covered By FDIC Loss Share Agreements (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total Loans and Leases | $2,632,565 | $2,115,834 | ||
Total loans and leases percentage | 100.00% | 100.00% | ||
Real estate [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total Loans and Leases | 2,329,760 | 1,850,596 | ||
Total loans and leases percentage | 88.50% | 87.50% | ||
Real estate [Member] | Residential 1-4 family [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total Loans and Leases | 249,556 | [1] | 272,052 | [1] |
Total loans and leases percentage | 9.50% | 12.90% | ||
Real estate [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total Loans and Leases | 1,104,114 | 807,906 | ||
Total loans and leases percentage | 41.90% | 38.10% | ||
Real estate [Member] | Construction/land development [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total Loans and Leases | 722,557 | 578,776 | ||
Total loans and leases percentage | 27.40% | 27.40% | ||
Real estate [Member] | Agricultural [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total Loans and Leases | 45,196 | 50,619 | ||
Total loans and leases percentage | 1.80% | 2.40% | ||
Real estate [Member] | Multifamily residential [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total Loans and Leases | 208,337 | 141,243 | ||
Total loans and leases percentage | 7.90% | 6.70% | ||
Commercial and industrial [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total Loans and Leases | 124,068 | 159,804 | ||
Total loans and leases percentage | 4.70% | 7.60% | ||
Consumer [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total Loans and Leases | 26,182 | 29,781 | ||
Total loans and leases percentage | 1.00% | 1.40% | ||
Direct Financing Leases [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total Loans and Leases | 86,321 | 68,022 | ||
Total loans and leases percentage | 3.30% | 3.20% | ||
Other [Member] | ' | ' | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ||
Total Loans and Leases | $66,234 | [1] | $7,631 | [1] |
Total loans and leases percentage | 2.50% | 0.30% | ||
[1] | The Company does not risk rate its residential 1-4 family loans, its consumer loans, and certain "other" loans. However, for purposes of the above table, the Company considers such loans to be (i) satisfactory - if they are performing and less than 30 days past due, (ii) watch - if they are performing and 30 to 89 days past due or (iii) substandard - if they are nonperforming or 90 days or more past due. |
Loans_and_Leases_Additional_In
Loans and Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Deferred fees, net of deferred costs | $3 | $1.70 | ' |
Direct financing leases, net of unearned income | 10.1 | 8.4 | ' |
Loan and lease receivable, accrual of interest discontinued | 8.7 | 9.1 | ' |
Interest income for nonaccrual loan and leases | 0.2 | 0.2 | 0.4 |
Nonaccrual loan and leases, interest income that would have been recognized under the original terms | $0.60 | $0.70 | $1.20 |
Loans_and_Leases_Purchased_Non
Loans and Leases - Purchased Non-covered Loan Portfolio (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Purchase Non-Covered Loans | $372,723 | $41,534 |
Total loans and leases, Percentage | 100.00% | 100.00% |
Real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Purchase Non-Covered Loans | 336,394 | 29,035 |
Total loans and leases, Percentage | 90.30% | 70.00% |
Real estate [Member] | Residential 1-4 family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Purchase Non-Covered Loans | 131,085 | 19,222 |
Total loans and leases, Percentage | 35.20% | 46.30% |
Real estate [Member] | Non-farm/non-residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Purchase Non-Covered Loans | 152,948 | 4,842 |
Total loans and leases, Percentage | 41.00% | 11.70% |
Real estate [Member] | Construction/land development [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Purchase Non-Covered Loans | 25,633 | 1,950 |
Total loans and leases, Percentage | 6.90% | 4.70% |
Real estate [Member] | Agricultural [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Purchase Non-Covered Loans | 9,518 | 3,021 |
Total loans and leases, Percentage | 2.60% | 7.30% |
Real estate [Member] | Multifamily residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Purchase Non-Covered Loans | 17,210 | 0 |
Total loans and leases, Percentage | 4.60% | 0.00% |
Commercial and industrial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Purchase Non-Covered Loans | 24,934 | 5,333 |
Total loans and leases, Percentage | 6.70% | 12.80% |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Purchase Non-Covered Loans | 6,855 | 4,168 |
Total loans and leases, Percentage | 1.80% | 10.00% |
Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Purchase Non-Covered Loans | $4,540 | $2,998 |
Total loans and leases, Percentage | 1.20% | 7.20% |
Allowance_for_Loan_and_Lease_L2
Allowance for Loan and Lease Losses ("ALLL") - Schedule of Activity Within Allowance for Loan and Lease Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' |
Balance - beginning of year | $38,738 | $39,169 | $40,230 |
Non-covered loans and leases charged off | -4,327 | -6,636 | -12,988 |
Recoveries of non-covered loans and leases previously charged off | 1,134 | 655 | 427 |
Net charge-offs | -7,868 | -12,176 | -12,836 |
Total provision | 12,075 | 11,745 | 11,775 |
Balance - end of year | 42,945 | 38,738 | 39,169 |
Non-Covered Loans [Member] | ' | ' | ' |
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' |
Net charge-offs | -3,193 | -5,981 | -12,561 |
Total provision | 7,400 | 5,550 | 11,500 |
Covered Loans [Member] | ' | ' | ' |
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' |
Net charge-offs | -4,675 | -6,195 | -275 |
Total provision | $4,675 | $6,195 | $275 |
Allowance_for_Loan_and_Lean_Lo
Allowance for Loan and Lean Losses ("ALLL") - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Receivables [Abstract] | ' | ' |
Partial charge-offs, net of adjustments to FDIC loss share receivable and FDIC clawback payable | $4,700,000 | $6,200,000 |
Provision for covered loan and lease losses | 4,700,000 | 6,200,000 |
Impaired covered loans | 46,179,000 | 38,463,000 |
Impaired purchased non-covered loans | 0 | 0 |
Provision for non-covered loans | $0 | $0 |
Allowance_for_Loan_and_Lease_L3
Allowance for Loan and Lease Losses ("ALLL") - Summary of Company's Allowance for Loan and Lease Losses (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning Balance | $38,738 | $39,169 |
Charge-offs | -9,002 | -12,831 |
Recoveries | 1,134 | 655 |
Provision | 12,075 | 11,745 |
Ending Balance | 42,945 | 38,738 |
Real estate [Member] | Residential 1-4 family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning Balance | 4,820 | 3,848 |
Charge-offs | -837 | -1,312 |
Recoveries | 106 | 107 |
Provision | 612 | 2,177 |
Ending Balance | 4,701 | 4,820 |
Real estate [Member] | Non-farm/non-residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning Balance | 10,107 | 12,203 |
Charge-offs | -1,111 | -1,226 |
Recoveries | 122 | 18 |
Provision | 4,515 | -888 |
Ending Balance | 13,633 | 10,107 |
Real estate [Member] | Construction/land development [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning Balance | 12,000 | 9,478 |
Charge-offs | -137 | -466 |
Recoveries | 174 | 106 |
Provision | 269 | 2,882 |
Ending Balance | 12,306 | 12,000 |
Real estate [Member] | Agricultural [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning Balance | 2,878 | 3,383 |
Charge-offs | -261 | -997 |
Recoveries | 14 | 141 |
Provision | 369 | 351 |
Ending Balance | 3,000 | 2,878 |
Real estate [Member] | Multifamily residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning Balance | 2,030 | 2,564 |
Charge-offs | -4 | 0 |
Recoveries | 4 | 0 |
Provision | 474 | -534 |
Ending Balance | 2,504 | 2,030 |
Commercial and industrial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning Balance | 3,655 | 4,591 |
Charge-offs | -922 | -1,323 |
Recoveries | 433 | 35 |
Provision | -311 | 352 |
Ending Balance | 2,855 | 3,655 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning Balance | 1,015 | 1,209 |
Charge-offs | -214 | -732 |
Recoveries | 104 | 238 |
Provision | 12 | 300 |
Ending Balance | 917 | 1,015 |
Direct Financing Leases [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning Balance | 2,050 | 1,632 |
Charge-offs | -482 | -361 |
Recoveries | 33 | 2 |
Provision | 665 | 777 |
Ending Balance | 2,266 | 2,050 |
Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning Balance | 183 | 261 |
Charge-offs | -359 | -219 |
Recoveries | 144 | 8 |
Provision | 795 | 133 |
Ending Balance | 763 | 183 |
Covered Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning Balance | 0 | 0 |
Charge-offs | -4,675 | -6,195 |
Recoveries | 0 | 0 |
Provision | 4,675 | 6,195 |
Ending Balance | 0 | 0 |
Purchased Non-Covered Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning Balance | 0 | 0 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 0 | 0 |
Ending Balance | $0 | $0 |
Allowance_for_Loan_and_Lease_L4
Allowance for Loan and Lease Losses ("ALLL") - Summary of Allowance for Loan and Lease Losses and Recorded Investment in Loans and Leases, Excluding Loans Covered by FDIC (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Allowance for Loan and Lease Losses ALLL for Individually Evaluated Impaired Loans and Leases | $1,341 | $1,483 | ' | ' | ||
Total ALLL | 42,945 | 38,738 | 39,169 | 40,230 | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - Individually Evaluated Impaired Loans and Leases | 8,087 | 8,147 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - All Other Loans and Leases | 2,624,478 | 2,107,687 | ' | ' | ||
Total Loans and Leases | 2,632,565 | 2,115,834 | ' | ' | ||
Real estate [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Total Loans and Leases | 2,329,760 | 1,850,596 | ' | ' | ||
Real estate [Member] | Residential 1-4 family [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Allowance for Loan and Lease Losses ALLL for Individually Evaluated Impaired Loans and Leases | 438 | 518 | ' | ' | ||
Total ALLL | 4,701 | 4,820 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - Individually Evaluated Impaired Loans and Leases | 4,047 | 2,906 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - All Other Loans and Leases | 245,509 | 269,146 | ' | ' | ||
Total Loans and Leases | 249,556 | 272,052 | ' | ' | ||
Real estate [Member] | Non-farm/non-residential [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Allowance for Loan and Lease Losses ALLL for Individually Evaluated Impaired Loans and Leases | 15 | 53 | ' | ' | ||
Total ALLL | 13,633 | 10,107 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - Individually Evaluated Impaired Loans and Leases | 2,159 | 2,898 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - All Other Loans and Leases | 1,101,955 | 805,008 | ' | ' | ||
Total Loans and Leases | 1,104,114 | 807,906 | ' | ' | ||
Real estate [Member] | Construction/land development [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Allowance for Loan and Lease Losses ALLL for Individually Evaluated Impaired Loans and Leases | 2 | 7 | ' | ' | ||
Total ALLL | 12,306 | 12,000 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - Individually Evaluated Impaired Loans and Leases | 236 | 542 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - All Other Loans and Leases | 722,321 | 578,234 | ' | ' | ||
Total Loans and Leases | 722,557 | 578,776 | ' | ' | ||
Real estate [Member] | Agricultural [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Allowance for Loan and Lease Losses ALLL for Individually Evaluated Impaired Loans and Leases | 229 | 254 | ' | ' | ||
Total ALLL | 3,000 | 2,878 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - Individually Evaluated Impaired Loans and Leases | 883 | 985 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - All Other Loans and Leases | 44,313 | 49,634 | ' | ' | ||
Total Loans and Leases | 45,196 | 50,619 | ' | ' | ||
