Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 23, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-41093 | ||
Entity Registrant Name | HOME BANCSHARES, INC. | ||
Entity Incorporation, State or Country Code | AR | ||
Entity Tax Identification Number | 71-0682831 | ||
Entity Address, Address Line One | 719 Harkrider, Suite 100 | ||
Entity Address, City or Town | Conway | ||
Entity Address, State or Province | AR | ||
Entity Address, Postal Zip Code | 72032 | ||
City Area Code | 501 | ||
Local Phone Number | 339-2929 | ||
Title of 12(g) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | HOMB | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,720 | ||
Entity Common Stock, Shares Outstanding | 163,891,908 | ||
Documents Incorporated by Reference | Documents incorporated by reference: Part III is incorporated by reference from the registrant’s Proxy Statement relating to its 2022 Annual Meeting to be held on April 21, 2022. | ||
Entity Central Index Key | 0001331520 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Name | BKD, LLP | ||
Auditor Location | Little Rock, Arkansas | ||
Auditor Firm ID | 686 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 119,908 | $ 242,173 |
Interest-bearing deposits with other banks | 3,530,407 | 1,021,615 |
Cash and cash equivalents | 3,650,315 | 1,263,788 |
Investment securities – available-for-sale | 3,119,807 | 2,473,781 |
Loans receivable | 9,836,089 | 11,220,721 |
Allowance for credit losses | (236,714) | (245,473) |
Loans receivable, net | 9,599,375 | 10,975,248 |
Bank premises and equipment, net | 275,760 | 278,614 |
Foreclosed assets held for sale | 1,630 | 4,420 |
Cash value of life insurance | 105,135 | 103,519 |
Accrued interest receivable | 46,736 | 60,528 |
Deferred tax asset, net | 78,290 | 70,249 |
Goodwill | 973,025 | 973,025 |
Core deposit and other intangibles | 25,045 | 30,728 |
Other assets | 177,020 | 164,904 |
Total assets | 18,052,138 | 16,398,804 |
Deposits: | ||
Demand and non-interest-bearing | 4,127,878 | 3,266,753 |
Savings and interest-bearing transaction accounts | 9,251,805 | 8,212,240 |
Time deposits | 880,887 | 1,246,797 |
Total deposits | 14,260,570 | 12,725,790 |
Securities sold under agreements to repurchase | 140,886 | 168,931 |
FHLB and other borrowed funds | 400,000 | 400,000 |
Accrued interest payable and other liabilities | 113,868 | 127,999 |
Subordinated debentures | 371,093 | 370,326 |
Total liabilities | 15,286,417 | 13,793,046 |
Stockholders’ equity: | ||
Common stock, par value $0.01; shares authorized 300,000,000 in 2021 and 2020; shares issued and outstanding 163,699,282 in 2021 and 165,095,252 in 2020 | 1,637 | 1,651 |
Capital surplus | 1,487,373 | 1,520,617 |
Retained earnings | 1,266,249 | 1,039,370 |
Accumulated other comprehensive income | 10,462 | 44,120 |
Total stockholders’ equity | 2,765,721 | 2,605,758 |
Total liabilities and stockholders’ equity | $ 18,052,138 | $ 16,398,804 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 163,699,282 | 165,095,252 |
Common stock, shares outstanding (in shares) | 163,699,282 | 165,095,252 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income: | |||
Loans | $ 571,960 | $ 625,338 | $ 658,345 |
Investment securities | |||
Taxable | 30,054 | 32,596 | 41,406 |
Tax-exempt | 19,642 | 16,158 | 13,015 |
Deposits – other banks | 3,515 | 1,849 | 5,188 |
Federal funds sold | 0 | 21 | 34 |
Total interest income | 625,171 | 675,962 | 717,988 |
Interest expense: | |||
Interest on deposits | 24,936 | 63,110 | 114,104 |
Federal funds purchased | 0 | 13 | 54 |
FHLB and other borrowed funds | 7,604 | 9,506 | 17,209 |
Securities sold under agreements to repurchase | 497 | 1,167 | 2,544 |
Subordinated debentures | 19,163 | 19,611 | 20,860 |
Total interest expense | 52,200 | 93,407 | 154,771 |
Net interest income | 572,971 | 582,555 | 563,217 |
Provision for credit losses | 0 | 112,264 | 1,325 |
Provision for credit loss - unfunded commitments | (4,752) | 16,989 | 0 |
Total credit loss expense | (4,752) | 129,253 | 1,325 |
Net interest income after provision for credit losses | 577,723 | 453,302 | 561,892 |
Non-interest income: | |||
Trust fees | 1,960 | 1,633 | 1,566 |
Mortgage lending income | 25,676 | 29,065 | 14,303 |
Insurance commissions | 1,943 | 1,848 | 2,278 |
Increase in cash value of life insurance | 2,049 | 2,200 | 2,752 |
Dividends from FHLB, FRB, FNBB & other | 14,835 | 12,472 | 7,707 |
Gain on sale of SBA loans | 2,380 | 645 | 1,573 |
(Loss) gain on branches, equipment and other assets, net | (105) | 326 | (3) |
Gain on OREO, net | 2,003 | 1,132 | 757 |
Gain (loss) on securities, net | 219 | 0 | (2) |
Fair value adjustment for marketable securities | 7,178 | (1,978) | 0 |
Other income | 20,704 | 12,376 | 8,569 |
Total non-interest income | 137,569 | 111,786 | 99,516 |
Non-interest expense: | |||
Salaries and employee benefits | 170,755 | 163,950 | 154,177 |
Occupancy and equipment | 36,631 | 38,412 | 35,452 |
Data processing expense | 24,280 | 19,032 | 16,161 |
Merger and acquisition expenses | 1,886 | 711 | 0 |
Other operating expenses | 64,965 | 65,280 | 69,997 |
Total non-interest expense | 298,517 | 287,385 | 275,787 |
Income before income taxes | 416,775 | 277,703 | 385,621 |
Income tax expense | 97,754 | 63,255 | 96,082 |
Net income | $ 319,021 | $ 214,448 | $ 289,539 |
Basic earnings per common share (in dollars per share) | $ 1.94 | $ 1.30 | $ 1.73 |
Diluted earnings per common share (in dollars per share) | $ 1.94 | $ 1.30 | $ 1.73 |
Other service charges and fees | |||
Non-interest income: | |||
Service charges | $ 22,276 | $ 21,381 | $ 25,930 |
Trust fees | |||
Non-interest income: | |||
Service charges | $ 36,451 | $ 30,686 | $ 34,086 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income available to all stockholders | $ 319,021 | $ 214,448 | $ 289,539 |
Net unrealized (loss) gain on available-for-sale securities | (45,567) | 37,771 | 41,262 |
Other comprehensive (loss) income, before tax effect | (45,567) | 37,771 | 41,262 |
Tax effect on other comprehensive (loss) income | 11,909 | (9,872) | (10,767) |
Other comprehensive (loss) income | (33,658) | 27,899 | 30,495 |
Comprehensive income | $ 285,363 | $ 242,347 | $ 320,034 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect Period of Adoption Adjustment | Cumulative Effect Period of Adoption Adjusted Balance | Common Stock | Common StockCumulative Effect Period of Adoption Adjusted Balance | Capital Surplus | Capital SurplusCumulative Effect Period of Adoption Adjusted Balance | Retained Earnings | Retained EarningsCumulative Effect Period of Adoption Adjustment | Retained EarningsCumulative Effect Period of Adoption Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect Period of Adoption Adjustment | Accumulated Other Comprehensive Income (Loss)Cumulative Effect Period of Adoption Adjusted Balance | |
Beginning Balance at Dec. 31, 2018 | $ 2,349,886 | $ 1,707 | $ 1,609,810 | $ 752,184 | $ (13,815) | |||||||||
Beginning Balance (Accounting Standards Update 2018-02) at Dec. 31, 2018 | [1] | $ 0 | $ 459 | $ (459) | ||||||||||
Comprehensive income: | ||||||||||||||
Net income | 289,539 | 289,539 | ||||||||||||
Other comprehensive income (loss) | 30,495 | 30,495 | ||||||||||||
Net issuance of shares of common stock from exercise of stock options | 1,407 | 1 | 1,406 | |||||||||||
Repurchase of shares of common stock | (84,888) | (45) | (84,843) | |||||||||||
Share-based compensation net issuance of shares of restricted common stock | 10,719 | 1 | 10,718 | |||||||||||
Cash dividends - Common Stock | (85,627) | (85,627) | ||||||||||||
Ending balance at Dec. 31, 2019 | 2,511,531 | $ (43,956) | $ 2,467,575 | 1,664 | $ 1,664 | 1,537,091 | $ 1,537,091 | 956,555 | $ (43,956) | $ 912,599 | 16,221 | $ 16,221 | ||
Comprehensive income: | ||||||||||||||
Net income | 214,448 | 214,448 | ||||||||||||
Other comprehensive income (loss) | 27,899 | 27,899 | ||||||||||||
Net issuance of shares of common stock from exercise of stock options | 595 | 595 | ||||||||||||
Repurchase of shares of common stock | (25,690) | (15) | (25,675) | |||||||||||
Share-based compensation net issuance of shares of restricted common stock | 8,608 | 2 | 8,606 | |||||||||||
Cash dividends - Common Stock | (87,677) | (87,677) | ||||||||||||
Ending balance at Dec. 31, 2020 | 2,605,758 | 1,651 | 1,520,617 | 1,039,370 | 44,120 | |||||||||
Comprehensive income: | ||||||||||||||
Net income | 319,021 | 319,021 | ||||||||||||
Other comprehensive income (loss) | (33,658) | (33,658) | ||||||||||||
Net issuance of shares of common stock from exercise of stock options | 2,374 | 2 | 2,372 | |||||||||||
Repurchase of shares of common stock | (44,480) | (18) | (44,462) | |||||||||||
Share-based compensation net issuance of shares of restricted common stock | 8,848 | 2 | 8,846 | |||||||||||
Cash dividends - Common Stock | (92,142) | (92,142) | ||||||||||||
Ending balance at Dec. 31, 2021 | $ 2,765,721 | $ 1,637 | $ 1,487,373 | $ 1,266,249 | $ 10,462 | |||||||||
[1] | Represents the impact of adopting Accounting Standard Update (“ASU”) 2018-02. See Note 1 to the consolidated financial statements for more information. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Net issuance of shares of common stock from exercise of stock options (in shares) | 176,846 | 67,577 | 93,372 |
Common stock shares repurchased (in shares) | 1,753,000 | 1,533,560 | 4,542,222 |
Issuance of restricted common stock (in shares) | 180,184 | 187,889 | 102,124 |
Common stock, cash dividends per share (in dollars per share) | $ 0.56 | $ 0.53 | $ 0.51 |
Accounting standards update | Accounting Standards Update 2016-13 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income | $ 319,021 | $ 214,448 | $ 289,539 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation & amortization | 19,481 | 20,082 | 19,427 |
(Increase) decrease in value of equity securities | (7,178) | 1,978 | 0 |
Amortization of securities, net | 28,516 | 20,607 | 15,943 |
Accretion of purchased loans | (20,151) | (27,376) | (35,890) |
Share-based compensation | 8,848 | 8,608 | 10,719 |
Gain on assets | (4,497) | (2,103) | (1,942) |
Provision for credit losses | 0 | 112,264 | 1,325 |
Provision for credit loss - unfunded commitments | (4,752) | 16,989 | 0 |
Deferred income taxes | 3,868 | (19,751) | 28,974 |
Increase in cash value of life insurance | (2,049) | (2,200) | (2,752) |
Originations of mortgage loans held for sale | (783,293) | (863,383) | (469,451) |
Proceeds from sales of mortgage loans held for sale | 825,397 | 831,604 | 424,540 |
Changes in assets and liabilities: | |||
Accrued interest receivable | 13,792 | (15,212) | 3,859 |
Other assets | 1,756 | (13,427) | (27,087) |
Accrued interest payable and other liabilities | (9,379) | 8,600 | (9,789) |
Net cash provided by operating activities | 389,380 | 291,728 | 247,415 |
Investing Activities | |||
Net increase in federal funds sold | 0 | 0 | 325 |
Net decrease in loans, excluding loans acquired | 1,328,378 | 92,650 | 245,366 |
Purchases of investment securities – available-for-sale | (1,390,405) | (1,147,897) | (609,510) |
Proceeds from maturities of investment securities – available-for-sale | 652,403 | 774,276 | 528,159 |
Proceeds from sale of investment securities – available-for-sale | 18,112 | 0 | 1,472 |
Purchases of equity securities | (13,276) | (15,015) | 0 |
Proceeds from sales of equity securities | 16,381 | 0 | 0 |
(Purchases) redemptions of other investments | (9,784) | 13,355 | 34,709 |
Proceeds from foreclosed assets held for sale | 7,599 | 8,494 | 14,190 |
Proceeds from sale of SBA loans | 25,116 | 7,696 | 21,843 |
Purchases of premises and equipment, net | (10,282) | (11,547) | (14,898) |
Return of investment on cash value of life insurance | 418 | 47,258 | 0 |
Net cash proceeds paid – market acquisitions | 0 | (421,211) | 0 |
Net cash (used in) provided by investing activities | 624,660 | (651,941) | 221,656 |
Financing Activities | |||
Net increase in deposits, excluding deposits acquired | 1,534,780 | 1,447,407 | 378,605 |
Net (decrease) increase in securities sold under agreements to repurchase | (28,045) | 25,204 | 48 |
Net (decrease) increase in federal funds purchased | 0 | (5,000) | 5,000 |
Net decrease in FHLB and other borrowed funds | 0 | (221,439) | (850,954) |
Proceeds from exercise of stock options | 2,374 | 595 | 1,407 |
Repurchase of common stock | (44,480) | (25,690) | (84,888) |
Dividends paid on common stock | (92,142) | (87,677) | (85,627) |
Net cash provided by (used in) financing activities | 1,372,487 | 1,133,400 | (636,409) |
Net change in cash and cash equivalents | 2,386,527 | 773,187 | (167,338) |
Cash and cash equivalents – beginning of year | 1,263,788 | 490,601 | 657,939 |
Cash and cash equivalents – end of year | $ 3,650,315 | $ 1,263,788 | $ 490,601 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | 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 bank subsidiary – Centennial Bank (sometimes referred to as “Centennial” or the “Bank”). The Bank has branch locations in Arkansas, Florida, South Alabama and 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 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 banking services and branch locations are considered by management to be aggregated into one reportable operating segment. 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 credit losses, the valuation of investment securities, the valuation of foreclosed assets and the valuations of assets acquired and liabilities assumed in business combinations. In connection with the determination of the allowance for credit 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. New Accounting Pronouncements The Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), effective January 1, 2020. The guidance replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credits, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. ASC 326 requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses as well as the credit quality and underwriting standards of a company’s portfolio. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for loans and off-balance-sheet (“OBS”) credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a one-time cumulative-effect adjustment to the allowance for credit losses of $44.0 million which was recognized through a $32.5 million adjustment to retained earnings, net of tax. This adjustment brought the beginning balance of the allowance for credit losses to $146.1 million as of January 1, 2020. In addition, the Company recorded a $15.5 million reserve on unfunded commitments which was recognized through an $11.5 million adjustment to retained earnings, net of tax. The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30. In 2019, the Company reevaluated its loan pools of purchased loans with deteriorated credit quality. These loans pools related specifically to acquired loans from the Heritage, Liberty, Landmark, Bay Cities, Bank of Commerce, Premier Bank, Stonegate and Shore Premier Finance acquisitions. At acquisition, a portion of these loans was recorded as purchased credit impaired loans on a pool by pool basis. Through the reevaluation of these loan pools, management determined that estimated losses for purchase credit impaired loans should be processed against the credit mark of the applicable pools. The remaining non-accretable mark was then moved to accretable mark to be recognized over the remaining weighted average life of the loan pools. The projected losses for these loans were less than the total credit mark. As such, the remaining $107.6 million of loans in these pools along with the $29.3 million in accretable yield was deemed to be immaterial and was reclassified out of the purchased credit impaired loans category. As of December 31, 2019, the Company no longer held any purchased loans with deteriorated credit quality. Therefore, the Company did not have any PCI loans upon adoption of ASC 326 as of January 1, 2020. The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit loss. The Company adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As of December 31, 2019, the Company did not have any other-than-temporarily impaired investment securities. Therefore, upon adoption of ASC 326, the Company determined that an allowance for credit losses on available-for-sale securities was not material. However, the Company evaluated the investment portfolio during 2020 and determined that an $842,000 provision for credit losses was necessary. No additional provision was deemed necessary during the remainder of 2020 or for the 2021. See Note 3 for further discussion. The following table illustrates the impact of the adoption of ASC 326 on the Company’s consolidated balance sheet. January 1, 2020 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption (In thousands) Assets: Allowance for credit losses on loans $ 146,110 $ 102,122 $ 43,988 Liabilities: Allowance for credit losses on OBS credit exposures (included in other liabilities) 15,521 — 15,521 Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, cash held as demand deposits at various banks and the Federal Reserve Bank (“FRB”) and interest-bearing deposits with other banks. For many years, reserve requirements played a central role in the implementation of monetary policy by creating a stable demand for reserves. In January 2019, the Federal Open Market Committee announced its intention to implement monetary policy in an ample reserves regime. Reserve requirements do not play a significant role in this operating framework. In light of the shift to an ample reserves regime, the FRB reduced the reserve requirement ratios to zero percent effective on March 26, 2020. As a result, the Bank is no longer required to maintain required reserve balance with either the FRB or in the form of cash on hand. Investment Securities Interest on investment securities is recorded as income as earned. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains or losses on the sale of securities are determined using the specific identification method. Management determines the classification of securities as available-for-sale, held-to-maturity, or trading at the time of purchase based on the intent and objective of the investment and the ability to hold to maturity. Fair values of securities are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable securities. The Company has no held-to-maturity or trading securities. Debt securities available-for-sale are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income (loss), net of taxes. Securities that are held as available-for-sale are used as a part of our asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments . The Company first assesses whether it intends to sell or is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, and changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Prior to the adoption of ASU 2016-13, declines in the fair value of held-to-maturity and available-for-sale securities below their cost that were deemed to be other than temporary were reflected in earnings as realized losses. In estimating other-than-temporary impairment losses prior to January 1, 2020, management considered, among other things, (i) the length of time and the extent to which the fair value had been less than cost, (ii) the financial condition and near-term prospects of the issuer and (iii) the intent and our ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Loans Receivable and Allowance for Credit Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs, deferred fees or costs on originated loans. Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees and direct origination costs are capitalized and recognized as adjustments to yield on the related loans. The allowance for credit losses on loans receivable is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed and expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in the national unemployment rate, commercial real estate price index, housing price index and national retail sales index. The allowance for credit losses is measured based on call report segment as these types of loan exhibit similar risk characteristics. The identified loan segments are as follows: • 1-4 family construction • All other construction • 1-4 family revolving home equity lines of credit (“HELOC”) & junior liens • 1-4 family senior liens • Multifamily • Owner occupied commercial real estate • Non-owner occupied commercial real estate • Commercial & industrial, agricultural, non-depository financial institutions, purchase/carry securities, other • Consumer auto • Other consumer • Other consumer - SPF The allowance for credit losses for each segment is measured through the use of the discounted cash flow method. Loans evaluated individually that are considered to be collateral dependent are not included in the collective evaluation. For those loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. For loans that are not considered to be collateral dependent, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation if a specific reserve is not recorded. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: • Management has a reasonable expectation at the reporting date that troubled debt restructuring will be executed with an individual borrower. • The extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factors ("Q-Factor") and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system and (ix) economic conditions. Loans considered impaired, according to ASC 326, are loans for which, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. The aggregate amount of impairment of loans is utilized in evaluating the adequacy of the allowance for credit losses and amount of provisions thereto. Losses on impaired loans are charged against the allowance for credit losses when in the process of collection, it appears likely that such losses will be realized. The accrual of interest on impaired loans is discontinued when, in management’s opinion the collection of interest is doubtful or generally when loans are 90 days or more past due. When accrual of interest is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans are placed on non-accrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. Accrued interest related to non-accrual loans is generally charged against the allowance for credit losses when accrued in prior years and reversed from interest income if accrued in the current year. Interest income on non-accrual loans may be recognized to the extent cash payments are received, although the majority of payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status when principal and interest payments are less than 90 days past due, the customer has made required payments for at least six months, and we reasonably expect to collect all principal and interest. Prior to the adoption of ASU 2016-13, the allowance for credit losses on loans was a contra-asset valuation account established through a provision for loan losses charged to expense, which represented management’s best estimate of inherent losses that had been incurred within the existing portfolio of loans. The allowance for credit losses on loans included allowance allocations calculated in accordance with ASC Topic 310, “Receivables” and allowance allocations calculated in accordance with ASC Topic 450, “Contingencies.” Acquisition Accounting and Acquired Loans The Company accounts for its acquisitions under FASB ASC Topic 805, Business Combinations , which requires the use of the purchase method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. In accordance with ASC 326, the Company records both a discount and an allowance for credit losses on acquired loans. All purchased loans are recorded at fair value in accordance with the fair value methodology prescribed in FASB ASC Topic 820, Fair Value Measurements . The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Purchase credit deteriorated (“PCD”) loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit loss. For further discussion of the Company’s acquisitions, see Note 2 to the Notes to Consolidated Financial Statements. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Foreclosed Assets Held for Sale Real estate and personal properties acquired through or in lieu of loan foreclosure are to be sold and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Valuations are periodically performed by management, and the real estate and personal properties are carried at fair value less costs to sell. Gains and losses from the sale of other real estate and personal properties are recorded in non-interest income, and expenses used to maintain the properties are included in non-interest expense. Bank Premises and Equipment Bank premises and equipment are carried at cost or fair market value at the date of acquisition less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are used for tax purposes. Leasehold improvements are capitalized and amortized using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements whichever is shorter. The assets’ estimated useful lives for book purposes are as follows: Bank premises 15-40 years Furniture, fixtures, and equipment 3-15 years Cash value of life insurance The Company has purchased life insurance policies on certain key employees. Life insurance owned by the Company is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. During 2019, the Company made a strategic decision to surrender $47.5 million of its underperforming separate account bank owned life insurance (“BOLI”). When a BOLI contract is surrendered the gains within the policy become taxable as well as a 10% IRS penalty on the gain. As a result of this BOLI decision, the Company recorded a $3.7 million tax expense related to this transaction in 2019. As a result of this decision, the income earned on the increase in the cash value of life insurance will be lower in future periods. Intangible Assets Intangible assets consist of goodwill and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The core deposit intangible represents the excess intangible value of acquired deposit customer relationships as determined by valuation specialists. The core deposit intangibles are being amortized over 48 to 121 months on a straight-line basis. Goodwill is not amortized, but rather, is evaluated for impairment on at least an annual basis or more frequently if changes or circumstances occur. The Company performed its annual impairment test of goodwill and core deposit intangibles during 2021, 2020 and 2019, as required by FASB ASC 350, Intangibles - Goodwill and Other . The 2021, 2020 and 2019 tests indicated no impairment of the Company’s goodwill or core deposit intangibles. Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase consist of obligations of the Company to other parties. At the point funds deposited by customers become investable, those funds are used to purchase securities owned by the Company and held in its general account with the designation of Customers’ Securities. A third party maintains control over the securities underlying overnight repurchase agreements. The securities involved in these transactions are generally U.S. Treasury or Federal Agency issues. Securities sold under agreements to repurchase generally mature on the banking day following that on which the investment was initially purchased and are treated as collateralized financing transactions which are recorded at the amounts at which the securities were sold plus accrued interest. Interest rates and maturity dates of the securities involved vary and are not intended to be matched with funds from customers. Derivative Financial Instruments The Company may enter into derivative contracts for the purposes of managing exposure to interest rate risk. The Company records all derivatives on the consolidated balance sheet at fair value. Historically the Company’s policy has been not to invest in derivative type investments. The Company has standalone derivative financial instruments acquired from Stonegate Bank. These derivative financial instruments consist of interest rate swaps and are recognized as assets and liabilities in the consolidated statements of financial condition at fair value. The Bank’s derivative instruments have not been designated as hedging instruments. These undesignated derivative instruments are recognized on the consolidated balance sheet at fair value, with changes in fair value recorded in other non-interest income. In addition, as of December 31, 2021 and December 31, 2020, the Company had derivative contracts outstanding associated with the mortgage loans held for sale portfolio. As of December 31, 2021 and 2020, these derivative instruments are not considered to be material to the Company’s financial position and results of operations. Stock Options The Company accounts for stock options in accordance with FASB ASC 718, Compensation - Stock Compensation, and FASB ASC 505-50, Equity-Based Payments to Non-Employees , which establishes standards for the accounting for transactions in which an entity (i) exchanges its equity instruments for goods and services, or (ii) incurs liabilities in exchange for goods and services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of the equity instruments. FASB ASC 718 requires that such transactions be recognized as compensation cost in the income statement based on their fair values on the measurement date, which is generally the date of the grant. For additional information on the stock-based compensation plan, see Note 13. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes ). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company and its subsidiaries file consolidated tax returns. Its subsidiary provides for income taxes on a separate return basis, and remits to the Company amounts determined to be currently payable. Revenue Recognition. Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as our loans, letters of credit, investment securities and mortgage lending income, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our significant revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our income statements as components of non-interest income are as follows: • Service charges on deposit accounts – These represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Future Acquisition of Happy Bancshares, Inc. On September 15, 2021, the Company and Centennial entered into an Agreement and Plan of Merger (the “Agreement”) with Happy Bancshares, Inc., a Texas corporation (“Happy”), and its wholly-owned bank subsidiary, Happy State Bank, a Texas banking association (“HSB”), under which the Company and Centennial will acquire Happy and HSB. The Agreement, as amended on October 18, 2021 and further amended on November 8, 2021, provides that, in a series of transactions, an acquisition subsidiary of the Company will merge into Happy and Happy will merge into the Company, with the Company as the surviving entity (collectively, the “Merger”). As soon as reasonably practicable following the Merger, HSB will merge into Centennial, with Centennial as the surviving entity. Under the terms of the Agreement, as amended, the Company will issue approximately 42.3 million shares of its common stock to the shareholders of Happy upon the completion of the Merger. No cash consideration will be paid in connection with the Merger, except that holders of outstanding shares of Happy common stock at the time of the Merger will receive cash payments in lieu of any fractional shares of Company common stock to which they are otherwise entitled in connection with the Merger. In addition, the Company expects to pay an aggregate of up to approximately $11.0 million in cash in cancellation of certain stock appreciation rights issued by Happy that remain outstanding at the time of the Merger. Subject to the terms and conditions set forth in the Agreement, as amended, at the effective time of the Merger (the “Effective Time”), each outstanding share of common stock of Happy will be converted into the right to receive, without interest, 2.17 shares of the Company’s common stock (the “Merger Consideration”). Each unvested restricted share of Happy common stock outstanding at the Effective Time will fully vest and be converted into the right to receive the Merger Consideration. In addition, at the Effective Time, each outstanding option to purchase Happy common stock will be cancelled and converted into the right to receive the number of whole shares of the Company’s common stock, together with any cash in lieu of fractional shares, equal to the product of (i) the number of shares of Happy common stock subject to the option, multiplied by (ii) the excess, if any, of the Merger Consideration value over the exercise price of the option, less applicable tax withholdings, divided by (iii) the Company’s Average Closing Price (defined below). Similarly, each stock appreciation right of Happy outstanding at the Effective Time will be cancelled and converted into the right to receive a cash payment, without interest, equal to the product of (i) the number of shares of Happy common stock subject to the stock appreciation right, multiplied by (ii) the excess, if any, of the Merger Consideration value over the grant price of the stock appreciation right, less applicable tax withholdings. For purposes of these calculations, the Merger Consideration value will be determined using a volume-weighted average closing price of the Company’s common stock as reported on the New York Stock Exchange over the 20 consecutive trading day period ending on the third business day prior to the closing of the Merger (“the Company’s Average Closing Price”), multiplied by 2.17. The Merger is expected to close during the first quarter of 2022, and is subject to regulatory approvals, and other conditions set forth in the Agreement. The Company received approval for the merger from the Arkansas State Banking Board and the Arkansas State Bank Commissioner as well as the approval of the shareholders of each company in December of 2021. Acquisition of LH-Finance On February 29, 2020, the Company completed the acquisition of LH-Finance, the marine lending division of People’s United Bank, N.A. The Company paid a purchase price of approximately $421.2 million in cash. LH-Finance provides direct consumer financing for United States Coast Guard (“USCG”) registered high-end sail and power boats. Additionally, LH-Finance provides inventory floor plan lines of credit to marine dealers, primarily those selling USCG documented vessels. Including the purchase accounting adjustments, as of the acquisition date, LH-Finance had approximately $409.1 million in total assets, including $407.4 million in total loans, which resulted in goodwill of $14.6 million being recorded. The acquired portfolio of loans is now housed in the Shore Premier Finance (“SPF”) division. The SPF division of Centennial is responsible for servicing the acquired loan portfolio and originating new loan production. In connection with this acquisition, Centennial opened a new loan production office in Baltimore, Maryland. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost and estimated fair value of investment securities that are classified as available-for-sale are as follows: December 31, 2021 Available-for-Sale Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 433,829 $ 2,375 $ (3,225) $ 432,979 Residential mortgage-backed securities 1,175,185 4,085 (18,551) 1,160,719 Commercial mortgage-backed securities 372,702 6,521 (1,968) 377,255 State and political subdivisions 973,318 26,296 (2,636) 996,978 Other securities 151,449 1,781 (1,354) 151,876 Total $ 3,106,483 $ 41,058 $ (27,734) $ 3,119,807 December 31, 2020 Available-for-Sale Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 325,860 $ 2,338 $ (1,207) $ 326,991 Residential mortgage-backed securities 703,138 10,607 (688) 713,057 Commercial mortgage-backed securities 446,964 18,048 (126) 464,886 State and political subdivisions 898,174 31,173 (1,454) 927,893 Other securities 40,755 434 (235) 40,954 Total $ 2,414,891 $ 62,600 $ (3,710) $ 2,473,781 Assets, principally investment securities, having a fair value of approximately $1.15 billion and $1.08 billion at December 31, 2021 and 2020, 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 $140.9 million and $168.9 million at December 31, 2021 and 2020. The amortized cost and estimated fair value of securities classified as available-for-sale at December 31, 2021, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. Available-for-Sale Amortized Estimated (In thousands) Due in one year or less $ 8,042 $ 8,115 Due after one year through five years 95,961 96,267 Due after five years through ten years 381,533 381,692 Due after ten years 1,071,060 1,093,759 Mortgage - backed securities: Residential 1,175,185 1,160,719 Mortgage - backed securities: Commercial 372,702 377,255 Other 2,000 2,000 Total $ 3,106,483 $ 3,119,807 During the year ended December 31, 2021, $17.9 million in available-for-sale securities were sold, and the gross realized gains on the sales totaled $219,000. The income tax expense/benefit to net security gains and losses was 25.740% of the gross amounts. During the year ended December 31, 2020, no available-for-sale securities were sold. During the year ended December 31, 2019, $1.5 million available-for-sale securities were sold. The gross realized loss on the sale for the year ended December 31, 2019 totaled approximately $2,000. The income tax expense/benefit to net security gains and losses was 25.819% of the gross amounts. The following shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2021 and 2020: December 31, 2021 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) U.S. government-sponsored enterprises $ 120,730 $ (1,356) $ 78,124 $ (1,869) $ 198,854 $ (3,225) Residential mortgage-backed securities 854,807 (15,246) 104,897 (3,305) 959,704 (18,551) Commercial mortgage-backed securities 100,702 (1,251) 28,711 (717) 129,413 (1,968) State and political subdivisions 136,135 (1,282) 18,647 (1,354) 154,782 (2,636) Other securities 75,744 (1,316) 2,703 (38) 78,447 (1,354) Total $ 1,288,118 $ (20,451) $ 233,082 $ (7,283) $ 1,521,200 $ (27,734) December 31, 2020 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) U.S. government-sponsored enterprises $ 54,611 $ (383) $ 95,249 $ (824) $ 149,860 $ (1,207) Residential mortgage-backed securities 143,458 (643) 4,900 (45) 148,358 (688) Commercial mortgage-backed securities 26,886 (126) — — 26,886 (126) State and political subdivisions 78,349 (1,454) — — 78,349 (1,454) Other securities 5,434 (100) 8,748 (135) 14,182 (235) Total $ 308,738 $ (2,706) $ 108,897 $ (1,004) $ 417,635 $ (3,710) The Company evaluates all securities quarterly to determine if any debt securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments . The Company first assesses whether it intends to sell or is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, and changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At December 31, 2021, the Company determined the allowance for credit losses of $842,000, resulting from economic uncertainties related to the COVID-19 pandemic, was adequate for the investment portfolio. No additional provision for credit losses was considered necessary for the portfolio. Year Ended December 31, 2021 Year Ended December 31, 2020 (In thousands) Allowance for credit losses: Beginning balance $ 842 $ — Provision for credit loss - investment securities — 842 Ending balance, December 31, $ 842 $ 842 For the year ended December 31, 2021, the Company had approximately $7.3 million in unrealized losses, which were in continuous loss positions for more than twelve months. 