Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | 70,189,877 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 115,206 | $ 111,258 |
Interest-bearing deposits with other banks | 42,866 | 144,565 |
Cash and cash equivalents | 158,072 | 255,823 |
Federal funds sold | 7,050 | 1,550 |
Investment securities - available-for-sale | 1,207,773 | 1,206,580 |
Investment securities - held-to-maturity | 299,050 | 309,042 |
Loans receivable not covered by loss share | 6,792,170 | 6,579,401 |
Loans receivable covered by FDIC loss share | 60,042 | 62,170 |
Allowance for loan losses | (72,306) | (69,224) |
Loans receivable, net | 6,779,906 | 6,572,347 |
Bank premises and equipment, net | 210,764 | 212,163 |
Foreclosed assets held for sale not covered by loss share | 19,657 | 18,526 |
Foreclosed assets held for sale covered by FDIC loss share | 545 | 614 |
FDIC indemnification asset | 8,656 | 9,284 |
Cash value of life insurance | 85,538 | 85,146 |
Accrued interest receivable | 28,833 | 29,132 |
Deferred tax asset, net | 69,564 | 71,565 |
Goodwill | 377,983 | 377,983 |
Core deposit and other intangibles | 20,598 | 21,443 |
Other assets | 123,462 | 117,924 |
Total assets | 9,397,451 | 9,289,122 |
Deposits: | ||
Demand and non-interest-bearing | 1,562,565 | 1,456,624 |
Savings and interest-bearing transaction accounts | 3,602,868 | 3,551,684 |
Time deposits | 1,412,086 | 1,430,201 |
Total deposits | 6,577,519 | 6,438,509 |
Securities sold under agreements to repurchase | 121,906 | 128,389 |
FHLB and other borrowed funds | 1,336,233 | 1,405,945 |
Accrued interest payable and other liabilities | 73,185 | 55,696 |
Subordinated debentures | 60,826 | 60,826 |
Total liabilities | 8,169,669 | 8,089,365 |
Stockholders' equity: | ||
Common stock, par value $0.01; shares authorized 100,000,000 in 2016 and 2015; shares issued and outstanding 70,189,877 in 2016 and 70,120,502 in 2015 | 702 | 701 |
Capital surplus | 862,827 | 867,981 |
Retained earnings | 357,788 | 326,898 |
Accumulated other comprehensive income | 6,465 | 4,177 |
Total stockholders' equity | 1,227,782 | 1,199,757 |
Total liabilities and stockholders' equity | $ 9,397,451 | $ 9,289,122 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 70,189,877 | 70,120,502 |
Common stock, shares outstanding | 70,189,877 | 70,120,502 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income: | ||
Loans | $ 96,913 | $ 75,487 |
Investment securities | ||
Taxable | 5,450 | 5,543 |
Tax-exempt | 2,815 | 2,752 |
Deposits - other banks | 102 | 91 |
Federal funds sold | 4 | 8 |
Total interest income | 105,284 | 83,881 |
Interest expense: | ||
Interest on deposits | 3,634 | 3,258 |
Federal funds purchased | 1 | 1 |
FHLB and other borrowed funds | 3,070 | 1,050 |
Securities sold under agreements to repurchase | 145 | 172 |
Subordinated debentures | 377 | 329 |
Total interest expense | 7,227 | 4,810 |
Net interest income | 98,057 | 79,071 |
Provision for loan losses | 5,677 | 3,787 |
Net interest income after provision for loan losses | 92,380 | 75,284 |
Non-interest income: | ||
Service charges on deposit accounts | 5,929 | 5,418 |
Other service charges and fees | 7,117 | 6,216 |
Trust fees | 404 | 432 |
Mortgage lending income | 2,863 | 1,932 |
Insurance commissions | 657 | 567 |
Income from title services | 4 | 34 |
Increase in cash value of life insurance | 395 | 308 |
Dividends from FHLB, FRB, Bankers' bank & other | 620 | 415 |
Gain on acquisitions | 1,635 | |
Gain (loss) on sale of branches, net | (53) | 8 |
Gain (loss) on OREO, net | 96 | 493 |
Gain (loss) on securities, net | 10 | 4 |
FDIC indemnification accretion/(amortization), net | (362) | (3,956) |
Other income | 1,757 | 1,164 |
Total non-interest income | 19,437 | 14,670 |
Non-interest expense: | ||
Salaries and employee benefits | 23,958 | 19,390 |
Occupancy and equipment | 6,671 | 6,049 |
Data processing expense | 2,664 | 2,419 |
Other operating expenses | 12,355 | 12,855 |
Total non-interest expense | 45,648 | 40,713 |
Income before income taxes | 66,169 | 49,241 |
Income tax expense | 24,742 | 18,122 |
Net income | $ 41,427 | $ 31,119 |
Basic earnings per share | $ 0.59 | $ 0.46 |
Diluted earnings per share | $ 0.59 | $ 0.46 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 41,427 | $ 31,119 |
Net (loss) unrealized gain on available-for-sale securities | 3,775 | 5,058 |
Less: reclassification adjustment for realized (gains) losses included in income | 10 | 4 |
Other comprehensive (loss) income, before tax effect | 3,765 | 5,054 |
Tax effect | (1,477) | (1,983) |
Other comprehensive income (loss) income | 2,288 | 3,071 |
Comprehensive income | $ 43,715 | $ 34,190 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Florida Business BancGroup Inc. [Member] | Common Stock [Member] | Common Stock [Member]Florida Business BancGroup Inc. [Member] | Capital Surplus [Member] | Capital Surplus [Member]Florida Business BancGroup Inc. [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2014 | $ 1,015,292 | $ 676 | $ 781,328 | $ 226,279 | $ 7,009 | |||
Comprehensive income: | ||||||||
Net income | 31,119 | 31,119 | ||||||
Other comprehensive income (loss) | 3,071 | 3,071 | ||||||
Net issuance of shares of common stock from exercise of stock options | 7 | 7 | ||||||
Repurchase of shares of common stock | (2,015) | (1) | (2,014) | |||||
Tax benefit from stock options exercised | 15 | 15 | ||||||
Share-based compensation net issuance of shares of restricted common stock | 521 | 1 | 520 | |||||
Cash dividends - Common Stock | (8,447) | (8,447) | ||||||
Ending balance at Mar. 31, 2015 | 1,039,563 | 676 | 779,856 | 248,951 | 10,080 | |||
Comprehensive income: | ||||||||
Net income | 107,080 | 107,080 | ||||||
Other comprehensive income (loss) | (5,903) | (5,903) | ||||||
Net issuance of shares of common stock from exercise of stock options | 382 | 2 | 380 | |||||
Issuance of shares of common stock from the acquisition | $ 83,774 | $ 21 | $ 83,753 | |||||
Tax benefit from stock options exercised | 590 | 590 | ||||||
Share-based compensation net issuance of shares of restricted common stock | 3,404 | 2 | 3,402 | |||||
Cash dividends - Common Stock | (29,133) | (29,133) | ||||||
Ending balance at Dec. 31, 2015 | 1,199,757 | 701 | 867,981 | 326,898 | 4,177 | |||
Comprehensive income: | ||||||||
Net income | 41,427 | 41,427 | ||||||
Other comprehensive income (loss) | 2,288 | 2,288 | ||||||
Net issuance of shares of common stock from exercise of stock options plus issuance of bonus shares of unrestricted common stock | 1,143 | 2 | 1,141 | |||||
Repurchase of shares of common stock | (8,842) | (2) | (8,840) | |||||
Tax benefit from stock options exercised | 1,119 | 1,119 | ||||||
Share-based compensation net issuance of shares of restricted common stock | 1,427 | 1 | 1,426 | |||||
Cash dividends - Common Stock | (10,537) | (10,537) | ||||||
Ending balance at Mar. 31, 2016 | $ 1,227,782 | $ 702 | $ 862,827 | $ 357,788 | $ 6,465 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Net issuance of shares of common stock from exercise of stock options | 216,908 | 1,464 | 203,072 |
Issuance of bonus shares of unrestricted common stock | 5,000 | ||
Common stock shares repurchased | 230,900 | 67,332 | |
Issuance of restricted common stock | 78,367 | 71,992 | 260,842 |
Common stock, cash dividends per share | $ 0.15 | $ 0.125 | $ 0.425 |
Florida Business BancGroup Inc. [Member] | |||
Net issuance of shares of common stock | 2,079,854 | ||
Net issuance cost of common stock | $ 60 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Activities | ||
Net income | $ 41,427 | $ 31,119 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 2,722 | 2,635 |
Amortization/(accretion) | 3,954 | 6,742 |
Share-based compensation | 1,427 | 521 |
Tax benefits from stock options exercised | (1,119) | (15) |
(Gain) loss on assets | (53) | (501) |
Gain on acquisitions | (1,635) | |
Provision for loan losses | 5,677 | 3,787 |
Deferred income tax effect | 524 | 3,650 |
Increase in cash value of life insurance | (395) | (308) |
Originations of mortgage loans held for sale | (68,932) | (49,603) |
Proceeds from sales of mortgage loans held for sale | 77,188 | 51,145 |
Changes in assets and liabilities: | ||
Accrued interest receivable | 299 | 533 |
Indemnification and other assets | (5,269) | (433) |
Accrued interest payable and other liabilities | 18,608 | 26,522 |
Net cash provided by (used in) operating activities | 76,058 | 74,159 |
Investing Activities | ||
Net (increase) decrease in federal funds sold | (5,500) | (5,850) |
Net (increase) decrease in loans, excluding loans acquired | (225,784) | (14,456) |
Purchases of investment securities - available-for-sale | (67,837) | (53,416) |
Proceeds from maturities of investment securities - available-for-sale | 66,706 | 54,958 |
Proceeds from sale of investment securities - available-for-sale | 1,377 | 4 |
Purchases of investment securities - held-to-maturity | (2,540) | |
Proceeds from maturities of investment securities - held-to-maturity | 9,581 | 14,205 |
Proceeds from foreclosed assets held for sale | 3,326 | 8,243 |
Proceeds from sale of insurance book of business | 2,938 | |
Purchases of premises and equipment, net | (1,376) | (5,041) |
Return of investment on cash value of life insurance | 27 | |
Net cash proceeds (paid) received - market acquisitions | 429,902 | |
Net cash provided by (used in) investing activities | (219,507) | 428,974 |
Financing Activities | ||
Net increase (decrease) in deposits, excluding deposits acquired | 139,010 | 10,680 |
Net increase (decrease) in securities sold under agreements to repurchase | (6,483) | 2,150 |
Net increase (decrease) in FHLB and other borrowed funds | (69,712) | (420,480) |
Proceeds from exercise of stock options | 1,143 | 7 |
Repurchase of common stock | (8,842) | (2,015) |
Tax benefits from stock options exercised | 1,119 | 15 |
Dividends paid on common stock | (10,537) | (8,447) |
Net cash provided by (used in) financing activities | 45,698 | (418,090) |
Net change in cash and cash equivalents | (97,751) | 85,043 |
Cash and cash equivalents - beginning of year | 255,823 | 112,528 |
Cash and cash equivalents - end of period | $ 158,072 | $ 197,571 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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, 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 March 31, 2016 and 2015 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 2015 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 March 31, 2016 2015 (In thousands) Net income $ 41,427 $ 31,119 Average shares outstanding 70,195 67,589 Effect of common stock options 149 334 Average diluted shares outstanding 70,344 67,923 Basic earnings per share $ 0.59 $ 0.46 Diluted earnings per share $ 0.59 $ 0.46 |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | 2. Business Combinations Acquisition of Florida Business BancGroup, Inc. On October 1, 2015, the Company completed its acquisition of Florida Business BancGroup, Inc. (“FBBI”), parent company of Bay Cities Bank (“Bay Cities”). The Company paid a purchase price to the FBBI shareholders of $104.1 million for the FBBI acquisition. Under the terms of the agreement, shareholders of FBBI received 2,079,854 shares of its common stock valued at approximately $83.8 million as of October 1, 2015, plus approximately $20.3 million in cash in exchange for all outstanding shares of FBBI common stock. A portion of the cash consideration, $2.0 million, has been placed into escrow, and FBBI shareholders will have a contingent right to receive their pro-rata portions of such amount. The amount, if any, of such escrowed funds to be released to FBBI shareholders will depend upon the amount of losses that HBI incurs in the two years following the completion of the merger related to two class action lawsuits that are pending against Bay Cities. FBBI formerly operated six branch locations and a loan production office in the Tampa Bay area and in Sarasota, Florida. Including the effects of any purchase accounting adjustments, as of October 1, 2015, FBBI had approximately $564.5 million in total assets, $408.3 million in loans after $14.1 million of loan discounts, and $472.0 million in deposits. See Note 2 “Business Combinations” in the Notes to Consolidated Financial Statements on Form 10-K for the year ended December 31, 2015 for an additional discussion regarding the acquisition of FBBI. 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 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, we opened a loan production office on April 23, 2015 in New York City. Through the loan production office, Centennial CFG is building out a national lending platform focusing on commercial real estate plus commercial and industrial loans. As of March 31, 2016 and December 31, 2015, Centennial CFG had $851.4 and $715.7 million in total loans net of discount, respectively. Centennial CFG currently has plans to build this loan portfolio to $1.2 billion to $1.3 billion by the end of 2016. During 2016, we have plans to open a deposit-only branch location in New York City. 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. See Note 2 “Business Combinations” in the Notes to Consolidated Financial Statements on Form 10-K for the year ended December 31, 2015 for an additional discussion regarding the acquisition of Doral Florida. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 Available-for-Sale Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 339,540 $ 2,699 $ (815 ) $ 341,424 Residential mortgage-backed securities 258,360 2,131 (392 ) 260,099 Commercial mortgage-backed securities 335,858 2,184 (605 ) 337,437 State and political subdivisions 210,953 6,793 (107 ) 217,639 Other securities 52,424 417 (1,667 ) 51,174 Total $ 1,197,135 $ 14,224 $ (3,586 ) $ 1,207,773 Held-to-Maturity Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 7,300 $ 74 $ (6 ) $ 7,368 Residential mortgage-backed securities 88,506 647 (98 ) 89,055 Commercial mortgage-backed securities 41,190 565 — 41,755 State and political subdivisions 162,054 5,198 (5 ) 167,247 Total $ 299,050 $ 6,484 $ (109 ) $ 305,425 December 31, 2015 Available-for-Sale Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 367,911 $ 1,875 $ (1,246 ) $ 368,540 Residential mortgage-backed securities 254,531 1,580 (1,356 ) 254,755 Commercial mortgage-backed securities 311,279 994 (1,713 ) 310,560 State and political subdivisions 211,546 7,723 (151 ) 219,118 Other securities 54,440 191 (1,024 ) 53,607 Total $ 1,199,707 $ 12,363 $ (5,490 ) $ 1,206,580 Held-to-Maturity Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 7,395 $ 37 $ (17 ) $ 7,415 Residential mortgage-backed securities 92,585 250 (282 ) 92,553 Commercial mortgage-backed securities 41,579 155 (42 ) 41,692 State and political subdivisions 167,483 4,870 (69 ) 172,284 Total $ 309,042 $ 5,312 $ (410 ) $ 313,944 Assets, principally investment securities, having a carrying value of approximately $1.19 billion and $1.25 billion at March 31, 2016 and December 31, 2015, 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 $121.9 million and $128.4 million at March 31, 2016 and December 31, 2015, respectively. The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at March 31, 2016, 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 (In thousands) Due in one year or less $ 239,912 $ 240,854 $ 60,345 $ 61,556 Due after one year through five years 749,709 758,331 177,476 181,852 Due after five years through ten years 150,817 151,475 24,187 24,647 Due after ten years 56,697 57,113 37,042 37,370 Total $ 1,197,135 $ 1,207,773 $ 299,050 $ 305,425 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 March 31, 2016, approximately $1.4 million, in available-for-sale securities were sold. The gross realized gains on the sales for the three month period ended March 31, 2016 totaled approximately $10,000. The income tax expense/benefit to net security gains and losses was 39.225% of the gross amounts. During the three-month period ended March 31, 2015, approximately $931,000, in available-for-sale securities were sold. The gross realized gains on the sales for the three month period ended March 31, 2015 totaled approximately $4,000. The income tax expense/benefit to net security gains and losses was 39.225% of the gross amounts. 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 three-month period ended March 31, 2016, no securities were deemed to have other-than-temporary impairment. For the three months ended March 31, 2016, the Company had investment securities of approximately $1.5 million 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 82.1% 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 March 31, 2016 and December 31, 2015: March 31, 2016 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) U.S. government-sponsored enterprises $ 101,927 $ (768 ) $ 12,527 $ (53 ) $ 114,454 $ (821 ) Residential mortgage-backed securities 73,193 (274 ) 17,835 (215 ) 91,028 (490 ) Commercial mortgage-backed securities 80,644 (401 ) 23,372 (205 ) 104,016 (605 ) State and political subdivisions 13,801 (88 ) 2,460 (24 ) 16,261 (112 ) Other securities 12,871 (632 ) 15,204 (1,035 ) 28,075 (1,667 ) Total $ 282,436 $ (2,163 ) $ 71,398 $ (1,532 ) $ 353,834 $ (3,695 ) December 31, 2015 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) U.S. government-sponsored enterprises $ 135,128 $ (1,240 ) $ 4,751 $ (24 ) $ 139,879 $ (1,264 ) Residential mortgage-backed securities 200,256 (1,445 ) 10,511 (193 ) 210,767 (1,638 ) Commercial mortgage-backed securities 192,644 (1,449 ) 23,592 (305 ) 216,236 (1,754 ) State and political subdivisions 27,334 (202 ) 4,400 (18 ) 31,734 (220 ) Other securities 21,866 (339 ) 15,803 (685 ) 37,669 (1,024 ) Total $ 577,228 $ (4,675 ) $ 59,057 $ (1,225 ) $ 636,285 $ (5,900 ) Income earned on securities for the three months ended March 31, 2016 and 2015, is as follows: Three Months Ended March 31, 2016 2015 (In thousands) Taxable: Available-for-sale $ 4,567 $ 4,507 Held-to-maturity 883 1,036 Non-taxable: Available-for-sale 1,574 1,346 Held-to-maturity 1,241 1,406 Total $ 8,265 $ 8,295 |
Loans Receivable Not Covered by
Loans Receivable Not Covered by Loss Share | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, December 31, 2016 2015 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 2,889,735 $ 2,968,147 Construction/land development 976,098 943,095 Agricultural 75,763 75,027 Residential real estate loans Residential 1-4 family 1,145,080 1,130,714 Multifamily residential 437,721 429,872 Total real estate 5,524,397 5,546,855 Consumer 50,090 52,258 Commercial and industrial 1,070,139 850,357 Agricultural 63,482 67,109 Other 84,062 62,822 Loans receivable not covered by loss share $ 6,792,170 $ 6,579,401 During the three-month periods ended March 31, 2016 and 2015, no SBA loans were sold. Mortgage loans held for sale of approximately $30.6 million and $38.9 million at March 31, 2016 and December 31, 2015, 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 considered mandatory forward commitments. Because these commitments are structured on a mandatory basis, the Company is required to substitute another loan or to buy back the commitment if the original loan does not fund. These commitments are derivative instruments and their fair values at March 31, 2016 and December 31, 2015 were not material. |
Loans Receivable Covered by FDI
Loans Receivable Covered by FDIC Loss Share | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 for the Company: March 31, 2016 December 31, 2015 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 192 $ 188 Construction/land development 1,702 1,692 Agricultural — — Residential real estate loans Residential 1-4 family 57,243 59,565 Multifamily residential 379 384 Total real estate 59,516 61,829 Consumer — — Commercial and industrial 414 230 Other 112 111 Loans receivable covered by FDIC loss share $ 60,042 $ 62,170 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 March 31, 2016 and December 31, 2015, $3.1 million and $3.3 million, respectively, were accruing loans past due 90 days or more. |
Allowance for Loan Losses, Cred