Real estate [Member] | Multifamily residential [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Allowance for Loan and Lease Losses ALLL for Individually Evaluated Impaired Loans and Leases | 0 | 0 | ' | ' | ||
Total ALLL | 2,504 | 2,030 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - Individually Evaluated Impaired Loans and Leases | 0 | 0 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - All Other Loans and Leases | 208,337 | 141,243 | ' | ' | ||
Total Loans and Leases | 208,337 | 141,243 | ' | ' | ||
Commercial and industrial [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Allowance for Loan and Lease Losses ALLL for Individually Evaluated Impaired Loans and Leases | 652 | 649 | ' | ' | ||
Total ALLL | 2,855 | 3,655 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - Individually Evaluated Impaired Loans and Leases | 686 | 761 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - All Other Loans and Leases | 123,382 | 159,043 | ' | ' | ||
Total Loans and Leases | 124,068 | 159,804 | ' | ' | ||
Consumer [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Allowance for Loan and Lease Losses ALLL for Individually Evaluated Impaired Loans and Leases | 3 | 0 | ' | ' | ||
Total ALLL | 917 | 1,015 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - Individually Evaluated Impaired Loans and Leases | 50 | 33 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - All Other Loans and Leases | 26,132 | 29,748 | ' | ' | ||
Total Loans and Leases | 26,182 | [1] | 29,781 | [1] | ' | ' |
Direct Financing Leases [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Allowance for Loan and Lease Losses ALLL for Individually Evaluated Impaired Loans and Leases | 0 | 0 | ' | ' | ||
Total ALLL | 2,266 | 2,050 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - Individually Evaluated Impaired Loans and Leases | 0 | 0 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - All Other Loans and Leases | 86,321 | 68,022 | ' | ' | ||
Total Loans and Leases | 86,321 | 68,022 | ' | ' | ||
Other [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Allowance for Loan and Lease Losses ALLL for Individually Evaluated Impaired Loans and Leases | 2 | 2 | ' | ' | ||
Total ALLL | 763 | 183 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - Individually Evaluated Impaired Loans and Leases | 26 | 22 | ' | ' | ||
Loans and Leases Excluding Purchased Non-Covered Loans and Covered Loans - All Other Loans and Leases | 66,208 | 7,609 | ' | ' | ||
Total Loans and Leases | 66,234 | [1] | 7,631 | [1] | ' | ' |
ALLL For All Other Loans And Leases [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Total ALLL | 41,604 | 37,255 | ' | ' | ||
ALLL For All Other Loans And Leases [Member] | Real estate [Member] | Residential 1-4 family [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Total ALLL | 4,263 | 4,302 | ' | ' | ||
ALLL For All Other Loans And Leases [Member] | Real estate [Member] | Non-farm/non-residential [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Total ALLL | 13,618 | 10,054 | ' | ' | ||
ALLL For All Other Loans And Leases [Member] | Real estate [Member] | Construction/land development [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Total ALLL | 12,304 | 11,993 | ' | ' | ||
ALLL For All Other Loans And Leases [Member] | Real estate [Member] | Agricultural [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Total ALLL | 2,771 | 2,624 | ' | ' | ||
ALLL For All Other Loans And Leases [Member] | Real estate [Member] | Multifamily residential [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Total ALLL | 2,504 | 2,030 | ' | ' | ||
ALLL For All Other Loans And Leases [Member] | Commercial and industrial [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Total ALLL | 2,203 | 3,006 | ' | ' | ||
ALLL For All Other Loans And Leases [Member] | Consumer [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Total ALLL | 914 | 1,015 | ' | ' | ||
ALLL For All Other Loans And Leases [Member] | Direct Financing Leases [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Total ALLL | 2,266 | 2,050 | ' | ' | ||
ALLL For All Other Loans And Leases [Member] | Other [Member] | ' | ' | ' | ' | ||
Allowance For Loan And Lease Losses [Line Items] | ' | ' | ' | ' | ||
Total ALLL | $761 | $181 | ' | ' | ||
[1] | The Company does not risk rate its residential 1-4 family loans, its consumer loans, and certain "other" loans. However, for purposes of the above table, the Company considers such loans to be (i) satisfactory - if they are performing and less than 30 days past due, (ii) watch - if they are performing and 30 to 89 days past due or (iii) substandard - if they are nonperforming or 90 days or more past due. |
Allowance_for_Loan_and_Lease_L5
Allowance for Loan and Lease Losses ("ALLL") - Schedule of Impaired Loans and Leases, Excluding Loans Covered by FDIC Loss Share Agreements (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | $13,700 | $13,732 | ||
Net Charge-offs to Date | -5,613 | -5,585 | ||
Principal Balance, Net of Charge-offs | 8,087 | 8,147 | ||
Specific Allowance | 1,341 | 1,483 | ||
Weighted Average Carrying Value | 9,781 | 8,434 | ||
Impaired Financing Receivable With Related Allowances [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 6,513 | 5,644 | ||
Net Charge-offs to Date | -3,417 | -2,588 | ||
Principal Balance, Net of Charge-offs | 3,096 | 3,056 | ||
Specific Allowance | 1,341 | 1,483 | ||
Weighted Average Carrying Value | 2,860 | 2,837 | ||
Impaired Financing Receivable With Related Allowances [Member] | Real estate [Member] | Residential 1-4 family [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 3,609 | 1,887 | ||
Net Charge-offs to Date | -1,692 | -219 | ||
Principal Balance, Net of Charge-offs | 1,917 | 1,668 | ||
Specific Allowance | 438 | 518 | ||
Weighted Average Carrying Value | 1,638 | 1,622 | ||
Impaired Financing Receivable With Related Allowances [Member] | Real estate [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 121 | 204 | ||
Net Charge-offs to Date | -75 | -1 | ||
Principal Balance, Net of Charge-offs | 46 | 203 | ||
Specific Allowance | 15 | 53 | ||
Weighted Average Carrying Value | 93 | 234 | ||
Impaired Financing Receivable With Related Allowances [Member] | Real estate [Member] | Construction/land development [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 38 | 711 | ||
Net Charge-offs to Date | -22 | -660 | ||
Principal Balance, Net of Charge-offs | 16 | 51 | ||
Specific Allowance | 2 | 7 | ||
Weighted Average Carrying Value | 17 | 38 | ||
Impaired Financing Receivable With Related Allowances [Member] | Real estate [Member] | Agricultural [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 511 | 599 | ||
Net Charge-offs to Date | -42 | -40 | ||
Principal Balance, Net of Charge-offs | 469 | 559 | ||
Specific Allowance | 229 | 254 | ||
Weighted Average Carrying Value | 514 | 291 | ||
Impaired Financing Receivable With Related Allowances [Member] | Commercial and industrial [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 2,016 | [1] | 1,473 | [1] |
Net Charge-offs to Date | -1,405 | [1] | -911 | [1] |
Principal Balance, Net of Charge-offs | 611 | [1] | 562 | [1] |
Specific Allowance | 652 | [1] | 649 | [1] |
Weighted Average Carrying Value | 578 | [1] | 620 | [1] |
Impaired Financing Receivable With Related Allowances [Member] | Consumer [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 178 | 243 | ||
Net Charge-offs to Date | -156 | -240 | ||
Principal Balance, Net of Charge-offs | 22 | 3 | ||
Specific Allowance | 3 | 0 | ||
Weighted Average Carrying Value | 10 | 8 | ||
Impaired Financing Receivable With Related Allowances [Member] | Other [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 40 | 527 | ||
Net Charge-offs to Date | -25 | -517 | ||
Principal Balance, Net of Charge-offs | 15 | 10 | ||
Specific Allowance | 2 | 2 | ||
Weighted Average Carrying Value | 10 | 24 | ||
Impaired Financing Receivable With No Related Allowances [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 7,187 | 8,088 | ||
Net Charge-offs to Date | -2,196 | -2,997 | ||
Principal Balance, Net of Charge-offs | 4,991 | 5,091 | ||
Specific Allowance | 0 | 0 | ||
Weighted Average Carrying Value | 6,921 | 5,597 | ||
Impaired Financing Receivable With No Related Allowances [Member] | Real estate [Member] | Residential 1-4 family [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 2,939 | 1,550 | ||
Net Charge-offs to Date | -808 | -312 | ||
Principal Balance, Net of Charge-offs | 2,131 | 1,238 | ||
Specific Allowance | 0 | 0 | ||
Weighted Average Carrying Value | 1,541 | 1,721 | ||
Impaired Financing Receivable With No Related Allowances [Member] | Real estate [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 3,234 | 4,267 | ||
Net Charge-offs to Date | -1,120 | -1,572 | ||
Principal Balance, Net of Charge-offs | 2,114 | 2,695 | ||
Specific Allowance | 0 | 0 | ||
Weighted Average Carrying Value | 4,344 | 2,432 | ||
Impaired Financing Receivable With No Related Allowances [Member] | Real estate [Member] | Construction/land development [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 300 | 837 | ||
Net Charge-offs to Date | -81 | -346 | ||
Principal Balance, Net of Charge-offs | 219 | 491 | ||
Specific Allowance | 0 | 0 | ||
Weighted Average Carrying Value | 303 | 600 | ||
Impaired Financing Receivable With No Related Allowances [Member] | Real estate [Member] | Agricultural [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 426 | 801 | ||
Net Charge-offs to Date | -12 | -375 | ||
Principal Balance, Net of Charge-offs | 414 | 426 | ||
Specific Allowance | 0 | 0 | ||
Weighted Average Carrying Value | 404 | 374 | ||
Impaired Financing Receivable With No Related Allowances [Member] | Real estate [Member] | Multi Family [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 133 | ' | ||
Net Charge-offs to Date | -133 | ' | ||
Principal Balance, Net of Charge-offs | 0 | ' | ||
Specific Allowance | 0 | ' | ||
Weighted Average Carrying Value | 124 | ' | ||
Impaired Financing Receivable With No Related Allowances [Member] | Commercial and industrial [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 85 | 443 | ||
Net Charge-offs to Date | -10 | -244 | ||
Principal Balance, Net of Charge-offs | 75 | 199 | ||
Specific Allowance | 0 | 0 | ||
Weighted Average Carrying Value | 172 | 426 | ||
Impaired Financing Receivable With No Related Allowances [Member] | Consumer [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 39 | 31 | ||
Net Charge-offs to Date | -12 | -1 | ||
Principal Balance, Net of Charge-offs | 27 | 30 | ||
Specific Allowance | 0 | 0 | ||
Weighted Average Carrying Value | 24 | 31 | ||
Impaired Financing Receivable With No Related Allowances [Member] | Other [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Principal Balance | 31 | 159 | ||
Net Charge-offs to Date | -20 | -147 | ||
Principal Balance, Net of Charge-offs | 11 | 12 | ||
Specific Allowance | 0 | 0 | ||
Weighted Average Carrying Value | $9 | $13 | ||
[1] | Includes $66,000 and $95,000 at December 31, 2013 and 2012, respectively, of specific allowance related to the unfunded portion of an unexpired letter of credit for a previous customer of the Bank. |
Allowance_for_Loan_and_Lease_L6
Allowance for Loan and Lease Losses ("ALLL") - Schedule of Impaired Loans and Leases, Excluding Loans Covered by FDIC Loss Share Agreements (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ' | ' |
Specific allowance related to unfunded portion of an unexpired letter of credit | $66,000 | $95,000 |
Allowance_for_Loan_and_Lease_L7
Allowance for Loan and Lease Losses ("ALLL") - Summary of Credit Quality Indicators for Loans and Leases, Including Covered and Non-Covered Loans and Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | $2,632,565 | $2,115,834 | ||
Covered Loans | 351,791 | 596,239 | ||
Total purchase Non-Covered Loans | 372,723 | 41,534 | ||
Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 351,791 | 596,239 | ||
Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 92,119 | 6,697 | ||
Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 137,938 | 12,361 | ||
Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 52,526 | 10,431 | ||
Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 49,510 | 5,290 | ||
Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 66 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 40,630 | 6,755 | ||
Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 88 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Satisfactory [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 2,167,775 | 1,671,016 | ||
Moderate [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 350,449 | 309,590 | ||
Watch [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 91,294 | 96,577 | ||
Substandard [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 23,047 | 38,651 | ||
FV 1 [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 305,612 | 557,776 | ||
FV 2 [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 46,179 | 38,463 | ||
Real estate [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 2,329,760 | 1,850,596 | ||
Total purchase Non-Covered Loans | 336,394 | 29,035 | ||
Real estate [Member] | Residential 1-4 family [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 249,556 | [1] | 272,052 | [1] |
Total purchase Non-Covered Loans | 131,085 | 19,222 | ||
Real estate [Member] | Residential 1-4 family [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 111,053 | 152,348 | ||
Real estate [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 1,104,114 | 807,906 | ||
Real estate [Member] | Non-farm/non-residential [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 163,708 | 288,104 | ||
Real estate [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 722,557 | 578,776 | ||
Real estate [Member] | Construction/land development [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 47,742 | 105,087 | ||
Real estate [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 45,196 | 50,619 | ||
Real estate [Member] | Agricultural [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 11,150 | 19,690 | ||
Real estate [Member] | Multifamily residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 208,337 | 141,243 | ||
Total purchase Non-Covered Loans | 17,210 | 0 | ||
Real estate [Member] | Multifamily residential [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 9,166 | 10,701 | ||
Real estate [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 1,104,114 | 807,906 | ||
Total purchase Non-Covered Loans | 152,948 | 4,842 | ||
Real estate [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 722,557 | 578,776 | ||
Total purchase Non-Covered Loans | 25,633 | 1,950 | ||
Real estate [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 45,196 | 50,619 | ||
Total purchase Non-Covered Loans | 9,518 | 3,021 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 80,312 | 5,042 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | Residential 1-4 family [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 27,111 | 3,400 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | Multifamily residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 3,531 | ' | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 42,193 | 420 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 5,930 | 438 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 1,547 | 784 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 125,170 | 10,218 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | Residential 1-4 family [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 32,259 | 7,363 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | Multifamily residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 5,565 | ' | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 72,621 | 1,370 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 8,106 | 659 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 6,619 | 826 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 49,948 | 8,457 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | Residential 1-4 family [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 21,035 | 4,937 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | Multifamily residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 5,268 | ' | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 20,685 | 2,680 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 2,137 | 130 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 823 | 710 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 42,600 | 1,229 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | Residential 1-4 family [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 35,733 | 921 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | Multifamily residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 959 | ' | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 1,191 | 10 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 4,553 | 134 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 164 | 164 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | Residential 1-4 family [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | Multifamily residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | ' | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Real estate [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Real estate [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 66 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 38,364 | 4,089 | ||
Real estate [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 66 [Member] | Residential 1-4 family [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 14,947 | 2,601 | ||
Real estate [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 66 [Member] | Multifamily residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 1,887 | ' | ||
Real estate [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 66 [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 16,258 | 362 | ||
Real estate [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 66 [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 4,907 | 589 | ||
Real estate [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 66 [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 365 | 537 | ||
Real estate [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 88 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Real estate [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 88 [Member] | Residential 1-4 family [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Real estate [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 88 [Member] | Multifamily residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | ' | ||
Real estate [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 88 [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Real estate [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 88 [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Real estate [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 88 [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Real estate [Member] | Satisfactory [Member] | Residential 1-4 family [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 239,940 | [1] | 263,737 | [1] |
Real estate [Member] | Satisfactory [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 916,304 | 649,494 | ||
Real estate [Member] | Satisfactory [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 550,436 | 395,821 | ||
Real estate [Member] | Satisfactory [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 21,647 | 25,854 | ||
Real estate [Member] | Satisfactory [Member] | Multifamily residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 177,144 | 112,360 | ||
Real estate [Member] | Moderate [Member] | Residential 1-4 family [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 0 | [1] | 0 | [1] |
Real estate [Member] | Moderate [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 128,624 | 109,429 | ||
Real estate [Member] | Moderate [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 144,435 | 130,057 | ||
Real estate [Member] | Moderate [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 11,098 | 12,105 | ||
Real estate [Member] | Moderate [Member] | Multifamily residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 30,029 | 24,092 | ||
Real estate [Member] | Watch [Member] | Residential 1-4 family [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 3,140 | [1] | 3,146 | [1] |
Real estate [Member] | Watch [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 52,388 | 38,231 | ||
Real estate [Member] | Watch [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 23,574 | 37,069 | ||
Real estate [Member] | Watch [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 9,788 | 9,509 | ||
Real estate [Member] | Watch [Member] | Multifamily residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 391 | 4,009 | ||
Real estate [Member] | Substandard [Member] | Residential 1-4 family [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 6,476 | [1] | 5,169 | [1] |
Real estate [Member] | Substandard [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 6,798 | 10,752 | ||
Real estate [Member] | Substandard [Member] | Construction/land development [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 4,112 | 15,829 | ||
Real estate [Member] | Substandard [Member] | Agricultural [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 2,663 | 3,151 | ||
Real estate [Member] | Substandard [Member] | Multifamily residential [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 773 | 782 | ||
Real estate [Member] | FV 1 [Member] | Residential 1-4 family [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 105,218 | 146,687 | ||
Real estate [Member] | FV 1 [Member] | Non-farm/non-residential [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 138,573 | 271,705 | ||
Real estate [Member] | FV 1 [Member] | Construction/land development [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 33,475 | 90,321 | ||
Real estate [Member] | FV 1 [Member] | Agricultural [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 10,807 | 18,937 | ||
Real estate [Member] | FV 1 [Member] | Multifamily residential [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 8,709 | 9,871 | ||
Real estate [Member] | FV 2 [Member] | Residential 1-4 family [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 5,835 | 5,661 | ||
Real estate [Member] | FV 2 [Member] | Non-farm/non-residential [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 25,135 | 16,399 | ||
Real estate [Member] | FV 2 [Member] | Construction/land development [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 14,267 | 14,766 | ||
Real estate [Member] | FV 2 [Member] | Agricultural [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 343 | 753 | ||
Real estate [Member] | FV 2 [Member] | Multifamily residential [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 457 | 830 | ||
Commercial and industrial [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 124,068 | 159,804 | ||
Total purchase Non-Covered Loans | 24,934 | 5,333 | ||
Commercial and industrial [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 8,719 | 18,496 | ||
Commercial and industrial [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 9,592 | 576 | ||
Commercial and industrial [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 9,730 | 1,802 | ||
Commercial and industrial [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 2,250 | 1,788 | ||
Commercial and industrial [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 1,879 | 384 | ||
Commercial and industrial [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Commercial and industrial [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 66 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 1,483 | 783 | ||
Commercial and industrial [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 88 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Commercial and industrial [Member] | Satisfactory [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 87,568 | 121,898 | ||
Commercial and industrial [Member] | Moderate [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 33,071 | 31,338 | ||