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 55.7% of the Company’s investment portfolio will mature and be repaid to the Company within five years or less. As a result, the Company has the ability and intent to hold such securities until maturity. For the year ended December 31, 2020, the Company had approximately $1.0 million in unrealized losses, which were in continuous loss positions for more than twelve months. 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 60.4% of the Company’s investment portfolio will mature and be repaid to the Company within five years or less. As a result, the Company has the ability and intent to hold such securities until maturity. As of December 31, 2021, the Company's securities portfolio consisted of 1,336 investment securities, 383 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $27.7 million. The U.S government-sponsored enterprises portfolio contained unrealized losses of $3.2 million on 55 securities. The residential mortgage-backed securities portfolio contained $18.6 million of unrealized losses on 195 securities, and the commercial mortgage-backed securities portfolio contained $2.0 million of unrealized losses on 52 securities. The state and political subdivisions portfolio contained $2.6 million of unrealized losses on 62 securities. In addition, the other securities portfolio contained $1.4 million of unrealized losses on 19 securities. The unrealized losses on the Company's investments were a result of interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value was attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company has determined that an additional provision for credit losses is not necessary as of December 31, 2021. Income earned on securities for the years ended is as follows: December 31, 2021 2020 2019 (In thousands) Taxable: Available-for-sale $ 30,054 $ 32,596 $ 41,406 Tax-exempt: Available-for-sale 19,642 16,158 13,015 Total $ 49,696 $ 48,754 $ 54,421 |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans Receivable | Loans Receivable The various categories of loans receivable are summarized as follows: December 31, 2021 2020 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 3,889,284 $ 4,429,060 Construction/land development 1,850,050 1,562,298 Agricultural 130,674 114,431 Residential real estate loans Residential 1-4 family 1,274,953 1,536,257 Multifamily residential 280,837 536,538 Total real estate 7,425,798 8,178,584 Consumer 825,519 864,690 Commercial and industrial 1,386,747 1,896,442 Agricultural 43,920 66,869 Other 154,105 214,136 Total Loans receivable $ 9,836,089 $ 11,220,721 Allowance for credit losses (236,714) (245,473) Loans receivable, net $ 9,599,375 $ 10,975,248 During the year ended December 31, 2021, the Company sold $22.7 million of the guaranteed portion of certain SBA loans, which resulted in a gain of $2.4 million. During the year ended December 31, 2020, the Company sold $7.0 million of the guaranteed portion of certain SBA loans, which resulted in a gain of $645,000. During the year ended December 31, 2019, the Company sold $20.2 million of the guaranteed portion of certain SBA loans, which resulted in a gain of $1.6 million. Mortgage loans held for sale of approximately $72.7 million and $114.8 million at December 31, 2021 and 2020, 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 December 31, 2021 and 2020 were not material. The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit losses. As a result of the acquisition of LH-Finance in 2020, the Company held approximately $448,000 |
Allowance for Credit Losses, Cr
Allowance for Credit Losses, Credit Quality and Other | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses, Credit Quality and Other | Allowance for Credit Losses, Credit Quality and Other The Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , effective January 1, 2020. The guidance replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance, including loan commitments, standby letters of credits, financial guarantees, and other similar instruments. The Company adopted ASC 326 using the modified retrospective method for loans and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a one-time cumulative-effect adjustment to the allowance for credit losses of $44.0 million which was recognized through a $32.5 million adjustment to retained earnings, net of tax. This adjustment brought the beginning balance of the allowance for credit losses to $146.1 million as of January 1, 2020. In addition, the Company recorded a $15.5 million reserve on unfunded commitments as of January 1, 2020, which was recognized through an $11.5 million adjustment to retained earnings, net of tax. The Company uses the discounted cash flow (“DCF”) method to estimate expected losses for all of Company’s loan pools. These pools are as follows: construction & land development; other commercial real estate; residential real estate; commercial & industrial; and consumer & other. The loan portfolio pools were selected in order to generally align with the loan categories specified in the quarterly call reports required to be filed with the Federal Financial Institutions Examination Council. For each of these loan pools, the Company generates cash flow projections at the instrument level wherein payment expectations are adjusted for estimated prepayment speed, curtailments, time to recovery, probability of default, and loss given default. The modeling of expected prepayment speeds, curtailment rates, and time to recovery are based on historical internal data. The Company uses regression analysis of historical internal and peer data to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default. This analysis also determines how expected probability of default and loss given default will react to forecasted levels of the loss drivers. Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These Q-Factors and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system and (ix) economic conditions. Each year management evaluates the performance of the selected models used in the CECL calculation through backtesting. Based on the results of the testing, management determines if the various models produced accurate results compared to the actual losses incurred for the current economic environment. Management then determines if changes to the input assumptions and economic factors would produce a stronger overall calculation that is more responsive to changes in economic conditions. The Company continues to use regression analysis to determine suitable loss drivers to utilize when modeling lifetime probability of default and loss given default for the changes in the economic factors for the loss driver segments. Based on this analysis during the first quarter of 2021, management determined that changes to several of the economic factors for the various loss driver segments were necessary. The identified loss drivers by segment are included below as of December 31, 2021 and 2020, respectively. December 31, 2021 Loss Driver Segment Call Report Segment(s) Modeled Economic Factors 1-4 Family Construction 1a1 National Unemployment (%) & Housing Price Index (%) All Other Construction 1a2 National Unemployment (%) & Gross Domestic Product (%) 1-4 Family Revolving HELOC & Junior Liens 1c1 National Unemployment (%) & Housing Price Index – CoreLogic (%) 1-4 Family Revolving HELOC & Junior Liens 1c2b National Unemployment (%) & Gross Domestic Product (%) 1-4 Family Senior Liens 1c2a National Unemployment (%) & Gross Domestic Product (%) Multifamily 1d Rental Vacancy Rate (%) & Housing Price Index – Case-Schiller (%) Owner Occupied CRE 1e1 National Unemployment (%) & Gross Domestic Product (%) Non-Owner Occupied CRE 1e2,1b,8 National Unemployment (%) & Gross Domestic Product (%) Commercial & Industrial, Agricultural, Non-Depository Financial Institutions, Purchase/Carry Securities, Other 4a, 3, 9a, 9b1, 9b2, Other National Unemployment (%) & National Retail Sales (%) Consumer Auto 6c National Unemployment (%) & National Retail Sales (%) Other Consumer 6b, 6d National Unemployment (%) & National Retail Sales (%) Other Consumer - SPF 6d National Unemployment (%) December 31, 2020 Loss Driver Segment Call Report Segment(s) Modeled Economic Factors 1-4 Family Construction 1a1 National Unemployment (%) & Housing Price Index (%) All Other Construction 1a2 National Unemployment (%) & Commercial Real Estate Price Index (%) 1-4 Family Revolving HELOC & Junior Liens 1c1, 1c2b National Unemployment (%) & Housing Price Index (%) 1-4 Family Senior Liens 1c2a National Unemployment (%) & Housing Price Index (%) Multifamily 1d National Unemployment (%) & Housing Price Index (%) Owner Occupied CRE 1e1 National Unemployment (%) & Commercial Real Estate Price Index (%) Non-Owner Occupied CRE 1e2,1b,8 National Unemployment (%) & Commercial Real Estate Price Index (%) Commercial & Industrial, Agricultural, Non-Depository Financial Institutions, Purchase/Carry Securities, Other 4a, 3, 9a, 9b1, 9b2, Other National Unemployment (%) & National Retail Sales (%) Consumer Auto 6c National Unemployment (%) & National Retail Sales (%) Other Consumer 6b, 6d National Unemployment (%) & National Retail Sales (%) Other Consumer - SPF 6d National Unemployment (%) For all DCF models, management has determined that four quarters represents a reasonable and supportable forecast period and reverts to a historical loss rate over four quarters on a straight-line basis. Management leverages economic projections from a reputable and independent third party to inform its loss driver forecasts over the four-quarter forecast period. Other internal and external indicators of economic forecasts are also considered by management when developing the forecast metrics. The combination of adjustments for credit expectations (default and loss) and time expectations prepayment, curtailment, and time to recovery produces an expected cash flow stream at the instrument level. Instrument effective yield is calculated, net of the impacts of prepayment assumptions, and the instrument expected cash flows are then discounted at that effective yield to produce an instrument-level net present value of expected cash flows (“NPV”). An allowance for credit loss is established for the difference between the instrument’s NPV and amortized cost basis. Construction/Land Development and Other Commercial Real Estate Loans. We originate non-farm and non-residential loans (primarily secured by commercial real estate), construction/land development loans, and agricultural loans, which are generally secured by real estate located in our market areas. Our commercial mortgage loans are generally collateralized by first liens on real estate and amortized (where defined) over a 15 to 30-year period with balloon payments due at the end of one and 75% of the value of land to be acquired and developed. A first lien on the property and assignment of lease is required if the collateral is rental property, with second lien positions considered on a case-by-case basis. Residential Real Estate Loans. We originate one to four family, residential mortgage loans generally secured by property located in our primary market areas. Residential real estate loans generally have a loan-to-value ratio of up to 90%. These loans are underwritten by giving consideration to many factors including the borrower’s ability to pay, stability of employment or source of income, debt-to-income ratio, credit history and loan-to-value ratio. Commercial and Industrial Loans. Commercial and industrial loans are made for a variety of business purposes, including working capital, inventory, equipment and capital expansion. The terms for commercial loans are generally one Consumer & Other Loans. Our consumer & other loans are primarily composed of loans to finance USCG registered high-end sail and power boats as a result of our acquisitions of Shore Premier Finance on June 30, 2018 and LH-Finance on February 29, 2020. The performance of consumer & other loans will be affected by the local and regional economies as well as the rates of personal bankruptcies, job loss, divorce and other individual-specific characteristics. Off-Balance Sheet Credit Exposures. The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit loss on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The Company uses the DCF method to estimate expected losses for all of Company’s off-balance sheet credit exposures through the use of the existing DCF models for the Company’s loan portfolio pools. The off-balance sheet credit exposures exhibit similar risk characteristics as loans currently in the Company’s loan portfolio. Despite the improvements in the economic and public health outlooks in the United States during 2021, the emergence of the Delta variant during the second quarter and the Omicron variant during the fourth quarter have resulted in significant uncertainty about the future impact of the pandemic on our business, results of operations and financial condition. As a result, the Company determined that a negative provision for credit losses was not appropriate at this time, and the current level of the allowance for credit losses was considered adequate as of December 31, 2021. During the year ended December 31, 2021, the Company recorded a negative provision for unfunded commitments of $4.8 million. This was primarily due to a single commercial & industrial loan for which a reserve was no longer considered necessary due to the borrower’s current cash flow position. ASC 326 requires that both a discount and an allowance for credit losses be recorded on loans during an acquisition. During the first quarter of 2020, we completed the acquisition of $406.2 million of loans from LH-Finance. As a result, the Company recorded a $6.6 million loan discount and a $9.3 million increase in the allowance for credit losses for this acquisition. A small portion of the loans acquired during the quarter were purchase credit deteriorated (“PCD”) loans, so the Company recorded a $357,000 allowance for credit losses on these loans. The following table presents the activity in the allowance for credit losses for the year ended December 31, 2021. Year Ended December 31, 2021 Construction/ Other Residential Commercial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 32,861 $ 88,453 $ 53,216 $ 46,530 $ 24,413 $ 245,473 Loans charged off — (646) (545) (8,242) (2,228) $ (11,661) Recoveries of loans previously charged off 58 785 683 591 785 2,902 Net loans recovered (charged off) 58 139 138 (7,651) (1,443) (8,759) Provision for credit loss - loans (4,504) (1,374) (4,896) 14,183 (3,409) — Balance, December 31 $ 28,415 $ 87,218 $ 48,458 $ 53,062 $ 19,561 $ 236,714 The following table presents the balance in the allowance for credit losses for the year ended December 31, 2020. Year Ended December 31, 2020 Construction/ Other Residential Commercial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 26,433 $ 33,529 $ 20,135 $ 16,615 $ 5,410 $ 102,122 Impact of adopting ASC (5,296) 15,912 16,680 11,584 5,108 43,988 Allowance for credit losses — — — — 357 357 Loans charged off (1,218) (3,041) (485) (7,764) (1,978) (14,486) Recoveries of loans previously charged off 107 647 337 218 761 2,070 Net loans recovered (charged off) (1,111) (2,394) (148) (7,546) (1,217) (12,416) Provision for credit loss - 12,835 41,406 16,549 25,877 5,446 102,113 Provision for credit loss - — — — — 9,309 9,309 Balance, December 31 $ 32,861 $ 88,453 $ 53,216 $ 46,530 $ 24,413 $ 245,473 The following table presents the balance in the allowance for loan losses for the year ended December 31, 2019. Year Ended December 31, 2019 Construction/ Land Development Other Residential Commercial Consumer Total (In thousands) Allowance for loan losses: Beginning balance $ 21,302 $ 42,336 $ 26,734 $ 14,981 $ 3,438 $ 108,791 Loans charged off (1,450) (2,741) (1,661) (2,327) (2,424) (10,603) Recoveries of loans previously 95 244 926 504 840 2,609 Net loans recovered (1,355) (2,497) (735) (1,823) (1,584) (7,994) Provision for loan losses 6,486 (6,310) (5,864) 3,457 3,556 1,325 Balance December 31 $ 26,433 $ 33,529 $ 20,135 $ 16,615 $ 5,410 $ 102,122 The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing as of December 31, 2021 and 2020, respectively: December 31, 2021 Nonaccrual Nonaccrual Loans Past Due Real estate: Commercial real estate loans Non-farm/non-residential $ 11,923 $ 2,212 $ 2,225 Construction/land development 1,445 — — Agricultural 897 — — Residential real estate loans Residential 1-4 family 16,198 3,000 701 Multifamily residential 156 — — Total real estate 30,619 5,212 2,926 Consumer 1,648 — 2 Commercial and industrial 13,875 4,018 107 Agricultural & other 1,016 — — Total $ 47,158 $ 9,230 $ 3,035 December 31, 2020 Nonaccrual Nonaccrual Loans Past Due Real estate: Commercial real estate loans Non-farm/non-residential $ 20,947 $ 6,794 $ 6,088 Construction/land development 1,381 2,089 1,296 Agricultural 879 — — Residential real estate loans Residential 1-4 family 19,334 3,000 1,821 Multifamily residential 173 — — Total real estate 42,714 11,883 9,205 Consumer 3,506 — 174 Commercial and industrial 17,251 — 231 Agricultural & other 1,057 — — Total $ 64,528 $ 11,883 $ 9,610 The Company had $47.2 million and $64.5 million in nonaccrual loans for the periods ended December 31, 2021 and 2020, respectively. In addition, the Company had $3.0 million and $9.6 million in loans past due 90 days or more and still accruing for the periods ended December 31, 2021 and 2020, respectively. The Company had $9.2 million and $11.9 million in nonaccrual loans with a specific reserve as of December 31, 2021 and 2020, respectively. The Company did not recognize any interest income on nonaccrual loans during the periods ended December 31, 2021 and 2020. The following table presents the amortized cost basis of collateral-dependent impaired loans by class of loans as of December 31, 2021 and 2020, respectively: December 31, 2021 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 283,919 $ — $ — Construction/land development 4,775 — — Agricultural 897 — — Residential real estate loans Residential 1-4 family — 19,775 — Multifamily residential — 1,300 — Total real estate 289,591 21,075 — Consumer — — 1,663 Commercial and industrial — — 18,193 Agricultural & other — — 1,016 Total $ 289,591 $ 21,075 $ 20,872 December 31, 2020 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 47,429 $ — $ — Construction/land development 6,012 — — Agricultural 879 — — Residential real estate loans Residential 1-4 family — 32,413 — Multifamily residential — 173 — Total real estate 54,320 32,586 — Consumer — — 3,694 Commercial and industrial — — 21,027 Agricultural & other — — 1,057 Total $ 54,320 $ 32,586 $ 25,778 The Company had $331.5 million and $112.7 million in collateral-dependent impaired loans for the periods ended December 31, 2021 and 2020, respectively. The increase in collateral-dependent impaired loans was due to the Company changing the valuation method for lodging and assisted living loans to a market price valuation methodology. This involved assigning a 15% discount of par for these impaired loans. The 15% figure was derived based on knowledge of current hotel and assisted living offerings in the loan sale market. In the event of default, liquidation would be achieved through a loan sale. The Company is continuing to monitor these impaired loans and will adjust the discount as necessary. Loans that do not share risk characteristics are evaluated on an individual basis. For collateral-dependent impaired loans where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the financial asset to be provided substantially through the operation or sale of the collateral, the allowance for credit losses is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. When repayment is expected to be from the operation of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the present value of expected cash flows from the operation of the collateral. When repayment is expected to be from the sale of the collateral, expected credit losses are calculated as the amount by which the amortized cost basis of the loan exceeds the fair value of the underlying collateral less estimated costs to sell. The allowance for credit losses may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the loan. The following is an aging analysis for loans receivable as of December 31, 2021 and 2020: December 31, 2021 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 $ 1,434 $ 576 $ 14,148 $ 16,158 $ 3,873,126 $ 3,889,284 $ 2,225 Construction/land development 92 22 1,445 1,559 1,848,491 1,850,050 — Agricultural — 472 897 1,369 129,305 130,674 — Residential real estate loans Residential 1-4 family 1,633 3,560 16,899 22,092 1,252,861 1,274,953 701 Multifamily residential — — 156 156 280,681 280,837 — Total real estate 3,159 4,630 33,545 41,334 7,384,464 7,425,798 2,926 Consumer 60 205 1,650 1,915 823,604 825,519 2 Commercial and industrial 958 316 13,982 15,256 1,371,491 1,386,747 107 Agricultural and other 587 2 1,016 1,605 196,420 198,025 — Total $ 4,764 $ 5,153 $ 50,193 $ 60,110 $ 9,775,979 $ 9,836,089 $ 3,035 December 31, 2020 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 $ 3,856 $ 68 $ 27,035 $ 30,959 $ 4,398,101 $ 4,429,060 $ 6,088 Construction/land development 178 44 2,677 2,899 1,559,399 1,562,298 1,296 Agricultural 522 — 879 1,401 113,030 114,431 — Residential real estate loans Residential 1-4 family 4,833 7,787 21,155 33,775 1,502,482 1,536,257 1,821 Multifamily residential 111 — 173 284 536,254 536,538 — Total real estate 9,500 7,899 51,919 69,318 8,109,266 8,178,584 9,205 Consumer 2,899 802 3,680 7,381 857,309 864,690 174 Commercial and industrial 960 515 17,482 18,957 1,877,485 1,896,442 231 Agricultural and other 1,125 3,713 1,057 5,895 275,110 281,005 — Total $ 14,484 $ 12,929 $ 74,138 $ 101,551 $ 11,119,170 $ 11,220,721 $ 9,610 Non-accruing loans were $47.2 million and $64.5 million at December 31, 2021 and 2020, respectively. Interest recognized on impaired loans during the years ended December 31, 2021, 2020 and 2019 was approximately $14.7 million, $3.4 million and $2.4 million, respectively. The amount of interest recognized on impaired loans on the cash basis is not materially different than the accrual basis. Credit Quality Indicators. As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the risk rating of loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) non-performing loans and (v) the general economic conditions in Arkansas, Florida, Alabama and New York. The Company utilizes a risk rating matrix to assign a risk rating to each of its loans. Loans are rated on a scale from 1 to 8. Descriptions of the general characteristics of the 8 risk ratings are as follows: • Risk rating 1 – Excellent. Loans in this category are to persons or entities of unquestionable financial strength, a highly liquid financial position, with collateral that is liquid and well margined. These borrowers have performed without question on past obligations, and the Bank expects their performance to continue. Internally generated cash flow covers current maturities of long-term debt by a substantial margin. Loans secured by bank certificates of deposit and savings accounts, with appropriate holds placed on the accounts, are to be rated in this category. • Risk rating 2 – Good. These are loans to persons or entities with strong financial condition and above-average liquidity that have previously satisfactorily handled their obligations with the Bank. Collateral securing the Bank’s debt is margined in accordance with policy guidelines. Internally generated cash flow covers current maturities of long-term debt more than adequately. Unsecured loans to individuals supported by strong financial statements and on which repayment is satisfactory may be included in this classification. • Risk rating 3 – Satisfactory. Loans to persons or entities with an average financial condition, adequate collateral margins, adequate cash flow to service long-term debt, and net worth comprised mainly of fixed assets are included in this category. These entities are minimally profitable now, with projections indicating continued profitability into the foreseeable future. Closely held corporations or businesses where a majority of the profits are withdrawn by the owners or paid in dividends are included in this rating category. Overall, these loans are basically sound. • Risk rating 4 – Watch. Borrowers who have marginal cash flow, marginal profitability or have experienced an unprofitable year and a declining financial condition characterize these loans. The borrower has in the past satisfactorily handled debts with the Bank, but in recent months has either been late, delinquent in making payments, or made sporadic payments. While the Bank continues to be adequately secured, margins have decreased or are decreasing, despite the borrower’s continued satisfactory condition. Other characteristics of borrowers in this class include inadequate credit information, weakness of financial statement and repayment capacity, but with collateral that appears to limit exposure. • Risk rating 5 – Other Loans Especially Mentioned (“OLEM”) . A loan criticized as OLEM has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. OLEM assets are not adversely classified and do not expose the institution to sufficient risks to warrant adverse classification. • Risk rating 6 – Substandard. A loan classified as substandard is inadequately protected by the sound worth and paying capacity of the borrower or the collateral pledged. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual assets. • Risk rating 7 – Doubtful. A loan classified as doubtful has all the weaknesses inherent in a loan classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. These are poor quality loans in which neither the collateral, if any, nor the financial condition of the borrower presently ensure collectability in full in a reasonable period of time; in fact, there is permanent impairment in the collateral securing the loan. • Risk rating 8 – Loss. Assets classified as loss are considered uncollectible and of such little value that the continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this basically worthless asset, even though partial recovery may occur in the future. This classification is based upon current facts, not probabilities. Assets classified as loss should be charged-off in the period in which they became uncollectible. 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. Based on the most recent analysis performed, the risk category of loans by class as of December 31, 2021 and 2020 is as follows: December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 284,127 281,982 266,990 341,642 195,301 891,035 194,640 2,455,717 Risk rating 4 111,697 32,788 115,989 301,520 90,747 345,254 90,028 1,088,023 Risk rating 5 — 10,930 2,239 23,117 49,926 189,038 — 275,250 Risk rating 6 — — 23,723 2,224 11,751 32,372 224 70,294 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total non-farm/non-residential 395,824 325,700 408,941 668,503 347,725 1,457,699 284,892 3,889,284 Construction/land development Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — 231 — 231 Risk rating 3 301,719 183,715 108,491 23,574 13,760 41,860 149,433 822,552 Risk rating 4 226,230 217,267 448,899 33,617 45,679 38,122 7,297 1,017,111 Risk rating 5 — — 388 — — 1,174 176 1,738 Risk rating 6 — 134 825 3 — 7,456 — 8,418 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total construction/land development 527,949 401,116 558,603 57,194 59,439 88,843 156,906 1,850,050 Agricultural Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 21,480 27,931 7,768 6,564 5,103 21,689 7,026 97,561 Risk rating 4 4,305 964 365 970 655 22,143 2,065 31,467 Risk rating 5 — 166 — — — — — 166 Risk rating 6 — 44 — — — 1,436 — 1,480 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 25,785 29,105 8,133 7,534 5,758 45,268 9,091 130,674 Total commercial real estate $ 949,558 $ 755,921 $ 975,677 $ 733,231 $ 412,922 $ 1,591,810 $ 450,889 $ 5,870,008 Residential real estate Residential 1-4 family Risk rating 1 $ — $ — $ — $ — $ — $ 76 $ 89 $ 165 Risk rating 2 — — — — — 29 — 29 Risk rating 3 210,970 147,523 119,861 94,848 82,474 296,687 85,836 1,038,199 Risk rating 4 8,885 3,397 56,839 16,887 21,874 53,578 36,642 198,102 Risk rating 5 — — 3,065 1,220 582 1,366 193 6,426 Risk rating 6 1,136 2,252 2,432 2,063 1,263 16,305 6,580 32,031 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — 1 — 1 Total residential 1-4 family 220,991 153,172 182,197 115,018 106,193 368,042 129,340 1,274,953 December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 11,898 5,211 34,492 17,375 9,430 43,804 3,583 125,793 Risk rating 4 3,755 44,294 30,060 3,412 2,981 18,805 33,723 137,030 Risk rating 5 — — — 7,591 8,105 — — 15,696 Risk rating 6 — — — — 890 1,428 — 2,318 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential 15,653 49,505 64,552 28,378 21,406 64,037 37,306 280,837 Total real estate $ 1,186,202 $ 958,598 $ 1,222,426 $ 876,627 $ 540,521 $ 2,023,889 $ 617,535 $ 7,425,798 Consumer Risk rating 1 $ 4,441 $ 1,799 $ 1,237 $ 920 $ 226 $ 1,383 $ 1,893 $ 11,899 Risk rating 2 — — 45 639 — 8 — 692 Risk rating 3 221,986 173,511 132,148 109,810 67,992 92,076 1,098 798,621 Risk rating 4 3,547 923 2,944 1,776 158 2,641 79 12,068 Risk rating 5 — 116 — 15 — 131 — 262 Risk rating 6 69 34 39 117 — 1,711 7 1,977 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total consumer 230,043 176,383 136,413 113,277 68,376 97,950 3,077 825,519 Commercial and industrial Risk rating 1 99,579 $ 12,752 $ 350 $ 118 $ 102 $ 21,436 $ 9,851 $ 144,188 Risk rating 2 175 16 — — 66 276 168 701 Risk rating 3 125,071 59,056 77,130 67,944 34,733 42,905 145,247 552,086 Risk rating 4 244,927 35,350 89,558 91,840 23,616 34,566 88,750 608,607 Risk rating 5 6,185 609 480 8,258 5,712 2,851 582 24,677 Risk rating 6 492 15,377 5,913 24,941 5,477 2,233 342 54,775 Risk rating 7 — — — 1,696 — — — 1,696 Risk rating 8 — — — — — 16 1 17 Total commercial and industrial 476,429 123,160 173,431 194,797 69,706 104,283 244,941 1,386,747 Agricultural and other Risk rating 1 $ 5,042 $ — $ 40 $ — $ — $ 110 $ 552 $ 5,744 Risk rating 2 — — 3,467 — — 909 983 5,359 Risk rating 3 54,534 44,030 5,158 7,092 2,009 46,570 8,750 168,143 Risk rating 4 1,544 218 154 1,590 1,226 1,224 10,842 16,798 Risk rating 5 — — — — — 1,297 — 1,297 Risk rating 6 53 — 23 13 33 562 — 684 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural and other 61,173 44,248 8,842 8,695 3,268 50,672 21,127 198,025 Total $ 1,953,847 $ 1,302,389 $ 1,541,112 $ 1,193,396 $ 681,871 $ 2,276,794 $ 886,680 $ 9,836,089 December 31, 2020 Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — 25 25 Risk rating 3 301,237 340,562 546,670 286,173 289,483 942,449 266,867 2,973,441 Risk rating 4 27,239 139,354 161,461 265,684 197,979 300,055 17,305 1,109,077 Risk rating 5 10,591 16,865 67,089 7,764 108,885 84,609 750 296,553 Risk rating 6 — 859 2,289 987 4,577 40,600 86 49,398 Risk rating 7 — — — — — 552 — 552 Risk rating 8 — — — — — 14 — 14 Total non-farm/non-residential 339,067 497,640 777,509 560,608 600,924 1,368,279 285,033 4,429,060 Construction/land development Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — 283 — 283 Risk rating 3 211,567 181,257 91,323 33,986 25 |
Goodwill and Core Deposits and
Goodwill and Core Deposits and Other Intangibles | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposits and Other Intangibles | Goodwill and Core Deposits and Other Intangibles Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposits and other intangibles at December 31, 2021 and 2020, were as follows: December 31, 2021 December 31, 2020 Goodwill (In thousands) Balance, beginning of period $ 973,025 $ 958,408 Acquisitions — 14,617 Balance, end of period $ 973,025 $ 973,025 December 31, 2021 December 31, 2020 Core Deposit and Other Intangibles (In thousands) Balance, beginning of period $ 30,728 $ 36,572 Acquisitions — — Amortization expense (5,683) (5,844) Balance, end of year $ 25,045 $ 30,728 The carrying basis and accumulated amortization of core deposits and other intangibles at December 31, 2021 and 2020 were: December 31, 2021 December 31, 2020 (In thousands) Gross carrying amount $ 86,625 $ 86,625 Accumulated amortization (61,580) (55,897) Net carrying amount $ 25,045 $ 30,728 Core deposit and other intangible amortization expense for the years ended December 31, 2021, 2020 and 2019 was approximately $5.7 million, $5.8 million and $6.3 million, respectively. Core deposit and other intangibles are tested annually for impairment during the fourth quarter. During the 2021 review, no impairment was found. Including all of the mergers completed as of December 31, 2021, HBI’s estimated amortization expense of core deposits and other intangibles for each of the years 2022 through 2026 is approximately: 2022 – $5.7 million ; 2023 – $5.5 million ; 2024 – $4.3 million ; 2025 – $3.9 million ; 2026 – $3.6 million. The carrying amount of the Company’s goodwill was $973.0 million at both December 31, 2021 and 2020. Goodwill is tested annually for impairment during the fourth quarter or more frequently if changes or circumstances occur. During the 2021 and 2020 reviews, no impairment was found. 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 | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Other assets consist primarily of equity securities without a readily determinable fair value and other miscellaneous assets. As of December 31, 2021 and 2020, other assets were $177.0 million and $164.9 million, respectively. The Company has equity securities without readily determinable fair values such as stock holdings in the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank (“Federal Reserve”) which are outside the scope of ASC Topic 321, Investments – Equity Securities (“ASC Topic 321”). These equity securities without a readily determinable fair value were $88.2 million and $86.7 million at December 31, 2021 and December 31, 2020, respectively, and are accounted for at cost. The Company has equity securities such as stock holdings in First National Bankers’ Bank and other miscellaneous holdings which are accounted for under ASC Topic 321. These equity securities without a readily determinable fair value were $36.4 million and $28.2 million at December 31, 2021 and 2020, respectively. There were no transactions during the period that would indicate a material change in fair value. Therefore, these investments were accounted for at cost, less impairment. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | DepositsThe aggregate amount of time deposits with a minimum denomination of $250,000 was $321.6 million and $588.0 million at December 31, 2021 and 2020, respectively. The aggregate amount of time deposits with a minimum denomination of $100,000 was $537.4 million and $864.3 million at December 31, 2021 and 2020, respectively. Interest expense applicable to certificates in excess of $100,000 totaled $7.3 million, $22.8 million and $31.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020, brokered deposits were $625.7 million and $635.7 million, respectively. The following is a summary of the scheduled maturities of all time deposits at December 31, 2021 (in thousands): One month or less $137,785 Over 1 month to 3 months 154,614 Over 3 months to 6 months 159,366 Over 6 months to 12 months 257,611 Over 12 months to 2 years 138,863 Over 2 years to 3 years 15,870 Over 3 years to 5 years 16,369 Over 5 years 409 Total time deposits $880,887 Deposits totaling approximately $1.91 billion and $1.98 billion at December 31, 2021 and 2020, 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 | 12 Months Ended |
