Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 08, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | HOMB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 205,639,194 | |
Entity Central Index Key | 0001331520 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 173,134 | $ 119,908 |
Interest-bearing deposits with other banks | 3,446,324 | 3,530,407 |
Cash and cash equivalents | 3,619,458 | 3,650,315 |
Investment securities – available-for-sale, net of allowance for credit losses | 2,957,322 | 3,119,807 |
Investment securities — held-to-maturity, net of allowance for credit losses | 499,265 | 0 |
Total investment securities | 3,456,587 | 3,119,807 |
Loans receivable | 10,052,714 | 9,836,089 |
Allowance for credit losses | (234,768) | (236,714) |
Loans receivable, net | 9,817,946 | 9,599,375 |
Bank premises and equipment, net | 274,503 | 275,760 |
Foreclosed assets held for sale | 1,144 | 1,630 |
Cash value of life insurance | 105,623 | 105,135 |
Accrued interest receivable | 46,934 | 46,736 |
Deferred tax asset, net | 116,605 | 78,290 |
Goodwill | 973,025 | 973,025 |
Core deposit and other intangibles | 23,624 | 25,045 |
Other assets | 182,546 | 177,020 |
Total assets | 18,617,995 | 18,052,138 |
Deposits: | ||
Demand and non-interest-bearing | 4,311,400 | 4,127,878 |
Savings and interest-bearing transaction accounts | 9,461,393 | 9,251,805 |
Time deposits | 808,141 | 880,887 |
Total deposits | 14,580,934 | 14,260,570 |
Securities sold under agreements to repurchase | 151,151 | 140,886 |
FHLB and other borrowed funds | 400,000 | 400,000 |
Accrued interest payable and other liabilities | 131,339 | 113,868 |
Subordinated debentures | 667,868 | 371,093 |
Total liabilities | 15,931,292 | 15,286,417 |
Stockholders’ equity: | ||
Common stock, par value $0.01; shares authorized 300,000,000 in 2022 and 2021; shares issued and outstanding 163,757,908 in 2022 and 163,699,282 in 2021 | 1,638 | 1,637 |
Capital surplus | 1,485,524 | 1,487,373 |
Retained earnings | 1,304,098 | 1,266,249 |
Accumulated other comprehensive (loss) income | (104,557) | 10,462 |
Total stockholders’ equity | 2,686,703 | 2,765,721 |
Total liabilities and stockholders’ equity | $ 18,617,995 | $ 18,052,138 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 163,757,908 | 163,699,282 |
Common stock, shares outstanding | 163,757,908 | 163,699,282 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Loans | $ 129,442 | $ 150,917 |
Investment securities | ||
Taxable | 9,080 | 6,253 |
Tax-exempt | 4,707 | 5,071 |
Deposits – other banks | 1,673 | 410 |
Federal funds sold | 1 | 0 |
Total interest income | 144,903 | 162,651 |
Interest expense: | ||
Interest on deposits | 4,894 | 7,705 |
FHLB and other borrowed funds | 1,875 | 1,875 |
Securities sold under agreements to repurchase | 108 | 190 |
Subordinated debentures | 6,878 | 4,793 |
Total interest expense | 13,755 | 14,563 |
Net interest income | 131,148 | 148,088 |
Provision for credit losses | 0 | 0 |
Provision for credit losses - unfunded commitments | 0 | 0 |
Total credit loss (benefit) expense | 0 | 0 |
Net interest income after provision for credit losses | 131,148 | 148,088 |
Non-interest income: | ||
Trust fees | 574 | 522 |
Mortgage lending income | 3,916 | 8,167 |
Insurance commissions | 480 | 492 |
Increase in cash value of life insurance | 492 | 502 |
Dividends from FHLB, FRB, FNBB & other | 698 | 8,609 |
Gain on sale of SBA loans | 95 | 0 |
Gain (loss) on sale of branches, equipment and other assets, net | 16 | (29) |
Gain on OREO, net | 478 | 401 |
Gain on securities, net | 0 | 219 |
Fair value adjustment for marketable securities | 2,125 | 5,782 |
Other income | 7,922 | 8,001 |
Total non-interest income | 30,669 | 45,276 |
Non-interest expense: | ||
Salaries and employee benefits | 43,551 | 42,059 |
Occupancy and equipment | 9,144 | 9,237 |
Data processing expense | 7,039 | 5,870 |
Merger and acquisition expenses | 863 | 0 |
Other operating expenses | 16,299 | 15,700 |
Total non-interest expense | 76,896 | 72,866 |
Income before income taxes | 84,921 | 120,498 |
Income tax expense | 20,029 | 28,896 |
Net income | $ 64,892 | $ 91,602 |
Basic earnings per share (in dollars per share) | $ 0.40 | $ 0.55 |
Diluted earnings per share (in dollars per share) | $ 0.40 | $ 0.55 |
Service charges on deposit accounts | ||
Non-interest income: | ||
Service charges | $ 6,140 | $ 5,002 |
Other service charges and fees | ||
Non-interest income: | ||
Service charges | $ 7,733 | $ 7,608 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 64,892 | $ 91,602 |
Net unrealized loss on available-for-sale securities | (155,715) | (33,400) |
Other comprehensive loss before tax effect | (155,715) | (33,400) |
Tax effect on other comprehensive loss | 40,696 | 8,729 |
Other comprehensive loss | (115,019) | (24,671) |
Comprehensive (loss) income | $ (50,127) | $ 66,931 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2020 | $ 2,605,758 | $ 1,651 | $ 1,520,617 | $ 1,039,370 | $ 44,120 |
Comprehensive income: | |||||
Net income | 91,602 | 91,602 | |||
Other comprehensive loss | (24,671) | (24,671) | |||
Net issuance of shares of common stock from exercise of stock options | 2,322 | 1 | 2,321 | ||
Repurchase of shares of common stock | (8,770) | (3) | (8,767) | ||
Share-based compensation net issuance of shares of restricted common stock | 2,117 | 2 | 2,115 | ||
Cash dividends - Common Stock | (23,154) | (23,154) | |||
Ending balance at Mar. 31, 2021 | 2,645,204 | 1,651 | 1,516,286 | 1,107,818 | 19,449 |
Beginning Balance at Dec. 31, 2021 | 2,765,721 | 1,637 | 1,487,373 | 1,266,249 | 10,462 |
Comprehensive income: | |||||
Net income | 64,892 | 64,892 | |||
Other comprehensive loss | (115,019) | (115,019) | |||
Net issuance of shares of common stock from exercise of stock options | 130 | 1 | 129 | ||
Repurchase of shares of common stock | (4,089) | (2) | (4,087) | ||
Share-based compensation net issuance of shares of restricted common stock | 2,111 | 2 | 2,109 | ||
Cash dividends - Common Stock | (27,043) | (27,043) | |||
Ending balance at Mar. 31, 2022 | $ 2,686,703 | $ 1,638 | $ 1,485,524 | $ 1,304,098 | $ (104,557) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Net issuance of shares of common stock from exercise of stock options (in shares) | 15,909 | 161,434 |
Common stock shares repurchased (in shares) | 180,000 | 330,000 |
Issuance of restricted common stock (in shares) | 222,717 | 214,684 |
Common stock, cash dividends per share (in dollars per share) | $ 0.165 | $ 0.14 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net income | $ 64,892 | $ 91,602 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation & amortization | 5,092 | 4,728 |
Increase in value of equity securities | (2,125) | (5,782) |
Amortization of securities, net | 6,759 | 6,618 |
Accretion of purchased loans | (3,089) | (5,485) |
Share-based compensation | 2,111 | 2,117 |
Gain on assets | (589) | (591) |
Provision for credit losses | 0 | 0 |
Provision for credit losses - unfunded commitments | 0 | 0 |
Deferred income tax effect | 2,380 | (13,078) |
Increase in cash value of life insurance | (492) | (502) |
Originations of mortgage loans held for sale | (140,724) | (202,455) |
Proceeds from sales of mortgage loans held for sale | 139,101 | 203,936 |
Changes in assets and liabilities: | ||
Accrued interest receivable | 217 | 5,033 |
Other assets | (1,518) | 13,943 |
Accrued interest payable and other liabilities | 17,471 | 21,000 |
Net cash provided by operating activities | 89,486 | 121,084 |
Investing Activities | ||
Net decrease in loans, excluding purchased loans | 25,579 | 441,905 |
Purchases of investment securities – available-for-sale | (137,261) | (299,058) |
Purchases of investment securities - held-to-maturity | (498,930) | 0 |
Proceeds from maturities of investment securities – available-for-sale | 136,938 | 175,805 |
Proceeds from sales of investment securities – available-for-sale | 0 | 18,112 |
Purchases of equity securities | (3,717) | (10,460) |
Proceeds from sales of equity securities | 13,778 | 15,354 |
Purchase of other investments | (11,940) | (50) |
Proceeds from foreclosed assets held for sale | 964 | 3,603 |
Proceeds from sale of SBA loans | 2,859 | 0 |
Purchases of premises and equipment, net | (2,067) | (3,153) |
Return of investment on cash value of life insurance | 0 | 418 |
Purchase of marine loan portfolio | (242,617) | 0 |
Net cash (used in) provided by investing activities | (716,414) | 342,476 |
Financing Activities | ||
Net increase in deposits | 320,364 | 786,804 |
Net increase (decrease) in securities sold under agreements to repurchase | 10,265 | (6,002) |
Proceeds from issuance of subordinated debentures | 296,444 | 0 |
Proceeds from exercise of stock options | 130 | 2,322 |
Repurchase of common stock | (4,089) | (8,770) |
Dividends paid on common stock | (27,043) | (23,154) |
Net cash provided by financing activities | 596,071 | 751,200 |
Net change in cash and cash equivalents | (30,857) | 1,214,760 |
Cash and cash equivalents – beginning of year | 3,650,315 | 1,263,788 |
Cash and cash equivalents – end of period | $ 3,619,458 | $ 2,478,548 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | 1. Nature of Operations and Summary of Significant Accounting Policies Nature of Operations Home BancShares, Inc. (the “Company” or “HBI”) is a bank holding company headquartered in Conway, Arkansas. The Company is primarily engaged in providing a full range of banking services to individual and corporate customers through its wholly-owned community bank subsidiary – Centennial Bank (sometimes referred to as “Centennial” or the “Bank”). The Bank has branch locations in Arkansas, Florida, 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. Interim financial information The accompanying unaudited consolidated financial statements as of March 31, 2022 and 2021 have been prepared in condensed format, and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The information furnished in these interim statements reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year. The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2021 Form 10-K, filed with the Securities and Exchange Commission. 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 loans 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. 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. Purchased loans that have experienced more than insignificant credit deterioration since origination are purchase credit deteriorated (“PCD”) loans. 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 non-credit 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. For further discussion of the Company’s acquisitions, see Note 2 to the Condensed 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. 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. • Other service charges and fees – These represent credit card interchange fees and Centennial Commercial Finance Group (“Centennial CFG”) loan fees. The interchange fees are recorded in the period the performance obligation is satisfied which is generally the cash basis based on agreed upon contracts. The Centennial CFG loan fees are based on loan or other negotiated agreements with customers and are accounted for under ASC Topic 310. Earnings per Share Basic earnings per share is computed based on the weighted-average number of shares outstanding during each year. Diluted earnings per share is computed using the weighted-average shares and all potential dilutive shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the following periods: Three Months Ended 2022 2021 (In thousands) Net income $ 64,892 $ 91,602 Average shares outstanding 163,787 165,257 Effect of common stock options 409 189 Average diluted shares outstanding 164,196 165,446 Basic earnings per share $ 0.40 $ 0.55 Diluted earnings per share $ 0.40 $ 0.55 |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combinations | 2. Business Combinations Acquisition of Happy Bancshares, Inc. Effective April 1, 2022, pursuant to an Agreement and Plan of Merger, dated as of September 15, 2021, as amended on October 18, 2021 and further amended on November 8, 2021 (the “Merger Agreement”) among the Company, Centennial, the Company’s acquisition subsidiary, HOMB Acquisition Sub III, Inc. (“Acquisition Sub”), Happy Bancshares, Inc. (“Happy”), and its wholly-owned bank subsidiary, Happy State Bank (“HSB”), Acquisition Sub merged with and into Happy and Happy merged with and into the Company, with the Company as the surviving entity (collectively, the “Merger”). HSB also merged with and into Centennial, with Centennial as the surviving entity. Under the terms of the Merger Agreement, the Company issued approximately 42.4 million shares of its common stock valued at approximately $958.8 million as of April 1, 2022. In addition, the holders of stock appreciation rights of Happy received approximately $3.1 million in cash in cancellation of their stock appreciation rights immediately before the merger, for a total transaction value of approximately $961.9 million. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 3. Investment Securities The following table summarizes the amortized cost and fair value of securities that are classified as available-for-sale and held-to-maturity are as follows: March 31, 2022 Available-for-Sale Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 419,813 $ 2,096 $ (11,134) $ — $ 410,775 Residential mortgage-backed securities 1,155,954 370 (81,230) — 1,075,094 Commercial mortgage-backed securities 342,383 624 (7,613) — 335,394 State and political subdivisions 967,844 5,771 (43,837) (842) 928,936 Other securities 213,719 384 (6,980) — 207,123 Total $ 3,099,713 $ 9,245 $ (150,794) $ (842) $ 2,957,322 March 31, 2022 Held-to-Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 499,265 $ 18 $ (145) $ — $ 499,138 Residential mortgage-backed securities — — — — — Commercial mortgage-backed securities — — — — — State and political subdivisions — — — — — Other securities — — — — — Total $ 499,265 $ 18 $ (145) $ — $ 499,138 December 31, 2021 Available-for-Sale Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Estimated Fair Value (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 (1,794) (842) 996,978 Other securities 151,449 1,781 (1,354) — 151,876 Total $ 3,106,483 $ 41,058 $ (26,892) $ (842) $ 3,119,807 During the three months ended March 31, 2022, the Company purchased $500.0 million of U.S. Treasury Securities with an initial book value of $498.9 million. These investments are classified as held-to-maturity and mature within one year. As of March 31, 2022, the amortized cost of these securities was $499.3 million. Assets, principally investment securities, having a carrying value of approximately $1.20 billion and $1.15 billion at March 31, 2022 and December 31, 2021, respectively, were pledged to secure public deposits, as collateral for repurchase agreements, and for other purposes required or permitted by law. Investment securities pledged as collateral for repurchase agreements totaled approximately $151.2 million and $140.9 million at March 31, 2022 and December 31, 2021, respectively. The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at March 31, 2022, 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 Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Due in one year or less $ 11,547 $ 11,577 $ 499,265 $ 499,138 Due after one year through five years 97,487 94,563 — — Due after five years through ten years 393,837 379,079 — — Due after ten years 1,096,505 1,059,615 — — Mortgage - backed securities: Residential 1,155,954 1,075,094 — — Mortgage - backed securities: Commercial 342,383 335,394 — — Other 2,000 2,000 — — Total $ 3,099,713 $ 2,957,322 $ 499,265 $ 499,138 During the three months ended March 31, 2022, no available-for-sale securities were sold. During the three months ended March 31, 2021, $17.9 million available-for-sale securities were sold. The gross realized gains on the sales totaled $219,000 for the three months ended March 31, 2021. The following table shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of March 31, 2022 and December 31, 2021. March 31, 2022 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Available for sale: U.S. government-sponsored enterprises $ 379,074 $ (6,147) $ 83,468 $ (4,987) $ 462,542 $ (11,134) Residential mortgage-backed securities 848,377 (61,158) 181,186 (20,072) 1,029,563 (81,230) Commercial mortgage-backed securities 189,447 (4,820) 43,018 (2,793) 232,465 (7,613) State and political subdivisions 673,364 (41,186) 24,312 (2,651) 697,676 (43,837) Other securities 145,095 (6,380) 8,539 (600) 153,634 (6,980) Total $ 2,235,357 $ (119,691) $ 340,523 $ (31,103) $ 2,575,880 $ (150,794) Held to maturity: U.S. government-sponsored enterprises $ 499,138 $ (145) $ — $ — $ 499,138 $ (145) December 31, 2021 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (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 (512) 154,782 (1,794) Other securities 75,744 (1,316) 2,703 (38) 78,447 (1,354) Total $ 1,288,118 $ (20,451) $ 233,082 $ (6,441) $ 1,521,200 $ (26,892) 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 this 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, 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. Management has determined that recording a provision for credit losses on the Company's held-to-maturity investments was not necessary due to the inherent low risk of the U.S. Treasury Securities, which comprise the entire balance of the held-to-maturity U.S. Government-sponsored enterprises investments, as well as the short-term maturities of these investments. At March 31, 2022, the Company determined that the allowance for credit losses of $842,000, resulting from economic uncertainty, was adequate for the available-for-sale investment portfolio. No additional provision for credit losses was considered necessary for the portfolio. March 31, 2022 December 31, 2021 (In thousands) Allowance for credit losses: Beginning balance $ 842 $ 842 Provision for credit loss - investment securities — — Balance, March 31 $ 842 $ 842 Provision for credit loss - investment securities — Balance, December 31, 2021 $ 842 For the three months ended March 31, 2022, the Company had investment securities with approximately $31.1 million in unrealized losses, which have been in continuous loss positions for more than twelve months. The Company’s assessments indicated that the cause of the market depreciation was primarily due to the change in interest rates and not the issuer’s financial condition or downgrades by rating agencies. In addition, approximately 59.2% of the principal balance from the Company’s investment portfolio will mature or are expected to pay down within five years or less. As a result, the Company has the ability and intent to hold such securities until maturity. As of March 31, 2022, the Company's available-for-sale securities portfolio consisted of 1,330 investment securities, 892 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $150.8 million. The U.S. government-sponsored enterprises portfolio contained unrealized losses of $11.1 million on 60 securities. The residential mortgage-backed securities portfolio contained $81.2 million of unrealized losses on 365 securities, and the commercial mortgage-backed securities portfolio contained $7.6 million of unrealized losses on 105 securities. The state and political subdivisions portfolio contained $43.8 million of unrealized losses on 331 securities. In addition, the other securities portfolio contained $7.0 million of unrealized losses on 31 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. 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 March 31, 2022. As of March 31, 2022, the Company's held-to-maturity securities portfolio consisted of 2 investment securities, one of which was in an unrealized loss position. As noted in the table above, U.S. government-sponsored enterprises portfolio contained unrealized losses of $145,000. Income earned on securities for the three months ended March 31, 2022 and 2021, is as follows: For the Three Months Ended 2022 2021 (In thousands) Taxable Available-for-sale $ 8,745 $ 6,253 Held-to-maturity 335 — Non-taxable Available-for-sale 4,707 5,071 Held-to-maturity — — Total $ 13,787 $ 11,324 |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans Receivable | 4. Loans Receivable The various categories of loans receivable are summarized as follows: March 31, 2022 December 31, 2021 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 3,810,383 $ 3,889,284 Construction/land development 1,856,096 1,850,050 Agricultural 142,920 130,674 Residential real estate loans Residential 1-4 family 1,223,890 1,274,953 Multifamily residential 248,650 280,837 Total real estate 7,281,939 7,425,798 Consumer 1,059,342 825,519 Commercial and industrial 1,510,205 1,386,747 Agricultural 48,095 43,920 Other 153,133 154,105 Total loans receivable 10,052,714 9,836,089 Allowance for credit losses (234,768) (236,714) Loans receivable, net $ 9,817,946 $ 9,599,375 During the three months ended March 31, 2022, the Company sold $2.8 million of the guaranteed portions of certain SBA loans, which resulted in a gain of approximately $95,000. During the three months ended March 31, 2021, the Company did not sell any guaranteed portions of certain SBA loans. Mortgage loans held for sale of approximately $74.4 million and $72.7 million at March 31, 2022 and December 31, 2021, respectively, are included in residential 1-4 family loans. Mortgage loans held for sale are carried at the lower of cost or fair value, determined using an aggregate basis. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to investors. Gains and losses are determined by the difference between the selling price and the carrying amount of the loans sold, net of discounts collected or paid. The Company obtains forward commitments to sell mortgage loans to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale. The forward commitments acquired by the Company for mortgage loans in process of origination are considered mandatory forward commitments. Because these commitments are structured on a mandatory basis, the Company is required to substitute another loan or to buy back the commitment if the original loan does not fund. These commitments are derivative instruments and their fair values at March 31, 2022 and December 31, 2021 were not material. Purchased loans that have experienced more than insignificant credit deterioration since origination are purchase credit deteriorated (“PCD”) loans. 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 non-credit 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. The Company held approximately $439,000 and $448,000 in PCD loans, as of March 31, 2022 and December 31, 2021, respectively. |
