Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 21, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'HOMB | ' | ' |
Entity Registrant Name | 'HOME BANCSHARES INC | ' | ' |
Entity Central Index Key | '0001331520 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 65,132,691 | ' |
Entity Public Float | ' | ' | $1.16 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $104,005 | $101,972 |
Interest-bearing deposits with other banks | 61,529 | 129,883 |
Cash and cash equivalents | 165,534 | 231,855 |
Federal funds sold | 4,275 | 17,148 |
Investment securities - available-for-sale | 1,175,484 | 726,223 |
Investment securities - held-to-maturity | 114,621 | 0 |
Loans receivable not covered by loss share | 4,194,437 | 2,331,199 |
Loans receivable covered by FDIC loss share | 282,516 | 384,884 |
Allowance for loan losses | -43,815 | -50,632 |
Loans receivable, net | 4,433,138 | 2,665,451 |
Bank premises and equipment, net | 197,224 | 113,883 |
Foreclosed assets held for sale not covered by loss share | 29,869 | 20,393 |
Foreclosed assets held for sale covered by FDIC loss share | 20,999 | 31,526 |
FDIC indemnification asset | 89,611 | 139,646 |
Cash value of life insurance | 63,501 | 59,219 |
Accrued interest receivable | 22,944 | 16,305 |
Deferred tax asset, net | 89,412 | 46,998 |
Goodwill | 301,736 | 85,681 |
Core deposit and other intangibles | 22,298 | 12,061 |
Other assets | 81,215 | 75,741 |
Total assets | 6,811,861 | 4,242,130 |
Deposits: | ' | ' |
Demand and non-interest-bearing | 991,161 | 666,414 |
Savings and interest-bearing transaction accounts | 2,792,423 | 1,784,047 |
Time deposits | 1,609,462 | 1,032,991 |
Total deposits | 5,393,046 | 3,483,452 |
Securities sold under agreements to repurchase | 160,984 | 66,278 |
FHLB borrowed funds | 350,661 | 130,388 |
Accrued interest payable and other liabilities | 5,389 | 17,672 |
Subordinated debentures | 60,826 | 28,867 |
Total liabilities | 5,970,906 | 3,726,657 |
Stockholders' equity: | ' | ' |
Common stock, par value $0.01; shares authorized 100,000,000 shares in 2013 and 50,000,000 shares in 2012; shares issued and outstanding 65,081,853 in 2013 and 56,213,054 (split adjusted) in 2012 | 651 | 281 |
Capital surplus | 708,058 | 416,354 |
Retained earnings | 136,386 | 86,837 |
Accumulated other comprehensive income (loss) | -4,140 | 12,001 |
Total stockholders' equity | 840,955 | 515,473 |
Total liabilities and stockholders' equity | $6,811,861 | $4,242,130 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 50,000,000 |
Common stock, shares issued | 65,081,853 | 56,213,054 |
Common stock, shares outstanding | 65,081,853 | 56,213,054 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Interest income: | ' | ' | ' | |||
Loans | $198,536 | $159,359 | $155,954 | |||
Investment securities | ' | ' | ' | |||
Taxable | 12,298 | 11,226 | 9,244 | |||
Tax-exempt | 6,009 | 6,154 | 6,179 | |||
Deposits - other banks | 254 | 379 | 418 | |||
Federal funds sold | 29 | 17 | 11 | |||
Total interest income | 217,126 | 177,135 | 171,806 | |||
Interest expense: | ' | ' | ' | |||
Interest on deposits | 9,744 | 14,989 | 22,968 | |||
Federal funds purchased | 4 | 1 | ' | |||
FHLB borrowed funds | 3,841 | 4,364 | 4,940 | |||
Securities sold under agreements to repurchase | 424 | 407 | 483 | |||
Subordinated debentures | 518 | 1,774 | 2,160 | |||
Total interest expense | 14,531 | 21,535 | 30,551 | |||
Net interest income | 202,595 | 155,600 | 141,255 | |||
Provision for loan losses | 5,180 | 2,750 | 3,500 | |||
Net interest income after provision for loan losses | 197,415 | 152,850 | 137,755 | |||
Non-interest income: | ' | ' | ' | |||
Service charges on deposit accounts | 17,870 | 15,069 | 14,087 | |||
Other service charges and fees | 16,002 | 12,428 | 9,929 | |||
Mortgage lending income | 5,988 | 5,192 | 2,993 | |||
Insurance commissions | 2,420 | 1,869 | 1,856 | |||
Income from title services | 523 | 462 | 448 | |||
Increase in cash value of life insurance | 836 | 873 | 1,128 | |||
Dividends from FHLB, FRB, Bankers' bank & other | 1,028 | 1,167 | 680 | |||
Gain on acquisitions | ' | 5,205 | ' | |||
Gain on sale of SBA loans | 135 | 404 | 259 | |||
Gain (loss) on sale of premises and equipment, net | 397 | 324 | 73 | |||
Gain (loss) on OREO, net | 1,651 | -49 | -638 | |||
Gain (loss) on securities, net | 111 | 9 | 2,248 | |||
FDIC indemnification accretion/(amortization), net | -10,401 | 1,721 | 5,517 | |||
Other income | 3,805 | 3,295 | 2,729 | |||
Total non-interest income | 40,365 | 47,969 | 41,309 | |||
Non-interest expense: | ' | ' | ' | |||
Salaries and employee benefits | 58,394 | 47,289 | 42,825 | |||
Occupancy and equipment | 17,168 | 14,500 | 14,197 | |||
Data processing expense | 5,393 | 4,930 | 4,601 | |||
Other operating expenses | 52,352 | 35,649 | 33,099 | |||
Total non-interest expense | 133,307 | 102,368 | 94,722 | |||
Income before income taxes | 104,473 | 98,451 | 84,342 | |||
Income tax expense | 37,953 | 35,429 | 29,601 | |||
Net income available to all stockholders | 66,520 | 63,022 | 54,741 | |||
Preferred stock dividends and accretion of discount on preferred stock | ' | ' | 1,828 | |||
Net income available to common stockholders | $66,520 | $63,022 | $52,913 | |||
Basic earnings per common share | $1.15 | [1] | $1.12 | [1] | $0.93 | [1] |
Diluted earnings per common share | $1.14 | [1] | $1.11 | [1] | $0.92 | [1] |
[1] | All per share amounts have been restated to reflect the effect of the 2-for-1 stock split during June 2013. |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) | 0 Months Ended | 1 Months Ended | 12 Months Ended |
Apr. 18, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | |
Income Statement [Abstract] | ' | ' | ' |
Description of stock split arrangement | 'Board of Directors declared a two-for-one stock split to be paid in the form of a 100% stock dividend on June 12, 2013 | ' | 'All share and per share amounts have been restated to reflect the effect of the 2-for-1 stock split during June 2013. |
Stock split conversion ratio | 2 | 2 | ' |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income available to all stockholders | $66,520 | $63,022 | $54,741 |
Net unrealized gain (loss) on available-for-sale securities | -26,450 | 6,586 | 14,924 |
Less: reclassification adjustment for realized (gains) losses included in income | -111 | -9 | -2,248 |
Other comprehensive income (loss), before tax effect | -26,561 | 6,577 | 12,676 |
Tax effect | 10,420 | -2,580 | -4,973 |
Other comprehensive income (loss) | -16,141 | 3,997 | 7,703 |
Comprehensive income | $50,379 | $67,019 | $62,444 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2010 | $476,925 | $49,456 | $285 | $432,962 | ($6,079) | $301 |
Comprehensive income: | ' | ' | ' | ' | ' | ' |
Net income | 54,741 | ' | ' | ' | 54,741 | ' |
Other comprehensive income (loss) | 7,703 | ' | ' | ' | ' | 7,703 |
Repurchase of 50,000 shares of preferred stock and common stock warrant | -51,300 | -50,000 | ' | -2,206 | 906 | ' |
Accretion of discount on preferred stock | ' | 544 | ' | ' | -544 | ' |
Net issuance of shares of common stock from exercise of stock options | 715 | ' | 1 | 714 | ' | ' |
Repurchase of shares of common stock | -6,768 | ' | -3 | -6,765 | ' | ' |
Tax benefit from stock options exercised | 562 | ' | ' | 562 | ' | ' |
Share-based compensation | 382 | ' | ' | 382 | ' | ' |
Cash dividends - Preferred Stock-5% | -1,286 | ' | ' | ' | -1,286 | ' |
Cash dividends - Common Stock | -7,608 | ' | ' | ' | -7,608 | ' |
Ending balance at Dec. 31, 2011 | 474,066 | ' | 283 | 425,649 | 40,130 | 8,004 |
Comprehensive income: | ' | ' | ' | ' | ' | ' |
Net income | 63,022 | ' | ' | ' | 63,022 | ' |
Other comprehensive income (loss) | 3,997 | ' | ' | ' | ' | 3,997 |
Net issuance of shares of common stock from exercise of stock options | 1,958 | ' | 2 | 1,956 | ' | ' |
Repurchase of shares of common stock | -13,549 | ' | -5 | -13,544 | ' | ' |
Tax benefit from stock options exercised | 1,377 | ' | ' | 1,377 | ' | ' |
Share-based compensation | 917 | ' | 1 | 916 | ' | ' |
Cash dividends - Common Stock | -16,315 | ' | ' | ' | -16,315 | ' |
Ending balance at Dec. 31, 2012 | 515,473 | ' | 281 | 416,354 | 86,837 | 12,001 |
Comprehensive income: | ' | ' | ' | ' | ' | ' |
Net income | 66,520 | ' | ' | ' | 66,520 | ' |
Other comprehensive income (loss) | -16,141 | ' | ' | ' | ' | -16,141 |
Net issuance of shares of common stock from exercise of stock options | 431 | ' | 1 | 430 | ' | ' |
Two for one stock split during June 2013 | ' | ' | 281 | -281 | ' | ' |
Issuance of shares of common stock from acquisition of Liberty, net of issuance costs | 289,509 | ' | 88 | 289,421 | ' | ' |
Tax benefit from stock options exercised | 836 | ' | ' | 836 | ' | ' |
Share-based compensation | 1,298 | ' | ' | 1,298 | ' | ' |
Cash dividends - Common Stock | -16,971 | ' | ' | ' | -16,971 | ' |
Ending balance at Dec. 31, 2013 | $840,955 | ' | $651 | $708,058 | $136,386 | ($4,140) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Repurchase of shares of preferred stock and common stock warrant | ' | ' | 50,000 | [1] | ||
Net issuance of shares of common stock | 86,201 | [1] | 355,414 | [1] | 181,880 | [1] |
Issuance of bonus shares of unrestricted common stock | ' | 9,522 | [1] | ' | ||
Net of issuance cost | $577 | ' | ' | |||
Common stock shares repurchased | ' | 910,896 | [1] | 600,000 | [1] | |
Preferred Stock, Cash dividends | ' | ' | 5.00% | [1] | ||
Common stock, cash dividends per share | $0.29 | [1] | $0.29 | [1] | $0.13 | [1] |
Liberty Bancshares Inc [Member] | ' | ' | ' | |||
Net issuance of shares of common stock | 8,763,930 | [1] | ' | ' | ||
Net of issuance cost | 577 | ' | ' | |||
Preferred Stock [Member] | ' | ' | ' | |||
Repurchase of shares of preferred stock and common stock warrant | ' | ' | 50,000 | [1] | ||
Common Stock [Member] | ' | ' | ' | |||
Net issuance of shares of common stock | 86,201 | [1] | 355,414 | [1] | 181,880 | [1] |
Issuance of bonus shares of unrestricted common stock | ' | 9,522 | [1] | ' | ||
Common stock shares repurchased | ' | 910,896 | [1] | 600,000 | [1] | |
Common Stock [Member] | Liberty Bancshares Inc [Member] | ' | ' | ' | |||
Net issuance of shares of common stock | 8,763,930 | [1] | ' | ' | ||
Net of issuance cost | 577 | ' | ' | |||
Capital Surplus [Member] | ' | ' | ' | |||
Repurchase of shares of preferred stock and common stock warrant | ' | ' | 50,000 | [1] | ||
Net issuance of shares of common stock | 86,201 | [1] | 355,414 | [1] | 181,880 | [1] |
Issuance of bonus shares of unrestricted common stock | ' | 9,522 | [1] | ' | ||
Common stock shares repurchased | ' | 910,896 | [1] | 600,000 | [1] | |
Capital Surplus [Member] | Liberty Bancshares Inc [Member] | ' | ' | ' | |||
Net issuance of shares of common stock | 8,763,930 | [1] | ' | ' | ||
Net of issuance cost | $577 | ' | ' | |||
Retained Earnings [Member] | ' | ' | ' | |||
Repurchase of shares of preferred stock and common stock warrant | ' | ' | 50,000 | [1] | ||
Preferred Stock, Cash dividends | ' | ' | 5.00% | [1] | ||
Common stock, cash dividends per share | $0.29 | [1] | $0.29 | [1] | $0.13 | [1] |
[1] | All share and per share amounts have been restated to reflect the effect of the 2-for-1 stock split during June 2013. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net income available to all stockholders | $66,520 | $63,022 | $54,741 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation | 7,225 | 5,990 | 5,681 |
Amortization/(accretion) | -1,214 | 6,696 | 1,506 |
Share-based compensation | 1,298 | 917 | 382 |
Tax benefits from stock options exercised | -836 | -1,377 | -562 |
(Gain) loss on assets | -2,620 | -121 | 1,145 |
Gain on acquisitions | ' | -5,205 | ' |
Provision for loan losses | 5,180 | 2,750 | 3,500 |
Deferred income tax effect | 24,160 | -434 | -9,237 |
Increase in cash value of life insurance | -836 | -873 | -1,128 |
Originations of mortgage loans held for sale | -228,382 | -182,763 | -116,873 |
Proceeds from sales of mortgage loans held for sale | 210,184 | 171,067 | 120,565 |
Changes in assets and liabilities: | ' | ' | ' |
Accrued interest receivable | 3,816 | -754 | 625 |
Indemnification and other assets | 64,647 | 68,295 | 37,039 |
Accrued interest payable and other liabilities | -36,105 | -9,531 | -4,708 |
Net cash provided by (used in) operating activities | 113,037 | 117,679 | 92,676 |
Investing Activities | ' | ' | ' |
Net (increase) decrease in federal funds sold | 17,473 | -5,027 | 26,748 |
Net (increase) decrease in loans, excluding loans acquired | -56,242 | 66,493 | 168,532 |
Purchases of investment securities - available-for-sale | -364,055 | -427,667 | -408,251 |
Proceeds from maturities of investment securities - available-for-sale | 226,208 | 384,505 | 214,258 |
Proceeds from sale of investment securities - available-for-sale | 282,451 | 1,623 | 1,116 |
Purchases of investment securities - held-to-maturity | -19,052 | ' | ' |
Proceeds from foreclosed assets held for sale | 59,607 | 38,806 | 25,576 |
Proceeds from sale of SBA loans | 2,085 | 6,250 | 4,524 |
Purchases of premises and equipment, net | -12,715 | -13,518 | -13,022 |
Death benefits received | 540 | ' | 700 |
Net cash proceeds (paid) received - market acquisitions | -52,134 | 205,190 | ' |
Net cash proceeds received - FDIC-assisted acquisitions | ' | 105,645 | ' |
Net cash provided by (used in) investing activities | 84,166 | 362,300 | 20,181 |
Financing Activities | ' | ' | ' |
Net increase (decrease) in deposits, excluding deposits acquired | -222,907 | -364,810 | -103,767 |
Net increase (decrease) in securities sold under agreements to repurchase | 11,330 | -421 | -12,140 |
Net increase (decrease) in FHLB borrowed funds | -10,666 | -25,668 | -34,493 |
Retirement of subordinated debentures | -25,000 | -15,000 | ' |
Repurchase of common stock | ' | -13,549 | -6,768 |
Repurchase of preferred stock and common stock warrant | ' | ' | -51,300 |
Proceeds from exercise of stock options | 431 | 1,958 | 715 |
Common stock issuance costs - market acquisitions | -577 | ' | ' |
Tax benefits from stock options exercised | 836 | 1,377 | 562 |
Dividends paid on preferred stock | ' | ' | -1,286 |
Dividends paid on common stock | -16,971 | -16,315 | -7,608 |
Net cash provided by (used in) financing activities | -263,524 | -432,428 | -216,085 |
Net change in cash and cash equivalents | -66,321 | 47,551 | -103,228 |
Cash and cash equivalents - beginning of year | 231,855 | 184,304 | 287,532 |
Cash and cash equivalents - end of year | $165,534 | $231,855 | $184,304 |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Nature of Operations and Summary of Significant Accounting Policies | ' | ||||||||||||
1. Nature of Operations and Summary of Significant Accounting Policies | |||||||||||||
Nature of Operations | |||||||||||||
Home BancShares, Inc. (the Company or HBI) is a bank holding company headquartered in Conway, Arkansas. The Company is primarily engaged in providing a full range of banking services to individual and corporate customers through its wholly owned community bank subsidiary – Centennial Bank (the Bank). The Bank has locations in Arkansas, Florida and South Alabama. The Company is subject to competition from other financial institutions. The Company also is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. | |||||||||||||
A summary of the significant accounting policies of the Company follows: | |||||||||||||
Operating Segments | |||||||||||||
Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Bank is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the branches of the Bank provide a group of similar community banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts. The individual bank branches have similar operating and economic characteristics. While the chief decision maker monitors the revenue streams of the various products, services and branch locations, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the community banking services and branch locations are considered by management to be aggregated into one reportable operating segment, community banking. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the valuation of investment securities, the valuation of foreclosed assets, the valuations of assets acquired and liabilities assumed in business combinations, covered loans and the related indemnification asset. In connection with the determination of the allowance for loan losses and the valuation of foreclosed assets, management obtains independent appraisals for significant properties. | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of HBI and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
Reclassifications | |||||||||||||
Various items within the accompanying consolidated financial statements for previous years have been reclassified to provide more comparative information. These reclassifications had no effect on net earnings or stockholders’ equity. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents consist of cash on hand, demand deposits with banks and interest-bearing deposits with other banks. | |||||||||||||
Investment Securities | |||||||||||||
Interest on investment securities is recorded as income as earned. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains or losses on the sale of securities are determined using the specific identification method. | |||||||||||||
Management determines the classification of securities as available-for-sale, held-to-maturity, or trading at the time of purchase based on the intent and objective of the investment and the ability to hold to maturity. Fair values of securities are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable securities. The Company has no trading securities. | |||||||||||||
Securities available-for-sale are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income, net of taxes. Securities that are held as available-for-sale are used as a part of HBI’s asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. | |||||||||||||
Securities held-to-maturity include any security for which the Company has the positive intent and ability to hold until maturity, are reported at historical cost and are adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized and accreted, respectively, to interest income using the constant yield method over the period to maturity. | |||||||||||||
Loans Receivable Not Covered by Loss Share and Allowance for Loan Losses | |||||||||||||
Loans receivable not covered by loss share that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs, deferred fees or costs on originated loans. Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees and direct origination costs are capitalized and recognized as adjustments to yield on the related loans. | |||||||||||||
The allowance for loan losses is established through a provision for loan losses charged against income. The allowance represents an amount that, in management’s judgment, will be adequate to absorb probable credit losses on existing loans that may become uncollectible and probable credit losses inherent in the remainder of the loan portfolio. The amounts of provisions to the allowance for loan losses are based on management’s analysis and evaluation of the loan portfolio for identification of problem credits, internal and external factors that may affect collectability, relevant credit exposure, particular risks inherent in different kinds of lending, current collateral values and other relevant factors. | |||||||||||||
The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and classified loans less than $1.0 million and is based on historical charge-off experience and expected loss given default derived from the Bank’s internal risk rating process. Other adjustments may be made to the allowance for pools of loans accounted for under FASB ASC 310-30, Loans Acquired with Deteriorated Credit Quality, after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. | |||||||||||||
Loans considered impaired, under FASB ASC 310-10-35, are loans for which, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The aggregate amount of impairment of loans is utilized in evaluating the adequacy of the allowance for loan losses and amount of provisions thereto. Losses on impaired loans are charged against the allowance for loan losses when in the process of collection it appears likely that such losses will be realized. The accrual of interest on impaired loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due. When accrual of interest is discontinued, all unpaid accrued interest is reversed. | |||||||||||||
Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. | |||||||||||||
Loans are placed on non-accrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans are charged against the allowance for loan losses when management believes that the collectability of the principal is unlikely. Accrued interest related to non-accrual loans is generally charged against the allowance for loan losses when accrued in prior years and reversed from interest income if accrued in the current year. Interest income on non-accrual loans may be recognized to the extent cash payments are received, but payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status after being current for a period of at least six months. An exception to this six-month period can be made if it can be proven that the borrower has historically demonstrated repayment performance consistent with the terms of the loan and the Company expects to collect all principal and interest. | |||||||||||||
Acquisition Accounting, Covered Loans and Related Indemnification Asset | |||||||||||||
The Company accounts for its acquisitions under ASC Topic 805, Business Combinations, which requires the use of the purchase method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. No allowance for loan losses related to the acquired loans is recorded on the acquisition date as the fair value of the loans acquired incorporates assumptions regarding credit risk. Loans acquired are recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820, exclusive of the shared-loss agreements with the Federal Deposit Insurance Corporation (FDIC). The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. | |||||||||||||
Over the life of the acquired loans, the Company continues to estimate cash flows expected to be collected on individual loans or on pools of loans sharing common risk characteristics and are treated in the aggregate when applying various valuation techniques. The Company evaluates at each balance sheet date whether the present value of its loans determined using the effective interest rates has significantly decreased and if so, recognizes a provision for loan loss in its consolidated statement of income. For any significant increases in cash flows expected to be collected, the Company adjusts the amount of accretable yield recognized on a prospective basis over the loan’s or pool’s weighted average life. | |||||||||||||
Because the FDIC will reimburse the Company for certain acquired loans should the Company experience a loss, an indemnification asset is recorded at fair value at the acquisition date. The indemnification asset is recognized at the same time as the indemnified loans, and measured on the same basis, subject to collectability or contractual limitations. The shared-loss agreements on the acquisition date reflect the reimbursements expected to be received from the FDIC, using an appropriate discount rate, which reflects counterparty credit risk and other uncertainties. | |||||||||||||
The shared-loss agreements continue to be measured on the same basis as the related indemnified loans subject to contractual limitations of the loss share agreements. Because the acquired loans are subject to the accounting prescribed by ASC Topic 310, subsequent changes to the basis of the shared-loss agreements also follow that model. Deterioration in the credit quality of the loans (immediately recorded as an adjustment to the allowance for loan losses) would immediately increase the basis of the shared-loss agreements, with the offset recorded through the consolidated statement of income. Increases in the credit quality or cash flows of loans (reflected as an adjustment to yield and accreted into income over the weighted average life of the loans or pools) decrease the basis of the shared-loss agreements, with such decrease being amortized against non-interest income over 1) the same period or 2) the life of the shared-loss agreements, whichever is shorter. Loss assumptions used in the basis of the indemnified loans are consistent with the loss assumptions used to measure the indemnification asset. Fair value accounting incorporates into the fair value of the indemnification asset an element of the time value of money, which is accreted back into income over the life of the shared-loss agreements. | |||||||||||||
Upon the determination of an incurred loss, the indemnification asset will be reduced by the amount owed by the FDIC. A corresponding claim receivable is recorded in other assets until cash is received from the FDIC. | |||||||||||||
For further discussion of the Company’s acquisitions and loan accounting, see Note 2 and Note 5 to the consolidated financial statements. | |||||||||||||
Foreclosed Assets Held for Sale | |||||||||||||
Real estate and personal properties acquired through or in lieu of loan foreclosure are to be sold and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. | |||||||||||||
Valuations are periodically performed by management, and the real estate and personal properties are carried at fair value less cost to sell. Gains and losses from the sale of other real estate and personal properties are recorded in non-interest income, and expenses used to maintain the properties are included in non-interest expenses. | |||||||||||||
Because the FDIC will reimburse the Company for covered foreclosed assets should the Company experience a loss, an indemnification asset is recorded at fair value at the acquisition date and as covered loans move into foreclosure status. The indemnification asset is measured on the same basis as the foreclosed assets, subject to collectability. The shared-loss agreements reflect the reimbursements expected to be received from the FDIC, using an appropriate discount rate, which reflects counterparty credit risk and other uncertainties. | |||||||||||||
Upon the determination of an incurred loss, the indemnification asset is reduced by the amount owed by the FDIC. A corresponding claim receivable is recorded in other assets until cash is received from the FDIC. | |||||||||||||
Bank Premises and Equipment | |||||||||||||
Bank premises and equipment are carried at cost or fair market value at the date of acquisition less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are used for tax purposes. Leasehold improvements are capitalized and amortized by the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements whichever is shorter. The assets’ estimated useful lives for book purposes are as follows: | |||||||||||||
Bank premises | 15-40 years | ||||||||||||
Furniture, fixtures, and equipment | 3-15 years | ||||||||||||
Intangible Assets | |||||||||||||
Intangible assets consist of goodwill and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The core deposit intangible represents the excess intangible value of acquired deposit customer relationships as determined by valuation specialists. The core deposit intangibles are being amortized over 48 to 114 months on a straight-line basis. Goodwill is not amortized but rather is evaluated for impairment on at least an annual basis. The Company performed its annual impairment test of goodwill and core deposit intangibles during 2013, 2012 and 2011, as required by FASB ASC 350, Intangibles—Goodwill and Other. The 2013 tests indicated no impairment of the Company’s goodwill and a $173,000 impairment of core deposit intangibles in connection with the acquisition of Heritage Bank. This amount was expensed during the fourth quarter of 2013. The 2012 and 2011 tests indicated no impairment of the Company’s goodwill or core deposit intangibles. | |||||||||||||
Securities Sold Under Agreements to Repurchase | |||||||||||||
Securities sold under agreements to repurchase consist of obligations of the Company to other parties. At the point funds deposited by customers become investable, those funds are used to purchase securities owned by the Company and held in its general account with the designation of Customers’ Securities. A third party maintains control over the securities underlying overnight repurchase agreements. The securities involved in these transactions are generally U.S. Treasury or Federal Agency issues. Securities sold under agreements to repurchase generally mature on the banking day following that on which the investment was initially purchased and are treated as collateralized financing transactions which are recorded at the amounts at which the securities were sold plus accrued interest. Interest rates and maturity dates of the securities involved vary and are not intended to be matched with funds from customers. | |||||||||||||
Derivative Financial Instruments | |||||||||||||
The Company may enter into derivative contracts for the purposes of managing exposure to interest rate risk. The Company records all derivatives on the consolidated balance sheet at fair value. Historically the Company’s policy has been not to invest in derivative type investments. | |||||||||||||
The Company has executed two back-to-back interest rate swap agreements associated with one borrower in the loan portfolio. Though the Company is not applying hedge accounting, the swaps are identical offsets of one another, thereby resulting in a net income impact of zero. They are being adjusted to the fair value in accordance with FASB ASC 815, Derivatives and Hedging. The notional amount of the loans was $18.1 million at December 31, 2013 and $18.7 million at December 31, 2012. The impact to the 2013 and 2012 financial statements was $806,000 and $1.6 million, respectively, in other assets with a corresponding amount in other liabilities. | |||||||||||||
Stock Options | |||||||||||||
The Company accounts for stock options in accordance with FASB ASC 718, Compensation—Stock Compensation, which establishes standards for the accounting for transactions in which an entity (i) exchanges its equity instruments for goods and services, or (ii) incurs liabilities in exchange for goods and services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of the equity instruments. FASB ASC 718 requires that such transactions be recognized as compensation cost in the income statement based on their fair values on the measurement date, which is generally the date of the grant. | |||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. | |||||||||||||
Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to the management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. | |||||||||||||
The Company and its subsidiaries file consolidated tax returns. Its subsidiaries provide for income taxes on a separate return basis, and remits to the Company amounts determined to be currently payable. | |||||||||||||
Earnings per Share | |||||||||||||
Basic earnings per share are computed based on the weighted average number of shares outstanding during each year. Diluted earnings per share are computed using the weighted average common shares and all potential dilutive common shares outstanding during the period. All share and per share amounts have been restated to reflect the effect of the 2-for-1 stock split during June 2013. The following table sets forth the computation of basic and diluted earnings per share (EPS) for the years ended December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except per share data) | |||||||||||||
Net income available to all stockholders | $ | 66,520 | $ | 63,022 | $ | 54,741 | |||||||
Less: Preferred stock dividends and accretion of discount on preferred stock | — | — | 1,828 | ||||||||||
Net income available to common stockholders | $ | 66,520 | $ | 63,022 | $ | 52,913 | |||||||
Average common shares outstanding | 57,908 | 56,274 | 56,832 | ||||||||||
Effect of common stock options | 344 | 356 | 392 | ||||||||||
Diluted common shares outstanding | 58,252 | 56,630 | 57,224 | ||||||||||
Basic earnings per common share | $ | 1.15 | $ | 1.12 | $ | 0.93 | |||||||
Diluted earnings per common share | $ | 1.14 | $ | 1.11 | $ | 0.92 |
Business_Combinations
Business Combinations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Business Combinations | ' | ||||||||||||
2. Business Combinations | |||||||||||||
Acquisition Liberty Bancshares, Inc. | |||||||||||||
On October 24, 2013, Home BancShares, Inc. acquired Liberty Bancshares, Inc. (“Liberty”), parent company of Liberty Bank of Arkansas (“Liberty Bank”). HBI issued 8,763,930 shares of its common stock valued at approximately $290.1 million as of October 23, 2013, plus $30.0 million in cash in exchange for all outstanding shares of Liberty common stock. Additionally, the Company also repurchased all of Liberty’s SBLF preferred stock held by the U.S. Treasury in connection with the closing. | |||||||||||||
Prior to the acquisition, Liberty Bank operated 46 banking offices located in northeast Arkansas, north central Arkansas and northwest Arkansas. Including the effects of the purchase accounting adjustments, the Company acquired approximately $2.82 billion in assets, approximately $1.73 billion in loans including loan discounts and approximately $2.13 billion of deposits. The merger significantly increased the Company’s deposit market share in Arkansas making it the 2nd largest bank holding company headquartered in Arkansas. | |||||||||||||
The Company has determined that the acquisition of the net assets of Liberty constitute a business combination as defined by the FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of FASB ASC Topic 820, Fair Value Measurements. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: | |||||||||||||
Liberty Bank | |||||||||||||
Acquired | Fair Value | As Recorded | |||||||||||
from Liberty | Adjustments | by HBI | |||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 26,101 | $ | (30,005 | ) | $ | (3,904 | ) | |||||
Interest-bearing deposits with other banks | 4,270 | (52,500 | ) | (48,230 | ) | ||||||||
Federal funds sold | 4,600 | — | 4,600 | ||||||||||
Investment securities | 731,249 | (9,802 | ) | 721,447 | |||||||||
Loans not covered by loss share | 1,835,644 | (104,042 | ) | 1,731,602 | |||||||||
Allowance for loan losses | (21,964 | ) | 21,964 | — | |||||||||
Total loans receivable | 1,813,680 | (82,078 | ) | 1,731,602 | |||||||||
Bank premises and equipment, net | 82,879 | (5,425 | ) | 77,454 | |||||||||
Foreclosed assets held for sale not covered by loss share | 34,795 | (9,115 | ) | 25,680 | |||||||||
Cash value of life insurance | 3,669 | — | 3,669 | ||||||||||
Accrued interest receivable | 10,455 | — | 10,455 | ||||||||||
Deferred tax asset | 9,268 | 46,886 | 56,154 | ||||||||||
Goodwill | 88,499 | 127,556 | 216,055 | ||||||||||
Core deposit intangible | 1,488 | 12,373 | 13,861 | ||||||||||
Other assets | 11,906 | (1,456 | ) | 10,450 | |||||||||
Total assets acquired | $ | 2,822,859 | $ | (3,566 | ) | $ | 2,819,293 | ||||||
Liabilities | |||||||||||||
Deposits | |||||||||||||
Demand and non-interest-bearing | $ | 233,943 | $ | — | $ | 233,943 | |||||||
Savings and interest-bearing transaction accounts | 1,017,805 | — | 1,017,805 | ||||||||||
Time deposits | 881,666 | (913 | ) | 880,753 | |||||||||
Total deposits | 2,133,414 | (913 | ) | 2,132,501 | |||||||||
Securities sold under agreements to repurchase | 83,376 | — | 83,376 | ||||||||||
FHLB borrowed funds | 226,203 | 4,736 | 230,939 | ||||||||||
Accrued interest payable and other liabilities | 4,231 | 20,427 | 24,658 | ||||||||||
Subordinated debentures | 57,733 | — | 57,733 | ||||||||||
Total liabilities assumed | 2,504,957 | 24,250 | 2,529,207 | ||||||||||
Equity | |||||||||||||
Preferred stock | 52,500 | (52,500 | ) | — | |||||||||
Common stock | 12 | 76 | 88 | ||||||||||
Capital surplus | 167,089 | 122,909 | 289,998 | ||||||||||
Retained earnings | 110,995 | (110,995 | ) | — | |||||||||
Accumulated other comprehensive income | (4,340 | ) | 4,340 | — | |||||||||
Less: Treasury stock | (8,354 | ) | 8,354 | — | |||||||||
Total equity assumed | 317,902 | (27,816 | ) | 290,086 | |||||||||
Total liabilities and equity assumed | $ | 2,822,859 | $ | (3,566 | ) | $ | 2,819,293 | ||||||
The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above: | |||||||||||||
Cash and due from banks, interest-bearing deposits with other banks and federal funds sold – The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets. The $30.0 million adjustment is the cash settlement paid to Liberty on the closing date. The Company also paid off the Liberty $52.5 million SBLF preferred stock at the acquisition date. | |||||||||||||
Investment securities – Investment securities were acquired from Liberty with a $9.8 million adjustment to market value based upon quoted market prices. This adjustment is primarily the result of marking the held-to-maturity securities to fair market value. | |||||||||||||
Loans – Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and current discount rates. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. | |||||||||||||
Bank premises and equipment – Bank premises and equipment were acquired from Liberty with a $5.4 million adjustment to market value. This represents the difference between current appraisal completed in connection with the acquisition and book value acquired. | |||||||||||||
Foreclosed assets held for sale not covered by loss share – These assets are presented at the estimated fair values that management expects to receive when the properties are sold, net of related costs of disposal. | |||||||||||||
Cash value of life insurance – Cash value of life insurance was acquired from Liberty at market value. | |||||||||||||
Accrued interest receivable – Accrued interest receivable was acquired from Liberty at market value. | |||||||||||||
Deferred tax asset – The current and deferred income tax assets and liabilities are recorded to reflect the differences in the carrying values of the acquired assets and assumed liabilities for financial reporting purposes and the cost basis for federal income tax purposes, at the Company’s statutory federal and state income tax rate of 39.225%. | |||||||||||||
Goodwill – The consideration paid as a result of the acquisition exceeded the fair value of the assets acquired; therefore, the Company recorded $216.1 million of goodwill. | |||||||||||||
Core deposit intangible – This intangible asset represents the value of the relationships that Liberty Bank had with its deposit customers. The fair value of this intangible asset was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, cost of the deposit base, and the net maintenance cost attributable to customer deposits. The Company recorded $13.9 million of core deposit intangible. | |||||||||||||
Deposits – The fair values used for the demand and savings deposits that comprise the transaction accounts acquired, by definition equal the amount payable on demand at the acquisition date. The $913,000 fair value adjustment applied for time deposits is because the estimated weighted average interest rate of Liberty’s certificates of deposits were estimated to be slightly below the current market rates. | |||||||||||||
Securities sold under agreements to repurchase – Securities sold under agreements to repurchase were acquired from Liberty at market value. | |||||||||||||
FHLB borrowed funds – The fair value of FHLB borrowed funds is estimated based on borrowing rates currently available to the Company for borrowings with similar terms and maturities. | |||||||||||||
Accrued interest payable and other liabilities – The fair value used represents the accrual of certain costs including change in control agreements which were incurred in connection with the merger. | |||||||||||||
Subordinated debentures – Subordinated debentures were acquired from Liberty at market value. | |||||||||||||
The purchase price allocation and certain fair value measurements remain preliminary due to the timing of the acquisition and due to the number of assets acquired and liabilities assumed. We will continue to review the estimated fair values of property and equipment, intangible assets, and other assets and liabilities, and to evaluate the assumed tax positions and contingencies. | |||||||||||||
The unaudited pro-forma combined consolidated financial information presents how the combined financial information of HBI and LBI might have appeared had the businesses actually been combined. The following schedule represents the unaudited pro-forma combined financial information as of the years ended December 31, 2013 and 2012, assuming the acquisition was completed as of January 1, 2013 and 2012, respectively: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands, except per share data) | |||||||||||||
Total interest income | $ | 301,799 | $ | 289,532 | |||||||||
Total non-interest income | 63,593 | 70,837 | |||||||||||
Net income available to all shareholders | 84,827 | 81,288 | |||||||||||
Basic earnings per common share | $ | 1.27 | $ | 1.25 | |||||||||
Diluted earnings per common share | 1.27 | 1.24 | |||||||||||
The unaudited pro-forma consolidated financial information is presented for illustrative purposes only and does not indicate the financial results of the combined company had the companies actually been combined at the beginning of the period presented and had the impact of possible revenue enhancements and expense efficiencies, among other factors, been considered and, accordingly, does not attempt to predict or suggest future results. It also does not necessarily reflect what the historical results of the combined company would have been had the companies been combined during this period. | |||||||||||||
Acquisition Premier Bank | |||||||||||||
On December 1, 2012, Home BancShares, Inc. completed the acquisition of all the issued and outstanding shares of common stock of Premier Bank, a Florida state-chartered bank with its principal office located in Tallahassee, Florida (“Premier”), pursuant to an Asset Purchase Agreement (the “Premier Agreement”) with Premier Bank Holding Company, a Florida corporation and bank holding company (“PBHC”), dated August 14, 2012. The Company has merged Premier with and into the Company’s wholly-owned subsidiary, Centennial Bank, an Arkansas state-chartered bank. | |||||||||||||
Prior to the acquisition, Premier conducted banking business from six locations in the Florida panhandle cities of Tallahassee (five) and Quincy (one). The Company paid a purchase price to PBHC of $1,415,000 for the Premier acquisition. | |||||||||||||
The acquisition was conducted in accordance with the provisions of Section 363 of the United States Bankruptcy Code (the “Bankruptcy Code”) pursuant to a voluntary petition for relief under Chapter 11 of the Bankruptcy Code filed by PBHC with the United States Bankruptcy Court for the Northern District of Florida (the “Bankruptcy Court”) on August 14, 2012. The sale of Premier by PBHC was subject to certain bidding procedures approved by the Bankruptcy Court. No qualifying competing bids were received. The Bankruptcy Court entered a final order on November 29, 2012 approving the sale of Premier to the Company pursuant to and in accordance with the Premier Agreement. | |||||||||||||
Centennial Bank has determined that the acquisition of the net assets of Premier constitute a business combination as defined by the FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of FASB ASC Topic 820, Fair Value Measurements. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. | |||||||||||||
The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: | |||||||||||||
Premier Bank | |||||||||||||
Acquired | Fair Value | As Recorded | |||||||||||
from PBHC | Adjustments | by HBI | |||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 5,020 | $ | (1,415 | ) | $ | 3,605 | ||||||
Interest-bearing deposits with other banks | 61,351 | — | 61,351 | ||||||||||
Investment securities | 11,518 | (15 | ) | 11,503 | |||||||||
Federal funds sold | 4,005 | — | 4,005 | ||||||||||
Loans not covered by loss share | 167,663 | (29,528 | ) | 138,135 | |||||||||
Allowance for loan losses | (4,305 | ) | 4,305 | — | |||||||||
Total loans receivable | 163,358 | (25,223 | ) | 138,135 | |||||||||
Bank premises and equipment, net | 6,942 | (1,872 | ) | 5,070 | |||||||||
Foreclosed assets held for sale not covered by loss share | 11,117 | (3,509 | ) | 7,608 | |||||||||
Deferred tax asset | — | 15,047 | 15,047 | ||||||||||
Goodwill | — | 8,591 | 8,591 | ||||||||||
Core deposit intangible | — | 1,946 | 1,946 | ||||||||||
Cash value of life insurance | 5,655 | — | 5,655 | ||||||||||
Other assets | 2,254 | — | 2,254 | ||||||||||
Total assets acquired | $ | 271,220 | $ | (6,450 | ) | $ | 264,770 | ||||||
Liabilities | |||||||||||||
Deposits | |||||||||||||
Demand and non-interest-bearing | $ | 149,782 | $ | — | $ | 149,782 | |||||||
Savings and interest-bearing transaction accounts | 13,085 | — | 13,085 | ||||||||||
Time deposits | 83,432 | — | 83,432 | ||||||||||
Total deposits | 246,299 | — | 246,299 | ||||||||||
Securities sold under agreements to repurchase | 4,380 | — | 4,380 | ||||||||||
FHLB borrowed funds | 13,000 | 279 | 13,279 | ||||||||||
Other liabilities | 812 | — | 812 | ||||||||||
Total liabilities assumed | 264,491 | 279 | 264,770 | ||||||||||
Equity | 6,729 | (6,729 | ) | — | |||||||||
Total equity assumed | 6,729 | (6,729 | ) | — | |||||||||
Total liabilities and equity assumed | $ | 271,220 | $ | (6,450 | ) | $ | 264,770 | ||||||
The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above: | |||||||||||||
Cash and due from banks, interest-bearing deposits with other banks and federal funds sold – The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets. The $1.4 million adjustment is the cash settlement paid to PBHC on the closing date. | |||||||||||||
Investment securities – Investment securities were acquired from Premier with only a slight adjustment to market value. | |||||||||||||
Loans – Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and current discount rates. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses as that has been included in the estimated cash flows. | |||||||||||||
Foreclosed assets held for sale – These assets are presented at the estimated fair values that management expects to receive when the properties are sold, net of related costs of disposal. | |||||||||||||
Deferred tax asset – The deferred tax asset of $15.0 million as of acquisition date is made up of $3.7 million of deferred tax asset associated with Premier’s legacy deferred tax asset and $11.3 million associated with fair value adjustments made as a result of the acquisition. These amounts are related to the differences between the financial statement and tax bases of assets acquired and liabilities assumed in this transaction. The Company was able to reverse $3.7 million of Premier’s legacy tax valuation allowance because of the higher earnings expectations of the combined entities. | |||||||||||||
Goodwill – The consideration paid as a result of the acquisition exceeded the fair value of the assets received; therefore, the Company recorded $8.6 million of goodwill. | |||||||||||||
Core deposit intangible – This intangible asset represents the value of the relationships that Premier Bank had with its deposit customers. The fair value of this intangible asset was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, cost of the deposit base, and the net maintenance cost attributable to customer deposits. | |||||||||||||
Cash value of life insurance – Cash value of life insurance was acquired from Premier at market value. | |||||||||||||
Deposits – The fair values used for the demand and savings deposits that comprise the transaction accounts acquired, by definition equal the amount payable on demand at the acquisition date. No fair value adjustment was applied for time deposits because the weighted average interest rate of Premier’s certificates of deposits were at the market rates of similar funding at the time of acquisition. | |||||||||||||
Securities sold under agreements to repurchase – Securities sold under agreements to repurchase were acquired from Premier at market value. | |||||||||||||
FHLB borrowed funds – The fair value of FHLB borrowed funds is estimated based on borrowing rates currently available to the Company for borrowings with similar terms and maturities. These borrowings were paid off shortly after acquisition at their carrying values. | |||||||||||||
The Company’s operating results for 2012, include the operating results of the acquired assets and assumed liabilities subsequent to the acquisition date. Due to the significant fair value adjustments recorded and the fact Premier was acquired under bankruptcy proceedings, historical results are not believed to be relevant to the Company’s results, and thus no pro-forma information is presented. | |||||||||||||