Dec. 31, 2021 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase At December 31, 2021 and 2020, securities sold under agreements to repurchase totaled $140.9 million and $168.9 million, respectively. For the years ended December 31, 2021 and 2020, securities sold under agreements to repurchase daily weighted-average totaled $151.2 million and $151.6 million, respectively. The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of December 31, 2021 and 2020 is presented in the following tables: December 31, 2021 Overnight and Up to 30 30-90 Greater than Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 8,433 $ — $ — $ — $ 8,433 Mortgage-backed securities 7,920 — — — 7,920 State and political subdivisions 122,173 — — — 122,173 Other securities 2,360 — — — 2,360 Total borrowings $ 140,886 $ — $ — $ — $ 140,886 December 31, 2020 Overnight and Up to 30 30-90 Greater than Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 11,166 $ — $ — $ — $ 11,166 Mortgage-backed securities 18,830 — — — 18,830 State and political subdivisions 135,308 — — — 135,308 Other securities 3,627 — — — 3,627 Total borrowings $ 168,931 $ — $ — $ — $ 168,931 |
FHLB and Other Borrowed Funds
FHLB and Other Borrowed Funds | 12 Months Ended |
Dec. 31, 2021 | |
Advances from Federal Home Loan Banks [Abstract] | |
FHLB and Other Borrowed Funds | FHLB and Other Borrowed Funds The Company’s FHLB borrowed funds, which are secured by our loan portfolio, were $400.0 million at both December 31, 2021 and 2020. The Company had no other borrowed funds as of December 31, 2021 or December 31, 2020. At December 31, 2021 and December 31, 2020, the entire $400.0 million balance was classified as long term advances. The FHLB advances mature in 2033 with fixed interest rates ranging from 1.76% to 2.26% and are secured by loans and investments securities. Expected maturities could differ from contractual maturities because the FHLB has have the right to call or the Company has the right to prepay certain obligations. Additionally, the Company had $1.07 billion and $1.11 billion at December 31, 2021 and 2020, respectively, in letters of credit under a FHLB blanket borrowing line of credit, which are used to collateralize public deposits at December 31, 2021 and 2020, respectively. Maturities of borrowings with original maturities exceeding one year at December 31, 2021, are as follows (in thousands): By By 2022 $ — $ 400,000 2023 — — 2024 — — 2025 — — 2026 — — Thereafter 400,000 — $ 400,000 $ 400,000 Additionally, the parent company took out a $20.0 million line of credit for general corporate purposes during 2015. The balance on this line of credit at December 31, 2021 and 2020 was zero. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Subordinated Debentures | Subordinated DebenturesSubordinated debentures consist of subordinated debt securities and guaranteed payments on trust preferred securities. As of December 31, 2021 and 2020, subordinated debentures were $371.1 million and $370.3 million, respectively. Subordinated debentures at December 31, 2021 and 2020 contained the following components: As of December 31, 2021 As of December 31, 2020 (In thousands) Trust preferred securities 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 Subordinated debentures, issued in 2005, due 2035, floating rate of 2.15% above the three-month LIBOR rate, reset quarterly, currently callable without penalty 4,501 4,452 Subordinated debentures, issued in 2006, due 2036, fixed rate of 7.38% during the first five years and at a floating rate of 1.62% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty 5,942 5,849 Subordinated debt securities Subordinated notes, net of issuance costs, issued in 2017, due 2027, fixed rate of 5.625% during the first five years and at a floating rate of 3.575% above the then three-month LIBOR rate, reset quarterly, thereafter, callable in 2022 without penalty 299,824 299,199 Total $ 371,093 $ 370,326 Trust Preferred Securities . The Company holds trust preferred securities with a face amount of $73.3 million 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. However, now that the Company has exceeded $15 billion in assets, the Tier 1 treatment of the Company’s outstanding trust preferred securities will be phased out upon completion of the acquisition of Happy Bancshares, but these securities will still be treated as Tier 2 capital. 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. Subordinated Debt Securities . On April 3, 2017, the Company completed an underwritten public offering of $300.0 million in aggregate principal amount of its 5.625% Fixed-to-Floating Rate Subordinated Notes due 2027 (the “Notes”) for net proceeds, after underwriting discounts and issuance costs, of approximately $297.0 million . The Notes are unsecured, subordinated debt obligations and mature on April 15, 2027. From and including the date of issuance to, but excluding April 15, 2022, the Notes bear interest at an initial rate of 5.625% per annum. From and including April 15, 2022 to, but excluding the maturity date or earlier redemption, the Notes will bear interest at a floating rate equal to three-month LIBOR as calculated on each applicable date of determination plus a spread of 3.575%; provided, however, that in the event three-month LIBOR is less than zero, then three-month LIBOR shall be deemed to be zero. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following is a summary of the components of the provision for income taxes for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (In thousands) Current: Federal $ 70,536 $ 62,362 $ 50,418 State 23,350 20,644 16,690 Total current 93,886 83,006 67,108 Deferred: Federal 2,906 (14,839) 21,768 State 962 (4,912) 7,206 Total deferred 3,868 (19,751) 28,974 Income tax expense $ 97,754 $ 63,255 $ 96,082 The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Statutory federal income tax rate 21.00 % 21.00 % 21.00 % Effect of non-taxable interest income (1.03) (1.29) (0.83) Stock compensation 0.25 0.33 0.10 State income taxes, net of federal benefit 3.97 3.50 3.71 Other (0.74) (0.76) 0.94 Effective income tax rate 23.45 % 22.78 % 24.92 % During 2019, the Company made a strategic decision to surrender $47.5 million of its underperforming BOLI. When a BOLI contract is surrendered the gains within the policy become taxable as well as a 10% IRS penalty on the gain. As a result of this BOLI decision, the Company recorded a $3.7 million tax expense related to this transaction in 2019. The effective tax rate excluding the BOLI tax expense was 23.97% for the year ended December 31, 2019. The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows: December 31, 2021 December 31, 2020 (In thousands) Deferred tax assets: Allowance for credit losses $ 68,644 $ 72,445 Deferred compensation 5,342 4,741 Stock compensation 5,044 4,768 Non-accrual interest income 694 775 Real estate owned 109 620 Loan discounts 4,169 6,806 Tax basis premium/discount on acquisitions 3,220 5,101 Investments 263 502 Deposits (65) (33) Other 5,283 5,855 Gross deferred tax assets 92,703 101,580 Deferred tax liabilities: Accelerated depreciation on premises and equipment 761 1,929 Unrealized gain on securities available-for-sale 4,220 15,072 Core deposit intangibles 5,736 7,056 FHLB dividends 2,820 2,711 Other 876 4,563 Gross deferred tax liabilities 14,413 31,331 Net deferred tax assets $ 78,290 $ 70,249 The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and the states of Alabama, Arizona, Arkansas, California, Florida, Georgia, Illinois, Kentucky, Maryland, Mississippi, New York, New Jersey, Oklahoma, Missouri, Pennsylvania, Tennessee, Texas and Wisconsin. The Company is no longer subject to U.S. federal and state tax examinations by tax authorities for years before 2018. |
Common Stock, Compensation Plan
Common Stock, Compensation Plans and Other | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Common Stock, Compensation Plans and Other | Common Stock, Compensation Plans and Other Common Stock The Company’s Restated Articles of Incorporation, as amended, authorize the issuance of up to 300,000,000 shares of common stock, par value $0.01 per share. The Company also has the authority to issue up to 5,500,000 shares of preferred stock, par value $0.01 per share under the Company’s Restated Articles of Incorporation. Stock Repurchases On January 22, 2021, the Board of Directors of the Company authorized the repurchase of up to an additional 20,000,000 shares of the Company’s common stock under the previously approved stock repurchase program, which brought the remaining balance of authorized shares to repurchase to 39,752,000 shares. During 2021, the Company utilized a portion of this stock repurchase program in order to repurchase a total of 1,753,000 shares with a weighted-average stock price of $25.34 per share. The 2021 earnings were used to fund the repurchases during the year. Shares repurchased under the program as of December 31, 2021 total 17,661,335 shares. The remaining balance available for repurchase was 22,090,665 shares at December 31, 2021. 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 and other equity awards, including the issuance of restricted shares. As of December 31, 2021, the maximum total number of shares of the Company’s common stock available for issuance under the Plan was 13,288,000. At December 31, 2021, the Company had 1,625,136 shares of common stock remaining available for future grants and 4,640,152 shares of common stock reserved for issuance pursuant to outstanding awards under the Plan. The intrinsic value of the stock options outstanding at December 31, 2021, 2020, and 2019 was $13.1 million, $5.0 million and $6.0 million, respectively. The intrinsic value of the stock options vested at December 31, 2021, 2020 and 2019 was $10.7 million, $4.7 million and $5.3 million, respectively. The intrinsic value of the stock options exercised during 2021, 2020 and 2019 was $2.0 million, $719,000, and $332,000, respectively. Total unrecognized compensation cost, net of income tax benefit, related to non-vested awards, which are expected to be recognized over the vesting periods, was approximately $6.5 million as of December 31, 2021. The table below summarized the stock option transactions under the Plan at December 31, 2021, 2020 and 2019 and changes during the years then ended: 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding, beginning of year 3,254 $ 19.77 3,411 $ 19.60 3,617 $ 19.62 Granted 15 21.68 — — 55 19.15 Forfeited/Expired (57) 22.44 (76) 21.95 (163) 22.43 Exercised (197) 14.78 (81) 10.61 (98) 15.21 Outstanding, end of year 3,015 20.06 3,254 19.77 3,411 19.60 Exercisable, end of year 1,543 17.46 1,537 16.82 1,353 16.03 Stock-based compensation expense for stock-based compensation awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company's employee stock options. The weighted-average fair value of options granted during the year ended December 31, 2021 was $11.11 . There were no options granted during the year ended December 31, 2020. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model based on the weighted-average assumptions for expected dividend yield, expected stock price volatility, risk-free interest rate, and expected life of options granted. The assumptions used in determining the fair value of 2021, 2020 and 2019 stock option grants were as follows: For the Years Ended December 31, 2021 2020 2019 Expected dividend yield 2.59 % Not Applicable 2.70 % Expected stock price volatility 70.13 % Not Applicable 26.13 % Risk-free interest rate 0.75 % Not Applicable 2.48 % Expected life of options 6.5 years Not Applicable 6.5 years The following is a summary of currently outstanding and exercisable options at December 31, 2021: Options Outstanding Options Exercisable Exercise Prices Options Weighted- Weighted- Options Weighted- $6.56 to $8.62 152 0.97 $ 8.46 152 $ 8.46 $9.54 to $14.71 140 2.54 13.23 140 13.23 $16.77 to $16.86 130 2.64 16.80 130 16.80 $17.12 to $17.36 99 3.22 17.13 99 17.13 $17.40 to $18.46 871 3.63 18.45 738 18.45 $18.50 to $20.16 41 7.27 19.05 14 19.04 $20.58 to $21.25 158 4.26 21.08 149 21.10 $21.31 to $22.22 112 6.60 22.18 60 22.22 $22.70 to $23.32 1,232 6.55 23.32 1 22.70 $23.51 to $25.96 81 5.47 25.64 59 25.82 3,015 1,543 The table below summarizes the activity for the Company’s restricted stock issued and outstanding at December 31, 2021, 2020 and 2019 and changes during the years then ended: 2021 2020 2019 (In thousands) Beginning of year 1,371 1,636 1,873 Issued 216 264 181 Vested (320) (453) (340) Forfeited (36) (76) (78) End of year 1,231 1,371 1,636 Amount of expense for twelve months ended $ 7,112 $ 6,824 $ 8,427 |
Non-Interest Expense
Non-Interest Expense | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Non-Interest Expense | Non-Interest Expense The table below shows the components of non-interest expense for years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 (In thousands) Salaries and employee benefits $ 170,755 $ 163,950 $ 154,177 Occupancy and equipment 36,631 38,412 35,452 Data processing expense 24,280 19,032 16,161 Merger expense 1,886 711 — Other operating expenses: Advertising 4,855 3,999 4,687 Amortization of intangibles 5,683 5,844 6,324 Electronic banking expense 9,817 8,477 7,525 Directors' fees 1,614 1,624 1,602 Due from bank service charges 1,044 975 1,081 FDIC and state assessment 5,472 6,494 4,468 Hurricane expense — — 897 Insurance 3,118 3,018 2,846 Legal and accounting 3,703 4,222 5,017 Other professional fees 6,950 8,150 10,213 Operating supplies 1,915 1,988 2,021 Postage 1,283 1,283 1,266 Telephone 1,425 1,302 1,210 Other expense 18,086 17,904 20,840 Total other operating expenses 64,965 65,280 69,997 Total non-interest expense $ 298,517 $ 287,385 $ 275,787 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans 401(k) and Employee Stock Ownership Plan The Company has a retirement savings 401(k) plan in which substantially all employees may participate. The Company matches employees’ contributions based on a percentage of salary contributed by participants. Effective February 2019, the Company adopted a combined 401(k) plan and employee stock ownership plan, named the Home BancShares, Inc. 401(k) and Employee Stock Ownership Plan, in place of its existing 401(k) plan. The Company filed a registration statement on Form S-8 with the Securities and Exchange Commission on February 22, 2019 to register $2,000,000 shares of the Company’s common stock that participants may invest in through the plan. As of December 31, 2021, participants in the plan held approximately 1.1 million shares of the Company’s stock. These shares are allocated to the individual employees that have elected to own stock within the plan. While the plan also allows for discretionary employer contributions, no discretionary contributions were made for the years ended 2021, 2020 and 2018. The Company’s expense for the plan was approximately $2.5 million , $2.3 million and $2.1 million in 2021, 2020 and 2019, respectively, which is included in salaries and employee benefits expense. Chairman’s Retirement Plan On April 20, 2007, the Company’s Board of Directors approved a Chairman’s Retirement Plan for John W. Allison, the Company’s Chairman. The Chairman’s Retirement Plan provides a supplemental retirement benefit of $250,000 a year for 10 consecutive years or until Mr. Allison’s death, whichever occurs later. During 2011, Mr. Allison reached the age of 65 and became 100% vested in the plan. Therefore, he began receiving the supplemental retirement benefit due to him. He received $250,000 of this benefit during 2021, 2020 and 2019, respectively. An expense of $109,140, $119,935 and $129,903 was accrued for 2021, 2020 and 2019 for this plan, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions In the ordinary course of business, loans may be made to officers and directors and their affiliated companies at substantially the same terms as comparable transactions with other borrowers. At December 31, 2021 and 2020, related party loans were approximately $60.7 million and $68.8 million, respectively. New loans and advances on prior commitments made to the related parties were $1.7 million and $8.4 million for the years ended December 31, 2021 and 2020, respectively. Repayments of loans made by the related parties were $6.1 million and $2.6 million for the years ended December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, directors, officers, and other related interest parties had demand, non-interest-bearing deposits of approximately $1.8 million and $1.5 million, respectively, savings and interest-bearing transaction accounts of approximately $14.3 million and $11.4 million, respectively, and time certificates of deposit of approximately $387,000 and $385,000, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company leases land and office facilities under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2042 and do not include renewal options based on economic factors that would have implied that continuation of the lease was reasonably certain. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. The leases generally include real estate taxes and common area maintenance (“CAM”) charges in the rental payments. Short-term leases are leases having a term of twelve months or less. Upon adoption of ASU 2016-02, the Company elected the package of practical expedients whereby we did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. In accordance with ASU 2018-11, the Company elected the practical expedient whereby we elected to not separate nonlease components from the associated lease component of our operating leases. As a result, we account for these components as a single component under Topic 842 since (i) the timing and pattern of transfer of the nonlease components and the associated lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company recognizes short-term leases on a straight-line basis and does not record a related ROU asset and liability for such leases. In addition, equipment leases were determined to be immaterial and a related ROU asset and liability for such leases is not recorded. As of December 31, 2021, the balances of the right-of-use asset and lease liability were $39.6 million and $42.4 million, respectively. As of December 31, 2020, the balances of the right-of-use asset and lease liability were $40.2 million and $43.0 million, respectively. The right-of-use asset is included in bank premises and equipment, net accrued interest payable and other liabilities The minimum rental commitments under these noncancelable operating leases are as follows (in thousands) as of December 31, 2021: December 31, 2021 2022 $ 7,714 2023 6,574 2024 6,001 2025 5,510 2026 5,389 Thereafter 24,999 Total future minimum lease payments $ 56,187 Discount effect of cash flows (13,778) Present value of net future minimum lease payments $ 42,409 Additional information (dollar amounts in thousands): Year Ended December 31, Year Ended December 31, Year Ended Lease expense: 2021 2020 2019 Operating lease expense $ 7,857 $ 8,138 $ 8,217 Short-term lease expense 6 35 105 Variable lease expense 1,028 1,056 976 Total lease expense $ 8,891 $ 9,229 $ 9,298 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 7,881 $ 8,030 $ 7,931 Weighted-average remaining lease term 9.71 10.19 10.70 Weighted-average discount rate 3.48 % 3.61 % 3.62 % |
Significant Estimates and Conce
Significant Estimates and Concentrations of Credit Risks | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Significant Estimates and Concentrations of Credit Risks | Significant Estimates and Concentrations of Credit Risks 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 credit losses and certain concentrations of credit risk are reflected in Note 5, while deposit concentrations are reflected in Note 8. The Company’s primary market areas are in Arkansas, Florida, South Alabama and New York. The Company primarily grants loans to customers located within these markets 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. Although the Company has a diversified loan portfolio, at December 31, 2021 and 2020, commercial real estate loans represented 59.7% and 54.4% of total loans receivable, respectively, and 212.2% and 234.3% of total stockholders’ equity, respectively. Residential real estate loans represented 15.8% and 18.5% of total loans receivable and 56.3% and 79.6% of total stockholders’ equity at December 31, 2021 and 2020, respectively. Approximately 69.8% of the Company’s total loans and 74.6% of the Company’s real estate loans as of December 31, 2021, are to borrowers whose collateral is located in Alabama, Arkansas, Florida and New York, the states in which the Company has its branch locations. As of December 31, 2021 , the markets in which we operate have begun to experience economic recovery . However, there is still a significant amount of uncertainty related to the COVID-19 pandemic which may slow the anticipated economic recovery. The Company determined that an additional provision for credit losses was not necessary as the current level of the allowance for credit losses was considered adequate as of December 31, 2021 . During the year ended December 31, 2021 , the Company recorded a negative provision for unfunded commitments of $4.8 million. This was primarily due to a single commercial & industrial loan for which a reserve was no longer considered necessary due to the borrower’s current cash flow position. The financial statements have been prepared using values and information currently available to the Company. The Company is continuing to closely monitor the situation. 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 credit losses and capital that could negatively impact the Company’s ability to meet regulatory capital requirements and maintain sufficient liquidity. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the ordinary course of business, the Company makes various commitments and incurs certain contingent liabilities to fulfill the financing needs of their customers. These commitments and contingent liabilities include lines of credit and commitments to extend credit and issue standby letters of credit. The Company applies the same credit policies and standards as they do in the lending process when making these commitments. The collateral obtained is based on the assessed creditworthiness of the borrower. At December 31, 2021 and 2020, commitments to extend credit of $3.05 billion and $2.82 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 December 31, 2021 and 2020, is $110.8 million and $56.1 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. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 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 A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Transfers of financial instruments between levels within the fair value hierarchy are recognized on the date management determines that the underlying circumstances or assumptions have changed. Financial Assets and Liabilities Measured on a Recurring Basis Available-for-sale securities are the only material instruments valued on a recurring basis which are held by the Company at fair value. The Company does not have any Level 1 securities. Primarily all of the Company's securities are considered to be Level 2 securities. These Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. As of December 31, 2021 and 2020, Level 3 securities were immaterial. In addition, there were no material transfers between hierarchy levels during 2021 and 2020. The Company 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. The Company uses a third-party comparison pricing vendor in order to reflect consistency in the fair values of the investment securities sampled by the Company each quarter. Financial Assets and Liabilities Measured on a Nonrecurring Basis Impaired loans, which include individually evaluated 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 credit 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 credit 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 $280.0 million and $102.1 million as of December 31, 2021 and 2020, respectively. The increase in collateral-dependent impaired loans was due to the Company changing the valuation for lodging and assisted living loans to a market price valuation methodology. This involved assigning a 15% discount of par for these impaired loans. The 15% figure was derived based on knowledge of current hotel and assisted living offerings in the loan sale market. In the event of default, liquidation would be achieved through a loan sale. The Company is continuing to monitor these impaired loans and will adjust the discount as necessary. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed $380,000 and $1.3 million of accrued interest receivable when impaired loans were put on non-accrual status during the years ended December 31, 2021 and 2020, respectively. Nonfinancial Assets and Liabilities Measured on a Nonrecurring Basis 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 credit losses. Additionally, valuations are periodically performed by management and any subsequent reduction in value is recognized by a charge to income. The fair value of foreclosed assets held for sale is estimated using Level 3 inputs based on appraisals of underlying collateral. As of December 31, 2021 and 2020, the fair value of foreclosed assets held for sale, less estimated costs to sell, was $1.6 million and $4.4 million, respectively. No foreclosed assets held for sale were remeasured during the year ended December 31, 2021. Foreclosed assets held for sale with a carrying value of approximately $217,000 were remeasured during the year ended December 31, 2020, resulting in a write-down of approximately $167,000. Regulatory guidelines require the Company to reevaluate the fair value of foreclosed assets held for sale on at least an annual basis. The Company’s 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 25% to 50% for commercial and residential real estate collateral. Fair Values of Financial Instruments The following table presents the estimated fair values of the Company’s financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. December 31, 2021 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 3,650,315 $ 3,650,315 1 Loans receivable, net of impaired loans and allowance 9,319,421 9,503,261 3 Accrued interest receivable 46,736 46,736 1 FHLB, FRB & FNBB stock; other equity investments 124,638 124,638 3 Financial liabilities: Deposits: Demand and non-interest bearing $ 4,127,878 $ 4,127,878 1 Savings and interest-bearing transaction accounts 9,251,805 9,251,805 1 Time deposits 880,887 901,280 3 Securities sold under agreements to repurchase 140,886 140,886 1 FHLB and other borrowed funds 400,000 401,362 2 Accrued interest payable 4,798 4,798 1 Subordinated debentures 371,093 374,894 3 December 31, 2020 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 1,263,788 $ 1,263,788 1 Loans receivable, net of impaired loans and allowance 10,873,120 11,292,004 3 Accrued interest receivable 60,528 60,528 1 FHLB, FRB & FNBB stock; other equity investments 114,854 114,854 3 Financial liabilities: Deposits: Demand and non-interest bearing $ 3,266,753 $ 3,266,753 1 Savings and interest-bearing transaction accounts 8,212,240 8,212,240 1 Time deposits 1,246,797 1,266,430 3 Securities sold under agreements to repurchase 168,931 168,931 1 FHLB and other borrowed funds 400,000 414,207 2 Accrued interest payable 5,925 5,925 1 Subordinated debentures 370,326 378,981 3 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | 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 2021, the Company requested approximately $255.4 million in regular dividends from its banking subsidiary. 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 December 31, 2020, the Company meets all capital adequacy requirements to which it is subject. On December 31, 2018, the federal banking agencies issued a joint final rule to revise their regulatory capital rules to permit bank holding companies and banks to phase-in, for regulatory capital purposes, the day-one impact of the new CECL accounting rule on retained earnings over a period of three years. As part of its response to the impact of COVID-19, on March 27, 2020, the federal banking regulatory agencies issued an interim final rule that provided the option to temporarily delay certain effects of CECL on regulatory capital for two years, followed by a three-year transition period. The interim final rule allows bank holding companies and banks to delay for two years 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL. The Company has elected to adopt the interim final rule, which is reflected in the risk-based capital ratios presented below. In July 31, 2013, the Federal Reserve Board and the other federal bank regulatory agencies issued a final rule to revise their risk-based and leverage capital requirements and their method for calculating risk-weighted assets to make them consistent with the agreements that were reached by the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” and certain provisions of the Dodd-Frank Act (“Basel III”). Basel III applies to all depository institutions, bank holding companies with total consolidated assets of $500 million or more, and savings and loan holding companies. Basel III became effective for the Company and its bank subsidiary on January 1, 2015. The capital conservation buffer requirement began being phased in beginning January 1, 2016 at the 0.625% level and increased by 0.625% on each subsequent January 1, until it reached 2.5% on January 1, 2019 when the phase-in period ended, and the full capital conservation buffer requirement became effective. Basel III permanently grandfathers trust preferred securities and other non-qualifying capital instruments that were issued and outstanding as of May 19, 2010 in the Tier 1 capital of bank holding companies with total consolidated assets of less than $15 billion as of December 31, 2009. The rule phases out of Tier 1 capital these non-qualifying capital instruments issued before May 19, 2010 by all other bank holding companies. Because our total consolidated assets were less than $15 billion as of December 31, 2009, our outstanding trust preferred securities continue to be treated as Tier 1 capital. However, now that the Company has exceeded $15 billion in assets, the Tier 1 treatment of the Company’s outstanding trust preferred securities will be phased out upon completion of the acquisition of Happy Bancshares, but these securities will still be treated as Tier 2 capital. Basel III amended the prompt corrective action rules to incorporate a “common equity Tier 1 capital” requirement and to raise the capital requirements for certain capital categories. In order to be adequately capitalized for purposes of the prompt corrective action rules, a banking organization is required to have at least a 4.5% “common equity Tier 1 risk-based capital” ratio, a 4% “Tier 1 leverage capital” ratio, a 6% “Tier 1 risk-based capital” ratio and an 8% “total risk-based capital” ratio. The Federal Reserve Board’s risk-based capital guidelines include the definitions for (1) a well-capitalized institution, (2) an adequately-capitalized institution, and (3) an undercapitalized institution. Under Basel III, the criteria for a well-capitalized institution are now: a 6.5% “common equity Tier 1 risk-based capital” ratio, a 5% “Tier 1 leverage capital” ratio, an 8% “Tier 1 risk-based capital” ratio, and a 10% “total risk-based capital” ratio. As of December 31, 2021, 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 15.37%, 11.11%, 15.98%, and 19.77%, respectively, as of December 31, 2021. The Company’s actual capital amounts and ratios along with the Company’s bank subsidiary are presented in the following table. Actual Minimum Capital Minimum To Be Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2021 Common equity Tier 1 capital ratios: Home BancShares $ 1,812,797 15.37 % $ 825,548 7.00 % N/A N/A Centennial Bank 1,859,093 15.82 822,608 7.00 763,850 6.50 Leverage ratios: Home BancShares $ 1,884,067 11.11 % $ 678,427 4.00 % N/A N/A Centennial Bank 1,859,093 10.97 677,883 4.00 847,353 5.00 Tier 1 capital ratios: Home BancShares $ 1,884,067 15.98 % $ 1,002,451 8.50 % N/A N/A Centennial Bank 1,859,093 15.82 998,881 8.50 940,123 8.00 Total risk-based capital ratios: Home BancShares $ 2,331,948 19.77 % $ 1,238,322 10.50 % N/A N/A Centennial Bank 2,006,814 17.08 1,233,697 10.50 1,174,950 10.00 As of December 31, 2020 Common equity Tier 1 capital ratios: Home BancShares $ 1,615,683 13.42 % $ 842,741 7.00 % N/A N/A Centennial Bank 1,804,392 15.04 839,810 7.00 779,824 6.50 Leverage ratios: Home BancShares $ 1,686,810 10.85 % $ 621,884 4.00 % N/A N/A Centennial Bank 1,804,392 11.61 621,668 4.00 777,085 5.00 Tier 1 capital ratios: Home BancShares $ 1,686,810 14.01 % $ 1,023,328 8.50 % N/A N/A Centennial Bank 1,804,392 15.04 1,019,769 8.50 959,783 8.00 Total risk-based capital ratios: Home BancShares $ 2,137,238 17.75 % $ 1,264,111 10.50 % N/A N/A Centennial Bank 1,955,299 16.30 1,259,548 10.50 1,199,570 10.00 |
Additional Cash Flow Informatio
Additional Cash Flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Additional Cash Flow Information | Additional Cash Flow InformationIn connection with the LH-Finance acquisition, accounted for using the purchase method, the Company acquired approximately $409.1 million in assets, including $407.4 million in loans as of February 29, 2020, and paid $421.2 million in cash. The following is summary of the Company’s additional cash flow information during the years ended December 31: 2021 2020 2019 (In thousands) Interest paid $ 53,327 $ 95,483 $ 155,661 Income taxes paid 98,320 77,838 89,692 Assets acquired by foreclosure 2,623 2,639 9,340 |
Condensed Financial Information
Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Dec. 31, 2021 | |
Offsetting [Abstract] | |