Allowance for Loan Losses, Credit Quality and Other | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016: For Loans Not Covered by Loss Share For Loans Covered by FDIC Loss Share Total (In thousands) Allowance for loan losses: Beginning balance $ 66,636 $ 2,588 $ 69,224 Loans charged off (3,876 ) (71 ) (3,947 ) Recoveries of loans previously charged off 1,343 9 1,352 Net loans recovered (charged off) (2,533 ) (62 ) (2,595 ) Provision for loan losses for non-covered loans 5,677 — 5,677 Net provision for loan losses for covered loans — — — Balance, March 31, 2016 $ 69,780 $ 2,526 $ 72,306 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 months ended March 31, 2016, 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 March 31, 2016. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. Additionally, the Company’s discounts for credit losses on non-covered loans acquired were $129.8 million, $139.5 million and $134.7 million at March 31, 2016, December 31, 2015 and March 31, 2015, respectively. Three Months Ended March 31, 2016 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 10,656 $ 26,794 $ 12,388 $ 9,305 $ 5,007 $ 2,486 $ 66,636 Loans charged off (41 ) (1,158 ) (1,309 ) (883 ) (485 ) — (3,876 ) Recoveries of loans previously charged off 19 38 466 529 291 — 1,343 Net loans recovered (charged off) (22 ) (1,120 ) (843 ) (354 ) (194 ) — (2,533 ) Provision for loan losses 947 3,681 1,254 1,050 695 (1,950 ) 5,677 Balance, March 31 $ 11,581 $ 29,355 $ 12,799 $ 10,001 $ 5,508 $ 536 $ 69,780 As of March 31, 2016 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 $ 1,100 $ 2,057 $ 77 $ 1,603 $ — $ — $ 4,837 Loans collectively evaluated for impairment 10,481 27,226 12,511 8,397 5,507 536 64,658 Loans evaluated for impairment balance, March 31 11,581 29,283 12,588 10,000 5,507 536 69,495 Purchased credit impaired loans acquired — 72 211 1 1 — 285 Balance, March 31 $ 11,581 $ 29,355 $ 12,799 $ 10,001 $ 5,508 $ 536 $ 69,780 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 17,968 $ 57,522 $ 70,643 $ 30,851 $ 1,270 $ — $ 178,254 Loans collectively evaluated for impairment 938,651 2,809,843 1,462,783 1,023,053 194,439 — 6,428,769 Loans evaluated for impairment balance, March 31 956,619 2,867,365 1,533,426 1,053,904 195,709 — 6,607,023 Purchased credit impaired loans acquired 19,479 98,133 49,375 16,235 1,925 — 185,147 Balance, March 31 $ 976,098 $ 2,965,498 $ 1,582,801 $ 1,070,139 $ 197,634 $ — $ 6,792,170 The following tables present the balances in the allowance for loan losses for the non-covered loan portfolio for the three-month period ended March 31, 2015 and the year ended December 31, 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 December 31, 2015. 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, 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 (83 ) (802 ) (864 ) (829 ) (572 ) — (3,150 ) Recoveries of loans previously charged off 58 1 157 31 294 — 541 Net loans recovered (charged off) (25 ) (801 ) (707 ) (798 ) (278 ) — (2,609 ) Provision for loan losses 631 1,079 (1,455 ) 972 (210 ) 1,852 2,869 Balance, March 31 8,722 17,505 11,284 6,124 5,310 3,786 52,731 Loans charged off (499 ) (3,121 ) (3,689 ) (1,809 ) (2,503 ) — (11,621 ) Recoveries of loans previously charged off 140 738 725 771 533 — 2,907 Net loans recovered (charged off) (359 ) (2,383 ) (2,964 ) (1,038 ) (1,970 ) — (8,714 ) Provision for loan losses 1,548 10,395 4,806 4,187 1,661 (1,300 ) 21,297 Reclass of provision for loan losses attributable to FDIC loss share agreements 745 1,277 (738 ) 32 6 — 1,322 Balance, December 31 $ 10,656 $ 26,794 $ 12,388 $ 9,305 $ 5,007 $ 2,486 $ 66,636 As of December 31, 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 $ 1,149 $ 2,115 $ 186 $ 921 $ — $ — $ 4,371 Loans collectively evaluated for impairment 9,506 24,511 12,157 8,383 5,006 2,486 62,049 Loans evaluated for impairment balance, December 31 10,655 26,626 12,343 9,304 5,006 2,486 66,420 Purchased credit impaired loans acquired 1 168 45 1 1 — 216 Balance, December 31 $ 10,656 $ 26,794 $ 12,388 $ 9,305 $ 5,007 $ 2,486 $ 66,636 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 21,215 $ 55,858 $ 18,240 $ 6,290 $ 1,053 $ — $ 102,656 Loans collectively evaluated for impairment 901,147 2,887,880 1,490,866 825,640 179,391 — 6,284,924 Loans evaluated for impairment balance, December 31 922,362 2,943,738 1,509,106 831,930 180,444 — 6,387,580 Purchased credit impaired loans acquired 20,733 99,436 51,480 18,427 1,745 — 191,821 Balance, December 31 $ 943,095 $ 3,043,174 $ 1,560,586 $ 850,357 $ 182,189 $ — $ 6,579,401 The following is an aging analysis for the non-covered loan portfolio as of March 31, 2016 and December 31, 2015: March 31, 2016 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 $ 3,914 $ 1,438 $ 19,446 $ 24,798 $ 2,864,937 $ 2,889,735 $ 9,588 Construction/land development 324 186 7,940 8,450 967,648 976,098 3,855 Agricultural — — 544 544 75,219 75,763 31 Residential real estate loans Residential 1-4 family 9,684 2,271 13,004 24,959 1,120,121 1,145,080 2,415 Multifamily residential 500 98 896 1,494 436,227 437,721 1 Total real estate 14,422 3,993 41,830 60,245 5,464,152 5,524,397 15,890 Consumer 209 42 222 473 49,617 50,090 52 Commercial and industrial 2,971 176 12,317 15,464 1,054,675 1,070,139 6,066 Agricultural and other 262 3 1,048 1,313 146,231 147,544 — Total $ 17,864 $ 4,214 $ 55,417 $ 77,495 $ 6,714,675 $ 6,792,170 $ 22,008 December 31, 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 $ 1,494 $ 292 $ 25,058 $ 26,844 $ 2,941,303 $ 2,968,147 $ 9,247 Construction/land development 897 343 7,128 8,368 934,727 943,095 4,176 Agricultural 177 — 561 738 74,289 75,027 30 Residential real estate loans Residential 1-4 family 3,614 3,091 16,489 23,194 1,107,520 1,130,714 3,915 Multifamily residential 1,330 — 871 2,201 427,671 429,872 1 Total real estate 7,512 3,726 50,107 61,345 5,485,510 5,546,855 17,369 Consumer 133 66 285 484 51,774 52,258 46 Commercial and industrial 679 781 8,793 10,253 840,104 850,357 6,430 Agricultural and other 347 164 1,034 1,545 128,386 129,931 — Total $ 8,671 $ 4,737 $ 60,219 $ 73,627 $ 6,505,774 $ 6,579,401 $ 23,845 Non-accruing loans not covered by loss share at March 31, 2016 and December 31, 2015 were $33.4 million and $36.4 million, respectively. The following is a summary of the non-covered impaired loans as of March 31, 2016 and December 31, 2015: March 31, 2016 Three Months Ended Unpaid Total Allocation of Allowance Average Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ 29 $ 29 $ — $ 29 $ — Construction/land development — — — — — Agricultural — — — — — Residential real estate loans Residential 1-4 family 80 80 — 80 1 Multifamily residential 46 46 — 23 1 Total real estate 155 155 — 132 2 Consumer — — — — — Commercial and industrial 50 50 — 31 1 Agricultural and other — — — — — Total loans without a specific valuation allowance 205 205 — 163 3 Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 45,791 40,975 2,057 42,917 315 Construction/land development 17,830 15,408 1,100 15,242 75 Agricultural 566 544 — 553 — Residential real estate loans Residential 1-4 family 15,540 14,060 59 15,696 48 Multifamily residential 1,186 1,185 18 1,172 3 Total real estate 80,913 72,172 3,234 75,580 441 Consumer 252 222 — 254 1 Commercial and industrial 18,429 15,605 1,603 13,384 104 Agricultural and other 1,048 1,048 — 1,041 — Total loans with a specific valuation allowance 100,642 89,047 4,837 90,259 546 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 45,820 41,004 2,057 42,946 315 Construction/land development 17,830 15,408 1,100 15,242 75 Agricultural 566 544 — 553 — Residential real estate loans Residential 1-4 family 15,620 14,140 59 15,776 49 Multifamily residential 1,232 1,231 18 1,195 4 Total real estate 81,068 72,327 3,234 75,712 443 Consumer 252 222 — 254 1 Commercial and industrial 18,479 15,655 1,603 13,415 105 Agricultural and other 1,048 1,048 — 1,041 — Total impaired loans $ 100,847 $ 89,252 $ 4,837 $ 90,422 $ 549 Note December 31, 2015 Year Ended Unpaid Total Allocation of Allowance Average Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ 29 $ 29 $ — $ 6 $ 2 Construction/land development — — — — — Agricultural — — — — — Residential real estate loans Residential 1-4 family 80 80 — 21 6 Multifamily residential — — — — — Total real estate 109 109 — 27 8 Consumer — — — — — Commercial and industrial 12 12 — 2 1 Agricultural and other — — — — — Total loans without a specific valuation allowance 121 121 — 29 9 Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 47,861 44,858 2,115 43,900 1,139 Construction/land development 17,025 15,077 1,149 16,026 303 Agricultural 583 561 — 153 — Residential real estate loans Residential 1-4 family 18,454 17,333 168 16,947 390 Multifamily residential 1,160 1,160 18 3,281 34 Total real estate 85,083 78,989 3,450 80,307 1,866 Consumer 306 286 — 570 7 Commercial and industrial 13,385 11,163 921 6,542 191 Agricultural and other 1,034 1,034 — 614 4 Total loans with a specific valuation allowance 99,808 91,472 4,371 88,033 2,068 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 47,890 44,887 2,115 43,906 1,141 Construction/land development 17,025 15,077 1,149 16,026 303 Agricultural 583 561 — 153 — Residential real estate loans Residential 1-4 family 18,534 17,413 168 16,968 396 Multifamily residential 1,160 1,160 18 3,281 34 Total real estate 85,192 79,098 3,450 80,334 1,874 Consumer 306 286 — 570 7 Commercial and industrial 13,397 11,175 921 6,544 192 Agricultural and other 1,034 1,034 — 614 4 Total impaired loans $ 99,929 $ 91,593 $ 4,371 $ 88,062 $ 2,077 Note Interest recognized on non-covered impaired loans during the three months ended March 31, 2016 and 2015 was approximately $549,000 and $494,000, 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 (excluding loans accounted for under ASC Topic 310-30) by class as of March 31, 2016 and December 31, 2015: March 31, 2016 Risk Rated 6 Risk Rated 7 Risk Rated 8 Classified Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 40,235 $ 621 $ — $ 40,856 Construction/land development 19,051 — — 19,051 Agricultural 517 — — 517 Residential real estate loans Residential 1-4 family 19,910 173 — 20,083 Multifamily residential 2,101 — — 2,101 Total real estate 81,814 794 — 82,608 Consumer 292 16 — 308 Commercial and industrial 9,982 70 — 10,052 Agricultural and other 1,551 90 — 1,641 Total $ 93,639 $ 970 $ — $ 94,609 December 31, 2015 Risk Rated 6 Risk Rated 7 Risk Rated 8 Classified Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 42,077 $ 706 $ — $ 42,783 Construction/land development 17,821 1 — 17,822 Agricultural 534 — — 534 Residential real estate loans Residential 1-4 family 18,497 276 — 18,773 Multifamily residential 2,075 30 — 2,105 Total real estate 81,004 1,013 — 82,017 Consumer 320 18 — 338 Commercial and industrial 5,869 29 — 5,898 Agricultural and other 1,582 90 — 1,672 Total $ 88,775 $ 1,150 $ — $ 89,925 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 March 31, 2016 and December 31, 2015: March 31, 2016 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 $ 973 $ 5,185 $ 1,517,003 $ 1,195,142 $ 32,498 $ 40,856 $ 2,791,657 Construction/land development 117 1,193 208,936 724,189 3,133 19,051 956,619 Agricultural — 265 50,658 24,089 179 517 75,708 Residential real estate loans Residential 1-4 family 1,324 1,812 838,602 227,872 12,574 20,083 1,102,267 Multifamily residential — 153 312,678 60,752 55,475 2,101 431,159 Total real estate 2,414 8,608 2,927,877 2,232,044 103,859 82,608 5,357,410 Consumer 15,985 268 22,268 10,009 104 308 48,942 Commercial and industrial 16,678 10,362 636,248 354,099 26,465 10,052 1,053,904 Agricultural and other 4,375 888 74,692 64,906 265 1,641 146,767 Total risk rated loans $ 39,452 $ 20,126 $ 3,661,085 $ 2,661,058 $ 130,693 $ 94,609 6,607,023 Purchased credit impaired loans acquired 185,147 Total non-covered loans $ 6,792,170 December 31, 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 $ 1,064 $ 5,950 $ 1,603,950 $ 1,183,898 $ 31,405 $ 42,783 $ 2,869,050 Construction/land development 61 696 254,907 645,249 3,627 17,822 922,362 Agricultural — 298 47,413 26,262 181 534 74,688 Residential real estate loans Residential 1-4 family 1,193 1,838 850,744 198,304 15,015 18,773 1,085,867 Multifamily residential — 155 301,113 63,640 56,226 2,105 423,239 Total real estate 2,318 8,937 3,058,127 2,117,353 106,454 82,017 5,375,206 Consumer 16,367 318 23,768 10,266 109 338 51,166 Commercial and industrial 10,885 6,729 495,064 307,818 5,536 5,898 831,930 Agricultural and other 4,572 926 73,447 48,386 275 1,672 129,278 Total risk rated loans $ 34,142 $ 16,910 $ 3,650,406 $ 2,483,823 $ 112,374 $ 89,925 6,387,580 Purchased credit impaired loans acquired 191,821 Total non-covered loans $ 6,579,401 The following is a presentation of non-covered troubled debt restructurings (“TDRs”) by class as of March 31, 2016 and December 31, 2015: March 31, 2016 Number of Loans Pre- Modification Balance Rate Modification Term Modification Rate & Term Modification Post- (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 13 $ 14,649 $ 8,311 $ 272 $ 5,664 $ 14,247 Construction/land development 1 560 556 — — 556 Residential real estate loans Residential 1-4 family 8 1,086 811 137 101 1,049 Multifamily residential 2 341 46 — 289 335 Total real estate 24 16,636 9,724 409 6,054 16,187 Commercial and industrial 4 112 — 91 15 106 Total 28 $ 16,748 $ 9,724 $ 500 $ 6,069 $ 16,293 December 31, 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 13 $ 14,422 $ 9,189 $ 273 $ 4,626 $ 14,088 Construction/land development 2 1,026 1,018 — — 1,018 Residential real estate loans Residential 1-4 family 8 2,813 811 1,925 — 2,736 Multifamily residential 1 295 — — 290 290 Total real estate 24 18,556 11,018 2,198 4,916 18,132 Commercial and industrial 2 69 — 69 — 69 Total 26 $ 18,625 $ 11,018 $ 2,267 $ 4,916 $ 18,201 The following is a presentation of non-covered TDRs on non-accrual status as of March 31, 2016 and December 31, 2015 because they are not in compliance with the modified terms: March 31, 2016 December 31, 2015 Number of Loans Recorded Balance Number of Loans Recorded Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential — $ — 3 $ 1,604 Residential real estate loans Residential 1-4 family 1 25 2 1,812 Total real estate 1 25 5 3,416 Commercial and industrial 1 15 — — Total 2 $ 40 5 $ 3,416 In addition to the TDRs that occurred during the period provided in the preceding tables, the Company had TDRs with pre-modification loan balances of $78,000 and $3.4 million as of March 31, 2016 and December 31, 2015, respectively, for which other real estate owned (“OREO”) was received in full or partial satisfaction of the loans. The majority of such TDRs were in commercial real estate and residential real estate as of March 31, 2016 and December 31, 2015, respectively. At March 31, 2016, the Company had $3.6 million of residential real estate properties in OREO. The following is a presentation of non-covered foreclosed assets as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 (In thousands) Commercial real estate loans Non-farm/non-residential $ 11,430 $ 9,787 Construction/land development 4,649 5,286 Agricultural — — Residential real estate loans Residential 1-4 family 3,386 3,233 Multifamily residential 192 220 Total foreclosed assets held for sale $ 19,657 $ 18,526 Allowance for Loan Losses and Credit Quality for Covered Loans The following tables present the balance in the allowance for loan losses for the covered loan portfolio for the three-month period ended March 31, 2016, 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 March 31, 2016. Three Months Ended March 31, 2016 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 126 $ 4 $ 2,430 $ 19 $ 9 $ — $ 2,588 Loans charged off (46 ) (25 ) — — — — (71 ) Recoveries of loans previously charged off — — 9 — — — 9 Net loans recovered (charged off) (46 ) (25 ) 9 — — — (62 ) Provision for loan losses forecasted outside of loss share — — — — — — — Provision for loan losses before change attributable to FDIC loss share agreements 49 25 (88 ) 14 — — — Change attributable to FDIC loss share agreements (49 ) (25 ) 88 (14 ) — — — Net provision for loan losses — — — — — — — Reclass of provision for loan losses attributable to FDIC loss share agreements — — — — — — — Increase in FDIC indemnification asset 49 25 (88 ) 14 — — — Balance, March 31 $ 129 $ 4 $ 2,351 $ 33 $ 9 $ — $ 2,526 As of March 31, 2016 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, March 31 — — — — — — — Purchased credit impaired loans acquired 129 4 2,351 33 9 — 2,526 Balance, March 31 $ 129 $ 4 $ 2,351 $ 33 $ 9 $ — $ 2,526 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment — — — — — — — Loans evaluated for impairment balance, March 31 — — — — — — — Purchased credit impaired loans acquired 1,702 192 57,622 414 112 — 60,042 Balance, March 31 $ 1,702 $ 192 $ 57,622 $ 414 $ 112 $ — $ 60,042 The following tables present the balance in the allowance for loan losses for the covered loan portfolio for the three-month period ended March 31, 2015 and the year ended December 31, 2015, 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, 2015. Year Ended December 31, 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 — (691 ) (81 ) — — — (772 ) Recoveries of loans previously charged off 107 62 96 — — — 265 Net loans recovered (charged off) 107 (629 ) 15 — — — (507 ) Provision for loan losses forecasted outside of loss share (229 ) (302 ) 233 3 — — (295 ) Provision for loan losses before change attributable to FDIC loss share agreements 365 888 344 70 390 — 2,057 Change attributable to FDIC loss share agreements (63 ) (220 ) (117 ) (57 ) (387 ) — (844 ) Net provision for loan losses 73 366 460 16 3 — 918 Reclass of provision for loan losses attributable to FDIC loss share agreements — — — — — — — Increase in FDIC indemnification asset 63 220 117 57 387 — 844 Balance, March 31 675 887 1,753 89 391 — 3,795 Loans charged off (62 ) (264 ) (83 ) — — — (409 ) Recoveries of loans previously charged off (69 ) (39 ) (63 ) — — — (171 ) Net loans recovered (charged off) (131 ) (303 ) (146 ) — — — (580 ) Provision for loan losses forecasted outside of loss share 229 302 (233 ) (3 ) — — 295 Provision for loan losses before change attributable to FDIC loss share agreements 98 395 318 (35 ) (376 ) — 400 Change attributable to FDIC loss share agreements (306 ) (675 ) (78 ) 67 377 — (615 ) Net provision for loan losses 21 22 7 29 1 — 80 Reclass of provision for loan losses attributable to FDIC loss share agreements (745 ) (1,277 ) 738 (32 ) (6 ) — (1,322 ) Increase in FDIC indemnification asset 306 675 78 (67 ) (377 ) — 615 Balance, December 31 $ 126 $ 4 $ 2,430 $ 19 $ 9 $ — $ 2,588 As of December 31, 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, December 31 — — — — — — — Purchased credit impaired loans acquired 126 4 2,430 19 9 — 2,588 Balance, December 31 $ 126 $ 4 $ 2,430 $ 19 $ 9 $ — $ 2,588 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 1,692 188 59,949 230 111 — 62,170 Balance, December 31 $ 1,692 $ 188 $ 59,949 $ 230 $ 111 $ — $ 62,170 Changes in the carrying amount of the accretable yield for purchased credit impaired loans acquired were as follows for the three-month period ended March 31, 2016 for the Company’s covered and non-covered acquisitions: Accretable Yield Carrying (In thousands) Balance at beginning of period $ 43,900 $ 253,991 Reforecasted future interest payments for loan pools 4,429 — Accretion recorded to interest income (7,453 ) 7,453 Adjustment to yield 4,319 — Transfers to foreclosed assets held for sale — (846 ) Payments received, net — (15,409 ) Balance at end of period $ 45,195 $ 245,189 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 $4.4 million. This updated forecast does not change the expected weighted average yields on the loan pools. During the 2016 impairment tests on the estimated cash flows of non-loss-share loans, we established that several non-covered loan pools were determined to have a materially projected credit improvement. As a result of this improvement, we will recognize approximately $4.3 million as an additional adjustment to yield over the weighted average life of the loans. |
Goodwill and Core Deposits and
Goodwill and Core Deposits and Other Intangibles | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015, were as follows: March 31, 2016 December 31, 2015 (In thousands) Goodwill Balance, beginning of period $ 377,983 $ 325,423 Acquisitions — 55,255 Sale of insurance book of business — (2,695 ) Balance, end of period $ 377,983 $ 377,983 March 31, 2016 December 31, 2015 (In thousands) Core Deposit and Other Intangibles Balance, beginning of period $ 21,443 $ 20,925 Acquisition — 1,363 Sale of insurance book of business — (243 ) Amortization expense (845 ) (1,129 ) Balance, March 31 $ 20,598 20,916 Acquisitions 3,477 Amortization expense (2,950 ) Balance, end of year $ 21,443 The carrying basis and accumulated amortization of core deposits and other intangibles at March 31, 2016 and December 31, 2015 were: March 31, 2016 December 31, 2015 (In thousands) Gross carrying basis $ 51,378 $ 51,378 Accumulated amortization (30,780 ) (29,935 ) Net carrying amount $ 20,598 $ 21,443 Core deposit and other intangible amortization expense was approximately $845,000 and $1.1 million for the three-months ended March 31, 2016 and 2015, respectively. Including all of the mergers completed as of March 31, 2016, HBI’s estimated amortization expense of core deposits and other intangibles for each of the years 2016 through 2020 is approximately: 2016 – $3.1 million; 2017 – $3.0 million; 2018 – $2.9 million; 2019 – $2.8 million; 2020 – $2.3 million. The carrying amount of the Company’s goodwill was $378.0 million at both March 31, 2016 and December 31, 2015. 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 other assets were $123.5 million and $117.9 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 $1.6 million and $3.2 million at March 31, 2016 and December 31, 2015, 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 | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | 9. Deposits The aggregate amount of time deposits with a minimum denomination of $250,000 was $549.3 million and $503.3 million at March 31, 2016 and December 31, 2015, respectively. The aggregate amount of time deposits with a minimum denomination of $100,000 was $874.9 million and $885.3 million at March 31, 2016 and December 31, 2015, respectively. Interest expense applicable to certificates in excess of $100,000 totaled $1.4 million and $1.3 million for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016 and December 31, 2015, brokered deposits were $335.9 million and $199.3 million, respectively. Deposits totaling approximately $1.13 billion and $1.25 billion at March 31, 2016 and December 31, 2015, 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 | 3 Months Ended |
Mar. 31, 2016 | |
Brokers and Dealers [Abstract] | |
