Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | OZRK | |
Entity Registrant Name | BANK OF THE OZARKS INC | |
Entity Central Index Key | 1,038,205 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 86,813,057 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
ASSETS | |||
Cash and due from banks | $ 512,908 | $ 147,751 | $ 107,240 |
Interest earning deposits | 1,982 | 2,452 | 3,448 |
Cash and cash equivalents | 514,890 | 150,203 | 110,688 |
Investment securities - available for sale ("AFS") | 782,277 | 839,321 | 892,129 |
Non-purchased loans and leases | 4,767,123 | 3,979,870 | 3,171,585 |
Purchased loans | 1,826,848 | 1,147,947 | 1,404,069 |
Total loans and leases | 6,593,971 | 5,127,817 | 4,575,654 |
Allowance for loan and lease losses | (56,749) | (52,918) | (46,958) |
Net loans and leases | 6,537,222 | 5,074,899 | 4,528,696 |
Federal Deposit Insurance Corporation ("FDIC") loss share receivable | 0 | 0 | 50,679 |
Premises and equipment, net | 285,087 | 273,591 | 265,061 |
Foreclosed assets | 25,973 | 37,775 | 56,356 |
Accrued interest receivable | 26,345 | 20,192 | 21,143 |
Bank owned life insurance ("BOLI") | 269,311 | 182,052 | 179,277 |
Intangible assets, net | 151,150 | 105,576 | 108,640 |
Other, net | 118,180 | 82,890 | 85,306 |
Total assets | 8,710,435 | 6,766,499 | 6,297,975 |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Demand non-interest bearing | 1,320,779 | 1,145,454 | 1,058,210 |
Savings and interest bearing transaction | 3,645,551 | 2,892,989 | 2,748,929 |
Time | 2,120,969 | 1,457,939 | 1,176,758 |
Total deposits | 7,087,299 | 5,496,382 | 4,983,897 |
Repurchase agreements with customers | 70,011 | 65,578 | 55,999 |
Other borrowings | 161,931 | 190,855 | 280,875 |
Subordinated debentures | 117,403 | 64,950 | 64,950 |
FDIC clawback payable | 0 | 0 | 26,533 |
Accrued interest payable and other liabilities | 61,033 | 36,892 | 32,063 |
Total liabilities | $ 7,497,677 | $ 5,854,657 | $ 5,444,317 |
Commitments and contingencies | |||
Stockholders' equity: | |||
Preferred stock; $0.01 par value; 1,000,000 shares authorized; no shares outstanding at June 30, 2015 and 2014 or at December 31, 2014 | $ 0 | $ 0 | $ 0 |
Common stock; $0.01 par value; 125,000,000 shares authorized; 86,811,457, 79,662,150 and 79,924,350 shares issued at June 30, 2015, June 30, 2014 and December 31, 2014, respectively | 868 | 799 | 797 |
Additional paid-in capital | 566,320 | 324,354 | 315,267 |
Retained earnings | 633,998 | 571,454 | 524,134 |
Accumulated other comprehensive income | 8,068 | 14,132 | 10,006 |
Treasury stock, at cost, none at June 30, 2015 or June 30, 2014, 72,268 shares at December 31, 2014 | 0 | (2,349) | 0 |
Total stockholders' equity before noncontrolling interest | 1,209,254 | 908,390 | 850,204 |
Noncontrolling interest | 3,504 | 3,452 | 3,454 |
Total stockholders' equity | 1,212,758 | 911,842 | 853,658 |
Total liabilities and stockholders' equity | $ 8,710,435 | $ 6,766,499 | $ 6,297,975 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 125,000,000 | 125,000,000 | 125,000,000 |
Common stock, shares issued | 86,811,457 | 79,924,350 | 79,662,150 |
Treasury stock, Shares | 0 | 72,268 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income: | ||||
Non-purchased loans and leases | $ 56,637 | $ 36,833 | $ 107,069 | $ 70,247 |
Purchased loans | 35,762 | 25,128 | 68,622 | 42,013 |
Investment securities: | ||||
Taxable | 3,230 | 2,790 | 6,715 | 5,149 |
Tax-exempt | 4,456 | 4,974 | 9,125 | 9,371 |
Deposits with banks and federal funds sold | 18 | 35 | 27 | 38 |
Total interest income | 100,103 | 69,760 | 191,558 | 126,818 |
Interest expense: | ||||
Deposits | 3,917 | 1,827 | 7,454 | 3,408 |
Repurchase agreements with customers | 19 | 13 | 36 | 25 |
Other borrowings | 1,443 | 2,692 | 3,146 | 5,347 |
Subordinated debentures | 968 | 427 | 1,676 | 840 |
Total interest expense | 6,347 | 4,959 | 12,312 | 9,620 |
Net interest income | 93,756 | 64,801 | 179,246 | 117,198 |
Provision for loan and lease losses | (4,308) | (5,582) | (10,623) | (6,887) |
Net interest income after provision for loan and lease losses | 89,448 | 59,219 | 168,623 | 110,311 |
Non-interest income: | ||||
Service charges on deposit accounts | 7,088 | 6,605 | 13,715 | 12,244 |
Mortgage lending income | 1,772 | 1,126 | 3,279 | 2,080 |
Trust income | 1,463 | 1,364 | 2,895 | 2,681 |
BOLI income | 1,785 | 1,278 | 5,407 | 2,408 |
Net amortization of FDIC loss share receivable and FDIC clawback payable | 0 | (741) | 0 | (49) |
Other income from purchased loans, net | 6,971 | 3,629 | 15,879 | 6,940 |
Net gains on investment securities | 85 | 18 | 2,618 | 23 |
Gains on sales of other assets | 2,557 | 1,448 | 5,385 | 2,422 |
Gain on merger and acquisition transaction | 0 | 0 | 0 | 4,667 |
Other | 1,549 | 2,661 | 3,159 | 4,333 |
Total non-interest income | 23,270 | 17,388 | 52,337 | 37,749 |
Non-interest expense: | ||||
Salaries and employee benefits | 22,646 | 18,831 | 45,243 | 36,520 |
Net occupancy and equipment | 7,344 | 5,707 | 14,635 | 10,751 |
Other operating expenses | 13,734 | 13,340 | 34,030 | 28,062 |
Total non-interest expense | 43,724 | 37,878 | 93,908 | 75,333 |
Income before taxes | 68,994 | 38,729 | 127,052 | 72,727 |
Provision for income taxes | 24,190 | 12,251 | 42,330 | 20,981 |
Net income | 44,804 | 26,478 | 84,722 | 51,746 |
Earnings attributable to noncontrolling interest | (28) | 8 | (52) | 16 |
Net income available to common stockholders | $ 44,776 | $ 26,486 | $ 84,670 | $ 51,762 |
Basic earnings per common share | $ 0.52 | $ 0.35 | $ 0.99 | $ 0.69 |
Diluted earnings per common share | 0.51 | 0.34 | 0.98 | 0.68 |
Dividends declared per common share | $ 0.135 | $ 0.115 | $ 0.265 | $ 0.225 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 44,804 | $ 26,478 | $ 84,722 | $ 51,746 |
Other comprehensive income (loss): | ||||
Unrealized gains and losses on investment securities AFS | (10,091) | 11,199 | (7,600) | 22,529 |
Tax effect of unrealized gains and losses on investment securities AFS | 3,844 | (4,393) | 3,157 | (8,837) |
Reclassification of gains and losses on investment securities AFS included in net income | (85) | (18) | (2,618) | (23) |
Tax effect of reclassification of gains and losses on investment securities AFS included in net income | 33 | 7 | 997 | 9 |
Total other comprehensive income (loss) | (6,299) | 6,795 | (6,064) | 13,678 |
Total comprehensive income | $ 38,505 | $ 33,273 | $ 78,658 | $ 65,424 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Non-Controlling Interest [Member] |
Balances at Dec. 31, 2013 | $ 632,530 | $ 737 | $ 143,017 | $ 488,978 | $ (3,672) | $ 0 | $ 3,470 |
Net income | 51,746 | 0 | 0 | 51,746 | 0 | 0 | 0 |
Earnings attributable to noncontrolling interest | 0 | 0 | 0 | 16 | 0 | 0 | (16) |
Total other comprehensive income (loss) | 13,678 | 0 | 0 | 0 | 13,678 | 0 | 0 |
Common stock dividends paid | (16,606) | 0 | 0 | (16,606) | 0 | 0 | 0 |
Issuance of common stock for exercise of stock options | 1,572 | 2 | 1,570 | 0 | 0 | 0 | 0 |
Excess tax benefit on stock-based compensation | 1,373 | 0 | 1,373 | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 3,050 | 0 | 3,050 | 0 | 0 | 0 | 0 |
Forfeiture of unvested restricted common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of common stock for acquisition | 166,315 | 58 | 166,257 | 0 | 0 | 0 | 0 |
Balances at Jun. 30, 2014 | 853,658 | 797 | 315,267 | 524,134 | 10,006 | 0 | 3,454 |
Balances at Dec. 31, 2014 | 911,842 | 799 | 324,354 | 571,454 | 14,132 | (2,349) | 3,452 |
Net income | 84,722 | 0 | 0 | 84,722 | 0 | 0 | 0 |
Earnings attributable to noncontrolling interest | 0 | 0 | 0 | (52) | 0 | 0 | 52 |
Total other comprehensive income (loss) | (6,064) | 0 | 0 | 0 | (6,064) | 0 | 0 |
Common stock dividends paid | (22,126) | 0 | 0 | (22,126) | 0 | 0 | 0 |
Issuance of common stock for exercise of stock options | 997 | 1 | 996 | 0 | 0 | 0 | 0 |
Issuance of unvested restricted common stock | 0 | 2 | (2,351) | 0 | 0 | 2,349 | 0 |
Excess tax benefit on stock-based compensation | 791 | 0 | 791 | 0 | 0 | 0 | 0 |
Stock-based compensation expense | 4,220 | 0 | 4,220 | 0 | 0 | 0 | 0 |
Forfeiture of unvested restricted common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of common stock to non-employee directors | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Issuance of common stock for acquisition | 238,376 | 66 | 238,310 | 0 | 0 | 0 | 0 |
Balances at Jun. 30, 2015 | $ 1,212,758 | $ 868 | $ 566,320 | $ 633,998 | $ 8,068 | $ 0 | $ 3,504 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance of common stock for exercise of stock options, shares | 99,050 | 185,000 |
Issuance of unvested restricted common stock, shares | 245,300 | |
Forfeiture of unvested restricted common stock, shares | 29,875 | 400 |
Issuance of common stock to non-employee directors, shares | 7,657 | |
Issuance of common stock for acquisitions, shares | 6,637,243 | 5,765,846 |
Common stock issuance costs | $ 100,000 | $ 88,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 84,722 | $ 51,746 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 4,575 | 3,816 |
Amortization | 3,236 | 1,932 |
Earnings attributable to noncontrolling interest | (52) | 16 |
Provision for loan and lease losses | 10,623 | 6,887 |
Provision for losses on foreclosed assets | 2,427 | 863 |
Net (accretion) amortization of investment securities AFS | (51) | 301 |
Net gains on investment securities AFS | (2,618) | (23) |
Originations of mortgage loans held for sale | (136,267) | (90,110) |
Proceeds from sales of mortgage loans held for sale | 127,302 | 83,337 |
Accretion of purchased loans | (68,622) | (42,013) |
Net amortization of FDIC loss share receivable and FDIC clawback payable | 0 | 49 |
Gains on sales of other assets | (5,385) | (2,422) |
Gain on merger and acquisition transaction | 0 | (4,667) |
Prepayment penalty on Federal Home Loan Bank of Dallas advances | 2,480 | 0 |
Deferred income tax expense (benefit) | 2,252 | (3,407) |
Increase in cash surrender value of BOLI | (3,119) | (2,408) |
BOLI death benefits in excess of cash surrender value | (2,289) | 0 |
Stock-based compensation expense | 4,220 | 3,050 |
Excess tax benefit on stock-based compensation | (791) | (1,373) |
Changes in assets and liabilities: | ||
Accrued interest receivable | (4,420) | (2,049) |
Other assets, net | 28,658 | 3,449 |
Accrued interest payable and other liabilities | (1,951) | 13,094 |
Net cash provided by operating activities | 44,930 | 20,068 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities AFS | 32,777 | 48,394 |
Proceeds from maturities/calls/paydowns of investment securities AFS | 81,532 | 29,706 |
Purchases of investment securities AFS | (37,522) | (35,109) |
Net increase of non-purchased loans and leases | (800,061) | (539,695) |
Payments received on purchased loans | 462,027 | 207,403 |
Payments received from FDIC under loss share agreements | 0 | 16,076 |
Other net decreases in assets covered by FDIC loss share agreements and FDIC loss share receivable | 0 | 9,246 |
Purchases of premises and equipment | (9,720) | (4,586) |
Purchase of BOLI | (85,000) | 0 |
Proceeds from BOLI death benefits | 3,149 | 0 |
Proceeds from sales of other assets | 40,018 | 30,166 |
Cash invested in unconsolidated investments | (639) | (2,320) |
Net cash received in merger and acquisition transactions | 274,235 | 121,918 |
Net cash used by investing activities | (39,204) | (118,801) |
Cash flows from financing activities: | ||
Net increase in deposits | 406,269 | 41,190 |
Net repayments of other borrowings | (31,404) | (464) |
Net increase (decrease) in repurchase agreements with customers | 4,434 | (13,619) |
Proceeds from exercise of stock options | 997 | 1,572 |
Excess tax benefit on stock-based compensation | 791 | 1,373 |
Cash dividends paid on common stock | (22,126) | (16,606) |
Net cash provided by financing activities | 358,961 | 13,446 |
Net increase (decrease) in cash and cash equivalents | 364,687 | (85,287) |
Cash and cash equivalents - beginning of period | 150,203 | 195,975 |
Cash and cash equivalents - end of period | $ 514,890 | $ 110,688 |
Organization and Principles of
Organization and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Principles of Consolidation | 1. Organization and Principles of Consolidation 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”), eight 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”), Ozark Capital Statutory Trust V (“Ozark V”) (collectively, the “Ozark Trusts”), Intervest Statutory Trust II (“Intervest II”), Intervest Statutory Trust III (“Intervest III”), Intervest Statutory Trust IV (“Intervest IV”) and Intervest Statutory Trust V (“Intervest V”), (collectively, the “Intervest Trusts”; and together with Ozark Trusts, 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 Company and Bank are subject to the regulation of certain federal and state agencies and undergo periodic examinations by those regulatory authorities. The consolidated financial statements include the accounts of the Company, the Bank, the real estate subsidiary, the aircraft subsidiary and certain of those various other entities in accordance with accounting principles generally accepted in the United States (“GAAP”). Significant intercompany transactions and amounts have been eliminated in consolidation. At June 30, 2015, the Company had 164 offices, including 80 in Arkansas, 28 in Georgia, 21 in Texas, 16 in North Carolina, 11 in Florida, three in Alabama, two offices each in South Carolina and New York and one office in California. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The accompanying consolidated financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) in Article 10 of Regulation S-X and in accordance with the instructions to Form 10-Q and GAAP for interim financial information. Certain information, accounting policies and footnote disclosures normally included in complete financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, all adjustments considered necessary, consisting of normal recurring items, have been included for a fair presentation of the accompanying consolidated financial statements. Operating results for the three months or six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the full year or future periods. Certain reclassifications of prior period amounts have been made to conform with the current period presentation. These reclassifications had no impact on previously reported net income. During the fourth quarter of 2014, the Bank and the Federal Deposit Insurance Corporation (“FDIC”) entered into agreements terminating the loss share agreements for all seven of its FDIC-assisted acquisitions. As a result of entering these termination agreements, the Company reclassified its loans previously reported as covered by FDIC loss share to purchased loans for all periods presented, and it has reclassified all interest income on loans previously reported as covered by FDIC loss share to interest income on purchased loans for all periods presented. During the second quarter of 2015, the Company revised its initial estimates and assumptions regarding the recovery of certain acquired loans and acquired deferred tax assets from its acquisition of Intervest Bancshares Corporation (“Intervest”). As a result, certain amounts previously reported in the Company’s consolidated financial statements have been recast. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions Intervest On February 10, 2015, the Company completed its previously announced acquisition of Intervest and its wholly-owned bank subsidiary Intervest National Bank, for an aggregate of 6,637,243 shares of its common stock (plus cash in lieu of fractional shares) in a transaction valued at approximately $238.5 million. The acquisition of Intervest provided the Company with a banking office in New York City and expanded its service area in Florida by adding five banking offices in Clearwater, Florida and one office in South Pasadena, Florida. During the second quarter of 2015, management revised its initial estimates and assumptions regarding the recovery of certain acquired loans and acquired deferred tax assets. Because such revision occurred during the first 12 months following the date of acquisition and was not the result of a change in circumstances, management has recast the first quarter 2015 consolidated financial statements to decrease the goodwill recorded in the Intervest acquisition by $2.7 million to reflect this change in estimate. The following table provides a summary of the assets acquired and liabilities assumed as recorded by Intervest, the estimates of the fair value adjustments necessary to adjust those acquired assets and assumed liabilities to estimated fair value, the recast adjustment described above and the estimates of 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. 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”). 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. February 10, 2015 As Recorded Intervest Fair Value Adjustments (1) Recast As Recorded (1) (Dollars in thousands) Assets acquired: Cash, due from banks and interest earning deposits $ 274,343 $ 0 $ 0 $ 274,343 Investment securities 21,495 321 a 0 21,816 Loans 1,108,439 (33,868 ) b 4,393 1,078,964 Allowance for loan losses (25,208 ) 25,208 b 0 0 Premises and equipment 4,357 2,256 c 0 6,613 Foreclosed assets 2,350 (1,710 ) d 0 640 Accrued interest receivable and other assets 34,076 (4,091 ) e (689 ) 29,296 Core deposit intangible asset 0 4,595 f 0 4,595 Deferred income taxes 11,758 8,082 g (985 ) 18,855 Total assets acquired 1,431,610 793 2,719 1,435,122 Liabilities assumed: Deposits 1,162,437 22,211 h 0 1,184,648 Subordinated debentures 56,702 (4,463 ) i 0 52,239 Accrued interest payable and other liabilities 3,608 358 j 0 3,966 Total liabilities assumed 1,222,747 18,106 0 1,240,853 Net assets acquired $ 208,863 $ (17,313 ) $ 2,719 194,269 Consideration paid: Cash in lieu of fractional shares (7 ) Stock (238,476 ) Total consideration paid (238,483 ) Goodwill $ 44,214 (1) Management is continuing to evaluate each of these fair value adjustments and may revise one or more of such fair value adjustments in future periods. To the extent that any of these fair value adjustments are revised in future periods, the resultant fair values and the amount of goodwill may be subject to further adjustment. Explanation of preliminary fair value adjustments a- Adjustment reflects the fair value adjustment based on the pricing of the acquired investment securities portfolio. b- Adjustment reflects the fair value adjustment based on the 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 evaluation of the premises and equipment acquired. d- Adjustment reflects the fair value adjustment based on the evaluation of the acquired foreclosed assets. e- Adjustment reflects the fair value adjustment based on the 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. h- Adjustment reflects the fair value adjustment based on the evaluation of the acquired deposits. i- Adjustment reflects the fair value adjustment of these assumed liabilities based on a valuation of such instruments by an independent, third party valuation firm. j- Adjustment reflects the amount needed to adjust other liabilities to estimated fair value and to record certain liabilities directly attributable to the Intervest acquisition. As a result of the recast adjustment described above, certain amounts previously reported in the Company’s consolidated financial statements as of March 31, 2015 have been recast. The following is a summary of those financial statement captions that have been impacted by the recast adjustment. As Recast As Recast (Dollars in thousands) Purchased loans $ 2,042,164 $ 4,393 $ 2,046,557 Net deferred tax asset 63,483 (985 ) 62,498 Goodwill 125,603 (2,719 ) 122,884 Income taxes receivable 689 (689 ) 0 Goodwill of $44.2 million, which is the excess of the merger consideration over the fair value of net assets acquired, was recorded in the Intervest acquisition and is the result of expected operational synergies, expansion of full service banking in New York City and other factors. This goodwill is not expected to be deductible for tax purposes. To the extent that management further revises any of the above fair value adjustments as a result of its continuing evaluation, the amount of goodwill recorded in the Intervest acquisition may be subject to further adjustment. The Company’s consolidated results of operations include the operating results of Intervest beginning February 11, 2015 through the end of the reporting period. For the three months ended June 30, 2015, Intervest contributed $14.9 million of net interest income and $8.6 million of net income to the Company’s operating results. For the six months ended June 30, 2015, Intervest contributed $23.8 million of net interest income and $13.5 million of net income to the Company’s operating results. The following unaudited supplemental pro forma information is presented to show the estimated results assuming Intervest was acquired as of the beginning of the earliest period presented, adjusted for estimated potential costs savings. These unaudited 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, 2014 or 2015 and should not be considered as representative of future operating results. Six Months Ended June 30, 2015 2014 (Dollars in thousands, except per share amounts) Net interest income – pro forma (unaudited) $ 186,428 $ 143,484 Net income – pro forma (unaudited) $ 88,745 $ 62,949 Diluted earnings per common share – pro forma (unaudited) $ 1.01 $ 0.76 Summit Bancorp, Inc. On May 16, 2014, the Company completed the acquisition of Summit Bancorp, Inc. (“Summit”) and Summit Bank, its wholly-owned bank subsidiary, for an aggregate of $42.5 million in cash and 5,765,846 shares of its common stock. The acquisition of Summit expanded its service area in Central, South and Western Arkansas by adding 23 banking locations and one loan production office in nine Arkansas counties. During the second quarter of 2014, the Company closed one of the banking offices and the one loan production office acquired in the Summit acquisition. During the fourth quarter of 2014 and the second quarter of 2015, the Company closed eight additional banking offices, including six that were acquired from Summit, in markets where the Company had excess branches as a result of the Summit acquisition. Goodwill of $73.4 million, which is the excess of the merger consideration over the fair value of net assets acquired, was recorded in the Summit acquisition and is the result of expected operational synergies and other factors. This goodwill is not expected to be deductible for tax purposes. Bancshares, Inc. On March 5, 2014, the Company completed its acquisition of Bancshares, Inc. (“Bancshares”) and OMNIBANK, N.A., its wholly-owned bank subsidiary, for an aggregate of $21.5 million in cash. The Company recognized a bargain purchase gain of $4.7 million during the first quarter of 2014 as a result of the Bancshares acquisition. The acquisition of Bancshares expanded the Company’s service area in South Texas by adding three offices in Houston and one office each in Austin, Cedar Park, Lockhart, and San Antonio. |
Earnings Per Common Share ("EPS