Condensed Financial Information (Parent Company Only) | Condensed Financial Information (Parent Company Only) Condensed Balance Sheets December 31, (In thousands) 2021 2020 Assets Cash and cash equivalents $ 291,585 $ 152,718 Investment securities 18,254 13,037 Investments in wholly-owned subsidiaries 2,815,345 2,797,541 Investments in unconsolidated subsidiaries 2,201 2,201 Other assets 14,591 15,825 Total assets $ 3,141,976 $ 2,981,322 Liabilities Subordinated debentures $ 371,093 $ 370,326 Other liabilities 5,162 5,238 Total liabilities 376,255 375,564 Stockholders' Equity Common stock 1,637 1,651 Capital surplus 1,487,373 1,520,617 Retained earnings 1,266,249 1,039,370 Accumulated other comprehensive income 10,462 44,120 Total stockholders' equity 2,765,721 2,605,758 Total liabilities and stockholders' equity $ 3,141,976 $ 2,981,322 Condensed Statements of Income Years Ended December 31, (In thousands) 2021 2020 2019 Income Dividends from equity securities $ 646 $ 385 $ — Dividends from banking subsidiary 286,712 183,711 232,532 Other (loss) income 7,234 (1,588) 125 Total income 294,592 182,508 232,657 Expenses 34,194 33,346 36,798 Income before income taxes and equity in undistributed net income of subsidiaries 260,398 149,162 195,859 Tax benefit for income taxes 7,161 8,589 9,703 Income before equity in undistributed net income of subsidiaries 267,559 157,751 205,562 Equity in undistributed net income of subsidiaries 51,462 56,697 83,977 Net income $ 319,021 $ 214,448 $ 289,539 Condensed Statements of Cash Flows Years Ended December 31, (In thousands) 2021 2020 2019 Cash flows from operating activities Net income $ 319,021 $ 214,448 $ 289,539 Items not requiring (providing) cash Depreciation — 216 289 Amortization 767 769 796 Share-based compensation 8,848 8,607 10,719 (Increase) decrease in value of equity securities (7,178) 1,978 — Gain on assets — (320) (18) Equity in undistributed income of subsidiaries (51,462) (56,697) (83,977) Changes in other assets 90 (628) (2,006) Changes in other liabilities (76) (307) (504) Net cash provided by operating activities 270,010 168,066 214,838 Cash flows from investing activities Proceeds from sale of premises and equipment, net — 1,841 508 Purchases of equity securities (13,276) (15,015) — Proceeds from sale of equity securities 16,381 — — Net cash provided by (used in) investing activities 3,105 (13,174) 508 Cash flows from financing activities Proceeds from exercise of stock options 2,374 595 1,407 Repurchase of common stock (44,480) (25,689) (84,888) Dividends paid (92,142) (87,677) (85,627) Net cash used in financing activities (134,248) (112,771) (169,108) Increase in cash and cash equivalents 138,867 42,121 46,238 Cash and cash equivalents, beginning of year 152,718 110,597 64,359 Cash and cash equivalents, end of year $ 291,585 $ 152,718 $ 110,597 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss should not exceed the total amount of goodwill allocated to that reporting unit. The new standard is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and should be applied on a prospective basis. Early adoption was permitted for annual or interim goodwill impairment testing performed after January 1, 2017. The Company has goodwill from prior business combinations and performs an annual impairment test or more frequently if changes or circumstances occur that would more-likely-than-not reduce the fair value of the reporting unit below its carrying value. During 2019, the Company performed its impairment assessment and determined the fair value of the aggregated reporting units exceed the carrying value, such that the Company’s goodwill was not considered impaired. The Company adopted the guidance effective January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures. The current accounting policies and processes have not changed, except for the elimination of the Step 2 analysis. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The new guidance modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. The Company adopted the guidance effective January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, that amends the definition of a hosting arrangement and requires a customer in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. The internal-use software guidance states that only qualifying costs incurred during the application development stage can be capitalized. The effective date is for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Entities have the option to apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively in accordance with the applicable guidance. The Company adopted the guidance effective January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements . The amendments in this Update reinstate the exception in Topic 842 for lessors that are not manufacturers or dealers. Specifically, those lessors will use their cost, reflecting any volume or trade discounts that may apply, as the fair value of the underlying asset. However, if significant time lapses between the acquisition of the underlying asset and lease commencement, those lessors will be required to apply the definition of fair value (exit price) in Topic 820. In addition, the amendments in this Update address the concerns of lessors within the scope of Topic 942 about where “principal payments received under leases” should be presented. Specifically, lessors that are depository and lending institutions within the scope of Topic 942 will present all “principal payments received under leases” within investing activities. Finally, the amendments in this Update clarify the FASB’s original intent by explicitly providing an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements. The effective date for the amendments in this update is for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company adopted the guidance effective January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. The amendments clarify certain aspects of the accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-13, 2017-12 and 2016-01, respectively). The amendments made to the provisions of ASU 2016-13 are related to accrued interest, transfers between classifications or categories for loans and debt securities, recoveries, reinsurance recoverables, projections of interest rate environments for variable-rate financial instruments, cost to sell financial assets when foreclosure is probable, consideration of expected prepayments when determining the effective interest rate, amortized cost basis of line of credit arrangements that are converted to term loans and extension and renewal options that are not unconditionally cancelable by the entity. The effective date and transition requirements for the amendments in this update are the same as the effective dates and transition requirements in ASU 2016-13. The significant amendments made to the provisions of ASU 2017-12 are related to partial-term fair value hedges of interest rate risk, amortization of fair value hedge basis adjustments, disclosure of fair value hedge basis adjustments, consideration of the hedged contractually specified interest rate under the hypothetical derivative method, application of a first-payments-received cash flow hedging technique to overall cash flows on a group of variable interest payments and transition guidance for reclassifying prepayable debt securities from HTM to available-for-sale. The amendments to ASU 2017-12 are effective as of the beginning of the first annual reporting period beginning after the date of issuance of ASU 2019-04. The amendments made to the provisions of ASU 2016-01 indicate that the measurement alternative for equity securities without readily determinable fair values represent a nonrecurring fair value measurement under ASC 820, and therefore, such securities should be remeasured at fair value when an entity identifies an orderly transaction “for an identical or similar investment of the same issuer.” The amendments related to ASU 2016-01 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted the guidance effective January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures. In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief . The amendments provide transition relief for entities adopting the Board’s credit losses standard, ASU 2016-13. Specifically, ASU 2019-05 amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that were previously recorded at amortized cost and are within the scope of the credit losses guidance in ASC 326-20, are eligible for the fair value option under ASC 825-10, and are not held-to-maturity debt securities. The amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted the standard guidance January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. The amendments clarify that the allowance for credit losses for purchased financial assets with credit deterioration should include expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. The amendments also clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, the expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cash flows after acquisition. Also, the amendments provide transition relief by permitting entities an accounting policy election to adjust the effective interest rate on existing TDRs using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumption in effect immediately before the restructuring. The amendments extend the disclosure relief for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis. In addition, the amendments clarify that an entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing financial asset to apply the practical expedient. The entity applying the practical expedient should estimate the expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral that is greater than the fair value of the collateral securing the financial asset. An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. The amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted the standard guidance January 1, 2020, and its adoption did not have a significant impact on our financial position or financial statement disclosures. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in the update simplify the accounting for income taxes by removing the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the update also simplify the accounting for income taxes by requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements; however, an entity may elect to do so on an entity-by-entity basis for a legal entity that is both not subject to tax and disregarded by the taxing authority. The amendments require that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted the guidance effective January 1, 2021, and its adoption did not have a significant impact on our financial position or financial statement disclosures. In March 2020, the FASB issued ASU 2020-04 ,“Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU 2020-04 provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance and generally can be applied through December 31, 2022. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. Section 4013 of the CARES Act provides financial institutions the temporary option to not apply ASC Subtopic 310-40 , Receivables—Troubled Debt Restructurings by Creditors , to certain loan modifications related to COVID-19 made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after termination of the President’s national emergency declaration for COVID-19. On December 28, 2020, an extension of section 4013 of the CARES Act, provided institutions with an extension of the temporary option to not apply ASC Subtopic 310-40 until January 1, 2022. Further, financial institutions do not need to determine impairment associated with certain loan concessions that would otherwise have been required for TDRs (e.g., interest rate concessions, payment deferrals, or loan extensions). The Company has relied on Section 4013 of the CARES Act in accounting for loan modifications since the fourth quarter of 2020. As of December 31, 2021, the Company had 26 remaining loan modifications for a total of $190.7 million. All of the customers currently on deferment chose principal deferment only and now have returned to paying interest monthly. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope.” The amendments in the update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in the update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in this Update do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 18, 2022, the Company completed an underwritten public offering of $300 million in aggregate principal amount of its 3.125% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “Notes”) pursuant to an underwriting agreement dated January 13, 2022 (the “Underwriting Agreement”) with Piper Sandler & Co., as underwriter. The Underwriting Agreement contains customary representations, warranties and covenants and includes the terms and conditions for the sale of the Notes, indemnification and contribution obligations and other terms and conditions customary in agreements of this type. The Notes were issued pursuant to the Subordinated Indenture, dated as of April 3, 2017 (the “Base Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the Second Supplemental Indenture, dated January 18, 2022 (the “Supplemental Indenture”), between the Company and the Trustee. The Base Indenture, as amended and supplemented by the Supplemental Indenture, governs the terms of the Notes and provides that the Notes are unsecured, subordinated debt obligations of the Company and will mature on January 30, 2032. From and including the date of issuance to, but excluding January 30, 2027 or the date of earlier redemption, the Notes will bear interest at an initial rate of 3.125% per annum, payable in arrears on January 30 and July 30 of each year. From and including January 30, 2027 to, but excluding the maturity date or earlier redemption, the Notes will bear interest at a floating rate equal to the Benchmark rate (which is expected to be Three-Month Term SOFR), each as defined in and subject to the provisions of the Supplemental Indenture, plus 182 basis points, payable quarterly in arrears on January 30, April 30, July 30, and October 30 of each year, commencing on April 30, 2027. The Company may, beginning with the interest payment date of January 30, 2027, and on any interest payment date thereafter, redeem the Notes, in whole or in part, subject to prior approval of the Federal Reserve if then required, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the Notes at any time, including prior to January 30, 2027, at the Company’s option, in whole but not in part, subject to prior approval of the Federal Reserve if then required, if certain events occur that could impact the Company’s ability to deduct interest payable on the Notes for U.S. federal income tax purposes or preclude the Notes from being recognized as Tier 2 capital for regulatory capital purposes, or if the Company is required to register as an investment company under the Investment Company Act of 1940, as amended. In each case, the redemption would be at a redemption price equal to 100% of the principal amount of the Notes plus any accrued and unpaid interest to, but excluding, the redemption date. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 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 banking services and branch locations are considered by management to be aggregated into one reportable operating segment. |
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 credit losses, the valuation of investment securities, the valuation of foreclosed assets and the valuations of assets acquired and liabilities assumed in business combinations. In connection with the determination of the allowance for credit 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. |
New Accounting Pronouncements | New Accounting Pronouncements The Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), effective January 1, 2020. The guidance replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credits, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. ASC 326 requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses as well as the credit quality and underwriting standards of a company’s portfolio. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for loans and off-balance-sheet (“OBS”) credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a one-time cumulative-effect adjustment to the allowance for credit losses of $44.0 million which was recognized through a $32.5 million adjustment to retained earnings, net of tax. This adjustment brought the beginning balance of the allowance for credit losses to $146.1 million as of January 1, 2020. In addition, the Company recorded a $15.5 million reserve on unfunded commitments which was recognized through an $11.5 million adjustment to retained earnings, net of tax. The Company adopted ASC 326 using the prospective transition approach for financial assets purchased with credit deterioration (“PCD”) that were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30. In 2019, the Company reevaluated its loan pools of purchased loans with deteriorated credit quality. These loans pools related specifically to acquired loans from the Heritage, Liberty, Landmark, Bay Cities, Bank of Commerce, Premier Bank, Stonegate and Shore Premier Finance acquisitions. At acquisition, a portion of these loans was recorded as purchased credit impaired loans on a pool by pool basis. Through the reevaluation of these loan pools, management determined that estimated losses for purchase credit impaired loans should be processed against the credit mark of the applicable pools. The remaining non-accretable mark was then moved to accretable mark to be recognized over the remaining weighted average life of the loan pools. The projected losses for these loans were less than the total credit mark. As such, the remaining $107.6 million of loans in these pools along with the $29.3 million in accretable yield was deemed to be immaterial and was reclassified out of the purchased credit impaired loans category. As of December 31, 2019, the Company no longer held any purchased loans with deteriorated credit quality. Therefore, the Company did not have any PCI loans upon adoption of ASC 326 as of January 1, 2020. The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit loss. The Company adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As of December 31, 2019, the Company did not have any other-than-temporarily impaired investment securities. Therefore, upon adoption of ASC 326, the Company determined that an allowance for credit losses on available-for-sale securities was not material. However, the Company evaluated the investment portfolio during 2020 and determined that an $842,000 provision for credit losses was necessary. No additional provision was deemed necessary during the remainder of 2020 or for the 2021. See Note 3 for further discussion. The following table illustrates the impact of the adoption of ASC 326 on the Company’s consolidated balance sheet. January 1, 2020 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption (In thousands) Assets: Allowance for credit losses on loans $ 146,110 $ 102,122 $ 43,988 Liabilities: Allowance for credit losses on OBS credit exposures (included in other liabilities) 15,521 — 15,521 |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash and cash equivalents consist of cash on hand, cash held as demand deposits at various banks and the Federal Reserve Bank (“FRB”) and interest-bearing deposits with other banks. For many years, reserve requirements played a central role in the implementation of monetary policy by creating a stable demand for reserves. In January 2019, the Federal Open Market Committee announced its intention to implement monetary policy in an ample reserves regime. Reserve requirements do not play a significant role in this operating framework. In light of the shift to an ample reserves regime, the FRB reduced the reserve requirement ratios to zero percent effective on March 26, 2020. As a result, the Bank is no longer required to maintain required reserve balance with either the FRB or in the form of cash on hand. |
Investment Securities | Investment Securities Interest on investment securities is recorded as income as earned. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains or losses on the sale of securities are determined using the specific identification method. Management determines the classification of securities as available-for-sale, held-to-maturity, or trading at the time of purchase based on the intent and objective of the investment and the ability to hold to maturity. Fair values of securities are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable securities. The Company has no held-to-maturity or trading securities. Debt securities available-for-sale are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income (loss), net of taxes. Securities that are held as available-for-sale are used as a part of our asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses in accordance with ASC 326, Measurement of Credit Losses on Financial Instruments . The Company first assesses whether it intends to sell or is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, and changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectability of a security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Prior to the adoption of ASU 2016-13, declines in the fair value of held-to-maturity and available-for-sale securities below their cost that were deemed to be other than temporary were reflected in earnings as realized losses. In estimating other-than-temporary impairment losses prior to January 1, 2020, management considered, among other things, (i) the length of time and the extent to which the fair value had been less than cost, (ii) the financial condition and near-term prospects of the issuer and (iii) the intent and our ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding principal balance adjusted for any charge-offs, deferred fees or costs on originated loans. Interest income on loans is accrued over the term of the loans based on the principal balance outstanding. Loan origination fees and direct origination costs are capitalized and recognized as adjustments to yield on the related loans. The allowance for credit losses on loans receivable is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed and expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in the national unemployment rate, commercial real estate price index, housing price index and national retail sales index. The allowance for credit losses is measured based on call report segment as these types of loan exhibit similar risk characteristics. The identified loan segments are as follows: • 1-4 family construction • All other construction • 1-4 family revolving home equity lines of credit (“HELOC”) & junior liens • 1-4 family senior liens • Multifamily • Owner occupied commercial real estate • Non-owner occupied commercial real estate • Commercial & industrial, agricultural, non-depository financial institutions, purchase/carry securities, other • Consumer auto • Other consumer • Other consumer - SPF The allowance for credit losses for each segment is measured through the use of the discounted cash flow method. Loans evaluated individually that are considered to be collateral dependent are not included in the collective evaluation. For those loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. For loans that are not considered to be collateral dependent, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation if a specific reserve is not recorded. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: • Management has a reasonable expectation at the reporting date that troubled debt restructuring will be executed with an individual borrower. • The extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factors ("Q-Factor") and other qualitative adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. The various risks that may be considered in making Q-Factor and other qualitative adjustments include, among other things, the impact of (i) changes in lending policies, procedures and strategies; (ii) changes in nature and volume of the portfolio; (iii) staff experience; (iv) changes in volume and trends in classified loans, delinquencies and nonaccruals; (v) concentration risk; (vi) trends in underlying collateral values; (vii) external factors such as competition, legal and regulatory environment; (viii) changes in the quality of the loan review system and (ix) economic conditions. Loans considered impaired, according to ASC 326, are loans for which, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. The aggregate amount of impairment of loans is utilized in evaluating the adequacy of the allowance for credit losses and amount of provisions thereto. Losses on impaired loans are charged against the allowance for credit losses when in the process of collection, it appears likely that such losses will be realized. The accrual of interest on impaired loans is discontinued when, in management’s opinion the collection of interest is doubtful or generally when loans are 90 days or more past due. When accrual of interest is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans are placed on non-accrual status when management believes that the borrower’s financial condition, after giving consideration to economic and business conditions and collection efforts, is such that collection of interest is doubtful, or generally when loans are 90 days or more past due. Loans are charged against the allowance for credit losses when management believes that the collectability of the principal is unlikely. Accrued interest related to non-accrual loans is generally charged against the allowance for credit losses when accrued in prior years and reversed from interest income if accrued in the current year. Interest income on non-accrual loans may be recognized to the extent cash payments are received, although the majority of payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status when principal and interest payments are less than 90 days past due, the customer has made required payments for at least six months, and we reasonably expect to collect all principal and interest. Prior to the adoption of ASU 2016-13, the allowance for credit losses on loans was a contra-asset valuation account established through a provision for loan losses charged to expense, which represented management’s best estimate of inherent losses that had been incurred within the existing portfolio of loans. The allowance for credit losses on loans included allowance allocations calculated in accordance with ASC Topic 310, “Receivables” and allowance allocations calculated in accordance with ASC Topic 450, “Contingencies.” |
Acquisition Accounting and Acquired Loans | Acquisition Accounting and Acquired Loans The Company accounts for its acquisitions under FASB ASC Topic 805, Business Combinations , which requires the use of the purchase method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. In accordance with ASC 326, the Company records both a discount and an allowance for credit losses on acquired loans. All purchased loans are recorded at fair value in accordance with the fair value methodology prescribed in FASB ASC Topic 820, Fair Value Measurements . The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. The Company has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Purchase credit deteriorated (“PCD”) loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through the provision for credit loss. For further discussion of the Company’s acquisitions, see Note 2 to the Notes to Consolidated Financial Statements. |
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. |
Foreclosed Assets Held for Sale | Foreclosed Assets Held for Sale Real estate and personal properties acquired through or in lieu of loan foreclosure are to be sold and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Valuations are periodically performed by management, and the real estate and personal properties are carried at fair value less costs to sell. Gains and losses from the sale of other real estate and personal properties are recorded in non-interest income, and expenses used to maintain the properties are included in non-interest expense. |
Bank Premises and Equipment | Bank Premises and EquipmentBank premises and equipment are carried at cost or fair market value at the date of acquisition less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are used for tax purposes. Leasehold improvements are capitalized and amortized using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements whichever is shorter. |
Cash value of life insurance | Cash value of life insurance The Company has purchased life insurance policies on certain key employees. Life insurance owned by the Company is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. During 2019, the Company made a strategic decision to surrender $47.5 million of its underperforming separate account bank owned life insurance (“BOLI”). When a BOLI contract is surrendered the gains within the policy become taxable as well as a 10% IRS penalty on the gain. As a result of this BOLI decision, the Company recorded a $3.7 million tax expense related to this transaction in 2019. As a result of this decision, the income earned on the increase in the cash value of life insurance will be lower in future periods. |
Intangible Assets | Intangible Assets Intangible assets consist of goodwill and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The core deposit intangible represents the excess intangible value of acquired deposit customer relationships as determined by valuation specialists. The core deposit intangibles are being amortized over 48 to 121 months on a straight-line basis. Goodwill is not amortized, but rather, is evaluated for impairment on at least an annual basis or more frequently if changes or circumstances occur. The Company performed its annual impairment test of goodwill and core deposit intangibles during 2021, 2020 and 2019, as required by FASB ASC 350, Intangibles - Goodwill and Other |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to RepurchaseSecurities sold under agreements to repurchase consist of obligations of the Company to other parties. At the point funds deposited by customers become investable, those funds are used to purchase securities owned by the Company and held in its general account with the designation of Customers’ Securities. A third party maintains control over the securities underlying overnight repurchase agreements. The securities involved in these transactions are generally U.S. Treasury or Federal Agency issues. Securities sold under agreements to repurchase generally mature on the banking day following that on which the investment was initially purchased and are treated as collateralized financing transactions which are recorded at the amounts at which the securities were sold plus accrued interest. Interest rates and maturity dates of the securities involved vary and are not intended to be matched with funds from customers. |
Derivative Financial Instruments | Derivative Financial Instruments The Company may enter into derivative contracts for the purposes of managing exposure to interest rate risk. The Company records all derivatives on the consolidated balance sheet at fair value. Historically the Company’s policy has been not to invest in derivative type investments. |
Stock Options | Stock Options The Company accounts for stock options in accordance with FASB ASC 718, Compensation - Stock Compensation, and FASB ASC 505-50, Equity-Based Payments to Non-Employees , which establishes standards for the accounting for transactions in which an entity (i) exchanges its equity instruments for goods and services, or (ii) incurs liabilities in exchange for goods and services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of the equity instruments. FASB ASC 718 requires that such transactions be recognized as compensation cost in the income statement based on their fair values on the measurement date, which is generally the date of the grant. For additional information on the stock-based compensation plan, see Note 13. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes ). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company and its subsidiaries file consolidated tax returns. Its subsidiary provides for income taxes on a separate return basis, and remits to the Company amounts determined to be currently payable. |
Revenue Recognition | Revenue Recognition. Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as our loans, letters of credit, investment securities and mortgage lending income, as these activities are subject to other GAAP discussed elsewhere within our disclosures. Descriptions of our significant revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our income statements as components of non-interest income are as follows: • Service charges on deposit accounts – These represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. |
Earnings per Share | Earnings per ShareBasic 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. |
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 A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Transfers of financial instruments between levels within the fair value hierarchy are recognized on the date management determines that the underlying circumstances or assumptions have changed. Financial Assets and Liabilities Measured on a Recurring Basis Available-for-sale securities are the only material instruments valued on a recurring basis which are held by the Company at fair value. The Company does not have any Level 1 securities. Primarily all of the Company's securities are considered to be Level 2 securities. These Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. As of December 31, 2021 and 2020, Level 3 securities were immaterial. In addition, there were no material transfers between hierarchy levels during 2021 and 2020. The Company 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. The Company uses a third-party comparison pricing vendor in order to reflect consistency in the fair values of the investment securities sampled by the Company each quarter. Financial Assets and Liabilities Measured on a Nonrecurring Basis Impaired loans, which include individually evaluated 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 credit 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 credit 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 $280.0 million and $102.1 million as of December 31, 2021 and 2020, respectively. The increase in collateral-dependent impaired loans was due to the Company changing the valuation for lodging and assisted living loans to a market price valuation methodology. This involved assigning a 15% discount of par for these impaired loans. The 15% figure was derived based on knowledge of current hotel and assisted living offerings in the loan sale market. In the event of default, liquidation would be achieved through a loan sale. The Company is continuing to monitor these impaired loans and will adjust the discount as necessary. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed $380,000 and $1.3 million of accrued interest receivable when impaired loans were put on non-accrual status during the years ended December 31, 2021 and 2020, respectively. Nonfinancial Assets and Liabilities Measured on a Nonrecurring Basis 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 credit losses. Additionally, valuations are periodically performed by management and any subsequent reduction in value is recognized by a charge to income. The fair value of foreclosed assets held for sale is estimated using Level 3 inputs based on appraisals of underlying collateral. As of December 31, 2021 and 2020, the fair value of foreclosed assets held for sale, less estimated costs to sell, was $1.6 million and $4.4 million, respectively. No foreclosed assets held for sale were remeasured during the year ended December 31, 2021. Foreclosed assets held for sale with a carrying value of approximately $217,000 were remeasured during the year ended December 31, 2020, resulting in a write-down of approximately $167,000. Regulatory guidelines require the Company to reevaluate the fair value of foreclosed assets held for sale on at least an annual basis. The Company’s 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 25% to 50% for commercial and residential real estate collateral. |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Impact of Adoption of ASC 326 in Consolidated Balance Sheet | The following table illustrates the impact of the adoption of ASC 326 on the Company’s consolidated balance sheet. January 1, 2020 As Reported Under ASC 326 Pre-ASC 326 Adoption Impact of ASC 326 Adoption (In thousands) Assets: Allowance for credit losses on loans $ 146,110 $ 102,122 $ 43,988 Liabilities: Allowance for credit losses on OBS credit exposures (included in other liabilities) 15,521 — 15,521 |
Schedule of Estimated Useful Lives for Book Purposes | The assets’ estimated useful lives for book purposes are as follows: Bank premises 15-40 years Furniture, fixtures, and equipment 3-15 years |
Computation of Basic and Diluted Earnings per Common Share (EPS) | The following table sets forth the computation of basic and diluted earnings per share (EPS) for the years ended December 31: 2021 2020 2019 (In thousands, except per share data) Net income $ 319,021 $ 214,448 $ 289,539 Average common shares outstanding 164,501 165,373 167,804 Effect of common stock options 357 — — Diluted common shares outstanding 164,858 165,373 167,804 Basic earnings per common share $ 1.94 $ 1.30 $ 1.73 Diluted earnings per common share $ 1.94 $ 1.30 $ 1.73 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [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 are as follows: December 31, 2021 Available-for-Sale Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 433,829 $ 2,375 $ (3,225) $ 432,979 Residential mortgage-backed securities 1,175,185 4,085 (18,551) 1,160,719 Commercial mortgage-backed securities 372,702 6,521 (1,968) 377,255 State and political subdivisions 973,318 26,296 (2,636) 996,978 Other securities 151,449 1,781 (1,354) 151,876 Total $ 3,106,483 $ 41,058 $ (27,734) $ 3,119,807 December 31, 2020 Available-for-Sale Amortized Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 325,860 $ 2,338 $ (1,207) $ 326,991 Residential mortgage-backed securities 703,138 10,607 (688) 713,057 Commercial mortgage-backed securities 446,964 18,048 (126) 464,886 State and political subdivisions 898,174 31,173 (1,454) 927,893 Other securities 40,755 434 (235) 40,954 Total $ 2,414,891 $ 62,600 $ (3,710) $ 2,473,781 |
Amortized Cost and Estimated Fair Value of Securities Contractual Maturity | The amortized cost and estimated fair value of securities classified as available-for-sale at December 31, 2021, by contractual maturity, are shown below. Expected maturities could differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. Available-for-Sale Amortized Estimated (In thousands) Due in one year or less $ 8,042 $ 8,115 Due after one year through five years 95,961 96,267 Due after five years through ten years 381,533 381,692 Due after ten years 1,071,060 1,093,759 Mortgage - backed securities: Residential 1,175,185 1,160,719 Mortgage - backed securities: Commercial 372,702 377,255 Other 2,000 2,000 Total $ 3,106,483 $ 3,119,807 |
Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale | The following shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2021 and 2020: December 31, 2021 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) U.S. government-sponsored enterprises $ 120,730 $ (1,356) $ 78,124 $ (1,869) $ 198,854 $ (3,225) Residential mortgage-backed securities 854,807 (15,246) 104,897 (3,305) 959,704 (18,551) Commercial mortgage-backed securities 100,702 (1,251) 28,711 (717) 129,413 (1,968) State and political subdivisions 136,135 (1,282) 18,647 (1,354) 154,782 (2,636) Other securities 75,744 (1,316) 2,703 (38) 78,447 (1,354) Total $ 1,288,118 $ (20,451) $ 233,082 $ (7,283) $ 1,521,200 $ (27,734) December 31, 2020 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) U.S. government-sponsored enterprises $ 54,611 $ (383) $ 95,249 $ (824) $ 149,860 $ (1,207) Residential mortgage-backed securities 143,458 (643) 4,900 (45) 148,358 (688) Commercial mortgage-backed securities 26,886 (126) — — 26,886 (126) State and political subdivisions 78,349 (1,454) — — 78,349 (1,454) Other securities 5,434 (100) 8,748 (135) 14,182 (235) Total $ 308,738 $ (2,706) $ 108,897 $ (1,004) $ 417,635 $ (3,710) |