Acquisition Heritage Bank of Florida | |||||||||||||
On November 2, 2012, Centennial Bank acquired all the deposits and substantially all the assets of Heritage Bank of Florida (Heritage) from the FDIC. This transaction did not include any non-performing loans or other real estate owned of Heritage. In connection with the Heritage acquisition, Centennial Bank opted not to enter into a loss sharing agreement with the FDIC. | |||||||||||||
Prior to the acquisition, Heritage operated three banking offices located in Tampa, Lutz and Wesley Chapel, Florida. Excluding the effects of the purchase accounting adjustments, Centennial Bank acquired approximately $184.6 million in assets plus a cash settlement to balance the transaction, approximately $135.8 million in performing loans excluding loan discounts and approximately $219.5 million of deposits. | |||||||||||||
Centennial Bank did not acquire the real estate, banking facilities, furniture and equipment of Heritage as part of the purchase and assumption agreement but exercised its option to purchase these assets at fair market value from the FDIC. Fair market values for the real estate, facilities, furniture and equipment were based on current appraisals. Centennial Bank leased these facilities and equipment from the FDIC until it exercised its option. In the first quarter of 2013, Centennial Bank purchased $3.1 million of bank premises and equipment from the FDIC. | |||||||||||||
Centennial Bank has determined that the acquisition of the net assets of Heritage constitute a business combination as defined by the FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of FASB ASC Topic 820, Fair Value Measurements. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. | |||||||||||||
The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: | |||||||||||||
Heritage Bank of Florida | |||||||||||||
Acquired | Fair Value | As Recorded | |||||||||||
from FDIC | Adjustments | by HBI | |||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 6,945 | $ | 82,350 | $ | 89,295 | |||||||
Interest-bearing deposits with other banks | 16,350 | — | 16,350 | ||||||||||
Federal funds sold | 7,016 | — | 7,016 | ||||||||||
Loans receivable not covered by loss share | 135,810 | (43,199 | ) | 92,611 | |||||||||
Total loans receivable | 135,810 | (43,199 | ) | 92,611 | |||||||||
Core deposit intangible | — | 1,066 | 1,066 | ||||||||||
Other assets | 18,471 | — | 18,471 | ||||||||||
Total assets acquired | $ | 184,592 | $ | 40,217 | $ | 224,809 | |||||||
Liabilities | |||||||||||||
Deposits | |||||||||||||
Demand and non-interest-bearing | $ | 93,697 | $ | — | $ | 93,697 | |||||||
Savings and interest-bearing transaction accounts | 6,018 | — | 6,018 | ||||||||||
Time deposits | 119,785 | — | 119,785 | ||||||||||
Total deposits | 219,500 | — | 219,500 | ||||||||||
Other liabilities | 104 | — | 104 | ||||||||||
Total liabilities assumed | $ | 219,604 | $ | — | $ | 219,604 | |||||||
Pre-tax gain on acquisition | $ | 5,205 | |||||||||||
The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above: | |||||||||||||
Cash and due from banks, interest-bearing deposits with other banks and federal funds sold – The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets. The $82.4 million adjustment is the first cash settlement received from the FDIC on Monday following the closing weekend. | |||||||||||||
Loans – Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and current discount rates. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses as that has been included in the estimated cash flows. | |||||||||||||
Core deposit intangible – This intangible asset represents the value of the relationships that Heritage had with its deposit customers. The fair value of this intangible asset was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, cost of the deposit base, and the net maintenance cost attributable to customer deposits. | |||||||||||||
Deposits – The fair values used for the demand and savings deposits that comprise the transaction accounts acquired, by definition equal the amount payable on demand at the acquisition date. No fair value adjustment was applied for time deposits as the Bank was able to reset deposit rates to market rates currently offered. | |||||||||||||
The Company’s operating results for the period ended December 31, 2012, include the operating results of the acquired assets and assumed liabilities subsequent to the November 2, 2012 acquisition date. Due to the significant fair value adjustments recorded and its nature as an FDIC-assisted transaction, Heritage’s historical results are not believed to be relevant to the Company’s results, and thus no pro-forma information is presented. | |||||||||||||
Acquisition Vision Bank | |||||||||||||
On February 16, 2012, Centennial Bank completed the acquisition of operating assets and liabilities of Vision Bank, a Florida state-chartered bank with its principal office located in Panama City, Florida (“Vision”), pursuant to a Purchase and Assumption Agreement (the “Vision Agreement”), dated November 16, 2011, between the Company, Centennial, Park National Corporation, parent company of Vision (“Park”), and Vision. As a result of the acquisition, the Company had an opportunity to increase its deposit base and reduce transaction costs. The Company also reduced costs through economies of scale. | |||||||||||||
Pursuant to the Vision Agreement, Centennial assumed approximately $522.8 million in customer deposits and acquired approximately $355.8 million in performing loans from Vision for the purchase price of approximately $27.9 million. Centennial did not purchase certain Vision performing loans nor any of its non-performing loans or other real estate owned. As part of the acquisition, Centennial acquired the real estate and other assets related to Vision’s 17 banking offices, including eight locations in Baldwin County, Alabama, and nine locations in the Florida Panhandle counties of Bay, Gulf, Okaloosa, Santa Rosa and Walton. On July 12, 2012, the Company closed two of these branches located in Port St. Joe, Florida. These branch closures were completed to eliminate repetitive branches and maximize profitability. Included in the acquisition were the fixed assets located within the Vision offices, the safe deposit business conducted at the Vision offices, cash on hand, prepaid expenses and Vision’s rights under contracts related to the Vision offices. Centennial also assumed the liabilities and obligations of Vision with respect to the safe deposit business, the assumed contracts, third-party leases for the real estate leased by Vision and equipment and operating leases related to the Vision offices. In addition, pursuant to the Vision Agreement, Park granted Centennial a put option to sell an aggregate of $7.5 million of the purchased loans back to Park at cost for a period of up to six months after the closing date. The Company has exercised its option to sell back 45 loans totaling approximately $7.5 million. On the closing date, Park made a cash payment to Centennial of approximately $119.5 million. | |||||||||||||
Centennial Bank has determined that the acquisition of the net assets of Vision constitute a business combination as defined by the FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of FASB ASC Topic 820, Fair Value Measurements. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. | |||||||||||||
The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: | |||||||||||||
Vision Bank | |||||||||||||
Acquired | Fair Value | As Recorded | |||||||||||
from Park | Adjustments | by HBI | |||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 20,711 | $ | 119,523 | $ | 140,234 | |||||||
Loans receivable | 355,750 | (15,453 | ) | 340,297 | |||||||||
Total loans receivable | 355,750 | (15,453 | ) | 340,297 | |||||||||
Bank premises and equipment, net | 12,496 | — | 12,496 | ||||||||||
Deferred tax asset | — | 11,247 | 11,247 | ||||||||||
Goodwill | — | 17,427 | 17,427 | ||||||||||
Core deposit intangible | — | 3,190 | 3,190 | ||||||||||
Other assets | 4,612 | — | 4,612 | ||||||||||
Total assets acquired | $ | 393,569 | $ | 135,934 | $ | 529,503 | |||||||
Liabilities | |||||||||||||
Deposits | |||||||||||||
Demand and non-interest-bearing | $ | 78,073 | $ | — | $ | 78,073 | |||||||
Savings and interest-bearing transaction accounts | 273,134 | — | 273,134 | ||||||||||
Time deposits | 171,627 | 1,598 | 173,225 | ||||||||||
Total deposits | 522,834 | 1,598 | 524,432 | ||||||||||
Other liabilities | 5,071 | — | 5,071 | ||||||||||
Total liabilities assumed | $ | 527,905 | $ | 1,598 | $ | 529,503 | |||||||
The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above: | |||||||||||||
Cash and due from banks – The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets. The $119.5 million adjustment is the cash settlement received from Park on the closing date. | |||||||||||||
Loans – Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and current discount rates. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses as that has been included in the estimated cash flows. | |||||||||||||
Core deposit intangible – This intangible asset represents the value of the relationships that Vision Bank had with its deposit customers. The fair value of this intangible asset was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, cost of the deposit base, and the net maintenance cost attributable to customer deposits. | |||||||||||||
Deferred tax asset – The deferred tax asset of $11.2 million as of acquisition date is solely related to the differences between the financial statement and tax bases of assets acquired and liabilities assumed in this transaction. | |||||||||||||
Goodwill – The consideration paid as a result of the acquisition exceeded the fair value of the assets received; therefore, the Company recorded $17.4 million of goodwill. | |||||||||||||
Deposits – The fair values used for the demand and savings deposits that comprise the transaction accounts acquired, by definition equal the amount payable on demand at the acquisition date. The Bank could not reset deposit rates to current market rates even though the rates were above market; therefore, a $1.6 million fair value adjustment was recorded for time deposits. | |||||||||||||
The Company’s operating results for 2012, include the operating results of the acquired assets and assumed liabilities subsequent to the acquisition date. Due to the significant fair value adjustments recorded, as well as not obtaining any non-performing assets and certain performing loans, historical results are not believed to be relevant to the Company’s results, and thus no pro-forma information is presented. | |||||||||||||
For the year ended December 31, 2011, Vision has reported in its call report a net loss before income taxes, extraordinary items and other adjustments of approximately $28.7 million. On a carve-out basis factoring in only the assets and liabilities acquired or assumed by Centennial, the acquired portion of Vision would have resulted in net income before income taxes, extraordinary items and other adjustments for 2011 of approximately $8.8 million. The primary differences are Vision’s provision for loan losses, which will not carry over due to Centennial not acquiring Vision’s non-performing loans, and certain non-interest expenses which also will not carry over to Centennial. | |||||||||||||
FDIC-Assisted Acquisitions—Other Matters | |||||||||||||
In an FDIC-assisted acquisition, we may acquire certain assets and assume certain liabilities of the former institution with or without a loss share agreement with the FDIC. Any regulatory agreements or orders that existed for the former institution do not apply to the assuming institution. We, as the assuming institution, are evaluated separately by our regulators and any weaknesses of the former institution are considered in the separate evaluation. Also, the loss share agreement helps to mitigate any weaknesses that may have existed in the former institution. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
3. Investment Securities | |||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities that are classified as available-for-sale and held-to-maturity are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 467,535 | $ | 1,330 | $ | (5,324 | ) | $ | 463,541 | ||||||||||||||||
Mortgage-backed securities | 462,510 | 3,343 | (4,265 | ) | 461,588 | ||||||||||||||||||||
State and political subdivisions | 196,472 | 3,085 | (4,045 | ) | 195,512 | ||||||||||||||||||||
Other securities | 55,780 | 216 | (1,153 | ) | 54,843 | ||||||||||||||||||||
Total | $ | 1,182,297 | $ | 7,974 | $ | (14,787 | ) | $ | 1,175,484 | ||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
State and political subdivisions | $ | 114,621 | $ | 361 | $ | (1,081 | ) | $ | 113,901 | ||||||||||||||||
Total | $ | 114,621 | $ | 361 | $ | (1,081 | ) | $ | 113,901 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 187,811 | $ | 3,011 | $ | (76 | ) | $ | 190,746 | ||||||||||||||||
Mortgage-backed securities | 316,770 | 8,751 | (180 | ) | 325,341 | ||||||||||||||||||||
State and political subdivisions | 182,515 | 8,219 | (96 | ) | 190,638 | ||||||||||||||||||||
Other securities | 19,379 | 138 | (19 | ) | 19,498 | ||||||||||||||||||||
Total | $ | 706,475 | $ | 20,119 | $ | (371 | ) | $ | 726,223 | ||||||||||||||||
Assets, principally investment securities, having an amortized cost of approximately $1.13 billion and $532.8 million at December 31, 2013 and 2012, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. Also, investment securities pledged as collateral for repurchase agreements totaled approximately $161.0 million and $66.3 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 417,206 | $ | 413,113 | $ | 29,344 | $ | 29,178 | |||||||||||||||||
Due after one year through five years | 474,530 | 473,381 | 63,468 | 62,876 | |||||||||||||||||||||
Due after five years through ten years | 261,362 | 259,358 | 21,068 | 21,100 | |||||||||||||||||||||
Due after ten years | 29,199 | 29,632 | 741 | 747 | |||||||||||||||||||||
Total | $ | 1,182,297 | $ | 1,175,484 | $ | 114,621 | $ | 113,901 | |||||||||||||||||
For purposes of the maturity tables, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on anticipated maturities. The mortgage-backed securities may mature earlier than their weighted-average contractual maturities because of principal prepayments. | |||||||||||||||||||||||||
During the year ended December 31, 2013, $167,000 of available-for-sale securities were sold. The gross realized gains on these sales totaled approximately $111,000. There were no losses on the available-for-sale securities sold. The income tax expense/benefit to net security gains and losses was 39.225% of the gross amounts. | |||||||||||||||||||||||||
During the year ended December 31, 2012, $1.6 million of available-for-sale securities were sold. The gross realized gains and losses on these sales totaled approximately $21,000 and $12,000, respectively. The income tax expense/benefit to net security gains and losses was 39.225% of the gross amounts. | |||||||||||||||||||||||||
During the year ended December 31, 2011, $1.1 million of available-for-sale securities were sold. The gross realized gains on these sales totaled approximately $5,000. The income tax expense/benefit to net security gains and losses was 39.225% of the gross amounts. | |||||||||||||||||||||||||
During 2010, we became aware that fraudulent rural improvement district bonds had been sold to various financial institutions in Arkansas. As a result of the fraud, the Board of Directors authorized a $3.6 million other than temporary impairment charge to our investment securities. During 2011, we were able record a gain from the collection of $2.2 million in insurance proceeds on these bonds. | |||||||||||||||||||||||||
There were no securities classified as held-to-maturity at December 31, 2012 and 2011. At December 31, 2013, there were $114.6 million of held-to-maturity securities. | |||||||||||||||||||||||||
The Company evaluates all securities quarterly to determine if any unrealized losses are deemed to be other than temporary. In completing these evaluations the Company follows the requirements of FASB ASC 320, Investments—Debt and Equity Securities. Certain investment securities are valued less than their historical cost. These declines are primarily the result of the rate for these investments yielding less than current market rates. Based on evaluation of available evidence, management believes the declines in fair value for these securities are temporary. The Company does not intend to sell or believe it will be required to sell these investments before recovery of their amortized cost bases, which may be maturity. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. | |||||||||||||||||||||||||
For the year ended December 31, 2013, the Company had approximately $711,000 in unrealized losses, which were in continuous loss positions for more than twelve months. Excluding impairment write downs taken in prior periods, the Company’s assessments indicated that the cause of the market depreciation was primarily the change in interest rates and not the issuer’s financial condition, or downgrades by rating agencies. In addition, approximately 75.9% of the Company’s investment portfolio matures in five years or less. As a result, the Company has the ability and intent to hold such securities until maturity. | |||||||||||||||||||||||||
For the year ended December 31, 2012, the Company had approximately $54,000 in unrealized losses, which were in continuous loss positions for more than twelve months. Excluding impairment write downs taken in prior periods, the Company’s assessments indicated that the cause of the market depreciation was primarily the change in interest rates and not the issuer’s financial condition, or downgrades by rating agencies. In addition, approximately 62.8% of the Company’s investment portfolio matures in five years or less. As a result, the Company has the ability and intent to hold such securities until maturity. | |||||||||||||||||||||||||
The following shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. Government-sponsored enterprises | $ | 312,674 | $ | (5,205 | ) | $ | 6,529 | $ | (119 | ) | $ | 319,203 | $ | (5,324 | ) | ||||||||||
Mortgage-backed securities | 267,105 | (3,968 | ) | 11,749 | (297 | ) | 278,854 | (4,265 | ) | ||||||||||||||||
State and political subdivisions | 130,718 | (4,831 | ) | 4,042 | (295 | ) | 134,760 | (5,126 | ) | ||||||||||||||||
Other securities | 36,125 | (1,153 | ) | — | — | 36,125 | (1,153 | ) | |||||||||||||||||
Total | $ | 746,622 | $ | (15,157 | ) | $ | 22,320 | $ | (711 | ) | $ | 768,942 | $ | (15,868 | ) | ||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. Government-sponsored enterprises | $ | 26,002 | $ | (22 | ) | $ | 10,477 | $ | (54 | ) | $ | 36,479 | $ | (76 | ) | ||||||||||
Mortgage-backed securities | 36,675 | (180 | ) | — | — | 36,675 | (180 | ) | |||||||||||||||||
State and political subdivisions | 15,797 | (96 | ) | — | — | 15,797 | (96 | ) | |||||||||||||||||
Other securities | 1,973 | (19 | ) | — | — | 1,973 | (19 | ) | |||||||||||||||||
Total | $ | 80,447 | $ | (317 | ) | $ | 10,477 | $ | (54 | ) | $ | 90,924 | $ | (371 | ) | ||||||||||
Income earned on securities for the years ended is as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Taxable: | |||||||||||||||||||||||||
Available-for-sale | $ | 12,277 | $ | 11,226 | $ | 9,244 | |||||||||||||||||||
Held-to-maturity | 21 | — | — | ||||||||||||||||||||||
Tax-exempt: | |||||||||||||||||||||||||
Available-for-sale | 5,358 | 6,154 | 6,179 | ||||||||||||||||||||||
Held-to-maturity | 651 | — | — | ||||||||||||||||||||||
Total | $ | 18,307 | $ | 17,380 | $ | 15,423 | |||||||||||||||||||
Loans_Receivable_Not_Covered_b
Loans Receivable Not Covered by Loss Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Loans Receivable Not Covered by Loss Share | ' | ||||||||
4. Loans Receivable Not Covered by Loss Share | |||||||||
The various categories of loans not covered by loss share are summarized as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Real estate: | |||||||||
Commercial real estate loans | |||||||||
Non-farm/non-residential | $ | 1,739,668 | $ | 1,019,039 | |||||
Construction/land development | 562,667 | 254,800 | |||||||
Agricultural | 81,618 | 32,513 | |||||||
Residential real estate loans | |||||||||
Residential 1-4 family | 913,332 | 549,269 | |||||||
Multifamily residential | 213,232 | 129,742 | |||||||
Total real estate | 3,510,517 | 1,985,363 | |||||||
Consumer | 69,570 | 37,462 | |||||||
Commercial and industrial | 511,421 | 256,908 | |||||||
Agricultural | 37,129 | 19,825 | |||||||
Other | 65,800 | 31,641 | |||||||
Loans receivable not covered by loss share | $ | 4,194,437 | $ | 2,331,199 | |||||
During the year ended December 31, 2013, the Company sold $2.0 million of the guaranteed portion of certain SBA loans, which resulted in a gain of approximately $135,000. During the year ended December 31, 2012, the Company sold $5.8 million of the guaranteed portion of certain SBA loans, which resulted in a gain of approximately $404,000. | |||||||||
Mortgage loans held for resale of approximately $30.5 million and $22.0 million at December 31, 2013 and 2012, respectively, are included in residential 1-4 family loans. Mortgage loans held for sale are carried at the lower of cost or fair value, determined using an aggregate basis. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to investors. Gains and losses are determined by the difference between the selling price and the carrying amount of the loans sold, net of discounts collected or paid. The Company obtains forward commitments to sell mortgage loans to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale. The forward commitments acquired by the Company for mortgage loans in process of origination are not mandatory forward commitments. These commitments are structured on a best efforts basis; therefore the Company is not required to substitute another loan or to buy back the commitment if the original loan does not fund. Typically, the Company delivers the mortgage loans within a few days after the loans are funded. These commitments are derivative instruments and their fair values at December 31, 2013 and 2012 were not material. | |||||||||
The Company evaluated $1.61 billion of net loans ($1.67 billion gross loans less $62.1 million discount) purchased in conjunction with the acquisition of Liberty in accordance with the provisions of FASB ASC Topic 310-20, Nonrefundable Fees and Other Costs. The fair value discount is being accreted into interest income over the weighted average life of the loans using a constant yield method. The Company evaluated $120.5 million of net loans ($162.4 million gross loans less $41.9 million discount) purchased in conjunction with the acquisition of Liberty in accordance with the provisions of FASB ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. These purchased non-covered loans are considered impaired if there is evidence of credit deterioration since origination and if it is probable that not all contractually required payments will be collected. | |||||||||
The Company evaluated loans purchased in conjunction with the acquisition of Vision in accordance with the provisions of FASB ASC Topic 310-20. None of the purchased non-covered loans were considered impaired at the date of acquisition. The fair value discount is being accreted into interest income over the weighted average life of the loans using a constant yield method. | |||||||||
The Company evaluated loans purchased in conjunction with the acquisitions of Heritage and Premier for impairment in accordance with the provisions of FASB ASC Topic 310-30. These purchased non-covered loans are considered impaired if there is evidence of credit deterioration since origination and if it is probable that not all contractually required payments will be collected. |
Loans_Receivable_Covered_by_FD
Loans Receivable Covered by FDIC Loss Share | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Loans Receivable Covered by FDIC Loss Share | ' | ||||||||
5. Loans Receivable Covered by FDIC Loss Share | |||||||||
The Company evaluated loans purchased in conjunction with the acquisitions under purchase and assumption agreements with the FDIC for impairment in accordance with the provisions of FASB ASC Topic 310-30. Purchased covered loans are considered impaired if there is evidence of credit deterioration since origination and if it is probable that not all contractually required payments will be collected. | |||||||||
The following table reflects the carrying value of all purchased FDIC covered impaired loans as of December 31, 2013 and December 31, 2012 for the Company: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Real estate: | |||||||||
Commercial real estate loans | |||||||||
Non-farm/non-residential | $ | 117,164 | $ | 164,723 | |||||
Construction/land development | 48,388 | 66,713 | |||||||
Agricultural | 1,232 | 2,282 | |||||||
Residential real estate loans | |||||||||
Residential 1-4 family | 98,403 | 125,625 | |||||||
Multifamily residential | 10,378 | 9,567 | |||||||
Total real estate | 275,565 | 368,910 | |||||||
Consumer | 20 | 39 | |||||||
Commercial and industrial | 5,852 | 14,668 | |||||||
Other | 1,079 | 1,267 | |||||||
Loans receivable covered by FDIC loss share | $ | 282,516 | $ | 384,884 | |||||
The acquired loans were grouped into pools based on common risk characteristics and were recorded at their estimated fair values, which incorporated estimated credit losses at the acquisition dates. These loan pools are systematically reviewed by the Company to determine material changes in cash flow estimates from those identified at the time of the acquisition. Techniques used in determining risk of loss are similar to the Centennial Bank non-covered loan portfolio, with most focus being placed on those loan pools which include the larger loan relationships and those loan pools which exhibit higher risk characteristics. As of December 31, 2013 and 2012, $35.8 million and $70.9 million, respectively, were accruing loans past due 90 days or more. |
Allowance_for_Loan_Losses_Cred
Allowance for Loan Losses, Credit Quality and Other | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Allowance for Loan Losses, Credit Quality and Other | ' | ||||||||||||||||||||||||||||
6. Allowance for Loan Losses, Credit Quality and Other | |||||||||||||||||||||||||||||
The following table presents a summary of changes in the allowance for loan losses for the non-covered and covered loan portfolios for the year ended December 31, 2013: | |||||||||||||||||||||||||||||
For Loans | For Loans | Total | |||||||||||||||||||||||||||
Not Covered | Covered by | ||||||||||||||||||||||||||||
by Loss Share | FDIC | ||||||||||||||||||||||||||||
Loss Share | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 45,170 | $ | 5,462 | $ | 50,632 | |||||||||||||||||||||||
Loans charged off | 14,197 | 5,314 | 19,511 | ||||||||||||||||||||||||||
Recoveries of loans previously charged off | 3,860 | 200 | 4,060 | ||||||||||||||||||||||||||
Net loans recovered (charged off) | (10,337 | ) | (5,114 | ) | (15,451 | ) | |||||||||||||||||||||||
Provision for loan losses for non-covered loans | 4,189 | — | 4,189 | ||||||||||||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | — | 4,445 | 4,445 | ||||||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | — | (3,454 | ) | (3,454 | ) | ||||||||||||||||||||||||
Net provision for loan losses for covered loans | — | 991 | 991 | ||||||||||||||||||||||||||
Increase in FDIC indemnification asset | — | 3,454 | 3,454 | ||||||||||||||||||||||||||
Balance, December 31 | $ | 39,022 | $ | 4,793 | $ | 43,815 | |||||||||||||||||||||||
Allowance for Loan Losses and Credit Quality for Non-Covered Loans | |||||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses for the non-covered loan portfolio for the year ended December 31, 2013, and the allowance for loan losses and recorded investment in loans not covered by loss share based on portfolio segment by impairment method as of December 31, 2013. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. Additionally, the Company’s discounts for credit losses on non-covered loans acquired were $174.6 million, $81.7 million and $2.5 million at December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 5,816 | $ | 19,974 | $ | 13,813 | $ | 3,870 | $ | 1,288 | $ | 409 | $ | 45,170 | |||||||||||||||
Loans charged off | (998 | ) | (4,054 | ) | (6,308 | ) | (537 | ) | (2,300 | ) | — | (14,197 | ) | ||||||||||||||||
Recoveries of loans previously charged off | 34 | 2,071 | 982 | 72 | 701 | — | 3,860 | ||||||||||||||||||||||
Net loans recovered (charged off) | (964 | ) | (1,983 | ) | (5,326 | ) | (465 | ) | (1,599 | ) | — | (10,337 | ) | ||||||||||||||||
Provision for loan losses | 1,430 | (2,891 | ) | 402 | (1,472 | ) | 2,874 | 3,846 | 4,189 | ||||||||||||||||||||
Balance, December 31 | $ | 6,282 | $ | 15,100 | $ | 8,889 | $ | 1,933 | $ | 2,563 | $ | 4,255 | $ | 39,022 | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,826 | $ | 8,359 | $ | 2,347 | $ | 5 | $ | — | $ | — | $ | 14,537 | |||||||||||||||
Loans collectively evaluated for impairment | 2,456 | 6,741 | 6,542 | 1,928 | 2,563 | 4,255 | 24,485 | ||||||||||||||||||||||
Balance, December 31 | $ | 6,282 | $ | 15,100 | $ | 8,889 | $ | 1,933 | $ | 2,563 | $ | 4,255 | $ | 39,022 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 32,560 | $ | 76,559 | $ | 20,112 | $ | 5,563 | $ | 223 | $ | — | $ | 135,017 | |||||||||||||||
Loans collectively evaluated for impairment | 500,279 | 1,592,343 | 1,027,093 | 484,036 | 164,224 | — | 3,767,975 | ||||||||||||||||||||||
Loans evaluated for impairment balance, December 31 | 532,839 | 1,668,902 | 1,047,205 | 489,599 | 164,447 | — | 3,902,992 | ||||||||||||||||||||||
Purchased credit impaired loans acquired | 29,828 | 152,384 | 79,359 | 21,822 | 8,052 | — | 291,445 | ||||||||||||||||||||||
Balance, December 31 | $ | 562,667 | $ | 1,821,286 | $ | 1,126,564 | $ | 511,421 | $ | 172,499 | $ | — | $ | 4,194,437 | |||||||||||||||
The following tables present the balance in the allowance for loan losses for the non-covered loan portfolio for the year ended December 31, 2012, and the allowance for loan losses and recorded investment in loans not covered by loss share based on portfolio segment by impairment method as of December 31, 2012. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 7,945 | $ | 20,368 | $ | 12,196 | $ | 6,308 | $ | 3,258 | $ | 2,054 | $ | 52,129 | |||||||||||||||
Loans charged off | (1,086 | ) | (1,384 | ) | (4,423 | ) | (1,342 | ) | (2,558 | ) | — | (10,793 | ) | ||||||||||||||||
Recoveries of loans previously charged off | 9 | 1,204 | 678 | 124 | 569 | — | 2,584 | ||||||||||||||||||||||
Net loans recovered (charged off) | (1,077 | ) | (180 | ) | (3,745 | ) | (1,218 | ) | (1,989 | ) | — | (8,209 | ) | ||||||||||||||||
Provision for loan losses | (1,052 | ) | (214 | ) | 5,362 | (1,220 | ) | 19 | (1,645 | ) | 1,250 | ||||||||||||||||||
Balance, December 31 | $ | 5,816 | $ | 19,974 | $ | 13,813 | $ | 3,870 | $ | 1,288 | $ | 409 | $ | 45,170 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 4,070 | $ | 14,215 | $ | 9,365 | $ | 1,421 | $ | 338 | $ | — | $ | 29,409 | |||||||||||||||
Loans collectively evaluated for impairment | 1,746 | 5,759 | 4,448 | 2,449 | 950 | 409 | 15,761 | ||||||||||||||||||||||
Balance, December 31 | $ | 5,816 | $ | 19,974 | $ | 13,813 | $ | 3,870 | $ | 1,288 | $ | 409 | $ | 45,170 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 28,181 | $ | 93,610 | $ | 33,994 | $ | 3,690 | $ | 746 | $ | — | $ | 160,221 | |||||||||||||||
Loans collectively evaluated for impairment | 210,333 | 862,128 | 559,066 | 227,447 | 83,932 | — | 1,942,906 | ||||||||||||||||||||||
Loans evaluated for impairment balance, December 31 | 238,514 | 955,738 | 593,060 | 231,137 | 84,678 | — | 2,103,127 | ||||||||||||||||||||||
Purchased credit impaired loans acquired | 16,286 | 95,814 | 85,951 | 25,771 | 4,250 | — | 228,072 | ||||||||||||||||||||||
Balance, December 31 | $ | 254,800 | $ | 1,051,552 | $ | 679,011 | $ | 256,908 | $ | 88,928 | $ | — | $ | 2,331,199 | |||||||||||||||
The following tables present the balance in the allowance for loan losses for the year ended December 31, 2011, and the allowance for loan losses and recorded investment in loans based on portfolio segment by impairment method as of December 31, 2011. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 12,002 | $ | 17,247 | $ | 14,297 | $ | 6,357 | $ | 1,022 | $ | 2,423 | $ | 53,348 | |||||||||||||||
Loans charged off | (3,590 | ) | (4,076 | ) | (3,299 | ) | (571 | ) | (3,159 | ) | — | (14,695 | ) | ||||||||||||||||
Recoveries of loans previously charged off | 827 | 278 | 2,477 | 5,817 | 577 | — | 9,976 | ||||||||||||||||||||||
Net loans recovered (charged off) | (2,763 | ) | (3,798 | ) | (822 | ) | 5,246 | (2,582 | ) | — | (4,719 | ) | |||||||||||||||||
Provision for loan losses | (1,294 | ) | 6,919 | (1,279 | ) | (5,295 | ) | 4,818 | (369 | ) | 3,500 | ||||||||||||||||||
Balance, December 31 | $ | 7,945 | $ | 20,368 | $ | 12,196 | $ | 6,308 | $ | 3,258 | $ | 2,054 | $ | 52,129 | |||||||||||||||
As of December 31, 2011 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 4,428 | $ | 15,050 | $ | 8,485 | $ | 3,503 | $ | 2,205 | $ | — | $ | 33,671 | |||||||||||||||
Loans collectively evaluated for impairment | 3,517 | 5,318 | 3,711 | 2,805 | 1,053 | 2,054 | 18,458 | ||||||||||||||||||||||
Balance, December 31 | $ | 7,945 | $ | 20,368 | $ | 12,196 | $ | 6,308 | $ | 3,258 | $ | 2,054 | $ | 52,129 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 25,534 | $ | 105,517 | $ | 29,818 | $ | 9,535 | $ | 2,798 | $ | — | $ | 173,202 | |||||||||||||||
Loans collectively evaluated for impairment | 336,312 | 622,004 | 376,634 | 166,741 | 85,193 | — | 1,586,884 | ||||||||||||||||||||||
Balance, December 31 | $ | 361,846 | $ | 727,521 | $ | 406,452 | $ | 176,276 | $ | 87,991 | $ | — | $ | 1,760,086 | |||||||||||||||
The following is an aging analysis for the non-covered loan portfolio for the year ended December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Loans | Loans | Loans | Total | Current | Total Loans | Accruing | |||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | Receivable | Loans | |||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Past Due | ||||||||||||||||||||||||||
or More | 90 Days | ||||||||||||||||||||||||||||
or More | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 4,849 | $ | 2,275 | $ | 13,007 | $ | 20,131 | $ | 1,719,537 | $ | 1,739,668 | $ | 7,914 | |||||||||||||||
Construction/land development | 2,206 | 352 | 5,959 | 8,517 | 554,150 | 562,667 | 4,879 | ||||||||||||||||||||||
Agricultural | 1,040 | 1,082 | 89 | 2,211 | 79,407 | 81,618 | — | ||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 7,936 | 2,676 | 13,775 | 24,387 | 888,945 | 913,332 | 6,492 | ||||||||||||||||||||||
Multifamily residential | — | 1,437 | 2 | 1,439 | 211,793 | 213,232 | 1 | ||||||||||||||||||||||
Total real estate | 16,031 | 7,822 | 32,832 | 56,685 | 3,453,832 | 3,510,517 | 19,286 | ||||||||||||||||||||||
Consumer | 717 | 226 | 224 | 1,167 | 68,403 | 69,570 | 100 | ||||||||||||||||||||||
Commercial and industrial | 4,363 | 405 | 5,218 | 9,986 | 501,435 | 511,421 | 3,755 | ||||||||||||||||||||||
Agricultural and other | 778 | 110 | — | 888 | 102,041 | 102,929 | — | ||||||||||||||||||||||
Total | $ | 21,889 | $ | 8,563 | $ | 38,274 | $ | 68,726 | $ | 4,125,711 | $ | 4,194,437 | $ | 23,141 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Loans | Loans | Loans | Total | Current | Total Loans | Accruing | |||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | Receivable | Loans | |||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Past Due | ||||||||||||||||||||||||||
or More | 90 Days | ||||||||||||||||||||||||||||
or More | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 8,670 | $ | 399 | $ | 5,096 | $ | 14,165 | $ | 1,004,874 | $ | 1,019,039 | $ | 1,437 | |||||||||||||||
Construction/land development | 374 | 732 | 3,976 | 5,082 | 249,718 | 254,800 | 1,296 | ||||||||||||||||||||||
Agricultural | — | — | 140 | 140 | 32,373 | 32,513 | — | ||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 3,724 | 1,978 | 12,561 | 18,263 | 531,006 | 549,269 | 2,589 | ||||||||||||||||||||||
Multifamily residential | 157 | 4,439 | 3,215 | 7,811 | 121,931 | 129,742 | — | ||||||||||||||||||||||
Total real estate | 12,925 | 7,548 | 24,988 | 45,461 | 1,939,902 | 1,985,363 | 5,322 | ||||||||||||||||||||||
Consumer | 780 | 187 | 688 | 1,655 | 35,807 | 37,462 | 95 | ||||||||||||||||||||||
Commercial and industrial | 1,310 | 254 | 1,597 | 3,161 | 253,747 | 256,908 | 520 | ||||||||||||||||||||||
Agricultural and other | 262 | 116 | — | 378 | 51,088 | 51,466 | — | ||||||||||||||||||||||
Total | $ | 15,277 | $ | 8,105 | $ | 27,273 | $ | 50,655 | $ | 2,280,544 | $ | 2,331,199 | $ | 5,937 | |||||||||||||||
Non-accruing loans not covered by loss share at December 31, 2013 and December 31, 2012 were $15.1 million and $21.3 million, respectively. | |||||||||||||||||||||||||||||
The following is a summary of the non-covered impaired loans as of December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
Unpaid | Total | Allocation | Average | Interest | |||||||||||||||||||||||||
Contractual | Recorded | of Allowance | Recorded | Recognized | |||||||||||||||||||||||||
Principal | Investment | for Loan | Investment | ||||||||||||||||||||||||||
Balance | Losses | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 1,449 | $ | — | $ | — | $ | 3,958 | $ | 177 | |||||||||||||||||||
Construction/land development | — | — | — | 106 | 8 | ||||||||||||||||||||||||
Agricultural | — | — | — | — | — | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 6 | 6 | — | 1,016 | 34 | ||||||||||||||||||||||||
Multifamily residential | — | — | — | 534 | 1 | ||||||||||||||||||||||||
Total real estate | 1,455 | 6 | — | 5,614 | 220 | ||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||
Commercial and industrial | — | — | — | 132 | 6 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | — | — | ||||||||||||||||||||||||
Total loans without a specific valuation allowance | 1,455 | 6 | — | 5,746 | 226 | ||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 56,465 | 54,707 | 8,359 | 55,361 | 2,205 | ||||||||||||||||||||||||
Construction/land development | 29,461 | 27,231 | 3,826 | 23,121 | 878 | ||||||||||||||||||||||||
Agricultural | 89 | 89 | — | 83 | — | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 19,188 | 16,599 | 1,265 | 13,248 | 373 | ||||||||||||||||||||||||
Multifamily residential | 2,065 | 2,065 | 1,082 | 3,683 | 100 | ||||||||||||||||||||||||
Total real estate | 107,268 | 100,691 | 14,532 | 95,496 | 3,556 | ||||||||||||||||||||||||
Consumer | 254 | 223 | — | 385 | 5 | ||||||||||||||||||||||||
Commercial and industrial | 7,059 | 5,563 | 5 | 2,503 | 67 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | — | — | ||||||||||||||||||||||||
Total loans with a specific valuation allowance | 114,581 | 106,477 | 14,537 | 98,384 | 3,628 | ||||||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 57,914 | 54,707 | 8,359 | 59,319 | 2,382 | ||||||||||||||||||||||||
Construction/land development | 29,461 | 27,231 | 3,826 | 23,227 | 886 | ||||||||||||||||||||||||
Agricultural | 89 | 89 | — | 83 | — | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 19,194 | 16,605 | 1,265 | 14,264 | 407 | ||||||||||||||||||||||||
Multifamily residential | 2,065 | 2,065 | 1,082 | 4,217 | 101 | ||||||||||||||||||||||||
Total real estate | 108,723 | 100,697 | 14,532 | 101,110 | 3,776 | ||||||||||||||||||||||||
Consumer | 254 | 223 | — | 385 | 5 | ||||||||||||||||||||||||
Commercial and industrial | 7,059 | 5,563 | 5 | 2,635 | 73 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | — | — | ||||||||||||||||||||||||
Total impaired loans | $ | 116,036 | $ | 106,483 | $ | 14,537 | $ | 104,130 | $ | 3,854 | |||||||||||||||||||
Note: Purchased non-covered loans acquired with deteriorated credit quality are accounted for on a pooled basis under ASC 310-30. All of these pools are currently considered to be performing resulting in none of the purchased non-covered loans acquired with deteriorated credit quality being classified as non-covered impaired loans as of December 31, 2013. | |||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
Unpaid | Total | Allocation | Average | Interest | |||||||||||||||||||||||||
Contractual | Recorded | of Allowance | Recorded | Recognized | |||||||||||||||||||||||||
Principal | Investment | for Loan | Investment | ||||||||||||||||||||||||||
Balance | Losses | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 7,574 | $ | 7,571 | $ | — | $ | 2,478 | $ | 73 | |||||||||||||||||||
Construction/land development | — | — | — | 1,314 | — | ||||||||||||||||||||||||
Agricultural | — | — | — | — | — | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 353 | 353 | — | 712 | 4 | ||||||||||||||||||||||||
Multifamily residential | — | — | — | — | — | ||||||||||||||||||||||||
Total real estate | 7,927 | 7,924 | — | 4,504 | 77 | ||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||
Commercial and industrial | 292 | 292 | — | 134 | 2 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | — | — | ||||||||||||||||||||||||
Total loans without a specific valuation allowance | 8,219 | 8,216 | — | 4,638 | 79 | ||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 67,378 | 66,060 | 14,215 | 71,882 | 3,755 | ||||||||||||||||||||||||
Construction/land development | 20,592 | 20,366 | 4,070 | 19,489 | 956 | ||||||||||||||||||||||||
Agricultural | — | — | — | 7 | 1 | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 19,364 | 19,138 | 6,852 | 20,518 | 806 | ||||||||||||||||||||||||
Multifamily residential | 10,515 | 10,515 | 2,513 | 7,716 | 353 | ||||||||||||||||||||||||
Total real estate | 117,849 | 116,079 | 27,650 | 119,612 | 5,871 | ||||||||||||||||||||||||
Consumer | 752 | 746 | 338 | 1,078 | 51 | ||||||||||||||||||||||||
Commercial and industrial | 2,219 | 2,144 | 1,421 | 7,232 | 411 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | 962 | 21 | ||||||||||||||||||||||||
Total loans with a specific valuation allowance | 120,820 | 118,969 | 29,409 | 128,884 | 6,354 | ||||||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 74,952 | 73,631 | 14,215 | 74,360 | 3,828 | ||||||||||||||||||||||||
Construction/land development | 20,592 | 20,366 | 4,070 | 20,803 | 956 | ||||||||||||||||||||||||
Agricultural | — | — | — | 7 | 1 | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 19,717 | 19,491 | 6,852 | 21,230 | 810 | ||||||||||||||||||||||||
Multifamily residential | 10,515 | 10,515 | 2,513 | 7,716 | 353 | ||||||||||||||||||||||||
Total real estate | 125,776 | 124,003 | 27,650 | 124,116 | 5,948 | ||||||||||||||||||||||||
Consumer | 752 | 746 | 338 | 1,078 | 51 | ||||||||||||||||||||||||
Commercial and industrial | 2,511 | 2,436 | 1,421 | 7,366 | 413 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | 962 | 21 | ||||||||||||||||||||||||
Total impaired loans | $ | 129,039 | $ | 127,185 | $ | 29,409 | $ | 133,522 | $ | 6,433 | |||||||||||||||||||
Note: Purchased non-covered loans acquired with deteriorated credit quality are accounted for on a pooled basis under ASC 310-30. All of these pools are currently considered to be performing resulting in none of the purchased non-covered loans acquired with deteriorated credit quality being classified as non-covered impaired loans as of December 31, 2012. | |||||||||||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
Unpaid | Total | Allocation | Average | Interest | |||||||||||||||||||||||||
Contractual | Recorded | of Allowance | Recorded | Recognized | |||||||||||||||||||||||||
Principal | Investment | for Loan | Investment | ||||||||||||||||||||||||||
Balance | Losses | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 1,338 | $ | 1,338 | $ | — | $ | 2,810 | $ | 77 | |||||||||||||||||||
Construction/land development | 6,236 | 6,236 | — | 1,456 | 80 | ||||||||||||||||||||||||
Agricultural | — | — | — | — | — | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 246 | 246 | — | 428 | 12 | ||||||||||||||||||||||||
Multifamily residential | — | — | — | — | — | ||||||||||||||||||||||||
Total real estate | 7,820 | 7,820 | — | 4,694 | 169 | ||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||
Commercial and industrial | 393 | 218 | — | 165 | 5 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | — | — | ||||||||||||||||||||||||
Total loans without a specific valuation allowance | 8,213 | 8,038 | — | 4,859 | 174 | ||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 78,978 | 74,290 | 15,050 | 58,222 | 3,020 | ||||||||||||||||||||||||
Construction/land development | 15,364 | 15,190 | 4,428 | 22,010 | 1,043 | ||||||||||||||||||||||||
Agricultural | — | — | — | 479 | 10 | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 25,173 | 22,560 | 6,272 | 21,157 | 788 | ||||||||||||||||||||||||
Multifamily residential | 6,577 | 6,576 | 2,213 | 7,039 | 349 | ||||||||||||||||||||||||
Total real estate | 126,092 | 118,616 | 27,963 | 108,907 | 5,210 | ||||||||||||||||||||||||
Consumer | 1,611 | 1,596 | 1,002 | 1,348 | 46 | ||||||||||||||||||||||||
Commercial and industrial | 10,319 | 8,569 | 3,503 | 11,170 | 730 | ||||||||||||||||||||||||
Agricultural and other | 1,203 | 1,203 | 1,203 | 241 | — | ||||||||||||||||||||||||
Total loans with a specific valuation allowance | 139,225 | 129,984 | 33,671 | 121,666 | 5,986 | ||||||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 80,316 | 75,628 | 15,050 | 61,032 | 3,097 | ||||||||||||||||||||||||
Construction/land development | 21,600 | 21,426 | 4,428 | 23,466 | 1,123 | ||||||||||||||||||||||||
Agricultural | — | — | — | 479 | 10 | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 25,419 | 22,806 | 6,272 | 21,585 | 800 | ||||||||||||||||||||||||
Multifamily residential | 6,577 | 6,576 | 2,213 | 7,039 | 349 | ||||||||||||||||||||||||
Total real estate | 133,912 | 126,436 | 27,963 | 113,601 | 5,379 | ||||||||||||||||||||||||
Consumer | 1,611 | 1,596 | 1,002 | 1,348 | 46 | ||||||||||||||||||||||||
Commercial and industrial | 10,537 | 8,787 | 3,503 | 11,335 | 735 | ||||||||||||||||||||||||
Agricultural and other | 1,203 | 1,203 | 1,203 | 241 | — | ||||||||||||||||||||||||
Total impaired loans | $ | 147,263 | $ | 138,022 | $ | 33,671 | $ | 126,525 | $ | 6,160 | |||||||||||||||||||
Note: Purchased non-covered loans acquired with deteriorated credit quality are accounted for on a pooled basis under ASC 310-30. All of these pools are currently considered to be performing resulting in none of the purchased non-covered loans acquired with deteriorated credit quality being classified as non-covered impaired loans as of December 31, 2011. | |||||||||||||||||||||||||||||
Interest recognized on non-covered impaired loans during the years ended December 31, 2013, 2012 and 2011 was approximately $3.9 million, $6.4 million and $6.2 million, respectively. The amount of interest recognized on non-covered impaired loans on the cash basis is not materially different than the accrual basis. | |||||||||||||||||||||||||||||
Credit Quality Indicators. As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the risk rating of loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) non-performing loans and (v) the general economic conditions in Florida, Arkansas and Alabama. | |||||||||||||||||||||||||||||
The Company utilizes a risk rating matrix to assign a risk rating to each of its loans. Loans are rated on a scale from 1 to 8. Descriptions of the general characteristics of the 8 risk ratings are as follows: | |||||||||||||||||||||||||||||
• | Risk rating 1 – Excellent. Loans in this category are to persons or entities of unquestionable financial strength, a highly liquid financial position, with collateral that is liquid and well margined. These borrowers have performed without question on past obligations, and the Bank expects their performance to continue. Internally generated cash flow covers current maturities of long-term debt by a substantial margin. Loans secured by bank certificates of deposit and savings accounts, with appropriate holds placed on the accounts, are to be rated in this category. | ||||||||||||||||||||||||||||
• | Risk rating 2 – Good. These are loans to persons or entities with strong financial condition and above-average liquidity that have previously satisfactorily handled their obligations with the Bank. Collateral securing the Bank’s debt is margined in accordance with policy guidelines. Internally generated cash flow covers current maturities of long-term debt more than adequately. Unsecured loans to individuals supported by strong financial statements and on which repayment is satisfactory may be included in this classification. | ||||||||||||||||||||||||||||
