Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | HOMB | |
Entity Registrant Name | HOME BANCSHARES INC | |
Entity Central Index Key | 1,331,520 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 70,106,620 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 120,262 | $ 105,438 |
Interest-bearing deposits with other banks | 108,394 | 7,090 |
Cash and cash equivalents | 228,656 | 112,528 |
Federal funds sold | 250 | |
Investment securities - available-for-sale | 1,141,405 | 1,067,287 |
Investment securities - held-to-maturity | 324,949 | 356,790 |
Loans receivable not covered by loss share | 5,900,175 | 4,817,314 |
Loans receivable covered by FDIC loss share | 105,414 | 240,188 |
Allowance for loan losses | (63,659) | (55,011) |
Loans receivable, net | 5,941,930 | 5,002,491 |
Bank premises and equipment, net | 205,505 | 206,912 |
Foreclosed assets held for sale not covered by loss share | 18,204 | 16,951 |
Foreclosed assets held for sale covered by FDIC loss share | 2,612 | 7,871 |
FDIC indemnification asset | 11,290 | 28,409 |
Cash value of life insurance | 75,281 | 74,444 |
Accrued interest receivable | 26,977 | 24,075 |
Deferred tax asset, net | 63,075 | 65,227 |
Goodwill | 322,728 | 325,423 |
Core deposit and other intangibles | 18,828 | 20,925 |
Other assets | 134,113 | 93,689 |
Total assets | 8,515,553 | 7,403,272 |
Deposits: | ||
Demand and non-interest-bearing | 1,409,949 | 1,203,306 |
Savings and interest-bearing transaction accounts | 3,230,722 | 2,974,850 |
Time deposits | 1,312,343 | 1,245,815 |
Total deposits | 5,953,014 | 5,423,971 |
Securities sold under agreements to repurchase | 134,142 | 176,465 |
FHLB borrowed funds | 1,216,152 | 697,957 |
Accrued interest payable and other liabilities | 60,141 | 28,761 |
Subordinated debentures | 60,826 | 60,826 |
Total liabilities | 7,424,275 | 6,387,980 |
Stockholders' equity: | ||
Common stock, par value $0.01; shares authorized 100,000,000 in 2015 and 2014; shares issued and outstanding 68,000,363 in 2015 and 67,570,610 in 2014 | 680 | 676 |
Capital surplus | 782,500 | 781,328 |
Retained earnings | 299,984 | 226,279 |
Accumulated other comprehensive income | 8,114 | 7,009 |
Total stockholders' equity | 1,091,278 | 1,015,292 |
Total liabilities and stockholders' equity | $ 8,515,553 | $ 7,403,272 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 68,000,363 | 67,570,610 |
Common stock, shares outstanding | 68,000,363 | 67,570,610 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income: | ||||
Loans | $ 88,671 | $ 75,917 | $ 246,518 | $ 226,334 |
Investment securities | ||||
Taxable | 5,157 | 4,905 | 15,830 | 14,137 |
Tax-exempt | 2,789 | 2,552 | 8,315 | 7,248 |
Deposits - other banks | 32 | 20 | 167 | 73 |
Federal funds sold | 4 | 7 | 15 | 35 |
Total interest income | 96,653 | 83,401 | 270,845 | 247,827 |
Interest expense: | ||||
Interest on deposits | 3,045 | 3,243 | 9,614 | 9,722 |
Federal funds purchased | 1 | 2 | 3 | 2 |
FHLB borrowed funds | 2,030 | 1,035 | 4,133 | 2,933 |
Securities sold under agreements to repurchase | 146 | 186 | 481 | 536 |
Subordinated debentures | 340 | 330 | 1,003 | 986 |
Total interest expense | 5,562 | 4,796 | 15,234 | 14,179 |
Net interest income | 91,091 | 78,605 | 255,611 | 233,648 |
Provision for loan losses | 7,106 | 4,241 | 16,274 | 17,294 |
Net interest income after provision for loan losses | 83,985 | 74,364 | 239,337 | 216,354 |
Non-interest income: | ||||
Service charges on deposit accounts | 6,250 | 6,275 | 17,724 | 18,379 |
Other service charges and fees | 6,644 | 5,977 | 19,359 | 17,641 |
Trust fees | 398 | 306 | 2,016 | 1,065 |
Mortgage lending income | 3,132 | 1,901 | 8,019 | 5,215 |
Insurance commissions | 548 | 984 | 1,755 | 3,334 |
Income from title services | 28 | 59 | 98 | 162 |
Increase in cash value of life insurance | 268 | 322 | 871 | 891 |
Dividends from FHLB, FRB, Bankers' bank & other | 433 | 389 | 1,267 | 1,206 |
Gain on acquisitions | 1,635 | |||
Gain on sale of SBA loans | 151 | 183 | 151 | 183 |
Gain (loss) on sale of premises and equipment, net | (266) | (35) | (237) | 419 |
Gain (loss) on OREO, net | (40) | 529 | 190 | 1,927 |
Gain (loss) on securities, net | 4 | |||
FDIC indemnification accretion/(amortization), net | (1,994) | (6,947) | (8,152) | (18,313) |
Other income | 993 | 888 | 3,542 | 2,442 |
Total non-interest income | 16,545 | 10,831 | 48,242 | 34,551 |
Non-interest expense: | ||||
Salaries and employee benefits | 22,225 | 19,368 | 63,671 | 57,114 |
Occupancy and equipment | 6,540 | 6,234 | 19,267 | 18,711 |
Data processing expense | 2,619 | 1,801 | 8,101 | 5,387 |
Other operating expenses | 13,209 | 15,414 | 37,517 | 39,582 |
Total non-interest expense | 44,593 | 42,817 | 128,556 | 120,794 |
Income before income taxes | 55,937 | 42,378 | 159,023 | 130,111 |
Income tax expense | 20,196 | 15,007 | 58,257 | 46,974 |
Net income | $ 35,741 | $ 27,371 | $ 100,766 | $ 83,137 |
Basic earnings per share | $ 0.53 | $ 0.41 | $ 1.49 | $ 1.27 |
Diluted earnings per share | $ 0.52 | $ 0.41 | $ 1.48 | $ 1.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 35,741 | $ 27,371 | $ 100,766 | $ 83,137 |
Net unrealized (loss) gain on available-for-sale securities | 3,670 | 1,071 | 1,823 | 15,594 |
Less: reclassification adjustment for realized (gains) losses included in income | 4 | |||
Other comprehensive (loss) income, before tax effect | 3,670 | 1,071 | 1,819 | 15,594 |
Tax effect | (1,440) | (421) | (714) | (6,118) |
Other comprehensive (loss) income | 2,230 | 650 | 1,105 | 9,476 |
Comprehensive income | $ 37,971 | $ 28,021 | $ 101,871 | $ 92,613 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Florida Traditions Bank [Member] | Broward Financial Holdings, Inc [Member] | Common Stock [Member] | Common Stock [Member]Florida Traditions Bank [Member] | Common Stock [Member]Broward Financial Holdings, Inc [Member] | Capital Surplus [Member] | Capital Surplus [Member]Florida Traditions Bank [Member] | Capital Surplus [Member]Broward Financial Holdings, Inc [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2013 | $ 840,955 | $ 651 | $ 708,058 | $ 136,386 | $ (4,140) | ||||||
Comprehensive income: | |||||||||||
Net income | 83,137 | 83,137 | |||||||||
Other comprehensive income (loss) | 9,476 | 9,476 | |||||||||
Net issuance of shares of common stock from exercise of stock options | 208 | 1 | 207 | ||||||||
Disgorgement of profits | 25 | 25 | |||||||||
Issuance of shares of common stock from the acquisition | $ 39,267 | $ 13 | $ 39,254 | ||||||||
Tax benefit from stock options exercised | 410 | 410 | |||||||||
Share-based compensation | 1,619 | 1,619 | |||||||||
Cash dividends - Common Stock | (16,416) | (16,416) | |||||||||
Ending balance at Sep. 30, 2014 | 958,681 | 665 | 749,573 | 203,107 | 5,336 | ||||||
Comprehensive income: | |||||||||||
Net income | 29,926 | 29,926 | |||||||||
Other comprehensive income (loss) | 1,673 | 1,673 | |||||||||
Net issuance of shares of common stock from exercise of stock options | 366 | 366 | |||||||||
Issuance of shares of common stock from the acquisition | $ 30,131 | $ 10 | $ 30,121 | ||||||||
Tax benefit from stock options exercised | 815 | 815 | |||||||||
Share-based compensation | 454 | 1 | 453 | ||||||||
Cash dividends - Common Stock | (6,754) | (6,754) | |||||||||
Ending balance at Dec. 31, 2014 | 1,015,292 | 676 | 781,328 | 226,279 | 7,009 | ||||||
Comprehensive income: | |||||||||||
Net income | 100,766 | 100,766 | |||||||||
Other comprehensive income (loss) | 1,105 | 1,105 | |||||||||
Net issuance of shares of common stock from exercise of stock options | 213 | 2 | 211 | ||||||||
Repurchase of shares of common stock | (2,015) | (1) | (2,014) | ||||||||
Tax benefit from stock options exercised | 196 | 196 | |||||||||
Share-based compensation | 2,782 | 3 | 2,779 | ||||||||
Cash dividends - Common Stock | (27,061) | (27,061) | |||||||||
Ending balance at Sep. 30, 2015 | $ 1,091,278 | $ 680 | $ 782,500 | $ 299,984 | $ 8,114 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net issuance cost of common stock | $ 215 | ||
Net issuance of shares of common stock from exercise of stock options | 76,663 | 172,501 | 43,698 |
Common stock shares repurchased | 67,332 | ||
Common stock, cash dividends per share | $ 0.10 | $ 0.40 | $ 0.25 |
Florida Traditions Bank [Member] | |||
Net issuance of shares of common stock | 1,316,072 | ||
Net issuance cost of common stock | $ 215 | ||
Broward Financial Holdings, Inc [Member] | |||
Net issuance of shares of common stock | 1,020,824 | ||
Net issuance cost of common stock | $ 116 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Activities | ||
Net income | $ 100,766 | $ 83,137 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 7,728 | 7,492 |
Amortization/(accretion) | 17,091 | 25,647 |
Share-based compensation | 2,782 | 1,619 |
Tax benefits from stock options exercised | (196) | (410) |
(Gain) loss on assets | (100) | (2,529) |
Gain on acquisitions | (1,635) | |
Provision for loan losses | 16,274 | 17,294 |
Deferred income tax effect | 1,438 | 15,752 |
Increase in cash value of life insurance | (871) | (891) |
Originations of mortgage loans held for sale | (209,056) | (169,905) |
Proceeds from sales of mortgage loans held for sale | 199,797 | 163,228 |
Changes in assets and liabilities: | ||
Accrued interest receivable | (2,902) | 289 |
Indemnification and other assets | (31,450) | 26,959 |
Accrued interest payable and other liabilities | 31,576 | 19,166 |
Net cash provided by (used in) operating activities | 131,242 | 186,848 |
Investing Activities | ||
Net (increase) decrease in federal funds sold | 250 | (39,730) |
Net (increase) decrease in loans, excluding loans acquired | (639,150) | (132,688) |
Purchases of investment securities - available-for-sale | (249,707) | (79,543) |
Proceeds from maturities of investment securities - available-for-sale | 172,411 | 212,629 |
Proceeds from sale of investment securities - available-for-sale | 931 | |
Purchases of investment securities - held-to-maturity | (6,562) | (194,240) |
Proceeds from maturities of investment securities - held-to-maturity | 36,743 | 12,194 |
Proceeds from foreclosed assets held for sale | 21,909 | 34,307 |
Proceeds from sale of SBA loans | 2,160 | 1,488 |
Proceeds from sale of insurance book of business | 2,938 | |
Purchases of premises and equipment, net | (6,558) | (3,680) |
Return of investment on cash value of life insurance | 27 | |
Net cash proceeds (paid) received - market acquisitions | 140,820 | 13,315 |
Net cash provided by (used in) investing activities | (523,788) | (175,948) |
Financing Activities | ||
Net increase (decrease) in deposits, excluding deposits acquired | 61,469 | (383,123) |
Net increase (decrease) in securities sold under agreements to repurchase | (42,323) | (89) |
Net increase (decrease) in FHLB borrowed funds | 518,195 | 360,249 |
Proceeds from exercise of stock options | 213 | 208 |
Repurchase of common stock | (2,015) | |
Disgorgement of profits | 25 | |
Common stock issuance costs - market acquisitions | (215) | |
Tax benefits from stock options exercised | 196 | 410 |
Dividends paid on common stock | (27,061) | (16,416) |
Net cash provided by (used in) financing activities | 508,674 | (38,951) |
Net change in cash and cash equivalents | 116,128 | (28,051) |
Cash and cash equivalents - beginning of year | 112,528 | 165,534 |
Cash and cash equivalents - end of period | $ 228,656 | $ 137,483 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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 (sometimes referred to as “Centennial” or the “Bank”). The Bank has branch locations in Arkansas, Florida and South Alabama and a loan production office in New York City. The Company is subject to competition from other financial institutions. The Company also is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. A summary of the significant accounting policies of the Company follows: Operating Segments Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Bank is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the 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, and 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. Interim financial information The accompanying unaudited consolidated financial statements as of September 30, 2015 and 2014 have been prepared in condensed format, and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The information furnished in these interim statements reflects all adjustments, which are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year. The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2014 Form 10-K, filed with the Securities and Exchange Commission. Earnings per Share Basic earnings per share is computed based on the weighted-average number of shares outstanding during each year. Diluted earnings per share is computed using the weighted-average shares and all potential dilutive shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share (EPS) for the following periods: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Net income $ 35,741 $ 27,371 $ 100,766 $ 83,137 Average shares outstanding 67,869 66,223 67,698 65,499 Effect of common stock options 212 393 273 390 Average diluted shares outstanding 68,081 66,616 67,971 65,889 Basic earnings per share $ 0.53 $ 0.41 $ 1.49 $ 1.27 Diluted earnings per share $ 0.52 $ 0.41 $ 1.48 $ 1.26 |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | 2. Business Combinations Acquisition of Pool of National Commercial Real Estate Loans On April 1, 2015, the Company’s wholly-owned bank subsidiary, Centennial, entered into an agreement with AM PR LLC, an affiliate of J.C. Flowers & Co. (collectively, the “Seller”) to purchase a pool of national commercial real estate loans totaling approximately $289.1 million for a purchase price of 99% of the total principal value of the acquired loans. The purchase of the loans was completed on April 1, 2015. The acquired loans were originated by the former Doral Bank within its Doral Property Finance portfolio (“DPF Portfolio”) and were transferred to the Seller by Banco Popular of Puerto Rico (“Popular”) upon its acquisition of the assets and liabilities of Doral Bank from the Federal Deposit Insurance Corporation (“FDIC”), as receiver for the failed Doral Bank. This pool of loans is now housed in a division of Centennial known as the Centennial Commercial Finance Group (“Centennial CFG”). The Centennial CFG is responsible for servicing the acquired loan pool and originating new loan production. In connection with this acquisition of loans, the Company opened a loan production office on April 23, 2015 in New York City. Through the loan production office, Centennial CFG plans to build out a national lending platform focusing on commercial real estate plus commercial and industrial loans. Acquisition of Doral Bank’s Florida Panhandle operations On February 27, 2015, the Company’s banking subsidiary, Centennial, acquired all the deposits and substantially all the assets of Doral Bank’s Florida Panhandle operations (“Doral Florida”) through an alliance agreement with Popular who was the successful lead bidder with the FDIC on the failed Doral Bank of San Juan, Puerto Rico. Including the effects of the purchase accounting adjustments, the acquisition provided the Company with loans of approximately $37.9 million net of loan discounts, deposits of approximately $467.6 million, plus a $428.2 million cash settlement to balance the transaction. There is no loss-share with the FDIC in the acquired assets. Prior to the acquisition, Doral Florida operated five branch locations in Panama City, Panama City Beach and Pensacola, Florida plus a loan production office in Tallahassee, Florida. At the time of acquisition, Centennial operated 29 branch locations in the Florida Panhandle. As a result, the Company closed all five branch locations during the July 2015 systems conversion and returned the facilities back to the FDIC. The Company has determined that the acquisition of the net assets of Doral Florida constitutes a business combination as defined by the FASB ASC Topic 805, Business Combinations Fair Value Measurements Doral Bank’s Florida Panhandle operations Acquired from FDIC Fair Value As Recorded by HBI (Dollars in thousands) Assets Cash and due from banks $ 1,688 $ 428,214 $ 429,902 Loans receivable not covered by loss share 42,244 (4,300 ) 37,944 Total loans receivable 42,244 (4,300 ) 37,944 Core deposit intangible — 1,363 1,363 Total assets acquired $ 43,932 $ 425,277 $ 469,209 Liabilities Deposits Demand and non-interest-bearing $ 3,130 $ — $ 3,130 Savings and interest-bearing transaction accounts 119,865 — 119,865 Time deposits 343,271 1,308 344,579 Total deposits 466,266 1,308 467,574 Total liabilities assumed $ 466,266 $ 1,308 $ 467,574 Pre-tax gain on acquisition $ 1,635 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 Loans The Company evaluated $36.9 million of the loans purchased in conjunction with the acquisition in accordance with the provisions of FASB ASC Topic 310-20, Nonrefundable Fees and Other Costs Loans and Debt Securities Acquired with Deteriorated Credit Quality Core deposit intangible Deposits The Company’s operating results for the period ended September 30, 2015, include the operating results of the acquired assets and assumed liabilities subsequent to the acquisition date. Due to the fair value adjustments recorded and the fact Doral Florida total assets acquired excluding the cash settlement received is less than 1% of total assets as of acquisition date, historical results are not believed to be material to the Company’s results, and thus no pro-forma information is presented. Acquisition of Broward Financial Holdings, Inc. On October 23, 2014, the Company completed its acquisition of Broward Financial Holdings, Inc. (“Broward”), parent company of Broward Bank of Commerce, pursuant to a previously announced definitive agreement and plan of merger whereby a wholly-owned acquisition subsidiary (“Acquisition Sub II”) of HBI merged with and into Broward, resulting in Broward becoming a wholly-owned subsidiary of HBI. Immediately thereafter, Broward Bank of Commerce was merged into Centennial. Under the terms of the Agreement and Plan of Merger dated July 30, 2014 by and among HBI, Centennial, Broward, Broward Bank of Commerce and Acquisition Sub II, HBI issued 1,020,824 shares of its common stock valued at approximately $30.2 million as of October 23, 2014, plus $3.3 million in cash in exchange for all outstanding shares of Broward common stock. HBI has also agreed to pay the Broward shareholders, at an undetermined date, up to approximately $751,000 in additional consideration. The amount and timing of the additional payment, if any, will depend on future payments received or losses incurred by Centennial from certain current Broward Bank of Commerce loans. At September 30, 2015 and December 31, 2014, the Company had recorded a fair value of zero for the potential additional consideration. Prior to the acquisition, Broward Bank of Commerce operated two banking locations in Fort Lauderdale, Florida. Including the effects of the purchase accounting adjustments, Broward had approximately $184.4 million in total assets, $121.1 million in total loans after $3.0 million of loan discounts, and $134.2 million in deposits. As of the acquisition date, Broward’s common equity totaled $20.4 million and the Company paid a purchase price to the Broward shareholders of approximately $33.6 million for the Broward acquisition. As a result, the Company paid a multiple of 1.62 of Broward’s book value per share and tangible book value per share. See Note 2 “Business Combinations” in the Notes to Consolidated Financial Statements on Form 10-K for the year ended December 31, 2014 for an additional discussion regarding the acquisition of Broward. Acquisition of Florida Traditions Bank On July 17, 2014, the Company completed the acquisition of all of the issued and outstanding shares of common stock of Florida Traditions Bank (“Traditions”) and merged Traditions into Centennial. Under the terms of the Agreement and Plan of Merger dated April 25, 2014, by and among the Company, Centennial, and Traditions, the shareholders of Traditions received approximately $39.5 million of the Company’s common stock valued at the time of closing, in exchange for all outstanding shares of Traditions common stock. Prior to the acquisition, Traditions operated eight banking locations in Central Florida, including its main office in Dade City, Florida. Including the effects of the purchase accounting adjustments, Traditions had $310.5 million in total assets, $241.6 million in loans after $8.5 million of loan discounts, and $267.3 million in deposits. The transaction was accretive to the Company’s book value per common share and tangible book value per common share by $0.31 per share and $0.21 per share, respectively. See Note 2 “Business Combinations” in the Notes to Consolidated Financial Statements on Form 10-K for the year ended December 31, 2014 for an additional discussion regarding the acquisition of Traditions. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
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: September 30, 2015 Available-for-Sale Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 407,861 $ 3,375 $ (784 ) $ 410,452 Mortgage-backed securities 480,457 5,736 (542 ) 485,651 State and political subdivisions 186,732 6,633 (180 ) 193,185 Other securities 53,003 210 (1,096 ) 52,117 Total $ 1,128,053 $ 15,954 $ (2,602 ) $ 1,141,405 Held-to-Maturity Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 7,760 $ 54 $ (28 ) $ 7,786 Mortgage-backed securities 142,537 1,367 (74 ) 143,830 State and political subdivisions 174,652 4,090 (136 ) 178,606 Total $ 324,949 $ 5,511 $ (238 ) $ 330,222 December 31, 2014 Available-for-Sale Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 333,880 $ 2,467 $ (269 ) $ 336,078 Mortgage-backed securities 500,292 4,235 (1,445 ) 503,082 State and political subdivisions 170,207 6,522 (88 ) 176,641 Other securities 51,375 437 (326 ) 51,486 Total $ 1,055,754 $ 13,661 $ (2,128 ) $ 1,067,287 Held-to-Maturity Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 4,724 $ 2 $ (11 ) $ 4,715 Mortgage-backed securities 161,051 580 (193 ) 161,438 State and political subdivisions 191,015 5,178 (74 ) 196,119 Total $ 356,790 $ 5,760 $ (278 ) $ 362,272 Assets, principally investment securities, having a carrying value of approximately $1.18 billion and $1.23 billion at September 30, 2015 and December 31, 2014, 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 $134.1 million and $176.5 million at September 30, 2015 and December 31, 2014, respectively. The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at September 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (In thousands) Due in one year or less $ 324,213 $ 325,998 $ 71,087 $ 71,991 Due after one year through five years 639,384 648,881 186,329 190,339 Due after five years through ten years 123,420 123,869 27,081 27,438 Due after ten years 41,036 42,657 40,452 40,454 Total $ 1,128,053 $ 1,141,405 $ 324,949 $ 330,222 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 three-month period ended September 30, 2015, no available-for-sale securities were sold. During the nine-month period ended September 30, 2015, approximately $931,000, in available-for-sale securities were sold. The gross realized gain on the sale for the nine-month period ended September 30, 2015 totaled approximately $4,000. The income tax expense/benefit to net security gains and losses was 39.225% of the gross amounts. During the three and nine-month periods ended September 30, 2014, no available-for-sale securities were sold. 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. During the nine-month period ended September 30, 2015, no securities were deemed to have other-than-temporary impairment besides securities for which impairment was taken in prior periods. As of September 30, 2015, the Company had investment securities with a fair value of approximately $800,000 in unrealized losses, which have been 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 84.0% 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 September 30, 2015 and December 31, 2014: September 30, 2015 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) U.S. government-sponsored enterprises $ 96,280 $ (795 ) $ 4,813 $ (17 ) $ 101,093 $ (812 ) Mortgage-backed securities 56,751 (336 ) 42,320 (280 ) 99,071 (616 ) State and political subdivisions 38,235 (289 ) 3,217 (27 ) 41,452 (316 ) Other securities 25,007 (620 ) 11,870 (476 ) 36,877 (1,096 ) Total $ 216,273 $ (2,040 ) $ 62,220 $ (800 ) $ 278,493 $ (2,840 ) December 31, 2014 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) U.S. government-sponsored enterprises $ 22,004 $ (113 ) $ 27,616 $ (167 ) $ 49,620 $ (280 ) Mortgage-backed securities 221,171 (812 ) 76,596 (826 ) 297,767 (1,638 ) State and political subdivisions 15,171 (106 ) 10,038 (56 ) 25,209 (162 ) Other securities 10,054 (51 ) 12,390 (275 ) 22,444 (326 ) Total $ 268,400 $ (1,082 ) $ 126,640 $ (1,324 ) $ 395,040 $ (2,406 ) Income earned on securities for the three and nine months ended September 30, 2015 and 2014, is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Taxable: Available-for-sale $ 4,265 $ 4,295 $ 13,020 $ 13,214 Held-to-maturity 892 610 2,810 923 Non-taxable: Available-for-sale 1,457 1,391 4,178 4,330 Held-to-maturity 1,332 1,161 4,137 2,918 Total $ 7,946 $ 7,457 $ 24,145 $ 21,385 |
Loans Receivable Not Covered by
Loans Receivable Not Covered by Loss Share | 9 Months Ended |
Sep. 30, 2015 | |
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: September 30, December 31, 2015 2014 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 2,655,882 $ 1,987,890 Construction/land development 805,003 700,139 Agricultural 75,233 72,211 Residential real estate loans Residential 1-4 family 1,055,504 963,990 Multifamily residential 392,483 250,222 Total real estate 4,984,105 3,974,452 Consumer 46,677 56,720 Commercial and industrial 749,846 670,124 Agricultural 78,217 48,833 Other 41,330 67,185 Loans receivable not covered by loss share $ 5,900,175 $ 4,817,314 During the three and nine-month periods ended September 30, 2015, the Company sold $2.2 million of the guaranteed portion of SBA loans, which resulted in a gain of approximately $151,000. During the three and nine-month periods ended September 30, 2014, the Company sold $1.3 million of the guaranteed portion of SBA loans, which resulted in a gain of approximately $183,000. Mortgage loans held for sale of approximately $39.4 million and $33.1 million at September 30, 2015 and December 31, 2014, 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 September 30, 2015 and December 31, 2014 were not material. |
Loans Receivable Covered by FDI
Loans Receivable Covered by FDIC Loss Share | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and December 31, 2014 for the Company: September 30, 2015 December 31, 2014 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 25,903 $ 93,979 Construction/land development 7,836 39,946 Agricultural 735 943 Residential real estate loans Residential 1-4 family 66,447 87,309 Multifamily residential 1,200 8,617 Total real estate 102,121 230,794 Consumer 10 16 Commercial and industrial 2,682 8,651 Other 601 727 Loans receivable covered by FDIC loss share $ 105,414 $ 240,188 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 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 September 30, 2015 and December 31, 2014, $5.2 million and $22.5 million, respectively, were accruing loans past due 90 days or more. |
Allowance for Loan Losses, Cred