Earnings Per Common Share ("EPS") | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share ("EPS") | 4. Earnings Per Common Share (“EPS”) Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding after consideration of the dilutive effect, if any, of outstanding common stock options using the treasury stock method. No options to purchase shares of common stock for the three months ended June 30, 2015 and 2014 or the six months ended June 30, 2014 were excluded from the diluted EPS calculations as all options were dilutive. Options to purchase 531,500 shares of the Company’s common stock at a weighted-average exercise price of $40.34 were outstanding but not included in the computation of diluted EPS for the six months ended June 30, 2015 because the options exercise price was greater than the average market price of the common shares and inclusion would have been antidilutive. The following table presents the computation of basic and diluted EPS for the periods indicated. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Numerator: Distributed earnings allocated to common stockholders $ 11,713 $ 8,497 $ 22,126 $ 16,606 Undistributed earnings allocated to common stockholders 33,063 17,989 62,544 35,156 Net income available to common stockholders $ 44,776 $ 26,486 $ 84,670 $ 51,762 Denominator: Denominator for basic EPS – weighted-average common shares 86,786 76,743 85,251 75,281 Effect of dilutive securities – stock options 729 723 750 700 Denominator for diluted EPS – weighted-average common shares and assumed conversions 87,515 77,466 86,001 75,981 Basic EPS $ 0.52 $ 0.35 $ 0.99 $ 0.69 Diluted EPS $ 0.51 $ 0.34 $ 0.98 $ 0.68 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 5. Investment Securities At June 30, 2015 and 2014 and at December 31, 2014, the Company classified all of its investment securities portfolio as AFS. Accordingly, investment securities are stated at estimated fair value in the consolidated financial statements with unrealized gains and losses, net of related income tax, reported as a separate component of stockholders’ equity and included in accumulated other comprehensive income (loss). The following table presents the amortized cost and estimated fair value of investment securities AFS as of the dates indicated. The Company’s investment in the “CRA qualified investment fund” includes shares held in a mutual fund that qualifies under the Community Reinvestment Act of 1977 for community reinvestment purposes. The Company’s holdings of equity securities in Federal Home Loan Bank of Dallas (“FHLB”) and First National Banker’s Bankshares, Inc. (“FNBB”) do not have readily determinable fair values and are carried at cost. Amortized Gross Gross Estimated (Dollars in thousands) June 30, 2015: Obligations of state and political subdivisions $ 496,777 $ 11,768 $ (1,630 ) $ 506,915 U.S. Government agency securities 257,849 4,627 (1,723 ) 260,753 Corporate obligations 3,574 0 0 3,574 CRA qualified investment fund 1,028 0 (8 ) 1,020 FHLB and FNBB equity securities 10,015 0 0 10,015 Total $ 769,243 $ 16,395 $ (3,361 ) $ 782,277 December 31, 2014: Obligations of state and political subdivisions $ 555,335 $ 18,267 $ (393 ) $ 573,209 U.S. Government agency securities 245,854 6,144 (765 ) 251,233 Corporate obligations 654 0 0 654 FHLB and FNBB equity securities 14,225 0 0 14,225 Total $ 816,068 $ 24,411 $ (1,158 ) $ 839,321 June 30, 2014: Obligations of state and political subdivisions $ 603,533 $ 15,536 $ (2,504 ) $ 616,565 U.S. Government agency securities 254,878 5,613 (2,180 ) 258,311 Corporate obligations 685 0 0 685 FHLB and FNBB equity securities 16,568 0 0 16,568 Total $ 875,664 $ 21,149 $ (4,684 ) $ 892,129 The following table shows estimated fair value of investment securities AFS having gross unrealized losses and the amount of such unrealized losses, aggregated by investment category and length of time that individual investment securities have been in a continuous unrealized loss position, as of the dates indicated. Less than 12 Months 12 Months or More Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) June 30, 2015: Obligations of state and political subdivisions $ 104,621 $ 1,532 $ 7,515 $ 98 $ 112,136 $ 1,630 U.S. Government agency securities 76,252 1,534 7,181 189 83,433 1,723 CRA qualified investment fund 1,020 8 0 0 1,020 8 Total temporarily impaired securities $ 181,893 $ 3,074 $ 14,696 $ 287 $ 196,589 $ 3,361 December 31, 2014: Obligations of state and political subdivisions $ 29,174 $ 75 $ 34,414 $ 318 $ 63,588 $ 393 U.S. Government agency securities 9,630 25 47,626 740 57,256 765 Total temporarily impaired securities $ 38,804 $ 100 $ 82,040 $ 1,058 $ 120,844 $ 1,158 June 30, 2014: Obligations of state and political subdivisions $ 60,769 $ 386 $ 79,000 $ 2,118 $ 139,769 $ 2,504 U.S. Government agency securities 15,227 67 58,608 2,113 73,835 2,180 Total temporarily impaired securities $ 75,996 $ 453 $ 137,608 $ 4,231 $ 213,604 $ 4,684 In evaluating the Company’s unrealized loss positions for other-than-temporary impairment of its 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 June 30, 2015 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 considers these unrealized losses to be temporary in nature. The Company does not have the intent to sell these investment securities with unrealized losses and, more likely than not, will not be required to sell these investment securities before fair value recovers to amortized cost. The following table shows the amortized cost and estimated fair value of investment securities AFS by maturity or estimated date of repayment as of the date indicated. June 30, 2015 Maturity or Estimated Repayment Amortized Estimated (Dollars in thousands) One year or less $ 36,133 $ 36,619 After one year to five years 139,079 140,690 After five years to ten years 189,702 192,251 After ten years 404,329 412,717 Total $ 769,243 $ 782,277 For purposes of this maturity distribution, all investment securities AFS are shown based on their contractual maturity date or estimated date of repayment, except (i) FHLB and FNBB equity securities and the CRA qualified investment fund 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 or other estimates of prepayment speeds and interest rate levels at the measurement date. 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. The following table is a summary of sales activities in the Company’s investment securities AFS for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Sales proceeds $ 2,660 $ 47,170 $ 32,777 $ 48,394 Gross realized gains $ 85 $ 18 $ 2,619 $ 23 Gross realized losses 0 0 (1 ) 0 Net gains on investment securities $ 85 $ 18 $ 2,618 $ 23 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators | 6 Months Ended |
Jun. 30, 2015 | |
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 for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Beginning balance $ 54,147 $ 43,861 $ 52,918 $ 42,945 Non-purchased loans and leases charged off (1,496 ) (1,650 ) (5,575 ) (2,569 ) Recoveries of non-purchased loans and leases previously charged off 198 247 506 982 Net non-purchased loans and leases charged off (1,298 ) (1,403 ) (5,069 ) (1,587 ) Purchased loans charged off, net (408 ) (1,082 ) (1,723 ) (1,287 ) Net charge-offs – total loans and leases (1,706 ) (2,485 ) (6,792 ) (2,874 ) Provision for loan and lease losses: Non-purchased loans and leases 3,900 4,500 8,900 5,600 Purchased loans 408 1,082 1,723 1,287 Total provision 4,308 5,582 10,623 6,887 Ending balance $ 56,749 $ 46,958 $ 56,749 $ 46,958 As of June 30, 2015, the Company had identified purchased loans where it had determined it was probable that the Company would be unable to collect all amounts according to the contractual terms thereof (for purchased loans without evidence of credit deterioration at date of acquisition) or the expected performance of such loans had deteriorated from its performance expectations established in conjunction with the determination of the Day 1 Fair Values or since our most recent review of such portfolio’s performance (for purchased loans with evidence of credit deterioration at date of acquisition). As a result, the Company recorded partial charge-offs totaling $0.4 million and $1.1 million during the second quarter of 2015 and 2014, respectively, and $1.7 million and $1.3 million during the first six months of 2015 and 2014, respectively. The Company also recorded provision for loan and lease losses of $0.4 million and $1.1 million during the second quarter of 2015 and 2014, respectively, and $1.7 million and $1.3 million during the first six months of 2015 and 2014, respectively. At June 30, 2015, the Company had $12.3 million of impaired purchased loans compared to $21.2 million at June 30, 2014 and $14.0 million at December 31, 2014. The following tables are a summary of the Company’s ALLL for the periods indicated. Beginning Charge-offs Recoveries Provision Ending (Dollars in thousands) Three months ended June 30, 2015: Real estate: Residential 1-4 family $ 5,657 $ (92 ) $ 10 $ 26 $ 5,601 Non-farm/non-residential 17,766 (119 ) 5 580 18,232 Construction/land development 17,580 (469 ) 0 2,037 19,148 Agricultural 2,526 0 0 (66 ) 2,460 Multifamily residential 2,423 (208 ) 0 671 2,886 Commercial and industrial 3,301 (93 ) 23 18 3,249 Consumer 824 (24 ) 21 4 825 Direct financing leases 3,258 (155 ) 7 444 3,554 Other 812 (336 ) 132 186 794 Purchased loans 0 (408 ) 0 408 0 Total $ 54,147 $ (1,904 ) $ 198 $ 4,308 $ 56,749 Six months ended June 30, 2015: Real estate: Residential 1-4 family $ 5,482 $ (621 ) $ 21 $ 719 $ 5,601 Non-farm/non-residential 17,190 (324 ) 17 1,349 18,232 Construction/land development 15,960 (771 ) 37 3,922 19,148 Agricultural 2,558 (13 ) 0 (85 ) 2,460 Multifamily residential 2,147 (208 ) 0 947 2,886 Commercial and industrial 4,873 (2,540 ) 39 877 3,249 Consumer 818 (69 ) 42 34 825 Direct financing leases 2,989 (341 ) 13 893 3,554 Other 901 (688 ) 337 244 794 Purchased loans 0 (1,723 ) 0 1,723 0 Total $ 52,918 $ (7,298 ) $ 506 $ 10,623 $ 56,749 Year ended December 31, 2014: Real estate: Residential 1-4 family $ 4,701 $ (577 ) $ 135 $ 1,223 $ 5,482 Non-farm/non-residential 13,633 (1,357 ) 33 4,881 17,190 Construction/land development 12,306 (638 ) 11 4,281 15,960 Agricultural 3,000 (214 ) 14 (242 ) 2,558 Multifamily residential 2,504 0 0 (357 ) 2,147 Commercial and industrial 2,855 (720 ) 808 1,930 4,873 Consumer 917 (222 ) 80 43 818 Direct financing leases 2,266 (602 ) 49 1,276 2,989 Other 763 (793 ) 266 665 901 Purchased loans 0 (3,215 ) 0 3,215 0 Total $ 42,945 $ (8,338 ) $ 1,396 $ 16,915 $ 52,918 Three months ended June 30, 2014: Real estate: Residential 1-4 family $ 4,622 $ (142 ) $ 49 $ 231 $ 4,760 Non-farm/non-residential 14,013 (1,181 ) 1 2,003 14,836 Construction/land development 12,828 (14 ) 0 2,650 15,464 Agricultural 3,018 0 6 (116 ) 2,908 Multifamily residential 2,429 0 0 (657 ) 1,772 Commercial and industrial 2,738 (48 ) 135 23 2,848 Consumer 831 (56 ) 18 133 926 Direct financing leases 2,438 (121 ) 8 247 2,572 Other 944 (88 ) 30 (14 ) 872 Purchased loans 0 (1,082 ) 0 1,082 0 Total $ 43,861 $ (2,732 ) $ 247 $ 5,582 $ 46,958 Six months ended June 30, 2014: Real estate: Residential 1-4 family $ 4,701 $ (341 ) $ 71 $ 329 $ 4,760 Non-farm/non-residential 13,633 (1,254 ) 4 2,453 14,836 Construction/land development 12,306 (14 ) 8 3,164 15,464 Agricultural 3,000 (15 ) 11 (88 ) 2,908 Multifamily residential 2,504 0 0 (732 ) 1,772 Commercial and industrial 2,855 (422 ) 763 (348 ) 2,848 Consumer 917 (97 ) 36 70 926 Direct financing leases 2,266 (267 ) 14 559 2,572 Other 763 (159 ) 75 193 872 Purchased loans 0 (1,287 ) 0 1,287 0 Total $ 42,945 $ (3,856 ) $ 982 $ 6,887 $ 46,958 The following table is a summary of the Company’s ALLL and recorded investment in non-purchased loans and leases as of the dates indicated. ALLL Non-Purchased Loans and Leases ALLL for ALLL for Total ALLL Individually All Other Total Loans (Dollars in thousands) June 30, 2015: Real estate: Residential 1-4 family $ 345 $ 5,256 $ 5,601 $ 1,908 $ 316,328 $ 318,236 Non-farm/non-residential 3 18,229 18,232 809 1,687,994 1,688,803 Construction/land development 49 19,099 19,148 9,065 1,890,960 1,900,025 Agricultural 470 1,990 2,460 1,450 49,333 50,783 Multifamily residential 0 2,886 2,886 345 296,529 296,874 Commercial and industrial 487 2,762 3,249 547 259,073 259,620 Consumer 3 822 825 33 25,499 25,532 Direct financing leases 0 3,554 3,554 0 137,146 137,146 Other 0 794 794 7 90,097 90,104 Total $ 1,357 $ 55,392 $ 56,749 $ 14,164 $ 4,752,959 $ 4,767,123 December 31, 2014: Real estate: Residential 1-4 family $ 356 $ 5,126 $ 5,482 $ 2,734 $ 280,519 $ 283,253 Non-farm/non-residential 18 17,172 17,190 2,507 1,501,034 1,503,541 Construction/land development 68 15,892 15,960 14,304 1,397,534 1,411,838 Agricultural 6 2,552 2,558 365 46,870 47,235 Multifamily residential 0 2,147 2,147 0 211,156 211,156 Commercial and industrial 644 4,229 4,873 623 287,084 287,707 Consumer 3 815 818 34 25,635 25,669 Direct financing leases 0 2,989 2,989 0 115,475 115,475 Other 0 901 901 8 93,988 93,996 Total $ 1,095 $ 51,823 $ 52,918 $ 20,575 $ 3,959,295 $ 3,979,870 June 30, 2014: Real estate: Residential 1-4 family $ 411 $ 4,349 $ 4,760 $ 3,245 $ 263,252 $ 266,497 Non-farm/non-residential 13 14,823 14,836 2,363 1,287,811 1,290,174 Construction/land development 2 15,462 15,464 9,738 1,039,420 1,049,158 Agricultural 200 2,708 2,908 845 44,696 45,541 Multifamily residential 0 1,772 1,772 491 136,462 136,953 Commercial and industrial 553 2,295 2,848 689 166,195 166,884 Consumer 3 923 926 42 28,632 28,674 Direct financing leases 0 2,572 2,572 0 98,768 98,768 Other 0 872 872 9 88,927 88,936 Total $ 1,182 $ 45,776 $ 46,958 $ 17,422 $ 3,154,163 $ 3,171,585 The following table is a summary of impaired non-purchased loans and leases as of and for the three months and six months ended June 30, 2015. Principal Net Charge-offs Principal Net of Charge-offs Specific Weighted Average Weighted Average (Dollars in thousands) Impaired loans and leases for which there is a related ALLL: Real estate: Residential 1-4 family $ 3,147 $ (1,859 ) $ 1,288 $ 345 $ 1,299 $ 1,362 Non-farm/non-residential 145 (142 ) 3 3 22 196 Construction/land development 115 0 115 49 66 1,414 Agricultural 1,148 0 1,148 470 574 413 Commercial and industrial 672 (185 ) 487 487 244 343 Consumer 40 (23 ) 17 3 18 18 Total impaired loans and leases with a related ALLL 5,267 (2,209 ) 3,058 1,357 2,223 3,746 Impaired loans and leases for which there is not a related ALLL: Real estate: Residential 1-4 family 731 (111 ) 620 0 910 1,022 Non-farm/non-residential 999 (193 ) 806 0 651 1,089 Construction/land development 9,440 (490 ) 8,950 0 9,174 9,514 Agricultural 518 (215 ) 303 0 304 293 Multifamily residential 686 (341 ) 345 0 173 115 Commercial and industrial 158 (98 ) 60 0 95 90 Consumer 19 (5 ) 14 0 15 15 Other 8 0 8 0 8 8 Total impaired loans and leases without a related ALLL 12,559 (1,453 ) 11,106 0 11,330 12,146 Total impaired loans and leases $ 17,826 $ (3,662 ) $ 14,164 $ 1,357 $ 13,553 $ 15,892 The following table is a summary of impaired non-purchased loans and leases as of and for the year ended December 31, 2014. Principal Net Charge-offs Principal Net of Charge-offs Specific Weighted Average (Dollars in thousands) Impaired loans and leases for which there is a related ALLL: Real estate: Residential 1-4 family $ 3,163 $ (1,674 ) $ 1,489 $ 356 $ 1,457 Non-farm/non-residential 762 (220 ) 542 18 211 Construction/land development 4,656 (545 ) 4,111 68 1,040 Agricultural 105 (12 ) 93 6 217 Commercial and industrial 1,233 (691 ) 542 644 554 Consumer 41 (23 ) 18 3 20 Total impaired loans and leases with a related ALLL 9,960 (3,165 ) 6,795 1,095 3,499 Impaired loans and leases for which there is not a related ALLL: Real estate: Residential 1-4 family 1,373 (128 ) 1,245 0 1,581 Non-farm/non-residential 2,676 (711 ) 1,965 0 1,988 Construction/land development 10,378 (185 ) 10,193 0 7,600 Agricultural 474 (202 ) 272 0 383 Multifamily residential 133 (133 ) 0 0 123 Commercial and industrial 264 (183 ) 81 0 75 Consumer 81 (65 ) 16 0 18 Other 8 0 8 0 8 Total impaired loans and leases without a related ALLL 15,387 (1,607 ) 13,780 0 11,776 Total impaired loans and leases $ 25,347 $ (4,772 ) $ 20,575 $ 1,095 $ 15,275 The following table is a summary of impaired non-purchased loans and leases as of and for the three months and six months ended June 30, 2014. Principal Net Charge-offs to Date Principal Balance, Net of Charge-offs Specific Weighted Average Weighted Average (Dollars in thousands) Impaired loans and leases for which there is a related ALLL: Real estate: Residential 1-4 family $ 3,294 $ (1,721 ) $ 1,573 $ 411 $ 1,505 $ 1,642 Non-farm/non-residential 186 (142 ) 44 13 52 50 Construction/land development 38 (22 ) 16 2 16 16 Agricultural 336 (12 ) 324 200 336 380 Commercial and industrial 838 (278 ) 560 553 562 579 Consumer 102 (79 ) 23 3 23 23 Other 0 0 0 0 0 5 Total impaired loans and leases with a related ALLL 4,794 (2,254 ) 2,540 1,182 2,494 2,695 Impaired loans and leases for which there is not a related ALLL: Real estate: Residential 1-4 family 2,094 (421 ) 1,673 0 2,023 2,059 Non-farm/non-residential 3,444 (1,125 ) 2,319 0 1,942 1,999 Construction/land development 9,803 (81 ) 9,722 0 5,015 3,417 Agricultural 554 (33 ) 521 0 494 468 Multifamily residential 624 (133 ) 491 0 246 164 Commercial and industrial 288 (159 ) 129 0 95 88 Consumer 33 (14 ) 19 0 22 24 Other 8 0 8 0 9 9 Total impaired loans and leases without a related ALLL 16,848 (1,966 ) 14,882 0 9,846 8,228 Total impaired loans and leases $ 21,642 $ (4,220 ) $ 17,422 $ 1,182 $ 12,340 $ 10,923 Management has determined that certain of the Company’s impaired non-purchased loans and leases do not require any specific allowance at June 30, 2015 and 2014 or at December 31, 2014 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 non-purchased loans and leases is recognized on a cash basis when and if actually collected. Total interest income recognized on impaired non-purchased loans and leases for the three months and six months ended June 30, 2015 and 2014 and for the year ended December 31, 2014 was not material. Credit Quality Indicators Non-Purchased Loans and Leases The following table is a summary of credit quality indicators for the Company’s non-purchased loans and leases as of the dates indicated. Satisfactory Moderate Watch Substandard Total (Dollars in thousands) June 30, 2015: Real estate: Residential 1-4 family (1) $ 308,914 $ 0 $ 3,830 $ 5,492 $ 318,236 Non-farm/non-residential 1,442,958 169,776 67,722 8,347 1,688,803 Construction/land development 1,653,991 223,812 10,207 12,015 1,900,025 Agricultural 24,997 14,457 9,088 2,241 50,783 Multifamily residential 252,433 40,802 1,646 1,993 296,874 Commercial and industrial 185,737 70,305 2,092 1,486 259,620 Consumer (1) 25,022 0 214 296 25,532 Direct financing leases 136,605 297 100 144 137,146 Other (1) 84,271 5,648 93 92 90,104 Total $ 4,114,928 $ 525,097 $ 94,992 $ 32,106 $ 4,767,123 December 31, 2014: Real estate: Residential 1-4 family (1) $ 271,576 $ 0 $ 4,082 $ 7,595 $ 283,253 Non-farm/non-residential 1,300,582 142,688 53,863 6,408 1,503,541 Construction/land development 1,190,005 192,046 11,135 18,652 1,411,838 Agricultural 22,446 12,375 10,226 2,188 47,235 Multifamily residential 171,806 37,886 713 751 211,156 Commercial and industrial 208,054 59,967 18,310 1,376 287,707 Consumer (1) 25,267 0 141 261 25,669 Direct financing leases 114,586 715 117 57 115,475 Other (1) 89,364 4,312 286 34 93,996 Total $ 3,393,686 $ 449,989 $ 98,873 $ 37,322 $ 3,979,870 June 30, 2014: Real estate: Residential 1-4 family (1) $ 258,098 $ 0 $ 2,620 $ 5,779 $ 266,497 Non-farm/non-residential 1,090,525 139,080 53,478 7,091 1,290,174 Construction/land development 846,365 176,977 12,078 13,738 1,049,158 Agricultural 22,766 9,785 10,388 2,602 45,541 Multifamily residential 105,366 29,954 385 1,248 136,953 Commercial and industrial 127,935 35,769 1,768 1,412 166,884 Consumer (1) 28,244 0 132 298 28,674 Direct financing leases 97,967 727 34 40 98,768 Other (1) 85,684 3,036 189 27 88,936 Total $ 2,662,950 $ 395,328 $ 81,072 $ 32,235 $ 3,171,585 (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 Moderate Watch Substandard The following table is an aging analysis of past due non-purchased loans and leases as of the dates indicated. 30-89 Days (1) 90 Days or More (2) Total Past Due Current (3) Total (Dollars in thousands) June 30, 2015: Real estate: Residential 1-4 family $ 4,642 $ 1,031 $ 5,673 $ 312,563 $ 318,236 Non-farm/non-residential 2,672 1,180 3,852 1,684,951 1,688,803 Construction/land development 906 9,119 10,025 1,890,000 1,900,025 Agricultural 516 1,426 1,942 48,841 50,783 Multifamily residential 1,042 0 1,042 295,832 296,874 Commercial and industrial 737 115 852 258,768 259,620 Consumer 225 35 260 25,272 25,532 Direct financing leases 140 106 246 136,900 137,146 Other 98 85 183 89,921 90,104 Total $ 10,978 $ 13,097 $ 24,075 $ 4,743,048 $ 4,767,123 December 31, 2014: Real estate: Residential 1-4 family $ 6,352 $ 1,536 $ 7,888 $ 275,365 $ 283,253 Non-farm/non-residential 2,708 1,445 4,153 1,499,388 1,503,541 Construction/land development 3,520 12,881 16,401 1,395,437 1,411,838 Agricultural 1,680 304 1,984 45,251 47,235 Multifamily residential 0 0 0 211,156 211,156 Commercial and industrial 586 94 680 287,027 287,707 Consumer 161 55 216 25,453 25,669 Direct financing leases 39 54 93 115,382 115,475 Other 58 12 70 93,926 93,996 Total $ 15,104 $ 16,381 $ 31,485 $ 3,948,385 $ 3,979,870 June 30, 2014: Real estate: Residential 1-4 family $ 2,890 $ 1,521 $ 4,411 $ 262,086 $ 266,497 Non-farm/non-residential 1,714 1,693 3,407 1,286,767 1,290,174 Construction/land development 49 10,060 10,109 1,039,049 1,049,158 Agricultural 269 436 705 44,836 45,541 Multifamily residential 491 0 491 136,462 136,953 Commercial and industrial 674 0 674 166,210 166,884 Consumer 139 54 193 28,481 28,674 Direct financing leases 10 30 40 98,728 98,768 Other 0 0 0 88,936 88,936 Total $ 6,236 $ 13,794 $ 20,030 $ 3,151,555 $ 3,171,585 (1) Includes $0.7 million, $0.9 million and $1.8 million at June 30, 2015, December 31, 2014 and June 30, 2014, respectively, of loans and leases on nonaccrual status. (2) All loans and leases greater than 90 days past due were on nonaccrual status at June 30, 2015 and 2014 and December 31, 2014. (3) Includes $2.5 million, $0.4 million and $2.8 million of loans and leases on nonaccrual status at June 30, 2015, December 31, 2014 and June 30, 2014, respectively. Purchased Loans The following table is a summary of credit quality indicators for the Company’s purchased loans as of the dates indicated. Purchased Loans Without Evidence of Credit Deterioration at Acquisition Purchased Loans With Evidence of Credit Deterioration at Acquisition Total Loans FV 33 FV 44 FV 55 FV 36 FV 77 FV 66 FV 88 (Dollars in thousands) June 30, 2015: Real estate: Residential 1-4 family $ 61,886 $ 88,824 $ 30,228 $ 58,905 $ 83 $ 85,917 $ 1,888 $ 327,731 Non-farm/non-residential 209,433 702,962 119,491 3,780 255 119,406 6,778 1,162,105 Construction/land development 18,084 9,638 3,397 8,724 0 19,420 2,695 61,958 Agricultural 6,903 13,465 1,901 865 108 6,377 0 29,619 Multifamily residential 23,260 117,586 25,968 706 65 12,555 0 180,140 Total real estate 319,566 932,475 180,985 72,980 511 243,675 11,361 1,761,553 Commercial and industrial 10,126 17,812 4,316 5,722 20 8,179 449 46,624 Consumer 793 261 213 7,775 2 310 4 9,358 Other 4,247 3,558 288 462 0 758 0 9,313 Total $ 334,732 $ 954,106 $ 185,802 $ 86,939 $ 533 $ 252,922 $ 11,814 $ 1,826,848 December 31, 2014: Real estate: Residential 1-4 family $ 73,196 $ 81,840 $ 30,180 $ 71,687 $ 151 $ 96,752 $ 1,899 $ 355,705 Non-farm/non-residential 166,754 180,522 32,157 4,906 505 114,217 5,828 504,889 Construction/land development 21,803 26,858 4,312 13,708 0 28,497 4,598 99,776 Agricultural 10,444 25,187 2,409 1,525 0 8,331 92 47,988 Multifamily residential 22,731 11,646 1,971 884 67 4,823 312 42,434 Total real estate 294,928 326,053 71,029 92,710 723 252,620 12,729 1,050,792 Commercial and industrial 20,340 23,048 4,900 10,659 22 9,297 559 68,825 Consumer 1,605 272 420 12,538 3 426 4 15,268 Other 4,845 5,830 597 945 0 845 0 13,062 Total $ 321,718 $ 355,203 $ 76,946 $ 116,852 $ 748 $ 263,188 $ 13,292 $ 1,147,947 June 30, 2014: Real estate: Residential 1-4 family $ 81,102 $ 84,839 $ 32,286 $ 79,449 $ 10 $ 111,106 $ 2,306 $ 391,098 Non-farm/non-residential 211,896 198,937 40,193 3,704 0 148,491 10,249 613,470 Construction/land development 32,850 37,840 12,447 10,878 9 36,031 6,032 136,087 Agricultural 15,058 29,337 3,185 1,744 0 10,984 323 60,631 Multifamily residential 10,505 13,418 7,453 1,030 67 8,754 1,090 42,317 Total real estate 351,411 364,371 95,564 96,805 86 315,366 20,000 1,243,603 Commercial and industrial 27,269 49,175 9,702 14,637 0 11,371 1,119 113,273 Consumer 3,215 1,165 670 20,204 0 615 0 25,869 Other 5,762 9,292 935 4,391 0 944 0 21,324 Total $ 387,657 $ 424,003 $ 106,871 $ 136,037 $ 86 $ 328,296 $ 21,119 $ 1,404,069 The following grades are used for purchased loans without evidence of credit deterioration at the date of acquisition. FV 33 FV 44 FV 55 FV 36 FV 77 The following grades are used for purchased loans with evidence of credit deterioration at the date of acquisition. FV 66 FV 88 The Company had no allowance at June 30, 2015 and 2014 or December 31, 2014 for its (i) purchased loans without evidence of credit deterioration at the date of acquisition as management’s analysis of such individual loans resulted in no impairment or all identified impairment on such loans had been charged off, or (ii) purchased loans with evidence of credit deterioration at the date of acquisition as all such loans were performing in accordance with management’s expectations established in conjunction with the determination of the Day 1 Fair Values or 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 following table is an aging analysis of past due purchased loans as of the dates indicated. 30-89 Days 90 Days or More Total Past Due Current Total (Dollars in thousands) June 30, 2015: Real estate: Residential 1-4 family $ 6,476 $ 5,975 $ 12,451 $ 315,280 $ 327,731 Non-farm/non-residential 16,737 9,191 25,928 1,136,177 1,162,105 Construction/land development 1,045 2,715 3,760 58,198 61,958 Agriculture 291 166 457 29,162 29,619 Multifamily residential 408 709 1,117 179,023 180,140 Commercial and industrial 936 611 1,547 45,077 46,624 Consumer 111 68 179 9,179 9,358 Other 40 11 51 9,262 9,313 Total $ 26,044 $ 19,446 $ 45,490 $ 1,781,358 $ 1,826,848 December 31, 2014: Real estate: Residential 1-4 family $ 8,088 $ 9,043 $ 17,131 $ 338,574 $ 355,705 Non-farm/non-residential 8,907 12,439 21,346 483,543 504,889 Construction/land development 1,197 5,464 6,661 93,115 99,776 Agriculture 237 875 1,112 46,876 47,988 Multifamily residential 515 67 582 41,852 42,434 Commercial and industrial 863 751 1,614 67,211 68,825 Consumer 199 103 302 14,966 15,268 Other 0 31 31 13,031 13,062 Total $ 20,006 $ 28,773 $ 48,779 $ 1,099,168 $ 1,147,947 June 30, 2014: Real estate: Residential 1-4 family $ 10,866 $ 14,074 $ 24,940 $ 366,158 $ 391,098 Non-farm/non-residential 4,929 25,570 30,499 582,971 613,470 Construction/land development 1,146 9,766 10,912 125,175 136,087 Agriculture 165 2,260 2,425 58,206 60,631 Multifamily residential 0 2,594 2,594 39,723 42,317 Commercial and industrial 392 1,733 2,125 111,148 113,273 Consumer 170 183 353 25,516 25,869 Other 16 19 35 21,289 21,324 Total $ 17,684 $ 56,199 $ 73,883 $ 1,330,186 $ 1,404,069 At June 30, 2015 and 2014 and December 31, 2014, a portion of the Company’s purchased loans with evidence of credit deterioration at the date of acquisition were past due, including many that were 90 days or more past due. Such delinquencies were included in the Company’s performance expectations in determining the Day 1 Fair Values. Additionally, in accordance with GAAP, the Company continues to accrete into earnings income on such loans. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes 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 as of the dates indicated. June 30, December 31, 2015 2014 2014 (Dollars in thousands) Deferred tax assets: Allowance for loan and lease losses $ 21,617 $ 18,116 $ 20,324 Differences in amounts reflected in the financial statements and income tax basis of purchased loans not previously covered by FDIC loss share agreements 28,605 26,024 20,444 Differences in amounts reflected in the financial statements and income tax basis for deposits assumed in acquisitions 7,703 2,405 1,337 Stock-based compensation 4,477 3,364 3,268 Deferred compensation 2,092 1,890 1,991 Foreclosed assets 3,111 5,624 3,503 Deferred fees and costs on loans and leases 6,405 2,059 4,785 Differences in amounts reflected in the financial statements and income tax basis of assets acquired and liabilities assumed in FDIC-assisted acquisitions 8,032 7,397 8,098 Acquired net operating losses 13,456 13,662 13,332 Other, net 1,949 1,486 2,568 Total gross deferred tax assets 97,447 82,027 79,650 Less valuation allowance (474 ) (474 ) (474 ) Net deferred tax asset 96,973 81,553 79,176 Deferred tax liabilities: Accelerated depreciation on premises and equipment 18,921 18,028 18,653 Investment securities AFS 3,798 5,022 7,692 Acquired intangible assets 10,407 10,847 9,743 Total gross deferred tax liabilities 33,126 33,897 36,088 Net deferred tax assets $ 63,847 $ 47,656 $ 43,088 Net operating losses were acquired in the Bancshares, Summit and Intervest acquisitions and the Company’s 2013 acquisition of The First National Bank of Shelby (“FNB Shelby”). The net operating losses from the Bancshares transaction total $15.7 million at June 30, 2015 and will expire at various dates from 2030 through 2034. The net operating losses acquired from the Summit transaction were utilized during 2014. The net operating losses acquired in the Intervest transaction totaled $6.3 million at June 30, 2015 and will expire at various dates from 2030 through 2035. The net operating losses from the FNB Shelby transaction totaled $20.0 million at June 30, 2015, of which $12.5 million will expire in 2032 and $7.5 million will expire in 2033. At June 30, 2015 and 2014 and December 31, 2014, the Company had a deferred tax valuation allowance of approximately $0.5 million to reflect its assessment that the realization of the benefits from the recovery of certain acquired net operating losses are expected to be subject to limitations under section 382 of the Internal Revenue Code. To the extent that additional information becomes available regarding the settlement or recovery of acquired net operating loss carryforwards or assets with built-in losses acquired in any of the Company’s previous acquisitions, management may be required to make adjustments to its deferred tax asset valuation allowance, which adjustments could affect goodwill or deferred income tax expense (benefit). |