Allowance for Credit Losses, Cr
Allowance for Credit Losses, Credit Quality and Other | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Allowance for Credit Losses, Credit Quality and Other | 5. Allowance for Credit Losses, Credit Quality and Other 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 ("Q-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 2022, management determined that no 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 both March 31, 2022 and 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 (%) 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 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. 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. The following table presents the activity in the allowance for credit losses for the three months ended March 31, 2022: Three Months Ended March 31, 2022 Construction/ Other Residential Commercial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 28,415 $ 87,218 $ 48,458 $ 53,062 $ 19,561 $ 236,714 Loans charged off — — (250) (1,416) (644) (2,310) Recoveries of loans previously charged off 15 26 26 109 188 364 Net loans recovered (charged off) 15 26 (224) (1,307) (456) (1,946) Provision for credit losses (2,081) 8,632 (11,123) 737 3,835 — Balance, March 31 $ 26,349 $ 95,876 $ 37,111 $ 52,492 $ 22,940 $ 234,768 The following table presents the balances in the allowance for credit losses for the three-month period ended March 31, 2021 and the year ended December 31, 2021: Three Months Ended March 31, 2021 and Year Ended December 31, 2021 Construction/ Other Residential Commercial & Industrial 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 — (19) (226) (2,279) (523) (3,047) Recoveries of loans previously charged off 22 14 62 76 332 506 Net loans recovered (charged off) 22 (5) (164) (2,203) (191) (2,541) Provision for credit loss - loans (9,946) 5,421 1,545 5,497 (2,517) — Balance, March 31 22,937 93,869 54,597 49,824 21,705 242,932 Loans charged off — (627) (319) (5,963) (1,705) (8,614) Recoveries of loans previously charged off 36 771 621 515 453 2,396 Net loans recovered (charged off) 36 144 302 (5,448) (1,252) (6,218) Provision for credit loss - loans 5,442 (6,795) (6,441) 8,686 (892) — Balance, December 31 $ 28,415 $ 87,218 $ 48,458 $ 53,062 $ 19,561 $ 236,714 The following table presents the amortized cost basis of loans on nonaccrual status and loans past due over 90 days still accruing as of March 31, 2022 and December 31, 2021: March 31, 2022 Nonaccrual Nonaccrual Loans Past Due (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 11,477 $ 8,387 $ — Construction/land development 1,042 — — Agricultural 367 — — Residential real estate loans Residential 1-4 family 18,167 2,058 46 Multifamily residential 156 — — Total real estate 31,209 10,445 46 Consumer 1,400 — — Commercial and industrial 11,104 4,018 — Agricultural & other 916 — — Total $ 44,629 $ 14,463 $ 46 December 31, 2021 Nonaccrual Nonaccrual Loans Past Due (In thousands) 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 The Company had $44.6 million and $47.2 million in nonaccrual loans for the periods ended March 31, 2022 and December 31, 2021, respectively. In addition, the Company had $46,000 and $3.0 million in loans past due 90 days or more and still accruing for the periods ended March 31, 2022 and December 31, 2021, respectively. The Company had $14.5 million and $9.2 million in nonaccrual loans with a specific reserve as of March 31, 2022 and December 31, 2021, respectively. The Company did not recognize any interest income on nonaccrual loans during the period ended March 31, 2022 or March 31, 2021. The following table presents the amortized cost basis of collateral-dependent impaired loans by class of loans as of March 31, 2022 and December 31, 2021: March 31, 2022 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 280,938 $ — $ — Construction/land development 1,042 — — Agricultural 367 — — Residential real estate loans Residential 1-4 family — 19,074 — Multifamily residential — 1,109 — Total real estate 282,347 20,183 — Consumer — — 1,413 Commercial and industrial — — 16,655 Agricultural & other — — 916 Total $ 282,347 $ 20,183 $ 18,984 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 The Company had $321.5 million and $331.5 million in collateral-dependent impaired loans for the periods ended March 31, 2022 and December 31, 2021, respectively. Loans that do not share risk characteristics are evaluated on an individual basis. For collateral-dependent impaired loans, excluding lodging and assisted living 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 March 31, 2022 and December 31, 2021: March 31, 2022 Loans Loans Loans Total Current Total Accruing (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 1,987 $ 171 $ 11,477 $ 13,635 $ 3,796,748 $ 3,810,383 $ — Construction/land development 135 385 1,042 1,562 1,854,534 1,856,096 — Agricultural 1,000 341 367 1,708 141,212 142,920 — Residential real estate loans Residential 1-4 family 2,871 256 18,213 21,340 1,202,550 1,223,890 46 Multifamily residential — — 156 156 248,494 248,650 — Total real estate 5,993 1,153 31,255 38,401 7,243,538 7,281,939 46 Consumer 400 529 1,400 2,329 1,057,013 1,059,342 — Commercial and industrial 554 175 11,104 11,833 1,498,372 1,510,205 — Agricultural & other 546 96 916 1,558 199,670 201,228 — Total $ 7,493 $ 1,953 $ 44,675 $ 54,121 $ 9,998,593 $ 10,052,714 $ 46 December 31, 2021 Loans Loans Loans Total Current Total Accruing (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 Non-accruing loans at March 31, 2022 and December 31, 2021 were $44.6 million and $47.2 million, respectively. Interest recognized on impaired loans, including those loans with a specific reserve, during the three months ended March 31, 2022 was approximately $3.5 million, respectively. Interest recognized on impaired loans, including those loans with a specific reserve, during the three months ended March 31, 2021 was approximately $3.9 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 risk to warrant adverse classification. • Risk rating 6 – Substandard. A loan classified as substandard is inadequately protected by the sound worth and paying capacity of the borrower or the collateral pledged. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual assets. • Risk rating 7 – Doubtful. A loan classified as doubtful has all the weaknesses inherent in a loan classified as substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. These are poor quality loans in which neither the collateral, if any, nor the financial condition of the borrower presently ensure collectability in full in a reasonable period of time; in fact, there is permanent impairment in the collateral securing the loan. • Risk rating 8 – Loss. Assets classified as loss are considered uncollectible and of such little value that the continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather, it is not practical or desirable to defer writing off this basically worthless asset, even though partial recovery may occur in the future. This classification is based upon current facts, not probabilities. Assets classified as loss should be charged-off in the period in which they became uncollectible. The Company’s classified loans include loans in risk ratings 6, 7 and 8. 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 of loans as of March 31, 2022 and December 31, 2021 is as follows: March 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 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 41,344 372,936 268,630 248,030 330,871 958,047 191,665 2,411,523 Risk rating 4 19,756 103,534 32,773 96,042 290,859 411,218 112,074 1,066,256 Risk rating 5 — — 10,594 1,539 24,276 230,613 — 267,022 Risk rating 6 876 — 234 23,145 2,216 38,858 253 65,582 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total non-farm/non-residential 61,976 476,470 312,231 368,756 648,222 1,638,736 303,992 3,810,383 Construction/land development Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — 226 — 226 Risk rating 3 33,909 263,928 107,455 97,927 20,589 50,002 127,916 701,726 Risk rating 4 76,586 263,046 232,903 472,552 31,635 60,556 7,885 1,145,163 Risk rating 5 — — — 374 — 1,171 376 1,921 Risk rating 6 — — — 635 3 6,422 — 7,060 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total construction/land development 110,495 526,974 340,358 571,488 52,227 118,377 136,177 1,856,096 Agricultural Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 7,325 22,672 26,584 7,425 6,132 25,925 5,396 101,459 Risk rating 4 357 4,283 1,405 363 1,567 27,786 4,596 40,357 Risk rating 5 — — 166 — — — — 166 Risk rating 6 — — 44 — — 894 — 938 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 7,682 26,955 28,199 7,788 7,699 54,605 9,992 142,920 Total commercial real estate loans $ 180,153 $ 1,030,399 $ 680,788 $ 948,032 $ 708,148 $ 1,811,718 $ 450,161 $ 5,809,399 Residential real estate loans Residential 1-4 family Risk rating 1 $ — $ — $ — $ — $ — $ 70 $ 88 $ 158 Risk rating 2 — — — — — 26 — 26 Risk rating 3 100,624 168,672 139,469 111,463 84,215 340,235 92,973 1,037,651 Risk rating 4 1,501 7,897 3,131 4,860 16,452 65,665 50,467 149,973 Risk rating 5 — — 181 3,065 493 1,492 189 5,420 Risk rating 6 — 1,127 2,516 2,672 2,079 18,452 3,816 30,662 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total residential 1-4 family 102,125 177,696 145,297 122,060 103,239 425,940 147,533 1,223,890 March 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 — 8,456 4,743 13,599 16,989 44,703 3,757 92,247 Risk rating 4 — 9,039 49,657 32,292 3,388 10,918 33,414 138,708 Risk rating 5 — — — — 7,543 8,037 — 15,580 Risk rating 6 — — — — — 2,115 — 2,115 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential — 17,495 54,400 45,891 27,920 65,773 37,171 248,650 Total real estate $ 282,278 $ 1,225,590 $ 880,485 $ 1,115,983 $ 839,307 $ 2,303,431 $ 634,865 $ 7,281,939 Consumer Risk rating 1 $ 714 $ 4,029 $ 1,569 $ 1,025 $ 815 $ 1,448 $ 1,512 $ 11,112 Risk rating 2 — — — 44 631 7 — 682 Risk rating 3 54,005 320,326 204,144 153,160 136,860 163,250 1,652 1,033,397 Risk rating 4 579 2,923 1,113 2,997 1,668 2,354 74 11,708 Risk rating 5 — — 111 — 14 127 — 252 Risk rating 6 16 30 22 32 118 1,966 7 2,191 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total consumer 55,314 327,308 206,959 157,258 140,106 169,152 3,245 1,059,342 Commercial and industrial Risk rating 1 $ 303 $ 52,314 $ 7,726 $ 331 $ 97 $ 21,508 $ 8,223 $ 90,502 Risk rating 2 — 164 13 — — 233 160 570 Risk rating 3 123,627 121,930 58,580 72,706 54,819 83,385 149,441 664,488 Risk rating 4 5,389 173,141 29,972 90,147 75,533 38,503 268,167 680,852 Risk rating 5 — 6,170 595 428 6,767 8,405 513 22,878 Risk rating 6 — 472 10,306 3,891 24,774 7,584 2,211 49,238 Risk rating 7 — — — — 1,667 — — 1,667 Risk rating 8 — — — — — 8 2 10 Total commercial and industrial 129,319 354,191 107,192 167,503 163,657 159,626 428,717 1,510,205 Agricultural and other Risk rating 1 $ — $ 2,514 $ — $ — $ — $ 106 $ 662 $ 3,282 Risk rating 2 9 — — 3,467 — 910 730 5,116 Risk rating 3 27,717 36,157 41,353 4,117 6,695 46,415 8,872 171,326 Risk rating 4 — 4,965 192 117 1,554 2,145 10,648 19,621 Risk rating 5 — — — — — 1,297 — 1,297 Risk rating 6 — 59 — 20 — 507 — 586 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural and other 27,726 43,695 41,545 7,721 8,249 51,380 20,912 201,228 Total $ 494,637 $ 1,950,784 $ 1,236,181 $ 1,448,465 $ 1,151,319 $ 2,683,589 $ 1,087,739 $ 10,052,714 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 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 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 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 March 31, 2022 and December 31, 2021. March 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Performing $ 61,976 $ 476,470 $ 302,078 $ 353,876 $ 628,061 $ 1,403,017 $ 303,967 $ 3,529,445 Non-performing — — 10,153 14,880 20,161 235,719 25 280,938 Total non-farm/non-residential 61,976 476,470 312,231 368,756 648,222 1,638,736 303,992 3,810,383 Construction/land development Performing $ 110,495 $ 526,974 $ 340,358 $ 570,853 $ 52,064 $ 118,133 $ 136,177 $ 1,855,054 Non-performing — — — 635 163 244 — 1,042 Total construction/ land development 110,495 526,974 340,358 571,488 52,227 118,377 136,177 1,856,096 Agricultural Performing $ 7,682 $ 26,955 $ 28,033 $ 7,788 $ 7,699 $ 54,404 $ 9,992 $ 142,553 Non-performing — — 166 — — 201 — 367 Total agricultural 7,682 26,955 28,199 7,788 7,699 54,605 9,992 142,920 Total commercial real estate loans $ 180,153 $ 1,030,399 $ 680,788 $ 948,032 $ 708,148 $ 1,811,718 $ 450,161 $ 5,809,399 Residential real estate loans Residential 1-4 family Performing $ 102,125 $ 177,089 $ 143,25 |
Goodwill and Core Deposits and
Goodwill and Core Deposits and Other Intangibles | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposits and Other Intangibles | 6. Goodwill and Core Deposits and Other Intangibles Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposits and other intangibles at March 31, 2022 and December 31, 2021, were as follows: March 31, 2022 December 31, 2021 (In thousands) Goodwill Balance, beginning of period $ 973,025 $ 973,025 Acquisitions — — Balance, end of period $ 973,025 $ 973,025 March 31, 2022 December 31, 2021 (In thousands) Core Deposit and Other Intangibles Balance, beginning of period $ 25,045 $ 30,728 Amortization expense (1,421) (1,421) Balance, March 31 23,624 29,307 Amortization expense (4,262) Balance, end of year $ 25,045 The carrying basis and accumulated amortization of core deposits and other intangibles at March 31, 2022 and December 31, 2021 were : March 31, 2022 December 31, 2021 (In thousands) Gross carrying basis $ 86,625 $ 86,625 Accumulated amortization (63,001) (61,580) Net carrying amount $ 23,624 $ 25,045 Core deposit and other intangible amortization expense was approximately $1.4 million for the three months ended March 31, 2022 and 2021. The Company’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 each of March 31, 2022 and December 31, 2021. Goodwill is tested annually for impairment during the fourth quarter or more often if events and circumstances indicate there may be an impairment. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated, and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the consolidated financial statements. |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2022 | |
Other Assets [Abstract] | |
Other Assets | 7. Other Assets Other assets consist primarily of equity securities without a readily determinable fair value and other miscellaneous assets. As of March 31, 2022 and December 31, 2021, other assets were $182.5 million and $177.0 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 $88.3 million and $88.2 million at March 31, 2022 and December 31, 2021, 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 $48.3 million and $36.4 million at March 31, 2022 and December 31, 2021. There were no observable 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 | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Deposits | 8. Deposits The aggregate amount of time deposits with a minimum denomination of $250,000 was $277.8 million and $321.6 million at March 31, 2022 and December 31, 2021. The aggregate amount of time deposits with a minimum denomination of $100,000 was $482.5 million and $537.4 million at March 31, 2022 and December 31, 2021, respectively. Interest expense applicable to certificates in excess of $100,000 totaled $764,000 and $2.4 million for the three months ended March 31, 2022 and 2021. As of March 31, 2022 and December 31, 2021, brokered deposits were $625.7 million. Deposits totaling approximately $1.83 billion and $1.91 billion at March 31, 2022 and December 31, 2021, respectively, were public funds obtained primarily from state and political subdivisions in the United States. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2022 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold Under Agreements to Repurchase | 9. Securities Sold Under Agreements to Repurchase At March 31, 2022 and December 31, 2021, securities sold under agreements to repurchase totaled $151.2 million and $140.9 million, respectively. For the three-month periods ended March 31, 2022 and 2021, securities sold under agreements to repurchase daily weighted-average totaled $137.6 million and $159.7 million, respectively. The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of March 31, 2022 and December 31, 2021 is presented in the following tables: March 31, 2022 Overnight and Continuous Up to 30 Days 30-90 Greater than Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 8,552 $ — $ — $ — $ 8,552 Mortgage-backed securities 8,010 — — — 8,010 State and political subdivisions 131,821 — — — 131,821 Other securities 2,768 — — — 2,768 Total borrowings $ 151,151 $ — $ — $ — $ 151,151 December 31, 2021 Overnight and Up to 30 Days 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 |
FHLB and Other Borrowed Funds
FHLB and Other Borrowed Funds | 3 Months Ended |
Mar. 31, 2022 | |
Advances from Federal Home Loan Banks [Abstract] | |
FHLB and Other Borrowed Funds | 10. FHLB and Other Borrowed Funds The Company’s FHLB borrowed funds, which are secured by our loan portfolio, were $400.0 million at both March 31, 2022 and December 31, 2021. The Company had no other borrowed funds as of March 31, 2022 or December 31, 2021. At March 31, 2022 and December 31, 2021, all of the outstanding balances were classified as long-term advances. The FHLB advances mature in 2033 with fixed interest rates ranging from 1.76% to 2.26%. Expected maturities could differ from contractual maturities because FHLB may have the right to call or the Company may have the right to prepay certain obligations. Additionally, the Company had $891.3 million and $1.07 billion at March 31, 2022 and December 31, 2021, in letters of credit under a FHLB blanket borrowing line of credit, which are used to collateralize public deposits at March 31, 2022 and December 31, 2021, respectively. |
Subordinated Debentures
Subordinated Debentures | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Subordinated Debentures | 11. Subordinated Debentures Subordinated debentures at March 31, 2022 and December 31, 2021 consisted of subordinated debt securities and guaranteed payments on trust preferred securities with the following components: As of March 31, 2022 As of December 31, 2021 (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 4,513 4,501 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 5,965 5,942 Subordinated debt securities Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty 296,586 — 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 299,978 299,824 Total $ 667,868 $ 371,093 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 eliminated because of the 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. The Company has received approval from the Federal Reserve to redeem the trust preferred securities. Subordinated Debt Securities . On January 18, 2022, the Company completed an underwritten public offering of $300.0 million in aggregate principal amount of its 3.125% Fixed-to-Floating Rate Subordinated Notes due 2032 (the “2032 Notes”) for net proceeds, after underwriting discounts and issuance costs of approximately $296.4 million. The 2032 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 2032 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 2032 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 applicable supplemental indenture for the 2032 Notes, 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 2032 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 2032 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the 2032 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 2032 Notes for U.S. federal income tax purposes or preclude the 2032 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 2032 Notes plus any accrued and unpaid interest to, but excluding, the redemption date. 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 “2027 Notes”) for net proceeds, after underwriting discounts and issuance costs, of approximately $297.0 million. The 2027 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 2027 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 2027 Notes 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. The Company may, beginning with the interest payment date of April 15, 2022, and on any interest payment date thereafter, redeem the 2027 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the 2027 Notes at any time, including prior to April 15, 2022, at its option, in whole but not in part, if: (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the 2027 Notes for U.S. federal income tax purposes; (ii) a subsequent event occurs that could preclude the 2027 Notes from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended; in each case, at a redemption price equal to 100% of the principal amount of the 2027 Notes plus any accrued and unpaid interest to but excluding the redemption date. The 2027 Notes provided the Company with additional Tier 2 regulatory capital to support expected future growth. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The following is a summary of the components of the provision (benefit) for income taxes for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 (In thousands) Current: Federal $ 13,260 $ 31,535 State 4,389 10,439 Total current 17,649 41,974 Deferred: Federal 1,788 (9,825) State 592 (3,253) Total deferred 2,380 (13,078) Income tax expense $ 20,029 $ 28,896 The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Statutory federal income tax rate 21.00 % 21.00 % Effect of non-taxable interest income (1.22) (0.91) Stock compensation 0.50 0.33 State income taxes, net of federal benefit 4.13 4.26 Executive officer compensation & other (0.82) (0.70) Effective income tax rate 23.59 % 23.98 % The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows: March 31, December 31, (In thousands) Deferred tax assets: Allowance for credit losses $ 68,344 $ 68,644 Deferred compensation 3,069 5,342 Stock compensation 5,260 5,044 Non-accrual interest income 761 694 Real estate owned 109 109 Unrealized loss on investment securities, available-for-sale 36,985 — Loan discounts 3,652 4,169 Tax basis premium/discount on acquisitions 2,746 3,220 Investments 119 263 Other 6,248 5,283 Gross deferred tax assets 127,293 92,768 Deferred tax liabilities: Accelerated depreciation on premises and equipment 697 761 Unrealized gain on securities — 4,220 Core deposit intangibles 5,406 5,736 Deposits 67 65 FHLB dividends 2,833 2,820 Other 1,685 876 Gross deferred tax liabilities 10,688 14,478 Net deferred tax assets $ 116,605 $ 78,290 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, Kansas, Kentucky, Maryland, Mississippi, Missouri, New Hampshire, New Jersey, New York, North Carolina, Oklahoma, 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 | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Common Stock, Compensation Plans and Other | 13. 