Allowance for Loan Losses, Credit Quality and Other | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30, 2015: For Loans Not Covered by Loss Share For Loans Covered by FDIC Loss Share Total (In thousands) Allowance for loan losses: Beginning balance $ 52,471 $ 2,540 $ 55,011 Loans charged off (10,455 ) (1,023 ) (11,478 ) Recoveries of loans previously charged off 2,260 133 2,393 Net loans recovered (charged off) (8,195 ) (890 ) (9,085 ) Provision for loan losses for non-covered loans 15,276 — 15,276 Reclass of provision for loan losses attributable to FDIC loss share agreements 1,029 — 1,029 Provision for loan losses forecasted outside of loss share — — — Provision for loan losses before benefit attributable to FDIC loss share agreements — 2,457 2,457 Change attributable to FDIC loss share agreements — (1,459 ) (1,459 ) Net provision for loan losses for covered loans — 998 998 Reclass of provision for loan losses attributable to FDIC loss share agreements — (1,029 ) (1,029 ) Increase in FDIC indemnification asset — 1,459 1,459 Balance, September 30, 2015 $ 60,581 $ 3,078 $ 63,659 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 three and nine-month periods ended September 30, 2015 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 September 30, 2015. 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 discount for credit losses on non-covered loans acquired was $134.1 million, $139.7 million and $148.2 million at September 30, 2015, December 31, 2014 and September 30, 2014, respectively. Three Months Ended September 30, 2015 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 9,403 $ 19,982 $ 12,934 $ 7,534 $ 5,011 $ 1,013 $ 55,877 Loans charged off (64 ) (1,534 ) (1,043 ) (355 ) (970 ) — (3,966 ) Recoveries of loans previously charged off 13 (4 ) 179 159 188 — 535 Net loans recovered (charged off) (51 ) (1,538 ) (864 ) (196 ) (782 ) — (3,431 ) Provision for loan losses (805 ) 3,927 1,920 1,303 514 247 7,106 Reclass of provision for loan losses attributable to FDIC loss share agreements 745 1,033 (738 ) (6 ) (5 ) — 1,029 Balance, September 30 $ 9,292 $ 23,404 $ 13,252 $ 8,635 $ 4,738 $ 1,260 $ 60,581 Nine Months Ended September 30, 2015 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 8,116 $ 17,227 $ 13,446 $ 5,950 $ 5,798 $ 1,934 $ 52,471 Loans charged off (541 ) (3,190 ) (2,995 ) (1,774 ) (1,955 ) — (10,455 ) Recoveries of loans previously charged off 79 697 428 395 661 — 2,260 Net loans recovered (charged off) (462 ) (2,493 ) (2,567 ) (1,379 ) (1,294 ) — (8,195 ) Provision for loan losses 893 7,637 3,111 4,070 239 (674 ) 15,276 Reclass of provision for loan losses attributable to FDIC loss share agreements 745 1,033 (738 ) (6 ) (5 ) — 1,029 Balance, September 30 $ 9,292 $ 23,404 $ 13,252 $ 8,635 $ 4,738 $ 1,260 $ 60,581 As of September 30, 2015 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Period end amount allocated to: Loans individually evaluated for impairment $ 1,195 $ 2,036 $ 1,244 $ 988 $ — $ — $ 5,463 Loans collectively evaluated for impairment 8,096 21,200 11,963 7,646 4,737 1,260 54,902 Loans evaluated for impairment balance, September 30 9,291 23,236 13,207 8,634 4,737 1,260 60,365 Purchased credit impaired loans acquired 1 168 45 1 1 — 216 Balance, September 30 $ 9,292 $ 23,404 $ 13,252 $ 8,635 $ 4,738 $ 1,260 $ 60,581 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 21,247 $ 53,676 $ 18,240 $ 6,361 $ 7,202 $ — $ 106,726 Loans collectively evaluated for impairment 767,683 2,581,800 1,378,584 730,753 157,664 — 5,616,484 Loans evaluated for impairment balance, September 30 788,930 2,635,476 1,396,824 737,114 164,866 — 5,723,210 Purchased credit impaired loans acquired 16,073 95,639 51,163 12,732 1,358 — 176,965 Balance, September 30 $ 805,003 $ 2,731,115 $ 1,447,987 $ 749,846 $ 166,224 $ — $ 5,900,175 The following tables present the balances in the allowance for loan losses for the non-covered loan portfolio for the nine-month period ended September 30, 2014 and the year ended December 31, 2014, 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, 2014. 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, 2014 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 6,282 $ 15,100 $ 8,889 $ 1,933 $ 2,563 $ 4,255 $ 39,022 Loans charged off (553 ) (1,148 ) (2,045 ) (1,600 ) (2,148 ) — (7,494 ) Recoveries of loans previously charged off 68 230 385 255 935 — 1,873 Net loans recovered (charged off) (485 ) (918 ) (1,660 ) (1,345 ) (1,213 ) — (5,621 ) Provision for loan losses 733 4,117 5,160 2,763 3,965 556 17,294 Balance, September 30 6,530 18,299 12,389 3,351 5,315 4,811 50,695 Loans charged off (420 ) (1,174 ) (1,004 ) (566 ) (647 ) — (3,811 ) Recoveries of loans previously charged off 274 12 564 51 220 — 1,121 Net loans recovered (charged off) (146 ) (1,162 ) (440 ) (515 ) (427 ) — (2,690 ) Provision for loan losses 1,732 90 1,497 3,114 910 (2,877 ) 4,466 Balance, December 31 $ 8,116 $ 17,227 $ 13,446 $ 5,950 $ 5,798 $ 1,934 $ 52,471 As of December 31, 2014 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Period end amount allocated to: Loans individually evaluated for impairment $ 1,477 $ 3,080 $ 2,183 $ 6 $ — $ — $ 6,746 Loans collectively evaluated for impairment 6,624 12,447 10,827 5,880 5,798 1,934 43,510 Loans evaluated for impairment balance, December 31 8,101 15,527 13,010 5,886 5,798 1,934 50,256 Purchased credit impaired loans acquired 15 1,700 436 64 — — 2,215 Balance, December 31 $ 8,116 $ 17,227 $ 13,446 $ 5,950 $ 5,798 $ 1,934 $ 52,471 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 19,037 $ 48,065 $ 21,734 $ 4,084 $ 484 $ — $ 93,404 Loans collectively evaluated for impairment 659,465 1,900,472 1,131,021 650,163 169,815 — 4,510,936 Loans evaluated for impairment balance, December 31 678,502 1,948,537 1,152,755 654,247 170,299 — 4,604,340 Purchased credit impaired loans acquired 21,637 111,564 61,457 15,877 2,439 — 212,974 Balance, December 31 $ 700,139 $ 2,060,101 $ 1,214,212 $ 670,124 $ 172,738 $ — $ 4,817,314 The following is an aging analysis for the non-covered loan portfolio as of September 30, 2015 and December 31, 2014: September 30, 2015 Loans Past Due 30-59 Days Loans Past Due 60-89 Days Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans Past Due 90 Days or More (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 2,080 $ 2,225 $ 19,685 $ 23,990 $ 2,631,892 $ 2,655,882 $ 2,694 Construction/land development 2,051 411 3,396 5,858 799,145 805,003 1,130 Agricultural 465 — 30 495 74,738 75,233 30 Residential real estate loans Residential 1-4 family 4,410 1,666 17,164 23,240 1,032,264 1,055,504 4,668 Multifamily residential — — 1,328 1,328 391,155 392,483 1 Total real estate 9,006 4,302 41,603 54,911 4,929,194 4,984,105 8,523 Consumer 298 76 210 584 46,093 46,677 7 Commercial and industrial 1,043 491 5,693 7,227 742,619 749,846 2,860 Agricultural and other 550 5 1,289 1,844 117,703 119,547 — Total $ 10,897 $ 4,874 $ 48,795 $ 64,566 $ 5,835,609 $ 5,900,175 $ 11,390 December 31, 2014 Loans Past Due 30-59 Days Loans Past Due 60-89 Days Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans Past Due 90 Days or More (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 5,942 $ 1,311 $ 14,781 $ 22,034 $ 1,965,856 $ 1,987,890 $ 5,880 Construction/land development 2,696 847 1,660 5,203 694,936 700,139 734 Agricultural 307 — 34 341 71,870 72,211 34 Residential real estate loans Residential 1-4 family 4,680 1,494 16,077 22,251 941,739 963,990 4,128 Multifamily residential — — 2,035 2,035 248,187 250,222 691 Total real estate 13,625 3,652 34,587 51,864 3,922,588 3,974,452 11,467 Consumer 368 149 858 1,375 55,345 56,720 579 Commercial and industrial 1,669 549 3,933 6,151 663,973 670,124 2,825 Agricultural and other 463 16 184 663 115,355 116,018 — Total $ 16,125 $ 4,366 $ 39,562 $ 60,053 $ 4,757,261 $ 4,817,314 $ 14,871 Non-accruing loans not covered by loss share at September 30, 2015 and December 31, 2014 were $37.4 million and $24.7 million, respectively. The following is a summary of the non-covered impaired loans as of September 30, 2015 and December 31, 2014: September 30, 2015 Three Months Ended Nine Months Ended Unpaid Contractual Principal Balance Total Recorded Investment Allocation of Allowance for Loan Losses Average Recorded Investment Interest Recognized Average Recorded Investment Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ — $ — $ — $ — $ — $ — $ — Construction/land development — — — — — — — Agricultural — — — — — — — Residential real estate loans Residential 1-4 family — — — 13 — 6 — Multifamily residential — — — — — — — Total real estate — — — 13 — 6 — Consumer — — — — — — — Commercial and industrial — — — — — — — Agricultural and other — — — — — — — Total loans without a specific valuation allowance — — — 13 — 6 — Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 48,876 47,836 2,036 45,056 269 43,661 828 Construction/land development 13,807 12,987 1,195 13,113 44 16,263 214 Agricultural 53 30 — 30 — 51 — Residential real estate loans Residential 1-4 family 19,531 18,142 83 18,360 102 16,851 305 Multifamily residential 3,645 3,644 1,161 3,653 4 3,811 30 Total real estate 85,912 82,639 4,475 80,212 419 80,637 1,377 Consumer 217 211 — 415 — 640 6 Commercial and industrial 10,252 8,076 988 6,662 37 5,387 85 Agricultural and other 1,289 1,289 — 836 — 509 4 Total loans with a specific valuation allowance 97,670 92,215 5,463 88,125 456 87,173 1,472 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 48,876 47,836 2,036 45,056 269 43,661 828 Construction/land development 13,807 12,987 1,195 13,113 44 16,263 214 Agricultural 53 30 — 30 — 51 — Residential real estate loans Residential 1-4 family 19,531 18,142 83 18,373 102 16,857 305 Multifamily residential 3,645 3,644 1,161 3,653 4 3,811 30 Total real estate 85,912 82,639 4,475 80,225 419 80,643 1,377 Consumer 217 211 — 415 — 640 6 Commercial and industrial 10,252 8,076 988 6,662 37 5,387 85 Agricultural and other 1,289 1,289 — 836 — 509 4 Total impaired loans $ 97,670 $ 92,215 $ 5,463 $ 88,138 $ 456 $ 87,179 $ 1,472 Note December 31, 2014 Year Ended Unpaid Contractual Principal Balance Total Recorded Investment Allocation of Allowance for Loan Losses Average Recorded Investment Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ — $ — $ — $ 676 $ 14 Construction/land development — — — — — Agricultural — — — — — Residential real estate loans Residential 1-4 family — — — 25 2 Multifamily residential — — — — — Total real estate — — — 701 16 Consumer — — — — — Commercial and industrial — — — — — Agricultural and other — — — — — Total loans without a specific valuation allowance — — — 701 16 Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 44,242 41,670 3,080 43,556 1,379 Construction/land development 18,369 18,075 1,477 21,142 656 Agricultural 53 33 — 60 1 Residential real estate loans Residential 1-4 family 18,052 16,051 1,065 16,701 407 Multifamily residential 4,614 4,327 1,118 4,037 120 Total real estate 85,330 80,156 6,740 85,496 2,563 Consumer 890 857 — 407 14 Commercial and industrial 5,916 4,246 6 5,059 151 Agricultural and other 185 185 — 114 — Total loans with a specific valuation allowance 92,321 85,444 6,746 91,076 2,728 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 44,242 41,670 3,080 44,232 1,393 Construction/land development 18,369 18,075 1,477 21,142 656 Agricultural 53 33 — 60 1 Residential real estate loans Residential 1-4 family 18,052 16,051 1,065 16,726 409 Multifamily residential 4,614 4,327 1,118 4,037 120 Total real estate 85,330 80,156 6,740 86,197 2,579 Consumer 890 857 — 407 14 Commercial and industrial 5,916 4,246 6 5,059 151 Agricultural and other 185 185 — 114 — Total impaired loans $ 92,321 $ 85,444 $ 6,746 $ 91,777 $ 2,744 Note Interest recognized on non-covered impaired loans during the three months ended September 30, 2015 and 2014 was approximately $456,000 and $688,000, respectively. Interest recognized on non-covered impaired loans during the nine months ended September 30, 2015 and 2014 was approximately $1.5 million and $2.3 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. 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. • Risk rating 2 – Good. • Risk rating 3 – Satisfactory. • Risk rating 4 – Watch. • Risk rating 5 – Other Loans Especially Mentioned (“OLEM”) • Risk rating 6 – Substandard. • Risk rating 7 – Doubtful. • Risk rating 8 – Loss. The Company’s classified loans include loans in risk ratings 6, 7 and 8. The following is a presentation of classified non-covered loans September 30, 2015 Risk Rated 6 Risk Rated 7 Risk Rated 8 Classified Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 38,335 $ 992 $ — $ 39,327 Construction/land development 15,951 — — 15,951 Agricultural — — — — Residential real estate loans Residential 1-4 family 14,538 728 — 15,266 Multifamily residential 3,679 — — 3,679 Total real estate 72,503 1,720 — 74,223 Consumer 275 20 — 295 Commercial and industrial 4,579 26 — 4,605 Agricultural and other 1,194 — — 1,194 Total $ 78,551 $ 1,766 $ — $ 80,317 December 31, 2014 Risk Rated 6 Risk Rated 7 Risk Rated 8 Classified Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 34,698 $ 24 $ — $ 34,722 Construction/land development 16,112 — — 16,112 Agricultural — — — — Residential real estate loans Residential 1-4 family 15,622 343 — 15,965 Multifamily residential 3,382 — — 3,382 Total real estate 69,814 367 — 70,181 Consumer 903 19 — 922 Commercial and industrial 2,244 5 — 2,249 Agricultural and other 178 — — 178 Total $ 73,139 $ 391 $ — $ 73,530 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 $2.0 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 September 30, 2015 and December 31, 2014: September 30, 2015 Risk Rated 1 Risk Rated 2 Risk Rated 3 Risk Rated 4 Risk Rated 5 Classified Total Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 497 $ 5,873 $ 1,798,471 $ 695,047 $ 21,543 $ 39,327 $ 2,560,758 Construction/land development 66 86 259,744 508,606 4,477 15,951 788,930 Agricultural — 325 47,461 26,724 208 — 74,718 Residential real estate loans Residential 1-4 family 998 2,116 793,058 185,911 14,224 15,266 1,011,573 Multifamily residential — 406 261,268 117,588 2,310 3,679 385,251 Total real estate 1,561 8,806 3,160,002 1,533,876 42,762 74,223 4,821,230 Consumer 13,967 273 20,750 10,424 124 295 45,833 Commercial and industrial 12,367 6,783 429,100 279,122 5,137 4,605 737,114 Agricultural and other 4,469 844 60,360 46,330 5,836 1,194 119,033 Total risk rated loans $ 32,364 $ 16,706 $ 3,670,212 $ 1,869,752 $ 53,859 $ 80,317 5,723,210 Purchased credit impaired loans acquired 176,965 Total non-covered loans $ 5,900,175 December 31, 2014 Risk Rated 1 Risk Rated 2 Risk Rated 3 Risk Rated 4 Risk Rated 5 Classified Total Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 3,674 $ 15,914 $ 1,300,835 $ 501,931 $ 20,115 $ 34,722 $ 1,877,191 Construction/land development 15 355 241,659 415,380 4,981 16,112 678,502 Agricultural — 610 35,539 34,469 728 — 71,346 Residential real estate loans Residential 1-4 family 494 3,505 714,278 165,464 11,730 15,965 911,436 Multifamily residential — 400 192,687 42,578 2,272 3,382 241,319 Total real estate 4,183 20,784 2,484,998 1,159,822 39,826 70,181 3,779,794 Consumer 14,560 215 29,238 10,543 175 922 55,653 Commercial and industrial 13,081 16,957 430,026 189,318 2,616 2,249 654,247 Agricultural and other 573 790 87,347 25,237 521 178 114,646 Total risk rated loans $ 32,397 $ 38,746 $ 3,031,609 $ 1,384,920 $ 43,138 $ 73,530 4,604,340 Purchased credit impaired loans acquired 212,974 Total non-covered loans $ 4,817,314 The following is a presentation of non-covered troubled debt restructurings (“TDRs”) by class as of September 30, 2015 and December 31, 2014: September 30, 2015 Number of Loans Pre- Modification Rate Modification Term Modification Rate & Term Modification Post- (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 14 $ 23,075 $ 8,939 $ 8,806 $ 4,649 $ 22,394 Construction/land development 3 3,040 1,018 1,612 — 2,630 Residential real estate loans Residential 1-4 family 6 2,867 813 1,818 165 2,796 Multifamily residential 2 3,182 2,027 — 290 2,317 Total real estate 25 32,164 12,797 12,236 5,104 30,137 Total 25 $ 32,164 $ 12,797 $ 12,236 $ 5,104 $ 30,137 December 31, 2014 Number of Loans Pre- Modification Rate Modification Term Modification Rate & Term Modification Post- (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 7 $ 17,340 $ 2,596 $ 8,647 $ 5,644 $ 16,887 Construction/land development 2 8,213 5,671 1,668 — 7,339 Residential real estate loans Residential 1-4 family 1 61 — 58 — 58 Multifamily residential 2 3,183 2,002 — 291 2,293 Total real estate 12 28,797 10,269 10,373 5,935 26,577 Commercial and industrial 1 380 — — 315 315 Total 13 $ 29,177 $ 10,269 $ 10,373 $ 6,250 $ 26,892 The following is a presentation of non-covered TDRs on non-accrual status as of September 30, 2015 and December 31, 2014 because they are not in compliance with the modified terms: September 30, 2015 December 31, 2014 Number of Loans Recorded Balance Number of Loans Recorded Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 3 $ 1,619 — $ — Residential real estate loans Residential 1-4 family 2 1,818 — — Total real estate 5 3,437 — — Total 5 $ 3,437 — $ — In addition to the TDRs that occurred during the period provided in the preceding tables, the Company had TDRs with pre-modification The following is a presentation of non-covered foreclosed assets as of September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 (In thousands) Commercial real estate loans Non-farm/non-residential $ 9,495 $ 6,894 Construction/land development 5,560 6,189 Agricultural — — Residential real estate loans Residential 1-4 family 2,882 3,381 Multifamily residential 267 487 Total foreclosed assets held for sale $ 18,204 $ 16,951 Allowance for Loan Losses and Credit Quality for Covered Loans During the 2015 quarterly impairment testing on the estimated cash flows of the covered loans, the Company established that certain pools evaluated had experienced material projected credit deterioration. As a result, the Company recorded a $998,000 net provision for loan losses to the allowance for loan losses related to the purchased credit impaired loans during the nine months ended September 30, 2015 on a net basis. The Company also recorded a provision for loan loss of $2.5 million before benefit attributable to FDIC loss share agreements. Since these loans are covered by loss share with the FDIC, the Company was able to increase the related indemnification asset by $1.5 million. The following tables present the balance in the allowance for loan losses for the covered loan portfolio for the three and nine-month Three Months Ended September 30, 2015 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 953 $ 1,267 $ 1,882 $ 258 $ 21 $ — $ 4,381 Loans charged off — (251 ) — — — — (251 ) Recoveries of loans previously charged off (103 ) (78 ) (137 ) — — — (318 ) Net loans recovered (charged off) (103 ) (329 ) (137 ) — — — (569 ) Provision for loan losses forecasted outside of loss share 230 318 (232 ) (21 ) — — 295 Provision for loan losses before benefit attributable to FDIC loss share agreements (102 ) (154 ) 237 16 3 — — Change attributable to FDIC loss share agreements (128 ) (164 ) (5 ) 5 (3 ) — (295 ) Net provision for loan losses — — — — — — — Reclass of provision for loan losses attributable to FDIC loss share agreements (745 ) (1,033 ) 738 6 5 — (1,029 ) Increase in FDIC indemnification asset 128 164 5 (5 ) 3 — 295 Balance, September 30 $ 233 $ 69 $ 2,488 $ 259 $ 29 $ — $ 3,078 Nine Months Ended September 30, 2015 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 432 $ 930 $ 1,161 $ 16 $ 1 $ — $ 2,540 Loans charged off — (942 ) (81 ) — — — (1,023 ) Recoveries of loans previously charged off 68 31 34 — — — 133 Net loans recovered (charged off) 68 (911 ) (47 ) — — — (890 ) Provision for loan losses forecasted outside of loss share — — — — — — — Provision for loan losses before benefit attributable to FDIC loss share agreements 478 1,083 636 237 23 — 2,457 Change attributable to FDIC loss share agreements (384 ) (695 ) (169 ) (192 ) (19 ) — (1,459 ) Net provision for loan losses 94 388 467 45 4 — 998 Reclass of provision for loan losses attributable to FDIC loss share agreements (745 ) (1,033 ) 738 6 5 — (1,029 ) Increase in FDIC indemnification asset 384 695 169 192 19 — 1,459 Balance, September 30 $ 233 $ 69 $ 2,488 $ 259 $ 29 $ — $ 3,078 As of September 30, 2015 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (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, September 30 — — — — — — — Purchased credit impaired loans acquired 233 69 2,488 259 29 — 3,078 Balance, September 30 $ 233 $ 69 $ 2,488 $ 259 $ 29 $ — $ 3,078 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ $ Loans collectively evaluated for impairment — — — — — — — Loans evaluated for impairment balance, September 30 — — — — — — — Purchased credit impaired loans acquired 7,836 26,638 67,647 2,682 611 — 105,414 Balance, September 30 $ 7,836 $ 26,638 $ 67,647 $ 2,682 $ 611 $ — $ 105,414 The following tables present the balance in the allowance for loan losses for the covered loan portfolio for the nine-month period ended September 30, 2014 and the year ended December 31, 2014, 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, 2014. Year Ended December 31, 2014 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,707 $ 838 $ 2,113 $ 135 $ — $ — $ 4,793 Loans charged off (126 ) (1,569 ) (62 ) (157 ) — — (1,914 ) Recoveries of loans previously charged off 73 6 306 — 4 — 389 Net loans recovered (charged off) (53 ) (1,563 ) 244 (157 ) 4 — (1,525 ) Provision for loan losses forecasted outside of loss share 11 106 148 15 — — 280 Provision for loan losses before benefit attributable to FDIC loss share agreements (1,522 ) 1,388 (1,285 ) 22 (2 ) — (1,399 ) Change attributable to FDIC loss share agreements 1,511 (1,494 ) 1,137 (37 ) 2 — 1,119 Net provision for loan losses — — — — — — — Increase in FDIC indemnification asset (1,511 ) 1,494 (1,137 ) 37 (2 ) — (1,119 ) Balance, September 30 143 769 1,220 15 2 — 2,149 Loans charged off — (485 ) (373 ) — — — (858 ) Recoveries of loans previously charged off 59 31 255 — — — 345 Net loans recovered (charged off) 59 (454 ) (118 ) — — — (513 ) Provision for loan losses forecasted outside of loss share 361 483 58 1 1 — 904 Provision for loan losses before benefit attributable to FDIC loss share agreements (131 ) 132 1 — (2 ) — — Change attributable to FDIC loss share agreements 131 (131 ) (1 ) — 1 — — Net provision for loan losses 361 484 58 1 — — 904 Increase in FDIC indemnification asset (131 ) 131 1 — (1 ) — — Balance, December 31 $ 432 $ 930 $ 1,161 $ 16 $ 1 $ — $ 2,540 As of December 31, 2014 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (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 432 930 1,161 16 1 — 2,540 Balance, December 31 $ 432 $ 930 $ 1,161 $ 16 $ 1 $ — $ 2,540 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 39,946 94,922 95,926 8,651 743 — 240,188 Balance, December 31 $ 39,946 $ 94,922 $ 95,926 $ 8,651 $ 743 $ — $ 240,188 Changes in the carrying amount of the accretable yield for purchased credit impaired loans acquired were as follows for the nine-month period ended September 30, 2015 for the Company’s covered and non-covered acquisitions: Accretable Yield Carrying (In thousands) Balance at beginning of period $ 114,707 $ 453,162 Reforecasted future interest payments for loan pools 12,347 — Accretion recorded to interest income (34,732 ) 34,732 Reclassification out of purchased credit impaired loans (1) (61,824 ) (106,612 ) Adjustment to yield 28,522 — Transfers to foreclosed assets held for sale — (17,521 ) Payments received, net — (81,382 ) Balance at end of period $ 59,020 $ 282,379 (1) At acquisition, 100% of the loans acquired from Old Southern, Key West, Coastal and Bayside were recorded for as purchased credit impaired loans on a pool by pool basis during 2010. During the first quarter of 2015, the five-year loss-share for Old Southern and Key West ended. During the third quarter of 2015, the five-year loss-share for Coastal and Bayside ended. Since the five-year covered loan loss-share has ended, the pools have been reevaluated and are no longer deemed to have a material projected credit impairment. As such, the remaining loans in these pools are performing and have been reclassified out of purchased credit impaired loans. The non-covered purchased credit impaired loans acquired during the 2015 Doral Florida acquisition were deemed immaterial and as a result were not included in the table above. 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 $12.3 million. This updated forecast does not change the expected weighted-average yields on the loan pools. |
Goodwill and Core Deposits and
Goodwill and Core Deposits and Other Intangibles | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposits and Other Intangibles | 7. Goodwill and Core Deposits and Other Intangibles On January 1, 2015, Centennial Insurance Agency sold the insurance book of business of the former Town and Country Insurance to Stephens Insurance, LLC of Little Rock. This disposal was completed at the Company’s book value with no gain or loss. The net profit on this book of business was immaterial. Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposits and other intangibles at September 30, 2015 and December 31, 2014, were as follows: September 30, 2015 December 31, 2014 (In thousands) Goodwill Balance, beginning of period $ 325,423 $ 301,736 Acquisitions — 23,687 Sale of insurance book of business (2,695 ) — Balance, end of period $ 322,728 $ 325,423 September 30, 2015 December 31, 2014 (In thousands) Core Deposit and Other Intangibles Balance, beginning of period $ 20,925 $ 22,298 Acquisition 1,363 2,173 Sale of insurance book of business (243 ) — Amortization expense (3,217 ) (3,467 ) Balance, September 30 $ 18,828 21,004 Acquisitions 1,084 Amortization expense (1,163 ) Balance, end of year $ 20,925 The carrying basis and accumulated amortization of core deposits and other intangibles at September 30, 2015 and December 31, 2014 were: September 30, 2015 December 31, 2014 (In thousands) Gross carrying basis $ 47,901 $ 46,781 Accumulated amortization (29,073 ) (25,856 ) Net carrying amount $ 18,828 $ 20,925 Core deposit and other intangible amortization expense was approximately $988,000 and $1.2 million for the three-months ended September 30, 2015 and 2014, respectively. Core deposit and other intangible amortization expense was approximately $3.2 million and $3.5 million for the nine-months ended September 30, 2015 and 2014, respectively. Including all of the mergers completed as of September 30, 2015, HBI’s estimated amortization expense of core deposits and other intangibles for each of the years 2015 through 2019 is approximately: 2015 - $4.0 million; 2016 - $2.8 million; 2017 - $2.7 million; 2018 - $2.6 million; 2019 - $2.5 million. The carrying amount of the Company’s goodwill was $322.7 million and $325.4 million at September 30, 2015 and December 31, 2014, respectively. 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 consolidated financial statements. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and December 31, 2014 other assets were $134.1 million and $93.7 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 $5.2 million and $14.0 million at September 30, 2015 and December 31, 2014, 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 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | 9. Deposits The aggregate amount of time deposits with a minimum denomination of $250,000 was $391.4 million and $272.5 million at September 30, 2015 and December 31, 2014, respectively. The aggregate amount of time deposits with a minimum denomination of $100,000 was $759.6 million and $705.4 million at September 30, 2015 and December 31, 2014, respectively. Interest expense applicable to certificates in excess of $100,000 totaled $1.2 million and $1.1 million for the three months ended September 30, 2015 and 2014, respectively. Interest expense applicable to certificates in excess of $100,000 totaled $3.8 million and $3.3 million for the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015 and December 31, 2014, brokered deposits were $170.3 million and $33.6 million, respectively. Deposits totaling approximately $1.06 billion and $1.02 billion at September 30, 2015 and December 31, 2014, respectively, were public funds obtained primarily from state and political subdivisions in the United States. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 9 Months Ended |
