Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 02, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 $0.01 per share | |
Trading Symbol | HOMB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 200,321,198 | |
Entity Central Index Key | 0001331520 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 205,262 | $ 226,363 |
Interest-bearing deposits with other banks | 969,996 | 773,850 |
Cash and cash equivalents | 1,175,258 | 1,000,213 |
Fed funds sold | 5,200 | 5,100 |
Investment securities — available-for-sale, net of allowance for credit losses of $2,525 at both March 31, 2024 and December 31, 2023 (amortized cost of $3,763,609 and $3,840,927 at March 31, 2024 and December 31, 2023, respectively) | 3,400,884 | 3,507,841 |
Investment securities — held-to-maturity, net of allowance for credit losses of $2,005 at both March 31, 2024 and December 31, 2023 | 1,280,586 | 1,281,982 |
Total investment securities | 4,681,470 | 4,789,823 |
Loans receivable | 14,513,673 | 14,424,728 |
Allowance for credit losses | (290,294) | (288,234) |
Loans receivable, net | 14,223,379 | 14,136,494 |
Bank premises and equipment, net | 389,618 | 393,300 |
Foreclosed assets held for sale | 30,650 | 30,486 |
Cash value of life insurance | 215,424 | 214,516 |
Accrued interest receivable | 119,029 | 118,966 |
Deferred tax asset, net | 202,882 | 197,164 |
Goodwill | 1,398,253 | 1,398,253 |
Core deposit intangibles | 46,630 | 48,770 |
Other assets | 347,928 | 323,573 |
Total assets | 22,835,721 | 22,656,658 |
Deposits: | ||
Demand and non-interest-bearing | 4,115,603 | 4,085,501 |
Savings and interest-bearing transaction accounts | 11,047,258 | 11,050,347 |
Time deposits | 1,703,269 | 1,651,863 |
Total deposits | 16,866,130 | 16,787,711 |
Securities sold under agreements to repurchase | 176,107 | 142,085 |
FHLB and other borrowed funds | 1,301,050 | 1,301,300 |
Accrued interest payable and other liabilities | 241,345 | 194,653 |
Subordinated debentures | 439,688 | 439,834 |
Total liabilities | 19,024,320 | 18,865,583 |
Stockholders’ equity: | ||
Common stock, par value $0.01; shares authorized 300,000,000 in 2024 and 2023; shares issued and outstanding 200,796,852 in 2024 and 201,526,494 in 2023 | 2,008 | 2,015 |
Capital surplus | 2,326,824 | 2,348,023 |
Retained earnings | 1,753,994 | 1,690,112 |
Accumulated other comprehensive loss | (271,425) | (249,075) |
Total stockholders’ equity | 3,811,401 | 3,791,075 |
Total liabilities and stockholders’ equity | $ 22,835,721 | $ 22,656,658 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 2,525 | $ 2,525 |
Amortized cost | 3,763,609 | 3,840,927 |
Allowance for credit losses | $ 2,005 | $ 2,005 |
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 | 200,796,852 | 201,526,494 |
Common stock, shares outstanding | 200,796,852 | 201,526,494 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income: | ||
Loans | $ 265,294 | $ 236,997 |
Investment securities | ||
Taxable | 33,229 | 35,288 |
Tax-exempt | 7,803 | 7,963 |
Deposits – other banks | 10,528 | 4,685 |
Federal funds sold | 61 | 6 |
Total interest income | 316,915 | 284,939 |
Interest expense: | ||
Interest on deposits | 92,548 | 59,162 |
Federal funds purchased | 0 | 0 |
FHLB and other borrowed funds | 14,276 | 6,190 |
Securities sold under agreements to repurchase | 1,404 | 868 |
Subordinated debentures | 4,097 | 4,124 |
Total interest expense | 112,325 | 70,344 |
Net interest income | 204,590 | 214,595 |
Provision for credit losses on loans | 5,500 | 1,200 |
Recovery of credit losses on unfunded commitments | (1,000) | 0 |
Provision for credit losses on investment securities | 0 | 0 |
Total credit loss expense | 4,500 | 1,200 |
Net interest income after credit loss expense | 200,090 | 213,395 |
Non-interest income: | ||
Trust fees | 5,066 | 4,864 |
Mortgage lending income | 3,558 | 2,571 |
Insurance commissions | 508 | 526 |
Increase in cash value of life insurance | 1,195 | 1,104 |
Dividends from FHLB, FRB, FNBB & other | 3,007 | 2,794 |
Gain on sale of SBA loans | 198 | 139 |
(Loss) gain on sale of branches, equipment and other assets, net | (8) | 7 |
Gain on OREO, net | 17 | 0 |
Fair value adjustment for marketable securities | 1,003 | (11,408) |
Other income | 7,380 | 11,850 |
Total non-interest income | 41,799 | 34,164 |
Non-interest expense: | ||
Salaries and employee benefits | 60,910 | 64,490 |
Occupancy and equipment | 14,551 | 14,952 |
Data processing expense | 9,147 | 8,968 |
Merger and acquisition expenses | 0 | 0 |
Other operating expenses | 26,888 | 26,234 |
Total non-interest expense | 111,496 | 114,644 |
Income before income taxes | 130,393 | 132,915 |
Income tax expense | 30,284 | 29,953 |
Net income | $ 100,109 | $ 102,962 |
Basic earnings per share (in dollars per share) | $ 0.50 | $ 0.51 |
Diluted earnings per share (in dollars per share) | $ 0.50 | $ 0.51 |
Service charges on deposit accounts | ||
Non-interest income: | ||
Service charges | $ 9,686 | $ 9,842 |
Other service charges and fees | ||
Non-interest income: | ||
Service charges | $ 10,189 | $ 11,875 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 100,109 | $ 102,962 |
Net unrealized (loss) gain on available-for-sale securities | (29,635) | 64,968 |
Other comprehensive (loss) income before tax effect | (29,635) | 64,968 |
Tax effect on other comprehensive loss | 7,285 | (15,811) |
Other comprehensive (loss) income | (22,350) | 49,157 |
Comprehensive income | $ 77,759 | $ 152,119 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Loss |
Beginning Balance at Dec. 31, 2022 | $ 3,526,362 | $ 2,034 | $ 2,386,699 | $ 1,443,087 | $ (305,458) |
Comprehensive income: | |||||
Net income | 102,962 | 102,962 | |||
Other comprehensive income (loss) | 49,157 | 49,157 | |||
Net issuance of shares of common stock from exercise of stock options | 86 | 1 | 85 | ||
Repurchase of shares of common stock | (13,540) | (6) | (13,534) | ||
Share-based compensation net issuance of shares of restricted common stock | 2,507 | 3 | 2,504 | ||
Cash dividends - Common Stock | (36,649) | (36,649) | |||
Ending balance at Mar. 31, 2023 | 3,630,885 | 2,032 | 2,375,754 | 1,509,400 | (256,301) |
Beginning Balance at Dec. 31, 2023 | 3,791,075 | 2,015 | 2,348,023 | 1,690,112 | (249,075) |
Comprehensive income: | |||||
Net income | 100,109 | 100,109 | |||
Other comprehensive income (loss) | (22,350) | (22,350) | |||
Net issuance of shares of common stock from exercise of stock options | 671 | 1 | 670 | ||
Repurchase of shares of common stock | (24,017) | (10) | (24,007) | ||
Share-based compensation net issuance of shares of restricted common stock | 2,275 | 2 | 2,273 | ||
Excise tax from repurchase of common stock | (135) | (135) | |||
Cash dividends - Common Stock | (36,227) | (36,227) | |||
Ending balance at Mar. 31, 2024 | $ 3,811,401 | $ 2,008 | $ 2,326,824 | $ 1,753,994 | $ (271,425) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Net issuance of shares of common stock from exercise of stock options (in shares) | 76,542 | 66,451 |
Common stock shares repurchased (in shares) | 1,025,934 | 590,000 |
Issuance of restricted common stock (in shares) | 219,750 | 258,000 |
Common stock, cash dividends per share (in dollars per share) | $ 0.18 | $ 0.18 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities | ||
Net income | $ 100,109 | $ 102,962 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation & amortization | 7,350 | 7,722 |
(Increase) decrease in value of equity securities | (1,003) | 11,408 |
Amortization of securities, net | 3,826 | 3,835 |
Accretion of purchased loans | (2,772) | (3,172) |
Share-based compensation | 2,275 | 2,507 |
Gain on assets | (207) | (146) |
Provision for credit losses on loans | 5,500 | 1,200 |
Recovery of credit losses on unfunded commitments | (1,000) | 0 |
Deferred income tax effect | 1,567 | 176 |
Increase in cash value of life insurance | (1,195) | (1,104) |
Originations of mortgage loans held for sale | (119,379) | (90,465) |
Proceeds from sales of mortgage loans held for sale | 126,012 | 66,655 |
Changes in assets and liabilities: | ||
Accrued interest receivable | (63) | 459 |
Other assets | (21,169) | (99) |
Accrued interest payable and other liabilities | 47,692 | 16,010 |
Net cash provided by operating activities | 147,543 | 117,948 |
Investing Activities | ||
Net increase in federal funds sold | (100) | 0 |
Net (increase) decrease in loans, excluding purchased loans | (99,450) | 43,894 |
Proceeds from maturities of investment securities – available-for-sale | 73,448 | 330,539 |
Proceeds from maturities of investment securities – held-to-maturity | 1,444 | 1,378 |
(Purchase) redemption of other investments | (2,176) | 5,239 |
Proceeds from foreclosed assets held for sale | 306 | 157 |
Proceeds from sale of SBA loans | 2,949 | 2,337 |
Purchases of premises and equipment, net | (1,682) | (2,404) |
Return of investment on cash value of life insurance | 280 | 0 |
Net cash (used in) provided by investing activities | (24,981) | 381,140 |
Financing Activities | ||
Net increase (decrease) in deposits | 78,419 | (493,317) |
Net increase in securities sold under agreements to repurchase | 34,022 | 7,596 |
Decrease in FHLB and other borrowed funds | (1,400,250) | 0 |
Increase in FHLB and other borrowed funds | 1,400,000 | 0 |
Proceeds from exercise of stock options | 671 | 86 |
Repurchase of common stock | (24,152) | (13,540) |
Dividends paid on common stock | (36,227) | (36,649) |
Net cash provided by (used in) financing activities | 52,483 | (535,824) |
Net change in cash and cash equivalents | 175,045 | (36,736) |
Cash and cash equivalents – beginning of year | 1,000,213 | 724,790 |
Cash and cash equivalents – end of period | $ 1,175,258 | $ 688,054 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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, Texas 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 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 2023 Form 10-K, filed with the Securities and Exchange Commission on February 26, 2024. 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, gross domestic product, national retail sales index, housing price indices and rental vacancy rate 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 - Shore Premier Finance ("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 these 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 loan 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, net of estimated costs to sell, 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. 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, net of estimated costs to sell. For individually analyzed loans which are not considered to be collateral dependent, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation. 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 restructured loans made to borrowers experiencing financial difficulty 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-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. 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 Accounting Standards Codification ("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 FASB ASC 326, the Company records both a discount or premium 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 Company develops separate PCD models for each loan segment with PCD loans not individually analyzed for credit losses. These models utilize a peer group benchmark in order to determine the probability of default and loss given default to be used in the calculation. 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 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. 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 2024 2023 (In thousands) Net income $ 100,109 $ 102,962 Average shares outstanding 201,210 203,456 Effect of common stock options 180 169 Average diluted shares outstanding 201,390 203,625 Basic earnings per share $ 0.50 $ 0.51 Diluted earnings per share $ 0.50 $ 0.51 |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2024 | |