Schedule of Allowance for Credit Losses on Investment Securities | Year Ended December 31, 2021 Year Ended December 31, 2020 (In thousands) Allowance for credit losses: Beginning balance $ 842 $ — Provision for credit loss - investment securities — 842 Ending balance, December 31, $ 842 $ 842 |
Schedule of Income Earned on Securities | Income earned on securities for the years ended is as follows: December 31, 2021 2020 2019 (In thousands) Taxable: Available-for-sale $ 30,054 $ 32,596 $ 41,406 Tax-exempt: Available-for-sale 19,642 16,158 13,015 Total $ 49,696 $ 48,754 $ 54,421 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Summary of Various Categories of Loans Receivable | The various categories of loans receivable are summarized as follows: December 31, 2021 2020 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 3,889,284 $ 4,429,060 Construction/land development 1,850,050 1,562,298 Agricultural 130,674 114,431 Residential real estate loans Residential 1-4 family 1,274,953 1,536,257 Multifamily residential 280,837 536,538 Total real estate 7,425,798 8,178,584 Consumer 825,519 864,690 Commercial and industrial 1,386,747 1,896,442 Agricultural 43,920 66,869 Other 154,105 214,136 Total Loans receivable $ 9,836,089 $ 11,220,721 Allowance for credit losses (236,714) (245,473) Loans receivable, net $ 9,599,375 $ 10,975,248 |
Allowance for Credit Losses, _2
Allowance for Credit Losses, Credit Quality and Other (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Balance of Allowance for Loan Losses | The following table presents the activity in the allowance for credit losses for the year ended December 31, 2021. Year Ended December 31, 2021 Construction/ Other Residential Commercial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 32,861 $ 88,453 $ 53,216 $ 46,530 $ 24,413 $ 245,473 Loans charged off — (646) (545) (8,242) (2,228) $ (11,661) Recoveries of loans previously charged off 58 785 683 591 785 2,902 Net loans recovered (charged off) 58 139 138 (7,651) (1,443) (8,759) Provision for credit loss - loans (4,504) (1,374) (4,896) 14,183 (3,409) — Balance, December 31 $ 28,415 $ 87,218 $ 48,458 $ 53,062 $ 19,561 $ 236,714 The following table presents the balance in the allowance for credit losses for the year ended December 31, 2020. Year Ended December 31, 2020 Construction/ Other Residential Commercial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 26,433 $ 33,529 $ 20,135 $ 16,615 $ 5,410 $ 102,122 Impact of adopting ASC (5,296) 15,912 16,680 11,584 5,108 43,988 Allowance for credit losses — — — — 357 357 Loans charged off (1,218) (3,041) (485) (7,764) (1,978) (14,486) Recoveries of loans previously charged off 107 647 337 218 761 2,070 Net loans recovered (charged off) (1,111) (2,394) (148) (7,546) (1,217) (12,416) Provision for credit loss - 12,835 41,406 16,549 25,877 5,446 102,113 Provision for credit loss - — — — — 9,309 9,309 Balance, December 31 $ 32,861 $ 88,453 $ 53,216 $ 46,530 $ 24,413 $ 245,473 The following table presents the balance in the allowance for loan losses for the year ended December 31, 2019. Year Ended December 31, 2019 Construction/ Land Development Other Residential Commercial Consumer Total (In thousands) Allowance for loan losses: Beginning balance $ 21,302 $ 42,336 $ 26,734 $ 14,981 $ 3,438 $ 108,791 Loans charged off (1,450) (2,741) (1,661) (2,327) (2,424) (10,603) Recoveries of loans previously 95 244 926 504 840 2,609 Net loans recovered (1,355) (2,497) (735) (1,823) (1,584) (7,994) Provision for loan losses 6,486 (6,310) (5,864) 3,457 3,556 1,325 Balance December 31 $ 26,433 $ 33,529 $ 20,135 $ 16,615 $ 5,410 $ 102,122 |
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due Over 90 Days Still Accruing | The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing as of December 31, 2021 and 2020, respectively: December 31, 2021 Nonaccrual Nonaccrual Loans Past Due Real estate: Commercial real estate loans Non-farm/non-residential $ 11,923 $ 2,212 $ 2,225 Construction/land development 1,445 — — Agricultural 897 — — Residential real estate loans Residential 1-4 family 16,198 3,000 701 Multifamily residential 156 — — Total real estate 30,619 5,212 2,926 Consumer 1,648 — 2 Commercial and industrial 13,875 4,018 107 Agricultural & other 1,016 — — Total $ 47,158 $ 9,230 $ 3,035 |
Amortized Cost Basis of Collateral-dependent Impaired Loans | The following table presents the amortized cost basis of collateral-dependent impaired loans by class of loans as of December 31, 2021 and 2020, respectively: December 31, 2021 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 283,919 $ — $ — Construction/land development 4,775 — — Agricultural 897 — — Residential real estate loans Residential 1-4 family — 19,775 — Multifamily residential — 1,300 — Total real estate 289,591 21,075 — Consumer — — 1,663 Commercial and industrial — — 18,193 Agricultural & other — — 1,016 Total $ 289,591 $ 21,075 $ 20,872 |
Summary of Aging Analysis for Loans Receivable | The following is an aging analysis for loans receivable as of December 31, 2021 and 2020: December 31, 2021 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 $ 1,434 $ 576 $ 14,148 $ 16,158 $ 3,873,126 $ 3,889,284 $ 2,225 Construction/land development 92 22 1,445 1,559 1,848,491 1,850,050 — Agricultural — 472 897 1,369 129,305 130,674 — Residential real estate loans Residential 1-4 family 1,633 3,560 16,899 22,092 1,252,861 1,274,953 701 Multifamily residential — — 156 156 280,681 280,837 — Total real estate 3,159 4,630 33,545 41,334 7,384,464 7,425,798 2,926 Consumer 60 205 1,650 1,915 823,604 825,519 2 Commercial and industrial 958 316 13,982 15,256 1,371,491 1,386,747 107 Agricultural and other 587 2 1,016 1,605 196,420 198,025 — Total $ 4,764 $ 5,153 $ 50,193 $ 60,110 $ 9,775,979 $ 9,836,089 $ 3,035 December 31, 2020 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 $ 3,856 $ 68 $ 27,035 $ 30,959 $ 4,398,101 $ 4,429,060 $ 6,088 Construction/land development 178 44 2,677 2,899 1,559,399 1,562,298 1,296 Agricultural 522 — 879 1,401 113,030 114,431 — Residential real estate loans Residential 1-4 family 4,833 7,787 21,155 33,775 1,502,482 1,536,257 1,821 Multifamily residential 111 — 173 284 536,254 536,538 — Total real estate 9,500 7,899 51,919 69,318 8,109,266 8,178,584 9,205 Consumer 2,899 802 3,680 7,381 857,309 864,690 174 Commercial and industrial 960 515 17,482 18,957 1,877,485 1,896,442 231 Agricultural and other 1,125 3,713 1,057 5,895 275,110 281,005 — Total $ 14,484 $ 12,929 $ 74,138 $ 101,551 $ 11,119,170 $ 11,220,721 $ 9,610 |
Presentation of Classified Loans by Class and Risk Rating | Based on the most recent analysis performed, the risk category of loans by class as of December 31, 2021 and 2020 is as follows: December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 284,127 281,982 266,990 341,642 195,301 891,035 194,640 2,455,717 Risk rating 4 111,697 32,788 115,989 301,520 90,747 345,254 90,028 1,088,023 Risk rating 5 — 10,930 2,239 23,117 49,926 189,038 — 275,250 Risk rating 6 — — 23,723 2,224 11,751 32,372 224 70,294 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total non-farm/non-residential 395,824 325,700 408,941 668,503 347,725 1,457,699 284,892 3,889,284 Construction/land development Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — 231 — 231 Risk rating 3 301,719 183,715 108,491 23,574 13,760 41,860 149,433 822,552 Risk rating 4 226,230 217,267 448,899 33,617 45,679 38,122 7,297 1,017,111 Risk rating 5 — — 388 — — 1,174 176 1,738 Risk rating 6 — 134 825 3 — 7,456 — 8,418 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total construction/land development 527,949 401,116 558,603 57,194 59,439 88,843 156,906 1,850,050 Agricultural Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 21,480 27,931 7,768 6,564 5,103 21,689 7,026 97,561 Risk rating 4 4,305 964 365 970 655 22,143 2,065 31,467 Risk rating 5 — 166 — — — — — 166 Risk rating 6 — 44 — — — 1,436 — 1,480 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 25,785 29,105 8,133 7,534 5,758 45,268 9,091 130,674 Total commercial real estate $ 949,558 $ 755,921 $ 975,677 $ 733,231 $ 412,922 $ 1,591,810 $ 450,889 $ 5,870,008 Residential real estate Residential 1-4 family Risk rating 1 $ — $ — $ — $ — $ — $ 76 $ 89 $ 165 Risk rating 2 — — — — — 29 — 29 Risk rating 3 210,970 147,523 119,861 94,848 82,474 296,687 85,836 1,038,199 Risk rating 4 8,885 3,397 56,839 16,887 21,874 53,578 36,642 198,102 Risk rating 5 — — 3,065 1,220 582 1,366 193 6,426 Risk rating 6 1,136 2,252 2,432 2,063 1,263 16,305 6,580 32,031 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — 1 — 1 Total residential 1-4 family 220,991 153,172 182,197 115,018 106,193 368,042 129,340 1,274,953 December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 11,898 5,211 34,492 17,375 9,430 43,804 3,583 125,793 Risk rating 4 3,755 44,294 30,060 3,412 2,981 18,805 33,723 137,030 Risk rating 5 — — — 7,591 8,105 — — 15,696 Risk rating 6 — — — — 890 1,428 — 2,318 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential 15,653 49,505 64,552 28,378 21,406 64,037 37,306 280,837 Total real estate $ 1,186,202 $ 958,598 $ 1,222,426 $ 876,627 $ 540,521 $ 2,023,889 $ 617,535 $ 7,425,798 Consumer Risk rating 1 $ 4,441 $ 1,799 $ 1,237 $ 920 $ 226 $ 1,383 $ 1,893 $ 11,899 Risk rating 2 — — 45 639 — 8 — 692 Risk rating 3 221,986 173,511 132,148 109,810 67,992 92,076 1,098 798,621 Risk rating 4 3,547 923 2,944 1,776 158 2,641 79 12,068 Risk rating 5 — 116 — 15 — 131 — 262 Risk rating 6 69 34 39 117 — 1,711 7 1,977 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total consumer 230,043 176,383 136,413 113,277 68,376 97,950 3,077 825,519 Commercial and industrial Risk rating 1 99,579 $ 12,752 $ 350 $ 118 $ 102 $ 21,436 $ 9,851 $ 144,188 Risk rating 2 175 16 — — 66 276 168 701 Risk rating 3 125,071 59,056 77,130 67,944 34,733 42,905 145,247 552,086 Risk rating 4 244,927 35,350 89,558 91,840 23,616 34,566 88,750 608,607 Risk rating 5 6,185 609 480 8,258 5,712 2,851 582 24,677 Risk rating 6 492 15,377 5,913 24,941 5,477 2,233 342 54,775 Risk rating 7 — — — 1,696 — — — 1,696 Risk rating 8 — — — — — 16 1 17 Total commercial and industrial 476,429 123,160 173,431 194,797 69,706 104,283 244,941 1,386,747 Agricultural and other Risk rating 1 $ 5,042 $ — $ 40 $ — $ — $ 110 $ 552 $ 5,744 Risk rating 2 — — 3,467 — — 909 983 5,359 Risk rating 3 54,534 44,030 5,158 7,092 2,009 46,570 8,750 168,143 Risk rating 4 1,544 218 154 1,590 1,226 1,224 10,842 16,798 Risk rating 5 — — — — — 1,297 — 1,297 Risk rating 6 53 — 23 13 33 562 — 684 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural and other 61,173 44,248 8,842 8,695 3,268 50,672 21,127 198,025 Total $ 1,953,847 $ 1,302,389 $ 1,541,112 $ 1,193,396 $ 681,871 $ 2,276,794 $ 886,680 $ 9,836,089 December 31, 2020 Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — 25 25 Risk rating 3 301,237 340,562 546,670 286,173 289,483 942,449 266,867 2,973,441 Risk rating 4 27,239 139,354 161,461 265,684 197,979 300,055 17,305 1,109,077 Risk rating 5 10,591 16,865 67,089 7,764 108,885 84,609 750 296,553 Risk rating 6 — 859 2,289 987 4,577 40,600 86 49,398 Risk rating 7 — — — — — 552 — 552 Risk rating 8 — — — — — 14 — 14 Total non-farm/non-residential 339,067 497,640 777,509 560,608 600,924 1,368,279 285,033 4,429,060 Construction/land development Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — 283 — 283 Risk rating 3 211,567 181,257 91,323 33,986 25,600 54,245 115,120 713,098 Risk rating 4 129,599 417,737 92,032 46,249 17,161 32,060 76,845 811,683 Risk rating 5 — — 392 21,892 — 1,227 545 24,056 Risk rating 6 — 763 98 63 157 12,065 — 13,146 Risk rating 7 — — — — — — — — Risk rating 8 — — — 1 — 31 — 32 Total construction/land development 341,166 599,757 183,845 102,191 42,918 99,911 192,510 1,562,298 Agricultural Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 33,428 8,885 9,119 5,397 3,935 25,159 5,538 91,461 Risk rating 4 2,141 535 1,206 681 5,499 10,735 665 21,462 Risk rating 5 — — — — — 116 — 116 Risk rating 6 47 — — — — 1,345 — 1,392 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 35,616 9,420 10,325 6,078 9,434 37,355 6,203 114,431 Total commercial real estate $ 715,849 $ 1,106,817 $ 971,679 $ 668,877 $ 653,276 $ 1,505,545 $ 483,746 $ 6,105,789 Residential real estate Residential 1-4 family Risk rating 1 $ — $ 47 $ — $ — $ 76 $ 12 $ 120 $ 255 Risk rating 2 — — — — — 423 1,540 1,963 Risk rating 3 237,991 184,578 151,478 139,096 119,642 343,381 119,186 1,295,352 Risk rating 4 4,626 12,716 32,594 20,687 16,148 68,328 30,137 185,236 Risk rating 5 — — 1,363 4,700 383 5,344 516 12,306 Risk rating 6 554 5,973 829 2,084 3,222 18,074 10,257 40,993 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — 8 144 152 Total residential 1-4 family 243,171 203,314 186,264 166,567 139,471 435,570 161,900 1,536,257 December 31, 2020 Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 19,033 60,175 87,104 11,477 8,092 59,592 6,386 251,859 Risk rating 4 477 6,358 101,364 93,475 1,924 17,672 37,286 258,556 Risk rating 5 — — — — — 24,945 — 24,945 Risk rating 6 — — — 894 — 284 — 1,178 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential 19,510 66,533 188,468 105,846 10,016 102,493 43,672 536,538 Total real estate $ 978,530 $ 1,376,664 $ 1,346,411 $ 941,290 $ 802,763 $ 2,043,608 $ 689,318 $ 8,178,584 Consumer Risk rating 1 $ 3,389 $ 2,375 $ 1,596 $ 485 $ 828 $ 1,428 $ 1,957 $ 12,058 Risk rating 2 — 47 931 — — 12 57 1,047 Risk rating 3 229,189 192,054 152,646 97,812 68,585 68,871 20,094 829,251 Risk rating 4 3,699 3,479 2,769 1,411 1,371 1,991 117 14,837 Risk rating 5 144 737 22 198 568 321 — 1,990 Risk rating 6 12 361 566 3 2,052 2,468 45 5,507 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total consumer 236,433 199,053 158,530 99,909 73,404 75,091 22,270 864,690 Commercial and industrial Risk rating 1 $ 632,735 $ 506 $ 271 $ 183 $ 20,199 $ 1,445 $ 10,023 $ 665,362 Risk rating 2 29 187 2 96 67 623 268 1,272 Risk rating 3 80,586 131,717 62,814 35,651 39,502 52,743 135,590 538,603 Risk rating 4 68,032 144,867 149,445 42,416 15,138 43,065 115,341 578,304 Risk rating 5 3,195 16,341 11,283 346 251 448 10,637 42,501 Risk rating 6 1,261 4,086 30,834 22,992 2,615 5,198 3,405 70,391 Risk rating 7 — 3 — — — — — 3 Risk rating 8 1 — 1 — 4 — — 6 Total commercial and industrial 785,839 297,707 254,650 101,684 77,776 103,522 275,264 1,896,442 Agricultural and other Risk rating 1 $ 59,248 $ 51 $ 53 $ — $ 110 $ 27 $ 1,036 $ 60,525 Risk rating 2 16 4,571 — — — 2,859 1,159 8,605 Risk rating 3 78,305 7,045 5,050 5,045 18,445 36,925 42,401 193,216 Risk rating 4 1,043 5,041 1,592 1,096 895 1,703 4,600 15,970 Risk rating 5 — — — — — 605 — 605 Risk rating 6 — 219 18 — 223 1,624 — 2,084 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural and other 138,612 16,927 6,713 6,141 19,673 43,743 49,196 281,005 Total $ 2,139,414 $ 1,890,351 $ 1,766,304 $ 1,149,024 $ 973,616 $ 2,265,964 $ 1,036,048 $ 11,220,721 The Company considers the performance of the loan portfolio and its impact on the allowance for credit losses. The Company also evaluates credit quality based on the aging status of the loan, which was previously presented and by payment activity. The following tables present the amortized cost of performing and nonperforming loans as of December 31, 2021 and 2020. December 31, 2021 Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Performing $ 395,824 $ 315,447 $ 394,061 $ 648,351 $ 298,086 $ 1,268,731 $ 284,865 $ 3,605,365 Non-performing — 10,253 14,880 20,152 49,639 188,968 27 283,919 Total non-farm/ non-residential 395,824 325,700 408,941 668,503 347,725 1,457,699 284,892 3,889,284 Construction/land development Performing 527,949 400,982 557,778 57,024 59,439 85,197 156,906 1,845,275 Non-performing — 134 825 170 — 3,646 — 4,775 Total construction/ land development 527,949 401,116 558,603 57,194 59,439 88,843 156,906 1,850,050 Agricultural Performing $ 25,785 $ 28,939 $ 8,133 $ 7,534 $ 5,758 $ 44,537 $ 9,091 $ 129,777 Non-performing — 166 — — — 731 — 897 Total agricultural 25,785 29,105 8,133 7,534 5,758 45,268 9,091 130,674 Total commercial real estate loans $ 949,558 $ 755,921 $ 975,677 $ 733,231 $ 412,922 $ 1,591,810 $ 450,889 $ 5,870,008 Residential real estate loans Residential 1-4 family Performing $ 220,380 $ 151,459 $ 180,113 $ 113,845 $ 105,129 $ 360,700 $ 123,552 $ 1,255,178 Non-performing 611 1,713 2,084 1,173 1,064 7,342 5,788 19,775 Total residential 1-4 family 220,991 153,172 182,197 115,018 106,193 368,042 129,340 1,274,953 Multifamily residential Performing $ 15,653 $ 49,505 $ 64,552 $ 28,378 $ 21,406 $ 62,737 $ 37,306 $ 279,537 Non-performing — — — — — 1,300 — 1,300 Total multifamily residential 15,653 49,505 64,552 28,378 21,406 64,037 37,306 280,837 Total real estate 1,186,202 958,598 1,222,426 876,627 540,521 2,023,889 617,535 7,425,798 Consumer Performing $ 229,986 $ 176,355 $ 136,403 $ 113,160 $ 68,376 $ 96,506 $ 3,070 $ 823,856 Non-performing 57 28 10 117 — 1,444 7 1,663 Total consumer 230,043 176,383 136,413 113,277 68,376 97,950 3,077 825,519 Commercial and industrial Performing $ 476,424 $ 122,999 $ 168,984 $ 185,569 $ 66,928 $ 103,391 $ 244,259 $ 1,368,554 Non-performing 5 161 4,447 9,228 2,778 892 682 18,193 Total commercial and industrial 476,429 123,160 173,431 194,797 69,706 104,283 244,941 1,386,747 Agricultural and other Performing $ 61,173 $ 44,248 $ 8,819 $ 8,682 $ 3,235 $ 49,725 $ 21,127 $ 197,009 Non-performing — — 23 13 33 947 — 1,016 Total agricultural and other 61,173 44,248 8,842 8,695 3,268 50,672 21,127 198,025 Total $ 1,953,847 $ 1,302,389 $ 1,541,112 $ 1,193,396 $ 681,871 $ 2,276,794 $ 886,680 $ 9,836,089 December 31, 2020 Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Performing $ 339,067 $ 497,640 $ 775,220 $ 560,279 $ 598,074 $ 1,326,404 $ 284,947 $ 4,381,631 Non-performing — — 2,289 329 2,850 41,875 86 47,429 Total non-farm/ non-residential 339,067 497,640 777,509 560,608 600,924 1,368,279 285,033 4,429,060 Construction/land development Performing 341,166 598,995 183,821 102,127 42,779 94,888 192,510 1,556,286 Non-performing — 762 24 64 139 5,023 — 6,012 Total construction/ land development 341,166 599,757 183,845 102,191 42,918 99,911 192,510 1,562,298 Agricultural Performing $ 35,616 $ 9,420 $ 10,325 $ 6,078 $ 9,434 $ 36,476 $ 6,203 $ 113,552 Non-performing — — — — — 879 — 879 Total agricultural 35,616 9,420 10,325 6,078 9,434 37,355 6,203 114,431 Total commercial real estate loans $ 715,849 $ 1,106,817 $ 971,679 $ 668,877 $ 653,276 $ 1,505,545 $ 483,746 $ 6,105,789 Residential real estate loans Residential 1-4 family Performing $ 242,505 $ 196,951 $ 185,316 $ 161,274 $ 137,840 $ 425,056 $ 154,902 $ 1,503,844 Non-performing 666 6,363 948 5,293 1,631 10,514 6,998 32,413 Total residential 1-4 family 243,171 203,314 186,264 166,567 139,471 435,570 161,900 1,536,257 Multifamily residential Performing $ 19,510 $ 66,533 $ 188,468 $ 105,846 $ 10,016 $ 102,320 $ 43,672 $ 536,365 Non-performing — — — — — 173 — 173 Total multifamily residential 19,510 66,533 188,468 105,846 10,016 102,493 43,672 536,538 Total real estate 978,530 1,376,664 1,346,411 941,290 802,763 2,043,608 689,318 8,178,584 Consumer Performing $ 236,395 $ 198,737 $ 158,324 $ 99,905 $ 71,924 $ 73,448 $ 22,263 $ 860,996 Non-performing 38 316 206 4 1,480 1,643 7 3,694 Total consumer 236,433 199,053 158,530 99,909 73,404 75,091 22,270 864,690 Commercial and industrial Performing $ 785,776 $ 293,938 $ 246,177 $ 98,664 $ 76,427 $ 100,050 $ 274,383 $ 1,875,415 Non-performing 63 3,769 8,473 3,020 1,349 3,472 881 21,027 Total commercial and industrial 785,839 297,707 254,650 101,684 77,776 103,522 275,264 1,896,442 Agricultural and other Performing $ 138,612 $ 16,927 $ 6,695 $ 6,141 $ 19,450 $ 42,927 $ 49,196 $ 279,948 Non-performing — — 18 — 223 816 — 1,057 Total agricultural and other 138,612 16,927 6,713 6,141 19,673 43,743 49,196 281,005 Total $ 2,139,414 $ 1,890,351 $ 1,766,304 $ 1,149,024 $ 973,616 $ 2,265,964 $ 1,036,048 $ 11,220,721 |
Presentation of Troubled Debt Restructurings ("TDRs") by Class | The following is a presentation of troubled debt restructurings (“TDRs”) by class as of December 31, 2021 and 2020: December 31, 2021 Number of Loans Pre- Modification Outstanding Balance Rate Modification Term Modification Rate & Term Modification Post- Modification Outstanding Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 12 $ 6,119 $ 3,581 $ 623 $ 85 $ 4,289 Construction/land development 2 240 210 1 — 211 Agricultural 1 282 262 — — 262 Residential real estate loans Residential 1-4 family 15 2,328 844 117 332 1,293 Multifamily residential 1 1,130 1,144 — — 1,144 Total real estate 31 10,099 6,041 741 417 7,199 Consumer 4 22 13 — 3 16 Commercial and industrial 9 2,353 172 65 74 311 Total 44 $ 12,474 $ 6,226 $ 806 $ 494 $ 7,526 December 31, 2020 Number of Loans Pre- Modification Outstanding Balance Rate Modification Term Modification Rate & Term Modification Post- Modification Outstanding Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 14 $ 11,510 $ 4,350 $ 383 $ 4,723 $ 9,456 Construction/land development 2 58 — 7 9 16 Agricultural 1 282 267 — — 267 Residential real estate loans Residential 1-4 family 21 2,913 1,441 165 431 2,037 Total real estate 38 14,763 6,058 555 5,163 11,776 Consumer 1 17 14 — — 14 Commercial and industrial 12 2,470 308 127 91 526 Total 51 $ 17,250 $ 6,380 $ 682 $ 5,254 $ 12,316 |
Presentation of TDR's on Non-Accrual Status | The following is a presentation of TDRs on non-accrual status as of December 31, 2021, and 2020 because they are not in compliance with the modified terms: December 31, 2021 December 31, 2020 Number of Loans Recorded Balance Number of Loans Recorded Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 2 $ 7 2 $ 350 Construction/land development 1 210 1 9 Agricultural 1 262 1 267 Residential real estate loans Residential 1-4 family 5 388 7 547 Total real estate 9 867 11 1,173 Consumer 3 3 — — Commercial and industrial 6 206 8 414 Total 18 $ 1,076 19 $ 1,587 |
Summary of Total Foreclosed Assets | The following is a presentation of total foreclosed assets as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (In thousands) Commercial real estate loans Non-farm/non-residential $ 536 $ 438 Construction/land development 834 3,189 Agricultural — — Residential real estate loans Residential 1-4 family 260 793 Multifamily residential — — Total foreclosed assets held for sale $ 1,630 $ 4,420 |
Goodwill and Core Deposits an_2
Goodwill and Core Deposits and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount and Accumulated Amortization of Company's Goodwill and Core Deposits and Other Intangibles | Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposits and other intangibles at December 31, 2021 and 2020, were as follows: December 31, 2021 December 31, 2020 Goodwill (In thousands) Balance, beginning of period $ 973,025 $ 958,408 Acquisitions — 14,617 Balance, end of period $ 973,025 $ 973,025 December 31, 2021 December 31, 2020 Core Deposit and Other Intangibles (In thousands) Balance, beginning of period $ 30,728 $ 36,572 Acquisitions — — Amortization expense (5,683) (5,844) Balance, end of year $ 25,045 $ 30,728 |
Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles | The carrying basis and accumulated amortization of core deposits and other intangibles at December 31, 2021 and 2020 were: December 31, 2021 December 31, 2020 (In thousands) Gross carrying amount $ 86,625 $ 86,625 Accumulated amortization (61,580) (55,897) Net carrying amount $ 25,045 $ 30,728 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Summary of Scheduled Maturities of Time Deposits | The following is a summary of the scheduled maturities of all time deposits at December 31, 2021 (in thousands): One month or less $137,785 Over 1 month to 3 months 154,614 Over 3 months to 6 months 159,366 Over 6 months to 12 months 257,611 Over 12 months to 2 years 138,863 Over 2 years to 3 years 15,870 Over 3 years to 5 years 16,369 Over 5 years 409 Total time deposits $880,887 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Securities Sold under Agreements to Repurchase [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 December 31, 2021 and 2020 is presented in the following tables: December 31, 2021 Overnight and Up to 30 30-90 Greater than Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 8,433 $ — $ — $ — $ 8,433 Mortgage-backed securities 7,920 — — — 7,920 State and political subdivisions 122,173 — — — 122,173 Other securities 2,360 — — — 2,360 Total borrowings $ 140,886 $ — $ — $ — $ 140,886 December 31, 2020 Overnight and Up to 30 30-90 Greater than Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 11,166 $ — $ — $ — $ 11,166 Mortgage-backed securities 18,830 — — — 18,830 State and political subdivisions 135,308 — — — 135,308 Other securities 3,627 — — — 3,627 Total borrowings $ 168,931 $ — $ — $ — $ 168,931 |
FHLB and Other Borrowed Funds (
FHLB and Other Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Advances from Federal Home Loan Banks [Abstract] | |
Maturities of Borrowings with Original Maturities | Maturities of borrowings with original maturities exceeding one year at December 31, 2021, are as follows (in thousands): By By 2022 $ — $ 400,000 2023 — — 2024 — — 2025 — — 2026 — — Thereafter 400,000 — $ 400,000 $ 400,000 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Preferred Trust Securities and Subordinated Debentures | Subordinated debentures at December 31, 2021 and 2020 contained the following components: As of December 31, 2021 As of December 31, 2020 (In thousands) Trust preferred securities 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 Subordinated debentures, issued in 2005, due 2035, floating rate of 2.15% above the three-month LIBOR rate, reset quarterly, currently callable without penalty 4,501 4,452 Subordinated debentures, issued in 2006, due 2036, fixed rate of 7.38% during the first five years and at a floating rate of 1.62% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty 5,942 5,849 Subordinated debt securities Subordinated notes, net of issuance costs, issued in 2017, due 2027, fixed rate of 5.625% during the first five years and at a floating rate of 3.575% above the then three-month LIBOR rate, reset quarterly, thereafter, callable in 2022 without penalty 299,824 299,199 Total $ 371,093 $ 370,326 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of Provision for Income Taxes | The following is a summary of the components of the provision for income taxes for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (In thousands) Current: Federal $ 70,536 $ 62,362 $ 50,418 State 23,350 20,644 16,690 Total current 93,886 83,006 67,108 Deferred: Federal 2,906 (14,839) 21,768 State 962 (4,912) 7,206 Total deferred 3,868 (19,751) 28,974 Income tax expense $ 97,754 $ 63,255 $ 96,082 |
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 years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 Statutory federal income tax rate 21.00 % 21.00 % 21.00 % Effect of non-taxable interest income (1.03) (1.29) (0.83) Stock compensation 0.25 0.33 0.10 State income taxes, net of federal benefit 3.97 3.50 3.71 Other (0.74) (0.76) 0.94 Effective income tax rate 23.45 % 22.78 % 24.92 % |
Differences between Tax Basis of Assets and Liabilities | The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows: December 31, 2021 December 31, 2020 (In thousands) Deferred tax assets: Allowance for credit losses $ 68,644 $ 72,445 Deferred compensation 5,342 4,741 Stock compensation 5,044 4,768 Non-accrual interest income 694 775 Real estate owned 109 620 Loan discounts 4,169 6,806 Tax basis premium/discount on acquisitions 3,220 5,101 Investments 263 502 Deposits (65) (33) Other 5,283 5,855 Gross deferred tax assets 92,703 101,580 Deferred tax liabilities: Accelerated depreciation on premises and equipment 761 1,929 Unrealized gain on securities available-for-sale 4,220 15,072 Core deposit intangibles 5,736 7,056 FHLB dividends 2,820 2,711 Other 876 4,563 Gross deferred tax liabilities 14,413 31,331 Net deferred tax assets $ 78,290 $ 70,249 |
Common Stock, Compensation Pl_2
Common Stock, Compensation Plans and Other (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock Option Transactions under Plan | The table below summarized the stock option transactions under the Plan at December 31, 2021, 2020 and 2019 and changes during the years then ended: 2021 2020 2019 Shares Weighted- Shares Weighted- Shares Weighted- Outstanding, beginning of year 3,254 $ 19.77 3,411 $ 19.60 3,617 $ 19.62 Granted 15 21.68 — — 55 19.15 Forfeited/Expired (57) 22.44 (76) 21.95 (163) 22.43 Exercised (197) 14.78 (81) 10.61 (98) 15.21 Outstanding, end of year 3,015 20.06 3,254 19.77 3,411 19.60 Exercisable, end of year 1,543 17.46 1,537 16.82 1,353 16.03 |
Summary of Stock Options on Valuation Assumptions | The assumptions used in determining the fair value of 2021, 2020 and 2019 stock option grants were as follows: For the Years Ended December 31, 2021 2020 2019 Expected dividend yield 2.59 % Not Applicable 2.70 % Expected stock price volatility 70.13 % Not Applicable 26.13 % Risk-free interest rate 0.75 % Not Applicable 2.48 % Expected life of options 6.5 years Not Applicable 6.5 years |
Summary of Currently Outstanding and Exercisable Options | The following is a summary of currently outstanding and exercisable options at December 31, 2021: Options Outstanding Options Exercisable Exercise Prices Options Weighted- Weighted- Options Weighted- $6.56 to $8.62 152 0.97 $ 8.46 152 $ 8.46 $9.54 to $14.71 140 2.54 13.23 140 13.23 $16.77 to $16.86 130 2.64 16.80 130 16.80 $17.12 to $17.36 99 3.22 17.13 99 17.13 $17.40 to $18.46 871 3.63 18.45 738 18.45 $18.50 to $20.16 41 7.27 19.05 14 19.04 $20.58 to $21.25 158 4.26 21.08 149 21.10 $21.31 to $22.22 112 6.60 22.18 60 22.22 $22.70 to $23.32 1,232 6.55 23.32 1 22.70 $23.51 to $25.96 81 5.47 25.64 59 25.82 3,015 1,543 |
Summary of Company's Restricted Stock Issued and Outstanding | The table below summarizes the activity for the Company’s restricted stock issued and outstanding at December 31, 2021, 2020 and 2019 and changes during the years then ended: 2021 2020 2019 (In thousands) Beginning of year 1,371 1,636 1,873 Issued 216 264 181 Vested (320) (453) (340) Forfeited (36) (76) (78) End of year 1,231 1,371 1,636 Amount of expense for twelve months ended $ 7,112 $ 6,824 $ 8,427 |
Non-Interest Expense (Tables)
Non-Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Components of Non-Interest Expense | The table below shows the components of non-interest expense for years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 (In thousands) Salaries and employee benefits $ 170,755 $ 163,950 $ 154,177 Occupancy and equipment 36,631 38,412 35,452 Data processing expense 24,280 19,032 16,161 Merger expense 1,886 711 — Other operating expenses: Advertising 4,855 3,999 4,687 Amortization of intangibles 5,683 5,844 6,324 Electronic banking expense 9,817 8,477 7,525 Directors' fees 1,614 1,624 1,602 Due from bank service charges 1,044 975 1,081 FDIC and state assessment 5,472 6,494 4,468 Hurricane expense — — 897 Insurance 3,118 3,018 2,846 Legal and accounting 3,703 4,222 5,017 Other professional fees 6,950 8,150 10,213 Operating supplies 1,915 1,988 2,021 Postage 1,283 1,283 1,266 Telephone 1,425 1,302 1,210 Other expense 18,086 17,904 20,840 Total other operating expenses 64,965 65,280 69,997 Total non-interest expense $ 298,517 $ 287,385 $ 275,787 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Minimum Rental Commitments under Operating Leases | The minimum rental commitments under these noncancelable operating leases are as follows (in thousands) as of December 31, 2021: December 31, 2021 2022 $ 7,714 2023 6,574 2024 6,001 2025 5,510 2026 5,389 Thereafter 24,999 Total future minimum lease payments $ 56,187 Discount effect of cash flows (13,778) Present value of net future minimum lease payments $ 42,409 |
Additional Information of Lease Expense | Additional information (dollar amounts in thousands): Year Ended December 31, Year Ended December 31, Year Ended Lease expense: 2021 2020 2019 Operating lease expense $ 7,857 $ 8,138 $ 8,217 Short-term lease expense 6 35 105 Variable lease expense 1,028 1,056 976 Total lease expense $ 8,891 $ 9,229 $ 9,298 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 7,881 $ 8,030 $ 7,931 Weighted-average remaining lease term 9.71 10.19 10.70 Weighted-average discount rate 3.48 % 3.61 % 3.62 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | The following table presents the estimated fair values of the Company’s financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. December 31, 2021 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 3,650,315 $ 3,650,315 1 Loans receivable, net of impaired loans and allowance 9,319,421 9,503,261 3 Accrued interest receivable 46,736 46,736 1 FHLB, FRB & FNBB stock; other equity investments 124,638 124,638 3 Financial liabilities: Deposits: Demand and non-interest bearing $ 4,127,878 $ 4,127,878 1 Savings and interest-bearing transaction accounts 9,251,805 9,251,805 1 Time deposits 880,887 901,280 3 Securities sold under agreements to repurchase 140,886 140,886 1 FHLB and other borrowed funds 400,000 401,362 2 Accrued interest payable 4,798 4,798 1 Subordinated debentures 371,093 374,894 3 December 31, 2020 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 1,263,788 $ 1,263,788 1 Loans receivable, net of impaired loans and allowance 10,873,120 11,292,004 3 Accrued interest receivable 60,528 60,528 1 FHLB, FRB & FNBB stock; other equity investments 114,854 114,854 3 Financial liabilities: Deposits: Demand and non-interest bearing $ 3,266,753 $ 3,266,753 1 Savings and interest-bearing transaction accounts 8,212,240 8,212,240 1 Time deposits 1,246,797 1,266,430 3 Securities sold under agreements to repurchase 168,931 168,931 1 FHLB and other borrowed funds 400,000 414,207 2 Accrued interest payable 5,925 5,925 1 Subordinated debentures 370,326 378,981 3 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Matters [Abstract] | |
Summary of Company's Actual Capital Amount and Ratios | The Company’s actual capital amounts and ratios along with the Company’s bank subsidiary are presented in the following table. Actual Minimum Capital Minimum To Be Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2021 Common equity Tier 1 capital ratios: Home BancShares $ 1,812,797 15.37 % $ 825,548 7.00 % N/A N/A Centennial Bank 1,859,093 15.82 822,608 7.00 763,850 6.50 Leverage ratios: Home BancShares $ 1,884,067 11.11 % $ 678,427 4.00 % N/A N/A Centennial Bank 1,859,093 10.97 677,883 4.00 847,353 5.00 Tier 1 capital ratios: Home BancShares $ 1,884,067 15.98 % $ 1,002,451 8.50 % N/A N/A Centennial Bank 1,859,093 15.82 998,881 8.50 940,123 8.00 Total risk-based capital ratios: Home BancShares $ 2,331,948 19.77 % $ 1,238,322 10.50 % N/A N/A Centennial Bank 2,006,814 17.08 1,233,697 10.50 1,174,950 10.00 As of December 31, 2020 Common equity Tier 1 capital ratios: Home BancShares $ 1,615,683 13.42 % $ 842,741 7.00 % N/A N/A Centennial Bank 1,804,392 15.04 839,810 7.00 779,824 6.50 Leverage ratios: Home BancShares $ 1,686,810 10.85 % $ 621,884 4.00 % N/A N/A Centennial Bank 1,804,392 11.61 621,668 4.00 777,085 5.00 Tier 1 capital ratios: Home BancShares $ 1,686,810 14.01 % $ 1,023,328 8.50 % N/A N/A Centennial Bank 1,804,392 15.04 1,019,769 8.50 959,783 8.00 Total risk-based capital ratios: Home BancShares $ 2,137,238 17.75 % $ 1,264,111 10.50 % N/A N/A Centennial Bank 1,955,299 16.30 1,259,548 10.50 1,199,570 10.00 |
Additional Cash Flow Informat_2
Additional Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Additional Cash Flow Information | The following is summary of the Company’s additional cash flow information during the years ended December 31: 2021 2020 2019 (In thousands) Interest paid $ 53,327 $ 95,483 $ 155,661 Income taxes paid 98,320 77,838 89,692 Assets acquired by foreclosure 2,623 2,639 9,340 |
Condensed Financial Informati_2
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Offsetting [Abstract] | |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets December 31, (In thousands) 2021 2020 Assets Cash and cash equivalents $ 291,585 $ 152,718 Investment securities 18,254 13,037 Investments in wholly-owned subsidiaries 2,815,345 2,797,541 Investments in unconsolidated subsidiaries 2,201 2,201 Other assets 14,591 15,825 Total assets $ 3,141,976 $ 2,981,322 Liabilities Subordinated debentures $ 371,093 $ 370,326 Other liabilities 5,162 5,238 Total liabilities 376,255 375,564 Stockholders' Equity Common stock 1,637 1,651 Capital surplus 1,487,373 1,520,617 Retained earnings 1,266,249 1,039,370 Accumulated other comprehensive income 10,462 44,120 Total stockholders' equity 2,765,721 2,605,758 Total liabilities and stockholders' equity $ 3,141,976 $ 2,981,322 |