Sep. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Securities Sold Under Agreements to Repurchase | 10. Securities Sold Under Agreements to Repurchase At September 30, 2015 and December 31, 2014, securities sold under agreements to repurchase totaled $134.1 million and $176.5 million, respectively. For the three-month periods ended September 30, 2015 and 2014, securities sold under agreements to repurchase daily weighted-average totaled $143.7 million and $150.2 million, respectively. For the nine-month periods ended September 30, 2015 and 2014, securities sold under agreements to repurchase daily weighted-average totaled $163.7 million and $145.3 million, respectively. The gross amount of recognized liabilities for securities sold under agreements to repurchase was $134.1 million and $176.5 million at September 30, 2015 and December 31, 2014, respectively. The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of September 30, 2015 and December 31, 2014 is presented at par value in the following tables: September 30, 2015 Overnight and Up to 30 30-90 Days Greater than Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 14,088 $ — $ — $ — $ 14,088 Mortgage-backed securities 59,214 — — — 59,214 State and political subdivisions 72,128 — — — 72,128 Other securities 1,609 — — — 1,609 Total borrowings $ 147,039 $ — $ — $ — $ 147,039 December 31, 2014 Overnight and Up to 30 30-90 Days Greater than Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 22,171 $ — $ — $ — $ 22,171 Mortgage-backed securities 71,155 — — — 71,155 State and political subdivisions 87,297 — — — 87,297 Other securities 1,674 — — — 1,674 Total borrowings $ 182,297 $ — $ — $ — $ 182,297 |
FHLB Borrowed Funds
FHLB Borrowed Funds | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
FHLB Borrowed Funds | 11. FHLB Borrowed Funds The Company’s Federal Home Loan Bank (“FHLB”) borrowed funds were $1.22 billion and $698.0 million at September 30, 2015 and December 31, 2014, respectively. At September 30, 2015, all $1.22 billion of the outstanding balance were issued as long-term long-term Additionally, the Company had $250.1 million and $144.0 million at September 30, 2015 and December 31, 2014, respectively, in letters of credit under a FHLB blanket borrowing line of credit, which are used to collateralize public deposits at September 30, 2015 and December 31, 2014, respectively. |
Subordinated Debentures
Subordinated Debentures | 9 Months Ended |
Sep. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Subordinated Debentures | 12. Subordinated Debentures Subordinated debentures at September 30, 2015 and December 31, 2014 consisted of guaranteed payments on trust preferred securities with the following components: As of September 30, As of (In thousands) 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 15,464 Subordinated debentures, issued in 2005, due 2035, fixed rate of 5.84% 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 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 16,495 Total $ 60,826 $ 60,826 The Company holds $60.8 million of trust preferred securities which are currently callable without penalty based on the terms of the specific agreements. 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 the Company’s 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. The Company wholly owns the common securities of each trust. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related subordinated debentures. The Company’s obligations under the subordinated securities and other relevant trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of each respective trust’s obligations under the trust securities issued by each respective trust. |
Other Borrowings
Other Borrowings | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Other Borrowings | 13. Other Borrowings During the third quarter of 2015, the parent company took out a $20.0 million line of credit for general corporate purposes. The balance on this line of credit at September 30, 2015 was zero. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The following is a summary of the components of the provision (benefit) for income taxes for the three and nine-month periods ended September 30, 2015 and 2014: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Current: Federal $ 18,873 $ 8,191 $ 47,403 $ 26,048 State 3,749 1,627 9,416 5,174 Total current 22,622 9,818 56,819 31,222 Deferred: Federal (2,024 ) 4,329 1,200 13,142 State (402 ) 860 238 2,610 Total deferred (2,426 ) 5,189 1,438 15,752 Income tax expense $ 20,196 $ 15,007 $ 58,257 $ 46,974 The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the three and nine-month periods ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Statutory federal income tax rate 35.00 % 35.00 % 35.00 % 35.00 % Effect of nontaxable interest income (1.89 ) (2.21 ) (1.94 ) (2.06 ) Cash value of life insurance (0.17 ) (0.27 ) (0.19 ) (0.24 ) State income taxes, net of federal benefit 4.02 3.92 4.01 3.92 Other (0.86 ) (1.03 ) (0.25 ) (0.52 ) Effective income tax rate 36.10 % 35.41 % 36.63 % 36.10 % The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows: September 30, 2015 December 31, 2014 (In thousands) Deferred tax assets: Allowance for loan losses $ 24,970 $ 21,578 Deferred compensation 2,797 2,781 Stock options 1,530 1,428 Real estate owned 1,719 3,257 Loan discounts 24,040 25,807 Tax basis premium/discount on acquisitions 16,017 19,121 Investments 2,655 2,692 Other 7,474 7,721 Gross deferred tax assets 81,202 84,385 Deferred tax liabilities: Accelerated depreciation on premises and equipment 4,498 2,249 Unrealized gain on securities available-for-sale 5,238 4,524 Core deposit intangibles 4,842 5,382 Indemnification asset 598 3,823 FHLB dividends 1,671 1,602 Other 1,280 1,578 Gross deferred tax liabilities 18,127 19,158 Net deferred tax assets $ 63,075 $ 65,227 The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and the states of Arkansas, Alabama and Florida and will be filing one with the state of New York during 2016. 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. During 2015, the State of Florida’s examination of the Company’s Florida State income tax returns for the 2010, 2011, 2012 and 2013 tax years was completed with no change to the financial position. |
Common Stock and Compensation P
Common Stock and Compensation Plans | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Common Stock and Compensation Plans | 15. Common Stock and Compensation Plans 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 the Company’s business results. The Plan provides for the granting of incentive and non-qualified stock options to and other equity awards, including the issuance of restricted shares. The maximum total number of shares of the Company’s common stock available for grants under the Plan is 4,644,000. At September 30, 2015, the Company has approximately 559,000 shares of common stock remaining available for future grants and approximately 1,948,000 shares of common stock reserved for issuance under the Plan. The intrinsic value of the stock options outstanding and stock options vested at September 30, 2015 was $22.2 million and $15.6 million, respectively. Total unrecognized compensation cost, net of income tax benefit, related to non-vested stock option awards, which are expected to be recognized over the vesting periods, was approximately $6.5 million as of September 30, 2015. For the first nine months of 2015, the Company has expensed approximately $509,000 for the non-vested awards. The table below summarizes the stock option transactions under the Plan at September 30, 2015 and December 31, 2014 and changes during the nine-month period and year then ended: For the Nine Months Ended For the Year Ended December 31, 2014 Shares (000) Weighted- Shares (000) Weighted- Outstanding, beginning of year 905 $ 11.80 966 $ 9.57 Granted 683 35.92 70 33.54 Forfeited/Expired (1 ) 4.34 (11 ) 30.89 Exercised (198 ) 5.85 (120 ) 4.77 Outstanding, end of period 1,389 24.52 905 11.80 Exercisable, end of period 505 $ 9.63 645 $ 7.52 Stock-based compensation expense for stock-based compensation awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company’s employee stock options. The weighted-average fair value of options granted during the nine months ended September 30, 2015 was $8.47 per share. The weighted-average fair value of options granted during the year ended December 31, 2014 was $10.73 per share. 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. For the Nine Months Ended For the Year Ended September 30, 2015 December 31, 2014 Expected dividend yield 1.61 % 0.89 % Expected stock price volatility 25.95 % 30.94 % Risk-free interest rate 1.73 % 2.31 % Expected life of options 6.5 years 6.5 years The following is a summary of currently outstanding and exercisable options at September 30, 2015: Options Outstanding Options Exercisable Exercise Prices Options (000) Weighted-Average Weighted-Average Options Exercisable Weighted-Average $3.50 to $4.21 13 1.05 $ 4.03 13 $ 4.03 $4.92 to $5.33 36 2.28 5.16 36 5.16 $5.54 to $5.54 199 0.45 5.54 199 5.54 $8.54 to $8.60 77 2.29 8.57 77 8.57 $9.25 to $9.31 10 1.65 9.29 10 9.29 $10.16 to $13.12 127 4.24 11.91 91 11.43 $17.25 to $19.08 150 7.44 18.23 60 18.23 $29.42 to $33.72 135 9.00 32.05 12 33.54 $34.25 to $34.80 117 9.13 34.39 7 34.74 $36.91 to $36.91 525 9.90 36.91 — — 1,389 505 The table below summarized the activity for the Company’s restricted stock issued and outstanding at September 30, 2015 and December 31, 2014 and changes during the period and year then ended: As of September 30, 2015 As of December 31, 2014 (In thousands) Beginning of year 257 256 Issued 331 43 Vested (102 ) (30 ) Forfeited (6 ) (12 ) End of period 480 257 Amount of expense for nine months and twelve months ended, respectively $ 1,678 $ 1,524 On June 4, 2013, 12,666 shares of restricted common stock were issued to a then regional president of the Company’s bank subsidiary. Of these issued shares, 9,666 shares will vest equally each year over three years beginning on the first anniversary of the issuance. The remaining 3,000 shares are subject to performance based vesting (“2012 Performance Shares”). The 2012 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 for the past four consecutive quarters or total diluted earnings per share of $1.25 during the same period. In accordance with the vesting terms of the 2012 Performance Shares agreements, the issued shares are due to fully vest on September 30, 2016. On January 17, 2014, the Company granted 40,000 shares of the Company’s restricted common stock to the Chairman, which will vest in three equal annual installments beginning on January 17, 2015, plus 3,000 restricted shares of HBI’s common stock to a then regional president of the Company’s bank subsidiary, which will “cliff” vest on January 17, 2017. On June 23, 2014, the Company granted 500 shares of HBI’s restricted common stock to an employee, which will vest in five equal annual installments beginning on June 23, 2015. On January 16, 2015, the Company granted 60,000 shares of the Company’s restricted common stock to the Chairman, 9,000 shares of restricted common stock to nine non-employee members of the Board of Directors and 3,992 shares of restricted common stock to a group of employees of the Company’s bank subsidiary for a total issuance of 72,992 shares of restricted common stock. The restricted stock issued will “cliff” vest on January 16, 2018. On May 28, 2015, the Company granted a total of 37,000 shares of the Company’s restricted common stock to a group of employees of the Company’s bank subsidiary. Of these issued shares, 18,500 shares will vest equally each year over three years beginning on the third anniversary of the grant. The remaining 18,500 shares are subject to performance based vesting (“2015 Performance Shares”). The 2015 Performance Shares are set up to vest over three years beginning on the third anniversary of the date that the performance goal is met. The performance goal will be met when the Company averages $0.625 diluted earnings per share for four consecutive quarters or total diluted earnings per share of $2.50 during the same period. On August 6, 2015, the Company granted a total of 1,000 shares of the Company’s restricted common stock to its recently named Chief Accounting Officer. The restricted stock issued will “cliff” vest on August 6, 2018. On August 24, 2015, the Company granted a total of 220,000 shares of the Company’s restricted common stock to a group of employees of the Company’s bank subsidiary. Of these issued shares, 110,000 shares will vest equally each year over three years beginning on the third anniversary of the grant. The remaining 110,000 shares are subject to performance based vesting (“2015 Performance Shares”). The 2015 Performance Shares are set up to vest over three years beginning on the third anniversary of the date that the performance goal is met. The performance goal will be met when the Company averages $0.625 diluted earnings per share for four consecutive quarters or total diluted earnings per share of $2.50 during the same period. During the first nine months of 2015, the Company utilized a portion of its previously approved stock repurchase program. This program authorized the repurchase of 2,376,000 shares of the Company’s common stock. During first quarter of 2015, the Company repurchased a total of 67,332 shares with a weighted-average stock price of $29.89 per share. No shares were repurchased during the second or third quarters of 2015. The 2015 earnings were used to fund the repurchases during the year. Shares repurchased to date under the program total 1,578,228 shares. The remaining balance available for repurchase is 797,772 shares at September 30, 2015. |
Non-Interest Expense
Non-Interest Expense | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Non-Interest Expense | 16. Non-Interest Expense The table below shows the components of non-interest expense for the three and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Salaries and employee benefits $ 22,225 $ 19,368 $ 63,671 $ 57,114 Occupancy and equipment 6,540 6,234 19,267 18,711 Data processing expense 2,619 1,801 8,101 5,387 Other operating expenses: Advertising 906 673 2,342 1,776 Merger and acquisition expenses 474 3,772 1,891 4,727 Amortization of intangibles 988 1,153 3,217 3,467 Electronic banking expense 1,352 1,307 3,883 3,957 Directors’ fees 233 236 809 669 Due from bank service charges 291 200 792 604 FDIC and state assessment 1,276 972 3,844 3,144 Insurance 617 657 1,900 1,853 Legal and accounting 338 510 1,491 1,346 Other professional fees 947 716 1,995 1,806 Operating supplies 464 468 1,407 1,455 Postage 293 323 897 1,002 Telephone 444 548 1,418 1,465 Other expense 4,586 3,879 11,631 12,311 Total other operating expenses 13,209 15,414 37,517 39,582 Total non-interest expense $ 44,593 $ 42,817 $ 128,556 $ 120,794 |
Concentration of Credit Risks
Concentration of Credit Risks | 9 Months Ended |
Sep. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risks | 17. 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 Conce
Significant Estimates and Concentrations | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Significant Estimates and Concentrations | 18. 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 September 30, 2015 and December 31, 2014, non-covered commercial real estate loans represented 59.9% and 57.3% of non-covered loans, respectively, and 324.0% and 271.9% of total stockholders’ equity, respectively. Non-covered residential real estate loans represented 24.5% and 25.2% of non-covered loans and 132.7% and 119.6% of total stockholders’ equity at September 30, 2015 and December 31, 2014, respectively. Approximately 86.6% of the Company’s loans as of September 30, 2015, are to borrowers in Alabama, Arkansas and Florida, the three states in which the Company has its branch locations. Additionally, the Company has 84.7% of its loans as real estate loans primarily in Arkansas, Florida and South Alabama. Although general economic conditions in our market areas have improved, both nationally and locally, over the past three years and have shown signs of continued improvement, financial institutions still face circumstances and challenges which, in some cases, have resulted and could potentially result, 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 economy in the latter years of the last decade, 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 | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. 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 September 30, 2015 and December 31, 2014, commitments to extend credit of $1.19 billion and $851.8 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 creditworthiness 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 September 30, 2015 and December 31, 2014, is $22.1 million and $23.2 million, respectively. The Company and/or its bank subsidiary have various unrelated legal proceedings, most of which involve loan foreclosure activity pending, which, in the aggregate, are not expected to have a material adverse effect on the financial position or results of operations or cash flows of the Company and its subsidiary. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | 20. Regulatory Matters The Bank is subject to a legal limitation on dividends that can be paid to the parent company without prior approval of the applicable regulatory agencies. Arkansas bank regulators have specified that the maximum dividend limit state banks may pay to the parent company without prior approval is 75% of the current year earnings plus 75% of the retained net earnings of the preceding year. Since the Bank is also under supervision of the Federal Reserve, it is further limited if the total of all dividends declared in any calendar year by the Bank exceeds the Bank’s net profits to date for that year combined with its retained net profits for the preceding two years. During the first nine months of 2015, the Company requested approximately $66.3 million in regular dividends from its banking subsidiary. This dividend is equal to approximately 72.3% of the Company’s banking subsidiary’s first nine months earnings. In July 2013, the Federal Reserve Board and the other federal bank regulatory agencies issued a final rule to revise their risk-based and leverage capital requirements and their method for calculating risk-weighted assets to make them consistent with the agreements that were reached by the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” and certain provisions of the Dodd-Frank Act (“Basel III”). Basel III applies to all depository institutions, bank holding companies with total consolidated assets of $500 million or more, and savings and loan holding companies. Among other things, the rule establishes a new minimum “common equity Tier 1 capital” requirement of 4.5% of risk-weighted assets, raises the minimum “Tier 1 risk-based capital” requirement to 6% of risk-weighted assets and assigns higher risk weightings (150%) to exposures that are more than 90 days past due or are on non-accrual status and certain commercial real estate facilities that finance the acquisition, development or construction of real property. Basel III permanently grandfathers trust preferred securities and other non-qualifying capital instruments that were issued and outstanding as of May 19, 2010 in the Tier 1 capital of bank holding companies with total consolidated assets of less than $15 billion as of December 31, 2009. The rule phases out of Tier 1 capital these non-qualifying capital instruments issued before May 19, 2010 by all other bank holding companies. Basel III also limits a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer” of 2.5% of “common equity tier 1 capital” to risk-weighted assets, which is in addition to the amount necessary to meet its minimum risk-based capital requirements. Basel III became effective for the Company and its bank subsidiary on January 1, 2015. The capital conservation buffer requirement will be phased in beginning January 1, 2016. The phase-in period ends on January 1, 2019 when the full capital conservation buffer requirement becomes effective. Basel III amended the prompt corrective action rules to incorporate a “common equity Tier 1 capital” requirement and to raise the capital requirements for certain capital categories. In order to be adequately capitalized for purposes of the prompt corrective action rules, a banking organization will be required to have at least a 4.5% “common equity Tier 1 risk-based capital” ratio, a 4% “Tier 1 leverage capital” ratio, a 6% “Tier 1 risk-based capital” ratio and an 8% “total risk-based capital” ratio. The Federal Reserve Board’s risk-based capital guidelines include the definitions for (1) a well-capitalized institution, (2) an adequately-capitalized institution, and (3) an undercapitalized institution. Under Basel III, the criteria for a well-capitalized institution are now: a 6.5% “common equity Tier 1 risk-based capital” ratio, a 5% “Tier 1 leverage capital” ratio, an 8% “Tier 1 risk-based capital” ratio, and a 10% “total risk-based capital” ratio. As of September 30, 2015, the Bank met the capital standards for a well-capitalized institution. The Company’s “common equity Tier 1 risk-based capital” ratio, “Tier 1 leverage capital” ratio, “Tier 1 risk-based capital” ratio, and “total risk-based capital” ratio were 10.80%, 10.28%, 11.65%, and 12.56%, respectively, as of September 30, 2015. |
Additional Cash Flow Informatio
Additional Cash Flow Information | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Additional Cash Flow Information | 21. Additional Cash Flow Information In connection with the Doral Florida acquisition, accounted for using the purchase method, the Company acquired approximately $39.3 million in assets, assumed $467.6 million in liabilities, issued no equity and received net funds of $429.9 million during the first quarter of 2015. As a result, the Company recorded a bargain purchase gain of $1.6 million. The following is a summary of the Company’s additional cash flow information during the nine-month periods ended: September 30, 2015 2014 (In thousands) Interest paid $ 14,759 $ 14,323 Income taxes paid 53,310 16,650 Assets acquired by foreclosure 17,521 14,238 |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and December 31, 2014, Level 3 securities were immaterial. In addition, there were no material transfers between hierarchy levels during 2015 and 2014. 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 $86.8 million and $78.7 million as of September 30, 2015 and December 31, 2014, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed approximately $218,000 and $183,000 of accrued interest receivable when non-covered impaired loans were put on non-accrual status during the three months ended September 30, 2015 and 2014, respectively. The Company reversed approximately $524,000 and $746,000 of accrued interest receivable when non-covered impaired loans were put on non-accrual status during the nine months ended September 30, 2015 and 2014, 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 September 30, 2015 and December 31, 2014, the fair value of foreclosed assets held for sale not covered by loss share, less estimated costs to sell, was $18.2 million and $17.0 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 Investment securities – held-to-maturity Loans receivable not covered by loss share, net of non-covered impaired loans and allowance Loans receivable covered by FDIC loss share, net of allowance FDIC indemnification asset Accrued interest receivable — Deposits and securities sold under agreements to repurchase FHLB borrowed funds Accrued interest payable Subordinated debentures Commitments to extend credit, letters of credit and lines of credit 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. September 30, 2015 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 228,656 $ 228,656 1 Federal funds sold — — N/A Investment securities – held-to-maturity 324,949 330,222 2 Loans receivable not covered by loss share, net of non-covered impaired loans and allowance 5,752,842 5,741,390 3 Loans receivable covered by FDIC loss share, net of allowance 102,336 102,336 3 FDIC indemnification asset 11,290 11,290 3 Accrued interest receivable 26,977 26,977 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 1,409,949 $ 1,409,949 1 Savings and interest-bearing transaction accounts 3,230,722 3,230,722 1 Time deposits 1,312,343 1,304,184 3 Federal funds purchased — — N/A Securities sold under agreements to repurchase 134,142 134,142 1 FHLB borrowed funds 1,216,152 1,224,474 2 Accrued interest payable 1,595 1,595 1 Subordinated debentures 60,826 60,826 3 December 31, 2014 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 112,528 $ 112,528 1 Federal funds sold 250 250 1 Investment securities – held-to-maturity 356,790 362,272 2 Loans receivable not covered by loss share, net of non-covered impaired loans and allowance 4,686,145 4,671,941 3 Loans receivable covered by FDIC loss share, net of allowance 237,648 237,648 3 FDIC indemnification asset 28,409 28,409 3 Accrued interest receivable 24,075 24,075 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 1,203,306 $ 1,203,306 1 Savings and interest-bearing transaction accounts 2,974,850 2,974,850 1 Time deposits 1,245,815 1,240,802 3 Federal funds purchased — — N/A Securities sold under agreements to repurchase 176,465 176,465 1 FHLB borrowed funds 697,957 705,219 2 Accrued interest payable 1,120 1,120 1 Subordinated debentures 60,826 60,826 3 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 23. Recent Accounting Pronouncements In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, Transfers and Servicing In August 2014, the FASB issued ASU No. 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure, Receivables – Troubled Debt Restructuring by Creditors 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events Business Combination – Florida Business BancGroup, Inc. FBBI formerly operated six branch locations and a loan production office in the Tampa Bay area and in Sarasota, Florida. Excluding the effects of any purchase accounting adjustments, as of October 1, 2015, FBBI had approximately $531.6 million in total assets, $422.4 million in loans, $470.8 million in deposits and $52.6 million in common equity. Certain fair value measurements and the purchase price allocation have not been completed due to the timing of the acquisition and 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. |
Nature of Operations and Summ33
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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, and 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. |