Business Combinations [Abstract] | |
Business Combinations | 2. Business Combinations Acquisition of Happy Bancshares, Inc. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 Available-for-Sale Amortized Cost Allowance for Credit Losses Net Carrying Amount Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 342,771 $ — $ 342,771 $ 1,441 $ (18,537) $ 325,675 U.S. government-sponsored mortgage-backed securities 1,667,526 — 1,667,526 396 (215,187) 1,452,735 Private mortgage-backed securities 190,155 — 190,155 — (16,614) 173,541 Non-government-sponsored asset backed securities 367,066 — 367,066 695 (6,421) 361,340 State and political subdivisions 980,415 — 980,415 1,104 (81,647) 899,872 Other securities 215,676 (2,525) 213,151 957 (26,387) 187,721 Total $ 3,763,609 $ (2,525) $ 3,761,084 $ 4,593 $ (364,793) $ 3,400,884 March 31, 2024 Held-to-Maturity Amortized Cost Allowance for Credit Losses Net Carrying Amount Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 43,353 $ — $ 43,353 $ — $ (3,342) $ 40,011 U.S. government-sponsored mortgage-backed securities 129,077 — 129,077 — (6,093) 122,984 State and political subdivisions 1,110,161 (2,005) 1,108,156 216 (112,222) 996,150 Total $ 1,282,591 $ (2,005) $ 1,280,586 $ 216 $ (121,657) $ 1,159,145 December 31, 2023 Available-for-Sale Amortized Cost Allowance for Credit Losses Net Carrying Amount Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 361,494 $ — $ 361,494 $ 2,247 $ (17,093) $ 346,648 U.S. government-sponsored mortgage-backed securities 1,711,668 — 1,711,668 310 (191,557) 1,520,421 Private mortgage-backed securities 191,522 — 191,522 — (16,117) 175,405 Non-government-sponsored asset backed securities 370,203 370,203 821 (7,551) 363,473 State and political subdivisions 990,318 — 990,318 1,938 (75,931) 916,325 Other securities 215,722 (2,525) 213,197 402 (28,030) 185,569 Total $ 3,840,927 $ (2,525) $ 3,838,402 $ 5,718 $ (336,279) $ 3,507,841 December 31, 2023 Held-to-Maturity Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 43,285 $ — $ 43,285 $ — $ (2,607) $ 40,678 U.S. government-sponsored mortgage-backed securities 130,278 — 130,278 106 (4,362) 126,022 State and political subdivisions 1,110,424 (2,005) 1,108,419 456 (105,094) 1,003,781 Total $ 1,283,987 $ (2,005) $ 1,281,982 $ 562 $ (112,063) $ 1,170,481 Assets, principally investment securities, having a carrying value of approximately $3.55 billion and $3.57 billion at March 31, 2024 and December 31, 2023, 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 $176.1 million and $142.1 million at March 31, 2024 and December 31, 2023, respectively. The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at March 31, 2024, 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 $ 15,856 $ 15,686 $ — $ — Due after one year through five years 235,704 220,573 28,202 26,487 Due after five years through ten years 396,977 355,394 313,321 283,296 Due after ten years 890,325 821,615 811,991 726,378 U.S. government-sponsored mortgage-backed securities 1,667,526 1,452,735 129,077 122,984 Private mortgage-backed securities 190,155 173,541 — — Non-government-sponsored asset backed securities 367,066 361,340 — — Total $ 3,763,609 $ 3,400,884 $ 1,282,591 $ 1,159,145 During the three months ended March 31, 2024 and 2023, no available-for-sale securities were sold. 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, 2024 and December 31, 2023. March 31, 2024 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 $ 29,035 $ (529) $ 177,346 $ (18,008) $ 206,381 $ (18,537) U.S. government-sponsored mortgage-backed securities 34,770 (956) 1,365,034 (214,231) 1,399,804 (215,187) Private mortgage-backed securities — — 173,541 (16,614) 173,541 (16,614) Non-government-sponsored asset backed securities 17,486 (15) 212,754 (6,406) 230,240 (6,421) State and political subdivisions 32,760 (921) 782,538 (80,726) 815,298 (81,647) Other securities 2,415 (1,085) 167,048 (25,302) 169,463 (26,387) Total $ 116,466 $ (3,506) $ 2,878,261 $ (361,287) $ 2,994,727 $ (364,793) Held-to-maturity: U.S. government-sponsored enterprises $ — $ — $ 40,011 $ (3,342) $ 40,011 $ (3,342) U.S. government-sponsored mortgage-backed securities 42,125 (960) 80,859 (5,133) 122,984 (6,093) State and political subdivisions 10,816 (480) 961,813 (111,742) 972,629 (112,222) Total $ 52,941 $ (1,440) $ 1,082,683 $ (120,217) $ 1,135,624 $ (121,657) December 31, 2023 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 $ 2,742 $ (2) $ 180,569 $ (17,091) $ 183,311 $ (17,093) U.S. government-sponsored mortgage-backed securities 102,831 (2,166) 1,392,318 (189,391) 1,495,149 (191,557) Private mortgage-backed securities 9,298 (226) 166,107 (15,891) 175,405 (16,117) Non-government-sponsored asset backed securities — — 213,838 (7,551) 213,838 (7,551) State and political subdivisions 28,596 (400) 769,860 (75,531) 798,456 (75,931) Other securities — — 164,430 (28,030) 164,430 (28,030) Total $ 143,467 $ (2,794) $ 2,887,122 $ (333,485) $ 3,030,589 $ (336,279) Held to maturity: U.S. government-sponsored enterprises $ — $ — $ 40,677 $ (2,607) $ 40,677 $ (2,607) U.S. government-sponsored mortgage-backed securities 48,498 (861) 65,573 (3,501) 114,071 (4,362) State and political subdivisions 21,493 (297) 956,578 (104,797) 978,071 (105,094) Total $ 69,991 $ (1,158) $ 1,062,828 $ (110,905) $ 1,132,819 $ (112,063) Debt securities available-for-sale ("AFS") are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income (loss), net of taxes. Securities that are held as available-for-sale are used as a part of our asset/liability management strategy. Securities that may be sold in response to interest rate changes, changes in prepayment risk, the need to increase regulatory capital, and other similar factors are classified as available-for-sale. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses. The Company first assesses whether it intends to sell or is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost, and changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. The Company has made the election to exclude accrued interest receivable on AFS securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. 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. Debt securities held-to-maturity ("HTM"), which include any security for which we have the positive intent and ability to hold until maturity, are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized/accreted to the call date to interest income using the constant effective yield method over the estimated life of the security. The Company evaluates all securities quarterly to determine if any securities in a loss position require a provision for credit losses. The Company measures expected credit losses on HTM securities on a collective basis by major security type, with each type sharing similar risk characteristics. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. The Company has made the election to exclude accrued interest receivable on HTM securities from the estimate of credit losses and report accrued interest separately on the consolidated balance sheets. 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. During the three months ended March 31, 2024, the Company determined the $2.5 million allowance for credit losses on the available for sale portfolio and the $2.0 million allowance for credit losses on the held-to-maturity portfolio were adequate. Therefore, no additional provision was considered necessary. Available-for-Sale Investment Securities March 31, 2024 December 31, 2023 Allowance for credit losses: (In thousands) Beginning balance $ 2,525 $ 842 Provision for credit loss — — Balance, March 31 $ 2,525 $ 842 Provision for credit loss 1,683 Balance, December 31, 2023 $ 2,525 Held-to-Maturity Investment Securities March 31, 2024 December 31, 2023 Allowance for credit losses: (In thousands) Beginning balance $ 2,005 $ 2,005 Provision for credit loss — — Balance, March 31 $ 2,005 $ 2,005 Provision for credit loss — Balance, December 31, 2023 $ 2,005 For the three months ended March 31, 2024, the Company had available-for-sale investment securities with approximately $364.8 million in unrealized losses, of which $361.3 million had been in continuous loss positions for more than twelve months. With the exception of the subordinated debt investment securities which were downgraded during 2023 resulting in the allowance as noted above, the Company’s assessments indicated 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 34.7% 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, 2024, the Company's available-for-sale securities portfolio consisted of 1,570 investment securities, 1,321 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $364.8 million. The U.S. government-sponsored enterprises portfolio contained unrealized losses of $18.5 million on 63 securities. The U.S. government-sponsored mortgage-backed securities portfolio contained $215.2 million of unrealized losses on 660 securities, and the private mortgage-backed securities portfolio contained $16.6 million of unrealized losses on 32 securities. The non-government-sponsored asset backed securities portfolio contained $6.4 million of unrealized losses on 33 securities. The state and political subdivisions portfolio contained $81.6 million of unrealized losses on 471 securities. In addition, the other securities portfolio contained $26.4 million of unrealized losses on 62 securities. With the exception of the investments for which an allowance for credit losses has been established, the unrealized losses on the Company's investments were primarily a result of interest rate changes, and the Company expects to recover the amortized cost basis over the term of the securities. The Company has determined that, as of March 31, 2024, an additional provision for credit losses is not necessary 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. As of March 31, 2024, the Company's held-to-maturity securities portfolio consisted of 508 investment securities, 492 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $121.7 million. The U.S. government-sponsored enterprises portfolio contained unrealized losses of $3.3 million on 5 securities. The U.S. government-sponsored mortgage-backed securities portfolio contained unrealized losses of $6.1 million on 20 securities. The state and political subdivisions portfolio contained $112.2 million of unrealized losses on 467 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, the Company has determined that an additional provision for credit losses was not necessary as of March 31, 2024. The following table summarizes bond ratings for the Company’s held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of March 31, 2024: State and political subdivisions U.S. government-sponsored enterprises U.S. government-sponsored mortgage-backed securities Total (In thousands) Aaa/AAA $ 235,082 $ 43,353 $ — $ 278,435 Aa/AA 845,485 — — 845,485 A 27,686 — — 27,686 Not rated 1,908 — — 1,908 Agency Backed — — 129,077 129,077 Total $ 1,110,161 $ 43,353 $ 129,077 $ 1,282,591 Income earned on securities for the three months ended March 31, 2024 and 2023, is as follows: Three Months Ended 2024 2023 (In thousands) Taxable Available-for-sale $ 25,762 $ 27,798 Held-to-maturity 7,467 7,490 Non-taxable Available-for-sale 4,695 4,826 Held-to-maturity 3,108 3,137 Total $ 41,032 $ 43,251 |