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, as amended. Stock Repurchases On January 22, 2021, the Company’s Board of Directors authorized the repurchase of up to an additional 20,000,000 shares of its common stock under the previously approved stock repurchase program. During the first three months of 2022, the Company repurchased a total of 180,000 shares with a weighted-average stock price of $22.69 per share. Shares repurchased under the program as of March 31, 2022 since its inception total 17,841,335 shares. The remaining balance available for repurchase is 21,910,665 shares at March 31, 2022. Stock Compensation Plans On January 21, 2022, the Company’s Board of Directors adopted, and on April 21, 2022, the Company's shareholders approved, the Home BancShares, Inc. 2022 Equity Incentive Plan (the “2022 Plan”). The 2022 Plan replaced the Company’s Amended and Restated 2006 Stock Option and Performance Incentive Plan (the “2006 Plan” and, together with the 2022 Plan, the “Plans”), which expired on February 27, 2022. The purpose of the Plans 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. As of March 31, 2022, the maximum total number of shares of the Company’s common stock available for issuance under the 2022 Plan, subject to shareholder approval of the Plan, was 14,788,000 shares (representing 13,288,000 shares approved for issuance under the 2006 Plan plus 1,500,000 shares added upon adoption of the 2022 Plan). At March 31, 2022, the Company had approximately 2,891,510 shares of common stock available for future grants under 2022 Plan, subject to shareholder approval of the 2022 Plan, including approximately 1,391,510 shares of common stock that remained available for future grants under the 2006 Plan at the time of its expiration. In addition, at March 31, 2021, approximately 3,010,016 shares of common stock were reserved for issuance pursuant to outstanding stock options under the 2006 Plan, which could become available for issuance under the 2022 Plan to the extent any such stock option is forfeited, terminates, expires or lapses without shares of common stock being issued, or to the extent that any such award is settled for cash, for a total of approximately 5,901,526 shares of common stock reserved for issuance pursuant to the Plans. As of March 31, 2022, no awards were outstanding under the 2022 Plan. No further awards may be granted under the 2006 Plan as of February 27, 2022. The intrinsic value of the stock options outstanding and stock options vested at March 31, 2022 was $8.6 million and $7.9 million, respectively. The intrinsic value of stock options exercised during the three months ended March 31, 2022 was approximately $254,000. Total unrecognized compensation cost, net of income tax benefit, related to non-vested stock option awards, which are expected to be recognized over the vesting periods, was approximately $6.3 million as of March 31, 2022. The table below summarizes the stock option transactions under the 2006 Plan at March 31, 2022 and December 31, 2021 and changes during the three-month period and year then ended : For the Three Months Ended March 31, 2022 For the Year Ended December 31, 2021 Shares (000) Weighted- Shares (000) Weighted- Outstanding, beginning of year 3,015 $ 20.06 3,254 $ 19.77 Granted 18 24.29 15 21.68 Forfeited/Expired (5) 23.32 (57) 22.44 Exercised (18) 10.08 (197) 14.78 Outstanding, end of period 3,010 20.14 3,015 20.06 Exercisable, end of period 1,773 $ 18.35 1,543 $ 17.46 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 three months ended March 31, 2022 was $5.83 per share. There were 18,000 options granted during the three months ended March 31, 2022. 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 the 2022 and 2021 stock option grants were as follows: For the Three Months Ended March 31, 2022 For the Year Ended December 31, 2021 Expected dividend yield 2.72 % 2.59 % Expected stock price volatility 31.12 % 70.13 % Risk-free interest rate 1.73 % 0.75 % Expected life of options 6.5 years 6.5 years The following is a summary of currently outstanding and exercisable options at March 31, 2022: Options Outstanding Exercise Prices Options Weighted- Weighted- Options Weighted- $6.56 to $8.62 140 0.80 $ 8.62 140 $ 8.62 $9.54 to $14.71 140 2.30 13.23 140 13.23 $16.77 to $16.86 130 2.39 16.80 130 16.80 $17.12 to $17.36 93 2.96 17.13 93 17.13 $17.40 to $18.46 871 3.38 18.45 738 18.45 $18.50 to $20.16 41 7.03 19.05 15 19.01 $20.58 to $21.25 158 4.01 21.08 149 21.10 $21.31 to $22.22 112 6.35 22.18 62 22.20 $22.70 to $23.32 1,227 6.31 23.32 246 23.32 $23.51 to $25.96 99 6.06 25.39 59 25.82 3,010 1,773 The table below summarized the activity for the Company’s restricted stock issued and outstanding at March 31, 2022 and December 31, 2021 and changes during the period and year then ended: As of March 31, 2022 As of December 31, 2021 (In thousands) Beginning of year 1,231 1,371 Issued 229 216 Vested (176) (320) Forfeited (6) (36) End of period 1,278 1,231 Amount of expense for three months and twelve months ended, respectively $ 1,735 $ 7,112 |
Non-Interest Expense
Non-Interest Expense | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Non-Interest Expense | 14. Non-Interest Expense The table below shows the components of non-interest expense for the three months ended March 31, 2022 and 2021: Three Months Ended 2022 2021 (In thousands) Salaries and employee benefits $ 43,551 $ 42,059 Occupancy and equipment 9,144 9,237 Data processing expense 7,039 5,870 Merger and acquisition expenses 863 — Other operating expenses: Advertising 1,266 1,046 Amortization of intangibles 1,421 1,421 Electronic banking expense 2,538 2,238 Directors’ fees 404 383 Due from bank service charges 270 249 FDIC and state assessment 1,668 1,363 Insurance 770 781 Legal and accounting 797 846 Other professional fees 1,609 1,613 Operating supplies 754 487 Postage 306 338 Telephone 337 346 Other expense 4,159 4,589 Total other operating expenses 16,299 15,700 Total non-interest expense $ 76,896 $ 72,866 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 15. 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. In accordance with ASU 2018-11, the Company does not separate nonlease components from the associated lease component of our operating leases. As a result, the Company accounts 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 March 31, 2022, the balances of the right-of-use asset and lease liability was $39.7 million and $42.5 million, respectively. As of December 31, 2021, the balances of the right-of-use asset and lease liability was $39.6 million and $42.4 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 March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 2022 $ 5,770 $ 7,714 2023 6,698 6,574 2024 6,127 6,001 2025 5,639 5,510 2026 5,521 5,389 Thereafter 26,508 24,999 Total future minimum lease payments $ 56,263 $ 56,187 Discount effect of cash flows (13,754) (13,778) Present value of net future minimum lease payments $ 42,509 $ 42,409 Additional information (dollar amounts in thousands): For the Three Months Ended Lease expense: March 31, 2022 March 31, 2021 Operating lease expense $ 1,822 $ 2,009 Short-term lease expense 1 4 Variable lease expense 226 256 Total lease expense $ 2,049 $ 2,269 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 1,829 $ 1,994 Weighted-average remaining lease term (in years) 9.51 11.87 Weighted-average discount rate 3.41 % 3.52 % |
Significant Estimates and Conce
Significant Estimates and Concentrations of Credit Risks | 3 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Significant Estimates and Concentrations of Credit Risks | 16. 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 March 31, 2022 and December 31, 2021, commercial real estate loans represented 57.8% and 59.7% of total loans receivable, respectively, and 216.2% and 212.2% of total stockholders’ equity at March 31, 2022 and December 31, 2021, respectively. Residential real estate loans represented 14.6% and 15.8% of total loans receivable and 54.8% and 56.3% of total stockholders’ equity at March 31, 2022 and December 31, 2021, respectively. Approximately 69.9% of the Company’s total loans and 75.8% of the Company’s real estate loans as of March 31, 2022, 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 March 31, 2022 , the markets in which we operate have begun to experience significant economic uncertainty primarily related to inflationary concerns, continuing supply chain issues and the potential impacts of international unrest. However, 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 March 31, 2022 . In addition, the Company determined no additional provision for unfunded commitments was necessary as of March 31, 2022. 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 | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies In the ordinary course of business, the Company makes various commitments and incurs certain contingent liabilities to fulfill the financing needs of their customers. These commitments and contingent liabilities include lines of credit and commitments to extend credit and issue standby letters of credit. The Company applies the same credit policies and standards as they do in the lending process when making these commitments. The collateral obtained is based on the assessed creditworthiness of the borrower. At March 31, 2022 and December 31, 2021, commitments to extend credit of $3.19 billion and $3.05 billion, respectively, were outstanding. A percentage of these balances are participated out to other banks; therefore, the Company can call on the participating banks to fund future draws. Since some of these commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Outstanding standby letters of credit are contingent commitments issued by the Company, generally to guarantee the performance of a customer in third-party borrowing arrangements. The term of the guarantee is dependent upon the creditworthiness of the borrower, some of which are long-term. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. The maximum amount of future payments the Company could be required to make under these guarantees at March 31, 2022 and December 31, 2021, was $110.2 million and $110.8 million, respectively. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2022 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | 18. Regulatory Matters The Bank is subject to a legal limitation on dividends that can be paid to the parent company without prior approval of the applicable regulatory agencies. Arkansas bank regulators have specified that the maximum dividend limit state banks may pay to the parent company without prior approval is 75% of the current year earnings plus 75% of the retained net earnings of the preceding year. Since the Bank is also under supervision of the Federal Reserve, it is further limited if the total of all dividends declared in any calendar year by the Bank exceeds the Bank’s net profits to date for that year combined with its retained net profits for the preceding two years. During the first three months of 2022, the Company requested approximately $53.1 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 March 31, 2022, 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 elected to adopt the interim final rule, which is reflected in the Company's risk-based capital ratios. In July 2013, the Federal Reserve Board and the other federal bank regulatory agencies issued a final rule to revise their risk-based and leverage capital requirements and their method for calculating risk-weighted assets to make them consistent with the agreements that were reached by the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” and certain provisions of the Dodd-Frank Act (“Basel III”). Basel III applies to all depository institutions, bank holding companies with total consolidated assets of $500 million or more, and savings and loan holding companies. Basel III became effective for the Company and its bank subsidiary on January 1, 2015. Basel III limits a banking organization’s capital distributions and certain discretionary bonus payments if the banking organization does not hold a “capital conservation buffer” of 2.5% of common equity Tier 1 capital to risk-weighted assets, which is in addition to the amount necessary to meet its minimum risk-based capital requirements. 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 also amended the prompt corrective action rules to incorporate a “common equity Tier 1 capital” requirement and to raise the capital requirements for certain capital categories. In order to be adequately capitalized for purposes of the prompt corrective action rules, a banking organization will be required to have at least a 4.5% “common equity Tier 1 risk-based capital” ratio, a 4% “Tier 1 leverage capital” ratio, a 6% “Tier 1 risk-based capital” ratio and an 8% “total risk-based capital” ratio . The Federal Reserve Board’s risk-based capital guidelines include the definitions for (1) a well-capitalized institution, (2) an adequately-capitalized institution, and (3) an undercapitalized institution. Under Basel III, the criteria for a well-capitalized institution are now: a 6.5% “common equity Tier 1 risk-based capital” ratio, a 5% “Tier 1 leverage capital” ratio, an 8% “Tier 1 risk-based capital” ratio, and a 10% “total risk-based capital” ratio. As of March 31, 2022, 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 14.87%, 10.84%, 15.45%, and 21.58%, respectively, as of March 31, 2022. |
Additional Cash Flow Informatio
Additional Cash Flow Information | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Additional Cash Flow Information | 19. Additional Cash Flow Information The following is a summary of the Company’s additional cash flow information during the three-month periods ended: March 31, 2022 2021 (In thousands) Interest paid $ 7,668 $ 10,719 Income taxes paid 1,968 1,205 Assets acquired by foreclosure — 1,786 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 20. 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. There is a hierarchy of three levels of inputs that may be used to measure fair values: 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 March 31, 2022 and December 31, 2021, Level 3 securities were immaterial. In addition, there were no material transfers between hierarchy levels during 2022 and 2021. See Note 3 for additional detail related to investment securities. 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 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 credit losses. The fair value of loans with specific allocated losses was $271.3 million and $280.0 million as of March 31, 2022 and December 31, 2021, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed approximately $73,000 and $58,000 of accrued interest receivable when impaired loans were put on non-accrual status during the three months ended March 31, 2022 and 2021, 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 March 31, 2022 and December 31, 2021, the fair value of foreclosed assets held for sale, less estimated costs to sell, was $1.1 million and $1.6 million, respectively. No foreclosed assets held for sale were remeasured during the three months ended March 31, 2022. 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 10% to 70% 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 . March 31, 2022 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 3,619,458 $ 3,619,458 1 Investment securities - held-to-maturity 499,265 499,138 2 Loans receivable, net of impaired loans and allowance 9,546,605 10,010,107 3 Accrued interest receivable 46,934 46,934 1 FHLB, FRB & FNBB Bank stock; other equity investments 136,578 136,578 3 Financial liabilities: Deposits: Demand and non-interest bearing $ 4,311,400 $ 4,311,400 1 Savings and interest-bearing transaction accounts 9,461,393 9,461,393 1 Time deposits 808,141 797,612 3 Securities sold under agreements to repurchase 151,151 151,151 1 FHLB and other borrowed funds 400,000 390,273 2 Accrued interest payable 10,885 10,885 1 Subordinated debentures 667,868 668,678 3 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 Bank 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 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 21. Recent Accounting Pronouncements In December 31, 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. 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 2020-04 was effective upon issuance and generally can be applied through December 31, 2022. In March 2022, the FASB issued ASU 2022-02, " Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Effective April 1, 2022, pursuant to the Merger Agreement, dated as of September 15, 2021, as amended on October 18, 2021 and November 8, 2021, among the Company, Centennial, HOMB Acquisition Sub III, Inc. (“Acquisition Sub”), Happy and HSB, Acquisition Sub merged with and into Happy and Happy merged with and into the Company, with the Company as the surviving entity (collectively, the “Merger”). HSB also merged with and into Centennial, with Centennial as the surviving entity. Under the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each outstanding share of common stock of Happy was converted into the right to receive, without interest, 2.17 shares of Company common stock (the “Merger Consideration”). Each unvested restricted share of Happy common stock outstanding at the Effective Time became fully vested and converted into the right to receive the Merger Consideration. In addition, at the Effective Time, each outstanding option to purchase Happy common stock was cancelled and converted into the right to receive the number of whole shares of Company 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 $49.3675 (the Merger Consideration value) over the exercise price of the option, less applicable tax withholdings, divided by (iii) $22.75. Similarly, each stock appreciation right of Happy outstanding at the Effective Time was 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 $49.3675 over the grant price of the stock appreciation right, less applicable tax withholdings. For purposes of these calculations, the Merger Consideration value was 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, multiplied by 2.17. Under the terms of the Merger Agreement, the Company issued approximately 42.4 million shares of its common stock valued at approximately $958.8 million as of April 1, 2022. No cash consideration was paid in connection with the Merger, except that holders of outstanding shares of Happy common stock or “in-the-money” stock options of Happy at the time of the Merger received cash payments equal to $22.75, multiplied by any resulting fractional shares of Company common stock to which they were otherwise entitled in connection with the Merger. In addition, the holders of stock appreciation rights of Happy received approximately $3.1 million in cash in cancellation of their stock appreciation rights immediately before the Merger, for a total transaction value of approximately $961.9 million. Prior to the acquisition, Happy conducted business from 62 branches in communities across the Texas Panhandle, South Plains, Austin, Central Texas and the Dallas/Fort Worth Metroplex. As of March 31, 2022, Happy had approximately $6.76 billion in assets, $3.61 billion in loans and $5.85 billion in deposits. The purchase price allocation and certain fair value measurements remain preliminary due to the timing of the Merger. Due to the recent closing, management remains in the early stages of reviewing the estimated fair values and evaluating the assumed tax positions of this Merger. The Company expects to finalize its analysis of the acquired assets and assumed liabilities in this transaction within one year of the Merger. On April 15, 2022, the Company completed the payoff of its $300.0 million in aggregate principal amount of the 2027 Notes. Each 2027 Note was redeemed pursuant to the terms of the Subordinated Indenture, as supplemented by the First Supplemental Indenture, each dated as of April 3, 2017, between the Company and U.S. Bank Trust Company, National Association, the Trustee for the 2027 Notes, at the redemption price of 100% of its principal amount, plus accrued and unpaid interest to, but excluding, the Redemption Date. As provided in the notice of redemption, dated March 15, 2022, previously given to the 2027 Note holders, each 2027 Note holder was entitled to receive the Redemption Price upon presentment and surrender of the 2027 Notes to the Trustee, who acted as the Company’s paying agent in connection with the redemption. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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. |
Interim financial information | Interim financial information The accompanying unaudited consolidated financial statements as of March 31, 2022 and 2021 have been prepared in condensed format, and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The information furnished in these interim statements reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year. The interim financial information should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2021 Form 10-K, filed with the Securities and Exchange Commission. |
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 loans 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. |
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. Purchased loans that have experienced more than insignificant credit deterioration since origination are purchase credit deteriorated (“PCD”) loans. 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 non-credit 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. For further discussion of the Company’s acquisitions, see Note 2 to the Condensed 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. |