Schedule of Condensed Statements of Income | Condensed Statements of Income Years Ended December 31, (In thousands) 2021 2020 2019 Income Dividends from equity securities $ 646 $ 385 $ — Dividends from banking subsidiary 286,712 183,711 232,532 Other (loss) income 7,234 (1,588) 125 Total income 294,592 182,508 232,657 Expenses 34,194 33,346 36,798 Income before income taxes and equity in undistributed net income of subsidiaries 260,398 149,162 195,859 Tax benefit for income taxes 7,161 8,589 9,703 Income before equity in undistributed net income of subsidiaries 267,559 157,751 205,562 Equity in undistributed net income of subsidiaries 51,462 56,697 83,977 Net income $ 319,021 $ 214,448 $ 289,539 |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, (In thousands) 2021 2020 2019 Cash flows from operating activities Net income $ 319,021 $ 214,448 $ 289,539 Items not requiring (providing) cash Depreciation — 216 289 Amortization 767 769 796 Share-based compensation 8,848 8,607 10,719 (Increase) decrease in value of equity securities (7,178) 1,978 — Gain on assets — (320) (18) Equity in undistributed income of subsidiaries (51,462) (56,697) (83,977) Changes in other assets 90 (628) (2,006) Changes in other liabilities (76) (307) (504) Net cash provided by operating activities 270,010 168,066 214,838 Cash flows from investing activities Proceeds from sale of premises and equipment, net — 1,841 508 Purchases of equity securities (13,276) (15,015) — Proceeds from sale of equity securities 16,381 — — Net cash provided by (used in) investing activities 3,105 (13,174) 508 Cash flows from financing activities Proceeds from exercise of stock options 2,374 595 1,407 Repurchase of common stock (44,480) (25,689) (84,888) Dividends paid (92,142) (87,677) (85,627) Net cash used in financing activities (134,248) (112,771) (169,108) Increase in cash and cash equivalents 138,867 42,121 46,238 Cash and cash equivalents, beginning of year 152,718 110,597 64,359 Cash and cash equivalents, end of year $ 291,585 $ 152,718 $ 110,597 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, shares in Millions | Mar. 26, 2020 | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Jan. 01, 2020USD ($) | Dec. 31, 2018USD ($) |
Accounting Policy [Line Items] | ||||||
Number of reportable segments | segment | 1 | |||||
Number of operating segments | segment | 1 | |||||
Allowance for credit losses on loans | $ 236,714,000 | $ 245,473,000 | $ 102,122,000 | $ 108,791,000 | ||
Adjustment to retained earnings | (1,266,249,000) | (1,039,370,000) | ||||
Remaining purchased loans reclassified into purchase credit impaired loans | 107,600,000 | |||||
Accretable yield reclassified out of purchased credit impaired loans | 29,300,000 | |||||
Total credit loss expense | 0 | 842,000 | ||||
Surrender value of underperforming BOLI | 47,500,000 | |||||
Tax expense related to BOLI transaction | 3,700,000 | |||||
Impairment of goodwill | 0 | 0 | 0 | |||
Impairment of core deposit and other intangibles | $ 0 | $ 0 | $ 0 | |||
Antidilutive securities excluded from computation of earnings per share, amount | shares | 3.3 | 3.4 | ||||
Antidilutive securities excluded from computation of earnings per share weighted average exercise price (in dollars per share) | $ / shares | $ 19.77 | $ 19.60 | ||||
Accounting Standards Update 2016-13 | ||||||
Accounting Policy [Line Items] | ||||||
Allowance for credit losses on loans | $ 146,100,000 | |||||
Adjustment to retained earnings | 32,500,000 | |||||
Reserve for unfunded commitments recognized | 15,500,000 | |||||
Total credit loss expense | $ 842,000 | |||||
IRS | ||||||
Accounting Policy [Line Items] | ||||||
Penalty percentage on gains surrendered within the policy of BOLI contract | 10.00% | |||||
Minimum | ||||||
Accounting Policy [Line Items] | ||||||
Intangible assets amortization period | 48 months | |||||
Maximum | ||||||
Accounting Policy [Line Items] | ||||||
Intangible assets amortization period | 121 months | |||||
Federal Reserve Bank | ||||||
Accounting Policy [Line Items] | ||||||
Cash reserve requirement ratio reduced to | 0.00% | |||||
Unfunded Commitments | Accounting Standards Update 2016-13 | ||||||
Accounting Policy [Line Items] | ||||||
Adjustment to retained earnings | 11,500,000 | |||||
Reserve for unfunded commitments recognized | 15,500,000 | |||||
Impact of ASC 326 Adoption | Accounting Standards Update 2016-13 | ||||||
Accounting Policy [Line Items] | ||||||
Allowance for credit losses on loans | $ 43,988,000 | $ 43,988,000 |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Summary of Impact of Adoption of ASC 326 in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 |
Assets | |||||
Allowance for credit losses on loans | $ 102,122 | $ 236,714 | $ 245,473 | $ 108,791 | |
Liabilities: | |||||
Accounting standards update | Accounting Standards Update 2016-13 | Accounting Standards Update 2016-13 | |||
Accounting Standards Update 2016-13 | |||||
Assets | |||||
Allowance for credit losses on loans | $ 146,100 | ||||
Accounting Standards Update 2016-13 | As Reported Under ASC 326 | |||||
Assets | |||||
Allowance for credit losses on loans | 146,110 | ||||
Accounting Standards Update 2016-13 | Pre-ASC 326 Adoption | |||||
Assets | |||||
Allowance for credit losses on loans | 102,122 | ||||
Accounting Standards Update 2016-13 | Impact of ASC 326 Adoption | |||||
Assets | |||||
Allowance for credit losses on loans | 43,988 | $ 43,988 | |||
Accounting Standards Update 2016-13 | Other Liabilities | As Reported Under ASC 326 | |||||
Liabilities: | |||||
Allowance for credit losses on OBS credit exposures (included in other liabilities) | 15,521 | ||||
Accounting Standards Update 2016-13 | Other Liabilities | Impact of ASC 326 Adoption | |||||
Liabilities: | |||||
Allowance for credit losses on OBS credit exposures (included in other liabilities) | $ 15,521 |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives for Book Purposes (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Bank premises | Minimum | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful lives | 15 years |
Bank premises | Maximum | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful lives | 40 years |
Furniture, fixtures, and equipment | Minimum | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful lives | 3 years |
Furniture, fixtures, and equipment | Maximum | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful lives | 15 years |
Nature of Operations and Summ_7
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net income | $ 319,021 | $ 214,448 | $ 289,539 |
Average common shares outstanding (in shares) | 164,501 | 165,373 | 167,804 |
Effect of common stock options (in shares) | 357 | 0 | 0 |
Diluted common shares outstanding (in shares) | 164,858 | 165,373 | 167,804 |
Basic earnings per common share (in dollars per share) | $ 1.94 | $ 1.30 | $ 1.73 |
Diluted earnings per common share (in dollars per share) | $ 1.94 | $ 1.30 | $ 1.73 |
Business Combinations - Acquisi
Business Combinations - Acquisition of Happy Bancshares (Details) - Happy Bancshares Inc shares in Millions | Sep. 15, 2021USD ($)shares |
Business Acquisition [Line Items] | |
Cash consideration paid | $ 0 |
Business acquisition, expected aggregate cash payable in cancellation of certain stock appreciation rights | $ 11,000,000 |
Business acquisition, common stock conversion ratio | 2.17 |
Common Stock | |
Business Acquisition [Line Items] | |
Business combination, common stock issued (in shares) | shares | 42.3 |
Business Combinations - Acqui_2
Business Combinations - Acquisition of LH-Finance - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 0 | $ 14,617 | |
LH-Finance | |||
Business Acquisition [Line Items] | |||
Business combination consideration paid | $ 421,200 | ||
Business combination, recognized identifiable assets acquired | 409,100 | ||
Business combination, recognized identifiable liabilities assumed, loans | 407,400 | ||
Goodwill | $ 14,600 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2021USD ($)security | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value | $ 1,150,000,000 | $ 1,080,000,000 | |
Investment securities pledged as collateral | 140,900,000 | 168,900,000 | |
Available for sale securities sold | 17,900,000 | 0 | $ 1,500,000 |
Realized gains (losses) on available for sale securities | $ 219,000 | $ (2,000) | |
Income tax expense benefit to net security gains and losses, percentage | 25.74% | 25.819% | |
Investment securities, provision for credit losses | $ 0 | 842,000 | |
Fair value of unrealized losses | $ 7,283,000 | $ 1,004,000 | |
Percentage of Company's investment portfolio | 55.70% | 60.40% | |
Number of investment securities available for sale | security | 1,336 | ||
Number of investment in debt securities unrealized loss position | security | 383 | ||
Debt securities available for sale unrealized loss position | $ 27,734,000 | $ 3,710,000 | |
U.S. government-sponsored enterprises | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of unrealized losses | $ 1,869,000 | 824,000 | |
Number of investment in debt securities unrealized loss position | security | 55 | ||
Debt securities available for sale unrealized loss position | $ 3,225,000 | 1,207,000 | |
Residential mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of unrealized losses | $ 3,305,000 | 45,000 | |
Number of investment in debt securities unrealized loss position | security | 195 | ||
Debt securities available for sale unrealized loss position | $ 18,551,000 | 688,000 | |
Commercial mortgage-backed securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of unrealized losses | $ 717,000 | 0 | |
Number of investment in debt securities unrealized loss position | security | 52 | ||
Debt securities available for sale unrealized loss position | $ 1,968,000 | 126,000 | |
State and political subdivisions | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of unrealized losses | $ 1,354,000 | 0 | |
Number of investment in debt securities unrealized loss position | security | 62 | ||
Debt securities available for sale unrealized loss position | $ 2,636,000 | 1,454,000 | |
Other securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value of unrealized losses | $ 38,000 | 135,000 | |
Number of investment in debt securities unrealized loss position | security | 19 | ||
Debt securities available for sale unrealized loss position | $ 1,354,000 | $ 235,000 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 3,106,483 | $ 2,414,891 |
Gross Unrealized Gains | 41,058 | 62,600 |
Gross Unrealized (Losses) | (27,734) | (3,710) |
Estimated Fair Value | 3,119,807 | 2,473,781 |
U.S. government-sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 433,829 | 325,860 |
Gross Unrealized Gains | 2,375 | 2,338 |
Gross Unrealized (Losses) | (3,225) | (1,207) |
Estimated Fair Value | 432,979 | 326,991 |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,175,185 | 703,138 |
Gross Unrealized Gains | 4,085 | 10,607 |
Gross Unrealized (Losses) | (18,551) | (688) |
Estimated Fair Value | 1,160,719 | 713,057 |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 372,702 | 446,964 |
Gross Unrealized Gains | 6,521 | 18,048 |
Gross Unrealized (Losses) | (1,968) | (126) |
Estimated Fair Value | 377,255 | 464,886 |
State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 973,318 | 898,174 |
Gross Unrealized Gains | 26,296 | 31,173 |
Gross Unrealized (Losses) | (2,636) | (1,454) |
Estimated Fair Value | 996,978 | 927,893 |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 151,449 | 40,755 |
Gross Unrealized Gains | 1,781 | 434 |
Gross Unrealized (Losses) | (1,354) | (235) |
Estimated Fair Value | $ 151,876 | $ 40,954 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Securities Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in one year or less | $ 8,042 | |
Due after one year through five years | 95,961 | |
Due after five years through ten years | 381,533 | |
Due after ten years | 1,071,060 | |
Amortized Cost | 3,106,483 | $ 2,414,891 |
Estimated Fair Value | ||
Due in one year or less | 8,115 | |
Due after one year through five years | 96,267 | |
Due after five years through ten years | 381,692 | |
Due after ten years | 1,093,759 | |
Total | 3,119,807 | 2,473,781 |
Residential mortgage-backed securities | ||
Amortized Cost | ||
Securities not due at a single maturity date, Amortized Cost | 1,175,185 | |
Amortized Cost | 1,175,185 | 703,138 |
Estimated Fair Value | ||
Securities not due at a single maturity date, Estimated Fair Value | 1,160,719 | |
Total | 1,160,719 | 713,057 |
Commercial mortgage-backed securities | ||
Amortized Cost | ||
Securities not due at a single maturity date, Amortized Cost | 372,702 | |
Amortized Cost | 372,702 | 446,964 |
Estimated Fair Value | ||
Securities not due at a single maturity date, Estimated Fair Value | 377,255 | |
Total | 377,255 | 464,886 |
Other | ||
Amortized Cost | ||
Securities not due at a single maturity date, Amortized Cost | 2,000 | |
Amortized Cost | 151,449 | 40,755 |
Estimated Fair Value | ||
Securities not due at a single maturity date, Estimated Fair Value | 2,000 | |
Total | $ 151,876 | $ 40,954 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | $ 1,288,118 | $ 308,738 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (20,451) | (2,706) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 233,082 | 108,897 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (7,283) | (1,004) |
Fair Value of Available-for-Sale Securities, Total | 1,521,200 | 417,635 |
Unrealized Losses of Available-for-Sale Securities, Total | (27,734) | (3,710) |
U.S. government-sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 120,730 | 54,611 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (1,356) | (383) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 78,124 | 95,249 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (1,869) | (824) |
Fair Value of Available-for-Sale Securities, Total | 198,854 | 149,860 |
Unrealized Losses of Available-for-Sale Securities, Total | (3,225) | (1,207) |
Residential mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 854,807 | 143,458 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (15,246) | (643) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 104,897 | 4,900 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (3,305) | (45) |
Fair Value of Available-for-Sale Securities, Total | 959,704 | 148,358 |
Unrealized Losses of Available-for-Sale Securities, Total | (18,551) | (688) |
Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 100,702 | 26,886 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (1,251) | (126) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 28,711 | 0 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (717) | 0 |
Fair Value of Available-for-Sale Securities, Total | 129,413 | 26,886 |
Unrealized Losses of Available-for-Sale Securities, Total | (1,968) | (126) |
State and political subdivisions | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 136,135 | 78,349 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (1,282) | (1,454) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 18,647 | 0 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (1,354) | 0 |
Fair Value of Available-for-Sale Securities, Total | 154,782 | 78,349 |
Unrealized Losses of Available-for-Sale Securities, Total | (2,636) | (1,454) |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 75,744 | 5,434 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (1,316) | (100) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 2,703 | 8,748 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (38) | (135) |
Fair Value of Available-for-Sale Securities, Total | 78,447 | 14,182 |
Unrealized Losses of Available-for-Sale Securities, Total | $ (1,354) | $ (235) |
Investment Securities - Schedul
Investment Securities - Schedule of Allowance for Credit Losses on Investment Securities (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for credit losses: | ||
Beginning balance | $ 842,000 | $ 0 |
Total credit loss expense | 0 | 842,000 |
Balance, December 31, 2020 | $ 842,000 | $ 842,000 |
Investment Securities - Sched_2
Investment Securities - Schedule of Income Earned on Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment Income [Line Items] | |||
Income earned on securities, taxable | $ 30,054 | $ 32,596 | $ 41,406 |
Income earned on securities, tax-exempt | 19,642 | 16,158 | 13,015 |
Total | 49,696 | 48,754 | 54,421 |
Available-for-sale | |||
Investment Income [Line Items] | |||
Income earned on securities, taxable | 30,054 | 32,596 | 41,406 |
Income earned on securities, tax-exempt | $ 19,642 | $ 16,158 | $ 13,015 |
Loans Receivable - Summary of V
Loans Receivable - Summary of Various Categories of Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 9,836,089 | $ 11,220,721 | ||
Allowance for credit losses | (236,714) | (245,473) | $ (102,122) | $ (108,791) |
Loans receivable, net | 9,599,375 | 10,975,248 | ||
Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 5,870,008 | 6,105,789 | ||
Commercial real estate loans | Non-farm/non-residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 3,889,284 | 4,429,060 | ||
Commercial real estate loans | Construction/ Land Development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,850,050 | 1,562,298 | ||
Allowance for credit losses | (28,415) | (32,861) | (26,433) | (21,302) |
Commercial real estate loans | Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 130,674 | 114,431 | ||
Residential Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses | (48,458) | (53,216) | (20,135) | (26,734) |
Residential Real Estate | Residential 1-4 family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,274,953 | 1,536,257 | ||
Residential Real Estate | Multifamily residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 280,837 | 536,538 | ||
Total real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 7,425,798 | 8,178,584 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 825,519 | 864,690 | ||
Commercial & Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,386,747 | 1,896,442 | ||
Allowance for credit losses | (53,062) | (46,530) | $ (16,615) | $ (14,981) |
Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 43,920 | 66,869 | ||
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 154,105 | $ 214,136 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses on loans | $ 236,714,000 | $ 245,473,000 | $ 102,122,000 | $ 108,791,000 | |
Accounting Standards Update 2016-13 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses on loans | $ 146,100,000 | ||||
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses on loans | 43,988,000 | $ 43,988,000 | |||
Deteriorated Credit Quality | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses on loans | 448,000 | 760,000 | |||
Deteriorated Credit Quality | LH-Finance | Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses on loans | 448,000 | 760,000 | |||
Mortgage Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage loans held for sale | 72,700,000 | 114,800,000 | |||
SBA Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans sold during period | 22,700,000 | 7,000,000 | 20,200,000 | ||
Gain on sale of guaranteed portion of loans | $ 2,400,000 | $ 645,000 | $ 1,600,000 |
Allowance for Credit Losses, _3
Allowance for Credit Losses, Credit Quality and Other - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)loanRate | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses on loans | $ 236,714,000 | $ 245,473,000 | $ 102,122,000 | $ 108,791,000 | ||
Adjustment to retained earnings | (1,266,249,000) | (1,039,370,000) | ||||
Provision for credit loss - unfunded commitments | 4,752,000 | (16,989,000) | 0 | |||
Provision for loan losses expensed | 0 | 112,264,000 | 1,325,000 | |||
Allowance for credit losses on PCD loans | 357,000 | 357,000 | ||||
Non-accrual loans | 47,158,000 | 64,528,000 | ||||
Loans past due over 90 days still accruing | 3,035,000 | 9,610,000 | ||||
Nonaccrual loans with specific reserve | 9,200,000 | 11,900,000 | ||||
Interest income on nonaccrual loans | 0 | 0 | ||||
Collateral-dependent impaired loans | $ 331,500,000 | 112,700,000 | ||||
Discount of par for impaired loans | Rate | 15.00% | |||||
Interest recognized on impaired loans | $ 14,700,000 | 3,400,000 | 2,400,000 | |||
Amount of loan assessed for impairment on a quarterly basis | 2,000,000 | |||||
Revolver loans converted to term loans | $ 58,700,000 | $ 104,200,000 | ||||
Number of revolving loans convert to term loans | loan | 259 | 328 | ||||
Purchase price of loans at acquisition | $ 1,300,000 | |||||
Non-credit premium at acquisition | 17,000 | |||||
Par value of acquired loans at acquisition | 1,000,000 | |||||
Deteriorated Credit Quality | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses on loans | $ 448,000 | $ 760,000 | ||||
LH-Finance | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Acquisition of loans | $ 406,200,000 | |||||
Loan discount | 6,600,000 | |||||
Provision for credit loss - unfunded commitments | 9,300,000 | |||||
Allowance for credit losses on PCD loans | $ 357,000 | |||||
Construction / Land Development and Other Commercial Real Estate Loans | Minimum | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans collateralized by first liens on real estate amortized period | 15 years | |||||
Loans collateralized by first liens on real estate balloon payments due period | 1 year | |||||
Construction / Land Development and Other Commercial Real Estate Loans | Maximum | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans collateralized by first liens on real estate amortized period | 30 years | |||||
Loans collateralized by first liens on real estate balloon payments due period | 5 years | |||||
Percentage of loan value of improved property | 85.00% | |||||
Percentage of loan value of raw land | 65.00% | |||||
Percentage of loan value of land to be acquired and developed | 75.00% | |||||
Residential Real Estate | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses on loans | $ 48,458,000 | 53,216,000 | 20,135,000 | 26,734,000 | ||
Provision for loan losses expensed | $ (4,896,000) | (5,864,000) | ||||
Allowance for credit losses on PCD loans | 0 | |||||
Residential Real Estate | Maximum | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loan-to-value ratio | 90.00% | |||||
Commercial and Industrial Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses on loans | $ 53,062,000 | 46,530,000 | 16,615,000 | $ 14,981,000 | ||
Provision for loan losses expensed | 14,183,000 | 3,457,000 | ||||
Allowance for credit losses on PCD loans | 0 | |||||
Non-accrual loans | 13,875,000 | 17,251,000 | ||||
Loans past due over 90 days still accruing | $ 107,000 | 231,000 | ||||
Commercial and Industrial Loans | Minimum | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Commercial loans terms | 1 year | |||||
Inventory financing percentage | 50.00% | |||||
Commercial and Industrial Loans | Minimum | Accounts Receivable Less than 60 Days Past Due | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Accounts receivable financed percentage | 50.00% | |||||
Commercial and Industrial Loans | Maximum | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Commercial loans terms | 7 years | |||||
Inventory financing percentage | 80.00% | |||||
Commercial and Industrial Loans | Maximum | Accounts Receivable Less than 60 Days Past Due | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Accounts receivable financed percentage | 80.00% | |||||
Accounting Standards Update 2016-13 | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses on loans | $ 146,100,000 | |||||
Adjustment to retained earnings | 32,500,000 | |||||
Reserve for unfunded commitments recognized | 15,500,000 | |||||
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses on loans | 43,988,000 | 43,988,000 | ||||
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | LH-Finance | Deteriorated Credit Quality | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses on loans | $ 448,000 | $ 760,000 | ||||
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | Residential Real Estate | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses on loans | 16,680,000 | |||||
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | Commercial and Industrial Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for credit losses on loans | $ 11,584,000 | |||||
Accounting Standards Update 2016-13 | Unfunded Commitments | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Adjustment to retained earnings | 11,500,000 | |||||
Reserve for unfunded commitments recognized | $ 15,500,000 |
Allowance for Credit Losses, _4
Allowance for Credit Losses, Credit Quality and Other - Schedule of Allowance for Credit Losses (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 245,473,000 | $ 102,122,000 | $ 108,791,000 |
Allowance for credit losses on PCD loans | 357,000 | 357,000 | |
Loans charged off | (11,661,000) | (14,486,000) | (10,603,000) |
Recoveries of loans previously charged off | 2,902,000 | 2,070,000 | 2,609,000 |
Net loans recovered (charged off) | (8,759,000) | (12,416,000) | (7,994,000) |
Provision for credit losses | 0 | 112,264,000 | 1,325,000 |
Provision for credit loss - loans | 102,113,000 | ||
Provision for credit loss - acquired loans | 9,309,000 | ||
Ending balance | 236,714,000 | 245,473,000 | 102,122,000 |
Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 53,216,000 | 20,135,000 | 26,734,000 |
Allowance for credit losses on PCD loans | 0 | ||
Loans charged off | (545,000) | (485,000) | (1,661,000) |
Recoveries of loans previously charged off | 683,000 | 337,000 | 926,000 |
Net loans recovered (charged off) | 138,000 | (148,000) | (735,000) |
Provision for credit losses | (4,896,000) | (5,864,000) | |
Provision for credit loss - loans | 16,549,000 | ||
Provision for credit loss - acquired loans | 0 | ||
Ending balance | 48,458,000 | 53,216,000 | 20,135,000 |
Commercial & Industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 46,530,000 | 16,615,000 | 14,981,000 |
Allowance for credit losses on PCD loans | 0 | ||
Loans charged off | (8,242,000) | (7,764,000) | (2,327,000) |
Recoveries of loans previously charged off | 591,000 | 218,000 | 504,000 |
Net loans recovered (charged off) | (7,651,000) | (7,546,000) | (1,823,000) |
Provision for credit losses | 14,183,000 | 3,457,000 | |
Provision for credit loss - loans | 25,877,000 | ||
Provision for credit loss - acquired loans | 0 | ||
Ending balance | 53,062,000 | 46,530,000 | 16,615,000 |
Consumer & Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 24,413,000 | 5,410,000 | 3,438,000 |
Allowance for credit losses on PCD loans | 357,000 | ||
Loans charged off | (2,228,000) | (1,978,000) | (2,424,000) |
Recoveries of loans previously charged off | 785,000 | 761,000 | 840,000 |
Net loans recovered (charged off) | (1,443,000) | (1,217,000) | (1,584,000) |
Provision for credit losses | (3,409,000) | 3,556,000 | |
Provision for credit loss - loans | 5,446,000 | ||
Provision for credit loss - acquired loans | 9,309,000 | ||
Ending balance | 19,561,000 | 24,413,000 | 5,410,000 |
Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 43,988,000 | ||
Ending balance | 43,988,000 | ||
Accounting Standards Update 2016-13 | Residential Real Estate | Cumulative Effect Period of Adoption Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 16,680,000 | ||
Ending balance | 16,680,000 | ||
Accounting Standards Update 2016-13 | Commercial & Industrial | Cumulative Effect Period of Adoption Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 11,584,000 | ||
Ending balance | 11,584,000 | ||
Accounting Standards Update 2016-13 | Consumer & Other | Cumulative Effect Period of Adoption Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 5,108,000 | ||
Ending balance | 5,108,000 | ||
Construction/ Land Development | Commercial real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 32,861,000 | 26,433,000 | 21,302,000 |
Allowance for credit losses on PCD loans | 0 | ||
Loans charged off | 0 | (1,218,000) | (1,450,000) |
Recoveries of loans previously charged off | 58,000 | 107,000 | 95,000 |
Net loans recovered (charged off) | 58,000 | (1,111,000) | (1,355,000) |
Provision for credit losses | (4,504,000) | 6,486,000 | |
Provision for credit loss - loans | 12,835,000 | ||
Provision for credit loss - acquired loans | 0 | ||
Ending balance | 28,415,000 | 32,861,000 | 26,433,000 |
Construction/ Land Development | Accounting Standards Update 2016-13 | Commercial real estate loans | Cumulative Effect Period of Adoption Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | (5,296,000) | ||
Ending balance | (5,296,000) | ||
Other Commercial Real Estate | Commercial real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 88,453,000 | 33,529,000 | 42,336,000 |
Allowance for credit losses on PCD loans | 0 | ||
Loans charged off | (646,000) | (3,041,000) | (2,741,000) |
Recoveries of loans previously charged off | 785,000 | 647,000 | 244,000 |
Net loans recovered (charged off) | 139,000 | (2,394,000) | (2,497,000) |
Provision for credit losses | (1,374,000) | (6,310,000) | |
Provision for credit loss - loans | 41,406,000 | ||
Provision for credit loss - acquired loans | 0 | ||
Ending balance | $ 87,218,000 | 88,453,000 | 33,529,000 |
Other Commercial Real Estate | Accounting Standards Update 2016-13 | Commercial real estate loans | Cumulative Effect Period of Adoption Adjustment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 15,912,000 | ||
Ending balance | $ 15,912,000 |
Allowance for Credit Losses, _5
Allowance for Credit Losses, Credit Quality and Other - Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due Over 90 Days Still Accruing (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | $ 47,158 | $ 64,528 |
Nonaccrual With Reserve | 9,230 | 11,883 |
Loans Past Due Over 90 Days Still Accruing | 3,035 | 9,610 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 11,923 | 20,947 |
Nonaccrual With Reserve | 2,212 | 6,794 |
Loans Past Due Over 90 Days Still Accruing | 2,225 | 6,088 |
Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 1,445 | 1,381 |
Nonaccrual With Reserve | 0 | 2,089 |
Loans Past Due Over 90 Days Still Accruing | 0 | 1,296 |
Commercial real estate loans | Agricultural | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 897 | 879 |
Nonaccrual With Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 16,198 | 19,334 |
Nonaccrual With Reserve | 3,000 | 3,000 |
Loans Past Due Over 90 Days Still Accruing | 701 | 1,821 |
Residential Real Estate | Multifamily residential | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 156 | 173 |
Nonaccrual With Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Total real estate | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 30,619 | 42,714 |
Nonaccrual With Reserve | 5,212 | 11,883 |
Loans Past Due Over 90 Days Still Accruing | 2,926 | 9,205 |
Consumer | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 1,648 | 3,506 |
Nonaccrual With Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 2 | 174 |
Commercial & Industrial | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 13,875 | 17,251 |
Nonaccrual With Reserve | 4,018 | 0 |
Loans Past Due Over 90 Days Still Accruing | 107 | 231 |
Agricultural & other | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 1,016 | 1,057 |
Nonaccrual With Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | $ 0 | $ 0 |
Allowance for Credit Losses, _6
Allowance for Credit Losses, Credit Quality and Other - Amortized Cost Basis of Collateral-dependent Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | $ 331,500 | $ 112,700 |
Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 289,591 | 54,320 |
Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 21,075 | 32,586 |
Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 20,872 | 25,778 |
Commercial real estate loans | Non-farm/non-residential | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 283,919 | 47,429 |
Commercial real estate loans | Non-farm/non-residential | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial real estate loans | Non-farm/non-residential | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial real estate loans | Construction/ Land Development | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 4,775 | 6,012 |
Commercial real estate loans | Construction/ Land Development | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial real estate loans | Construction/ Land Development | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial real estate loans | Agricultural | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 897 | 879 |
Commercial real estate loans | Agricultural | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial real estate loans | Agricultural | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Residential Real Estate | Residential 1-4 family | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Residential Real Estate | Residential 1-4 family | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 19,775 | 32,413 |
Residential Real Estate | Residential 1-4 family | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Residential Real Estate | Multifamily residential | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Residential Real Estate | Multifamily residential | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 1,300 | 173 |
Residential Real Estate | Multifamily residential | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Total real estate | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 289,591 | 54,320 |
Total real estate | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 21,075 | 32,586 |
Total real estate | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Consumer | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Consumer | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Consumer | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 1,663 | 3,694 |
Commercial & Industrial | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial & Industrial | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial & Industrial | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 18,193 | 21,027 |
Agricultural & other | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Agricultural & other | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Agricultural & other | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | $ 1,016 | $ 1,057 |
Allowance for Credit Losses, _7
Allowance for Credit Losses, Credit Quality and Other - Summary of Aging Analysis for Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | $ 9,836,089 | $ 11,220,721 |
Accruing Loans Past Due 90 Days or More | 3,035 | 9,610 |
Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 4,764 | 14,484 |
Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 5,153 | 12,929 |
Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 50,193 | 74,138 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 60,110 | 101,551 |
Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 9,775,979 | 11,119,170 |
Commercial real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 5,870,008 | 6,105,789 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 3,889,284 | 4,429,060 |
Accruing Loans Past Due 90 Days or More | 2,225 | 6,088 |
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,434 | 3,856 |
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 576 | 68 |
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 14,148 | 27,035 |
Commercial real estate loans | Non-farm/non-residential | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 16,158 | 30,959 |
Commercial real estate loans | Non-farm/non-residential | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 3,873,126 | 4,398,101 |
Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,850,050 | 1,562,298 |
Accruing Loans Past Due 90 Days or More | 0 | 1,296 |
Commercial real estate loans | Construction/ Land Development | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 92 | 178 |
Commercial real estate loans | Construction/ Land Development | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 22 | 44 |
Commercial real estate loans | Construction/ Land Development | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,445 | 2,677 |
Commercial real estate loans | Construction/ Land Development | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,559 | 2,899 |
Commercial real estate loans | Construction/ Land Development | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,848,491 | 1,559,399 |
Commercial real estate loans | Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 130,674 | 114,431 |
Accruing Loans Past Due 90 Days or More | 0 | 0 |
Commercial real estate loans | Agricultural | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 0 | 522 |
Commercial real estate loans | Agricultural | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 472 | 0 |
Commercial real estate loans | Agricultural | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 897 | 879 |
Commercial real estate loans | Agricultural | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,369 | 1,401 |
Commercial real estate loans | Agricultural | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 129,305 | 113,030 |
Residential Real Estate | Residential 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,274,953 | 1,536,257 |
Accruing Loans Past Due 90 Days or More | 701 | 1,821 |
Residential Real Estate | Residential 1-4 family | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,633 | 4,833 |
Residential Real Estate | Residential 1-4 family | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 3,560 | 7,787 |
Residential Real Estate | Residential 1-4 family | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 16,899 | 21,155 |
Residential Real Estate | Residential 1-4 family | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 22,092 | 33,775 |
Residential Real Estate | Residential 1-4 family | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,252,861 | 1,502,482 |