Commercial and industrial [Member] | Watch [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 1,664 | 3,950 | ||
Commercial and industrial [Member] | Substandard [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 1,765 | 2,618 | ||
Commercial and industrial [Member] | FV 1 [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 8,582 | 18,495 | ||
Commercial and industrial [Member] | FV 2 [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 137 | 1 | ||
Consumer [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 26,182 | [1] | 29,781 | [1] |
Total purchase Non-Covered Loans | 6,855 | 4,168 | ||
Consumer [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 111 | 176 | ||
Consumer [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 1,013 | 857 | ||
Consumer [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 141 | 231 | ||
Consumer [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 171 | 79 | ||
Consumer [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 4,794 | 1,341 | ||
Consumer [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Consumer [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 66 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 736 | 1,660 | ||
Consumer [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 88 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Consumer [Member] | Satisfactory [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 25,574 | [1] | 29,079 | [1] |
Consumer [Member] | Moderate [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 0 | [1] | 0 | [1] |
Consumer [Member] | Watch [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 230 | [1] | 424 | [1] |
Consumer [Member] | Substandard [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 378 | [1] | 278 | [1] |
Consumer [Member] | FV 1 [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 106 | 123 | ||
Consumer [Member] | FV 2 [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 5 | 53 | ||
Direct Financing Leases [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 86,321 | 68,022 | ||
Direct Financing Leases [Member] | Satisfactory [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 85,363 | 66,657 | ||
Direct Financing Leases [Member] | Moderate [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 955 | 1,365 | ||
Direct Financing Leases [Member] | Watch [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 0 | 0 | ||
Direct Financing Leases [Member] | Substandard [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 3 | 0 | ||
Other [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 66,234 | [1] | 7,631 | [1] |
Total purchase Non-Covered Loans | 4,540 | 2,998 | ||
Other [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 142 | 1,637 | ||
Other [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 1,202 | 222 | ||
Other [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 2,897 | 110 | ||
Other [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 157 | 107 | ||
Other [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 237 | 2,336 | ||
Other [Member] | Purchased Non-Covered Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Other [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 66 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 47 | 223 | ||
Other [Member] | Purchased Non-Covered Loans With Evidence of Credit Deterioration at Acquisition [Member] | FV 88 [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total purchase Non-Covered Loans | 0 | 0 | ||
Other [Member] | Satisfactory [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 63,799 | [1] | 6,116 | [1] |
Other [Member] | Moderate [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 2,237 | [1] | 1,204 | [1] |
Other [Member] | Watch [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 119 | [1] | 239 | [1] |
Other [Member] | Substandard [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Total Loans and Leases | 79 | [1] | 72 | [1] |
Other [Member] | FV 1 [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | 142 | 1,637 | ||
Other [Member] | FV 2 [Member] | Covered Loans [Member] | ' | ' | ||
Loans And Leases [Line Items] | ' | ' | ||
Covered Loans | $0 | $0 | ||
[1] | The Company does not risk rate its residential 1-4 family loans, its consumer loans, and certain "other" loans. However, for purposes of the above table, the Company considers such loans to be (i) satisfactory - if they are performing and less than 30 days past due, (ii) watch - if they are performing and 30 to 89 days past due or (iii) substandard - if they are nonperforming or 90 days or more past due. |
Allowance_for_Loan_and_Lease_L8
Allowance for Loan and Lease Losses ("ALLL") - Schedule of Aging Analysis Past Due Loans and Leases, Loans Covered & Non-Covered by FDIC Loss Share Agreements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | $8,543 | [1] | $10,597 | [1] |
90 Days or More | 4,697 | [2] | 4,825 | [2] |
Total Past Due | 13,240 | 15,422 | ||
Current | 2,619,325 | [3] | 2,100,412 | [3] |
Total Loans and Leases | 2,632,565 | 2,115,834 | ||
Total Covered Loans | 351,791 | 596,239 | ||
Total Purchased Non-Covered Loans | 372,723 | 41,534 | ||
Purchased Non-Covered Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 13,346 | 4,781 | ||
90 Days or More | 16,435 | 7,168 | ||
Total Past Due | 29,781 | 11,949 | ||
Current | 342,942 | 29,585 | ||
Total Purchased Non-Covered Loans | 372,723 | 41,534 | ||
Covered Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 15,695 | 36,701 | ||
90 Days or More | 72,354 | 130,136 | ||
Total Past Due | 88,049 | 166,837 | ||
Current | 263,742 | 429,402 | ||
Total Covered Loans | 351,791 | 596,239 | ||
Real estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Total Loans and Leases | 2,329,760 | 1,850,596 | ||
Real estate [Member] | Residential 1-4 family [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 4,228 | [1] | 3,656 | [1] |
90 Days or More | 2,004 | [2] | 1,160 | [2] |
Total Past Due | 6,232 | 4,816 | ||
Current | 243,324 | [3] | 267,236 | [3] |
Total Loans and Leases | 249,556 | [4] | 272,052 | [4] |
Real estate [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 2,093 | [1] | 3,284 | [1] |
90 Days or More | 1,867 | [2] | 2,524 | [2] |
Total Past Due | 3,960 | 5,808 | ||
Current | 1,100,154 | [3] | 802,098 | [3] |
Total Loans and Leases | 1,104,114 | 807,906 | ||
Real estate [Member] | Construction/land development [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 235 | [1] | 868 | [1] |
90 Days or More | 153 | [2] | 329 | [2] |
Total Past Due | 388 | 1,197 | ||
Current | 722,169 | [3] | 577,579 | [3] |
Total Loans and Leases | 722,557 | 578,776 | ||
Real estate [Member] | Agricultural [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 517 | [1] | 952 | [1] |
90 Days or More | 540 | [2] | 570 | [2] |
Total Past Due | 1,057 | 1,522 | ||
Current | 44,139 | [3] | 49,097 | [3] |
Total Loans and Leases | 45,196 | 50,619 | ||
Real estate [Member] | Multifamily residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 773 | [1] | 312 | [1] |
90 Days or More | 0 | [2] | 0 | [2] |
Total Past Due | 773 | 312 | ||
Current | 207,564 | [3] | 140,931 | [3] |
Total Loans and Leases | 208,337 | 141,243 | ||
Real estate [Member] | Purchased Non-Covered Loans [Member] | Residential 1-4 family [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 6,615 | 2,322 | ||
90 Days or More | 4,703 | 1,594 | ||
Total Past Due | 11,318 | 3,916 | ||
Current | 119,767 | 15,306 | ||
Total Purchased Non-Covered Loans | 131,085 | 19,222 | ||
Real estate [Member] | Purchased Non-Covered Loans [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 4,886 | 319 | ||
90 Days or More | 5,779 | 205 | ||
Total Past Due | 10,665 | 524 | ||
Current | 142,283 | 4,318 | ||
Total Purchased Non-Covered Loans | 152,948 | 4,842 | ||
Real estate [Member] | Purchased Non-Covered Loans [Member] | Construction/land development [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 265 | 148 | ||
90 Days or More | 4,045 | 322 | ||
Total Past Due | 4,310 | 470 | ||
Current | 21,323 | 1,480 | ||
Total Purchased Non-Covered Loans | 25,633 | 1,950 | ||
Real estate [Member] | Purchased Non-Covered Loans [Member] | Agricultural [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 134 | 272 | ||
90 Days or More | 25 | 904 | ||
Total Past Due | 159 | 1,176 | ||
Current | 9,359 | 1,845 | ||
Total Purchased Non-Covered Loans | 9,518 | 3,021 | ||
Real estate [Member] | Purchased Non-Covered Loans [Member] | Multifamily residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 421 | ' | ||
90 Days or More | 1,225 | ' | ||
Total Past Due | 1,646 | ' | ||
Current | 15,564 | ' | ||
Total Purchased Non-Covered Loans | 17,210 | ' | ||
Real estate [Member] | Covered Loans [Member] | Residential 1-4 family [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 5,341 | 9,539 | ||
90 Days or More | 12,409 | 20,958 | ||
Total Past Due | 17,750 | 30,497 | ||
Current | 93,303 | 121,851 | ||
Total Covered Loans | 111,053 | 152,348 | ||
Real estate [Member] | Covered Loans [Member] | Non-farm/non-residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 6,954 | 18,476 | ||
90 Days or More | 32,462 | 55,753 | ||
Total Past Due | 39,416 | 74,229 | ||
Current | 124,292 | 213,875 | ||
Total Covered Loans | 163,708 | 288,104 | ||
Real estate [Member] | Covered Loans [Member] | Construction/land development [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 2,173 | 6,693 | ||
90 Days or More | 20,914 | 42,604 | ||
Total Past Due | 23,087 | 49,297 | ||
Current | 24,655 | 55,790 | ||
Total Covered Loans | 47,742 | 105,087 | ||
Real estate [Member] | Covered Loans [Member] | Agricultural [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 237 | 1,063 | ||
90 Days or More | 1,328 | 3,338 | ||
Total Past Due | 1,565 | 4,401 | ||
Current | 9,585 | 15,289 | ||
Total Covered Loans | 11,150 | 19,690 | ||
Real estate [Member] | Covered Loans [Member] | Multifamily residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 375 | 0 | ||
90 Days or More | 3,240 | 3,345 | ||
Total Past Due | 3,615 | 3,345 | ||
Current | 5,551 | 7,356 | ||
Total Covered Loans | 9,166 | 10,701 | ||
Commercial and industrial [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 418 | [1] | 1,091 | [1] |
90 Days or More | 31 | [2] | 185 | [2] |
Total Past Due | 449 | 1,276 | ||
Current | 123,619 | [3] | 158,528 | [3] |
Total Loans and Leases | 124,068 | 159,804 | ||
Commercial and industrial [Member] | Purchased Non-Covered Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 614 | 855 | ||
90 Days or More | 388 | 2,589 | ||
Total Past Due | 1,002 | 3,444 | ||
Current | 23,932 | 1,889 | ||
Total Purchased Non-Covered Loans | 24,934 | 5,333 | ||
Commercial and industrial [Member] | Covered Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 605 | 901 | ||
90 Days or More | 2,001 | 4,133 | ||
Total Past Due | 2,606 | 5,034 | ||
Current | 6,113 | 13,462 | ||
Total Covered Loans | 8,719 | 18,496 | ||
Consumer [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 261 | [1] | 425 | [1] |
90 Days or More | 78 | [2] | 57 | [2] |
Total Past Due | 339 | 482 | ||
Current | 25,843 | [3] | 29,299 | [3] |
Total Loans and Leases | 26,182 | [4] | 29,781 | [4] |
Consumer [Member] | Purchased Non-Covered Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 411 | 431 | ||
90 Days or More | 237 | 1,295 | ||
Total Past Due | 648 | 1,726 | ||
Current | 6,207 | 2,442 | ||
Total Purchased Non-Covered Loans | 6,855 | 4,168 | ||
Consumer [Member] | Covered Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 10 | 29 | ||
90 Days or More | 0 | 5 | ||
Total Past Due | 10 | 34 | ||
Current | 101 | 142 | ||
Total Covered Loans | 111 | 176 | ||
Direct Financing Leases [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 0 | [1] | 0 | [1] |
90 Days or More | 0 | [2] | 0 | [2] |
Total Past Due | 0 | 0 | ||
Current | 86,321 | [3] | 68,022 | [3] |
Total Loans and Leases | 86,321 | 68,022 | ||
Other [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 18 | [1] | 9 | [1] |
90 Days or More | 24 | [2] | 0 | [2] |