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. |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Computation of Basic and Diluted Earnings per Common Share (EPS) | The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the following periods: Three Months Ended 2022 2021 (In thousands) Net income $ 64,892 $ 91,602 Average shares outstanding 163,787 165,257 Effect of common stock options 409 189 Average diluted shares outstanding 164,196 165,446 Basic earnings per share $ 0.40 $ 0.55 Diluted earnings per share $ 0.40 $ 0.55 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Securities Available-for-Sale | The following table summarizes the amortized cost and fair value of securities that are classified as available-for-sale and held-to-maturity are as follows: March 31, 2022 Available-for-Sale Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 419,813 $ 2,096 $ (11,134) $ — $ 410,775 Residential mortgage-backed securities 1,155,954 370 (81,230) — 1,075,094 Commercial mortgage-backed securities 342,383 624 (7,613) — 335,394 State and political subdivisions 967,844 5,771 (43,837) (842) 928,936 Other securities 213,719 384 (6,980) — 207,123 Total $ 3,099,713 $ 9,245 $ (150,794) $ (842) $ 2,957,322 March 31, 2022 Held-to-Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 499,265 $ 18 $ (145) $ — $ 499,138 Residential mortgage-backed securities — — — — — Commercial mortgage-backed securities — — — — — State and political subdivisions — — — — — Other securities — — — — — Total $ 499,265 $ 18 $ (145) $ — $ 499,138 December 31, 2021 Available-for-Sale Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Estimated Fair Value (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 (1,794) (842) 996,978 Other securities 151,449 1,781 (1,354) — 151,876 Total $ 3,106,483 $ 41,058 $ (26,892) $ (842) $ 3,119,807 |
Amortized Cost and Estimated Fair Value of Securities Contractual Maturity | The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at March 31, 2022, 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 Held-to-Maturity Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (In thousands) Due in one year or less $ 11,547 $ 11,577 $ 499,265 $ 499,138 Due after one year through five years 97,487 94,563 — — Due after five years through ten years 393,837 379,079 — — Due after ten years 1,096,505 1,059,615 — — Mortgage - backed securities: Residential 1,155,954 1,075,094 — — Mortgage - backed securities: Commercial 342,383 335,394 — — Other 2,000 2,000 — — Total $ 3,099,713 $ 2,957,322 $ 499,265 $ 499,138 |
Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale | The following table shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of March 31, 2022 and December 31, 2021. March 31, 2022 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (In thousands) Available for sale: U.S. government-sponsored enterprises $ 379,074 $ (6,147) $ 83,468 $ (4,987) $ 462,542 $ (11,134) Residential mortgage-backed securities 848,377 (61,158) 181,186 (20,072) 1,029,563 (81,230) Commercial mortgage-backed securities 189,447 (4,820) 43,018 (2,793) 232,465 (7,613) State and political subdivisions 673,364 (41,186) 24,312 (2,651) 697,676 (43,837) Other securities 145,095 (6,380) 8,539 (600) 153,634 (6,980) Total $ 2,235,357 $ (119,691) $ 340,523 $ (31,103) $ 2,575,880 $ (150,794) Held to maturity: U.S. government-sponsored enterprises $ 499,138 $ (145) $ — $ — $ 499,138 $ (145) December 31, 2021 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (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 (512) 154,782 (1,794) Other securities 75,744 (1,316) 2,703 (38) 78,447 (1,354) Total $ 1,288,118 $ (20,451) $ 233,082 $ (6,441) $ 1,521,200 $ (26,892) |
Schedule of Allowance for Credit Losses on Investment Securities | March 31, 2022 December 31, 2021 (In thousands) Allowance for credit losses: Beginning balance $ 842 $ 842 Provision for credit loss - investment securities — — Balance, March 31 $ 842 $ 842 Provision for credit loss - investment securities — Balance, December 31, 2021 $ 842 |
Schedule of Income Earned on Available-for Sale Securities | Income earned on securities for the three months ended March 31, 2022 and 2021, is as follows: For the Three Months Ended 2022 2021 (In thousands) Taxable Available-for-sale $ 8,745 $ 6,253 Held-to-maturity 335 — Non-taxable Available-for-sale 4,707 5,071 Held-to-maturity — — Total $ 13,787 $ 11,324 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Summary of Various Categories of Loans Receivable | The various categories of loans receivable are summarized as follows: March 31, 2022 December 31, 2021 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 3,810,383 $ 3,889,284 Construction/land development 1,856,096 1,850,050 Agricultural 142,920 130,674 Residential real estate loans Residential 1-4 family 1,223,890 1,274,953 Multifamily residential 248,650 280,837 Total real estate 7,281,939 7,425,798 Consumer 1,059,342 825,519 Commercial and industrial 1,510,205 1,386,747 Agricultural 48,095 43,920 Other 153,133 154,105 Total loans receivable 10,052,714 9,836,089 Allowance for credit losses (234,768) (236,714) Loans receivable, net $ 9,817,946 $ 9,599,375 |
Allowance for Credit Losses, _2
Allowance for Credit Losses, Credit Quality and Other (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Balance of Allowance for Credit Losses | The following table presents the activity in the allowance for credit losses for the three months ended March 31, 2022: Three Months Ended March 31, 2022 Construction/ Other Residential Commercial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 28,415 $ 87,218 $ 48,458 $ 53,062 $ 19,561 $ 236,714 Loans charged off — — (250) (1,416) (644) (2,310) Recoveries of loans previously charged off 15 26 26 109 188 364 Net loans recovered (charged off) 15 26 (224) (1,307) (456) (1,946) Provision for credit losses (2,081) 8,632 (11,123) 737 3,835 — Balance, March 31 $ 26,349 $ 95,876 $ 37,111 $ 52,492 $ 22,940 $ 234,768 The following table presents the balances in the allowance for credit losses for the three-month period ended March 31, 2021 and the year ended December 31, 2021: Three Months Ended March 31, 2021 and Year Ended December 31, 2021 Construction/ Other Residential Commercial & Industrial 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 — (19) (226) (2,279) (523) (3,047) Recoveries of loans previously charged off 22 14 62 76 332 506 Net loans recovered (charged off) 22 (5) (164) (2,203) (191) (2,541) Provision for credit loss - loans (9,946) 5,421 1,545 5,497 (2,517) — Balance, March 31 22,937 93,869 54,597 49,824 21,705 242,932 Loans charged off — (627) (319) (5,963) (1,705) (8,614) Recoveries of loans previously charged off 36 771 621 515 453 2,396 Net loans recovered (charged off) 36 144 302 (5,448) (1,252) (6,218) Provision for credit loss - loans 5,442 (6,795) (6,441) 8,686 (892) — Balance, December 31 $ 28,415 $ 87,218 $ 48,458 $ 53,062 $ 19,561 $ 236,714 |
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 March 31, 2022 and December 31, 2021: March 31, 2022 Nonaccrual Nonaccrual Loans Past Due (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 11,477 $ 8,387 $ — Construction/land development 1,042 — — Agricultural 367 — — Residential real estate loans Residential 1-4 family 18,167 2,058 46 Multifamily residential 156 — — Total real estate 31,209 10,445 46 Consumer 1,400 — — Commercial and industrial 11,104 4,018 — Agricultural & other 916 — — Total $ 44,629 $ 14,463 $ 46 December 31, 2021 Nonaccrual Nonaccrual Loans Past Due (In thousands) 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 March 31, 2022 and December 31, 2021: March 31, 2022 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 280,938 $ — $ — Construction/land development 1,042 — — Agricultural 367 — — Residential real estate loans Residential 1-4 family — 19,074 — Multifamily residential — 1,109 — Total real estate 282,347 20,183 — Consumer — — 1,413 Commercial and industrial — — 16,655 Agricultural & other — — 916 Total $ 282,347 $ 20,183 $ 18,984 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 March 31, 2022 and December 31, 2021: March 31, 2022 Loans Loans Loans Total Current Total Accruing (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 1,987 $ 171 $ 11,477 $ 13,635 $ 3,796,748 $ 3,810,383 $ — Construction/land development 135 385 1,042 1,562 1,854,534 1,856,096 — Agricultural 1,000 341 367 1,708 141,212 142,920 — Residential real estate loans Residential 1-4 family 2,871 256 18,213 21,340 1,202,550 1,223,890 46 Multifamily residential — — 156 156 248,494 248,650 — Total real estate 5,993 1,153 31,255 38,401 7,243,538 7,281,939 46 Consumer 400 529 1,400 2,329 1,057,013 1,059,342 — Commercial and industrial 554 175 11,104 11,833 1,498,372 1,510,205 — Agricultural & other 546 96 916 1,558 199,670 201,228 — Total $ 7,493 $ 1,953 $ 44,675 $ 54,121 $ 9,998,593 $ 10,052,714 $ 46 December 31, 2021 Loans Loans Loans Total Current Total Accruing (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 |
Presentation of Classified Loans by Class and Risk Rating | Based on the most recent analysis performed, the risk category of loans by class of loans as of March 31, 2022 and December 31, 2021 is as follows: March 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 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 41,344 372,936 268,630 248,030 330,871 958,047 191,665 2,411,523 Risk rating 4 19,756 103,534 32,773 96,042 290,859 411,218 112,074 1,066,256 Risk rating 5 — — 10,594 1,539 24,276 230,613 — 267,022 Risk rating 6 876 — 234 23,145 2,216 38,858 253 65,582 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total non-farm/non-residential 61,976 476,470 312,231 368,756 648,222 1,638,736 303,992 3,810,383 Construction/land development Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — 226 — 226 Risk rating 3 33,909 263,928 107,455 97,927 20,589 50,002 127,916 701,726 Risk rating 4 76,586 263,046 232,903 472,552 31,635 60,556 7,885 1,145,163 Risk rating 5 — — — 374 — 1,171 376 1,921 Risk rating 6 — — — 635 3 6,422 — 7,060 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total construction/land development 110,495 526,974 340,358 571,488 52,227 118,377 136,177 1,856,096 Agricultural Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 7,325 22,672 26,584 7,425 6,132 25,925 5,396 101,459 Risk rating 4 357 4,283 1,405 363 1,567 27,786 4,596 40,357 Risk rating 5 — — 166 — — — — 166 Risk rating 6 — — 44 — — 894 — 938 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 7,682 26,955 28,199 7,788 7,699 54,605 9,992 142,920 Total commercial real estate loans $ 180,153 $ 1,030,399 $ 680,788 $ 948,032 $ 708,148 $ 1,811,718 $ 450,161 $ 5,809,399 Residential real estate loans Residential 1-4 family Risk rating 1 $ — $ — $ — $ — $ — $ 70 $ 88 $ 158 Risk rating 2 — — — — — 26 — 26 Risk rating 3 100,624 168,672 139,469 111,463 84,215 340,235 92,973 1,037,651 Risk rating 4 1,501 7,897 3,131 4,860 16,452 65,665 50,467 149,973 Risk rating 5 — — 181 3,065 493 1,492 189 5,420 Risk rating 6 — 1,127 2,516 2,672 2,079 18,452 3,816 30,662 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total residential 1-4 family 102,125 177,696 145,297 122,060 103,239 425,940 147,533 1,223,890 March 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 — 8,456 4,743 13,599 16,989 44,703 3,757 92,247 Risk rating 4 — 9,039 49,657 32,292 3,388 10,918 33,414 138,708 Risk rating 5 — — — — 7,543 8,037 — 15,580 Risk rating 6 — — — — — 2,115 — 2,115 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential — 17,495 54,400 45,891 27,920 65,773 37,171 248,650 Total real estate $ 282,278 $ 1,225,590 $ 880,485 $ 1,115,983 $ 839,307 $ 2,303,431 $ 634,865 $ 7,281,939 Consumer Risk rating 1 $ 714 $ 4,029 $ 1,569 $ 1,025 $ 815 $ 1,448 $ 1,512 $ 11,112 Risk rating 2 — — — 44 631 7 — 682 Risk rating 3 54,005 320,326 204,144 153,160 136,860 163,250 1,652 1,033,397 Risk rating 4 579 2,923 1,113 2,997 1,668 2,354 74 11,708 Risk rating 5 — — 111 — 14 127 — 252 Risk rating 6 16 30 22 32 118 1,966 7 2,191 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total consumer 55,314 327,308 206,959 157,258 140,106 169,152 3,245 1,059,342 Commercial and industrial Risk rating 1 $ 303 $ 52,314 $ 7,726 $ 331 $ 97 $ 21,508 $ 8,223 $ 90,502 Risk rating 2 — 164 13 — — 233 160 570 Risk rating 3 123,627 121,930 58,580 72,706 54,819 83,385 149,441 664,488 Risk rating 4 5,389 173,141 29,972 90,147 75,533 38,503 268,167 680,852 Risk rating 5 — 6,170 595 428 6,767 8,405 513 22,878 Risk rating 6 — 472 10,306 3,891 24,774 7,584 2,211 49,238 Risk rating 7 — — — — 1,667 — — 1,667 Risk rating 8 — — — — — 8 2 10 Total commercial and industrial 129,319 354,191 107,192 167,503 163,657 159,626 428,717 1,510,205 Agricultural and other Risk rating 1 $ — $ 2,514 $ — $ — $ — $ 106 $ 662 $ 3,282 Risk rating 2 9 — — 3,467 — 910 730 5,116 Risk rating 3 27,717 36,157 41,353 4,117 6,695 46,415 8,872 171,326 Risk rating 4 — 4,965 192 117 1,554 2,145 10,648 19,621 Risk rating 5 — — — — — 1,297 — 1,297 Risk rating 6 — 59 — 20 — 507 — 586 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural and other 27,726 43,695 41,545 7,721 8,249 51,380 20,912 201,228 Total $ 494,637 $ 1,950,784 $ 1,236,181 $ 1,448,465 $ 1,151,319 $ 2,683,589 $ 1,087,739 $ 10,052,714 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 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 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 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 March 31, 2022 and December 31, 2021. March 31, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Performing $ 61,976 $ 476,470 $ 302,078 $ 353,876 $ 628,061 $ 1,403,017 $ 303,967 $ 3,529,445 Non-performing — — 10,153 14,880 20,161 235,719 25 280,938 Total non-farm/non-residential 61,976 476,470 312,231 368,756 648,222 1,638,736 303,992 3,810,383 Construction/land development Performing $ 110,495 $ 526,974 $ 340,358 $ 570,853 $ 52,064 $ 118,133 $ 136,177 $ 1,855,054 Non-performing — — — 635 163 244 — 1,042 Total construction/ land development 110,495 526,974 340,358 571,488 52,227 118,377 136,177 1,856,096 Agricultural Performing $ 7,682 $ 26,955 $ 28,033 $ 7,788 $ 7,699 $ 54,404 $ 9,992 $ 142,553 Non-performing — — 166 — — 201 — 367 Total agricultural 7,682 26,955 28,199 7,788 7,699 54,605 9,992 142,920 Total commercial real estate loans $ 180,153 $ 1,030,399 $ 680,788 $ 948,032 $ 708,148 $ 1,811,718 $ 450,161 $ 5,809,399 Residential real estate loans Residential 1-4 family Performing $ 102,125 $ 177,089 $ 143,259 $ 119,733 $ 101,897 $ 416,203 $ 144,510 $ 1,204,816 Non-performing — 607 2,038 2,327 1,342 9,737 3,023 19,074 Total residential 1-4 family 102,125 177,696 145,297 122,060 103,239 425,940 147,533 1,223,890 Multifamily residential Performing $ — $ 17,495 $ 54,400 $ 45,891 $ 27,920 $ 64,664 $ 37,171 $ 247,541 Non-performing — — — — — 1,109 — 1,109 Total multifamily residential — 17,495 54,400 45,891 27,920 65,773 37,171 248,650 Total real estate $ 282,278 $ 1,225,590 $ 880,485 $ 1,115,983 $ 839,307 $ 2,303,431 $ 634,865 $ 7,281,939 Consumer Performing $ 55,314 $ 327,292 $ 206,939 $ 157,253 $ 139,988 $ 167,905 $ 3,238 $ 1,057,929 Non-performing — 16 20 5 118 1,247 7 1,413 Total consumer 55,314 327,308 206,959 157,258 140,106 169,152 3,245 1,059,342 Commercial and industrial Performing $ 129,319 $ 354,191 $ 107,052 $ 163,721 $ 154,552 $ 158,668 $ 426,047 $ 1,493,550 Non-performing — — 140 3,782 9,105 958 2,670 16,655 Total commercial and industrial 129,319 354,191 107,192 167,503 163,657 159,626 428,717 1,510,205 Agricultural and other Performing $ 27,726 $ 43,695 $ 41,545 $ 7,701 $ 8,249 $ 50,484 $ 20,912 $ 200,312 Non-performing — — — 20 — 896 — 916 Total agricultural and other 27,726 43,695 41,545 7,721 8,249 51,380 20,912 201,228 Total $ 494,637 $ 1,950,784 $ 1,236,181 $ 1,448,465 $ 1,151,319 $ 2,683,589 $ 1,087,739 $ 10,052,714 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 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 |
Presentation of Troubled Debt Restructurings ("TDRs") by Class | The following is a presentation of troubled debt restructurings (“TDRs”) by class as of March 31, 2022 and December 31, 2021: March 31, 2022 Number Pre- Rate Term Rate Post- (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 11 $ 6,085 $ 3,495 $ 614 $ 83 $ 4,192 Construction/land development 2 240 204 1 — 205 Agricultural — — — — — — Residential real estate loans Residential 1-4 family 16 2,329 824 114 316 1,254 Multifamily residential 1 1,130 953 — — 953 Total real estate 30 9,784 5,476 729 399 6,604 Consumer 4 23 13 — 3 16 Commercial and industrial 11 2,391 167 54 74 295 Total 45 $ 12,198 $ 5,656 $ 783 $ 476 $ 6,915 December 31, 2021 Number Pre- Rate Term Rate Post- (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 12 $ 6,119 $ 3,581 $ 623 $ 85 $ 4,289 Construction/land 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 |
Presentation of TDR's on Non-Accrual Status | The following is a presentation of TDRs on non-accrual status as of March 31, 2022 and December 31, 2021 because they are not in compliance with the modified terms: March 31, 2022 December 31, 2021 Number of Recorded Number of Recorded (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 1 $ 6 2 $ 7 Construction/land development 1 204 1 210 Agricultural — — 1 262 Residential real estate loans Residential 1-4 family 5 371 5 388 Total real estate 7 581 9 867 Consumer 3 3 3 3 Commercial and industrial 9 202 6 206 Total 19 $ 786 18 $ 1,076 |
Summary of Total Foreclosed Assets | The following is a presentation of total foreclosed assets as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Commercial real estate loans Non-farm/non-residential $ 275 $ 536 Construction/land development 609 834 Residential real estate loans Residential 1-4 family 260 260 Total foreclosed assets held for sale $ 1,144 $ 1,630 |
Goodwill and Core Deposits an_2
Goodwill and Core Deposits and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount and Accumulated Amortization of Company's Goodwill and Core Deposits and Other Intangibles | Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposits and other intangibles at March 31, 2022 and December 31, 2021, were as follows: March 31, 2022 December 31, 2021 (In thousands) Goodwill Balance, beginning of period $ 973,025 $ 973,025 Acquisitions — — Balance, end of period $ 973,025 $ 973,025 March 31, 2022 December 31, 2021 (In thousands) Core Deposit and Other Intangibles Balance, beginning of period $ 25,045 $ 30,728 Amortization expense (1,421) (1,421) Balance, March 31 23,624 29,307 Amortization expense (4,262) Balance, end of year $ 25,045 |
Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles | The carrying basis and accumulated amortization of core deposits and other intangibles at March 31, 2022 and December 31, 2021 were : March 31, 2022 December 31, 2021 (In thousands) Gross carrying basis $ 86,625 $ 86,625 Accumulated amortization (63,001) (61,580) Net carrying amount $ 23,624 $ 25,045 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021 is presented in the following tables: March 31, 2022 Overnight and Continuous Up to 30 Days 30-90 Greater than Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 8,552 $ — $ — $ — $ 8,552 Mortgage-backed securities 8,010 — — — 8,010 State and political subdivisions 131,821 — — — 131,821 Other securities 2,768 — — — 2,768 Total borrowings $ 151,151 $ — $ — $ — $ 151,151 December 31, 2021 Overnight and Up to 30 Days 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 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Preferred Trust Securities and Subordinated Debentures | Subordinated debentures at March 31, 2022 and December 31, 2021 consisted of subordinated debt securities and guaranteed payments on trust preferred securities with the following components: As of March 31, 2022 As of December 31, 2021 (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 4,513 4,501 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 5,965 5,942 Subordinated debt securities Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty 296,586 — 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 299,978 299,824 Total $ 667,868 $ 371,093 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of Provision (Benefit) for Income Taxes | The following is a summary of the components of the provision (benefit) for income taxes for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 (In thousands) Current: Federal $ 13,260 $ 31,535 State 4,389 10,439 Total current 17,649 41,974 Deferred: Federal 1,788 (9,825) State 592 (3,253) Total deferred 2,380 (13,078) Income tax expense $ 20,029 $ 28,896 |
Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate | The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Statutory federal income tax rate 21.00 % 21.00 % Effect of non-taxable interest income (1.22) (0.91) Stock compensation 0.50 0.33 State income taxes, net of federal benefit 4.13 4.26 Executive officer compensation & other (0.82) (0.70) Effective income tax rate 23.59 % 23.98 % |
Differences between Tax Basis of Assets and Liabilities | The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows: March 31, December 31, (In thousands) Deferred tax assets: Allowance for credit losses $ 68,344 $ 68,644 Deferred compensation 3,069 5,342 Stock compensation 5,260 5,044 Non-accrual interest income 761 694 Real estate owned 109 109 Unrealized loss on investment securities, available-for-sale 36,985 — Loan discounts 3,652 4,169 Tax basis premium/discount on acquisitions 2,746 3,220 Investments 119 263 Other 6,248 5,283 Gross deferred tax assets 127,293 92,768 Deferred tax liabilities: Accelerated depreciation on premises and equipment 697 761 Unrealized gain on securities — 4,220 Core deposit intangibles 5,406 5,736 Deposits 67 65 FHLB dividends 2,833 2,820 Other 1,685 876 Gross deferred tax liabilities 10,688 14,478 Net deferred tax assets $ 116,605 $ 78,290 |
Common Stock, Compensation Pl_2
Common Stock, Compensation Plans and Other (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Summary of Stock Option Transactions under Plan | The table below summarizes the stock option transactions under the 2006 Plan at March 31, 2022 and December 31, 2021 and changes during the three-month period and year then ended : For the Three Months Ended March 31, 2022 For the Year Ended December 31, 2021 Shares (000) Weighted- Shares (000) Weighted- Outstanding, beginning of year 3,015 $ 20.06 3,254 $ 19.77 Granted 18 24.29 15 21.68 Forfeited/Expired (5) 23.32 (57) 22.44 Exercised (18) 10.08 (197) 14.78 Outstanding, end of period 3,010 20.14 3,015 20.06 Exercisable, end of period 1,773 $ 18.35 1,543 $ 17.46 |
Summary of Stock Options on Valuation Assumptions | The assumptions used in determining the fair value of the 2022 and 2021 stock option grants were as follows: For the Three Months Ended March 31, 2022 For the Year Ended December 31, 2021 Expected dividend yield 2.72 % 2.59 % Expected stock price volatility 31.12 % 70.13 % Risk-free interest rate 1.73 % 0.75 % Expected life of options 6.5 years 6.5 years |