Supplemental Data for Cash Flow
Supplemental Data for Cash Flows | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Data for Cash Flows | 8. Supplemental Data for Cash Flows The following table provides supplemental cash flow information for the periods indicated. Six Months Ended June 30, 2015 2014 (Dollars in thousands) Cash paid during the period for: Interest $ 13,031 $ 9,808 Taxes 34,024 17,690 Supplemental schedule of non-cash investing and financing activities: Net change in unrealized gains/losses on investment securities AFS (10,218 ) 22,506 Loans and premises and equipment transferred to foreclosed assets 9,797 31,013 Loans advanced for sales of foreclosed assets 0 258 Unsettled AFS investment security purchases 4,453 1,465 Unsettled AFS investment security sales 0 1,815 Unsettled loan sales 14,361 0 Unsettled loan purchases 18,269 0 Common stock issued in merger and acquisition transactions 238,476 166,315 |
Guarantees and Commitments
Guarantees and Commitments | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees and Commitments | 9. Guarantees and Commitments Outstanding standby letters of credit are contingent commitments issued by the Company generally to guarantee the performance of a customer in third party arrangements. The maximum amount of future payments the Company could be required to make under these guarantees at June 30, 2015 was $13.3 million. The Company holds collateral to support guarantees when deemed necessary. Collateralized commitments at June 30, 2015 totaled $13.2 million. At June 30, 2015, the Company had outstanding commitments to extend credit, excluding mortgage interest rate lock commitments, totaling $4.0 billion. The following table shows the contractual maturities of outstanding commitments to extend credit as of the date indicated. Contractual Maturities at June 30, 2015 Maturity Amount (Dollars in thousands) 2015 $ 91,624 2016 358,317 2017 1,715,962 2018 1,356,777 2019 170,419 Thereafter 312,844 Total $ 4,005,943 |
Subordinated Debentures
Subordinated Debentures | 6 Months Ended |
Jun. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Subordinated Debentures | 10. Subordinated Debentures At June 30, 2015, the Company had the following issues of trust preferred securities and subordinated debentures owed to the Trusts. Subordinated Unamortized Carrying Value Trust Contractual (Dollars in thousands) Ozark II $ 14,433 $ 0 $ 14,433 $ 14,000 3.18 % Ozark III 14,434 0 14,434 14,000 3.24 Ozark IV 15,464 0 15,464 15,000 2.50 Ozark V 20,619 0 20,619 20,000 1.89 Intervest II 15,464 (678 ) 14,786 15,000 3.23 Intervest III 15,464 (785 ) 14,679 15,000 3.07 Intervest IV 15,464 (1,428 ) 14,036 15,000 2.68 Intervest V 10,310 (1,358 ) 8,952 10,000 1.94 $ 121,652 $ (4,249 ) $ 117,403 $ 118,000 On February 10, 2015, in conjunction with the Intervest acquisition, the Company acquired the Intervest Trusts with outstanding subordinated debentures totaling $56.7 million and related trust preferred securities totaling $55.0 million. On the date of such acquisition, the Company recorded the assumed subordinated debentures owed to the Intervest Trusts at estimated fair value of $52.2 million, based on an independent third party valuation, to reflect a current market interest rate for comparable obligations. The fair value adjustment of $4.5 million is being amortized, using a level-yield methodology over the estimated holding period of approximately eight years, as an increase in interest expense of the subordinated debentures owed to the Intervest Trusts. In addition to the subordinated debentures of the Intervest Trusts, the Company also acquired $1.7 million of trust common equity issued by the Intervest Trusts. The trust preferred securities issued by Intervest Trust II and the related subordinated debentures bear interest, adjustable quarterly, at 90-day London Interbank Offered Rates (“LIBOR”) plus 2.95% and contain a final maturity of September 17, 2033. The trust preferred securities issued by Intervest Trust III and the related subordinated debentures bear interest, adjustable quarterly, at 90-day LIBOR plus 2.79% and contain a final maturity of March 17, 2034. The trust preferred securities issued by Intervest Trust IV and the related subordinated debentures bear interest, adjustable quarterly, at 90-day LIBOR plus 2.40% and contain a final maturity of September 20, 2034. The trust preferred securities issued by Intervest Trust V and the related subordinated debentures bear interest, adjustable quarterly, at 90-day LIBOR plus 1.65% and contain a final maturity of December 15, 2036. At June 30, 2015, the Company had an aggregate of $121.7 million of subordinated debentures outstanding (with an aggregate carrying value of $117.4 million) and had an asset of $3.7 million representing its investment in the common equity issued by the Trusts. The sole assets of the Trusts are the adjustable rate debentures and the liabilities of the Trusts are the trust preferred securities. At June 30, 2015 and 2014, the Trusts had aggregate common equity of $3.7 million and $1.9 million, respectively, and did not have any restricted net assets. The Company has, through various contractual arrangements or by operation of law, fully and unconditionally guaranteed all obligations of the Trusts with respect to the trust preferred 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 trust preferred securities generally mature at or near the 30th anniversary date of each issuance. However, the trust preferred securities and related subordinated debentures may be prepaid at par, subject to regulatory approval. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 11. Stock-Based Compensation The Company has a nonqualified stock option plan for certain employees 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 personnel and compensation committee of the Company’s board of directors. 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 June 30, 2015 were issued with a vesting date three years after issuance and an expiration date seven years after issuance. During the second quarter of 2015, the Company adopted the Bank of the Ozarks, Inc. Non-Employee Director Stock Plan (the “Director Plan”) that provides for awards of common stock to eligible non-employee directors. The Director Plan grants to each director who is not otherwise an employee of the Company, or any subsidiary, shares of common stock on the day of his or her election as director of the Company at each annual shareholders meeting, or any special meeting called for the purpose of electing a director or directors of the Company, and upon appointment for the first time as director of the Company. The number of shares of common stock to be awarded will be the equivalent of $25,000 worth of shares of common stock based on the average of the highest reported asked price and lowest reported bid price on the grant date. The common stock awarded under this plan is fully vested on the grant date. The aggregate number of shares of common stock which may be issued as awards under this plan will not exceed 50,000 shares, subject to certain adjustments. For the three months ended June 30, 2015, the Company issued 7,657 shares of common stock and incurred $0.3 million in stock-based compensation expense related to common-stock awards issued under the Director Plan. Prior to the adoption of the Director Plan, the Company had a nonqualified stock option plan for non-employee directors. No options were granted under this plan during the six months ended June 30, 2015. All options previously granted under this plan were 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 were 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 period indicated. Options Weighted- Exercise Weighted-Average Aggregate Value (in thousands) Six Months Ended June 30, 2015: Outstanding – January 1, 2015 1,859,350 $ 23.49 Granted 2,000 40.82 Exercised (99,050 ) 10.06 Forfeited (74,350 ) 26.13 Outstanding – June 30, 2015 1,687,950 24.18 5.3 $ 36,400 (1) Fully vested and exercisable – June 30, 2015 315,550 $ 14.17 4.6 $ 9,966 (1) Expected to vest in future periods 1,248,680 Fully vested and expected to vest – June 30, 2015 (2) 1,564,230 $ 23.58 5.2 $ 34,676 (1) (1) Based on closing price of $45.75 per share on June 30, 2015. (2) At June 30, 2015, the Company estimated that outstanding options to purchase 123,720 shares of its common stock would not vest and would 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 the three months ended June 30, 2015 and 2014 was $1.4 million and $0.2 million, respectively. The total intrinsic value of options exercised during the six months ended June 30, 2015 and 2014 was $2.8 million and $4.1 million, respectively. Options to purchase 2,000 shares and 52,000 split-adjusted shares of the Company’s stock were issued during the six months ended June 30, 2015 and 2014, respectively. Stock-based compensation expense for stock options included in non-interest expense was $0.6 million and $0.8 million for the three months ended June 30, 2015 and 2014, respectively, and $1.2 million for both six month periods ended June 30, 2015 and 2014. Total unrecognized compensation cost related to non-vested stock option grants was $3.7 million at June 30, 2015 and is expected to be recognized over a weighted-average period of 2.0 years. The Company has a restricted stock and incentive plan whereby all officers and employees of the Company are eligible to receive awards of restricted stock, restricted stock units or performance awards. 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. Shares of common stock issued under the plan may be shares of original issuance or shares held in treasury that have been reacquired by the Company. While the vesting period for awards under the plan is determined by the personnel and compensation committee at the time of grant, all restricted stock awards granted under the plan have a vesting date of three years after issuance. The following table summarizes non-vested restricted stock activity for the period indicated. Six Months Ended Outstanding – January 1, 2015 444,700 Granted 245,300 Forfeited (29,875 ) Vested 0 Outstanding – June 30, 2015 660,125 Weighted-average grant date fair value $ 25.27 The fair value of the restricted stock awards is amortized to compensation expense over the vesting period 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 $1.4 million and $0.9 million for the quarters ended June 30, 2015 and 2014, respectively, and $2.7 million and $1.8 million for the six months ended June 30, 2015 and 2014, respectively. Unrecognized compensation expense for non-vested restricted stock awards was $9.5 million at June 30, 2015 and is expected to be recognized over a weighted-average period of 2.2 years. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. 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 had no liabilities that were accounted for at fair value at June 30, 2015 or 2014 or at December 31, 2014. 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, as of the dates indicated, that are accounted for at fair value. Level 1 Level 2 Level 3 Total (Dollars in thousands) June 30, 2015: Investment securities AFS (1) Obligations of state and political subdivisions $ 0 $ 488,158 $ 18,757 $ 506,915 U.S. Government agency securities 0 260,753 0 260,753 Corporate obligations 0 3,574 0 3,574 CRA qualified investment fund 1,020 0 0 1,020 Total investment securities AFS 1,020 752,485 18,757 772,262 Impaired non-purchased loans and leases 0 0 12,807 12,807 Impaired purchased loans 0 0 12,347 12,347 Foreclosed assets 0 0 25,973 25,973 Total assets at fair value $ 1,020 $ 752,485 $ 69,884 $ 823,389 December 31, 2014: Investment securities AFS (1) Obligations of state and political subdivisions $ 0 $ 553,808 $ 19,401 $ 573,209 U.S. Government agency securities 0 251,233 0 251,233 Corporate obligations 0 654 0 654 Total investment securities AFS 0 805,695 19,401 825,096 Impaired non-purchased loans and leases 0 0 19,480 19,480 Impaired purchased loans 0 0 14,040 14,040 Foreclosed assets 0 0 37,775 37,775 Total assets at fair value $ 0 $ 805,695 $ 90,696 $ 896,391 June 30, 2014: Investment securities AFS (1) Obligations of state and political subdivisions $ 0 $ 595,965 $ 20,600 $ 616,565 U.S. Government agency securities 0 258,311 0 258,311 Corporate obligations 0 685 0 685 Total investment securities AFS 0 854,961 20,600 875,561 Impaired non-purchased loans and leases 0 0 16,240 16,240 Impaired purchased loans 0 0 21,205 21,205 Foreclosed assets 0 0 56,356 56,356 Total assets at fair value $ 0 $ 854,961 $ 114,401 $ 969,362 (1) Does not include $10.0 million at June 30, 2015; $14.2 million at December 31, 2014 and $16.6 million at June 30, 2014 of FHLB and FNBB equity securities 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 as of the date indicated. Description Fair Value at June 30, 2015 Technique Unobservable Inputs (Dollars in thousands) Impaired non-purchased loans and leases $ 12,807 Third party appraisal (1) 1. Management discount based on underlying collateral characteristics and market conditions 2. Life of loan Impaired purchased loans $ 12,347 Third party appraisal (1) 1. Management discount based on underlying collateral characteristics and market conditions 2. Life of loan Foreclosed assets $ 25,973 Third party appraisal, (1) 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 has determined that certain of its investment securities had a limited to non-existent trading market at June 30, 2015. 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 primarily of certain unrated private placement bonds (the “private placement bonds”) in the amount of $18.8 million at June 30, 2015 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 individually 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 June 30, 2015, the third parties’ pricing matrices valued the Company’s portfolio of private placement bonds at $18.8 million which was equal to the aggregate par value of the private placement bonds. Accordingly, at June 30, 2015, the Company reported the private placement bonds at $18.8 million. Impaired non-purchased loans and leases Impaired purchased loans Foreclosed assets 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 (Dollars in thousands) Balance – January 1, 2015 $ 19,401 Total realized gains (losses) included in earnings 0 Total unrealized gains (losses) included in comprehensive income (271 ) Paydowns and maturities (373 ) Sales 0 Transfers in and/or out of Level 3 0 Balance – June 30, 2015 $ 18,757 Balance – January 1, 2014 $ 18,682 Total realized gains (losses) included in earnings 0 Total unrealized gains (losses) included in comprehensive income 403 Acquired 1,907 Paydowns and maturities (392 ) Sales 0 Transfers in and/or out of Level 3 0 Balance – June 30, 2014 $ 20,600 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 13. 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 Investment securities Loans and leases Deposit liabilities Repurchase agreements Other borrowed funds Subordinated debentures Off-balance sheet instruments – 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 did not know whether the fair values represent values at which the respective financial instruments could be sold individually or in the aggregate. The following table presents the carrying amounts and estimated fair values for the dates indicated and the fair value hierarchy of the Company’s financial instruments. June 30, 2015 2014 December 31, 2014 Fair Value Hierarchy Carrying Estimated Value Carrying Estimated Value Carrying Estimated Value (Dollars in thousands) Financial assets: Cash and cash equivalents Level 1 $ 514,890 $ 514,890 $ 110,688 $ 110,688 $ 150,203 $ 150,203 Investment securities AFS Levels 1, 2 782,277 782,277 892,129 892,129 839,321 839,321 Loans and leases, net of ALLL Level 3 6,537,222 6,469,690 4,528,696 4,480,221 5,074,899 5,042,831 FDIC loss share receivable Level 3 0 0 50,679 50,600 0 0 Financial liabilities: Demand, savings and interest bearing transaction deposits Level 1 $ 4,966,330 $ 4,966,330 $ 3,807,139 $ 3,807,139 $ 4,038,443 $ 4,038,443 Time deposits Level 2 2,120,969 2,142,807 1,176,758 1,177,108 1,457,939 1,463,590 Repurchase agreements with customers Level 1 70,011 70,011 55,999 55,999 65,578 65,578 Other borrowings Level 2 161,931 171,614 280,875 304,381 190,855 203,493 FDIC clawback payable Level 3 0 0 26,533 26,533 0 0 Subordinated debentures Level 2 117,403 66,679 64,950 32,554 64,950 39,103 |
Repurchase Agreements With Cust
Repurchase Agreements With Customers | 6 Months Ended |
Jun. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Repurchase Agreements With Customers | 14. Repurchase Agreements With Customers At June 30, 2015 and 2014 and December 31, 2014, securities sold under agreements to repurchase (“repurchase agreements”) totaled $70.0 million, $56.0 million and $65.6 million, respectively. Securities utilized as collateral for repurchase agreements are primarily U.S. Government agency mortgage-backed securities and are maintained by the Company’s safekeeping agents. These securities are reviewed by the Company on a daily basis, and the Company may be required to provide additional collateral due to changes in the fair market value of these securities. The terms of the Company’s repurchase agreements are continuous but may be cancelled at any time by the Company or the customer. |
Changes in and Reclassification
Changes in and Reclassifications From Accumulated Other Comprehensive Income ("AOCI") | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Changes in and Reclassifications From Accumulated Other Comprehensive Income ("AOCI") | 15. Changes In and Reclassifications From Accumulated Other Comprehensive Income (“AOCI”) The following table presents changes in AOCI for the periods indicated. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Beginning balance of AOCI – unrealized gains and losses on investment securities AFS $ 14,367 $ 3,211 $ 14,132 $ (3,672 ) Other comprehensive income (loss): Unrealized gains and losses on investment securities AFS (10,091 ) 11,199 (7,600 ) 22,529 Tax effect of unrealized gains and losses on investment securities AFS 3,844 (4,393 ) 3,157 (8,837 ) Amounts reclassified from AOCI (84 ) (18 ) (2,618 ) (23 ) Tax effect of amounts reclassified from AOCI 32 7 997 9 Total other comprehensive income (loss) (6,299 ) 6,795 (6,064 ) 13,678 Ending balance of AOCI – unrealized gains and losses on investment securities AFS $ 8,068 $ 10,006 $ 8,068 $ 10,006 Amounts reclassified from AOCI are included in net gains on investment securities and the tax effect of amounts reclassified from AOCI are included in provision for income tax in the consolidated statements of income. The amounts reclassified from AOCI relate entirely to unrealized gains/losses on investment securities AFS. |
Other Operating Expenses
Other Operating Expenses | 6 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Other Operating Expenses | 16. Other Operating Expenses The following table is a summary of other operating expenses for the periods indicated. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Salaries and employee benefits $ 22,646 $ 18,831 $ 45,243 $ 36,520 Net occupancy and equipment 7,344 5,707 14,635 10,751 Other operating expenses: Postage and supplies 1,014 852 1,929 1,623 Advertising and public relations 586 636 1,169 1,036 Telecommunication services 1,616 1,191 2,964 2,207 Professional and outside services 2,526 2,353 6,912 4,526 Software and data processing 766 1,662 1,515 2,799 Travel and meals 821 629 1,617 1,169 FDIC insurance 900 555 1,650 1,105 FDIC and state assessments 331 218 641 431 ATM expense 543 307 1,251 516 Loan collection and repossession expense 1,020 1,528 2,753 1,987 Writedowns of foreclosed and other assets 235 798 2,427 877 Amortization of intangibles 1,640 1,119 3,236 1,932 FHLB prepayment penalty 0 0 2,480 0 Other 1,736 1,492 3,486 7,854 Total non-interest expense $ 43,724 $ 37,878 $ 93,908 $ 75,333 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | 17. Subsequent Event On August 5, 2015, the Company completed the acquisition of Bank of the Carolinas Corporation (“BCAR”) and its wholly-owned subsidiary Bank of the Carolinas for an aggregate of approximately 1.4 million shares of common stock (plus cash in lieu of fractional shares) in a transaction valued at approximately $65.4 million. The acquisition of BCAR expands the Company’s operations in North Carolina by adding eight full service branch locations in Advance, Asheboro, Concord, Harrisburg, Landis, Lexington, Mocksville and Winston-Salem. At June 30, 2015, BCAR had approximately $345 million of total assets, $277 million of loans, $296 million of deposits and $48 million of total common stockholders’ equity. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 18. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers.” In June 2014, the FASB issued ASU 2014-11 “Transfers and Servicing (Topic 860).” In January 2015, the FASB issued ASU 2015-01, “Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) – Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” In February 2015, FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis” In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs.” |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 Intervest, the estimates of the fair value adjustments necessary to adjust those acquired assets and assumed liabilities to estimated fair value, the recast adjustment described above and the estimates of 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. 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”). 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. February 10, 2015 As Recorded Intervest Fair Value Adjustments (1) Recast As Recorded (1) (Dollars in thousands) Assets acquired: Cash, due from banks and interest earning deposits $ 274,343 $ 0 $ 0 $ 274,343 Investment securities 21,495 321 a 0 21,816 Loans 1,108,439 (33,868 ) b 4,393 1,078,964 Allowance for loan losses (25,208 ) 25,208 b 0 0 Premises and equipment 4,357 2,256 c 0 6,613 Foreclosed assets 2,350 (1,710 ) d 0 640 Accrued interest receivable and other assets 34,076 (4,091 ) e (689 ) 29,296 Core deposit intangible asset 0 4,595 f 0 4,595 Deferred income taxes 11,758 8,082 g (985 ) 18,855 Total assets acquired 1,431,610 793 2,719 1,435,122 Liabilities assumed: Deposits 1,162,437 22,211 h 0 1,184,648 Subordinated debentures 56,702 (4,463 ) i 0 52,239 Accrued interest payable and other liabilities 3,608 358 j 0 3,966 Total liabilities assumed 1,222,747 18,106 0 1,240,853 Net assets acquired $ 208,863 $ (17,313 ) $ 2,719 194,269 Consideration paid: Cash in lieu of fractional shares (7 ) Stock (238,476 ) Total consideration paid (238,483 ) Goodwill $ 44,214 (1) Management is continuing to evaluate each of these fair value adjustments and may revise one or more of such fair value adjustments in future periods. To the extent that any of these fair value adjustments are revised in future periods, the resultant fair values and the amount of goodwill may be subject to further adjustment. Explanation of preliminary fair value adjustments a- Adjustment reflects the fair value adjustment based on the pricing of the acquired investment securities portfolio. b- Adjustment reflects the fair value adjustment based on the 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 evaluation of the premises and equipment acquired. d- Adjustment reflects the fair value adjustment based on the evaluation of the acquired foreclosed assets. e- Adjustment reflects the fair value adjustment based on the 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. h- Adjustment reflects the fair value adjustment based on the evaluation of the acquired deposits. i- Adjustment reflects the fair value adjustment of these assumed liabilities based on a valuation of such instruments by an independent, third party valuation firm. j- Adjustment reflects the amount needed to adjust other liabilities to estimated fair value and to record certain liabilities directly attributable to the Intervest acquisition. |