Interim financial information | Interim financial information The accompanying unaudited consolidated financial statements as of September 30, 2015 and 2014 have been prepared in condensed format, and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The information furnished in these interim statements reflects all adjustments, which are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year. The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2014 Form 10-K, filed with the Securities and Exchange Commission. |
Earnings per Share | Earnings per Share Basic earnings per share is computed based on the weighted-average number of shares outstanding during each year. Diluted earnings per share is computed using the weighted-average shares and all potential dilutive shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share (EPS) for the following periods: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Net income $ 35,741 $ 27,371 $ 100,766 $ 83,137 Average shares outstanding 67,869 66,223 67,698 65,499 Effect of common stock options 212 393 273 390 Average diluted shares outstanding 68,081 66,616 67,971 65,889 Basic earnings per share $ 0.53 $ 0.41 $ 1.49 $ 1.27 Diluted earnings per share $ 0.52 $ 0.41 $ 1.48 $ 1.26 |
Business Combinations | The Company has determined that the acquisition of the net assets of Doral Florida constitutes a business combination as defined by the FASB ASC Topic 805, Business Combinations Fair Value Measurements |
Nonrefundable Fees and Other Costs | The Company evaluated $36.9 million of the loans purchased in conjunction with the acquisition in accordance with the provisions of FASB ASC Topic 310-20, Nonrefundable Fees and Other Costs Loans and Debt Securities Acquired with Deteriorated Credit Quality |
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 September 30, 2015 and December 31, 2014 for the Company: September 30, 2015 December 31, 2014 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 25,903 $ 93,979 Construction/land development 7,836 39,946 Agricultural 735 943 Residential real estate loans Residential 1-4 family 66,447 87,309 Multifamily residential 1,200 8,617 Total real estate 102,121 230,794 Consumer 10 16 Commercial and industrial 2,682 8,651 Other 601 727 Loans receivable covered by FDIC loss share $ 105,414 $ 240,188 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 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 September 30, 2015 and December 31, 2014, $5.2 million and $22.5 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 September 30, 2015 and December 31, 2014, Level 3 securities were immaterial. In addition, there were no material transfers between hierarchy levels during 2015 and 2014. 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 $86.8 million and $78.7 million as of September 30, 2015 and December 31, 2014, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed approximately $218,000 and $183,000 of accrued interest receivable when non-covered impaired loans were put on non-accrual status during the three months ended September 30, 2015 and 2014, respectively. The Company reversed approximately $524,000 and $746,000 of accrued interest receivable when non-covered impaired loans were put on non-accrual status during the nine months ended September 30, 2015 and 2014, 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 September 30, 2015 and December 31, 2014, the fair value of foreclosed assets held for sale not covered by loss share, less estimated costs to sell, was $18.2 million and $17.0 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 Investment securities – held-to-maturity Loans receivable not covered by loss share, net of non-covered impaired loans and allowance Loans receivable covered by FDIC loss share, net of allowance FDIC indemnification asset Accrued interest receivable — Deposits and securities sold under agreements to repurchase FHLB borrowed funds Accrued interest payable Subordinated debentures Commitments to extend credit, letters of credit and lines of credit 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. September 30, 2015 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 228,656 $ 228,656 1 Federal funds sold — — N/A Investment securities – held-to-maturity 324,949 330,222 2 Loans receivable not covered by loss share, net of non-covered impaired loans and allowance 5,752,842 5,741,390 3 Loans receivable covered by FDIC loss share, net of allowance 102,336 102,336 3 FDIC indemnification asset 11,290 11,290 3 Accrued interest receivable 26,977 26,977 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 1,409,949 $ 1,409,949 1 Savings and interest-bearing transaction accounts 3,230,722 3,230,722 1 Time deposits 1,312,343 1,304,184 3 Federal funds purchased — — N/A Securities sold under agreements to repurchase 134,142 134,142 1 FHLB borrowed funds 1,216,152 1,224,474 2 Accrued interest payable 1,595 1,595 1 Subordinated debentures 60,826 60,826 3 December 31, 2014 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 112,528 $ 112,528 1 Federal funds sold 250 250 1 Investment securities – held-to-maturity 356,790 362,272 2 Loans receivable not covered by loss share, net of non-covered impaired loans and allowance 4,686,145 4,671,941 3 Loans receivable covered by FDIC loss share, net of allowance 237,648 237,648 3 FDIC indemnification asset 28,409 28,409 3 Accrued interest receivable 24,075 24,075 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 1,203,306 $ 1,203,306 1 Savings and interest-bearing transaction accounts 2,974,850 2,974,850 1 Time deposits 1,245,815 1,240,802 3 Federal funds purchased — — N/A Securities sold under agreements to repurchase 176,465 176,465 1 FHLB borrowed funds 697,957 705,219 2 Accrued interest payable 1,120 1,120 1 Subordinated debentures 60,826 60,826 3 |
Recent Accounting Pronouncements | In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, Transfers and Servicing In August 2014, the FASB issued ASU No. 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure, Receivables – Troubled Debt Restructuring by Creditors 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 Summ34
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 following periods: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Net income $ 35,741 $ 27,371 $ 100,766 $ 83,137 Average shares outstanding 67,869 66,223 67,698 65,499 Effect of common stock options 212 393 273 390 Average diluted shares outstanding 68,081 66,616 67,971 65,889 Basic earnings per share $ 0.53 $ 0.41 $ 1.49 $ 1.27 Diluted earnings per share $ 0.52 $ 0.41 $ 1.48 $ 1.26 |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
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: Doral Bank’s Florida Panhandle operations Acquired from FDIC Fair Value As Recorded by HBI (Dollars in thousands) Assets Cash and due from banks $ 1,688 $ 428,214 $ 429,902 Loans receivable not covered by loss share 42,244 (4,300 ) 37,944 Total loans receivable 42,244 (4,300 ) 37,944 Core deposit intangible — 1,363 1,363 Total assets acquired $ 43,932 $ 425,277 $ 469,209 Liabilities Deposits Demand and non-interest-bearing $ 3,130 $ — $ 3,130 Savings and interest-bearing transaction accounts 119,865 — 119,865 Time deposits 343,271 1,308 344,579 Total deposits 466,266 1,308 467,574 Total liabilities assumed $ 466,266 $ 1,308 $ 467,574 Pre-tax gain on acquisition $ 1,635 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 (In thousands) U.S. government-sponsored enterprises $ 7,760 $ 54 $ (28 ) $ 7,786 Mortgage-backed securities 142,537 1,367 (74 ) 143,830 State and political subdivisions 174,652 4,090 (136 ) 178,606 Total $ 324,949 $ 5,511 $ (238 ) $ 330,222 Held-to-Maturity Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 4,724 $ 2 $ (11 ) $ 4,715 Mortgage-backed securities 161,051 580 (193 ) 161,438 State and political subdivisions 191,015 5,178 (74 ) 196,119 Total $ 356,790 $ 5,760 $ (278 ) $ 362,272 |
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: September 30, 2015 Available-for-Sale Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 407,861 $ 3,375 $ (784 ) $ 410,452 Mortgage-backed securities 480,457 5,736 (542 ) 485,651 State and political subdivisions 186,732 6,633 (180 ) 193,185 Other securities 53,003 210 (1,096 ) 52,117 Total $ 1,128,053 $ 15,954 $ (2,602 ) $ 1,141,405 December 31, 2014 Available-for-Sale Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 333,880 $ 2,467 $ (269 ) $ 336,078 Mortgage-backed securities 500,292 4,235 (1,445 ) 503,082 State and political subdivisions 170,207 6,522 (88 ) 176,641 Other securities 51,375 437 (326 ) 51,486 Total $ 1,055,754 $ 13,661 $ (2,128 ) $ 1,067,287 |
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 September 30, 2015, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (In thousands) Due in one year or less $ 324,213 $ 325,998 $ 71,087 $ 71,991 Due after one year through five years 639,384 648,881 186,329 190,339 Due after five years through ten years 123,420 123,869 27,081 27,438 Due after ten years 41,036 42,657 40,452 40,454 Total $ 1,128,053 $ 1,141,405 $ 324,949 $ 330,222 |
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 September 30, 2015 and December 31, 2014: September 30, 2015 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) U.S. government-sponsored enterprises $ 96,280 $ (795 ) $ 4,813 $ (17 ) $ 101,093 $ (812 ) Mortgage-backed securities 56,751 (336 ) 42,320 (280 ) 99,071 (616 ) State and political subdivisions 38,235 (289 ) 3,217 (27 ) 41,452 (316 ) Other securities 25,007 (620 ) 11,870 (476 ) 36,877 (1,096 ) Total $ 216,273 $ (2,040 ) $ 62,220 $ (800 ) $ 278,493 $ (2,840 ) December 31, 2014 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (In thousands) U.S. government-sponsored enterprises $ 22,004 $ (113 ) $ 27,616 $ (167 ) $ 49,620 $ (280 ) Mortgage-backed securities 221,171 (812 ) 76,596 (826 ) 297,767 (1,638 ) State and political subdivisions 15,171 (106 ) 10,038 (56 ) 25,209 (162 ) Other securities 10,054 (51 ) 12,390 (275 ) 22,444 (326 ) Total $ 268,400 $ (1,082 ) $ 126,640 $ (1,324 ) $ 395,040 $ (2,406 ) |
Schedule of Income Earned on Securities | Income earned on securities for the three and nine months ended September 30, 2015 and 2014, is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Taxable: Available-for-sale $ 4,265 $ 4,295 $ 13,020 $ 13,214 Held-to-maturity 892 610 2,810 923 Non-taxable: Available-for-sale 1,457 1,391 4,178 4,330 Held-to-maturity 1,332 1,161 4,137 2,918 Total $ 7,946 $ 7,457 $ 24,145 $ 21,385 |
Loans Receivable Not Covered 37
Loans Receivable Not Covered by Loss Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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: September 30, December 31, 2015 2014 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 2,655,882 $ 1,987,890 Construction/land development 805,003 700,139 Agricultural 75,233 72,211 Residential real estate loans Residential 1-4 family 1,055,504 963,990 Multifamily residential 392,483 250,222 Total real estate 4,984,105 3,974,452 Consumer 46,677 56,720 Commercial and industrial 749,846 670,124 Agricultural 78,217 48,833 Other 41,330 67,185 Loans receivable not covered by loss share $ 5,900,175 $ 4,817,314 |
Loans Receivable Covered by F38
Loans Receivable Covered by FDIC Loss Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and December 31, 2014 for the Company: September 30, 2015 December 31, 2014 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 25,903 $ 93,979 Construction/land development 7,836 39,946 Agricultural 735 943 Residential real estate loans Residential 1-4 family 66,447 87,309 Multifamily residential 1,200 8,617 Total real estate 102,121 230,794 Consumer 10 16 Commercial and industrial 2,682 8,651 Other 601 727 Loans receivable covered by FDIC loss share $ 105,414 $ 240,188 |
Allowance for Loan Losses, Cr39
Allowance for Loan Losses, Credit Quality and Other (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 nine months ended September 30, 2015: For Loans Not Covered by Loss Share For Loans Covered by FDIC Loss Share Total (In thousands) Allowance for loan losses: Beginning balance $ 52,471 $ 2,540 $ 55,011 Loans charged off (10,455 ) (1,023 ) (11,478 ) Recoveries of loans previously charged off 2,260 133 2,393 Net loans recovered (charged off) (8,195 ) (890 ) (9,085 ) Provision for loan losses for non-covered loans 15,276 — 15,276 Reclass of provision for loan losses attributable to FDIC loss share agreements 1,029 — 1,029 Provision for loan losses forecasted outside of loss share — — — Provision for loan losses before benefit attributable to FDIC loss share agreements — 2,457 2,457 Change attributable to FDIC loss share agreements — (1,459 ) (1,459 ) Net provision for loan losses for covered loans — 998 998 Reclass of provision for loan losses attributable to FDIC loss share agreements — (1,029 ) (1,029 ) Increase in FDIC indemnification asset — 1,459 1,459 Balance, September 30, 2015 $ 60,581 $ 3,078 $ 63,659 |
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 three and nine-month periods ended September 30, 2015 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 September 30, 2015. 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 discount for credit losses on non-covered loans acquired was $134.1 million, $139.7 million and $148.2 million at September 30, 2015, December 31, 2014 and September 30, 2014, respectively. Three Months Ended September 30, 2015 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 9,403 $ 19,982 $ 12,934 $ 7,534 $ 5,011 $ 1,013 $ 55,877 Loans charged off (64 ) (1,534 ) (1,043 ) (355 ) (970 ) — (3,966 ) Recoveries of loans previously charged off 13 (4 ) 179 159 188 — 535 Net loans recovered (charged off) (51 ) (1,538 ) (864 ) (196 ) (782 ) — (3,431 ) Provision for loan losses (805 ) 3,927 1,920 1,303 514 247 7,106 Reclass of provision for loan losses attributable to FDIC loss share agreements 745 1,033 (738 ) (6 ) (5 ) — 1,029 Balance, September 30 $ 9,292 $ 23,404 $ 13,252 $ 8,635 $ 4,738 $ 1,260 $ 60,581 Nine Months Ended September 30, 2015 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 8,116 $ 17,227 $ 13,446 $ 5,950 $ 5,798 $ 1,934 $ 52,471 Loans charged off (541 ) (3,190 ) (2,995 ) (1,774 ) (1,955 ) — (10,455 ) Recoveries of loans previously charged off 79 697 428 395 661 — 2,260 Net loans recovered (charged off) (462 ) (2,493 ) (2,567 ) (1,379 ) (1,294 ) — (8,195 ) Provision for loan losses 893 7,637 3,111 4,070 239 (674 ) 15,276 Reclass of provision for loan losses attributable to FDIC loss share agreements 745 1,033 (738 ) (6 ) (5 ) — 1,029 Balance, September 30 $ 9,292 $ 23,404 $ 13,252 $ 8,635 $ 4,738 $ 1,260 $ 60,581 As of September 30, 2015 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Period end amount allocated to: Loans individually evaluated for impairment $ 1,195 $ 2,036 $ 1,244 $ 988 $ — $ — $ 5,463 Loans collectively evaluated for impairment 8,096 21,200 11,963 7,646 4,737 1,260 54,902 Loans evaluated for impairment balance, September 30 9,291 23,236 13,207 8,634 4,737 1,260 60,365 Purchased credit impaired loans acquired 1 168 45 1 1 — 216 Balance, September 30 $ 9,292 $ 23,404 $ 13,252 $ 8,635 $ 4,738 $ 1,260 $ 60,581 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 21,247 $ 53,676 $ 18,240 $ 6,361 $ 7,202 $ — $ 106,726 Loans collectively evaluated for impairment 767,683 2,581,800 1,378,584 730,753 157,664 — 5,616,484 Loans evaluated for impairment balance, September 30 788,930 2,635,476 1,396,824 737,114 164,866 — 5,723,210 Purchased credit impaired loans acquired 16,073 95,639 51,163 12,732 1,358 — 176,965 Balance, September 30 $ 805,003 $ 2,731,115 $ 1,447,987 $ 749,846 $ 166,224 $ — $ 5,900,175 The following tables present the balances in the allowance for loan losses for the non-covered loan portfolio for the nine-month period ended September 30, 2014 and the year ended December 31, 2014, 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, 2014. 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, 2014 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 6,282 $ 15,100 $ 8,889 $ 1,933 $ 2,563 $ 4,255 $ 39,022 Loans charged off (553 ) (1,148 ) (2,045 ) (1,600 ) (2,148 ) — (7,494 ) Recoveries of loans previously charged off 68 230 385 255 935 — 1,873 Net loans recovered (charged off) (485 ) (918 ) (1,660 ) (1,345 ) (1,213 ) — (5,621 ) Provision for loan losses 733 4,117 5,160 2,763 3,965 556 17,294 Balance, September 30 6,530 18,299 12,389 3,351 5,315 4,811 50,695 Loans charged off (420 ) (1,174 ) (1,004 ) (566 ) (647 ) — (3,811 ) Recoveries of loans previously charged off 274 12 564 51 220 — 1,121 Net loans recovered (charged off) (146 ) (1,162 ) (440 ) (515 ) (427 ) — (2,690 ) Provision for loan losses 1,732 90 1,497 3,114 910 (2,877 ) 4,466 Balance, December 31 $ 8,116 $ 17,227 $ 13,446 $ 5,950 $ 5,798 $ 1,934 $ 52,471 As of December 31, 2014 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Period end amount allocated to: Loans individually evaluated for impairment $ 1,477 $ 3,080 $ 2,183 $ 6 $ — $ — $ 6,746 Loans collectively evaluated for impairment 6,624 12,447 10,827 5,880 5,798 1,934 43,510 Loans evaluated for impairment balance, December 31 8,101 15,527 13,010 5,886 5,798 1,934 50,256 Purchased credit impaired loans acquired 15 1,700 436 64 — — 2,215 Balance, December 31 $ 8,116 $ 17,227 $ 13,446 $ 5,950 $ 5,798 $ 1,934 $ 52,471 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 19,037 $ 48,065 $ 21,734 $ 4,084 $ 484 $ — $ 93,404 Loans collectively evaluated for impairment 659,465 1,900,472 1,131,021 650,163 169,815 — 4,510,936 Loans evaluated for impairment balance, December 31 678,502 1,948,537 1,152,755 654,247 170,299 — 4,604,340 Purchased credit impaired loans acquired 21,637 111,564 61,457 15,877 2,439 — 212,974 Balance, December 31 $ 700,139 $ 2,060,101 $ 1,214,212 $ 670,124 $ 172,738 $ — $ 4,817,314 |
Summary of Aging Analysis for Non-Covered Loan Portfolio | The following is an aging analysis for the non-covered loan portfolio as of September 30, 2015 and December 31, 2014: September 30, 2015 Loans Past Due 30-59 Days Loans Past Due 60-89 Days Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans Past Due 90 Days or More (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 2,080 $ 2,225 $ 19,685 $ 23,990 $ 2,631,892 $ 2,655,882 $ 2,694 Construction/land development 2,051 411 3,396 5,858 799,145 805,003 1,130 Agricultural 465 — 30 495 74,738 75,233 30 Residential real estate loans Residential 1-4 family 4,410 1,666 17,164 23,240 1,032,264 1,055,504 4,668 Multifamily residential — — 1,328 1,328 391,155 392,483 1 Total real estate 9,006 4,302 41,603 54,911 4,929,194 4,984,105 8,523 Consumer 298 76 210 584 46,093 46,677 7 Commercial and industrial 1,043 491 5,693 7,227 742,619 749,846 2,860 Agricultural and other 550 5 1,289 1,844 117,703 119,547 — Total $ 10,897 $ 4,874 $ 48,795 $ 64,566 $ 5,835,609 $ 5,900,175 $ 11,390 December 31, 2014 Loans Past Due 30-59 Days Loans Past Due 60-89 Days Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans Past Due 90 Days or More (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 5,942 $ 1,311 $ 14,781 $ 22,034 $ 1,965,856 $ 1,987,890 $ 5,880 Construction/land development 2,696 847 1,660 5,203 694,936 700,139 734 Agricultural 307 — 34 341 71,870 72,211 34 Residential real estate loans Residential 1-4 family 4,680 1,494 16,077 22,251 941,739 963,990 4,128 Multifamily residential — — 2,035 2,035 248,187 250,222 691 Total real estate 13,625 3,652 34,587 51,864 3,922,588 3,974,452 11,467 Consumer 368 149 858 1,375 55,345 56,720 579 Commercial and industrial 1,669 549 3,933 6,151 663,973 670,124 2,825 Agricultural and other 463 16 184 663 115,355 116,018 — Total $ 16,125 $ 4,366 $ 39,562 $ 60,053 $ 4,757,261 $ 4,817,314 $ 14,871 |
Summary of Non-Covered Impaired Loans | The following is a summary of the non-covered impaired loans as of September 30, 2015 and December 31, 2014: September 30, 2015 Three Months Ended Nine Months Ended Unpaid Contractual Principal Balance Total Recorded Investment Allocation of Allowance for Loan Losses Average Recorded Investment Interest Recognized Average Recorded Investment Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ — $ — $ — $ — $ — $ — $ — Construction/land development — — — — — — — Agricultural — — — — — — — Residential real estate loans Residential 1-4 family — — — 13 — 6 — Multifamily residential — — — — — — — Total real estate — — — 13 — 6 — Consumer — — — — — — — Commercial and industrial — — — — — — — Agricultural and other — — — — — — — Total loans without a specific valuation allowance — — — 13 — 6 — Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 48,876 47,836 2,036 45,056 269 43,661 828 Construction/land development 13,807 12,987 1,195 13,113 44 16,263 214 Agricultural 53 30 — 30 — 51 — Residential real estate loans Residential 1-4 family 19,531 18,142 83 18,360 102 16,851 305 Multifamily residential 3,645 3,644 1,161 3,653 4 3,811 30 Total real estate 85,912 82,639 4,475 80,212 419 80,637 1,377 Consumer 217 211 — 415 — 640 6 Commercial and industrial 10,252 8,076 988 6,662 37 5,387 85 Agricultural and other 1,289 1,289 — 836 — 509 4 Total loans with a specific valuation allowance 97,670 92,215 5,463 88,125 456 87,173 1,472 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 48,876 47,836 2,036 45,056 269 43,661 828 Construction/land development 13,807 12,987 1,195 13,113 44 16,263 214 Agricultural 53 30 — 30 — 51 — Residential real estate loans Residential 1-4 family 19,531 18,142 83 18,373 102 16,857 305 Multifamily residential 3,645 3,644 1,161 3,653 4 3,811 30 Total real estate 85,912 82,639 4,475 80,225 419 80,643 1,377 Consumer 217 211 — 415 — 640 6 Commercial and industrial 10,252 8,076 988 6,662 37 5,387 85 Agricultural and other 1,289 1,289 — 836 — 509 4 Total impaired loans $ 97,670 $ 92,215 $ 5,463 $ 88,138 $ 456 $ 87,179 $ 1,472 Note December 31, 2014 Year Ended Unpaid Contractual Principal Balance Total Recorded Investment Allocation of Allowance for Loan Losses Average Recorded Investment Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ — $ — $ — $ 676 $ 14 Construction/land development — — — — — Agricultural — — — — — Residential real estate loans Residential 1-4 family — — — 25 2 Multifamily residential — — — — — Total real estate — — — 701 16 Consumer — — — — — Commercial and industrial — — — — — Agricultural and other — — — — — Total loans without a specific valuation allowance — — — 701 16 Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 44,242 41,670 3,080 43,556 1,379 Construction/land development 18,369 18,075 1,477 21,142 656 Agricultural 53 33 — 60 1 Residential real estate loans Residential 1-4 family 18,052 16,051 1,065 16,701 407 Multifamily residential 4,614 4,327 1,118 4,037 120 Total real estate 85,330 80,156 6,740 85,496 2,563 Consumer 890 857 — 407 14 Commercial and industrial 5,916 4,246 6 5,059 151 Agricultural and other 185 185 — 114 — Total loans with a specific valuation allowance 92,321 85,444 6,746 91,076 2,728 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 44,242 41,670 3,080 44,232 1,393 Construction/land development 18,369 18,075 1,477 21,142 656 Agricultural 53 33 — 60 1 Residential real estate loans Residential 1-4 family 18,052 16,051 1,065 16,726 409 Multifamily residential 4,614 4,327 1,118 4,037 120 Total real estate 85,330 80,156 6,740 86,197 2,579 Consumer 890 857 — 407 14 Commercial and industrial 5,916 4,246 6 5,059 151 Agricultural and other 185 185 — 114 — Total impaired loans $ 92,321 $ 85,444 $ 6,746 $ 91,777 $ 2,744 Note |
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 September 30, 2015 Risk Rated 6 Risk Rated 7 Risk Rated 8 Classified Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 38,335 $ 992 $ — $ 39,327 Construction/land development 15,951 — — 15,951 Agricultural — — — — Residential real estate loans Residential 1-4 family 14,538 728 — 15,266 Multifamily residential 3,679 — — 3,679 Total real estate 72,503 1,720 — 74,223 Consumer 275 20 — 295 Commercial and industrial 4,579 26 — 4,605 Agricultural and other 1,194 — — 1,194 Total $ 78,551 $ 1,766 $ — $ 80,317 December 31, 2014 Risk Rated 6 Risk Rated 7 Risk Rated 8 Classified Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 34,698 $ 24 $ — $ 34,722 Construction/land development 16,112 — — 16,112 Agricultural — — — — Residential real estate loans Residential 1-4 family 15,622 343 — 15,965 Multifamily residential 3,382 — — 3,382 Total real estate 69,814 367 — 70,181 Consumer 903 19 — 922 Commercial and industrial 2,244 5 — 2,249 Agricultural and other 178 — — 178 Total $ 73,139 $ 391 $ — $ 73,530 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 $2.0 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 September 30, 2015 and December 31, 2014: September 30, 2015 Risk Rated 1 Risk Rated 2 Risk Rated 3 Risk Rated 4 Risk Rated 5 Classified Total Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 497 $ 5,873 $ 1,798,471 $ 695,047 $ 21,543 $ 39,327 $ 2,560,758 Construction/land development 66 86 259,744 508,606 4,477 15,951 788,930 Agricultural — 325 47,461 26,724 208 — 74,718 Residential real estate loans Residential 1-4 family 998 2,116 793,058 185,911 14,224 15,266 1,011,573 Multifamily residential — 406 261,268 117,588 2,310 3,679 385,251 Total real estate 1,561 8,806 3,160,002 1,533,876 42,762 74,223 4,821,230 Consumer 13,967 273 20,750 10,424 124 295 45,833 Commercial and industrial 12,367 6,783 429,100 279,122 5,137 4,605 737,114 Agricultural and other 4,469 844 60,360 46,330 5,836 1,194 119,033 Total risk rated loans $ 32,364 $ 16,706 $ 3,670,212 $ 1,869,752 $ 53,859 $ 80,317 5,723,210 Purchased credit impaired loans acquired 176,965 Total non-covered loans $ 5,900,175 December 31, 2014 Risk Rated 1 Risk Rated 2 Risk Rated 3 Risk Rated 4 Risk Rated 5 Classified Total Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 3,674 $ 15,914 $ 1,300,835 $ 501,931 $ 20,115 $ 34,722 $ 1,877,191 Construction/land development 15 355 241,659 415,380 4,981 16,112 678,502 Agricultural — 610 35,539 34,469 728 — 71,346 Residential real estate loans Residential 1-4 family 494 3,505 714,278 165,464 11,730 15,965 911,436 Multifamily residential — 400 192,687 42,578 2,272 3,382 241,319 Total real estate 4,183 20,784 2,484,998 1,159,822 39,826 70,181 3,779,794 Consumer 14,560 215 29,238 10,543 175 922 55,653 Commercial and industrial 13,081 16,957 430,026 189,318 2,616 2,249 654,247 Agricultural and other 573 790 87,347 25,237 521 178 114,646 Total risk rated loans $ 32,397 $ 38,746 $ 3,031,609 $ 1,384,920 $ 43,138 $ 73,530 4,604,340 Purchased credit impaired loans acquired 212,974 Total non-covered loans $ 4,817,314 |
Presentation of Non-Covered Troubled Debt Restructurings ("TDRs") by Class | The following is a presentation of non-covered troubled debt restructurings (“TDRs”) by class as of September 30, 2015 and December 31, 2014: September 30, 2015 Number of Loans Pre- Modification Rate Modification Term Modification Rate & Term Modification Post- (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 14 $ 23,075 $ 8,939 $ 8,806 $ 4,649 $ 22,394 Construction/land development 3 3,040 1,018 1,612 — 2,630 Residential real estate loans Residential 1-4 family 6 2,867 813 1,818 165 2,796 Multifamily residential 2 3,182 2,027 — 290 2,317 Total real estate 25 32,164 12,797 12,236 5,104 30,137 Total 25 $ 32,164 $ 12,797 $ 12,236 $ 5,104 $ 30,137 December 31, 2014 Number of Loans Pre- Modification Rate Modification Term Modification Rate & Term Modification Post- (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 7 $ 17,340 $ 2,596 $ 8,647 $ 5,644 $ 16,887 Construction/land development 2 8,213 5,671 1,668 — 7,339 Residential real estate loans Residential 1-4 family 1 61 — 58 — 58 Multifamily residential 2 3,183 2,002 — 291 2,293 Total real estate 12 28,797 10,269 10,373 5,935 26,577 Commercial and industrial 1 380 — — 315 315 Total 13 $ 29,177 $ 10,269 $ 10,373 $ 6,250 $ 26,892 |