Loans Receivable
Loans Receivable | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans Receivable | 4. Loans Receivable The various categories of loans receivable are summarized as follows: March 31, 2024 December 31, 2023 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 5,616,965 $ 5,549,954 Construction/land development 2,330,555 2,293,047 Agricultural 337,618 325,156 Residential real estate loans Residential 1-4 family 1,899,974 1,844,260 Multifamily residential 415,926 435,736 Total real estate 10,601,038 10,448,153 Consumer 1,163,228 1,153,690 Commercial and industrial 2,284,775 2,324,991 Agricultural 278,609 307,327 Other 186,023 190,567 Total loans receivable 14,513,673 14,424,728 Allowance for credit losses (290,294) (288,234) Loans receivable, net $ 14,223,379 $ 14,136,494 During the three months ended March 31, 2024, the Company sold $2.7 million of the guaranteed portions of certain SBA loans, which resulted in a gain of approximately $198,000. During the three months ended March 31, 2023, the Company sold $2.2 million guaranteed portions of certain SBA loans, which resulted in a gain of approximately $139,000. Mortgage loans held for sale of approximately $95.2 million and $123.4 million at March 31, 2024 and December 31, 2023, 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. The Company regularly sells mortgages into the capital markets to mitigate the effects of interest rate volatility during the period from the time an interest rate lock commitment (“IRLC”) is issued until the IRLC funds creating a mortgage loan held for sale and its subsequent sale into the secondary/capital markets. Loan sales are typically executed on a mandatory basis. Under a mandatory commitment, the Company agrees to deliver a specified dollar amount with predetermined terms by a certain date. Generally, the commitment is not loan specific, and any combination of loans can be delivered into the outstanding commitment provided the terms fall within the parameters of the commitment. Upon failure to deliver, the Company is subject to fees based on market movement. These commitments and IRLCs are derivative instruments and their fair values at March 31, 2024 and December 31, 2023 were not material. Purchased loans that have experienced more than insignificant credit deterioration since origination are PCD loans. An allowance for credit losses is determined using the same methodology as other loans. The Company develops separate PCD models for each loan segment with PCD loans not individually analyzed for credit losses. 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 $90.5 million and $130.7 million in PCD loans, as of March 31, 2024 and December 31, 2023, respectively. This balance, as of March 31, 2024, consisted of $90.1 million resulting from the acquisition of Happy and $362,000 from the acquisition of LH-Finance. |
Allowance for Credit Losses, Cr
Allowance for Credit Losses, Credit Quality and Other | 3 Months Ended |
Mar. 31, 2024 | |
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 the 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. The identified loss drivers by segment are included below as of both March 31, 2024 and December 31, 2023. 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, 10, 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 the 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. During the three months ended March 31, 2024, the Company recorded $5.5 million in provision for credit losses on loans, and the Company reversed $1.0 million in provision for unfunded commitments. During the three months ended March 31, 2023, the Company recorded $1.2 million in provision for credit losses on loans, and the Company determined that no additional provision was necessary for unfunded commitments as the current level of the reserve was considered adequate. The following table presents the activity in the allowance for credit losses for the three months ended March 31, 2024: Three Months Ended March 31, 2024 Construction/ Other Residential Commercial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 33,877 $ 78,635 $ 55,860 $ 92,810 $ 27,052 $ 288,234 Loans charged off (1) (1,102) (159) (1,746) (970) (3,978) Recoveries of loans previously charged off 7 20 19 101 391 538 Net loans recovered (charged off) 6 (1,082) (140) (1,645) (579) (3,440) Provision for credit losses 2,038 1,575 1,183 (157) 861 5,500 Balance, March 31 $ 35,921 $ 79,128 $ 56,903 $ 91,008 $ 27,334 $ 290,294 The following table presents the activity in the allowance for credit losses for the three months ended March 31, 2023 and the year ended December 31, 2023: Three Months Ended March 31, 2023 and Year Ended December 31, 2023 Construction/ Other Residential Commercial & Industrial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 32,243 $ 93,848 $ 50,963 $ 89,354 $ 23,261 $ 289,669 Loans charged off (25) (73) (59) (3,006) (1,125) (4,288) Recoveries of loans previously charged off 7 19 126 109 327 588 Net loans (charged off) recovered (18) (54) 67 (2,897) (798) (3,700) Provision for credit loss - loans (1,053) (6,816) 403 5,939 2,727 1,200 Balance, March 31 31,172 — 86,978 — 51,433 — 92,396 — 25,190 287,169 Loans charged off (238) (2,262) (210) (6,151) (2,906) (11,767) Recoveries of loans previously charged off 106 514 203 474 785 2,082 Net loans (charged off) recovered (132) (1,748) (7) (5,677) (2,121) (9,685) Provision for credit loss - loans 2,837 (6,595) 4,434 6,091 3,983 10,750 Balance, December 31 $ 33,877 $ 78,635 $ 55,860 $ 92,810 $ 27,052 $ 288,234 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, 2024 and December 31, 2023: March 31, 2024 Nonaccrual Nonaccrual Loans Past Due (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 12,887 $ — $ 9,377 Construction/land development 15,782 9,059 603 Agricultural 414 — — Residential real estate loans Residential 1-4 family 22,037 — 543 Total real estate 51,120 9,059 10,523 Consumer 4,639 — 48 Commercial and industrial 10,969 3,112 2,311 Agricultural & other 327 — 46 Total $ 67,055 $ 12,171 $ 12,928 December 31, 2023 Nonaccrual Nonaccrual Loans Past Due (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 13,178 $ — $ 2,177 Construction/land development 12,094 — 255 Agricultural 431 — — Residential real estate loans Residential 1-4 family 20,351 — 84 Multifamily residential — — — Total real estate 46,054 — 2,516 Consumer 3,423 — 79 Commercial and industrial 9,982 2,534 1,535 Agricultural & other 512 — — Total $ 59,971 $ 2,534 $ 4,130 The Company had $67.1 million and $60.0 million in nonaccrual loans for the periods ended March 31, 2024 and December 31, 2023, respectively. In addition, the Company had $12.9 million and $4.1 million in loans past due 90 days or more and still accruing for the periods ended March 31, 2024 and December 31, 2023, respectively. The Company had $12.2 million and $2.5 million in nonaccrual loans with a specific reserve as of March 31, 2024 and December 31, 2023, respectively. Interest income recognized on the non-accrual loans for the periods ended March 31, 2024 and March 31, 2023 was considered immaterial. The following table presents the amortized cost basis of impaired loans (which includes loans individually analyzed for credit losses for which a specific reserve has been recorded, non-accrual loans, loans past due 90 days or more and restructured loans made to borrowers experiencing financial difficulty) by class of loans as of March 31, 2024 and December 31, 2023: March 31, 2024 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 44,193 $ — $ — Construction/land development 16,385 — — Agricultural 414 — — Residential real estate loans Residential 1-4 family — 23,696 — Multifamily residential — — — Total real estate 60,992 23,696 — Consumer — — 4,696 Commercial and industrial — — 15,536 Agricultural & other — — 373 Total $ 60,992 $ 23,696 $ 20,605 December 31, 2023 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 39,813 $ — $ — Construction/land development 12,350 — — Agricultural 431 — — Residential real estate loans Residential 1-4 family — 21,386 — Multifamily residential — — — Total real estate 52,594 21,386 — Consumer — — 3,511 Commercial and industrial — — 16,890 Agricultural & other — — 512 Total $ 52,594 $ 21,386 $ 20,913 The Company had $105.3 million and $94.9 million in impaired loans for the periods ended March 31, 2024 and December 31, 2023, respectively. Loans that do not share risk characteristics are evaluated on an individual basis. For these 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, net of estimated costs to sell, 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, net of estimated costs to sell. The following is an aging analysis for loans receivable as of March 31, 2024 and December 31, 2023: March 31, 2024 Loans Loans Loans Total Current Total Accruing (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 2,628 $ 1,148 $ 22,264 $ 26,040 $ 5,590,925 $ 5,616,965 $ 9,377 Construction/land development 1,525 103 16,385 18,013 2,312,542 2,330,555 603 Agricultural 301 311 414 1,026 336,592 337,618 — Residential real estate loans Residential 1-4 family 10,488 1,466 22,580 34,534 1,865,440 1,899,974 543 Multifamily residential 790 — — 790 415,136 415,926 — Total real estate 15,732 3,028 61,643 80,403 10,520,635 10,601,038 10,523 Consumer 417 151 4,687 5,255 1,157,973 1,163,228 48 Commercial and industrial 1,426 2,747 13,280 17,453 2,267,322 2,284,775 2,311 Agricultural & other 462 48 373 883 463,749 464,632 46 Total $ 18,037 $ 5,974 $ 79,983 $ 103,994 $ 14,409,679 $ 14,513,673 $ 12,928 December 31, 2023 Loans Loans Loans Total Current Total Accruing (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 8,124 $ 416 $ 15,355 $ 23,895 $ 5,526,059 $ 5,549,954 $ 2,177 Construction/land development 1,430 — 12,349 13,779 2,279,268 2,293,047 255 Agricultural 474 314 431 1,219 323,937 325,156 — Residential real estate loans Residential 1-4 family 4,346 1,423 20,435 26,204 1,818,056 1,844,260 84 Multifamily residential — — — — 435,736 435,736 — Total real estate 14,374 2,153 48,570 65,097 10,383,056 10,448,153 2,516 Consumer 1,022 303 3,502 4,827 1,148,863 1,153,690 79 Commercial and industrial 2,089 3,378 11,517 16,984 2,308,007 2,324,991 1,535 Agricultural and other 1,074 113 512 1,699 496,195 497,894 — Total $ 18,559 $ 5,947 $ 64,101 $ 88,607 $ 14,336,121 $ 14,424,728 $ 4,130 Non-accruing loans at March 31, 2024 and December 31, 2023 were $67.1 million and $60.0 million, respectively. Interest recognized on impaired loans during the three months ended March 31, 2024 was approximately $685,000. Interest recognized on impaired loans during the three months ended March 31, 2023 was approximately $1.8 million. 