Summary of Financial Statement Captions Impacted by Recast Adjustments | The following is a summary of those financial statement captions that have been impacted by the recast adjustment. As Recast As Recast (Dollars in thousands) Purchased loans $ 2,042,164 $ 4,393 $ 2,046,557 Net deferred tax asset 63,483 (985 ) 62,498 Goodwill 125,603 (2,719 ) 122,884 Income taxes receivable 689 (689 ) 0 |
Summary of Supplemental Pro-forma Information | The following unaudited supplemental pro forma information is presented to show the estimated results assuming Intervest was acquired as of the beginning of the earliest period presented, adjusted for estimated potential costs savings. These unaudited 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, 2014 or 2015 and should not be considered as representative of future operating results. Six Months Ended June 30, 2015 2014 (Dollars in thousands, except per share amounts) Net interest income – pro forma (unaudited) $ 186,428 $ 143,484 Net income – pro forma (unaudited) $ 88,745 $ 62,949 Diluted earnings per common share – pro forma (unaudited) $ 1.01 $ 0.76 |
Earnings Per Common Share ("E28
Earnings Per Common Share ("EPS") (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Basic and Diluted Earnings Per Share | The following table presents the computation of basic and diluted EPS for the periods indicated. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Numerator: Distributed earnings allocated to common stockholders $ 11,713 $ 8,497 $ 22,126 $ 16,606 Undistributed earnings allocated to common stockholders 33,063 17,989 62,544 35,156 Net income available to common stockholders $ 44,776 $ 26,486 $ 84,670 $ 51,762 Denominator: Denominator for basic EPS – weighted-average common shares 86,786 76,743 85,251 75,281 Effect of dilutive securities – stock options 729 723 750 700 Denominator for diluted EPS – weighted-average common shares and assumed conversions 87,515 77,466 86,001 75,981 Basic EPS $ 0.52 $ 0.35 $ 0.99 $ 0.69 Diluted EPS $ 0.51 $ 0.34 $ 0.98 $ 0.68 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities AFS | The following table presents the amortized cost and estimated fair value of investment securities AFS as of the dates indicated. The Company’s investment in the “CRA qualified investment fund” includes shares held in a mutual fund that qualifies under the Community Reinvestment Act of 1977 for community reinvestment purposes. The Company’s holdings of equity securities in Federal Home Loan Bank of Dallas (“FHLB”) and First National Banker’s Bankshares, Inc. (“FNBB”) do not have readily determinable fair values and are carried at cost. Amortized Gross Gross Estimated (Dollars in thousands) June 30, 2015: Obligations of state and political subdivisions $ 496,777 $ 11,768 $ (1,630 ) $ 506,915 U.S. Government agency securities 257,849 4,627 (1,723 ) 260,753 Corporate obligations 3,574 0 0 3,574 CRA qualified investment fund 1,028 0 (8 ) 1,020 FHLB and FNBB equity securities 10,015 0 0 10,015 Total $ 769,243 $ 16,395 $ (3,361 ) $ 782,277 December 31, 2014: Obligations of state and political subdivisions $ 555,335 $ 18,267 $ (393 ) $ 573,209 U.S. Government agency securities 245,854 6,144 (765 ) 251,233 Corporate obligations 654 0 0 654 FHLB and FNBB equity securities 14,225 0 0 14,225 Total $ 816,068 $ 24,411 $ (1,158 ) $ 839,321 June 30, 2014: Obligations of state and political subdivisions $ 603,533 $ 15,536 $ (2,504 ) $ 616,565 U.S. Government agency securities 254,878 5,613 (2,180 ) 258,311 Corporate obligations 685 0 0 685 FHLB and FNBB equity securities 16,568 0 0 16,568 Total $ 875,664 $ 21,149 $ (4,684 ) $ 892,129 |
Gross Unrealized Losses and Estimated Fair Value of Investment Securities | The following table shows estimated fair value of investment securities AFS having gross unrealized losses and the amount of such unrealized losses, aggregated by investment category and length of time that individual investment securities have been in a continuous unrealized loss position, as of the dates indicated. Less than 12 Months 12 Months or More Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (Dollars in thousands) June 30, 2015: Obligations of state and political subdivisions $ 104,621 $ 1,532 $ 7,515 $ 98 $ 112,136 $ 1,630 U.S. Government agency securities 76,252 1,534 7,181 189 83,433 1,723 CRA qualified investment fund 1,020 8 0 0 1,020 8 Total temporarily impaired securities $ 181,893 $ 3,074 $ 14,696 $ 287 $ 196,589 $ 3,361 December 31, 2014: Obligations of state and political subdivisions $ 29,174 $ 75 $ 34,414 $ 318 $ 63,588 $ 393 U.S. Government agency securities 9,630 25 47,626 740 57,256 765 Total temporarily impaired securities $ 38,804 $ 100 $ 82,040 $ 1,058 $ 120,844 $ 1,158 June 30, 2014: Obligations of state and political subdivisions $ 60,769 $ 386 $ 79,000 $ 2,118 $ 139,769 $ 2,504 U.S. Government agency securities 15,227 67 58,608 2,113 73,835 2,180 Total temporarily impaired securities $ 75,996 $ 453 $ 137,608 $ 4,231 $ 213,604 $ 4,684 |
Maturity Distribution of Investment Securities AFS | The following table shows the amortized cost and estimated fair value of investment securities AFS by maturity or estimated date of repayment as of the date indicated. June 30, 2015 Maturity or Estimated Repayment Amortized Estimated (Dollars in thousands) One year or less $ 36,133 $ 36,619 After one year to five years 139,079 140,690 After five years to ten years 189,702 192,251 After ten years 404,329 412,717 Total $ 769,243 $ 782,277 |
Sales Activities of Company's Investment Securities AFS are Summarized | The following table is a summary of sales activities in the Company’s investment securities AFS for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Sales proceeds $ 2,660 $ 47,170 $ 32,777 $ 48,394 Gross realized gains $ 85 $ 18 $ 2,619 $ 23 Gross realized losses 0 0 (1 ) 0 Net gains on investment securities $ 85 $ 18 $ 2,618 $ 23 |
Allowance for Loan and Lease 30
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Schedule of Activity Within Allowance for Loan and Lease Losses | The following table is a summary of activity within the ALLL for the periods indicated. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Beginning balance $ 54,147 $ 43,861 $ 52,918 $ 42,945 Non-purchased loans and leases charged off (1,496 ) (1,650 ) (5,575 ) (2,569 ) Recoveries of non-purchased loans and leases previously charged off 198 247 506 982 Net non-purchased loans and leases charged off (1,298 ) (1,403 ) (5,069 ) (1,587 ) Purchased loans charged off, net (408 ) (1,082 ) (1,723 ) (1,287 ) Net charge-offs – total loans and leases (1,706 ) (2,485 ) (6,792 ) (2,874 ) Provision for loan and lease losses: Non-purchased loans and leases 3,900 4,500 8,900 5,600 Purchased loans 408 1,082 1,723 1,287 Total provision 4,308 5,582 10,623 6,887 Ending balance $ 56,749 $ 46,958 $ 56,749 $ 46,958 |
Summary of Company's Allowance for Loan and Lease Losses | The following tables are a summary of the Company’s ALLL for the periods indicated. Beginning Charge-offs Recoveries Provision Ending (Dollars in thousands) Three months ended June 30, 2015: Real estate: Residential 1-4 family $ 5,657 $ (92 ) $ 10 $ 26 $ 5,601 Non-farm/non-residential 17,766 (119 ) 5 580 18,232 Construction/land development 17,580 (469 ) 0 2,037 19,148 Agricultural 2,526 0 0 (66 ) 2,460 Multifamily residential 2,423 (208 ) 0 671 2,886 Commercial and industrial 3,301 (93 ) 23 18 3,249 Consumer 824 (24 ) 21 4 825 Direct financing leases 3,258 (155 ) 7 444 3,554 Other 812 (336 ) 132 186 794 Purchased loans 0 (408 ) 0 408 0 Total $ 54,147 $ (1,904 ) $ 198 $ 4,308 $ 56,749 Six months ended June 30, 2015: Real estate: Residential 1-4 family $ 5,482 $ (621 ) $ 21 $ 719 $ 5,601 Non-farm/non-residential 17,190 (324 ) 17 1,349 18,232 Construction/land development 15,960 (771 ) 37 3,922 19,148 Agricultural 2,558 (13 ) 0 (85 ) 2,460 Multifamily residential 2,147 (208 ) 0 947 2,886 Commercial and industrial 4,873 (2,540 ) 39 877 3,249 Consumer 818 (69 ) 42 34 825 Direct financing leases 2,989 (341 ) 13 893 3,554 Other 901 (688 ) 337 244 794 Purchased loans 0 (1,723 ) 0 1,723 0 Total $ 52,918 $ (7,298 ) $ 506 $ 10,623 $ 56,749 Year ended December 31, 2014: Real estate: Residential 1-4 family $ 4,701 $ (577 ) $ 135 $ 1,223 $ 5,482 Non-farm/non-residential 13,633 (1,357 ) 33 4,881 17,190 Construction/land development 12,306 (638 ) 11 4,281 15,960 Agricultural 3,000 (214 ) 14 (242 ) 2,558 Multifamily residential 2,504 0 0 (357 ) 2,147 Commercial and industrial 2,855 (720 ) 808 1,930 4,873 Consumer 917 (222 ) 80 43 818 Direct financing leases 2,266 (602 ) 49 1,276 2,989 Other 763 (793 ) 266 665 901 Purchased loans 0 (3,215 ) 0 3,215 0 Total $ 42,945 $ (8,338 ) $ 1,396 $ 16,915 $ 52,918 Three months ended June 30, 2014: Real estate: Residential 1-4 family $ 4,622 $ (142 ) $ 49 $ 231 $ 4,760 Non-farm/non-residential 14,013 (1,181 ) 1 2,003 14,836 Construction/land development 12,828 (14 ) 0 2,650 15,464 Agricultural 3,018 0 6 (116 ) 2,908 Multifamily residential 2,429 0 0 (657 ) 1,772 Commercial and industrial 2,738 (48 ) 135 23 2,848 Consumer 831 (56 ) 18 133 926 Direct financing leases 2,438 (121 ) 8 247 2,572 Other 944 (88 ) 30 (14 ) 872 Purchased loans 0 (1,082 ) 0 1,082 0 Total $ 43,861 $ (2,732 ) $ 247 $ 5,582 $ 46,958 Six months ended June 30, 2014: Real estate: Residential 1-4 family $ 4,701 $ (341 ) $ 71 $ 329 $ 4,760 Non-farm/non-residential 13,633 (1,254 ) 4 2,453 14,836 Construction/land development 12,306 (14 ) 8 3,164 15,464 Agricultural 3,000 (15 ) 11 (88 ) 2,908 Multifamily residential 2,504 0 0 (732 ) 1,772 Commercial and industrial 2,855 (422 ) 763 (348 ) 2,848 Consumer 917 (97 ) 36 70 926 Direct financing leases 2,266 (267 ) 14 559 2,572 Other 763 (159 ) 75 193 872 Purchased loans 0 (1,287 ) 0 1,287 0 Total $ 42,945 $ (3,856 ) $ 982 $ 6,887 $ 46,958 |
Summary of Allowance for Loan and Lease Losses and Recorded Investment in Non-Purchased Loans and Leases | The following table is a summary of the Company’s ALLL and recorded investment in non-purchased loans and leases as of the dates indicated. ALLL Non-Purchased Loans and Leases ALLL for ALLL for Total ALLL Individually All Other Total Loans (Dollars in thousands) June 30, 2015: Real estate: Residential 1-4 family $ 345 $ 5,256 $ 5,601 $ 1,908 $ 316,328 $ 318,236 Non-farm/non-residential 3 18,229 18,232 809 1,687,994 1,688,803 Construction/land development 49 19,099 19,148 9,065 1,890,960 1,900,025 Agricultural 470 1,990 2,460 1,450 49,333 50,783 Multifamily residential 0 2,886 2,886 345 296,529 296,874 Commercial and industrial 487 2,762 3,249 547 259,073 259,620 Consumer 3 822 825 33 25,499 25,532 Direct financing leases 0 3,554 3,554 0 137,146 137,146 Other 0 794 794 7 90,097 90,104 Total $ 1,357 $ 55,392 $ 56,749 $ 14,164 $ 4,752,959 $ 4,767,123 December 31, 2014: Real estate: Residential 1-4 family $ 356 $ 5,126 $ 5,482 $ 2,734 $ 280,519 $ 283,253 Non-farm/non-residential 18 17,172 17,190 2,507 1,501,034 1,503,541 Construction/land development 68 15,892 15,960 14,304 1,397,534 1,411,838 Agricultural 6 2,552 2,558 365 46,870 47,235 Multifamily residential 0 2,147 2,147 0 211,156 211,156 Commercial and industrial 644 4,229 4,873 623 287,084 287,707 Consumer 3 815 818 34 25,635 25,669 Direct financing leases 0 2,989 2,989 0 115,475 115,475 Other 0 901 901 8 93,988 93,996 Total $ 1,095 $ 51,823 $ 52,918 $ 20,575 $ 3,959,295 $ 3,979,870 June 30, 2014: Real estate: Residential 1-4 family $ 411 $ 4,349 $ 4,760 $ 3,245 $ 263,252 $ 266,497 Non-farm/non-residential 13 14,823 14,836 2,363 1,287,811 1,290,174 Construction/land development 2 15,462 15,464 9,738 1,039,420 1,049,158 Agricultural 200 2,708 2,908 845 44,696 45,541 Multifamily residential 0 1,772 1,772 491 136,462 136,953 Commercial and industrial 553 2,295 2,848 689 166,195 166,884 Consumer 3 923 926 42 28,632 28,674 Direct financing leases 0 2,572 2,572 0 98,768 98,768 Other 0 872 872 9 88,927 88,936 Total $ 1,182 $ 45,776 $ 46,958 $ 17,422 $ 3,154,163 $ 3,171,585 |
Schedule of Impaired Non-purchased Loans and Leases, FDIC Loss Share Agreements | The following table is a summary of impaired non-purchased loans and leases as of and for the three months and six months ended June 30, 2015. Principal Net Charge-offs Principal Net of Charge-offs Specific Weighted Average Weighted Average (Dollars in thousands) Impaired loans and leases for which there is a related ALLL: Real estate: Residential 1-4 family $ 3,147 $ (1,859 ) $ 1,288 $ 345 $ 1,299 $ 1,362 Non-farm/non-residential 145 (142 ) 3 3 22 196 Construction/land development 115 0 115 49 66 1,414 Agricultural 1,148 0 1,148 470 574 413 Commercial and industrial 672 (185 ) 487 487 244 343 Consumer 40 (23 ) 17 3 18 18 Total impaired loans and leases with a related ALLL 5,267 (2,209 ) 3,058 1,357 2,223 3,746 Impaired loans and leases for which there is not a related ALLL: Real estate: Residential 1-4 family 731 (111 ) 620 0 910 1,022 Non-farm/non-residential 999 (193 ) 806 0 651 1,089 Construction/land development 9,440 (490 ) 8,950 0 9,174 9,514 Agricultural 518 (215 ) 303 0 304 293 Multifamily residential 686 (341 ) 345 0 173 115 Commercial and industrial 158 (98 ) 60 0 95 90 Consumer 19 (5 ) 14 0 15 15 Other 8 0 8 0 8 8 Total impaired loans and leases without a related ALLL 12,559 (1,453 ) 11,106 0 11,330 12,146 Total impaired loans and leases $ 17,826 $ (3,662 ) $ 14,164 $ 1,357 $ 13,553 $ 15,892 The following table is a summary of impaired non-purchased loans and leases as of and for the year ended December 31, 2014. Principal Net Charge-offs Principal Net of Charge-offs Specific Weighted Average (Dollars in thousands) Impaired loans and leases for which there is a related ALLL: Real estate: Residential 1-4 family $ 3,163 $ (1,674 ) $ 1,489 $ 356 $ 1,457 Non-farm/non-residential 762 (220 ) 542 18 211 Construction/land development 4,656 (545 ) 4,111 68 1,040 Agricultural 105 (12 ) 93 6 217 Commercial and industrial 1,233 (691 ) 542 644 554 Consumer 41 (23 ) 18 3 20 Total impaired loans and leases with a related ALLL 9,960 (3,165 ) 6,795 1,095 3,499 Impaired loans and leases for which there is not a related ALLL: Real estate: Residential 1-4 family 1,373 (128 ) 1,245 0 1,581 Non-farm/non-residential 2,676 (711 ) 1,965 0 1,988 Construction/land development 10,378 (185 ) 10,193 0 7,600 Agricultural 474 (202 ) 272 0 383 Multifamily residential 133 (133 ) 0 0 123 Commercial and industrial 264 (183 ) 81 0 75 Consumer 81 (65 ) 16 0 18 Other 8 0 8 0 8 Total impaired loans and leases without a related ALLL 15,387 (1,607 ) 13,780 0 11,776 Total impaired loans and leases $ 25,347 $ (4,772 ) $ 20,575 $ 1,095 $ 15,275 The following table is a summary of impaired non-purchased loans and leases as of and for the three months and six months ended June 30, 2014. Principal Net Charge-offs to Date Principal Balance, Net of Charge-offs Specific Weighted Average Weighted Average (Dollars in thousands) Impaired loans and leases for which there is a related ALLL: Real estate: Residential 1-4 family $ 3,294 $ (1,721 ) $ 1,573 $ 411 $ 1,505 $ 1,642 Non-farm/non-residential 186 (142 ) 44 13 52 50 Construction/land development 38 (22 ) 16 2 16 16 Agricultural 336 (12 ) 324 200 336 380 Commercial and industrial 838 (278 ) 560 553 562 579 Consumer 102 (79 ) 23 3 23 23 Other 0 0 0 0 0 5 Total impaired loans and leases with a related ALLL 4,794 (2,254 ) 2,540 1,182 2,494 2,695 Impaired loans and leases for which there is not a related ALLL: Real estate: Residential 1-4 family 2,094 (421 ) 1,673 0 2,023 2,059 Non-farm/non-residential 3,444 (1,125 ) 2,319 0 1,942 1,999 Construction/land development 9,803 (81 ) 9,722 0 5,015 3,417 Agricultural 554 (33 ) 521 0 494 468 Multifamily residential 624 (133 ) 491 0 246 164 Commercial and industrial 288 (159 ) 129 0 95 88 Consumer 33 (14 ) 19 0 22 24 Other 8 0 8 0 9 9 Total impaired loans and leases without a related ALLL 16,848 (1,966 ) 14,882 0 9,846 8,228 Total impaired loans and leases $ 21,642 $ (4,220 ) $ 17,422 $ 1,182 $ 12,340 $ 10,923 |
Summary of Credit Quality Indicators for Loans and Leases, Including Purchased and Non-Purchased Loans and Leases | The following table is a summary of credit quality indicators for the Company’s non-purchased loans and leases as of the dates indicated. Satisfactory Moderate Watch Substandard Total (Dollars in thousands) June 30, 2015: Real estate: Residential 1-4 family (1) $ 308,914 $ 0 $ 3,830 $ 5,492 $ 318,236 Non-farm/non-residential 1,442,958 169,776 67,722 8,347 1,688,803 Construction/land development 1,653,991 223,812 10,207 12,015 1,900,025 Agricultural 24,997 14,457 9,088 2,241 50,783 Multifamily residential 252,433 40,802 1,646 1,993 296,874 Commercial and industrial 185,737 70,305 2,092 1,486 259,620 Consumer (1) 25,022 0 214 296 25,532 Direct financing leases 136,605 297 100 144 137,146 Other (1) 84,271 5,648 93 92 90,104 Total $ 4,114,928 $ 525,097 $ 94,992 $ 32,106 $ 4,767,123 December 31, 2014: Real estate: Residential 1-4 family (1) $ 271,576 $ 0 $ 4,082 $ 7,595 $ 283,253 Non-farm/non-residential 1,300,582 142,688 53,863 6,408 1,503,541 Construction/land development 1,190,005 192,046 11,135 18,652 1,411,838 Agricultural 22,446 12,375 10,226 2,188 47,235 Multifamily residential 171,806 37,886 713 751 211,156 Commercial and industrial 208,054 59,967 18,310 1,376 287,707 Consumer (1) 25,267 0 141 261 25,669 Direct financing leases 114,586 715 117 57 115,475 Other (1) 89,364 4,312 286 34 93,996 Total $ 3,393,686 $ 449,989 $ 98,873 $ 37,322 $ 3,979,870 June 30, 2014: Real estate: Residential 1-4 family (1) $ 258,098 $ 0 $ 2,620 $ 5,779 $ 266,497 Non-farm/non-residential 1,090,525 139,080 53,478 7,091 1,290,174 Construction/land development 846,365 176,977 12,078 13,738 1,049,158 Agricultural 22,766 9,785 10,388 2,602 45,541 Multifamily residential 105,366 29,954 385 1,248 136,953 Commercial and industrial 127,935 35,769 1,768 1,412 166,884 Consumer (1) 28,244 0 132 298 28,674 Direct financing leases 97,967 727 34 40 98,768 Other (1) 85,684 3,036 189 27 88,936 Total $ 2,662,950 $ 395,328 $ 81,072 $ 32,235 $ 3,171,585 (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 purchased loans as of the dates indicated. Purchased Loans Without Evidence of Credit Deterioration at Acquisition Purchased Loans With Evidence of Credit Deterioration at Acquisition Total Loans FV 33 FV 44 FV 55 FV 36 FV 77 FV 66 FV 88 (Dollars in thousands) June 30, 2015: Real estate: Residential 1-4 family $ 61,886 $ 88,824 $ 30,228 $ 58,905 $ 83 $ 85,917 $ 1,888 $ 327,731 Non-farm/non-residential 209,433 702,962 119,491 3,780 255 119,406 6,778 1,162,105 Construction/land development 18,084 9,638 3,397 8,724 0 19,420 2,695 61,958 Agricultural 6,903 13,465 1,901 865 108 6,377 0 29,619 Multifamily residential 23,260 117,586 25,968 706 65 12,555 0 180,140 Total real estate 319,566 932,475 180,985 72,980 511 243,675 11,361 1,761,553 Commercial and industrial 10,126 17,812 4,316 5,722 20 8,179 449 46,624 Consumer 793 261 213 7,775 2 310 4 9,358 Other 4,247 3,558 288 462 0 758 0 9,313 Total $ 334,732 $ 954,106 $ 185,802 $ 86,939 $ 533 $ 252,922 $ 11,814 $ 1,826,848 December 31, 2014: Real estate: Residential 1-4 family $ 73,196 $ 81,840 $ 30,180 $ 71,687 $ 151 $ 96,752 $ 1,899 $ 355,705 Non-farm/non-residential 166,754 180,522 32,157 4,906 505 114,217 5,828 504,889 Construction/land development 21,803 26,858 4,312 13,708 0 28,497 4,598 99,776 Agricultural 10,444 25,187 2,409 1,525 0 8,331 92 47,988 Multifamily residential 22,731 11,646 1,971 884 67 4,823 312 42,434 Total real estate 294,928 326,053 71,029 92,710 723 252,620 12,729 1,050,792 Commercial and industrial 20,340 23,048 4,900 10,659 22 9,297 559 68,825 Consumer 1,605 272 420 12,538 3 426 4 15,268 Other 4,845 5,830 597 945 0 845 0 13,062 Total $ 321,718 $ 355,203 $ 76,946 $ 116,852 $ 748 $ 263,188 $ 13,292 $ 1,147,947 June 30, 2014: Real estate: Residential 1-4 family $ 81,102 $ 84,839 $ 32,286 $ 79,449 $ 10 $ 111,106 $ 2,306 $ 391,098 Non-farm/non-residential 211,896 198,937 40,193 3,704 0 148,491 10,249 613,470 Construction/land development 32,850 37,840 12,447 10,878 9 36,031 6,032 136,087 Agricultural 15,058 29,337 3,185 1,744 0 10,984 323 60,631 Multifamily residential 10,505 13,418 7,453 1,030 67 8,754 1,090 42,317 Total real estate 351,411 364,371 95,564 96,805 86 315,366 20,000 1,243,603 Commercial and industrial 27,269 49,175 9,702 14,637 0 11,371 1,119 113,273 Consumer 3,215 1,165 670 20,204 0 615 0 25,869 Other 5,762 9,292 935 4,391 0 944 0 21,324 Total $ 387,657 $ 424,003 $ 106,871 $ 136,037 $ 86 $ 328,296 $ 21,119 $ 1,404,069 |
Schedule of Aging Analysis Past Due Loans and Leases, Loans Purchased and Non-Purchased by FDIC Loss Share Agreements | The following table is an aging analysis of past due non-purchased loans and leases as of the dates indicated. 30-89 Days (1) 90 Days or More (2) Total Past Due Current (3) Total (Dollars in thousands) June 30, 2015: Real estate: Residential 1-4 family $ 4,642 $ 1,031 $ 5,673 $ 312,563 $ 318,236 Non-farm/non-residential 2,672 1,180 3,852 1,684,951 1,688,803 Construction/land development 906 9,119 10,025 1,890,000 1,900,025 Agricultural 516 1,426 1,942 48,841 50,783 Multifamily residential 1,042 0 1,042 295,832 296,874 Commercial and industrial 737 115 852 258,768 259,620 Consumer 225 35 260 25,272 25,532 Direct financing leases 140 106 246 136,900 137,146 Other 98 85 183 89,921 90,104 Total $ 10,978 $ 13,097 $ 24,075 $ 4,743,048 $ 4,767,123 December 31, 2014: Real estate: Residential 1-4 family $ 6,352 $ 1,536 $ 7,888 $ 275,365 $ 283,253 Non-farm/non-residential 2,708 1,445 4,153 1,499,388 1,503,541 Construction/land development 3,520 12,881 16,401 1,395,437 1,411,838 Agricultural 1,680 304 1,984 45,251 47,235 Multifamily residential 0 0 0 211,156 211,156 Commercial and industrial 586 94 680 287,027 287,707 Consumer 161 55 216 25,453 25,669 Direct financing leases 39 54 93 115,382 115,475 Other 58 12 70 93,926 93,996 Total $ 15,104 $ 16,381 $ 31,485 $ 3,948,385 $ 3,979,870 June 30, 2014: Real estate: Residential 1-4 family $ 2,890 $ 1,521 $ 4,411 $ 262,086 $ 266,497 Non-farm/non-residential 1,714 1,693 3,407 1,286,767 1,290,174 Construction/land development 49 10,060 10,109 1,039,049 1,049,158 Agricultural 269 436 705 44,836 45,541 Multifamily residential 491 0 491 136,462 136,953 Commercial and industrial 674 0 674 166,210 166,884 Consumer 139 54 193 28,481 28,674 Direct financing leases 10 30 40 98,728 98,768 Other 0 0 0 88,936 88,936 Total $ 6,236 $ 13,794 $ 20,030 $ 3,151,555 $ 3,171,585 (1) Includes $0.7 million, $0.9 million and $1.8 million at June 30, 2015, December 31, 2014 and June 30, 2014, respectively, of loans and leases on nonaccrual status. (2) All loans and leases greater than 90 days past due were on nonaccrual status at June 30, 2015 and 2014 and December 31, 2014. (3) Includes $2.5 million, $0.4 million and $2.8 million of loans and leases on nonaccrual status at June 30, 2015, December 31, 2014 and June 30, 2014, respectively. The following table is an aging analysis of past due purchased loans as of the dates indicated. 30-89 Days 90 Days or More Total Past Due Current Total (Dollars in thousands) June 30, 2015: Real estate: Residential 1-4 family $ 6,476 $ 5,975 $ 12,451 $ 315,280 $ 327,731 Non-farm/non-residential 16,737 9,191 25,928 1,136,177 1,162,105 Construction/land development 1,045 2,715 3,760 58,198 61,958 Agriculture 291 166 457 29,162 29,619 Multifamily residential 408 709 1,117 179,023 180,140 Commercial and industrial 936 611 1,547 45,077 46,624 Consumer 111 68 179 9,179 9,358 Other 40 11 51 9,262 9,313 Total $ 26,044 $ 19,446 $ 45,490 $ 1,781,358 $ 1,826,848 December 31, 2014: Real estate: Residential 1-4 family $ 8,088 $ 9,043 $ 17,131 $ 338,574 $ 355,705 Non-farm/non-residential 8,907 12,439 21,346 483,543 504,889 Construction/land development 1,197 5,464 6,661 93,115 99,776 Agriculture 237 875 1,112 46,876 47,988 Multifamily residential 515 67 582 41,852 42,434 Commercial and industrial 863 751 1,614 67,211 68,825 Consumer 199 103 302 14,966 15,268 Other 0 31 31 13,031 13,062 Total $ 20,006 $ 28,773 $ 48,779 $ 1,099,168 $ 1,147,947 June 30, 2014: Real estate: Residential 1-4 family $ 10,866 $ 14,074 $ 24,940 $ 366,158 $ 391,098 Non-farm/non-residential 4,929 25,570 30,499 582,971 613,470 Construction/land development 1,146 9,766 10,912 125,175 136,087 Agriculture 165 2,260 2,425 58,206 60,631 Multifamily residential 0 2,594 2,594 39,723 42,317 Commercial and industrial 392 1,733 2,125 111,148 113,273 Consumer 170 183 353 25,516 25,869 Other 16 19 35 21,289 21,324 Total $ 17,684 $ 56,199 $ 73,883 $ 1,330,186 $ 1,404,069 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