Summary of Currently Outstanding and Exercisable Options | The following is a summary of currently outstanding and exercisable options at March 31, 2022: Options Outstanding Exercise Prices Options Weighted- Weighted- Options Weighted- $6.56 to $8.62 140 0.80 $ 8.62 140 $ 8.62 $9.54 to $14.71 140 2.30 13.23 140 13.23 $16.77 to $16.86 130 2.39 16.80 130 16.80 $17.12 to $17.36 93 2.96 17.13 93 17.13 $17.40 to $18.46 871 3.38 18.45 738 18.45 $18.50 to $20.16 41 7.03 19.05 15 19.01 $20.58 to $21.25 158 4.01 21.08 149 21.10 $21.31 to $22.22 112 6.35 22.18 62 22.20 $22.70 to $23.32 1,227 6.31 23.32 246 23.32 $23.51 to $25.96 99 6.06 25.39 59 25.82 3,010 1,773 |
Summary of Company's Restricted Stock Issued and Outstanding | The table below summarized the activity for the Company’s restricted stock issued and outstanding at March 31, 2022 and December 31, 2021 and changes during the period and year then ended: As of March 31, 2022 As of December 31, 2021 (In thousands) Beginning of year 1,231 1,371 Issued 229 216 Vested (176) (320) Forfeited (6) (36) End of period 1,278 1,231 Amount of expense for three months and twelve months ended, respectively $ 1,735 $ 7,112 |
Non-Interest Expense (Tables)
Non-Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Components of Non-Interest Expense | The table below shows the components of non-interest expense for the three months ended March 31, 2022 and 2021: Three Months Ended 2022 2021 (In thousands) Salaries and employee benefits $ 43,551 $ 42,059 Occupancy and equipment 9,144 9,237 Data processing expense 7,039 5,870 Merger and acquisition expenses 863 — Other operating expenses: Advertising 1,266 1,046 Amortization of intangibles 1,421 1,421 Electronic banking expense 2,538 2,238 Directors’ fees 404 383 Due from bank service charges 270 249 FDIC and state assessment 1,668 1,363 Insurance 770 781 Legal and accounting 797 846 Other professional fees 1,609 1,613 Operating supplies 754 487 Postage 306 338 Telephone 337 346 Other expense 4,159 4,589 Total other operating expenses 16,299 15,700 Total non-interest expense $ 76,896 $ 72,866 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Minimum Rental Commitments under Operating Leases | The minimum rental commitments under these noncancelable operating leases are as follows (in thousands) as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 2022 $ 5,770 $ 7,714 2023 6,698 6,574 2024 6,127 6,001 2025 5,639 5,510 2026 5,521 5,389 Thereafter 26,508 24,999 Total future minimum lease payments $ 56,263 $ 56,187 Discount effect of cash flows (13,754) (13,778) Present value of net future minimum lease payments $ 42,509 $ 42,409 |
Additional Information of Lease Expense | Additional information (dollar amounts in thousands): For the Three Months Ended Lease expense: March 31, 2022 March 31, 2021 Operating lease expense $ 1,822 $ 2,009 Short-term lease expense 1 4 Variable lease expense 226 256 Total lease expense $ 2,049 $ 2,269 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 1,829 $ 1,994 Weighted-average remaining lease term (in years) 9.51 11.87 Weighted-average discount rate 3.41 % 3.52 % |
Additional Cash Flow Informat_2
Additional Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Additional Cash Flow Information | The following is a summary of the Company’s additional cash flow information during the three-month periods ended: March 31, 2022 2021 (In thousands) Interest paid $ 7,668 $ 10,719 Income taxes paid 1,968 1,205 Assets acquired by foreclosure — 1,786 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 . March 31, 2022 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 3,619,458 $ 3,619,458 1 Investment securities - held-to-maturity 499,265 499,138 2 Loans receivable, net of impaired loans and allowance 9,546,605 10,010,107 3 Accrued interest receivable 46,934 46,934 1 FHLB, FRB & FNBB Bank stock; other equity investments 136,578 136,578 3 Financial liabilities: Deposits: Demand and non-interest bearing $ 4,311,400 $ 4,311,400 1 Savings and interest-bearing transaction accounts 9,461,393 9,461,393 1 Time deposits 808,141 797,612 3 Securities sold under agreements to repurchase 151,151 151,151 1 FHLB and other borrowed funds 400,000 390,273 2 Accrued interest payable 10,885 10,885 1 Subordinated debentures 667,868 668,678 3 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 Bank 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 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable operating segment | 1 |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings per Common Share (EPS) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net income | $ 64,892 | $ 91,602 |
Average shares outstanding (in shares) | 163,787 | 165,257 |
Effect of common stock options (in shares) | 409 | 189 |
Average diluted shares outstanding (in shares) | 164,196 | 165,446 |
Basic earnings per share (in dollars per share) | $ 0.40 | $ 0.55 |
Diluted earnings per share (in dollars per share) | $ 0.40 | $ 0.55 |
Business Combinations - Future
Business Combinations - Future Acquisition of Happy Bancshares, Inc - Additional Information (Detail) - Happy Bancshares, Inc. - Subsequent Event shares in Millions, $ in Millions | 7 Months Ended |
Apr. 01, 2022USD ($)shares | |
Business Acquisition [Line Items] | |
Total transaction value | $ 961.9 |
Cash value of stock appreciation rights | $ 3.1 |
Common Stock | |
Business Acquisition [Line Items] | |
Business acquisition, equity interest issuable, number of shares (in shares) | shares | 42.4 |
Business acquisition, equity interest issuable, value | $ 958.8 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $ 3,099,713 | $ 3,106,483 | ||
Gross Unrealized Gains | 9,245 | 41,058 | ||
Gross Unrealized (Losses) | (150,794) | (26,892) | ||
Allowance for Credit Losses | (842) | (842) | $ (842) | $ (842) |
Estimated Fair Value | 2,957,322 | 3,119,807 | ||
U.S. government-sponsored enterprises | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 419,813 | 433,829 | ||
Gross Unrealized Gains | 2,096 | 2,375 | ||
Gross Unrealized (Losses) | (11,134) | (3,225) | ||
Allowance for Credit Losses | 0 | |||
Estimated Fair Value | 410,775 | 432,979 | ||
Residential mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,155,954 | 1,175,185 | ||
Gross Unrealized Gains | 370 | 4,085 | ||
Gross Unrealized (Losses) | (81,230) | (18,551) | ||
Allowance for Credit Losses | 0 | |||
Estimated Fair Value | 1,075,094 | 1,160,719 | ||
Commercial mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 342,383 | 372,702 | ||
Gross Unrealized Gains | 624 | 6,521 | ||
Gross Unrealized (Losses) | (7,613) | (1,968) | ||
Allowance for Credit Losses | 0 | |||
Estimated Fair Value | 335,394 | 377,255 | ||
State and political subdivisions | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 967,844 | 973,318 | ||
Gross Unrealized Gains | 5,771 | 26,296 | ||
Gross Unrealized (Losses) | (43,837) | (1,794) | ||
Allowance for Credit Losses | (842) | |||
Estimated Fair Value | 928,936 | 996,978 | ||
Other securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 213,719 | 151,449 | ||
Gross Unrealized Gains | 384 | 1,781 | ||
Gross Unrealized (Losses) | (6,980) | (1,354) | ||
Allowance for Credit Losses | 0 | |||
Estimated Fair Value | $ 207,123 | $ 151,876 |
Investment Securities Amortized
Investment Securities Amortized Cost and Fair Value of Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 499,265 | $ 0 |
Gross Unrealized Gains | 18 | |
Gross Unrealized (Losses) | (145) | |
Allowance for Credit Losses | 0 | (842) |
Estimated Fair Value | 499,138 | |
U.S. government-sponsored enterprises | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 499,265 | |
Gross Unrealized Gains | 18 | |
Gross Unrealized (Losses) | (145) | |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 499,138 | |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized (Losses) | 0 | |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 0 | |
Commercial mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized (Losses) | 0 | |
Allowance for Credit Losses | 0 | 0 |
Estimated Fair Value | 0 | |
State and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized (Losses) | 0 | |
Allowance for Credit Losses | 0 | (842) |
Estimated Fair Value | 0 | |
Other securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized (Losses) | 0 | |
Allowance for Credit Losses | 0 | $ 0 |
Estimated Fair Value | $ 0 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | |||
Mar. 31, 2022USD ($)security | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Purchases of investment securities - held-to-maturity | $ 498,930,000 | $ 0 | ||
Estimated Fair Value | 499,138,000 | |||
Carrying value of investment securities | 1,200,000,000 | $ 1,150,000,000 | ||
Investment securities pledged as collateral | 151,200,000 | 140,900,000 | ||
Available for sale securities sold | 0 | 17,900,000 | ||
Realized gains (losses) on available for sale securities | 219,000 | |||
Investment securities, provision for credit losses | 842,000 | $ 842,000 | 842,000 | $ 842,000 |
Fair value of unrealized losses | $ 31,103,000 | 6,441,000 | ||
Percentage of Company's investment portfolio | 59.20% | |||
Maturity description of investment portfolio | five years or less | |||
Number of investment securities available for sale | security | 1,330 | |||
Number of investment in debt securities available-for-sale unrealized loss position | security | 892 | |||
Debt securities available for sale unrealized loss position | $ 150,794,000 | 26,892,000 | ||
Number of investment securities held to maturity | security | 2 | |||
Number of investments in debt securities held-to-maturity unrealized loss position | security | 1 | |||
US Treasury Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Purchases of investment securities - held-to-maturity | $ 500,000,000 | |||
Estimated Fair Value | 498,900,000 | |||
U.S. government-sponsored enterprises | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 499,138,000 | |||
Investment securities, provision for credit losses | 0 | |||
Fair value of unrealized losses | $ 4,987,000 | 1,869,000 | ||
Number of investment in debt securities available-for-sale unrealized loss position | security | 60 | |||
Debt securities available for sale unrealized loss position | $ 11,134,000 | 3,225,000 | ||
Unrealized Losses of Held-to-Maturity Securities, Total | (145,000) | |||
Residential mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 0 | |||
Investment securities, provision for credit losses | 0 | |||
Fair value of unrealized losses | $ 20,072,000 | 3,305,000 | ||
Number of investment in debt securities available-for-sale unrealized loss position | security | 365 | |||
Debt securities available for sale unrealized loss position | $ 81,230,000 | 18,551,000 | ||
Commercial mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 0 | |||
Investment securities, provision for credit losses | 0 | |||
Fair value of unrealized losses | $ 2,793,000 | 717,000 | ||
Number of investment in debt securities available-for-sale unrealized loss position | security | 105 | |||
Debt securities available for sale unrealized loss position | $ 7,613,000 | 1,968,000 | ||
State and political subdivisions | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 0 | |||
Investment securities, provision for credit losses | 842,000 | |||
Fair value of unrealized losses | $ 2,651,000 | 512,000 | ||
Number of investment in debt securities available-for-sale unrealized loss position | security | 331 | |||
Debt securities available for sale unrealized loss position | $ 43,837,000 | 1,794,000 | ||
Other securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Estimated Fair Value | 0 | |||
Investment securities, provision for credit losses | 0 | |||
Fair value of unrealized losses | $ 600,000 | 38,000 | ||
Number of investment in debt securities available-for-sale unrealized loss position | security | 31 | |||
Debt securities available for sale unrealized loss position | $ 6,980,000 | $ 1,354,000 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Securities Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 11,547 | |
Due in one year or less, Amortized Cost | 499,265 | |
Due after one year through five years, Amortized Cost | 97,487 | |
Due after one year through five years, Amortized Cost | 0 | |
Due after five years through ten years, Amortized Cost | 393,837 | |
Due after five years through ten years, Amortized Cost | 0 | |
Due after ten years, Amortized Cost | 1,096,505 | |
Due after ten years, Amortized Cost | 0 | |
Amortized Cost | 3,099,713 | $ 3,106,483 |
Amortized Cost | 499,265 | 0 |
Estimated Fair Value | ||
Due in one year or less, Estimated Fair Value | 11,577 | |
Due in one year or less, Estimated Fair Value | 499,138 | |
Due after one year through five years, Estimated Fair Value | 94,563 | |
Due after one year through five years, Estimated Fair Value | 0 | |
Due after five years through ten years, Estimated Fair Value | 379,079 | |
Due after five years through ten years, Estimated Fair Value | 0 | |
Due after ten years, Estimated Fair Value | 1,059,615 | |
Due after ten years, Estimated Fair Value | 0 | |
Total, Estimated Fair Value | 2,957,322 | 3,119,807 |
Estimated Fair Value | 499,138 | |
Residential mortgage-backed securities | ||
Amortized Cost | ||
Securities not due at a single maturity date, Amortized Cost | 1,155,954 | |
Securities not due at a single maturity date, Amortized Cost | 0 | |
Amortized Cost | 1,155,954 | 1,175,185 |
Amortized Cost | 0 | |
Estimated Fair Value | ||
Securities not due at a single maturity date, Estimated Fair Value | 1,075,094 | |
Securities not due at a single maturity date, Estimated Fair Value | 0 | |
Total, Estimated Fair Value | 1,075,094 | 1,160,719 |
Estimated Fair Value | 0 | |
Commercial mortgage-backed securities | ||
Amortized Cost | ||
Securities not due at a single maturity date, Amortized Cost | 342,383 | |
Securities not due at a single maturity date, Amortized Cost | 0 | |
Amortized Cost | 342,383 | 372,702 |
Amortized Cost | 0 | |
Estimated Fair Value | ||
Securities not due at a single maturity date, Estimated Fair Value | 335,394 | |
Securities not due at a single maturity date, Estimated Fair Value | 0 | |
Total, Estimated Fair Value | 335,394 | 377,255 |
Estimated Fair Value | 0 | |
Other | ||
Amortized Cost | ||
Securities not due at a single maturity date, Amortized Cost | 2,000 | |
Securities not due at a single maturity date, Amortized Cost | 0 | |
Amortized Cost | 213,719 | 151,449 |
Amortized Cost | 0 | |
Estimated Fair Value | ||
Securities not due at a single maturity date, Estimated Fair Value | 2,000 | |
Securities not due at a single maturity date, Estimated Fair Value | 0 | |
Total, Estimated Fair Value | 207,123 | $ 151,876 |
Estimated Fair Value | $ 0 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available for sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | $ 2,235,357 | $ 1,288,118 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (119,691) | (20,451) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 340,523 | 233,082 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (31,103) | (6,441) |
Fair Value of Available-for-Sale Securities, Total | 2,575,880 | 1,521,200 |
Unrealized Losses of Available-for-Sale Securities, Total | (150,794) | (26,892) |
U.S. government-sponsored enterprises | ||
Available for sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 379,074 | 120,730 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (6,147) | (1,356) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 83,468 | 78,124 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (4,987) | (1,869) |
Fair Value of Available-for-Sale Securities, Total | 462,542 | 198,854 |
Unrealized Losses of Available-for-Sale Securities, Total | (11,134) | (3,225) |
Held to maturity: | ||
Fair Value of Held-to-Maturity Securities, Less Than 12 Months | 499,138 | |
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months | (145) | |
Fair Value of Held-to-Maturity Securities, 12 Months or More | 0 | |
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More | 0 | |
Fair Value of Held-to-Matuirty Securities, Total | 499,138 | |
Unrealized Losses of Held-to-Maturity Securities, Total | (145) | |
Residential mortgage-backed securities | ||
Available for sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 848,377 | 854,807 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (61,158) | (15,246) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 181,186 | 104,897 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (20,072) | (3,305) |
Fair Value of Available-for-Sale Securities, Total | 1,029,563 | 959,704 |
Unrealized Losses of Available-for-Sale Securities, Total | (81,230) | (18,551) |
Commercial mortgage-backed securities | ||
Available for sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 189,447 | 100,702 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (4,820) | (1,251) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 43,018 | 28,711 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (2,793) | (717) |
Fair Value of Available-for-Sale Securities, Total | 232,465 | 129,413 |
Unrealized Losses of Available-for-Sale Securities, Total | (7,613) | (1,968) |
State and political subdivisions | ||
Available for sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 673,364 | 136,135 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (41,186) | (1,282) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 24,312 | 18,647 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (2,651) | (512) |
Fair Value of Available-for-Sale Securities, Total | 697,676 | 154,782 |
Unrealized Losses of Available-for-Sale Securities, Total | (43,837) | (1,794) |
Other securities | ||
Available for sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 145,095 | 75,744 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (6,380) | (1,316) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 8,539 | 2,703 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (600) | (38) |
Fair Value of Available-for-Sale Securities, Total | 153,634 | 78,447 |
Unrealized Losses of Available-for-Sale Securities, Total | $ (6,980) | $ (1,354) |
Investment Securities - Schedul
Investment Securities - Schedule of Allowance for Credit Losses on Investment Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Allowance for credit losses: | |||
Beginning balance | $ 842 | $ 842 | $ 842 |
Provision for credit loss - investment securities | 0 | 0 | 0 |
Ending balance | $ 842 | $ 842 | $ 842 |
Investment Securities - Sched_2
Investment Securities - Schedule of Income Earned on Available-for Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investment Income [Line Items] | ||
Income earned on securities, taxable | $ 9,080 | $ 6,253 |
Income earned on securities, non-taxable | 4,707 | 5,071 |
Total | 13,787 | 11,324 |
Available-for-sale | ||
Investment Income [Line Items] | ||
Income earned on securities, taxable | 8,745 | 6,253 |
Income earned on securities, non-taxable | 4,707 | 5,071 |
Held-to-maturity | ||
Investment Income [Line Items] | ||
Income earned on securities, taxable | 335 | 0 |
Income earned on securities, non-taxable | $ 0 | $ 0 |
Loans Receivable - Summary of V
Loans Receivable - Summary of Various Categories of Loans Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 10,052,714 | $ 9,836,089 | ||
Allowance for credit losses | (234,768) | (236,714) | $ (242,932) | $ (245,473) |
Loans receivable, net | 9,817,946 | 9,599,375 | ||
Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 5,809,399 | 5,870,008 | ||
Commercial real estate loans | Non-farm/non-residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 3,810,383 | 3,889,284 | ||
Commercial real estate loans | Construction/land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,856,096 | 1,850,050 | ||
Allowance for credit losses | (26,349) | (28,415) | (22,937) | (32,861) |
Commercial real estate loans | Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 142,920 | 130,674 | ||
Residential real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses | (37,111) | (48,458) | (54,597) | (53,216) |
Residential real estate loans | Residential 1-4 family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,223,890 | 1,274,953 | ||
Residential real estate loans | Multifamily residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 248,650 | 280,837 | ||
Total real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 7,281,939 | 7,425,798 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,059,342 | 825,519 | ||
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,510,205 | 1,386,747 | ||
Allowance for credit losses | (52,492) | (53,062) | $ (49,824) | $ (46,530) |
Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 48,095 | 43,920 | ||
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 153,133 | $ 154,105 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit loss | $ 234,768,000 | $ 242,932,000 | $ 236,714,000 | $ 245,473,000 |
Deteriorated Credit Quality | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit loss | 439,000 | 448,000 | ||
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 loss | 439,000 | 448,000 | ||
Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans held for sale | 74,400,000 | $ 72,700,000 | ||
SBA Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans sold during period | 2,800,000 | $ 0 | ||
Gain on sale of guaranteed portion of loans | $ 95,000 |
Allowance for Credit Losses, _3
Allowance for Credit Losses, Credit Quality and Other - Additional Information (Detail) | 3 Months Ended | |||
Mar. 31, 2022USD ($)loan | Mar. 31, 2021USD ($)loan | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit loss | $ 234,768,000 | $ 242,932,000 | $ 236,714,000 | $ 245,473,000 |
Non-accrual loans | 44,629,000 | 47,158,000 | ||
Loans Past Due Over 90 Days Still Accruing | 46,000 | 3,035,000 | ||
Nonaccrual loans with specific reserve | 14,500,000 | 9,200,000 | ||
Interest income on nonaccrual loans | 0 | 0 | ||
Collateral-dependent impaired loans | 321,500,000 | 331,500,000 | ||
Interest recognized on impaired loans | 3,500,000 | 3,900,000 | ||
Amount of loan assessed for impairment on a quarterly basis | 2,000,000 | |||
Revolver loans converted to term loans | $ 7,200,000 | $ 8,600,000 | ||
Number of revolving loans convert to term loans | loan | 39 | 72 | ||
Deteriorated Credit Quality | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit loss | $ 439,000 | 448,000 | ||
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 loans | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Allowance for credit loss | $ 37,111,000 | $ 54,597,000 | 48,458,000 | 53,216,000 |
Residential real estate loans | 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 loss | $ 52,492,000 | $ 49,824,000 | 53,062,000 | $ 46,530,000 |