Presentation of Non-Covered TDRs on Non-Accrual Status | The following is a presentation of non-covered TDRs on non-accrual status as of September 30, 2015 and December 31, 2014 because they are not in compliance with the modified terms: September 30, 2015 December 31, 2014 Number of Loans Recorded Balance Number of Loans Recorded Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 3 $ 1,619 — $ — Residential real estate loans Residential 1-4 family 2 1,818 — — Total real estate 5 3,437 — — Total 5 $ 3,437 — $ — |
Summary of Non Covered Loans | The following is a presentation of non-covered foreclosed assets as of September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 (In thousands) Commercial real estate loans Non-farm/non-residential $ 9,495 $ 6,894 Construction/land development 5,560 6,189 Agricultural — — Residential real estate loans Residential 1-4 family 2,882 3,381 Multifamily residential 267 487 Total foreclosed assets held for sale $ 18,204 $ 16,951 |
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 nine-month period ended September 30, 2015 for the Company’s covered and non-covered acquisitions: Accretable Yield Carrying (In thousands) Balance at beginning of period $ 114,707 $ 453,162 Reforecasted future interest payments for loan pools 12,347 — Accretion recorded to interest income (34,732 ) 34,732 Reclassification out of purchased credit impaired loans (1) (61,824 ) (106,612 ) Adjustment to yield 28,522 — Transfers to foreclosed assets held for sale — (17,521 ) Payments received, net — (81,382 ) Balance at end of period $ 59,020 $ 282,379 (1) At acquisition, 100% of the loans acquired from Old Southern, Key West, Coastal and Bayside were recorded for as purchased credit impaired loans on a pool by pool basis during 2010. During the first quarter of 2015, the five-year loss-share for Old Southern and Key West ended. During the third quarter of 2015, the five-year loss-share for Coastal and Bayside ended. Since the five-year covered loan loss-share has ended, the pools have been reevaluated and are no longer deemed to have a material projected credit impairment. As such, the remaining loans in these pools are performing and have been reclassified out of purchased credit impaired loans. |
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 three and nine-month Three Months Ended September 30, 2015 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 953 $ 1,267 $ 1,882 $ 258 $ 21 $ — $ 4,381 Loans charged off — (251 ) — — — — (251 ) Recoveries of loans previously charged off (103 ) (78 ) (137 ) — — — (318 ) Net loans recovered (charged off) (103 ) (329 ) (137 ) — — — (569 ) Provision for loan losses forecasted outside of loss share 230 318 (232 ) (21 ) — — 295 Provision for loan losses before benefit attributable to FDIC loss share agreements (102 ) (154 ) 237 16 3 — — Change attributable to FDIC loss share agreements (128 ) (164 ) (5 ) 5 (3 ) — (295 ) Net provision for loan losses — — — — — — — Reclass of provision for loan losses attributable to FDIC loss share agreements (745 ) (1,033 ) 738 6 5 — (1,029 ) Increase in FDIC indemnification asset 128 164 5 (5 ) 3 — 295 Balance, September 30 $ 233 $ 69 $ 2,488 $ 259 $ 29 $ — $ 3,078 Nine Months Ended September 30, 2015 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 432 $ 930 $ 1,161 $ 16 $ 1 $ — $ 2,540 Loans charged off — (942 ) (81 ) — — — (1,023 ) Recoveries of loans previously charged off 68 31 34 — — — 133 Net loans recovered (charged off) 68 (911 ) (47 ) — — — (890 ) Provision for loan losses forecasted outside of loss share — — — — — — — Provision for loan losses before benefit attributable to FDIC loss share agreements 478 1,083 636 237 23 — 2,457 Change attributable to FDIC loss share agreements (384 ) (695 ) (169 ) (192 ) (19 ) — (1,459 ) Net provision for loan losses 94 388 467 45 4 — 998 Reclass of provision for loan losses attributable to FDIC loss share agreements (745 ) (1,033 ) 738 6 5 — (1,029 ) Increase in FDIC indemnification asset 384 695 169 192 19 — 1,459 Balance, September 30 $ 233 $ 69 $ 2,488 $ 259 $ 29 $ — $ 3,078 As of September 30, 2015 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (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, September 30 — — — — — — — Purchased credit impaired loans acquired 233 69 2,488 259 29 — 3,078 Balance, September 30 $ 233 $ 69 $ 2,488 $ 259 $ 29 $ — $ 3,078 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ $ Loans collectively evaluated for impairment — — — — — — — Loans evaluated for impairment balance, September 30 — — — — — — — Purchased credit impaired loans acquired 7,836 26,638 67,647 2,682 611 — 105,414 Balance, September 30 $ 7,836 $ 26,638 $ 67,647 $ 2,682 $ 611 $ — $ 105,414 The following tables present the balance in the allowance for loan losses for the covered loan portfolio for the nine-month period ended September 30, 2014 and the year ended December 31, 2014, 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, 2014. Year Ended December 31, 2014 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 1,707 $ 838 $ 2,113 $ 135 $ — $ — $ 4,793 Loans charged off (126 ) (1,569 ) (62 ) (157 ) — — (1,914 ) Recoveries of loans previously charged off 73 6 306 — 4 — 389 Net loans recovered (charged off) (53 ) (1,563 ) 244 (157 ) 4 — (1,525 ) Provision for loan losses forecasted outside of loss share 11 106 148 15 — — 280 Provision for loan losses before benefit attributable to FDIC loss share agreements (1,522 ) 1,388 (1,285 ) 22 (2 ) — (1,399 ) Change attributable to FDIC loss share agreements 1,511 (1,494 ) 1,137 (37 ) 2 — 1,119 Net provision for loan losses — — — — — — — Increase in FDIC indemnification asset (1,511 ) 1,494 (1,137 ) 37 (2 ) — (1,119 ) Balance, September 30 143 769 1,220 15 2 — 2,149 Loans charged off — (485 ) (373 ) — — — (858 ) Recoveries of loans previously charged off 59 31 255 — — — 345 Net loans recovered (charged off) 59 (454 ) (118 ) — — — (513 ) Provision for loan losses forecasted outside of loss share 361 483 58 1 1 — 904 Provision for loan losses before benefit attributable to FDIC loss share agreements (131 ) 132 1 — (2 ) — — Change attributable to FDIC loss share agreements 131 (131 ) (1 ) — 1 — — Net provision for loan losses 361 484 58 1 — — 904 Increase in FDIC indemnification asset (131 ) 131 1 — (1 ) — — Balance, December 31 $ 432 $ 930 $ 1,161 $ 16 $ 1 $ — $ 2,540 As of December 31, 2014 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (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 432 930 1,161 16 1 — 2,540 Balance, December 31 $ 432 $ 930 $ 1,161 $ 16 $ 1 $ — $ 2,540 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 39,946 94,922 95,926 8,651 743 — 240,188 Balance, December 31 $ 39,946 $ 94,922 $ 95,926 $ 8,651 $ 743 $ — $ 240,188 |
Goodwill and Core Deposits an40
Goodwill and Core Deposits and Other Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and December 31, 2014, were as follows: September 30, 2015 December 31, 2014 (In thousands) Goodwill Balance, beginning of period $ 325,423 $ 301,736 Acquisitions — 23,687 Sale of insurance book of business (2,695 ) — Balance, end of period $ 322,728 $ 325,423 September 30, 2015 December 31, 2014 (In thousands) Core Deposit and Other Intangibles Balance, beginning of period $ 20,925 $ 22,298 Acquisition 1,363 2,173 Sale of insurance book of business (243 ) — Amortization expense (3,217 ) (3,467 ) Balance, September 30 $ 18,828 21,004 Acquisitions 1,084 Amortization expense (1,163 ) Balance, end of year $ 20,925 |
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 September 30, 2015 and December 31, 2014 were: September 30, 2015 December 31, 2014 (In thousands) Gross carrying basis $ 47,901 $ 46,781 Accumulated amortization (29,073 ) (25,856 ) Net carrying amount $ 18,828 $ 20,925 |
Securities Sold Under Agreeme41
Securities Sold Under Agreements to Repurchase (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Summary of Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase | The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of September 30, 2015 and December 31, 2014 is presented at par value in the following tables: September 30, 2015 Overnight and Up to 30 30-90 Days Greater than Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 14,088 $ — $ — $ — $ 14,088 Mortgage-backed securities 59,214 — — — 59,214 State and political subdivisions 72,128 — — — 72,128 Other securities 1,609 — — — 1,609 Total borrowings $ 147,039 $ — $ — $ — $ 147,039 December 31, 2014 Overnight and Up to 30 30-90 Days Greater than Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 22,171 $ — $ — $ — $ 22,171 Mortgage-backed securities 71,155 — — — 71,155 State and political subdivisions 87,297 — — — 87,297 Other securities 1,674 — — — 1,674 Total borrowings $ 182,297 $ — $ — $ — $ 182,297 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Preferred Trust Securities and Subordinated Debentures | Subordinated debentures at September 30, 2015 and December 31, 2014 consisted of guaranteed payments on trust preferred securities with the following components: As of September 30, As of (In thousands) 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 15,464 Subordinated debentures, issued in 2005, due 2035, fixed rate of 5.84% 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 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 16,495 Total $ 60,826 $ 60,826 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 for the three and nine-month periods ended September 30, 2015 and 2014: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Current: Federal $ 18,873 $ 8,191 $ 47,403 $ 26,048 State 3,749 1,627 9,416 5,174 Total current 22,622 9,818 56,819 31,222 Deferred: Federal (2,024 ) 4,329 1,200 13,142 State (402 ) 860 238 2,610 Total deferred (2,426 ) 5,189 1,438 15,752 Income tax expense $ 20,196 $ 15,007 $ 58,257 $ 46,974 |
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 for the three and nine-month periods ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Statutory federal income tax rate 35.00 % 35.00 % 35.00 % 35.00 % Effect of nontaxable interest income (1.89 ) (2.21 ) (1.94 ) (2.06 ) Cash value of life insurance (0.17 ) (0.27 ) (0.19 ) (0.24 ) State income taxes, net of federal benefit 4.02 3.92 4.01 3.92 Other (0.86 ) (1.03 ) (0.25 ) (0.52 ) Effective income tax rate 36.10 % 35.41 % 36.63 % 36.10 % |
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: September 30, 2015 December 31, 2014 (In thousands) Deferred tax assets: Allowance for loan losses $ 24,970 $ 21,578 Deferred compensation 2,797 2,781 Stock options 1,530 1,428 Real estate owned 1,719 3,257 Loan discounts 24,040 25,807 Tax basis premium/discount on acquisitions 16,017 19,121 Investments 2,655 2,692 Other 7,474 7,721 Gross deferred tax assets 81,202 84,385 Deferred tax liabilities: Accelerated depreciation on premises and equipment 4,498 2,249 Unrealized gain on securities available-for-sale 5,238 4,524 Core deposit intangibles 4,842 5,382 Indemnification asset 598 3,823 FHLB dividends 1,671 1,602 Other 1,280 1,578 Gross deferred tax liabilities 18,127 19,158 Net deferred tax assets $ 63,075 $ 65,227 |
Common Stock and Compensation44
Common Stock and Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Summary of Stock Option Transactions under the Plan | The table below summarizes the stock option transactions under the Plan at September 30, 2015 and December 31, 2014 and changes during the nine-month period and year then ended: For the Nine Months Ended For the Year Ended December 31, 2014 Shares (000) Weighted- Shares (000) Weighted- Outstanding, beginning of year 905 $ 11.80 966 $ 9.57 Granted 683 35.92 70 33.54 Forfeited/Expired (1 ) 4.34 (11 ) 30.89 Exercised (198 ) 5.85 (120 ) 4.77 Outstanding, end of period 1,389 24.52 905 11.80 Exercisable, end of period 505 $ 9.63 645 $ 7.52 |
Summary of Stock Options on Valuation Assumptions | 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. For the Nine Months Ended For the Year Ended September 30, 2015 December 31, 2014 Expected dividend yield 1.61 % 0.89 % Expected stock price volatility 25.95 % 30.94 % Risk-free interest rate 1.73 % 2.31 % 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 September 30, 2015: Options Outstanding Options Exercisable Exercise Prices Options (000) Weighted-Average Weighted-Average Options Exercisable Weighted-Average $3.50 to $4.21 13 1.05 $ 4.03 13 $ 4.03 $4.92 to $5.33 36 2.28 5.16 36 5.16 $5.54 to $5.54 199 0.45 5.54 199 5.54 $8.54 to $8.60 77 2.29 8.57 77 8.57 $9.25 to $9.31 10 1.65 9.29 10 9.29 $10.16 to $13.12 127 4.24 11.91 91 11.43 $17.25 to $19.08 150 7.44 18.23 60 18.23 $29.42 to $33.72 135 9.00 32.05 12 33.54 $34.25 to $34.80 117 9.13 34.39 7 34.74 $36.91 to $36.91 525 9.90 36.91 — — 1,389 505 |
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 September 30, 2015 and December 31, 2014 and changes during the period and year then ended: As of September 30, 2015 As of December 31, 2014 (In thousands) Beginning of year 257 256 Issued 331 43 Vested (102 ) (30 ) Forfeited (6 ) (12 ) End of period 480 257 Amount of expense for nine months and twelve months ended, respectively $ 1,678 $ 1,524 |
Non-Interest Expense (Tables)
Non-Interest Expense (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Components of Non-Interest Expense | The table below shows the components of non-interest expense for the three and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) Salaries and employee benefits $ 22,225 $ 19,368 $ 63,671 $ 57,114 Occupancy and equipment 6,540 6,234 19,267 18,711 Data processing expense 2,619 1,801 8,101 5,387 Other operating expenses: Advertising 906 673 2,342 1,776 Merger and acquisition expenses 474 3,772 1,891 4,727 Amortization of intangibles 988 1,153 3,217 3,467 Electronic banking expense 1,352 1,307 3,883 3,957 Directors’ fees 233 236 809 669 Due from bank service charges 291 200 792 604 FDIC and state assessment 1,276 972 3,844 3,144 Insurance 617 657 1,900 1,853 Legal and accounting 338 510 1,491 1,346 Other professional fees 947 716 1,995 1,806 Operating supplies 464 468 1,407 1,455 Postage 293 323 897 1,002 Telephone 444 548 1,418 1,465 Other expense 4,586 3,879 11,631 12,311 Total other operating expenses 13,209 15,414 37,517 39,582 Total non-interest expense $ 44,593 $ 42,817 $ 128,556 $ 120,794 |
Additional Cash Flow Informat46
Additional Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Additional Cash Flow Information | The following is a summary of the Company’s additional cash flow information during the nine-month periods ended: September 30, 2015 2014 (In thousands) Interest paid $ 14,759 $ 14,323 Income taxes paid 53,310 16,650 Assets acquired by foreclosure 17,521 14,238 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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. September 30, 2015 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 228,656 $ 228,656 1 Federal funds sold — — N/A Investment securities – held-to-maturity 324,949 330,222 2 Loans receivable not covered by loss share, net of non-covered impaired loans and allowance 5,752,842 5,741,390 3 Loans receivable covered by FDIC loss share, net of allowance 102,336 102,336 3 FDIC indemnification asset 11,290 11,290 3 Accrued interest receivable 26,977 26,977 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 1,409,949 $ 1,409,949 1 Savings and interest-bearing transaction accounts 3,230,722 3,230,722 1 Time deposits 1,312,343 1,304,184 3 Federal funds purchased — — N/A Securities sold under agreements to repurchase 134,142 134,142 1 FHLB borrowed funds 1,216,152 1,224,474 2 Accrued interest payable 1,595 1,595 1 Subordinated debentures 60,826 60,826 3 December 31, 2014 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 112,528 $ 112,528 1 Federal funds sold 250 250 1 Investment securities – held-to-maturity 356,790 362,272 2 Loans receivable not covered by loss share, net of non-covered impaired loans and allowance 4,686,145 4,671,941 3 Loans receivable covered by FDIC loss share, net of allowance 237,648 237,648 3 FDIC indemnification asset 28,409 28,409 3 Accrued interest receivable 24,075 24,075 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 1,203,306 $ 1,203,306 1 Savings and interest-bearing transaction accounts 2,974,850 2,974,850 1 Time deposits 1,245,815 1,240,802 3 Federal funds purchased — — N/A Securities sold under agreements to repurchase 176,465 176,465 1 FHLB borrowed funds 697,957 705,219 2 Accrued interest payable 1,120 1,120 1 Subordinated debentures 60,826 60,826 3 |
Nature of Operations and Summ48
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015Segments | |
Accounting Policies [Abstract] | |
Number of Reportable Segments | 1 |
Nature of Operations and Summ49
Nature of Operations and Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings per Common Share (EPS) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | |||||
Net income | $ 35,741 | $ 29,926 | $ 27,371 | $ 100,766 | $ 83,137 |
Average shares outstanding | 67,869 | 66,223 | 67,698 | 65,499 | |
Effect of common stock options | 212 | 393 | 273 | 390 | |
Average diluted shares outstanding | 68,081 | 66,616 | 67,971 | 65,889 | |
Basic earnings per share | $ 0.53 | $ 0.41 | $ 1.49 | $ 1.27 | |
Diluted earnings per share | $ 0.52 | $ 0.41 | $ 1.48 | $ 1.26 |
Business Combinations - Acquisi
Business Combinations - Acquisition of Pool of National Commercial Real Estate Loans - Additional Information (Detail) - AM PR LLC [Member] - Commercial Real Estate Loans [Member] $ in Millions | Apr. 01, 2015USD ($) |
Business Acquisition [Line Items] | |
Loans on acquisition date | $ 289.1 |
Acquired loans, percentage | 99.00% |
Business Combinations - Acqui51
Business Combinations - Acquisition Doral Bank's Florida Panhandle Operations . - Additional Information (Detail) - USD ($) | Feb. 27, 2015 | Sep. 30, 2015 |
Business Acquisition [Line Items] | ||
Core deposit intangible | $ 1,400,000 | |
Customer deposits assumed pursuant to agreement | 1,300,000 | |
Doral Florida Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Loan discounts | 37,900,000 | $ 3,400,000 |
Deposits on acquisition date | 467,600,000 | |
Cash and due from banks | $ 428,200,000 | |
Loans purchased | 36,900,000 | |
Doral Florida Acquisition [Member] | Credit Impaired Loans [Member] | ||
Business Acquisition [Line Items] | ||
Loan discounts | 950,000 | |
Loans purchased | $ 5,300,000 | |
Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Percentage of total assets | 1.00% | |
Fair Value Adjustments [Member] | ||
Business Acquisition [Line Items] | ||
Cash and due from banks | $ 428,200,000 |
Business Combinations - Breakdo
Business Combinations - Breakdown of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands | Feb. 27, 2015USD ($) |
Assets | |
Core deposit intangible | $ 1,400 |
Deposits | |
Total deposits | 1,300 |
Doral Bank's Florida [Member] | |
Assets | |
Cash and due from banks | 429,902 |
Loans receivable not covered by loss share | 37,944 |
Total loans receivable | 37,944 |
Core deposit intangible | 1,363 |
Total assets acquired | 469,209 |
Deposits | |
Demand and non-interest-bearing | 3,130 |
Savings and interest-bearing transaction accounts | 119,865 |
Time deposits | 344,579 |
Total deposits | 467,574 |
Total liabilities assumed | 467,574 |
Pre-tax gain on acquisition | 1,635 |
Acquired from Acquisition [Member] | Doral Bank's Florida [Member] | |
Assets | |
Cash and due from banks | 1,688 |
Loans receivable not covered by loss share | 42,244 |
Total loans receivable | 42,244 |
Total assets acquired | 43,932 |
Deposits | |
Demand and non-interest-bearing | 3,130 |
Savings and interest-bearing transaction accounts | 119,865 |
Time deposits | 343,271 |
Total deposits | 466,266 |
Total liabilities assumed | 466,266 |
Fair Value Adjustments [Member] | |
Assets | |
Cash and due from banks | 428,200 |
Fair Value Adjustments [Member] | Doral Bank's Florida [Member] | |
Assets | |
Cash and due from banks | 428,214 |
Loans receivable not covered by loss share | (4,300) |
Total loans receivable | (4,300) |
Core deposit intangible | 1,363 |
Total assets acquired | 425,277 |
Deposits | |
Time deposits | 1,308 |
Total deposits | 1,308 |
Total liabilities assumed | $ 1,308 |
Business Combinations - Acqui53
Business Combinations - Acquisition Broward Financial Holdings, Inc. - Additional Information (Detail) | Oct. 23, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)BankingCenters | Dec. 31, 2014USD ($) |
Broward Bank of Commerce [Member] | Florida [Member] | |||
Business Acquisition [Line Items] | |||
Number of banking centers | BankingCenters | 2 | ||
Broward Financial Holdings, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Common stock issued value | $ 30,200,000 | ||
Cash in exchange for outstanding shares | 3,300,000 | ||
Date of completion of acquisition | Oct. 23, 2014 | ||
Additional consideration payable | $ 751,000 | ||
Fair value for additional consideration at the time of payment | $ 0 | $ 0 | |
Common stock issued | shares | 1,020,824 | ||
Total equity from acquisition | $ 20,400,000 | ||
Business combination consideration paid | $ 33,600,000 | ||
Projected book value per common share | $ / shares | $ 1.62 | ||
Tangible book value per common share | $ / shares | $ 1.62 | ||
Broward Financial Holdings, Inc [Member] | Broward Bank of Commerce [Member] | |||
Business Acquisition [Line Items] | |||
Total assets on acquisition date | $ 184,400,000 | ||
Loans on acquisition date | 121,100,000 | ||
Loan discounts | 3,000,000 | ||
Deposits on acquisition date | $ 134,200,000 |
Business Combinations - Acqui54
Business Combinations - Acquisition Florida Traditions Bank - Additional Information (Detail) - Florida Traditions Bank [Member] $ / shares in Units, $ in Millions | Jul. 17, 2014USD ($) | Sep. 30, 2015BankingCenters$ / shares |
Business Acquisition [Line Items] | ||
Common stock issued value | $ 39.5 | |
Acquired assets | 310.5 | |
Loans | 241.6 | |
Discounts on acquired loans | 8.5 | |
Assumed deposits | $ 267.3 | |
Increase book value per common share | $ / shares | $ 0.31 | |
Increase tangible book value per common share | $ / shares | $ 0.21 | |
Florida [Member] | ||
Business Acquisition [Line Items] | ||
Number of banking centers | BankingCenters | 8 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule Of Available-For-Sale Securities [Line Items] | ||
Amortized Cost | $ 1,128,053 | $ 1,055,754 |
Gross Unrealized Gains | 15,954 | 13,661 |
Gross Unrealized (Losses) | (2,602) | (2,128) |
Estimated Fair Value | 1,141,405 | 1,067,287 |
U.S. Government-Sponsored Enterprises [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Amortized Cost | 407,861 | 333,880 |
Gross Unrealized Gains | 3,375 | 2,467 |
Gross Unrealized (Losses) | (784) | (269) |
Estimated Fair Value | 410,452 | 336,078 |
Mortgage-Backed Securities [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Amortized Cost | 480,457 | 500,292 |
Gross Unrealized Gains | 5,736 | 4,235 |
Gross Unrealized (Losses) | (542) | (1,445) |
Estimated Fair Value | 485,651 | 503,082 |
State and Political Subdivisions [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Amortized Cost | 186,732 | 170,207 |
Gross Unrealized Gains | 6,633 | 6,522 |
Gross Unrealized (Losses) | (180) | (88) |
Estimated Fair Value | 193,185 | 176,641 |
Other Securities [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Amortized Cost | 53,003 | 51,375 |
Gross Unrealized Gains | 210 | 437 |
Gross Unrealized (Losses) | (1,096) | (326) |
Estimated Fair Value | $ 52,117 | $ 51,486 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Classified as Held-to-Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule Of Held-to-Maturity Securities [Line Items] | ||
Estimated Fair Value | $ 324,949 | $ 356,790 |
Held-to-Maturity [Member] | ||
Schedule Of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 324,949 | 356,790 |
Gross Unrealized Gains | 5,511 | 5,760 |
Gross Unrealized (Losses) | (238) | (278) |
Estimated Fair Value | 330,222 | 362,272 |
Held-to-Maturity [Member] | U.S. Government-Sponsored Enterprises [Member] | ||
Schedule Of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 7,760 | 4,724 |
Gross Unrealized Gains | 54 | 2 |
Gross Unrealized (Losses) | (28) | (11) |
Estimated Fair Value | 7,786 | 4,715 |
Held-to-Maturity [Member] | Mortgage-Backed Securities [Member] | ||
Schedule Of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 142,537 | 161,051 |
Gross Unrealized Gains | 1,367 | 580 |
Gross Unrealized (Losses) | (74) | (193) |
Estimated Fair Value | 143,830 | 161,438 |
Held-to-Maturity [Member] | State and Political Subdivisions [Member] | ||
Schedule Of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 174,652 | 191,015 |
Gross Unrealized Gains | 4,090 | 5,178 |
Gross Unrealized (Losses) | (136) | (74) |
Estimated Fair Value | $ 178,606 | $ 196,119 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)Security | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Security | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Available-for-sale Securities [Abstract] | |||||
Amortized cost principally investment securities | $ 1,180,000,000 | $ 1,180,000,000 | $ 1,230,000,000 | ||
Investment securities pledged as collateral | 134,100,000 | 134,100,000 | 176,500,000 | ||
Available for sale securities sold | $ 0 | $ 0 | 931,000 | $ 0 | |
Gross realized gain on sale | $ 4,000 | ||||
Income tax expense benefit to net security gains and losses | 39.225% | ||||
Other than temporary impairment of securities | Security | 0 | 0 | |||
Fair value of unrealized losses | $ 800,000 | $ 800,000 | $ 1,324,000 | ||
Percentage of Company's investment portfolio | 84.00% | ||||
Maturity description of investment portfolio | Five years or less |
Investment Securities - Amort58
Investment Securities - Amortized Cost and Estimated Fair Value of Securities Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-Sale Securities, Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 324,213 | |
Due after one year through five years, Amortized Cost | 639,384 | |
Due after five years through ten years, Amortized Cost | 123,420 | |
Due after ten years, Amortized Cost | 41,036 | |
Total, Amortized Cost | 1,128,053 | |
Available-for-Sale Securities, Estimated Fair Value | ||
Due in one year or less, Estimated Fair Value | 325,998 | |
Due after one year through five years, Estimated Fair Value | 648,881 | |
Due after five years through ten years, Estimated Fair Value | 123,869 | |
Due after ten years, Estimated Fair Value | 42,657 | |
Estimated Fair Value | 1,141,405 | $ 1,067,287 |
Held-to-Maturity Securities, Amortized Cost | ||
Due in one year or less, Held to Maturity Amortized Cost | 71,087 | |
Due after one year through five years, Held to Maturity Amortized Cost | 186,329 | |
Due after five years through ten years, Held to Maturity Amortized Cost | 27,081 | |
Due after ten years, Held to Maturity Amortized Cost | 40,452 | |
Total, Held to Maturity Amortized Cost | 324,949 | $ 356,790 |
Held-to-Maturity Securities, Estimated Fair Value | ||
Due in one year or less, Held to Maturity Estimated Fair Value | 71,991 | |
Due after one year through five years, Held to Maturity Estimated Fair Value | 190,339 | |
Due after five years through ten years, Held to Maturity Estimated Fair Value | 27,438 | |
Due after ten years, Held to Maturity Estimated Fair Value | 40,454 | |