• | Risk rating 3 – Satisfactory. Loans to persons or entities with an average financial condition, adequate collateral margins, adequate cash flow to service long-term debt, and net worth comprised mainly of fixed assets are included in this category. These entities are minimally profitable now, with projections indicating continued profitability into the foreseeable future. Closely held corporations or businesses where a majority of the profits are withdrawn by the owners or paid in dividends are included in this rating category. Overall, these loans are basically sound. | ||||||||||||||||||||||||||||
• | Risk rating 4 – Watch. Borrowers who have marginal cash flow, marginal profitability or have experienced an unprofitable year and a declining financial condition characterize these loans. The borrower has in the past satisfactorily handled debts with the Bank, but in recent months has either been late, delinquent in making payments, or made sporadic payments. While the Bank continues to be adequately secured, margins have decreased or are decreasing, despite the borrower’s continued satisfactory condition. Other characteristics of borrowers in this class include inadequate credit information, weakness of financial statement and repayment capacity, but with collateral that appears to limit exposure. Included in this category are loans to borrowers in industries that are experiencing elevated risk. | ||||||||||||||||||||||||||||
• | Risk rating 5 – Other Loans Especially Mentioned (“OLEM”). A loan criticized as OLEM has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. OLEM assets are not adversely classified and do not expose the institution to sufficient risk to warrant adverse classification. | ||||||||||||||||||||||||||||
• | Risk rating 6 – Substandard. A loan classified as substandard is inadequately protected by the sound worth and paying capacity of the borrower or the collateral pledged. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual assets. | ||||||||||||||||||||||||||||
• | Risk rating 7 – Doubtful. A loan classified as doubtful has all the weaknesses inherent in a loan classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. These are poor quality loans in which neither the collateral, if any, nor the financial condition of the borrower presently ensure collectability in full in a reasonable period of time; in fact, there is permanent impairment in the collateral securing the loan. | ||||||||||||||||||||||||||||
• | Risk rating 8 – Loss. Assets classified as loss are considered uncollectible and of such little value that the continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this basically worthless asset, even though partial recovery may occur in the future. This classification is based upon current facts, not probabilities. Assets classified as loss should be charged-off in the period in which they became uncollectible. | ||||||||||||||||||||||||||||
The Company’s classified loans include loans in risk ratings 6, 7 and 8. The following is a presentation of classified non-covered loans (excluding loans accounted for under ASC Topic 310-30) by class as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Risk Rated 6 | Risk Rated 7 | Risk Rated 8 | Classified Total | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 55,874 | $ | 1 | $ | — | $ | 55,875 | |||||||||||||||||||||
Construction/land development | 19,140 | — | — | 19,140 | |||||||||||||||||||||||||
Agricultural | 89 | — | — | 89 | |||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 12,747 | 196 | — | 12,943 | |||||||||||||||||||||||||
Multifamily residential | 2,064 | — | — | 2,064 | |||||||||||||||||||||||||
Total real estate | 89,914 | 197 | — | 90,111 | |||||||||||||||||||||||||
Consumer | 454 | — | — | 454 | |||||||||||||||||||||||||
Commercial and industrial | 2,620 | 2 | — | 2,622 | |||||||||||||||||||||||||
Agricultural and other | 32 | — | — | 32 | |||||||||||||||||||||||||
Total | $ | 93,020 | $ | 199 | $ | — | $ | 93,219 | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Risk Rated 6 | Risk Rated 7 | Risk Rated 8 | Classified Total | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 55,906 | $ | 14 | $ | — | $ | 55,920 | |||||||||||||||||||||
Construction/land development | 17,805 | — | — | 17,805 | |||||||||||||||||||||||||
Agricultural | 140 | — | — | 140 | |||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 19,172 | 319 | — | 19,491 | |||||||||||||||||||||||||
Multifamily residential | 5,272 | — | — | 5,272 | |||||||||||||||||||||||||
Total real estate | 98,295 | 333 | — | 98,628 | |||||||||||||||||||||||||
Consumer | 1,495 | — | — | 1,495 | |||||||||||||||||||||||||
Commercial and industrial | 3,226 | 15 | — | 3,241 | |||||||||||||||||||||||||
Agricultural and other | 39 | — | — | 39 | |||||||||||||||||||||||||
Total | $ | 103,055 | $ | 348 | $ | — | $ | 103,403 | |||||||||||||||||||||
Loans may be classified, but not considered impaired, due to one of the following reasons: (1) The Company has established minimum dollar amount thresholds for loan impairment testing. All loans over $1.0 million that are rated 5 – 8 are individually assessed for impairment on a quarterly basis. Loans rated 5 – 8 that fall under the threshold amount are not individually tested for impairment and therefore are not included in impaired loans; (2) of the loans that are above the threshold amount and tested for impairment, after testing, some are considered to not be impaired and are not included in impaired loans. | |||||||||||||||||||||||||||||
The following is a presentation of non-covered loans by class and risk rating as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Risk | Risk | Risk | Risk | Risk | Classified | Total | |||||||||||||||||||||||
Rated 1 | Rated 2 | Rated 3 | Rated 4 | Rated 5 | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 3 | $ | 3,135 | $ | 1,039,110 | $ | 462,957 | $ | 28,380 | $ | 55,875 | $ | 1,589,460 | |||||||||||||||
Construction/land development | 54 | 94 | 198,228 | 303,590 | 11,732 | 19,140 | 532,838 | ||||||||||||||||||||||
Agricultural | 55 | — | 53,633 | 24,901 | 764 | 89 | 79,442 | ||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 393 | 146 | 654,739 | 155,744 | 17,241 | 12,943 | 841,206 | ||||||||||||||||||||||
Multifamily residential | — | — | 150,023 | 52,233 | 1,679 | 2,064 | 205,999 | ||||||||||||||||||||||
Total real estate | 505 | 3,375 | 2,095,733 | 999,425 | 59,796 | 90,111 | 3,248,945 | ||||||||||||||||||||||
Consumer | 15,566 | 32 | 42,647 | 7,244 | 848 | 454 | 66,791 | ||||||||||||||||||||||
Commercial and industrial | 25,809 | 5,845 | 300,108 | 151,986 | 3,229 | 2,622 | 489,599 | ||||||||||||||||||||||
Agricultural and other | 675 | 7,138 | 74,676 | 14,462 | 674 | 32 | 97,657 | ||||||||||||||||||||||
Total risk rated loans | $ | 42,555 | $ | 16,390 | $ | 2,513,164 | $ | 1,173,117 | $ | 64,547 | $ | 93,219 | $ | 3,902,992 | |||||||||||||||
Purchased credit impaired loans acquired | 291,445 | ||||||||||||||||||||||||||||
Total non-covered loans | $ | 4,194,437 | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Risk | Risk | Risk | Risk | Risk | Classified | Total | |||||||||||||||||||||||
Rated 1 | Rated 2 | Rated 3 | Rated 4 | Rated 5 | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 7 | $ | 53 | $ | 483,816 | $ | 350,768 | $ | 34,354 | $ | 55,920 | $ | 924,918 | |||||||||||||||
Construction/land development | 41 | 116 | 65,215 | 147,908 | 7,429 | 17,805 | 238,514 | ||||||||||||||||||||||
Agricultural | — | — | 10,920 | 19,761 | — | 140 | 30,821 | ||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 461 | 155 | 305,369 | 131,698 | 14,873 | 19,491 | 472,047 | ||||||||||||||||||||||
Multifamily residential | — | — | 23,760 | 86,459 | 5,521 | 5,272 | 121,012 | ||||||||||||||||||||||
Total real estate | 509 | 324 | 889,080 | 736,594 | 62,177 | 98,628 | 1,787,312 | ||||||||||||||||||||||
Consumer | 8,785 | 105 | 14,771 | 7,865 | 658 | 1,495 | 33,679 | ||||||||||||||||||||||
Commercial and industrial | 10,431 | 1,248 | 119,599 | 94,713 | 1,905 | 3,241 | 231,137 | ||||||||||||||||||||||
Agricultural and other | 244 | 2,517 | 28,755 | 19,443 | 1 | 39 | 50,999 | ||||||||||||||||||||||
Total risk rated loans | $ | 19,969 | $ | 4,194 | $ | 1,052,205 | $ | 858,615 | $ | 64,741 | $ | 103,403 | $ | 2,103,127 | |||||||||||||||
Purchased credit impaired loans acquired | 228,072 | ||||||||||||||||||||||||||||
Total non-covered loans | $ | 2,331,199 | |||||||||||||||||||||||||||
The following is a presentation of non-covered TDR’s by class as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Number | Pre- | Rate | Term | Rate | Post- | ||||||||||||||||||||||||
of Loans | Modification | Modification | Modification | & Term | Modification | ||||||||||||||||||||||||
Outstanding | Modification | Outstanding | |||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 14 | $ | 36,454 | $ | 13,029 | $ | 8,384 | $ | 10,554 | $ | 31,967 | ||||||||||||||||||
Construction/land development | 3 | 8,324 | 5,811 | 1,794 | — | 7,605 | |||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 8 | 1,646 | 589 | 727 | 170 | 1,486 | |||||||||||||||||||||||
Multifamily residential | 1 | 2,887 | 2,063 | — | — | 2,063 | |||||||||||||||||||||||
Total real estate | 26 | 49,311 | 21,492 | 10,905 | 10,724 | 43,121 | |||||||||||||||||||||||
Commercial and industrial | 1 | 380 | — | — | 345 | 345 | |||||||||||||||||||||||
Total | 27 | $ | 49,691 | $ | 21,492 | $ | 10,905 | $ | 11,069 | $ | 43,466 | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Number | Pre- | Rate | Term | Rate | Post- | ||||||||||||||||||||||||
of Loans | Modification | Modification | Modification | & Term | Modification | ||||||||||||||||||||||||
Outstanding | Modification | Outstanding | |||||||||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 34 | $ | 48,672 | $ | 22,710 | $ | 11,198 | $ | 10,449 | $ | 44,357 | ||||||||||||||||||
Construction/land development | 3 | 9,117 | 6,489 | 1,688 | — | 8,177 | |||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 11 | 4,621 | 3,337 | 348 | 623 | 4,308 | |||||||||||||||||||||||
Multifamily residential | 2 | 4,213 | 3,377 | — | — | 3,377 | |||||||||||||||||||||||
Total real estate | 50 | 66,623 | 35,913 | 13,234 | 11,072 | 60,219 | |||||||||||||||||||||||
Commercial and industrial | 5 | 683 | 6 | 272 | 385 | 663 | |||||||||||||||||||||||
Total | 55 | $ | 67,306 | $ | 35,919 | $ | 13,506 | $ | 11,457 | $ | 60,882 | ||||||||||||||||||
The following is a presentation of non-covered TDR’s on non-accrual status because they are not in compliance with the modified terms: | |||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Number of Loans | Recorded Balance | Number of Loans | Recorded Balance | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | — | $ | — | 2 | $ | 761 | |||||||||||||||||||||||
Construction/land development | — | — | — | — | |||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 4 | 854 | 5 | 2,665 | |||||||||||||||||||||||||
Total real estate | 4 | 854 | 7 | 3,426 | |||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | |||||||||||||||||||||||||
Total | 4 | $ | 854 | 7 | $ | 3,426 | |||||||||||||||||||||||
Allowance for Loan Losses, Credit Quality and Other for Covered Loans | |||||||||||||||||||||||||||||
During the quarterly 2013 impairment testing on the estimated cash flows of the covered loans, the Company established that six pools evaluated had experienced material projected credit deterioration. As a result, the Company recorded a $4.4 million provision for loan losses to the allowance for loan losses related to the purchased impaired loans during the year ended December 31, 2013. Since these loans are covered by loss share with the FDIC, the Company was able to increase the related indemnification asset by $3.5 million resulting in a net provision for loan losses of $991,000. | |||||||||||||||||||||||||||||
During the quarterly 2012 impairment testing on the estimated cash flows of the covered loans, the Company established that four pools evaluated had experienced material projected credit deterioration. As a result, the Company recorded a $7.5 million provision for loan losses to the allowance for loan losses related to the purchased impaired loans during the year ended December 31, 2012. Since these loans are covered by loss share with the FDIC, the Company was able to increase the related indemnification asset by $6.0 million resulting in a net provision for loan losses of $1.5 million. | |||||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses for the covered loan portfolio for the year ended December 31, 2013, and the allowance for loan losses and recorded investment in loans covered by FDIC loss share based on portfolio segment by impairment method as of December 31, 2013. Allocation of a portion of the allowance to one type of loan does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,169 | $ | 4,005 | $ | 228 | $ | 60 | $ | — | $ | — | $ | 5,462 | |||||||||||||||
Loans charged off | (905 | ) | (3,426 | ) | (826 | ) | (157 | ) | — | — | (5,314 | ) | |||||||||||||||||
Recoveries of loans previously charged off | 15 | 13 | 172 | — | — | — | 200 | ||||||||||||||||||||||
Net loans recovered (charged off) | (890 | ) | (3,413 | ) | (654 | ) | (157 | ) | — | — | (5,114 | ) | |||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 1,428 | 246 | 2,539 | 232 | — | — | 4,445 | ||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | (1,118 | ) | 44 | (2,165 | ) | (215 | ) | — | — | (3,454 | ) | ||||||||||||||||||
Net provision for loan losses | 310 | 290 | 374 | 17 | — | — | 991 | ||||||||||||||||||||||
Increase in FDIC indemnification asset | 1,118 | (44 | ) | 2,165 | 215 | — | — | 3,454 | |||||||||||||||||||||
Balance, December 31 | $ | 1,707 | $ | 838 | $ | 2,113 | $ | 135 | $ | — | $ | — | $ | 4,793 | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Loans collectively evaluated for impairment | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loans evaluated for impairment balance, December 31 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchased credit impaired loans acquired | 1,707 | 838 | 2,113 | 135 | — | — | 4,793 | ||||||||||||||||||||||
Balance, December 31 | $ | 1,707 | $ | 838 | $ | 2,113 | $ | 135 | $ | — | $ | — | $ | 4,793 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Loans collectively evaluated for impairment | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loans evaluated for impairment balance, December 31 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchased credit impaired loans acquired | 48,388 | 118,396 | 108,781 | 5,852 | 1,099 | — | 282,516 | ||||||||||||||||||||||
Balance, December 31 | $ | 48,388 | $ | 118,396 | $ | 108,781 | $ | 5,852 | $ | 1,099 | $ | — | $ | 282,516 | |||||||||||||||
The following tables present the balance in the allowance for loan losses for the covered loan portfolio for the period ended December 31, 2012, and the allowance for loan losses and recorded investment in loans covered by FDIC loss share based on portfolio segment by impairment method as of December 31, 2012. Allocation of a portion of the allowance to one type of loan does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Loans charged off | (648 | ) | (970 | ) | (132 | ) | (14 | ) | (278 | ) | — | (2,042 | ) | ||||||||||||||||
Recoveries of loans previously charged off | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||
Net loans recovered (charged off) | (648 | ) | (970 | ) | (130 | ) | (14 | ) | (278 | ) | — | (2,040 | ) | ||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 1,817 | 4,975 | 358 | 74 | 278 | — | 7,502 | ||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | (1,454 | ) | (3,980 | ) | (286 | ) | (60 | ) | (222 | ) | — | (6,002 | ) | ||||||||||||||||
Net provision for loan losses | 363 | 995 | 72 | 14 | 56 | — | 1,500 | ||||||||||||||||||||||
Increase in FDIC indemnification asset | 1,454 | 3,980 | 286 | 60 | 222 | — | 6,002 | ||||||||||||||||||||||
Balance, December 31 | $ | 1,169 | $ | 4,005 | $ | 228 | $ | 60 | $ | — | $ | — | $ | 5,462 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Loans collectively evaluated for impairment | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loans evaluated for impairment balance, December 31 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchased credit impaired loans acquired | 1,169 | 4,005 | 228 | 60 | — | — | 5,462 | ||||||||||||||||||||||
Balance, December 31 | $ | 1,169 | $ | 4,005 | $ | 228 | $ | 60 | $ | — | $ | — | $ | 5,462 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Loans collectively evaluated for impairment | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loans evaluated for impairment balance, December 31 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchased credit impaired loans acquired | 66,713 | 167,005 | 135,192 | 14,668 | 1,306 | — | 384,884 | ||||||||||||||||||||||
Balance, December 31 | $ | 66,713 | $ | 167,005 | $ | 135,192 | $ | 14,668 | $ | 1,306 | $ | — | $ | 384,884 | |||||||||||||||
The following is a summary of the non-covered purchased credit impaired loans acquired in the Liberty acquisition during 2013 as of the date of acquisition: | |||||||||||||||||||||||||||||
Liberty | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Contractually required principal and interest at acquisitions | $ | 172,482 | |||||||||||||||||||||||||||
Non-accretable difference (expected losses and foregone interest) | 41,935 | ||||||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | 130,547 | ||||||||||||||||||||||||||||
Accretable yield | 10,076 | ||||||||||||||||||||||||||||
Basis in acquired loans at acquisition | $ | 120,471 | |||||||||||||||||||||||||||
As of the respective acquisition date, the estimates of contractually required payments receivable, including interest, for all non-covered purchased credit impaired loans acquired in the Liberty transaction was $172.5 million. The cash flows expected to be collected as of the acquisition dates for these loans were $130.5 million, including interest. These amounts were determined based upon the estimated remaining lives of the underlying loans, which includes the effects of estimated prepayments. | |||||||||||||||||||||||||||||
Changes in the carrying amount of the accretable yield for purchased credit impaired loans acquired were as follows for the year ended December 31, 2013 for the Company’s covered and non-covered acquisitions: | |||||||||||||||||||||||||||||
Accretable | Carrying | ||||||||||||||||||||||||||||
Yield | Amount of | ||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 127,371 | $ | 612,956 | |||||||||||||||||||||||||
Reforecasted future interest payments for loan pools | 8,988 | — | |||||||||||||||||||||||||||
Accretion | (56,081 | ) | 56,081 | ||||||||||||||||||||||||||
Acquisition of Liberty | 10,076 | 120,471 | |||||||||||||||||||||||||||
Adjustment to yield | 29,627 | — | |||||||||||||||||||||||||||
Transfers to foreclosed assets held for sale | — | (10,476 | ) | ||||||||||||||||||||||||||
Payments received, net | — | (205,071 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 119,981 | $ | 573,961 | |||||||||||||||||||||||||
The loan pools were evaluated by the Company and are currently forecasted to have a slower run-off than originally expected. As a result, the Company has reforecast the total accretable yield expectations for those loan pools by $9.0 million. This updated forecast does not change the expected weighted average yields on the loan pools. | |||||||||||||||||||||||||||||
During 2013, thirteen FDIC loss sharing pools evaluated by the Company were determined to have a materially projected credit improvement. As a result of this improvement, the Company will recognize approximately $29.7 million as an adjustment to yield over the weighted average life of the loans. Improvements in credit quality decrease the basis in the related indemnification asset and increase our FDIC true-up liability. This positive event will reduce the indemnification asset by approximately $20.9 million and increase our FDIC true-up liability by $2.9 million. The $20.9 million will be amortized over the weighted average life of the shared-loss agreement. This amortization will be shown as a reduction to FDIC indemnification non-interest income. The $2.9 million will be expensed over the remaining true-up measurement date as other non-interest expense. This will result in approximately $5.9 million of pre-tax net income being recognized going forward which may or may not be symmetrical depending on the weighted average life of the loans. |
Goodwill_and_Core_Deposits_and
Goodwill and Core Deposits and Other Intangibles | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Goodwill and Core Deposits and Other Intangibles | ' | ||||||||
7. Goodwill and Core Deposits and Other Intangibles | |||||||||
Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposits and other intangibles at December 31, 2013 and 2012, were as follows: | |||||||||
December 31, 2013 | December 31, 2012 | ||||||||
(In thousands) | |||||||||
Goodwill | |||||||||
Balance, beginning of period | $ | 85,681 | $ | 59,663 | |||||
Vision and Premier acquisitions | — | 26,018 | |||||||
Liberty acquisition | 216,055 | — | |||||||
Balance, end of period | $ | 301,736 | $ | 85,681 | |||||
December 31, 2013 | December 31, 2012 | ||||||||
(In thousands) | |||||||||
Core Deposit and Other Intangibles | |||||||||
Balance, beginning of period | $ | 12,061 | $ | 8,620 | |||||
Acquisitions | 13,861 | 6,202 | |||||||
Amortization expense | (3,624 | ) | (2,761 | ) | |||||
Balance, end of year | $ | 22,298 | $ | 12,061 | |||||
The carrying basis and accumulated amortization of core deposits and other intangibles at December 31, 2013 and 2012 were: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Gross carrying amount | $ | 43,524 | $ | 29,663 | |||||
Accumulated amortization | (21,226 | ) | (17,602 | ) | |||||
Net carrying amount | $ | 22,298 | $ | 12,061 | |||||
Core deposit and other intangible amortization expense for the years ended December 31, 2013, 2012 and 2011 was approximately $3.6 million, $2.8 million and $2.8 million, respectively. Core deposit and other intangibles are tested annually for impairment during the fourth quarter. During the 2013 review, the Company’s core deposit and other intangibles for Heritage Bank were considered impaired and an approximately $173,000 impairment adjustment was made for the year ended December 31, 2013. Including all of the mergers completed as of December 31, 2013, HBI’s estimated amortization expense of core deposits and other intangibles for each of the years 2014 through 2018 is approximately: 2014—$4.4 million; 2015—$3.6 million; 2016—$2.3 million; 2017—$2.2 million; 2018—$2.1 million. | |||||||||
The carrying amount of the Company’s goodwill was $301.7 million at December 31, 2013 and $85.7 million at December 31, 2012. Goodwill is tested annually for impairment during the fourth quarter. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. |
Other_Assets
Other Assets | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' |
Other Assets | ' |
8. Other Assets | |
Other assets consists primarily of FDIC claims receivable, equity securities without a readily determinable fair value and other miscellaneous assets. As of December 31, 2013 and December 31, 2012 other assets were $81.2 million and $75.7 million, respectively. | |
An indemnification asset was created when the Company acquired FDIC covered loans. The indemnification asset represents the carrying amount of the right to receive payments from the FDIC for losses incurred on specified assets acquired from failed insured depository institutions or otherwise purchased from the FDIC that are covered by loss-sharing agreements with the FDIC. When the Company experiences a loss on the covered loans and subsequently requests reimbursement of the loss from the FDIC, the indemnification asset is reduced by the FDIC reimbursable amount. A corresponding claim receivable is consequently recorded in other assets until the cash is received from the FDIC. The FDIC claims receivable was $19.1 million and $45.2 million at December 31, 2013 and December 31, 2012, respectively. | |
The Company has equity securities without readily determinable fair values. These equity securities are outside the scope of ASC Topic 320, Investments-Debt and Equity Securities. They include items such as stock holding in Federal Home Loan Bank, Federal Reserve Bank, Bankers’ Bank and other miscellaneous holdings. The equity securities without a readily determinable fair value were $52.6 million and $20.2 million at December 31, 2013 and December 31, 2012, respectively. |
Deposits
Deposits | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Banking And Thrift [Abstract] | ' | ||||
Deposits | ' | ||||
9. Deposits | |||||
The aggregate amount of time deposits with a minimum denomination of $100,000 was $877.4 million and $549.1 million at December 31, 2013 and 2012, respectively. Interest expense applicable to certificates in excess of $100,000 totaled $4.1 million, $7.8 million and $9.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013 and 2012, brokered deposits were $100.4 million and $56.9 million, respectively. | |||||
The following is a summary of the scheduled maturities of all time deposits at December 31, 2013 (in thousands): | |||||
One month or less. | $ | 198,695 | |||
Over 1 month to 3 months | 242,188 | ||||
Over 3 months to 6 months | 374,759 | ||||
Over 6 months to 12 months | 446,319 | ||||
Over 12 months to 2 years | 239,213 | ||||
Over 2 years to 3 years | 68,291 | ||||
Over 3 years to 5 years | 35,627 | ||||
Over 5 years | 4,370 | ||||
Total time deposits | $ | 1,609,462 | |||
Deposits totaling approximately $1.02 billion and $484.4 million at December 31, 2013 and 2012, respectively, were public funds obtained primarily from state and political subdivisions in the United States. |
Securities_Sold_Under_Agreemen
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2013 | |
Banking And Thrift [Abstract] | ' |
Securities Sold Under Agreements to Repurchase | ' |
10. Securities Sold Under Agreements to Repurchase | |
At December 31, 2013 and 2012, securities sold under agreements to repurchase totaled $161.0 million and $66.3 million, respectively. For the years ended December 31, 2013 and 2012, securities sold under agreements to repurchase daily weighted average totaled $88.1 million and $67.0 million, respectively. |
FHLB_Borrowed_Funds
FHLB Borrowed Funds | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Banking And Thrift [Abstract] | ' | ||||
FHLB Borrowed Funds | ' | ||||
11. FHLB Borrowed Funds | |||||
The Company’s FHLB borrowed funds were $350.7 million and $130.4 million at December 31, 2013 and 2012, respectively. At December 31, 2013, $130.3 million and $220.4 million of the outstanding balances were short-term and long-term advances, respectively. All of the outstanding balance for December 31, 2012 was long-term advances. The FHLB advances mature from the current year to 2025 with fixed interest rates ranging from 0.15% to 5.96% and are secured by loans and investments securities. Expected maturities will differ from contractual maturities because FHLB may have the right to call or HBI the right to prepay certain obligations. | |||||
Additionally, the Company had $191.0 million and $90.5 million at December 31, 2013 and 2012, respectively, in letters of credit under a FHLB blanket borrowing line of credit, which are used to collateralize public deposits at December 31, 2013 and 2012, respectively. | |||||
Maturities of borrowings with original maturities exceeding one year at December 31, 2013, are as follows (in thousands): | |||||
2014 | $ | 35,316 | |||
2015 | 52,919 | ||||
2016 | 15,485 | ||||
2017 | 658 | ||||
2018 | 111,684 | ||||
Thereafter | 4,347 | ||||
$ | 220,409 | ||||
Subordinated_Debentures
Subordinated Debentures | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Brokers And Dealers [Abstract] | ' | ||||||||
Subordinated Debentures | ' | ||||||||
12. Subordinated Debentures | |||||||||
Subordinated debentures at December 31, 2013 and 2012 consisted of guaranteed payments on trust preferred securities with the following components: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Subordinated debentures, issued in 2003, due 2033, fixed at 6.40%, during the first five years and at a floating rate of 3.15% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | $ | — | $ | 20,619 | |||||
Subordinated debentures, issued in 2003, due 2033, floating rate of 3.15% above the three-month LIBOR rate, reset quarterly, currently callable without penalty | — | 5,155 | |||||||
Subordinated debentures, issued in 2006, due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | 3,093 | 3,093 | |||||||
Subordinated debentures, issued in 2004, due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | 15,464 | — | |||||||
Subordinated debentures, issued in 2005, due 2035, fixed rate of 5.836% during the first five years and at a floating rate of 1.45% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | 25,774 | — | |||||||
Subordinated debentures, issued in 2004, due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | 16,495 | — | |||||||
Total | $ | 60,826 | $ | 28,867 | |||||
The trust preferred securities are tax-advantaged issues that qualify for Tier 1 capital treatment subject to certain limitations. Distributions on these securities are included in interest expense. Each of the trusts is a statutory business trust organized for the sole purpose of issuing trust securities and investing the proceeds in our subordinated debentures, the sole asset of each trust. The trust preferred securities of each trust represent preferred beneficial interests in the assets of the respective trusts and are subject to mandatory redemption upon payment of the subordinated debentures held by the trust. We wholly own the common securities of each trust. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon our making payment on the related subordinated debentures. Our obligations under the subordinated securities and other relevant trust agreements, in aggregate, constitute a full and unconditional guarantee by us of each respective trust’s obligations under the trust securities issued by each respective trust. | |||||||||
Presently, the funds raised from the trust preferred offerings qualify as Tier 1 capital for regulatory purposes, subject to the applicable limit, with the balance qualifying as Tier 2 capital. The Board of Governors of the Federal Reserve System recently announced the planned implementation of Basel III capital rules. Under these rules trust preferred securities will be phased out as Tier 1 capital for future periods. | |||||||||
The Company holds $60.8 million of trust preferred securities which are currently callable without penalty based on the terms of the specific agreements. We acquired $57.7 million of trust preferred securities during the Liberty acquisition. Since these trust preferred securities are being phased out of Tier 1 capital, we decided to begin the process of redeeming these instruments. During 2013, the Company paid off $25.8 million of subordinated debentures. As a result of the leveraging from the Liberty acquisition, we have decided to postpone any future redemptions until the holding company builds additional Tier 1 capital and cash. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
13. Income Taxes | |||||||||||||
The following is a summary of the components of the provision (benefit) for income taxes: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 11,507 | $ | 30,041 | $ | 32,751 | |||||||
State | 2,286 | 5,822 | 6,087 | ||||||||||
Total current | 13,793 | 35,863 | 38,838 | ||||||||||
Deferred: | |||||||||||||
Federal | 20,156 | (363 | ) | (7,821 | ) | ||||||||
State | 4,004 | (71 | ) | (1,416 | ) | ||||||||
Total deferred | 24,160 | (434 | ) | (9,237 | ) | ||||||||
Provision for income taxes | $ | 37,953 | $ | 35,429 | $ | 29,601 | |||||||
The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Effect of nontaxable interest income | (2.25 | ) | (2.47 | ) | (2.87 | ) | |||||||
Cash value of life insurance | (0.27 | ) | (0.30 | ) | (0.47 | ) | |||||||
State income taxes, net of federal benefit | 3.93 | 3.8 | 3.6 | ||||||||||
Other | (0.08 | ) | (0.04 | ) | (0.16 | ) | |||||||
Effective income tax rate | 36.33 | % | 35.99 | % | 35.1 | % | |||||||
The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows: | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 17,213 | $ | 19,999 | |||||||||
Deferred compensation | 3,230 | 1,331 | |||||||||||
Stock options | 277 | 231 | |||||||||||
Real estate owned | 11,145 | 9,211 | |||||||||||
Loan discounts | 65,639 | 51,946 | |||||||||||
Tax basis premium/discount on acquisitions | 20,671 | 23,914 | |||||||||||
Unrealized loss on securities available-for-sale | 2,673 | — | |||||||||||
Deposits | 14 | 485 | |||||||||||
Investments | 2,568 | — | |||||||||||
Other | 6,978 | 7,239 | |||||||||||
Gross deferred tax assets | 130,408 | 114,356 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation on premises and equipment | 3,616 | 377 | |||||||||||
Unrealized gain on securities available-for-sale | — | 7,747 | |||||||||||
Core deposit intangibles | 5,650 | 1,506 | |||||||||||
Indemnification asset | 29,074 | 54,009 | |||||||||||
FHLB dividends | 1,602 | 889 | |||||||||||
Other | 1,054 | 2,830 | |||||||||||
Gross deferred tax liabilities | 40,996 | 67,358 | |||||||||||
Net deferred tax assets | $ | 89,412 | $ | 46,998 | |||||||||
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and the states of Arkansas, Alabama and Florida. With a few exceptions, the Company is no longer subject to U.S. federal and state tax examinations by tax authorities for years before 2010. The Internal Revenue Service (IRS) commenced an examination of the Company’s U.S. income tax return for 2008 in the second quarter of 2011 that was completed in the fourth quarter of 2012. The IRS did not propose any significant adjustments to the Company’s tax return. | |||||||||||||
The Company recognizes interest accrued related to unrecognized tax benefits and penalties in income tax expense. During the years ended December 31, 2013, 2012 and 2011, the Company did not recognize any significant interest or penalties. The Company did not have any interest or penalties accrued at December 31, 2013, 2012 and 2011. |
Common_Stock_and_Compensation_
Common Stock and Compensation Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Common Stock and Compensation Plans | ' | ||||||||||||||||||||||||
14. Common Stock and Compensation Plans | |||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||
On April 18, 2013 at the Annual Meeting of Shareholders of the Company, the shareholders approved, as proposed in the Proxy Statement, an amendment to the Company’s Restated Articles of Incorporation to increase the number of authorized shares of common stock from 50,000,000 to 100,000,000. | |||||||||||||||||||||||||
On April 18, 2013, our Board of Directors declared a two-for-one stock split to be paid in the form of a 100% stock dividend on June 12, 2013 (the “Payment Date”) to shareholders of record at the close of business on May 22, 2013. The additional shares were distributed by the Company’s transfer agent, Computershare, and the Company’s common stock began trading on a split-adjusted basis on the NASDAQ Global Select Market on June 13, 2013. The stock split increased the Company’s total shares of common stock outstanding as of June 12, 2013 from 28,121,596 shares to 56,243,192 shares (split adjusted). All previously reported share and per share data included in filings subsequent to the Payment Date are restated to reflect the retroactive effect of this two-for-one stock split. | |||||||||||||||||||||||||
Stock Compensation Plans | |||||||||||||||||||||||||
The Company has a stock option and performance incentive plan known as the Amended and Restated 2006 Stock Option and Performance Incentive Plan (“the Plan”). The purpose of the Plan is to attract and retain highly qualified officers, directors, key employees, and other persons, and to motivate those persons to improve our business results. The Plan provides for the granting of incentive nonqualified options to purchase stock or for the issuance of restricted shares up to 4,644,000 shares (split adjusted) of common stock in the Company. At December 31, 2013, the Company had approximately 1,594,000 shares of common stock remaining available for grants or issuance under the plan and approximately 2,560,000 shares reserved for issuance of common stock. | |||||||||||||||||||||||||
The intrinsic value of the stock options outstanding at December 31, 2013, 2012, and 2011 was $26.8 million, $8.6 million and $8.3 million, respectively. The intrinsic value of the stock options vested at December 31, 2013, 2012 and 2011 was $22.1 million, $8.2 million and $8.1 million, respectively. | |||||||||||||||||||||||||
The intrinsic value of the stock options exercised during 2013, 2012 and 2011 was $2.2 million, $3.8 million, and $1.5 million, respectively. | |||||||||||||||||||||||||
Total unrecognized compensation cost, net of income tax benefit, related to non-vested awards, which are expected to be recognized over the vesting periods, was approximately $879,000 as of December 31, 2013. | |||||||||||||||||||||||||
The table below summarized the transactions under the Company’s stock option plans at December 31, 2013, 2012 and 2011 and changes during the years then ended: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||||||
0 | Average | 0 | Average | 0 | Average | ||||||||||||||||||||
Exercisable | Exercisable | Exercisable | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding, beginning of year | 871 | $ | 6.66 | 1,138 | $ | 5.68 | 1,320 | $ | 5.44 | ||||||||||||||||
Granted | 184 | 21.24 | 90 | 13.13 | — | — | |||||||||||||||||||
Forfeited | (3 | ) | 8.6 | (2 | ) | 4.65 | — | — | |||||||||||||||||
Exercised | (86 | ) | 5.01 | (355 | ) | 5.17 | (182 | ) | 3.94 | ||||||||||||||||
Outstanding, end of year | 966 | 9.57 | 871 | 6.66 | 1,138 | 5.68 | |||||||||||||||||||
Exercisable, end of year | 710 | $ | 6.2 | 766 | $ | 5.86 | 1,100 | $ | 5.56 | ||||||||||||||||
Stock-based compensation expense for stock-based compensation awards granted is based on the grant date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company’s employee stock options. The weighted-average fair value of options granted during the year ended December 31, 2013 and 2012, were $4.50 per share and $3.59 per share (split adjusted), respectively. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model based on the weighted-average assumptions for expected dividend yield, expected stock price volatility, risk-free interest rate, and expected life of options granted. | |||||||||||||||||||||||||
The assumptions used in determining the fair value of 2013 and 2012 stock option grants were as follows: | |||||||||||||||||||||||||
For the Year Ended | For the Year Ended | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Expected dividend yield | 1.42 | % | 1.52 | % | |||||||||||||||||||||
Expected stock price volatility | 22.09 | % | 30.56 | % | |||||||||||||||||||||
Risk-free interest rate | 1.33 | % | 1.47 | % | |||||||||||||||||||||
Expected life of options | 6.5 years | 6.5 years | |||||||||||||||||||||||
The following is a summary of currently outstanding and exercisable options at December 31, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Exercise Prices | Options | Weighted- | Weighted- | Options | Weighted- | ||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||
Shares (000) | Remaining | Exercise | Shares | Exercise | |||||||||||||||||||||
Contractual | Price | 0 | Price | ||||||||||||||||||||||
Life (in years) | |||||||||||||||||||||||||
$ 3.08 to $3.50 | 14 | 1.29 | $ | 3.32 | 14 | $ | 3.32 | ||||||||||||||||||
$ 3.92 to $4.34 | 48 | 1.54 | 4.24 | 48 | 4.24 | ||||||||||||||||||||
$ 4.78 to $4.92 | 88 | 1.53 | 4.82 | 88 | 4.82 | ||||||||||||||||||||
$ 5.33 to $5.33 | 199 | 1.85 | 5.33 | 199 | 5.33 | ||||||||||||||||||||
$ 5.54 to $5.54 | 199 | 2.2 | 5.54 | 199 | 5.54 | ||||||||||||||||||||
$ 8.54 to $8.60 | 81 | 4.04 | 8.57 | 81 | 8.57 | ||||||||||||||||||||
$ 9.25 to $9.31 | 10 | 3.4 | 9.29 | 10 | 9.29 | ||||||||||||||||||||
$ 10.16 to $11.37 | 55 | 3.3 | 10.33 | 55 | 10.33 | ||||||||||||||||||||
$ 13.12 to $13.12 | 88 | 8.06 | 13.12 | 16 | 13.12 | ||||||||||||||||||||
$ 17.25 to $34.80 | 184 | 9.3 | 21.24 | — | — | ||||||||||||||||||||
966 | 710 | ||||||||||||||||||||||||
The table below summarized the activity for the Company’s restricted stock issued and outstanding at December 31, 2013, 2012 and 2011 and changes during the years then ended: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Beginning of year | 269 | 98 | 44 | ||||||||||||||||||||||
Issued | 35 | 208 | 64 | ||||||||||||||||||||||
Vested | (32 | ) | (36 | ) | (10 | ) | |||||||||||||||||||
Forfeited | (16 | ) | — | — | |||||||||||||||||||||
End of year | 256 | 269 | 98 | ||||||||||||||||||||||
Amount of expense for twelve months ended | $ | 1,086 | $ | 780 | $ | 351 | |||||||||||||||||||
The restricted stock issued through 2011 will vest equally each year over three years beginning on the first anniversary of the issuance. The only exception to this vesting is for 4,999 shares of restricted common stock issued during 2009. These restricted shares will vest equally each year over three years beginning on the third anniversary of the issuance. | |||||||||||||||||||||||||
On August 2, 2012, 208,000 shares (split adjusted) of restricted common stock were issued to our named executive officers and certain other employees of the Company. These shares include 86,000 shares (split adjusted) subject to time vesting (“Restricted Shares”) and 122,000 shares (split adjusted) subject to performance based vesting (“Performance Shares”). | |||||||||||||||||||||||||
The Restricted Shares will “cliff” vest on the third annual anniversary of the grant date. The Performance Shares are set up to “cliff” vest on the third annual anniversary of the date that the performance goal is met. As of September 30, 2013, the performance goal was met when the Company averaged $0.3125 diluted earnings per share (split adjusted) for the past four consecutive quarters or total diluted earnings per share of $1.25 (split adjusted) during the same period. In accordance with the vesting terms of the Performance Shares agreements, the issued shares are due to fully vest on September 30, 2016. | |||||||||||||||||||||||||
On January 18, 2013, 18,000 shares (split adjusted) of restricted common stock were issued to each non-employee member of our Board of Directors and 4,000 shares (split adjusted) of restricted common stock to a regional president of our bank subsidiary for a total issuance of 22,000 shares (split adjusted) of restricted common stock. The restricted stock issued will vest equally each year over three years beginning on the first anniversary of the issuance. | |||||||||||||||||||||||||
On June 4, 2013, 12,666 shares (split adjusted) of restricted common stock were issued to a regional president of our bank subsidiary. Of these issued shares, 9,666 shares (split adjusted) will vest equally each year over three years beginning on the first anniversary of the issuance. The remaining 3,000 shares (split adjusted) are subject to the previously discussed performance-based vesting. | |||||||||||||||||||||||||
The Company did not utilize a portion of its previously approved stock repurchase program during 2013. This program authorized the repurchase of 2,376,000 shares (split adjusted) of the Company’s common stock. The Company repurchased for 2012 a total of 890,896 shares (split adjusted) with a weighted average stock price of $14.86 per share (split adjusted). The 2012 earnings were used to fund these repurchases. Shares repurchased to date under the program total 1,510,896 shares (split adjusted). The remaining balance available for repurchase is 865,104 shares (split adjusted) at December 31, 2013. |
NonInterest_Expense
Non-Interest Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Non-Interest Expense | ' | ||||||||||||
15. Non-Interest Expense | |||||||||||||
The table below shows the components of non-interest expense for years ended December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Salaries and employee benefits | $ | 58,394 | $ | 47,289 | $ | 42,825 | |||||||
Occupancy and equipment | 17,168 | 14,500 | 14,197 | ||||||||||
Data processing expense | 5,393 | 4,930 | 4,601 | ||||||||||
Other operating expenses: | |||||||||||||
Advertising | 1,829 | 2,447 | 4,270 | ||||||||||
Merger and acquisition expenses | 18,378 | 7,157 | 145 | ||||||||||
Amortization of intangibles | 3,624 | 2,761 | 2,827 | ||||||||||
Electronic banking expense | 4,207 | 3,175 | 2,733 | ||||||||||
Directors’ fees | 767 | 807 | 811 | ||||||||||
Due from bank service charges | 616 | 536 | 496 | ||||||||||
FDIC and state assessment | 2,849 | 2,313 | 4,283 | ||||||||||
Insurance | 2,449 | 1,774 | 1,673 | ||||||||||
Legal and accounting | 1,393 | 1,065 | 1,603 | ||||||||||
Other professional fees | 1,928 | 1,655 | 1,954 | ||||||||||
Operating supplies | 1,439 | 1,134 | 1,168 | ||||||||||
Postage | 945 | 896 | 942 | ||||||||||
Telephone | 1,260 | 1,074 | 977 | ||||||||||
Other expense | 10,668 | 8,855 | 9,217 | ||||||||||
Total other operating expenses | 52,352 | 35,649 | 33,099 | ||||||||||
Total non-interest expense | $ | 133,307 | $ | 102,368 | $ | 94,722 | |||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
16. Employee Benefit Plans | |
401(k) Plan | |
The Company has a retirement savings 401(k) plan in which substantially all employees may participate. The Company matches employees’ contributions based on a percentage of salary contributed by participants. While the plan also allows for discretionary employer contributions, no discretionary contributions were made for the years ended 2013, 2012 and 2011. The Company’s expense for the plan was approximately $702,000, $604,000 and $522,000 in 2013, 2012 and 2011, respectively, which is included in salaries and employee benefits expense. | |
Chairman’s Retirement Plan | |
On April 20, 2007, the Company’s Board of Directors approved a Chairman’s Retirement Plan for John W. Allison, the Company’s Chairman and CEO. The Chairman’s Retirement Plan provides a supplemental retirement benefit of $250,000 a year for 10 consecutive years or until Mr. Allison’s death, whichever occurs later. During 2011, Mr. Allison reached the age of 65 and became 100% vested in the plan. Therefore, he began receiving the supplemental retirement benefit due to him. He received $250,000, $250,000 and $125,000 of this benefit during 2013, 2012 and 2011, respectively. An expense of approximately $176,000, $181,000 and $372,000 was accrued for 2013, 2012 and 2011 for this plan, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
17. Related Party Transactions | |
In the ordinary course of business, loans may be made to officers and directors and their affiliated companies at substantially the same terms as comparable transactions with other borrowers. At December 31, 2013 and 2012, related party loans were approximately $30.5 million and $33.0 million, respectively. New loans and advances on prior commitments made to the related parties were $14.4 million and $14.0 million for the years ended December 31, 2013 and 2012, respectively. Repayments of loans made by the related parties were $16.9 million and $14.0 million for the years ended December 31, 2013 and 2012, respectively. | |
At December 31, 2013 and 2012, directors, officers, and other related interest parties had demand, non-interest-bearing deposits of approximately $13.5 million and $23.5 million, respectively, savings and interest-bearing transaction accounts of approximately $1.1 million and $838,000, respectively, and time certificates of deposit of approximately $10.5 million and $6.2 million, respectively. | |
During 2013, 2012 and 2011, rent expense totaling approximately $98,000, $97,000 and $97,000, respectively, was paid to related parties. |
Leases
Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases | ' | ||||
18. Leases | |||||
The Company leases certain premises and equipment under noncancelable operating leases with terms up to 15 years which are charged to expense over the lease term as it becomes payable. The Company’s leases do not have rent holidays. In addition, any rent escalations are tied to the consumer price index or contain nominal increases and are not included in the calculation of current lease expense due to the immaterial amount. At December 31, 2013, the minimum rental commitments under these noncancelable operating leases are as follows (in thousands): | |||||
2014 | $ | 2,717 | |||
2015 | 2,328 | ||||
2016 | 1,925 | ||||