Securities Sold Under Agreements to Repurchase | 10. Securities Sold Under Agreements to Repurchase At March 31, 2016 and December 31, 2015, securities sold under agreements to repurchase totaled $121.9 million and $128.4 million, respectively. For the three-month periods ended March 31, 2016 and 2015, securities sold under agreements to repurchase daily weighted-average totaled $128.9 million and $179.6 million, respectively. The gross amount of recognized liabilities for securities sold under agreements to repurchase was $121.9 million and $128.4 million at March 31, 2016 and December 31, 2015, respectively. The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of March 31, 2016 and December 31, 2015 is presented in the following tables: March 31, 2016 Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 4,825 $ — $ — $ — $ 4,825 Mortgage-backed securities 51,123 — — — 51,123 State and political subdivisions 65,128 — — — 65,128 Other securities 830 — — — 830 Total borrowings $ 121,906 $ — $ — $ — $ 121,906 December 31, 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 $ 7,216 $ — $ — $ — $ 7,216 Mortgage-backed securities 54,512 — — — 54,512 State and political subdivisions 65,294 — — — 65,294 Other securities 1,367 — — — 1,367 Total borrowings $ 128,389 $ — $ — $ — $ 128,389 |
FHLB Borrowed Funds
FHLB Borrowed Funds | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
FHLB Borrowed Funds | 11. FHLB Borrowed Funds The Company’s Federal Home Loan Bank (“FHLB”) borrowed funds were $1.33 billion and $1.41 billion at March 31, 2016 and December 31, 2015, respectively. At March 31, 2016 and December 31, 2015, all $1.33 billion and $1.41 billion, respectively of the outstanding balance were issued as long-term advances. The FHLB advances mature from the current year to 2025 with fixed interest rates ranging from 0.29% to 5.96% and are secured by loans and investments securities. Maturities of borrowings as of March 31, 2016 include: 2016 – $15.9 million; 2017 – $735.5 million; 2018 – $319.3 million; 2019 – $128.2 million; 2020 – $131.4 million; after 2020 – $484,000. Expected maturities will differ from contractual maturities because FHLB may have the right to call or HBI the right to prepay certain obligations. Additionally, the Company had $261.2 million and $261.1 million at March 31, 2016 and December 31, 2015, respectively, in letters of credit under a FHLB blanket borrowing line of credit, which are used to collateralize public deposits at March 31, 2016 and December 31, 2015, respectively. |
Other Borrowings
Other Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Other Borrowings | 12. Other Borrowings The Company had $5.5 million related to other borrowings at March 31, 2016. Additionally, the Company took out a $20.0 million line of credit for general corporate purposes during 2015. The balance on this line of credit at March 31, 2016 and December 31, 2015 was zero. |
Subordinated Debentures
Subordinated Debentures | 3 Months Ended |
Mar. 31, 2016 | |
Brokers and Dealers [Abstract] | |
Subordinated Debentures | 13. Subordinated Debentures Subordinated debentures at March 31, 2016 and December 31, 2015 consisted of guaranteed payments on trust preferred securities with the following components: As of March 31, As of 2016 2015 (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. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
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-month periods ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (In thousands) Current: Federal $ 20,205 $ 12,074 State 4,013 2,398 Total current 24,218 14,472 Deferred: Federal 437 3,045 State 87 605 Total deferred 524 3,650 Income tax expense $ 24,742 $ 18,122 The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the three-month periods ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 Statutory federal income tax rate 35.00 % 35.00 % Effect of nontaxable interest income (1.62 ) (2.04 ) Cash value of life insurance (0.21 ) (0.22 ) State income taxes, net of federal benefit 4.07 4.01 Other 0.15 0.05 Effective income tax rate 37.39 % 36.80 % 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: March 31, 2016 December 31, 2015 (In thousands) Deferred tax assets: Allowance for loan losses $ 28,362 $ 27,153 Deferred compensation 1,794 3,505 Stock options 880 1,800 Real estate owned 2,275 1,988 Loan discounts 19,970 21,298 Tax basis premium/discount on acquisitions 15,779 15,772 Investments 2,750 2,637 Other 13,151 13,667 Gross deferred tax assets 84,961 87,820 Deferred tax liabilities: Accelerated depreciation on premises and equipment 1,773 3,946 Unrealized gain on securities available-for-sale 4,173 2,696 Core deposit intangibles 5,745 5,930 Indemnification asset 601 678 FHLB dividends 1,753 1,689 Other 1,352 1,316 Gross deferred tax liabilities 15,397 16,255 Net deferred tax assets $ 69,564 $ 71,565 The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and the states of Arkansas, Alabama, Florida and New York. The Company is no longer subject to U.S. federal and state tax examinations by tax authorities for years before 2011. |
Common Stock and Compensation P
Common Stock and Compensation Plans | 3 Months Ended |
Mar. 31, 2016 | |
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. As of March 31, 2016, the maximum total number of shares of the Company’s common stock available for grants under the Plan was 4,644,000. At March 31, 2016, the Company had approximately 403,000 shares of common stock remaining available for future grants and approximately 1,561,000 shares of common stock reserved for issuance under the Plan. The intrinsic value of the stock options outstanding and stock options vested at March 31, 2016 was $13.6 million and $7.7 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 $6.8 million as of March 31, 2016. For the first three months of 2016, the Company has expensed approximately $315,000 for the non-vested awards. The table below summarizes the stock option transactions under the Plan at March 31, 2016 and December 31, 2015 and changes during the three-month period and year then ended: For the Three Months Ended March 31, 2016 For the Year Ended December 31, 2015 Shares (000) Weighted- Shares (000) Weighted- Outstanding, beginning of year 1,397 $ 25.42 905 $ 11.80 Granted — — 743 36.30 Forfeited/Expired (7 ) 34.56 (20 ) 40.31 Exercised (232 ) 6.38 (231 ) 5.80 Outstanding, end of period 1,158 29.17 1,397 25.42 Exercisable, end of period 293 $ 14.71 480 $ 10.26 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. No options were granted during the three months ended March 31, 2016. The weighted-average fair value of options granted during the year ended December 31, 2015 was $8.56 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 Three Months Ended For the Year Ended March 31, 2016 December 31, 2015 Expected dividend yield Not applicable 1.60% Expected stock price volatility Not applicable 25.91% Risk-free interest rate Not applicable 1.74% Expected life of options Not applicable 6.5 years The following is a summary of currently outstanding and exercisable options at March 31, 2016: Options Outstanding Options Exercisable Exercise Prices Options (000) Weighted- Weighted- Options Weighted- $3.92 to $5.33 23 2.26 $ 4.97 23 $ 4.97 $8.54 to $9.31 58 1.75 8.63 58 8.63 $10.16 to $13.12 125 3.71 11.89 107 11.68 $17.25 to $19.08 142 6.93 18.18 66 17.92 $29.42 to $33.72 135 8.49 32.05 27 32.05 $34.25 to $34.80 110 8.69 34.38 11 34.77 $36.91 to $36.91 525 9.40 36.91 — — $40.31 to $41.15 40 9.52 40.73 — — 1,158 292 The table below summarized the activity for the Company’s restricted stock issued and outstanding at March 31, 2016 and December 31, 2015 and changes during the period and year then ended: As of March 31, 2016 As of December 31, 2015 (In thousands) Beginning of year 488 257 Issued 78 352 Vested (23 ) (102 ) Forfeited — (19 ) End of period 543 488 Amount of expense for three months and twelve months ended, respectively $ 1,021 $ 2,511 On January 25, 2016, the Company granted a total of 78,367 shares of the Company’s restricted common stock to the Company’s Chairman, a group of the Company’s non-employee directors and an employee of the Company’s bank subsidiary. The restricted stock issued will “cliff” vest on January 25, 2019. On January 25, 2016, the Company granted a total of 5,000 shares of the Company’s unrestricted common stock to the Company’s Chairman in lieu of a cash bonus. During the first three months of 2016, 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 2016, the Company repurchased a total of 230,900 shares with a weighted-average stock price of $38.30 per share. The 2016 earnings were used to fund the repurchases during the year. Shares repurchased to date under the program total 1,809,128 shares. The remaining balance available for repurchase is 566,872 shares at March 31, 2016. |
Non-Interest Expense
Non-Interest Expense | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Non-Interest Expense | 16. Non-Interest Expense The table below shows the components of non-interest expense for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (In thousands) Salaries and employee benefits $ 23,958 $ 19,390 Occupancy and equipment 6,671 6,049 Data processing expense 2,664 2,419 Other operating expenses: Advertising 823 779 Merger and acquisition expenses — 1,417 Amortization of intangibles 845 1,129 Electronic banking expense 1,456 1,232 Directors’ fees 275 295 Due from bank service charges 305 215 FDIC and state assessment 1,446 1,396 Insurance 533 666 Legal and accounting 523 447 Other professional fees 925 488 Operating supplies 436 434 Postage 286 309 Telephone 487 504 Other expense 4,015 3,544 Total other operating expenses 12,355 12,855 Total non-interest expense $ 45,648 $ 40,713 |
Concentration of Credit Risks
Concentration of Credit Risks | 3 Months Ended |
Mar. 31, 2016 | |
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 | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015, non-covered commercial real estate loans represented 58.0% and 60.6% of non-covered loans, respectively, and 321.0% and 332.3% of total stockholders’ equity, respectively. Non-covered residential real estate loans represented 23.3% and 23.7% of non-covered loans and 128.9% and 130.1% of total stockholders’ equity at March 31, 2016 and December 31, 2015, respectively. Approximately 86.5% of the Company’s loans as of March 31, 2016, are to borrowers whose collateral is located in Alabama, Arkansas and Florida, the three states in which the Company has its branch locations. Additionally, the Company has 81.5% 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. Any future volatility in the economy could cause the values of assets and liabilities recorded in the financial statements to 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015, commitments to extend credit of $1.66 billion and $1.43 billion, 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 March 31, 2016 and December 31, 2015, is $24.7 million and $24.3 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 three months of 2016, the Company requested approximately $10.0 million in regular dividends from its banking subsidiary. This dividend is equal to approximately 23.1% of the Company’s banking subsidiary’s first three months earnings. The Company’s banking subsidiary is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s regulators could require adjustments to regulatory capital not reflected in the consolidated financial statements. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total, common Tier 1 equity and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). Management believes that, as of March 31, 2016, the Company meets all capital adequacy requirements to which it is subject. 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 March 31, 2016, 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 10.41%, 9.96%, 11.14%, and 12.05%, respectively, as of March 31, 2016. |
Additional Cash Flow Informatio
Additional Cash Flow Information | 3 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Additional Cash Flow Information | 21. Additional Cash Flow Information The following is a summary of the Company’s additional cash flow information during the three-month periods ended: March 31, 2016 2015 (In thousands) Interest paid $ 7,140 $ 4,873 Income taxes paid 1,010 3,100 Assets acquired by foreclosure 4,219 6,580 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015, Level 3 securities were immaterial. In addition, there were no material transfers between hierarchy levels during 2016 and 2015. 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 $84.4 million and $87.2 million as of March 31, 2016 and December 31, 2015, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed approximately $68,000 and $51,000 of accrued interest receivable when non-covered impaired loans were put on non-accrual status during the three months ended March 31, 2016 and 2015, 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 March 31, 2016 and December 31, 2015, the fair value of foreclosed assets held for sale not covered by loss share, less estimated costs to sell, was $19.7 million and $18.5 million, respectively. Foreclosed assets held for sale with a carrying value of approximately $349,000 were remeasured during the three months ended March 31, 2016, resulting in write-downs of approximately $157,000. Regulatory guidelines require us to reevaluate the fair value of foreclosed assets held for sale on at least an annual basis. Our policy is to comply with the regulatory guidelines. 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 and other 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. March 31, 2016 Carrying Amount Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 158,072 $ 158,072 1 Federal funds sold 7,050 7,050 1 Investment securities – held-to-maturity 299,050 305,425 2 Loans receivable not covered by loss share, net of non-covered impaired loans and allowance 6,637,976 6,590,886 3 Loans receivable covered by FDIC loss share, net of allowance 57,515 57,515 3 FDIC indemnification asset 8,656 8,656 3 Accrued interest receivable 28,833 28,833 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 1,562,565 $ 1,562,565 1 Savings and interest-bearing transaction accounts 3,602,868 3,602,868 1 Time deposits 1,412,086 1,400,577 3 Federal funds purchased — — N/A Securities sold under agreements to repurchase 121,906 121,906 1 FHLB and other borrowed funds 1,336,233 1,340,240 2 Accrued interest payable 1,891 1,891 1 Subordinated debentures 60,826 60,826 3 December 31, 2015 Carrying Amount Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 255,823 $ 255,823 1 Federal funds sold 1,550 1,550 1 Investment securities – held-to-maturity 309,042 313,944 2 Loans receivable not covered by loss share, net of non-covered impaired loans and allowance 6,425,543 6,380,927 3 Loans receivable covered by FDIC loss share, net of allowance 59,582 59,582 3 FDIC indemnification asset 9,284 9,284 3 Accrued interest receivable 29,132 29,132 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 1,456,624 $ 1,456,624 1 Savings and interest-bearing transaction accounts 3,551,684 3,551,684 1 Time deposits 1,430,201 1,418,462 3 Federal funds purchased — — N/A Securities sold under agreements to repurchase 128,389 128,389 1 FHLB and other borrowed funds 1,405,945 1,410,019 2 Accrued interest payable 1,804 1,804 1 Subordinated debentures 60,826 60,826 3 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 23. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) 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 February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 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 | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events On April 21, 2016 at the Annual Meeting of Shareholders of the Company, the shareholders approved, as proposed in the Proxy Statement, an amendment to the Company’s Restated Articles of Incorporation to increase the number of authorized shares of common stock from 100,000,000 to 200,000,000 and an amendment to the Home BancShares, Inc. Amended and Restated 2006 Stock Option Performance Incentive Plan to increase the maximum aggregate number of shares available for awards from 4,644,000 to 5,644,000. On April 21, 2016, the Board of Directors of the Company (the “Board”) declared a regular $0.175 per share quarterly cash dividend payable June 1, 2016, to shareholders of record May 11, 2016. In addition, the Board of Directors declared a two-for-one stock split of its common stock payable in the form of a 100% stock dividend. The two-for-one stock split is payable June 8, 2016, to shareholders of record May 18, 2016. |
Nature of Operations and Summ33
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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, 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 March 31, 2016 and 2015 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 2015 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 March 31, 2016 2015 (In thousands) Net income $ 41,427 $ 31,119 Average shares outstanding 70,195 67,589 Effect of common stock options 149 334 Average diluted shares outstanding 70,344 67,923 Basic earnings per share $ 0.59 $ 0.46 Diluted earnings per share $ 0.59 $ 0.46 |
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 March 31, 2016 and December 31, 2015 for the Company: March 31, 2016 December 31, 2015 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 192 $ 188 Construction/land development 1,702 1,692 Agricultural — — Residential real estate loans Residential 1-4 family 57,243 59,565 Multifamily residential 379 384 Total real estate 59,516 61,829 Consumer — — Commercial and industrial 414 230 Other 112 111 Loans receivable covered by FDIC loss share $ 60,042 $ 62,170 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 March 31, 2016 and December 31, 2015, $3.1 million and $3.3 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 March 31, 2016 and December 31, 2015, Level 3 securities were immaterial. In addition, there were no material transfers between hierarchy levels during 2016 and 2015. 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 $84.4 million and $87.2 million as of March 31, 2016 and December 31, 2015, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed approximately $68,000 and $51,000 of accrued interest receivable when non-covered impaired loans were put on non-accrual status during the three months ended March 31, 2016 and 2015, 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 March 31, 2016 and December 31, 2015, the fair value of foreclosed assets held for sale not covered by loss share, less estimated costs to sell, was $19.7 million and $18.5 million, respectively. Foreclosed assets held for sale with a carrying value of approximately $349,000 were remeasured during the three months ended March 31, 2016, resulting in write-downs of approximately $157,000. Regulatory guidelines require us to reevaluate the fair value of foreclosed assets held for sale on at least an annual basis. Our policy is to comply with the regulatory guidelines. 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 and other 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. March 31, 2016 Carrying Amount Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 158,072 $ 158,072 1 Federal funds sold 7,050 7,050 1 Investment securities – held-to-maturity 299,050 305,425 2 Loans receivable not covered by loss share, net of non-covered impaired loans and allowance 6,637,976 6,590,886 3 Loans receivable covered by FDIC loss share, net of allowance 57,515 57,515 3 FDIC indemnification asset 8,656 8,656 3 Accrued interest receivable 28,833 28,833 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 1,562,565 $ 1,562,565 1 Savings and interest-bearing transaction accounts 3,602,868 3,602,868 1 Time deposits 1,412,086 1,400,577 3 Federal funds purchased — — N/A Securities sold under agreements to repurchase 121,906 121,906 1 FHLB and other borrowed funds 1,336,233 1,340,240 2 Accrued interest payable 1,891 1,891 1 Subordinated debentures 60,826 60,826 3 December 31, 2015 Carrying Amount Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 255,823 $ 255,823 1 Federal funds sold 1,550 1,550 1 Investment securities – held-to-maturity 309,042 313,944 2 Loans receivable not covered by loss share, net of non-covered impaired loans and allowance 6,425,543 6,380,927 3 Loans receivable covered by FDIC loss share, net of allowance 59,582 59,582 3 FDIC indemnification asset 9,284 9,284 3 Accrued interest receivable 29,132 29,132 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 1,456,624 $ 1,456,624 1 Savings and interest-bearing transaction accounts 3,551,684 3,551,684 1 Time deposits 1,430,201 1,418,462 3 Federal funds purchased — — N/A Securities sold under agreements to repurchase 128,389 128,389 1 FHLB and other borrowed funds 1,405,945 1,410,019 2 Accrued interest payable 1,804 1,804 1 Subordinated debentures 60,826 60,826 3 |
Recent Accounting Pronouncements | In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) 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 February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 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) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 2015 (In thousands) Net income $ 41,427 $ 31,119 Average shares outstanding 70,195 67,589 Effect of common stock options 149 334 Average diluted shares outstanding 70,344 67,923 Basic earnings per share $ 0.59 $ 0.46 Diluted earnings per share $ 0.59 $ 0.46 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