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, Texas, 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 collateral dependent, due to one of the following reasons: (1) The Company has established minimum dollar amount thresholds for credit loss testing. All loans over $2.0 million that are rated 5 – 8 are individually assessed for credit losses on a quarterly basis. Loans rated 5 – 8 that fall under the threshold amount are not individually tested for credit losses and therefore are not included in collateral dependent loans; (2) of the loans that are above the threshold amount and tested for credit losses after testing, some are considered to not be collateral dependent and are not included in collateral dependent loans. Based on the most recent analysis performed, the risk category of loans by class of loans as of March 31, 2024 and December 31, 2023 is as follows: March 31, 2024 Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Risk rating 1 $ — $ — $ — $ — $ — $ 342 $ 91 $ 433 Risk rating 2 — — — — — 109 — 109 Risk rating 3 83,363 331,573 594,821 581,031 241,146 1,121,885 437,309 3,391,128 Risk rating 4 7,718 157,901 499,982 251,916 157,181 710,773 133,521 1,918,992 Risk rating 5 — — 800 10,612 — 53,802 — 65,214 Risk rating 6 — — 8,191 9,205 24,133 199,371 189 241,089 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total non-farm/non-residential 91,081 489,474 1,103,794 852,764 422,460 2,086,282 571,110 5,616,965 Construction/land development Risk rating 1 $ — $ — $ — $ 10 $ — $ — $ — $ 10 Risk rating 2 — 138 — — — 179 — 317 Risk rating 3 103,471 338,932 491,298 113,870 50,553 70,571 47,987 1,216,682 Risk rating 4 17,872 165,321 426,339 220,985 19,545 52,325 193,864 1,096,251 Risk rating 5 — 635 — — — 67 — 702 Risk rating 6 — — 11,796 1,602 1,279 901 943 16,521 Risk rating 7 — — — — — — — — Risk rating 8 — — — 72 — — — 72 Total construction/land development 121,343 505,026 929,433 336,539 71,377 124,043 242,794 2,330,555 Agricultural Risk rating 1 $ 700 $ — $ 1,550 $ — $ — $ — $ — $ 2,250 Risk rating 2 — 245 — 1,908 — — — 2,153 Risk rating 3 12,689 35,840 43,636 20,758 24,044 48,712 26,975 212,654 Risk rating 4 7,297 9,474 22,316 18,238 13,622 40,145 4,636 115,728 Risk rating 5 — — — — — 882 — 882 Risk rating 6 — — — 1,668 1,084 1,199 — 3,951 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 20,686 45,559 67,502 42,572 38,750 90,938 31,611 337,618 Total commercial real estate loans $ 233,110 $ 1,040,059 $ 2,100,729 $ 1,231,875 $ 532,587 $ 2,301,263 $ 845,515 $ 8,285,138 Residential real estate loans Residential 1-4 family Risk rating 1 $ — $ — $ — $ — $ — $ 96 $ 2 $ 98 Risk rating 2 — 867 — — — 14 1 882 Risk rating 3 68,236 222,450 374,959 238,269 140,564 399,083 123,952 1,567,513 Risk rating 4 3,710 14,286 43,663 52,466 20,855 76,831 85,756 297,567 Risk rating 5 — 158 670 29 298 1,412 — 2,567 Risk rating 6 — 1,274 5,386 3,915 3,939 16,047 784 31,345 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — 2 — 2 Total residential 1-4 family 71,946 239,035 424,678 294,679 165,656 493,485 210,495 1,899,974 March 31, 2024 Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 424 3,300 25,242 37,413 44,195 81,998 6,867 199,439 Risk rating 4 — 696 81,319 38,046 64,246 23,736 8,041 216,084 Risk rating 5 — — 150 — — — — 150 Risk rating 6 — — — — — 253 — 253 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential 424 3,996 106,711 75,459 108,441 105,987 14,908 415,926 Total real estate $ 305,480 $ 1,283,090 $ 2,632,118 $ 1,602,013 $ 806,684 $ 2,900,735 $ 1,070,918 $ 10,601,038 Consumer Risk rating 1 $ 2,232 $ 4,108 $ 2,526 $ 1,834 $ 769 $ 1,238 $ 1,529 $ 14,236 Risk rating 2 — — — — — 170 — 170 Risk rating 3 44,644 230,405 238,893 206,923 102,296 289,483 1,196 1,113,840 Risk rating 4 904 7,573 8,067 1,015 49 4,911 255 22,774 Risk rating 5 — 5,052 — 223 165 905 — 6,345 Risk rating 6 — 186 1,482 950 932 2,276 23 5,849 Risk rating 7 — 13 — — — — — 13 Risk rating 8 — — — — 1 — — 1 Total consumer 47,780 247,337 250,968 210,945 104,212 298,983 3,003 1,163,228 Commercial and industrial Risk rating 1 $ 678 $ 1,729 $ 860 $ 816 $ 231 $ 20,920 $ 12,287 $ 37,521 Risk rating 2 — 160 1,221 208 10 20 1,130 2,749 Risk rating 3 21,943 475,638 267,003 73,719 52,985 248,283 227,129 1,366,700 Risk rating 4 32,124 50,433 33,941 44,843 19,245 85,821 425,396 691,803 Risk rating 5 — 20 832 16,270 3,186 972 2,123 23,403 Risk rating 6 22 12,147 72,252 4,576 668 20,577 52,352 162,594 Risk rating 7 — — — — — 5 — 5 Risk rating 8 — — — — — — — — Total commercial and industrial 54,767 540,127 376,109 140,432 76,325 376,598 720,417 2,284,775 Agricultural and other Risk rating 1 $ 427 $ 402 $ 120 $ 16 $ 105 $ — $ 331 $ 1,401 Risk rating 2 71 308 28 1 — 1,216 743 2,367 Risk rating 3 17,995 51,938 40,941 30,317 25,416 44,812 140,789 352,208 Risk rating 4 3,781 8,139 9,975 7,231 642 13,634 62,823 106,225 Risk rating 5 — — 312 — 61 593 15 981 Risk rating 6 — 77 31 55 97 368 822 1,450 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural and other 22,274 60,864 51,407 37,620 26,321 60,623 205,523 464,632 Total $ 430,301 $ 2,131,418 $ 3,310,602 $ 1,991,010 $ 1,013,542 $ 3,636,939 $ 1,999,861 $ 14,513,673 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Risk rating 1 $ — $ — $ — $ — $ 232 $ 116 $ 55 $ 403 Risk rating 2 — — — — 111 — — 111 Risk rating 3 305,742 584,860 568,413 243,177 216,746 934,111 440,414 3,293,463 Risk rating 4 83,089 557,540 242,217 224,378 149,258 590,864 95,360 1,942,706 Risk rating 5 — — 10,000 — 14,095 42,694 758 67,547 Risk rating 6 — 8,198 9,958 23,743 24,380 179,350 95 245,724 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total non-farm/non-residential 388,831 1,150,598 830,588 491,298 404,822 1,747,135 536,682 5,549,954 Construction/land development Risk rating 1 $ — $ — $ 10 $ — $ — $ — $ — $ 10 Risk rating 2 759 — — — — 186 — 945 Risk rating 3 300,941 499,984 130,342 62,134 22,656 56,180 44,603 1,116,840 Risk rating 4 198,874 417,244 252,602 22,713 32,342 24,527 209,063 1,157,365 Risk rating 5 641 1,163 — 3,306 218 69 — 5,397 Risk rating 6 — 7,817 1,631 748 641 254 1,327 12,418 Risk rating 7 — — — — — — — — Risk rating 8 — — 72 — — — — 72 Total construction/land development 501,215 926,208 384,657 88,901 55,857 81,216 254,993 2,293,047 Agricultural Risk rating 1 $ — $ 1,605 $ — $ — $ — $ — $ — $ 1,605 Risk rating 2 247 — 1,936 — — — — 2,183 Risk rating 3 30,252 43,291 22,919 25,992 10,678 43,284 20,104 196,520 Risk rating 4 9,477 24,688 20,358 19,532 7,873 32,692 4,612 119,232 Risk rating 5 — — — — 314 571 — 885 Risk rating 6 — — 1,675 1,084 1,620 352 — 4,731 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 39,976 69,584 46,888 46,608 20,485 76,899 24,716 325,156 Total commercial real estate loans $ 930,022 $ 2,146,390 $ 1,262,133 $ 626,807 $ 481,164 $ 1,905,250 $ 816,391 $ 8,168,157 Residential real estate loans Residential 1-4 family Risk rating 1 $ — $ — $ — $ — $ — $ 144 $ 2 $ 146 Risk rating 2 259 — — — — 20 1 280 Risk rating 3 246,462 366,149 241,985 145,339 93,751 324,569 122,950 1,541,205 Risk rating 4 14,992 37,444 55,406 21,240 13,313 67,084 62,356 271,835 Risk rating 5 — 243 246 479 831 1,343 40 3,182 Risk rating 6 71 5,361 2,926 4,064 3,432 10,567 1,189 27,610 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — 2 — 2 Total residential 1-4 family 261,784 409,197 300,563 171,122 111,327 403,729 186,538 1,844,260 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 3,314 9,827 37,755 44,407 31,436 53,068 6,537 186,344 Risk rating 4 669 77,185 69,546 64,295 8,116 18,490 7,822 246,123 Risk rating 5 — — — — — 3,006 — 3,006 Risk rating 6 — — — — 263 — — 263 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential 3,983 87,012 107,301 108,702 39,815 74,564 14,359 435,736 Total real estate $ 1,195,789 $ 2,642,599 $ 1,669,997 $ 906,631 $ 632,306 $ 2,383,543 $ 1,017,288 $ 10,448,153 Consumer Risk rating 1 $ 5,195 $ 2,952 $ 2,002 $ 839 $ 355 $ 1,114 $ 1,580 $ 14,037 Risk rating 2 — — — — 126 54 — 180 Risk rating 3 240,897 245,543 211,312 108,009 108,063 191,220 1,264 1,106,308 Risk rating 4 9,597 7,534 2,479 69 109 6,073 214 26,075 Risk rating 5 22 — 22 483 872 261 — 1,660 Risk rating 6 204 1,559 830 581 881 1,349 11 5,415 Risk rating 7 15 — — — — — — 15 Risk rating 8 — — — — — — — — Total consumer 255,930 257,588 216,645 109,981 110,406 200,071 3,069 1,153,690 Commercial and industrial Risk rating 1 $ 3,757 $ 918 $ 1,120 $ 236 $ 121 $ 20,835 $ 12,644 $ 39,631 Risk rating 2 174 1,293 220 12 164 218 963 3,044 Risk rating 3 487,896 272,608 78,507 50,340 77,761 170,610 227,043 1,364,765 Risk rating 4 115,025 34,474 55,812 33,000 27,189 71,854 378,417 715,771 Risk rating 5 21 547 16,318 3,352 201 980 1,767 23,186 Risk rating 6 12,498 75,536 4,942 1,154 9,086 12,180 63,198 178,594 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total commercial and industrial 619,371 385,376 156,919 88,094 114,522 276,677 684,032 2,324,991 Agricultural and other Risk rating 1 $ 408 $ 131 $ 16 $ 105 $ — $ 2 $ 563 $ 1,225 Risk rating 2 396 28 1 — 1,181 100 693 2,399 Risk rating 3 52,758 45,796 31,378 26,918 3,059 43,984 145,419 349,312 Risk rating 4 14,007 7,663 8,025 955 10,955 3,188 94,186 138,979 Risk rating 5 — 2,286 — 134 — 593 665 3,678 Risk rating 6 71 33 63 108 — 370 1,656 2,301 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural and other 67,640 55,937 39,483 28,220 15,195 48,237 243,182 497,894 Total $ 2,138,730 $ 3,341,500 $ 2,083,044 $ 1,132,926 $ 872,429 $ 2,908,528 $ 1,947,571 $ 14,424,728 The following table presents gross write-offs by origination date as of March 31, 2024 and December 31, 2023. March 31, 2024 Gross Loan Write-Offs by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate Commercial real estate loans Non-farm/non-residential $ — $ — $ — $ 750 $ 1 $ 351 $ — $ 1,102 Construction/land development — — — — 1 — — 1 Agricultural — — — — — — — — Residential real estate loans Residential 1-4 family — 1 68 — 25 65 — 159 Total real estate — 1 68 750 27 416 — 1,262 Consumer — 12 39 26 87 34 — 198 Commercial and industrial — 106 25 258 — 2 1,355 1,746 Agricultural & other 772 * — — — — — — 772 Total $ 772 $ 119 $ 132 $ 1,034 $ 114 $ 452 $ 1,355 $ 3,978 *The 2024 write-off consists entire |
Goodwill and Core Deposits and