2017 | 1,809 | ||||
2018 | 1,406 | ||||
Thereafter | 3,269 | ||||
$ | 13,454 | ||||
Concentration_of_Credit_Risks
Concentration of Credit Risks | 12 Months Ended |
Dec. 31, 2013 | |
Risks And Uncertainties [Abstract] | ' |
Concentration of Credit Risks | ' |
19. Concentration of Credit Risks | |
The Company’s primary market areas are in Arkansas, Florida and South Alabama. The Company primarily grants loans to customers located within these geographical areas unless the borrower has an established relationship with the Company. | |
The diversity of the Company’s economic base tends to provide a stable lending environment. Although the Company has a loan portfolio that is diversified in both industry and geographic area, a substantial portion of its debtors’ ability to honor their contracts is dependent upon real estate values, tourism demand and the economic conditions prevailing in its market areas. |
Significant_Estimates_and_Conc
Significant Estimates and Concentrations | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Significant Estimates and Concentrations | ' |
20. Significant Estimates and Concentrations | |
Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for loan losses and certain concentrations of credit risk are reflected in Note 6, while deposit concentrations are reflected in Note 9. | |
Although the Company has a diversified loan portfolio, at December 31, 2013 and 2012, non-covered commercial real estate loans represented 56.8% and 56.0% of gross non-covered loans and 283.5% and 253.4% of total stockholders’ equity, respectively. Non-covered residential real estate loans represented 26.9% and 29.1% of gross non-covered loans and 134.0% and 131.7% of total stockholders’ equity at December 31, 2013 and 2012, respectively. | |
Approximately 90.5% of the Company’s loans as of December 31, 2013, are to the borrowers in Alabama, Arkansas and Florida, the three states in which the Company has its primary market areas. Additionally, the Company has 84.6% of its loans as real estate loans primarily in Arkansas, Florida and South Alabama. | |
The current economic environment presents financial institutions with unprecedented circumstances and challenges which in some cases have resulted in large declines in the fair values of investments and other assets, constraints on liquidity and significant credit quality problems, including severe volatility in the valuation of real estate and other collateral supporting loans. The financial statements have been prepared using values and information currently available to the Company. | |
Given the volatility of current economic conditions, the values of assets and liabilities recorded in the financial statements could change rapidly, resulting in material future adjustments in asset values, the allowance for loan losses and capital that could negatively impact the Company’s ability to meet regulatory capital requirements and maintain sufficient liquidity. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
21. Commitments and Contingencies | |
In the ordinary course of business, the Company makes various commitments and incurs certain contingent liabilities to fulfill the financing needs of their customers. These commitments and contingent liabilities include lines of credit and commitments to extend credit and issue standby letters of credit. The Company applies the same credit policies and standards as they do in the lending process when making these commitments. The collateral obtained is based on the assessed creditworthiness of the borrower. | |
At December 31, 2013 and 2012, commitments to extend credit of $623.5 million and $407.1 million, respectively, were outstanding. A percentage of these balances are participated out to other banks; therefore, the Company can call on the participating banks to fund future draws. Since some of these commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. | |
Outstanding standby letters of credit are contingent commitments issued by the Company, generally to guarantee the performance of a customer in third-party borrowing arrangements. The term of the guarantee is dependent upon the credit worthiness of the borrower some of which are long-term. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. The maximum amount of future payments the Company could be required to make under these guarantees at December 31, 2013 and 2012, is $21.4 million and $16.4 million, respectively. | |
The Company and/or its bank subsidiary have various unrelated legal proceedings, most of which involve loan foreclosure activity pending, which, in the aggregate, are not expected to have a material adverse effect on the financial position or results of operations or cash flows of the Company and its subsidiaries. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Financial Instruments | ' | ||||||||||||
22. Financial Instruments | |||||||||||||
Fair value is 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. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: | |||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities | ||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities | ||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities | ||||||||||||
Available-for-sale securities are the only material instruments valued on a recurring basis which are held by the Company at fair value. The Company does not have any Level 1 securities. Primarily all of the Company’s securities are considered to be Level 2 securities. These Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. As of December 31, 2013 and 2012, Level 3 securities were immaterial. In addition, there were no material transfers between hierarchy levels during 2013, 2012 and 2011. | |||||||||||||
The Corporation reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities with complicated structures. Pricing for the Company’s investment securities is fairly generic and is easily obtained. | |||||||||||||
Impaired loans that are collateral dependent are the only material financial assets valued on a non-recurring basis which are held by the Company at fair value. Loan impairment is reported when full payment under the loan terms is not expected. Impaired loans are carried at the net realizable value of the collateral if the loan is collateral dependent. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. If these allocations cause the allowance for loan losses to require an increase, such increase is reported as a component of the provision for loan losses. The fair value of loans with specific allocated losses was $91.9 million and $97.8 million as of December 31, 2013 and 2012, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed approximately $632,000 and $495,000 of accrued interest receivable when non-covered impaired loans were put on non-accrual status during the year ended December 31, 2013 and 2012, respectively. | |||||||||||||
Foreclosed assets held for sale are the only material non-financial assets valued on a non-recurring basis which are held by the Company at fair value, less estimated costs to sell. At foreclosure, if the fair value, less estimated costs to sell, of the real estate acquired is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for loan losses. Additionally, valuations are periodically performed by management and any subsequent reduction in value is recognized by a charge to income. The fair value of foreclosed assets held for sale is estimated using Level 3 inputs based on appraisals of underlying collateral. As of December 31, 2013 and 2012, the fair value of non-covered foreclosed assets held for sale not covered by loss share, less estimated costs to sell was $29.9 million and $20.4 million, respectively. | |||||||||||||
The significant unobservable (Level 3) inputs used in the fair value measurement of collateral for collateral-dependent impaired loans and foreclosed assets primarily relate to customized discounting criteria applied to the customer’s reported amount of collateral. The amount of the collateral discount depends upon the condition and marketability of the underlying collateral. As the Company’s primary objective in the event of default would be to monetize the collateral to settle the outstanding balance of the loan, less marketable collateral would receive a larger discount. During the reported periods, collateral discounts ranged from 20% to 50% for commercial and residential real estate collateral. | |||||||||||||
Fair Values of Financial Instruments | |||||||||||||
The following methods and assumptions were used by the Company in estimating fair values of financial instruments as disclosed in these notes: | |||||||||||||
Cash and cash equivalents and federal funds sold — For these short-term instruments, the carrying amount is a reasonable estimate of fair value. | |||||||||||||
Investment securities – held-to-maturity — These securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. | |||||||||||||
Loans receivable not covered by loss share, net of non-covered impaired loans and allowance — For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are assumed to approximate the carrying amounts. The fair values for fixed-rate loans are estimated using discounted cash flow analysis, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Loan fair value estimates include judgments regarding future expected loss experience and risk characteristics. | |||||||||||||
Loans receivable covered by FDIC loss share, net of allowance — Fair values for loans are based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, whether or not the loan was amortizing and current discount rates. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses as that has been included in the estimated cash flows. | |||||||||||||
FDIC indemnification asset — Although this asset is a contractual receivable from the FDIC, there is no effective interest rate. The Bank will collect this asset over the next several years. The amount ultimately collected will depend on the timing and amount of collections and charge-offs on the acquired assets covered by the loss sharing agreement. While this asset was recorded at its estimated fair value at acquisition date, it is not practicable to complete a fair value analysis on a quarterly or annual basis. This would involve preparing a fair value analysis of the entire portfolio of loans and foreclosed assets covered by the loss sharing agreement on a quarterly or annual basis in order to estimate the fair value of the FDIC indemnification asset. | |||||||||||||
Accrued interest receivable — The carrying amount of accrued interest receivable approximates its fair value. | |||||||||||||
Deposits and securities sold under agreements to repurchase — The fair values of demand, savings deposits and securities sold under agreements to repurchase are, by definition, equal to the amount payable on demand and therefore approximate their carrying amounts. The fair values for time deposits are estimated using a discounted cash flow calculation that utilizes interest rates currently being offered on time deposits with similar contractual maturities. | |||||||||||||
FHLB borrowed funds — For short-term instruments, the carrying amount is a reasonable estimate of fair value. The fair value of long-term debt is estimated based on the current rates available to the Company for debt with similar terms and remaining maturities. | |||||||||||||
Accrued interest payable — The carrying amount of accrued interest payable approximates its fair value. | |||||||||||||
Subordinated debentures — The fair value of subordinated debentures is estimated using the rates that would be charged for subordinated debentures of similar remaining maturities. | |||||||||||||
Commitments to extend credit, letters of credit and lines of credit — The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The fair value of these commitments is not material. | |||||||||||||
The following table presents the estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. | |||||||||||||
December 31, 2013 | |||||||||||||
Carrying | |||||||||||||
Amount | Fair Value | Level | |||||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Cash and cash equivalents | $ | 165,534 | $ | 165,534 | 1 | ||||||||
Federal funds sold | 4,275 | 4,275 | 1 | ||||||||||
Investment securities – held-to-maturity | 114,621 | 113,901 | 2 | ||||||||||
Loans receivable not covered by loss share, net of non-covered impaired loans and allowance | 4,063,469 | 4,053,098 | 3 | ||||||||||
Loans receivable covered by FDIC loss share, net of allowance | 277,723 | 277,723 | 3 | ||||||||||
FDIC indemnification asset | 89,611 | 89,611 | 3 | ||||||||||
Accrued interest receivable | 22,944 | 22,944 | 1 | ||||||||||
Financial liabilities: | |||||||||||||
Deposits: | |||||||||||||
Demand and non-interest-bearing | $ | 991,161 | $ | 991,161 | 1 | ||||||||
Savings and interest-bearing transaction accounts | 2,792,423 | 2,792,423 | 1 | ||||||||||
Time deposits | 1,609,462 | 1,606,664 | 3 | ||||||||||
Federal funds purchased | — | — | N/A | ||||||||||
Securities sold under agreements to repurchase | 160,984 | 160,984 | 1 | ||||||||||
FHLB borrowed funds | 350,661 | 357,674 | 2 | ||||||||||
Accrued interest payable | 1,252 | 1,252 | 1 | ||||||||||
Subordinated debentures | 60,826 | 60,826 | 3 | ||||||||||
December 31, 2012 | |||||||||||||
Carrying | |||||||||||||
Amount | Fair Value | Level | |||||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Cash and cash equivalents | $ | 231,855 | $ | 231,855 | 1 | ||||||||
Federal funds sold | 17,148 | 17,148 | 1 | ||||||||||
Loans receivable not covered by loss share, net of non-covered impaired loans and allowance | 2,188,253 | 2,202,859 | 3 | ||||||||||
Loans receivable covered by FDIC loss share, net of allowance | 379,422 | 379,422 | 3 | ||||||||||
FDIC indemnification asset | 139,646 | 139,646 | 3 | ||||||||||
Accrued interest receivable | 16,305 | 16,305 | 1 | ||||||||||
Financial liabilities: | |||||||||||||
Deposits: | |||||||||||||
Demand and non-interest-bearing | $ | 666,414 | $ | 666,414 | 1 | ||||||||
Savings and interest-bearing transaction accounts | 1,784,047 | 1,784,047 | 1 | ||||||||||
Time deposits | 1,032,991 | 1,037,235 | 3 | ||||||||||
Federal funds purchased | — | — | N/A | ||||||||||
Securities sold under agreements to repurchase | 66,278 | 66,278 | 1 | ||||||||||
FHLB borrowed funds | 130,388 | 139,654 | 2 | ||||||||||
Accrued interest payable | 1,243 | 1,243 | 1 | ||||||||||
Subordinated debentures | 28,867 | 28,911 | 3 |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
23. Regulatory Matters | |||||||||||||||||||||||||
The Bank is subject to a legal limitation on dividends that can be paid to the parent company without prior approval of the applicable regulatory agencies. Arkansas bank regulators have specified that the maximum dividend limit state banks may pay to the parent company without prior approval is 75% of the current year earnings plus 75% of the retained net earnings of the preceding year. Since the Bank is also under supervision of the Federal Reserve, it is further limited if the total of all dividends declared in any calendar year by the Bank exceeds the Bank’s net profits to date for that year combined with its retained net profits for the preceding two years. During 2013, the Company requested approximately $41.2 million in regular dividends from its banking subsidiary. This dividend is equal to approximately 75% of the current year earnings December 2012 through August 2013 from its banking subsidiary. | |||||||||||||||||||||||||
During October 2013, the Company requested a regulatory approved $50.0 million special dividend from the Bank in order to facilitate the acquisition of Liberty Bancshares, Inc. Since the Company exceeded the regulatory dividend limit for 2013 after the special dividend, the Company did not request additional dividends from its banking subsidiary during the remainder of 2013. The Company anticipates resuming dividends of approximately 75% of the net income from its banking subsidiary during 2014. | |||||||||||||||||||||||||
The Company’s banking subsidiary is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s regulators could require adjustments to regulatory capital not reflected in the consolidated financial statements. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). Management believes that, as of December 31, 2013, the Company meets all capital adequacy requirements to which it is subject. | |||||||||||||||||||||||||
As of the most recent notification from regulatory agencies, the subsidiary was well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company and its subsidiary must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the institutions’ categories. | |||||||||||||||||||||||||
The Company’s actual capital amounts and ratios along with the Company’s bank subsidiary are presented in the following table. | |||||||||||||||||||||||||
Actual | Minimum Capital | Minimum To Be Well | |||||||||||||||||||||||
Requirement | Capitalized Under | ||||||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||||||
Action Provision | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Leverage ratios: | |||||||||||||||||||||||||
Home BancShares | $ | 549,493 | 9.38 | % | $ | 234,325 | 4 | % | $ | N/A | N/A | % | |||||||||||||
Centennial Bank | 514,943 | 7.96 | 258,765 | 4 | 323,457 | 5 | |||||||||||||||||||
Tier 1 capital ratios: | |||||||||||||||||||||||||
Home BancShares | $ | 549,493 | 10.88 | % | $ | 202,019 | 4 | % | $ | N/A | N/A | % | |||||||||||||
Centennial Bank | 514,943 | 10.17 | 202,534 | 4 | 303,801 | 6 | |||||||||||||||||||
Total risk-based capital ratios: | |||||||||||||||||||||||||
Home BancShares | $ | 593,308 | 11.75 | % | $ | 403,954 | 8 | % | $ | N/A | N/A | % | |||||||||||||
Centennial Bank | 558,758 | 11.03 | 405,264 | 8 | 506,580 | 10 | |||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Leverage ratios: | |||||||||||||||||||||||||
Home BancShares | $ | 431,158 | 10.95 | % | $ | 157,501 | 4 | % | $ | N/A | N/A | % | |||||||||||||
Centennial Bank | 387,752 | 9.84 | 157,623 | 4 | 197,028 | 5 | |||||||||||||||||||
Tier 1 capital ratios: | |||||||||||||||||||||||||
Home BancShares | $ | 431,158 | 13.94 | % | $ | 123,718 | 4 | % | $ | N/A | N/A | % | |||||||||||||
Centennial Bank | 387,752 | 12.57 | 123,390 | 4 | 185,084 | 6 | |||||||||||||||||||
Total risk-based capital ratios: | |||||||||||||||||||||||||
Home BancShares | $ | 469,965 | 15.2 | % | $ | 247,350 | 8 | % | $ | N/A | N/A | % | |||||||||||||
Centennial Bank | 426,454 | 13.83 | 246,683 | 8 | 308,354 | 10 |
Additional_Cash_Flow_Informati
Additional Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Additional Cash Flow Information | ' | ||||||||||||
24. Additional Cash Flow Information | |||||||||||||
The following is summary of the Company’s additional cash flow information during the years ended: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Interest paid | $ | 14,960 | $ | 22,823 | $ | 31,430 | |||||||
Income taxes paid | 26,045 | 35,570 | 37,150 | ||||||||||
Assets acquired by foreclosure | 31,133 | 31,117 | 42,714 |
Condensed_Financial_Informatio
Condensed Financial Information (Parent Company Only) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Financial Information (Parent Company Only) | ' | ||||||||||||
25. Condensed Financial Information (Parent Company Only) | |||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 6,000 | $ | 35,779 | |||||||||
Investments in wholly-owned subsidiaries | 892,102 | 503,126 | |||||||||||
Investments in unconsolidated subsidiaries | 1,826 | 867 | |||||||||||
Other assets | 4,196 | 6,923 | |||||||||||
Total assets | $ | 904,124 | $ | 546,695 | |||||||||
Liabilities | |||||||||||||
Subordinated debentures | $ | 60,826 | $ | 28,867 | |||||||||
Other liabilities | 2,343 | 2,355 | |||||||||||
Total liabilities | 63,169 | 31,222 | |||||||||||
Stockholders’ Equity | |||||||||||||
Common stock | 651 | 281 | |||||||||||
Capital surplus | 708,058 | 416,354 | |||||||||||
Retained earnings | 136,386 | 86,837 | |||||||||||
Accumulated other comprehensive income (loss) | (4,140 | ) | 12,001 | ||||||||||
Total stockholders’ equity | 840,955 | 515,473 | |||||||||||
Total liabilities and stockholders’ equity | $ | 904,124 | $ | 546,695 | |||||||||
Condensed Statements of Income | |||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Income | |||||||||||||
Dividends from banking subsidiary | $ | 91,178 | $ | 48,366 | $ | 39,760 | |||||||
Other income | 18 | 55 | 65 | ||||||||||
Total income | 91,196 | 48,421 | 39,825 | ||||||||||
Expenses | 5,055 | 4,909 | 5,089 | ||||||||||
Income before income taxes and equity in undistributed net income of subsidiaries | 86,141 | 43,512 | 34,736 | ||||||||||
Tax benefit for income taxes | 2,024 | 1,910 | 1,912 | ||||||||||
Income before equity in undistributed net income of subsidiaries | 88,165 | 45,422 | 36,648 | ||||||||||
Equity in undistributed net income of subsidiaries | (21,645 | ) | 17,600 | 18,093 | |||||||||
Net income | $ | 66,520 | $ | 63,022 | $ | 54,741 | |||||||
Condensed Statements of Cash Flows | |||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities | |||||||||||||
Net income | $ | 66,520 | $ | 63,022 | $ | 54,741 | |||||||
Items not requiring (providing) cash | |||||||||||||
Amortization | — | — | — | ||||||||||
Loss on investment securities | — | — | — | ||||||||||
Share-based compensation | 1,298 | 917 | 36 | ||||||||||
Tax benefit from stock options exercised | (836 | ) | (1,377 | ) | (562 | ) | |||||||
Equity in undistributed income of subsidiaries | 21,645 | (17,600 | ) | (18,093 | ) | ||||||||
Changes in other assets | 1,674 | (1,049 | ) | 2,102 | |||||||||
Changes in other liabilities | (1,819 | ) | 1,181 | 410 | |||||||||
Net cash provided by (used in) operating activities | 88,482 | 45,094 | 38,634 | ||||||||||
Cash flows from investing activities | |||||||||||||
Purchase of Premier Bank | — | (1,415 | ) | — | |||||||||
Purchase of Liberty Bank | (76,980 | ) | — | — | |||||||||
Net cash provided by (used in) investing activities | (76,980 | ) | (1,415 | ) | — | ||||||||
Cash flows from financing activities | |||||||||||||
Repurchase of preferred stock and common stock warrant | — | — | (51,300 | ) | |||||||||
Proceeds from exercise of stock options | 431 | 1,958 | 1,061 | ||||||||||
Common stock issuance costs – market acquisitions | (577 | ) | — | — | |||||||||
Retirement of subordinated debentures | (25,000 | ) | (15,000 | ) | — | ||||||||
Tax benefit from stock options exercised | 836 | 1,377 | 562 | ||||||||||
Repurchase of common stock | — | (13,549 | ) | (6,768 | ) | ||||||||
Dividends paid | (16,971 | ) | (16,315 | ) | (8,894 | ) | |||||||
Net cash provided by (used in) financing activities | (41,281 | ) | (41,529 | ) | (65,339 | ) | |||||||
Increase (decrease) in cash and cash equivalents | (29,779 | ) | 2,150 | (26,705 | ) | ||||||||
Cash and cash equivalents, beginning of year | 35,779 | 33,629 | 60,334 | ||||||||||
Cash and cash equivalents, end of year | $ | 6,000 | $ | 35,779 | $ | 33,629 | |||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
26. Recent Accounting Pronouncements | |
In October 2012, the FASB issued an update, ASU 2012-06, “Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution”, to address the diversity in treatment with respect to indemnification assets recognized in connection with a government-assisted acquisition of a financial institution and the related asset subject to indemnification. When a reporting entity recognizes an indemnification asset as a result of a government-assisted acquisition of a financial institution, a change in the cash flows expected to be collected on the indemnified asset will result in a change in the value of such asset and should also result in a change in the respective indemnification asset. The update clarifies that the reporting entity should subsequently account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. Any amortization of changes in value should be limited to the contractual term of the indemnification agreement, which is the lesser of the term of the indemnification agreement or the remaining life of the indemnified assets. The new authoritative guidance became effective for reporting periods after January 1, 2013. ASU 2012-06 did not impact or change the impairment tests or results for the year ended 2013; the Company was already following the guidance provided for in this new standard. | |
In February 2013, the FASB issued an update, ASU 2013-02, “Comprehensive Income (Topic 220): Reporting Items Reclassified Out of Accumulated Other Comprehensive Income”, which requires disclosure of amounts reclassified out of accumulated other comprehensive income in their entirety, by component, on the face of the statement of comprehensive income or in the notes to the financial statements. Amounts that are not required to be classified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. ASU 2013-02 is effective prospectively for fiscal years and interim periods beginning after January 1, 2013, and did not have an impact on the Company’s financial position or results of operations. | |
Presently, the Company is not aware of any changes from the Financial Accounting Standards Board that will have a material impact on the Company’s present or future financial statements. |
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Operating Segments | ' | ||||||||||||
Operating Segments | |||||||||||||
Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Bank is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the branches of the Bank provide a group of similar community banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts. The individual bank branches have similar operating and economic characteristics. While the chief decision maker monitors the revenue streams of the various products, services and branch locations, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the community banking services and branch locations are considered by management to be aggregated into one reportable operating segment, community banking. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the valuation of investment securities, the valuation of foreclosed assets, the valuations of assets acquired and liabilities assumed in business combinations, covered loans and the related indemnification asset. In connection with the determination of the allowance for loan losses and the valuation of foreclosed assets, management obtains independent appraisals for significant properties. | |||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of HBI and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
Reclassifications | ' | ||||||||||||
Reclassifications | |||||||||||||
Various items within the accompanying consolidated financial statements for previous years have been reclassified to provide more comparative information. These reclassifications had no effect on net earnings or stockholders’ equity. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents consist of cash on hand, demand deposits with banks and interest-bearing deposits with other banks. | |||||||||||||
Investment Securities | ' | ||||||||||||
Investment Securities | |||||||||||||
Interest on investment securities is recorded as income as earned. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains or losses on the sale of securities are determined using the specific identification method. | |||||||||||||
Management determines the classification of securities as available-for-sale, held-to-maturity, or trading at the time of purchase based on the intent and objective of the investment and the ability to hold to maturity. Fair values of securities are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable securities. The Company has no trading securities. | |||||||||||||
Securities available-for-sale are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income, net of taxes. Securities that are held as available-for-sale are used as a part of HBI’s asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. | |||||||||||||
Securities held-to-maturity include any security for which the Company has the positive intent and ability to hold until maturity, are reported at historical cost and are adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized and accreted, respectively, to interest income using the constant yield method over the period to maturity. | |||||||||||||
Loans Receivable Not Covered by Loss Share and Allowance for Loan Losses | ' | ||||||||||||
Loans Receivable Not Covered by Loss Share and Allowance for Loan Losses | |||||||||||||
Loans receivable not covered by loss share that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs, deferred fees or costs on originated loans. Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees and direct origination costs are capitalized and recognized as adjustments to yield on the related loans. | |||||||||||||
The allowance for loan losses is established through a provision for loan losses charged against income. The allowance represents an amount that, in management’s judgment, will be adequate to absorb probable credit losses on existing loans that may become uncollectible and probable credit losses inherent in the remainder of the loan portfolio. The amounts of provisions to the allowance for loan losses are based on management’s analysis and evaluation of the loan portfolio for identification of problem credits, internal and external factors that may affect collectability, relevant credit exposure, particular risks inherent in different kinds of lending, current collateral values and other relevant factors. | |||||||||||||
The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and classified loans less than $1.0 million and is based on historical charge-off experience and expected loss given default derived from the Bank’s internal risk rating process. Other adjustments may be made to the allowance for pools of loans accounted for under FASB ASC 310-30, Loans Acquired with Deteriorated Credit Quality, after an assessment of internal or external influences on credit quality that are not fully reflected in the historical loss or risk rating data. | |||||||||||||
Loans considered impaired, under FASB ASC 310-10-35, are loans for which, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The aggregate amount of impairment of loans is utilized in evaluating the adequacy of the allowance for loan losses and amount of provisions thereto. Losses on impaired loans are charged against the allowance for loan losses when in the process of collection it appears likely that such losses will be realized. The accrual of interest on impaired loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due. When accrual of interest is discontinued, all unpaid accrued interest is reversed. | |||||||||||||
Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. | |||||||||||||
Loans are placed on non-accrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans are charged against the allowance for loan losses when management believes that the collectability of the principal is unlikely. Accrued interest related to non-accrual loans is generally charged against the allowance for loan losses when accrued in prior years and reversed from interest income if accrued in the current year. Interest income on non-accrual loans may be recognized to the extent cash payments are received, but payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status after being current for a period of at least six months. An exception to this six-month period can be made if it can be proven that the borrower has historically demonstrated repayment performance consistent with the terms of the loan and the Company expects to collect all principal and interest. | |||||||||||||
Acquisition Accounting, Covered Loans and Related Indemnification Asset | ' | ||||||||||||
Acquisition Accounting, Covered Loans and Related Indemnification Asset | |||||||||||||
The Company accounts for its acquisitions under ASC Topic 805, Business Combinations, which requires the use of the purchase method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. No allowance for loan losses related to the acquired loans is recorded on the acquisition date as the fair value of the loans acquired incorporates assumptions regarding credit risk. Loans acquired are recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820, exclusive of the shared-loss agreements with the Federal Deposit Insurance Corporation (FDIC). The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. | |||||||||||||
Over the life of the acquired loans, the Company continues to estimate cash flows expected to be collected on individual loans or on pools of loans sharing common risk characteristics and are treated in the aggregate when applying various valuation techniques. The Company evaluates at each balance sheet date whether the present value of its loans determined using the effective interest rates has significantly decreased and if so, recognizes a provision for loan loss in its consolidated statement of income. For any significant increases in cash flows expected to be collected, the Company adjusts the amount of accretable yield recognized on a prospective basis over the loan’s or pool’s weighted average life. | |||||||||||||
Because the FDIC will reimburse the Company for certain acquired loans should the Company experience a loss, an indemnification asset is recorded at fair value at the acquisition date. The indemnification asset is recognized at the same time as the indemnified loans, and measured on the same basis, subject to collectability or contractual limitations. The shared-loss agreements on the acquisition date reflect the reimbursements expected to be received from the FDIC, using an appropriate discount rate, which reflects counterparty credit risk and other uncertainties. | |||||||||||||
The shared-loss agreements continue to be measured on the same basis as the related indemnified loans subject to contractual limitations of the loss share agreements. Because the acquired loans are subject to the accounting prescribed by ASC Topic 310, subsequent changes to the basis of the shared-loss agreements also follow that model. Deterioration in the credit quality of the loans (immediately recorded as an adjustment to the allowance for loan losses) would immediately increase the basis of the shared-loss agreements, with the offset recorded through the consolidated statement of income. Increases in the credit quality or cash flows of loans (reflected as an adjustment to yield and accreted into income over the weighted average life of the loans or pools) decrease the basis of the shared-loss agreements, with such decrease being amortized against non-interest income over 1) the same period or 2) the life of the shared-loss agreements, whichever is shorter. Loss assumptions used in the basis of the indemnified loans are consistent with the loss assumptions used to measure the indemnification asset. Fair value accounting incorporates into the fair value of the indemnification asset an element of the time value of money, which is accreted back into income over the life of the shared-loss agreements. | |||||||||||||
Upon the determination of an incurred loss, the indemnification asset will be reduced by the amount owed by the FDIC. A corresponding claim receivable is recorded in other assets until cash is received from the FDIC. | |||||||||||||
For further discussion of the Company’s acquisitions and loan accounting, see Note 2 and Note 5 to the consolidated financial statements. | |||||||||||||
Foreclosed Assets Held for Sale | ' | ||||||||||||
Foreclosed Assets Held for Sale | |||||||||||||
Real estate and personal properties acquired through or in lieu of loan foreclosure are to be sold and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. | |||||||||||||
Valuations are periodically performed by management, and the real estate and personal properties are carried at fair value less cost to sell. Gains and losses from the sale of other real estate and personal properties are recorded in non-interest income, and expenses used to maintain the properties are included in non-interest expenses. | |||||||||||||
Because the FDIC will reimburse the Company for covered foreclosed assets should the Company experience a loss, an indemnification asset is recorded at fair value at the acquisition date and as covered loans move into foreclosure status. The indemnification asset is measured on the same basis as the foreclosed assets, subject to collectability. The shared-loss agreements reflect the reimbursements expected to be received from the FDIC, using an appropriate discount rate, which reflects counterparty credit risk and other uncertainties. | |||||||||||||
Upon the determination of an incurred loss, the indemnification asset is reduced by the amount owed by the FDIC. A corresponding claim receivable is recorded in other assets until cash is received from the FDIC. | |||||||||||||
Bank Premises and Equipment | ' | ||||||||||||
Bank Premises and Equipment | |||||||||||||
Bank premises and equipment are carried at cost or fair market value at the date of acquisition less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are used for tax purposes. Leasehold improvements are capitalized and amortized by the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements whichever is shorter. The assets’ estimated useful lives for book purposes are as follows: | |||||||||||||
Bank premises | 15-40 years | ||||||||||||
Furniture, fixtures, and equipment | 3-15 years | ||||||||||||
Intangible Assets | ' | ||||||||||||
Intangible Assets | |||||||||||||
Intangible assets consist of goodwill and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The core deposit intangible represents the excess intangible value of acquired deposit customer relationships as determined by valuation specialists. The core deposit intangibles are being amortized over 48 to 114 months on a straight-line basis. Goodwill is not amortized but rather is evaluated for impairment on at least an annual basis. The Company performed its annual impairment test of goodwill and core deposit intangibles during 2013, 2012 and 2011, as required by FASB ASC 350, Intangibles—Goodwill and Other. The 2013 tests indicated no impairment of the Company’s goodwill and a $173,000 impairment of core deposit intangibles in connection with the acquisition of Heritage Bank. This amount was expensed during the fourth quarter of 2013. The 2012 and 2011 tests indicated no impairment of the Company’s goodwill or core deposit intangibles. | |||||||||||||
Securities Sold Under Agreements to Repurchase | ' | ||||||||||||
Securities Sold Under Agreements to Repurchase | |||||||||||||
Securities sold under agreements to repurchase consist of obligations of the Company to other parties. At the point funds deposited by customers become investable, those funds are used to purchase securities owned by the Company and held in its general account with the designation of Customers’ Securities. A third party maintains control over the securities underlying overnight repurchase agreements. The securities involved in these transactions are generally U.S. Treasury or Federal Agency issues. Securities sold under agreements to repurchase generally mature on the banking day following that on which the investment was initially purchased and are treated as collateralized financing transactions which are recorded at the amounts at which the securities were sold plus accrued interest. Interest rates and maturity dates of the securities involved vary and are not intended to be matched with funds from customers. | |||||||||||||
Derivative Financial Instruments | ' | ||||||||||||
Derivative Financial Instruments | |||||||||||||
The Company may enter into derivative contracts for the purposes of managing exposure to interest rate risk. The Company records all derivatives on the consolidated balance sheet at fair value. Historically the Company’s policy has been not to invest in derivative type investments. | |||||||||||||
The Company has executed two back-to-back interest rate swap agreements associated with one borrower in the loan portfolio. Though the Company is not applying hedge accounting, the swaps are identical offsets of one another, thereby resulting in a net income impact of zero. They are being adjusted to the fair value in accordance with FASB ASC 815, Derivatives and Hedging. The notional amount of the loans was $18.1 million at December 31, 2013 and $18.7 million at December 31, 2012. The impact to the 2013 and 2012 financial statements was $806,000 and $1.6 million, respectively, in other assets with a corresponding amount in other liabilities. | |||||||||||||
Stock Options | ' | ||||||||||||
Stock Options | |||||||||||||
The Company accounts for stock options in accordance with FASB ASC 718, Compensation—Stock Compensation, which establishes standards for the accounting for transactions in which an entity (i) exchanges its equity instruments for goods and services, or (ii) incurs liabilities in exchange for goods and services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of the equity instruments. FASB ASC 718 requires that such transactions be recognized as compensation cost in the income statement based on their fair values on the measurement date, which is generally the date of the grant. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. | |||||||||||||
Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to the management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. | |||||||||||||
The Company and its subsidiaries file consolidated tax returns. Its subsidiaries provide for income taxes on a separate return basis, and remits to the Company amounts determined to be currently payable. | |||||||||||||
Earnings per Share | ' | ||||||||||||
Earnings per Share | |||||||||||||
Basic earnings per share are computed based on the weighted average number of shares outstanding during each year. Diluted earnings per share are computed using the weighted average common shares and all potential dilutive common shares outstanding during the period. All share and per share amounts have been restated to reflect the effect of the 2-for-1 stock split during June 2013. The following table sets forth the computation of basic and diluted earnings per share (EPS) for the years ended December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except per share data) | |||||||||||||
Net income available to all stockholders | $ | 66,520 | $ | 63,022 | $ | 54,741 | |||||||
Less: Preferred stock dividends and accretion of discount on preferred stock | — | — | 1,828 | ||||||||||
Net income available to common stockholders | $ | 66,520 | $ | 63,022 | $ | 52,913 | |||||||
Average common shares outstanding | 57,908 | 56,274 | 56,832 | ||||||||||
Effect of common stock options | 344 | 356 | 392 | ||||||||||
Diluted common shares outstanding | 58,252 | 56,630 | 57,224 | ||||||||||
Basic earnings per common share | $ | 1.15 | $ | 1.12 | $ | 0.93 | |||||||
Diluted earnings per common share | $ | 1.14 | $ | 1.11 | $ | 0.92 | |||||||
Business Combinations | ' | ||||||||||||
The Company has determined that the acquisition of the net assets of Liberty constitute a business combination as defined by the FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of FASB ASC Topic 820, Fair Value Measurements. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. | |||||||||||||
On February 16, 2012, Centennial Bank completed the acquisition of operating assets and liabilities of Vision Bank, a Florida state-chartered bank with its principal office located in Panama City, Florida (“Vision”), pursuant to a Purchase and Assumption Agreement (the “Vision Agreement”), dated November 16, 2011, between the Company, Centennial, Park National Corporation, parent company of Vision (“Park”), and Vision. As a result of the acquisition, the Company had an opportunity to increase its deposit base and reduce transaction costs. The Company also reduced costs through economies of scale. | |||||||||||||
Pursuant to the Vision Agreement, Centennial assumed approximately $522.8 million in customer deposits and acquired approximately $355.8 million in performing loans from Vision for the purchase price of approximately $27.9 million. Centennial did not purchase certain Vision performing loans nor any of its non-performing loans or other real estate owned. As part of the acquisition, Centennial acquired the real estate and other assets related to Vision’s 17 banking offices, including eight locations in Baldwin County, Alabama, and nine locations in the Florida Panhandle counties of Bay, Gulf, Okaloosa, Santa Rosa and Walton. On July 12, 2012, the Company closed two of these branches located in Port St. Joe, Florida. These branch closures were completed to eliminate repetitive branches and maximize profitability. Included in the acquisition were the fixed assets located within the Vision offices, the safe deposit business conducted at the Vision offices, cash on hand, prepaid expenses and Vision’s rights under contracts related to the Vision offices. Centennial also assumed the liabilities and obligations of Vision with respect to the safe deposit business, the assumed contracts, third-party leases for the real estate leased by Vision and equipment and operating leases related to the Vision offices. In addition, pursuant to the Vision Agreement, Park granted Centennial a put option to sell an aggregate of $7.5 million of the purchased loans back to Park at cost for a period of up to six months after the closing date. The Company has exercised its option to sell back 45 loans totaling approximately $7.5 million. On the closing date, Park made a cash payment to Centennial of approximately $119.5 million. | |||||||||||||
Centennial Bank has determined that the acquisition of the net assets of Vision constitute a business combination as defined by the FASB ASC Topic 805, Business Combinations. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of FASB ASC Topic 820, Fair Value Measurements. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. | |||||||||||||
Nonrefundable Fees and Other Costs | ' | ||||||||||||
The Company evaluated loans purchased in conjunction with the acquisition of Vision in accordance with the provisions of FASB ASC Topic 310-20. None of the purchased non-covered loans were considered impaired at the date of acquisition. The fair value discount is being accreted into interest income over the weighted average life of the loans using a constant yield method. | |||||||||||||
Debt and Equity Securities | ' | ||||||||||||
The Company evaluated loans purchased in conjunction with the acquisitions under purchase and assumption agreements with the FDIC for impairment in accordance with the provisions of FASB ASC Topic 310-30. Purchased covered loans are considered impaired if there is evidence of credit deterioration since origination and if it is probable that not all contractually required payments will be collected. | |||||||||||||
The following table reflects the carrying value of all purchased FDIC covered impaired loans as of December 31, 2013 and December 31, 2012 for the Company: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Real estate: | |||||||||||||
Commercial real estate loans | |||||||||||||
Non-farm/non-residential | $ | 117,164 | $ | 164,723 | |||||||||
Construction/land development | 48,388 | 66,713 | |||||||||||
Agricultural | 1,232 | 2,282 | |||||||||||
Residential real estate loans | |||||||||||||
Residential 1-4 family | 98,403 | 125,625 | |||||||||||
Multifamily residential | 10,378 | 9,567 | |||||||||||
Total real estate | 275,565 | 368,910 | |||||||||||
Consumer | 20 | 39 | |||||||||||
Commercial and industrial | 5,852 | 14,668 | |||||||||||
Other | 1,079 | 1,267 | |||||||||||
Loans receivable covered by FDIC loss share | $ | 282,516 | $ | 384,884 | |||||||||
The acquired loans were grouped into pools based on common risk characteristics and were recorded at their estimated fair values, which incorporated estimated credit losses at the acquisition dates. These loan pools are systematically reviewed by the Company to determine material changes in cash flow estimates from those identified at the time of the acquisition. Techniques used in determining risk of loss are similar to the Centennial Bank non-covered loan portfolio, with most focus being placed on those loan pools which include the larger loan relationships and those loan pools which exhibit higher risk characteristics. As of December 31, 2013 and 2012, $35.8 million and $70.9 million, respectively, were accruing loans past due 90 days or more. | |||||||||||||
Fair Value Measurement | ' | ||||||||||||
Fair value is 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. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: | |||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities | ||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities | ||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities | ||||||||||||