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: March 31, 2016 Available-for-Sale Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 339,540 $ 2,699 $ (815 ) $ 341,424 Residential mortgage-backed securities 258,360 2,131 (392 ) 260,099 Commercial mortgage-backed securities 335,858 2,184 (605 ) 337,437 State and political subdivisions 210,953 6,793 (107 ) 217,639 Other securities 52,424 417 (1,667 ) 51,174 Total $ 1,197,135 $ 14,224 $ (3,586 ) $ 1,207,773 December 31, 2015 Available-for-Sale Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 367,911 $ 1,875 $ (1,246 ) $ 368,540 Residential mortgage-backed securities 254,531 1,580 (1,356 ) 254,755 Commercial mortgage-backed securities 311,279 994 (1,713 ) 310,560 State and political subdivisions 211,546 7,723 (151 ) 219,118 Other securities 54,440 191 (1,024 ) 53,607 Total $ 1,199,707 $ 12,363 $ (5,490 ) $ 1,206,580 |
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: March 31, 2016 Held-to-Maturity Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 7,300 $ 74 $ (6 ) $ 7,368 Residential mortgage-backed securities 88,506 647 (98 ) 89,055 Commercial mortgage-backed securities 41,190 565 — 41,755 State and political subdivisions 162,054 5,198 (5 ) 167,247 Total $ 299,050 $ 6,484 $ (109 ) $ 305,425 December 31, 2015 Held-to-Maturity Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 7,395 $ 37 $ (17 ) $ 7,415 Residential mortgage-backed securities 92,585 250 (282 ) 92,553 Commercial mortgage-backed securities 41,579 155 (42 ) 41,692 State and political subdivisions 167,483 4,870 (69 ) 172,284 Total $ 309,042 $ 5,312 $ (410 ) $ 313,944 |
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 March 31, 2016, 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 (In thousands) Due in one year or less $ 239,912 $ 240,854 $ 60,345 $ 61,556 Due after one year through five years 749,709 758,331 177,476 181,852 Due after five years through ten years 150,817 151,475 24,187 24,647 Due after ten years 56,697 57,113 37,042 37,370 Total $ 1,197,135 $ 1,207,773 $ 299,050 $ 305,425 |
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 March 31, 2016 and December 31, 2015: March 31, 2016 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) U.S. government-sponsored enterprises $ 101,927 $ (768 ) $ 12,527 $ (53 ) $ 114,454 $ (821 ) Residential mortgage-backed securities 73,193 (274 ) 17,835 (215 ) 91,028 (490 ) Commercial mortgage-backed securities 80,644 (401 ) 23,372 (205 ) 104,016 (605 ) State and political subdivisions 13,801 (88 ) 2,460 (24 ) 16,261 (112 ) Other securities 12,871 (632 ) 15,204 (1,035 ) 28,075 (1,667 ) Total $ 282,436 $ (2,163 ) $ 71,398 $ (1,532 ) $ 353,834 $ (3,695 ) December 31, 2015 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) U.S. government-sponsored enterprises $ 135,128 $ (1,240 ) $ 4,751 $ (24 ) $ 139,879 $ (1,264 ) Residential mortgage-backed securities 200,256 (1,445 ) 10,511 (193 ) 210,767 (1,638 ) Commercial mortgage-backed securities 192,644 (1,449 ) 23,592 (305 ) 216,236 (1,754 ) State and political subdivisions 27,334 (202 ) 4,400 (18 ) 31,734 (220 ) Other securities 21,866 (339 ) 15,803 (685 ) 37,669 (1,024 ) Total $ 577,228 $ (4,675 ) $ 59,057 $ (1,225 ) $ 636,285 $ (5,900 ) |
Schedule of Income Earned on Securities | Income earned on securities for the three months ended March 31, 2016 and 2015, is as follows: Three Months Ended March 31, 2016 2015 (In thousands) Taxable: Available-for-sale $ 4,567 $ 4,507 Held-to-maturity 883 1,036 Non-taxable: Available-for-sale 1,574 1,346 Held-to-maturity 1,241 1,406 Total $ 8,265 $ 8,295 |
Loans Receivable Not Covered 36
Loans Receivable Not Covered by Loss Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, December 31, 2016 2015 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 2,889,735 $ 2,968,147 Construction/land development 976,098 943,095 Agricultural 75,763 75,027 Residential real estate loans Residential 1-4 family 1,145,080 1,130,714 Multifamily residential 437,721 429,872 Total real estate 5,524,397 5,546,855 Consumer 50,090 52,258 Commercial and industrial 1,070,139 850,357 Agricultural 63,482 67,109 Other 84,062 62,822 Loans receivable not covered by loss share $ 6,792,170 $ 6,579,401 |
Loans Receivable Covered by F37
Loans Receivable Covered by FDIC Loss Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 for the Company: March 31, 2016 December 31, 2015 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 192 $ 188 Construction/land development 1,702 1,692 Agricultural — — Residential real estate loans Residential 1-4 family 57,243 59,565 Multifamily residential 379 384 Total real estate 59,516 61,829 Consumer — — Commercial and industrial 414 230 Other 112 111 Loans receivable covered by FDIC loss share $ 60,042 $ 62,170 |
Allowance for Loan Losses, Cr38
Allowance for Loan Losses, Credit Quality and Other (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016: For Loans Not Covered by Loss Share For Loans Covered by FDIC Loss Share Total (In thousands) Allowance for loan losses: Beginning balance $ 66,636 $ 2,588 $ 69,224 Loans charged off (3,876 ) (71 ) (3,947 ) Recoveries of loans previously charged off 1,343 9 1,352 Net loans recovered (charged off) (2,533 ) (62 ) (2,595 ) Provision for loan losses for non-covered loans 5,677 — 5,677 Net provision for loan losses for covered loans — — — Balance, March 31, 2016 $ 69,780 $ 2,526 $ 72,306 |
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 months ended March 31, 2016, 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 March 31, 2016. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. Additionally, the Company’s discounts for credit losses on non-covered loans acquired were $129.8 million, $139.5 million and $134.7 million at March 31, 2016, December 31, 2015 and March 31, 2015, respectively. Three Months Ended March 31, 2016 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 10,656 $ 26,794 $ 12,388 $ 9,305 $ 5,007 $ 2,486 $ 66,636 Loans charged off (41 ) (1,158 ) (1,309 ) (883 ) (485 ) — (3,876 ) Recoveries of loans previously charged off 19 38 466 529 291 — 1,343 Net loans recovered (charged off) (22 ) (1,120 ) (843 ) (354 ) (194 ) — (2,533 ) Provision for loan losses 947 3,681 1,254 1,050 695 (1,950 ) 5,677 Balance, March 31 $ 11,581 $ 29,355 $ 12,799 $ 10,001 $ 5,508 $ 536 $ 69,780 As of March 31, 2016 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 $ 1,100 $ 2,057 $ 77 $ 1,603 $ — $ — $ 4,837 Loans collectively evaluated for impairment 10,481 27,226 12,511 8,397 5,507 536 64,658 Loans evaluated for impairment balance, March 31 11,581 29,283 12,588 10,000 5,507 536 69,495 Purchased credit impaired loans acquired — 72 211 1 1 — 285 Balance, March 31 $ 11,581 $ 29,355 $ 12,799 $ 10,001 $ 5,508 $ 536 $ 69,780 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 17,968 $ 57,522 $ 70,643 $ 30,851 $ 1,270 $ — $ 178,254 Loans collectively evaluated for impairment 938,651 2,809,843 1,462,783 1,023,053 194,439 — 6,428,769 Loans evaluated for impairment balance, March 31 956,619 2,867,365 1,533,426 1,053,904 195,709 — 6,607,023 Purchased credit impaired loans acquired 19,479 98,133 49,375 16,235 1,925 — 185,147 Balance, March 31 $ 976,098 $ 2,965,498 $ 1,582,801 $ 1,070,139 $ 197,634 $ — $ 6,792,170 The following tables present the balances in the allowance for loan losses for the non-covered loan portfolio for the three-month period ended March 31, 2015 and the year ended December 31, 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 December 31, 2015. 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, 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 (83 ) (802 ) (864 ) (829 ) (572 ) — (3,150 ) Recoveries of loans previously charged off 58 1 157 31 294 — 541 Net loans recovered (charged off) (25 ) (801 ) (707 ) (798 ) (278 ) — (2,609 ) Provision for loan losses 631 1,079 (1,455 ) 972 (210 ) 1,852 2,869 Balance, March 31 8,722 17,505 11,284 6,124 5,310 3,786 52,731 Loans charged off (499 ) (3,121 ) (3,689 ) (1,809 ) (2,503 ) — (11,621 ) Recoveries of loans previously charged off 140 738 725 771 533 — 2,907 Net loans recovered (charged off) (359 ) (2,383 ) (2,964 ) (1,038 ) (1,970 ) — (8,714 ) Provision for loan losses 1,548 10,395 4,806 4,187 1,661 (1,300 ) 21,297 Reclass of provision for loan losses attributable to FDIC loss share agreements 745 1,277 (738 ) 32 6 — 1,322 Balance, December 31 $ 10,656 $ 26,794 $ 12,388 $ 9,305 $ 5,007 $ 2,486 $ 66,636 As of December 31, 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 $ 1,149 $ 2,115 $ 186 $ 921 $ — $ — $ 4,371 Loans collectively evaluated for impairment 9,506 24,511 12,157 8,383 5,006 2,486 62,049 Loans evaluated for impairment balance, December 31 10,655 26,626 12,343 9,304 5,006 2,486 66,420 Purchased credit impaired loans acquired 1 168 45 1 1 — 216 Balance, December 31 $ 10,656 $ 26,794 $ 12,388 $ 9,305 $ 5,007 $ 2,486 $ 66,636 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 21,215 $ 55,858 $ 18,240 $ 6,290 $ 1,053 $ — $ 102,656 Loans collectively evaluated for impairment 901,147 2,887,880 1,490,866 825,640 179,391 — 6,284,924 Loans evaluated for impairment balance, December 31 922,362 2,943,738 1,509,106 831,930 180,444 — 6,387,580 Purchased credit impaired loans acquired 20,733 99,436 51,480 18,427 1,745 — 191,821 Balance, December 31 $ 943,095 $ 3,043,174 $ 1,560,586 $ 850,357 $ 182,189 $ — $ 6,579,401 |
Summary of Aging Analysis for Non-Covered Loan Portfolio | The following is an aging analysis for the non-covered loan portfolio as of March 31, 2016 and December 31, 2015: March 31, 2016 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 $ 3,914 $ 1,438 $ 19,446 $ 24,798 $ 2,864,937 $ 2,889,735 $ 9,588 Construction/land development 324 186 7,940 8,450 967,648 976,098 3,855 Agricultural — — 544 544 75,219 75,763 31 Residential real estate loans Residential 1-4 family 9,684 2,271 13,004 24,959 1,120,121 1,145,080 2,415 Multifamily residential 500 98 896 1,494 436,227 437,721 1 Total real estate 14,422 3,993 41,830 60,245 5,464,152 5,524,397 15,890 Consumer 209 42 222 473 49,617 50,090 52 Commercial and industrial 2,971 176 12,317 15,464 1,054,675 1,070,139 6,066 Agricultural and other 262 3 1,048 1,313 146,231 147,544 — Total $ 17,864 $ 4,214 $ 55,417 $ 77,495 $ 6,714,675 $ 6,792,170 $ 22,008 December 31, 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 $ 1,494 $ 292 $ 25,058 $ 26,844 $ 2,941,303 $ 2,968,147 $ 9,247 Construction/land development 897 343 7,128 8,368 934,727 943,095 4,176 Agricultural 177 — 561 738 74,289 75,027 30 Residential real estate loans Residential 1-4 family 3,614 3,091 16,489 23,194 1,107,520 1,130,714 3,915 Multifamily residential 1,330 — 871 2,201 427,671 429,872 1 Total real estate 7,512 3,726 50,107 61,345 5,485,510 5,546,855 17,369 Consumer 133 66 285 484 51,774 52,258 46 Commercial and industrial 679 781 8,793 10,253 840,104 850,357 6,430 Agricultural and other 347 164 1,034 1,545 128,386 129,931 — Total $ 8,671 $ 4,737 $ 60,219 $ 73,627 $ 6,505,774 $ 6,579,401 $ 23,845 |
Summary of Non-Covered Impaired Loans | The following is a summary of the non-covered impaired loans as of March 31, 2016 and December 31, 2015: March 31, 2016 Three Months Ended Unpaid Total Allocation of Allowance Average Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ 29 $ 29 $ — $ 29 $ — Construction/land development — — — — — Agricultural — — — — — Residential real estate loans Residential 1-4 family 80 80 — 80 1 Multifamily residential 46 46 — 23 1 Total real estate 155 155 — 132 2 Consumer — — — — — Commercial and industrial 50 50 — 31 1 Agricultural and other — — — — — Total loans without a specific valuation allowance 205 205 — 163 3 Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 45,791 40,975 2,057 42,917 315 Construction/land development 17,830 15,408 1,100 15,242 75 Agricultural 566 544 — 553 — Residential real estate loans Residential 1-4 family 15,540 14,060 59 15,696 48 Multifamily residential 1,186 1,185 18 1,172 3 Total real estate 80,913 72,172 3,234 75,580 441 Consumer 252 222 — 254 1 Commercial and industrial 18,429 15,605 1,603 13,384 104 Agricultural and other 1,048 1,048 — 1,041 — Total loans with a specific valuation allowance 100,642 89,047 4,837 90,259 546 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 45,820 41,004 2,057 42,946 315 Construction/land development 17,830 15,408 1,100 15,242 75 Agricultural 566 544 — 553 — Residential real estate loans Residential 1-4 family 15,620 14,140 59 15,776 49 Multifamily residential 1,232 1,231 18 1,195 4 Total real estate 81,068 72,327 3,234 75,712 443 Consumer 252 222 — 254 1 Commercial and industrial 18,479 15,655 1,603 13,415 105 Agricultural and other 1,048 1,048 — 1,041 — Total impaired loans $ 100,847 $ 89,252 $ 4,837 $ 90,422 $ 549 Note December 31, 2015 Year Ended Unpaid Total Allocation of Allowance Average Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ 29 $ 29 $ — $ 6 $ 2 Construction/land development — — — — — Agricultural — — — — — Residential real estate loans Residential 1-4 family 80 80 — 21 6 Multifamily residential — — — — — Total real estate 109 109 — 27 8 Consumer — — — — — Commercial and industrial 12 12 — 2 1 Agricultural and other — — — — — Total loans without a specific valuation allowance 121 121 — 29 9 Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 47,861 44,858 2,115 43,900 1,139 Construction/land development 17,025 15,077 1,149 16,026 303 Agricultural 583 561 — 153 — Residential real estate loans Residential 1-4 family 18,454 17,333 168 16,947 390 Multifamily residential 1,160 1,160 18 3,281 34 Total real estate 85,083 78,989 3,450 80,307 1,866 Consumer 306 286 — 570 7 Commercial and industrial 13,385 11,163 921 6,542 191 Agricultural and other 1,034 1,034 — 614 4 Total loans with a specific valuation allowance 99,808 91,472 4,371 88,033 2,068 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 47,890 44,887 2,115 43,906 1,141 Construction/land development 17,025 15,077 1,149 16,026 303 Agricultural 583 561 — 153 — Residential real estate loans Residential 1-4 family 18,534 17,413 168 16,968 396 Multifamily residential 1,160 1,160 18 3,281 34 Total real estate 85,192 79,098 3,450 80,334 1,874 Consumer 306 286 — 570 7 Commercial and industrial 13,397 11,175 921 6,544 192 Agricultural and other 1,034 1,034 — 614 4 Total impaired loans $ 99,929 $ 91,593 $ 4,371 $ 88,062 $ 2,077 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 (excluding loans accounted for under ASC Topic 310-30) by class as of March 31, 2016 and December 31, 2015: March 31, 2016 Risk Rated 6 Risk Rated 7 Risk Rated 8 Classified Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 40,235 $ 621 $ — $ 40,856 Construction/land development 19,051 — — 19,051 Agricultural 517 — — 517 Residential real estate loans Residential 1-4 family 19,910 173 — 20,083 Multifamily residential 2,101 — — 2,101 Total real estate 81,814 794 — 82,608 Consumer 292 16 — 308 Commercial and industrial 9,982 70 — 10,052 Agricultural and other 1,551 90 — 1,641 Total $ 93,639 $ 970 $ — $ 94,609 December 31, 2015 Risk Rated 6 Risk Rated 7 Risk Rated 8 Classified Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 42,077 $ 706 $ — $ 42,783 Construction/land development 17,821 1 — 17,822 Agricultural 534 — — 534 Residential real estate loans Residential 1-4 family 18,497 276 — 18,773 Multifamily residential 2,075 30 — 2,105 Total real estate 81,004 1,013 — 82,017 Consumer 320 18 — 338 Commercial and industrial 5,869 29 — 5,898 Agricultural and other 1,582 90 — 1,672 Total $ 88,775 $ 1,150 $ — $ 89,925 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 March 31, 2016 and December 31, 2015: March 31, 2016 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 $ 973 $ 5,185 $ 1,517,003 $ 1,195,142 $ 32,498 $ 40,856 $ 2,791,657 Construction/land development 117 1,193 208,936 724,189 3,133 19,051 956,619 Agricultural — 265 50,658 24,089 179 517 75,708 Residential real estate loans Residential 1-4 family 1,324 1,812 838,602 227,872 12,574 20,083 1,102,267 Multifamily residential — 153 312,678 60,752 55,475 2,101 431,159 Total real estate 2,414 8,608 2,927,877 2,232,044 103,859 82,608 5,357,410 Consumer 15,985 268 22,268 10,009 104 308 48,942 Commercial and industrial 16,678 10,362 636,248 354,099 26,465 10,052 1,053,904 Agricultural and other 4,375 888 74,692 64,906 265 1,641 146,767 Total risk rated loans $ 39,452 $ 20,126 $ 3,661,085 $ 2,661,058 $ 130,693 $ 94,609 6,607,023 Purchased credit impaired loans acquired 185,147 Total non-covered loans $ 6,792,170 December 31, 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 $ 1,064 $ 5,950 $ 1,603,950 $ 1,183,898 $ 31,405 $ 42,783 $ 2,869,050 Construction/land development 61 696 254,907 645,249 3,627 17,822 922,362 Agricultural — 298 47,413 26,262 181 534 74,688 Residential real estate loans Residential 1-4 family 1,193 1,838 850,744 198,304 15,015 18,773 1,085,867 Multifamily residential — 155 301,113 63,640 56,226 2,105 423,239 Total real estate 2,318 8,937 3,058,127 2,117,353 106,454 82,017 5,375,206 Consumer 16,367 318 23,768 10,266 109 338 51,166 Commercial and industrial 10,885 6,729 495,064 307,818 5,536 5,898 831,930 Agricultural and other 4,572 926 73,447 48,386 275 1,672 129,278 Total risk rated loans $ 34,142 $ 16,910 $ 3,650,406 $ 2,483,823 $ 112,374 $ 89,925 6,387,580 Purchased credit impaired loans acquired 191,821 Total non-covered loans $ 6,579,401 |
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 March 31, 2016 and December 31, 2015: March 31, 2016 Number of Loans Pre- Modification Balance Rate Modification Term Modification Rate & Term Modification Post- (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 13 $ 14,649 $ 8,311 $ 272 $ 5,664 $ 14,247 Construction/land development 1 560 556 — — 556 Residential real estate loans Residential 1-4 family 8 1,086 811 137 101 1,049 Multifamily residential 2 341 46 — 289 335 Total real estate 24 16,636 9,724 409 6,054 16,187 Commercial and industrial 4 112 — 91 15 106 Total 28 $ 16,748 $ 9,724 $ 500 $ 6,069 $ 16,293 December 31, 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 13 $ 14,422 $ 9,189 $ 273 $ 4,626 $ 14,088 Construction/land development 2 1,026 1,018 — — 1,018 Residential real estate loans Residential 1-4 family 8 2,813 811 1,925 — 2,736 Multifamily residential 1 295 — — 290 290 Total real estate 24 18,556 11,018 2,198 4,916 18,132 Commercial and industrial 2 69 — 69 — 69 Total 26 $ 18,625 $ 11,018 $ 2,267 $ 4,916 $ 18,201 |
Presentation of Non-Covered TDRs on Non-Accrual Status | The following is a presentation of non-covered TDRs on non-accrual status as of March 31, 2016 and December 31, 2015 because they are not in compliance with the modified terms: March 31, 2016 December 31, 2015 Number of Loans Recorded Balance Number of Loans Recorded Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential — $ — 3 $ 1,604 Residential real estate loans Residential 1-4 family 1 25 2 1,812 Total real estate 1 25 5 3,416 Commercial and industrial 1 15 — — Total 2 $ 40 5 $ 3,416 |
Summary of Non Covered Loans | The following is a presentation of non-covered foreclosed assets as of March 31, 2016 and December 31, 2015: March 31, 2016 December 31, 2015 (In thousands) Commercial real estate loans Non-farm/non-residential $ 11,430 $ 9,787 Construction/land development 4,649 5,286 Agricultural — — Residential real estate loans Residential 1-4 family 3,386 3,233 Multifamily residential 192 220 Total foreclosed assets held for sale $ 19,657 $ 18,526 |
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 three-month period ended March 31, 2016 for the Company’s covered and non-covered acquisitions: Accretable Yield Carrying (In thousands) Balance at beginning of period $ 43,900 $ 253,991 Reforecasted future interest payments for loan pools 4,429 — Accretion recorded to interest income (7,453 ) 7,453 Adjustment to yield 4,319 — Transfers to foreclosed assets held for sale — (846 ) Payments received, net — (15,409 ) Balance at end of period $ 45,195 $ 245,189 |