Total Past Due | 42 | 9 | ||
Current | 66,192 | [3] | 7,622 | [3] |
Total Loans and Leases | 66,234 | [4] | 7,631 | [4] |
Other [Member] | Purchased Non-Covered Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 0 | 434 | ||
90 Days or More | 33 | 259 | ||
Total Past Due | 33 | 693 | ||
Current | 4,507 | 2,305 | ||
Total Purchased Non-Covered Loans | 4,540 | 2,998 | ||
Other [Member] | Covered Loans [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-89 Days Past Due | 0 | 0 | ||
90 Days or More | 0 | 0 | ||
Total Past Due | 0 | 0 | ||
Current | 142 | 1,637 | ||
Total Covered Loans | $142 | $1,637 | ||
[1] | Includes $0.8 million and $1.0 million of loans and leases on nonaccrual status at December 31, 2013 and 2012, respectively. | |||
[2] | All loans and leases greater than 90 days past due, excluding purchased non-covered loans and covered loans, were on nonaccrual status at December 31, 2013 and 2012. | |||
[3] | Includes $3.2 million and $3.3 million of loans and leases on nonaccrual status at December 31, 2013 and 2012, respectively. | |||
[4] | The Company does not risk rate its residential 1-4 family loans, its consumer loans, and certain "other" loans. However, for purposes of the above table, the Company considers such loans to be (i) satisfactory - if they are performing and less than 30 days past due, (ii) watch - if they are performing and 30 to 89 days past due or (iii) substandard - if they are nonperforming or 90 days or more past due. |
Allowance_for_Loan_and_Lease_L9
Allowance for Loan and Lease Losses ("ALLL") - Schedule of Aging Analysis Past Due Loans and Leases, Loans Covered & Non-Covered by FDIC Loss Share Agreements (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
30-89 Days Past Due [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans and leases, excluding loans covered by FDIC loss share agreements, on nonaccrual status | $0.80 | $1 |
Non Accrual Loans Current [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans and leases, excluding loans covered by FDIC loss share agreements, on nonaccrual status | $3.20 | $3.30 |
Foreclosed_Assets_Not_Covered_2
Foreclosed Assets Not Covered by FDIC Loss Share Agreements - Summary of Activity Within Foreclosed Assets Not Covered by FDIC Loss Share Agreements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate [Abstract] | ' | ' | ' |
Balance - beginning of period | $13,924 | $31,762 | $42,216 |
Loans and other assets transferred into foreclosed assets | 9,464 | 9,047 | 10,676 |
Sales of foreclosed assets | -12,343 | -25,482 | -11,719 |
Writedowns of foreclosed assets | -1,352 | -1,713 | -9,525 |
Foreclosed assets acquired in acquisitions | 2,158 | 310 | 114 |
Balance - end of period | $11,851 | $13,924 | $31,762 |
Foreclosed_Assets_Not_Covered_3
Foreclosed Assets Not Covered by FDIC Loss Share Agreements - Amount and Type of Foreclosed Assets Not Covered by FDIC Loss Share Agreements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Foreclosed Assets [Line Items] | ' | ' | ' | ' |
Real estate | $11,776 | $13,794 | ' | ' |
Foreclosed assets not covered by FDIC loss share agreements | 11,851 | 13,924 | 31,762 | 42,216 |
Residential 1-4 family [Member] | ' | ' | ' | ' |
Foreclosed Assets [Line Items] | ' | ' | ' | ' |
Real estate | 1,604 | 2,863 | ' | ' |
Non-farm/non-residential [Member] | ' | ' | ' | ' |
Foreclosed Assets [Line Items] | ' | ' | ' | ' |
Real estate | 4,380 | 2,481 | ' | ' |
Construction/land development [Member] | ' | ' | ' | ' |
Foreclosed Assets [Line Items] | ' | ' | ' | ' |
Real estate | 5,359 | 8,072 | ' | ' |
Agricultural [Member] | ' | ' | ' | ' |
Foreclosed Assets [Line Items] | ' | ' | ' | ' |
Real estate | 222 | 378 | ' | ' |
Multifamily residential [Member] | ' | ' | ' | ' |
Foreclosed Assets [Line Items] | ' | ' | ' | ' |
Real estate | 211 | 0 | ' | ' |
Commercial and industrial [Member] | ' | ' | ' | ' |
Foreclosed Assets [Line Items] | ' | ' | ' | ' |
Foreclosed assets, other than real estate | 75 | 102 | ' | ' |
Consumer [Member] | ' | ' | ' | ' |
Foreclosed Assets [Line Items] | ' | ' | ' | ' |
Foreclosed assets, other than real estate | $0 | $28 | ' | ' |
Premises_and_Equipment_Summary
Premises and Equipment - Summary of Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ' | ' |
Land | $75,770 | $72,499 |
Construction in progress | 2,781 | 2,498 |
Buildings and improvements | 154,640 | 135,840 |
Leasehold improvements | 5,048 | 5,158 |
Equipment | 56,526 | 51,548 |
Gross premises and equipment | 294,765 | 267,543 |
Accumulated depreciation | -49,293 | -41,789 |
Premises and equipment, net | $245,472 | $225,754 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Capitalized interest on construction projects | $0.10 | $0.10 | $0.10 |
Rent on noncancelable operating leases | 1.4 | 1.6 | 2 |
Future amounts due under noncancelable leases, 2014 | 1.1 | ' | ' |
Future amounts due under noncancelable leases, 2015 | 1 | ' | ' |
Future amounts due under noncancelable leases, 2016 | 0.8 | ' | ' |
Future amounts due under noncancelable leases, 2017 | 0.6 | ' | ' |
Future amounts due under noncancelable leases, 2018 | 0.4 | ' | ' |
Future amounts due under noncancelable leases, thereafter | 1 | ' | ' |
Rental income recognized | $1.10 | $1.20 | $1.10 |
Deposits_Summary_of_Scheduled_
Deposits - Summary of Scheduled Maturities of Time Deposits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Up to one year | $742,069 | $684,118 |
Over one to two years | 107,395 | 65,138 |
Over two to three years | 25,217 | 25,425 |
Over three to four years | 12,107 | 3,366 |
Over four to five years | 10,138 | 2,188 |
Thereafter | 284 | 614 |
Total time deposits | $897,210 | $780,849 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Time deposits with minimum denomination of $100,000 | $426.20 | $337.60 |
Borrowings_Summary_of_Informat
Borrowings - Summary of Information Relating to Short-Term Borrowings (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Average annual balance | $8,767 | $10,900 |
December 31 balance | 0 | 0 |
Maximum month-end balance during year | $60,775 | $58,925 |
Weighted-average - year | 0.27% | 0.36% |
Weighted-average - December 31 | 0.00% | 0.00% |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Fixed rate FHLB-Dallas advances | $280,895,000 | $280,763,000 |
Fixed interest rate, minimum | 0.89% | ' |
Fixed interest rate, maximum | 4.54% | ' |
Unused FHLB-Dallas borrowing availability | $619,000,000 | ' |
Borrowings_Aggregate_Annual_Ma
Borrowings - Aggregate Annual Maturities and Weighted-Average Rates of FHLB-Dallas Advances with Original Maturity of Over One Year (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
FHLB-Dallas advances, Amount | $280,895 | $280,763 |
Weighted-Average Interest Rate | 3.80% | ' |
2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
FHLB-Dallas advances, Amount | 40 | ' |
Weighted-Average Interest Rate | 2.78% | ' |
2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
FHLB-Dallas advances, Amount | 41 | ' |
Weighted-Average Interest Rate | 2.80% | ' |
2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
FHLB-Dallas advances, Amount | 28 | ' |
Weighted-Average Interest Rate | 3.53% | ' |
2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
FHLB-Dallas advances, Amount | 260,030 | ' |
Weighted-Average Interest Rate | 3.89% | ' |
2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
FHLB-Dallas advances, Amount | 20,154 | ' |
Weighted-Average Interest Rate | 2.53% | ' |
Thereafter [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
FHLB-Dallas advances, Amount | $602 | ' |
Weighted-Average Interest Rate | 4.54% | ' |
Borrowings_FHLBDallas_Advances
Borrowings - FHLB-Dallas Advances Containing Quarterly Call Features and are Callable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
FHLB-Dallas advances, Amount | $280,895 | $280,763 |
Weighted Average Interest Rate | 3.80% | ' |
Maturity 2017, Callable Quarterly [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Weighted Average Interest Rate | 3.90% | ' |
FHLB-Dallas advances, maturity | '2017 | ' |
Maturity 2018, Callable Quarterly [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Weighted Average Interest Rate | 2.53% | ' |
FHLB-Dallas advances, maturity | '2018 | ' |
Quarterly Call Features [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
FHLB-Dallas advances, Amount | 280,000 | ' |
Quarterly Call Features [Member] | Maturity 2017, Callable Quarterly [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
FHLB-Dallas advances, Amount | 260,000 | ' |
Quarterly Call Features [Member] | Maturity 2018, Callable Quarterly [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
FHLB-Dallas advances, Amount | $20,000 | ' |
Subordinated_Debentures_Schedu
Subordinated Debentures - Schedule of Issues of Trust Preferred Securities Outstanding and Subordinated Debentures Owed to Trust (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Ozark III [Member] | Ozark II [Member] | Ozark IV [Member] | Ozark V [Member] | ||
Subordinated Borrowing [Line Items] | ' | ' | ' | ' | ' | ' |
Subordinated Debentures Owed to Trust | $64,950 | $64,950 | $14,434 | $14,433 | $15,464 | $20,619 |
Trust Preferred Securities of the Trust | $63,000 | ' | $14,000 | $14,000 | $15,000 | $20,000 |
Interest Rate | ' | ' | 3.20% | 3.15% | 2.47% | 1.85% |
Final Maturity Date | ' | ' | 25-Sep-33 | 29-Sep-33 | 28-Sep-34 | 15-Dec-36 |
Subordinated_Debentures_Additi
Subordinated Debentures - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Debentures [Member] | Ozark IV [Member] | Ozark IV [Member] | Ozark IV [Member] | Ozark IV [Member] | Ozark V [Member] | Ozark V [Member] | Ozark V [Member] | Ozark V [Member] | Ozark II And Ozark III [Member] | Ozark II And Ozark III [Member] | Ozark II And Ozark III [Member] | Ozark III [Member] | Ozark III [Member] | Ozark III [Member] | Ozark III [Member] | Ozark II [Member] | Ozark II [Member] | Ozark II [Member] | Ozark II [Member] | |||
Private Placement [Member] | Securities [Member] | Debentures [Member] | Private Placement [Member] | Securities [Member] | Debentures [Member] | Securities [Member] | Debentures [Member] | Private Placement [Member] | Securities [Member] | Debentures [Member] | Private Placement [Member] | Securities [Member] | Debentures [Member] | |||||||||
Subordinated Borrowing [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance, date | ' | ' | ' | ' | 28-Sep-04 | ' | ' | ' | 29-Sep-06 | ' | ' | ' | ' | ' | ' | 25-Sep-03 | ' | ' | ' | 29-Sep-03 | ' | ' |
Trust preferred securities of the trusts | $63,000,000 | ' | ' | $15,000,000 | ' | ' | ' | $20,000,000 | ' | ' | ' | $28,000,000 | ' | ' | $14,000,000 | ' | ' | ' | $14,000,000 | ' | ' | ' |
Interest rate, adjustable quarterly | ' | ' | ' | ' | ' | '90-day LIBOR plus 2.22% | '90-day LIBOR plus 2.22% | ' | ' | '90-day LIBOR plus 1.60% | '90-day LIBOR plus 1.60% | ' | ' | ' | ' | ' | '90-day London Interbank Offered Rate ("LIBOR") plus 2.95% | '90-day LIBOR plus 2.95% | ' | ' | '90-day LIBOR plus 2.90% | '90-day LIBOR plus 2.90% |
LIBOR plus rate, percentage | ' | ' | ' | ' | ' | 2.22% | 2.22% | ' | ' | 1.60% | 1.60% | ' | ' | ' | ' | ' | 2.95% | 2.95% | ' | ' | 2.90% | 2.90% |
Proceeds from sale of trust preferred securities | ' | ' | ' | 15,000,000 | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Trust common equity | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | 600,000 | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional subordinated debentures issued by company | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | 600,000 | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated debentures | 64,950,000 | 64,950,000 | ' | 15,464,000 | ' | ' | ' | 20,619,000 | ' | ' | ' | ' | ' | ' | 14,434,000 | ' | ' | ' | 14,433,000 | ' | ' | ' |
Investment in the common equity issued by the trusts | 1,900,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate common equity | $1,900,000 | $1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payment terms | ' | ' | 'Period not to exceed five consecutive years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities and debentures prepaid at par, prior to maturity on or after | ' | ' | ' | ' | ' | 'September 28,2009 | 'September 28,2009 | ' | ' | 'December 15,2011 | 'December 15,2011 | ' | ' | ' | ' | ' | 'September 25,2008 | ' | ' | ' | ' | 'September 29,2008 |