Available-for-sale securities are the only material instruments valued on a recurring basis which are held by the Company at fair value. The Company does not have any Level 1 securities. Primarily all of the Company’s securities are considered to be Level 2 securities. These Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. As of December 31, 2013 and 2012, Level 3 securities were immaterial. In addition, there were no material transfers between hierarchy levels during 2013, 2012 and 2011. | |||||||||||||
The Corporation reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities with complicated structures. Pricing for the Company’s investment securities is fairly generic and is easily obtained. | |||||||||||||
Impaired loans that are collateral dependent are the only material financial assets valued on a non-recurring basis which are held by the Company at fair value. Loan impairment is reported when full payment under the loan terms is not expected. Impaired loans are carried at the net realizable value of the collateral if the loan is collateral dependent. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. If these allocations cause the allowance for loan losses to require an increase, such increase is reported as a component of the provision for loan losses. The fair value of loans with specific allocated losses was $91.9 million and $97.8 million as of December 31, 2013 and 2012, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed approximately $632,000 and $495,000 of accrued interest receivable when non-covered impaired loans were put on non-accrual status during the year ended December 31, 2013 and 2012, respectively. | |||||||||||||
Foreclosed assets held for sale are the only material non-financial assets valued on a non-recurring basis which are held by the Company at fair value, less estimated costs to sell. At foreclosure, if the fair value, less estimated costs to sell, of the real estate acquired is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for loan losses. Additionally, valuations are periodically performed by management and any subsequent reduction in value is recognized by a charge to income. The fair value of foreclosed assets held for sale is estimated using Level 3 inputs based on appraisals of underlying collateral. As of December 31, 2013 and 2012, the fair value of non-covered foreclosed assets held for sale not covered by loss share, less estimated costs to sell was $29.9 million and $20.4 million, respectively. | |||||||||||||
The significant unobservable (Level 3) inputs used in the fair value measurement of collateral for collateral-dependent impaired loans and foreclosed assets primarily relate to customized discounting criteria applied to the customer’s reported amount of collateral. The amount of the collateral discount depends upon the condition and marketability of the underlying collateral. As the Company’s primary objective in the event of default would be to monetize the collateral to settle the outstanding balance of the loan, less marketable collateral would receive a larger discount. During the reported periods, collateral discounts ranged from 20% to 50% for commercial and residential real estate collateral. | |||||||||||||
Fair Values of Financial Instruments | |||||||||||||
The following methods and assumptions were used by the Company in estimating fair values of financial instruments as disclosed in these notes: | |||||||||||||
Cash and cash equivalents and federal funds sold — For these short-term instruments, the carrying amount is a reasonable estimate of fair value. | |||||||||||||
Investment securities – held-to-maturity — These securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. | |||||||||||||
Loans receivable not covered by loss share, net of non-covered impaired loans and allowance — For variable-rate loans that reprice frequently and with no significant change in credit risk, fair values are assumed to approximate the carrying amounts. The fair values for fixed-rate loans are estimated using discounted cash flow analysis, based on interest rates currently being offered for loans with similar terms to borrowers of similar credit quality. Loan fair value estimates include judgments regarding future expected loss experience and risk characteristics. | |||||||||||||
Loans receivable covered by FDIC loss share, net of allowance — Fair values for loans are based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, whether or not the loan was amortizing and current discount rates. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses as that has been included in the estimated cash flows. | |||||||||||||
FDIC indemnification asset — Although this asset is a contractual receivable from the FDIC, there is no effective interest rate. The Bank will collect this asset over the next several years. The amount ultimately collected will depend on the timing and amount of collections and charge-offs on the acquired assets covered by the loss sharing agreement. While this asset was recorded at its estimated fair value at acquisition date, it is not practicable to complete a fair value analysis on a quarterly or annual basis. This would involve preparing a fair value analysis of the entire portfolio of loans and foreclosed assets covered by the loss sharing agreement on a quarterly or annual basis in order to estimate the fair value of the FDIC indemnification asset. | |||||||||||||
Accrued interest receivable — The carrying amount of accrued interest receivable approximates its fair value. | |||||||||||||
Deposits and securities sold under agreements to repurchase — The fair values of demand, savings deposits and securities sold under agreements to repurchase are, by definition, equal to the amount payable on demand and therefore approximate their carrying amounts. The fair values for time deposits are estimated using a discounted cash flow calculation that utilizes interest rates currently being offered on time deposits with similar contractual maturities. | |||||||||||||
FHLB borrowed funds — For short-term instruments, the carrying amount is a reasonable estimate of fair value. The fair value of long-term debt is estimated based on the current rates available to the Company for debt with similar terms and remaining maturities. | |||||||||||||
Accrued interest payable — The carrying amount of accrued interest payable approximates its fair value. | |||||||||||||
Subordinated debentures — The fair value of subordinated debentures is estimated using the rates that would be charged for subordinated debentures of similar remaining maturities. | |||||||||||||
Commitments to extend credit, letters of credit and lines of credit — The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The fair value of these commitments is not material. | |||||||||||||
The following table presents the estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. | |||||||||||||
December 31, 2013 | |||||||||||||
Carrying | |||||||||||||
Amount | Fair Value | Level | |||||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Cash and cash equivalents | $ | 165,534 | $ | 165,534 | 1 | ||||||||
Federal funds sold | 4,275 | 4,275 | 1 | ||||||||||
Investment securities – held-to-maturity | 114,621 | 113,901 | 2 | ||||||||||
Loans receivable not covered by loss share, net of non-covered impaired loans and allowance | 4,063,469 | 4,053,098 | 3 | ||||||||||
Loans receivable covered by FDIC loss share, net of allowance | 277,723 | 277,723 | 3 | ||||||||||
FDIC indemnification asset | 89,611 | 89,611 | 3 | ||||||||||
Accrued interest receivable | 22,944 | 22,944 | 1 | ||||||||||
Financial liabilities: | |||||||||||||
Deposits: | |||||||||||||
Demand and non-interest-bearing | $ | 991,161 | $ | 991,161 | 1 | ||||||||
Savings and interest-bearing transaction accounts | 2,792,423 | 2,792,423 | 1 | ||||||||||
Time deposits | 1,609,462 | 1,606,664 | 3 | ||||||||||
Federal funds purchased | — | — | N/A | ||||||||||
Securities sold under agreements to repurchase | 160,984 | 160,984 | 1 | ||||||||||
FHLB borrowed funds | 350,661 | 357,674 | 2 | ||||||||||
Accrued interest payable | 1,252 | 1,252 | 1 | ||||||||||
Subordinated debentures | 60,826 | 60,826 | 3 | ||||||||||
December 31, 2012 | |||||||||||||
Carrying | |||||||||||||
Amount | Fair Value | Level | |||||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Cash and cash equivalents | $ | 231,855 | $ | 231,855 | 1 | ||||||||
Federal funds sold | 17,148 | 17,148 | 1 | ||||||||||
Loans receivable not covered by loss share, net of non-covered impaired loans and allowance | 2,188,253 | 2,202,859 | 3 | ||||||||||
Loans receivable covered by FDIC loss share, net of allowance | 379,422 | 379,422 | 3 | ||||||||||
FDIC indemnification asset | 139,646 | 139,646 | 3 | ||||||||||
Accrued interest receivable | 16,305 | 16,305 | 1 | ||||||||||
Financial liabilities: | |||||||||||||
Deposits: | |||||||||||||
Demand and non-interest-bearing | $ | 666,414 | $ | 666,414 | 1 | ||||||||
Savings and interest-bearing transaction accounts | 1,784,047 | 1,784,047 | 1 | ||||||||||
Time deposits | 1,032,991 | 1,037,235 | 3 | ||||||||||
Federal funds purchased | — | — | N/A | ||||||||||
Securities sold under agreements to repurchase | 66,278 | 66,278 | 1 | ||||||||||
FHLB borrowed funds | 130,388 | 139,654 | 2 | ||||||||||
Accrued interest payable | 1,243 | 1,243 | 1 | ||||||||||
Subordinated debentures | 28,867 | 28,911 | 3 |
Nature_of_Operations_and_Summa2
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Estimated Useful Lives for Book Purposes | ' | ||||||||||||
The assets’ estimated useful lives for book purposes are as follows: | |||||||||||||
Bank premises | 15-40 years | ||||||||||||
Furniture, fixtures, and equipment | 3-15 years | ||||||||||||
Computation of Basic and Diluted Earnings per Common Share (EPS) | ' | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (EPS) for the years ended December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands, except per share data) | |||||||||||||
Net income available to all stockholders | $ | 66,520 | $ | 63,022 | $ | 54,741 | |||||||
Less: Preferred stock dividends and accretion of discount on preferred stock | — | — | 1,828 | ||||||||||
Net income available to common stockholders | $ | 66,520 | $ | 63,022 | $ | 52,913 | |||||||
Average common shares outstanding | 57,908 | 56,274 | 56,832 | ||||||||||
Effect of common stock options | 344 | 356 | 392 | ||||||||||
Diluted common shares outstanding | 58,252 | 56,630 | 57,224 | ||||||||||
Basic earnings per common share | $ | 1.15 | $ | 1.12 | $ | 0.93 | |||||||
Diluted earnings per common share | $ | 1.14 | $ | 1.11 | $ | 0.92 |
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Unaudited Pro Forma Combined Financial Information | ' | ||||||||||||
The following schedule represents the unaudited pro-forma combined financial information as of the years ended December 31, 2013 and 2012, assuming the acquisition was completed as of January 1, 2013 and 2012, respectively: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands, except per share data) | |||||||||||||
Total interest income | $ | 301,799 | $ | 289,532 | |||||||||
Total non-interest income | 63,593 | 70,837 | |||||||||||
Net income available to all shareholders | 84,827 | 81,288 | |||||||||||
Basic earnings per common share | $ | 1.27 | $ | 1.25 | |||||||||
Diluted earnings per common share | 1.27 | 1.24 | |||||||||||
Liberty Bank [Member] | ' | ||||||||||||
Breakdown of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: | |||||||||||||
Liberty Bank | |||||||||||||
Acquired | Fair Value | As Recorded | |||||||||||
from Liberty | Adjustments | by HBI | |||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 26,101 | $ | (30,005 | ) | $ | (3,904 | ) | |||||
Interest-bearing deposits with other banks | 4,270 | (52,500 | ) | (48,230 | ) | ||||||||
Federal funds sold | 4,600 | — | 4,600 | ||||||||||
Investment securities | 731,249 | (9,802 | ) | 721,447 | |||||||||
Loans not covered by loss share | 1,835,644 | (104,042 | ) | 1,731,602 | |||||||||
Allowance for loan losses | (21,964 | ) | 21,964 | — | |||||||||
Total loans receivable | 1,813,680 | (82,078 | ) | 1,731,602 | |||||||||
Bank premises and equipment, net | 82,879 | (5,425 | ) | 77,454 | |||||||||
Foreclosed assets held for sale not covered by loss share | 34,795 | (9,115 | ) | 25,680 | |||||||||
Cash value of life insurance | 3,669 | — | 3,669 | ||||||||||
Accrued interest receivable | 10,455 | — | 10,455 | ||||||||||
Deferred tax asset | 9,268 | 46,886 | 56,154 | ||||||||||
Goodwill | 88,499 | 127,556 | 216,055 | ||||||||||
Core deposit intangible | 1,488 | 12,373 | 13,861 | ||||||||||
Other assets | 11,906 | (1,456 | ) | 10,450 | |||||||||
Total assets acquired | $ | 2,822,859 | $ | (3,566 | ) | $ | 2,819,293 | ||||||
Liabilities | |||||||||||||
Deposits | |||||||||||||
Demand and non-interest-bearing | $ | 233,943 | $ | — | $ | 233,943 | |||||||
Savings and interest-bearing transaction accounts | 1,017,805 | — | 1,017,805 | ||||||||||
Time deposits | 881,666 | (913 | ) | 880,753 | |||||||||
Total deposits | 2,133,414 | (913 | ) | 2,132,501 | |||||||||
Securities sold under agreements to repurchase | 83,376 | — | 83,376 | ||||||||||
FHLB borrowed funds | 226,203 | 4,736 | 230,939 | ||||||||||
Accrued interest payable and other liabilities | 4,231 | 20,427 | 24,658 | ||||||||||
Subordinated debentures | 57,733 | — | 57,733 | ||||||||||
Total liabilities assumed | 2,504,957 | 24,250 | 2,529,207 | ||||||||||
Equity | |||||||||||||
Preferred stock | 52,500 | (52,500 | ) | — | |||||||||
Common stock | 12 | 76 | 88 | ||||||||||
Capital surplus | 167,089 | 122,909 | 289,998 | ||||||||||
Retained earnings | 110,995 | (110,995 | ) | — | |||||||||
Accumulated other comprehensive income | (4,340 | ) | 4,340 | — | |||||||||
Less: Treasury stock | (8,354 | ) | 8,354 | — | |||||||||
Total equity assumed | 317,902 | (27,816 | ) | 290,086 | |||||||||
Total liabilities and equity assumed | $ | 2,822,859 | $ | (3,566 | ) | $ | 2,819,293 | ||||||
Premier Bank [Member] | ' | ||||||||||||
Breakdown of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: | |||||||||||||
Premier Bank | |||||||||||||
Acquired | Fair Value | As Recorded | |||||||||||
from PBHC | Adjustments | by HBI | |||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 5,020 | $ | (1,415 | ) | $ | 3,605 | ||||||
Interest-bearing deposits with other banks | 61,351 | — | 61,351 | ||||||||||
Investment securities | 11,518 | (15 | ) | 11,503 | |||||||||
Federal funds sold | 4,005 | — | 4,005 | ||||||||||
Loans not covered by loss share | 167,663 | (29,528 | ) | 138,135 | |||||||||
Allowance for loan losses | (4,305 | ) | 4,305 | — | |||||||||
Total loans receivable | 163,358 | (25,223 | ) | 138,135 | |||||||||
Bank premises and equipment, net | 6,942 | (1,872 | ) | 5,070 | |||||||||
Foreclosed assets held for sale not covered by loss share | 11,117 | (3,509 | ) | 7,608 | |||||||||
Deferred tax asset | — | 15,047 | 15,047 | ||||||||||
Goodwill | — | 8,591 | 8,591 | ||||||||||
Core deposit intangible | — | 1,946 | 1,946 | ||||||||||
Cash value of life insurance | 5,655 | — | 5,655 | ||||||||||
Other assets | 2,254 | — | 2,254 | ||||||||||
Total assets acquired | $ | 271,220 | $ | (6,450 | ) | $ | 264,770 | ||||||
Liabilities | |||||||||||||
Deposits | |||||||||||||
Demand and non-interest-bearing | $ | 149,782 | $ | — | $ | 149,782 | |||||||
Savings and interest-bearing transaction accounts | 13,085 | — | 13,085 | ||||||||||
Time deposits | 83,432 | — | 83,432 | ||||||||||
Total deposits | 246,299 | — | 246,299 | ||||||||||
Securities sold under agreements to repurchase | 4,380 | — | 4,380 | ||||||||||
FHLB borrowed funds | 13,000 | 279 | 13,279 | ||||||||||
Other liabilities | 812 | — | 812 | ||||||||||
Total liabilities assumed | 264,491 | 279 | 264,770 | ||||||||||
Equity | 6,729 | (6,729 | ) | — | |||||||||
Total equity assumed | 6,729 | (6,729 | ) | — | |||||||||
Total liabilities and equity assumed | $ | 271,220 | $ | (6,450 | ) | $ | 264,770 | ||||||
Heritage Bank of Florida [Member] | ' | ||||||||||||
Breakdown of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: | |||||||||||||
Heritage Bank of Florida | |||||||||||||
Acquired | Fair Value | As Recorded | |||||||||||
from FDIC | Adjustments | by HBI | |||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 6,945 | $ | 82,350 | $ | 89,295 | |||||||
Interest-bearing deposits with other banks | 16,350 | — | 16,350 | ||||||||||
Federal funds sold | 7,016 | — | 7,016 | ||||||||||
Loans receivable not covered by loss share | 135,810 | (43,199 | ) | 92,611 | |||||||||
Total loans receivable | 135,810 | (43,199 | ) | 92,611 | |||||||||
Core deposit intangible | — | 1,066 | 1,066 | ||||||||||
Other assets | 18,471 | — | 18,471 | ||||||||||
Total assets acquired | $ | 184,592 | $ | 40,217 | $ | 224,809 | |||||||
Liabilities | |||||||||||||
Deposits | |||||||||||||
Demand and non-interest-bearing | $ | 93,697 | $ | — | $ | 93,697 | |||||||
Savings and interest-bearing transaction accounts | 6,018 | — | 6,018 | ||||||||||
Time deposits | 119,785 | — | 119,785 | ||||||||||
Total deposits | 219,500 | — | 219,500 | ||||||||||
Other liabilities | 104 | — | 104 | ||||||||||
Total liabilities assumed | $ | 219,604 | $ | — | $ | 219,604 | |||||||
Pre-tax gain on acquisition | $ | 5,205 | |||||||||||
Vision Bank [Member] | ' | ||||||||||||
Breakdown of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: | |||||||||||||
Vision Bank | |||||||||||||
Acquired | Fair Value | As Recorded | |||||||||||
from Park | Adjustments | by HBI | |||||||||||
(Dollars in thousands) | |||||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 20,711 | $ | 119,523 | $ | 140,234 | |||||||
Loans receivable | 355,750 | (15,453 | ) | 340,297 | |||||||||
Total loans receivable | 355,750 | (15,453 | ) | 340,297 | |||||||||
Bank premises and equipment, net | 12,496 | — | 12,496 | ||||||||||
Deferred tax asset | — | 11,247 | 11,247 | ||||||||||
Goodwill | — | 17,427 | 17,427 | ||||||||||
Core deposit intangible | — | 3,190 | 3,190 | ||||||||||
Other assets | 4,612 | — | 4,612 | ||||||||||
Total assets acquired | $ | 393,569 | $ | 135,934 | $ | 529,503 | |||||||
Liabilities | |||||||||||||
Deposits | |||||||||||||
Demand and non-interest-bearing | $ | 78,073 | $ | — | $ | 78,073 | |||||||
Savings and interest-bearing transaction accounts | 273,134 | — | 273,134 | ||||||||||
Time deposits | 171,627 | 1,598 | 173,225 | ||||||||||
Total deposits | 522,834 | 1,598 | 524,432 | ||||||||||
Other liabilities | 5,071 | — | 5,071 | ||||||||||
Total liabilities assumed | $ | 527,905 | $ | 1,598 | $ | 529,503 | |||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Classified as Held-to-Maturity | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities that are classified as available-for-sale and held-to-maturity are as follows: | |||||||||||||||||||||||||
Held-to-Maturity | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
State and political subdivisions | $ | 114,621 | $ | 361 | $ | (1,081 | ) | $ | 113,901 | ||||||||||||||||
Total | $ | 114,621 | $ | 361 | $ | (1,081 | ) | $ | 113,901 | ||||||||||||||||
Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities that are classified as available-for-sale and held-to-maturity are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 467,535 | $ | 1,330 | $ | (5,324 | ) | $ | 463,541 | ||||||||||||||||
Mortgage-backed securities | 462,510 | 3,343 | (4,265 | ) | 461,588 | ||||||||||||||||||||
State and political subdivisions | 196,472 | 3,085 | (4,045 | ) | 195,512 | ||||||||||||||||||||
Other securities | 55,780 | 216 | (1,153 | ) | 54,843 | ||||||||||||||||||||
Total | $ | 1,182,297 | $ | 7,974 | $ | (14,787 | ) | $ | 1,175,484 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Available-for-Sale | |||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Gains | (Losses) | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. government-sponsored enterprises | $ | 187,811 | $ | 3,011 | $ | (76 | ) | $ | 190,746 | ||||||||||||||||
Mortgage-backed securities | 316,770 | 8,751 | (180 | ) | 325,341 | ||||||||||||||||||||
State and political subdivisions | 182,515 | 8,219 | (96 | ) | 190,638 | ||||||||||||||||||||
Other securities | 19,379 | 138 | (19 | ) | 19,498 | ||||||||||||||||||||
Total | $ | 706,475 | $ | 20,119 | $ | (371 | ) | $ | 726,223 | ||||||||||||||||
Amortized Cost and Estimated Fair Value of Securities Contractual Maturity | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2013, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||
Available-for-Sale | Held-to-Maturity | ||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 417,206 | $ | 413,113 | $ | 29,344 | $ | 29,178 | |||||||||||||||||
Due after one year through five years | 474,530 | 473,381 | 63,468 | 62,876 | |||||||||||||||||||||
Due after five years through ten years | 261,362 | 259,358 | 21,068 | 21,100 | |||||||||||||||||||||
Due after ten years | 29,199 | 29,632 | 741 | 747 | |||||||||||||||||||||
Total | $ | 1,182,297 | $ | 1,175,484 | $ | 114,621 | $ | 113,901 | |||||||||||||||||
Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale and Held to Maturity | ' | ||||||||||||||||||||||||
The following shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2013 and 2012: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. Government-sponsored enterprises | $ | 312,674 | $ | (5,205 | ) | $ | 6,529 | $ | (119 | ) | $ | 319,203 | $ | (5,324 | ) | ||||||||||
Mortgage-backed securities | 267,105 | (3,968 | ) | 11,749 | (297 | ) | 278,854 | (4,265 | ) | ||||||||||||||||
State and political subdivisions | 130,718 | (4,831 | ) | 4,042 | (295 | ) | 134,760 | (5,126 | ) | ||||||||||||||||
Other securities | 36,125 | (1,153 | ) | — | — | 36,125 | (1,153 | ) | |||||||||||||||||
Total | $ | 746,622 | $ | (15,157 | ) | $ | 22,320 | $ | (711 | ) | $ | 768,942 | $ | (15,868 | ) | ||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
U.S. Government-sponsored enterprises | $ | 26,002 | $ | (22 | ) | $ | 10,477 | $ | (54 | ) | $ | 36,479 | $ | (76 | ) | ||||||||||
Mortgage-backed securities | 36,675 | (180 | ) | — | — | 36,675 | (180 | ) | |||||||||||||||||
State and political subdivisions | 15,797 | (96 | ) | — | — | 15,797 | (96 | ) | |||||||||||||||||
Other securities | 1,973 | (19 | ) | — | — | 1,973 | (19 | ) | |||||||||||||||||
Total | $ | 80,447 | $ | (317 | ) | $ | 10,477 | $ | (54 | ) | $ | 90,924 | $ | (371 | ) | ||||||||||
Schedule of Income Earned on Securities | ' | ||||||||||||||||||||||||
Income earned on securities for the years ended is as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Taxable: | |||||||||||||||||||||||||
Available-for-sale | $ | 12,277 | $ | 11,226 | $ | 9,244 | |||||||||||||||||||
Held-to-maturity | 21 | — | — | ||||||||||||||||||||||
Tax-exempt: | |||||||||||||||||||||||||
Available-for-sale | 5,358 | 6,154 | 6,179 | ||||||||||||||||||||||
Held-to-maturity | 651 | — | — | ||||||||||||||||||||||
Total | $ | 18,307 | $ | 17,380 | $ | 15,423 | |||||||||||||||||||
Loans_Receivable_Not_Covered_b1
Loans Receivable Not Covered by Loss Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Summary of Various Categories of Loans not Covered by Loss Share | ' | ||||||||
The various categories of loans not covered by loss share are summarized as follows: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Real estate: | |||||||||
Commercial real estate loans | |||||||||
Non-farm/non-residential | $ | 1,739,668 | $ | 1,019,039 | |||||
Construction/land development | 562,667 | 254,800 | |||||||
Agricultural | 81,618 | 32,513 | |||||||
Residential real estate loans | |||||||||
Residential 1-4 family | 913,332 | 549,269 | |||||||
Multifamily residential | 213,232 | 129,742 | |||||||
Total real estate | 3,510,517 | 1,985,363 | |||||||
Consumer | 69,570 | 37,462 | |||||||
Commercial and industrial | 511,421 | 256,908 | |||||||
Agricultural | 37,129 | 19,825 | |||||||
Other | 65,800 | 31,641 | |||||||
Loans receivable not covered by loss share | $ | 4,194,437 | $ | 2,331,199 | |||||
Loans_Receivable_Covered_by_FD1
Loans Receivable Covered by FDIC Loss Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Carrying Value of All Purchased Covered Impaired Loans | ' | ||||||||
The following table reflects the carrying value of all purchased FDIC covered impaired loans as of December 31, 2013 and December 31, 2012 for the Company: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Real estate: | |||||||||
Commercial real estate loans | |||||||||
Non-farm/non-residential | $ | 117,164 | $ | 164,723 | |||||
Construction/land development | 48,388 | 66,713 | |||||||
Agricultural | 1,232 | 2,282 | |||||||
Residential real estate loans | |||||||||
Residential 1-4 family | 98,403 | 125,625 | |||||||
Multifamily residential | 10,378 | 9,567 | |||||||
Total real estate | 275,565 | 368,910 | |||||||
Consumer | 20 | 39 | |||||||
Commercial and industrial | 5,852 | 14,668 | |||||||
Other | 1,079 | 1,267 | |||||||
Loans receivable covered by FDIC loss share | $ | 282,516 | $ | 384,884 | |||||
Allowance_for_Loan_Losses_Cred1
Allowance for Loan Losses, Credit Quality and Other (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Summary of Changes in Allowance for Covered and Non-Covered Loan Losses | ' | ||||||||||||||||||||||||||||
The following table presents a summary of changes in the allowance for loan losses for the non-covered and covered loan portfolios for the year ended December 31, 2013: | |||||||||||||||||||||||||||||
For Loans | For Loans | Total | |||||||||||||||||||||||||||
Not Covered | Covered by | ||||||||||||||||||||||||||||
by Loss Share | FDIC | ||||||||||||||||||||||||||||
Loss Share | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 45,170 | $ | 5,462 | $ | 50,632 | |||||||||||||||||||||||
Loans charged off | 14,197 | 5,314 | 19,511 | ||||||||||||||||||||||||||
Recoveries of loans previously charged off | 3,860 | 200 | 4,060 | ||||||||||||||||||||||||||
Net loans recovered (charged off) | (10,337 | ) | (5,114 | ) | (15,451 | ) | |||||||||||||||||||||||
Provision for loan losses for non-covered loans | 4,189 | — | 4,189 | ||||||||||||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | — | 4,445 | 4,445 | ||||||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | — | (3,454 | ) | (3,454 | ) | ||||||||||||||||||||||||
Net provision for loan losses for covered loans | — | 991 | 991 | ||||||||||||||||||||||||||
Increase in FDIC indemnification asset | — | 3,454 | 3,454 | ||||||||||||||||||||||||||
Balance, December 31 | $ | 39,022 | $ | 4,793 | $ | 43,815 | |||||||||||||||||||||||
Balance of Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses for the non-covered loan portfolio for the year ended December 31, 2013, and the allowance for loan losses and recorded investment in loans not covered by loss share based on portfolio segment by impairment method as of December 31, 2013. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. Additionally, the Company’s discounts for credit losses on non-covered loans acquired were $174.6 million, $81.7 million and $2.5 million at December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 5,816 | $ | 19,974 | $ | 13,813 | $ | 3,870 | $ | 1,288 | $ | 409 | $ | 45,170 | |||||||||||||||
Loans charged off | (998 | ) | (4,054 | ) | (6,308 | ) | (537 | ) | (2,300 | ) | — | (14,197 | ) | ||||||||||||||||
Recoveries of loans previously charged off | 34 | 2,071 | 982 | 72 | 701 | — | 3,860 | ||||||||||||||||||||||
Net loans recovered (charged off) | (964 | ) | (1,983 | ) | (5,326 | ) | (465 | ) | (1,599 | ) | — | (10,337 | ) | ||||||||||||||||
Provision for loan losses | 1,430 | (2,891 | ) | 402 | (1,472 | ) | 2,874 | 3,846 | 4,189 | ||||||||||||||||||||
Balance, December 31 | $ | 6,282 | $ | 15,100 | $ | 8,889 | $ | 1,933 | $ | 2,563 | $ | 4,255 | $ | 39,022 | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 3,826 | $ | 8,359 | $ | 2,347 | $ | 5 | $ | — | $ | — | $ | 14,537 | |||||||||||||||
Loans collectively evaluated for impairment | 2,456 | 6,741 | 6,542 | 1,928 | 2,563 | 4,255 | 24,485 | ||||||||||||||||||||||
Balance, December 31 | $ | 6,282 | $ | 15,100 | $ | 8,889 | $ | 1,933 | $ | 2,563 | $ | 4,255 | $ | 39,022 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 32,560 | $ | 76,559 | $ | 20,112 | $ | 5,563 | $ | 223 | $ | — | $ | 135,017 | |||||||||||||||
Loans collectively evaluated for impairment | 500,279 | 1,592,343 | 1,027,093 | 484,036 | 164,224 | — | 3,767,975 | ||||||||||||||||||||||
Loans evaluated for impairment balance, December 31 | 532,839 | 1,668,902 | 1,047,205 | 489,599 | 164,447 | — | 3,902,992 | ||||||||||||||||||||||
Purchased credit impaired loans acquired | 29,828 | 152,384 | 79,359 | 21,822 | 8,052 | — | 291,445 | ||||||||||||||||||||||
Balance, December 31 | $ | 562,667 | $ | 1,821,286 | $ | 1,126,564 | $ | 511,421 | $ | 172,499 | $ | — | $ | 4,194,437 | |||||||||||||||
The following tables present the balance in the allowance for loan losses for the non-covered loan portfolio for the year ended December 31, 2012, and the allowance for loan losses and recorded investment in loans not covered by loss share based on portfolio segment by impairment method as of December 31, 2012. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 7,945 | $ | 20,368 | $ | 12,196 | $ | 6,308 | $ | 3,258 | $ | 2,054 | $ | 52,129 | |||||||||||||||
Loans charged off | (1,086 | ) | (1,384 | ) | (4,423 | ) | (1,342 | ) | (2,558 | ) | — | (10,793 | ) | ||||||||||||||||
Recoveries of loans previously charged off | 9 | 1,204 | 678 | 124 | 569 | — | 2,584 | ||||||||||||||||||||||
Net loans recovered (charged off) | (1,077 | ) | (180 | ) | (3,745 | ) | (1,218 | ) | (1,989 | ) | — | (8,209 | ) | ||||||||||||||||
Provision for loan losses | (1,052 | ) | (214 | ) | 5,362 | (1,220 | ) | 19 | (1,645 | ) | 1,250 | ||||||||||||||||||
Balance, December 31 | $ | 5,816 | $ | 19,974 | $ | 13,813 | $ | 3,870 | $ | 1,288 | $ | 409 | $ | 45,170 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 4,070 | $ | 14,215 | $ | 9,365 | $ | 1,421 | $ | 338 | $ | — | $ | 29,409 | |||||||||||||||
Loans collectively evaluated for impairment | 1,746 | 5,759 | 4,448 | 2,449 | 950 | 409 | 15,761 | ||||||||||||||||||||||
Balance, December 31 | $ | 5,816 | $ | 19,974 | $ | 13,813 | $ | 3,870 | $ | 1,288 | $ | 409 | $ | 45,170 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 28,181 | $ | 93,610 | $ | 33,994 | $ | 3,690 | $ | 746 | $ | — | $ | 160,221 | |||||||||||||||
Loans collectively evaluated for impairment | 210,333 | 862,128 | 559,066 | 227,447 | 83,932 | — | 1,942,906 | ||||||||||||||||||||||
Loans evaluated for impairment balance, December 31 | 238,514 | 955,738 | 593,060 | 231,137 | 84,678 | — | 2,103,127 | ||||||||||||||||||||||
Purchased credit impaired loans acquired | 16,286 | 95,814 | 85,951 | 25,771 | 4,250 | — | 228,072 | ||||||||||||||||||||||
Balance, December 31 | $ | 254,800 | $ | 1,051,552 | $ | 679,011 | $ | 256,908 | $ | 88,928 | $ | — | $ | 2,331,199 | |||||||||||||||
The following tables present the balance in the allowance for loan losses for the year ended December 31, 2011, and the allowance for loan losses and recorded investment in loans based on portfolio segment by impairment method as of December 31, 2011. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 12,002 | $ | 17,247 | $ | 14,297 | $ | 6,357 | $ | 1,022 | $ | 2,423 | $ | 53,348 | |||||||||||||||
Loans charged off | (3,590 | ) | (4,076 | ) | (3,299 | ) | (571 | ) | (3,159 | ) | — | (14,695 | ) | ||||||||||||||||
Recoveries of loans previously charged off | 827 | 278 | 2,477 | 5,817 | 577 | — | 9,976 | ||||||||||||||||||||||
Net loans recovered (charged off) | (2,763 | ) | (3,798 | ) | (822 | ) | 5,246 | (2,582 | ) | — | (4,719 | ) | |||||||||||||||||
Provision for loan losses | (1,294 | ) | 6,919 | (1,279 | ) | (5,295 | ) | 4,818 | (369 | ) | 3,500 | ||||||||||||||||||
Balance, December 31 | $ | 7,945 | $ | 20,368 | $ | 12,196 | $ | 6,308 | $ | 3,258 | $ | 2,054 | $ | 52,129 | |||||||||||||||
As of December 31, 2011 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 4,428 | $ | 15,050 | $ | 8,485 | $ | 3,503 | $ | 2,205 | $ | — | $ | 33,671 | |||||||||||||||
Loans collectively evaluated for impairment | 3,517 | 5,318 | 3,711 | 2,805 | 1,053 | 2,054 | 18,458 | ||||||||||||||||||||||
Balance, December 31 | $ | 7,945 | $ | 20,368 | $ | 12,196 | $ | 6,308 | $ | 3,258 | $ | 2,054 | $ | 52,129 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 25,534 | $ | 105,517 | $ | 29,818 | $ | 9,535 | $ | 2,798 | $ | — | $ | 173,202 | |||||||||||||||
Loans collectively evaluated for impairment | 336,312 | 622,004 | 376,634 | 166,741 | 85,193 | — | 1,586,884 | ||||||||||||||||||||||
Balance, December 31 | $ | 361,846 | $ | 727,521 | $ | 406,452 | $ | 176,276 | $ | 87,991 | $ | — | $ | 1,760,086 | |||||||||||||||
Summary of Aging Analysis for Non-Covered Loan Portfolio | ' | ||||||||||||||||||||||||||||
The following is an aging analysis for the non-covered loan portfolio for the year ended December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Loans | Loans | Loans | Total | Current | Total Loans | Accruing | |||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | Receivable | Loans | |||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Past Due | ||||||||||||||||||||||||||
or More | 90 Days | ||||||||||||||||||||||||||||
or More | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 4,849 | $ | 2,275 | $ | 13,007 | $ | 20,131 | $ | 1,719,537 | $ | 1,739,668 | $ | 7,914 | |||||||||||||||
Construction/land development | 2,206 | 352 | 5,959 | 8,517 | 554,150 | 562,667 | 4,879 | ||||||||||||||||||||||
Agricultural | 1,040 | 1,082 | 89 | 2,211 | 79,407 | 81,618 | — | ||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 7,936 | 2,676 | 13,775 | 24,387 | 888,945 | 913,332 | 6,492 | ||||||||||||||||||||||
Multifamily residential | — | 1,437 | 2 | 1,439 | 211,793 | 213,232 | 1 | ||||||||||||||||||||||
Total real estate | 16,031 | 7,822 | 32,832 | 56,685 | 3,453,832 | 3,510,517 | 19,286 | ||||||||||||||||||||||
Consumer | 717 | 226 | 224 | 1,167 | 68,403 | 69,570 | 100 | ||||||||||||||||||||||
Commercial and industrial | 4,363 | 405 | 5,218 | 9,986 | 501,435 | 511,421 | 3,755 | ||||||||||||||||||||||
Agricultural and other | 778 | 110 | — | 888 | 102,041 | 102,929 | — | ||||||||||||||||||||||
Total | $ | 21,889 | $ | 8,563 | $ | 38,274 | $ | 68,726 | $ | 4,125,711 | $ | 4,194,437 | $ | 23,141 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Loans | Loans | Loans | Total | Current | Total Loans | Accruing | |||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | Loans | Receivable | Loans | |||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days | Past Due | ||||||||||||||||||||||||||
or More | 90 Days | ||||||||||||||||||||||||||||
or More | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 8,670 | $ | 399 | $ | 5,096 | $ | 14,165 | $ | 1,004,874 | $ | 1,019,039 | $ | 1,437 | |||||||||||||||
Construction/land development | 374 | 732 | 3,976 | 5,082 | 249,718 | 254,800 | 1,296 | ||||||||||||||||||||||
Agricultural | — | — | 140 | 140 | 32,373 | 32,513 | — | ||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 3,724 | 1,978 | 12,561 | 18,263 | 531,006 | 549,269 | 2,589 | ||||||||||||||||||||||
Multifamily residential | 157 | 4,439 | 3,215 | 7,811 | 121,931 | 129,742 | — | ||||||||||||||||||||||
Total real estate | 12,925 | 7,548 | 24,988 | 45,461 | 1,939,902 | 1,985,363 | 5,322 | ||||||||||||||||||||||
Consumer | 780 | 187 | 688 | 1,655 | 35,807 | 37,462 | 95 | ||||||||||||||||||||||
Commercial and industrial | 1,310 | 254 | 1,597 | 3,161 | 253,747 | 256,908 | 520 | ||||||||||||||||||||||
Agricultural and other | 262 | 116 | — | 378 | 51,088 | 51,466 | — | ||||||||||||||||||||||
Total | $ | 15,277 | $ | 8,105 | $ | 27,273 | $ | 50,655 | $ | 2,280,544 | $ | 2,331,199 | $ | 5,937 | |||||||||||||||
Summary of Non-Covered Impaired Loans | ' | ||||||||||||||||||||||||||||
The following is a summary of the non-covered impaired loans as of December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
Unpaid | Total | Allocation | Average | Interest | |||||||||||||||||||||||||
Contractual | Recorded | of Allowance | Recorded | Recognized | |||||||||||||||||||||||||
Principal | Investment | for Loan | Investment | ||||||||||||||||||||||||||
Balance | Losses | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 1,449 | $ | — | $ | — | $ | 3,958 | $ | 177 | |||||||||||||||||||
Construction/land development | — | — | — | 106 | 8 | ||||||||||||||||||||||||
Agricultural | — | — | — | — | — | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 6 | 6 | — | 1,016 | 34 | ||||||||||||||||||||||||
Multifamily residential | — | — | — | 534 | 1 | ||||||||||||||||||||||||
Total real estate | 1,455 | 6 | — | 5,614 | 220 | ||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||
Commercial and industrial | — | — | — | 132 | 6 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | — | — | ||||||||||||||||||||||||
Total loans without a specific valuation allowance | 1,455 | 6 | — | 5,746 | 226 | ||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 56,465 | 54,707 | 8,359 | 55,361 | 2,205 | ||||||||||||||||||||||||
Construction/land development | 29,461 | 27,231 | 3,826 | 23,121 | 878 | ||||||||||||||||||||||||
Agricultural | 89 | 89 | — | 83 | — | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 19,188 | 16,599 | 1,265 | 13,248 | 373 | ||||||||||||||||||||||||
Multifamily residential | 2,065 | 2,065 | 1,082 | 3,683 | 100 | ||||||||||||||||||||||||
Total real estate | 107,268 | 100,691 | 14,532 | 95,496 | 3,556 | ||||||||||||||||||||||||
Consumer | 254 | 223 | — | 385 | 5 | ||||||||||||||||||||||||
Commercial and industrial | 7,059 | 5,563 | 5 | 2,503 | 67 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | — | — | ||||||||||||||||||||||||
Total loans with a specific valuation allowance | 114,581 | 106,477 | 14,537 | 98,384 | 3,628 | ||||||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 57,914 | 54,707 | 8,359 | 59,319 | 2,382 | ||||||||||||||||||||||||
Construction/land development | 29,461 | 27,231 | 3,826 | 23,227 | 886 | ||||||||||||||||||||||||
Agricultural | 89 | 89 | — | 83 | — | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 19,194 | 16,605 | 1,265 | 14,264 | 407 | ||||||||||||||||||||||||
Multifamily residential | 2,065 | 2,065 | 1,082 | 4,217 | 101 | ||||||||||||||||||||||||
Total real estate | 108,723 | 100,697 | 14,532 | 101,110 | 3,776 | ||||||||||||||||||||||||
Consumer | 254 | 223 | — | 385 | 5 | ||||||||||||||||||||||||
Commercial and industrial | 7,059 | 5,563 | 5 | 2,635 | 73 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | — | — | ||||||||||||||||||||||||
Total impaired loans | $ | 116,036 | $ | 106,483 | $ | 14,537 | $ | 104,130 | $ | 3,854 | |||||||||||||||||||
Note: Purchased non-covered loans acquired with deteriorated credit quality are accounted for on a pooled basis under ASC 310-30. All of these pools are currently considered to be performing resulting in none of the purchased non-covered loans acquired with deteriorated credit quality being classified as non-covered impaired loans as of December 31, 2013. | |||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
Unpaid | Total | Allocation | Average | Interest | |||||||||||||||||||||||||
Contractual | Recorded | of Allowance | Recorded | Recognized | |||||||||||||||||||||||||
Principal | Investment | for Loan | Investment | ||||||||||||||||||||||||||
Balance | Losses | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 7,574 | $ | 7,571 | $ | — | $ | 2,478 | $ | 73 | |||||||||||||||||||
Construction/land development | — | — | — | 1,314 | — | ||||||||||||||||||||||||
Agricultural | — | — | — | — | — | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 353 | 353 | — | 712 | 4 | ||||||||||||||||||||||||
Multifamily residential | — | — | — | — | — | ||||||||||||||||||||||||
Total real estate | 7,927 | 7,924 | — | 4,504 | 77 | ||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||
Commercial and industrial | 292 | 292 | — | 134 | 2 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | — | — | ||||||||||||||||||||||||
Total loans without a specific valuation allowance | 8,219 | 8,216 | — | 4,638 | 79 | ||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 67,378 | 66,060 | 14,215 | 71,882 | 3,755 | ||||||||||||||||||||||||
Construction/land development | 20,592 | 20,366 | 4,070 | 19,489 | 956 | ||||||||||||||||||||||||
Agricultural | — | — | — | 7 | 1 | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 19,364 | 19,138 | 6,852 | 20,518 | 806 | ||||||||||||||||||||||||
Multifamily residential | 10,515 | 10,515 | 2,513 | 7,716 | 353 | ||||||||||||||||||||||||
Total real estate | 117,849 | 116,079 | 27,650 | 119,612 | 5,871 | ||||||||||||||||||||||||
Consumer | 752 | 746 | 338 | 1,078 | 51 | ||||||||||||||||||||||||
Commercial and industrial | 2,219 | 2,144 | 1,421 | 7,232 | 411 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | 962 | 21 | ||||||||||||||||||||||||
Total loans with a specific valuation allowance | 120,820 | 118,969 | 29,409 | 128,884 | 6,354 | ||||||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 74,952 | 73,631 | 14,215 | 74,360 | 3,828 | ||||||||||||||||||||||||
Construction/land development | 20,592 | 20,366 | 4,070 | 20,803 | 956 | ||||||||||||||||||||||||
Agricultural | — | — | — | 7 | 1 | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 19,717 | 19,491 | 6,852 | 21,230 | 810 | ||||||||||||||||||||||||
Multifamily residential | 10,515 | 10,515 | 2,513 | 7,716 | 353 | ||||||||||||||||||||||||
Total real estate | 125,776 | 124,003 | 27,650 | 124,116 | 5,948 | ||||||||||||||||||||||||
Consumer | 752 | 746 | 338 | 1,078 | 51 | ||||||||||||||||||||||||
Commercial and industrial | 2,511 | 2,436 | 1,421 | 7,366 | 413 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | 962 | 21 | ||||||||||||||||||||||||
Total impaired loans | $ | 129,039 | $ | 127,185 | $ | 29,409 | $ | 133,522 | $ | 6,433 | |||||||||||||||||||
Note: Purchased non-covered loans acquired with deteriorated credit quality are accounted for on a pooled basis under ASC 310-30. All of these pools are currently considered to be performing resulting in none of the purchased non-covered loans acquired with deteriorated credit quality being classified as non-covered impaired loans as of December 31, 2012. | |||||||||||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||
Unpaid | Total | Allocation | Average | Interest | |||||||||||||||||||||||||
Contractual | Recorded | of Allowance | Recorded | Recognized | |||||||||||||||||||||||||
Principal | Investment | for Loan | Investment | ||||||||||||||||||||||||||
Balance | Losses | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 1,338 | $ | 1,338 | $ | — | $ | 2,810 | $ | 77 | |||||||||||||||||||
Construction/land development | 6,236 | 6,236 | — | 1,456 | 80 | ||||||||||||||||||||||||
Agricultural | — | — | — | — | — | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 246 | 246 | — | 428 | 12 | ||||||||||||||||||||||||
Multifamily residential | — | — | — | — | — | ||||||||||||||||||||||||
Total real estate | 7,820 | 7,820 | — | 4,694 | 169 | ||||||||||||||||||||||||
Consumer | — | — | — | — | — | ||||||||||||||||||||||||
Commercial and industrial | 393 | 218 | — | 165 | 5 | ||||||||||||||||||||||||
Agricultural and other | — | — | — | — | — | ||||||||||||||||||||||||
Total loans without a specific valuation allowance | 8,213 | 8,038 | — | 4,859 | 174 | ||||||||||||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 78,978 | 74,290 | 15,050 | 58,222 | 3,020 | ||||||||||||||||||||||||
Construction/land development | 15,364 | 15,190 | 4,428 | 22,010 | 1,043 | ||||||||||||||||||||||||
Agricultural | — | — | — | 479 | 10 | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 25,173 | 22,560 | 6,272 | 21,157 | 788 | ||||||||||||||||||||||||
Multifamily residential | 6,577 | 6,576 | 2,213 | 7,039 | 349 | ||||||||||||||||||||||||
Total real estate | 126,092 | 118,616 | 27,963 | 108,907 | 5,210 | ||||||||||||||||||||||||
Consumer | 1,611 | 1,596 | 1,002 | 1,348 | 46 | ||||||||||||||||||||||||
Commercial and industrial | 10,319 | 8,569 | 3,503 | 11,170 | 730 | ||||||||||||||||||||||||
Agricultural and other | 1,203 | 1,203 | 1,203 | 241 | — | ||||||||||||||||||||||||
Total loans with a specific valuation allowance | 139,225 | 129,984 | 33,671 | 121,666 | 5,986 | ||||||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 80,316 | 75,628 | 15,050 | 61,032 | 3,097 | ||||||||||||||||||||||||
Construction/land development | 21,600 | 21,426 | 4,428 | 23,466 | 1,123 | ||||||||||||||||||||||||
Agricultural | — | — | — | 479 | 10 | ||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 25,419 | 22,806 | 6,272 | 21,585 | 800 | ||||||||||||||||||||||||
Multifamily residential | 6,577 | 6,576 | 2,213 | 7,039 | 349 | ||||||||||||||||||||||||
Total real estate | 133,912 | 126,436 | 27,963 | 113,601 | 5,379 | ||||||||||||||||||||||||
Consumer | 1,611 | 1,596 | 1,002 | 1,348 | 46 | ||||||||||||||||||||||||
Commercial and industrial | 10,537 | 8,787 | 3,503 | 11,335 | 735 | ||||||||||||||||||||||||
Agricultural and other | 1,203 | 1,203 | 1,203 | 241 | — | ||||||||||||||||||||||||
Total impaired loans | $ | 147,263 | $ | 138,022 | $ | 33,671 | $ | 126,525 | $ | 6,160 | |||||||||||||||||||
Note: Purchased non-covered loans acquired with deteriorated credit quality are accounted for on a pooled basis under ASC 310-30. All of these pools are currently considered to be performing resulting in none of the purchased non-covered loans acquired with deteriorated credit quality being classified as non-covered impaired loans as of December 31, 2011. | |||||||||||||||||||||||||||||
Presentation of Classified and Non-Covered Loans by Class and Risk Rating | ' | ||||||||||||||||||||||||||||
The Company’s classified loans include loans in risk ratings 6, 7 and 8. The following is a presentation of classified non-covered loans (excluding loans accounted for under ASC Topic 310-30) by class as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Risk Rated 6 | Risk Rated 7 | Risk Rated 8 | Classified Total | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 55,874 | $ | 1 | $ | — | $ | 55,875 | |||||||||||||||||||||
Construction/land development | 19,140 | — | — | 19,140 | |||||||||||||||||||||||||
Agricultural | 89 | — | — | 89 | |||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 12,747 | 196 | — | 12,943 | |||||||||||||||||||||||||
Multifamily residential | 2,064 | — | — | 2,064 | |||||||||||||||||||||||||
Total real estate | 89,914 | 197 | — | 90,111 | |||||||||||||||||||||||||
Consumer | 454 | — | — | 454 | |||||||||||||||||||||||||
Commercial and industrial | 2,620 | 2 | — | 2,622 | |||||||||||||||||||||||||
Agricultural and other | 32 | — | — | 32 | |||||||||||||||||||||||||
Total | $ | 93,020 | $ | 199 | $ | — | $ | 93,219 | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Risk Rated 6 | Risk Rated 7 | Risk Rated 8 | Classified Total | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 55,906 | $ | 14 | $ | — | $ | 55,920 | |||||||||||||||||||||
Construction/land development | 17,805 | — | — | 17,805 | |||||||||||||||||||||||||
Agricultural | 140 | — | — | 140 | |||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 19,172 | 319 | — | 19,491 | |||||||||||||||||||||||||
Multifamily residential | 5,272 | — | — | 5,272 | |||||||||||||||||||||||||
Total real estate | 98,295 | 333 | — | 98,628 | |||||||||||||||||||||||||
Consumer | 1,495 | — | — | 1,495 | |||||||||||||||||||||||||
Commercial and industrial | 3,226 | 15 | — | 3,241 | |||||||||||||||||||||||||
Agricultural and other | 39 | — | — | 39 | |||||||||||||||||||||||||
Total | $ | 103,055 | $ | 348 | $ | — | $ | 103,403 | |||||||||||||||||||||
Loans may be classified, but not considered impaired, due to one of the following reasons: (1) The Company has established minimum dollar amount thresholds for loan impairment testing. All loans over $1.0 million that are rated 5 – 8 are individually assessed for impairment on a quarterly basis. Loans rated 5 – 8 that fall under the threshold amount are not individually tested for impairment and therefore are not included in impaired loans; (2) of the loans that are above the threshold amount and tested for impairment, after testing, some are considered to not be impaired and are not included in impaired loans. | |||||||||||||||||||||||||||||
The following is a presentation of non-covered loans by class and risk rating as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Risk | Risk | Risk | Risk | Risk | Classified | Total | |||||||||||||||||||||||
Rated 1 | Rated 2 | Rated 3 | Rated 4 | Rated 5 | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 3 | $ | 3,135 | $ | 1,039,110 | $ | 462,957 | $ | 28,380 | $ | 55,875 | $ | 1,589,460 | |||||||||||||||
Construction/land development | 54 | 94 | 198,228 | 303,590 | 11,732 | 19,140 | 532,838 | ||||||||||||||||||||||