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-month period ended March 31, 2016, 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 March 31, 2016. Three Months Ended March 31, 2016 Construction/ Land Other Commercial Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 126 $ 4 $ 2,430 $ 19 $ 9 $ — $ 2,588 Loans charged off (46 ) (25 ) — — — — (71 ) Recoveries of loans previously charged off — — 9 — — — 9 Net loans recovered (charged off) (46 ) (25 ) 9 — — — (62 ) Provision for loan losses forecasted outside of loss share — — — — — — — Provision for loan losses before change attributable to FDIC loss share agreements 49 25 (88 ) 14 — — — Change attributable to FDIC loss share agreements (49 ) (25 ) 88 (14 ) — — — Net provision for loan losses — — — — — — — Reclass of provision for loan losses attributable to FDIC loss share agreements — — — — — — — Increase in FDIC indemnification asset 49 25 (88 ) 14 — — — Balance, March 31 $ 129 $ 4 $ 2,351 $ 33 $ 9 $ — $ 2,526 As of March 31, 2016 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, March 31 — — — — — — — Purchased credit impaired loans acquired 129 4 2,351 33 9 — 2,526 Balance, March 31 $ 129 $ 4 $ 2,351 $ 33 $ 9 $ — $ 2,526 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ — $ — $ — $ — $ — $ — $ — Loans collectively evaluated for impairment — — — — — — — Loans evaluated for impairment balance, March 31 — — — — — — — Purchased credit impaired loans acquired 1,702 192 57,622 414 112 — 60,042 Balance, March 31 $ 1,702 $ 192 $ 57,622 $ 414 $ 112 $ — $ 60,042 The following tables present the balance in the allowance for loan losses for the covered loan portfolio for the three-month period ended March 31, 2015 and the year ended December 31, 2015, 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, 2015. Year Ended December 31, 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 — (691 ) (81 ) — — — (772 ) Recoveries of loans previously charged off 107 62 96 — — — 265 Net loans recovered (charged off) 107 (629 ) 15 — — — (507 ) Provision for loan losses forecasted outside of loss share (229 ) (302 ) 233 3 — — (295 ) Provision for loan losses before change attributable to FDIC loss share agreements 365 888 344 70 390 — 2,057 Change attributable to FDIC loss share agreements (63 ) (220 ) (117 ) (57 ) (387 ) — (844 ) Net provision for loan losses 73 366 460 16 3 — 918 Reclass of provision for loan losses attributable to FDIC loss share agreements — — — — — — — Increase in FDIC indemnification asset 63 220 117 57 387 — 844 Balance, March 31 675 887 1,753 89 391 — 3,795 Loans charged off (62 ) (264 ) (83 ) — — — (409 ) Recoveries of loans previously charged off (69 ) (39 ) (63 ) — — — (171 ) Net loans recovered (charged off) (131 ) (303 ) (146 ) — — — (580 ) Provision for loan losses forecasted outside of loss share 229 302 (233 ) (3 ) — — 295 Provision for loan losses before change attributable to FDIC loss share agreements 98 395 318 (35 ) (376 ) — 400 Change attributable to FDIC loss share agreements (306 ) (675 ) (78 ) 67 377 — (615 ) Net provision for loan losses 21 22 7 29 1 — 80 Reclass of provision for loan losses attributable to FDIC loss share agreements (745 ) (1,277 ) 738 (32 ) (6 ) — (1,322 ) Increase in FDIC indemnification asset 306 675 78 (67 ) (377 ) — 615 Balance, December 31 $ 126 $ 4 $ 2,430 $ 19 $ 9 $ — $ 2,588 As of December 31, 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, December 31 — — — — — — — Purchased credit impaired loans acquired 126 4 2,430 19 9 — 2,588 Balance, December 31 $ 126 $ 4 $ 2,430 $ 19 $ 9 $ — $ 2,588 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 1,692 188 59,949 230 111 — 62,170 Balance, December 31 $ 1,692 $ 188 $ 59,949 $ 230 $ 111 $ — $ 62,170 |
Goodwill and Core Deposits an39
Goodwill and Core Deposits and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015, were as follows: March 31, 2016 December 31, 2015 (In thousands) Goodwill Balance, beginning of period $ 377,983 $ 325,423 Acquisitions — 55,255 Sale of insurance book of business — (2,695 ) Balance, end of period $ 377,983 $ 377,983 March 31, 2016 December 31, 2015 (In thousands) Core Deposit and Other Intangibles Balance, beginning of period $ 21,443 $ 20,925 Acquisition — 1,363 Sale of insurance book of business — (243 ) Amortization expense (845 ) (1,129 ) Balance, March 31 $ 20,598 20,916 Acquisitions 3,477 Amortization expense (2,950 ) Balance, end of year $ 21,443 |
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 March 31, 2016 and December 31, 2015 were: March 31, 2016 December 31, 2015 (In thousands) Gross carrying basis $ 51,378 $ 51,378 Accumulated amortization (30,780 ) (29,935 ) Net carrying amount $ 20,598 $ 21,443 |
Securities Sold Under Agreeme40
Securities Sold Under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 is presented in the following tables: March 31, 2016 Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 4,825 $ — $ — $ — $ 4,825 Mortgage-backed securities 51,123 — — — 51,123 State and political subdivisions 65,128 — — — 65,128 Other securities 830 — — — 830 Total borrowings $ 121,906 $ — $ — $ — $ 121,906 December 31, 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 $ 7,216 $ — $ — $ — $ 7,216 Mortgage-backed securities 54,512 — — — 54,512 State and political subdivisions 65,294 — — — 65,294 Other securities 1,367 — — — 1,367 Total borrowings $ 128,389 $ — $ — $ — $ 128,389 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Brokers and Dealers [Abstract] | |
Preferred Trust Securities and Subordinated Debentures | Subordinated debentures at March 31, 2016 and December 31, 2015 consisted of guaranteed payments on trust preferred securities with the following components: As of March 31, As of 2016 2015 (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) | 3 Months Ended |
Mar. 31, 2016 | |
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-month periods ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (In thousands) Current: Federal $ 20,205 $ 12,074 State 4,013 2,398 Total current 24,218 14,472 Deferred: Federal 437 3,045 State 87 605 Total deferred 524 3,650 Income tax expense $ 24,742 $ 18,122 |
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-month periods ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 Statutory federal income tax rate 35.00 % 35.00 % Effect of nontaxable interest income (1.62 ) (2.04 ) Cash value of life insurance (0.21 ) (0.22 ) State income taxes, net of federal benefit 4.07 4.01 Other 0.15 0.05 Effective income tax rate 37.39 % 36.80 % |
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: March 31, 2016 December 31, 2015 (In thousands) Deferred tax assets: Allowance for loan losses $ 28,362 $ 27,153 Deferred compensation 1,794 3,505 Stock options 880 1,800 Real estate owned 2,275 1,988 Loan discounts 19,970 21,298 Tax basis premium/discount on acquisitions 15,779 15,772 Investments 2,750 2,637 Other 13,151 13,667 Gross deferred tax assets 84,961 87,820 Deferred tax liabilities: Accelerated depreciation on premises and equipment 1,773 3,946 Unrealized gain on securities available-for-sale 4,173 2,696 Core deposit intangibles 5,745 5,930 Indemnification asset 601 678 FHLB dividends 1,753 1,689 Other 1,352 1,316 Gross deferred tax liabilities 15,397 16,255 Net deferred tax assets $ 69,564 $ 71,565 |
Common Stock and Compensation43
Common Stock and Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Summary of Stock Option Transactions under Incentive Plan | The table below summarizes the stock option transactions under the Plan at March 31, 2016 and December 31, 2015 and changes during the three-month period and year then ended: For the Three Months Ended March 31, 2016 For the Year Ended December 31, 2015 Shares (000) Weighted- Shares (000) Weighted- Outstanding, beginning of year 1,397 $ 25.42 905 $ 11.80 Granted — — 743 36.30 Forfeited/Expired (7 ) 34.56 (20 ) 40.31 Exercised (232 ) 6.38 (231 ) 5.80 Outstanding, end of period 1,158 29.17 1,397 25.42 Exercisable, end of period 293 $ 14.71 480 $ 10.26 |
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 Three Months Ended For the Year Ended March 31, 2016 December 31, 2015 Expected dividend yield Not applicable 1.60% Expected stock price volatility Not applicable 25.91% Risk-free interest rate Not applicable 1.74% Expected life of options Not applicable 6.5 years |
Summary of Currently Outstanding and Exercisable Options | The following is a summary of currently outstanding and exercisable options at March 31, 2016: Options Outstanding Options Exercisable Exercise Prices Options (000) Weighted- Weighted- Options Weighted- $3.92 to $5.33 23 2.26 $ 4.97 23 $ 4.97 $8.54 to $9.31 58 1.75 8.63 58 8.63 $10.16 to $13.12 125 3.71 11.89 107 11.68 $17.25 to $19.08 142 6.93 18.18 66 17.92 $29.42 to $33.72 135 8.49 32.05 27 32.05 $34.25 to $34.80 110 8.69 34.38 11 34.77 $36.91 to $36.91 525 9.40 36.91 — — $40.31 to $41.15 40 9.52 40.73 — — 1,158 292 |
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 March 31, 2016 and December 31, 2015 and changes during the period and year then ended: As of March 31, 2016 As of December 31, 2015 (In thousands) Beginning of year 488 257 Issued 78 352 Vested (23 ) (102 ) Forfeited — (19 ) End of period 543 488 Amount of expense for three months and twelve months ended, respectively $ 1,021 $ 2,511 |
Non-Interest Expense (Tables)
Non-Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Components of Non-Interest Expense | The table below shows the components of non-interest expense for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 2015 (In thousands) Salaries and employee benefits $ 23,958 $ 19,390 Occupancy and equipment 6,671 6,049 Data processing expense 2,664 2,419 Other operating expenses: Advertising 823 779 Merger and acquisition expenses — 1,417 Amortization of intangibles 845 1,129 Electronic banking expense 1,456 1,232 Directors’ fees 275 295 Due from bank service charges 305 215 FDIC and state assessment 1,446 1,396 Insurance 533 666 Legal and accounting 523 447 Other professional fees 925 488 Operating supplies 436 434 Postage 286 309 Telephone 487 504 Other expense 4,015 3,544 Total other operating expenses 12,355 12,855 Total non-interest expense $ 45,648 $ 40,713 |
Additional Cash Flow Informat45
Additional Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 three-month periods ended: March 31, 2016 2015 (In thousands) Interest paid $ 7,140 $ 4,873 Income taxes paid 1,010 3,100 Assets acquired by foreclosure 4,219 6,580 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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. March 31, 2016 Carrying Amount Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 158,072 $ 158,072 1 Federal funds sold 7,050 7,050 1 Investment securities – held-to-maturity 299,050 305,425 2 Loans receivable not covered by loss share, net of non-covered impaired loans and allowance 6,637,976 6,590,886 3 Loans receivable covered by FDIC loss share, net of allowance 57,515 57,515 3 FDIC indemnification asset 8,656 8,656 3 Accrued interest receivable 28,833 28,833 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 1,562,565 $ 1,562,565 1 Savings and interest-bearing transaction accounts 3,602,868 3,602,868 1 Time deposits 1,412,086 1,400,577 3 Federal funds purchased — — N/A Securities sold under agreements to repurchase 121,906 121,906 1 FHLB and other borrowed funds 1,336,233 1,340,240 2 Accrued interest payable 1,891 1,891 1 Subordinated debentures 60,826 60,826 3 December 31, 2015 Carrying Amount Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 255,823 $ 255,823 1 Federal funds sold 1,550 1,550 1 Investment securities – held-to-maturity 309,042 313,944 2 Loans receivable not covered by loss share, net of non-covered impaired loans and allowance 6,425,543 6,380,927 3 Loans receivable covered by FDIC loss share, net of allowance 59,582 59,582 3 FDIC indemnification asset 9,284 9,284 3 Accrued interest receivable 29,132 29,132 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 1,456,624 $ 1,456,624 1 Savings and interest-bearing transaction accounts 3,551,684 3,551,684 1 Time deposits 1,430,201 1,418,462 3 Federal funds purchased — — N/A Securities sold under agreements to repurchase 128,389 128,389 1 FHLB and other borrowed funds 1,405,945 1,410,019 2 Accrued interest payable 1,804 1,804 1 Subordinated debentures 60,826 60,826 3 |
Nature of Operations and Summ47
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Segments | |
Accounting Policies [Abstract] | |
Number of Reportable Segments | 1 |
Nature of Operations and Summ48
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Net income | $ 41,427 | $ 31,119 | $ 107,080 |
Average shares outstanding | 70,195 | 67,589 | |
Effect of common stock options | 149 | 334 | |
Average diluted shares outstanding | 70,344 | 67,923 | |
Basic earnings per share | $ 0.59 | $ 0.46 | |
Diluted earnings per share | $ 0.59 | $ 0.46 |
Business Combinations - Acquisi
Business Combinations - Acquisition of Florida Business BancGroup, Inc. - Additional Information (Detail) - Florida Business BancGroup Inc. [Member] $ in Millions | Oct. 01, 2015USD ($)BankingCentersLawsuitsshares |
Business Acquisition [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 | 2,079,854 |
Business combination, common stock issued, value | $ 83.8 |
Business combination consideration paid in cash | 20.3 |
Florida [Member] | |
Business Acquisition [Line Items] | |
Loan discounts | 14.1 |
Business combination, recognized identifiable assets acquired, Total Assets | 564.5 |
Business combination, recognized identifiable liabilities assumed, Loans | 408.3 |
Business combination, recognized identifiable assets acquired, Deposits | $ 472 |
Number of banking locations | BankingCenters | 6 |
Business Combinations - Acqui50
Business Combinations - Acquisition of Pool of National Commercial Real Estate Loans - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Apr. 01, 2015 |
Business Acquisition [Line Items] | ||||
Loans net | $ 6,779,906 | $ 6,572,347 | ||
Commercial Finance Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Loans net | $ 851,400 | $ 715,700 | ||
Minimum [Member] | Scenario, Forecast [Member] | Commercial Finance Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Loans net | $ 1,200,000 | |||
Maximum [Member] | Scenario, Forecast [Member] | Commercial Finance Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Loans net | $ 1,300,000 | |||
AM PR LLC [Member] | Commercial Real Estate Loans [Member] | ||||
Business Acquisition [Line Items] | ||||
Loans on acquisition date | $ 289,100 | |||
Acquired loans, percentage | 99.00% |
Business Combinations - Acqui51
Business Combinations - Acquisition of Doral Bank's Florida Panhandle Operations . - Additional Information (Detail) - Doral Florida Acquisition [Member] $ in Millions | Feb. 27, 2015USD ($) |
Business Acquisition [Line Items] | |
Loan discounts | $ 37.9 |
Deposits on acquisition date | 467.6 |
Cash and due from banks | $ 428.2 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available-For-Sale Securities [Line Items] | ||
Amortized Cost | $ 1,197,135 | $ 1,199,707 |
Gross Unrealized Gains | 14,224 | 12,363 |
Gross Unrealized (Losses) | (3,586) | (5,490) |
Estimated Fair Value | 1,207,773 | 1,206,580 |
U.S. Government-Sponsored Enterprises [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Amortized Cost | 339,540 | 367,911 |
Gross Unrealized Gains | 2,699 | 1,875 |
Gross Unrealized (Losses) | (815) | (1,246) |
Estimated Fair Value | 341,424 | 368,540 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Amortized Cost | 258,360 | 254,531 |
Gross Unrealized Gains | 2,131 | 1,580 |
Gross Unrealized (Losses) | (392) | (1,356) |
Estimated Fair Value | 260,099 | 254,755 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Amortized Cost | 335,858 | 311,279 |
Gross Unrealized Gains | 2,184 | 994 |
Gross Unrealized (Losses) | (605) | (1,713) |
Estimated Fair Value | 337,437 | 310,560 |
State and Political Subdivisions [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Amortized Cost | 210,953 | 211,546 |
Gross Unrealized Gains | 6,793 | 7,723 |
Gross Unrealized (Losses) | (107) | (151) |
Estimated Fair Value | 217,639 | 219,118 |
Other Securities [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Amortized Cost | 52,424 | 54,440 |
Gross Unrealized Gains | 417 | 191 |
Gross Unrealized (Losses) | (1,667) | (1,024) |
Estimated Fair Value | $ 51,174 | $ 53,607 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Held-to-Maturity Securities [Line Items] | ||
Estimated Fair Value | $ 299,050 | $ 309,042 |
Held-to-Maturity [Member] | ||
Schedule Of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 299,050 | 309,042 |
Gross Unrealized Gains | 6,484 | 5,312 |
Gross Unrealized (Losses) | (109) | (410) |
Estimated Fair Value | 305,425 | 313,944 |
Held-to-Maturity [Member] | U.S. Government-Sponsored Enterprises [Member] | ||
Schedule Of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 7,300 | 7,395 |
Gross Unrealized Gains | 74 | 37 |
Gross Unrealized (Losses) | (6) | (17) |
Estimated Fair Value | 7,368 | 7,415 |
Held-to-Maturity [Member] | Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 88,506 | 92,585 |
Gross Unrealized Gains | 647 | 250 |
Gross Unrealized (Losses) | (98) | (282) |
Estimated Fair Value | 89,055 | 92,553 |
Held-to-Maturity [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Schedule Of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 41,190 | 41,579 |
Gross Unrealized Gains | 565 | 155 |
Gross Unrealized (Losses) | (42) | |
Estimated Fair Value | 41,755 | 41,692 |
Held-to-Maturity [Member] | State and Political Subdivisions [Member] | ||
Schedule Of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 162,054 | 167,483 |
Gross Unrealized Gains | 5,198 | 4,870 |
Gross Unrealized (Losses) | (5) | (69) |
Estimated Fair Value | $ 167,247 | $ 172,284 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Available-for-sale Securities [Abstract] | |||
Amortized cost principally investment securities | $ 1,190,000,000 | $ 1,250,000,000 | |
Investment securities pledged as collateral | 121,900,000 | 128,400,000 | |
Available for sale securities sold | 1,400,000 | $ 931,000 | |
Gross realized gains on sale | $ 10,000 | $ 4,000 | |
Income tax expense benefit to net security gains and losses | 39.225% | 39.225% | |
Fair value of unrealized losses | $ 1,532,000 | $ 1,225,000 | |
Percentage of Company's investment portfolio | 82.10% | ||
Maturity description of investment portfolio | Five years or less |
Investment Securities - Amort55
Investment Securities - Amortized Cost and Estimated Fair Value of Securities Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-Sale Securities, Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 239,912 | |
Due after one year through five years, Amortized Cost | 749,709 | |
Due after five years through ten years, Amortized Cost | 150,817 | |
Due after ten years, Amortized Cost | 56,697 | |
Total, Amortized Cost | 1,197,135 | |
Available-for-Sale Securities, Estimated Fair Value | ||
Due in one year or less, Estimated Fair Value | 240,854 | |
Due after one year through five years, Estimated Fair Value | 758,331 | |
Due after five years through ten years, Estimated Fair Value | 151,475 | |
Due after ten years, Estimated Fair Value | 57,113 | |
Total, Estimated Fair Value | 1,207,773 | $ 1,206,580 |
Held-to-Maturity Securities, Amortized Cost | ||
Due in one year or less, Held to Maturity Amortized Cost | 60,345 | |
Due after one year through five years, Held to Maturity Amortized Cost | 177,476 | |
Due after five years through ten years, Held to Maturity Amortized Cost | 24,187 | |
Due after ten years, Held to Maturity Amortized Cost | 37,042 | |
Total, Held to Maturity Amortized Cost | 299,050 | $ 309,042 |
Held-to-Maturity Securities, Estimated Fair Value | ||
Due in one year or less, Held to Maturity Estimated Fair Value | 61,556 | |
Due after one year through five years, Held to Maturity Estimated Fair Value | 181,852 | |
Due after five years through ten years, Held to Maturity Estimated Fair Value | 24,647 | |
Due after ten years, Held to Maturity Estimated Fair Value | 37,370 | |
Total, Held to Maturity Estimated Fair Value | $ 305,425 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available-For-Sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | $ 282,436 | $ 577,228 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (2,163) | (4,675) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 71,398 | 59,057 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (1,532) | (1,225) |
Fair Value of Available-for-Sale Securities, Total | 353,834 | 636,285 |
Unrealized Losses of Available-for-Sale Securities, Total | (3,695) | (5,900) |
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 | 101,927 | 135,128 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (768) | (1,240) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 12,527 | 4,751 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (53) | (24) |
Fair Value of Available-for-Sale Securities, Total | 114,454 | 139,879 |
Unrealized Losses of Available-for-Sale Securities, Total | (821) | (1,264) |
Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 73,193 | 200,256 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (274) | (1,445) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 17,835 | 10,511 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (215) | (193) |
Fair Value of Available-for-Sale Securities, Total | 91,028 | 210,767 |
Unrealized Losses of Available-for-Sale Securities, Total | (490) | (1,638) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 80,644 | 192,644 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (401) | (1,449) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 23,372 | 23,592 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (205) | (305) |
Fair Value of Available-for-Sale Securities, Total | 104,016 | 216,236 |
Unrealized Losses of Available-for-Sale Securities, Total | (605) | (1,754) |
State and Political Subdivisions [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 13,801 | 27,334 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (88) | (202) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 2,460 | 4,400 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (24) | (18) |
Fair Value of Available-for-Sale Securities, Total | 16,261 | 31,734 |
Unrealized Losses of Available-for-Sale Securities, Total | (112) | (220) |
Other Securities [Member] | ||
Schedule Of Available-For-Sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 12,871 | 21,866 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (632) | (339) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 15,204 | 15,803 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (1,035) | (685) |
Fair Value of Available-for-Sale Securities, Total | 28,075 | 37,669 |
Unrealized Losses of Available-for-Sale Securities, Total | $ (1,667) | $ (1,024) |
Investment Securities - Sched57
Investment Securities - Schedule of Income Earned on Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investment Income [Line Items] | ||