Residential Real Estate | Multifamily residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 280,837 | 536,538 |
Accruing Loans Past Due 90 Days or More | 0 | 0 |
Residential Real Estate | Multifamily residential | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 0 | 111 |
Residential Real Estate | Multifamily residential | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Residential Real Estate | Multifamily residential | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 156 | 173 |
Residential Real Estate | Multifamily residential | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 156 | 284 |
Residential Real Estate | Multifamily residential | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 280,681 | 536,254 |
Total real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 7,425,798 | 8,178,584 |
Accruing Loans Past Due 90 Days or More | 2,926 | 9,205 |
Total real estate | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 3,159 | 9,500 |
Total real estate | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 4,630 | 7,899 |
Total real estate | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 33,545 | 51,919 |
Total real estate | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 41,334 | 69,318 |
Total real estate | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 7,384,464 | 8,109,266 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 825,519 | 864,690 |
Accruing Loans Past Due 90 Days or More | 2 | 174 |
Consumer | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 60 | 2,899 |
Consumer | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 205 | 802 |
Consumer | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,650 | 3,680 |
Consumer | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,915 | 7,381 |
Consumer | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 823,604 | 857,309 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,386,747 | 1,896,442 |
Accruing Loans Past Due 90 Days or More | 107 | 231 |
Commercial & Industrial | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 958 | 960 |
Commercial & Industrial | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 316 | 515 |
Commercial & Industrial | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 13,982 | 17,482 |
Commercial & Industrial | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 15,256 | 18,957 |
Commercial & Industrial | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,371,491 | 1,877,485 |
Agricultural & other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 198,025 | 281,005 |
Accruing Loans Past Due 90 Days or More | 0 | 0 |
Agricultural & other | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 587 | 1,125 |
Agricultural & other | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 2 | 3,713 |
Agricultural & other | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,016 | 1,057 |
Agricultural & other | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | 1,605 | 5,895 |
Agricultural & other | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans receivable | $ 196,420 | $ 275,110 |
Allowance for Credit Losses, _8
Allowance for Credit Losses, Credit Quality and Other - Summary of Most Recent Analysis Performed, Risk Category of Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | $ 1,953,847 | $ 2,139,414 |
2020 | 1,302,389 | 1,890,351 |
2019 | 1,541,112 | 1,766,304 |
2018 | 1,193,396 | 1,149,024 |
2017 | 681,871 | 973,616 |
Prior | 2,276,794 | 2,265,964 |
Revolving Loans Amortized Cost Basis | 886,680 | 1,036,048 |
Total | 9,836,089 | 11,220,721 |
Commercial real estate loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 949,558 | 715,849 |
2020 | 755,921 | 1,106,817 |
2019 | 975,677 | 971,679 |
2018 | 733,231 | 668,877 |
2017 | 412,922 | 653,276 |
Prior | 1,591,810 | 1,505,545 |
Revolving Loans Amortized Cost Basis | 450,889 | 483,746 |
Total | 5,870,008 | 6,105,789 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 395,824 | 339,067 |
2020 | 325,700 | 497,640 |
2019 | 408,941 | 777,509 |
2018 | 668,503 | 560,608 |
2017 | 347,725 | 600,924 |
Prior | 1,457,699 | 1,368,279 |
Revolving Loans Amortized Cost Basis | 284,892 | 285,033 |
Total | 3,889,284 | 4,429,060 |
Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 527,949 | 341,166 |
2020 | 401,116 | 599,757 |
2019 | 558,603 | 183,845 |
2018 | 57,194 | 102,191 |
2017 | 59,439 | 42,918 |
Prior | 88,843 | 99,911 |
Revolving Loans Amortized Cost Basis | 156,906 | 192,510 |
Total | 1,850,050 | 1,562,298 |
Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 25,785 | 35,616 |
2020 | 29,105 | 9,420 |
2019 | 8,133 | 10,325 |
2018 | 7,534 | 6,078 |
2017 | 5,758 | 9,434 |
Prior | 45,268 | 37,355 |
Revolving Loans Amortized Cost Basis | 9,091 | 6,203 |
Total | 130,674 | 114,431 |
Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 220,991 | 243,171 |
2020 | 153,172 | 203,314 |
2019 | 182,197 | 186,264 |
2018 | 115,018 | 166,567 |
2017 | 106,193 | 139,471 |
Prior | 368,042 | 435,570 |
Revolving Loans Amortized Cost Basis | 129,340 | 161,900 |
Total | 1,274,953 | 1,536,257 |
Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 15,653 | 19,510 |
2020 | 49,505 | 66,533 |
2019 | 64,552 | 188,468 |
2018 | 28,378 | 105,846 |
2017 | 21,406 | 10,016 |
Prior | 64,037 | 102,493 |
Revolving Loans Amortized Cost Basis | 37,306 | 43,672 |
Total | 280,837 | 536,538 |
Total real estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 1,186,202 | 978,530 |
2020 | 958,598 | 1,376,664 |
2019 | 1,222,426 | 1,346,411 |
2018 | 876,627 | 941,290 |
2017 | 540,521 | 802,763 |
Prior | 2,023,889 | 2,043,608 |
Revolving Loans Amortized Cost Basis | 617,535 | 689,318 |
Total | 7,425,798 | 8,178,584 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 230,043 | 236,433 |
2020 | 176,383 | 199,053 |
2019 | 136,413 | 158,530 |
2018 | 113,277 | 99,909 |
2017 | 68,376 | 73,404 |
Prior | 97,950 | 75,091 |
Revolving Loans Amortized Cost Basis | 3,077 | 22,270 |
Total | 825,519 | 864,690 |
Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 476,429 | 785,839 |
2020 | 123,160 | 297,707 |
2019 | 173,431 | 254,650 |
2018 | 194,797 | 101,684 |
2017 | 69,706 | 77,776 |
Prior | 104,283 | 103,522 |
Revolving Loans Amortized Cost Basis | 244,941 | 275,264 |
Total | 1,386,747 | 1,896,442 |
Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 61,173 | 138,612 |
2020 | 44,248 | 16,927 |
2019 | 8,842 | 6,713 |
2018 | 8,695 | 6,141 |
2017 | 3,268 | 19,673 |
Prior | 50,672 | 43,743 |
Revolving Loans Amortized Cost Basis | 21,127 | 49,196 |
Total | 198,025 | 281,005 |
Risk rating 1 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 1 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 1 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 1 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 47 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 76 |
Prior | 76 | 12 |
Revolving Loans Amortized Cost Basis | 89 | 120 |
Total | 165 | 255 |
Risk rating 1 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 1 | Total real estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 978,530 | |
2020 | 1,376,664 | |
2019 | 1,346,411 | |
2018 | 941,290 | |
2017 | 802,763 | |
Prior | 2,043,608 | |
Revolving Loans Amortized Cost Basis | 689,318 | |
Total | 8,178,584 | |
Risk rating 1 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 4,441 | 3,389 |
2020 | 1,799 | 2,375 |
2019 | 1,237 | 1,596 |
2018 | 920 | 485 |
2017 | 226 | 828 |
Prior | 1,383 | 1,428 |
Revolving Loans Amortized Cost Basis | 1,893 | 1,957 |
Total | 11,899 | 12,058 |
Risk rating 1 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 99,579 | 632,735 |
2020 | 12,752 | 506 |
2019 | 350 | 271 |
2018 | 118 | 183 |
2017 | 102 | 20,199 |
Prior | 21,436 | 1,445 |
Revolving Loans Amortized Cost Basis | 9,851 | 10,023 |
Total | 144,188 | 665,362 |
Risk rating 1 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 5,042 | 59,248 |
2020 | 0 | 51 |
2019 | 40 | 53 |
2018 | 0 | 0 |
2017 | 0 | 110 |
Prior | 110 | 27 |
Revolving Loans Amortized Cost Basis | 552 | 1,036 |
Total | 5,744 | 60,525 |
Risk rating 2 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 25 |
Total | 0 | 25 |
Risk rating 2 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 231 | 283 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 231 | 283 |
Risk rating 2 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 2 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 29 | 423 |
Revolving Loans Amortized Cost Basis | 0 | 1,540 |
Total | 29 | 1,963 |
Risk rating 2 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 2 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 47 |
2019 | 45 | 931 |
2018 | 639 | 0 |
2017 | 0 | 0 |
Prior | 8 | 12 |
Revolving Loans Amortized Cost Basis | 0 | 57 |
Total | 692 | 1,047 |
Risk rating 2 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 175 | 29 |
2020 | 16 | 187 |
2019 | 0 | 2 |
2018 | 0 | 96 |
2017 | 66 | 67 |
Prior | 276 | 623 |
Revolving Loans Amortized Cost Basis | 168 | 268 |
Total | 701 | 1,272 |
Risk rating 2 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 16 |
2020 | 0 | 4,571 |
2019 | 3,467 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 909 | 2,859 |
Revolving Loans Amortized Cost Basis | 983 | 1,159 |
Total | 5,359 | 8,605 |
Risk rating 3 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 284,127 | 301,237 |
2020 | 281,982 | 340,562 |
2019 | 266,990 | 546,670 |
2018 | 341,642 | 286,173 |
2017 | 195,301 | 289,483 |
Prior | 891,035 | 942,449 |
Revolving Loans Amortized Cost Basis | 194,640 | 266,867 |
Total | 2,455,717 | 2,973,441 |
Risk rating 3 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 301,719 | 211,567 |
2020 | 183,715 | 181,257 |
2019 | 108,491 | 91,323 |
2018 | 23,574 | 33,986 |
2017 | 13,760 | 25,600 |
Prior | 41,860 | 54,245 |
Revolving Loans Amortized Cost Basis | 149,433 | 115,120 |
Total | 822,552 | 713,098 |
Risk rating 3 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 21,480 | 33,428 |
2020 | 27,931 | 8,885 |
2019 | 7,768 | 9,119 |
2018 | 6,564 | 5,397 |
2017 | 5,103 | 3,935 |
Prior | 21,689 | 25,159 |
Revolving Loans Amortized Cost Basis | 7,026 | 5,538 |
Total | 97,561 | 91,461 |
Risk rating 3 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 210,970 | 237,991 |
2020 | 147,523 | 184,578 |
2019 | 119,861 | 151,478 |
2018 | 94,848 | 139,096 |
2017 | 82,474 | 119,642 |
Prior | 296,687 | 343,381 |
Revolving Loans Amortized Cost Basis | 85,836 | 119,186 |
Total | 1,038,199 | 1,295,352 |
Risk rating 3 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 11,898 | 19,033 |
2020 | 5,211 | 60,175 |
2019 | 34,492 | 87,104 |
2018 | 17,375 | 11,477 |
2017 | 9,430 | 8,092 |
Prior | 43,804 | 59,592 |
Revolving Loans Amortized Cost Basis | 3,583 | 6,386 |
Total | 125,793 | 251,859 |
Risk rating 3 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 221,986 | 229,189 |
2020 | 173,511 | 192,054 |
2019 | 132,148 | 152,646 |
2018 | 109,810 | 97,812 |
2017 | 67,992 | 68,585 |
Prior | 92,076 | 68,871 |
Revolving Loans Amortized Cost Basis | 1,098 | 20,094 |
Total | 798,621 | 829,251 |
Risk rating 3 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 125,071 | 80,586 |
2020 | 59,056 | 131,717 |
2019 | 77,130 | 62,814 |
2018 | 67,944 | 35,651 |
2017 | 34,733 | 39,502 |
Prior | 42,905 | 52,743 |
Revolving Loans Amortized Cost Basis | 145,247 | 135,590 |
Total | 552,086 | 538,603 |
Risk rating 3 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 54,534 | 78,305 |
2020 | 44,030 | 7,045 |
2019 | 5,158 | 5,050 |
2018 | 7,092 | 5,045 |
2017 | 2,009 | 18,445 |
Prior | 46,570 | 36,925 |
Revolving Loans Amortized Cost Basis | 8,750 | 42,401 |
Total | 168,143 | 193,216 |
Risk rating 4 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 111,697 | 27,239 |
2020 | 32,788 | 139,354 |
2019 | 115,989 | 161,461 |
2018 | 301,520 | 265,684 |
2017 | 90,747 | 197,979 |
Prior | 345,254 | 300,055 |
Revolving Loans Amortized Cost Basis | 90,028 | 17,305 |
Total | 1,088,023 | 1,109,077 |
Risk rating 4 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 226,230 | 129,599 |
2020 | 217,267 | 417,737 |
2019 | 448,899 | 92,032 |
2018 | 33,617 | 46,249 |
2017 | 45,679 | 17,161 |
Prior | 38,122 | 32,060 |
Revolving Loans Amortized Cost Basis | 7,297 | 76,845 |
Total | 1,017,111 | 811,683 |
Risk rating 4 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 4,305 | 2,141 |
2020 | 964 | 535 |
2019 | 365 | 1,206 |
2018 | 970 | 681 |
2017 | 655 | 5,499 |
Prior | 22,143 | 10,735 |
Revolving Loans Amortized Cost Basis | 2,065 | 665 |
Total | 31,467 | 21,462 |
Risk rating 4 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 8,885 | 4,626 |
2020 | 3,397 | 12,716 |
2019 | 56,839 | 32,594 |
2018 | 16,887 | 20,687 |
2017 | 21,874 | 16,148 |
Prior | 53,578 | 68,328 |
Revolving Loans Amortized Cost Basis | 36,642 | 30,137 |
Total | 198,102 | 185,236 |
Risk rating 4 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 3,755 | 477 |
2020 | 44,294 | 6,358 |
2019 | 30,060 | 101,364 |
2018 | 3,412 | 93,475 |
2017 | 2,981 | 1,924 |
Prior | 18,805 | 17,672 |
Revolving Loans Amortized Cost Basis | 33,723 | 37,286 |
Total | 137,030 | 258,556 |
Risk rating 4 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 3,547 | 3,699 |
2020 | 923 | 3,479 |
2019 | 2,944 | 2,769 |
2018 | 1,776 | 1,411 |
2017 | 158 | 1,371 |
Prior | 2,641 | 1,991 |
Revolving Loans Amortized Cost Basis | 79 | 117 |
Total | 12,068 | 14,837 |
Risk rating 4 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 244,927 | 68,032 |
2020 | 35,350 | 144,867 |
2019 | 89,558 | 149,445 |
2018 | 91,840 | 42,416 |
2017 | 23,616 | 15,138 |
Prior | 34,566 | 43,065 |
Revolving Loans Amortized Cost Basis | 88,750 | 115,341 |
Total | 608,607 | 578,304 |
Risk rating 4 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 1,544 | 1,043 |
2020 | 218 | 5,041 |
2019 | 154 | 1,592 |
2018 | 1,590 | 1,096 |
2017 | 1,226 | 895 |
Prior | 1,224 | 1,703 |
Revolving Loans Amortized Cost Basis | 10,842 | 4,600 |
Total | 16,798 | 15,970 |
Risk rating 5 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 10,591 |
2020 | 10,930 | 16,865 |
2019 | 2,239 | 67,089 |
2018 | 23,117 | 7,764 |
2017 | 49,926 | 108,885 |
Prior | 189,038 | 84,609 |
Revolving Loans Amortized Cost Basis | 0 | 750 |
Total | 275,250 | 296,553 |
Risk rating 5 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 388 | 392 |
2018 | 0 | 21,892 |
2017 | 0 | 0 |
Prior | 1,174 | 1,227 |
Revolving Loans Amortized Cost Basis | 176 | 545 |
Total | 1,738 | 24,056 |
Risk rating 5 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 166 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 116 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 166 | 116 |
Risk rating 5 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 3,065 | 1,363 |
2018 | 1,220 | 4,700 |
2017 | 582 | 383 |
Prior | 1,366 | 5,344 |
Revolving Loans Amortized Cost Basis | 193 | 516 |
Total | 6,426 | 12,306 |
Risk rating 5 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 7,591 | 0 |
2017 | 8,105 | 0 |
Prior | 0 | 24,945 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 15,696 | 24,945 |
Risk rating 5 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 144 |
2020 | 116 | 737 |
2019 | 0 | 22 |
2018 | 15 | 198 |
2017 | 0 | 568 |
Prior | 131 | 321 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 262 | 1,990 |
Risk rating 5 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 6,185 | 3,195 |
2020 | 609 | 16,341 |
2019 | 480 | 11,283 |
2018 | 8,258 | 346 |
2017 | 5,712 | 251 |
Prior | 2,851 | 448 |
Revolving Loans Amortized Cost Basis | 582 | 10,637 |
Total | 24,677 | 42,501 |
Risk rating 5 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 1,297 | 605 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1,297 | 605 |
Risk rating 6 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 859 |
2019 | 23,723 | 2,289 |
2018 | 2,224 | 987 |
2017 | 11,751 | 4,577 |
Prior | 32,372 | 40,600 |
Revolving Loans Amortized Cost Basis | 224 | 86 |
Total | 70,294 | 49,398 |
Risk rating 6 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 134 | 763 |
2019 | 825 | 98 |
2018 | 3 | 63 |
2017 | 0 | 157 |
Prior | 7,456 | 12,065 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 8,418 | 13,146 |
Risk rating 6 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 47 |
2020 | 44 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 1,436 | 1,345 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1,480 | 1,392 |
Risk rating 6 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 1,136 | 554 |
2020 | 2,252 | 5,973 |
2019 | 2,432 | 829 |
2018 | 2,063 | 2,084 |
2017 | 1,263 | 3,222 |
Prior | 16,305 | 18,074 |
Revolving Loans Amortized Cost Basis | 6,580 | 10,257 |
Total | 32,031 | 40,993 |
Risk rating 6 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 894 |
2017 | 890 | 0 |
Prior | 1,428 | 284 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 2,318 | 1,178 |
Risk rating 6 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 69 | 12 |
2020 | 34 | 361 |
2019 | 39 | 566 |
2018 | 117 | 3 |
2017 | 0 | 2,052 |
Prior | 1,711 | 2,468 |
Revolving Loans Amortized Cost Basis | 7 | 45 |
Total | 1,977 | 5,507 |
Risk rating 6 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 492 | 1,261 |
2020 | 15,377 | 4,086 |
2019 | 5,913 | 30,834 |
2018 | 24,941 | 22,992 |
2017 | 5,477 | 2,615 |
Prior | 2,233 | 5,198 |
Revolving Loans Amortized Cost Basis | 342 | 3,405 |
Total | 54,775 | 70,391 |
Risk rating 6 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 53 | 0 |
2020 | 0 | 219 |
2019 | 23 | 18 |
2018 | 13 | 0 |
2017 | 33 | 223 |
Prior | 562 | 1,624 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 684 | 2,084 |
Risk rating 7 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 552 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 552 |
Risk rating 7 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 3 |
2019 | 0 | 0 |
2018 | 1,696 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1,696 | 3 |
Risk rating 7 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 14 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 14 |
Risk rating 8 | Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 1 |
2017 | 0 | 0 |
Prior | 0 | 31 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 32 |
Risk rating 8 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 1 | 8 |
Revolving Loans Amortized Cost Basis | 0 | 144 |
Total | 1 | 152 |
Risk rating 8 | Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 1 |
2020 | 0 | 0 |
2019 | 0 | 1 |
2018 | 0 | 0 |
2017 | 0 | 4 |
Prior | 16 | 0 |
Revolving Loans Amortized Cost Basis | 1 | 0 |
Total | 17 | 6 |
Risk rating 8 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | $ 0 | $ 0 |
Allowance for Credit Losses, _9
Allowance for Credit Losses, Credit Quality and Other - Summary of Amortized Cost of Performing and Nonperforming Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | $ 1,953,847 | $ 2,139,414 |
2020 | 1,302,389 | 1,890,351 |
2019 | 1,541,112 | 1,766,304 |
2018 | 1,193,396 | 1,149,024 |
2017 | 681,871 | 973,616 |
Prior | 2,276,794 | 2,265,964 |
Revolving Loans Amortized Cost Basis | 886,680 | 1,036,048 |
Total | 9,836,089 | 11,220,721 |
Commercial real estate loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 949,558 | 715,849 |
2020 | 755,921 | 1,106,817 |
2019 | 975,677 | 971,679 |
2018 | 733,231 | 668,877 |
2017 | 412,922 | 653,276 |
Prior | 1,591,810 | 1,505,545 |
Revolving Loans Amortized Cost Basis | 450,889 | 483,746 |
Total | 5,870,008 | 6,105,789 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 395,824 | 339,067 |
2020 | 325,700 | 497,640 |
2019 | 408,941 | 777,509 |
2018 | 668,503 | 560,608 |
2017 | 347,725 | 600,924 |
Prior | 1,457,699 | 1,368,279 |
Revolving Loans Amortized Cost Basis | 284,892 | 285,033 |
Total | 3,889,284 | 4,429,060 |
Commercial real estate loans | Non-farm/non-residential | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 395,824 | 339,067 |
2020 | 315,447 | 497,640 |
2019 | 394,061 | 775,220 |
2018 | 648,351 | 560,279 |
2017 | 298,086 | 598,074 |
Prior | 1,268,731 | 1,326,404 |
Revolving Loans Amortized Cost Basis | 284,865 | 284,947 |
Total | 3,605,365 | 4,381,631 |
Commercial real estate loans | Non-farm/non-residential | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 10,253 | 0 |
2019 | 14,880 | 2,289 |
2018 | 20,152 | 329 |
2017 | 49,639 | 2,850 |
Prior | 188,968 | 41,875 |
Revolving Loans Amortized Cost Basis | 27 | 86 |
Total | 283,919 | 47,429 |
Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 527,949 | 341,166 |
2020 | 401,116 | 599,757 |
2019 | 558,603 | 183,845 |
2018 | 57,194 | 102,191 |
2017 | 59,439 | 42,918 |
Prior | 88,843 | 99,911 |
Revolving Loans Amortized Cost Basis | 156,906 | 192,510 |
Total | 1,850,050 | 1,562,298 |
Commercial real estate loans | Construction/ Land Development | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 527,949 | 341,166 |
2020 | 400,982 | 598,995 |
2019 | 557,778 | 183,821 |
2018 | 57,024 | 102,127 |
2017 | 59,439 | 42,779 |
Prior | 85,197 | 94,888 |
Revolving Loans Amortized Cost Basis | 156,906 | 192,510 |
Total | 1,845,275 | 1,556,286 |
Commercial real estate loans | Construction/ Land Development | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 134 | 762 |
2019 | 825 | 24 |
2018 | 170 | 64 |
2017 | 0 | 139 |
Prior | 3,646 | 5,023 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 4,775 | 6,012 |
Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 25,785 | 35,616 |
2020 | 29,105 | 9,420 |
2019 | 8,133 | 10,325 |
2018 | 7,534 | 6,078 |
2017 | 5,758 | 9,434 |
Prior | 45,268 | 37,355 |
Revolving Loans Amortized Cost Basis | 9,091 | 6,203 |
Total | 130,674 | 114,431 |
Commercial real estate loans | Agricultural | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 25,785 | 35,616 |
2020 | 28,939 | 9,420 |
2019 | 8,133 | 10,325 |
2018 | 7,534 | 6,078 |
2017 | 5,758 | 9,434 |
Prior | 44,537 | 36,476 |
Revolving Loans Amortized Cost Basis | 9,091 | 6,203 |
Total | 129,777 | 113,552 |
Commercial real estate loans | Agricultural | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 166 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 731 | 879 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 897 | 879 |
Residential Real Estate | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 220,991 | 243,171 |
2020 | 153,172 | 203,314 |
2019 | 182,197 | 186,264 |
2018 | 115,018 | 166,567 |
2017 | 106,193 | 139,471 |
Prior | 368,042 | 435,570 |
Revolving Loans Amortized Cost Basis | 129,340 | 161,900 |
Total | 1,274,953 | 1,536,257 |
Residential Real Estate | Residential 1-4 family | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 220,380 | 242,505 |
2020 | 151,459 | 196,951 |
2019 | 180,113 | 185,316 |
2018 | 113,845 | 161,274 |
2017 | 105,129 | 137,840 |
Prior | 360,700 | 425,056 |
Revolving Loans Amortized Cost Basis | 123,552 | 154,902 |
Total | 1,255,178 | 1,503,844 |
Residential Real Estate | Residential 1-4 family | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 611 | 666 |
2020 | 1,713 | 6,363 |
2019 | 2,084 | 948 |
2018 | 1,173 | 5,293 |
2017 | 1,064 | 1,631 |
Prior | 7,342 | 10,514 |
Revolving Loans Amortized Cost Basis | 5,788 | 6,998 |
Total | 19,775 | 32,413 |
Residential Real Estate | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 15,653 | 19,510 |
2020 | 49,505 | 66,533 |
2019 | 64,552 | 188,468 |
2018 | 28,378 | 105,846 |
2017 | 21,406 | 10,016 |
Prior | 64,037 | 102,493 |
Revolving Loans Amortized Cost Basis | 37,306 | 43,672 |
Total | 280,837 | 536,538 |
Residential Real Estate | Multifamily residential | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 15,653 | 19,510 |
2020 | 49,505 | 66,533 |
2019 | 64,552 | 188,468 |
2018 | 28,378 | 105,846 |
2017 | 21,406 | 10,016 |
Prior | 62,737 | 102,320 |
Revolving Loans Amortized Cost Basis | 37,306 | 43,672 |
Total | 279,537 | 536,365 |
Residential Real Estate | Multifamily residential | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 1,300 | 173 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1,300 | 173 |
Total real estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 1,186,202 | 978,530 |
2020 | 958,598 | 1,376,664 |
2019 | 1,222,426 | 1,346,411 |
2018 | 876,627 | 941,290 |
2017 | 540,521 | 802,763 |
Prior | 2,023,889 | 2,043,608 |
Revolving Loans Amortized Cost Basis | 617,535 | 689,318 |
Total | 7,425,798 | 8,178,584 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 230,043 | 236,433 |
2020 | 176,383 | 199,053 |
2019 | 136,413 | 158,530 |
2018 | 113,277 | 99,909 |
2017 | 68,376 | 73,404 |
Prior | 97,950 | 75,091 |
Revolving Loans Amortized Cost Basis | 3,077 | 22,270 |
Total | 825,519 | 864,690 |
Consumer | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 229,986 | 236,395 |
2020 | 176,355 | 198,737 |
2019 | 136,403 | 158,324 |
2018 | 113,160 | 99,905 |
2017 | 68,376 | 71,924 |
Prior | 96,506 | 73,448 |
Revolving Loans Amortized Cost Basis | 3,070 | 22,263 |
Total | 823,856 | 860,996 |
Consumer | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 57 | 38 |
2020 | 28 | 316 |
2019 | 10 | 206 |
2018 | 117 | 4 |
2017 | 0 | 1,480 |
Prior | 1,444 | 1,643 |
Revolving Loans Amortized Cost Basis | 7 | 7 |
Total | 1,663 | 3,694 |
Commercial & Industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 476,429 | 785,839 |
2020 | 123,160 | 297,707 |
2019 | 173,431 | 254,650 |
2018 | 194,797 | 101,684 |
2017 | 69,706 | 77,776 |
Prior | 104,283 | 103,522 |
Revolving Loans Amortized Cost Basis | 244,941 | 275,264 |
Total | 1,386,747 | 1,896,442 |
Commercial & Industrial | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 476,424 | 785,776 |
2020 | 122,999 | 293,938 |
2019 | 168,984 | 246,177 |
2018 | 185,569 | 98,664 |
2017 | 66,928 | 76,427 |
Prior | 103,391 | 100,050 |
Revolving Loans Amortized Cost Basis | 244,259 | 274,383 |
Total | 1,368,554 | 1,875,415 |
Commercial & Industrial | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 5 | 63 |
2020 | 161 | 3,769 |
2019 | 4,447 | 8,473 |
2018 | 9,228 | 3,020 |
2017 | 2,778 | 1,349 |
Prior | 892 | 3,472 |
Revolving Loans Amortized Cost Basis | 682 | 881 |
Total | 18,193 | 21,027 |
Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 61,173 | 138,612 |
2020 | 44,248 | 16,927 |
2019 | 8,842 | 6,713 |
2018 | 8,695 | 6,141 |
2017 | 3,268 | 19,673 |
Prior | 50,672 | 43,743 |
Revolving Loans Amortized Cost Basis | 21,127 | 49,196 |
Total | 198,025 | 281,005 |
Agricultural & other | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 61,173 | 138,612 |
2020 | 44,248 | 16,927 |
2019 | 8,819 | 6,695 |
2018 | 8,682 | 6,141 |
2017 | 3,235 | 19,450 |
Prior | 49,725 | 42,927 |
Revolving Loans Amortized Cost Basis | 21,127 | 49,196 |
Total | 197,009 | 279,948 |
Agricultural & other | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 23 | 18 |
2018 | 13 | 0 |
2017 | 33 | 223 |
Prior | 947 | 816 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | $ 1,016 | $ 1,057 |
Allowance for Credit Losses,_10
Allowance for Credit Losses, Credit Quality and Other - Presentation of Troubled Debt Restructurings ("TDRs") by Class (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 44 | 51 |
Pre-Modification Outstanding Balance | $ 12,474 | $ 17,250 |
Post-Modification Outstanding Balance | 7,526 | 12,316 |
Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 6,226 | 6,380 |
Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 806 | 682 |
Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | $ 494 | $ 5,254 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 12 | 14 |
Pre-Modification Outstanding Balance | $ 6,119 | $ 11,510 |
Post-Modification Outstanding Balance | 4,289 | 9,456 |
Commercial real estate loans | Non-farm/non-residential | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 3,581 | 4,350 |
Commercial real estate loans | Non-farm/non-residential | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 623 | 383 |
Commercial real estate loans | Non-farm/non-residential | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | $ 85 | $ 4,723 |
Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 2 | 2 |
Pre-Modification Outstanding Balance | $ 240 | $ 58 |
Post-Modification Outstanding Balance | 211 | 16 |
Commercial real estate loans | Construction/ Land Development | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 210 | 0 |
Commercial real estate loans | Construction/ Land Development | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 1 | 7 |
Commercial real estate loans | Construction/ Land Development | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | $ 0 | $ 9 |
Commercial real estate loans | Agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 1 | 1 |
Pre-Modification Outstanding Balance | $ 282 | $ 282 |
Post-Modification Outstanding Balance | 262 | 267 |
Commercial real estate loans | Agricultural | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 262 | 267 |
Commercial real estate loans | Agricultural | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 0 | 0 |
Commercial real estate loans | Agricultural | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | $ 0 | $ 0 |
Residential Real Estate | Residential 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 15 | 21 |
Pre-Modification Outstanding Balance | $ 2,328 | $ 2,913 |
Post-Modification Outstanding Balance | 1,293 | 2,037 |
Residential Real Estate | Residential 1-4 family | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 844 | 1,441 |
Residential Real Estate | Residential 1-4 family | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 117 | 165 |
Residential Real Estate | Residential 1-4 family | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | $ 332 | $ 431 |
Residential Real Estate | Multifamily residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 1 | |
Pre-Modification Outstanding Balance | $ 1,130 | |
Post-Modification Outstanding Balance | 1,144 | |
Residential Real Estate | Multifamily residential | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 1,144 | |
Residential Real Estate | Multifamily residential | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 0 | |
Residential Real Estate | Multifamily residential | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | $ 0 | |
Total real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 31 | 38 |
Pre-Modification Outstanding Balance | $ 10,099 | $ 14,763 |
Post-Modification Outstanding Balance | 7,199 | 11,776 |
Total real estate | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 6,041 | 6,058 |
Total real estate | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 741 | 555 |
Total real estate | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | $ 417 | $ 5,163 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 4 | 1 |
Pre-Modification Outstanding Balance | $ 22 | $ 17 |
Post-Modification Outstanding Balance | 16 | 14 |
Consumer | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 13 | 14 |
Consumer | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 0 | 0 |
Consumer | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | $ 3 | $ 0 |
Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 9 | 12 |
Pre-Modification Outstanding Balance | $ 2,353 | $ 2,470 |
Post-Modification Outstanding Balance | 311 | 526 |
Commercial & Industrial | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 172 | 308 |
Commercial & Industrial | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | 65 | 127 |
Commercial & Industrial | Rate and Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Balance | $ 74 | $ 91 |
Allowance for Credit Losses,_11
Allowance for Credit Losses, Credit Quality and Other - Presentation of TDR's on Non-Accrual Status (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 18 | 19 |
Recorded Balance | $ | $ 1,076 | $ 1,587 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 2 | 2 |
Recorded Balance | $ | $ 7 | $ 350 |
Commercial real estate loans | Construction/ Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 1 | 1 |
Recorded Balance | $ | $ 210 | $ 9 |
Commercial real estate loans | Agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 1 | 1 |
Recorded Balance | $ | $ 262 | $ 267 |
Residential Real Estate | Residential 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 5 | 7 |
Recorded Balance | $ | $ 388 | $ 547 |
Total real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 9 | 11 |
Recorded Balance | $ | $ 867 | $ 1,173 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 3 | 0 |
Recorded Balance | $ | $ 3 | $ 0 |
Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 6 | 8 |
Recorded Balance | $ | $ 206 | $ 414 |
Allowance for Credit Losses,_12
Allowance for Credit Losses, Credit Quality and Other - Summary of Total Foreclosed Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commercial real estate loans | Non-farm/non-residential | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 536 | $ 438 |
Commercial real estate loans | Construction/ Land Development | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 834 | 3,189 |
Commercial real estate loans | Agricultural | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 0 | 0 |
Residential Real Estate | Residential 1-4 family | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 260 | 793 |
Residential Real Estate | Multifamily residential | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 0 | 0 |
Total real estate | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 1,630 | $ 4,420 |
Goodwill and Core Deposits an_3
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill | |||
Balance, beginning of period | $ 973,025 | $ 958,408 | |
Acquisitions | 0 | 14,617 | |
Balance, end of period | 973,025 | 973,025 | $ 958,408 |
Core Deposit and Other Intangibles | |||
Balance, beginning of period | 30,728 | 36,572 | |
Acquisitions | 0 | 0 | |
Amortization expense | (5,683) | (5,844) | (6,324) |
Balance, end of year | $ 25,045 | $ 30,728 | $ 36,572 |
Goodwill and Core Deposits an_4
Goodwill and Core Deposits and Other Intangibles - Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Gross carrying amount | $ 86,625 | $ 86,625 | |
Accumulated amortization | (61,580) | (55,897) | |
Net carrying amount | $ 25,045 | $ 30,728 | $ 36,572 |
Goodwill and Core Deposits an_5
Goodwill and Core Deposits and Other Intangibles - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of intangibles | $ 5,683,000 | $ 5,844,000 | $ 6,324,000 |
Impairment of core deposit and other intangibles | 0 | 0 | 0 |
Amortization expense for year 2022 | 5,700,000 | ||
Amortization expense for year 2023 | 5,500,000 | ||
Amortization expense for year 2024 | 4,300,000 | ||
Amortization expense for year 2025 | 3,900,000 | ||
Amortization expense for year 2026 | 3,600,000 | ||
Carrying amount of Company's goodwill | 973,025,000 | 973,025,000 | 958,408,000 |
Impairment of goodwill | $ 0 | $ 0 | $ 0 |
Other Assets (Detail)
Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Other Assets [Line Items] | ||
Other assets | $ 177,020 | $ 164,904 |
Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("Federal Reserve") | ||
Schedule Of Other Assets [Line Items] | ||
Fair value of equity securities | 88,200 | 86,700 |
First National Bankers' Bank and Other Miscellaneous Holdings | ||
Schedule Of Other Assets [Line Items] | ||
Fair value of equity securities | $ 36,400 | $ 28,200 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deposits [Line Items] | |||
Time deposits with a minimum denomination of $250,000 | $ 321,600 | $ 588,000 | |
Time deposits with a minimum denomination of $100,000 | 537,400 | 864,300 | |
Interest expense applicable to certificate | 7,300 | 22,800 | $ 31,300 |
Brokered deposits | 625,700 | 635,700 | |
Total deposits | 14,260,570 | 12,725,790 | |
State and political subdivisions | |||
Deposits [Line Items] | |||
Total deposits | $ 1,910,000 | $ 1,980,000 |
Deposits - Summary of Scheduled
Deposits - Summary of Scheduled Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
One month or less | $ 137,785 | |
Over 1 month to 3 months | 154,614 | |
Over 3 months to 6 months | 159,366 | |
Over 6 months to 12 months | 257,611 | |
Over 12 months to 2 years | 138,863 | |
Over 2 years to 3 years | 15,870 | |
Over 3 years to 5 years | 16,369 | |
Over 5 years | 409 | |
Total time deposits | $ 880,887 | $ 1,246,797 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Securities Sold under Agreements to Repurchase [Abstract] | ||
Securities sold under agreements to repurchase | $ 140,886 | $ 168,931 |
Securities sold under agreements to repurchase daily weighted average | $ 151,200 | $ 151,600 |
Securities Sold Under Agreeme_4
Securities Sold Under Agreements to Repurchase - Summary of Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 140,886 | $ 168,931 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 140,886 | 168,931 |
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
30-90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
Greater than 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
U.S. government-sponsored enterprises | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 8,433 | 11,166 |
U.S. government-sponsored enterprises | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 8,433 | 11,166 |
U.S. government-sponsored enterprises | Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
U.S. government-sponsored enterprises | 30-90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
U.S. government-sponsored enterprises | Greater than 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 7,920 | 18,830 |
Mortgage-backed securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 7,920 | 18,830 |
Mortgage-backed securities | Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