Income_Taxes_Summary_of_Compon
Income Taxes - Summary of Components of Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current, Federal | $43,750 | $37,254 | $33,360 |
Current, State | 6,547 | 4,489 | 4,982 |
Total current | 50,297 | 41,743 | 38,342 |
Deferred, Federal | -8,689 | -6,384 | 10,230 |
Deferred, State | -1,459 | -1,424 | 1,636 |
Total deferred | -10,148 | -7,808 | 11,866 |
Provision for income taxes | $40,149 | $33,935 | $50,208 |
Income_Taxes_Reconciliation_Be
Income Taxes - Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in taxes resulting from, State income taxes, net of federal benefit | 2.60% | 1.80% | 2.80% |
Effect of tax-exempt interest income | -4.40% | -5.00% | -3.80% |
Effect of BOLI and other tax-exempt income | -1.20% | -0.80% | -0.50% |
Increase (decrease) in taxes resulting from, Other, net | -0.50% | -0.40% | -0.40% |
Effective income tax rate | 31.50% | 30.60% | 33.10% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | |
Schedule Of Income Taxes [Line Items] | ' | ' | ' | ' |
Income tax benefits from the exercise of stock options recorded as an increase to additional paid-in capital | $3,200,000 | $1,500,000 | $900,000 | ' |
Current income taxes payable included in other liabilities | ' | 2,800,000 | ' | ' |
Current income taxes Receivable included in other assets | 3,000,000 | ' | ' | ' |
Net operating losses carryforwards | 19,000,000 | ' | ' | ' |
Deferred tax valuation allowance | 4,102,000 | 0 | ' | 4,100,000 |
Expiration Year 2032 [Member] | ' | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards subject to expiration | 11,500,000 | ' | ' | ' |
Operating loss carryforwards expiration year | '2032 | ' | ' | ' |
Expiration Year 2033 [Member] | ' | ' | ' | ' |
Schedule Of Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards subject to expiration | $7,500,000 | ' | ' | ' |
Operating loss carryforwards expiration year | '2033 | ' | ' | ' |
Income_Taxes_Types_of_Temporar
Income Taxes - Types of Temporary Differences Between Tax Basis of Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Income Tax Disclosure [Abstract] | ' | ' | ' |
Allowance for loan and lease losses | $16,576 | ' | $16,227 |
Differences in amounts reflected in financial statements and income tax basis of purchased non-covered loans | 17,167 | ' | 0 |
Stock-based compensation | 2,400 | ' | 1,831 |
Deferred compensation | 1,775 | ' | 1,767 |
Foreclosed assets | 3,165 | ' | 3,258 |
Investment securities AFS | 5,056 | ' | 0 |
Differences in amounts reflected in financial statements and income tax basis of assets acquired and liabilities assumed in FDIC-assisted acquisitions | 3,424 | ' | 0 |
Acquired net operating losses | 7,509 | ' | 0 |
Other, net | 3,858 | ' | 0 |
Total gross deferred tax assets | 60,930 | ' | 23,083 |
Less valuation allowance | -4,102 | -4,100 | 0 |
Net deferred tax asset | 56,828 | ' | 23,083 |
Accelerated depreciation on premises and equipment | 17,459 | ' | 14,196 |
Investment securities AFS | 0 | ' | 8,083 |
Differences in amounts reflected in financial statements and income tax basis of assets acquired and liabilities assumed in FDIC-assisted acquisitions | 0 | ' | 8,810 |
Acquired intangible assets | 4,227 | ' | 639 |
Other, net | 0 | ' | 246 |
Total gross deferred tax liabilities | 21,686 | ' | 31,974 |
Net deferred tax assets (liabilities) | $35,142 | ' | ($8,891) |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Employer matching Contribution | 100.00% | ' | ' |
Employer Matching Contribution as percentage of elective deferral | 50.00% | ' | ' |
Accrued future benefits payable under the SERP | $180,000 | $161,000 | $148,000 |
401 (k) Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Distributions from participant accounts are not permitted before age | '65 | ' | ' |
Company contributions to the plan | 1,800,000 | 900,000 | 800,000 |
Deferred Compensation Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company contributions to the plan | 0 | 122,000 | 123,000 |
Contribution to each participant's account percentage, maximum | 6.00% | ' | ' |
Plan assets, along with an equal amount of liabilities | 3,900,000 | 4,200,000 | ' |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Distributions from participant accounts are not permitted before age | '70 | ' | ' |
Officer is entitled to receive equal monthly payments, months | 180 | ' | ' |
Monthly [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Payments to be made to officers under the SERP | 32,197 | ' | ' |
Annually [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Payments to be made to officers under the SERP | $386,360 | ' | ' |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of deferrals | 3.00% | ' | ' |
Percentage of elective deferral | 5.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of elective deferral | 3.00% | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for future grant | 428,400 | ' | ' |
Share-based compensation arrangement by share-based payment award options exercisable intrinsic value per share | $0 | ' | ' |
Stock-based compensation expense for stock options included in non-interest expense | $1.70 | $1.10 | $0.80 |
Restricted stock plan permitting issuance of restricted stock units, shares | 109,800 | 128,150 | 95,700 |
Weighted-average grant date fair value of restricted stock granted | $49.59 | $31.86 | $23.69 |
Nonqualified Stock Option Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee options issued with a vesting period, years | '3 years | ' | ' |
Employee options expire after issuance, years | '7 years | ' | ' |
Number of shares available to non-employee directors through the non qualified stock option plan for non-employee directors | 2,000 | ' | ' |
Expiration period of options issued to non-employee director | '10 years | ' | ' |
Nonqualified Stock Option Plan [Member] | Director [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares available to non-employee directors through the non qualified stock option plan for non-employee directors | 2,000 | ' | ' |
Employee Stock Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Total intrinsic value of options exercised during the period | 7.7 | 4.4 | 2.2 |
Options to purchase shares, granted | 263,000 | 268,550 | 235,200 |
Option granted during period with a weighted-average grant date fair value | $11.22 | $9.58 | $7.30 |
Total fair value of options to purchase shares of common stock, vested | 1.2 | 0.5 | 0.7 |
Total unrecognized compensation expenses | 3.6 | ' | ' |
Unrecognized compensation cost, weighted-average period, years | '2 years 3 months 18 days | ' | ' |
Restricted Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee options issued with a vesting period, years | '3 years | ' | ' |
Options to purchase shares, granted | 387,550 | ' | ' |
Stock-based compensation expense for stock options included in non-interest expense | 2.8 | 1.6 | 0.8 |
Total unrecognized compensation expenses | $7.90 | ' | ' |
Unrecognized compensation cost, weighted-average period, years | '2 years 4 months 24 days | ' | ' |
Restricted stock plan permitting issuance of restricted stock units, shares | 800,000 | ' | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | |
Outstanding - January 1, 2013, Options | 957,150 | ' | ' | |
Granted, Options | 263,000 | ' | ' | |
Exercised, Options | -271,500 | -267,300 | -262,500 | |
Forfeited, Options | -65,350 | ' | ' | |
Outstanding - December 31, 2013, Options | 883,300 | 957,150 | ' | |
Fully vested and exercisable at December 31, 2013, Options | 239,300 | ' | ' | |
Expected to vest in future periods, Options | 515,960 | ' | ' | |
Fully vested and expected to vest at December 31, 2013, Options | 755,260 | [1] | ' | ' |
Outstanding - January 1, 2013, Weighted-Average Exercise Price/Share | $22.12 | ' | ' | |
Granted, Weighted-Average Exercise Price/Share | $48.79 | ' | ' | |
Exercised, Weighted-Average Exercise Price/Share | $15.74 | ' | ' | |
Forfeited, Weighted-Average Exercise Price/Share | $26.92 | ' | ' | |
Outstanding - December 31, 2013, Weighted-Average Exercise Price/Share | $31.67 | $22.12 | ' | |
Fully vested and exercisable at December 31, 2013, Weighted-Average Exercise Price/Share | $19.61 | ' | ' | |
Fully vested and expected to vest at December 31, 2013, Weighted-Average Exercise Price/Share | $30.91 | [1] | ' | ' |
Outstanding - December 31, 2013, Weighted-Average Remaining Contractual Life (in years) | '5 years 6 months | ' | ' | |
Fully vested and exercisable at December 31, 2013, Weighted-Average Remaining Contractual Life (in years) | '4 years 3 months 18 days | ' | ' | |
Fully vested and expected to vest at December 31, 2013, Weighted-Average Remaining Contractual Life (in years) | '5 years 4 months 24 days | [1] | ' | ' |
Outstanding - December 31, 2013, Aggregate Intrinsic Value | $22,011 | [2] | ' | ' |
Fully vested and exercisable at December 31, 2013, Aggregate Intrinsic Value | 8,850 | [2] | ' | ' |
Fully vested and expected to vest at December 31, 2013, Aggregate Intrinsic Value | $19,394 | [2] | ' | ' |
[1] | At December 31, 2013 the Company estimates that options to purchase 128,040 shares of the Company's common stock will not vest and will be forfeited prior to their vesting date. | |||
[2] | Based on closing price of $ 56.59 per share on December 31, 2013. |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Estimated number of common shares that could be forfeited before the vesting date | 128,040 |
Employee Stock Option [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Common stock, closing price, per share | 56.59 |
StockBased_Compensation_Weight
Stock-Based Compensation - Weighted Average Assumptions Used in Black Scholes Option Pricing Model (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Risk-free interest rate | 1.30% | 0.71% | 1.15% |
Expected dividend yield | 1.85% | 1.87% | 1.68% |
Expected stock volatility | 30.20% | 40.60% | 40.10% |
Expected life (years) | '5 years | '5 years | '5 years |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Non-Vested Restricted Stock Activity (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments Restricted Stock [Abstract] | ' |
Outstanding - January 1, 2013 | 295,250 |
Granted | 109,800 |
Forfeited | -26,600 |
Earned and issued | -70,400 |
Outstanding - December 31, 2013 | 308,050 |
Weighted-average grant date fair value | $35.97 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments To Extend Credit [Member] | Commitments To Extend Credit [Member] | ||
Contingencies And Commitments [Line Items] | ' | ' | ' |
Outstanding commitments to extend credit, excluding mortgage interest rate lock commitments | $1,210,000,000 | ' | ' |
Commitments extend over varying periods of time, in months | '12 months | ' | ' |
Terms of the letters of credit, in years | '1 year | ' | ' |
Maximum amount of future payments required to make under letter of credit | ' | 4,600,000 | 19,100,000 |
Collateralized commitments | ' | $4,400,000 | $18,900,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Contractual Maturities (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Fair Value Disclosures [Abstract] | ' |
2014 | $156,942 |
2015 | 128,397 |
2016 | 499,279 |
2017 | 293,059 |
2018 | 107,366 |
Thereafter | 24,430 |
Total | $1,209,473 |
Related_Party_Transactions_Sum
Related Party Transactions - Summary of Activity of Loans to Related Parties - (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions [Abstract] | ' | ' | ' |
Beginning Balance | $2,526 | $2,150 | $3,374 |
New loans and advances | 15,680 | 19,778 | 16,978 |
Repayments | -12,273 | -19,447 | -18,202 |
Change in composition of related parties | 1,068 | 45 | 0 |
Ending Balance | $7,001 | $2,526 | $2,150 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Related Party Transactions [Abstract] | ' | ' |