Income earned on securities, taxable | $ 5,450 | $ 5,543 |
Income earned on securities, Non-taxable | 2,815 | 2,752 |
Income earned on securities, total | 8,265 | 8,295 |
Available-for-sale [Member] | ||
Investment Income [Line Items] | ||
Income earned on securities, taxable | 4,567 | 4,507 |
Income earned on securities, Non-taxable | 1,574 | 1,346 |
Held-to-Maturity [Member] | ||
Investment Income [Line Items] | ||
Income earned on securities, taxable | 883 | 1,036 |
Income earned on securities, Non-taxable | $ 1,241 | $ 1,406 |
Loans Receivable Not Covered 58
Loans Receivable Not Covered by Loss Share - Summary of Various Categories of Loans not Covered by Loss Share (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | $ 6,792,170 | $ 6,579,401 |
Multifamily Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 437,721 | 429,872 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 2,889,735 | 2,968,147 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 976,098 | 943,095 |
Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 75,763 | 75,027 |
Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 1,145,080 | 1,130,714 |
Residential and Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 5,524,397 | 5,546,855 |
Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 63,482 | 67,109 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 84,062 | 62,822 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | 50,090 | 52,258 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable not covered by loss share | $ 1,070,139 | $ 850,357 |
Loans Receivable Not Covered 59
Loans Receivable Not Covered by Loss Share - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans held for sale | $ 30,600,000 | $ 38,900,000 | |
SBA Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans sold during period | $ 0 | $ 0 |
Loans Receivable Covered by F60
Loans Receivable Covered by FDIC Loss Share - Carrying Value of All Purchased Covered Impaired Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | $ 60,042 | $ 62,170 |
Multifamily Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 379 | 384 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 192 | 188 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 1,702 | 1,692 |
Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 57,243 | 59,565 |
Residential and Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 59,516 | 61,829 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | 112 | 111 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable covered by FDIC loss share | $ 414 | $ 230 |
Loans Receivable Covered by F61
Loans Receivable Covered by FDIC Loss Share - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | ||
Accruing past due loans 90 days of more | $ 3.1 | $ 3.3 |
Threshold days of accruing loans, past due for automatic charge off | 90 days |
Allowance for Loan Losses, Cr62
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 69,224 | ||
Loans charged off | (3,947) | ||
Recoveries of loans previously charged off | 1,352 | ||
Net loans recovered (charged off) | (2,595) | ||
Provision for loan losses for non-covered loans | 5,677 | ||
Net provision for loan losses for covered loans | 0 | ||
Ending balance | 72,306 | $ 69,224 | |
For Loans Not Covered by Loss Share [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 66,636 | ||
Loans charged off | (3,876) | ||
Recoveries of loans previously charged off | 1,343 | ||
Net loans recovered (charged off) | (2,533) | ||
Provision for loan losses for non-covered loans | 5,677 | ||
Net provision for loan losses for covered loans | 0 | ||
Ending balance | 69,780 | 66,636 | |
For Loans Covered by FDIC Loss Share [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 2,588 | $ 2,540 | 3,795 |
Loans charged off | (71) | (772) | (409) |
Recoveries of loans previously charged off | 9 | 265 | (171) |
Net loans recovered (charged off) | (62) | (507) | (580) |
Net provision for loan losses for covered loans | 0 | 918 | 80 |
Ending balance | $ 2,526 | $ 3,795 | $ 2,588 |
Allowance for Loan Losses, Cr63
Allowance for Loan Losses, Credit Quality and Other - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($)Rating | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Receivables [Abstract] | |||
Amount of discount accreted into income over weighted-average life of the loans on non-covered loans acquired | $ 129,800,000 | $ 134,700,000 | $ 139,500,000 |
Non-accruing loans not covered by loss share | 33,400,000 | 36,400,000 | |
Interest recognized on non-covered impaired loans | $ 549,000 | $ 494,000 | |
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 | $ 78,000 | $ 3,400,000 | |
OREO secured by residential real estate properties | 3,600,000 | ||
Total accretable yield expectations for loan pools | 4,400,000 | ||
Adjustment to yield over the weighted average life of the loans | $ 4,300,000 |
Allowance for Loan Losses, Cr64
Allowance for Loan Losses, Credit Quality and Other - Balance of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | $ 69,224 | ||||
Loans charged off | (3,947) | ||||
Recoveries of loans previously charged off | 1,352 | ||||
Net loans recovered (charged off) | (2,595) | ||||
Ending balance | 72,306 | $ 69,224 | |||
Allowance for loan losses | 72,306 | 69,224 | $ 72,306 | $ 69,224 | |
Allowance for loan losses | 72,306 | 69,224 | 72,306 | 69,224 | |
Total Loans Receivable | 6,792,170 | 6,579,401 | |||
Commercial and Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Loans Receivable | 1,070,139 | 850,357 | |||
For Loans Not Covered by Loss Share [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 66,636 | ||||
Loans charged off | (3,876) | ||||
Recoveries of loans previously charged off | 1,343 | ||||
Net loans recovered (charged off) | (2,533) | ||||
Ending balance | 69,780 | 66,636 | |||
Allowance for loan losses | 69,780 | 66,636 | 69,780 | 66,636 | |
Allowance for loan losses | 69,780 | 66,636 | 69,780 | 66,636 | |
Purchased credit impaired loans acquired | 185,147 | 191,821 | |||
Total Loans Receivable | 6,607,023 | 6,387,580 | |||
For Loans Not Covered by Loss Share [Member] | Allowance for Loan Losses [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 66,636 | $ 52,471 | 52,731 | ||
Loans charged off | (3,876) | (3,150) | (11,621) | ||
Recoveries of loans previously charged off | 1,343 | 541 | 2,907 | ||
Net loans recovered (charged off) | (2,533) | (2,609) | (8,714) | ||
Provision for loan losses | 5,677 | 2,869 | 21,297 | ||
Ending balance | 69,780 | 52,731 | 66,636 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 1,322 | ||||
Allowance for loan losses | 69,780 | 52,731 | 52,731 | 69,780 | 66,636 |
Loans individually evaluated for impairment | 4,837 | 4,371 | |||
Loans collectively evaluated for impairment | 64,658 | 62,049 | |||
Loans evaluated for impairment, ending balance | 69,495 | 66,420 | |||
Purchased credit impaired loans acquired | 285 | 216 | |||
Allowance for loan losses | 69,780 | 52,731 | 52,731 | 69,780 | 66,636 |
For Loans Not Covered by Loss Share [Member] | Loans Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans individually evaluated for impairment | 178,254 | 102,656 | |||
Loans collectively evaluated for impairment | 6,428,769 | 6,284,924 | |||
Loans evaluated for impairment | 6,607,023 | 6,387,580 | |||
Purchased credit impaired loans acquired | 185,147 | 191,821 | |||
Total Loans Receivable | 6,792,170 | 6,579,401 | |||
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 | 12,388 | 13,446 | 11,284 | ||
Loans charged off | (1,309) | (864) | (3,689) | ||
Recoveries of loans previously charged off | 466 | 157 | 725 | ||
Net loans recovered (charged off) | (843) | (707) | (2,964) | ||
Provision for loan losses | 1,254 | (1,455) | 4,806 | ||
Ending balance | 12,799 | 11,284 | 12,388 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | (738) | ||||
Allowance for loan losses | 12,799 | 11,284 | 11,284 | 12,799 | 12,388 |
Loans individually evaluated for impairment | 77 | 186 | |||
Loans collectively evaluated for impairment | 12,511 | 12,157 | |||
Loans evaluated for impairment, ending balance | 12,588 | 12,343 | |||
Purchased credit impaired loans acquired | 211 | 45 | |||
Allowance for loan losses | 12,799 | 11,284 | 11,284 | 12,799 | 12,388 |
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 | 70,643 | 18,240 | |||
Loans collectively evaluated for impairment | 1,462,783 | 1,490,866 | |||
Loans evaluated for impairment | 1,533,426 | 1,509,106 | |||
Purchased credit impaired loans acquired | 49,375 | 51,480 | |||
Total Loans Receivable | 1,582,801 | 1,560,586 | |||
For Loans Not Covered by Loss Share [Member] | Commercial and Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total Loans Receivable | 1,053,904 | 831,930 | |||
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 | 9,305 | 5,950 | 6,124 | ||
Loans charged off | (883) | (829) | (1,809) | ||
Recoveries of loans previously charged off | 529 | 31 | 771 | ||
Net loans recovered (charged off) | (354) | (798) | (1,038) | ||
Provision for loan losses | 1,050 | 972 | 4,187 | ||
Ending balance | 10,001 | 6,124 | 9,305 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 32 | ||||
Allowance for loan losses | 10,001 | 6,124 | 6,124 | 10,001 | 9,305 |
Loans individually evaluated for impairment | 1,603 | 921 | |||
Loans collectively evaluated for impairment | 8,397 | 8,383 | |||
Loans evaluated for impairment, ending balance | 10,000 | 9,304 | |||
Purchased credit impaired loans acquired | 1 | 1 | |||
Allowance for loan losses | 10,001 | 6,124 | 6,124 | 10,001 | 9,305 |
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 | 30,851 | 6,290 | |||
Loans collectively evaluated for impairment | 1,023,053 | 825,640 | |||
Loans evaluated for impairment | 1,053,904 | 831,930 | |||
Purchased credit impaired loans acquired | 16,235 | 18,427 | |||
Total Loans Receivable | 1,070,139 | 850,357 | |||
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 | 2,486 | 1,934 | 3,786 | ||
Provision for loan losses | (1,950) | 1,852 | (1,300) | ||
Ending balance | 536 | 3,786 | 2,486 | ||
Allowance for loan losses | 536 | 3,786 | 3,786 | 536 | 2,486 |
Loans collectively evaluated for impairment | 536 | 2,486 | |||
Loans evaluated for impairment, ending balance | 536 | 2,486 | |||
Allowance for loan losses | 536 | 3,786 | 3,786 | 536 | 2,486 |
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 | 10,656 | 8,116 | 8,722 | ||
Loans charged off | (41) | (83) | (499) | ||
Recoveries of loans previously charged off | 19 | 58 | 140 | ||
Net loans recovered (charged off) | (22) | (25) | (359) | ||
Provision for loan losses | 947 | 631 | 1,548 | ||
Ending balance | 11,581 | 8,722 | 10,656 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 745 | ||||
Allowance for loan losses | 11,581 | 8,722 | 8,722 | 11,581 | 10,656 |
Loans individually evaluated for impairment | 1,100 | 1,149 | |||
Loans collectively evaluated for impairment | 10,481 | 9,506 | |||
Loans evaluated for impairment, ending balance | 11,581 | 10,655 | |||
Purchased credit impaired loans acquired | 1 | ||||
Allowance for loan losses | 11,581 | 8,722 | 8,722 | 11,581 | 10,656 |
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 | 17,968 | 21,215 | |||
Loans collectively evaluated for impairment | 938,651 | 901,147 | |||
Loans evaluated for impairment | 956,619 | 922,362 | |||
Purchased credit impaired loans acquired | 19,479 | 20,733 | |||
Total Loans Receivable | 976,098 | 943,095 | |||
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 | 26,794 | 17,227 | 17,505 | ||
Loans charged off | (1,158) | (802) | (3,121) | ||
Recoveries of loans previously charged off | 38 | 1 | 738 | ||
Net loans recovered (charged off) | (1,120) | (801) | (2,383) | ||
Provision for loan losses | 3,681 | 1,079 | 10,395 | ||
Ending balance | 29,355 | 17,505 | 26,794 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 1,277 | ||||
Allowance for loan losses | 29,355 | 17,505 | 17,505 | 29,355 | 26,794 |
Loans individually evaluated for impairment | 2,057 | 2,115 | |||
Loans collectively evaluated for impairment | 27,226 | 24,511 | |||
Loans evaluated for impairment, ending balance | 29,283 | 26,626 | |||
Purchased credit impaired loans acquired | 72 | 168 | |||
Allowance for loan losses | 29,355 | 17,505 | 17,505 | 29,355 | 26,794 |
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 | 57,522 | 55,858 | |||
Loans collectively evaluated for impairment | 2,809,843 | 2,887,880 | |||
Loans evaluated for impairment | 2,867,365 | 2,943,738 | |||
Purchased credit impaired loans acquired | 98,133 | 99,436 | |||
Total Loans Receivable | 2,965,498 | 3,043,174 | |||
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 | 5,007 | 5,798 | 5,310 | ||
Loans charged off | (485) | (572) | (2,503) | ||
Recoveries of loans previously charged off | 291 | 294 | 533 | ||
Net loans recovered (charged off) | (194) | (278) | (1,970) | ||
Provision for loan losses | 695 | (210) | 1,661 | ||
Ending balance | 5,508 | 5,310 | 5,007 | ||
Reclass of provision for loan losses attributable to FDIC loss share agreements | 6 | ||||
Allowance for loan losses | 5,508 | 5,310 | 5,310 | 5,508 | 5,007 |
Loans collectively evaluated for impairment | 5,507 | 5,006 | |||
Loans evaluated for impairment, ending balance | 5,507 | 5,006 | |||
Purchased credit impaired loans acquired | 1 | 1 | |||
Allowance for loan losses | $ 5,508 | $ 5,310 | $ 5,310 | 5,508 | 5,007 |
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 | 1,270 | 1,053 | |||
Loans collectively evaluated for impairment | 194,439 | 179,391 | |||
Loans evaluated for impairment | 195,709 | 180,444 | |||
Purchased credit impaired loans acquired | 1,925 | 1,745 | |||
Total Loans Receivable | $ 197,634 | $ 182,189 |
Allowance for Loan Losses, Cr65
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 77,495 | $ 73,627 |
Current Loans | 6,714,675 | 6,505,774 |
Total Loans Receivable | 6,792,170 | 6,579,401 |
Accruing Loans Past Due 90 Days or More | 22,008 | 23,845 |
Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,494 | 2,201 |
Current Loans | 436,227 | 427,671 |
Total Loans Receivable | 437,721 | 429,872 |
Accruing Loans Past Due 90 Days or More | 1 | 1 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 473 | 484 |
Current Loans | 49,617 | 51,774 |
Total Loans Receivable | 50,090 | 52,258 |
Accruing Loans Past Due 90 Days or More | 52 | 46 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15,464 | 10,253 |
Current Loans | 1,054,675 | 840,104 |
Total Loans Receivable | 1,070,139 | 850,357 |
Accruing Loans Past Due 90 Days or More | 6,066 | 6,430 |
Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,313 | 1,545 |
Current Loans | 146,231 | 128,386 |
Total Loans Receivable | 147,544 | 129,931 |
Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17,864 | 8,671 |
Loans Past Due 30-59 Days [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 500 | 1,330 |
Loans Past Due 30-59 Days [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 209 | 133 |
Loans Past Due 30-59 Days [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,971 | 679 |
Loans Past Due 30-59 Days [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 262 | 347 |
Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,214 | 4,737 |
Loans Past Due 60-89 Days [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 98 | |
Loans Past Due 60-89 Days [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 42 | 66 |
Loans Past Due 60-89 Days [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 176 | 781 |
Loans Past Due 60-89 Days [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3 | 164 |
Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 55,417 | 60,219 |
Loans Past Due 90 Days or More [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 896 | 871 |
Loans Past Due 90 Days or More [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 222 | 285 |
Loans Past Due 90 Days or More [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,317 | 8,793 |
Loans Past Due 90 Days or More [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,048 | 1,034 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 24,798 | 26,844 |
Current Loans | 2,864,937 | 2,941,303 |
Total Loans Receivable | 2,889,735 | 2,968,147 |
Accruing Loans Past Due 90 Days or More | 9,588 | 9,247 |
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 | 3,914 | 1,494 |
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 | 1,438 | 292 |
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 | 19,446 | 25,058 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,450 | 8,368 |
Current Loans | 967,648 | 934,727 |
Total Loans Receivable | 976,098 | 943,095 |
Accruing Loans Past Due 90 Days or More | 3,855 | 4,176 |
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 | 324 | 897 |
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 | 186 | 343 |
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 | 7,940 | 7,128 |
Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 544 | 738 |
Current Loans | 75,219 | 74,289 |
Total Loans Receivable | 75,763 | 75,027 |
Accruing Loans Past Due 90 Days or More | 31 | 30 |
Agricultural [Member] | Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 177 | |
Agricultural [Member] | Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 544 | 561 |
Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 24,959 | 23,194 |
Current Loans | 1,120,121 | 1,107,520 |
Total Loans Receivable | 1,145,080 | 1,130,714 |
Accruing Loans Past Due 90 Days or More | 2,415 | 3,915 |
Residential 1-4 Family [Member] | Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,684 | 3,614 |
Residential 1-4 Family [Member] | Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,271 | 3,091 |
Residential 1-4 Family [Member] | Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,004 | 16,489 |
Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 60,245 | 61,345 |
Current Loans | 5,464,152 | 5,485,510 |
Total Loans Receivable | 5,524,397 | 5,546,855 |
Accruing Loans Past Due 90 Days or More | 15,890 | 17,369 |
Residential and Commercial Real Estate [Member] | Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,422 | 7,512 |
Residential and Commercial Real Estate [Member] | Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,993 | 3,726 |
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 | $ 41,830 | $ 50,107 |
Allowance for Loan Losses, Cr66
Allowance for Loan Losses, Credit Quality and Other - Summary of Non-Covered Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Interest Recognized | $ 549 | $ 494 | |
Loans Without Specific Valuation Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 205 | $ 121 | |
Total Recorded Investment | 205 | 121 | |
Average Recorded Investment | 163 | 29 | |
Interest Recognized | 3 | 9 | |
Loans Without Specific Valuation Allowance [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 29 | 29 | |
Total Recorded Investment | 29 | 29 | |
Average Recorded Investment | 29 | 6 | |
Interest Recognized | 2 | ||
Loans Without Specific Valuation Allowance [Member] | Residential 1-4 Family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 80 | 80 | |
Total Recorded Investment | 80 | 80 | |
Average Recorded Investment | 80 | 21 | |
Interest Recognized | 1 | 6 | |
Loans Without Specific Valuation Allowance [Member] | Residential and Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 155 | 109 | |
Total Recorded Investment | 155 | 109 | |
Average Recorded Investment | 132 | 27 | |
Interest Recognized | 2 | 8 | |
Loans Without Specific Valuation Allowance [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 50 | 12 | |
Total Recorded Investment | 50 | 12 | |
Average Recorded Investment | 31 | 2 | |
Interest Recognized | 1 | 1 | |
Loans With Specific Valuation Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 100,642 | 99,808 | |
Total Recorded Investment | 89,047 | 91,472 | |
Allocation of Allowance for Loan Losses | 4,837 | 4,371 | |
Average Recorded Investment | 90,259 | 88,033 | |
Interest Recognized | 546 | 2,068 | |
Loans With Specific Valuation Allowance [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 45,791 | 47,861 | |
Total Recorded Investment | 40,975 | 44,858 | |
Allocation of Allowance for Loan Losses | 2,057 | 2,115 | |
Average Recorded Investment | 42,917 | 43,900 | |
Interest Recognized | 315 | 1,139 | |
Loans With Specific Valuation Allowance [Member] | Commercial Real Estate Construction Land Development Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 17,830 | 17,025 | |
Total Recorded Investment | 15,408 | 15,077 | |
Allocation of Allowance for Loan Losses | 1,100 | 1,149 | |
Average Recorded Investment | 15,242 | 16,026 | |
Interest Recognized | 75 | 303 | |
Loans With Specific Valuation Allowance [Member] | Agricultural [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 566 | 583 | |
Total Recorded Investment | 544 | 561 | |
Average Recorded Investment | 553 | 153 | |
Loans With Specific Valuation Allowance [Member] | Residential 1-4 Family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 15,540 | 18,454 | |
Total Recorded Investment | 14,060 | 17,333 | |
Allocation of Allowance for Loan Losses | 59 | 168 | |
Average Recorded Investment | 15,696 | 16,947 | |
Interest Recognized | 48 | 390 | |
Loans With Specific Valuation Allowance [Member] | Residential and Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 80,913 | 85,083 | |
Total Recorded Investment | 72,172 | 78,989 | |
Allocation of Allowance for Loan Losses | 3,234 | 3,450 | |
Average Recorded Investment | 75,580 | 80,307 | |
Interest Recognized | 441 | 1,866 | |