Agricultural | 55 | — | 53,633 | 24,901 | 764 | 89 | 79,442 | ||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 393 | 146 | 654,739 | 155,744 | 17,241 | 12,943 | 841,206 | ||||||||||||||||||||||
Multifamily residential | — | — | 150,023 | 52,233 | 1,679 | 2,064 | 205,999 | ||||||||||||||||||||||
Total real estate | 505 | 3,375 | 2,095,733 | 999,425 | 59,796 | 90,111 | 3,248,945 | ||||||||||||||||||||||
Consumer | 15,566 | 32 | 42,647 | 7,244 | 848 | 454 | 66,791 | ||||||||||||||||||||||
Commercial and industrial | 25,809 | 5,845 | 300,108 | 151,986 | 3,229 | 2,622 | 489,599 | ||||||||||||||||||||||
Agricultural and other | 675 | 7,138 | 74,676 | 14,462 | 674 | 32 | 97,657 | ||||||||||||||||||||||
Total risk rated loans | $ | 42,555 | $ | 16,390 | $ | 2,513,164 | $ | 1,173,117 | $ | 64,547 | $ | 93,219 | $ | 3,902,992 | |||||||||||||||
Purchased credit impaired loans acquired | 291,445 | ||||||||||||||||||||||||||||
Total non-covered loans | $ | 4,194,437 | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Risk | Risk | Risk | Risk | Risk | Classified | Total | |||||||||||||||||||||||
Rated 1 | Rated 2 | Rated 3 | Rated 4 | Rated 5 | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | $ | 7 | $ | 53 | $ | 483,816 | $ | 350,768 | $ | 34,354 | $ | 55,920 | $ | 924,918 | |||||||||||||||
Construction/land development | 41 | 116 | 65,215 | 147,908 | 7,429 | 17,805 | 238,514 | ||||||||||||||||||||||
Agricultural | — | — | 10,920 | 19,761 | — | 140 | 30,821 | ||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 461 | 155 | 305,369 | 131,698 | 14,873 | 19,491 | 472,047 | ||||||||||||||||||||||
Multifamily residential | — | — | 23,760 | 86,459 | 5,521 | 5,272 | 121,012 | ||||||||||||||||||||||
Total real estate | 509 | 324 | 889,080 | 736,594 | 62,177 | 98,628 | 1,787,312 | ||||||||||||||||||||||
Consumer | 8,785 | 105 | 14,771 | 7,865 | 658 | 1,495 | 33,679 | ||||||||||||||||||||||
Commercial and industrial | 10,431 | 1,248 | 119,599 | 94,713 | 1,905 | 3,241 | 231,137 | ||||||||||||||||||||||
Agricultural and other | 244 | 2,517 | 28,755 | 19,443 | 1 | 39 | 50,999 | ||||||||||||||||||||||
Total risk rated loans | $ | 19,969 | $ | 4,194 | $ | 1,052,205 | $ | 858,615 | $ | 64,741 | $ | 103,403 | $ | 2,103,127 | |||||||||||||||
Purchased credit impaired loans acquired | 228,072 | ||||||||||||||||||||||||||||
Total non-covered loans | $ | 2,331,199 | |||||||||||||||||||||||||||
Presentation of Non-Covered TDR's by Class | ' | ||||||||||||||||||||||||||||
The following is a presentation of non-covered TDR’s by class as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
Number | Pre-Modification | Rate | Term | Rate | Post- | ||||||||||||||||||||||||
of Loans | Outstanding | Modification | Modification | & Term | Modification | ||||||||||||||||||||||||
Balance | Modification | Outstanding | |||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 14 | $ | 36,454 | $ | 13,029 | $ | 8,384 | $ | 10,554 | $ | 31,967 | ||||||||||||||||||
Construction/land development | 3 | 8,324 | 5,811 | 1,794 | — | 7,605 | |||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 8 | 1,646 | 589 | 727 | 170 | 1,486 | |||||||||||||||||||||||
Multifamily residential | 1 | 2,887 | 2,063 | — | — | 2,063 | |||||||||||||||||||||||
Total real estate | 26 | 49,311 | 21,492 | 10,905 | 10,724 | 43,121 | |||||||||||||||||||||||
Commercial and industrial | 1 | 380 | — | — | 345 | 345 | |||||||||||||||||||||||
Total | 27 | $ | 49,691 | $ | 21,492 | $ | 10,905 | $ | 11,069 | $ | 43,466 | ||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Number | Pre-Modification | Rate | Term | Rate | Post- | ||||||||||||||||||||||||
of Loans | Outstanding | Modification | Modification | & Term | Modification | ||||||||||||||||||||||||
Balance | Modification | Outstanding | |||||||||||||||||||||||||||
Balance | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | 34 | $ | 48,672 | $ | 22,710 | $ | 11,198 | $ | 10,449 | $ | 44,357 | ||||||||||||||||||
Construction/land development | 3 | 9,117 | 6,489 | 1,688 | — | 8,177 | |||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 11 | 4,621 | 3,337 | 348 | 623 | 4,308 | |||||||||||||||||||||||
Multifamily residential | 2 | 4,213 | 3,377 | — | — | 3,377 | |||||||||||||||||||||||
Total real estate | 50 | 66,623 | 35,913 | 13,234 | 11,072 | 60,219 | |||||||||||||||||||||||
Commercial and industrial | 5 | 683 | 6 | 272 | 385 | 663 | |||||||||||||||||||||||
Total | 55 | $ | 67,306 | $ | 35,919 | $ | 13,506 | $ | 11,457 | $ | 60,882 | ||||||||||||||||||
Presentation of Non-Covered TDR's on Non-Accrual Status | ' | ||||||||||||||||||||||||||||
The following is a presentation of non-covered TDR’s on non-accrual status because they are not in compliance with the modified terms: | |||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Number of Loans | Recorded Balance | Number of Loans | Recorded Balance | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||
Commercial real estate loans | |||||||||||||||||||||||||||||
Non-farm/non-residential | — | $ | — | 2 | $ | 761 | |||||||||||||||||||||||
Construction/land development | — | — | — | — | |||||||||||||||||||||||||
Residential real estate loans | |||||||||||||||||||||||||||||
Residential 1-4 family | 4 | 854 | 5 | 2,665 | |||||||||||||||||||||||||
Total real estate | 4 | 854 | 7 | 3,426 | |||||||||||||||||||||||||
Commercial and industrial | — | — | — | — | |||||||||||||||||||||||||
Total | 4 | $ | 854 | 7 | $ | 3,426 | |||||||||||||||||||||||
Summary of Non Covered Purchased Credit Impaired Loans Acquired | ' | ||||||||||||||||||||||||||||
The following is a summary of the non-covered purchased credit impaired loans acquired in the Liberty acquisition during 2013 as of the date of acquisition: | |||||||||||||||||||||||||||||
Liberty | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Contractually required principal and interest at acquisitions | $ | 172,482 | |||||||||||||||||||||||||||
Non-accretable difference (expected losses and foregone interest) | 41,935 | ||||||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | 130,547 | ||||||||||||||||||||||||||||
Accretable yield | 10,076 | ||||||||||||||||||||||||||||
Basis in acquired loans at acquisition | $ | 120,471 | |||||||||||||||||||||||||||
Changes in Carrying Amount of Accretable Yield for Purchased Credit Impaired Loans Acquired | ' | ||||||||||||||||||||||||||||
Changes in the carrying amount of the accretable yield for purchased credit impaired loans acquired were as follows for the year ended December 31, 2013 for the Company’s covered and non-covered acquisitions: | |||||||||||||||||||||||||||||
Accretable | Carrying | ||||||||||||||||||||||||||||
Yield | Amount of | ||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 127,371 | $ | 612,956 | |||||||||||||||||||||||||
Reforecasted future interest payments for loan pools | 8,988 | — | |||||||||||||||||||||||||||
Accretion | (56,081 | ) | 56,081 | ||||||||||||||||||||||||||
Acquisition of Liberty | 10,076 | 120,471 | |||||||||||||||||||||||||||
Adjustment to yield | 29,627 | — | |||||||||||||||||||||||||||
Transfers to foreclosed assets held for sale | — | (10,476 | ) | ||||||||||||||||||||||||||
Payments received, net | — | (205,071 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 119,981 | $ | 573,961 | |||||||||||||||||||||||||
For Loans Covered by FDIC Loss Share [Member] | ' | ||||||||||||||||||||||||||||
Balance of Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||
The following tables present the balance in the allowance for loan losses for the covered loan portfolio for the year ended December 31, 2013, and the allowance for loan losses and recorded investment in loans covered by FDIC loss share based on portfolio segment by impairment method as of December 31, 2013. Allocation of a portion of the allowance to one type of loan does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | 1,169 | $ | 4,005 | $ | 228 | $ | 60 | $ | — | $ | — | $ | 5,462 | |||||||||||||||
Loans charged off | (905 | ) | (3,426 | ) | (826 | ) | (157 | ) | — | — | (5,314 | ) | |||||||||||||||||
Recoveries of loans previously charged off | 15 | 13 | 172 | — | — | — | 200 | ||||||||||||||||||||||
Net loans recovered (charged off) | (890 | ) | (3,413 | ) | (654 | ) | (157 | ) | — | — | (5,114 | ) | |||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 1,428 | 246 | 2,539 | 232 | — | — | 4,445 | ||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | (1,118 | ) | 44 | (2,165 | ) | (215 | ) | — | — | (3,454 | ) | ||||||||||||||||||
Net provision for loan losses | 310 | 290 | 374 | 17 | — | — | 991 | ||||||||||||||||||||||
Increase in FDIC indemnification asset | 1,118 | (44 | ) | 2,165 | 215 | — | — | 3,454 | |||||||||||||||||||||
Balance, December 31 | $ | 1,707 | $ | 838 | $ | 2,113 | $ | 135 | $ | — | $ | — | $ | 4,793 | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Loans collectively evaluated for impairment | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loans evaluated for impairment balance, December 31 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchased credit impaired loans acquired | 1,707 | 838 | 2,113 | 135 | — | — | 4,793 | ||||||||||||||||||||||
Balance, December 31 | $ | 1,707 | $ | 838 | $ | 2,113 | $ | 135 | $ | — | $ | — | $ | 4,793 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Loans collectively evaluated for impairment | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loans evaluated for impairment balance, December 31 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchased credit impaired loans acquired | 48,388 | 118,396 | 108,781 | 5,852 | 1,099 | — | 282,516 | ||||||||||||||||||||||
Balance, December 31 | $ | 48,388 | $ | 118,396 | $ | 108,781 | $ | 5,852 | $ | 1,099 | $ | — | $ | 282,516 | |||||||||||||||
The following tables present the balance in the allowance for loan losses for the covered loan portfolio for the period ended December 31, 2012, and the allowance for loan losses and recorded investment in loans covered by FDIC loss share based on portfolio segment by impairment method as of December 31, 2012. Allocation of a portion of the allowance to one type of loan does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Beginning balance | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Loans charged off | (648 | ) | (970 | ) | (132 | ) | (14 | ) | (278 | ) | — | (2,042 | ) | ||||||||||||||||
Recoveries of loans previously charged off | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||
Net loans recovered (charged off) | (648 | ) | (970 | ) | (130 | ) | (14 | ) | (278 | ) | — | (2,040 | ) | ||||||||||||||||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 1,817 | 4,975 | 358 | 74 | 278 | — | 7,502 | ||||||||||||||||||||||
Benefit attributable to FDIC loss share agreements | (1,454 | ) | (3,980 | ) | (286 | ) | (60 | ) | (222 | ) | — | (6,002 | ) | ||||||||||||||||
Net provision for loan losses | 363 | 995 | 72 | 14 | 56 | — | 1,500 | ||||||||||||||||||||||
Increase in FDIC indemnification asset | 1,454 | 3,980 | 286 | 60 | 222 | — | 6,002 | ||||||||||||||||||||||
Balance, December 31 | $ | 1,169 | $ | 4,005 | $ | 228 | $ | 60 | $ | — | $ | — | $ | 5,462 | |||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||
Construction/ | Other | Residential | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||
Land | Commercial | Real Estate | & Industrial | & Other | |||||||||||||||||||||||||
Development | Real Estate | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Loans collectively evaluated for impairment | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loans evaluated for impairment balance, December 31 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchased credit impaired loans acquired | 1,169 | 4,005 | 228 | 60 | — | — | 5,462 | ||||||||||||||||||||||
Balance, December 31 | $ | 1,169 | $ | 4,005 | $ | 228 | $ | 60 | $ | — | $ | — | $ | 5,462 | |||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||
Period end amount allocated to: | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Loans collectively evaluated for impairment | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loans evaluated for impairment balance, December 31 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchased credit impaired loans acquired | 66,713 | 167,005 | 135,192 | 14,668 | 1,306 | — | 384,884 | ||||||||||||||||||||||
Balance, December 31 | $ | 66,713 | $ | 167,005 | $ | 135,192 | $ | 14,668 | $ | 1,306 | $ | — | $ | 384,884 | |||||||||||||||
Goodwill_and_Core_Deposits_and1
Goodwill and Core Deposits and Other Intangibles (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||
Summary of Changes in Carrying Amount and Accumulated Amortization of Company's Goodwill and Core Deposits and Other Intangibles | ' | ||||||||
Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposits and other intangibles at December 31, 2013 and 2012, were as follows: | |||||||||
December 31, 2013 | December 31, 2012 | ||||||||
(In thousands) | |||||||||
Goodwill | |||||||||
Balance, beginning of period | $ | 85,681 | $ | 59,663 | |||||
Vision and Premier acquisitions | — | 26,018 | |||||||
Liberty acquisition | 216,055 | — | |||||||
Balance, end of period | $ | 301,736 | $ | 85,681 | |||||
December 31, 2013 | December 31, 2012 | ||||||||
(In thousands) | |||||||||
Core Deposit and Other Intangibles | |||||||||
Balance, beginning of period | $ | 12,061 | $ | 8,620 | |||||
Acquisitions | 13,861 | 6,202 | |||||||
Amortization expense | (3,624 | ) | (2,761 | ) | |||||
Balance, end of year | $ | 22,298 | $ | 12,061 | |||||
Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles | ' | ||||||||
The carrying basis and accumulated amortization of core deposits and other intangibles at December 31, 2013 and 2012 were: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Gross carrying amount | $ | 43,524 | $ | 29,663 | |||||
Accumulated amortization | (21,226 | ) | (17,602 | ) | |||||
Net carrying amount | $ | 22,298 | $ | 12,061 | |||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Banking And Thrift [Abstract] | ' | ||||
Summary of Scheduled Maturities of Time Deposits | ' | ||||
The following is a summary of the scheduled maturities of all time deposits at December 31, 2013 (in thousands): | |||||
One month or less. | $ | 198,695 | |||
Over 1 month to 3 months | 242,188 | ||||
Over 3 months to 6 months | 374,759 | ||||
Over 6 months to 12 months | 446,319 | ||||
Over 12 months to 2 years | 239,213 | ||||
Over 2 years to 3 years | 68,291 | ||||
Over 3 years to 5 years | 35,627 | ||||
Over 5 years | 4,370 | ||||
Total time deposits | $ | 1,609,462 | |||
FHLB_Borrowed_Funds_Tables
FHLB Borrowed Funds (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Banking And Thrift [Abstract] | ' | ||||
Maturities of Borrowings with Original Maturities | ' | ||||
Maturities of borrowings with original maturities exceeding one year at December 31, 2013, are as follows (in thousands): | |||||
2014 | $ | 35,316 | |||
2015 | 52,919 | ||||
2016 | 15,485 | ||||
2017 | 658 | ||||
2018 | 111,684 | ||||
Thereafter | 4,347 | ||||
$ | 220,409 | ||||
Subordinated_Debentures_Tables
Subordinated Debentures (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Brokers And Dealers [Abstract] | ' | ||||||||
Preferred Trust Securities and Subordinated Debentures | ' | ||||||||
Subordinated debentures at December 31, 2013 and 2012 consisted of guaranteed payments on trust preferred securities with the following components: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Subordinated debentures, issued in 2003, due 2033, fixed at 6.40%, during the first five years and at a floating rate of 3.15% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | $ | — | $ | 20,619 | |||||
Subordinated debentures, issued in 2003, due 2033, floating rate of 3.15% above the three-month LIBOR rate, reset quarterly, currently callable without penalty | — | 5,155 | |||||||
Subordinated debentures, issued in 2006, due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | 3,093 | 3,093 | |||||||
Subordinated debentures, issued in 2004, due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | 15,464 | — | |||||||
Subordinated debentures, issued in 2005, due 2035, fixed rate of 5.836% during the first five years and at a floating rate of 1.45% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | 25,774 | — | |||||||
Subordinated debentures, issued in 2004, due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | 16,495 | — | |||||||
Total | $ | 60,826 | $ | 28,867 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Summary of Components of Provision (Benefit) for Income Taxes | ' | ||||||||||||
The following is a summary of the components of the provision (benefit) for income taxes: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 11,507 | $ | 30,041 | $ | 32,751 | |||||||
State | 2,286 | 5,822 | 6,087 | ||||||||||
Total current | 13,793 | 35,863 | 38,838 | ||||||||||
Deferred: | |||||||||||||
Federal | 20,156 | (363 | ) | (7,821 | ) | ||||||||
State | 4,004 | (71 | ) | (1,416 | ) | ||||||||
Total deferred | 24,160 | (434 | ) | (9,237 | ) | ||||||||
Provision for income taxes | $ | 37,953 | $ | 35,429 | $ | 29,601 | |||||||
Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate | ' | ||||||||||||
The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Effect of nontaxable interest income | (2.25 | ) | (2.47 | ) | (2.87 | ) | |||||||
Cash value of life insurance | (0.27 | ) | (0.30 | ) | (0.47 | ) | |||||||
State income taxes, net of federal benefit | 3.93 | 3.8 | 3.6 | ||||||||||
Other | (0.08 | ) | (0.04 | ) | (0.16 | ) | |||||||
Effective income tax rate | 36.33 | % | 35.99 | % | 35.1 | % | |||||||
Differences between Tax Basis of Assets and Liabilities | ' | ||||||||||||
The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows: | |||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for loan losses | $ | 17,213 | $ | 19,999 | |||||||||
Deferred compensation | 3,230 | 1,331 | |||||||||||
Stock options | 277 | 231 | |||||||||||
Real estate owned | 11,145 | 9,211 | |||||||||||
Loan discounts | 65,639 | 51,946 | |||||||||||
Tax basis premium/discount on acquisitions | 20,671 | 23,914 | |||||||||||
Unrealized loss on securities available-for-sale | 2,673 | — | |||||||||||
Deposits | 14 | 485 | |||||||||||
Investments | 2,568 | — | |||||||||||
Other | 6,978 | 7,239 | |||||||||||
Gross deferred tax assets | 130,408 | 114,356 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Accelerated depreciation on premises and equipment | 3,616 | 377 | |||||||||||
Unrealized gain on securities available-for-sale | — | 7,747 | |||||||||||
Core deposit intangibles | 5,650 | 1,506 | |||||||||||
Indemnification asset | 29,074 | 54,009 | |||||||||||
FHLB dividends | 1,602 | 889 | |||||||||||
Other | 1,054 | 2,830 | |||||||||||
Gross deferred tax liabilities | 40,996 | 67,358 | |||||||||||
Net deferred tax assets | $ | 89,412 | $ | 46,998 | |||||||||
Common_Stock_and_Compensation_1
Common Stock and Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Summary of Transactions under Company's Stock Option Plans | ' | ||||||||||||||||||||||||
The table below summarized the transactions under the Company’s stock option plans at December 31, 2013, 2012 and 2011 and changes during the years then ended: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||||||
0 | Average | 0 | Average | 0 | Average | ||||||||||||||||||||
Exercisable | Exercisable | Exercisable | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
Outstanding, beginning of year | 871 | $ | 6.66 | 1,138 | $ | 5.68 | 1,320 | $ | 5.44 | ||||||||||||||||
Granted | 184 | 21.24 | 90 | 13.13 | — | — | |||||||||||||||||||
Forfeited | (3 | ) | 8.6 | (2 | ) | 4.65 | — | — | |||||||||||||||||
Exercised | (86 | ) | 5.01 | (355 | ) | 5.17 | (182 | ) | 3.94 | ||||||||||||||||
Outstanding, end of year | 966 | 9.57 | 871 | 6.66 | 1,138 | 5.68 | |||||||||||||||||||
Exercisable, end of year | 710 | $ | 6.2 | 766 | $ | 5.86 | 1,100 | $ | 5.56 | ||||||||||||||||
Summary of Stock Options on Valuation Assumptions | ' | ||||||||||||||||||||||||
The assumptions used in determining the fair value of 2013 and 2012 stock option grants were as follows: | |||||||||||||||||||||||||
For the Year Ended | For the Year Ended | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Expected dividend yield | 1.42 | % | 1.52 | % | |||||||||||||||||||||
Expected stock price volatility | 22.09 | % | 30.56 | % | |||||||||||||||||||||
Risk-free interest rate | 1.33 | % | 1.47 | % | |||||||||||||||||||||
Expected life of options | 6.5 years | 6.5 years | |||||||||||||||||||||||
Summary of Currently Outstanding and Exercisable Options | ' | ||||||||||||||||||||||||
The following is a summary of currently outstanding and exercisable options at December 31, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Exercise Prices | Options | Weighted- | Weighted- | Options | Weighted- | ||||||||||||||||||||
Outstanding | Average | Average | Exercisable | Average | |||||||||||||||||||||
Shares (000) | Remaining | Exercise | Shares | Exercise | |||||||||||||||||||||
Contractual | Price | 0 | Price | ||||||||||||||||||||||
Life (in years) | |||||||||||||||||||||||||
$ 3.08 to $3.50 | 14 | 1.29 | $ | 3.32 | 14 | $ | 3.32 | ||||||||||||||||||
$ 3.92 to $4.34 | 48 | 1.54 | 4.24 | 48 | 4.24 | ||||||||||||||||||||
$ 4.78 to $4.92 | 88 | 1.53 | 4.82 | 88 | 4.82 | ||||||||||||||||||||
$ 5.33 to $5.33 | 199 | 1.85 | 5.33 | 199 | 5.33 | ||||||||||||||||||||
$ 5.54 to $5.54 | 199 | 2.2 | 5.54 | 199 | 5.54 | ||||||||||||||||||||
$ 8.54 to $8.60 | 81 | 4.04 | 8.57 | 81 | 8.57 | ||||||||||||||||||||
$ 9.25 to $9.31 | 10 | 3.4 | 9.29 | 10 | 9.29 | ||||||||||||||||||||
$ 10.16 to $11.37 | 55 | 3.3 | 10.33 | 55 | 10.33 | ||||||||||||||||||||
$ 13.12 to $13.12 | 88 | 8.06 | 13.12 | 16 | 13.12 | ||||||||||||||||||||
$ 17.25 to $34.80 | 184 | 9.3 | 21.24 | — | — | ||||||||||||||||||||
966 | 710 | ||||||||||||||||||||||||
Summary of Company's Restricted Stock Issued and Outstanding | ' | ||||||||||||||||||||||||
The table below summarized the activity for the Company’s restricted stock issued and outstanding at December 31, 2013, 2012 and 2011 and changes during the years then ended: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Beginning of year | 269 | 98 | 44 | ||||||||||||||||||||||
Issued | 35 | 208 | 64 | ||||||||||||||||||||||
Vested | (32 | ) | (36 | ) | (10 | ) | |||||||||||||||||||
Forfeited | (16 | ) | — | — | |||||||||||||||||||||
End of year | 256 | 269 | 98 | ||||||||||||||||||||||
Amount of expense for twelve months ended | $ | 1,086 | $ | 780 | $ | 351 | |||||||||||||||||||
NonInterest_Expense_Tables
Non-Interest Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Components of Non-Interest Expense | ' | ||||||||||||
The table below shows the components of non-interest expense for years ended December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Salaries and employee benefits | $ | 58,394 | $ | 47,289 | $ | 42,825 | |||||||
Occupancy and equipment | 17,168 | 14,500 | 14,197 | ||||||||||
Data processing expense | 5,393 | 4,930 | 4,601 | ||||||||||
Other operating expenses: | |||||||||||||
Advertising | 1,829 | 2,447 | 4,270 | ||||||||||
Merger and acquisition expenses | 18,378 | 7,157 | 145 | ||||||||||
Amortization of intangibles | 3,624 | 2,761 | 2,827 | ||||||||||
Electronic banking expense | 4,207 | 3,175 | 2,733 | ||||||||||
Directors’ fees | 767 | 807 | 811 | ||||||||||
Due from bank service charges | 616 | 536 | 496 | ||||||||||
FDIC and state assessment | 2,849 | 2,313 | 4,283 | ||||||||||
Insurance | 2,449 | 1,774 | 1,673 | ||||||||||
Legal and accounting | 1,393 | 1,065 | 1,603 | ||||||||||
Other professional fees | 1,928 | 1,655 | 1,954 | ||||||||||
Operating supplies | 1,439 | 1,134 | 1,168 | ||||||||||
Postage | 945 | 896 | 942 | ||||||||||
Telephone | 1,260 | 1,074 | 977 | ||||||||||
Other expense | 10,668 | 8,855 | 9,217 | ||||||||||
Total other operating expenses | 52,352 | 35,649 | 33,099 | ||||||||||
Total non-interest expense | $ | 133,307 | $ | 102,368 | $ | 94,722 | |||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Minimum Rental Commitments under Operating Leases | ' | ||||
At December 31, 2013, the minimum rental commitments under these noncancelable operating leases are as follows (in thousands): | |||||
2014 | $ | 2,717 | |||
2015 | 2,328 | ||||
2016 | 1,925 | ||||
2017 | 1,809 | ||||
2018 | 1,406 | ||||
Thereafter | 3,269 | ||||
$ | 13,454 | ||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||
The following table presents the estimated fair values of the Company’s financial instruments. The fair values of certain of these instruments were calculated by discounting expected cash flows, which involves significant judgments by management and uncertainties. Fair value is the estimated amount at which financial assets or liabilities could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale. Because no market exists for certain of these financial instruments and because management does not intend to sell these financial instruments, the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate. | |||||||||||||
December 31, 2013 | |||||||||||||
Carrying | |||||||||||||
Amount | Fair Value | Level | |||||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Cash and cash equivalents | $ | 165,534 | $ | 165,534 | 1 | ||||||||
Federal funds sold | 4,275 | 4,275 | 1 | ||||||||||
Investment securities – held-to-maturity | 114,621 | 113,901 | 2 | ||||||||||
Loans receivable not covered by loss share, net of non-covered impaired loans and allowance | 4,063,469 | 4,053,098 | 3 | ||||||||||
Loans receivable covered by FDIC loss share, net of allowance | 277,723 | 277,723 | 3 | ||||||||||
FDIC indemnification asset | 89,611 | 89,611 | 3 | ||||||||||
Accrued interest receivable | 22,944 | 22,944 | 1 | ||||||||||
Financial liabilities: | |||||||||||||
Deposits: | |||||||||||||
Demand and non-interest-bearing | $ | 991,161 | $ | 991,161 | 1 | ||||||||
Savings and interest-bearing transaction accounts | 2,792,423 | 2,792,423 | 1 | ||||||||||
Time deposits | 1,609,462 | 1,606,664 | 3 | ||||||||||
Federal funds purchased | — | — | N/A | ||||||||||
Securities sold under agreements to repurchase | 160,984 | 160,984 | 1 | ||||||||||
FHLB borrowed funds | 350,661 | 357,674 | 2 | ||||||||||
Accrued interest payable | 1,252 | 1,252 | 1 | ||||||||||
Subordinated debentures | 60,826 | 60,826 | 3 | ||||||||||
December 31, 2012 | |||||||||||||
Carrying | |||||||||||||
Amount | Fair Value | Level | |||||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Cash and cash equivalents | $ | 231,855 | $ | 231,855 | 1 | ||||||||
Federal funds sold | 17,148 | 17,148 | 1 | ||||||||||
Loans receivable not covered by loss share, net of non-covered impaired loans and allowance | 2,188,253 | 2,202,859 | 3 | ||||||||||
Loans receivable covered by FDIC loss share, net of allowance | 379,422 | 379,422 | 3 | ||||||||||
FDIC indemnification asset | 139,646 | 139,646 | 3 | ||||||||||
Accrued interest receivable | 16,305 | 16,305 | 1 | ||||||||||
Financial liabilities: | |||||||||||||
Deposits: | |||||||||||||
Demand and non-interest-bearing | $ | 666,414 | $ | 666,414 | 1 | ||||||||
Savings and interest-bearing transaction accounts | 1,784,047 | 1,784,047 | 1 | ||||||||||
Time deposits | 1,032,991 | 1,037,235 | 3 | ||||||||||
Federal funds purchased | — | — | N/A | ||||||||||
Securities sold under agreements to repurchase | 66,278 | 66,278 | 1 | ||||||||||
FHLB borrowed funds | 130,388 | 139,654 | 2 | ||||||||||
Accrued interest payable | 1,243 | 1,243 | 1 | ||||||||||
Subordinated debentures | 28,867 | 28,911 | 3 |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Summary of Company's Actual Capital Amount and Ratios | ' | ||||||||||||||||||||||||
The Company’s actual capital amounts and ratios along with the Company’s bank subsidiary are presented in the following table. | |||||||||||||||||||||||||
Actual | Minimum Capital | Minimum To Be Well | |||||||||||||||||||||||
Requirement | Capitalized Under | ||||||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||||||
Action Provision | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Leverage ratios: | |||||||||||||||||||||||||
Home BancShares | $ | 549,493 | 9.38 | % | $ | 234,325 | 4 | % | $ | N/A | N/A | % | |||||||||||||
Centennial Bank | 514,943 | 7.96 | 258,765 | 4 | 323,457 | 5 | |||||||||||||||||||
Tier 1 capital ratios: | |||||||||||||||||||||||||
Home BancShares | $ | 549,493 | 10.88 | % | $ | 202,019 | 4 | % | $ | N/A | N/A | % | |||||||||||||
Centennial Bank | 514,943 | 10.17 | 202,534 | 4 | 303,801 | 6 | |||||||||||||||||||
Total risk-based capital ratios: | |||||||||||||||||||||||||
Home BancShares | $ | 593,308 | 11.75 | % | $ | 403,954 | 8 | % | $ | N/A | N/A | % | |||||||||||||
Centennial Bank | 558,758 | 11.03 | 405,264 | 8 | 506,580 | 10 | |||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Leverage ratios: | |||||||||||||||||||||||||
Home BancShares | $ | 431,158 | 10.95 | % | $ | 157,501 | 4 | % | $ | N/A | N/A | % | |||||||||||||
Centennial Bank | 387,752 | 9.84 | 157,623 | 4 | 197,028 | 5 | |||||||||||||||||||
Tier 1 capital ratios: | |||||||||||||||||||||||||
Home BancShares | $ | 431,158 | 13.94 | % | $ | 123,718 | 4 | % | $ | N/A | N/A | % | |||||||||||||
Centennial Bank | 387,752 | 12.57 | 123,390 | 4 | 185,084 | 6 | |||||||||||||||||||
Total risk-based capital ratios: | |||||||||||||||||||||||||
Home BancShares | $ | 469,965 | 15.2 | % | $ | 247,350 | 8 | % | $ | N/A | N/A | % | |||||||||||||
Centennial Bank | 426,454 | 13.83 | 246,683 | 8 | 308,354 | 10 |
Additional_Cash_Flow_Informati1
Additional Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Summary of Additional Cash Flow Information | ' | ||||||||||||
The following is summary of the Company’s additional cash flow information during the years ended: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Interest paid | $ | 14,960 | $ | 22,823 | $ | 31,430 | |||||||
Income taxes paid | 26,045 | 35,570 | 37,150 | ||||||||||
Assets acquired by foreclosure | 31,133 | 31,117 | 42,714 |
Condensed_Financial_Informatio1
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Schedule of Condensed Balance Sheets | ' | ||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Cash and cash equivalents | $ | 6,000 | $ | 35,779 | |||||||||
Investments in wholly-owned subsidiaries | 892,102 | 503,126 | |||||||||||
Investments in unconsolidated subsidiaries | 1,826 | 867 | |||||||||||
Other assets | 4,196 | 6,923 | |||||||||||
Total assets | $ | 904,124 | $ | 546,695 | |||||||||
Liabilities | |||||||||||||
Subordinated debentures | $ | 60,826 | $ | 28,867 | |||||||||
Other liabilities | 2,343 | 2,355 | |||||||||||
Total liabilities | 63,169 | 31,222 | |||||||||||
Stockholders’ Equity | |||||||||||||
Common stock | 651 | 281 | |||||||||||
Capital surplus | 708,058 | 416,354 | |||||||||||
Retained earnings | 136,386 | 86,837 | |||||||||||
Accumulated other comprehensive income (loss) | (4,140 | ) | 12,001 | ||||||||||
Total stockholders’ equity | 840,955 | 515,473 | |||||||||||
Total liabilities and stockholders’ equity | $ | 904,124 | $ | 546,695 | |||||||||
Schedule of Condensed Statements of Income | ' | ||||||||||||
Condensed Statements of Income | |||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Income | |||||||||||||
Dividends from banking subsidiary | $ | 91,178 | $ | 48,366 | $ | 39,760 | |||||||
Other income | 18 | 55 | 65 | ||||||||||
Total income | 91,196 | 48,421 | 39,825 | ||||||||||
Expenses | 5,055 | 4,909 | 5,089 | ||||||||||
Income before income taxes and equity in undistributed net income of subsidiaries | 86,141 | 43,512 | 34,736 | ||||||||||
Tax benefit for income taxes | 2,024 | 1,910 | 1,912 | ||||||||||
Income before equity in undistributed net income of subsidiaries | 88,165 | 45,422 | 36,648 | ||||||||||
Equity in undistributed net income of subsidiaries | (21,645 | ) | 17,600 | 18,093 | |||||||||
Net income | $ | 66,520 | $ | 63,022 | $ | 54,741 | |||||||
Schedule of Condensed Statements of Cash Flows | ' | ||||||||||||
Condensed Statements of Cash Flows | |||||||||||||
Years Ended December 31, | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Cash flows from operating activities | |||||||||||||
Net income | $ | 66,520 | $ | 63,022 | $ | 54,741 | |||||||
Items not requiring (providing) cash | |||||||||||||
Amortization | — | — | — | ||||||||||
Loss on investment securities | — | — | — | ||||||||||
Share-based compensation | 1,298 | 917 | 36 | ||||||||||
Tax benefit from stock options exercised | (836 | ) | (1,377 | ) | (562 | ) | |||||||
Equity in undistributed income of subsidiaries | 21,645 | (17,600 | ) | (18,093 | ) | ||||||||
Changes in other assets | 1,674 | (1,049 | ) | 2,102 | |||||||||
Changes in other liabilities | (1,819 | ) | 1,181 | 410 | |||||||||
Net cash provided by (used in) operating activities | 88,482 | 45,094 | 38,634 | ||||||||||
Cash flows from investing activities | |||||||||||||
Purchase of Premier Bank | — | (1,415 | ) | — | |||||||||
Purchase of Liberty Bank | (76,980 | ) | — | — | |||||||||
Net cash provided by (used in) investing activities | (76,980 | ) | (1,415 | ) | — | ||||||||
Cash flows from financing activities | |||||||||||||
Repurchase of preferred stock and common stock warrant | — | — | (51,300 | ) | |||||||||
Proceeds from exercise of stock options | 431 | 1,958 | 1,061 | ||||||||||
Common stock issuance costs – market acquisitions | (577 | ) | — | — | |||||||||
Retirement of subordinated debentures | (25,000 | ) | (15,000 | ) | — | ||||||||
Tax benefit from stock options exercised | 836 | 1,377 | 562 | ||||||||||
Repurchase of common stock | — | (13,549 | ) | (6,768 | ) | ||||||||
Dividends paid | (16,971 | ) | (16,315 | ) | (8,894 | ) | |||||||
Net cash provided by (used in) financing activities | (41,281 | ) | (41,529 | ) | (65,339 | ) | |||||||
Increase (decrease) in cash and cash equivalents | (29,779 | ) | 2,150 | (26,705 | ) | ||||||||
Cash and cash equivalents, beginning of year | 35,779 | 33,629 | 60,334 | ||||||||||
Cash and cash equivalents, end of year | $ | 6,000 | $ | 35,779 | $ | 33,629 | |||||||
Nature_of_Operations_and_Summa3
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |
Apr. 18, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segments | ||||
Accounting Policy [Line Items] | ' | ' | ' | ' |
Number of Reportable Segments | ' | ' | 1 | ' |
Non-classified loans and classified loans | ' | ' | $1,000,000 | ' |
Notional amount of the loans | ' | ' | 18,100,000 | 18,700,000 |
Impact of derivative instrument in financial statements | ' | ' | 806,000 | 1,600,000 |
Stock split conversion ratio | 2 | 2 | ' | ' |
Heritage Bank of Florida [Member] | ' | ' | ' | ' |
Accounting Policy [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets | ' | ' | 173,000 | ' |
Impairment of Goodwill | ' | ' | $0 | ' |
Minimum [Member] | ' | ' | ' | ' |
Accounting Policy [Line Items] | ' | ' | ' | ' |
Intangible assets amortization period | ' | ' | '48 months | ' |
Maximum [Member] | ' | ' | ' | ' |
Accounting Policy [Line Items] | ' | ' | ' | ' |
Intangible assets amortization period | ' | ' | '114 months | ' |
Nature_of_Operations_and_Summa4
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Estimated useful lives for book purposes (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Bank premises [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Useful lives | '15 years |
Minimum [Member] | Furniture, fixtures, and equipment [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Useful lives | '3 years |
Maximum [Member] | Bank premises [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Useful lives | '40 years |
Maximum [Member] | Furniture, fixtures, and equipment [Member] | ' |
Property Plant And Equipment Estimated Useful Lifes [Line Items] | ' |
Useful lives | '15 years |
Nature_of_Operations_and_Summa5
Nature of Operations and Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings per Common Share (EPS) (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Earnings Per Share [Abstract] | ' | ' | ' | |||
Net income available to all stockholders | $66,520 | $63,022 | $54,741 | |||
Less: Preferred stock dividends and accretion of discount on preferred stock | ' | ' | 1,828 | |||
Net income available to common stockholders | $66,520 | $63,022 | $52,913 | |||
Average common shares outstanding | 57,908 | 56,274 | 56,832 | |||
Effect of common stock options | 344 | 356 | 392 | |||
Diluted common shares outstanding | 58,252 | 56,630 | 57,224 | |||
Basic earnings per common share | $1.15 | [1] | $1.12 | [1] | $0.93 | [1] |
Diluted earnings per common share | $1.14 | [1] | $1.11 | [1] | $0.92 | [1] |
[1] | All per share amounts have been restated to reflect the effect of the 2-for-1 stock split during June 2013. |
Business_Combinations_Acquisit
Business Combinations - Acquisition Liberty Bancshares, Inc. - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
Feb. 16, 2012 | Dec. 31, 2013 | Oct. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Liberty Bank [Member] | Liberty Bank [Member] | Liberty Bank [Member] | |||
Arkansas [Member] | |||||
BankingCenters | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Common stock issued | ' | ' | 8,763,930 | ' | ' |
Common stock issued value | ' | ' | $290,100,000 | ' | ' |
Cash in exchange for outstanding shares | 27,900,000 | ' | 30,000,000 | ' | ' |
Date of completion of acquisition | ' | 23-Oct-13 | ' | ' | ' |
Number of banking centers | ' | ' | ' | ' | 46 |
Acquired assets | ' | ' | 2,820,000,000 | ' | ' |
Performing loans including loan discounts | ' | ' | 1,730,000,000 | ' | ' |
Assumed deposits | ' | ' | 2,130,000,000 | ' | ' |
Cash and due from banks | ' | ' | 30,000,000 | ' | ' |
Preferred stock paid off at Acquisition | ' | ' | 52,500,000 | ' | ' |
Business acquisition of investment securities | ' | ' | ' | 9,800,000 | ' |
Business acquisition of bank premises and equipment | ' | ' | ' | 5,400,000 | ' |
Effective tax rates | ' | ' | ' | 39.23% | ' |
Goodwill | ' | ' | ' | 216,100,000 | ' |
Core deposit intangible | ' | ' | ' | 13,900,000 | ' |
Customer deposits assumed pursuant to agreement | ' | ' | ' | $913,000 | ' |
Business_Combinations_Breakdow
Business Combinations - Breakdown of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 01, 2012 | Dec. 31, 2011 | Feb. 16, 2012 | Dec. 01, 2012 | Oct. 24, 2013 | Nov. 02, 2012 | Feb. 16, 2012 | Dec. 01, 2012 | Oct. 24, 2013 | Nov. 02, 2012 | Feb. 16, 2012 | Dec. 01, 2012 | Oct. 24, 2013 | Nov. 02, 2012 |
In Thousands, unless otherwise specified | Vision Bank [Member] | Premier Bank [Member] | Liberty Bancshares Inc [Member] | Heritage Bank of Florida [Member] | Acquired from Acquisition [Member] | Acquired from Acquisition [Member] | Acquired from Acquisition [Member] | Acquired from Acquisition [Member] | Fair Value Adjustments [Member] | Fair Value Adjustments [Member] | Fair Value Adjustments [Member] | Fair Value Adjustments [Member] | ||||
Vision Bank [Member] | Premier Bank [Member] | Liberty Bancshares Inc [Member] | Heritage Bank of Florida [Member] | Vision Bank [Member] | Premier Bank [Member] | Liberty Bancshares Inc [Member] | Heritage Bank of Florida [Member] | |||||||||
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and due from banks | ' | ' | ' | ' | $140,234 | $3,605 | ($3,904) | $89,295 | $20,711 | $5,020 | $26,101 | $6,945 | $119,523 | ($1,415) | ($30,005) | $82,350 |
Interest-bearing deposits with other banks | ' | ' | ' | ' | ' | 61,351 | -48,230 | 16,350 | ' | 61,351 | 4,270 | 16,350 | ' | ' | -52,500 | ' |
Loans receivable | ' | ' | ' | ' | 340,297 | ' | ' | ' | 355,750 | ' | ' | ' | -15,453 | ' | ' | ' |
Federal funds sold | ' | ' | ' | ' | ' | 4,005 | 4,600 | 7,016 | ' | 4,005 | 4,600 | 7,016 | ' | ' | ' | ' |
Investment securities | ' | ' | ' | ' | ' | 11,503 | 721,447 | ' | ' | 11,518 | 731,249 | ' | ' | -15 | -9,802 | ' |
Loans not covered by loss share | ' | ' | ' | ' | ' | 138,135 | 1,731,602 | 92,611 | ' | 167,663 | 1,835,644 | 135,810 | ' | -29,528 | -104,042 | -43,199 |
Allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,305 | -21,964 | ' | ' | 4,305 | 21,964 | ' |
Total loans receivable | ' | ' | ' | ' | 340,297 | 138,135 | 1,731,602 | 92,611 | 355,750 | 163,358 | 1,813,680 | 135,810 | -15,453 | -25,223 | -82,078 | -43,199 |
Bank premises and equipment, net | ' | ' | ' | ' | 12,496 | 5,070 | 77,454 | ' | 12,496 | 6,942 | 82,879 | ' | ' | -1,872 | -5,425 | ' |
Foreclosed assets held for sale not covered by loss share | ' | ' | ' | ' | ' | 7,608 | 25,680 | ' | ' | 11,117 | 34,795 | ' | ' | -3,509 | -9,115 | ' |
Cash value of life insurance | ' | ' | ' | ' | ' | 5,655 | 3,669 | ' | ' | 5,655 | 3,669 | ' | ' | ' | ' | ' |
Accrued interest receivable | ' | ' | ' | ' | ' | ' | 10,455 | ' | ' | ' | 10,455 | ' | ' | ' | ' | ' |
Deferred tax asset | ' | ' | 15,000 | ' | 11,247 | 15,047 | 56,154 | ' | ' | ' | 9,268 | ' | 11,247 | 15,047 | 46,886 | ' |
Goodwill | 301,736 | 85,681 | ' | 59,663 | 17,427 | 8,591 | 216,055 | ' | ' | ' | 88,499 | ' | 17,427 | 8,591 | 127,556 | ' |
Core deposit intangible | ' | ' | ' | ' | 3,190 | 1,946 | 13,861 | 1,066 | ' | ' | 1,488 | ' | 3,190 | 1,946 | 12,373 | 1,066 |
Other assets | ' | ' | ' | ' | 4,612 | 2,254 | 10,450 | 18,471 | 4,612 | 2,254 | 11,906 | 18,471 | ' | ' | -1,456 | ' |
Total assets acquired | ' | ' | ' | ' | 529,503 | 264,770 | 2,819,293 | 224,809 | 393,569 | 271,220 | 2,822,859 | 184,592 | 135,934 | -6,450 | -3,566 | 40,217 |
Deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Demand and non-interest-bearing | ' | ' | ' | ' | 78,073 | 149,782 | 233,943 | 93,697 | 78,073 | 149,782 | 233,943 | 93,697 | ' | ' | ' | ' |
Savings and interest-bearing transaction accounts | ' | ' | ' | ' | 273,134 | 13,085 | 1,017,805 | 6,018 | 273,134 | 13,085 | 1,017,805 | 6,018 | ' | ' | ' | ' |
Time deposits | ' | ' | ' | ' | 173,225 | 83,432 | 880,753 | 119,785 | 171,627 | 83,432 | 881,666 | 119,785 | 1,598 | ' | -913 | ' |
Total deposits | ' | ' | ' | ' | 524,432 | 246,299 | 2,132,501 | 219,500 | 522,834 | 246,299 | 2,133,414 | 219,500 | 1,598 | ' | -913 | ' |
Securities sold under agreements to repurchase | ' | ' | ' | ' | ' | 4,380 | 83,376 | ' | ' | 4,380 | 83,376 | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | 5,071 | ' | ' | ' | 5,071 | ' | ' | ' | ' | ' | ' | ' |
FHLB borrowed funds | ' | ' | ' | ' | ' | 13,279 | 230,939 | ' | ' | 13,000 | 226,203 | ' | ' | 279 | 4,736 | ' |
Accrued interest payable and other liabilities | ' | ' | ' | ' | ' | ' | 24,658 | ' | ' | ' | 4,231 | ' | ' | ' | 20,427 | ' |
Other liabilities | ' | ' | ' | ' | ' | 812 | ' | 104 | ' | 812 | ' | 104 | ' | ' | ' | ' |
Subordinated debentures | ' | ' | ' | ' | ' | ' | 57,733 | ' | ' | ' | 57,733 | ' | ' | ' | ' | ' |
Total liabilities assumed | ' | ' | ' | ' | 529,503 | 264,770 | 2,529,207 | 219,604 | 527,905 | 264,491 | 2,504,957 | 219,604 | 1,598 | 279 | 24,250 | ' |
Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,500 | ' | ' | ' | -52,500 | ' |
Common stock | ' | ' | ' | ' | ' | ' | 88 | ' | ' | ' | 12 | ' | ' | ' | 76 | ' |
Capital surplus | ' | ' | ' | ' | ' | ' | 289,998 | ' | ' | ' | 167,089 | ' | ' | ' | 122,909 | ' |
Retained earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,995 | ' | ' | ' | -110,995 | ' |
Accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,340 | ' | ' | ' | 4,340 | ' |
Less: Treasury stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,354 | ' | ' | ' | 8,354 | ' |
Total equity assumed | ' | ' | ' | ' | ' | ' | 290,086 | ' | ' | 6,729 | 317,902 | ' | ' | -6,729 | -27,816 | ' |
Total liabilities and equity assumed | ' | ' | ' | ' | ' | 264,770 | 2,819,293 | ' | ' | 271,220 | 2,822,859 | ' | ' | -6,450 | -3,566 | ' |
Pre-tax gain on acquisition | ' | ' | ' | ' | ' | ' | ' | $5,205 | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Combinations_Unaudite
Business Combinations - Unaudited Pro Forma Combined Financial Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Combinations [Abstract] | ' | ' |
Total interest income | $301,799 | $289,532 |
Total non-interest income | 63,593 | 70,837 |
Net income available to all shareholders | $84,827 | $81,288 |
Basic earnings per common share | $1.27 | $1.25 |
Diluted earnings per common share | $1.27 | $1.24 |
Business_Combinations_Acquisit1
Business Combinations - Acquisition Premier Bank - Additional Information (Detail) (USD $) | 0 Months Ended | 0 Months Ended | |||||||||
Feb. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 01, 2012 | Dec. 31, 2011 | Dec. 01, 2012 | Dec. 01, 2012 | Dec. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Premier Bank [Member] | Valuation Allowance of Deferred Tax Assets [Member] | Fair Value Adjustments [Member] | Florida Panhandle [Member] | Tallahassee [Member] | Quincy [Member] | ||||||
Premier Bank [Member] | Premier Bank [Member] | Premier Bank [Member] | Premier Bank [Member] | ||||||||
Location | Location | Location | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of locations conducting banking business | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 5 | 1 |
Cash paid for acquisition | $27,900,000 | ' | ' | ' | ' | $1,415,000 | ' | ' | ' | ' | ' |
Cash and due from banks | ' | ' | ' | ' | ' | 3,605,000 | ' | -1,415,000 | ' | ' | ' |
Deferred tax asset | ' | ' | ' | 15,000,000 | ' | 15,047,000 | 3,700,000 | 15,047,000 | ' | ' | ' |
Goodwill | ' | 301,736,000 | 85,681,000 | ' | 59,663,000 | 8,591,000 | ' | 8,591,000 | ' | ' | ' |
Customer deposits assumed pursuant to agreement | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' |
Business_Combinations_Acquisit2
Business Combinations - Acquisition Heritage Bank of Florida - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 02, 2012 | Nov. 02, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Nov. 02, 2012 | |
Heritage Bank of Florida [Member] | Heritage Bank of Florida [Member] | FDIC [Member] | Florida Panhandle [Member] | Centennial Bank [Member] | ||||
Fair Value Adjustments [Member] | Heritage Bank of Florida [Member] | Heritage Bank of Florida [Member] | ||||||
Bank | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of banking centers | ' | ' | ' | ' | ' | ' | 3 | ' |
Acquired assets | ' | ' | ' | ' | ' | ' | ' | $184,600,000 |
Performing loans excluding loan discounts | ' | ' | ' | 135,800,000 | ' | ' | ' | ' |
Assumed deposits | ' | ' | ' | 219,500,000 | ' | ' | ' | ' |
Purchases of premises and equipment from FDIC | 12,715,000 | 13,518,000 | 13,022,000 | ' | ' | 3,100,000 | ' | ' |
Cash and due from banks | ' | ' | ' | 89,295,000 | 82,350,000 | ' | ' | ' |
Customer deposits assumed pursuant to agreement | ' | ' | ' | ' | $0 | ' | ' | ' |
Business_Combinations_Acquisit3
Business Combinations - Acquisition Vision Bank - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Feb. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 01, 2012 | Jul. 12, 2012 | |
SecurityLoan | BankingCenters | Branch | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Cash paid for acquisition | $27,900,000 | ' | ' | ' | ' | ' |
Number of banking offices | ' | 17 | ' | ' | ' | ' |
Number of branches closed | ' | ' | ' | ' | ' | 2 |
Put option granted to sell purchased loans back | 7,500,000 | ' | ' | ' | ' | ' |
Total number of sell back loans | 45 | ' | ' | ' | ' | ' |
Cash paid for acquisition | 119,500,000 | ' | ' | ' | ' | ' |
Period from acquisition for loan receivable sale back option | ' | '6 months | ' | ' | ' | ' |
Deferred tax asset | ' | ' | ' | ' | 15,000,000 | ' |
Goodwill | ' | 301,736,000 | 85,681,000 | 59,663,000 | ' | ' |
Net income before income taxes, extraordinary items and other adjustments assumed | ' | 104,473,000 | 98,451,000 | 84,342,000 | ' | ' |
Vision Bank [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Deferred tax asset | 11,247,000 | ' | ' | ' | ' | ' |
Goodwill | 17,427,000 | ' | ' | ' | ' | ' |
Net loss before income taxes, extraordinary items and other adjustments as reported for loan losses and income taxes minority interest and income loss from equity method investments | ' | ' | ' | 28,700,000 | ' | ' |
Net income before income taxes, extraordinary items and other adjustments assumed | ' | ' | ' | 8,800,000 | ' | ' |
Baldwin County and Alabama [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Number of locations | ' | 8 | ' | ' | ' | ' |
Florida Panhandle [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Number of locations | ' | 9 | ' | ' | ' | ' |
Acquired from Acquisition [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Customer deposits assumed pursuant to agreement | 522,800,000 | ' | ' | ' | ' | ' |
Performing loans acquired | 355,800,000 | ' | ' | ' | ' | ' |
Fair Value Adjustments [Member] | Vision Bank [Member] | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Customer deposits assumed pursuant to agreement | 1,598,000 | ' | ' | ' | ' | ' |
Deferred tax asset | 11,247,000 | ' | ' | ' | ' | ' |
Goodwill | $17,427,000 | ' | ' | ' | ' | ' |
Investment_Securities_Amortize
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Available-For-Sale Securities [Line Items] | ' | ' |
Amortized Cost | $1,182,297 | $706,475 |
Gross Unrealized Gains | 7,974 | 20,119 |
Gross Unrealized (Losses) | -14,787 | -371 |