Total, Held to Maturity Estimated Fair Value | $ 330,222 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale and Held to Maturity (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule Of Available-For-Sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | $ 216,273,000 | $ 268,400,000 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (2,040,000) | (1,082,000) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 62,220,000 | 126,640,000 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (800,000) | (1,324,000) |
Fair Value of Available-for-Sale Securities, Total | 278,493,000 | 395,040,000 |
Unrealized Losses of Available-for-Sale Securities, Total | (2,840,000) | (2,406,000) |
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 | 96,280,000 | 22,004,000 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (795,000) | (113,000) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 4,813,000 | 27,616,000 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (17,000) | (167,000) |
Fair Value of Available-for-Sale Securities, Total | 101,093,000 | 49,620,000 |
Unrealized Losses of Available-for-Sale Securities, Total | (812,000) | (280,000) |
Mortgage-Backed Securities [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 56,751,000 | 221,171,000 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (336,000) | (812,000) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 42,320,000 | 76,596,000 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (280,000) | (826,000) |
Fair Value of Available-for-Sale Securities, Total | 99,071,000 | 297,767,000 |
Unrealized Losses of Available-for-Sale Securities, Total | (616,000) | (1,638,000) |
State and Political Subdivisions [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 38,235,000 | 15,171,000 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (289,000) | (106,000) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 3,217,000 | 10,038,000 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (27,000) | (56,000) |
Fair Value of Available-for-Sale Securities, Total | 41,452,000 | 25,209,000 |
Unrealized Losses of Available-for-Sale Securities, Total | (316,000) | (162,000) |
Other Securities [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 25,007,000 | 10,054,000 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (620,000) | (51,000) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 11,870,000 | 12,390,000 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (476,000) | (275,000) |
Fair Value of Available-for-Sale Securities, Total | 36,877,000 | 22,444,000 |
Unrealized Losses of Available-for-Sale Securities, Total | $ (1,096,000) | $ (326,000) |
Investment Securities - Sched60
Investment Securities - Schedule of Income Earned on Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investment Income [Line Items] | ||||
Income earned on securities, taxable | $ 5,157 | $ 4,905 | $ 15,830 | $ 14,137 |
Income earned on securities, Non-taxable | 2,789 | 2,552 | 8,315 | 7,248 |
Income earned on securities, total | 7,946 | 7,457 | 24,145 | 21,385 |
Available-for-sale [Member] | ||||
Investment Income [Line Items] | ||||
Income earned on securities, taxable | 4,265 | 4,295 | 13,020 | 13,214 |
Income earned on securities, Non-taxable | 1,457 | 1,391 | 4,178 | 4,330 |
Held-to-Maturity [Member] | ||||
Investment Income [Line Items] | ||||
Income earned on securities, taxable | 892 | 610 | 2,810 | 923 |
Income earned on securities, Non-taxable | $ 1,332 | $ 1,161 | $ 4,137 | $ 2,918 |
Loans Receivable Not Covered 61
Loans Receivable Not Covered by Loss Share - Summary of Various Categories of Loans not Covered by Loss Share (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | $ 5,900,175 | $ 4,817,314 |
Multifamily Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 392,483 | 250,222 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 2,655,882 | 1,987,890 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 805,003 | 700,139 |
Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 75,233 | 72,211 |
Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 1,055,504 | 963,990 |
Residential and Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 4,984,105 | 3,974,452 |
Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 78,217 | 48,833 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 41,330 | 67,185 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 46,677 | 56,720 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | $ 749,846 | $ 670,124 |
Loans Receivable Not Covered 62
Loans Receivable Not Covered by Loss Share - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage loans held for sale | $ 39,400,000 | $ 39,400,000 | $ 33,100,000 | ||
SBA Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans sold during period | 2,200,000 | $ 1,300,000 | 2,200,000 | $ 1,300,000 | |
Gain on sale of guaranteed portion of loans | $ 151,000 | $ 183,000 | $ 151,000 | $ 183,000 |
Loans Receivable Covered by F63
Loans Receivable Covered by FDIC Loss Share - Carrying Value of All Purchased Covered Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | $ 105,414 | $ 240,188 |
Multifamily Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 1,200 | 8,617 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 25,903 | 93,979 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 7,836 | 39,946 |
Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 735 | 943 |
Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 66,447 | 87,309 |
Residential and Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 102,121 | 230,794 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 601 | 727 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 10 | 16 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | $ 2,682 | $ 8,651 |
Loans Receivable Covered by F64
Loans Receivable Covered by FDIC Loss Share - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Receivables [Abstract] | ||
Accruing past due loans 90 days of more | $ 5.2 | $ 22.5 |
Threshold days of accruing loans, past due for automatic charge off | 90 days |
Allowance for Loan Losses, Cr65
Allowance for Loan Losses, Credit Quality and Other - Summary of Changes in Allowance for Covered and Non-Covered Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | $ 55,011 | |||
Loans charged off | (11,478) | |||
Recoveries of loans previously charged off | 2,393 | |||
Net loans recovered (charged off) | (9,085) | |||
Provision for loan losses for non-covered loans | 15,276 | |||
Reclass of provision for loan losses attributable to FDIC loss share agreements | $ (1,029) | (1,029) | ||
Provision for loan losses forecasted outside of loss share | 0 | |||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 2,457 | |||
Change attributable to FDIC loss share agreements | (1,459) | |||
Net provision for loan losses | 998 | |||
Reclass of provision for loan losses attributable to FDIC loss share agreements | (1,029) | (1,029) | ||
Increase in FDIC indemnification asset | 1,459 | |||
Ending balance | 63,659 | 63,659 | $ 55,011 | |
For Loans Not Covered by Loss Share [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 52,471 | |||
Loans charged off | (10,455) | |||
Recoveries of loans previously charged off | 2,260 | |||
Net loans recovered (charged off) | (8,195) | |||
Provision for loan losses for non-covered loans | 15,276 | |||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 1,029 | |||
Provision for loan losses forecasted outside of loss share | 0 | |||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 1,029 | |||
Ending balance | 60,581 | 60,581 | 52,471 | |
For Loans Covered by FDIC Loss Share [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 4,381 | 2,540 | $ 4,793 | 4,793 |
Loans charged off | (251) | (1,023) | (1,914) | (858) |
Recoveries of loans previously charged off | (318) | 133 | 389 | 345 |
Net loans recovered (charged off) | (569) | (890) | (1,525) | (513) |
Reclass of provision for loan losses attributable to FDIC loss share agreements | (1,029) | |||
Provision for loan losses forecasted outside of loss share | 295 | 0 | 280 | 904 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 2,457 | (1,399) | ||
Change attributable to FDIC loss share agreements | (1,459) | |||
Net provision for loan losses | 998 | 904 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | (1,029) | |||
Increase in FDIC indemnification asset | 295 | 1,459 | (1,119) | |
Ending balance | $ 3,078 | $ 3,078 | $ 2,149 | $ 2,540 |
Allowance for Loan Losses, Cr66
Allowance for Loan Losses, Credit Quality and Other - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Rating | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
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 | $ 134,100,000 | $ 148,200,000 | $ 134,100,000 | $ 148,200,000 | $ 139,700,000 |
Non-accruing loans not covered by loss share | 37,400,000 | 37,400,000 | 24,700,000 | ||
Interest recognized on non-covered impaired loans | 456,000 | $ 688,000 | $ 1,500,000 | $ 2,300,000 | |
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 | $ 2,000,000 | ||||
Over $1,000,000 assessed minimum rated | Rating | 5 | ||||
Over $1,000,000 assessed maximum rated | Rating | 8 | ||||
Trouble debt restructuring with pre-modification loan balances | 3,400,000 | $ 3,400,000 | $ 0 | ||
OREO secured by residential real estate properties | 3,100,000 | 3,100,000 | |||
Provision for loan loss before benefit attributable to FDIC loss share agreements | (2,457,000) | ||||
Increase in indemnified asset | 1,459,000 | ||||
Total accretable yield expectations for loan pools | 12,300,000 | 12,300,000 | |||
Covered Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Allowances for loan losses related to the purchased impaired loans | $ 998,000 | 998,000 | |||
Provision for loan loss before benefit attributable to FDIC loss share agreements | 2,500,000 | ||||
Increase in indemnified asset | $ 1,500,000 |
Allowance for Loan Losses, Cr67
Allowance for Loan Losses, Credit Quality and Other - Balance of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans Receivable | $ 5,900,175 | $ 4,817,314 | ||||
Beginning balance | $ 55,011 | |||||
Loans charged off | (11,478) | |||||
Recoveries of loans previously charged off | 2,393 | |||||
Net loans recovered (charged off) | (9,085) | |||||
Reclass of provision for loan losses attributable to FDIC loss share agreements | $ (1,029) | (1,029) | ||||
Ending balance | 63,659 | 63,659 | $ 55,011 | |||
Allowance for loan losses | 63,659 | 63,659 | 55,011 | 63,659 | 55,011 | |
Residential Real Estate Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 738 | 738 | ||||
Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans Receivable | 749,846 | 670,124 | ||||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 6 | 6 | ||||
For Loans Not Covered by Loss Share [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Purchased credit impaired loans acquired | 176,965 | 212,974 | ||||
Total Loans Receivable | 5,723,210 | 4,604,340 | ||||
Beginning balance | 52,471 | |||||
Loans charged off | (10,455) | |||||
Recoveries of loans previously charged off | 2,260 | |||||
Net loans recovered (charged off) | (8,195) | |||||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 1,029 | |||||
Ending balance | 60,581 | 60,581 | 52,471 | |||
Allowance for loan losses | 60,581 | 60,581 | 52,471 | 60,581 | 52,471 | |
For Loans Not Covered by Loss Share [Member] | Allowance for Loan Losses [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning balance | 55,877 | 52,471 | $ 39,022 | 39,022 | ||
Loans charged off | (3,966) | (10,455) | (7,494) | (3,811) | ||
Recoveries of loans previously charged off | 535 | 2,260 | 1,873 | 1,121 | ||
Net loans recovered (charged off) | (3,431) | (8,195) | (5,621) | (2,690) | ||
Provision for loan losses | 7,106 | 15,276 | 17,294 | 4,466 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 1,029 | 1,029 | ||||
Ending balance | 60,581 | 60,581 | 50,695 | 52,471 | ||
Loans individually evaluated for impairment | 5,463 | 6,746 | ||||
Loans collectively evaluated for impairment | 54,902 | 43,510 | ||||
Loans evaluated for impairment, ending balance | 60,365 | 50,256 | ||||
Purchased credit impaired loans acquired | 216 | 2,215 | ||||
Allowance for loan losses | 55,877 | 60,581 | 50,695 | 39,022 | 60,581 | 52,471 |
For Loans Not Covered by Loss Share [Member] | Loans Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans individually evaluated for impairment | 106,726 | 93,404 | ||||
Loans collectively evaluated for impairment | 5,616,484 | 4,510,936 | ||||
Loans evaluated for impairment | 5,723,210 | 4,604,340 | ||||
Purchased credit impaired loans acquired | 176,965 | 212,974 | ||||
Total Loans Receivable | 5,900,175 | 4,817,314 | ||||
For Loans Not Covered by Loss Share [Member] | Residential Real Estate Loans [Member] | Allowance for Loan Losses [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning balance | 12,934 | 13,446 | 8,889 | 8,889 | ||
Loans charged off | (1,043) | (2,995) | (2,045) | (1,004) | ||
Recoveries of loans previously charged off | 179 | 428 | 385 | 564 | ||
Net loans recovered (charged off) | (864) | (2,567) | (1,660) | (440) | ||
Provision for loan losses | 1,920 | 3,111 | 5,160 | 1,497 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | (738) | (738) | ||||
Ending balance | 13,252 | 13,252 | 12,389 | 13,446 | ||
Loans individually evaluated for impairment | 1,244 | 2,183 | ||||
Loans collectively evaluated for impairment | 11,963 | 10,827 | ||||
Loans evaluated for impairment, ending balance | 13,207 | 13,010 | ||||
Purchased credit impaired loans acquired | 45 | 436 | ||||
Allowance for loan losses | 12,934 | 13,252 | 12,389 | 8,889 | 13,252 | 13,446 |
For Loans Not Covered by Loss Share [Member] | Residential Real Estate Loans [Member] | Loans Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans individually evaluated for impairment | 18,240 | 21,734 | ||||
Loans collectively evaluated for impairment | 1,378,584 | 1,131,021 | ||||
Loans evaluated for impairment | 1,396,824 | 1,152,755 | ||||
Purchased credit impaired loans acquired | 51,163 | 61,457 | ||||
Total Loans Receivable | 1,447,987 | 1,214,212 | ||||
For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total Loans Receivable | 737,114 | 654,247 | ||||
For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | Allowance for Loan Losses [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning balance | 7,534 | 5,950 | 1,933 | 1,933 | ||
Loans charged off | (355) | (1,774) | (1,600) | (566) | ||
Recoveries of loans previously charged off | 159 | 395 | 255 | 51 | ||
Net loans recovered (charged off) | (196) | (1,379) | (1,345) | (515) | ||
Provision for loan losses | 1,303 | 4,070 | 2,763 | 3,114 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | (6) | (6) | ||||
Ending balance | 8,635 | 8,635 | 3,351 | 5,950 | ||
Loans individually evaluated for impairment | 988 | 6 | ||||
Loans collectively evaluated for impairment | 7,646 | 5,880 | ||||
Loans evaluated for impairment, ending balance | 8,634 | 5,886 | ||||
Purchased credit impaired loans acquired | 1 | 64 | ||||
Allowance for loan losses | 7,534 | 8,635 | 3,351 | 1,933 | 8,635 | 5,950 |
For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | Loans Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans individually evaluated for impairment | 6,361 | 4,084 | ||||
Loans collectively evaluated for impairment | 730,753 | 650,163 | ||||
Loans evaluated for impairment | 737,114 | 654,247 | ||||
Purchased credit impaired loans acquired | 12,732 | 15,877 | ||||
Total Loans Receivable | 749,846 | 670,124 | ||||
For Loans Not Covered by Loss Share [Member] | Unallocated [Member] | Allowance for Loan Losses [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning balance | 1,013 | 1,934 | 4,255 | 4,255 | ||
Provision for loan losses | 247 | (674) | 556 | (2,877) | ||
Ending balance | 1,260 | 1,260 | 4,811 | 1,934 | ||
Loans collectively evaluated for impairment | 1,260 | 1,934 | ||||
Loans evaluated for impairment, ending balance | 1,260 | 1,934 | ||||
Allowance for loan losses | 1,013 | 1,260 | 4,811 | 4,255 | 1,260 | 1,934 |
Construction/Land Development [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Reclass of provision for loan losses attributable to FDIC loss share agreements | (745) | (745) | ||||
Construction/Land Development [Member] | For Loans Not Covered by Loss Share [Member] | Allowance for Loan Losses [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning balance | 9,403 | 8,116 | 6,282 | 6,282 | ||
Loans charged off | (64) | (541) | (553) | (420) | ||
Recoveries of loans previously charged off | 13 | 79 | 68 | 274 | ||
Net loans recovered (charged off) | (51) | (462) | (485) | (146) | ||
Provision for loan losses | (805) | 893 | 733 | 1,732 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 745 | 745 | ||||
Ending balance | 9,292 | 9,292 | 6,530 | 8,116 | ||
Loans individually evaluated for impairment | 1,195 | 1,477 | ||||
Loans collectively evaluated for impairment | 8,096 | 6,624 | ||||
Loans evaluated for impairment, ending balance | 9,291 | 8,101 | ||||
Purchased credit impaired loans acquired | 1 | 15 | ||||
Allowance for loan losses | 9,403 | 9,292 | 6,530 | 6,282 | 9,292 | 8,116 |
Construction/Land Development [Member] | For Loans Not Covered by Loss Share [Member] | Loans Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans individually evaluated for impairment | 21,247 | 19,037 | ||||
Loans collectively evaluated for impairment | 767,683 | 659,465 | ||||
Loans evaluated for impairment | 788,930 | 678,502 | ||||
Purchased credit impaired loans acquired | 16,073 | 21,637 | ||||
Total Loans Receivable | 805,003 | 700,139 | ||||
Other Commercial Real Estate [Member] | For Loans Not Covered by Loss Share [Member] | Allowance for Loan Losses [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning balance | 19,982 | 17,227 | 15,100 | 15,100 | ||
Loans charged off | (1,534) | (3,190) | (1,148) | (1,174) | ||
Recoveries of loans previously charged off | (4) | 697 | 230 | 12 | ||
Net loans recovered (charged off) | (1,538) | (2,493) | (918) | (1,162) | ||
Provision for loan losses | 3,927 | 7,637 | 4,117 | 90 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 1,033 | 1,033 | ||||
Ending balance | 23,404 | 23,404 | 18,299 | 17,227 | ||
Loans individually evaluated for impairment | 2,036 | 3,080 | ||||
Loans collectively evaluated for impairment | 21,200 | 12,447 | ||||
Loans evaluated for impairment, ending balance | 23,236 | 15,527 | ||||
Purchased credit impaired loans acquired | 168 | 1,700 | ||||
Allowance for loan losses | 19,982 | 23,404 | 18,299 | 15,100 | 23,404 | 17,227 |
Other Commercial Real Estate [Member] | For Loans Not Covered by Loss Share [Member] | Loans Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans individually evaluated for impairment | 53,676 | 48,065 | ||||
Loans collectively evaluated for impairment | 2,581,800 | 1,900,472 | ||||
Loans evaluated for impairment | 2,635,476 | 1,948,537 | ||||
Purchased credit impaired loans acquired | 95,639 | 111,564 | ||||
Total Loans Receivable | 2,731,115 | 2,060,101 | ||||
Consumer & Other [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 5 | 5 | ||||
Consumer & Other [Member] | For Loans Not Covered by Loss Share [Member] | Allowance for Loan Losses [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Beginning balance | 5,011 | 5,798 | 2,563 | 2,563 | ||
Loans charged off | (970) | (1,955) | (2,148) | (647) | ||
Recoveries of loans previously charged off | 188 | 661 | 935 | 220 | ||
Net loans recovered (charged off) | (782) | (1,294) | (1,213) | (427) | ||
Provision for loan losses | 514 | 239 | 3,965 | 910 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | (5) | (5) | ||||
Ending balance | 4,738 | 4,738 | 5,315 | 5,798 | ||
Loans collectively evaluated for impairment | 4,737 | 5,798 | ||||
Loans evaluated for impairment, ending balance | 4,737 | 5,798 | ||||
Purchased credit impaired loans acquired | 1 | |||||
Allowance for loan losses | $ 5,011 | $ 4,738 | $ 5,315 | $ 2,563 | 4,738 | 5,798 |
Consumer & Other [Member] | For Loans Not Covered by Loss Share [Member] | Loans Receivable [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans individually evaluated for impairment | 7,202 | 484 | ||||
Loans collectively evaluated for impairment | 157,664 | 169,815 | ||||
Loans evaluated for impairment | 164,866 | 170,299 | ||||
Purchased credit impaired loans acquired | 1,358 | 2,439 | ||||
Total Loans Receivable | $ 166,224 | $ 172,738 |
Allowance for Loan Losses, Cr68
Allowance for Loan Losses, Credit Quality and Other - Summary of Aging Analysis for Non-Covered Loan Portfolio (Detail) - For Loans Not Covered by Loss Share [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 64,566 | $ 60,053 |
Current Loans | 5,835,609 | 4,757,261 |
Total Loans Receivable | 5,900,175 | 4,817,314 |
Accruing Loans Past Due 90 Days or More | 11,390 | 14,871 |
Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,328 | 2,035 |
Current Loans | 391,155 | 248,187 |
Total Loans Receivable | 392,483 | 250,222 |
Accruing Loans Past Due 90 Days or More | 1 | 691 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 584 | 1,375 |
Current Loans | 46,093 | 55,345 |
Total Loans Receivable | 46,677 | 56,720 |
Accruing Loans Past Due 90 Days or More | 7 | 579 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,227 | 6,151 |
Current Loans | 742,619 | 663,973 |
Total Loans Receivable | 749,846 | 670,124 |
Accruing Loans Past Due 90 Days or More | 2,860 | 2,825 |
Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,844 | 663 |
Current Loans | 117,703 | 115,355 |
Total Loans Receivable | 119,547 | 116,018 |
Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,897 | 16,125 |
Loans Past Due 30-59 Days [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 298 | 368 |
Loans Past Due 30-59 Days [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,043 | 1,669 |
Loans Past Due 30-59 Days [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 550 | 463 |
Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,874 | 4,366 |
Loans Past Due 60-89 Days [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 76 | 149 |
Loans Past Due 60-89 Days [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 491 | 549 |
Loans Past Due 60-89 Days [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5 | 16 |
Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 48,795 | 39,562 |
Loans Past Due 90 Days or More [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,328 | 2,035 |
Loans Past Due 90 Days or More [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 210 | 858 |
Loans Past Due 90 Days or More [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,693 | 3,933 |
Loans Past Due 90 Days or More [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,289 | 184 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 23,990 | 22,034 |
Current Loans | 2,631,892 | 1,965,856 |
Total Loans Receivable | 2,655,882 | 1,987,890 |
Accruing Loans Past Due 90 Days or More | 2,694 | 5,880 |
Commercial Real Estate Non Farm Nonresidential [Member] | Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,080 | 5,942 |
Commercial Real Estate Non Farm Nonresidential [Member] | Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,225 | 1,311 |
Commercial Real Estate Non Farm Nonresidential [Member] | Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,685 | 14,781 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,858 | 5,203 |
Current Loans | 799,145 | 694,936 |
Total Loans Receivable | 805,003 | 700,139 |
Accruing Loans Past Due 90 Days or More | 1,130 | 734 |
Commercial Real Estate Construction Land Development Loan [Member] | Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,051 | 2,696 |
Commercial Real Estate Construction Land Development Loan [Member] | Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 411 | 847 |
Commercial Real Estate Construction Land Development Loan [Member] | Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,396 | 1,660 |
Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 495 | 341 |
Current Loans | 74,738 | 71,870 |
Total Loans Receivable | 75,233 | 72,211 |
Accruing Loans Past Due 90 Days or More | 30 | 34 |
Agricultural [Member] | Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 465 | 307 |
Agricultural [Member] | Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30 | 34 |
Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 23,240 | 22,251 |
Current Loans | 1,032,264 | 941,739 |
Total Loans Receivable | 1,055,504 | 963,990 |
Accruing Loans Past Due 90 Days or More | 4,668 | 4,128 |
Residential 1-4 Family [Member] | Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,410 | 4,680 |
Residential 1-4 Family [Member] | Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,666 | 1,494 |
Residential 1-4 Family [Member] | Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17,164 | 16,077 |
Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 54,911 | 51,864 |
Current Loans | 4,929,194 | 3,922,588 |
Total Loans Receivable | 4,984,105 | 3,974,452 |
Accruing Loans Past Due 90 Days or More | 8,523 | 11,467 |
Residential and Commercial Real Estate [Member] | Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,006 | 13,625 |
Residential and Commercial Real Estate [Member] | Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,302 | 3,652 |
Residential and Commercial Real Estate [Member] | Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 41,603 | $ 34,587 |
Allowance for Loan Losses, Cr69
Allowance for Loan Losses, Credit Quality and Other - Summary of Non-Covered Impaired Loans (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | |||||
Interest Recognized | $ 456,000 | $ 688,000 | $ 1,500,000 | $ 2,300,000 | |
Loans Without Specific Valuation Allowance [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investment | 13,000 | 6,000 | $ 701,000 | ||
Interest Recognized | 16,000 | ||||
Loans Without Specific Valuation Allowance [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investment | 676,000 | ||||
Interest Recognized | 14,000 | ||||
Loans Without Specific Valuation Allowance [Member] | Residential 1-4 Family [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investment | 13,000 | 6,000 | 25,000 | ||
Interest Recognized | 2,000 | ||||
Loans Without Specific Valuation Allowance [Member] | Residential and Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average Recorded Investment | 13,000 | 6,000 | 701,000 | ||
Interest Recognized | 16,000 | ||||
Loans With Specific Valuation Allowance [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 97,670,000 | 97,670,000 | 92,321,000 | ||
Total Recorded Investment | 92,215,000 | 92,215,000 | 85,444,000 | ||
Allocation of Allowance for Loan Losses | 5,463,000 | 5,463,000 | 6,746,000 | ||
Average Recorded Investment | 88,125,000 | 87,173,000 | 91,076,000 | ||
Interest Recognized | 456,000 | 1,472,000 | 2,728,000 | ||
Loans With Specific Valuation Allowance [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 48,876,000 | 48,876,000 | 44,242,000 | ||
Total Recorded Investment | 47,836,000 | 47,836,000 | 41,670,000 | ||
Allocation of Allowance for Loan Losses | 2,036,000 | 2,036,000 | 3,080,000 | ||
Average Recorded Investment | 45,056,000 | 43,661,000 | 43,556,000 | ||
Interest Recognized | 269,000 | 828,000 | 1,379,000 | ||
Loans With Specific Valuation Allowance [Member] | Commercial Real Estate Construction Land Development Loan [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 13,807,000 | 13,807,000 | 18,369,000 | ||
Total Recorded Investment | 12,987,000 | 12,987,000 | 18,075,000 | ||
Allocation of Allowance for Loan Losses | 1,195,000 | 1,195,000 | 1,477,000 | ||
Average Recorded Investment | 13,113,000 | 16,263,000 | 21,142,000 | ||