Loans With Specific Valuation Allowance [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 18,429 | 13,385 | |
Total Recorded Investment | 15,605 | 11,163 | |
Allocation of Allowance for Loan Losses | 1,603 | 921 | |
Average Recorded Investment | 13,384 | 6,542 | |
Interest Recognized | 104 | 191 | |
Loans With Specific Valuation Allowance [Member] | Agricultural and Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1,048 | 1,034 | |
Total Recorded Investment | 1,048 | 1,034 | |
Average Recorded Investment | 1,041 | 614 | |
Interest Recognized | 4 | ||
Total Impaired Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 100,847 | 99,929 | |
Total Recorded Investment | 89,252 | 91,593 | |
Allocation of Allowance for Loan Losses | 4,837 | 4,371 | |
Average Recorded Investment | 90,422 | 88,062 | |
Interest Recognized | 549 | 2,077 | |
Total Impaired Loans [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 45,820 | 47,890 | |
Total Recorded Investment | 41,004 | 44,887 | |
Allocation of Allowance for Loan Losses | 2,057 | 2,115 | |
Average Recorded Investment | 42,946 | 43,906 | |
Interest Recognized | 315 | 1,141 | |
Total Impaired Loans [Member] | Commercial Real Estate Construction Land Development Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 17,830 | 17,025 | |
Total Recorded Investment | 15,408 | 15,077 | |
Allocation of Allowance for Loan Losses | 1,100 | 1,149 | |
Average Recorded Investment | 15,242 | 16,026 | |
Interest Recognized | 75 | 303 | |
Total Impaired Loans [Member] | Agricultural [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 566 | 583 | |
Total Recorded Investment | 544 | 561 | |
Average Recorded Investment | 553 | 153 | |
Total Impaired Loans [Member] | Residential 1-4 Family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 15,620 | 18,534 | |
Total Recorded Investment | 14,140 | 17,413 | |
Allocation of Allowance for Loan Losses | 59 | 168 | |
Average Recorded Investment | 15,776 | 16,968 | |
Interest Recognized | 49 | 396 | |
Total Impaired Loans [Member] | Residential and Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 81,068 | 85,192 | |
Total Recorded Investment | 72,327 | 79,098 | |
Allocation of Allowance for Loan Losses | 3,234 | 3,450 | |
Average Recorded Investment | 75,712 | 80,334 | |
Interest Recognized | 443 | 1,874 | |
Total Impaired Loans [Member] | Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 18,479 | 13,397 | |
Total Recorded Investment | 15,655 | 11,175 | |
Allocation of Allowance for Loan Losses | 1,603 | 921 | |
Average Recorded Investment | 13,415 | 6,544 | |
Interest Recognized | 105 | 192 | |
Total Impaired Loans [Member] | Agricultural and Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1,048 | 1,034 | |
Total Recorded Investment | 1,048 | 1,034 | |
Average Recorded Investment | 1,041 | 614 | |
Interest Recognized | 4 | ||
Consumer [Member] | Loans With Specific Valuation Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 252 | 306 | |
Total Recorded Investment | 222 | 286 | |
Average Recorded Investment | 254 | 570 | |
Interest Recognized | 1 | 7 | |
Consumer [Member] | Total Impaired Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 252 | 306 | |
Total Recorded Investment | 222 | 286 | |
Average Recorded Investment | 254 | 570 | |
Interest Recognized | 1 | 7 | |
Multifamily Residential [Member] | Loans Without Specific Valuation Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 46 | ||
Total Recorded Investment | 46 | ||
Average Recorded Investment | 23 | ||
Interest Recognized | 1 | ||
Multifamily Residential [Member] | Loans With Specific Valuation Allowance [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1,186 | 1,160 | |
Total Recorded Investment | 1,185 | 1,160 | |
Allocation of Allowance for Loan Losses | 18 | 18 | |
Average Recorded Investment | 1,172 | 3,281 | |
Interest Recognized | 3 | 34 | |
Multifamily Residential [Member] | Total Impaired Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1,232 | 1,160 | |
Total Recorded Investment | 1,231 | 1,160 | |
Allocation of Allowance for Loan Losses | 18 | 18 | |
Average Recorded Investment | 1,195 | 3,281 | |
Interest Recognized | $ 4 | $ 34 |
Allowance for Loan Losses, Cr67
Allowance for Loan Losses, Credit Quality and Other - Presentation of Classified and Non-Covered Loans by Class and Risk Rating (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | $ 6,792,170 | $ 6,579,401 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 2,889,735 | 2,968,147 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 976,098 | 943,095 |
Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 75,763 | 75,027 |
Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,145,080 | 1,130,714 |
Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 5,524,397 | 5,546,855 |
For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 6,607,023 | 6,387,580 |
Purchased credit impaired loans acquired | 185,147 | 191,821 |
Total Loans Receivable | 6,792,170 | 6,579,401 |
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 | 2,791,657 | 2,869,050 |
Total Loans Receivable | 2,889,735 | 2,968,147 |
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 | 956,619 | 922,362 |
Total Loans Receivable | 976,098 | 943,095 |
For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 75,708 | 74,688 |
Total Loans Receivable | 75,763 | 75,027 |
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 | 1,102,267 | 1,085,867 |
Total Loans Receivable | 1,145,080 | 1,130,714 |
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 | 5,357,410 | 5,375,206 |
Total Loans Receivable | 5,524,397 | 5,546,855 |
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 | 146,767 | 129,278 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 50,090 | 52,258 |
Consumer [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 48,942 | 51,166 |
Total Loans Receivable | 50,090 | 52,258 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,070,139 | 850,357 |
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 | 1,053,904 | 831,930 |
Total Loans Receivable | 1,070,139 | 850,357 |
Agricultural and Other [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans Receivable | 147,544 | 129,931 |
Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 437,721 | 429,872 |
Multifamily Residential [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 431,159 | 423,239 |
Total Loans Receivable | 437,721 | 429,872 |
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 | 39,452 | 34,142 |
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 | 973 | 1,064 |
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 | 117 | 61 |
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 | 1,324 | 1,193 |
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 | 2,414 | 2,318 |
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 | 4,375 | 4,572 |
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 | 15,985 | 16,367 |
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 | 16,678 | 10,885 |
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 | 20,126 | 16,910 |
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 | 5,185 | 5,950 |
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 | 1,193 | 696 |
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 | 265 | 298 |
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 | 1,812 | 1,838 |
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 | 8,608 | 8,937 |
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 | 888 | 926 |
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 | 268 | 318 |
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 | 10,362 | 6,729 |
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 | 153 | 155 |
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 | 3,661,085 | 3,650,406 |
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 | 1,517,003 | 1,603,950 |
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 | 208,936 | 254,907 |
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 | 50,658 | 47,413 |
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 | 838,602 | 850,744 |
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 | 2,927,877 | 3,058,127 |
Risk Rated 3 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 74,692 | 73,447 |
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 | 22,268 | 23,768 |
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 | 636,248 | 495,064 |
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 | 312,678 | 301,113 |
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 | 2,661,058 | 2,483,823 |
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 | 1,195,142 | 1,183,898 |
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 | 724,189 | 645,249 |
Risk Rated 4 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 24,089 | 26,262 |
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 | 227,872 | 198,304 |
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 | 2,232,044 | 2,117,353 |
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 | 64,906 | 48,386 |
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 | 10,009 | 10,266 |
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 | 354,099 | 307,818 |
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 | 60,752 | 63,640 |
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 | 130,693 | 112,374 |
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 | 32,498 | 31,405 |
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 | 3,133 | 3,627 |
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 | 179 | 181 |
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 | 12,574 | 15,015 |
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 | 103,859 | 106,454 |
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 | 265 | 275 |
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 | 104 | 109 |
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 | 26,465 | 5,536 |
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 | 55,475 | 56,226 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 94,609 | 89,925 |
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 | 40,856 | 42,783 |
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 | 19,051 | 17,822 |
Classified Total [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 517 | 534 |
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 | 20,083 | 18,773 |
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 | 82,608 | 82,017 |
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 | 1,641 | 1,672 |
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 | 308 | 338 |
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 | 10,052 | 5,898 |
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 | 1,641 | 1,672 |
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 | 2,101 | 2,105 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 93,639 | 88,775 |
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 | 40,235 | 42,077 |
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 | 19,051 | 17,821 |
Risk Rated 6 [Member] | For Loans Not Covered by Loss Share [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 517 | 534 |
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 | 19,910 | 18,497 |
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 | 81,814 | 81,004 |
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 | 292 | 320 |
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 | 9,982 | 5,869 |
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 | 1,551 | 1,582 |
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 | 2,101 | 2,075 |
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 | 970 | 1,150 |
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 | 621 | 706 |
Risk Rated 7 [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 | 1 | |
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 | 173 | 276 |
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 | 794 | 1,013 |
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 | 16 | 18 |
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 | 70 | 29 |
Risk Rated 7 [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 | $ 90 | 90 |
Risk Rated 7 [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 | $ 30 |
Allowance for Loan Losses, Cr68
Allowance for Loan Losses, Credit Quality and Other - Presentation of Non-Covered Troubled Debt Restructurings ("TDRs") by Class (Detail) | Mar. 31, 2016USD ($)Contracts | Dec. 31, 2015USD ($)Contracts |
Financing Receivable, Modifications [Line Items] | ||
Pre-Modification Outstanding Balance | $ 78,000 | $ 3,400,000 |
For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 28 | 26 |
Pre-Modification Outstanding Balance | $ 16,748,000 | $ 18,625,000 |
Rate Modification | 9,724,000 | 11,018,000 |
Term Modification | 500,000 | 2,267,000 |
Rate & Term Modification | 6,069,000 | 4,916,000 |
Post-Modification Outstanding Balance | $ 16,293,000 | $ 18,201,000 |
Commercial and Industrial [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 4 | 2 |
Pre-Modification Outstanding Balance | $ 112,000 | $ 69,000 |
Term Modification | 91,000 | 69,000 |
Rate & Term Modification | 15,000 | |
Post-Modification Outstanding Balance | $ 106,000 | $ 69,000 |
Commercial Real Estate Non Farm Nonresidential [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 13 | 13 |
Pre-Modification Outstanding Balance | $ 14,649,000 | $ 14,422,000 |
Rate Modification | 8,311,000 | 9,189,000 |
Term Modification | 272,000 | 273,000 |
Rate & Term Modification | 5,664,000 | 4,626,000 |
Post-Modification Outstanding Balance | $ 14,247,000 | $ 14,088,000 |
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 | 1 | 2 |
Pre-Modification Outstanding Balance | $ 560,000 | $ 1,026,000 |
Rate Modification | 556,000 | 1,018,000 |
Post-Modification Outstanding Balance | $ 556,000 | $ 1,018,000 |
Residential 1-4 Family [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 8 | 8 |
Pre-Modification Outstanding Balance | $ 1,086,000 | $ 2,813,000 |
Rate Modification | 811,000 | 811,000 |
Term Modification | 137,000 | 1,925,000 |
Rate & Term Modification | 101,000 | |
Post-Modification Outstanding Balance | $ 1,049,000 | $ 2,736,000 |
Residential and Commercial Real Estate [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 24 | 24 |
Pre-Modification Outstanding Balance | $ 16,636,000 | $ 18,556,000 |
Rate Modification | 9,724,000 | 11,018,000 |
Term Modification | 409,000 | 2,198,000 |
Rate & Term Modification | 6,054,000 | 4,916,000 |
Post-Modification Outstanding Balance | $ 16,187,000 | $ 18,132,000 |
Multifamily Residential [Member] | For Loans Not Covered by Loss Share [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 2 | 1 |
Pre-Modification Outstanding Balance | $ 341,000 | $ 295,000 |
Rate Modification | 46,000 | |
Rate & Term Modification | 289,000 | 290,000 |
Post-Modification Outstanding Balance | $ 335,000 | $ 290,000 |
Allowance for Loan Losses, Cr69
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 | Mar. 31, 2016USD ($)Contracts | Dec. 31, 2015USD ($)Contracts |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 2 | 5 |
Recorded Balance | $ | $ 40 | $ 3,416 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 1 | |
Recorded Balance | $ | $ 15 | |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 3 | |
Recorded Balance | $ | $ 1,604 | |
Residential 1-4 Family [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 1 | 2 |
Recorded Balance | $ | $ 25 | $ 1,812 |
Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | Contracts | 1 | 5 |
Recorded Balance | $ | $ 25 | $ 3,416 |
Allowance for Loan Losses, Cr70
Allowance for Loan Losses, Credit Quality and Other - Summary of Non Covered Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 19,657 | $ 18,526 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 11,430 | 9,787 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 4,649 | 5,286 |
Residential 1-4 Family [Member] | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 3,386 | 3,233 |
Multifamily Residential [Member] | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 192 | $ 220 |
Allowance for Loan Losses, Cr71
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 69,224 | ||
Loans charged off | (3,947) | ||
Recoveries of loans previously charged off | 1,352 | ||
Net loans recovered (charged off) | (2,595) | ||
Net provision for loan losses | 0 | ||
Ending balance | 72,306 | $ 69,224 | |
Ending balance | 60,042 | 62,170 | |
Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Ending balance | 414 | 230 | |
For Loans Covered by FDIC Loss Share [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 2,588 | $ 2,540 | 3,795 |
Loans charged off | (71) | (772) | (409) |
Recoveries of loans previously charged off | 9 | 265 | (171) |
Net loans recovered (charged off) | (62) | (507) | (580) |
Provision for loan losses forecasted outside of loss share | (295) | 295 | |
Provision for loan losses before change attributable to FDIC loss share agreements | 400 | ||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 2,057 | ||
Benefit attributable to FDIC loss share agreements | (844) | (615) | |
Net provision for loan losses | 0 | 918 | 80 |
Reclass of provision for loan losses attributable to FDIC loss share agreements | (1,322) | ||
Increase in FDIC indemnification asset | 844 | 615 | |
Ending balance | 2,526 | 3,795 | 2,588 |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Purchased credit impaired loans acquired | 2,526 | 2,588 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Purchased credit impaired loans acquired | 60,042 | 62,170 | |
Ending balance | 60,042 | 62,170 | |
For Loans Covered by FDIC Loss Share [Member] | Other Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 4 | 930 | 887 |
Loans charged off | (25) | (691) | (264) |
Recoveries of loans previously charged off | 62 | (39) | |
Net loans recovered (charged off) | (25) | (629) | (303) |
Provision for loan losses forecasted outside of loss share | (302) | 302 | |
Provision for loan losses before change attributable to FDIC loss share agreements | 25 | 395 | |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 888 | ||
Benefit attributable to FDIC loss share agreements | (25) | (220) | (675) |
Net provision for loan losses | 366 | 22 | |
Reclass of provision for loan losses attributable to FDIC loss share agreements | (1,277) | ||
Increase in FDIC indemnification asset | 25 | 220 | 675 |
Ending balance | 4 | 887 | 4 |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Purchased credit impaired loans acquired | 4 | 4 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Purchased credit impaired loans acquired | 192 | 188 | |
Ending balance | 192 | 188 | |
For Loans Covered by FDIC Loss Share [Member] | Residential Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 2,430 | 1,161 | 1,753 |
Loans charged off | (81) | (83) | |
Recoveries of loans previously charged off | 9 | 96 | (63) |
Net loans recovered (charged off) | 9 | 15 | (146) |
Provision for loan losses forecasted outside of loss share | 233 | (233) | |
Provision for loan losses before change attributable to FDIC loss share agreements | (88) | 318 | |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 344 | ||
Benefit attributable to FDIC loss share agreements | 88 | (117) | (78) |
Net provision for loan losses | 460 | 7 | |
Reclass of provision for loan losses attributable to FDIC loss share agreements | 738 | ||
Increase in FDIC indemnification asset | (88) | 117 | 78 |
Ending balance | 2,351 | 1,753 | 2,430 |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Purchased credit impaired loans acquired | 2,351 | 2,430 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Purchased credit impaired loans acquired | 57,622 | 59,949 | |
Ending balance | 57,622 | 59,949 | |
For Loans Covered by FDIC Loss Share [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 19 | 16 | 89 |
Provision for loan losses forecasted outside of loss share | 3 | (3) | |
Provision for loan losses before change attributable to FDIC loss share agreements | 14 | (35) | |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 70 | ||
Benefit attributable to FDIC loss share agreements | (14) | (57) | 67 |
Net provision for loan losses | 16 | 29 | |
Reclass of provision for loan losses attributable to FDIC loss share agreements | (32) | ||
Increase in FDIC indemnification asset | 14 | 57 | (67) |
Ending balance | 33 | 89 | 19 |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Purchased credit impaired loans acquired | 33 | 19 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Purchased credit impaired loans acquired | 414 | 230 | |
Ending balance | 414 | 230 | |
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 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Construction/Land Development [Member] | For Loans Covered by FDIC Loss Share [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 126 | 432 | 675 |
Loans charged off | (46) | (62) | |
Recoveries of loans previously charged off | 107 | (69) | |
Net loans recovered (charged off) | (46) | 107 | (131) |
Provision for loan losses forecasted outside of loss share | (229) | 229 | |
Provision for loan losses before change attributable to FDIC loss share agreements | 49 | 98 | |
Provision for loan losses before benefit attributable to FDIC loss share agreements | 365 | ||
Benefit attributable to FDIC loss share agreements | (49) | (63) | (306) |
Net provision for loan losses | 73 | 21 | |
Reclass of provision for loan losses attributable to FDIC loss share agreements | (745) | ||
Increase in FDIC indemnification asset | 49 | 63 | 306 |