Estimated Fair Value | 1,175,484 | 726,223 |
U.S. Government-sponsored enterprises [Member] | ' | ' |
Schedule Of Available-For-Sale Securities [Line Items] | ' | ' |
Amortized Cost | 467,535 | 187,811 |
Gross Unrealized Gains | 1,330 | 3,011 |
Gross Unrealized (Losses) | -5,324 | -76 |
Estimated Fair Value | 463,541 | 190,746 |
Mortgage-backed securities [Member] | ' | ' |
Schedule Of Available-For-Sale Securities [Line Items] | ' | ' |
Amortized Cost | 462,510 | 316,770 |
Gross Unrealized Gains | 3,343 | 8,751 |
Gross Unrealized (Losses) | -4,265 | -180 |
Estimated Fair Value | 461,588 | 325,341 |
State and political subdivisions [Member] | ' | ' |
Schedule Of Available-For-Sale Securities [Line Items] | ' | ' |
Amortized Cost | 196,472 | 182,515 |
Gross Unrealized Gains | 3,085 | 8,219 |
Gross Unrealized (Losses) | -4,045 | -96 |
Estimated Fair Value | 195,512 | 190,638 |
Other securities [Member] | ' | ' |
Schedule Of Available-For-Sale Securities [Line Items] | ' | ' |
Amortized Cost | 55,780 | 19,379 |
Gross Unrealized Gains | 216 | 138 |
Gross Unrealized (Losses) | -1,153 | -19 |
Estimated Fair Value | $54,843 | $19,498 |
Investment_Securities_Amortize1
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities Classified as Held-to-Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Schedule Of Held-to-Maturity Securities [Line Items] | ' | ' | ' |
Amortized Cost | $114,621 | ' | ' |
Gross Unrealized Gains | 361 | ' | ' |
Gross Unrealized (Losses) | -1,081 | ' | ' |
Estimated Fair Value | 114,621 | 0 | 0 |
State and political subdivisions [Member] | ' | ' | ' |
Schedule Of Held-to-Maturity Securities [Line Items] | ' | ' | ' |
Amortized Cost | 114,621 | ' | ' |
Gross Unrealized Gains | 361 | ' | ' |
Gross Unrealized (Losses) | -1,081 | ' | ' |
Estimated Fair Value | $113,901 | ' | ' |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Available For Sale Securities [Abstract] | ' | ' | ' |
Amortized cost principally investment securities | $1,130,000 | $532,800,000 | ' |
Investment securities pledged as collateral | 161,000,000 | 66,300,000 | ' |
Available for sale securities sold | 167,000 | 1,600,000 | 1,100,000 |
Percentage Of Income Tax Expense Benefit To Net Security Gains And Losses | 39.23% | 39.23% | 39.23% |
Gross realized gains on sales | 111,000 | 21,000 | 5,000 |
Gross realized losses on sales | 0 | 12,000 | ' |
Amount authorized other than temporary impairment charge to our investment securities | ' | ' | 3,600,000 |
Collection of Insurance Proceeds | ' | ' | 2,200,000 |
Securities held to maturity | 114,621,000 | 0 | 0 |
Percentage of Company's investment portfolio | 75.90% | 62.80% | ' |
Unrealized losses | $711,000 | $54,000 | ' |
Maturity description of investment portfolio | 'Five years or less | 'Five years or less | ' |
Investment_Securities_Amortize2
Investment Securities - Amortized Cost and Estimated Fair Value of Securities Contractual Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Available-for-Sale Securities, Amortized Cost | ' | ' | ' |
Due in one year or less, Amortized Cost | $417,206 | ' | ' |
Due after one year through five years, Amortized Cost | 474,530 | ' | ' |
Due after five years through ten years, Amortized Cost | 261,362 | ' | ' |
Due after ten years, Amortized Cost | 29,199 | ' | ' |
Total, Amortized Cost | 1,182,297 | ' | ' |
Available-for-Sale Securities, Estimated Fair Value | ' | ' | ' |
Due in one year or less, Estimated Fair Value | 413,113 | ' | ' |
Due after one year through five years, Estimated Fair Value | 473,381 | ' | ' |
Due after five years through ten years, Estimated Fair Value | 259,358 | ' | ' |
Due after ten years, Estimated Fair Value | 29,632 | ' | ' |
Estimated Fair Value | 1,175,484 | 726,223 | ' |
Held-to-Maturity Securities, Amortized Cost | ' | ' | ' |
Due in one year or less, Held to Maturity Amortized Cost | 29,344 | ' | ' |
Due after one year through five years, Held to Maturity Amortized Cost | 63,468 | ' | ' |
Due after five years through ten years, Held to Maturity Amortized Cost | 21,068 | ' | ' |
Due after ten years, Held to Maturity Amortized Cost | 741 | ' | ' |
Estimated Fair Value | 114,621 | 0 | 0 |
Held-to-Maturity Securities, Estimated Fair Value | ' | ' | ' |
Due in one year or less, Held to Maturity Estimated Fair Value | 29,178 | ' | ' |
Due after one year through five years, Held to Maturity Estimated Fair Value | 62,876 | ' | ' |
Due after five years through ten years, Held to Maturity Estimated Fair Value | 21,100 | ' | ' |
Due after ten years, Held to Maturity Estimated Fair Value | 747 | ' | ' |
Total, Held to Maturity Estimated Fair Value | $113,901 | ' | ' |
Investment_Securities_Unrealiz
Investment Securities - Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale and Held to Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Available-For-Sale Securities [Line Items] | ' | ' |
Fair Value of Available-for-Sale Securities, Less Than 12 Months | $746,622 | $80,447 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | -15,157 | -317 |
Fair Value of Available-for-Sale Securities, 12 Months or More | 22,320 | 10,477 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | -711 | -54 |
Fair Value of Available-for-Sale Securities, Total | 768,942 | 90,924 |
Unrealized Losses of Available-for-Sale Securities, Total | -15,868 | -371 |
U.S. Government-sponsored enterprises [Member] | ' | ' |
Schedule Of Available-For-Sale Securities [Line Items] | ' | ' |
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 312,674 | 26,002 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | -5,205 | -22 |
Fair Value of Available-for-Sale Securities, 12 Months or More | 6,529 | 10,477 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | -119 | -54 |
Fair Value of Available-for-Sale Securities, Total | 319,203 | 36,479 |
Unrealized Losses of Available-for-Sale Securities, Total | -5,324 | -76 |
Mortgage-backed securities [Member] | ' | ' |
Schedule Of Available-For-Sale Securities [Line Items] | ' | ' |
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 267,105 | 36,675 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | -3,968 | -180 |
Fair Value of Available-for-Sale Securities, 12 Months or More | 11,749 | ' |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | -297 | ' |
Fair Value of Available-for-Sale Securities, Total | 278,854 | 36,675 |
Unrealized Losses of Available-for-Sale Securities, Total | -4,265 | -180 |
State and political subdivisions [Member] | ' | ' |
Schedule Of Available-For-Sale Securities [Line Items] | ' | ' |
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 130,718 | 15,797 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | -4,831 | -96 |
Fair Value of Available-for-Sale Securities, 12 Months or More | 4,042 | ' |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | -295 | ' |
Fair Value of Available-for-Sale Securities, Total | 134,760 | 15,797 |
Unrealized Losses of Available-for-Sale Securities, Total | -5,126 | -96 |
Other securities [Member] | ' | ' |
Schedule Of Available-For-Sale Securities [Line Items] | ' | ' |
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 36,125 | 1,973 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | -1,153 | -19 |
Fair Value of Available-for-Sale Securities, Total | 36,125 | 1,973 |
Unrealized Losses of Available-for-Sale Securities, Total | ($1,153) | ($19) |
Investment_Securities_Schedule
Investment Securities - Schedule of Income Earned on Securities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment Income [Line Items] | ' | ' | ' |
Income earned on securities, taxable | $12,298 | $11,226 | $9,244 |
Income earned on securities, tax-exempt | 6,009 | 6,154 | 6,179 |
Income earned on securities, total | 18,307 | 17,380 | 15,423 |
Available-for-sale [Member] | ' | ' | ' |
Investment Income [Line Items] | ' | ' | ' |
Income earned on securities, taxable | 12,277 | 11,226 | 9,244 |
Income earned on securities, tax-exempt | 5,358 | 6,154 | 6,179 |
Held-to-maturity [Member] | ' | ' | ' |
Investment Income [Line Items] | ' | ' | ' |
Income earned on securities, taxable | 21 | ' | ' |
Income earned on securities, tax-exempt | $651 | ' | ' |
Loans_Receivable_Not_Covered_b2
Loans Receivable Not Covered by Loss Share - Summary of Various Categories of Loans not Covered by Loss Share (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable not covered by loss share | $4,194,437 | $2,331,199 |
Non-farm/non-residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable not covered by loss share | 1,739,668 | 1,019,039 |
Construction/land development [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable not covered by loss share | 562,667 | 254,800 |
Agricultural [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable not covered by loss share | 81,618 | 32,513 |
Residential 1-4 family [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable not covered by loss share | 913,332 | 549,269 |
Multifamily residential [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable not covered by loss share | 213,232 | 129,742 |
Real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable not covered by loss share | 3,510,517 | 1,985,363 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable not covered by loss share | 69,570 | 37,462 |
Commercial and Industrial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable not covered by loss share | 511,421 | 256,908 |
Agricultural [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable not covered by loss share | 37,129 | 19,825 |
Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable not covered by loss share | $65,800 | $31,641 |
Loans_Receivable_Not_Covered_b3
Loans Receivable Not Covered by Loss Share - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Guaranteed portion of SBA loans sold | $2,000,000 | $5,800,000 | ' |
Gain on sale of guaranteed portion of SBA loans | 135,000 | 404,000 | 259,000 |
Mortgage loans held for sale | 30,500,000 | 22,000,000 | ' |
Nonrefundable Fees And Other Costs [Member] | Liberty Bank [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans acquired net | 1,610,000,000 | ' | ' |
Loans acquired gross | 1,670,000,000 | ' | ' |
Discount on loans acquired | 62,100,000 | ' | ' |
Loans And Debt Securities [Member] | Liberty Bank [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans acquired net | 120,500,000 | ' | ' |
Loans acquired gross | 162,400,000 | ' | ' |
Discount on loans acquired | $41,900,000 | ' | ' |
Loans_Receivable_Covered_by_FD2
Loans Receivable Covered by FDIC Loss Share - Carrying Value of All Purchased Covered Impaired Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable covered by FDIC loss share | $282,516 | $384,884 |
Real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable covered by FDIC loss share | 275,565 | 368,910 |
Non-farm/non-residential [Member] | Real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable covered by FDIC loss share | 117,164 | 164,723 |
Construction/land development [Member] | Real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable covered by FDIC loss share | 48,388 | 66,713 |
Agricultural [Member] | Real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable covered by FDIC loss share | 1,232 | 2,282 |
Residential 1-4 family [Member] | Real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable covered by FDIC loss share | 98,403 | 125,625 |
Multifamily residential [Member] | Real estate [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable covered by FDIC loss share | 10,378 | 9,567 |
Consumer [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable covered by FDIC loss share | 20 | 39 |
Commercial and Industrial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable covered by FDIC loss share | 5,852 | 14,668 |
Other [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Loans receivable covered by FDIC loss share | $1,079 | $1,267 |
Loans_Receivable_Covered_by_FD3
Loans Receivable Covered by FDIC Loss Share - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Accruing past due loans 90 days of more | $35.80 | $70.90 |
Allowance_for_Loan_Losses_Cred2
Allowance for Loan Losses, Credit Quality and Other - Summary of Changes in Allowance for Covered and Non-Covered Loan Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Beginning balance | $50,632 | ' | ' |
Loans charged off | 19,511 | ' | ' |
Recoveries of loans previously charged off | 4,060 | ' | ' |
Net loans recovered (charged off) | -15,451 | ' | ' |
Provision for loan losses for non-covered loans | 4,189 | ' | ' |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 4,445 | ' | ' |
Benefit attributable to FDIC loss share agreements | -3,454 | ' | ' |
Net provision for loan losses for covered loans | 991 | ' | ' |
Increase in FDIC indemnification asset | 3,454 | ' | ' |
Ending balance | 43,815 | ' | ' |
For Loans Not Covered by Loss Share [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Beginning balance | 45,170 | 52,129 | 53,348 |
Loans charged off | 14,197 | 10,793 | 14,695 |
Recoveries of loans previously charged off | 3,860 | 2,584 | 9,976 |
Net loans recovered (charged off) | -10,337 | -8,209 | -4,719 |
Provision for loan losses for non-covered loans | 4,189 | ' | ' |
Provision for loan losses before benefit attributable to FDIC loss share agreements | ' | ' | ' |
Benefit attributable to FDIC loss share agreements | ' | ' | ' |
Net provision for loan losses for covered loans | ' | ' | ' |
Increase in FDIC indemnification asset | ' | ' | ' |
Ending balance | 39,022 | 45,170 | 52,129 |
For Loans Covered by FDIC Loss Share [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Beginning balance | 5,462 | ' | ' |
Loans charged off | 5,314 | 2,042 | ' |
Recoveries of loans previously charged off | 200 | -2 | ' |
Net loans recovered (charged off) | -5,114 | -2,040 | ' |
Provision for loan losses for non-covered loans | ' | ' | ' |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 4,445 | 7,502 | ' |
Benefit attributable to FDIC loss share agreements | -3,454 | -6,002 | ' |
Net provision for loan losses for covered loans | 991 | 1,500 | ' |
Increase in FDIC indemnification asset | 3,454 | 6,002 | ' |
Ending balance | $4,793 | $5,462 | ' |
Allowance_for_Loan_Losses_Cred3
Allowance for Loan Losses, Credit Quality and Other - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Rating | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Amount of discount accreted into income over weighted-average life of the loans on non-covered loans acquired | $174,600,000 | $81,700,000 | $2,500,000 |
Non-accruing loans not covered by loss share | 15,100,000 | 21,300,000 | ' |
Interest recognized on non-covered impaired loans | 3,900,000 | 6,400,000 | 6,200,000 |
Risk rating scale of loan | 'Loans are rated on a scale from 1 to 8 | ' | ' |
Amount of loan assessed for impairment on a quarterly basis | 1,000,000 | ' | ' |
Over $1,000,000 assessed minimum rated | 5 | ' | ' |
Over $1,000,000 assessed maximum rated | 8 | ' | ' |
Allowances for loan losses related to the purchased impaired loans | 4,400,000 | 7,500,000 | ' |
Increase in indemnified assets | 3,500,000 | 6,000,000 | ' |
Net provision for loan losses covered by loss share with FDIC | 991,000 | 1,500,000 | ' |
Cash flows expected to be collected at acquisition | ' | 105,645,000 | ' |
Total accretable yield expectations for loan pools | 9,000,000 | ' | ' |
Adjustment to yield over the weighted average life of the loans | 29,700,000 | ' | ' |
Decrease in indemnification asset | 20,900,000 | ' | ' |
Increase in FDIC true-up liability | 2,900,000 | ' | ' |
Amortization of indemnification asset over weighted average life of the loans | 20,900,000 | ' | ' |
Pre-tax net income | 5,900,000 | ' | ' |
Liberty Bank [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Cash flows expected to be collected at acquisition | 130,547,000 | ' | ' |
Impaired loans acquired in the Liberty transaction | $172,500,000 | ' | ' |
Allowance_for_Loan_Losses_Cred4
Allowance for Loan Losses, Credit Quality and Other - Balance of Allowance for Loan Losses (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Beginning balance | $50,632 | ' | ' |
Loans charged off | -19,511 | ' | ' |
Recoveries of loans previously charged off | 4,060 | ' | ' |
Net loans recovered (charged off) | -15,451 | ' | ' |
Ending balance | 43,815 | ' | ' |
Total Loans Receivable | 4,194,437 | 2,331,199 | ' |
For Loans Not Covered by Loss Share [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Beginning balance | 45,170 | 52,129 | 53,348 |
Loans charged off | -14,197 | -10,793 | -14,695 |
Recoveries of loans previously charged off | 3,860 | 2,584 | 9,976 |
Net loans recovered (charged off) | -10,337 | -8,209 | -4,719 |
Provision for loan losses | 4,189 | 1,250 | 3,500 |
Loans individually evaluated for impairment | 14,537 | 29,409 | 33,671 |
Loans collectively evaluated for impairment | 24,485 | 15,761 | 18,458 |
Ending balance | 39,022 | 45,170 | 52,129 |
Loans evaluated for impairment, ending balance | ' | 45,170 | 52,129 |
Loans individually evaluated for impairment | 135,017 | 160,221 | 173,202 |
Loans collectively evaluated for impairment | 3,767,975 | 1,942,906 | 1,586,884 |
Loans evaluated for impairment balance, ending balance | 3,902,992 | 2,103,127 | 1,760,086 |
Purchased credit impaired loans acquired | 291,445 | 228,072 | ' |
Total Loans Receivable | 4,194,437 | 2,331,199 | ' |
Construction/land development [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total Loans Receivable | 562,667 | 254,800 | ' |
Construction/land development [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Beginning balance | 5,816 | 7,945 | 12,002 |
Loans charged off | -998 | -1,086 | -3,590 |
Recoveries of loans previously charged off | 34 | 9 | 827 |
Net loans recovered (charged off) | -964 | -1,077 | -2,763 |
Provision for loan losses | 1,430 | -1,052 | -1,294 |
Loans individually evaluated for impairment | 3,826 | 4,070 | 4,428 |
Loans collectively evaluated for impairment | 2,456 | 1,746 | 3,517 |
Ending balance | 6,282 | 5,816 | 7,945 |
Loans evaluated for impairment, ending balance | ' | 5,816 | 7,945 |
Loans individually evaluated for impairment | 32,560 | 28,181 | 25,534 |
Loans collectively evaluated for impairment | 500,279 | 210,333 | 336,312 |
Loans evaluated for impairment balance, ending balance | 532,839 | 238,514 | 361,846 |
Purchased credit impaired loans acquired | 29,828 | 16,286 | ' |
Total Loans Receivable | 562,667 | 254,800 | ' |
Other Commercial Real Estate [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Beginning balance | 19,974 | 20,368 | 17,247 |
Loans charged off | -4,054 | -1,384 | -4,076 |
Recoveries of loans previously charged off | 2,071 | 1,204 | 278 |
Net loans recovered (charged off) | -1,983 | -180 | -3,798 |
Provision for loan losses | -2,891 | -214 | 6,919 |
Loans individually evaluated for impairment | 8,359 | 14,215 | 15,050 |
Loans collectively evaluated for impairment | 6,741 | 5,759 | 5,318 |
Ending balance | 15,100 | 19,974 | 20,368 |
Loans evaluated for impairment, ending balance | ' | 19,974 | 20,368 |
Loans individually evaluated for impairment | 76,559 | 93,610 | 105,517 |
Loans collectively evaluated for impairment | 1,592,343 | 862,128 | 622,004 |
Loans evaluated for impairment balance, ending balance | 1,668,902 | 955,738 | 727,521 |
Purchased credit impaired loans acquired | 152,384 | 95,814 | ' |
Total Loans Receivable | 1,821,286 | 1,051,552 | ' |
Residential Real Estate [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Beginning balance | 13,813 | 12,196 | 14,297 |
Loans charged off | -6,308 | -4,423 | -3,299 |
Recoveries of loans previously charged off | 982 | 678 | 2,477 |
Net loans recovered (charged off) | -5,326 | -3,745 | -822 |
Provision for loan losses | 402 | 5,362 | -1,279 |
Loans individually evaluated for impairment | 2,347 | 9,365 | 8,485 |
Loans collectively evaluated for impairment | 6,542 | 4,448 | 3,711 |
Ending balance | 8,889 | 13,813 | 12,196 |
Loans evaluated for impairment, ending balance | ' | 13,813 | 12,196 |
Loans individually evaluated for impairment | 20,112 | 33,994 | 29,818 |
Loans collectively evaluated for impairment | 1,027,093 | 559,066 | 376,634 |
Loans evaluated for impairment balance, ending balance | 1,047,205 | 593,060 | 406,452 |
Purchased credit impaired loans acquired | 79,359 | 85,951 | ' |
Total Loans Receivable | 1,126,564 | 679,011 | ' |
Commercial and Industrial [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total Loans Receivable | 511,421 | 256,908 | ' |
Commercial and Industrial [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Beginning balance | 3,870 | 6,308 | 6,357 |
Loans charged off | -537 | -1,342 | -571 |
Recoveries of loans previously charged off | 72 | 124 | 5,817 |
Net loans recovered (charged off) | -465 | -1,218 | 5,246 |
Provision for loan losses | -1,472 | -1,220 | -5,295 |
Loans individually evaluated for impairment | 5 | 1,421 | 3,503 |
Loans collectively evaluated for impairment | 1,928 | 2,449 | 2,805 |
Ending balance | 1,933 | 3,870 | 6,308 |
Loans evaluated for impairment, ending balance | ' | 3,870 | 6,308 |
Loans individually evaluated for impairment | 5,563 | 3,690 | 9,535 |
Loans collectively evaluated for impairment | 484,036 | 227,447 | 166,741 |
Loans evaluated for impairment balance, ending balance | 489,599 | 231,137 | 176,276 |
Purchased credit impaired loans acquired | 21,822 | 25,771 | ' |
Total Loans Receivable | 511,421 | 256,908 | ' |
Consumer & Other [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Beginning balance | 1,288 | 3,258 | 1,022 |
Loans charged off | -2,300 | -2,558 | -3,159 |
Recoveries of loans previously charged off | 701 | 569 | 577 |
Net loans recovered (charged off) | -1,599 | -1,989 | -2,582 |
Provision for loan losses | 2,874 | 19 | 4,818 |
Loans individually evaluated for impairment | ' | 338 | 2,205 |
Loans collectively evaluated for impairment | 2,563 | 950 | 1,053 |
Ending balance | 2,563 | 1,288 | 3,258 |
Loans evaluated for impairment, ending balance | ' | 1,288 | 3,258 |
Loans individually evaluated for impairment | 223 | 746 | 2,798 |
Loans collectively evaluated for impairment | 164,224 | 83,932 | 85,193 |
Loans evaluated for impairment balance, ending balance | 164,447 | 84,678 | 87,991 |
Purchased credit impaired loans acquired | 8,052 | 4,250 | ' |
Total Loans Receivable | 172,499 | 88,928 | ' |
Unallocated [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Beginning balance | 409 | 2,054 | 2,423 |
Loans charged off | ' | ' | ' |
Recoveries of loans previously charged off | ' | ' | ' |
Net loans recovered (charged off) | ' | ' | ' |
Provision for loan losses | 3,846 | -1,645 | -369 |
Loans individually evaluated for impairment | ' | ' | ' |
Loans collectively evaluated for impairment | 4,255 | 409 | 2,054 |
Ending balance | 4,255 | 409 | 2,054 |
Loans evaluated for impairment, ending balance | ' | 409 | 2,054 |
Loans individually evaluated for impairment | ' | ' | ' |
Loans collectively evaluated for impairment | ' | ' | ' |
Loans evaluated for impairment balance, ending balance | ' | ' | ' |
Purchased credit impaired loans acquired | ' | ' | ' |
Total Loans Receivable | ' | ' | ' |
Allowance_for_Loan_Losses_Cred5
Allowance for Loan Losses, Credit Quality and Other - Summary of Aging Analysis for Non-Covered Loan Portfolio (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Loans Receivable | $4,194,437 | $2,331,199 |
Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Loans Receivable | 1,739,668 | 1,019,039 |
Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Loans Receivable | 562,667 | 254,800 |
Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Loans Receivable | 81,618 | 32,513 |
Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Loans Receivable | 913,332 | 549,269 |
Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Loans Receivable | 213,232 | 129,742 |
Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Loans Receivable | 3,510,517 | 1,985,363 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Loans Receivable | 69,570 | 37,462 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Loans Receivable | 511,421 | 256,908 |
For Loans Not Covered by Loss Share [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Past Due 30-59 Days | 21,889 | 15,277 |
Loans Past Due 60-89 Days | 8,563 | 8,105 |
Loans Past Due 90 Days or More | 38,274 | 27,273 |
Total Past Due | 68,726 | 50,655 |
Current Loans | 4,125,711 | 2,280,544 |
Total Loans Receivable | 4,194,437 | 2,331,199 |
Accruing Loans Past Due 90 Days or More | 23,141 | 5,937 |
For Loans Not Covered by Loss Share [Member] | Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Past Due 30-59 Days | 4,849 | 8,670 |
Loans Past Due 60-89 Days | 2,275 | 399 |
Loans Past Due 90 Days or More | 13,007 | 5,096 |
Total Past Due | 20,131 | 14,165 |
Current Loans | 1,719,537 | 1,004,874 |
Total Loans Receivable | 1,739,668 | 1,019,039 |
Accruing Loans Past Due 90 Days or More | 7,914 | 1,437 |
For Loans Not Covered by Loss Share [Member] | Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Past Due 30-59 Days | 2,206 | 374 |
Loans Past Due 60-89 Days | 352 | 732 |
Loans Past Due 90 Days or More | 5,959 | 3,976 |
Total Past Due | 8,517 | 5,082 |
Current Loans | 554,150 | 249,718 |
Total Loans Receivable | 562,667 | 254,800 |
Accruing Loans Past Due 90 Days or More | 4,879 | 1,296 |
For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Past Due 30-59 Days | 1,040 | ' |
Loans Past Due 60-89 Days | 1,082 | ' |
Loans Past Due 90 Days or More | 89 | 140 |
Total Past Due | 2,211 | 140 |
Current Loans | 79,407 | 32,373 |
Total Loans Receivable | 81,618 | 32,513 |
Accruing Loans Past Due 90 Days or More | ' | ' |
For Loans Not Covered by Loss Share [Member] | Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Past Due 30-59 Days | 7,936 | 3,724 |
Loans Past Due 60-89 Days | 2,676 | 1,978 |
Loans Past Due 90 Days or More | 13,775 | 12,561 |
Total Past Due | 24,387 | 18,263 |
Current Loans | 888,945 | 531,006 |
Total Loans Receivable | 913,332 | 549,269 |
Accruing Loans Past Due 90 Days or More | 6,492 | 2,589 |
For Loans Not Covered by Loss Share [Member] | Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Past Due 30-59 Days | ' | 157 |
Loans Past Due 60-89 Days | 1,437 | 4,439 |
Loans Past Due 90 Days or More | 2 | 3,215 |
Total Past Due | 1,439 | 7,811 |
Current Loans | 211,793 | 121,931 |
Total Loans Receivable | 213,232 | 129,742 |
Accruing Loans Past Due 90 Days or More | 1 | ' |
For Loans Not Covered by Loss Share [Member] | Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Past Due 30-59 Days | 16,031 | 12,925 |
Loans Past Due 60-89 Days | 7,822 | 7,548 |
Loans Past Due 90 Days or More | 32,832 | 24,988 |
Total Past Due | 56,685 | 45,461 |
Current Loans | 3,453,832 | 1,939,902 |
Total Loans Receivable | 3,510,517 | 1,985,363 |
Accruing Loans Past Due 90 Days or More | 19,286 | 5,322 |
For Loans Not Covered by Loss Share [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Past Due 30-59 Days | 717 | 780 |
Loans Past Due 60-89 Days | 226 | 187 |
Loans Past Due 90 Days or More | 224 | 688 |
Total Past Due | 1,167 | 1,655 |
Current Loans | 68,403 | 35,807 |
Total Loans Receivable | 69,570 | 37,462 |
Accruing Loans Past Due 90 Days or More | 100 | 95 |
For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Past Due 30-59 Days | 4,363 | 1,310 |
Loans Past Due 60-89 Days | 405 | 254 |
Loans Past Due 90 Days or More | 5,218 | 1,597 |
Total Past Due | 9,986 | 3,161 |
Current Loans | 501,435 | 253,747 |
Total Loans Receivable | 511,421 | 256,908 |
Accruing Loans Past Due 90 Days or More | 3,755 | 520 |
For Loans Not Covered by Loss Share [Member] | Agricultural and other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans Past Due 30-59 Days | 778 | 262 |
Loans Past Due 60-89 Days | 110 | 116 |
Loans Past Due 90 Days or More | ' | ' |
Total Past Due | 888 | 378 |
Current Loans | 102,041 | 51,088 |
Total Loans Receivable | 102,929 | 51,466 |
Accruing Loans Past Due 90 Days or More | ' | ' |
Allowance_for_Loan_Losses_Cred6
Allowance for Loan Losses, Credit Quality and Other - Summary of Non-Covered Impaired Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Interest Recognized | $3,900 | $6,400 | $6,200 |
Loans Without Specific Valuation Allowance [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 1,455 | 8,219 | 8,213 |
Total Recorded Investment | 6 | 8,216 | 8,038 |
Allocation of Allowance for Loan Losses | ' | ' | ' |
Average Recorded Investment | 5,746 | 4,638 | 4,859 |
Interest Recognized | 226 | 79 | 174 |
Loans Without Specific Valuation Allowance [Member] | Non-farm/non-residential [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 1,449 | 7,574 | 1,338 |
Total Recorded Investment | ' | 7,571 | 1,338 |
Allocation of Allowance for Loan Losses | ' | ' | ' |
Average Recorded Investment | 3,958 | 2,478 | 2,810 |
Interest Recognized | 177 | 73 | 77 |
Loans Without Specific Valuation Allowance [Member] | Construction/land development [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | ' | ' | 6,236 |
Total Recorded Investment | ' | ' | 6,236 |
Allocation of Allowance for Loan Losses | ' | ' | ' |
Average Recorded Investment | 106 | 1,314 | 1,456 |
Interest Recognized | 8 | ' | 80 |
Loans Without Specific Valuation Allowance [Member] | Agricultural [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | ' | ' | ' |
Total Recorded Investment | ' | ' | ' |
Allocation of Allowance for Loan Losses | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Recognized | ' | ' | ' |
Loans Without Specific Valuation Allowance [Member] | Residential 1-4 family [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 6 | 353 | 246 |
Total Recorded Investment | 6 | 353 | 246 |
Allocation of Allowance for Loan Losses | ' | ' | ' |
Average Recorded Investment | 1,016 | 712 | 428 |
Interest Recognized | 34 | 4 | 12 |
Loans Without Specific Valuation Allowance [Member] | Multifamily residential [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | ' | ' | ' |
Total Recorded Investment | ' | ' | ' |
Allocation of Allowance for Loan Losses | ' | ' | ' |
Average Recorded Investment | 534 | ' | ' |
Interest Recognized | 1 | ' | ' |
Loans Without Specific Valuation Allowance [Member] | Real estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 1,455 | 7,927 | 7,820 |
Total Recorded Investment | 6 | 7,924 | 7,820 |
Allocation of Allowance for Loan Losses | ' | ' | ' |
Average Recorded Investment | 5,614 | 4,504 | 4,694 |
Interest Recognized | 220 | 77 | 169 |
Loans Without Specific Valuation Allowance [Member] | Consumer [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | ' | ' | ' |
Total Recorded Investment | ' | ' | ' |
Allocation of Allowance for Loan Losses | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Recognized | ' | ' | ' |
Loans Without Specific Valuation Allowance [Member] | Commercial and Industrial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | ' | 292 | 393 |
Total Recorded Investment | ' | 292 | 218 |
Allocation of Allowance for Loan Losses | ' | ' | ' |
Average Recorded Investment | 132 | 134 | 165 |
Interest Recognized | 6 | 2 | 5 |
Loans Without Specific Valuation Allowance [Member] | Agricultural and other [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | ' | ' | ' |
Total Recorded Investment | ' | ' | ' |
Allocation of Allowance for Loan Losses | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Interest Recognized | ' | ' | ' |
Loans With Specific Valuation Allowance [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 114,581 | 120,820 | 139,225 |
Total Recorded Investment | 106,477 | 118,969 | 129,984 |
Allocation of Allowance for Loan Losses | 14,537 | 29,409 | 33,671 |
Average Recorded Investment | 98,384 | 128,884 | 121,666 |
Interest Recognized | 3,628 | 6,354 | 5,986 |
Loans With Specific Valuation Allowance [Member] | Non-farm/non-residential [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 56,465 | 67,378 | 78,978 |
Total Recorded Investment | 54,707 | 66,060 | 74,290 |
Allocation of Allowance for Loan Losses | 8,359 | 14,215 | 15,050 |
Average Recorded Investment | 55,361 | 71,882 | 58,222 |
Interest Recognized | 2,205 | 3,755 | 3,020 |
Loans With Specific Valuation Allowance [Member] | Construction/land development [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 29,461 | 20,592 | 15,364 |
Total Recorded Investment | 27,231 | 20,366 | 15,190 |
Allocation of Allowance for Loan Losses | 3,826 | 4,070 | 4,428 |
Average Recorded Investment | 23,121 | 19,489 | 22,010 |
Interest Recognized | 878 | 956 | 1,043 |
Loans With Specific Valuation Allowance [Member] | Agricultural [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 89 | ' | ' |
Total Recorded Investment | 89 | ' | ' |
Allocation of Allowance for Loan Losses | ' | ' | ' |
Average Recorded Investment | 83 | 7 | 479 |
Interest Recognized | ' | 1 | 10 |
Loans With Specific Valuation Allowance [Member] | Residential 1-4 family [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 19,188 | 19,364 | 25,173 |
Total Recorded Investment | 16,599 | 19,138 | 22,560 |
Allocation of Allowance for Loan Losses | 1,265 | 6,852 | 6,272 |
Average Recorded Investment | 13,248 | 20,518 | 21,157 |
Interest Recognized | 373 | 806 | 788 |
Loans With Specific Valuation Allowance [Member] | Multifamily residential [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 2,065 | 10,515 | 6,577 |
Total Recorded Investment | 2,065 | 10,515 | 6,576 |
Allocation of Allowance for Loan Losses | 1,082 | 2,513 | 2,213 |
Average Recorded Investment | 3,683 | 7,716 | 7,039 |
Interest Recognized | 100 | 353 | 349 |
Loans With Specific Valuation Allowance [Member] | Real estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 107,268 | 117,849 | 126,092 |
Total Recorded Investment | 100,691 | 116,079 | 118,616 |
Allocation of Allowance for Loan Losses | 14,532 | 27,650 | 27,963 |
Average Recorded Investment | 95,496 | 119,612 | 108,907 |
Interest Recognized | 3,556 | 5,871 | 5,210 |
Loans With Specific Valuation Allowance [Member] | Consumer [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 254 | 752 | 1,611 |
Total Recorded Investment | 223 | 746 | 1,596 |
Allocation of Allowance for Loan Losses | ' | 338 | 1,002 |
Average Recorded Investment | 385 | 1,078 | 1,348 |
Interest Recognized | 5 | 51 | 46 |
Loans With Specific Valuation Allowance [Member] | Commercial and Industrial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 7,059 | 2,219 | 10,319 |
Total Recorded Investment | 5,563 | 2,144 | 8,569 |
Allocation of Allowance for Loan Losses | ' | 1,421 | 3,503 |
Average Recorded Investment | 2,503 | 7,232 | 11,170 |
Interest Recognized | 67 | 411 | 730 |
Loans With Specific Valuation Allowance [Member] | Agricultural and other [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | ' | ' | 1,203 |
Total Recorded Investment | ' | ' | 1,203 |
Allocation of Allowance for Loan Losses | ' | ' | 1,203 |
Average Recorded Investment | ' | 962 | 241 |
Interest Recognized | ' | 21 | ' |
Total Impaired Loans [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 116,036 | 129,039 | 147,263 |
Total Recorded Investment | 106,483 | 127,185 | 138,022 |
Allocation of Allowance for Loan Losses | 14,537 | 29,409 | 33,671 |
Average Recorded Investment | 104,130 | 133,522 | 126,525 |
Interest Recognized | 3,854 | 6,433 | 6,160 |
Total Impaired Loans [Member] | Non-farm/non-residential [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 57,914 | 74,952 | 80,316 |
Total Recorded Investment | 54,707 | 73,631 | 75,628 |
Allocation of Allowance for Loan Losses | 8,359 | 14,215 | 15,050 |
Average Recorded Investment | 59,319 | 74,360 | 61,032 |
Interest Recognized | 2,382 | 3,828 | 3,097 |
Total Impaired Loans [Member] | Construction/land development [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 29,461 | 20,592 | 21,600 |
Total Recorded Investment | 27,231 | 20,366 | 21,426 |
Allocation of Allowance for Loan Losses | 3,826 | 4,070 | 4,428 |
Average Recorded Investment | 23,227 | 20,803 | 23,466 |
Interest Recognized | 886 | 956 | 1,123 |
Total Impaired Loans [Member] | Agricultural [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 89 | ' | ' |
Total Recorded Investment | 89 | ' | ' |
Allocation of Allowance for Loan Losses | ' | ' | ' |
Average Recorded Investment | 83 | 7 | 479 |
Interest Recognized | ' | 1 | 10 |
Total Impaired Loans [Member] | Residential 1-4 family [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 19,194 | 19,717 | 25,419 |
Total Recorded Investment | 16,605 | 19,491 | 22,806 |
Allocation of Allowance for Loan Losses | 1,265 | 6,852 | 6,272 |
Average Recorded Investment | 14,264 | 21,230 | 21,585 |
Interest Recognized | 407 | 810 | 800 |
Total Impaired Loans [Member] | Multifamily residential [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 2,065 | 10,515 | 6,577 |
Total Recorded Investment | 2,065 | 10,515 | 6,576 |
Allocation of Allowance for Loan Losses | 1,082 | 2,513 | 2,213 |
Average Recorded Investment | 4,217 | 7,716 | 7,039 |
Interest Recognized | 101 | 353 | 349 |
Total Impaired Loans [Member] | Real estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 108,723 | 125,776 | 133,912 |
Total Recorded Investment | 100,697 | 124,003 | 126,436 |
Allocation of Allowance for Loan Losses | 14,532 | 27,650 | 27,963 |
Average Recorded Investment | 101,110 | 124,116 | 113,601 |
Interest Recognized | 3,776 | 5,948 | 5,379 |
Total Impaired Loans [Member] | Consumer [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 254 | 752 | 1,611 |
Total Recorded Investment | 223 | 746 | 1,596 |
Allocation of Allowance for Loan Losses | ' | 338 | 1,002 |
Average Recorded Investment | 385 | 1,078 | 1,348 |
Interest Recognized | 5 | 51 | 46 |
Total Impaired Loans [Member] | Commercial and Industrial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | 7,059 | 2,511 | 10,537 |
Total Recorded Investment | 5,563 | 2,436 | 8,787 |
Allocation of Allowance for Loan Losses | 5 | 1,421 | 3,503 |
Average Recorded Investment | 2,635 | 7,366 | 11,335 |
Interest Recognized | 73 | 413 | 735 |
Total Impaired Loans [Member] | Agricultural and other [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Unpaid Contractual Principal Balance | ' | ' | 1,203 |
Total Recorded Investment | ' | ' | 1,203 |
Allocation of Allowance for Loan Losses | ' | ' | 1,203 |
Average Recorded Investment | ' | 962 | 241 |
Interest Recognized | ' | $21 | ' |
Allowance_for_Loan_Losses_Cred7
Allowance for Loan Losses, Credit Quality and Other - Presentation of Classified and Non-Covered Loans by Class and Risk Rating (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | $4,194,437 | $2,331,199 |
Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 1,739,668 | 1,019,039 |
Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 562,667 | 254,800 |
Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 81,618 | 32,513 |
Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 913,332 | 549,269 |
Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 213,232 | 129,742 |
Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 3,510,517 | 1,985,363 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 511,421 | 256,908 |
For Loans Not Covered by Loss Share [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 4,194,437 | 2,331,199 |
Purchased credit impaired loans acquired | 291,445 | 228,072 |
Total non-covered loans | 4,194,437 | 2,331,199 |
For Loans Not Covered by Loss Share [Member] | Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 1,739,668 | 1,019,039 |
For Loans Not Covered by Loss Share [Member] | Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 562,667 | 254,800 |
Purchased credit impaired loans acquired | 29,828 | 16,286 |
For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 81,618 | 32,513 |
For Loans Not Covered by Loss Share [Member] | Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 913,332 | 549,269 |
For Loans Not Covered by Loss Share [Member] | Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 213,232 | 129,742 |
For Loans Not Covered by Loss Share [Member] | Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 3,510,517 | 1,985,363 |
For Loans Not Covered by Loss Share [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 66,791 | 33,679 |
For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 511,421 | 256,908 |
Purchased credit impaired loans acquired | 21,822 | 25,771 |
For Loans Not Covered by Loss Share [Member] | Agricultural and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 102,929 | 51,466 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 93,020 | 103,055 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 55,874 | 55,906 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 19,140 | 17,805 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 89 | 140 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 12,747 | 19,172 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 2,064 | 5,272 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 89,914 | 98,295 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 454 | 1,495 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 2,620 | 3,226 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 32 | 39 |
Risk Rated 7 [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 199 | 348 |
Risk Rated 7 [Member] | For Loans Not Covered by Loss Share [Member] | Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 1 | 14 |
Risk Rated 7 [Member] | For Loans Not Covered by Loss Share [Member] | Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 7 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 7 [Member] | For Loans Not Covered by Loss Share [Member] | Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 196 | 319 |
Risk Rated 7 [Member] | For Loans Not Covered by Loss Share [Member] | Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 7 [Member] | For Loans Not Covered by Loss Share [Member] | Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 197 | 333 |
Risk Rated 7 [Member] | For Loans Not Covered by Loss Share [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 7 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 2 | 15 |
Risk Rated 7 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 8 [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 8 [Member] | For Loans Not Covered by Loss Share [Member] | Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 8 [Member] | For Loans Not Covered by Loss Share [Member] | Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 8 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 8 [Member] | For Loans Not Covered by Loss Share [Member] | Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 8 [Member] | For Loans Not Covered by Loss Share [Member] | Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 8 [Member] | For Loans Not Covered by Loss Share [Member] | Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 8 [Member] | For Loans Not Covered by Loss Share [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 8 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 8 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 93,219 | 103,403 |
Purchased credit impaired loans acquired | ' | ' |
Total non-covered loans | ' | ' |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 55,875 | 55,920 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 19,140 | 17,805 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 89 | 140 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 12,943 | 19,491 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 2,064 | 5,272 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 90,111 | 98,628 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 454 | 1,495 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 2,622 | 3,241 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 32 | 39 |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 42,555 | 19,969 |
Purchased credit impaired loans acquired | ' | ' |
Total non-covered loans | ' | ' |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 3 | 7 |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 54 | 41 |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 55 | ' |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 393 | 461 |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 505 | 509 |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 15,566 | 8,785 |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 25,809 | 10,431 |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 675 | 244 |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 16,390 | 4,194 |
Purchased credit impaired loans acquired | ' | ' |
Total non-covered loans | ' | ' |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 3,135 | 53 |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 94 | 116 |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 146 | 155 |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | ' | ' |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 3,375 | 324 |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 32 | 105 |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 5,845 | 1,248 |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 7,138 | 2,517 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 2,513,164 | 1,052,205 |
Purchased credit impaired loans acquired | ' | ' |
Total non-covered loans | ' | ' |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 1,039,110 | 483,816 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 198,228 | 65,215 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 53,633 | 10,920 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 654,739 | 305,369 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 150,023 | 23,760 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 2,095,733 | 889,080 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 42,647 | 14,771 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 300,108 | 119,599 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 74,676 | 28,755 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 1,173,117 | 858,615 |
Purchased credit impaired loans acquired | ' | ' |
Total non-covered loans | ' | ' |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 462,957 | 350,768 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 303,590 | 147,908 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 24,901 | 19,761 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 155,744 | 131,698 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 52,233 | 86,459 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 999,425 | 736,594 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 7,244 | 7,865 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 151,986 | 94,713 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 14,462 | 19,443 |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 64,547 | 64,741 |
Purchased credit impaired loans acquired | ' | ' |
Total non-covered loans | ' | ' |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 28,380 | 34,354 |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | Construction/land development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 11,732 | 7,429 |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 764 | ' |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 17,241 | 14,873 |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | Multifamily residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 1,679 | 5,521 |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | Real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 59,796 | 62,177 |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 848 | 658 |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | 3,229 | 1,905 |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural and other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans receivable not covered by loss share | $674 | $1 |
Allowance_for_Loan_Losses_Cred8
Allowance for Loan Losses, Credit Quality and Other - Presentation of Non-Covered TDR's by Class (Detail) (For Loans Not Covered by Loss Share [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Contracts | Contracts |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 27 | 55 |
Pre-Modification Outstanding Balance | $49,691 | $67,306 |
Rate Modification | 21,492 | 35,919 |
Term Modification | 10,905 | 13,506 |
Rate & Term Modification | 11,069 | 11,457 |
Post-Modification Outstanding Balance | 43,466 | 60,882 |
Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 14 | 34 |
Pre-Modification Outstanding Balance | 36,454 | 48,672 |
Rate Modification | 13,029 | 22,710 |
Term Modification | 8,384 | 11,198 |
Rate & Term Modification | 10,554 | 10,449 |
Post-Modification Outstanding Balance | 31,967 | 44,357 |
Construction/land development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 3 | 3 |
Pre-Modification Outstanding Balance | 8,324 | 9,117 |
Rate Modification | 5,811 | 6,489 |
Term Modification | 1,794 | 1,688 |
Rate & Term Modification | ' | ' |
Post-Modification Outstanding Balance | 7,605 | 8,177 |
Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 8 | 11 |
Pre-Modification Outstanding Balance | 1,646 | 4,621 |
Rate Modification | 589 | 3,337 |