Goodwill and Core Deposits and Other Intangibles | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023, were as follows: March 31, 2024 December 31, 2023 (In thousands) Goodwill Balance, beginning of period $ 1,398,253 $ 1,398,253 Acquisitions — — Balance, end of period $ 1,398,253 $ 1,398,253 March 31, 2024 December 31, 2023 (In thousands) Core Deposit Intangibles Balance, beginning of period $ 48,770 $ 58,455 Amortization expense (2,140) (2,477) Balance, March 31 $ 46,630 55,978 Amortization expense (7,208) Balance, end of year $ 48,770 The carrying basis and accumulated amortization of core deposit intangibles at March 31, 2024 and December 31, 2023 were : March 31, 2024 December 31, 2023 (In thousands) Gross carrying basis $ 128,888 $ 128,888 Accumulated amortization (82,258) (80,118) Net carrying amount $ 46,630 $ 48,770 Core deposit intangible amortization expense was approximately $2.1 million and $2.5 million for the three months ended March 31, 2024 and 2023, respectively. The Company’s estimated amortization expense of core deposits intangibles for each of the years 2024 through 2028 is approximately: 2024 – $8.4 million; 2025 – $8.0 million; 2026 – $7.8 million; 2027– $6.6 million; 2028 – $4.2 million. The carrying amount of the Company’s goodwill was $1.40 billion at both March 31, 2024 and December 31, 2023. Goodwill is tested annually for impairment during the fourth quarter or more often if events and circumstances indicate there may be an impairment. During the 2023 review, no impairment was found. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated, and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the consolidated financial statements. |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023, other assets were $347.9 million and $323.6 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 $134.1 million and $133.4 million at March 31, 2024 and December 31, 2023, 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 $92.7 million and $90.3 million at March 31, 2024 and December 31, 2023, respectively. There were no transactions during the period that would indicate a material change in fair value. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposits [Abstract] | |
Deposits | 8. Deposits The aggregate amount of time deposits with a minimum denomination of $250,000 was $847.9 million and $836.7 million at March 31, 2024 and December 31, 2023, respectively. The aggregate amount of time deposits with a minimum denomination of $100,000 was $1.11 billion and $1.09 billion at March 31, 2024 and December 31, 2023, respectively. Interest expense applicable to certificates in excess of $100,000 totaled $11.6 million and $2.9 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, brokered deposits were $407.4 million and $401.0 million, respectively. Deposits totaling approximately $3.06 billion and $3.05 billion at March 31, 2024 and December 31, 2023, 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, 2024 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold Under Agreements to Repurchase | 9. Securities Sold Under Agreements to Repurchase At March 31, 2024 and December 31, 2023, securities sold under agreements to repurchase totaled $176.1 million and $142.1 million, respectively. For the three-month periods ended March 31, 2024 and 2023, securities sold under agreements to repurchase daily weighted-average totaled $172.0 million and $134.9 million, respectively. The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of March 31, 2024 and December 31, 2023 is presented in the following table: March 31, 2024 December 31, 2023 Overnight and Continuous Total Overnight and Continuous Total (In thousands) Securities sold under agreements to repurchase: Mortgage-backed securities $ 12,602 $ 12,602 $ — $ — Other securities 163,505 163,505 142,085 142,085 Total borrowings $ 176,107 $ 176,107 $ 142,085 $ 142,085 |
FHLB and Other Borrowed Funds
FHLB and Other Borrowed Funds | 3 Months Ended |
Mar. 31, 2024 | |
Advance from Federal Home Loan Bank [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 $600.0 million at both March 31, 2024 and December 31, 2023. At March 31, 2024 and December 31, 2023, the entire $600.0 million of the outstanding balances were classified as long-term advances. The FHLB advances mature from 2025 to 2037 with fixed interest rates ranging from 3.37% to 4.84%. 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. Other borrowed funds were $701.1 million as of March 31, 2024 and were classified as short-term advances. The Company had $701.3 million in other borrowed funds as of December 31, 2023. As of both March 31, 2024 and December 31, 2023, the Company had drawn $700.0 million from the Bank Term Funding Program in the ordinary course of business, and these advances mature on January 16, 2025. |
Subordinated Debentures
Subordinated Debentures | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Subordinated Debentures | 11. Subordinated Debentures Subordinated debentures at March 31, 2024 and December 31, 2023 consisted of the following components: As of March 31, 2024 As of December 31, 2023 (In thousands) Subordinated debt securities Subordinated notes, net of issuance costs, issued in 2020, due 2030, fixed rate of 5.50% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty $ 141,756 $ 142,084 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 297,932 297,750 Total $ 439,688 $ 439,834 Subordinated Debt Securities . On April 1, 2022, the Company acquired $140.0 million in aggregate principal amount of 5.500% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “2030 Notes”) from Happy, and the Company recorded approximately $144.4 million which included fair value adjustments. The 2030 Notes are unsecured, subordinated debt obligations of the Company and will mature on July 31, 2030. From and including the date of issuance to, but excluding July 31, 2025 or the date of earlier redemption, the 2030 Notes will bear interest at an initial rate of 5.50% per annum, payable in arrears on January 31 and July 31 of each year. From and including July 31, 2025 to, but excluding, the maturity date or earlier redemption, the 2030 Notes will bear interest at a floating rate equal to the Benchmark rate (which is expected to be 3-month Secured Overnight Funding Rate (SOFR)), each as defined in and subject to the provisions of the applicable supplemental indenture for the 2030 Notes, plus 5.345%, payable quarterly in arrears on January 31, April 30, July 31, and October 31 of each year, commencing on October 31, 2025. The Company may, beginning with the interest payment date of July 31, 2025, and on any interest payment date thereafter, redeem the 2030 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 2030 Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the 2030 Notes at any time, including prior to July 31, 2025, 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 2030 Notes for U.S. federal income tax purposes or preclude the 2030 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 2030 Notes plus any accrued and unpaid interest to, but excluding, the redemption date. 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. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The following is a summary of the components of the provision for income taxes for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 (In thousands) Current: Federal $ 23,327 $ 24,740 State 5,390 5,037 Total current 28,717 29,777 Deferred: Federal 1,273 146 State 294 30 Total deferred 1,567 176 Income tax expense $ 30,284 $ 29,953 The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Statutory federal income tax rate 21.00 % 21.00 % Effect of non-taxable interest income (0.43) (0.78) Stock compensation 0.35 0.39 State income taxes, net of federal benefit 2.81 2.49 Executive officer compensation & other (0.51) (0.56) Effective income tax rate 23.22 % 22.54 % 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 $ 81,487 $ 81,251 Deferred compensation 4,969 7,619 Stock compensation 6,611 6,803 Non-accrual interest income 1,641 1,463 Real estate owned 70 79 Unrealized loss on investment securities, available-for-sale 88,778 81,493 Loan discounts 4,519 5,119 Investments 27,185 25,789 Other 19,531 14,691 Gross deferred tax assets 234,791 224,307 Deferred tax liabilities: Accelerated depreciation on premises and equipment 1,275 1,477 Tax basis on acquisitions 4,937 4,061 Core deposit intangibles 10,547 11,021 FHLB dividends 2,522 2,351 Other 12,628 8,233 Gross deferred tax liabilities 31,909 27,143 Net deferred tax assets $ 202,882 $ 197,164 |
Common Stock, Compensation Plan
Common Stock, Compensation Plans and Other | 3 Months Ended |
Mar. 31, 2024 | |
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 During the three months ended March 31, 2024, the Company repurchased a total of 1,025,934 shares with a weighted-average stock price of $23.38 per share. Shares repurchased under the program as of March 31, 2024 since its inception total 24,011,649 shares. The remaining balance available for repurchase is 15,740,351 shares at March 31, 2024. Stock Compensation Plans The Company has a stock option and performance incentive plan know as the Home BancShares, Inc. 2022 Equity Incentive Plan (the “Plan”). The purpose of the Plan is to attract and retain highly qualified officers, directors, key employees, and other persons, and to motivate those persons to improve the Company’s business results. As of March 31, 2024, the maximum total number of shares of the Company’s common stock available for issuance under the Plan was 14,788,000 shares. At March 31, 2024, the Company had 2,548,186 shares of common stock available for future grants and 5,117,620 shares of common stock reserved for issuance pursuant to the Plan. The intrinsic value of the stock options outstanding was $8.8 million, which includes the intrinsic value of vested stock options of $7.9 million at March 31, 2024. The intrinsic value of stock options exercised during the three months ended March 31, 2024 was approximately $1.2 million. Total unrecognized compensation cost related to non-vested stock option awards, which are expected to be recognized over the vesting periods, was approximately $2.4 million as of March 31, 2024. The table below summarizes the stock option transactions under the Plan at March 31, 2024 and December 31, 2023 and changes during the three-month period and year then ended: For the Three Months Ended March 31, 2024 For the Year Ended December 31, 2023 Shares (000) Weighted- Shares (000) Weighted- Outstanding, beginning of year 2,776 $ 20.95 2,971 $ 20.45 Granted — — 25 22.63 Forfeited/Expired (19) 22.32 (10) 23.38 Exercised (188) 17.78 (210) 14.01 Outstanding, end of period 2,569 21.17 2,776 20.95 Exercisable, end of period 1,987 20.65 1,940 20.05 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. There were no options granted during the three months ended March 31, 2024. 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 2024 and 2023 stock option grants were as follows: For the Three Months Ended March 31, 2024 For the Year Ended December 31, 2023 Expected dividend yield Not Applicable 2.98 % Expected stock price volatility Not Applicable 27.97 % Risk-free interest rate Not Applicable 3.37 % Expected life of options Not Applicable 6.5 years The following is a summary of currently outstanding and exercisable options at March 31, 2024: Options Outstanding Options Exercisable Exercise Prices Options Weighted- Weighted- Options Weighted- $14.00 to $15.99 100 0.79 $ 14.71 100 $ 14.71 $16.00 to $17.99 87 1.01 17.05 87 17.05 $18.00 to $19.99 736 1.56 18.49 730 18.48 $20.00 to $21.99 261 4.37 20.88 194 20.99 $22.00 to $23.99 1,295 4.40 23.22 805 23.19 $24.00 to $25.99 91 4.15 25.59 71 25.95 2,570 1,987 The table below summarized the activity for the Company’s restricted stock issued and outstanding at March 31, 2024 and December 31, 2023 and changes during the period and year then ended: As of March 31, 2024 As of December 31, 2023 (In thousands) Beginning of year 1,429 1,381 Issued 238 261 Vested (433) (152) Forfeited (18) (61) End of period 1,216 1,429 Amount of expense for the three months and twelve months ended, respectively $ 2,008 $ 8,016 Total unrecognized compensation cost related to non-vested restricted stock awards, which are expected to be recognized over the vesting periods, was approximately $14.5 million as of March 31, 2024. |