Non-accrual loans | 11,104,000 | 13,875,000 | ||
Loans Past Due Over 90 Days Still Accruing | $ 0 | $ 107,000 | ||
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% |
Allowance for Credit Losses, _4
Allowance for Credit Losses, Credit Quality and Other - Schedule of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 236,714 | $ 245,473 | $ 242,932 |
Loans charged off | (2,310) | (3,047) | (8,614) |
Recoveries of loans previously charged off | 364 | 506 | 2,396 |
Net loans recovered (charged off) | (1,946) | (2,541) | (6,218) |
Provision for credit loss - loans | 0 | 0 | 0 |
Ending balance | 234,768 | 242,932 | 236,714 |
Residential real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 48,458 | 53,216 | 54,597 |
Loans charged off | (250) | (226) | (319) |
Recoveries of loans previously charged off | 26 | 62 | 621 |
Net loans recovered (charged off) | (224) | (164) | 302 |
Provision for credit loss - loans | (11,123) | 1,545 | (6,441) |
Ending balance | 37,111 | 54,597 | 48,458 |
Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 53,062 | 46,530 | 49,824 |
Loans charged off | (1,416) | (2,279) | (5,963) |
Recoveries of loans previously charged off | 109 | 76 | 515 |
Net loans recovered (charged off) | (1,307) | (2,203) | (5,448) |
Provision for credit loss - loans | 737 | 5,497 | 8,686 |
Ending balance | 52,492 | 49,824 | 53,062 |
Consumer & Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 19,561 | 24,413 | 21,705 |
Loans charged off | (644) | (523) | (1,705) |
Recoveries of loans previously charged off | 188 | 332 | 453 |
Net loans recovered (charged off) | (456) | (191) | (1,252) |
Provision for credit loss - loans | 3,835 | (2,517) | (892) |
Ending balance | 22,940 | 21,705 | 19,561 |
Construction/land development | Commercial real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 28,415 | 32,861 | 22,937 |
Loans charged off | 0 | 0 | 0 |
Recoveries of loans previously charged off | 15 | 22 | 36 |
Net loans recovered (charged off) | 15 | 22 | 36 |
Provision for credit loss - loans | (2,081) | (9,946) | 5,442 |
Ending balance | 26,349 | 22,937 | 28,415 |
Other Commercial Real Estate | Commercial real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 87,218 | 88,453 | 93,869 |
Loans charged off | 0 | (19) | (627) |
Recoveries of loans previously charged off | 26 | 14 | 771 |
Net loans recovered (charged off) | 26 | (5) | 144 |
Provision for credit loss - loans | 8,632 | 5,421 | (6,795) |
Ending balance | $ 95,876 | $ 93,869 | $ 87,218 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | $ 44,629 | $ 47,158 |
Nonaccrual with Reserve | 14,463 | 9,230 |
Loans Past Due Over 90 Days Still Accruing | 46 | 3,035 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 11,477 | 11,923 |
Nonaccrual with Reserve | 8,387 | 2,212 |
Loans Past Due Over 90 Days Still Accruing | 0 | 2,225 |
Commercial real estate loans | Construction/land development | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 1,042 | 1,445 |
Nonaccrual with Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Commercial real estate loans | Agricultural | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 367 | 897 |
Nonaccrual with Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 18,167 | 16,198 |
Nonaccrual with Reserve | 2,058 | 3,000 |
Loans Past Due Over 90 Days Still Accruing | 46 | 701 |
Residential real estate loans | Multifamily residential | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 156 | 156 |
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 | 31,209 | 30,619 |
Nonaccrual with Reserve | 10,445 | 5,212 |
Loans Past Due Over 90 Days Still Accruing | 46 | 2,926 |
Consumer | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 1,400 | 1,648 |
Nonaccrual with Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 0 | 2 |
Commercial and industrial | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 11,104 | 13,875 |
Nonaccrual with Reserve | 4,018 | 4,018 |
Loans Past Due Over 90 Days Still Accruing | 0 | 107 |
Agricultural & other | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 916 | 1,016 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | $ 321,500 | $ 331,500 |
Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 282,347 | 289,591 |
Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 20,183 | 21,075 |
Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 18,984 | 20,872 |
Commercial real estate loans | Non-farm/non-residential | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 280,938 | 283,919 |
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 | 1,042 | 4,775 |
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 | 367 | 897 |
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 loans | Residential 1-4 family | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Residential real estate loans | Residential 1-4 family | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 19,074 | 19,775 |
Residential real estate loans | Residential 1-4 family | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Residential real estate loans | Multifamily residential | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Residential real estate loans | Multifamily residential | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 1,109 | 1,300 |
Residential real estate loans | 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 | 282,347 | 289,591 |
Total real estate | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 20,183 | 21,075 |
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 | 1,413 | 1,663 |
Commercial and industrial | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial and industrial | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 0 | 0 |
Commercial and industrial | Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 16,655 | 18,193 |
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 | $ 916 | $ 1,016 |
Allowance for Credit Losses, _7
Allowance for Credit Losses, Credit Quality and Other - Summary of Aging Analysis for Loans Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | $ 10,052,714 | $ 9,836,089 |
Accruing Loans Past Due 90 Days or More | 46 | 3,035 |
Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 7,493 | 4,764 |
Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,953 | 5,153 |
Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 44,675 | 50,193 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 54,121 | 60,110 |
Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 9,998,593 | 9,775,979 |
Commercial real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 5,809,399 | 5,870,008 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 3,810,383 | 3,889,284 |
Accruing Loans Past Due 90 Days or More | 0 | 2,225 |
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,987 | 1,434 |
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 171 | 576 |
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 11,477 | 14,148 |
Commercial real estate loans | Non-farm/non-residential | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 13,635 | 16,158 |
Commercial real estate loans | Non-farm/non-residential | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 3,796,748 | 3,873,126 |
Commercial real estate loans | Construction/land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,856,096 | 1,850,050 |
Accruing Loans Past Due 90 Days or More | 0 | 0 |
Commercial real estate loans | Construction/land development | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 135 | 92 |
Commercial real estate loans | Construction/land development | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 385 | 22 |
Commercial real estate loans | Construction/land development | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,042 | 1,445 |
Commercial real estate loans | Construction/land development | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,562 | 1,559 |
Commercial real estate loans | Construction/land development | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,854,534 | 1,848,491 |
Commercial real estate loans | Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 142,920 | 130,674 |
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 | 1,000 | 0 |
Commercial real estate loans | Agricultural | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 341 | 472 |
Commercial real estate loans | Agricultural | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 367 | 897 |
Commercial real estate loans | Agricultural | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,708 | 1,369 |
Commercial real estate loans | Agricultural | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 141,212 | 129,305 |
Residential real estate loans | Residential 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,223,890 | 1,274,953 |
Accruing Loans Past Due 90 Days or More | 46 | 701 |
Residential real estate loans | Residential 1-4 family | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 2,871 | 1,633 |
Residential real estate loans | Residential 1-4 family | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 256 | 3,560 |
Residential real estate loans | Residential 1-4 family | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 18,213 | 16,899 |
Residential real estate loans | Residential 1-4 family | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 21,340 | 22,092 |
Residential real estate loans | Residential 1-4 family | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,202,550 | 1,252,861 |
Residential real estate loans | Multifamily residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 248,650 | 280,837 |
Accruing Loans Past Due 90 Days or More | 0 | 0 |
Residential real estate loans | Multifamily residential | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate loans | Multifamily residential | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 0 | 0 |
Residential real estate loans | Multifamily residential | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 156 | 156 |
Residential real estate loans | Multifamily residential | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 156 | 156 |
Residential real estate loans | Multifamily residential | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 248,494 | 280,681 |
Total real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 7,281,939 | 7,425,798 |
Accruing Loans Past Due 90 Days or More | 46 | 2,926 |
Total real estate | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 5,993 | 3,159 |
Total real estate | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,153 | 4,630 |
Total real estate | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 31,255 | 33,545 |
Total real estate | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 38,401 | 41,334 |
Total real estate | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 7,243,538 | 7,384,464 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,059,342 | 825,519 |
Accruing Loans Past Due 90 Days or More | 0 | 2 |
Consumer | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 400 | 60 |
Consumer | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 529 | 205 |
Consumer | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,400 | 1,650 |
Consumer | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 2,329 | 1,915 |
Consumer | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,057,013 | 823,604 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,510,205 | 1,386,747 |
Accruing Loans Past Due 90 Days or More | 0 | 107 |
Commercial and industrial | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 554 | 958 |
Commercial and industrial | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 175 | 316 |
Commercial and industrial | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 11,104 | 13,982 |
Commercial and industrial | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 11,833 | 15,256 |
Commercial and industrial | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,498,372 | 1,371,491 |
Agricultural & other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 201,228 | 198,025 |
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 | 546 | 587 |
Agricultural & other | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 96 | 2 |
Agricultural & other | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 916 | 1,016 |
Agricultural & other | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,558 | 1,605 |
Agricultural & other | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | $ 199,670 | $ 196,420 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | $ 494,637 | $ 1,953,847 |
2021 | 1,950,784 | 1,302,389 |
2020 | 1,236,181 | 1,541,112 |
2019 | 1,448,465 | 1,193,396 |
2018 | 1,151,319 | 681,871 |
Prior | 2,683,589 | 2,276,794 |
Revolving Loans Amortized Cost Basis | 1,087,739 | 886,680 |
Total | 10,052,714 | 9,836,089 |
Commercial real estate loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 180,153 | 949,558 |
2021 | 1,030,399 | 755,921 |
2020 | 680,788 | 975,677 |
2019 | 948,032 | 733,231 |
2018 | 708,148 | 412,922 |
Prior | 1,811,718 | 1,591,810 |
Revolving Loans Amortized Cost Basis | 450,161 | 450,889 |
Total | 5,809,399 | 5,870,008 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 61,976 | 395,824 |
2021 | 476,470 | 325,700 |
2020 | 312,231 | 408,941 |
2019 | 368,756 | 668,503 |
2018 | 648,222 | 347,725 |
Prior | 1,638,736 | 1,457,699 |
Revolving Loans Amortized Cost Basis | 303,992 | 284,892 |
Total | 3,810,383 | 3,889,284 |
Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 110,495 | 527,949 |
2021 | 526,974 | 401,116 |
2020 | 340,358 | 558,603 |
2019 | 571,488 | 57,194 |
2018 | 52,227 | 59,439 |
Prior | 118,377 | 88,843 |
Revolving Loans Amortized Cost Basis | 136,177 | 156,906 |
Total | 1,856,096 | 1,850,050 |
Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 7,682 | 25,785 |
2021 | 26,955 | 29,105 |
2020 | 28,199 | 8,133 |
2019 | 7,788 | 7,534 |
2018 | 7,699 | 5,758 |
Prior | 54,605 | 45,268 |
Revolving Loans Amortized Cost Basis | 9,992 | 9,091 |
Total | 142,920 | 130,674 |
Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 102,125 | 220,991 |
2021 | 177,696 | 153,172 |
2020 | 145,297 | 182,197 |
2019 | 122,060 | 115,018 |
2018 | 103,239 | 106,193 |
Prior | 425,940 | 368,042 |
Revolving Loans Amortized Cost Basis | 147,533 | 129,340 |
Total | 1,223,890 | 1,274,953 |
Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 15,653 |
2021 | 17,495 | 49,505 |
2020 | 54,400 | 64,552 |
2019 | 45,891 | 28,378 |
2018 | 27,920 | 21,406 |
Prior | 65,773 | 64,037 |
Revolving Loans Amortized Cost Basis | 37,171 | 37,306 |
Total | 248,650 | 280,837 |
Total real estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 282,278 | 1,186,202 |
2021 | 1,225,590 | 958,598 |
2020 | 880,485 | 1,222,426 |
2019 | 1,115,983 | 876,627 |
2018 | 839,307 | 540,521 |
Prior | 2,303,431 | 2,023,889 |
Revolving Loans Amortized Cost Basis | 634,865 | 617,535 |
Total | 7,281,939 | 7,425,798 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 55,314 | 230,043 |
2021 | 327,308 | 176,383 |
2020 | 206,959 | 136,413 |
2019 | 157,258 | 113,277 |
2018 | 140,106 | 68,376 |
Prior | 169,152 | 97,950 |
Revolving Loans Amortized Cost Basis | 3,245 | 3,077 |
Total | 1,059,342 | 825,519 |
Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 129,319 | 476,429 |
2021 | 354,191 | 123,160 |
2020 | 107,192 | 173,431 |
2019 | 167,503 | 194,797 |
2018 | 163,657 | 69,706 |
Prior | 159,626 | 104,283 |
Revolving Loans Amortized Cost Basis | 428,717 | 244,941 |
Total | 1,510,205 | 1,386,747 |
Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 27,726 | 61,173 |
2021 | 43,695 | 44,248 |
2020 | 41,545 | 8,842 |
2019 | 7,721 | 8,695 |
2018 | 8,249 | 3,268 |
Prior | 51,380 | 50,672 |
Revolving Loans Amortized Cost Basis | 20,912 | 21,127 |
Total | 201,228 | 198,025 |
Risk rating 1 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 1 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 70 | 76 |
Revolving Loans Amortized Cost Basis | 88 | 89 |
Total | 158 | 165 |
Risk rating 1 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 1,186,202 | |
2021 | 958,598 | |
2020 | 1,222,426 | |
2019 | 876,627 | |
2018 | 540,521 | |
Prior | 2,023,889 | |
Revolving Loans Amortized Cost Basis | 617,535 | |
Total | 7,425,798 | |
Risk rating 1 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 714 | 4,441 |
2021 | 4,029 | 1,799 |
2020 | 1,569 | 1,237 |
2019 | 1,025 | 920 |
2018 | 815 | 226 |
Prior | 1,448 | 1,383 |
Revolving Loans Amortized Cost Basis | 1,512 | 1,893 |
Total | 11,112 | 11,899 |
Risk rating 1 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 303 | 99,579 |
2021 | 52,314 | 12,752 |
2020 | 7,726 | 350 |
2019 | 331 | 118 |
2018 | 97 | 102 |
Prior | 21,508 | 21,436 |
Revolving Loans Amortized Cost Basis | 8,223 | 9,851 |
Total | 90,502 | 144,188 |
Risk rating 1 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 5,042 |
2021 | 2,514 | 0 |
2020 | 0 | 40 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 106 | 110 |
Revolving Loans Amortized Cost Basis | 662 | 552 |
Total | 3,282 | 5,744 |
Risk rating 2 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 2 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 226 | 231 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 226 | 231 |
Risk rating 2 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 2 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 26 | 29 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 26 | 29 |
Risk rating 2 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 45 |
2019 | 44 | 639 |
2018 | 631 | 0 |
Prior | 7 | 8 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 682 | 692 |
Risk rating 2 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 175 |
2021 | 164 | 16 |
2020 | 13 | 0 |
2019 | 0 | 0 |
2018 | 0 | 66 |
Prior | 233 | 276 |
Revolving Loans Amortized Cost Basis | 160 | 168 |
Total | 570 | 701 |
Risk rating 2 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 9 | 0 |
2021 | 0 | 0 |
2020 | 0 | 3,467 |
2019 | 3,467 | 0 |
2018 | 0 | 0 |
Prior | 910 | 909 |
Revolving Loans Amortized Cost Basis | 730 | 983 |
Total | 5,116 | 5,359 |
Risk rating 3 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 41,344 | 284,127 |
2021 | 372,936 | 281,982 |
2020 | 268,630 | 266,990 |
2019 | 248,030 | 341,642 |
2018 | 330,871 | 195,301 |
Prior | 958,047 | 891,035 |
Revolving Loans Amortized Cost Basis | 191,665 | 194,640 |
Total | 2,411,523 | 2,455,717 |
Risk rating 3 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 33,909 | 301,719 |
2021 | 263,928 | 183,715 |
2020 | 107,455 | 108,491 |
2019 | 97,927 | 23,574 |
2018 | 20,589 | 13,760 |
Prior | 50,002 | 41,860 |
Revolving Loans Amortized Cost Basis | 127,916 | 149,433 |
Total | 701,726 | 822,552 |
Risk rating 3 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 7,325 | 21,480 |
2021 | 22,672 | 27,931 |
2020 | 26,584 | 7,768 |
2019 | 7,425 | 6,564 |
2018 | 6,132 | 5,103 |
Prior | 25,925 | 21,689 |
Revolving Loans Amortized Cost Basis | 5,396 | 7,026 |
Total | 101,459 | 97,561 |
Risk rating 3 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 100,624 | 210,970 |
2021 | 168,672 | 147,523 |
2020 | 139,469 | 119,861 |
2019 | 111,463 | 94,848 |
2018 | 84,215 | 82,474 |
Prior | 340,235 | 296,687 |
Revolving Loans Amortized Cost Basis | 92,973 | 85,836 |
Total | 1,037,651 | 1,038,199 |
Risk rating 3 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 11,898 |
2021 | 8,456 | 5,211 |
2020 | 4,743 | 34,492 |
2019 | 13,599 | 17,375 |
2018 | 16,989 | 9,430 |
Prior | 44,703 | 43,804 |
Revolving Loans Amortized Cost Basis | 3,757 | 3,583 |
Total | 92,247 | 125,793 |
Risk rating 3 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 54,005 | 221,986 |
2021 | 320,326 | 173,511 |
2020 | 204,144 | 132,148 |
2019 | 153,160 | 109,810 |
2018 | 136,860 | 67,992 |
Prior | 163,250 | 92,076 |
Revolving Loans Amortized Cost Basis | 1,652 | 1,098 |
Total | 1,033,397 | 798,621 |
Risk rating 3 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 123,627 | 125,071 |
2021 | 121,930 | 59,056 |
2020 | 58,580 | 77,130 |
2019 | 72,706 | 67,944 |
2018 | 54,819 | 34,733 |
Prior | 83,385 | 42,905 |
Revolving Loans Amortized Cost Basis | 149,441 | 145,247 |
Total | 664,488 | 552,086 |
Risk rating 3 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 27,717 | 54,534 |
2021 | 36,157 | 44,030 |
2020 | 41,353 | 5,158 |
2019 | 4,117 | 7,092 |
2018 | 6,695 | 2,009 |
Prior | 46,415 | 46,570 |
Revolving Loans Amortized Cost Basis | 8,872 | 8,750 |
Total | 171,326 | 168,143 |
Risk rating 4 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 19,756 | 111,697 |
2021 | 103,534 | 32,788 |
2020 | 32,773 | 115,989 |
2019 | 96,042 | 301,520 |
2018 | 290,859 | 90,747 |
Prior | 411,218 | 345,254 |
Revolving Loans Amortized Cost Basis | 112,074 | 90,028 |
Total | 1,066,256 | 1,088,023 |
Risk rating 4 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 76,586 | 226,230 |
2021 | 263,046 | 217,267 |
2020 | 232,903 | 448,899 |
2019 | 472,552 | 33,617 |
2018 | 31,635 | 45,679 |
Prior | 60,556 | 38,122 |
Revolving Loans Amortized Cost Basis | 7,885 | 7,297 |
Total | 1,145,163 | 1,017,111 |
Risk rating 4 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 357 | 4,305 |
2021 | 4,283 | 964 |
2020 | 1,405 | 365 |
2019 | 363 | 970 |
2018 | 1,567 | 655 |
Prior | 27,786 | 22,143 |
Revolving Loans Amortized Cost Basis | 4,596 | 2,065 |
Total | 40,357 | 31,467 |
Risk rating 4 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 1,501 | 8,885 |
2021 | 7,897 | 3,397 |
2020 | 3,131 | 56,839 |
2019 | 4,860 | 16,887 |
2018 | 16,452 | 21,874 |
Prior | 65,665 | 53,578 |
Revolving Loans Amortized Cost Basis | 50,467 | 36,642 |
Total | 149,973 | 198,102 |
Risk rating 4 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 3,755 |
2021 | 9,039 | 44,294 |
2020 | 49,657 | 30,060 |
2019 | 32,292 | 3,412 |
2018 | 3,388 | 2,981 |
Prior | 10,918 | 18,805 |
Revolving Loans Amortized Cost Basis | 33,414 | 33,723 |
Total | 138,708 | 137,030 |
Risk rating 4 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 579 | 3,547 |
2021 | 2,923 | 923 |
2020 | 1,113 | 2,944 |
2019 | 2,997 | 1,776 |
2018 | 1,668 | 158 |
Prior | 2,354 | 2,641 |
Revolving Loans Amortized Cost Basis | 74 | 79 |
Total | 11,708 | 12,068 |
Risk rating 4 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 5,389 | 244,927 |
2021 | 173,141 | 35,350 |
2020 | 29,972 | 89,558 |
2019 | 90,147 | 91,840 |
2018 | 75,533 | 23,616 |
Prior | 38,503 | 34,566 |
Revolving Loans Amortized Cost Basis | 268,167 | 88,750 |
Total | 680,852 | 608,607 |
Risk rating 4 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 1,544 |
2021 | 4,965 | 218 |
2020 | 192 | 154 |
2019 | 117 | 1,590 |
2018 | 1,554 | 1,226 |
Prior | 2,145 | 1,224 |
Revolving Loans Amortized Cost Basis | 10,648 | 10,842 |
Total | 19,621 | 16,798 |
Risk rating 5 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 10,930 |