Term Modification | 727 | 348 |
Rate & Term Modification | 170 | 623 |
Post-Modification Outstanding Balance | 1,486 | 4,308 |
Multifamily residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 2 |
Pre-Modification Outstanding Balance | 2,887 | 4,213 |
Rate Modification | 2,063 | 3,377 |
Term Modification | ' | ' |
Rate & Term Modification | ' | ' |
Post-Modification Outstanding Balance | 2,063 | 3,377 |
Real estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 26 | 50 |
Pre-Modification Outstanding Balance | 49,311 | 66,623 |
Rate Modification | 21,492 | 35,913 |
Term Modification | 10,905 | 13,234 |
Rate & Term Modification | 10,724 | 11,072 |
Post-Modification Outstanding Balance | 43,121 | 60,219 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 1 | 5 |
Pre-Modification Outstanding Balance | 380 | 683 |
Rate Modification | ' | 6 |
Term Modification | ' | 272 |
Rate & Term Modification | 345 | 385 |
Post-Modification Outstanding Balance | $345 | $663 |
Allowance_for_Loan_Losses_Cred9
Allowance for Loan Losses, Credit Quality and Other - Presentation of Non-Covered TDR's on Non-Accrual Status (Detail) (For Loans Not Covered by Loss Share [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Contracts | Contracts |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 4 | 7 |
Recorded Balance | $854 | $3,426 |
Non-farm/non-residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | 2 |
Recorded Balance | ' | 761 |
Construction/land development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | ' |
Recorded Balance | ' | ' |
Residential 1-4 family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 4 | 5 |
Recorded Balance | 854 | 2,665 |
Real estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | 4 | 7 |
Recorded Balance | 854 | 3,426 |
Commercial and Industrial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Loans | ' | ' |
Recorded Balance | ' | ' |
Recovered_Sheet1
Allowance for Loan Losses, Credit Quality and Other - Allowance for Loan Losses and Recorded Investment in Loans Covered by FDIC Loss Share Based on Portfolio Segment by Impairment Method (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning balance | $50,632 | ' |
Loans charged off | -19,511 | ' |
Recoveries of loans previously charged off | -4,060 | ' |
Net loans recovered (charged off) | -15,451 | ' |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 4,445 | ' |
Benefit attributable to FDIC loss share agreements | -3,454 | ' |
Net provision for loan losses | 991 | ' |
Increase in FDIC indemnification asset | 3,454 | ' |
Ending balance | 43,815 | ' |
Total Loans Receivable | 282,516 | 384,884 |
For Loans Covered by FDIC Loss Share [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning balance | 5,462 | ' |
Loans charged off | -5,314 | -2,042 |
Recoveries of loans previously charged off | 200 | ' |
Recoveries of loans previously charged off | -200 | 2 |
Net loans recovered (charged off) | -5,114 | -2,040 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 4,445 | 7,502 |
Benefit attributable to FDIC loss share agreements | -3,454 | -6,002 |
Net provision for loan losses | 991 | 1,500 |
Increase in FDIC indemnification asset | 3,454 | 6,002 |
Ending balance | 4,793 | 5,462 |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Loans evaluated for impairment balance, December 31 | ' | ' |
Purchased credit impaired loans acquired | 4,793 | 5,462 |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Purchased credit impaired loans acquired | 282,516 | 384,884 |
Total Loans Receivable | 282,516 | 384,884 |
Construction/land development [Member] | For Loans Covered by FDIC Loss Share [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning balance | 1,169 | ' |
Loans charged off | -905 | -648 |
Recoveries of loans previously charged off | 15 | ' |
Recoveries of loans previously charged off | ' | ' |
Net loans recovered (charged off) | -890 | -648 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 1,428 | 1,817 |
Benefit attributable to FDIC loss share agreements | -1,118 | -1,454 |
Net provision for loan losses | 310 | 363 |
Increase in FDIC indemnification asset | 1,118 | 1,454 |
Ending balance | 1,707 | 1,169 |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Loans evaluated for impairment balance, December 31 | ' | ' |
Purchased credit impaired loans acquired | 1,707 | 1,169 |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Purchased credit impaired loans acquired | 48,388 | 66,713 |
Total Loans Receivable | 48,388 | 66,713 |
Other Commercial Real Estate [Member] | For Loans Covered by FDIC Loss Share [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning balance | 4,005 | ' |
Loans charged off | -3,426 | -970 |
Recoveries of loans previously charged off | 13 | ' |
Recoveries of loans previously charged off | ' | ' |
Net loans recovered (charged off) | -3,413 | -970 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 246 | 4,975 |
Benefit attributable to FDIC loss share agreements | 44 | -3,980 |
Net provision for loan losses | 290 | 995 |
Increase in FDIC indemnification asset | -44 | 3,980 |
Ending balance | 838 | 4,005 |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Loans evaluated for impairment balance, December 31 | ' | ' |
Purchased credit impaired loans acquired | 838 | 4,005 |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Purchased credit impaired loans acquired | 118,396 | 167,005 |
Total Loans Receivable | 118,396 | 167,005 |
Residential Real Estate [Member] | For Loans Covered by FDIC Loss Share [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning balance | 228 | ' |
Loans charged off | -826 | -132 |
Recoveries of loans previously charged off | 172 | ' |
Recoveries of loans previously charged off | ' | 2 |
Net loans recovered (charged off) | -654 | -130 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 2,539 | 358 |
Benefit attributable to FDIC loss share agreements | -2,165 | -286 |
Net provision for loan losses | 374 | 72 |
Increase in FDIC indemnification asset | 2,165 | 286 |
Ending balance | 2,113 | 228 |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Loans evaluated for impairment balance, December 31 | ' | ' |
Purchased credit impaired loans acquired | 2,113 | 228 |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Purchased credit impaired loans acquired | 108,781 | 135,192 |
Total Loans Receivable | 108,781 | 135,192 |
Commercial and Industrial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total Loans Receivable | 5,852 | 14,668 |
Commercial and Industrial [Member] | For Loans Covered by FDIC Loss Share [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning balance | 60 | ' |
Loans charged off | -157 | -14 |
Recoveries of loans previously charged off | ' | ' |
Recoveries of loans previously charged off | ' | ' |
Net loans recovered (charged off) | -157 | -14 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 232 | 74 |
Benefit attributable to FDIC loss share agreements | -215 | -60 |
Net provision for loan losses | 17 | 14 |
Increase in FDIC indemnification asset | 215 | 60 |
Ending balance | 135 | 60 |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Loans evaluated for impairment balance, December 31 | ' | ' |
Purchased credit impaired loans acquired | 135 | 60 |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Purchased credit impaired loans acquired | 5,852 | 14,668 |
Total Loans Receivable | 5,852 | 14,668 |
Consumer & Other [Member] | For Loans Covered by FDIC Loss Share [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning balance | ' | ' |
Loans charged off | ' | -278 |
Recoveries of loans previously charged off | ' | ' |
Recoveries of loans previously charged off | ' | ' |
Net loans recovered (charged off) | ' | -278 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | ' | 278 |
Benefit attributable to FDIC loss share agreements | ' | -222 |
Net provision for loan losses | ' | 56 |
Increase in FDIC indemnification asset | ' | 222 |
Ending balance | ' | ' |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Loans evaluated for impairment balance, December 31 | ' | ' |
Purchased credit impaired loans acquired | ' | ' |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Purchased credit impaired loans acquired | 1,099 | 1,306 |
Total Loans Receivable | 1,099 | 1,306 |
Unallocated [Member] | For Loans Covered by FDIC Loss Share [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Beginning balance | ' | ' |
Loans charged off | ' | ' |
Recoveries of loans previously charged off | ' | ' |
Recoveries of loans previously charged off | ' | ' |
Net loans recovered (charged off) | ' | ' |
Provision for loan losses before benefit attributable to FDIC loss share agreements | ' | ' |
Benefit attributable to FDIC loss share agreements | ' | ' |
Net provision for loan losses | ' | ' |
Increase in FDIC indemnification asset | ' | ' |
Ending balance | ' | ' |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Loans evaluated for impairment balance, December 31 | ' | ' |
Purchased credit impaired loans acquired | ' | ' |
Loans individually evaluated for impairment | ' | ' |
Loans collectively evaluated for impairment | ' | ' |
Purchased credit impaired loans acquired | ' | ' |
Total Loans Receivable | ' | ' |
Recovered_Sheet2
Allowance for Loan Losses, Credit Quality and Other - Summary of Non Covered Purchased Credit Impaired Loans Acquired (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Liberty Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Contractually required principal and interest at acquisitions | ' | '172482 |
Non-accretable difference (expected losses and foregone interest) | ' | $41,935 |
Cash flows expected to be collected at acquisition | 105,645 | 130,547 |
Accretable yield | ' | 10,076 |
Basis in acquired loans at acquisition | ' | $120,471 |
Recovered_Sheet3
Allowance for Loan Losses, Credit Quality and Other - Changes in Carrying Amount of Accretable Yield for Purchased Credit Impaired Loans Acquired (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Accretable Yield [Line Items] | ' |
Balance at beginning of period, Accretable Yield | $127,371 |
Reforecasted future interest payments for loan pools, Accretable Yield | 8,988 |
Accretion, Accretable Yield | -56,081 |
Adjustment to yield, Accretable Yield | 29,627 |
Transfers to foreclosed assets held for sale | ' |
Payments received, net, Accretable Yield | ' |
Balance at end of period, Accretable Yield | 119,981 |
Balance at beginning of period, Carrying Amount of Loans | 384,884 |
Reforecasted future interest payments for loan pools, Carrying Amount of Loans | ' |
Accretion, Carrying Amount of Loans | 56,081 |
Adjustment to yield, Carrying Amount of Loans | ' |
Transfers to foreclosed assets held for sale | -10,476 |
Payments received, net, Carrying Amount of Loans | -205,071 |
Balance at end of period, Carrying Amount of Loans | 282,516 |
Liberty Bank [Member] | ' |
Accretable Yield [Line Items] | ' |
Acquisition of Liberty, Accretable Yield | 10,076 |
Acquisition of Liberty, Carrying Amount of Loans | $120,471 |
Goodwill_and_Core_Deposits_and2
Goodwill and Core Deposits and Other Intangibles - Summary of Changes in Carrying Amount and Accumulated Amortization of Company's Goodwill and Core Deposits and Other Intangibles (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill | ' | ' | ' |
Balance, beginning of period | $85,681 | $59,663 | ' |
Balance, end of period | 301,736 | 85,681 | 59,663 |
Core Deposit and Other Intangibles | ' | ' | ' |
Balance, beginning of period | 12,061 | 8,620 | ' |
Acquisitions | 13,861 | 6,202 | ' |
Amortization expense | -3,624 | -2,761 | -2,827 |
Balance, end of year | 22,298 | 12,061 | 8,620 |
Vision and Premier Acquisitions [Member] | ' | ' | ' |
Goodwill | ' | ' | ' |
Acquisitions | ' | 26,018 | ' |
Liberty Bank [Member] | ' | ' | ' |
Goodwill | ' | ' | ' |
Acquisitions | $216,055 | ' | ' |
Goodwill_and_Core_Deposits_and3
Goodwill and Core Deposits and Other Intangibles - Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Gross carrying amount | $43,524 | $29,663 | ' |
Accumulated amortization | -21,226 | -17,602 | ' |
Net carrying amount | $22,298 | $12,061 | $8,620 |
Goodwill_and_Core_Deposits_and4
Goodwill and Core Deposits and Other Intangibles - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Core deposit and other intangible amortization | $3,624,000 | $2,761,000 | $2,827,000 |
Amortization expense for year 2014 | 4,400,000 | ' | ' |
Amortization expense for year 2015 | 3,600,000 | ' | ' |
Amortization expense for year 2016 | 2,300,000 | ' | ' |
Amortization expense for year 2017 | 2,200,000 | ' | ' |
Amortization expense for year 2018 | 2,100,000 | ' | ' |
Carrying amount of Company's goodwill | 301,736,000 | 85,681,000 | 59,663,000 |
Heritage Bank [Member] | ' | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Core deposit and other intangible impaired | $173,000 | ' | ' |
Other_Assets_Additional_Inform
Other Assets - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule Of Other Assets [Line Items] | ' | ' |
FDIC claims receivable | $19.10 | $45.20 |
Fair value of equity securities | 52.6 | 20.2 |
FDIC [Member] | ' | ' |
Schedule Of Other Assets [Line Items] | ' | ' |
Other assets | $81.20 | $75.70 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deposits [Line Items] | ' | ' | ' |
Time deposits with a minimum denomination of $100,000 | $877,400,000 | $549,100,000 | ' |
Interest expense applicable to certificate | 4,100,000 | 7,800,000 | 9,900,000 |
Brokered deposits | 100,400,000 | 56,900,000 | ' |
Total deposits | 5,393,046,000 | 3,483,452,000 | ' |
State and political subdivisions [Member] | ' | ' | ' |
Deposits [Line Items] | ' | ' | ' |
Total deposits | $1,020,000 | $484,400,000 | ' |
Deposits_Summary_of_Scheduled_
Deposits - Summary of Scheduled Maturities of Time Deposits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments Schedule [Abstract] | ' | ' |
One month or less | $198,695 | ' |
Over 1 month to 3 months | 242,188 | ' |
Over 3 months to 6 months | 374,759 | ' |
Over 6 months to 12 months | 446,319 | ' |
Over 12 months to 2 years | 239,213 | ' |
Over 2 years to 3 years | 68,291 | ' |
Over 3 years to 5 years | 35,627 | ' |
Over 5 years | 4,370 | ' |
Total time deposits | $1,609,462 | $1,032,991 |
Securities_Sold_Under_Agreemen1
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Securities Sold Under Agreements To Repurchase [Abstract] | ' | ' |
Securities sold under agreements to repurchase | $160,984,000 | $66,278,000 |
Securities sold under agreements to repurchase daily weighted average | $88,100,000 | $67,000,000 |
FHLB_Borrowed_Funds_Additional
FHLB Borrowed Funds - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Federal Home Loan Bank Borrowing [Abstract] | ' | ' |
FHLB borrowed funds | $350,700,000 | $130,400,000 |
Maturity of FHLB advances | '2025 | ' |
Short-term advances | 130,300,000 | ' |
Long-term advances | 220,409,000 | ' |
FHLB minimum percentage of interest rate | 0.15% | ' |
FHLB maximum percentage of interest rate | 5.96% | ' |
Line of credit | $191,000,000 | $90,500,000 |
FHLB_Borrowed_Funds_Maturities
FHLB Borrowed Funds - Maturities of Borrowings with Original Maturities (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $35,316 |
2015 | 52,919 |
2016 | 15,485 |
2017 | 658 |
2018 | 111,684 |
Thereafter | 4,347 |
Long-term Debt, Total | $220,409 |
Subordinated_Debentures_Prefer
Subordinated Debentures - Preferred Trust Securities and Subordinated Debentures (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule Of Borrowings [Line Items] | ' | ' |
Subordinated debentures, issued | $60,826 | $28,867 |
Due 2033, fixed at 6.40%, during the first five years and at a floating rate of 3.15% [Member] | ' | ' |
Schedule Of Borrowings [Line Items] | ' | ' |
Subordinated debentures, issued | ' | 20,619 |
Due 2033, floating rate of 3.15% [Member] | ' | ' |
Schedule Of Borrowings [Line Items] | ' | ' |
Subordinated debentures, issued | ' | 5,155 |
Due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% [Member] | ' | ' |
Schedule Of Borrowings [Line Items] | ' | ' |
Subordinated debentures, issued | 3,093 | 3,093 |
Due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% [Member] | ' | ' |
Schedule Of Borrowings [Line Items] | ' | ' |
Subordinated debentures, issued | 15,464 | ' |
Due 2035, fixed rate of 5.836% during the first five years and at a floating rate of 1.45% [Member] | ' | ' |
Schedule Of Borrowings [Line Items] | ' | ' |
Subordinated debentures, issued | 25,774 | ' |
Due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% [Member] | ' | ' |
Schedule Of Borrowings [Line Items] | ' | ' |
Subordinated debentures, issued | $16,495 | ' |
Subordinated_Debentures_Prefer1
Subordinated Debentures - Preferred Trust Securities and Subordinated Debentures (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Due 2033, fixed at 6.40%, during the first five years and at a floating rate of 3.15% [Member] | ' |
Schedule Of Borrowings [Line Items] | ' |
Subordinated debentures, issued date | '2003 |
Subordinated debentures, due date | '2033 |
Fixed rate for first five years | 6.40% |
Floating rate above three-month LIBOR rate | 3.15% |
Due 2033, floating rate of 3.15% [Member] | ' |
Schedule Of Borrowings [Line Items] | ' |
Subordinated debentures, issued date | '2003 |
Subordinated debentures, due date | '2033 |
Floating rate above three-month LIBOR rate | 3.15% |
Due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% [Member] | ' |
Schedule Of Borrowings [Line Items] | ' |
Subordinated debentures, issued date | '2006 |
Subordinated debentures, due date | '2036 |
Fixed rate for first five years | 6.75% |
Floating rate above three-month LIBOR rate | 1.85% |
Due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% [Member] | ' |
Schedule Of Borrowings [Line Items] | ' |
Subordinated debentures, issued date | '2004 |
Subordinated debentures, due date | '2034 |
Fixed rate for first five years | 6.00% |
Floating rate above three-month LIBOR rate | 2.00% |
Due 2035, fixed rate of 5.836% during the first five years and at a floating rate of 1.45% [Member] | ' |
Schedule Of Borrowings [Line Items] | ' |
Subordinated debentures, issued date | '2005 |
Subordinated debentures, due date | '2035 |
Fixed rate for first five years | 5.84% |
Floating rate above three-month LIBOR rate | 1.45% |
Due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% [Member] | ' |
Schedule Of Borrowings [Line Items] | ' |
Subordinated debentures, issued date | '2004 |
Subordinated debentures, due date | '2034 |
Fixed rate for first five years | 4.29% |
Floating rate above three-month LIBOR rate | 2.50% |
Subordinated_Debentures_Additi
Subordinated Debentures - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Subordinate Debenture [Line Items] | ' | ' |
Company currently holds of trust preferred securities | $60,800,000 | ' |
Subordinated debentures, issued | 60,826,000 | 28,867,000 |
Subordinated Debentures [Member] | ' | ' |
Subordinate Debenture [Line Items] | ' | ' |
Subordinated debentures, issued | 25,800,000 | ' |
Liberty Bancshares Inc [Member] | ' | ' |
Subordinate Debenture [Line Items] | ' | ' |
Subordinated debentures | $57,700,000 | ' |
Income_Taxes_Summary_of_Compon
Income Taxes - Summary of Components of Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $11,507 | $30,041 | $32,751 |
State | 2,286 | 5,822 | 6,087 |
Total current | 13,793 | 35,863 | 38,838 |
Deferred: | ' | ' | ' |
Federal | 20,156 | -363 | -7,821 |
State | 4,004 | -71 | -1,416 |
Total deferred | 24,160 | -434 | -9,237 |
Provision for income taxes | $37,953 | $35,429 | $29,601 |
Income_Taxes_Reconciliation_be
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation Of Effective Income Tax Rate And Statutory Federal Corporate Tax Rate [Abstract] | ' | ' | ' |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Effect of nontaxable interest income | -2.25% | -2.47% | -2.87% |
Cash value of life insurance | -0.27% | -0.30% | -0.47% |
State income taxes, net of federal benefit | 3.93% | 3.80% | 3.60% |
Other | -0.08% | -0.04% | -0.16% |
Effective income tax rate | 36.33% | 35.99% | 35.10% |
Income_Taxes_Differences_Betwe
Income Taxes - Differences Between Tax Basis of Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for loan losses | $17,213 | $19,999 |
Deferred compensation | 3,230 | 1,331 |
Stock options | 277 | 231 |
Real estate owned | 11,145 | 9,211 |
Loan discounts | 65,639 | 51,946 |
Tax basis premium/discount on acquisitions | 20,671 | 23,914 |
Unrealized loss on securities available-for-sale | 2,673 | ' |
Deposits | 14 | 485 |
Investments | 2,568 | ' |
Other | 6,978 | 7,239 |
Gross deferred tax assets | 130,408 | 114,356 |
Deferred tax liabilities: | ' | ' |
Accelerated depreciation on premises and equipment | 3,616 | 377 |
Unrealized gain on securities available-for-sale | ' | 7,747 |
Core deposit intangibles | 5,650 | 1,506 |
Indemnification asset | 29,074 | 54,009 |
FHLB dividends | 1,602 | 889 |
Other | 1,054 | 2,830 |
Gross deferred tax liabilities | 40,996 | 67,358 |
Net deferred tax assets | $89,412 | $46,998 |
Common_Stock_and_Compensation_2
Common Stock and Compensation Plans - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 04, 2013 | Apr. 18, 2013 | Aug. 02, 2012 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 12, 2013 | Jan. 18, 2013 | Aug. 02, 2012 | Dec. 31, 2013 | Jan. 18, 2013 | Jan. 18, 2013 | Jun. 04, 2013 | Aug. 02, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | ||||
Restricted shares [Member] | Restricted shares [Member] | Restricted shares [Member] | Restricted shares [Member] | Restricted shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Restricted Stock Units With Earning Per Share Performance Conditions [Member] | Restricted Stock Units With Earning Per Share Performance Conditions [Member] | ||||||||||||
Board Of Directors [Member] | President [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Common stock, shares authorized | ' | 50,000,000 | ' | ' | 100,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase in number of authorized shares | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total shares of common stock before stock split | ' | ' | ' | ' | ' | ' | ' | 28,121,596 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total shares of common stock after stock split | ' | ' | ' | ' | ' | ' | ' | 56,243,192 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stock split conversion ratio | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of stock dividend from stock split | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Description of stock split arrangement | ' | 'Board of Directors declared a two-for-one stock split to be paid in the form of a 100% stock dividend on June 12, 2013 | ' | ' | 'All share and per share amounts have been restated to reflect the effect of the 2-for-1 stock split during June 2013. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Maximum restricted shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,644,000 | ' | ' | ' | ' | ' | ' | |||
Remaining shares of common stock available for grants or issuance | ' | ' | ' | ' | 1,594,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Shares reserved for issuance of common stock | ' | ' | ' | ' | 2,560,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Intrinsic value of stock options outstanding | ' | ' | ' | ' | $26,800,000 | $8,600,000 | $8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Intrinsic value of stock options vested | ' | ' | ' | ' | 22,100,000 | 8,200,000 | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Intrinsic value of stock options exercised | ' | ' | ' | ' | 2,200,000 | 3,800,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Unrecognized compensation cost net of income tax benefit, related to non-vested awards | ' | ' | ' | ' | $879,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average fair value of options granted | ' | ' | ' | ' | $4.50 | $3.59 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Vesting period of restricted stock issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | |||
Number of shares not vesting | ' | ' | ' | ' | 4,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Description of vesting period of shares with exceptional vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Restricted shares will vest equally each year over three years beginning on the third anniversary of the issuance. | ' | ' | ' | ' | ' | ' | |||
Shares issuance of restricted common stock | ' | ' | 208,000 | ' | ' | ' | ' | ' | 22,000 | 86,000 | ' | 18,000 | 4,000 | ' | 122,000 | ' | ' | |||
Average diluted earnings per share to be met | ' | ' | ' | ' | $1.14 | [1] | $1.11 | [1] | $0.92 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | $0.31 | $1.25 |
Share based compensation arrangement by share based payment award grants | 12,666 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Share based compensation arrangement by share based payment award vested | 9,666 | ' | ' | ' | 32,000 | 36,000 | 10,000 | ' | ' | ' | ' | ' | ' | 3,000 | ' | ' | ' | |||
Number of shares authorized to be repurchased | ' | ' | ' | ' | 2,376,000 | 890,896 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average price of stock repurchased | ' | ' | ' | ' | ' | $14.86 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Repurchase of combining of all the shares | ' | ' | ' | ' | 1,510,896 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Remaining balance available for repurchase | ' | ' | ' | ' | 865,104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | All per share amounts have been restated to reflect the effect of the 2-for-1 stock split during June 2013. |
Common_Stock_and_Compensation_3
Common Stock and Compensation Plans - Summary of Transactions under Company's Stock Option Plans (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | |||
Outstanding Shares, beginning of year | 871,000 | 1,138,000 | 1,320,000 | |||
Granted Shares | 184,000 | 90,000 | ' | |||
Forfeited Shares | -3,000 | -2,000 | ' | |||
Exercised Shares | 86,201 | [1] | 355,414 | [1] | 181,880 | [1] |
Outstanding Shares, end of year | 966,000 | 871,000 | 1,138,000 | |||
Exercisable Shares, end of year | 710,000 | 766,000 | 1,100,000 | |||
Outstanding Weighted Average Exercisable Price, beginning of year | $6.66 | $5.68 | $5.44 | |||
Weighted Average Exercisable Price, Granted | $21.24 | $13.13 | ' | |||
Weighted Average Exercisable Price, Forfeited | $8.60 | $4.65 | ' | |||
Weighted Average Exercisable Price, Exercised | $5.01 | $5.17 | $3.94 | |||
Outstanding Weighted Average Exercisable Price, end of year | $9.57 | $6.66 | $5.68 | |||
Exercisable Weighted Average Exercisable Price, end of year | $6.20 | $5.86 | $5.56 | |||
[1] | All share and per share amounts have been restated to reflect the effect of the 2-for-1 stock split during June 2013. |
Common_Stock_and_Compensation_4
Common Stock and Compensation Plans - Summary of Stock Options on Valuation Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Stock Option Valuation Assumptions [Abstract] | ' | ' |
Expected dividend yield | 1.42% | 1.52% |
Expected stock price volatility | 22.09% | 30.56% |
Risk-free interest rate | 1.33% | 1.47% |
Expected life of options | '6 years 6 months | '6 years 6 months |
Common_Stock_and_Compensation_5
Common Stock and Compensation Plans - Summary of Currently Outstanding and Exercisable Options (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Schedule Of Common Stock [Line Items] | ' |
Options Outstanding Shares | 966,000 |
Options Exercisable Shares | 710,000 |
Exercise Prices Range $3.08 to $3.50 [Member] | ' |
Schedule Of Common Stock [Line Items] | ' |
Exercise Prices, Lower Range Limit | $3.08 |
Exercise Prices, Upper Range Limit | $3.50 |
Options Outstanding Shares | 14,000 |
Options Exercisable Shares | 14,000 |
Weighted-Average Remaining Contractual Life (in years) | '1 year 3 months 15 days |
Options outstanding Weighted- Average Exercise Price | $3.32 |
Options Exercisable Weighted- Average Exercise Price | $3.32 |
Exercise Prices Range $3.92 to $4.34 [Member] | ' |
Schedule Of Common Stock [Line Items] | ' |
Exercise Prices, Lower Range Limit | $3.92 |
Exercise Prices, Upper Range Limit | $4.34 |
Options Outstanding Shares | 48,000 |
Options Exercisable Shares | 48,000 |
Weighted-Average Remaining Contractual Life (in years) | '1 year 6 months 15 days |
Options outstanding Weighted- Average Exercise Price | $4.24 |
Options Exercisable Weighted- Average Exercise Price | $4.24 |
Exercise Prices Range $4.78 to $4.92 [Member] | ' |
Schedule Of Common Stock [Line Items] | ' |
Exercise Prices, Lower Range Limit | $4.78 |
Exercise Prices, Upper Range Limit | $4.92 |
Options Outstanding Shares | 88,000 |
Options Exercisable Shares | 88,000 |
Weighted-Average Remaining Contractual Life (in years) | '1 year 6 months 11 days |
Options outstanding Weighted- Average Exercise Price | $4.82 |
Options Exercisable Weighted- Average Exercise Price | $4.82 |
Exercise Prices Range $5.33 to $5.33 [Member] | ' |
Schedule Of Common Stock [Line Items] | ' |
Exercise Prices, Lower Range Limit | $5.33 |
Exercise Prices, Upper Range Limit | $5.33 |
Options Outstanding Shares | 199,000 |
Options Exercisable Shares | 199,000 |
Weighted-Average Remaining Contractual Life (in years) | '1 year 10 months 6 days |
Options outstanding Weighted- Average Exercise Price | $5.33 |
Options Exercisable Weighted- Average Exercise Price | $5.33 |
Exercise Prices Range $5.54 to $5.54 [Member] | ' |
Schedule Of Common Stock [Line Items] | ' |
Exercise Prices, Lower Range Limit | $5.54 |
Exercise Prices, Upper Range Limit | $5.54 |
Options Outstanding Shares | 199,000 |
Options Exercisable Shares | 199,000 |
Weighted-Average Remaining Contractual Life (in years) | '2 years 2 months 12 days |
Options outstanding Weighted- Average Exercise Price | $5.54 |
Options Exercisable Weighted- Average Exercise Price | $5.54 |
Exercise Prices Range $8.32 to $8.60 [Member] | ' |
Schedule Of Common Stock [Line Items] | ' |
Exercise Prices, Lower Range Limit | $8.54 |
Exercise Prices, Upper Range Limit | $8.60 |
Options Outstanding Shares | 81,000 |
Options Exercisable Shares | 81,000 |
Weighted-Average Remaining Contractual Life (in years) | '4 years 15 days |
Options outstanding Weighted- Average Exercise Price | $8.57 |
Options Exercisable Weighted- Average Exercise Price | $8.57 |
Exercise Prices Range $9.25 to $9.31 [Member] | ' |
Schedule Of Common Stock [Line Items] | ' |
Exercise Prices, Lower Range Limit | $9.25 |
Exercise Prices, Upper Range Limit | $9.31 |
Options Outstanding Shares | 10,000 |
Options Exercisable Shares | 10,000 |
Weighted-Average Remaining Contractual Life (in years) | '3 years 4 months 24 days |
Options outstanding Weighted- Average Exercise Price | $9.29 |
Options Exercisable Weighted- Average Exercise Price | $9.29 |
Exercise Prices Range $10.16 to $11.37 [Member] | ' |
Schedule Of Common Stock [Line Items] | ' |
Exercise Prices, Lower Range Limit | $10.16 |
Exercise Prices, Upper Range Limit | $11.37 |
Options Outstanding Shares | 55,000 |
Options Exercisable Shares | 55,000 |
Weighted-Average Remaining Contractual Life (in years) | '3 years 3 months 18 days |
Options outstanding Weighted- Average Exercise Price | $10.33 |
Options Exercisable Weighted- Average Exercise Price | $10.33 |
Exercise prices range $13.12 to $13.12 [Member] | ' |
Schedule Of Common Stock [Line Items] | ' |
Exercise Prices, Lower Range Limit | $13.12 |
Exercise Prices, Upper Range Limit | $13.12 |
Options Outstanding Shares | 88,000 |
Options Exercisable Shares | 16,000 |
Weighted-Average Remaining Contractual Life (in years) | '8 years 22 days |
Options outstanding Weighted- Average Exercise Price | $13.12 |
Options Exercisable Weighted- Average Exercise Price | $13.12 |
Exercise Prices Range $17.25 to $34.80 [Member] | ' |
Schedule Of Common Stock [Line Items] | ' |
Exercise Prices, Lower Range Limit | $17.25 |
Exercise Prices, Upper Range Limit | $34.80 |
Options Outstanding Shares | 184,000 |
Options Exercisable Shares | ' |
Weighted-Average Remaining Contractual Life (in years) | '9 years 3 months 18 days |
Options outstanding Weighted- Average Exercise Price | $21.24 |
Options Exercisable Weighted- Average Exercise Price | ' |
Common_Stock_and_Compensation_6
Common Stock and Compensation Plans - Summary of Company's Restricted Stock Issued and Outstanding (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Nonvested Restricted Stock Units Activity [Abstract] | ' | ' | ' | ' |
Beginning of year | ' | 269,000 | 98,000 | 44,000 |
Issued | ' | 35,000 | 208,000 | 64,000 |
Vested | -9,666 | -32,000 | -36,000 | -10,000 |
Forfeited | ' | -16,000 | ' | ' |
End of year | ' | 256,000 | 269,000 | 98,000 |
Amount of expense for twelve months ended | ' | $1,086 | $780 | $351 |
NonInterest_Expense_Components
Non-Interest Expense - Components of Non-Interest Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components Of Non Interest Expense [Abstract] | ' | ' | ' |
Salaries and employee benefits | $58,394 | $47,289 | $42,825 |
Occupancy and equipment | 17,168 | 14,500 | 14,197 |
Data processing expense | 5,393 | 4,930 | 4,601 |
Other operating expenses: | ' | ' | ' |
Advertising | 1,829 | 2,447 | 4,270 |
Merger and acquisition expenses | 18,378 | 7,157 | 145 |
Amortization of intangibles | 3,624 | 2,761 | 2,827 |
Electronic banking expense | 4,207 | 3,175 | 2,733 |
Directors' fees | 767 | 807 | 811 |
Due from bank service charges | 616 | 536 | 496 |
FDIC and state assessment | 2,849 | 2,313 | 4,283 |
Insurance | 2,449 | 1,774 | 1,673 |
Legal and accounting | 1,393 | 1,065 | 1,603 |
Other professional fees | 1,928 | 1,655 | 1,954 |
Operating supplies | 1,439 | 1,134 | 1,168 |
Postage | 945 | 896 | 942 |
Telephone | 1,260 | 1,074 | 977 |
Other expense | 10,668 | 8,855 | 9,217 |
Total other operating expenses | 52,352 | 35,649 | 33,099 |
Total non-interest expense | $133,307 | $102,368 | $94,722 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 20, 2007 | |
Plan 401 k [Member] | ' | ' | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' | ' | ' |
Employee benefits plan expense | $702,000 | $604,000 | $522,000 | ' |
Chairman's Retirement Plan [Member] | ' | ' | ' | ' |
Employee Benefit Plans [Line Items] | ' | ' | ' | ' |
Employee benefits plan expense | 176,000 | 181,000 | 372,000 | ' |
Supplemental retirement benefit | ' | ' | ' | 250,000 |
Employee benefits plan vested | ' | ' | 100.00% | ' |
Supplemental retirement benefit plan during year | $250,000 | $250,000 | $125,000 | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transactions [Abstract] | ' | ' | ' |
Related party loans | $30,500,000 | $33,000,000 | ' |
Related parties new loans and advances | 14,400,000 | 14,000,000 | ' |
Repayments of loans by related parties | 16,900,000 | 14,000,000 | ' |
Non interest-bearing deposits | 13,500,000 | 23,500,000 | ' |
Savings and interest-bearing transaction accounts | 1,100,000 | 838,000 | ' |
Certificates of time deposit | 10,500,000 | 6,200,000 | ' |
Rent expense totaling paid to related parties | $98,000 | $97,000 | $97,000 |
Leases_Additional_Information_
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Leases [Abstract] | ' |
Company leases certain premises and equipment under non cancelable operating leases with terms | '15 years |
Leases_Minimum_Rental_Commitme
Leases - Minimum Rental Commitment under Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $2,717 |
2015 | 2,328 |
2016 | 1,925 |
2017 | 1,809 |
2018 | 1,406 |
Thereafter | 3,269 |
Operating lease, minimum rental commitments | $13,454 |
Significant_Estimates_and_Conc1
Significant Estimates and Concentrations - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
State | ||
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of non-covered loans represented by non-covered real estate loans | 56.80% | 56.00% |
Percentage of total stockholders' equity represented by non-covered real estate loans | 283.50% | 253.40% |
Percentage of non-covered loans represented by non-covered residential real estate loans | 26.90% | 29.10% |
Percentage of total stockholders' equity represented by non-covered residential real estate loans | 134.00% | 131.70% |
Number of states in which the Company has its primary market areas | 3 | ' |
Alabama, Arkansas and Florida [Member] | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of total loans distributed geographically | 90.50% | ' |
Arkansas, Florida and South Alabama [Member] | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Percentage of real estate loans distributed geographically | 84.60% | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Commitments to extend credit outstanding | $623.50 | $407.10 |
Maximum amount of future payments by the company | $21.40 | $16.40 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Financial Instrument At Fair Value [Line Items] | ' | ' | ' |
Material transfers between hierarchy levels | $0 | $0 | $0 |
Foreclosed assets held for sale not covered by loss share | 29,869,000 | 20,393,000 | ' |
Fair value, Level 3 inputs [Member] | ' | ' | ' |
Financial Instrument At Fair Value [Line Items] | ' | ' | ' |
Fair value of loans with specific allocated losses | 91,900,000 | 97,800,000 | ' |
Accrued interest receivable reversed | 632,000 | 495,000 | ' |
Foreclosed assets held for sale not covered by loss share | $29,900,000 | $20,400,000 | ' |
Minimum [Member] | ' | ' | ' |
Financial Instrument At Fair Value [Line Items] | ' | ' | ' |
Percentage of Collateral discount | 20.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Financial Instrument At Fair Value [Line Items] | ' | ' | ' |
Percentage of Collateral discount | 50.00% | ' | ' |
Financial_Instruments_Estimate
Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Investment securities - held-to-maturity | $114,621 | $0 | $0 |
Carrying Amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Federal funds purchased | ' | ' | ' |
Carrying Amount [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents | 165,534 | 231,855 | ' |
Federal funds sold | 4,275 | 17,148 | ' |
Accrued interest receivable | 22,944 | 16,305 | ' |
Demand and non-interest bearing | 991,161 | 666,414 | ' |
Savings and interest-bearing transaction accounts | 2,792,423 | 1,784,047 | ' |
Securities sold under agreements to repurchase | 160,984 | 66,278 | ' |
Accrued interest payable | 1,252 | 1,243 | ' |
Carrying Amount [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Investment securities - held-to-maturity | 114,621 | ' | ' |
FHLB borrowed funds | 350,661 | 130,388 | ' |
Carrying Amount [Member] | Fair value, Level 3 inputs [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Loans receivable not covered by loss share, net of non-covered impaired loans and allowance | 4,063,469 | 2,188,253 | ' |
Loans receivable covered by FDIC loss share, net of allowance | 277,723 | 379,422 | ' |
FDIC indemnification asset | 89,611 | 139,646 | ' |
Time deposits | 1,609,462 | 1,032,991 | ' |
Subordinated debentures | 60,826 | 28,867 | ' |
Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Federal funds purchased | ' | ' | ' |
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents | 165,534 | 231,855 | ' |
Federal funds sold | 4,275 | 17,148 | ' |
Accrued interest receivable | 22,944 | 16,305 | ' |
Demand and non-interest bearing | 991,161 | 666,414 | ' |
Savings and interest-bearing transaction accounts | 2,792,423 | 1,784,047 | ' |
Securities sold under agreements to repurchase | 160,984 | 66,278 | ' |
Accrued interest payable | 1,252 | 1,243 | ' |
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Investment securities - held-to-maturity | 113,901 | ' | ' |
FHLB borrowed funds | 357,674 | 139,654 | ' |
Fair Value [Member] | Fair value, Level 3 inputs [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Loans receivable not covered by loss share, net of non-covered impaired loans and allowance | 4,053,098 | 2,202,859 | ' |
Loans receivable covered by FDIC loss share, net of allowance | 277,723 | 379,422 | ' |
FDIC indemnification asset | 89,611 | 139,646 | ' |
Time deposits | 1,606,664 | 1,037,235 | ' |
Subordinated debentures | $60,826 | $28,911 | ' |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 |
Scenario, Forecast [Member] | |||
Regulatory Matters [Line Items] | ' | ' | ' |
Percentage of retained earnings plus current year earnings to be paid as maximum dividend | ' | 75.00% | ' |
Requested dividend by the company from its subsidiary | $50 | $41.20 | ' |
Percentage of dividend equaling to current year earnings | ' | 75.00% | 75.00% |
Regulatory_Matters_Summary_of_
Regulatory Matters - Summary of Company's Actual Capital Amount and Ratios (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Home BancShares [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Leverage ratios, Actual, Amount | $549,493 | $431,158 |
Leverage ratios, Actual, Ratio | 9.38% | 10.95% |
Leverage ratios, Minimum Capital Requirement, Amount | 234,325 | 157,501 |
Leverage ratios, Minimum Capital Requirement, Ratio | 4.00% | 4.00% |
Leverage ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | ' | ' |
Leverage ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | ' | ' |
Tier 1 capital ratios, Actual, Amount | 549,493 | 431,158 |
Tier 1 capital ratios, Actual, Ratio | 10.88% | 13.94% |
Tier 1 capital ratios, Minimum Capital Requirement, Amount | 202,019 | 123,718 |
Tier 1 capital ratios, Minimum Capital Requirement, Ratio | 4.00% | 4.00% |
Tier 1 capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | ' | ' |
Tier 1 capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | ' | ' |
Total risk-based capital ratios, Actual, Amount | 593,308 | 469,965 |
Total risk-based capital ratios, Actual, Ratio | 11.75% | 15.20% |
Total risk-based capital ratios, Minimum Capital Requirement, Amount | 403,954 | 247,350 |
Total risk-based capital ratios, Minimum Capital Requirement, Ratio | 8.00% | 8.00% |
Total risk-based capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | ' | ' |
Total risk-based capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | ' | ' |
Centennial Bank [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Leverage ratios, Actual, Amount | 514,943 | 387,752 |
Leverage ratios, Actual, Ratio | 7.96% | 9.84% |
Leverage ratios, Minimum Capital Requirement, Amount | 258,765 | 157,623 |
Leverage ratios, Minimum Capital Requirement, Ratio | 4.00% | 4.00% |
Leverage ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | 323,457 | 197,028 |
Leverage ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 5.00% | 5.00% |
Tier 1 capital ratios, Actual, Amount | 514,943 | 387,752 |
Tier 1 capital ratios, Actual, Ratio | 10.17% | 12.57% |
Tier 1 capital ratios, Minimum Capital Requirement, Amount | 202,534 | 123,390 |
Tier 1 capital ratios, Minimum Capital Requirement, Ratio | 4.00% | 4.00% |
Tier 1 capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | 303,801 | 185,084 |
Tier 1 capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 6.00% | 6.00% |
Total risk-based capital ratios, Actual, Amount | 558,758 | 426,454 |
Total risk-based capital ratios, Actual, Ratio | 11.03% | 13.83% |
Total risk-based capital ratios, Minimum Capital Requirement, Amount | 405,264 | 246,683 |
Total risk-based capital ratios, Minimum Capital Requirement, Ratio | 8.00% | 8.00% |
Total risk-based capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $506,580 | $308,354 |
Total risk-based capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 10.00% | 10.00% |
Additional_Cash_Flow_Informati2
Additional Cash Flow Information - Summary of Additional Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Additional Cash Flow Elements And Supplemental Cash Flow Information [Abstract] | ' | ' | ' |
Interest paid | $14,960 | $22,823 | $31,430 |
Income taxes paid | 26,045 | 35,570 | 37,150 |
Assets acquired by foreclosure | $31,133 | $31,117 | $42,714 |
Condensed_Financial_Informatio2
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $165,534 | $231,855 | $184,304 | $287,532 |
Other assets | 81,215 | 75,741 | ' | ' |
Total assets | 6,811,861 | 4,242,130 | ' | ' |
Subordinated debentures | 60,826 | 28,867 | ' | ' |
Total liabilities | 5,970,906 | 3,726,657 | ' | ' |
Common stock | 651 | 281 | ' | ' |
Capital surplus | 708,058 | 416,354 | ' | ' |
Retained earnings | 136,386 | 86,837 | ' | ' |
Total stockholders' equity | 840,955 | 515,473 | 474,066 | 476,925 |
Total liabilities and stockholders' equity | 6,811,861 | 4,242,130 | ' | ' |
Home BancShares [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 6,000 | 35,779 | 33,629 | 60,334 |
Investments in wholly-owned subsidiaries | 892,102 | 503,126 | ' | ' |
Investments in unconsolidated subsidiaries | 1,826 | 867 | ' | ' |
Other assets | 4,196 | 6,923 | ' | ' |
Total assets | 904,124 | 546,695 | ' | ' |
Subordinated debentures | 60,826 | 28,867 | ' | ' |
Other liabilities | 2,343 | 2,355 | ' | ' |
Total liabilities | 63,169 | 31,222 | ' | ' |
Common stock | 651 | 281 | ' | ' |
Capital surplus | 708,058 | 416,354 | ' | ' |
Retained earnings | 136,386 | 86,837 | ' | ' |
Accumulated other comprehensive income (loss) | -4,140 | 12,001 | ' | ' |
Total stockholders' equity | 840,955 | 515,473 | ' | ' |
Total liabilities and stockholders' equity | $904,124 | $546,695 | ' | ' |
Condensed_Financial_Informatio3
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Statements of Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Net income available to all stockholders | $66,520 | $63,022 | $54,741 |
Home BancShares [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Dividends from banking subsidiary | 91,178 | 48,366 | 39,760 |
Other income | 18 | 55 | 65 |
Total income | 91,196 | 48,421 | 39,825 |
Expenses | 5,055 | 4,909 | 5,089 |
Income before income taxes and equity in undistributed net income of subsidiaries | 86,141 | 43,512 | 34,736 |
Tax benefit for income taxes | 2,024 | 1,910 | 1,912 |
Income before equity in undistributed net income of subsidiaries | 88,165 | 45,422 | 36,648 |
Equity in undistributed net income of subsidiaries | -21,645 | 17,600 | 18,093 |
Net income available to all stockholders | $66,520 | $63,022 | $54,741 |
Condensed_Financial_Informatio4
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Net income | $66,520 | $63,022 | $54,741 |
Amortization/(accretion) | -1,214 | 6,696 | 1,506 |
Share-based compensation | 1,298 | 917 | 382 |
Tax benefit from stock options exercised | -836 | -1,377 | -562 |
Changes in other assets | 64,647 | 68,295 | 37,039 |
Changes in other liabilities | -36,105 | -9,531 | -4,708 |
Net cash provided by (used in) operating activities | 113,037 | 117,679 | 92,676 |
Net cash provided by (used in) investing activities | 84,166 | 362,300 | 20,181 |
Repurchase of preferred stock and common stock warrant | ' | ' | -51,300 |
Proceeds from exercise of stock options | 431 | 1,958 | 715 |
Common stock issuance costs - market acquisitions | -577 | ' | ' |
Retirement of subordinated debentures | -25,000 | -15,000 | ' |
Tax benefit from stock options exercised | 836 | 1,377 | 562 |
Repurchase of common stock | ' | -13,549 | -6,768 |
Net cash provided by (used in) financing activities | -263,524 | -432,428 | -216,085 |
Increase (decrease) in cash and cash equivalents | -66,321 | 47,551 | -103,228 |
Cash and cash equivalents - beginning of year | 231,855 | 184,304 | 287,532 |
Cash and cash equivalents - end of year | 165,534 | 231,855 | 184,304 |
Home BancShares [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Net income | 66,520 | 63,022 | 54,741 |
Amortization/(accretion) | ' | ' | ' |
Loss on investment securities | ' | ' | ' |
Share-based compensation | 1,298 | 917 | 36 |
Tax benefit from stock options exercised | -836 | -1,377 | -562 |
Equity in undistributed income of subsidiaries | 21,645 | -17,600 | -18,093 |
Changes in other assets | 1,674 | -1,049 | 2,102 |
Changes in other liabilities | -1,819 | 1,181 | 410 |
Net cash provided by (used in) operating activities | 88,482 | 45,094 | 38,634 |
Net cash provided by (used in) investing activities | -76,980 | -1,415 | ' |
Repurchase of preferred stock and common stock warrant | ' | ' | -51,300 |
Proceeds from exercise of stock options | 431 | 1,958 | 1,061 |
Common stock issuance costs - market acquisitions | -577 | ' | ' |
Retirement of subordinated debentures | -25,000 | -15,000 | ' |
Tax benefit from stock options exercised | 836 | 1,377 | 562 |
Repurchase of common stock | ' | -13,549 | -6,768 |
Dividends paid | -16,971 | -16,315 | -8,894 |
Net cash provided by (used in) financing activities | -41,281 | -41,529 | -65,339 |
Increase (decrease) in cash and cash equivalents | -29,779 | 2,150 | -26,705 |
Cash and cash equivalents - beginning of year | 35,779 | 33,629 | 60,334 |
Cash and cash equivalents - end of year | 6,000 | 35,779 | 33,629 |
Home BancShares [Member] | Premier Bank Inc [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Purchase of Liberty Bank | ' | -1,415 | ' |
Home BancShares [Member] | Liberty Bank [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Purchase of Liberty Bank | ($76,980) | ' | ' |