Commitments to extend credit to related party | $5.80 | $10.60 |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fees And Commissions Income [Line Items] | ' | ' |
Total capital to risk-weighted assets, Required For Capital Adequacy Purpose to risk-weighted assets, Ratio | 8.00% | 8.00% |
Tier 1 capital to risk-weighted assets, Required For Capital Adequacy Purpose to risk-weighted assets, Ratio | 4.00% | 4.00% |
Tier 1 leverage to average assets, Required For Capital Adequacy Purpose to risk-weighted assets, Ratio | 3.00% | 3.00% |
Percentage of risk-weighted assets considered for total capital | 1.25% | ' |
Commissioner's approval required to declare maximum percentage of dividend | 75.00% | ' |
Percentage of retained earnings of immediately preceding year | 75.00% | ' |
Amount available for payment of dividends by the Bank without the approval of regulatory authorities | $43.90 | $40.40 |
Percentage of capital available as loan maximum | 10.00% | ' |
Capital available as loan maximum | 67 | 56 |
Minimum balances of cash or deposits with FRB | $12.80 | $10.10 |
Regulatory_Matters_Schedule_of
Regulatory Matters - Schedule of Actual and Required Regulatory Capital Amounts and Ratios of Company and Bank (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total capital (to risk-weighted assets), Actual, Amount | $715,417 | $585,874 |
Total capital (to risk-weighted assets), Actual, Ratio | 17.09% | 19.36% |
Total capital (to risk-weighted assets), Required, For Capital Adequacy Purpose, Amount | 334,799 | 242,120 |
Total capital (to risk-weighted assets), Required For Capital Adequacy Purpose to risk-weighted assets, Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), Required, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 418,499 | 302,650 |
Total capital (to risk-weighted assets), Required, To Be Well Capitalized Under Prompt Corrective Action Provisions to risk-weighted assets, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 672,472 | 548,054 |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 16.07% | 18.11% |
Tier 1 capital (to risk-weighted assets), Required, For Capital Adequacy Purpose, Amount | 167,400 | 121,060 |
Tier 1 capital (to risk-weighted assets), Required, For Capital Adequacy Purpose, Ratio | 4.00% | 4.00% |
Tier 1 capital (to risk-weighted assets), Required, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 251,100 | 181,590 |
Tier 1 capital (to risk-weighted assets), Required, To Be Well Capitalized Under Prompt Corrective Action Provisions to risk-weighted assets, Ratio | 6.00% | 6.00% |
Tier 1 leverage (to average assets), Actual Amount | 672,472 | 548,054 |
Tier 1 leverage (to average assets), Actual Ratio | 14.12% | 14.40% |
Tier 1 leverage (to average assets), Required For Capital Adequacy Purpose, Amount | 142,912 | 114,199 |
Tier 1 leverage (to average assets), Required, For Capital Adequacy Purpose, Ratio | 3.00% | 3.00% |
Tier 1 leverage (to average assets), Required, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 238,187 | 190,332 |
Tier 1 leverage (to average assets), Required, To Be Well Capitalized Under Prompt Corrective Action Provisions to risk-weighted assets, Ratio | 5.00% | 5.00% |
Bank [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total capital (to risk-weighted assets), Actual, Amount | 698,738 | 573,926 |
Total capital (to risk-weighted assets), Actual, Ratio | 16.72% | 18.95% |
Total capital (to risk-weighted assets), Required, For Capital Adequacy Purpose, Amount | 334,348 | 242,263 |
Total capital (to risk-weighted assets), Required For Capital Adequacy Purpose to risk-weighted assets, Ratio | 8.00% | 8.00% |
Total capital (to risk-weighted assets), Required, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 417,935 | 302,829 |
Total capital (to risk-weighted assets), Required, To Be Well Capitalized Under Prompt Corrective Action Provisions to risk-weighted assets, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets), Actual, Amount | 655,793 | 536,084 |
Tier 1 capital (to risk-weighted assets), Actual, Ratio | 15.69% | 17.70% |
Tier 1 capital (to risk-weighted assets), Required, For Capital Adequacy Purpose, Amount | 167,174 | 121,132 |
Tier 1 capital (to risk-weighted assets), Required, For Capital Adequacy Purpose, Ratio | 4.00% | 4.00% |
Tier 1 capital (to risk-weighted assets), Required, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 250,761 | 181,697 |
Tier 1 capital (to risk-weighted assets), Required, To Be Well Capitalized Under Prompt Corrective Action Provisions to risk-weighted assets, Ratio | 6.00% | 6.00% |
Tier 1 leverage (to average assets), Actual Amount | 655,793 | 536,084 |
Tier 1 leverage (to average assets), Actual Ratio | 13.78% | 14.13% |
Tier 1 leverage (to average assets), Required For Capital Adequacy Purpose, Amount | 142,788 | 113,812 |
Tier 1 leverage (to average assets), Required, For Capital Adequacy Purpose, Ratio | 3.00% | 3.00% |
Tier 1 leverage (to average assets), Required, To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $237,979 | $189,687 |
Tier 1 leverage (to average assets), Required, To Be Well Capitalized Under Prompt Corrective Action Provisions to risk-weighted assets, Ratio | 5.00% | 5.00% |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Disclosures [Abstract] | ' | ' |
Liabilities at fair value | $0 | $0 |
Fair value of private placement bonds | 18,700,000 | 23,100,000 |
Third party pricing for private placement bonds | 18,700,000 | 23,800,000 |
Matrix pricing or par value of private placement bonds, amount exceeded | ' | 700,000 |
Lower of the matrix price or par value of private placement bonds | 18,700,000 | 23,100,000 |
Impaired financing receivable recorded investment reduction to estimated fair value | 7,000,000 | 7,100,000 |
Estimated fair value of impaired loans and leases | 6,700,000 | 6,700,000 |
Partial charge-offs to reduce carrying value of impaired loans and leases to estimated fair value | 5,600,000 | 5,600,000 |
Specific loan and lease allocations to reduce carrying value of impaired loans and leases to estimated fair value | 1,400,000 | 1,500,000 |
Partial charge-offs, net of adjustments to the FDIC loss share receivable and the FDIC clawback payable | 4,700,000 | 6,200,000 |
Provision for loans and lease losses to cover charge-offs | 4,700,000 | 6,200,000 |
Impaired covered loans | $46,179,000 | $38,463,000 |
Estimated cost to sell percentage, minimum | 8.00% | ' |
Estimated cost to sell percentage, maximum | 10.00% | ' |
Discount rate of covered other real estate, minimum | 8.00% | ' |
Discount rate of covered other real estate, maximum | 9.50% | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 14, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | $669,384 | $494,266 | ' | ' | ' | ||
Total investment securities AFS | 655,574 | [1] | 480,577 | [1] | ' | ' | ' |
Impaired non-covered loans and leases | 8,087 | 6,664 | ' | ' | ' | ||
Impaired covered loans | 46,179 | 38,463 | ' | ' | ' | ||
Foreclosed assets not covered by FDIC loss share agreements | 11,851 | 13,924 | 31,762 | ' | 42,216 | ||
Foreclosed assets covered by FDIC loss share agreements | 37,960 | 52,951 | 72,907 | 93,899 | ' | ||
Total assets at fair value | 759,651 | 592,579 | ' | ' | ' | ||
Obligations of State and Political Subdivisions [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | 435,989 | [1] | 361,517 | [1] | ' | ' | ' |
U.S. Government Agency Securities [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | 218,869 | [1] | 118,284 | [1] | ' | ' | ' |
Corporate Bonds [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | 716 | [1] | 776 | [1] | ' | ' | ' |
Level 1 [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Total investment securities AFS | 0 | [1] | 0 | [1] | ' | ' | ' |
Impaired non-covered loans and leases | 0 | 0 | ' | ' | ' | ||
Impaired covered loans | 0 | 0 | ' | ' | ' | ||
Foreclosed assets not covered by FDIC loss share agreements | 0 | 0 | ' | ' | ' | ||
Foreclosed assets covered by FDIC loss share agreements | 0 | 0 | ' | ' | ' | ||
Total assets at fair value | 0 | 0 | ' | ' | ' | ||
Level 1 [Member] | Obligations of State and Political Subdivisions [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | 0 | [1] | 0 | [1] | ' | ' | ' |
Level 1 [Member] | U.S. Government Agency Securities [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | 0 | [1] | 0 | [1] | ' | ' | ' |
Level 1 [Member] | Corporate Bonds [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | 0 | [1] | 0 | [1] | ' | ' | ' |
Level 2 [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Total investment securities AFS | 636,892 | [1] | 376,405 | [1] | ' | ' | ' |
Impaired non-covered loans and leases | 0 | 0 | ' | ' | ' | ||
Impaired covered loans | 0 | 0 | ' | ' | ' | ||
Foreclosed assets not covered by FDIC loss share agreements | 0 | 0 | ' | ' | ' | ||
Foreclosed assets covered by FDIC loss share agreements | 0 | 0 | ' | ' | ' | ||
Total assets at fair value | 636,892 | 376,405 | ' | ' | ' | ||
Level 2 [Member] | Obligations of State and Political Subdivisions [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | 417,307 | [1] | 332,107 | [1] | ' | ' | ' |
Level 2 [Member] | U.S. Government Agency Securities [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | 218,869 | [1] | 43,522 | [1] | ' | ' | ' |
Level 2 [Member] | Corporate Bonds [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | 716 | [1] | 776 | [1] | ' | ' | ' |
Level 3 [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Total investment securities AFS | 18,682 | [1] | 104,172 | [1] | ' | ' | ' |
Impaired non-covered loans and leases | 8,087 | 6,664 | ' | ' | ' | ||
Impaired covered loans | 46,179 | 38,463 | ' | ' | ' | ||
Foreclosed assets not covered by FDIC loss share agreements | 11,851 | 13,924 | ' | ' | ' | ||
Foreclosed assets covered by FDIC loss share agreements | 37,960 | 52,951 | ' | ' | ' | ||
Total assets at fair value | 122,759 | 216,174 | ' | ' | ' | ||
Level 3 [Member] | Obligations of State and Political Subdivisions [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | 18,682 | [1] | 29,410 | [1] | ' | ' | ' |
Level 3 [Member] | U.S. Government Agency Securities [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | 0 | [1] | 74,762 | [1] | ' | ' | ' |
Level 3 [Member] | Corporate Bonds [Member] | ' | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||
Investment securities AFS | $0 | [1] | $0 | [1] | ' | ' | ' |
[1] | Does not include $13.8 million at December 31, 2013 and $13.7 million at December 31, 2012 of shares of FHLB-Dallas and FNBB stock that do not have readily determinable fair values and are carried at cost. |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets and Liabilities at Fair Value (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Investments carried at cost | $13.80 | $13.70 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Information Related to Level 3 Non-Recurring Fair Value Measurements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 14, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | |||||
Fair Value Measurements Disclosure [Line Items] | ' | ' | ' | ' | ' |
Impaired non-covered loans and leases | $8,087 | $6,664 | ' | ' | ' |
Impaired covered loans | 46,179 | 38,463 | ' | ' | ' |
Foreclosed assets not covered by FDIC loss share agreements | 11,851 | 13,924 | 31,762 | ' | 42,216 |
Foreclosed assets covered by FDIC loss share agreements | 37,960 | 52,951 | 72,907 | 93,899 | ' |
Level 3 [Member] | ' | ' | ' | ' | ' |
Fair Value Measurements Disclosure [Line Items] | ' | ' | ' | ' | ' |
Impaired non-covered loans and leases | 8,087 | 6,664 | ' | ' | ' |
Impaired covered loans | 46,179 | 38,463 | ' | ' | ' |
Foreclosed assets not covered by FDIC loss share agreements | 11,851 | 13,924 | ' | ' | ' |
Foreclosed assets covered by FDIC loss share agreements | $37,960 | $52,951 | ' | ' | ' |
Fair_Value_Measurements_Assets2
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis Utilizing Level 3 Inputs (Detail) (Investment Securities AFS [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment Securities AFS [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance, Asset | $104,172 | $24,192 |