Interest Recognized | 44,000 | 214,000 | 656,000 | ||
Loans With Specific Valuation Allowance [Member] | Agricultural [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 53,000 | 53,000 | 53,000 | ||
Total Recorded Investment | 30,000 | 30,000 | 33,000 | ||
Average Recorded Investment | 30,000 | 51,000 | 60,000 | ||
Interest Recognized | 1,000 | ||||
Loans With Specific Valuation Allowance [Member] | Residential 1-4 Family [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 19,531,000 | 19,531,000 | 18,052,000 | ||
Total Recorded Investment | 18,142,000 | 18,142,000 | 16,051,000 | ||
Allocation of Allowance for Loan Losses | 83,000 | 83,000 | 1,065,000 | ||
Average Recorded Investment | 18,360,000 | 16,851,000 | 16,701,000 | ||
Interest Recognized | 102,000 | 305,000 | 407,000 | ||
Loans With Specific Valuation Allowance [Member] | Residential and Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 85,912,000 | 85,912,000 | 85,330,000 | ||
Total Recorded Investment | 82,639,000 | 82,639,000 | 80,156,000 | ||
Allocation of Allowance for Loan Losses | 4,475,000 | 4,475,000 | 6,740,000 | ||
Average Recorded Investment | 80,212,000 | 80,637,000 | 85,496,000 | ||
Interest Recognized | 419,000 | 1,377,000 | 2,563,000 | ||
Loans With Specific Valuation Allowance [Member] | Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 10,252,000 | 10,252,000 | 5,916,000 | ||
Total Recorded Investment | 8,076,000 | 8,076,000 | 4,246,000 | ||
Allocation of Allowance for Loan Losses | 988,000 | 988,000 | 6,000 | ||
Average Recorded Investment | 6,662,000 | 5,387,000 | 5,059,000 | ||
Interest Recognized | 37,000 | 85,000 | 151,000 | ||
Loans With Specific Valuation Allowance [Member] | Agricultural and Other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 1,289,000 | 1,289,000 | 185,000 | ||
Total Recorded Investment | 1,289,000 | 1,289,000 | 185,000 | ||
Average Recorded Investment | 836,000 | 509,000 | 114,000 | ||
Interest Recognized | 4,000 | ||||
Total Impaired Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 97,670,000 | 97,670,000 | 92,321,000 | ||
Total Recorded Investment | 92,215,000 | 92,215,000 | 85,444,000 | ||
Allocation of Allowance for Loan Losses | 5,463,000 | 5,463,000 | 6,746,000 | ||
Average Recorded Investment | 88,138,000 | 87,179,000 | 91,777,000 | ||
Interest Recognized | 456,000 | 1,472,000 | 2,744,000 | ||
Total Impaired Loans [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 48,876,000 | 48,876,000 | 44,242,000 | ||
Total Recorded Investment | 47,836,000 | 47,836,000 | 41,670,000 | ||
Allocation of Allowance for Loan Losses | 2,036,000 | 2,036,000 | 3,080,000 | ||
Average Recorded Investment | 45,056,000 | 43,661,000 | 44,232,000 | ||
Interest Recognized | 269,000 | 828,000 | 1,393,000 | ||
Total Impaired Loans [Member] | Commercial Real Estate Construction Land Development Loan [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 13,807,000 | 13,807,000 | 18,369,000 | ||
Total Recorded Investment | 12,987,000 | 12,987,000 | 18,075,000 | ||
Allocation of Allowance for Loan Losses | 1,195,000 | 1,195,000 | 1,477,000 | ||
Average Recorded Investment | 13,113,000 | 16,263,000 | 21,142,000 | ||
Interest Recognized | 44,000 | 214,000 | 656,000 | ||
Total Impaired Loans [Member] | Agricultural [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 53,000 | 53,000 | 53,000 | ||
Total Recorded Investment | 30,000 | 30,000 | 33,000 | ||
Average Recorded Investment | 30,000 | 51,000 | 60,000 | ||
Interest Recognized | 1,000 | ||||
Total Impaired Loans [Member] | Residential 1-4 Family [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 19,531,000 | 19,531,000 | 18,052,000 | ||
Total Recorded Investment | 18,142,000 | 18,142,000 | 16,051,000 | ||
Allocation of Allowance for Loan Losses | 83,000 | 83,000 | 1,065,000 | ||
Average Recorded Investment | 18,373,000 | 16,857,000 | 16,726,000 | ||
Interest Recognized | 102,000 | 305,000 | 409,000 | ||
Total Impaired Loans [Member] | Residential and Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 85,912,000 | 85,912,000 | 85,330,000 | ||
Total Recorded Investment | 82,639,000 | 82,639,000 | 80,156,000 | ||
Allocation of Allowance for Loan Losses | 4,475,000 | 4,475,000 | 6,740,000 | ||
Average Recorded Investment | 80,225,000 | 80,643,000 | 86,197,000 | ||
Interest Recognized | 419,000 | 1,377,000 | 2,579,000 | ||
Total Impaired Loans [Member] | Commercial and Industrial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 10,252,000 | 10,252,000 | 5,916,000 | ||
Total Recorded Investment | 8,076,000 | 8,076,000 | 4,246,000 | ||
Allocation of Allowance for Loan Losses | 988,000 | 988,000 | 6,000 | ||
Average Recorded Investment | 6,662,000 | 5,387,000 | 5,059,000 | ||
Interest Recognized | 37,000 | 85,000 | 151,000 | ||
Total Impaired Loans [Member] | Agricultural and Other [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 1,289,000 | 1,289,000 | 185,000 | ||
Total Recorded Investment | 1,289,000 | 1,289,000 | 185,000 | ||
Average Recorded Investment | 836,000 | 509,000 | 114,000 | ||
Interest Recognized | 4,000 | ||||
Consumer [Member] | Loans With Specific Valuation Allowance [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 217,000 | 217,000 | 890,000 | ||
Total Recorded Investment | 211,000 | 211,000 | 857,000 | ||
Average Recorded Investment | 415,000 | 640,000 | 407,000 | ||
Interest Recognized | 6,000 | 14,000 | |||
Consumer [Member] | Total Impaired Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 217,000 | 217,000 | 890,000 | ||
Total Recorded Investment | 211,000 | 211,000 | 857,000 | ||
Average Recorded Investment | 415,000 | 640,000 | 407,000 | ||
Interest Recognized | 6,000 | 14,000 | |||
Multifamily Residential [Member] | Loans With Specific Valuation Allowance [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 3,645,000 | 3,645,000 | 4,614,000 | ||
Total Recorded Investment | 3,644,000 | 3,644,000 | 4,327,000 | ||
Allocation of Allowance for Loan Losses | 1,161,000 | 1,161,000 | 1,118,000 | ||
Average Recorded Investment | 3,653,000 | 3,811,000 | 4,037,000 | ||
Interest Recognized | 4,000 | 30,000 | 120,000 | ||
Multifamily Residential [Member] | Total Impaired Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Contractual Principal Balance | 3,645,000 | 3,645,000 | 4,614,000 | ||
Total Recorded Investment | 3,644,000 | 3,644,000 | 4,327,000 | ||
Allocation of Allowance for Loan Losses | 1,161,000 | 1,161,000 | 1,118,000 | ||
Average Recorded Investment | 3,653,000 | 3,811,000 | 4,037,000 | ||
Interest Recognized | $ 4,000 | $ 30,000 | $ 120,000 |
Allowance for Loan Losses, Cr70
Allowance for Loan Losses, Credit Quality and Other - Presentation of Classified and Non-Covered Loans by Class and Risk Rating (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | $ 5,900,175 | $ 4,817,314 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 2,655,882 | 1,987,890 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 805,003 | 700,139 |
Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 75,233 | 72,211 |
Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,055,504 | 963,990 |
Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 4,984,105 | 3,974,452 |
For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 5,723,210 | 4,604,340 |
Purchased credit impaired loans acquired | 176,965 | 212,974 |
Total Loans Receivable | 5,900,175 | 4,817,314 |
For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 2,560,758 | 1,877,191 |
Total Loans Receivable | 2,655,882 | 1,987,890 |
For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 788,930 | 678,502 |
Total Loans Receivable | 805,003 | 700,139 |
For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 74,718 | 71,346 |
Total Loans Receivable | 75,233 | 72,211 |
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 | 1,011,573 | 911,436 |
Total Loans Receivable | 1,055,504 | 963,990 |
For Loans Not Covered by Loss Share [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 4,821,230 | 3,779,794 |
Total Loans Receivable | 4,984,105 | 3,974,452 |
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 | 119,033 | 114,646 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 46,677 | 56,720 |
Consumer [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 45,833 | 55,653 |
Total Loans Receivable | 46,677 | 56,720 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 749,846 | 670,124 |
Commercial and Industrial [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 737,114 | 654,247 |
Total Loans Receivable | 749,846 | 670,124 |
Agricultural and Other [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 119,547 | 116,018 |
Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 392,483 | 250,222 |
Multifamily Residential [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 385,251 | 241,319 |
Total Loans Receivable | 392,483 | 250,222 |
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 | 32,364 | 32,397 |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 497 | 3,674 |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 66 | 15 |
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 | 998 | 494 |
Risk Rated 1 [Member] | For Loans Not Covered by Loss Share [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,561 | 4,183 |
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 | 4,469 | 573 |
Risk Rated 1 [Member] | Consumer [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 13,967 | 14,560 |
Risk Rated 1 [Member] | Commercial and Industrial [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 12,367 | 13,081 |
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 | 16,706 | 38,746 |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 5,873 | 15,914 |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 86 | 355 |
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 | 325 | 610 |
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 | 2,116 | 3,505 |
Risk Rated 2 [Member] | For Loans Not Covered by Loss Share [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 8,806 | 20,784 |
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 | 844 | 790 |
Risk Rated 2 [Member] | Consumer [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 273 | 215 |
Risk Rated 2 [Member] | Commercial and Industrial [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 6,783 | 16,957 |
Risk Rated 2 [Member] | Multifamily Residential [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 406 | 400 |
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 | 3,670,212 | 3,031,609 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,798,471 | 1,300,835 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 259,744 | 241,659 |
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 | 47,461 | 35,539 |
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 | 793,058 | 714,278 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 3,160,002 | 2,484,998 |
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 | 60,360 | 87,347 |
Risk Rated 3 [Member] | Consumer [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 20,750 | 29,238 |
Risk Rated 3 [Member] | Commercial and Industrial [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 429,100 | 430,026 |
Risk Rated 3 [Member] | Multifamily Residential [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 261,268 | 192,687 |
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 | 1,869,752 | 1,384,920 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 695,047 | 501,931 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 508,606 | 415,380 |
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 | 26,724 | 34,469 |
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 | 185,911 | 165,464 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,533,876 | 1,159,822 |
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 | 46,330 | 25,237 |
Risk Rated 4 [Member] | Consumer [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 10,424 | 10,543 |
Risk Rated 4 [Member] | Commercial and Industrial [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 279,122 | 189,318 |
Risk Rated 4 [Member] | Multifamily Residential [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 117,588 | 42,578 |
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 | 53,859 | 43,138 |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 21,543 | 20,115 |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 4,477 | 4,981 |
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 | 208 | 728 |
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 | 14,224 | 11,730 |
Risk Rated 5 [Member] | For Loans Not Covered by Loss Share [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 42,762 | 39,826 |
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 | 5,836 | 521 |
Risk Rated 5 [Member] | Consumer [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 124 | 175 |
Risk Rated 5 [Member] | Commercial and Industrial [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 5,137 | 2,616 |
Risk Rated 5 [Member] | Multifamily Residential [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 2,310 | 2,272 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 80,317 | 73,530 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 39,327 | 34,722 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 15,951 | 16,112 |
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 | 15,266 | 15,965 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 74,223 | 70,181 |
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 | 1,194 | 178 |
Classified Total [Member] | Consumer [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 295 | 922 |
Classified Total [Member] | Commercial and Industrial [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 4,605 | 2,249 |
Classified Total [Member] | Agricultural and Other [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,194 | 178 |
Classified Total [Member] | Multifamily Residential [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 3,679 | 3,382 |
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 | 78,551 | 73,139 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 38,335 | 34,698 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 15,951 | 16,112 |
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 | 14,538 | 15,622 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 72,503 | 69,814 |
Risk Rated 6 [Member] | Consumer [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 275 | 903 |
Risk Rated 6 [Member] | Commercial and Industrial [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 4,579 | 2,244 |
Risk Rated 6 [Member] | Agricultural and Other [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,194 | 178 |
Risk Rated 6 [Member] | Multifamily Residential [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 3,679 | 3,382 |
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 | 1,766 | 391 |
Risk Rated 7 [Member] | For Loans Not Covered by Loss Share [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 992 | 24 |
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 | 728 | 343 |
Risk Rated 7 [Member] | For Loans Not Covered by Loss Share [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,720 | 367 |
Risk Rated 7 [Member] | Consumer [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 20 | 19 |
Risk Rated 7 [Member] | Commercial and Industrial [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | $ 26 | $ 5 |
Allowance for Loan Losses, Cr71
Allowance for Loan Losses, Credit Quality and Other - Presentation of Non-Covered Troubled Debt Restructurings ("TDRs") by Class (Detail) | Sep. 30, 2015USD ($)Contracts | Dec. 31, 2014USD ($)Contracts |
Financing Receivable, Modifications [Line Items] | ||
Pre-Modification Outstanding Balance | $ 3,400,000 | $ 0 |
For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 25 | 13 |
Pre-Modification Outstanding Balance | $ 32,164,000 | $ 29,177,000 |
Rate Modification | 12,797,000 | 10,269,000 |
Term Modification | 12,236,000 | 10,373,000 |
Rate & Term Modification | 5,104,000 | 6,250,000 |
Post-Modification Outstanding Balance | $ 30,137,000 | $ 26,892,000 |
Commercial Real Estate Non Farm Nonresidential [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 14 | 7 |
Pre-Modification Outstanding Balance | $ 23,075,000 | $ 17,340,000 |
Rate Modification | 8,939,000 | 2,596,000 |
Term Modification | 8,806,000 | 8,647,000 |
Rate & Term Modification | 4,649,000 | 5,644,000 |
Post-Modification Outstanding Balance | $ 22,394,000 | $ 16,887,000 |
Commercial Real Estate Construction Land Development Loan [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 3 | 2 |
Pre-Modification Outstanding Balance | $ 3,040,000 | $ 8,213,000 |
Rate Modification | 1,018,000 | 5,671,000 |
Term Modification | 1,612,000 | 1,668,000 |
Post-Modification Outstanding Balance | $ 2,630,000 | $ 7,339,000 |
Residential 1-4 Family [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 6 | 1 |
Pre-Modification Outstanding Balance | $ 2,867,000 | $ 61,000 |
Rate Modification | 813,000 | |
Term Modification | 1,818,000 | 58,000 |
Rate & Term Modification | 165,000 | |
Post-Modification Outstanding Balance | $ 2,796,000 | $ 58,000 |
Residential and Commercial Real Estate [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 25 | 12 |
Pre-Modification Outstanding Balance | $ 32,164,000 | $ 28,797,000 |
Rate Modification | 12,797,000 | 10,269,000 |
Term Modification | 12,236,000 | 10,373,000 |
Rate & Term Modification | 5,104,000 | 5,935,000 |
Post-Modification Outstanding Balance | $ 30,137,000 | $ 26,577,000 |
Commercial and Industrial [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 1 | |
Pre-Modification Outstanding Balance | $ 380,000 | |
Rate & Term Modification | 315,000 | |
Post-Modification Outstanding Balance | $ 315,000 | |
Multifamily Residential [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 2 | 2 |
Pre-Modification Outstanding Balance | $ 3,182,000 | $ 3,183,000 |
Rate Modification | 2,027,000 | 2,002,000 |
Rate & Term Modification | 290,000 | 291,000 |
Post-Modification Outstanding Balance | $ 2,317,000 | $ 2,293,000 |
Allowance for Loan Losses, Cr72
Allowance for Loan Losses, Credit Quality and Other - Presentation of Non-Covered TDRs on Non-Accrual Status (Detail) - For Loans Not Covered by Loss Share [Member] $ in Thousands | Sep. 30, 2015USD ($)Contracts |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | Contracts | 5 |
Recorded Balance | $ 3,437 |
Commercial Real Estate Non Farm Nonresidential [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | Contracts | 3 |
Recorded Balance | $ 1,619 |
Residential 1-4 Family [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | Contracts | 2 |
Recorded Balance | $ 1,818 |
Residential and Commercial Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Loans | Contracts | 5 |
Recorded Balance | $ 3,437 |
Allowance for Loan Losses, Cr73
Allowance for Loan Losses, Credit Quality and Other - Summary of Non Covered Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 18,204 | $ 16,951 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 9,495 | 6,894 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 5,560 | 6,189 |
Residential 1-4 Family [Member] | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 2,882 | 3,381 |
Multifamily Residential [Member] | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 267 | $ 487 |
Allowance for Loan Losses, Cr74
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 ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | $ 55,011 | |||
Loans charged off | (11,478) | |||
Recoveries of loans previously charged off | 2,393 | |||
Net loans recovered (charged off) | (9,085) | |||
Provision for loan losses forecasted outside of loss share | 0 | |||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 2,457 | |||
Net provision for loan losses | 998 | |||
Reclass of provision for loan losses attributable to FDIC loss share agreements | $ (1,029) | (1,029) | ||
Increase in FDIC indemnification asset | 1,459 | |||
Ending balance | 63,659 | 63,659 | $ 55,011 | |
Ending balance | 105,414 | 105,414 | 240,188 | |
Residential Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 738 | 738 | ||
Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 6 | 6 | ||
Ending balance | 2,682 | 2,682 | 8,651 | |
For Loans Covered by FDIC Loss Share [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 4,381 | 2,540 | $ 4,793 | 4,793 |
Loans charged off | (251) | (1,023) | (1,914) | (858) |
Recoveries of loans previously charged off | (318) | 133 | 389 | 345 |
Net loans recovered (charged off) | (569) | (890) | (1,525) | (513) |
Provision for loan losses forecasted outside of loss share | 295 | 0 | 280 | 904 |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 2,457 | (1,399) | ||
Change attributable to FDIC loss share agreements | (295) | (1,459) | 1,119 | |
Net provision for loan losses | 998 | 904 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | (1,029) | |||
Increase in FDIC indemnification asset | 295 | 1,459 | (1,119) | |
Ending balance | 3,078 | 3,078 | 2,149 | 2,540 |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | 0 | |
Purchased credit impaired loans acquired | 3,078 | 3,078 | 2,540 | |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Purchased credit impaired loans acquired | 105,414 | 105,414 | 240,188 | |
Ending balance | 105,414 | 105,414 | 240,188 | |
For Loans Covered by FDIC Loss Share [Member] | Residential Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 1,882 | 1,161 | 2,113 | 2,113 |
Loans charged off | (81) | (62) | (373) | |
Recoveries of loans previously charged off | (137) | 34 | 306 | 255 |
Net loans recovered (charged off) | (137) | (47) | 244 | (118) |
Provision for loan losses forecasted outside of loss share | (232) | 148 | 58 | |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 237 | 636 | (1,285) | 1 |
Change attributable to FDIC loss share agreements | (5) | (169) | 1,137 | (1) |
Net provision for loan losses | 467 | 58 | ||
Increase in FDIC indemnification asset | 5 | 169 | (1,137) | 1 |
Ending balance | 2,488 | 2,488 | 1,220 | 1,161 |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | 0 | |
Purchased credit impaired loans acquired | 2,488 | 2,488 | 1,161 | |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Purchased credit impaired loans acquired | 67,647 | 67,647 | 95,926 | |
Ending balance | 67,647 | 67,647 | 95,926 | |
For Loans Covered by FDIC Loss Share [Member] | Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 258 | 16 | 135 | 135 |
Loans charged off | (157) | |||
Net loans recovered (charged off) | (157) | |||
Provision for loan losses forecasted outside of loss share | (21) | 15 | 1 | |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 16 | 237 | 22 | |
Change attributable to FDIC loss share agreements | 5 | (192) | (37) | |
Net provision for loan losses | 45 | 1 | ||
Increase in FDIC indemnification asset | (5) | 192 | 37 | |
Ending balance | 259 | 259 | 15 | 16 |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | 0 | |
Purchased credit impaired loans acquired | 259 | 259 | 16 | |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Purchased credit impaired loans acquired | 2,682 | 2,682 | 8,651 | |
Ending balance | 2,682 | 2,682 | 8,651 | |
For Loans Covered by FDIC Loss Share [Member] | Unallocated [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | 0 | |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Construction/Land Development [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Reclass of provision for loan losses attributable to FDIC loss share agreements | (745) | (745) | ||
Construction/Land Development [Member] | For Loans Covered by FDIC Loss Share [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 953 | 432 | 1,707 | 1,707 |
Loans charged off | (126) | |||
Recoveries of loans previously charged off | (103) | 68 | 73 | 59 |
Net loans recovered (charged off) | (103) | 68 | (53) | 59 |
Provision for loan losses forecasted outside of loss share | 230 | 11 | 361 | |
Provision for loan losses before benefit attributable to FDIC loss share agreements | (102) | 478 | (1,522) | (131) |
Change attributable to FDIC loss share agreements | (128) | (384) | 1,511 | 131 |
Net provision for loan losses | 94 | 361 | ||
Increase in FDIC indemnification asset | 128 | 384 | (1,511) | (131) |
Ending balance | 233 | 233 | 143 | 432 |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | 0 | |
Purchased credit impaired loans acquired | 233 | 233 | 432 | |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Purchased credit impaired loans acquired | 7,836 | 7,836 | 39,946 | |
Ending balance | 7,836 | 7,836 | 39,946 | |
Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Reclass of provision for loan losses attributable to FDIC loss share agreements | (1,033) | (1,033) | ||
Commercial and Industrial [Member] | For Loans Covered by FDIC Loss Share [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 1,267 | 930 | 838 | 838 |
Loans charged off | (251) | (942) | (1,569) | (485) |
Recoveries of loans previously charged off | (78) | 31 | 6 | 31 |
Net loans recovered (charged off) | (329) | (911) | (1,563) | (454) |
Provision for loan losses forecasted outside of loss share | 318 | 106 | 483 | |
Provision for loan losses before benefit attributable to FDIC loss share agreements | (154) | 1,083 | 1,388 | 132 |
Change attributable to FDIC loss share agreements | (164) | (695) | (1,494) | (131) |
Net provision for loan losses | 388 | 484 | ||
Increase in FDIC indemnification asset | 164 | 695 | 1,494 | 131 |
Ending balance | 69 | 69 | 769 | 930 |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | 0 | |
Purchased credit impaired loans acquired | 69 | 69 | 930 | |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Purchased credit impaired loans acquired | 26,638 | 26,638 | 94,922 | |
Ending balance | 26,638 | 26,638 | 94,922 | |
Consumer & Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 5 | 5 | ||
Consumer & Other [Member] | For Loans Covered by FDIC Loss Share [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 21 | 1 | ||
Recoveries of loans previously charged off | 4 | |||
Net loans recovered (charged off) | 4 | |||
Provision for loan losses forecasted outside of loss share | 1 | |||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 3 | 23 | (2) | (2) |
Change attributable to FDIC loss share agreements | (3) | (19) | 2 | 1 |
Net provision for loan losses | 4 | |||
Increase in FDIC indemnification asset | 3 | 19 | (2) | (1) |
Ending balance | 29 | 29 | $ 2 | 1 |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | 0 | |
Purchased credit impaired loans acquired | 29 | 29 | 1 | |
Loans individually evaluated for impairment | 0 | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | 0 | |
Purchased credit impaired loans acquired | 611 | 611 | 743 | |
Ending balance | $ 611 | $ 611 | $ 743 |
Allowance for Loan Losses, Cr75
Allowance for Loan Losses, Credit Quality and Other - Changes in Carrying Amount of Accretable Yield for Purchased Credit Impaired Loans Acquired (Detail) - Covered And Non-covered Loan [Member] - Impaired Loans At Acquisition [Member] - Purchase Credit Impaired Loans [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Acquired Loan Portfolio And Accretable Yield [Line Items] | |
Balance at beginning of period, Accretable Yield | $ 114,707 |
Reforecasted future interest payments for loan pools, Accretable Yield | 12,347 |
Accretion recorded to interest income, Accretable Yield | (34,732) |
Reclassification out of purchased credit impaired loans, Accretable Yield | (61,824) |
Adjustment to yield, Accretable Yield | 28,522 |
Balance at end of period, Accretable Yield | 59,020 |
Balance at beginning of period, Carrying Amount of Loans | 453,162 |