Ending balance | 129 | 675 | 126 |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Purchased credit impaired loans acquired | 129 | 126 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Purchased credit impaired loans acquired | 1,702 | 1,692 | |
Ending balance | 1,702 | 1,692 | |
Consumer & Other [Member] | For Loans Covered by FDIC Loss Share [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 9 | 1 | 391 |
Provision for loan losses before change attributable to FDIC loss share agreements | (376) | ||
Provision for loan losses before benefit attributable to FDIC loss share agreements | 390 | ||
Benefit attributable to FDIC loss share agreements | (387) | 377 | |
Net provision for loan losses | 3 | 1 | |
Reclass of provision for loan losses attributable to FDIC loss share agreements | (6) | ||
Increase in FDIC indemnification asset | 387 | (377) | |
Ending balance | 9 | $ 391 | 9 |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Purchased credit impaired loans acquired | 9 | 9 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 0 | |
Loans evaluated for impairment | 0 | 0 | |
Purchased credit impaired loans acquired | 112 | 111 | |
Ending balance | $ 112 | $ 111 |
Allowance for Loan Losses, Cr72
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 | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Acquired Loan Portfolio And Accretable Yield [Line Items] | |
Balance at beginning of period, Accretable Yield | $ 43,900 |
Reforecasted future interest payments for loan pools, Accretable Yield | 4,429 |
Accretion recorded to interest income, Accretable Yield | (7,453) |
Adjustment to yield, Accretable Yield | 4,319 |
Transfers to foreclosed assets held for sale | 0 |
Payments received, net, Carrying Amount of Loans | 0 |
Balance at end of period, Accretable Yield | 45,195 |
Balance at beginning of period, Carrying Amount of Loans | 253,991 |
Reforecasted future interest payments for loan pools, Carrying Amount of Loans | 0 |
Accretion recorded to interest income, Carrying Amount of Loans | 7,453 |
Adjustment to yield, Carrying Amount of Loans | 0 |
Transfers to foreclosed assets held for sale | (846) |
Payments received, net, Carrying Amount of Loans | (15,409) |
Balance at end of period, Carrying Amount of Loans | $ 245,189 |
Goodwill and Core Deposits an73
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 | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Goodwill | |||
Balance, beginning of period | $ 377,983 | $ 325,423 | $ 325,423 |
Acquisitions | 55,255 | ||
Sale of insurance book of business | (2,695) | ||
Balance, end of period | 377,983 | 377,983 | |
Core Deposit and Other Intangibles | |||
Balance, beginning of period | 21,443 | 20,925 | 20,925 |
Acquisitions | 1,363 | 3,477 | |
Sale of insurance book of business | (243) | ||
Amortization expense | (845) | (1,129) | (2,950) |
Balance, end of year | $ 20,598 | $ 20,916 | $ 21,443 |
Goodwill and Core Deposits an74
Goodwill and Core Deposits and Other Intangibles - Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Gross carrying basis | $ 51,378 | $ 51,378 | ||
Accumulated amortization | (30,780) | (29,935) | ||
Net carrying amount | $ 20,598 | $ 21,443 | $ 20,916 | $ 20,925 |
Goodwill and Core Deposits an75
Goodwill and Core Deposits and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Core deposit and other intangible amortization | $ 845 | $ 1,129 | $ 2,950 | |
Amortization expense for year 2016 | 3,100 | |||
Amortization expense for year 2017 | 3,000 | |||
Amortization expense for year 2018 | 2,900 | |||
Amortization expense for year 2019 | 2,800 | |||
Amortization expense for year 2020 | 2,300 | |||
Carrying amount of Company's goodwill | $ 377,983 | $ 377,983 | $ 325,423 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Other Assets [Abstract] | ||
Other assets | $ 123,462 | $ 117,924 |
FDIC claims receivable | 1,600 | 3,200 |
Fair value of equity securities | $ 101,600 | $ 97,500 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Deposits [Line Items] | ||
Time deposits with a minimum denomination of $100,000 | $ 874,900 | $ 885,300 |
Time deposits with a minimum denomination of $250,000 | 549,300 | 503,300 |
Interest expense applicable to certificate | 1,400 | 1,300 |
Brokered deposits | 335,900 | 199,300 |
Total deposits | 6,577,519 | 6,438,509 |
State and Political Subdivisions [Member] | ||
Deposits [Line Items] | ||
Total deposits | $ 1,130,000 | $ 1,250,000 |
Securities Sold Under Agreeme78
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities sold under agreements to repurchase | $ 121,906 | $ 128,389 |
Securities sold under agreements to repurchase daily weighted average | 128,900 | 179,600 |
Gross amount of recognized liabilities for securities sold under agreements to repurchase | $ 121,900 | $ 128,400 |
Securities Sold Under Agreeme79
Securities Sold Under Agreements to Repurchase - Summary of Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 121,906 | $ 128,389 |
U.S. Government-Sponsored Enterprises [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 4,825 | 7,216 |
Mortgage-Backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 51,123 | 54,512 |
State and Political Subdivisions [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 65,128 | 65,294 |
Other Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 830 | 1,367 |
Overnight and Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 121,906 | 128,389 |
Overnight and Continuous [Member] | U.S. Government-Sponsored Enterprises [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 4,825 | 7,216 |
Overnight and Continuous [Member] | Mortgage-Backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 51,123 | 54,512 |
Overnight and Continuous [Member] | State and Political Subdivisions [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 65,128 | 65,294 |
Overnight and Continuous [Member] | Other Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 830 | $ 1,367 |
FHLB Borrowed Funds - Additiona
FHLB Borrowed Funds - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank Borrowing [Abstract] | ||
FHLB borrowed funds | $ 1,336,233 | $ 1,405,945 |
Maturity of FHLB advances | 2,025 | |
Long-term advances | $ 1,330,000 | $ 1,410,000 |
FHLB minimum percentage of interest rate | 0.29% | |
FHLB maximum percentage of interest rate | 5.96% | |
Maturities of Borrowings, remainder of 2016 | 15,900 | |
Maturities of Borrowings, 2017 | 735,500 | |
Maturities of Borrowings, 2018 | 319,300 | |
Maturities of Borrowings, 2019 | 128,200 | |
Maturities of Borrowings, 2020 | 131,400 | |
Maturities of Borrowings, after 2020 | 484,000 | |
Line of credit | $ 261,200 | $ 261,100 |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Line of Credit Facility [Line Items] | ||
Balance of line of credit | $ 261,200,000 | $ 261,100,000 |
Other borrowings | 5,500,000 | |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility, maximum borrowing capacity | 20,000,000 | |
Balance of line of credit | $ 0 | $ 0 |
Subordinated Debentures - Prefe
Subordinated Debentures - Preferred Trust Securities and Subordinated Debentures (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
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 - Pre83
Subordinated Debentures - Preferred Trust Securities and Subordinated Debentures (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
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 | Mar. 31, 2016USD ($) |
Equity Method Investments And Cost Method Investments [Abstract] | |
Company currently holds of trust preferred securities | $ 60.8 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Current: | ||
Federal | $ 20,205 | $ 12,074 |
State | 4,013 | 2,398 |
Total current | 14,472 | |
Deferred: | ||
Federal | 437 | 3,045 |
State | 87 | 605 |
Total deferred | 524 | 3,650 |
Income tax expense | $ 24,742 | $ 18,122 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reconciliation Of Effective Income Tax Rate And Statutory Federal Corporate Tax Rate [Abstract] | ||
Statutory federal income tax rate | 35.00% | 35.00% |
Effect of nontaxable interest income | (1.62%) | (2.04%) |
Cash value of life insurance | (0.21%) | (0.22%) |
State income taxes, net of federal benefit | 4.07% | 4.01% |
Other | 0.15% | 0.05% |
Effective income tax rate | 37.39% | 36.80% |
Income Taxes - Differences Betw
Income Taxes - Differences Between Tax Basis of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Allowance for loan losses | $ 28,362 | $ 27,153 |
Deferred compensation | 1,794 | 3,505 |
Stock options | 880 | 1,800 |
Real estate owned | 2,275 | 1,988 |
Loan discounts | 19,970 | 21,298 |
Tax basis premium/discount on acquisitions | 15,779 | 15,772 |
Investments | 2,750 | 2,637 |
Other | 13,151 | 13,667 |
Gross deferred tax assets | 84,961 | 87,820 |
Deferred tax liabilities: | ||
Accelerated depreciation on premises and equipment | 1,773 | 3,946 |
Unrealized gain on securities available-for-sale | 4,173 | 2,696 |
Core deposit intangibles | 5,745 | 5,930 |
Indemnification asset | 601 | 678 |
FHLB dividends | 1,753 | 1,689 |
Other | 1,352 | 1,316 |
Gross deferred tax liabilities | 15,397 | 16,255 |
Net deferred tax assets | $ 69,564 | $ 71,565 |
Common Stock and Compensation88
Common Stock and Compensation Plans - Additional Information (Detail) - USD ($) | Jan. 25, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Remaining shares of common stock available for future grants | 403,000 | ||||
Shares of common stock reserved for issuance | 1,561,000 | ||||
Intrinsic value of stock options outstanding | $ 13,600,000 | ||||
Intrinsic value of stock options vested | 7,700,000 | ||||
Unrecognized compensation cost net of income tax benefit, related to non-vested awards | 6,800,000 | ||||
Share-based compensation expenses related to non-vested awards | $ 315,000 | ||||
Weighted average fair value of options granted | $ 0 | $ 8.56 | |||
Shares issuance of restricted common stock | 78,367 | 71,992 | 260,842 | ||
Number of shares authorized to be repurchased | 2,376,000 | ||||
Repurchase of combining of all the shares | 1,809,128 | ||||
Remaining balance available for repurchase | 566,872 | ||||
Number of shares repurchased during period | 230,900 | 67,332 | |||
Weighted average stock price | $ 38.30 | ||||
Chairman, Group of Non-Employee Directors and Employee [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issuance of restricted common stock | 78,367 | ||||
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 | ||||
Unrestricted Common Stock [Member] | Chairman [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issuance of unrestricted common stock | 5,000 |
Common Stock and Compensation89
Common Stock and Compensation Plans - Summary of Stock Option Transactions under the Plans (Detail) - $ / shares shares in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding Shares, beginning of year | 1,397 | 905 |
Granted Shares | 743 | |
Forfeited/Expired Shares | (7) | (20) |
Exercised Shares | (232) | (231) |
Outstanding Shares, end of period | 1,158 | 1,397 |
Exercisable Shares, end of period | 293 | 480 |
Outstanding Weighted Average Exercisable Price, beginning of year | $ 25.42 | $ 11.80 |
Weighted Average Exercisable Price, Granted | 36.30 | |
Weighted Average Exercisable Price, Forfeited/Expired | 34.56 | 40.31 |
Weighted Average Exercisable Price, Exercised | 6.38 | 5.80 |
Outstanding, end of period | 29.17 | 25.42 |
Exercisable, end of period | $ 14.71 | $ 10.26 |
Common Stock and Compensation90
Common Stock and Compensation Plans - Summary of Stock Options on Valuation Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Stock Option Valuation Assumptions [Abstract] | |
Expected dividend yield | 1.60% |
Expected stock price volatility | 25.91% |
Risk-free interest rate | 1.74% |
Expected life of options | 6 years 6 months |
Common Stock and Compensation91
Common Stock and Compensation Plans - Summary of Currently Outstanding and Exercisable Options (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Schedule Of Common Stock [Line Items] | |
Options Outstanding Shares | shares | 1,158,000 |
Options Exercisable Shares | shares | 292,000 |
Exercise Prices Range $3.92 to $5.33 [Member] | |
Schedule Of Common Stock [Line Items] | |
Exercise Prices, Lower Range Limit | $ 3.92 |
Exercise Prices, Upper Range Limit | $ 5.33 |
Options Outstanding Shares | shares | 23,000 |
Options Exercisable Shares | shares | 23,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 2 years 3 months 4 days |
Options outstanding Weighted- Average Exercise Price | $ 4.97 |
Options Exercisable Weighted- Average Exercise Price | 4.97 |
Exercise Prices Range $8.54 to $9.31 [Member] | |
Schedule Of Common Stock [Line Items] | |
Exercise Prices, Lower Range Limit | 8.54 |
Exercise Prices, Upper Range Limit | $ 9.31 |
Options Outstanding Shares | shares | 58,000 |
Options Exercisable Shares | shares | 58,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 1 year 9 months |
Options outstanding Weighted- Average Exercise Price | $ 8.63 |
Options Exercisable Weighted- Average Exercise Price | 8.63 |
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 | 125,000 |
Options Exercisable Shares | shares | 107,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 3 years 8 months 16 days |
Options outstanding Weighted- Average Exercise Price | $ 11.89 |
Options Exercisable Weighted- Average Exercise Price | 11.68 |
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 | 142,000 |
Options Exercisable Shares | shares | 66,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 6 years 11 months 5 days |
Options outstanding Weighted- Average Exercise Price | $ 18.18 |
Options Exercisable Weighted- Average Exercise Price | 17.92 |
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 | 27,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 8 years 5 months 27 days |
Options outstanding Weighted- Average Exercise Price | $ 32.05 |
Options Exercisable Weighted- Average Exercise Price | 32.05 |
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 | $ 34.8 |
Options Outstanding Shares | shares | 110,000 |
Options Exercisable Shares | shares | 11,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 8 years 8 months 9 days |
Options outstanding Weighted- Average Exercise Price | $ 34.38 |
Options Exercisable Weighted- Average Exercise Price | 34.77 |
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 4 months 24 days |
Options outstanding Weighted- Average Exercise Price | $ 36.91 |
Exercise Prices Range $40.31 to $41.15 [Member] | |
Schedule Of Common Stock [Line Items] | |
Exercise Prices, Lower Range Limit | 40.31 |
Exercise Prices, Upper Range Limit | $ 41.15 |
Options Outstanding Shares | shares | 40,000 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 9 years 6 months 7 days |
Options outstanding Weighted- Average Exercise Price | $ 40.73 |
Common Stock and Compensation92
Common Stock and Compensation Plans - Summary of Company's Restricted Stock Issued and Outstanding (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Beginning of year | 488 | 257 |
Issued | 78 | 352 |
Vested | (23) | (102) |
Forfeited | (19) | |
End of period | 543 | 488 |
Amount of expense for three months and twelve months ended, respectively | $ 1,021 | $ 2,511 |
Non-Interest Expense - Componen
Non-Interest Expense - Components of Non-Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Components Of Non Interest Expense [Abstract] | |||
Salaries and employee benefits | $ 23,958 | $ 19,390 | |
Occupancy and equipment | 6,671 | 6,049 | |
Data processing expense | 2,664 | 2,419 | |
Other operating expenses: | |||
Advertising | 823 | 779 | |
Merger and acquisition expenses | 1,417 | ||
Amortization of intangibles | 845 | 1,129 | $ 2,950 |
Electronic banking expense | 1,456 | 1,232 | |
Directors' fees | 275 | 295 | |
Due from bank service charges | 305 | 215 | |
FDIC and state assessment | 1,446 | 1,396 | |
Insurance | 533 | 666 | |
Legal and accounting | 523 | 447 | |
Other professional fees | 925 | 488 | |
Operating supplies | 436 | 434 | |
Postage | 286 | 309 | |
Telephone | 487 | 504 | |
Other expense | 4,015 | 3,544 | |
Total other operating expenses | 12,355 | 12,855 | |
Total non-interest expense | $ 45,648 | $ 40,713 |
Significant Estimates and Con94
Significant Estimates and Concentrations - Additional Information (Detail) - State | Mar. 31, 2016 | Dec. 31, 2015 |
Commitment And Contingencies [Line Items] | ||
Percentage of non-covered loans represented by non-covered real estate loans | 58.00% | 60.60% |
Percentage of total stockholders' equity represented by non-covered real estate loans | 321.00% | 332.30% |
Percentage of non-covered loans represented by non-covered residential real estate loans | 23.30% | 23.70% |
Percentage of total stockholders' equity represented by non-covered residential real estate loans | 128.90% | 130.10% |
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 | 86.50% | |
Percentage of real estate loans distributed geographically | 81.50% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to extend credit outstanding | $ 1,660,000,000 | $ 1,430,000,000 |
Maximum amount of future payments by the company | $ 24,700,000 | $ 24,300,000 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
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 | $ 10 |
Dividend equal to percentage of banking subsidiary's earnings | 23.10% |
Criteria 3 [Member] | Basel III [Member] | |
Regulatory Matters [Line Items] | |
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 | 10.41% |
Tier 1 leverage capital ratio | 9.96% |
Tier 1 risk-based capital ratio | 11.14% |
Risk-based capital ratio | 12.05% |
Additional Cash Flow Informat97
Additional Cash Flow Information - Summary of Additional Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||
Interest paid | $ 7,140 | $ 4,873 |
Income taxes paid | 1,010 | 3,100 |
Assets acquired by foreclosure | $ 4,219 | $ 6,580 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financial Instrument At Fair Value [Line Items] | |||
Foreclosed assets held for sale not covered by loss share | $ 19,657,000 | $ 18,526,000 | |
Carrying value of foreclosed assets prior to remeasurement | 349,000 | ||
Write-down foreclosed assets | 157,000 | ||
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 | 84,400,000 | 87,200,000 | |
Accrued interest receivable reversed | 68,000 | $ 51,000 | |
Foreclosed assets held for sale not covered by loss share | $ 19,700,000 | $ 18,500,000 | |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held-to-maturity | $ 299,050 | $ 309,042 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Federal funds purchased | 0 | 0 |
Carrying Amount [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 158,072 | 255,823 |
Federal funds sold | 7,050 | 1,550 |
Accrued interest receivable | 28,833 | 29,132 |
Demand and non-interest bearing | 1,562,565 | 1,456,624 |
Savings and interest-bearing transaction accounts | 3,602,868 | 3,551,684 |
Securities sold under agreements to repurchase | 121,906 | 128,389 |
Accrued interest payable | 1,891 | 1,804 |
Carrying Amount [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held-to-maturity | 299,050 | 309,042 |
FHLB and other borrowed funds | 1,336,233 | 1,405,945 |
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 | 6,637,976 | 6,425,543 |
Loans receivable covered by FDIC loss share, net of allowance | 57,515 | 59,582 |
FDIC indemnification asset | 8,656 | 9,284 |
Time deposits | 1,412,086 | 1,430,201 |
Subordinated debentures | 60,826 | 60,826 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Federal funds purchased | 0 | 0 |
Fair Value [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 158,072 | 255,823 |
Federal funds sold | 7,050 | 1,550 |
Accrued interest receivable | 28,833 | 29,132 |
Demand and non-interest bearing | 1,562,565 | 1,456,624 |
Savings and interest-bearing transaction accounts | 3,602,868 | 3,551,684 |
Securities sold under agreements to repurchase | 121,906 | 128,389 |
Accrued interest payable | 1,891 | 1,804 |
Fair Value [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - held-to-maturity | 305,425 | 313,944 |
FHLB and other borrowed funds | 1,340,240 | 1,410,019 |
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 | 6,590,886 | 6,380,927 |
Loans receivable covered by FDIC loss share, net of allowance | 57,515 | 59,582 |
FDIC indemnification asset | 8,656 | 9,284 |
Time deposits | 1,400,577 | 1,418,462 |
Subordinated debentures | $ 60,826 | $ 60,826 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Apr. 21, 2016$ / sharesshares | Mar. 31, 2016shares | Dec. 31, 2015shares |
Subsequent Event [Line Items] | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Dividend declared date | Apr. 21, 2016 | ||
Dividend payable date | Jun. 1, 2016 | ||
Dividends payable, date of record | May 11, 2016 | ||
Description of stock split arrangement | Board of Directors declared a two-for-one stock split of its common stock payable in the form of a 100% stock dividend. The two-for-one stock split is payable June 8, 2016, to shareholders of record May 18, 2016. | ||
2006 Stock Option and Performance Incentive Plan [Member] | |||
Subsequent Event [Line Items] | |||
Maximum number of shares available for grants under the plan | 4,644,000 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, shares authorized | 200,000,000 | ||
Quarterly cash dividend declared | $ / shares | $ 0.175 | ||
Stock split conversion ratio | 2 | ||
Percentage of stock dividend from stock split | 100.00% | ||
Subsequent Event [Member] | 2006 Stock Option and Performance Incentive Plan [Member] | |||
Subsequent Event [Line Items] | |||
Maximum number of shares available for grants under the plan | 5,644,000 |