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 as of the dates indicated. June 30, December 31, 2015 2014 2014 (Dollars in thousands) Deferred tax assets: Allowance for loan and lease losses $ 21,617 $ 18,116 $ 20,324 Differences in amounts reflected in the financial statements and income tax basis of purchased loans not previously covered by FDIC loss share agreements 28,605 26,024 20,444 Differences in amounts reflected in the financial statements and income tax basis for deposits assumed in acquisitions 7,703 2,405 1,337 Stock-based compensation 4,477 3,364 3,268 Deferred compensation 2,092 1,890 1,991 Foreclosed assets 3,111 5,624 3,503 Deferred fees and costs on loans and leases 6,405 2,059 4,785 Differences in amounts reflected in the financial statements and income tax basis of assets acquired and liabilities assumed in FDIC-assisted acquisitions 8,032 7,397 8,098 Acquired net operating losses 13,456 13,662 13,332 Other, net 1,949 1,486 2,568 Total gross deferred tax assets 97,447 82,027 79,650 Less valuation allowance (474 ) (474 ) (474 ) Net deferred tax asset 96,973 81,553 79,176 Deferred tax liabilities: Accelerated depreciation on premises and equipment 18,921 18,028 18,653 Investment securities AFS 3,798 5,022 7,692 Acquired intangible assets 10,407 10,847 9,743 Total gross deferred tax liabilities 33,126 33,897 36,088 Net deferred tax assets $ 63,847 $ 47,656 $ 43,088 |
Supplemental Data for Cash Fl32
Supplemental Data for Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | The following table provides supplemental cash flow information for the periods indicated. Six Months Ended June 30, 2015 2014 (Dollars in thousands) Cash paid during the period for: Interest $ 13,031 $ 9,808 Taxes 34,024 17,690 Supplemental schedule of non-cash investing and financing activities: Net change in unrealized gains/losses on investment securities AFS (10,218 ) 22,506 Loans and premises and equipment transferred to foreclosed assets 9,797 31,013 Loans advanced for sales of foreclosed assets 0 258 Unsettled AFS investment security purchases 4,453 1,465 Unsettled AFS investment security sales 0 1,815 Unsettled loan sales 14,361 0 Unsettled loan purchases 18,269 0 Common stock issued in merger and acquisition transactions 238,476 166,315 |
Guarantees and Commitments (Tab
Guarantees and Commitments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Maturities | The following table shows the contractual maturities of outstanding commitments to extend credit as of the date indicated. Contractual Maturities at June 30, 2015 Maturity Amount (Dollars in thousands) 2015 $ 91,624 2016 358,317 2017 1,715,962 2018 1,356,777 2019 170,419 Thereafter 312,844 Total $ 4,005,943 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Schedule of Issues of Trust Preferred Securities Outstanding and Subordinated Debentures Owed to Trust | At June 30, 2015, the Company had the following issues of trust preferred securities and subordinated debentures owed to the Trusts. Subordinated Unamortized Carrying Value Trust Contractual (Dollars in thousands) Ozark II $ 14,433 $ 0 $ 14,433 $ 14,000 3.18 % Ozark III 14,434 0 14,434 14,000 3.24 Ozark IV 15,464 0 15,464 15,000 2.50 Ozark V 20,619 0 20,619 20,000 1.89 Intervest II 15,464 (678 ) 14,786 15,000 3.23 Intervest III 15,464 (785 ) 14,679 15,000 3.07 Intervest IV 15,464 (1,428 ) 14,036 15,000 2.68 Intervest V 10,310 (1,358 ) 8,952 10,000 1.94 $ 121,652 $ (4,249 ) $ 117,403 $ 118,000 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based 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 period indicated. Options Weighted- Exercise Weighted-Average Aggregate Value (in thousands) Six Months Ended June 30, 2015: Outstanding – January 1, 2015 1,859,350 $ 23.49 Granted 2,000 40.82 Exercised (99,050 ) 10.06 Forfeited (74,350 ) 26.13 Outstanding – June 30, 2015 1,687,950 24.18 5.3 $ 36,400 (1) Fully vested and exercisable – June 30, 2015 315,550 $ 14.17 4.6 $ 9,966 (1) Expected to vest in future periods 1,248,680 Fully vested and expected to vest – June 30, 2015 (2) 1,564,230 $ 23.58 5.2 $ 34,676 (1) (1) Based on closing price of $45.75 per share on June 30, 2015. (2) At June 30, 2015, the Company estimated that outstanding options to purchase 123,720 shares of its common stock would not vest and would be forfeited prior to their vesting date. |
Summary of Non-Vested Restricted Stock Activity | The following table summarizes non-vested restricted stock activity for the period indicated. Six Months Ended Outstanding – January 1, 2015 444,700 Granted 245,300 Forfeited (29,875 ) Vested 0 Outstanding – June 30, 2015 660,125 Weighted-average grant date fair value $ 25.27 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities at Fair Value | The following table sets forth the Company’s assets, as of the dates indicated, that are accounted for at fair value. Level 1 Level 2 Level 3 Total (Dollars in thousands) June 30, 2015: Investment securities AFS (1) Obligations of state and political subdivisions $ 0 $ 488,158 $ 18,757 $ 506,915 U.S. Government agency securities 0 260,753 0 260,753 Corporate obligations 0 3,574 0 3,574 CRA qualified investment fund 1,020 0 0 1,020 Total investment securities AFS 1,020 752,485 18,757 772,262 Impaired non-purchased loans and leases 0 0 12,807 12,807 Impaired purchased loans 0 0 12,347 12,347 Foreclosed assets 0 0 25,973 25,973 Total assets at fair value $ 1,020 $ 752,485 $ 69,884 $ 823,389 December 31, 2014: Investment securities AFS (1) Obligations of state and political subdivisions $ 0 $ 553,808 $ 19,401 $ 573,209 U.S. Government agency securities 0 251,233 0 251,233 Corporate obligations 0 654 0 654 Total investment securities AFS 0 805,695 19,401 825,096 Impaired non-purchased loans and leases 0 0 19,480 19,480 Impaired purchased loans 0 0 14,040 14,040 Foreclosed assets 0 0 37,775 37,775 Total assets at fair value $ 0 $ 805,695 $ 90,696 $ 896,391 June 30, 2014: Investment securities AFS (1) Obligations of state and political subdivisions $ 0 $ 595,965 $ 20,600 $ 616,565 U.S. Government agency securities 0 258,311 0 258,311 Corporate obligations 0 685 0 685 Total investment securities AFS 0 854,961 20,600 875,561 Impaired non-purchased loans and leases 0 0 16,240 16,240 Impaired purchased loans 0 0 21,205 21,205 Foreclosed assets 0 0 56,356 56,356 Total assets at fair value $ 0 $ 854,961 $ 114,401 $ 969,362 (1) Does not include $10.0 million at June 30, 2015; $14.2 million at December 31, 2014 and $16.6 million at June 30, 2014 of FHLB and FNBB equity securities 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 as of the date indicated. Description Fair Value at June 30, 2015 Technique Unobservable Inputs (Dollars in thousands) Impaired non-purchased loans and leases $ 12,807 Third party appraisal (1) 1. Management discount based on underlying collateral characteristics and market conditions 2. Life of loan Impaired purchased loans $ 12,347 Third party appraisal (1) 1. Management discount based on underlying collateral characteristics and market conditions 2. Life of loan Foreclosed assets $ 25,973 Third party appraisal, (1) 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 (Dollars in thousands) Balance – January 1, 2015 $ 19,401 Total realized gains (losses) included in earnings 0 Total unrealized gains (losses) included in comprehensive income (271 ) Paydowns and maturities (373 ) Sales 0 Transfers in and/or out of Level 3 0 Balance – June 30, 2015 $ 18,757 Balance – January 1, 2014 $ 18,682 Total realized gains (losses) included in earnings 0 Total unrealized gains (losses) included in comprehensive income 403 Acquired 1,907 Paydowns and maturities (392 ) Sales 0 Transfers in and/or out of Level 3 0 Balance – June 30, 2014 $ 20,600 |
Fair Value of Financial Instr37
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | The following table presents the carrying amounts and estimated fair values for the dates indicated and the fair value hierarchy of the Company’s financial instruments. June 30, 2015 2014 December 31, 2014 Fair Value Hierarchy Carrying Estimated Value Carrying Estimated Value Carrying Estimated Value (Dollars in thousands) Financial assets: Cash and cash equivalents Level 1 $ 514,890 $ 514,890 $ 110,688 $ 110,688 $ 150,203 $ 150,203 Investment securities AFS Levels 1, 2 782,277 782,277 892,129 892,129 839,321 839,321 Loans and leases, net of ALLL Level 3 6,537,222 6,469,690 4,528,696 4,480,221 5,074,899 5,042,831 FDIC loss share receivable Level 3 0 0 50,679 50,600 0 0 Financial liabilities: Demand, savings and interest bearing transaction deposits Level 1 $ 4,966,330 $ 4,966,330 $ 3,807,139 $ 3,807,139 $ 4,038,443 $ 4,038,443 Time deposits Level 2 2,120,969 2,142,807 1,176,758 1,177,108 1,457,939 1,463,590 Repurchase agreements with customers Level 1 70,011 70,011 55,999 55,999 65,578 65,578 Other borrowings Level 2 161,931 171,614 280,875 304,381 190,855 203,493 FDIC clawback payable Level 3 0 0 26,533 26,533 0 0 Subordinated debentures Level 2 117,403 66,679 64,950 32,554 64,950 39,103 |
Changes in and Reclassificati38
Changes in and Reclassifications From Accumulated Other Comprehensive Income ("AOCI") (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income | The following table presents changes in AOCI for the periods indicated. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Beginning balance of AOCI – unrealized gains and losses on investment securities AFS $ 14,367 $ 3,211 $ 14,132 $ (3,672 ) Other comprehensive income (loss): Unrealized gains and losses on investment securities AFS (10,091 ) 11,199 (7,600 ) 22,529 Tax effect of unrealized gains and losses on investment securities AFS 3,844 (4,393 ) 3,157 (8,837 ) Amounts reclassified from AOCI (84 ) (18 ) (2,618 ) (23 ) Tax effect of amounts reclassified from AOCI 32 7 997 9 Total other comprehensive income (loss) (6,299 ) 6,795 (6,064 ) 13,678 Ending balance of AOCI – unrealized gains and losses on investment securities AFS $ 8,068 $ 10,006 $ 8,068 $ 10,006 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Summary of Other Operating Expenses | The following table is a summary of other operating expenses for the periods indicated. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (Dollars in thousands) Salaries and employee benefits $ 22,646 $ 18,831 $ 45,243 $ 36,520 Net occupancy and equipment 7,344 5,707 14,635 10,751 Other operating expenses: Postage and supplies 1,014 852 1,929 1,623 Advertising and public relations 586 636 1,169 1,036 Telecommunication services 1,616 1,191 2,964 2,207 Professional and outside services 2,526 2,353 6,912 4,526 Software and data processing 766 1,662 1,515 2,799 Travel and meals 821 629 1,617 1,169 FDIC insurance 900 555 1,650 1,105 FDIC and state assessments 331 218 641 431 ATM expense 543 307 1,251 516 Loan collection and repossession expense 1,020 1,528 2,753 1,987 Writedowns of foreclosed and other assets 235 798 2,427 877 Amortization of intangibles 1,640 1,119 3,236 1,932 FHLB prepayment penalty 0 0 2,480 0 Other 1,736 1,492 3,486 7,854 Total non-interest expense $ 43,724 $ 37,878 $ 93,908 $ 75,333 |
Organization and Principles o40
Organization and Principles of Consolidation - Additional Information (Detail) - 6 months ended Jun. 30, 2015 | TrustOffice |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Ownership interest owned finance subsidiary business trusts | 100.00% |
Number of finance subsidiary trusts | Trust | 8 |
Number of offices | 164 |
Arkansas [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of offices | 80 |
Georgia [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of offices | 28 |
North Carolina [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of offices | 16 |
Texas [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of offices | 21 |
Florida [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of offices | 11 |
Alabama [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of offices | 3 |
South Carolina [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of offices | 2 |
New York [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of offices | 2 |
California [Member] | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of offices | 1 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands | Feb. 10, 2015USD ($)Officeshares | May. 16, 2014USD ($)CountyOfficeshares | Mar. 05, 2014USD ($)Office | Jun. 30, 2015USD ($)Office | Mar. 31, 2015USD ($) | Dec. 31, 2014Office | Jun. 30, 2014USD ($)Office | Mar. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) |
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Net interest income | $ | $ 93,756 | $ 64,801 | $ 179,246 | $ 117,198 | ||||||
Net income | $ | $ 44,804 | $ 26,478 | 84,722 | $ 51,746 | ||||||
Number of banking offices closed | 8 | 8 | ||||||||
Summit Bancorp, Inc. [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Number of common stock issued | shares | 5,765,846 | |||||||||
Date of acquisition | May 16, 2014 | |||||||||
Goodwill | $ | $ 73,400 | |||||||||
Cash consideration | $ | $ 42,500 | |||||||||
Number of banking offices closed | 6 | 6 | 1 | |||||||
Number of loan production office closed | 1 | |||||||||
Intervest Bancshares Corporation [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Goodwill period decrease | $ | $ 2,700 | |||||||||
Goodwill | $ | $ 44,200 | 44,200 | ||||||||
Net interest income | $ | 14,900 | 23,800 | ||||||||
Net income | $ | $ 8,600 | $ 13,500 | ||||||||
Bancshares Inc [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Date of acquisition | Mar. 5, 2014 | |||||||||
Cash consideration | $ | $ 21,500 | |||||||||
Bargain purchase gain recognized amount | $ | $ 4,700 | |||||||||
Intervest [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Number of common stock issued | shares | 6,637,243 | |||||||||
Total consideration | $ | $ 238,500 | |||||||||
Date of acquisition | Feb. 10, 2015 | |||||||||
Central South And Western Arkansas [Member] | Summit Bancorp, Inc. [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Number of bank offices | 23 | |||||||||
Arkansas Counties [Member] | Summit Bancorp, Inc. [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Number of loan production office | 1 | |||||||||
Number of Arkansas countries | County | 9 | |||||||||
Clearwater [Member] | Intervest National Bank (INB) [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Number of bank offices | 5 | |||||||||
Pasadena [Member] | Intervest National Bank (INB) [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Number of bank offices | 1 | |||||||||
New York [Member] | Intervest National Bank (INB) [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Number of bank offices | 1 | |||||||||
Houston [Member] | Bancshares Inc [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Number of bank offices | 3 | |||||||||
Austin [Member] | Bancshares Inc [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Number of bank offices | 1 | |||||||||
Cedar Park [Member] | Bancshares Inc [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Number of bank offices | 1 | |||||||||
Lockhart [Member] | Bancshares Inc [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Number of bank offices | 1 | |||||||||
San Antonio [Member] | Bancshares Inc [Member] | ||||||||||
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation of Share Based Compensation Cost By Income Statement [Line Items] | ||||||||||
Number of bank offices | 1 |
Acquisitions - Summary of Asset
Acquisitions - Summary of Assets Acquired and Liabilities Assumed in Acquisition (Detail) - USD ($) $ in Thousands | Feb. 10, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | |
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Common Stock | $ (238,376) | $ (166,315) | |||
Intervest Bancshares Corporation [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Cash, due from banks and interest earning deposits | $ 274,343 | ||||
Investment securities | 21,495 | ||||
Loans | 1,108,439 | ||||
Allowance for loan losses | (25,208) | ||||
Premises and equipment | 4,357 | ||||
Foreclosed assets | 2,350 | ||||
Accrued interest receivable and other assets | 34,076 | ||||
Core deposit intangible asset | 0 | ||||
Deferred income taxes | 11,758 | ||||
Total assets acquired | 1,431,610 | ||||
Deposits | 1,162,437 | ||||
Subordinated debentures | 56,702 | ||||
Accrued interest payable and other liabilities | 3,608 | ||||
Total liabilities assumed | 1,222,747 | ||||
Net assets acquired | 208,863 | ||||
Goodwill | $ 44,200 | ||||
Preliminary Fair Value Adjustments Intervest Bancshares Corporation [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Cash, due from banks and interest earning deposits | [1] | 0 | |||
Investment securities | [1],[2] | 321 | |||
Loans | [1],[3] | (33,868) | |||
Allowance for loan losses | [1],[3] | 25,208 | |||
Premises and equipment | [1],[4] | 2,256 | |||
Foreclosed assets | [1],[5] | (1,710) | |||
Accrued interest receivable and other assets | [1],[6] | (4,091) | |||
Core deposit intangible asset | [1],[7] | 4,595 | |||
Deferred income taxes | [1],[8] | 8,082 | |||
Total assets acquired | [1] | 793 | |||
Deposits | [1],[9] | 22,211 | |||
Subordinated debentures | [1],[10] | (4,463) | |||
Accrued interest payable and other liabilities | [1],[11] | 358 | |||
Total liabilities assumed | [1] | 18,106 | |||
Net assets acquired | [1] | (17,313) | |||
As recorded by the Company [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Cash, due from banks and interest earning deposits | [1] | 274,343 | |||
Investment securities | [1] | 21,816 | |||
Loans | [1] | 1,078,964 | |||
Allowance for loan losses | [1] | 0 | |||
Premises and equipment | [1] | 6,613 | |||
Foreclosed assets | [1] | 640 | |||
Accrued interest receivable and other assets | [1] | 29,296 | |||
Core deposit intangible asset | [1] | 4,595 | |||
Deferred income taxes | [1] | 18,855 | |||
Total assets acquired | [1] | 1,435,122 | |||
Deposits | [1] | 1,184,648 | |||
Subordinated debentures | [1] | 52,239 | |||
Accrued interest payable and other liabilities | [1] | 3,966 | |||
Total liabilities assumed | [1] | 1,240,853 | |||
Net assets acquired | [1] | 194,269 | |||
Cash in lieu of fractional shares | [1] | (7) | |||
Common Stock | [1] | (238,476) | |||
Total consideration paid | [1] | (238,483) | |||
Goodwill | [1] | 44,214 | |||
Recast Adjustment [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Cash, due from banks and interest earning deposits | 0 | ||||
Investment securities | 0 | ||||
Loans | 4,393 | ||||
Allowance for loan losses | 0 | ||||
Premises and equipment | 0 | ||||
Foreclosed assets | 0 | ||||
Accrued interest receivable and other assets | (689) | ||||
Core deposit intangible asset | 0 | ||||
Deferred income taxes | (985) | ||||
Total assets acquired | 2,719 | ||||
Deposits | 0 | ||||
Subordinated debentures | 0 | ||||
Accrued interest payable and other liabilities | 0 | ||||
Total liabilities assumed | 0 | ||||
Net assets acquired | $ 2,719 | ||||
Recast Adjustment [Member] | Intervest Bancshares Corporation [Member] | |||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Goodwill | $ (2,719) | ||||
[1] | Management is continuing to evaluate each of these fair value adjustments and may revise one or more of such fair value adjustments in future periods. To the extent that any of these fair value adjustments are revised in future periods, the resultant fair values and the amount of goodwill may be subject to further adjustment. | ||||
[2] | Adjustment reflects the fair value adjustment based on the pricing of the acquired investment securities portfolio. | ||||
[3] | Adjustment reflects the fair value adjustment based on the 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 evaluation of the premises and equipment acquired. | ||||
[5] | Adjustment reflects the fair value adjustment based on the evaluation of the acquired foreclosed assets. | ||||
[6] | Adjustment reflects the fair value adjustment based on the 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] | 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. | ||||
[9] | Adjustment reflects the fair value adjustment based on the evaluation of the acquired deposits. | ||||
[10] | Adjustment reflects the fair value adjustment of these assumed liabilities based on a valuation of such instruments by an independent, third party valuation firm. | ||||
[11] | Adjustment reflects the amount needed to adjust other liabilities to estimated fair value and to record certain liabilities directly attributable to the Intervest acquisition. |
Acquisitions - Summary of Finan
Acquisitions - Summary of Financial Statement Captions Impacted by Recast Adjustments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Recast Adjustment [Line Items] | ||||
Purchased loans | $ 1,826,848 | $ 1,147,947 | $ 1,404,069 | |
Net deferred tax asset | 96,973 | $ 79,176 | $ 81,553 | |
Intervest Bancshares Corporation [Member] | ||||
Recast Adjustment [Line Items] | ||||
Goodwill | $ 44,200 | |||
As Previously Reported [Member] | Intervest Bancshares Corporation [Member] | ||||
Recast Adjustment [Line Items] | ||||
Purchased loans | $ 2,042,164 | |||
Net deferred tax asset | 63,483 | |||
Goodwill | 125,603 | |||
Income taxes receivable | 689 | |||
Recast Adjustment [Member] | Intervest Bancshares Corporation [Member] | ||||
Recast Adjustment [Line Items] | ||||
Purchased loans | 4,393 | |||
Net deferred tax asset | (985) | |||
Goodwill | (2,719) | |||
Income taxes receivable | (689) | |||
As Recast [Member] | Intervest Bancshares Corporation [Member] | ||||
Recast Adjustment [Line Items] | ||||
Purchased loans | 2,046,557 | |||
Net deferred tax asset | 62,498 | |||
Goodwill | 122,884 | |||
Income taxes receivable | $ 0 |
Acquisitions - Summary of Suppl
Acquisitions - Summary of Supplemental Pro-forma Information (Detail) - Intervest Bancshares Corporation [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Pro-forma Information [Line Items] | ||
Net interest income - pro forma (unaudited) | $ 186,428 | $ 143,484 |
Net income - pro forma (unaudited) | $ 88,745 | $ 62,949 |
Diluted earnings per common share - pro forma (unaudited) | $ 1.01 | $ 0.76 |
Earnings Per Common Share ("E45
Earnings Per Common Share ("EPS") - Additional Information (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Options to purchase shares of the Company's common stock | 0 | 0 | 531,500 | 0 |
Weighted-average exercise price outstanding | $ 40.34 |
Earnings Per Common Share ("E46
Earnings Per Common Share ("EPS") - Schedule of Calculation of Numerator and Denominator in Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Distributed earnings allocated to common stockholders | $ 11,713 | $ 8,497 | $ 22,126 | $ 16,606 |
Undistributed earnings allocated to common stockholders | 33,063 | 17,989 | 62,544 | 35,156 |
Net income available to common stockholders | $ 44,776 | $ 26,486 | $ 84,670 | $ 51,762 |
Denominator for basic EPS - weighted-average common shares | 86,786 | 76,743 | 85,251 | 75,281 |
Effect of dilutive securities - stock options | 729 | 723 | 750 | 700 |
Denominator for diluted EPS - weighted-average common shares and assumed conversions | 87,515 | 77,466 | 86,001 | 75,981 |
Basic EPS | $ 0.52 | $ 0.35 | $ 0.99 | $ 0.69 |
Diluted EPS | $ 0.51 | $ 0.34 | $ 0.98 | $ 0.68 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Investment Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 769,243 | $ 816,068 | $ 875,664 |
Gross Unrealized Gains | 16,395 | 24,411 | 21,149 |
Gross Unrealized Losses | (3,361) | (1,158) | (4,684) |
Estimated Fair Value | 782,277 | 839,321 | 892,129 |
Obligations of State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 496,777 | 555,335 | 603,533 |