Non-Interest Expense
Non-Interest Expense | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands) Salaries and employee benefits $ 60,910 $ 64,490 Occupancy and equipment 14,551 14,952 Data processing expense 9,147 8,968 Merger and acquisition expenses — — Other operating expenses: Advertising 1,654 2,231 Amortization of intangibles 2,140 2,477 Electronic banking expense 3,156 3,330 Directors’ fees 498 460 Due from bank service charges 276 273 FDIC and state assessment 3,318 3,500 Insurance 903 889 Legal and accounting 2,081 1,088 Other professional fees 2,236 2,284 Operating supplies 683 738 Postage 523 501 Telephone 470 528 Other expense 8,950 7,935 Total other operating expenses 26,888 26,234 Total non-interest expense $ 111,496 $ 114,644 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
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 2044 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 charges in the rental payments. Short-term leases are leases having a term of twelve months or less. 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 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 right-of-use ("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, 2024, the balances of the ROU asset and lease liability were $40.6 million and $43.3 million, respectively. As of December 31, 2023, the balances of the ROU asset and lease liability were $42.2 million and $45.0 million, respectively. The ROU 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, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 2024 $ 7,018 $ 9,373 2025 8,566 8,549 2026 8,115 8,111 2027 7,227 7,223 2028 5,496 5,496 Thereafter 19,827 19,827 Total future minimum lease payments $ 56,249 $ 58,579 Discount effect of cash flows (12,903) (13,551) Present value of net future minimum lease payments $ 43,346 $ 45,028 Additional information (dollar amounts in thousands): For the Three Months Ended Lease expense: March 31, 2024 March 31, 2023 Operating lease expense $ 2,598 $ 1,955 Short-term lease expense — — Variable lease expense 296 260 Total lease expense $ 2,894 $ 2,215 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 2,710 $ 2,023 Weighted-average remaining lease term (in years) 7.88 8.84 Weighted-average discount rate 3.42 % 3.48 % The Company currently leases three properties from three related parties. Total rent expense from the leases was $35,000, or 1.20% of total lease expense for the three months ended March 31, 2024. |
Significant Estimates and Conce
Significant Estimates and Concentrations of Credit Risks | 3 Months Ended |
Mar. 31, 2024 | |
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, Texas, 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, 2024 and December 31, 2023, commercial real estate loans represented 57.1% and 56.7% of total loans receivable, respectively, and 217.4% and 215.5% of total stockholders’ equity at March 31, 2024 and December 31, 2023, respectively. Residential real estate loans represented 16.0% and 15.8% of total loans receivable and 60.8% and 60.1% of total stockholders’ equity at March 31, 2024 and December 31, 2023, respectively. Approximately 79.3% of the Company’s total loans and 83.7% of the Company’s real estate loans as of March 31, 2024, are to borrowers whose collateral is located in Alabama, Arkansas, Florida, Texas and New York, the states in which the Company has its branch locations. 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, 2024 | |
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 its 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, 2024 and December 31, 2023, commitments to extend credit of $4.54 billion and $4.59 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, 2024 and December 31, 2023, was $148.6 million and $185.5 million, respectively. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
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 three months ended March 31, 2024, the Company requested approximately $68.8 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, Tier 1 common equity Tier 1 ("CET1") 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, 2024, 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. Basel III became effective for the Company and its bank subsidiary on January 1, 2015. Basel III amended the prompt corrective action rules to incorporate a CET1 requirement and to raise the capital requirements for certain capital categories. In order to be adequately capitalized for purposes of the prompt corrective action rules, a banking organization is required to have at least a 4.5% CET1 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: a 6.5% CET1 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, 2024, the Bank met the capital standards for a well-capitalized institution. The Company’s CET1 risk-based capital ratio, Tier 1 leverage capital ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratio were 14.31%, 12.30%, 14.31%, and 17.95%, respectively, as of March 31, 2024. |
Additional Cash Flow Informatio
Additional Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 (In thousands) Interest paid $ 109,589 $ 71,697 Income taxes paid 2,429 1,600 Assets acquired by foreclosure 435 16 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 20. Financial Instruments Fair value is the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair 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. Available-for-sale securities – the Company's available-for-sale securities are considered to be Level 2 securities. The 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. 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. Held-to-maturity securities – the Company's held-to-maturity securities are considered to be Level 2 securities. The 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. Impaired loans - Impaired loans include loans individually analyzed for credit losses for which a specific reserve has been recorded, non-accrual loans, loans past due 90 days or more and restructured loans made to borrowers experiencing financial difficulty. 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 $18.5 million and $10.5 million as of March 31, 2024 and December 31, 2023, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed $314,000 and $236,000 of accrued interest receivable when impaired loans were put on non-accrual status during the three months ended March 31, 2024 and 2023, respectively. Foreclosed assets held for sale – Foreclosed assets held for sale 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, 2024 and December 31, 2023, the fair value of foreclosed assets held for sale, less estimated costs to sell, was $30.7 million and $30.5 million, respectively. No foreclosed assets held for sale were remeasured during the three months ended March 31, 2024. 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. 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 in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. March 31, 2024 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 1,175,258 $ 1,175,258 1 Federal funds sold 5,200 5,200 1 Investment securities - available for sale 3,400,884 3,400,884 2 Investment securities - held-to-maturity 1,280,586 1,159,145 2 Loans receivable, net of impaired loans and allowance 14,125,177 14,068,484 3 Accrued interest receivable 119,029 119,029 1 FHLB, FRB & FNBB Bank stock; other equity investments 226,765 226,765 3 Marketable equity securities 50,422 50,422 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 4,115,603 $ 4,115,603 1 Savings and interest-bearing transaction accounts 11,047,258 11,047,258 1 Time deposits 1,703,269 1,681,484 3 Securities sold under agreements to repurchase 176,107 176,107 1 FHLB and other borrowed funds 1,301,050 1,288,077 2 Accrued interest payable 21,860 21,860 1 Subordinated debentures 439,688 364,500 3 December 31, 2023 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 1,000,213 $ 1,000,213 1 Federal funds sold 5,100 5,100 1 Investment securities - available for sale 3,507,841 3,507,841 2 Investment securities - held-to-maturity 1,281,982 1,170,481 2 Loans receivable, net of impaired loans and allowance 14,048,002 14,071,775 3 Accrued interest receivable 118,966 118,966 1 FHLB, FRB & FNBB Bank stock; other equity investments 223,748 223,748 3 Marketable equity securities 49,419 49,419 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 4,085,501 $ 4,085,501 1 Savings and interest-bearing transaction accounts 11,050,347 11,050,347 1 Time deposits 1,651,863 1,633,091 3 Securities sold under agreements to repurchase 142,085 142,085 1 FHLB and other borrowed funds 1,301,300 1,291,926 2 Accrued interest payable 19,124 19,124 1 Subordinated debentures 439,834 358,682 3 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 21. Recent Accounting Pronouncements 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") . 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. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ( ASU 2022-06) defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope ("ASU 2022-01"). 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. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. These amendments extend the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. The objective of the guidance in Topic 848 is to provide relief during the temporary transition period, so the FASB included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. In 2021, the UK Financial Conduct Authority (FCA) delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. To ensure the relief in Topic 848 covers the period of time during which a significant number of modifications may take place, the ASU defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. ASU 2022-06 was effective upon issuance. In November 2023, the FASB issued ASU 2023-07, " Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ." The amendments apply to all public entities that are required to report segment information in accordance with FASB ASC Topic 280, Segment Reporting . The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit or loss. Public entities are required to disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. In addition, public entities must provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by FASB ASC Topic 280, Segment Reporting , in interim periods. The amendments clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, a public entity may report one or more of those additional measures of segment profit. However, at least one of the reported segment profit or loss measures (or the single reported measure, if only one is disclosed) should be the measure that is most consistent with the measurement principles used in measuring the corresponding amounts in the public entity’s consolidated financial statements. The Amendments require that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Finally, the amendments require that a public entity that has a single reportable segment provide all the disclosures required by the amendments in the ASU and all existing segment disclosures in ASC Topic 280. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the potential impacts related to the adoption of the ASU. In December 2023, the FASB issued ASU 2023-09, " Income Taxes (Topic 740): Improvements to Income Tax Disclosures |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 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 2023 Form 10-K, filed with the Securities and Exchange Commission on February 26, 2024. |