2020 | 10,594 | 2,239 |
2019 | 1,539 | 23,117 |
2018 | 24,276 | 49,926 |
Prior | 230,613 | 189,038 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 267,022 | 275,250 |
Risk rating 5 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 388 |
2019 | 374 | 0 |
2018 | 0 | 0 |
Prior | 1,171 | 1,174 |
Revolving Loans Amortized Cost Basis | 376 | 176 |
Total | 1,921 | 1,738 |
Risk rating 5 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 166 |
2020 | 166 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 166 | 166 |
Risk rating 5 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 181 | 3,065 |
2019 | 3,065 | 1,220 |
2018 | 493 | 582 |
Prior | 1,492 | 1,366 |
Revolving Loans Amortized Cost Basis | 189 | 193 |
Total | 5,420 | 6,426 |
Risk rating 5 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 7,591 |
2018 | 7,543 | 8,105 |
Prior | 8,037 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 15,580 | 15,696 |
Risk rating 5 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 116 |
2020 | 111 | 0 |
2019 | 0 | 15 |
2018 | 14 | 0 |
Prior | 127 | 131 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 252 | 262 |
Risk rating 5 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 6,185 |
2021 | 6,170 | 609 |
2020 | 595 | 480 |
2019 | 428 | 8,258 |
2018 | 6,767 | 5,712 |
Prior | 8,405 | 2,851 |
Revolving Loans Amortized Cost Basis | 513 | 582 |
Total | 22,878 | 24,677 |
Risk rating 5 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 1,297 | 1,297 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1,297 | 1,297 |
Risk rating 6 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 876 | 0 |
2021 | 0 | 0 |
2020 | 234 | 23,723 |
2019 | 23,145 | 2,224 |
2018 | 2,216 | 11,751 |
Prior | 38,858 | 32,372 |
Revolving Loans Amortized Cost Basis | 253 | 224 |
Total | 65,582 | 70,294 |
Risk rating 6 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 134 |
2020 | 0 | 825 |
2019 | 635 | 3 |
2018 | 3 | 0 |
Prior | 6,422 | 7,456 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 7,060 | 8,418 |
Risk rating 6 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 44 |
2020 | 44 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 894 | 1,436 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 938 | 1,480 |
Risk rating 6 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 1,136 |
2021 | 1,127 | 2,252 |
2020 | 2,516 | 2,432 |
2019 | 2,672 | 2,063 |
2018 | 2,079 | 1,263 |
Prior | 18,452 | 16,305 |
Revolving Loans Amortized Cost Basis | 3,816 | 6,580 |
Total | 30,662 | 32,031 |
Risk rating 6 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 890 |
Prior | 2,115 | 1,428 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 2,115 | 2,318 |
Risk rating 6 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 16 | 69 |
2021 | 30 | 34 |
2020 | 22 | 39 |
2019 | 32 | 117 |
2018 | 118 | 0 |
Prior | 1,966 | 1,711 |
Revolving Loans Amortized Cost Basis | 7 | 7 |
Total | 2,191 | 1,977 |
Risk rating 6 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 492 |
2021 | 472 | 15,377 |
2020 | 10,306 | 5,913 |
2019 | 3,891 | 24,941 |
2018 | 24,774 | 5,477 |
Prior | 7,584 | 2,233 |
Revolving Loans Amortized Cost Basis | 2,211 | 342 |
Total | 49,238 | 54,775 |
Risk rating 6 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 53 |
2021 | 59 | 0 |
2020 | 0 | 23 |
2019 | 20 | 13 |
2018 | 0 | 33 |
Prior | 507 | 562 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 586 | 684 |
Risk rating 7 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 7 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 1,696 |
2018 | 1,667 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1,667 | 1,696 |
Risk rating 7 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 1 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 1 |
Risk rating 8 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 8 | 16 |
Revolving Loans Amortized Cost Basis | 2 | 1 |
Total | 10 | 17 |
Risk rating 8 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | $ 494,637 | $ 1,953,847 |
2021 | 1,950,784 | 1,302,389 |
2020 | 1,236,181 | 1,541,112 |
2019 | 1,448,465 | 1,193,396 |
2018 | 1,151,319 | 681,871 |
Prior | 2,683,589 | 2,276,794 |
Revolving Loans Amortized Cost Basis | 1,087,739 | 886,680 |
Total | 10,052,714 | 9,836,089 |
Commercial real estate loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 180,153 | 949,558 |
2021 | 1,030,399 | 755,921 |
2020 | 680,788 | 975,677 |
2019 | 948,032 | 733,231 |
2018 | 708,148 | 412,922 |
Prior | 1,811,718 | 1,591,810 |
Revolving Loans Amortized Cost Basis | 450,161 | 450,889 |
Total | 5,809,399 | 5,870,008 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 61,976 | 395,824 |
2021 | 476,470 | 325,700 |
2020 | 312,231 | 408,941 |
2019 | 368,756 | 668,503 |
2018 | 648,222 | 347,725 |
Prior | 1,638,736 | 1,457,699 |
Revolving Loans Amortized Cost Basis | 303,992 | 284,892 |
Total | 3,810,383 | 3,889,284 |
Commercial real estate loans | Non-farm/non-residential | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 61,976 | 395,824 |
2021 | 476,470 | 315,447 |
2020 | 302,078 | 394,061 |
2019 | 353,876 | 648,351 |
2018 | 628,061 | 298,086 |
Prior | 1,403,017 | 1,268,731 |
Revolving Loans Amortized Cost Basis | 303,967 | 284,865 |
Total | 3,529,445 | 3,605,365 |
Commercial real estate loans | Non-farm/non-residential | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 10,253 |
2020 | 10,153 | 14,880 |
2019 | 14,880 | 20,152 |
2018 | 20,161 | 49,639 |
Prior | 235,719 | 188,968 |
Revolving Loans Amortized Cost Basis | 25 | 27 |
Total | 280,938 | 283,919 |
Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 110,495 | 527,949 |
2021 | 526,974 | 401,116 |
2020 | 340,358 | 558,603 |
2019 | 571,488 | 57,194 |
2018 | 52,227 | 59,439 |
Prior | 118,377 | 88,843 |
Revolving Loans Amortized Cost Basis | 136,177 | 156,906 |
Total | 1,856,096 | 1,850,050 |
Commercial real estate loans | Construction/land development | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 110,495 | 527,949 |
2021 | 526,974 | 400,982 |
2020 | 340,358 | 557,778 |
2019 | 570,853 | 57,024 |
2018 | 52,064 | 59,439 |
Prior | 118,133 | 85,197 |
Revolving Loans Amortized Cost Basis | 136,177 | 156,906 |
Total | 1,855,054 | 1,845,275 |
Commercial real estate loans | Construction/land development | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 134 |
2020 | 0 | 825 |
2019 | 635 | 170 |
2018 | 163 | 0 |
Prior | 244 | 3,646 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1,042 | 4,775 |
Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 7,682 | 25,785 |
2021 | 26,955 | 29,105 |
2020 | 28,199 | 8,133 |
2019 | 7,788 | 7,534 |
2018 | 7,699 | 5,758 |
Prior | 54,605 | 45,268 |
Revolving Loans Amortized Cost Basis | 9,992 | 9,091 |
Total | 142,920 | 130,674 |
Commercial real estate loans | Agricultural | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 7,682 | 25,785 |
2021 | 26,955 | 28,939 |
2020 | 28,033 | 8,133 |
2019 | 7,788 | 7,534 |
2018 | 7,699 | 5,758 |
Prior | 54,404 | 44,537 |
Revolving Loans Amortized Cost Basis | 9,992 | 9,091 |
Total | 142,553 | 129,777 |
Commercial real estate loans | Agricultural | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 166 |
2020 | 166 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 201 | 731 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 367 | 897 |
Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 102,125 | 220,991 |
2021 | 177,696 | 153,172 |
2020 | 145,297 | 182,197 |
2019 | 122,060 | 115,018 |
2018 | 103,239 | 106,193 |
Prior | 425,940 | 368,042 |
Revolving Loans Amortized Cost Basis | 147,533 | 129,340 |
Total | 1,223,890 | 1,274,953 |
Residential real estate loans | Residential 1-4 family | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 102,125 | 220,380 |
2021 | 177,089 | 151,459 |
2020 | 143,259 | 180,113 |
2019 | 119,733 | 113,845 |
2018 | 101,897 | 105,129 |
Prior | 416,203 | 360,700 |
Revolving Loans Amortized Cost Basis | 144,510 | 123,552 |
Total | 1,204,816 | 1,255,178 |
Residential real estate loans | Residential 1-4 family | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 611 |
2021 | 607 | 1,713 |
2020 | 2,038 | 2,084 |
2019 | 2,327 | 1,173 |
2018 | 1,342 | 1,064 |
Prior | 9,737 | 7,342 |
Revolving Loans Amortized Cost Basis | 3,023 | 5,788 |
Total | 19,074 | 19,775 |
Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 15,653 |
2021 | 17,495 | 49,505 |
2020 | 54,400 | 64,552 |
2019 | 45,891 | 28,378 |
2018 | 27,920 | 21,406 |
Prior | 65,773 | 64,037 |
Revolving Loans Amortized Cost Basis | 37,171 | 37,306 |
Total | 248,650 | 280,837 |
Residential real estate loans | Multifamily residential | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 15,653 |
2021 | 17,495 | 49,505 |
2020 | 54,400 | 64,552 |
2019 | 45,891 | 28,378 |
2018 | 27,920 | 21,406 |
Prior | 64,664 | 62,737 |
Revolving Loans Amortized Cost Basis | 37,171 | 37,306 |
Total | 247,541 | 279,537 |
Residential real estate loans | Multifamily residential | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 1,109 | 1,300 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1,109 | 1,300 |
Total real estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 282,278 | 1,186,202 |
2021 | 1,225,590 | 958,598 |
2020 | 880,485 | 1,222,426 |
2019 | 1,115,983 | 876,627 |
2018 | 839,307 | 540,521 |
Prior | 2,303,431 | 2,023,889 |
Revolving Loans Amortized Cost Basis | 634,865 | 617,535 |
Total | 7,281,939 | 7,425,798 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 55,314 | 230,043 |
2021 | 327,308 | 176,383 |
2020 | 206,959 | 136,413 |
2019 | 157,258 | 113,277 |
2018 | 140,106 | 68,376 |
Prior | 169,152 | 97,950 |
Revolving Loans Amortized Cost Basis | 3,245 | 3,077 |
Total | 1,059,342 | 825,519 |
Consumer | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 55,314 | 229,986 |
2021 | 327,292 | 176,355 |
2020 | 206,939 | 136,403 |
2019 | 157,253 | 113,160 |
2018 | 139,988 | 68,376 |
Prior | 167,905 | 96,506 |
Revolving Loans Amortized Cost Basis | 3,238 | 3,070 |
Total | 1,057,929 | 823,856 |
Consumer | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 57 |
2021 | 16 | 28 |
2020 | 20 | 10 |
2019 | 5 | 117 |
2018 | 118 | 0 |
Prior | 1,247 | 1,444 |
Revolving Loans Amortized Cost Basis | 7 | 7 |
Total | 1,413 | 1,663 |
Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 129,319 | 476,429 |
2021 | 354,191 | 123,160 |
2020 | 107,192 | 173,431 |
2019 | 167,503 | 194,797 |
2018 | 163,657 | 69,706 |
Prior | 159,626 | 104,283 |
Revolving Loans Amortized Cost Basis | 428,717 | 244,941 |
Total | 1,510,205 | 1,386,747 |
Commercial and industrial | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 129,319 | 476,424 |
2021 | 354,191 | 122,999 |
2020 | 107,052 | 168,984 |
2019 | 163,721 | 185,569 |
2018 | 154,552 | 66,928 |
Prior | 158,668 | 103,391 |
Revolving Loans Amortized Cost Basis | 426,047 | 244,259 |
Total | 1,493,550 | 1,368,554 |
Commercial and industrial | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 5 |
2021 | 0 | 161 |
2020 | 140 | 4,447 |
2019 | 3,782 | 9,228 |
2018 | 9,105 | 2,778 |
Prior | 958 | 892 |
Revolving Loans Amortized Cost Basis | 2,670 | 682 |
Total | 16,655 | 18,193 |
Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 27,726 | 61,173 |
2021 | 43,695 | 44,248 |
2020 | 41,545 | 8,842 |
2019 | 7,721 | 8,695 |
2018 | 8,249 | 3,268 |
Prior | 51,380 | 50,672 |
Revolving Loans Amortized Cost Basis | 20,912 | 21,127 |
Total | 201,228 | 198,025 |
Agricultural & other | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 27,726 | 61,173 |
2021 | 43,695 | 44,248 |
2020 | 41,545 | 8,819 |
2019 | 7,701 | 8,682 |
2018 | 8,249 | 3,235 |
Prior | 50,484 | 49,725 |
Revolving Loans Amortized Cost Basis | 20,912 | 21,127 |
Total | 200,312 | 197,009 |
Agricultural & other | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 23 |
2019 | 20 | 13 |
2018 | 0 | 33 |
Prior | 896 | 947 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | $ 916 | $ 1,016 |
Allowance for Credit Losses,_10
Allowance for Credit Losses, Credit Quality and Other - Presentation of Troubled Debt Restructurings ("TDRs") by Class (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)contract | Dec. 31, 2021USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 45 | 44 |
Pre- Modification Outstanding Balance | $ 12,198 | $ 12,474 |
Post- Modification Outstanding Balance | 6,915 | 7,526 |
Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 5,656 | 6,226 |
Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 783 | 806 |
Rate & Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 476 | $ 494 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 4 | 4 |
Pre- Modification Outstanding Balance | $ 23 | $ 22 |
Post- Modification Outstanding Balance | 16 | 16 |
Consumer | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 13 | 13 |
Consumer | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Consumer | Rate & Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 3 | $ 3 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 11 | 12 |
Pre- Modification Outstanding Balance | $ 6,085 | $ 6,119 |
Post- Modification Outstanding Balance | 4,192 | 4,289 |
Commercial real estate loans | Non-farm/non-residential | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 3,495 | 3,581 |
Commercial real estate loans | Non-farm/non-residential | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 614 | 623 |
Commercial real estate loans | Non-farm/non-residential | Rate & Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 83 | $ 85 |
Commercial real estate loans | Construction/land development | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 2 | 2 |
Pre- Modification Outstanding Balance | $ 240 | $ 240 |
Post- Modification Outstanding Balance | 205 | 211 |
Commercial real estate loans | Construction/land development | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 204 | 210 |
Commercial real estate loans | Construction/land development | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 1 | 1 |
Commercial real estate loans | Construction/land development | Rate & Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 0 | $ 0 |
Commercial real estate loans | Agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 0 | 1 |
Pre- Modification Outstanding Balance | $ 0 | $ 282 |
Post- Modification Outstanding Balance | 0 | 262 |
Commercial real estate loans | Agricultural | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 262 |
Commercial real estate loans | Agricultural | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Commercial real estate loans | Agricultural | Rate & Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 0 | $ 0 |
Residential real estate loans | Residential 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 16 | 15 |
Pre- Modification Outstanding Balance | $ 2,329 | $ 2,328 |
Post- Modification Outstanding Balance | 1,254 | 1,293 |
Residential real estate loans | Residential 1-4 family | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 824 | 844 |
Residential real estate loans | Residential 1-4 family | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 114 | 117 |
Residential real estate loans | Residential 1-4 family | Rate & Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 316 | $ 332 |
Residential real estate loans | Multifamily residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 1 | 1 |
Pre- Modification Outstanding Balance | $ 1,130 | $ 1,130 |
Post- Modification Outstanding Balance | 953 | 1,144 |
Residential real estate loans | Multifamily residential | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 953 | 1,144 |
Residential real estate loans | Multifamily residential | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Residential real estate loans | Multifamily residential | Rate & Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 0 | $ 0 |
Total real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 30 | 31 |
Pre- Modification Outstanding Balance | $ 9,784 | $ 10,099 |
Post- Modification Outstanding Balance | 6,604 | 7,199 |
Total real estate | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 5,476 | 6,041 |
Total real estate | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 729 | 741 |
Total real estate | Rate & Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 399 | $ 417 |
Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 11 | 9 |
Pre- Modification Outstanding Balance | $ 2,391 | $ 2,353 |
Post- Modification Outstanding Balance | 295 | 311 |
Commercial and industrial | Rate Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 167 | 172 |
Commercial and industrial | Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 54 | 65 |
Commercial and industrial | Rate & Term Modification | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 74 | $ 74 |
Allowance for Credit Losses,_11
Allowance for Credit Losses, Credit Quality and Other - Presentation of TDR's on Non-Accrual Status (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)contract | Dec. 31, 2021USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 19 | 18 |
Recorded Balance | $ | $ 786 | $ 1,076 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 1 | 2 |
Recorded Balance | $ | $ 6 | $ 7 |
Commercial real estate loans | Construction/land development | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 1 | 1 |
Recorded Balance | $ | $ 204 | $ 210 |
Commercial real estate loans | Agricultural | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 0 | 1 |
Recorded Balance | $ | $ 0 | $ 262 |
Residential real estate loans | Residential 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 5 | 5 |
Recorded Balance | $ | $ 371 | $ 388 |
Total real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 7 | 9 |
Recorded Balance | $ | $ 581 | $ 867 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 3 | 3 |
Recorded Balance | $ | $ 3 | $ 3 |
Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | contract | 9 | 6 |
Recorded Balance | $ | $ 202 | $ 206 |
Allowance for Credit Losses,_12
Allowance for Credit Losses, Credit Quality and Other - Summary of Total Foreclosed Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Commercial real estate loans | Non-farm/non-residential | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 275 | $ 536 |
Commercial real estate loans | Construction/land development | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 609 | 834 |
Residential real estate loans | Residential 1-4 family | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 260 | 260 |
Total real estate | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 1,144 | $ 1,630 |
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 | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Goodwill | |||
Balance, beginning of period | $ 973,025 | $ 973,025 | $ 973,025 |
Acquisitions | 0 | 0 | |
Balance, end of period | 973,025 | 973,025 | |
Core Deposit and Other Intangibles | |||
Balance, beginning of period | 25,045 | 30,728 | 30,728 |
Amortization expense | (1,421) | (1,421) | (4,262) |
Balance, end of year | $ 23,624 | $ 29,307 | $ 25,045 |
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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Gross carrying basis | $ 86,625 | $ 86,625 | ||
Accumulated amortization | (63,001) | (61,580) | ||
Net carrying amount | $ 23,624 | $ 25,045 | $ 29,307 | $ 30,728 |
Goodwill and Core Deposits an_5
Goodwill and Core Deposits and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Core deposit and other intangible amortization | $ 1,421 | $ 1,421 | $ 4,262 | |
Amortization expense for year 2022 | 5,700 | |||
Amortization expense for year 2023 | 5,500 | |||
Amortization expense for year 2024 | 4,300 | |||
Amortization expense for year 2025 | 3,900 | |||
Amortization expense for year 2026 | 3,600 | |||
Carrying amount of Company's goodwill | $ 973,025 | $ 973,025 | $ 973,025 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Other Assets [Line Items] | ||
Other assets | $ 182,546 | $ 177,020 |
Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("Federal Reserve") | ||
Schedule Of Other Assets [Line Items] | ||
Fair value of equity securities | 88,300 | 88,200 |
First National Bankers' Bank and Other Miscellaneous Holdings | ||
Schedule Of Other Assets [Line Items] | ||
Fair value of equity securities | $ 48,300 | $ 36,400 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Deposits [Line Items] | |||
Time deposits with a minimum denomination of $250,000 | $ 277,800 | $ 321,600 | |
Time deposits with a minimum denomination of $100,000 | 482,500 | 537,400 | |
Interest expense applicable to certificate | 764 | $ 2,400 | |
Brokered deposits | 625,700 | 625,700 | |
Total deposits | 14,580,934 | 14,260,570 | |
State and political subdivisions | |||
Deposits [Line Items] | |||
Total deposits | $ 1,830,000 | $ 1,910,000 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Securities sold under agreements to repurchase | $ 151,151 | $ 140,886 | |
Securities sold under agreements to repurchase daily weighted average | $ 137,600 | $ 159,700 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 151,151 | $ 140,886 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 151,151 | 140,886 |
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 | 8,552 | 8,433 |
U.S. government-sponsored enterprises | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 8,552 | 8,433 |
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 | 8,010 | 7,920 |
Mortgage-backed securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 8,010 | 7,920 |
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 | 131,821 | 122,173 |
State and political subdivisions | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 131,821 | 122,173 |
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 | 2,768 | 2,360 |
Other securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 2,768 | 2,360 |
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 ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Borrowed Funds [Line Items] | ||
FHLB borrowed funds | $ 400,000,000 | $ 400,000,000 |
Other short term borrowings | 0 | 0 |
Line of credit | 891,300,000 | 1,070,000,000 |
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% |
Subordinated Debentures - Prefe
Subordinated Debentures - Preferred Trust Securities and Subordinated Debt Securities (Detail) - USD ($) $ in Thousands | Jan. 18, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||||
Total | $ 667,868 | $ 371,093 | ||
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 | Trust preferred securities | ||||
Debt Instrument [Line Items] | ||||
Total | $ 3,093 | $ 3,093 | ||
Fixed rate for first five years | 6.75% | 6.75% | ||
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 | LIBOR | ||||
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] | ||||
Total | $ 15,464 | $ 15,464 | ||