Total realized gains/(losses) included in earnings | 0 | 0 |
Total unrealized gains/(losses) included in other comprehensive income | -1,941 | 359 |
Paydowns and maturities | -32,762 | -1,150 |
Acquired in Genala acquisition | ' | 81,121 |
Sales | 0 | -350 |
Transfers in and/or out of Level 3 | -50,787 | 0 |
Ending Balance, Asset | $18,682 | $104,172 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Investments in bank stock | $13.80 | $13.70 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Investment securities AFS | $669,384 | $494,266 | ' |
Time deposits | 897,210 | 780,849 | ' |
Other borrowings | 280,895 | 280,763 | ' |
FDIC clawback payable | 25,897 | 25,169 | 24,645 |
Carrying Amount [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents | 195,975 | 207,967 | ' |
Demand, savings and interest bearing transaction deposits | 2,819,817 | 2,320,206 | ' |
Repurchase agreements with customers | 53,103 | 29,550 | ' |
Carrying Amount [Member] | Level 2 and 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Investment securities AFS | 669,384 | 494,266 | ' |
Carrying Amount [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Loans and leases, net of ALLL | 3,314,134 | 2,714,869 | ' |
FDIC loss share receivable | 71,854 | 152,198 | ' |
FDIC clawback payable | 25,897 | 25,169 | ' |
Carrying Amount [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Time deposits | 897,210 | 780,849 | ' |
Other borrowings | 280,895 | 280,763 | ' |
Subordinated debentures | 64,950 | 64,950 | ' |
Estimated Fair Value [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents | 195,975 | 207,967 | ' |
Demand, savings and interest bearing transaction deposits | 2,819,817 | 2,320,206 | ' |
Repurchase agreements with customers | 53,103 | 29,550 | ' |
Estimated Fair Value [Member] | Level 2 and 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Investment securities AFS | 669,384 | 494,266 | ' |
Estimated Fair Value [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Loans and leases, net of ALLL | 3,286,600 | 2,683,896 | ' |
FDIC loss share receivable | 71,770 | 152,565 | ' |
FDIC clawback payable | 25,897 | 25,169 | ' |
Estimated Fair Value [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Time deposits | 897,708 | 781,784 | ' |
Other borrowings | 319,650 | 328,881 | ' |
Subordinated debentures | $30,974 | $30,523 | ' |
Supplemental_Data_for_Cash_Flo
Supplemental Data for Cash Flows - Schedule of Supplemental Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Cash Flows [Abstract] | ' | ' | ' |
Interest | $18,929 | $22,540 | $32,202 |
Taxes | 49,453 | 49,888 | 18,448 |
Loans transferred to foreclosed assets not covered by FDIC loss share agreements | 9,464 | 9,047 | 10,676 |
Loans advanced for sales of foreclosed assets not covered by FDIC loss share agreements | 2,942 | 12,710 | 675 |
Covered loans transferred to covered foreclosed assets | 34,756 | 33,020 | 29,014 |
Net change in unrealized gains and losses on investment securities AFS | -23,784 | 2,395 | 15,622 |
Common stock issued in merger and acquisition transactions | 60,079 | 14,123 | 0 |
Unsettled AFS investment security purchases | $917 | $2,513 | $0 |
Other_Operating_Expenses_Summa
Other Operating Expenses - Summary of Other Operating Expenses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Income And Expenses [Abstract] | ' | ' | ' |
Postage and supplies | $3,297 | $3,195 | $3,091 |
Telephone and data lines | 3,419 | 3,374 | 3,049 |
Advertising and public relations | 2,205 | 4,089 | 3,571 |
Professional and outside services | 6,690 | 4,401 | 4,822 |
Software expense | 5,400 | 3,265 | 3,082 |
Travel and meals | 2,236 | 2,705 | 3,488 |
FDIC and state assessments | 695 | 703 | 719 |
FDIC insurance | 1,875 | 1,505 | 2,155 |
ATM expense | 1,036 | 871 | 1,022 |
Loan collection and repossession expense | 4,381 | 6,135 | 7,873 |
Writedowns of foreclosed and other assets | 1,203 | 1,713 | 9,525 |
Amortization of intangible assets | 2,805 | 2,037 | 1,677 |
Other | 7,292 | 5,648 | 7,490 |
Total other operating expenses | $42,534 | $39,641 | $51,564 |
Earnings_Per_Common_Share_EPS_1
Earnings Per Common Share ("EPS") - Schedule of Calculation of Numerator and Denominator in Basic and Diluted Earnings Per Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Distributed earnings allocated to common stockholders | $25,744 | $17,293 | $12,661 |
Undistributed earnings allocated to common stockholders | 61,391 | 59,751 | 88,660 |
Net earnings allocated to common stockholders | $87,135 | $77,044 | $101,321 |
Denominator for basic EPS - weighted-average common shares | 35,955 | 34,637 | 34,260 |
Effect of dilutive securities - stock options | 246 | 251 | 222 |
Denominator for diluted EPS - weighted-average common shares and assumed conversions | 36,201 | 34,888 | 34,482 |
Basic EPS | $2.42 | $2.22 | $2.96 |
Diluted EPS | $2.41 | $2.21 | $2.94 |
Earnings_Per_Common_Share_EPS_2
Earnings Per Common Share ("EPS") - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Options to purchase shares of the Company's common stock | 238,050 | 257,350 | 213,400 |
Weighted-average exercise price, per share | $49.59 | $31.86 | $23.69 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Summit Bank [Member], USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 30, 2014 | Jan. 30, 2014 |
Minimum [Member] | Maximum [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Minimum [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Total transaction value | ' | ' | ' | $216,000 | ' |
Date of definitive agreement | ' | ' | ' | 30-Jan-14 | ' |
Percentage of summit shareholders receiving shares of the Company's common stock | ' | ' | ' | ' | 80.00% |
Number of days for calculation of average closing stock price | '10 days | ' | ' | ' | ' |
Average closing stock price | ' | $43.58 | $72.63 | ' | ' |
Measurement period for determining the average closing stock price | 'Fifth business day | ' | ' | ' | ' |
Parent_Company_Financial_Infor2
Parent Company Financial Information - Schedule of Condensed Balance Sheets of Parent Company (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ' | ' |
Cash | $195,975 | $207,967 | $58,927 | $49,029 |
Excess cost over fair value of net assets acquired | 5,200 | 5,200 | ' | ' |
Other, net | 63,448 | 29,404 | ' | ' |
Total assets | 4,787,068 | 4,040,207 | ' | ' |
Liabilities and Stockholders' Equity: | ' | ' | ' | ' |
Income taxes payable | ' | 2,800 | ' | ' |
Subordinated debentures | 64,950 | 64,950 | ' | ' |
Total liabilities | 4,158,640 | 3,529,101 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 369 | 353 | ' | ' |
Additional paid-in capital | 143,385 | 73,043 | ' | ' |
Retained earnings | 484,876 | 423,485 | ' | ' |
Accumulated other comprehensive income (loss) | -3,672 | 10,783 | ' | ' |
Total stockholders' equity | 628,428 | 511,106 | 427,973 | 323,770 |
Total liabilities and stockholders' equity | 4,787,068 | 4,040,207 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Cash | 13,044 | 11,230 | 11,307 | 6,570 |
Investment in consolidated bank subsidiary | 670,187 | 557,601 | ' | ' |
Investment in unconsolidated Trusts | 1,950 | 1,950 | ' | ' |
Excess cost over fair value of net assets acquired | 1,092 | 1,092 | ' | ' |
Other, net | 3,873 | 1,916 | ' | ' |
Total assets | 690,146 | 573,789 | ' | ' |
Liabilities and Stockholders' Equity: | ' | ' | ' | ' |
Accounts payable | 72 | 27 | ' | ' |
Accrued interest payable | 166 | 171 | ' | ' |
Income taxes payable | 0 | 977 | ' | ' |
Subordinated debentures | 64,950 | 64,950 | ' | ' |
Total liabilities | 65,188 | 66,125 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 369 | 353 | ' | ' |
Additional paid-in capital | 143,385 | 73,043 | ' | ' |
Retained earnings | 484,876 | 423,485 | ' | ' |
Accumulated other comprehensive income (loss) | -3,672 | 10,783 | ' | ' |
Total stockholders' equity | 624,958 | 507,664 | ' | ' |
Total liabilities and stockholders' equity | $690,146 | $573,789 | ' | ' |
Parent_Company_Financial_Infor3
Parent Company Financial Information - Schedule of Condensed Statements of Income of Parent Company (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income: | ' | ' | ' |
Total income | $212,153 | $195,946 | $199,169 |
Expenses: | ' | ' | ' |
Other operating expenses | 42,534 | 39,641 | 51,564 |
Income before taxes | 127,312 | 110,999 | 151,511 |
Income tax benefit | -40,149 | -33,935 | -50,208 |
Net income | 87,163 | 77,064 | 101,303 |
Parent Company [Member] | ' | ' | ' |
Income: | ' | ' | ' |
Dividends from Bank | 34,000 | 26,750 | 12,300 |
Dividends from Trusts | 52 | 55 | 52 |
Interest | 0 | 437 | 1,145 |
Other | 24 | 8 | 0 |
Total income | 34,076 | 27,250 | 13,497 |
Expenses: | ' | ' | ' |
Interest | 1,720 | 1,848 | 1,740 |
Other operating expenses | 7,716 | 5,016 | 3,447 |
Total expenses | 9,436 | 6,864 | 5,187 |
Income before taxes | 24,640 | 20,386 | 8,310 |
Income tax benefit | 3,956 | 2,818 | 1,792 |
Equity in undistributed earnings of Bank | 58,539 | 53,840 | 91,219 |
Net income | $87,135 | $77,044 | $101,321 |
Parent_Company_Financial_Infor4
Parent Company Financial Information - Schedule of Condensed Statements of Cash Flows of Parent Company (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $87,163 | $77,064 | $101,303 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Deferred income tax benefit | -10,148 | -7,808 | 11,866 |
Stock-based compensation expense | 4,487 | 2,607 | 1,528 |
Tax benefits on exercise of stock options and vesting of common stock under restricted stock plan | -3,173 | -1,538 | -870 |
Changes in other assets and other liabilities | 8,653 | 3,792 | 13,637 |
Net cash provided (used) by operating activities | 50,160 | -15,698 | 20,588 |
Cash flows from investing activities: | ' | ' | ' |
Net cash (used) provided by investing activities | -75,119 | 187,596 | 793,010 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of stock options | 4,274 | 3,979 | 4,032 |
Tax benefits on exercise of stock options and vesting of common stock under restricted stock plan | 3,173 | 1,538 | 870 |
Repurchase of common stock under restricted stock plan | -1,370 | -341 | 0 |
Cash dividends paid on common stock | -25,744 | -17,293 | -12,661 |
Net cash provided (used) by financing activities | 12,967 | -22,858 | -803,700 |
Net increase (decrease) in cash | -11,992 | 149,040 | 9,898 |
Cash and cash equivalents - beginning of year | 207,967 | 58,927 | 49,029 |
Cash and cash equivalents - end of year | 195,975 | 207,967 | 58,927 |
Parent Company [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 87,135 | 77,044 | 101,321 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Equity in undistributed earnings of Bank | -58,539 | -53,840 | -91,219 |
Deferred income tax benefit | -566 | -396 | -177 |
Stock-based compensation expense | 4,487 | 2,607 | 1,528 |
Tax benefits on exercise of stock options and vesting of common stock under restricted stock plan | -3,173 | -1,538 | -870 |
Changes in other assets and other liabilities | 844 | 1,319 | 2,445 |
Net cash provided (used) by operating activities | 30,188 | 25,196 | 13,028 |
Cash flows from investing activities: | ' | ' | ' |
Net paydowns (fundings) of portfolio loans | 0 | 67 | -532 |
Cash paid in merger and acquisition transactions, net of cash required | -8,707 | -13,223 | 0 |
Net cash (used) provided by investing activities | -8,707 | -13,156 | -532 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of stock options | 4,274 | 3,979 | 4,032 |
Tax benefits on exercise of stock options and vesting of common stock under restricted stock plan | 3,173 | 1,538 | 870 |
Repurchase of common stock under restricted stock plan | -1,370 | -341 | 0 |
Cash dividends paid on common stock | -25,744 | -17,293 | -12,661 |
Net cash provided (used) by financing activities | -19,667 | -12,117 | -7,759 |
Net increase (decrease) in cash | 1,814 | -77 | 4,737 |
Cash and cash equivalents - beginning of year | 11,230 | 11,307 | 6,570 |
Cash and cash equivalents - end of year | $13,044 | $11,230 | $11,307 |