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, gross domestic product, national retail sales index, housing price indices and rental vacancy rate 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 - Shore Premier Finance ("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 these 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 loan 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, net of estimated costs to sell, 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. 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, net of estimated costs to sell. For individually analyzed loans which are not considered to be collateral dependent, an allowance is recorded based on the loss rate for the respective pool within the collective evaluation. 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 restructured loans made to borrowers experiencing financial difficulty 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-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. 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 Accounting Standards Codification ("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 FASB ASC 326, the Company records both a discount or premium 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 Company develops separate PCD models for each loan segment with PCD loans not individually analyzed for credit losses. These models utilize a peer group benchmark in order to determine the probability of default and loss given default to be used in the calculation. 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 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. |
Earnings per Share | Earnings per Share |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 2024 2023 (In thousands) Net income $ 100,109 $ 102,962 Average shares outstanding 201,210 203,456 Effect of common stock options 180 169 Average diluted shares outstanding 201,390 203,625 Basic earnings per share $ 0.50 $ 0.51 Diluted earnings per share $ 0.50 $ 0.51 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 Available-for-Sale Amortized Cost Allowance for Credit Losses Net Carrying Amount Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 342,771 $ — $ 342,771 $ 1,441 $ (18,537) $ 325,675 U.S. government-sponsored mortgage-backed securities 1,667,526 — 1,667,526 396 (215,187) 1,452,735 Private mortgage-backed securities 190,155 — 190,155 — (16,614) 173,541 Non-government-sponsored asset backed securities 367,066 — 367,066 695 (6,421) 361,340 State and political subdivisions 980,415 — 980,415 1,104 (81,647) 899,872 Other securities 215,676 (2,525) 213,151 957 (26,387) 187,721 Total $ 3,763,609 $ (2,525) $ 3,761,084 $ 4,593 $ (364,793) $ 3,400,884 March 31, 2024 Held-to-Maturity Amortized Cost Allowance for Credit Losses Net Carrying Amount Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 43,353 $ — $ 43,353 $ — $ (3,342) $ 40,011 U.S. government-sponsored mortgage-backed securities 129,077 — 129,077 — (6,093) 122,984 State and political subdivisions 1,110,161 (2,005) 1,108,156 216 (112,222) 996,150 Total $ 1,282,591 $ (2,005) $ 1,280,586 $ 216 $ (121,657) $ 1,159,145 December 31, 2023 Available-for-Sale Amortized Cost Allowance for Credit Losses Net Carrying Amount Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 361,494 $ — $ 361,494 $ 2,247 $ (17,093) $ 346,648 U.S. government-sponsored mortgage-backed securities 1,711,668 — 1,711,668 310 (191,557) 1,520,421 Private mortgage-backed securities 191,522 — 191,522 — (16,117) 175,405 Non-government-sponsored asset backed securities 370,203 370,203 821 (7,551) 363,473 State and political subdivisions 990,318 — 990,318 1,938 (75,931) 916,325 Other securities 215,722 (2,525) 213,197 402 (28,030) 185,569 Total $ 3,840,927 $ (2,525) $ 3,838,402 $ 5,718 $ (336,279) $ 3,507,841 December 31, 2023 Held-to-Maturity Amortized Allowance for Credit Losses Net Carrying Amount Gross Gross Estimated (In thousands) U.S. government-sponsored enterprises $ 43,285 $ — $ 43,285 $ — $ (2,607) $ 40,678 U.S. government-sponsored mortgage-backed securities 130,278 — 130,278 106 (4,362) 126,022 State and political subdivisions 1,110,424 (2,005) 1,108,419 456 (105,094) 1,003,781 Total $ 1,283,987 $ (2,005) $ 1,281,982 $ 562 $ (112,063) $ 1,170,481 |
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, 2024, 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 $ 15,856 $ 15,686 $ — $ — Due after one year through five years 235,704 220,573 28,202 26,487 Due after five years through ten years 396,977 355,394 313,321 283,296 Due after ten years 890,325 821,615 811,991 726,378 U.S. government-sponsored mortgage-backed securities 1,667,526 1,452,735 129,077 122,984 Private mortgage-backed securities 190,155 173,541 — — Non-government-sponsored asset backed securities 367,066 361,340 — — Total $ 3,763,609 $ 3,400,884 $ 1,282,591 $ 1,159,145 |
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, 2024 and December 31, 2023. March 31, 2024 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 $ 29,035 $ (529) $ 177,346 $ (18,008) $ 206,381 $ (18,537) U.S. government-sponsored mortgage-backed securities 34,770 (956) 1,365,034 (214,231) 1,399,804 (215,187) Private mortgage-backed securities — — 173,541 (16,614) 173,541 (16,614) Non-government-sponsored asset backed securities 17,486 (15) 212,754 (6,406) 230,240 (6,421) State and political subdivisions 32,760 (921) 782,538 (80,726) 815,298 (81,647) Other securities 2,415 (1,085) 167,048 (25,302) 169,463 (26,387) Total $ 116,466 $ (3,506) $ 2,878,261 $ (361,287) $ 2,994,727 $ (364,793) Held-to-maturity: U.S. government-sponsored enterprises $ — $ — $ 40,011 $ (3,342) $ 40,011 $ (3,342) U.S. government-sponsored mortgage-backed securities 42,125 (960) 80,859 (5,133) 122,984 (6,093) State and political subdivisions 10,816 (480) 961,813 (111,742) 972,629 (112,222) Total $ 52,941 $ (1,440) $ 1,082,683 $ (120,217) $ 1,135,624 $ (121,657) December 31, 2023 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 $ 2,742 $ (2) $ 180,569 $ (17,091) $ 183,311 $ (17,093) U.S. government-sponsored mortgage-backed securities 102,831 (2,166) 1,392,318 (189,391) 1,495,149 (191,557) Private mortgage-backed securities 9,298 (226) 166,107 (15,891) 175,405 (16,117) Non-government-sponsored asset backed securities — — 213,838 (7,551) 213,838 (7,551) State and political subdivisions 28,596 (400) 769,860 (75,531) 798,456 (75,931) Other securities — — 164,430 (28,030) 164,430 (28,030) Total $ 143,467 $ (2,794) $ 2,887,122 $ (333,485) $ 3,030,589 $ (336,279) Held to maturity: U.S. government-sponsored enterprises $ — $ — $ 40,677 $ (2,607) $ 40,677 $ (2,607) U.S. government-sponsored mortgage-backed securities 48,498 (861) 65,573 (3,501) 114,071 (4,362) State and political subdivisions 21,493 (297) 956,578 (104,797) 978,071 (105,094) Total $ 69,991 $ (1,158) $ 1,062,828 $ (110,905) $ 1,132,819 $ (112,063) |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | Available-for-Sale Investment Securities March 31, 2024 December 31, 2023 Allowance for credit losses: (In thousands) Beginning balance $ 2,525 $ 842 Provision for credit loss — — Balance, March 31 $ 2,525 $ 842 Provision for credit loss 1,683 Balance, December 31, 2023 $ 2,525 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | Held-to-Maturity Investment Securities March 31, 2024 December 31, 2023 Allowance for credit losses: (In thousands) Beginning balance $ 2,005 $ 2,005 Provision for credit loss — — Balance, March 31 $ 2,005 $ 2,005 Provision for credit loss — Balance, December 31, 2023 $ 2,005 |
Held-to-Maturity Securities Credit Quality Indicators | The following table summarizes bond ratings for the Company’s held-to-maturity portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of March 31, 2024: State and political subdivisions U.S. government-sponsored enterprises U.S. government-sponsored mortgage-backed securities Total (In thousands) Aaa/AAA $ 235,082 $ 43,353 $ — $ 278,435 Aa/AA 845,485 — — 845,485 A 27,686 — — 27,686 Not rated 1,908 — — 1,908 Agency Backed — — 129,077 129,077 Total $ 1,110,161 $ 43,353 $ 129,077 $ 1,282,591 |
Schedule of Income Earned on Available-for Sale Securities | Income earned on securities for the three months ended March 31, 2024 and 2023, is as follows: Three Months Ended 2024 2023 (In thousands) Taxable Available-for-sale $ 25,762 $ 27,798 Held-to-maturity 7,467 7,490 Non-taxable Available-for-sale 4,695 4,826 Held-to-maturity 3,108 3,137 Total $ 41,032 $ 43,251 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Summary of Various Categories of Loans Receivable | The various categories of loans receivable are summarized as follows: March 31, 2024 December 31, 2023 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 5,616,965 $ 5,549,954 Construction/land development 2,330,555 2,293,047 Agricultural 337,618 325,156 Residential real estate loans Residential 1-4 family 1,899,974 1,844,260 Multifamily residential 415,926 435,736 Total real estate 10,601,038 10,448,153 Consumer 1,163,228 1,153,690 Commercial and industrial 2,284,775 2,324,991 Agricultural 278,609 307,327 Other 186,023 190,567 Total loans receivable 14,513,673 14,424,728 Allowance for credit losses (290,294) (288,234) Loans receivable, net $ 14,223,379 $ 14,136,494 |
Allowance for Credit Losses, _2