Mortgage-backed securities | 30-90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
Mortgage-backed securities | Greater than 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
State and political subdivisions | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 122,173 | 135,308 |
State and political subdivisions | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 122,173 | 135,308 |
State and political subdivisions | Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
State and political subdivisions | 30-90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
State and political subdivisions | Greater than 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
Other securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 2,360 | 3,627 |
Other securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 2,360 | 3,627 |
Other securities | Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
Other securities | 30-90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 0 | 0 |
Other securities | Greater than 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 0 | $ 0 |
FHLB and Other Borrowed Funds -
FHLB and Other Borrowed Funds - Additional Information (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Borrowed Funds [Line Items] | ||
FHLB borrowed funds | $ 400,000,000 | $ 400,000,000 |
Other short term borrowings | 0 | 0 |
Long-term advances | 400,000,000 | 400,000,000 |
Line of credit | 1,070,000,000 | 1,110,000,000 |
Line of Credit | ||
Borrowed Funds [Line Items] | ||
Line of credit | 0 | $ 0 |
Credit facility, maximum borrowing capacity | $ 20,000,000 | |
Minimum | ||
Borrowed Funds [Line Items] | ||
FHLB interest rate | 1.76% | |
Maximum | ||
Borrowed Funds [Line Items] | ||
FHLB interest rate | 2.26% |
FHLB and Other Borrowed Funds_2
FHLB and Other Borrowed Funds - Maturities of Borrowings with Original Maturities (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
By Contractual Maturity | |
Borrowed Funds [Line Items] | |
2022 | $ 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 400,000 |
Total | 400,000 |
By Call Date | |
Borrowed Funds [Line Items] | |
2022 | 400,000 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | $ 400,000 |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 03, 2017 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Subordinated debentures | $ 371,093 | $ 370,326 | |
Trust preferred securities | |||
Debt Instrument [Line Items] | |||
Face value of company held trust preferred securities | $ 73,300 | ||
5.625% Fixed-to-Floating Rate Subordinated Notes due 2027 | |||
Debt Instrument [Line Items] | |||
Trust preferred securities, face amount | $ 300,000 | ||
Subordinated notes, interest rate | 5.625% | ||
Proceeds from Issuance of Subordinated Long-term Debt | $ 297,000 | ||
Percentage of redemption price on principal | 100.00% | ||
5.625% Fixed-to-Floating Rate Subordinated Notes due 2027 | LIBOR | |||
Debt Instrument [Line Items] | |||
Floating rate above three-month LIBOR rate | 3.575% |
Subordinated Debentures - Prefe
Subordinated Debentures - Preferred Trust Securities and Subordinated Debentures (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Subordinated debentures, issued | $ 371,093 | $ 370,326 |
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 | Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Fixed rate for first five years | 6.75% | 6.75% |
Subordinated debentures, issued | $ 3,093 | $ 3,093 |
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 | LIBOR | Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 1.85% | 1.85% |
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 | Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Fixed rate for first five years | 6.00% | 6.00% |
Subordinated debentures, issued | $ 15,464 | $ 15,464 |
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 | LIBOR | Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 2.00% | 2.00% |
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 | Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Fixed rate for first five years | 5.84% | 5.84% |
Subordinated debentures, issued | $ 25,774 | $ 25,774 |
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 | LIBOR | Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 1.45% | 1.45% |
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 | Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Fixed rate for first five years | 4.29% | 4.29% |
Subordinated debentures, issued | $ 16,495 | $ 16,495 |
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 | LIBOR | Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 2.50% | 2.50% |
Subordinated debentures, issued in 2005, due 2035, floating rate of 2.15% above the three-month LIBOR rate, reset quarterly, currently callable without penalty | Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued | $ 4,501 | $ 4,452 |
Subordinated debentures, issued in 2005, due 2035, floating rate of 2.15% above the three-month LIBOR rate, reset quarterly, currently callable without penalty | LIBOR | Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 2.15% | 2.15% |
Subordinated debentures, issued in 2006, due 2036, fixed rate of 7.38% during the first five years and at a floating rate of 1.62% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Fixed rate for first five years | 7.38% | 7.38% |
Subordinated debentures, issued | $ 5,942 | $ 5,849 |
Subordinated debentures, issued in 2006, due 2036, fixed rate of 7.38% during the first five years and at a floating rate of 1.62% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty | LIBOR | Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 1.62% | 1.62% |
Subordinated notes, net of issuance costs, issued in 2017, due 2027, fixed rate of 5.625% during the first five years and at a floating rate of 3.575% above the then three-month LIBOR rate, reset quarterly, thereafter, callable in 2022 without penalty | Subordinated debt securities | ||
Debt Instrument [Line Items] | ||
Fixed rate for first five years | 5.625% | 5.625% |
Subordinated debentures, issued | $ 299,824 | $ 299,199 |
Subordinated notes, net of issuance costs, issued in 2017, due 2027, fixed rate of 5.625% during the first five years and at a floating rate of 3.575% above the then three-month LIBOR rate, reset quarterly, thereafter, callable in 2022 without penalty | LIBOR | Subordinated debt securities | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 3.575% | 3.575% |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 70,536 | $ 62,362 | $ 50,418 |
State | 23,350 | 20,644 | 16,690 |
Total current | 93,886 | 83,006 | 67,108 |
Deferred: | |||
Federal | 2,906 | (14,839) | 21,768 |
State | 962 | (4,912) | 7,206 |
Total deferred | 3,868 | (19,751) | 28,974 |
Income tax expense | $ 97,754 | $ 63,255 | $ 96,082 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
Effect of non-taxable interest income | (1.03%) | (1.29%) | (0.83%) |
Stock compensation | 0.25% | 0.33% | 0.10% |
State income taxes, net of federal benefit | 3.97% | 3.50% | 3.71% |
Other | (0.74%) | (0.76%) | 0.94% |
Effective income tax rate | 23.45% | 22.78% | 24.92% |
Income Taxes - Additional infor
Income Taxes - Additional information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Tax Disclosure [Abstract] | |
Surrender value of underperforming BOLI | $ 47.5 |
Penalty percentage on gain on policy surrendered | 10.00% |
Tax expense related to BOLI transaction | $ 3.7 |
Effective tax rate excluding BOLI tax expense | 23.97% |
Income Taxes - Differences Betw
Income Taxes - Differences Between Tax Basis of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for credit losses | $ 68,644 | $ 72,445 |
Deferred compensation | 5,342 | 4,741 |
Stock compensation | 5,044 | 4,768 |
Non-accrual interest income | 694 | 775 |
Real estate owned | 109 | 620 |
Loan discounts | 4,169 | 6,806 |
Tax basis premium/discount on acquisitions | 3,220 | 5,101 |
Investments | 263 | 502 |
Deposits | (65) | (33) |
Other | 5,283 | 5,855 |
Gross deferred tax assets | 92,703 | 101,580 |
Deferred tax liabilities: | ||
Accelerated depreciation on premises and equipment | 761 | 1,929 |
Unrealized gain on securities available-for-sale | 4,220 | 15,072 |
Core deposit intangibles | 5,736 | 7,056 |
FHLB dividends | 2,820 | 2,711 |
Other | 876 | 4,563 |
Gross deferred tax liabilities | 14,413 | 31,331 |
Net deferred tax assets | $ 78,290 | $ 70,249 |
Common Stock, Compensation Pl_3
Common Stock, Compensation Plans and Other - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 22, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Preferred stock, shares authorized (in shares) | 5,500,000 | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | |||
Number of additional shares authorized to repurchase (in shares) | 20,000,000 | |||
Remaining balance available for repurchase (in shares) | 39,752,000 | 22,090,665 | ||
Number of shares repurchased during period (in shares) | 1,753,000 | 1,533,560 | 4,542,222 | |
Weighted average stock price (in dollars per share) | $ 25.34 | |||
Repurchase of combining of all the shares (in shares) | 17,661,335 | |||
Maximum number of shares available for grants under the plan (in shares) | 13,288,000 | |||
Remaining shares of common stock available for future grants (in shares) | 1,625,136 | |||
Shares of common stock reserved for issuance (in shares) | 4,640,152 | |||
Intrinsic value of stock options outstanding | $ 13,100 | $ 5,000 | $ 6,000 | |
Intrinsic value of stock options vested | 10,700 | 4,700 | 5,300 | |
Intrinsic value of stock options exercised | 2,000 | $ 719 | $ 332 | |
Unrecognized compensation cost net of income tax benefit, related to non-vested awards | $ 6,500 | |||
Weighted average fair value of options granted (in dollars per share) | $ 11.11 | |||
Options granted (in shares) | 15,000 | 0 | 55,000 | |
Restricted Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted (in shares) | 216,000 | 264,000 | 181,000 | |
Unrecognized compensation cost net of income tax benefit, related to non-vested stock option awards | $ 14,600 |
Common Stock, Compensation Pl_4
Common Stock, Compensation Plans and Other - Summary of Stock Option Transactions under Plan (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Shares | |||
Outstanding, beginning of year (in shares) | 3,254,000 | 3,411,000 | 3,617,000 |
Granted (in shares) | 15,000 | 0 | 55,000 |
Forfeited/Expired (in shares) | (57,000) | (76,000) | (163,000) |
Exercised (in shares) | (197,000) | (81,000) | (98,000) |
Outstanding, end of year (in shares) | 3,015,000 | 3,254,000 | 3,411,000 |
Exercisable, end of year (in shares) | 1,543,000 | 1,537,000 | 1,353,000 |
Weighted- average Exercisable Price | |||
Outstanding, beginning of year (in dollars per share) | $ 19.77 | $ 19.60 | $ 19.62 |
Granted (in dollars per share) | 21.68 | 0 | 19.15 |
Forfeited/Expired (in dollars per share) | 22.44 | 21.95 | 22.43 |
Exercised (in dollars per share) | 14.78 | 10.61 | 15.21 |
Outstanding, end of year (in dollars per share) | 20.06 | 19.77 | 19.60 |
Exercisable, end of year (in dollars per share) | $ 17.46 | $ 16.82 | $ 16.03 |
Common Stock, Compensation Pl_5
Common Stock, Compensation Plans and Other - Summary of Stock Options on Valuation Assumptions (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Expected dividend yield | 2.59% | 2.70% |
Expected stock price volatility | 70.13% | 26.13% |
Risk-free interest rate | 0.75% | 2.48% |
Expected life of options | 6 years 6 months | 6 years 6 months |
Common Stock, Compensation Pl_6
Common Stock, Compensation Plans and Other - Summary of Currently Outstanding and Exercisable Options (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 3,015 |
Options Exercisable Shares (in shares) | shares | 1,543 |
$6.56 to $8.62 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 152 |
Weighted- Average Remaining Contractual Life (in years) | 11 months 19 days |
Weighted-Average Exercise Price (in dollars per share) | $ 8.46 |
Options Exercisable Shares (in shares) | shares | 152 |
Weighted-Average Exercise Price (in dollars per share) | $ 8.46 |
Exercise prices, lower range limit (in dollars per share) | 6.56 |
Exercise prices, upper range limit (in dollars per share) | $ 8.62 |
$9.54 to $14.71 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 140 |
Weighted- Average Remaining Contractual Life (in years) | 2 years 6 months 14 days |
Weighted-Average Exercise Price (in dollars per share) | $ 13.23 |
Options Exercisable Shares (in shares) | shares | 140 |
Weighted-Average Exercise Price (in dollars per share) | $ 13.23 |
Exercise prices, lower range limit (in dollars per share) | 9.54 |
Exercise prices, upper range limit (in dollars per share) | $ 14.71 |
$16.77 to $16.86 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 130 |
Weighted- Average Remaining Contractual Life (in years) | 2 years 7 months 20 days |
Weighted-Average Exercise Price (in dollars per share) | $ 16.80 |
Options Exercisable Shares (in shares) | shares | 130 |
Weighted-Average Exercise Price (in dollars per share) | $ 16.80 |
Exercise prices, lower range limit (in dollars per share) | 16.77 |
Exercise prices, upper range limit (in dollars per share) | $ 16.86 |
$17.12 to $17.36 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 99 |
Weighted- Average Remaining Contractual Life (in years) | 3 years 2 months 19 days |
Weighted-Average Exercise Price (in dollars per share) | $ 17.13 |
Options Exercisable Shares (in shares) | shares | 99 |
Weighted-Average Exercise Price (in dollars per share) | $ 17.13 |
Exercise prices, lower range limit (in dollars per share) | 17.12 |
Exercise prices, upper range limit (in dollars per share) | $ 17.36 |
$17.40 to $18.46 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 871 |
Weighted- Average Remaining Contractual Life (in years) | 3 years 7 months 17 days |
Weighted-Average Exercise Price (in dollars per share) | $ 18.45 |
Options Exercisable Shares (in shares) | shares | 738 |
Weighted-Average Exercise Price (in dollars per share) | $ 18.45 |
Exercise prices, lower range limit (in dollars per share) | 17.40 |
Exercise prices, upper range limit (in dollars per share) | $ 18.46 |
$17.40 to $18.46 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 41 |
Weighted- Average Remaining Contractual Life (in years) | 7 years 3 months 7 days |
Weighted-Average Exercise Price (in dollars per share) | $ 19.05 |
Options Exercisable Shares (in shares) | shares | 14 |
Weighted-Average Exercise Price (in dollars per share) | $ 19.04 |
Exercise prices, lower range limit (in dollars per share) | 18.50 |
Exercise prices, upper range limit (in dollars per share) | $ 20.16 |
$20.58 to $21.25 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 158 |
Weighted- Average Remaining Contractual Life (in years) | 4 years 3 months 3 days |
Weighted-Average Exercise Price (in dollars per share) | $ 21.08 |
Options Exercisable Shares (in shares) | shares | 149 |
Weighted-Average Exercise Price (in dollars per share) | $ 21.10 |
Exercise prices, lower range limit (in dollars per share) | 20.58 |
Exercise prices, upper range limit (in dollars per share) | $ 21.25 |
$21.31 to $22.22 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 112 |
Weighted- Average Remaining Contractual Life (in years) | 6 years 7 months 6 days |
Weighted-Average Exercise Price (in dollars per share) | $ 22.18 |
Options Exercisable Shares (in shares) | shares | 60 |
Weighted-Average Exercise Price (in dollars per share) | $ 22.22 |
Exercise prices, lower range limit (in dollars per share) | 21.31 |
Exercise prices, upper range limit (in dollars per share) | $ 22.22 |
$22.70 to $23.32 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 1,232 |
Weighted- Average Remaining Contractual Life (in years) | 6 years 6 months 18 days |
Weighted-Average Exercise Price (in dollars per share) | $ 23.32 |
Options Exercisable Shares (in shares) | shares | 1 |
Weighted-Average Exercise Price (in dollars per share) | $ 22.70 |
Exercise prices, lower range limit (in dollars per share) | 22.70 |
Exercise prices, upper range limit (in dollars per share) | $ 23.32 |
$23.51 to $25.96 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares (in shares) | shares | 81 |
Weighted- Average Remaining Contractual Life (in years) | 5 years 5 months 19 days |
Weighted-Average Exercise Price (in dollars per share) | $ 25.64 |
Options Exercisable Shares (in shares) | shares | 59 |
Weighted-Average Exercise Price (in dollars per share) | $ 25.82 |
Exercise prices, lower range limit (in dollars per share) | 23.51 |
Exercise prices, upper range limit (in dollars per share) | $ 25.96 |
Common Stock, Compensation Pl_7
Common Stock, Compensation Plans and Other - Summary of Company's Restricted Stock Issued and Outstanding (Detail) - Restricted Shares - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Beginning of year (in shares) | 1,371 | 1,636 | 1,873 |
Issued (in shares) | 216 | 264 | 181 |
Vested (in shares) | (320) | (453) | (340) |
Forfeited (in shares) | (36) | (76) | (78) |
End of year (in shares) | 1,231 | 1,371 | 1,636 |
Amount of expense for twelve months ended | $ 7,112 | $ 6,824 | $ 8,427 |
Non-Interest Expense (Detail)
Non-Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in Noncontrolling Interest [Line Items] | |||
Salaries and employee benefits | $ 170,755 | $ 163,950 | $ 154,177 |
Occupancy and equipment | 36,631 | 38,412 | 35,452 |
Data processing expense | 24,280 | 19,032 | 16,161 |
Merger and acquisition expenses | 1,886 | 711 | 0 |
Other operating expenses: | |||
Advertising | 4,855 | 3,999 | 4,687 |
Amortization of intangibles | 5,683 | 5,844 | 6,324 |
Electronic banking expense | 9,817 | 8,477 | 7,525 |
Directors' fees | 1,614 | 1,624 | 1,602 |
Due from bank service charges | 1,044 | 975 | 1,081 |
FDIC and state assessment | 5,472 | 6,494 | 4,468 |
Other expense | 18,086 | 17,904 | 20,840 |
Insurance | 3,118 | 3,018 | 2,846 |
Legal and accounting | 3,703 | 4,222 | 5,017 |
Other professional fees | 6,950 | 8,150 | 10,213 |
Operating supplies | 1,915 | 1,988 | 2,021 |
Postage | 1,283 | 1,283 | 1,266 |
Telephone | 1,425 | 1,302 | 1,210 |
Total other operating expenses | 64,965 | 65,280 | 69,997 |
Total non-interest expense | 298,517 | 287,385 | 275,787 |
Hurricane expense | |||
Other operating expenses: | |||
Other expense | $ 0 | $ 0 | $ 897 |
Employee Benefit Plans (Detail)
Employee Benefit Plans (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2011 | Feb. 22, 2019 | Apr. 20, 2007 | |
Chairman's Retirement Plan | ||||||
Employee Benefit Plans [Line Items] | ||||||
Employee benefits plan expense | $ 109,140 | $ 119,935 | $ 129,903 | |||
Supplemental retirement benefit | $ 250,000 | |||||
Employee benefits plan vested percentage | 100.00% | |||||
Supplemental retirement benefit plan during year | $ 250,000 | 250,000 | 250,000 | |||
Home BancShares, Inc. 401(k) and Employee Stock Ownership Plan | ||||||
Employee Benefit Plans [Line Items] | ||||||
Number of register common stock (in shares) | 2,000,000 | |||||
Shares of company common stock held by employee (in shares) | 1,100,000 | |||||
Discretionary contributions amount | $ 0 | 0 | 0 | |||
Employee benefits plan expense | $ 2,500,000 | $ 2,300,000 | $ 2,100,000 |
Related Party Transactions (Det
Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |||
Related party loans | $ 60,700 | $ 68,800 | |
Related parties new loans and advances | 1,700 | 8,400 | |
Repayments of loans by related parties | 6,100 | 2,600 | |
Non interest-bearing deposits | 1,800 | 1,500 | |
Savings and interest-bearing transaction accounts | 14,300 | 11,400 | |
Certificates of time deposit | 387 | 385 | |
Rent expense totaling paid to related parties | $ 143 | $ 115 | $ 100 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Right of use asset | $ 39,600 | $ 40,200 |
Lease liability | $ 42,409 | $ 43,000 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Bank premises and equipment, net | Bank premises and equipment, net |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued interest payable and other liabilities | Accrued interest payable and other liabilities |
Leases - Minimum Rental Commitm
Leases - Minimum Rental Commitment under Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 7,714 | |
2023 | 6,574 | |
2024 | 6,001 | |
2025 | 5,510 | |
2026 | 5,389 | |
Thereafter | 24,999 | |
Total future minimum lease payments | 56,187 | |
Discount effect of cash flows | (13,778) | |
Present value of net future minimum lease payments | $ 42,409 | $ 43,000 |
Leases - Additional Informati_2
Leases - Additional Information of Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lease expense: | |||
Operating lease expense | $ 7,857 | $ 8,138 | $ 8,217 |
Short-term lease expense | 6 | 35 | 105 |
Variable lease expense | 1,028 | 1,056 | 976 |
Total lease expense | 8,891 | 9,229 | 9,298 |
Other information: | |||
Cash paid for amounts included in the measurement of lease liabilities | $ 7,881 | $ 8,030 | $ 7,931 |
Weighted-average remaining lease term | 9 years 8 months 15 days | 10 years 2 months 8 days | 10 years 8 months 12 days |
Weighted-average discount rate | 3.48% | 3.61% | 3.62% |
Significant Estimates and Con_2
Significant Estimates and Concentrations of Credit Risks (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitment And Contingencies [Line Items] | |||
Provision for credit loss - unfunded commitments | $ 4,752 | $ (16,989) | $ 0 |
Loans Receivable | Geographic Concentration | South Alabama, Arkansas, Florida and New York City | |||
Commitment And Contingencies [Line Items] | |||
Concentration percentage | 69.80% | ||
Loans Receivable | Commercial Real Estate | Credit Concentration | |||
Commitment And Contingencies [Line Items] | |||
Concentration percentage | 59.70% | 54.40% | |
Loans Receivable | Residential Real Estate | Credit Concentration | |||
Commitment And Contingencies [Line Items] | |||
Concentration percentage | 15.80% | 18.50% | |
Total Stockholders' Equity | Commercial Real Estate | Credit Concentration | |||
Commitment And Contingencies [Line Items] | |||
Concentration percentage | 212.20% | 234.30% | |
Total Stockholders' Equity | Residential Real Estate | Credit Concentration | |||
Commitment And Contingencies [Line Items] | |||
Concentration percentage | 56.30% | 79.60% | |
Residential Real Estate Loans | Geographic Concentration | South Alabama, Arkansas, Florida and New York City | |||
Commitment And Contingencies [Line Items] | |||
Concentration percentage | 74.60% |
Commitments and Contingencies (
Commitments and Contingencies (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to extend credit outstanding | $ 3,050 | $ 2,820 |
Maximum amount of future payments by the company | $ 110.8 | $ 56.1 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount of par for impaired loans | 15.00% | |
Carrying value of foreclosed assets held for sale | $ 0 | $ 217,000 |
Disposal group, not discontinued operation, loss (gain) on write-down | 167,000 | |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of collateral discount percentage | 25.00% | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of collateral discount percentage | 50.00% | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of loans with specific allocated losses | $ 280,000,000 | 102,100,000 |
Accrued interest receivable reversed | 380,000 | 1,300,000 |
Fair value of foreclosed assets held for sale | $ 1,600,000 | $ 4,400,000 |
Financial Instruments - Estimat
Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Level 1 | Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | $ 3,650,315 | $ 1,263,788 |
Accrued interest receivable | 46,736 | 60,528 |
Financial liabilities: | ||
Demand and non-interest bearing | 4,127,878 | 3,266,753 |
Savings and interest-bearing transaction accounts | 9,251,805 | 8,212,240 |
Securities sold under agreements to repurchase | 140,886 | 168,931 |
Accrued interest payable | 4,798 | 5,925 |
Level 1 | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 3,650,315 | 1,263,788 |
Accrued interest receivable | 46,736 | 60,528 |
Financial liabilities: | ||
Demand and non-interest bearing | 4,127,878 | 3,266,753 |
Savings and interest-bearing transaction accounts | 9,251,805 | 8,212,240 |
Securities sold under agreements to repurchase | 140,886 | 168,931 |
Accrued interest payable | 4,798 | 5,925 |
Level 2 | Carrying Amount | ||
Financial liabilities: | ||
FHLB and other borrowed funds | 400,000 | 400,000 |
Level 2 | Fair Value | ||
Financial liabilities: | ||
FHLB and other borrowed funds | 401,362 | 414,207 |
Level 3 | Carrying Amount | ||
Financial assets: | ||
Loans receivable, net of impaired loans and allowance | 9,319,421 | 10,873,120 |
FHLB, FRB & FNBB stock; other equity investments | 124,638 | 114,854 |
Financial liabilities: | ||
Time deposits | 880,887 | 1,246,797 |
Subordinated debentures | 371,093 | 370,326 |
Level 3 | Fair Value | ||
Financial assets: | ||
Loans receivable, net of impaired loans and allowance | 9,503,261 | 11,292,004 |
FHLB, FRB & FNBB stock; other equity investments | 124,638 | 114,854 |
Financial liabilities: | ||
Time deposits | 901,280 | 1,266,430 |
Subordinated debentures | $ 374,894 | $ 378,981 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Millions | Mar. 27, 2020 | Dec. 31, 2021USD ($) | Jan. 01, 2019 | Jan. 01, 2017 | Jan. 01, 2016 | Jul. 31, 2013USD ($) |
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 | $ 255.4 | |||||
Basel III | ||||||
Regulatory Matters [Line Items] | ||||||
Consolidated risk weighted asset | $ 500 | |||||
Capital conservation buffer, percentage | 6.250 | |||||
Increase in capital conservation buffer | 6.250 | |||||
Capital requirement, ratio | 0.025 | |||||
Basel III | Criteria 1 | ||||||
Regulatory Matters [Line Items] | ||||||
Tier 1 leverage capital ratio | 0.04 | |||||
Tier 1 risk-based capital ratio | 0.045 | |||||
Risk-based capital ratio | 0.06 | |||||
Risk-based capital ratio | 0.08 | |||||
Basel III | Criteria 2 | ||||||
Regulatory Matters [Line Items] | ||||||
Risk-based capital ratio | 0.1977 | |||||
Common equity Tier 1 risk-based capital ratio | 0.065 | |||||
Tier 1 leverage capital ratio | 0.05 | |||||
Tier 1 risk-based capital ratio | 0.08 | |||||
Total risk-based capital ratio | 0.10 | |||||
Common equity Tier 1 risk-based capital ratio | 0.1537 | |||||
Tier 1 leverage capital ratio | 0.1111 | |||||
Tier 1 risk-based capital ratio | 0.1598 | |||||
CECL | COVID-19 | ||||||
Regulatory Matters [Line Items] | ||||||
Allowable percentage of bank holding companies impact | 100.00% | |||||
Percentage of allowance for credit losses | 25.00% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Company's Actual Capital Amount and Ratios (Detail) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Home BancShares | ||
Common equity Tier 1 capital ratios: | ||
Common equity Tier 1 capital ratios, Actual, Amount | $ 1,812,797 | $ 1,615,683 |
Common equity Tier 1 capital ratios, Actual, Ratio | 0.1537 | 0.1342 |
Leverage ratios: | ||
Leverage ratios, Actual, Amount | $ 1,884,067 | $ 1,686,810 |
Leverage ratios, Actual, Ratio | 0.1111 | 0.1085 |
Tier 1 capital ratios: | ||
Tier 1 capital ratios, Actual, Amount | $ 1,884,067 | $ 1,686,810 |
Tier 1 capital ratios, Actual, Ratio | 0.1598 | 0.1401 |
Total risk-based capital ratios: | ||
Total risk-based capital ratios, Actual, Amount | $ 2,331,948 | $ 2,137,238 |
Total risk-based capital ratios, Actual, Ratio | 0.1977 | 0.1775 |
Centennial Bank | ||
Common equity Tier 1 capital ratios: | ||
Common equity Tier 1 capital ratios, Actual, Amount | $ 1,859,093 | $ 1,804,392 |
Common equity Tier 1 capital ratios, Actual, Ratio | 0.1582 | 0.1504 |
Common equity Tier 1 capital ratios, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provision, Amount | $ 763,850 | $ 779,824 |
Common equity Tier 1 capital ratios, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provision, Ratio | 6.50% | 6.50% |
Leverage ratios: | ||
Leverage ratios, Actual, Amount | $ 1,859,093 | $ 1,804,392 |
Leverage ratios, Actual, Ratio | 0.1097 | 0.1161 |
Leverage ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 847,353 | $ 777,085 |
Leverage ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 0.0500 | 0.0500 |
Tier 1 capital ratios: | ||
Tier 1 capital ratios, Actual, Amount | $ 1,859,093 | $ 1,804,392 |
Tier 1 capital ratios, Actual, Ratio | 0.1582 | 0.1504 |
Tier 1 capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 940,123 | $ 959,783 |
Tier 1 capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 0.0800 | 0.0800 |
Total risk-based capital ratios: | ||
Total risk-based capital ratios, Actual, Amount | $ 2,006,814 | $ 1,955,299 |
Total risk-based capital ratios, Actual, Ratio | 0.1708 | 0.1630 |
Total risk-based capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 1,174,950 | $ 1,199,570 |
Total risk-based capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 0.1000 | 0.1000 |
Basel III | Home BancShares | ||
Common equity Tier 1 capital ratios: | ||
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Amount | $ 825,548 | $ 842,741 |
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Ratio | 7.00% | 7.00% |
Leverage ratios: | ||
Leverage ratios, Minimum Capital Requirement - Basel III, Amount | $ 678,427 | $ 621,884 |
Leverage ratios, Minimum Capital Requirement - Basel III, Ratio | 0.0400 | 0.0400 |
Tier 1 capital ratios: | ||
Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Amount | $ 1,002,451 | $ 1,023,328 |
Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Ratio | 0.0850 | 0.0850 |
Total risk-based capital ratios: | ||
Total risk-based capital ratios, Minimum Capital Requirement - Basel III, Amount | $ 1,238,322 | $ 1,264,111 |
Total risk-based capital ratios, Minimum Capital Requirement - Basel III, Ratio | 0.1050 | 0.1050 |
Basel III | Centennial Bank | ||
Common equity Tier 1 capital ratios: | ||
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Amount | $ 822,608 | $ 839,810 |
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Ratio | 7.00% | 7.00% |
Leverage ratios: | ||
Leverage ratios, Minimum Capital Requirement - Basel III, Amount | $ 677,883 | $ 621,668 |
Leverage ratios, Minimum Capital Requirement - Basel III, Ratio | 0.0400 | 0.0400 |
Tier 1 capital ratios: | ||
Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Amount | $ 998,881 | $ 1,019,769 |
Tier 1 capital ratios, Minimum Capital Requirement - Basel III, Ratio | 0.0850 | 0.0850 |
Total risk-based capital ratios: | ||
Total risk-based capital ratios, Minimum Capital Requirement - Basel III, Amount | $ 1,233,697 | $ 1,259,548 |
Total risk-based capital ratios, Minimum Capital Requirement - Basel III, Ratio | 0.1050 | 0.1050 |
Additional Cash Flow Informat_3
Additional Cash Flow Information - Additional Information (Detail) - LH-Finance $ in Millions | Feb. 29, 2020USD ($) |
Supplemental Cash Flow Information [Line Items] | |
Business combination, recognized identifiable assets acquired | $ 409.1 |
Business combination, recognized identifiable liabilities assumed, loans | 407.4 |
Business combination consideration paid | $ 421.2 |
Additional Cash Flow Informat_4
Additional Cash Flow Information - Summary of Additional Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid | $ 53,327 | $ 95,483 | $ 155,661 |
Income taxes paid | 98,320 | 77,838 | 89,692 |
Assets acquired by foreclosure | $ 2,623 | $ 2,639 | $ 9,340 |
Condensed Financial Informati_3
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Cash and cash equivalents | $ 3,650,315 | $ 1,263,788 | ||
Estimated Fair Value | 3,119,807 | 2,473,781 | ||
Other assets | 177,020 | 164,904 | ||
Total assets | 18,052,138 | 16,398,804 | ||
Liabilities | ||||
Subordinated debentures | 371,093 | 370,326 | ||
Total liabilities | 15,286,417 | 13,793,046 | ||
Stockholders’ equity: | ||||
Common stock | 1,637 | 1,651 | ||
Capital surplus | 1,487,373 | 1,520,617 | ||
Retained earnings | 1,266,249 | 1,039,370 | ||
Accumulated other comprehensive income | 10,462 | 44,120 | ||
Total stockholders’ equity | 2,765,721 | 2,605,758 | $ 2,511,531 | $ 2,349,886 |
Total liabilities and stockholders’ equity | 18,052,138 | 16,398,804 | ||
Home BancShares | ||||
Assets | ||||
Cash and cash equivalents | 291,585 | 152,718 | ||
Estimated Fair Value | 18,254 | 13,037 | ||
Investments in wholly-owned subsidiaries | 2,815,345 | 2,797,541 | ||
Investments in unconsolidated subsidiaries | 2,201 | 2,201 | ||
Other assets | 14,591 | 15,825 | ||
Total assets | 3,141,976 | 2,981,322 | ||
Liabilities | ||||
Subordinated debentures | 371,093 | 370,326 | ||
Other liabilities | 5,162 | 5,238 | ||
Total liabilities | 376,255 | 375,564 | ||
Stockholders’ equity: | ||||
Common stock | 1,637 | 1,651 | ||
Capital surplus | 1,487,373 | 1,520,617 | ||
Retained earnings | 1,266,249 | 1,039,370 | ||
Accumulated other comprehensive income | 10,462 | 44,120 | ||
Total stockholders’ equity | 2,765,721 | 2,605,758 | ||
Total liabilities and stockholders’ equity | $ 3,141,976 | $ 2,981,322 |
Condensed Financial Informati_4
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income | |||
Dividends from equity securities | $ 14,835 | $ 12,472 | $ 7,707 |
Net income | 319,021 | 214,448 | 289,539 |
Home BancShares | |||
Income | |||
Dividends from equity securities | 646 | 385 | 0 |
Dividends from banking subsidiary | 286,712 | 183,711 | 232,532 |
Other (loss) income | 7,234 | (1,588) | 125 |
Total income | 294,592 | 182,508 | 232,657 |
Expenses | 34,194 | 33,346 | 36,798 |
Income before income taxes and equity in undistributed net income of subsidiaries | 260,398 | 149,162 | 195,859 |
Tax benefit for income taxes | 7,161 | 8,589 | 9,703 |
Income before equity in undistributed net income of subsidiaries | 267,559 | 157,751 | 205,562 |
Equity in undistributed net income of subsidiaries | 51,462 | 56,697 | 83,977 |
Net income | $ 319,021 | $ 214,448 | $ 289,539 |
Condensed Financial Informati_5
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net income | $ 319,021 | $ 214,448 | $ 289,539 |
Items not requiring (providing) cash | |||
Depreciation | 19,481 | 20,082 | 19,427 |
Amortization | 28,516 | 20,607 | 15,943 |
Share-based compensation | 8,848 | 8,608 | 10,719 |
(Increase) decrease in value of equity securities | (7,178) | 1,978 | 0 |
Gain on assets | (4,497) | (2,103) | (1,942) |
Changes in other assets | 1,756 | (13,427) | (27,087) |
Changes in other liabilities | (9,379) | 8,600 | (9,789) |
Net cash provided by operating activities | 389,380 | 291,728 | 247,415 |
Cash flows from investing activities | |||
Net cash (used in) provided by investing activities | 624,660 | (651,941) | 221,656 |
Cash flows from financing activities | |||
Proceeds from exercise of stock options | 2,374 | 595 | 1,407 |
Repurchase of common stock | (44,480) | (25,690) | (84,888) |
Dividends paid | (92,142) | (87,677) | (85,627) |
Net cash provided by (used in) financing activities | 1,372,487 | 1,133,400 | (636,409) |
Net change in cash and cash equivalents | 2,386,527 | 773,187 | (167,338) |
Cash and cash equivalents – beginning of year | 1,263,788 | 490,601 | 657,939 |
Cash and cash equivalents – end of year | 3,650,315 | 1,263,788 | 490,601 |
Home BancShares | |||
Cash flows from operating activities | |||
Net income | 319,021 | 214,448 | 289,539 |
Items not requiring (providing) cash | |||
Depreciation | 0 | 216 | 289 |
Amortization | 767 | 769 | 796 |
Share-based compensation | 8,848 | 8,607 | 10,719 |
(Increase) decrease in value of equity securities | (7,178) | 1,978 | 0 |
Gain on assets | 0 | (320) | (18) |
Equity in undistributed income of subsidiaries | (51,462) | (56,697) | (83,977) |
Changes in other assets | 90 | (628) | (2,006) |
Changes in other liabilities | (76) | (307) | (504) |
Net cash provided by operating activities | 270,010 | 168,066 | 214,838 |
Cash flows from investing activities | |||
Proceeds from sale of premises and equipment, net | 0 | 1,841 | 508 |
Purchases of equity securities | (13,276) | (15,015) | 0 |
Proceeds from sale of equity securities | 16,381 | 0 | 0 |
Net cash (used in) provided by investing activities | 3,105 | (13,174) | 508 |
Cash flows from financing activities | |||
Proceeds from exercise of stock options | 2,374 | 595 | 1,407 |
Repurchase of common stock | (44,480) | (25,689) | (84,888) |
Dividends paid | (92,142) | (87,677) | (85,627) |
Net cash provided by (used in) financing activities | (134,248) | (112,771) | (169,108) |
Net change in cash and cash equivalents | 138,867 | 42,121 | 46,238 |
Cash and cash equivalents – beginning of year | 152,718 | 110,597 | 64,359 |
Cash and cash equivalents – end of year | $ 291,585 | $ 152,718 | $ 110,597 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)loan | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
CARES act of 2020 number of loans modification | loan | 26 |
CARES act of 2020 number of loans amount | $ | $ 190.7 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Feb. 04, 2022 | Jan. 18, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | ||||
Total loans receivable | $ 9,599,375 | $ 10,975,248 | ||
Subsequent Event | LendingClub | ||||
Subsequent Event [Line Items] | ||||
Acquisition of loans | $ 238,000 | |||
Subsequent Event | LendingClub | Shore Premier Finance | ||||
Subsequent Event [Line Items] | ||||
Total loans receivable | $ 1,130,000 | |||
Subsequent Event | 3.125% Fixed-to-Floating Rate Subordinated Notes due 2032 | ||||
Subsequent Event [Line Items] | ||||
Aggregate principal amount | $ 300,000 | |||
Subordinated notes, interest rate | 3.125% | |||
Variable spread on floating rate | 1.82% | |||
Redemption price, percentage of principal amount | 100.00% |