Gross Unrealized Gains | 11,768 | 18,267 | 15,536 |
Gross Unrealized Losses | (1,630) | (393) | (2,504) |
Estimated Fair Value | 506,915 | 573,209 | 616,565 |
U.S. Government Agency Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 257,849 | 245,854 | 254,878 |
Gross Unrealized Gains | 4,627 | 6,144 | 5,613 |
Gross Unrealized Losses | (1,723) | (765) | (2,180) |
Estimated Fair Value | 260,753 | 251,233 | 258,311 |
Corporate Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 3,574 | 654 | 685 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | 0 | 0 | 0 |
Estimated Fair Value | 3,574 | 654 | 685 |
CRA Qualified Investment Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,028 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (8) | ||
Estimated Fair Value | 1,020 | ||
FHLB and FNBB Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 10,015 | 14,225 | 16,568 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | 0 | 0 | 0 |
Estimated Fair Value | $ 10,015 | $ 14,225 | $ 16,568 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Schedule of Available-for-sale Securities [Line Items] | |||
Total temporarily impaired investment securities, Estimated Fair Value, Less than 12 Months | $ 181,893 | $ 38,804 | $ 75,996 |
Total temporarily impaired investment securities, Unrealized Losses, Less than 12 Months | 3,074 | 100 | 453 |
Total temporarily impaired investment securities, Estimated Fair Value, 12 Months or More | 14,696 | 82,040 | 137,608 |
Total temporarily impaired investment securities, Unrealized Losses, 12 Months or More | 287 | 1,058 | 4,231 |
Total temporarily impaired securities, Estimated Fair Value, Total | 196,589 | 120,844 | 213,604 |
Total temporarily impaired securities, Unrealized Losses, Total | 3,361 | 1,158 | 4,684 |
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 | 104,621 | 29,174 | 60,769 |
Total temporarily impaired investment securities, Unrealized Losses, Less than 12 Months | 1,532 | 75 | 386 |
Total temporarily impaired investment securities, Estimated Fair Value, 12 Months or More | 7,515 | 34,414 | 79,000 |
Total temporarily impaired investment securities, Unrealized Losses, 12 Months or More | 98 | 318 | 2,118 |
Total temporarily impaired securities, Estimated Fair Value, Total | 112,136 | 63,588 | 139,769 |
Total temporarily impaired securities, Unrealized Losses, Total | 1,630 | 393 | 2,504 |
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 | 76,252 | 9,630 | 15,227 |
Total temporarily impaired investment securities, Unrealized Losses, Less than 12 Months | 1,534 | 25 | 67 |
Total temporarily impaired investment securities, Estimated Fair Value, 12 Months or More | 7,181 | 47,626 | 58,608 |
Total temporarily impaired investment securities, Unrealized Losses, 12 Months or More | 189 | 740 | 2,113 |
Total temporarily impaired securities, Estimated Fair Value, Total | 83,433 | 57,256 | 73,835 |
Total temporarily impaired securities, Unrealized Losses, Total | 1,723 | $ 765 | $ 2,180 |
CRA Qualified Investment Fund [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total temporarily impaired investment securities, Estimated Fair Value, Less than 12 Months | 1,020 | ||
Total temporarily impaired investment securities, Unrealized Losses, Less than 12 Months | 8 | ||
Total temporarily impaired investment securities, Estimated Fair Value, 12 Months or More | 0 | ||
Total temporarily impaired investment securities, Unrealized Losses, 12 Months or More | 0 | ||
Total temporarily impaired securities, Estimated Fair Value, Total | 1,020 | ||
Total temporarily impaired securities, Unrealized Losses, Total | $ 8 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities AFS by Maturity or Estimated Date of Repayment (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, One year or less | $ 36,133 |
Amortized Cost, After one year to five years | 139,079 |
Amortized Cost, After five years to ten years | 189,702 |
Amortized Cost, After ten years | 404,329 |
Total, Amortized Cost | 769,243 |
Estimated Fair Value, One year or less | 36,619 |
Estimated Fair Value, After one year to five years | 140,690 |
Estimated Fair Value, After five years to ten years | 192,251 |
Estimated Fair Value, After ten years | 412,717 |
Total, Estimated Fair Value | $ 782,277 |
Investment Securities - Sales A
Investment Securities - Sales Activities of Company's Investment Securities AFS are Summarized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Sales proceeds | $ 2,660 | $ 47,170 | $ 32,777 | $ 48,394 |
Gross realized gains | 85 | 18 | 2,619 | 23 |
Gross realized losses | 0 | 0 | (1) | 0 |
Net gains on investment securities | $ 85 | $ 18 | $ 2,618 | $ 23 |
Allowance for Loan and Lease 51
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Schedule of Activity Within Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning balance | $ 54,147 | $ 43,861 | $ 52,918 | $ 42,945 |
Non-purchased loans and leases charged off | (1,496) | (1,650) | (5,575) | (2,569) |
Recoveries of non-purchased loans and leases previously charged off | 198 | 247 | 506 | 982 |
Net charge-offs | (1,706) | (2,485) | (6,792) | (2,874) |
Total provision | 4,308 | 5,582 | 10,623 | 6,887 |
Ending balance | 56,749 | 46,958 | 56,749 | 46,958 |
Non Purchase Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Net charge-offs | (1,298) | (1,403) | (5,069) | (1,587) |
Total provision | 3,900 | 4,500 | 8,900 | 5,600 |
Purchased Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Net charge-offs | (408) | (1,082) | (1,723) | (1,287) |
Total provision | $ 408 | $ 1,082 | $ 1,723 | $ 1,287 |
Allowance for Loan and Lease 52
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Partial charge-offs on purchased loans | $ 400,000 | $ 1,100,000 | $ 1,700,000 | $ 1,300,000 | ||||
Provision for purchased loans charged off | 400,000 | 1,100,000 | 1,700,000 | 1,300,000 | ||||
Impaired purchased loans | 12,347,000 | 21,205,000 | 12,347,000 | 21,205,000 | $ 14,040,000 | |||
Allowance for Loan and Lease Losses | 56,749,000 | 46,958,000 | 56,749,000 | 46,958,000 | $ 54,147,000 | 52,918,000 | $ 43,861,000 | $ 42,945,000 |
Non-Purchased Loans [Member] | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Allowance for Loan and Lease Losses | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease 53
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Summary of Company's Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | $ 54,147 | $ 43,861 | $ 52,918 | $ 42,945 | $ 42,945 |
Charge-offs | (1,904) | (2,732) | (7,298) | (3,856) | (8,338) |
Recoveries | 198 | 247 | 506 | 982 | 1,396 |
Provision | 4,308 | 5,582 | 10,623 | 6,887 | 16,915 |
Ending balance | 56,749 | 46,958 | 56,749 | 46,958 | 52,918 |
Real Estate [Member] | Residential 1-4 Family [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 5,657 | 4,622 | 5,482 | 4,701 | 4,701 |
Charge-offs | (92) | (142) | (621) | (341) | (577) |
Recoveries | 10 | 49 | 21 | 71 | 135 |
Provision | 26 | 231 | 719 | 329 | 1,223 |
Ending balance | 5,601 | 4,760 | 5,601 | 4,760 | 5,482 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 17,766 | 14,013 | 17,190 | 13,633 | 13,633 |
Charge-offs | (119) | (1,181) | (324) | (1,254) | (1,357) |
Recoveries | 5 | 1 | 17 | 4 | 33 |
Provision | 580 | 2,003 | 1,349 | 2,453 | 4,881 |
Ending balance | 18,232 | 14,836 | 18,232 | 14,836 | 17,190 |
Real Estate [Member] | Construction/Land Development [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 17,580 | 12,828 | 15,960 | 12,306 | 12,306 |
Charge-offs | (469) | (14) | (771) | (14) | (638) |
Recoveries | 0 | 0 | 37 | 8 | 11 |
Provision | 2,037 | 2,650 | 3,922 | 3,164 | 4,281 |
Ending balance | 19,148 | 15,464 | 19,148 | 15,464 | 15,960 |
Real Estate [Member] | Agricultural [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 2,526 | 3,018 | 2,558 | 3,000 | 3,000 |
Charge-offs | 0 | 0 | (13) | (15) | (214) |
Recoveries | 0 | 6 | 0 | 11 | 14 |
Provision | (66) | (116) | (85) | (88) | (242) |
Ending balance | 2,460 | 2,908 | 2,460 | 2,908 | 2,558 |
Real Estate [Member] | Multi Family Residential [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 2,423 | 2,429 | 2,147 | 2,504 | 2,504 |
Charge-offs | (208) | 0 | (208) | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 671 | (657) | 947 | (732) | (357) |
Ending balance | 2,886 | 1,772 | 2,886 | 1,772 | 2,147 |
Commercial And Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 3,301 | 2,738 | 4,873 | 2,855 | 2,855 |
Charge-offs | (93) | (48) | (2,540) | (422) | (720) |
Recoveries | 23 | 135 | 39 | 763 | 808 |
Provision | 18 | 23 | 877 | (348) | 1,930 |
Ending balance | 3,249 | 2,848 | 3,249 | 2,848 | 4,873 |
Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 824 | 831 | 818 | 917 | 917 |
Charge-offs | (24) | (56) | (69) | (97) | (222) |
Recoveries | 21 | 18 | 42 | 36 | 80 |
Provision | 4 | 133 | 34 | 70 | 43 |
Ending balance | 825 | 926 | 825 | 926 | 818 |
Direct Financing Leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 3,258 | 2,438 | 2,989 | 2,266 | 2,266 |
Charge-offs | (155) | (121) | (341) | (267) | (602) |
Recoveries | 7 | 8 | 13 | 14 | 49 |
Provision | 444 | 247 | 893 | 559 | 1,276 |
Ending balance | 3,554 | 2,572 | 3,554 | 2,572 | 2,989 |
Other [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 812 | 944 | 901 | 763 | 763 |
Charge-offs | (336) | (88) | (688) | (159) | (793) |
Recoveries | 132 | 30 | 337 | 75 | 266 |
Provision | 186 | (14) | 244 | 193 | 665 |
Ending balance | 794 | 872 | 794 | 872 | 901 |
Purchased Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 0 | 0 | 0 | 0 | 0 |
Charge-offs | (408) | (1,082) | (1,723) | (1,287) | (3,215) |
Recoveries | 0 | 0 | 0 | 0 | 0 |
Provision | 408 | 1,082 | 1,723 | 1,287 | 3,215 |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease 54
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Summary of Allowance for Loan and Lease Losses and Recorded Investment in Non-Purchased Loans and Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Allowance For Loan And Lease Losses [Line Items] | ||||||
ALLL for Individually Evaluated Impaired Loans and Leases | $ 1,357 | $ 1,095 | $ 1,182 | |||
Total ALLL | 56,749 | $ 54,147 | 52,918 | 46,958 | $ 43,861 | $ 42,945 |
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 14,164 | 20,575 | 17,422 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 4,752,959 | 3,959,295 | 3,154,163 | |||
Total non-purchased loans and leases | 4,767,123 | 3,979,870 | 3,171,585 | |||
Real Estate [Member] | Residential 1-4 Family [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
ALLL for Individually Evaluated Impaired Loans and Leases | 345 | 356 | 411 | |||
Total ALLL | 5,601 | 5,657 | 5,482 | 4,760 | 4,622 | 4,701 |
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 1,908 | 2,734 | 3,245 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 316,328 | 280,519 | 263,252 | |||
Total non-purchased loans and leases | 318,236 | 283,253 | 266,497 | |||
Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
ALLL for Individually Evaluated Impaired Loans and Leases | 3 | 18 | 13 | |||
Total ALLL | 18,232 | 17,766 | 17,190 | 14,836 | 14,013 | 13,633 |
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 809 | 2,507 | 2,363 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 1,687,994 | 1,501,034 | 1,287,811 | |||
Total non-purchased loans and leases | 1,688,803 | 1,503,541 | 1,290,174 | |||
Real Estate [Member] | Construction/Land Development [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
ALLL for Individually Evaluated Impaired Loans and Leases | 49 | 68 | 2 | |||
Total ALLL | 19,148 | 17,580 | 15,960 | 15,464 | 12,828 | 12,306 |
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 9,065 | 14,304 | 9,738 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 1,890,960 | 1,397,534 | 1,039,420 | |||
Total non-purchased loans and leases | 1,900,025 | 1,411,838 | 1,049,158 | |||
Real Estate [Member] | Agricultural [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
ALLL for Individually Evaluated Impaired Loans and Leases | 470 | 6 | 200 | |||
Total ALLL | 2,460 | 2,526 | 2,558 | 2,908 | 3,018 | 3,000 |
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 1,450 | 365 | 845 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 49,333 | 46,870 | 44,696 | |||
Total non-purchased loans and leases | 50,783 | 47,235 | 45,541 | |||
Real Estate [Member] | Multi Family Residential [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
ALLL for Individually Evaluated Impaired Loans and Leases | 0 | 0 | 0 | |||
Total ALLL | 2,886 | 2,423 | 2,147 | 1,772 | 2,429 | 2,504 |
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 345 | 0 | 491 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 296,529 | 211,156 | 136,462 | |||
Total non-purchased loans and leases | 296,874 | 211,156 | 136,953 | |||
Commercial And Industrial [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
ALLL for Individually Evaluated Impaired Loans and Leases | 487 | 644 | 553 | |||
Total ALLL | 3,249 | 3,301 | 4,873 | 2,848 | 2,738 | 2,855 |
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 547 | 623 | 689 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 259,073 | 287,084 | 166,195 | |||
Total non-purchased loans and leases | 259,620 | 287,707 | 166,884 | |||
Consumer [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
ALLL for Individually Evaluated Impaired Loans and Leases | 3 | 3 | 3 | |||
Total ALLL | 825 | 824 | 818 | 926 | 831 | 917 |
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 33 | 34 | 42 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 25,499 | 25,635 | 28,632 | |||
Total non-purchased loans and leases | 25,532 | 25,669 | 28,674 | |||
Direct Financing Leases [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
ALLL for Individually Evaluated Impaired Loans and Leases | 0 | 0 | 0 | |||
Total ALLL | 3,554 | 3,258 | 2,989 | 2,572 | 2,438 | 2,266 |
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 0 | 0 | 0 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 137,146 | 115,475 | 98,768 | |||
Total non-purchased loans and leases | 137,146 | 115,475 | 98,768 | |||
Other [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
ALLL for Individually Evaluated Impaired Loans and Leases | 0 | 0 | 0 | |||
Total ALLL | 794 | $ 812 | 901 | 872 | $ 944 | $ 763 |
Non-Purchased Loans and Leases - Individually Evaluated Impaired Loans and Leases | 7 | 8 | 9 | |||
Non-Purchased Loans and Leases - All Other Loans and Leases | 90,097 | 93,988 | 88,927 | |||
Total non-purchased loans and leases | 90,104 | 93,996 | 88,936 | |||
ALLL for All Other Loans and Leases [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
Total ALLL | 55,392 | 51,823 | 45,776 | |||
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 | 5,256 | 5,126 | 4,349 | |||
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 | 18,229 | 17,172 | 14,823 | |||
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 | 19,099 | 15,892 | 15,462 | |||
ALLL for All Other Loans and Leases [Member] | Real Estate [Member] | Agricultural [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
Total ALLL | 1,990 | 2,552 | 2,708 | |||
ALLL for All Other Loans and Leases [Member] | Real Estate [Member] | Multi Family Residential [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
Total ALLL | 2,886 | 2,147 | 1,772 | |||
ALLL for All Other Loans and Leases [Member] | Commercial And Industrial [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
Total ALLL | 2,762 | 4,229 | 2,295 | |||
ALLL for All Other Loans and Leases [Member] | Consumer [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
Total ALLL | 822 | 815 | 923 | |||
ALLL for All Other Loans and Leases [Member] | Direct Financing Leases [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
Total ALLL | 3,554 | 2,989 | 2,572 | |||
ALLL for All Other Loans and Leases [Member] | Other [Member] | ||||||
Allowance For Loan And Lease Losses [Line Items] | ||||||
Total ALLL | $ 794 | $ 901 | $ 872 |
Allowance for Loan and Lease 55
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Schedule of Impaired Non-purchased Loans and Leases, FDIC Loss Share Agreements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Principal Balance, with Related Allowance | $ 5,267 | $ 4,794 | $ 5,267 | $ 4,794 | $ 9,960 |
Principal Balance | 17,826 | 21,642 | 17,826 | 21,642 | 25,347 |
Net Charge-offs to Date, with Related Allowance | (2,209) | (2,254) | (2,209) | (2,254) | (3,165) |
Net Charge-offs to Date | (3,662) | (4,220) | (3,662) | (4,220) | (4,772) |
Principal Balance, with Related Allowance, Net of Charge-offs | 3,058 | 2,540 | 3,058 | 2,540 | 6,795 |
Principal Balance, Net of Charge-offs | 14,164 | 17,422 | 14,164 | 17,422 | 20,575 |
Specific Allowance | 1,357 | 1,182 | 1,357 | 1,182 | 1,095 |
Weighted Average Carrying Value, with Related Allowance | 2,223 | 2,494 | 3,746 | 2,695 | 3,499 |
Weighted Average Carrying Value | 13,553 | 12,340 | 15,892 | 10,923 | 15,275 |
Principal Balance, with no Related Allowance | 12,559 | 16,848 | 12,559 | 16,848 | 15,387 |
Net Charge-offs to Date, with no Related Allowance | (1,453) | (1,966) | (1,453) | (1,966) | (1,607) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 11,106 | 14,882 | 11,106 | 14,882 | 13,780 |
Weighted Average Carrying Value, with no Related Allowance | 11,330 | 9,846 | 12,146 | 8,228 | 11,776 |
Real Estate [Member] | Residential 1-4 Family [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal Balance, with Related Allowance | 3,147 | 3,294 | 3,147 | 3,294 | 3,163 |
Net Charge-offs to Date, with Related Allowance | (1,859) | (1,721) | (1,859) | (1,721) | (1,674) |
Principal Balance, with Related Allowance, Net of Charge-offs | 1,288 | 1,573 | 1,288 | 1,573 | 1,489 |
Specific Allowance | 345 | 411 | 345 | 411 | 356 |
Weighted Average Carrying Value, with Related Allowance | 1,299 | 1,505 | 1,362 | 1,642 | 1,457 |
Principal Balance, with no Related Allowance | 731 | 2,094 | 731 | 2,094 | 1,373 |
Net Charge-offs to Date, with no Related Allowance | (111) | (421) | (111) | (421) | (128) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 620 | 1,673 | 620 | 1,673 | 1,245 |
Weighted Average Carrying Value, with no Related Allowance | 910 | 2,023 | 1,022 | 2,059 | 1,581 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal Balance, with Related Allowance | 145 | 186 | 145 | 186 | 762 |
Net Charge-offs to Date, with Related Allowance | (142) | (142) | (142) | (142) | (220) |
Principal Balance, with Related Allowance, Net of Charge-offs | 3 | 44 | 3 | 44 | 542 |
Specific Allowance | 3 | 13 | 3 | 13 | 18 |
Weighted Average Carrying Value, with Related Allowance | 22 | 52 | 196 | 50 | 211 |
Principal Balance, with no Related Allowance | 999 | 3,444 | 999 | 3,444 | 2,676 |
Net Charge-offs to Date, with no Related Allowance | (193) | (1,125) | (193) | (1,125) | (711) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 806 | 2,319 | 806 | 2,319 | 1,965 |
Weighted Average Carrying Value, with no Related Allowance | 651 | 1,942 | 1,089 | 1,999 | 1,988 |
Real Estate [Member] | Construction/Land Development [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal Balance, with Related Allowance | 115 | 38 | 115 | 38 | 4,656 |
Net Charge-offs to Date, with Related Allowance | 0 | (22) | 0 | (22) | (545) |
Principal Balance, with Related Allowance, Net of Charge-offs | 115 | 16 | 115 | 16 | 4,111 |
Specific Allowance | 49 | 2 | 49 | 2 | 68 |
Weighted Average Carrying Value, with Related Allowance | 66 | 16 | 1,414 | 16 | 1,040 |
Principal Balance, with no Related Allowance | 9,440 | 9,803 | 9,440 | 9,803 | 10,378 |
Net Charge-offs to Date, with no Related Allowance | (490) | (81) | (490) | (81) | (185) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 8,950 | 9,722 | 8,950 | 9,722 | 10,193 |
Weighted Average Carrying Value, with no Related Allowance | 9,174 | 5,015 | 9,514 | 3,417 | 7,600 |
Real Estate [Member] | Agricultural [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal Balance, with Related Allowance | 1,148 | 336 | 1,148 | 336 | 105 |
Net Charge-offs to Date, with Related Allowance | 0 | (12) | 0 | (12) | (12) |
Principal Balance, with Related Allowance, Net of Charge-offs | 1,148 | 324 | 1,148 | 324 | 93 |
Specific Allowance | 470 | 200 | 470 | 200 | 6 |
Weighted Average Carrying Value, with Related Allowance | 574 | 336 | 413 | 380 | 217 |
Principal Balance, with no Related Allowance | 518 | 554 | 518 | 554 | 474 |
Net Charge-offs to Date, with no Related Allowance | (215) | (33) | (215) | (33) | (202) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 303 | 521 | 303 | 521 | 272 |
Weighted Average Carrying Value, with no Related Allowance | 304 | 494 | 293 | 468 | 383 |
Real Estate [Member] | Multi Family Residential [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal Balance, with no Related Allowance | 686 | 624 | 686 | 624 | 133 |
Net Charge-offs to Date, with no Related Allowance | (341) | (133) | (341) | (133) | (133) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 345 | 491 | 345 | 491 | 0 |
Weighted Average Carrying Value, with no Related Allowance | 173 | 246 | 115 | 164 | 123 |
Commercial And Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal Balance, with Related Allowance | 672 | 838 | 672 | 838 | 1,233 |
Net Charge-offs to Date, with Related Allowance | (185) | (278) | (185) | (278) | (691) |
Principal Balance, with Related Allowance, Net of Charge-offs | 487 | 560 | 487 | 560 | 542 |
Specific Allowance | 487 | 553 | 487 | 553 | 644 |
Weighted Average Carrying Value, with Related Allowance | 244 | 562 | 343 | 579 | 554 |
Principal Balance, with no Related Allowance | 158 | 288 | 158 | 288 | 264 |
Net Charge-offs to Date, with no Related Allowance | (98) | (159) | (98) | (159) | (183) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 60 | 129 | 60 | 129 | 81 |
Weighted Average Carrying Value, with no Related Allowance | 95 | 95 | 90 | 88 | 75 |
Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal Balance, with Related Allowance | 40 | 102 | 40 | 102 | 41 |
Net Charge-offs to Date, with Related Allowance | (23) | (79) | (23) | (79) | (23) |
Principal Balance, with Related Allowance, Net of Charge-offs | 17 | 23 | 17 | 23 | 18 |
Specific Allowance | 3 | 3 | 3 | 3 | 3 |
Weighted Average Carrying Value, with Related Allowance | 18 | 23 | 18 | 23 | 20 |
Principal Balance, with no Related Allowance | 19 | 33 | 19 | 33 | 81 |
Net Charge-offs to Date, with no Related Allowance | (5) | (14) | (5) | (14) | (65) |
Principal Balance, with no Related Allowance, Net of Charge-offs | 14 | 19 | 14 | 19 | 16 |
Weighted Average Carrying Value, with no Related Allowance | 15 | 22 | 15 | 24 | 18 |
Other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Principal Balance, with Related Allowance | 0 | 0 | |||
Net Charge-offs to Date, with Related Allowance | 0 | 0 | |||
Principal Balance, with Related Allowance, Net of Charge-offs | 0 | 0 | |||
Specific Allowance | 0 | 0 | |||
Weighted Average Carrying Value, with Related Allowance | 0 | 5 | |||
Principal Balance, with no Related Allowance | 8 | 8 | 8 | 8 | 8 |
Net Charge-offs to Date, with no Related Allowance | 0 | 0 | 0 | 0 | 0 |
Principal Balance, with no Related Allowance, Net of Charge-offs | 8 | 8 | 8 | 8 | 8 |
Weighted Average Carrying Value, with no Related Allowance | $ 8 | $ 9 | $ 8 | $ 9 | $ 8 |
Allowance for Loan and Lease 56
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Summary of Credit Quality Indicators for Loans and Leases, Including Purchased and Non-Purchased Loans and Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | $ 4,767,123 | $ 3,979,870 | $ 3,171,585 |
Total purchased Loans | 1,826,848 | 1,147,947 | 1,404,069 |
Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 334,732 | 321,718 | 387,657 |
Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 954,106 | 355,203 | 424,003 |
Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 185,802 | 76,946 | 106,871 |
Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 86,939 | 116,852 | 136,037 |
Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 533 | 748 | 86 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 66 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 252,922 | 263,188 | 328,296 |
Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 88 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 11,814 | 13,292 | 21,119 |
Real Estate [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 1,761,553 | 1,050,792 | 1,243,603 |
Real Estate [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 319,566 | 294,928 | 351,411 |
Real Estate [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 932,475 | 326,053 | 364,371 |
Real Estate [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 180,985 | 71,029 | 95,564 |
Real Estate [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 72,980 | 92,710 | 96,805 |
Real Estate [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 511 | 723 | 86 |
Real Estate [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 66 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 243,675 | 252,620 | 315,366 |
Real Estate [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 88 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 11,361 | 12,729 | 20,000 |
Real Estate [Member] | Residential 1-4 Family [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 318,236 | 283,253 | 266,497 |
Total purchased Loans | 327,731 | 355,705 | 391,098 |