Fixed rate for first five years | 6.00% | 6.00% | ||
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 | LIBOR | ||||
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] | ||||
Total | $ 25,774 | $ 25,774 | ||
Fixed rate for first five years | 5.84% | 5.84% | ||
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 | LIBOR | ||||
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] | ||||
Total | $ 16,495 | $ 16,495 | ||
Fixed rate for first five years | 4.29% | 4.29% | ||
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 | LIBOR | ||||
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] | ||||
Total | $ 4,513 | $ 4,501 | ||
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 | LIBOR | ||||
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] | ||||
Total | $ 5,965 | $ 5,942 | ||
Fixed rate for first five years | 7.38% | 7.38% | ||
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 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Floating rate above three-month LIBOR rate | 1.62% | 1.62% | ||
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | SOFR | ||||
Debt Instrument [Line Items] | ||||
Floating rate above three-month LIBOR rate | 1.82% | |||
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | Subordinated debt securities | ||||
Debt Instrument [Line Items] | ||||
Total | $ 296,586 | $ 0 | ||
Fixed rate for first five years | 3.125% | |||
Subordinated notes, net of issuance costs, issued in 2022, due 2032, fixed rate of 3.125% during the first five years and at a floating rate of 182 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2027 without penalty | Subordinated debt securities | SOFR | ||||
Debt Instrument [Line Items] | ||||
Floating rate above three-month LIBOR rate | 1.82% | |||
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] | ||||
Total | $ 299,978 | $ 299,824 | ||
Fixed rate for first five years | 5.625% | 5.625% | ||
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 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Floating rate above three-month LIBOR rate | 3.575% | 3.575% |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 15, 2022 | Jan. 18, 2022 | Apr. 03, 2017 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||||||
Assets | $ 18,617,995 | $ 18,052,138 | |||||
Trust preferred securities, face amount | $ 300,000 | ||||||
Subordinated notes, Interest rate | 3.125% | ||||||
Proceeds from issuance of subordinated debentures | $ 296,400 | $ 296,444 | $ 0 | ||||
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 debentures | $ 297,000 | ||||||
Percentage of redemption price on principal | 100.00% | ||||||
LIBOR | 5.625% Fixed-to-Floating Rate Subordinated Notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Floating rate above three-month LIBOR rate | 3.575% | ||||||
SOFR | 3.125% Fixed to Floating Rate Subordinated Notes due 2032 | |||||||
Debt Instrument [Line Items] | |||||||
Floating rate above three-month LIBOR rate | 1.82% | ||||||
Trust preferred securities | |||||||
Debt Instrument [Line Items] | |||||||
Face value of company held trust preferred securities | $ 73,300 | ||||||
Assets | $ 15,000,000 | ||||||
Subordinated debt securities | Subsequent Event | 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 | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of subordinated debt | $ 300,000 | ||||||
Subordinated debt securities | LIBOR | 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 | |||||||
Debt Instrument [Line Items] | |||||||
Floating rate above three-month LIBOR rate | 3.575% | 3.575% | |||||
Subordinated debt securities | SOFR | 3.125% Fixed to Floating Rate Subordinated Notes due 2032 | |||||||
Debt Instrument [Line Items] | |||||||
Floating rate above three-month LIBOR rate | 1.82% |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Current: | ||
Federal | $ 13,260 | $ 31,535 |
State | 4,389 | 10,439 |
Total current | 17,649 | 41,974 |
Deferred: | ||
Federal | 1,788 | (9,825) |
State | 592 | (3,253) |
Total deferred | 2,380 | (13,078) |
Income tax expense | $ 20,029 | $ 28,896 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Statutory federal income tax rate | 21.00% | 21.00% |
Effect of non-taxable interest income | (1.22%) | (0.91%) |
Stock compensation | 0.50% | 0.33% |
State income taxes, net of federal benefit | 4.13% | 4.26% |
Executive officer compensation & other | (0.82%) | (0.70%) |
Effective income tax rate | 23.59% | 23.98% |
Income Taxes - Differences Betw
Income Taxes - Differences Between Tax Basis of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Allowance for credit losses | $ 68,344 | $ 68,644 |
Deferred compensation | 3,069 | 5,342 |
Stock compensation | 5,260 | 5,044 |
Non-accrual interest income | 761 | 694 |
Real estate owned | 109 | 109 |
Unrealized loss on investment securities, available-for-sale | 36,985 | 0 |
Loan discounts | 3,652 | 4,169 |
Tax basis premium/discount on acquisitions | 2,746 | 3,220 |
Investments | 119 | 263 |
Other | 6,248 | 5,283 |
Gross deferred tax assets | 127,293 | 92,768 |
Deferred tax liabilities: | ||
Accelerated depreciation on premises and equipment | 697 | 761 |
Unrealized gain on securities | 0 | 4,220 |
Core deposit intangibles | 5,406 | 5,736 |
Deposits | 67 | 65 |
FHLB dividends | 2,833 | 2,820 |
Other | 1,685 | 876 |
Gross deferred tax liabilities | 10,688 | 14,478 |
Net deferred tax assets | $ 116,605 | $ 78,290 |
Common Stock, Compensation Pl_3
Common Stock, Compensation Plans and Other - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 22, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Preferred stock, shares authorized | 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 | ||||
Number of shares repurchased during period | 180,000 | 330,000 | |||
Weighted average stock price (in dollars per share) | $ 22.69 | ||||
Repurchase of combining of all the shares | 17,841,335 | ||||
Remaining balance available for repurchase (in shares) | 21,910,665 | ||||
Stock options outstanding (in shares) | 3,010,000 | 3,015,000 | 3,254,000 | ||
Shares of common stock reserved for issuance | 5,901,526 | ||||
Intrinsic value of stock options outstanding | $ 8,600 | ||||
Intrinsic value of stock options vested | 7,900 | ||||
Intrinsic value of stock options exercised | 254 | ||||
Unrecognized compensation cost net of income tax benefit, related to non-vested awards | $ 6,300 | ||||
Weighted average fair value of options granted (in dollars per share) | $ 5.83 | ||||
Options granted (in shares) | 18,000 | 15,000 | |||
2022 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares available for grants under the plan (in shares) | 14,788,000 | ||||
Additional shares authorized (in shares) | 1,500,000 | ||||
Remaining shares of common stock available for future grants | 2,891,510 | ||||
2006 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares available for grants under the plan (in shares) | 13,288,000 | ||||
Remaining shares of common stock available for future grants | 1,391,510 | ||||
Stock options outstanding (in shares) | 3,010,016 | ||||
Restricted Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost net of income tax benefit, related to non-vested stock option awards | $ 18,200 |
Common Stock, Compensation Pl_4
Common Stock, Compensation Plans and Other - Summary of Stock Option Transactions under Plan (Detail) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Shares | ||
Outstanding, beginning of year (in shares) | 3,015,000 | 3,254,000 |
Granted (in shares) | 18,000 | 15,000 |
Forfeited/Expired (in shares) | (5,000) | (57,000) |
Exercised (in shares) | (18,000) | (197,000) |
Outstanding, end of year (in shares) | 3,010,000 | 3,015,000 |
Exercisable, end of year (in shares) | 1,773,000 | 1,543,000 |
Weighted- Average Exercisable Price | ||
Outstanding, beginning of year (in dollars per share) | $ 20.06 | $ 19.77 |
Granted (in dollars per share) | 24.29 | 21.68 |
Forfeited/Expired (in dollars per share) | 23.32 | 22.44 |
Exercised (in dollars per share) | 10.08 | 14.78 |
Outstanding, ending of year (in dollars per share) | 20.14 | 20.06 |
Exercisable Weighted Average Exercisable Price, end of year (in dollars per share) | $ 18.35 | $ 17.46 |
Common Stock, Compensation Pl_5
Common Stock, Compensation Plans and Other - Summary of Stock Options on Valuation Assumptions (Detail) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected dividend yield | 2.72% | 2.59% |
Expected stock price volatility | 31.12% | 70.13% |
Risk-free interest rate | 1.73% | 0.75% |
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 | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares | shares | 3,010 |
Options Exercisable Shares | shares | 1,773 |
$6.56 to $8.62 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | $ 6.56 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 8.62 |
Options Outstanding Shares | shares | 140 |
Weighted- Average Remaining Contractual Life (in years) | 9 months 18 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 8.62 |
Options Exercisable Shares | shares | 140 |
Options Exercisable Weighted- Average Exercise Price (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] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 9.54 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 14.71 |
Options Outstanding Shares | shares | 140 |
Weighted- Average Remaining Contractual Life (in years) | 2 years 3 months 18 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 13.23 |
Options Exercisable Shares | shares | 140 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 13.23 |
$16.77 to $16.86 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 16.77 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 16.86 |
Options Outstanding Shares | shares | 130 |
Weighted- Average Remaining Contractual Life (in years) | 2 years 4 months 20 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 16.80 |
Options Exercisable Shares | shares | 130 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 16.80 |
$17.12 to $17.36 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 17.12 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 17.36 |
Options Outstanding Shares | shares | 93 |
Weighted- Average Remaining Contractual Life (in years) | 2 years 11 months 15 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 17.13 |
Options Exercisable Shares | shares | 93 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 17.13 |
$17.40 to $18.46 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 17.40 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 18.46 |
Options Outstanding Shares | shares | 871 |
Weighted- Average Remaining Contractual Life (in years) | 3 years 4 months 17 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 18.45 |
Options Exercisable Shares | shares | 738 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 18.45 |
$18.50 to $20.16 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 18.50 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 20.16 |
Options Outstanding Shares | shares | 41 |
Weighted- Average Remaining Contractual Life (in years) | 7 years 10 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 19.05 |
Options Exercisable Shares | shares | 15 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 19.01 |
$20.58 to $21.25 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 20.58 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 21.25 |
Options Outstanding Shares | shares | 158 |
Weighted- Average Remaining Contractual Life (in years) | 4 years 3 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 21.08 |
Options Exercisable Shares | shares | 149 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 21.10 |
$21.31 to $22.22 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 21.31 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 22.22 |
Options Outstanding Shares | shares | 112 |
Weighted- Average Remaining Contractual Life (in years) | 6 years 4 months 6 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 22.18 |
Options Exercisable Shares | shares | 62 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 22.20 |
$22.70 to $23.32 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 22.70 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 23.32 |
Options Outstanding Shares | shares | 1,227 |
Weighted- Average Remaining Contractual Life (in years) | 6 years 3 months 21 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 23.32 |
Options Exercisable Shares | shares | 246 |
Options Exercisable Weighted- Average Exercise Price (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] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 23.51 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 25.96 |
Options Outstanding Shares | shares | 99 |
Weighted- Average Remaining Contractual Life (in years) | 6 years 21 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 25.39 |
Options Exercisable Shares | shares | 59 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 25.82 |
Common Stock, Compensation Pl_7
Common Stock, Compensation Plans and Other - Summary of Company's Restricted Stock Issued and Outstanding (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Beginning of year (in shares) | 1,231 | 1,371 |
Issued (in shares) | 229 | 216 |
Vested (in shares) | (176) | (320) |
Forfeited (in shares) | (6) | (36) |
End of year (in shares) | 1,278 | 1,231 |
Amount of expense for nine months and twelve months ended, respectively (in shares) | $ 1,735 | $ 7,112 |
Non-Interest Expense - Componen
Non-Interest Expense - Components of Non-Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Noninterest Expense [Abstract] | |||
Salaries and employee benefits | $ 43,551 | $ 42,059 | |
Occupancy and equipment | 9,144 | 9,237 | |
Data processing expense | 7,039 | 5,870 | |
Merger and acquisition expenses | 863 | 0 | |
Other operating expenses: | |||
Advertising | 1,266 | 1,046 | |
Amortization of intangibles | 1,421 | 1,421 | $ 4,262 |
Electronic banking expense | 2,538 | 2,238 | |
Directors’ fees | 404 | 383 | |
Due from bank service charges | 270 | 249 | |
FDIC and state assessment | 1,668 | 1,363 | |
Insurance | 770 | 781 | |
Legal and accounting | 797 | 846 | |
Other professional fees | 1,609 | 1,613 | |
Operating supplies | 754 | 487 | |
Postage | 306 | 338 | |
Telephone | 337 | 346 | |
Other expense | 4,159 | 4,589 | |
Total other operating expenses | 16,299 | 15,700 | |
Total non-interest expense | $ 76,896 | $ 72,866 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Right of use asset | $ 39,700 | $ 39,600 | |
Lease liability | 42,509 | $ 42,409 | |
Lease rent expense | $ 35 | $ 35 | |
Lease expense rate | 1.78% | 1.54% | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Remainder of fiscal year | $ 5,770 | |
Year 1 | 6,698 | $ 7,714 |
Year 2 | 6,127 | 6,574 |
Year 3 | 5,639 | 6,001 |
Year 4 | 5,521 | 5,510 |
Thereafter | 26,508 | |
Year 5 | 5,389 | |
Thereafter | 24,999 | |
Total future minimum lease payments | 56,263 | 56,187 |
Discount effect of cash flows | (13,754) | (13,778) |
Present value of net future minimum lease payments | $ 42,509 | $ 42,409 |
Leases - Additional Informati_2
Leases - Additional Information of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lease expense: | ||
Operating lease expense | $ 1,822 | $ 2,009 |
Short-term lease expense | 1 | 4 |
Variable lease expense | 226 | 256 |
Total lease expense | 2,049 | 2,269 |
Other information: | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 1,829 | $ 1,994 |
Weighted-average remaining lease term (in years) | 9 years 6 months 3 days | 11 years 10 months 13 days |
Weighted-average discount rate | 3.41% | 3.52% |
Significant Estimates and Con_2
Significant Estimates and Concentrations of Credit Risks - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Loans Receivable | Geographic Concentration | South Alabama, Arkansas, Florida and New York City | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 69.90% | |
Loans Receivable | Commercial Real Estate | Credit Concentration | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 57.80% | 59.70% |
Loans Receivable | Residential Real Estate | Credit Concentration | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 14.60% | 15.80% |
Total Stockholders' Equity | Commercial Real Estate | Credit Concentration | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 216.20% | 212.20% |
Total Stockholders' Equity | Residential Real Estate | Credit Concentration | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 54.80% | 56.30% |
Residential Real Estate Loans | Geographic Concentration | South Alabama, Arkansas, Florida and New York City | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 75.80% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to extend credit outstanding | $ 3,190,000,000 | $ 3,050,000,000 |
Maximum amount of future payments by the company | $ 110,200,000 | $ 110,800,000 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Thousands | Mar. 27, 2020 | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Jan. 01, 2019 | Jan. 01, 2017 | Jan. 01, 2016 | Jul. 31, 2013USD ($) | Dec. 31, 2009USD ($) |
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 | $ 53,100 | |||||||
Assets | $ 18,617,995 | $ 18,052,138 | ||||||
Basel III | ||||||||
Regulatory Matters [Line Items] | ||||||||
Consolidated risk weighted asset | $ 500,000 | |||||||
Capital required for capital adequacy to risk weighted assets | 0.025 | |||||||
Capital conservation buffer, percentage | 0.00625 | |||||||
Increase in capital conservation buffer | 0.00625 | |||||||
Capital requirement, ratio | 0.025 | |||||||
Assets | $ 15,000,000 | |||||||
Basel III | Criteria 1 | ||||||||
Regulatory Matters [Line Items] | ||||||||
Tier 1 risk-based capital ratio | 0.045 | |||||||
Tier 1 leverage capital ratio | 0.04 | |||||||
Risk-based capital ratio | 0.06 | |||||||
Risk-based capital ratio | 0.08 | |||||||
Basel III | Criteria 2 | ||||||||
Regulatory Matters [Line Items] | ||||||||
Risk-based capital ratio | 0.2158 | |||||||
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 | 0.1487 | |||||||
Tier 1 leverage capital ratio | 0.1084 | |||||||
Tier 1 risk-based capital ratio | 0.1545 | |||||||
CECL | COVID -19 | ||||||||
Regulatory Matters [Line Items] | ||||||||
Allowable percentage of bank holding companies impact | 100.00% | |||||||
Percentage of allowance for credit losses | 25.00% |
Additional Cash Flow Informat_3
Additional Cash Flow Information - Summary of Additional Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||
Interest paid | $ 7,668 | $ 10,719 |
Income taxes paid | 1,968 | 1,205 |
Assets acquired by foreclosure | $ 0 | $ 1,786 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of foreclosed assets held for sale | $ 0 | ||
Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of collateral discount | 10.00% | ||
Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Percentage of collateral discount | 70.00% | ||
Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of loans with specific allocated losses | $ 271,300,000 | $ 280,000,000 | |
Accrued interest receivable reversed | 73,000 | $ 58,000 | |
Fair value of foreclosed assets held for sale | $ 1,100,000 | $ 1,600,000 |
Financial Instruments - Estimat
Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities — held-to-maturity, net of allowance for credit losses | $ 499,138 | |
Fair Value, Inputs, Level 1 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,619,458 | $ 3,650,315 |
Accrued interest receivable | 46,934 | 46,736 |
Demand and non-interest bearing | 4,311,400 | 4,127,878 |
Savings and interest-bearing transaction accounts | 9,461,393 | 9,251,805 |
Securities sold under agreements to repurchase | 151,151 | 140,886 |
Accrued interest payable | 10,885 | 4,798 |
Fair Value, Inputs, Level 1 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 3,619,458 | 3,650,315 |
Accrued interest receivable | 46,934 | 46,736 |
Demand and non-interest bearing | 4,311,400 | 4,127,878 |
Savings and interest-bearing transaction accounts | 9,461,393 | 9,251,805 |
Securities sold under agreements to repurchase | 151,151 | 140,886 |
Accrued interest payable | 10,885 | 4,798 |
Fair Value, Inputs, Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities — held-to-maturity, net of allowance for credit losses | 499,265 | |
FHLB and other borrowed funds | 400,000 | 400,000 |
Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities — held-to-maturity, net of allowance for credit losses | 499,138 | |
FHLB and other borrowed funds | 390,273 | 401,362 |
Fair Value, Inputs, Level 3 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net of impaired loans and allowance | 9,546,605 | 9,319,421 |
FHLB, FRB & FNBB Bank stock; other equity investments | 136,578 | 124,638 |
Time deposits | 808,141 | 880,887 |
Subordinated debentures | 667,868 | 371,093 |
Fair Value, Inputs, Level 3 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net of impaired loans and allowance | 10,010,107 | 9,503,261 |
FHLB, FRB & FNBB Bank stock; other equity investments | 136,578 | 124,638 |
Time deposits | 797,612 | 901,280 |
Subordinated debentures | $ 668,678 | $ 374,894 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands, shares in Millions | Apr. 15, 2022USD ($) | Apr. 01, 2022USD ($)$ / shares | Apr. 01, 2022USD ($)$ / sharesshares | Mar. 31, 2022USD ($)branch | Dec. 31, 2021USD ($) |
Subsequent Event [Line Items] | |||||
Number of branches | branch | 62 | ||||
Assets | $ 18,617,995 | $ 18,052,138 | |||
Loans | 9,817,946 | 9,599,375 | |||
Deposits | 14,580,934 | $ 14,260,570 | |||
Happy Bancshares, Inc. | |||||
Subsequent Event [Line Items] | |||||
Assets | 6,760,000 | ||||
Loans | 3,610,000 | ||||
Deposits | $ 5,850,000 | ||||
Subsequent Event | Happy Bancshares, Inc. | |||||
Subsequent Event [Line Items] | |||||
Business acquisition, common stock conversion ratio | 2.17 | ||||
Value over the exercise price (in dollars per share) | $ / shares | $ 49.3675 | $ 49.3675 | |||
Divider of value over exercise price (in dollars per share) | $ / shares | $ 22.75 | $ 22.75 | |||
Consideration value multiplier | 2.17 | 2.17 | |||
Cash payments received by stockholders, value per share (in dollars per share) | $ / shares | $ 22.75 | $ 22.75 | |||
Cash value of stock appreciation rights | $ 3,100 | ||||
Total transaction value | $ 961,900 | ||||
Subsequent Event | Happy Bancshares, Inc. | Common Stock | |||||
Subsequent Event [Line Items] | |||||
Business acquisition, equity interest issuable, number of shares (in shares) | shares | 42.4 | ||||
Business acquisition, equity interest issuable, value | $ 958,800 | $ 958,800 | |||
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 | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Repayments of subordinated debt | $ 300,000 |