Accretion recorded to interest income, Carrying Amount of Loans | 34,732 |
Reclassification out of purchased credit impaired loans, Carrying Amount of Loans | (106,612) |
Transfers to foreclosed assets held for sale | (17,521) |
Payments received, net, Carrying Amount of Loans | (81,382) |
Balance at end of period, Carrying Amount of Loans | $ 282,379 |
Allowance for Loan Losses, Cr76
Allowance for Loan Losses, Credit Quality and Other - Changes in Carrying Amount of Accretable Yield for Purchased Credit Impaired Loans Acquired (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Percentage of loans acquired | 100.00% |
Loss share period | 5 years |
Goodwill and Core Deposits an77
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 ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Goodwill | |||||
Balance, beginning of period | $ 325,423 | $ 301,736 | $ 301,736 | ||
Acquisitions | 23,687 | ||||
Sale of insurance book of business | (2,695) | ||||
Balance, end of period | $ 322,728 | 322,728 | 325,423 | ||
Core Deposit and Other Intangibles | |||||
Balance, beginning of period | 20,925 | 22,298 | 22,298 | ||
Acquisition | 1,363 | 2,173 | 1,084 | ||
Sale of insurance book of business | (243) | ||||
Amortization expense | (988) | $ (1,153) | (3,217) | (3,467) | (1,163) |
Balance, end of year | $ 18,828 | $ 21,004 | $ 18,828 | $ 21,004 | $ 20,925 |
Goodwill and Core Deposits an78
Goodwill and Core Deposits and Other Intangibles - Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Gross carrying basis | $ 47,901 | $ 46,781 | ||
Accumulated amortization | (29,073) | (25,856) | ||
Net carrying amount | $ 18,828 | $ 20,925 | $ 21,004 | $ 22,298 |
Goodwill and Core Deposits an79
Goodwill and Core Deposits and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Core deposit and other intangible amortization | $ 988 | $ 1,153 | $ 3,217 | $ 3,467 | $ 1,163 | |
Amortization expense for year 2015 | 4,000 | 4,000 | ||||
Amortization expense for year 2016 | 2,800 | 2,800 | ||||
Amortization expense for year 2017 | 2,700 | 2,700 | ||||
Amortization expense for year 2018 | 2,600 | 2,600 | ||||
Amortization expense for year 2019 | 2,500 | 2,500 | ||||
Carrying amount of Company's goodwill | $ 322,728 | $ 322,728 | $ 325,423 | $ 301,736 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Other Assets [Abstract] | ||
Other assets | $ 134,113 | $ 93,689 |
FDIC claims receivable | 5,200 | 14,000 |
Fair value of equity securities | $ 90,900 | $ 66,700 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Deposits [Line Items] | |||||
Time deposits with a minimum denomination of $100,000 | $ 759,600 | $ 759,600 | $ 705,400 | ||
Time deposits with a minimum denomination of $250,000 | 391,400 | 391,400 | 272,500 | ||
Interest expense applicable to certificate | 1,200 | $ 1,100 | 3,800 | $ 3,300 | |
Brokered deposits | 170,300 | 170,300 | 33,600 | ||
Total deposits | 5,953,014 | 5,953,014 | 5,423,971 | ||
State and Political Subdivisions [Member] | |||||
Deposits [Line Items] | |||||
Total deposits | $ 1,060,000 | $ 1,060,000 | $ 1,020,000 |
Securities Sold Under Agreeme82
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||||
Securities sold under agreements to repurchase | $ 134,142 | $ 134,142 | $ 176,465 | ||
Securities sold under agreements to repurchase daily weighted average | 143,700 | $ 150,200 | 163,700 | $ 145,300 | |
Gross amount of recognized liabilities for securities sold under agreements to repurchase | $ 134,100 | $ 134,100 | $ 176,500 |
Securities Sold Under Agreeme83
Securities Sold Under Agreements to Repurchase - Summary of Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 147,039 | $ 182,297 |
U.S. Government-Sponsored Enterprises [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 14,088 | 22,171 |
Mortgage-Backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 59,214 | 71,155 |
State and Political Subdivisions [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 72,128 | 87,297 |
Other Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 1,609 | 1,674 |
Overnight and Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 147,039 | 182,297 |
Overnight and Continuous [Member] | U.S. Government-Sponsored Enterprises [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 14,088 | 22,171 |
Overnight and Continuous [Member] | Mortgage-Backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 59,214 | 71,155 |
Overnight and Continuous [Member] | State and Political Subdivisions [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 72,128 | 87,297 |
Overnight and Continuous [Member] | Other Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 1,609 | $ 1,674 |
FHLB Borrowed Funds - Additiona
FHLB Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Federal Home Loan Bank Borrowing [Abstract] | ||
FHLB borrowed funds | $ 1,216,152 | $ 697,957 |
Maturity of FHLB advances | 2,025 | |
Short-term advances | 515,000 | |
Long-term advances | $ 1,220,000 | 183,000 |
FHLB minimum percentage of interest rate | 0.135% | |
FHLB maximum percentage of interest rate | 5.96% | |
Maturities of Borrowings, remainder of 2015 | $ 11,000 | |
Maturities of Borrowings, 2016 | 15,100 | |
Maturities of Borrowings, 2017 | 760,500 | |
Maturities of Borrowings, 2018 | 169,400 | |
Maturities of Borrowings, 2019 | 128,200 | |
Maturities of Borrowings, after 2019 | 131,900 | |
Line of credit | $ 250,100 | $ 144,000 |
Subordinated Debentures - Prefe
Subordinated Debentures - Preferred Trust Securities and Subordinated Debentures (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule Of Borrowings [Line Items] | ||
Subordinated debentures, issued | $ 60,826 | $ 60,826 |
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 | 15,464 |
Due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% [Member] | ||
Schedule Of Borrowings [Line Items] | ||
Subordinated debentures, issued | 25,774 | 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 | $ 16,495 |
Subordinated Debentures - Pre86
Subordinated Debentures - Preferred Trust Securities and Subordinated Debentures (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2015 | |
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 | 2,006 |
Subordinated debentures, due date | 2,036 |
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 | 2,004 |
Subordinated debentures, due date | 2,034 |
Fixed rate for first five years | 6.00% |
Floating rate above three-month LIBOR rate | 2.00% |
Due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% [Member] | |
Schedule Of Borrowings [Line Items] | |
Subordinated debentures, issued date | 2,005 |
Subordinated debentures, due date | 2,035 |
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 | 2,004 |
Subordinated debentures, due date | 2,034 |
Fixed rate for first five years | 4.29% |
Floating rate above three-month LIBOR rate | 2.50% |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) $ in Millions | Sep. 30, 2015USD ($) |
Equity Method Investments And Cost Method Investments [Abstract] | |
Company currently holds of trust preferred securities | $ 60.8 |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | ||
Balance of line of credit | $ 250,100,000 | $ 144,000,000 |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility, Maximum borrowing capacity | 20,000,000 | |
Balance of line of credit | $ 0 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Current: | ||||
Federal | $ 18,873 | $ 8,191 | $ 47,403 | $ 26,048 |
State | 3,749 | 1,627 | 9,416 | 5,174 |
Total current | 22,622 | 9,818 | 56,819 | 31,222 |
Deferred: | ||||
Federal | (2,024) | 4,329 | 1,200 | 13,142 |
State | (402) | 860 | 238 | 2,610 |
Total deferred | (2,426) | 5,189 | 1,438 | 15,752 |
Income tax expense | $ 20,196 | $ 15,007 | $ 58,257 | $ 46,974 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reconciliation Of Effective Income Tax Rate And Statutory Federal Corporate Tax Rate [Abstract] | ||||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Effect of nontaxable interest income | (1.89%) | (2.21%) | (1.94%) | (2.06%) |
Cash value of life insurance | (0.17%) | (0.27%) | (0.19%) | (0.24%) |
State income taxes, net of federal benefit | 4.02% | 3.92% | 4.01% | 3.92% |
Other | (0.86%) | (1.03%) | (0.25%) | (0.52%) |
Effective income tax rate | 36.10% | 35.41% | 36.63% | 36.10% |
Income Taxes - Differences Betw
Income Taxes - Differences Between Tax Basis of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Allowance for loan losses | $ 24,970 | $ 21,578 |
Deferred compensation | 2,797 | 2,781 |
Stock options | 1,530 | 1,428 |
Real estate owned | 1,719 | 3,257 |
Loan discounts | 24,040 | 25,807 |
Tax basis premium/discount on acquisitions | 16,017 | 19,121 |
Investments | 2,655 | 2,692 |
Other | 7,474 | 7,721 |
Gross deferred tax assets | 81,202 | 84,385 |
Deferred tax liabilities: | ||
Accelerated depreciation on premises and equipment | 4,498 | 2,249 |
Unrealized gain on securities available-for-sale | 5,238 | 4,524 |
Core deposit intangibles | 4,842 | 5,382 |
Indemnification asset | 598 | 3,823 |
FHLB dividends | 1,671 | 1,602 |
Other | 1,280 | 1,578 |
Gross deferred tax liabilities | 18,127 | 19,158 |
Net deferred tax assets | $ 63,075 | $ 65,227 |
Common Stock and Compensation92
Common Stock and Compensation Plans - Additional Information (Detail) - USD ($) | Aug. 24, 2015 | Aug. 06, 2015 | May. 28, 2015 | Jan. 16, 2015 | Jun. 23, 2014 | Jan. 17, 2014 | Jun. 04, 2013 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2013 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Remaining shares of common stock available for future grants | 559,000 | 559,000 | |||||||||||
Shares of common stock reserved for issuance | 1,948,000 | 1,948,000 | |||||||||||
Intrinsic value of stock options outstanding | $ 22,200,000 | $ 22,200,000 | |||||||||||
Intrinsic value of stock options vested | 15,600,000 | 15,600,000 | |||||||||||
Unrecognized compensation cost net of income tax benefit, related to non-vested awards | $ 6,500,000 | 6,500,000 | |||||||||||
Share-based compensation expenses related to non-vested awards | $ 509,000 | ||||||||||||
Weighted average fair value of options granted | $ 8.47 | $ 10.73 | |||||||||||
Share-based compensation arrangement by share based payment award grants | 12,666 | ||||||||||||
Share-based compensation arrangement by share based payment award vested | 110,000 | 9,666 | 102,000 | 30,000 | |||||||||
Vesting period of restricted stock | 3 years | ||||||||||||
Shares issuance of restricted common stock | 72,992 | ||||||||||||
Number of shares authorized to be repurchased | 2,376,000 | 2,376,000 | |||||||||||
Repurchase of combining of all the shares | 1,578,228 | ||||||||||||
Number of shares repurchased during period | 0 | 0 | 67,332 | 67,332 | |||||||||
Remaining balance available for repurchase | 797,772 | 797,772 | |||||||||||
Weighted average stock price | $ 29.89 | ||||||||||||
Board of Directors [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issuance of restricted common stock | 9,000 | ||||||||||||
Chairman [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issuance of restricted common stock | 60,000 | 40,000 | |||||||||||
Regional President [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issuance of restricted common stock | 3,000 | ||||||||||||
Employee [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issuance of restricted common stock | 500 | ||||||||||||
Group of Employees [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issuance of restricted common stock | 220,000 | 37,000 | 3,992 | ||||||||||
Chief Accounting Officer [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares issuance of restricted common stock | 1,000 | ||||||||||||
2006 Stock Option and Performance Incentive Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Maximum number of shares available for grants under the plan | 4,644,000 | 4,644,000 | |||||||||||
Restricted Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting period of restricted stock | 3 years | ||||||||||||
2012 Performance Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share-based compensation arrangement by share based payment award vested | 3,000 | ||||||||||||
Condition for earning performance shares | The performance goal was met when the Company averaged $0.3125 diluted earnings per share for the past four consecutive quarters or total diluted earnings per share of $1.25 during the same period | ||||||||||||
2015 Performance Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share-based compensation arrangement by share based payment award vested | 110,000 | 18,500 | |||||||||||
Condition for earning performance shares | The performance goal will be met when the Company averages $0.625 diluted earnings per share for four consecutive quarters or total diluted earnings per share of $2.50 during the same period. | ||||||||||||
First Anniversary [Member] | Restricted Shares [Member] | Employee [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting period of restricted stock | 5 years | ||||||||||||
Third Anniversary [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share-based compensation arrangement by share based payment award vested | 18,500 | ||||||||||||
Vesting period of restricted stock | 3 years |
Common Stock and Compensation93
Common Stock and Compensation Plans - Summary of Stock Option Transactions under the Plans (Detail) - $ / shares shares in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding Shares, beginning of year | 905 | 966 |
Granted Shares | 683 | 70 |
Forfeited/Expired Shares | (1) | (11) |
Exercised Shares | (198) | (120) |
Outstanding Shares, end of period | 1,389 | 905 |
Exercisable Shares, end of period | 505 | 645 |
Outstanding Weighted Average Exercisable Price, beginning of year | $ 11.80 | $ 9.57 |
Weighted Average Exercisable Price, Granted | 35.92 | 33.54 |
Weighted Average Exercisable Price, Forfeited/Expired | 4.34 | 30.89 |
Weighted Average Exercisable Price, Exercised | 5.85 | 4.77 |
Outstanding Weighted Average Exercisable Price, end of period | 24.52 | 11.80 |
Exercisable Weighted Average Exercisable Price, end of period | $ 9.63 | $ 7.52 |
Common Stock and Compensation94
Common Stock and Compensation Plans - Summary of Stock Options on Valuation Assumptions (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Disclosure Stock Option Valuation Assumptions [Abstract] | ||
Expected dividend yield | 1.61% | 0.89% |
Expected stock price volatility | 25.95% | 30.94% |
Risk-free interest rate | 1.73% | 2.31% |
Expected life of options | 6 years 6 months | 6 years 6 months |
Common Stock and Compensation95
Common Stock and Compensation Plans - Summary of Currently Outstanding and Exercisable Options (Detail) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Schedule Of Common Stock [Line Items] | |
Options Outstanding Shares | shares | 1,389,000 |
Options Exercisable Shares | shares | 505,000 |
Exercise Prices Range $ 3.50 to $ 4.21 [Member] | |
Schedule Of Common Stock [Line Items] | |
Exercise Prices, Lower Range Limit | $ 3.50 |
Exercise Prices, Upper Range Limit | $ 4.21 |
Options Outstanding Shares | shares | 13,000 |
Options Exercisable Shares | shares | 13,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 1 year 18 days |
Options outstanding Weighted- Average Exercise Price | $ 4.03 |
Options Exercisable Weighted- Average Exercise Price | 4.03 |
Exercise Prices Range $ 4.92 to $ 5.33 [Member] | |
Schedule Of Common Stock [Line Items] | |
Exercise Prices, Lower Range Limit | 4.92 |
Exercise Prices, Upper Range Limit | $ 5.33 |
Options Outstanding Shares | shares | 36,000 |
Options Exercisable Shares | shares | 36,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 2 years 3 months 11 days |
Options outstanding Weighted- Average Exercise Price | $ 5.16 |
Options Exercisable Weighted- Average Exercise Price | 5.16 |
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 | shares | 199,000 |
Options Exercisable Shares | shares | 199,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 5 months 12 days |
Options outstanding Weighted- Average Exercise Price | $ 5.54 |
Options Exercisable Weighted- Average Exercise Price | 5.54 |
Exercise Prices Range $ 8.54 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 | shares | 77,000 |
Options Exercisable Shares | shares | 77,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 2 years 3 months 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 | shares | 10,000 |
Options Exercisable Shares | shares | 10,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 1 year 7 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 $13.12 [Member] | |
Schedule Of Common Stock [Line Items] | |
Exercise Prices, Lower Range Limit | 10.16 |
Exercise Prices, Upper Range Limit | $ 13.12 |
Options Outstanding Shares | shares | 127,000 |
Options Exercisable Shares | shares | 91,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 4 years 2 months 27 days |
Options outstanding Weighted- Average Exercise Price | $ 11.91 |
Options Exercisable Weighted- Average Exercise Price | 11.43 |
Exercise Prices Range $17.25 to $19.08 [Member] | |
Schedule Of Common Stock [Line Items] | |
Exercise Prices, Lower Range Limit | 17.25 |
Exercise Prices, Upper Range Limit | $ 19.08 |
Options Outstanding Shares | shares | 150,000 |
Options Exercisable Shares | shares | 60,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 7 years 5 months 9 days |
Options outstanding Weighted- Average Exercise Price | $ 18.23 |
Options Exercisable Weighted- Average Exercise Price | 18.23 |
Exercise Prices Range $29.42 to $33.72 [Member] | |
Schedule Of Common Stock [Line Items] | |
Exercise Prices, Lower Range Limit | 29.42 |
Exercise Prices, Upper Range Limit | $ 33.72 |
Options Outstanding Shares | shares | 135,000 |
Options Exercisable Shares | shares | 12,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 9 years |
Options outstanding Weighted- Average Exercise Price | $ 32.05 |
Options Exercisable Weighted- Average Exercise Price | 33.54 |
Exercise Prices Range $34.25 to $34.80 [Member] | |
Schedule Of Common Stock [Line Items] | |
Exercise Prices, Lower Range Limit | 34.25 |
Exercise Prices, Upper Range Limit | $ 34.80 |
Options Outstanding Shares | shares | 117,000 |
Options Exercisable Shares | shares | 7,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 9 years 1 month 17 days |
Options outstanding Weighted- Average Exercise Price | $ 34.39 |
Options Exercisable Weighted- Average Exercise Price | 34.74 |
Exercise Prices Range $36.91 to $36.91 [Member] | |
Schedule Of Common Stock [Line Items] | |
Exercise Prices, Lower Range Limit | 36.91 |
Exercise Prices, Upper Range Limit | $ 36.91 |
Options Outstanding Shares | shares | 525,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 9 years 10 months 24 days |
Options outstanding Weighted- Average Exercise Price | $ 36.91 |
Common Stock and Compensation96
Common Stock and Compensation Plans - Summary of Company's Restricted Stock Issued and Outstanding (Detail) - USD ($) $ in Thousands | Aug. 24, 2015 | Jun. 04, 2013 | Sep. 30, 2015 | Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Beginning of year | 257,000 | 256,000 | ||
Issued | 331,000 | 43,000 | ||
Vested | (110,000) | (9,666) | (102,000) | (30,000) |
Forfeited | (6,000) | (12,000) | ||
End of period | 480,000 | 257,000 | ||
Amount of expense for nine months and twelve months ended, respectively | $ 1,678 | $ 1,524 |
Non-Interest Expense - Componen
Non-Interest Expense - Components of Non-Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Components Of Non Interest Expense [Abstract] | |||||
Salaries and employee benefits | $ 22,225 | $ 19,368 | $ 63,671 | $ 57,114 | |
Occupancy and equipment | 6,540 | 6,234 | 19,267 | 18,711 | |
Data processing expense | 2,619 | 1,801 | 8,101 | 5,387 | |
Other operating expenses: | |||||
Advertising | 906 | 673 | 2,342 | 1,776 | |
Merger and acquisition expenses | 474 | 3,772 | 1,891 | 4,727 | |
Amortization of intangibles | 988 | 1,153 | 3,217 | 3,467 | $ 1,163 |
Electronic banking expense | 1,352 | 1,307 | 3,883 | 3,957 | |
Directors' fees | 233 | 236 | 809 | 669 | |
Due from bank service charges | 291 | 200 | 792 | 604 | |
FDIC and state assessment | 1,276 | 972 | 3,844 | 3,144 | |
Insurance | 617 | 657 | 1,900 | 1,853 | |
Legal and accounting | 338 | 510 | 1,491 | 1,346 | |
Other professional fees | 947 | 716 | 1,995 | 1,806 | |
Operating supplies | 464 | 468 | 1,407 | 1,455 | |
Postage | 293 | 323 | 897 | 1,002 | |
Telephone | 444 | 548 | 1,418 | 1,465 | |
Other expense | 4,586 | 3,879 | 11,631 | 12,311 | |
Total other operating expenses | 13,209 | 15,414 | 37,517 | 39,582 | |
Total non-interest expense | $ 44,593 | $ 42,817 | $ 128,556 | $ 120,794 |
Significant Estimates and Con98
Significant Estimates and Concentrations - Additional Information (Detail) - State | Sep. 30, 2015 | Dec. 31, 2014 |
Commitment And Contingencies [Line Items] | ||
Percentage of non-covered loans represented by non-covered real estate loans | 59.90% | 57.30% |
Percentage of total stockholders' equity represented by non-covered real estate loans | 324.00% | 271.90% |
Percentage of non-covered loans represented by non-covered residential real estate loans | 24.50% | 25.20% |
Percentage of total stockholders' equity represented by non-covered residential real estate loans | 132.70% | 119.60% |
Number of states in which the Company has its branch locations | 3 | |
South Alabama, Arkansas and Florida [Member] | ||
Commitment And Contingencies [Line Items] | ||
Percentage of total loans distributed geographically | 86.60% | |
Percentage of real estate loans distributed geographically | 84.70% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to extend credit outstanding | $ 1,190,000,000 | $ 851,800,000 |
Maximum amount of future payments by the company | $ 22,100,000 | $ 23,200,000 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | |
Jul. 31, 2013 | Sep. 30, 2015 | Dec. 31, 2009 | |
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 | $ 66.3 | ||
Dividend equal to percentage of banking subsidiary's earnings | 72.30% | ||
Period past due for write-off of financing receivable | 90 days | ||
Basel III [Member] | |||
Regulatory Matters [Line Items] | |||
Consolidated risk weighted asset | $ 500 | $ 15,000 | |
Risk-based capital ratio | 2.50% | ||
Criteria 3 [Member] | Basel III [Member] | |||
Regulatory Matters [Line Items] | |||
Risk-based capital ratio | 12.56% | ||
Tier 1 capital ratios, Actual, Ratio | 11.65% | ||
Common equity Tier 1 risk-based capital ratio | 6.50% | ||
Tier 1 leverage capital ratio | 5.00% | ||
Tier 1 risk-based capital ratio | 8.00% | ||
Total risk-based capital ratio | 10.00% | ||
Common equity Tier 1 risk-based capital ratio | 10.80% | ||
Tier 1 leverage capital ratio | 10.28% | ||
Criteria 1 [Member] | Basel III [Member] | |||
Regulatory Matters [Line Items] | |||
Risk-based capital ratio | 4.50% | ||
Tier 1 capital ratios, Actual, Ratio | 6.00% | ||
Tier I risk-based capital, higher risk weightings | 150.00% | ||
Period past due for write-off of financing receivable | 90 days | ||
Criteria 2 [Member] | Basel III [Member] | |||
Regulatory Matters [Line Items] | |||
Risk-based capital ratio | 8.00% | ||
Tier 1 leverage capital ratio | 4.00% | ||
Tier 1 risk-based capital ratio | 4.50% | ||
Risk-based capital ratio | 6.00% |
Additional Cash Flow Informa101
Additional Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2015 | Sep. 30, 2015 | |
Supplemental Cash Flow Information [Line Items] | ||
Bargain purchase gain | $ 1,635 | |
Doral Florida Acquisition [Member] | ||
Supplemental Cash Flow Information [Line Items] | ||
Assets acquired on acquisition | $ 39,300 | |
Assumed liabilities on acquisition | 467,600 | |
Assets acquired and liabilities assumed net | 429,900 | |
Bargain purchase gain | $ 1,600 |
Additional Cash Flow Informa102
Additional Cash Flow Information - Summary of Additional Cash Flow Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||
Interest paid | $ 14,759 | $ 14,323 |
Income taxes paid | 53,310 | 16,650 |
Assets acquired by foreclosure | $ 17,521 | $ 14,238 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Financial Instrument At Fair Value [Line Items] | |||||
Foreclosed assets held for sale not covered by loss share | $ 18,204,000 | $ 18,204,000 | $ 16,951,000 | ||
Fair Value, Level 3 Inputs [Member] | |||||
Financial Instrument At Fair Value [Line Items] | |||||
Material transfers between hierarchy levels | 0 | 0 | |||
Fair value of loans with specific allocated losses | 86,800,000 | 86,800,000 | 78,700,000 | ||
Accrued interest receivable reversed | 218,000 | $ 183,000 | 524,000 | $ 746,000 | |
Foreclosed assets held for sale not covered by loss share | $ 18,200,000 | $ 18,200,000 | $ 17,000,000 | ||
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 - Estimat
Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held-to-maturity | $ 324,949 | $ 356,790 |
Carrying Amount [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 228,656 | 112,528 |
Federal funds sold | 250 | |
Accrued interest receivable | 26,977 | 24,075 |
Demand and non-interest bearing | 1,409,949 | 1,203,306 |
Savings and interest-bearing transaction accounts | 3,230,722 | 2,974,850 |
Securities sold under agreements to repurchase | 134,142 | 176,465 |
Accrued interest payable | 1,595 | 1,120 |
Carrying Amount [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held-to-maturity | 324,949 | 356,790 |
FHLB borrowed funds | 1,216,152 | 697,957 |
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 | 5,752,842 | 4,686,145 |
Loans receivable covered by FDIC loss share, net of allowance | 102,336 | 237,648 |
FDIC indemnification asset | 11,290 | 28,409 |
Time deposits | 1,312,343 | 1,245,815 |
Subordinated debentures | 60,826 | 60,826 |
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 228,656 | 112,528 |
Federal funds sold | 250 | |
Accrued interest receivable | 26,977 | 24,075 |
Demand and non-interest bearing | 1,409,949 | 1,203,306 |
Savings and interest-bearing transaction accounts | 3,230,722 | 2,974,850 |
Securities sold under agreements to repurchase | 134,142 | 176,465 |
Accrued interest payable | 1,595 | 1,120 |
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held-to-maturity | 330,222 | 362,272 |
FHLB borrowed funds | 1,224,474 | 705,219 |
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 | 5,741,390 | 4,671,941 |
Loans receivable covered by FDIC loss share, net of allowance | 102,336 | 237,648 |
FDIC indemnification asset | 11,290 | 28,409 |
Time deposits | 1,304,184 | 1,240,802 |
Subordinated debentures | $ 60,826 | $ 60,826 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Florida Business BancGroup Inc. [Member] - Subsequent Event [Member] $ in Millions | Oct. 01, 2015USD ($)BankingCentersLawsuitsshares |
Subsequent Event [Line Items] | |
Business acquisition date | Oct. 1, 2015 |
Business combination cash consideration placed in escrows | $ 2 |
Escrow funds release period | 2 years |
Number of class action law suits | Lawsuits | 2 |
Business combination consideration paid | $ 104.1 |
Business combination, common stock issued, shares | shares | 2,080,000 |
Business combination, common stock issued, value | $ 83.8 |
Business combination consideration paid in cash | 20.3 |
Business combination, recognized identifiable assets acquired, Total Assets | 531.6 |
Business combination, recognized identifiable liabilities assumed, Loans | 422.4 |
Business combination, recognized identifiable assets acquired, Deposits | 470.8 |
Business combination, recognized identifiable liabilities assumed, Common equity | $ 52.6 |
Florida [Member] | |
Subsequent Event [Line Items] | |
Number of banking locations | BankingCenters | 6 |