Real Estate [Member] | Residential 1-4 Family [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 61,886 | 73,196 | 81,102 |
Real Estate [Member] | Residential 1-4 Family [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 88,824 | 81,840 | 84,839 |
Real Estate [Member] | Residential 1-4 Family [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 30,228 | 30,180 | 32,286 |
Real Estate [Member] | Residential 1-4 Family [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 58,905 | 71,687 | 79,449 |
Real Estate [Member] | Residential 1-4 Family [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 83 | 151 | 10 |
Real Estate [Member] | Residential 1-4 Family [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 66 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 85,917 | 96,752 | 111,106 |
Real Estate [Member] | Residential 1-4 Family [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 88 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 1,888 | 1,899 | 2,306 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 1,688,803 | 1,503,541 | 1,290,174 |
Total purchased Loans | 1,162,105 | 504,889 | 613,470 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 209,433 | 166,754 | 211,896 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 702,962 | 180,522 | 198,937 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 119,491 | 32,157 | 40,193 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 3,780 | 4,906 | 3,704 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 255 | 505 | 0 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 66 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 119,406 | 114,217 | 148,491 |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 88 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 6,778 | 5,828 | 10,249 |
Real Estate [Member] | Construction/Land Development [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 1,900,025 | 1,411,838 | 1,049,158 |
Total purchased Loans | 61,958 | 99,776 | 136,087 |
Real Estate [Member] | Construction/Land Development [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 18,084 | 21,803 | 32,850 |
Real Estate [Member] | Construction/Land Development [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 9,638 | 26,858 | 37,840 |
Real Estate [Member] | Construction/Land Development [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 3,397 | 4,312 | 12,447 |
Real Estate [Member] | Construction/Land Development [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 8,724 | 13,708 | 10,878 |
Real Estate [Member] | Construction/Land Development [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 0 | 0 | 9 |
Real Estate [Member] | Construction/Land Development [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 66 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 19,420 | 28,497 | 36,031 |
Real Estate [Member] | Construction/Land Development [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 88 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 2,695 | 4,598 | 6,032 |
Real Estate [Member] | Agricultural [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 50,783 | 47,235 | 45,541 |
Total purchased Loans | 29,619 | 47,988 | 60,631 |
Real Estate [Member] | Agricultural [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 6,903 | 10,444 | 15,058 |
Real Estate [Member] | Agricultural [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 13,465 | 25,187 | 29,337 |
Real Estate [Member] | Agricultural [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 1,901 | 2,409 | 3,185 |
Real Estate [Member] | Agricultural [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 865 | 1,525 | 1,744 |
Real Estate [Member] | Agricultural [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 108 | 0 | 0 |
Real Estate [Member] | Agricultural [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 66 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 6,377 | 8,331 | 10,984 |
Real Estate [Member] | Agricultural [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 88 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 0 | 92 | 323 |
Real Estate [Member] | Multi Family Residential [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 296,874 | 211,156 | 136,953 |
Total purchased Loans | 180,140 | 42,434 | 42,317 |
Real Estate [Member] | Multi Family Residential [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 23,260 | 22,731 | 10,505 |
Real Estate [Member] | Multi Family Residential [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 117,586 | 11,646 | 13,418 |
Real Estate [Member] | Multi Family Residential [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 25,968 | 1,971 | 7,453 |
Real Estate [Member] | Multi Family Residential [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 706 | 884 | 1,030 |
Real Estate [Member] | Multi Family Residential [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 65 | 67 | 67 |
Real Estate [Member] | Multi Family Residential [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 66 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 12,555 | 4,823 | 8,754 |
Real Estate [Member] | Multi Family Residential [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 88 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 0 | 312 | 1,090 |
Commercial And Industrial [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 259,620 | 287,707 | 166,884 |
Total purchased Loans | 46,624 | 68,825 | 113,273 |
Commercial And Industrial [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 10,126 | 20,340 | 27,269 |
Commercial And Industrial [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 17,812 | 23,048 | 49,175 |
Commercial And Industrial [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 4,316 | 4,900 | 9,702 |
Commercial And Industrial [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 5,722 | 10,659 | 14,637 |
Commercial And Industrial [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 20 | 22 | 0 |
Commercial And Industrial [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 66 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 8,179 | 9,297 | 11,371 |
Commercial And Industrial [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 88 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 449 | 559 | 1,119 |
Consumer [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 25,532 | 25,669 | 28,674 |
Total purchased Loans | 9,358 | 15,268 | 25,869 |
Consumer [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 793 | 1,605 | 3,215 |
Consumer [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 261 | 272 | 1,165 |
Consumer [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 213 | 420 | 670 |
Consumer [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 7,775 | 12,538 | 20,204 |
Consumer [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 2 | 3 | 0 |
Consumer [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 66 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 310 | 426 | 615 |
Consumer [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 88 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 4 | 4 | 0 |
Direct Financing Leases [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 137,146 | 115,475 | 98,768 |
Other [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 90,104 | 93,996 | 88,936 |
Total purchased Loans | 9,313 | 13,062 | 21,324 |
Other [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 33 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 4,247 | 4,845 | 5,762 |
Other [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 44 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 3,558 | 5,830 | 9,292 |
Other [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 55 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 288 | 597 | 935 |
Other [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 36 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 462 | 945 | 4,391 |
Other [Member] | Purchased Loans Without Evidence of Credit Deterioration at Acquisition [Member] | FV 77 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 0 | 0 | 0 |
Other [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 66 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 758 | 845 | 944 |
Other [Member] | Purchased Loans with Evidence of Credit Deterioration of Acquisition [Member] | FV 88 [Member] | |||
Loans And Leases [Line Items] | |||
Total purchased Loans | 0 | 0 | 0 |
Satisfactory [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 4,114,928 | 3,393,686 | 2,662,950 |
Satisfactory [Member] | Real Estate [Member] | Residential 1-4 Family [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 308,914 | 271,576 | 258,098 |
Satisfactory [Member] | Real Estate [Member] | Non-Farm/Non-Residential [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 1,442,958 | 1,300,582 | 1,090,525 |
Satisfactory [Member] | Real Estate [Member] | Construction/Land Development [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 1,653,991 | 1,190,005 | 846,365 |
Satisfactory [Member] | Real Estate [Member] | Agricultural [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 24,997 | 22,446 | 22,766 |
Satisfactory [Member] | Real Estate [Member] | Multi Family Residential [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 252,433 | 171,806 | 105,366 |
Satisfactory [Member] | Commercial And Industrial [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 185,737 | 208,054 | 127,935 |
Satisfactory [Member] | Consumer [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 25,022 | 25,267 | 28,244 |
Satisfactory [Member] | Direct Financing Leases [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 136,605 | 114,586 | 97,967 |
Satisfactory [Member] | Other [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 84,271 | 89,364 | 85,684 |
Moderate [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 525,097 | 449,989 | 395,328 |
Moderate [Member] | Real Estate [Member] | Residential 1-4 Family [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 0 | 0 | 0 |
Moderate [Member] | Real Estate [Member] | Non-Farm/Non-Residential [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 169,776 | 142,688 | 139,080 |
Moderate [Member] | Real Estate [Member] | Construction/Land Development [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 223,812 | 192,046 | 176,977 |
Moderate [Member] | Real Estate [Member] | Agricultural [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 14,457 | 12,375 | 9,785 |
Moderate [Member] | Real Estate [Member] | Multi Family Residential [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 40,802 | 37,886 | 29,954 |
Moderate [Member] | Commercial And Industrial [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 70,305 | 59,967 | 35,769 |
Moderate [Member] | Consumer [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 0 | 0 | 0 |
Moderate [Member] | Direct Financing Leases [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 297 | 715 | 727 |
Moderate [Member] | Other [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 5,648 | 4,312 | 3,036 |
Watch [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 94,992 | 98,873 | 81,072 |
Watch [Member] | Real Estate [Member] | Residential 1-4 Family [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 3,830 | 4,082 | 2,620 |
Watch [Member] | Real Estate [Member] | Non-Farm/Non-Residential [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 67,722 | 53,863 | 53,478 |
Watch [Member] | Real Estate [Member] | Construction/Land Development [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 10,207 | 11,135 | 12,078 |
Watch [Member] | Real Estate [Member] | Agricultural [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 9,088 | 10,226 | 10,388 |
Watch [Member] | Real Estate [Member] | Multi Family Residential [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 1,646 | 713 | 385 |
Watch [Member] | Commercial And Industrial [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 2,092 | 18,310 | 1,768 |
Watch [Member] | Consumer [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 214 | 141 | 132 |
Watch [Member] | Direct Financing Leases [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 100 | 117 | 34 |
Watch [Member] | Other [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 93 | 286 | 189 |
Substandard [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 32,106 | 37,322 | 32,235 |
Substandard [Member] | Real Estate [Member] | Residential 1-4 Family [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 5,492 | 7,595 | 5,779 |
Substandard [Member] | Real Estate [Member] | Non-Farm/Non-Residential [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 8,347 | 6,408 | 7,091 |
Substandard [Member] | Real Estate [Member] | Construction/Land Development [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 12,015 | 18,652 | 13,738 |
Substandard [Member] | Real Estate [Member] | Agricultural [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 2,241 | 2,188 | 2,602 |
Substandard [Member] | Real Estate [Member] | Multi Family Residential [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 1,993 | 751 | 1,248 |
Substandard [Member] | Commercial And Industrial [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 1,486 | 1,376 | 1,412 |
Substandard [Member] | Consumer [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 296 | 261 | 298 |
Substandard [Member] | Direct Financing Leases [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | 144 | 57 | 40 |
Substandard [Member] | Other [Member] | |||
Loans And Leases [Line Items] | |||
Total non-purchased loans and leases | $ 92 | $ 34 | $ 27 |
Allowance for Loan and Lease 57
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Schedule of Aging Analysis Past Due Loans and Leases, Loans Purchased and Non-Purchased by FDIC Loss Share Agreements (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 24,075 | $ 31,485 | $ 20,030 | |
Current | [1] | 4,743,048 | 3,948,385 | 3,151,555 |
Total non-purchased loans and leases | 4,767,123 | 3,979,870 | 3,171,585 | |
Total Purchased Loans | 1,826,848 | 1,147,947 | 1,404,069 | |
Purchased Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 45,490 | 48,779 | 73,883 | |
Current | 1,781,358 | 1,099,168 | 1,330,186 | |
Total Purchased Loans | 1,826,848 | 1,147,947 | 1,404,069 | |
Financing Receivables, 30-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [2] | 10,978 | 15,104 | 6,236 |
Financing Receivables, 30-89 Days Past Due [Member] | Purchased Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 26,044 | 20,006 | 17,684 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [3] | 13,097 | 16,381 | 13,794 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Purchased Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 19,446 | 28,773 | 56,199 | |
Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Purchased Loans | 1,761,553 | 1,050,792 | 1,243,603 | |
Real Estate [Member] | Residential 1-4 Family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 5,673 | 7,888 | 4,411 | |
Current | [1] | 312,563 | 275,365 | 262,086 |
Total non-purchased loans and leases | 318,236 | 283,253 | 266,497 | |
Total Purchased Loans | 327,731 | 355,705 | 391,098 | |
Real Estate [Member] | Non-Farm/Non-Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 3,852 | 4,153 | 3,407 | |
Current | [1] | 1,684,951 | 1,499,388 | 1,286,767 |
Total non-purchased loans and leases | 1,688,803 | 1,503,541 | 1,290,174 | |
Total Purchased Loans | 1,162,105 | 504,889 | 613,470 | |
Real Estate [Member] | Construction/Land Development [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 10,025 | 16,401 | 10,109 | |
Current | [1] | 1,890,000 | 1,395,437 | 1,039,049 |
Total non-purchased loans and leases | 1,900,025 | 1,411,838 | 1,049,158 | |
Total Purchased Loans | 61,958 | 99,776 | 136,087 | |
Real Estate [Member] | Agricultural [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,942 | 1,984 | 705 | |
Current | [1] | 48,841 | 45,251 | 44,836 |
Total non-purchased loans and leases | 50,783 | 47,235 | 45,541 | |
Total Purchased Loans | 29,619 | 47,988 | 60,631 | |
Real Estate [Member] | Multi Family Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,042 | 0 | 491 | |
Current | [1] | 295,832 | 211,156 | 136,462 |
Total non-purchased loans and leases | 296,874 | 211,156 | 136,953 | |
Total Purchased Loans | 180,140 | 42,434 | 42,317 | |
Real Estate [Member] | Purchased Loans [Member] | Residential 1-4 Family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 12,451 | 17,131 | 24,940 | |
Current | 315,280 | 338,574 | 366,158 | |
Total Purchased Loans | 327,731 | 355,705 | 391,098 | |
Real Estate [Member] | Purchased Loans [Member] | Non-Farm/Non-Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 25,928 | 21,346 | 30,499 | |
Current | 1,136,177 | 483,543 | 582,971 | |
Total Purchased Loans | 1,162,105 | 504,889 | 613,470 | |
Real Estate [Member] | Purchased Loans [Member] | Construction/Land Development [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 3,760 | 6,661 | 10,912 | |
Current | 58,198 | 93,115 | 125,175 | |
Total Purchased Loans | 61,958 | 99,776 | 136,087 | |
Real Estate [Member] | Purchased Loans [Member] | Agricultural [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 457 | 1,112 | 2,425 | |
Current | 29,162 | 46,876 | 58,206 | |
Total Purchased Loans | 29,619 | 47,988 | 60,631 | |
Real Estate [Member] | Purchased Loans [Member] | Multi Family Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,117 | 582 | 2,594 | |
Current | 179,023 | 41,852 | 39,723 | |
Total Purchased Loans | 180,140 | 42,434 | 42,317 | |
Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Residential 1-4 Family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [2] | 4,642 | 6,352 | 2,890 |
Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Non-Farm/Non-Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [2] | 2,672 | 2,708 | 1,714 |
Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Construction/Land Development [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [2] | 906 | 3,520 | 49 |
Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Agricultural [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [2] | 516 | 1,680 | 269 |
Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Multi Family Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [2] | 1,042 | 0 | 491 |
Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Purchased Loans [Member] | Residential 1-4 Family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 6,476 | 8,088 | 10,866 | |
Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Purchased Loans [Member] | Non-Farm/Non-Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 16,737 | 8,907 | 4,929 | |
Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Purchased Loans [Member] | Construction/Land Development [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,045 | 1,197 | 1,146 | |
Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Purchased Loans [Member] | Agricultural [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 291 | 237 | 165 | |
Real Estate [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Purchased Loans [Member] | Multi Family Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 408 | 515 | 0 | |
Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential 1-4 Family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [3] | 1,031 | 1,536 | 1,521 |
Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Non-Farm/Non-Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [3] | 1,180 | 1,445 | 1,693 |
Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction/Land Development [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [3] | 9,119 | 12,881 | 10,060 |
Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Agricultural [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [3] | 1,426 | 304 | 436 |
Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Multi Family Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [3] | 0 | 0 | 0 |
Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Purchased Loans [Member] | Residential 1-4 Family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 5,975 | 9,043 | 14,074 | |
Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Purchased Loans [Member] | Non-Farm/Non-Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 9,191 | 12,439 | 25,570 | |
Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Purchased Loans [Member] | Construction/Land Development [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 2,715 | 5,464 | 9,766 | |
Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Purchased Loans [Member] | Agricultural [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 166 | 875 | 2,260 | |
Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Purchased Loans [Member] | Multi Family Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 709 | 67 | 2,594 | |
Commercial And Industrial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 852 | 680 | 674 | |
Current | [1] | 258,768 | 287,027 | 166,210 |
Total non-purchased loans and leases | 259,620 | 287,707 | 166,884 | |
Total Purchased Loans | 46,624 | 68,825 | 113,273 | |
Commercial And Industrial [Member] | Purchased Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,547 | 1,614 | 2,125 | |
Current | 45,077 | 67,211 | 111,148 | |
Total Purchased Loans | 46,624 | 68,825 | 113,273 | |
Commercial And Industrial [Member] | Financing Receivables, 30-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [2] | 737 | 586 | 674 |
Commercial And Industrial [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Purchased Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 936 | 863 | 392 | |
Commercial And Industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [3] | 115 | 94 | 0 |
Commercial And Industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Purchased Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 611 | 751 | 1,733 | |
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 260 | 216 | 193 | |
Current | [1] | 25,272 | 25,453 | 28,481 |
Total non-purchased loans and leases | 25,532 | 25,669 | 28,674 | |
Total Purchased Loans | 9,358 | 15,268 | 25,869 | |
Consumer [Member] | Purchased Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 179 | 302 | 353 | |
Current | 9,179 | 14,966 | 25,516 | |
Total Purchased Loans | 9,358 | 15,268 | 25,869 | |
Consumer [Member] | Financing Receivables, 30-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [2] | 225 | 161 | 139 |
Consumer [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Purchased Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 111 | 199 | 170 | |
Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [3] | 35 | 55 | 54 |
Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Purchased Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 68 | 103 | 183 | |
Direct Financing Leases [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 246 | 93 | 40 | |
Current | [1] | 136,900 | 115,382 | 98,728 |
Total non-purchased loans and leases | 137,146 | 115,475 | 98,768 | |
Direct Financing Leases [Member] | Financing Receivables, 30-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [2] | 140 | 39 | 10 |
Direct Financing Leases [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [3] | 106 | 54 | 30 |
Other [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 183 | 70 | 0 | |
Current | [1] | 89,921 | 93,926 | 88,936 |
Total non-purchased loans and leases | 90,104 | 93,996 | 88,936 | |
Total Purchased Loans | 9,313 | 13,062 | 21,324 | |
Other [Member] | Purchased Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 51 | 31 | 35 | |
Current | 9,262 | 13,031 | 21,289 | |
Total Purchased Loans | 9,313 | 13,062 | 21,324 | |
Other [Member] | Financing Receivables, 30-89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [2] | 98 | 58 | 0 |
Other [Member] | Financing Receivables, 30-89 Days Past Due [Member] | Purchased Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 40 | 0 | 16 | |
Other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | [3] | 85 | 12 | 0 |
Other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Purchased Loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 11 | $ 31 | $ 19 | |
[1] | Includes $2.5 million, $0.4 million and $2.8 million of loans and leases on nonaccrual status at June 30, 2015, December 31, 2014 and June 30, 2014, respectively | |||
[2] | Includes $0.7 million, $0.9 million and $1.8 million at June 30, 2015, December 31, 2014 and June 30, 2014, respectively, of loans and leases on nonaccrual status. | |||
[3] | All loans and leases greater than 90 days past due were on nonaccrual status at June 30, 2015 and 2014 and December 31, 2014. |
Allowance for Loan and Lease 58
Allowance for Loan and Lease Losses ("ALLL") and Credit Quality Indicators - Schedule of Aging Analysis Past Due Loans and Leases, Loans Purchased and Non-Purchased by FDIC Loss Share Agreements (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
30-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases on nonaccrual status | $ 0.7 | $ 0.9 | $ 1.8 |
Non Accrual Loans Current [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and leases on nonaccrual status | $ 2.5 | $ 0.4 | $ 2.8 |
Income Taxes - Types of Tempora
Income Taxes - Types of Temporary Differences Between Tax Basis of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | |||
Allowance for loan and lease losses | $ 21,617 | $ 20,324 | $ 18,116 |
Differences in amounts reflected in the financial statements and income tax basis of purchased loans not previously covered by FDIC loss share agreements | 28,605 | 20,444 | 26,024 |
Differences in amounts reflected in the financial statements and income tax basis for deposits assumed in acquisitions | 7,703 | 1,337 | 2,405 |
Stock-based compensation | 4,477 | 3,268 | 3,364 |
Deferred compensation | 2,092 | 1,991 | 1,890 |
Foreclosed assets | 3,111 | 3,503 | 5,624 |
Deferred fees and costs on loans and leases | 6,405 | 4,785 | 2,059 |
Differences in amounts reflected in the financial statements and income tax basis of assets acquired and liabilities assumed in FDIC-assisted acquisitions | 8,032 | 8,098 | 7,397 |
Acquired net operating losses | 13,456 | 13,332 | 13,662 |
Other, net | 1,949 | 2,568 | 1,486 |
Total gross deferred tax assets | 97,447 | 79,650 | 82,027 |
Less valuation allowance | (474) | (474) | (474) |
Net deferred tax asset | 96,973 | 79,176 | 81,553 |
Accelerated depreciation on premises and equipment | 18,921 | 18,653 | 18,028 |
Investment securities AFS | 3,798 | 7,692 | 5,022 |
Acquired intangible assets | 10,407 | 9,743 | 10,847 |
Total gross deferred tax liabilities | 33,126 | 36,088 | 33,897 |
Net deferred tax assets | $ 63,847 | $ 43,088 | $ 47,656 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Schedule Of Income Taxes [Line Items] | |||
Deferred tax valuation allowance | $ 474 | $ 474 | $ 474 |
Bancshares Inc [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating losses carryforwards | $ 15,700 | ||
Bancshares Inc [Member] | Minimum [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration year | 2,030 | ||
Bancshares Inc [Member] | Maximum [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration year | 2,034 | ||
Intervest Bancshares Corporation [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards subject to expiration | $ 6,300 | ||
Intervest Bancshares Corporation [Member] | Minimum [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration year | 2,030 | ||
Intervest Bancshares Corporation [Member] | Maximum [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration year | 2,035 | ||
FNB Shelby [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating losses carryforwards | $ 20,000 | ||
FNB Shelby [Member] | Expiration Year 2032 [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration year | 2,032 | ||
Operating loss carryforwards subject to expiration | $ 12,500 | ||
FNB Shelby [Member] | Expiration Year 2033 [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Operating loss carryforwards expiration year | 2,033 | ||
Operating loss carryforwards subject to expiration | $ 7,500 |
Supplemental Data for Cash Fl61
Supplemental Data for Cash Flows - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Interest | $ 13,031 | $ 9,808 |
Taxes | 34,024 | 17,690 |
Net change in unrealized gains/losses on investment securities AFS | (10,218) | 22,506 |
Loans and premises and equipment transferred to foreclosed assets | 9,797 | 31,013 |
Loans advanced for sales of foreclosed assets | 0 | 258 |
Unsettled AFS investment security purchases | 4,453 | 1,465 |
Unsettled AFS investment security sales | 0 | 1,815 |
Unsettled loan sales | 14,361 | 0 |
Unsettled loan purchases | 18,269 | 0 |
Common stock issued in merger and acquisition transactions | $ 238,476 | $ 166,315 |
Guarantees and Commitments - Ad
Guarantees and Commitments - Additional Information (Detail) | Jun. 30, 2015USD ($) |
Guarantees And Commitments [Line Items] | |
Outstanding commitments to extend credit, excluding mortgage interest rate lock commitments | $ 4,000,000,000 |
Commitments To Extend Credit [Member] | |
Guarantees And Commitments [Line Items] | |
Maximum amount of future payments required to make under guarantees | 13,300,000 |
Collateralized commitments | $ 13,200,000 |
Guarantees and Commitments - Co
Guarantees and Commitments - Contractual Maturities (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Fair Value Disclosures [Abstract] | |
2,015 | $ 91,624 |
2,016 | 358,317 |
2,017 | 1,715,962 |
2,018 | 1,356,777 |
2,019 | 170,419 |
Thereafter | 312,844 |
Total | $ 4,005,943 |
Subordinated Debentures - Sched
Subordinated Debentures - Schedule of Issues of Trust Preferred Securities Outstanding and Subordinated Debentures Owed to Trust (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures Owed to Trust | $ 121,652 | ||
Unamortized Discount | (4,249) | ||
Carrying Value of Subordinated Debentures | 117,403 | $ 64,950 | $ 64,950 |
Trust Preferred Securities of the Trusts | 118,000 | ||
Ozark II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures Owed to Trust | 14,433 | ||
Unamortized Discount | 0 | ||
Carrying Value of Subordinated Debentures | 14,433 | ||
Trust Preferred Securities of the Trusts | $ 14,000 | ||
Contractual Interest Rate | 3.18% | ||
Ozark III [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures Owed to Trust | $ 14,434 | ||
Unamortized Discount | 0 | ||
Carrying Value of Subordinated Debentures | 14,434 | ||
Trust Preferred Securities of the Trusts | $ 14,000 | ||
Contractual Interest Rate | 3.24% | ||
Ozark IV [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures Owed to Trust | $ 15,464 | ||
Unamortized Discount | 0 | ||
Carrying Value of Subordinated Debentures | 15,464 | ||
Trust Preferred Securities of the Trusts | $ 15,000 | ||
Contractual Interest Rate | 2.50% | ||
Ozark V [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures Owed to Trust | $ 20,619 | ||
Unamortized Discount | 0 | ||
Carrying Value of Subordinated Debentures | 20,619 | ||
Trust Preferred Securities of the Trusts | $ 20,000 | ||
Contractual Interest Rate | 1.89% | ||
Intervest II [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures Owed to Trust | $ 15,464 | ||
Unamortized Discount | (678) | ||
Carrying Value of Subordinated Debentures | 14,786 | ||
Trust Preferred Securities of the Trusts | $ 15,000 | ||
Contractual Interest Rate | 3.23% | ||
Intervest III [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures Owed to Trust | $ 15,464 | ||
Unamortized Discount | (785) | ||
Carrying Value of Subordinated Debentures | 14,679 | ||
Trust Preferred Securities of the Trusts | $ 15,000 | ||
Contractual Interest Rate | 3.07% | ||
Intervest IV [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures Owed to Trust | $ 15,464 | ||
Unamortized Discount | (1,428) | ||
Carrying Value of Subordinated Debentures | 14,036 | ||
Trust Preferred Securities of the Trusts | $ 15,000 | ||
Contractual Interest Rate | 2.68% | ||
Intervest V [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated Debentures Owed to Trust | $ 10,310 | ||
Unamortized Discount | (1,358) | ||
Carrying Value of Subordinated Debentures | 8,952 | ||
Trust Preferred Securities of the Trusts | $ 10,000 | ||
Contractual Interest Rate | 1.94% |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 10, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures, outstanding | $ 121,700 | |||
Trust Preferred Securities of the Trusts | 118,000 | |||
Subordinated debentures, carrying value | 117,403 | $ 64,950 | $ 64,950 | |
Investment in the common equity issued by the trusts | 3,700 | |||
Aggregate common equity | 3,700 | $ 1,900 | ||
Intervest Trusts [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures, outstanding | $ 56,700 | |||
Trust Preferred Securities of the Trusts | 55,000 | |||
Subordinated debentures, estimated fair value | 52,200 | |||
Trust common equity | $ 1,700 | |||
Intervest Trusts [Member] | Subordinated Debentures [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Fair value adjustment, amortization period | 8 years | |||
Subordinated debentures, fair value adjustment | $ 4,500 | |||
Intervest II [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Trust Preferred Securities of the Trusts | $ 15,000 | |||
LIBOR plus rate, percentage | 2.95% | |||
Interest rate, adjustable quarterly | 90-day London Interbank Offered Rates ("LIBOR") plus 2.95% | |||
Maturity date | Sep. 17, 2033 | |||
Subordinated debentures, carrying value | $ 14,786 | |||
Intervest III [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Trust Preferred Securities of the Trusts | $ 15,000 | |||
LIBOR plus rate, percentage | 2.79% | |||
Interest rate, adjustable quarterly | 90-day LIBOR plus 2.79% | |||
Maturity date | Mar. 17, 2034 | |||
Subordinated debentures, carrying value | $ 14,679 | |||
Intervest IV [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Trust Preferred Securities of the Trusts | $ 15,000 | |||
LIBOR plus rate, percentage | 2.40% | |||
Interest rate, adjustable quarterly | 90-day LIBOR plus 2.40% | |||
Maturity date | Sep. 20, 2034 | |||
Subordinated debentures, carrying value | $ 14,036 | |||
Intervest V [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Trust Preferred Securities of the Trusts | $ 10,000 | |||
LIBOR plus rate, percentage | 1.65% | |||
Interest rate, adjustable quarterly | 90-day LIBOR plus 1.65% | |||
Maturity date | Dec. 15, 2036 | |||
Subordinated debentures, carrying value | $ 8,952 | |||
Debentures [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Interest payment terms | Period not to exceed five consecutive years |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 4,220,000 | $ 3,050,000 | ||
Number of shares available to non-employee directors through the non qualified stock option plan for non-employee directors, other than annual meeting | 2,000 | |||
Share-based compensation arrangement by share-based payment award options exercisable intrinsic value per share | $ 0 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of options exercised during the period | $ 1,400,000 | $ 200,000 | $ 2,800,000 | 4,100,000 |
Stock-based compensation expense for stock options included in non-interest expense | 600,000 | 800,000 | 1,200,000 | $ 1,200,000 |
Total unrecognized compensation expenses | 3,700,000 | $ 3,700,000 | ||
Unrecognized compensation cost, weighted-average period, years | 2 years | |||
Stock options, granted | 2,000 | 52,000 | ||
Restricted Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award issued with a vesting period, years | 3 years | |||
Stock-based compensation expense for stock options included in non-interest expense | 1,400,000 | $ 900,000 | $ 2,700,000 | $ 1,800,000 |
Total unrecognized compensation expenses | 9,500,000 | $ 9,500,000 | ||
Unrecognized compensation cost, weighted-average period, years | 2 years 2 months 12 days | |||
Nonqualified Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award issued with a vesting period, years | 3 years | |||
Employee options expire after issuance, years | 7 years | |||
Nonqualified Stock Option Plan [Member] | Non 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, other than annual meeting | 0 | |||
Non-Employee Directors Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of non-employee directors stock awards on the date of grant | $ 25,000 | |||
Number of common stock shares issued | 7,657 | |||
Stock-based compensation expense | $ 300,000 | |||
Non-Employee Directors Stock Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate number of shares issued as awards | 50,000 | 50,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding - January 1, 2015, Options | 1,859,350 | ||
Granted, Options | 2,000 | ||
Exercised, Options | (99,050) | (185,000) | |
Forfeited, Options | (74,350) | ||
Outstanding - June 30, 2015, Options | 1,687,950 | ||
Fully vested and exercisable - June 30, 2015, Options | 315,550 | ||
Expected to vest in future periods, Options | 1,248,680 | ||
Fully vested and expected to vest - June 30, 2015, Options | [1] | 1,564,230 | |
Outstanding - January 1, 2015, Weighted-Average Exercise Price/Share | $ 23.49 | ||
Granted, Weighted-Average Exercise Price/Share | 40.82 | ||
Exercised, Weighted-Average Exercise Price/Share | 10.06 | ||
Forfeited, Weighted-Average Exercise Price/Share | 26.13 | ||
Outstanding - June 30, 2015, Weighted-Average Exercise Price/Share | 24.18 | ||
Fully vested and exercisable - June 30, 2015, Weighted-Average Exercise Price/Share | 14.17 | ||
Fully vested and expected to vest - June 30, 2015, Weighted-Average Exercise Price/Share | [1] | $ 23.58 | |
Outstanding - June 30, 2015, Weighted-Average Remaining Contractual Life (in years) | 5 years 3 months 18 days | ||
Fully vested and exercisable - June 30, 2015, Weighted-Average Remaining Contractual Life (in years) | 4 years 7 months 6 days | ||
Fully vested and expected to vest - June 30, 2015, Weighted-Average Remaining Contractual Life (in years) | 5 years 2 months 12 days | ||
Outstanding - June 30, 2015, Aggregate Intrinsic Value | [2] | $ 36,400 | |
Fully vested and exercisable - June 30, 2015, Aggregate Intrinsic Value | [2] | 9,966 | |
Fully vested and expected to vest - June 30, 2015, Aggregate Intrinsic Value | [2] | $ 34,676 | |
[1] | At June 30, 2015, the Company estimated that outstanding options to purchase 123,720 shares of its common stock would not vest and would be forfeited prior to their vesting date. | ||
[2] | Based on closing price of $45.75 per share on June 30, 2015. |
Stock-Based Compensation - Su68
Stock-Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail) - Jun. 30, 2015 - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated number of common shares that could be forfeited before the vesting date | 123,720 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock, closing price, per share | $ 45.75 |
Stock-Based Compensation - Su69
Stock-Based Compensation - Summary of Non-Vested Restricted Stock Activity (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments Restricted Stock [Abstract] | ||
Outstanding - January 1, 2015 | 444,700 | |
Granted | 245,300 | |
Forfeited | (29,875) | (400) |
Vested | 0 | |
Outstanding - June 30, 2015 | 660,125 | |
Weighted-average grant date fair value | $ 25.27 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Liabilities at fair value | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Fair value of private placement bonds | 18,800,000 | 18,800,000 | |||
Third party pricing for private placement bonds | 18,800,000 | 18,800,000 | |||
Lower of the matrix price or par value of private placement bonds | 18,800,000 | 18,800,000 | |||
Impaired financing receivable recorded investment reduction to estimated fair value | 5,000,000 | 5,000,000 | |||
Estimated fair value of impaired loans and leases | 12,800,000 | ||||
Partial charge-offs to reduce carrying value of impaired loans and leases to estimated fair value | 3,600,000 | 3,600,000 | |||
Specific loan and lease allocations to reduce carrying value of impaired loans and leases to estimated fair value | 1,400,000 | ||||
Partial charge-offs | 400,000 | 1,100,000 | 1,700,000 | 1,300,000 | |
Provision for loans and lease losses to cover charge-offs | $ 400,000 | $ 1,100,000 | 1,700,000 | $ 1,300,000 | |
Impaired purchased loans | $ 12,300,000 | ||||
Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Estimated cost to sell percentage | 8.00% | ||||
Discount rate of other real estate | 8.00% | ||||
Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Estimated cost to sell percentage | 10.00% | ||||
Discount rate of other real estate | 9.50% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities AFS | $ 782,277 | $ 839,321 | $ 892,129 |
Total investment securities AFS | 772,262 | 825,096 | 875,561 |
Impaired non-purchased loans and leases | 12,807 | 19,480 | 16,240 |
Impaired purchased loans | 12,347 | 14,040 | 21,205 |
Foreclosed assets | 25,973 | 37,775 | 56,356 |
Total assets at fair value | 823,389 | 896,391 | 969,362 |
Obligations of State and Political Subdivisions [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities AFS | 506,915 | 573,209 | 616,565 |
U.S. Government Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities AFS | 260,753 | 251,233 | 258,311 |
Corporate Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities AFS | 3,574 | 654 | 685 |
CRA Qualified Investment Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities AFS | 1,020 | ||
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investment securities AFS | 1,020 | 0 | 0 |
Impaired non-purchased loans and leases | 0 | 0 | 0 |
Impaired purchased loans | 0 | 0 | 0 |
Foreclosed assets | 0 | 0 | 0 |
Total assets at fair value | 1,020 | 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 | 0 | 0 |
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 | 0 | 0 |
Level 1 [Member] | Corporate Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities AFS | 0 | 0 | 0 |
Level 1 [Member] | CRA Qualified Investment Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities AFS | 1,020 | ||
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investment securities AFS | 752,485 | 805,695 | 854,961 |
Impaired non-purchased loans and leases | 0 | 0 | 0 |
Impaired purchased loans | 0 | 0 | 0 |
Foreclosed assets | 0 | 0 | 0 |
Total assets at fair value | 752,485 | 805,695 | 854,961 |
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 | 488,158 | 553,808 | 595,965 |
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 | 260,753 | 251,233 | 258,311 |
Level 2 [Member] | Corporate Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities AFS | 3,574 | 654 | 685 |
Level 2 [Member] | CRA Qualified Investment Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities AFS | 0 | ||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total investment securities AFS | 18,757 | 19,401 | 20,600 |
Impaired non-purchased loans and leases | 12,807 | 19,480 | 16,240 |
Impaired purchased loans | 12,347 | 14,040 | 21,205 |
Foreclosed assets | 25,973 | 37,775 | 56,356 |
Total assets at fair value | 69,884 | 90,696 | 114,401 |
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 | 18,757 | 19,401 | 20,600 |
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 | 0 | 0 |
Level 3 [Member] | Corporate Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities AFS | 0 | $ 0 | $ 0 |
Level 3 [Member] | CRA Qualified Investment Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities AFS | $ 0 |
Fair Value Measurements - Ass72
Fair Value Measurements - Assets and Liabilities at Fair Value (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Fair Value Disclosures [Abstract] | |||
Investments carried at cost | $ 10 | $ 14.2 | $ 16.6 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Information Related to Level 3 Non-Recurring Fair Value Measurements (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Fair Value Measurements Disclosure [Line Items] | |||
Impaired non-purchased loans and leases | $ 12,807 | $ 19,480 | $ 16,240 |
Impaired purchased loans | 12,347 | 14,040 | 21,205 |
Foreclosed assets | 25,973 | 37,775 | 56,356 |
Level 3 [Member] | |||
Fair Value Measurements Disclosure [Line Items] | |||
Impaired non-purchased loans and leases | 12,807 | 19,480 | 16,240 |
Impaired purchased loans | 12,347 | 14,040 | 21,205 |
Foreclosed assets | $ 25,973 | $ 37,775 | $ 56,356 |
Fair Value Measurements - Ass74
Fair Value Measurements - Assets Measured at Fair Value on Recurring Basis Utilizing Level 3 Inputs (Detail) - Investment Securities AFS [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance, Asset | $ 19,401 | $ 18,682 |
Total realized gains (losses) included in earnings | 0 | 0 |
Total unrealized gains (losses) included in comprehensive income | (271) | 403 |
Acquired | 1,907 | |
Paydowns and maturities | (373) | (392) |
Sales | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Ending Balance, Asset | $ 18,757 | $ 20,600 |
Fair Value of Financial Instr75
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Fair Value Disclosures [Abstract] | |||
Investments in bank stock | $ 10 | $ 14.2 | $ 16.6 |
Fair Value of Financial Instr76
Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities AFS | $ 782,277 | $ 839,321 | $ 892,129 |
Time deposits | 2,120,969 | 1,457,939 | 1,176,758 |
Repurchase agreements with customers | 70,011 | 65,578 | 55,999 |
Other borrowings | 161,931 | 190,855 | 280,875 |
FDIC clawback payable | 0 | 0 | 26,533 |
Subordinated debentures | 117,403 | 64,950 | 64,950 |
Carrying Amount [Member] | Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 514,890 | 150,203 | 110,688 |
Demand, savings and interest bearing transaction deposits | 4,966,330 | 4,038,443 | 3,807,139 |
Repurchase agreements with customers | 70,011 | 65,578 | 55,999 |
Carrying Amount [Member] | Level 1, 2 and 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities AFS | 782,277 | 839,321 | 892,129 |
Carrying Amount [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans and leases, net of ALLL | 6,537,222 | 5,074,899 | 4,528,696 |
FDIC loss share receivable | 0 | 0 | 50,679 |
FDIC clawback payable | 0 | 0 | 26,533 |
Carrying Amount [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Time deposits | 2,120,969 | 1,457,939 | 1,176,758 |
Other borrowings | 161,931 | 190,855 | 280,875 |
Subordinated debentures | 117,403 | 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 | 514,890 | 150,203 | 110,688 |
Demand, savings and interest bearing transaction deposits | 4,966,330 | 4,038,443 | 3,807,139 |
Repurchase agreements with customers | 70,011 | 65,578 | 55,999 |
Estimated Fair Value [Member] | Level 1, 2 and 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities AFS | 782,277 | 839,321 | 892,129 |
Estimated Fair Value [Member] | Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans and leases, net of ALLL | 6,469,690 | 5,042,831 | 4,480,221 |
FDIC loss share receivable | 0 | 0 | 50,600 |
FDIC clawback payable | 0 | 0 | 26,533 |
Estimated Fair Value [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Time deposits | 2,142,807 | 1,463,590 | 1,177,108 |
Other borrowings | 171,614 | 203,493 | 304,381 |
Subordinated debentures | $ 66,679 | $ 39,103 | $ 32,554 |
Repurchase Agreements With Cu77
Repurchase Agreements With Customers - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Disclosure of Repurchase Agreements [Abstract] | |||
Repurchase agreements with customers | $ 70,011 | $ 65,578 | $ 55,999 |
Changes in and Reclassificati78
Changes in and Reclassifications from Accumulated Other Comprehensive Income ("AOCI") - Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance of AOCI - unrealized gains and losses on investment securities AFS | $ 14,132 | |||
Unrealized gains and losses on investment securities AFS | $ (10,091) | $ 11,199 | (7,600) | $ 22,529 |
Tax effect of unrealized gains and losses on investment securities AFS | 3,844 | (4,393) | 3,157 | (8,837) |
Tax effect of amounts reclassified from AOCI | 33 | 7 | 997 | 9 |
Total other comprehensive income (loss) | (6,299) | 6,795 | (6,064) | 13,678 |
Ending balance of AOCI - unrealized gains and losses on investment securities AFS | 8,068 | 10,006 | 8,068 | 10,006 |
Unrealized gains and losses on investment securities AFS [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance of AOCI - unrealized gains and losses on investment securities AFS | 14,367 | 3,211 | 14,132 | (3,672) |
Unrealized gains and losses on investment securities AFS | (10,091) | 11,199 | (7,600) | 22,529 |
Tax effect of unrealized gains and losses on investment securities AFS | 3,844 | (4,393) | 3,157 | (8,837) |
Amounts reclassified from AOCI | (84) | (18) | (2,618) | (23) |
Tax effect of amounts reclassified from AOCI | 32 | 7 | 997 | 9 |
Total other comprehensive income (loss) | (6,299) | 6,795 | (6,064) | 13,678 |
Ending balance of AOCI - unrealized gains and losses on investment securities AFS | $ 8,068 | $ 10,006 | $ 8,068 | $ 10,006 |
Other Operating Expenses - Summ
Other Operating Expenses - Summary of Other Operating Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Income and Expenses [Abstract] | ||||
Salaries and employee benefits | $ 22,646 | $ 18,831 | $ 45,243 | $ 36,520 |
Net occupancy and equipment | 7,344 | 5,707 | 14,635 | 10,751 |
Other operating expenses: | ||||
Postage and supplies | 1,014 | 852 | 1,929 | 1,623 |
Advertising and public relations | 586 | 636 | 1,169 | 1,036 |
Telecommunication services | 1,616 | 1,191 | 2,964 | 2,207 |
Professional and outside services | 2,526 | 2,353 | 6,912 | 4,526 |
Software and data processing | 766 | 1,662 | 1,515 | 2,799 |
Travel and meals | 821 | 629 | 1,617 | 1,169 |
FDIC insurance | 900 | 555 | 1,650 | 1,105 |
FDIC and state assessments | 331 | 218 | 641 | 431 |
ATM expense | 543 | 307 | 1,251 | 516 |
Loan collection and repossession expense | 1,020 | 1,528 | 2,753 | 1,987 |
Writedowns of foreclosed and other assets | 235 | 798 | 2,427 | 877 |
Amortization of intangibles | 1,640 | 1,119 | 3,236 | 1,932 |
FHLB prepayment penalty | 0 | 0 | 2,480 | 0 |
Other | 1,736 | 1,492 | 3,486 | 7,854 |
Total non-interest expense | $ 43,724 | $ 37,878 | $ 93,908 | $ 75,333 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Bank of Carolinas Corporation [Member] shares in Millions | Aug. 05, 2015USD ($)Officeshares | Jun. 30, 2015USD ($) |
Subsequent Event [Line Items] | ||
Total assets acquired | $ 345,000,000 | |
Total loans acquired | 277,000,000 | |
Total deposits acquired | $ 296,000,000 | |
Date of acquisition | Aug. 5, 2015 | |
Number of common stock issued | $ 48,000,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of common stock issued | shares | 1.4 | |
Total transaction value | $ 65,400,000 | |
Number of bank offices | Office | 8 |