Allowance for Credit Losses, Credit Quality and Other (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024: Three Months Ended March 31, 2024 Construction/ Other Residential Commercial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 33,877 $ 78,635 $ 55,860 $ 92,810 $ 27,052 $ 288,234 Loans charged off (1) (1,102) (159) (1,746) (970) (3,978) Recoveries of loans previously charged off 7 20 19 101 391 538 Net loans recovered (charged off) 6 (1,082) (140) (1,645) (579) (3,440) Provision for credit losses 2,038 1,575 1,183 (157) 861 5,500 Balance, March 31 $ 35,921 $ 79,128 $ 56,903 $ 91,008 $ 27,334 $ 290,294 The following table presents the activity in the allowance for credit losses for the three months ended March 31, 2023 and the year ended December 31, 2023: Three Months Ended March 31, 2023 and Year Ended December 31, 2023 Construction/ Other Residential Commercial & Industrial Consumer Total (In thousands) Allowance for credit losses: Beginning balance $ 32,243 $ 93,848 $ 50,963 $ 89,354 $ 23,261 $ 289,669 Loans charged off (25) (73) (59) (3,006) (1,125) (4,288) Recoveries of loans previously charged off 7 19 126 109 327 588 Net loans (charged off) recovered (18) (54) 67 (2,897) (798) (3,700) Provision for credit loss - loans (1,053) (6,816) 403 5,939 2,727 1,200 Balance, March 31 31,172 — 86,978 — 51,433 — 92,396 — 25,190 287,169 Loans charged off (238) (2,262) (210) (6,151) (2,906) (11,767) Recoveries of loans previously charged off 106 514 203 474 785 2,082 Net loans (charged off) recovered (132) (1,748) (7) (5,677) (2,121) (9,685) Provision for credit loss - loans 2,837 (6,595) 4,434 6,091 3,983 10,750 Balance, December 31 $ 33,877 $ 78,635 $ 55,860 $ 92,810 $ 27,052 $ 288,234 |
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, 2024 and December 31, 2023: March 31, 2024 Nonaccrual Nonaccrual Loans Past Due (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 12,887 $ — $ 9,377 Construction/land development 15,782 9,059 603 Agricultural 414 — — Residential real estate loans Residential 1-4 family 22,037 — 543 Total real estate 51,120 9,059 10,523 Consumer 4,639 — 48 Commercial and industrial 10,969 3,112 2,311 Agricultural & other 327 — 46 Total $ 67,055 $ 12,171 $ 12,928 December 31, 2023 Nonaccrual Nonaccrual Loans Past Due (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 13,178 $ — $ 2,177 Construction/land development 12,094 — 255 Agricultural 431 — — Residential real estate loans Residential 1-4 family 20,351 — 84 Multifamily residential — — — Total real estate 46,054 — 2,516 Consumer 3,423 — 79 Commercial and industrial 9,982 2,534 1,535 Agricultural & other 512 — — Total $ 59,971 $ 2,534 $ 4,130 |
Amortized Cost Basis of Collateral-dependent Impaired Loans | The following table presents the amortized cost basis of impaired loans (which includes loans individually analyzed for credit losses for which a specific reserve has been recorded, non-accrual loans, loans past due 90 days or more and restructured loans made to borrowers experiencing financial difficulty) by class of loans as of March 31, 2024 and December 31, 2023: March 31, 2024 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 44,193 $ — $ — Construction/land development 16,385 — — Agricultural 414 — — Residential real estate loans Residential 1-4 family — 23,696 — Multifamily residential — — — Total real estate 60,992 23,696 — Consumer — — 4,696 Commercial and industrial — — 15,536 Agricultural & other — — 373 Total $ 60,992 $ 23,696 $ 20,605 December 31, 2023 Commercial Residential Other (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 39,813 $ — $ — Construction/land development 12,350 — — Agricultural 431 — — Residential real estate loans Residential 1-4 family — 21,386 — Multifamily residential — — — Total real estate 52,594 21,386 — Consumer — — 3,511 Commercial and industrial — — 16,890 Agricultural & other — — 512 Total $ 52,594 $ 21,386 $ 20,913 |
Summary of Aging Analysis for Loans Receivable | The following is an aging analysis for loans receivable as of March 31, 2024 and December 31, 2023: March 31, 2024 Loans Loans Loans Total Current Total Accruing (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 2,628 $ 1,148 $ 22,264 $ 26,040 $ 5,590,925 $ 5,616,965 $ 9,377 Construction/land development 1,525 103 16,385 18,013 2,312,542 2,330,555 603 Agricultural 301 311 414 1,026 336,592 337,618 — Residential real estate loans Residential 1-4 family 10,488 1,466 22,580 34,534 1,865,440 1,899,974 543 Multifamily residential 790 — — 790 415,136 415,926 — Total real estate 15,732 3,028 61,643 80,403 10,520,635 10,601,038 10,523 Consumer 417 151 4,687 5,255 1,157,973 1,163,228 48 Commercial and industrial 1,426 2,747 13,280 17,453 2,267,322 2,284,775 2,311 Agricultural & other 462 48 373 883 463,749 464,632 46 Total $ 18,037 $ 5,974 $ 79,983 $ 103,994 $ 14,409,679 $ 14,513,673 $ 12,928 December 31, 2023 Loans Loans Loans Total Current Total Accruing (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 8,124 $ 416 $ 15,355 $ 23,895 $ 5,526,059 $ 5,549,954 $ 2,177 Construction/land development 1,430 — 12,349 13,779 2,279,268 2,293,047 255 Agricultural 474 314 431 1,219 323,937 325,156 — Residential real estate loans Residential 1-4 family 4,346 1,423 20,435 26,204 1,818,056 1,844,260 84 Multifamily residential — — — — 435,736 435,736 — Total real estate 14,374 2,153 48,570 65,097 10,383,056 10,448,153 2,516 Consumer 1,022 303 3,502 4,827 1,148,863 1,153,690 79 Commercial and industrial 2,089 3,378 11,517 16,984 2,308,007 2,324,991 1,535 Agricultural and other 1,074 113 512 1,699 496,195 497,894 — Total $ 18,559 $ 5,947 $ 64,101 $ 88,607 $ 14,336,121 $ 14,424,728 $ 4,130 |
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, 2024 and December 31, 2023 is as follows: March 31, 2024 Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Risk rating 1 $ — $ — $ — $ — $ — $ 342 $ 91 $ 433 Risk rating 2 — — — — — 109 — 109 Risk rating 3 83,363 331,573 594,821 581,031 241,146 1,121,885 437,309 3,391,128 Risk rating 4 7,718 157,901 499,982 251,916 157,181 710,773 133,521 1,918,992 Risk rating 5 — — 800 10,612 — 53,802 — 65,214 Risk rating 6 — — 8,191 9,205 24,133 199,371 189 241,089 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total non-farm/non-residential 91,081 489,474 1,103,794 852,764 422,460 2,086,282 571,110 5,616,965 Construction/land development Risk rating 1 $ — $ — $ — $ 10 $ — $ — $ — $ 10 Risk rating 2 — 138 — — — 179 — 317 Risk rating 3 103,471 338,932 491,298 113,870 50,553 70,571 47,987 1,216,682 Risk rating 4 17,872 165,321 426,339 220,985 19,545 52,325 193,864 1,096,251 Risk rating 5 — 635 — — — 67 — 702 Risk rating 6 — — 11,796 1,602 1,279 901 943 16,521 Risk rating 7 — — — — — — — — Risk rating 8 — — — 72 — — — 72 Total construction/land development 121,343 505,026 929,433 336,539 71,377 124,043 242,794 2,330,555 Agricultural Risk rating 1 $ 700 $ — $ 1,550 $ — $ — $ — $ — $ 2,250 Risk rating 2 — 245 — 1,908 — — — 2,153 Risk rating 3 12,689 35,840 43,636 20,758 24,044 48,712 26,975 212,654 Risk rating 4 7,297 9,474 22,316 18,238 13,622 40,145 4,636 115,728 Risk rating 5 — — — — — 882 — 882 Risk rating 6 — — — 1,668 1,084 1,199 — 3,951 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 20,686 45,559 67,502 42,572 38,750 90,938 31,611 337,618 Total commercial real estate loans $ 233,110 $ 1,040,059 $ 2,100,729 $ 1,231,875 $ 532,587 $ 2,301,263 $ 845,515 $ 8,285,138 Residential real estate loans Residential 1-4 family Risk rating 1 $ — $ — $ — $ — $ — $ 96 $ 2 $ 98 Risk rating 2 — 867 — — — 14 1 882 Risk rating 3 68,236 222,450 374,959 238,269 140,564 399,083 123,952 1,567,513 Risk rating 4 3,710 14,286 43,663 52,466 20,855 76,831 85,756 297,567 Risk rating 5 — 158 670 29 298 1,412 — 2,567 Risk rating 6 — 1,274 5,386 3,915 3,939 16,047 784 31,345 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — 2 — 2 Total residential 1-4 family 71,946 239,035 424,678 294,679 165,656 493,485 210,495 1,899,974 March 31, 2024 Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 424 3,300 25,242 37,413 44,195 81,998 6,867 199,439 Risk rating 4 — 696 81,319 38,046 64,246 23,736 8,041 216,084 Risk rating 5 — — 150 — — — — 150 Risk rating 6 — — — — — 253 — 253 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential 424 3,996 106,711 75,459 108,441 105,987 14,908 415,926 Total real estate $ 305,480 $ 1,283,090 $ 2,632,118 $ 1,602,013 $ 806,684 $ 2,900,735 $ 1,070,918 $ 10,601,038 Consumer Risk rating 1 $ 2,232 $ 4,108 $ 2,526 $ 1,834 $ 769 $ 1,238 $ 1,529 $ 14,236 Risk rating 2 — — — — — 170 — 170 Risk rating 3 44,644 230,405 238,893 206,923 102,296 289,483 1,196 1,113,840 Risk rating 4 904 7,573 8,067 1,015 49 4,911 255 22,774 Risk rating 5 — 5,052 — 223 165 905 — 6,345 Risk rating 6 — 186 1,482 950 932 2,276 23 5,849 Risk rating 7 — 13 — — — — — 13 Risk rating 8 — — — — 1 — — 1 Total consumer 47,780 247,337 250,968 210,945 104,212 298,983 3,003 1,163,228 Commercial and industrial Risk rating 1 $ 678 $ 1,729 $ 860 $ 816 $ 231 $ 20,920 $ 12,287 $ 37,521 Risk rating 2 — 160 1,221 208 10 20 1,130 2,749 Risk rating 3 21,943 475,638 267,003 73,719 52,985 248,283 227,129 1,366,700 Risk rating 4 32,124 50,433 33,941 44,843 19,245 85,821 425,396 691,803 Risk rating 5 — 20 832 16,270 3,186 972 2,123 23,403 Risk rating 6 22 12,147 72,252 4,576 668 20,577 52,352 162,594 Risk rating 7 — — — — — 5 — 5 Risk rating 8 — — — — — — — — Total commercial and industrial 54,767 540,127 376,109 140,432 76,325 376,598 720,417 2,284,775 Agricultural and other Risk rating 1 $ 427 $ 402 $ 120 $ 16 $ 105 $ — $ 331 $ 1,401 Risk rating 2 71 308 28 1 — 1,216 743 2,367 Risk rating 3 17,995 51,938 40,941 30,317 25,416 44,812 140,789 352,208 Risk rating 4 3,781 8,139 9,975 7,231 642 13,634 62,823 106,225 Risk rating 5 — — 312 — 61 593 15 981 Risk rating 6 — 77 31 55 97 368 822 1,450 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural and other 22,274 60,864 51,407 37,620 26,321 60,623 205,523 464,632 Total $ 430,301 $ 2,131,418 $ 3,310,602 $ 1,991,010 $ 1,013,542 $ 3,636,939 $ 1,999,861 $ 14,513,673 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Risk rating 1 $ — $ — $ — $ — $ 232 $ 116 $ 55 $ 403 Risk rating 2 — — — — 111 — — 111 Risk rating 3 305,742 584,860 568,413 243,177 216,746 934,111 440,414 3,293,463 Risk rating 4 83,089 557,540 242,217 224,378 149,258 590,864 95,360 1,942,706 Risk rating 5 — — 10,000 — 14,095 42,694 758 67,547 Risk rating 6 — 8,198 9,958 23,743 24,380 179,350 95 245,724 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total non-farm/non-residential 388,831 1,150,598 830,588 491,298 404,822 1,747,135 536,682 5,549,954 Construction/land development Risk rating 1 $ — $ — $ 10 $ — $ — $ — $ — $ 10 Risk rating 2 759 — — — — 186 — 945 Risk rating 3 300,941 499,984 130,342 62,134 22,656 56,180 44,603 1,116,840 Risk rating 4 198,874 417,244 252,602 22,713 32,342 24,527 209,063 1,157,365 Risk rating 5 641 1,163 — 3,306 218 69 — 5,397 Risk rating 6 — 7,817 1,631 748 641 254 1,327 12,418 Risk rating 7 — — — — — — — — Risk rating 8 — — 72 — — — — 72 Total construction/land development 501,215 926,208 384,657 88,901 55,857 81,216 254,993 2,293,047 Agricultural Risk rating 1 $ — $ 1,605 $ — $ — $ — $ — $ — $ 1,605 Risk rating 2 247 — 1,936 — — — — 2,183 Risk rating 3 30,252 43,291 22,919 25,992 10,678 43,284 20,104 196,520 Risk rating 4 9,477 24,688 20,358 19,532 7,873 32,692 4,612 119,232 Risk rating 5 — — — — 314 571 — 885 Risk rating 6 — — 1,675 1,084 1,620 352 — 4,731 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural 39,976 69,584 46,888 46,608 20,485 76,899 24,716 325,156 Total commercial real estate loans $ 930,022 $ 2,146,390 $ 1,262,133 $ 626,807 $ 481,164 $ 1,905,250 $ 816,391 $ 8,168,157 Residential real estate loans Residential 1-4 family Risk rating 1 $ — $ — $ — $ — $ — $ 144 $ 2 $ 146 Risk rating 2 259 — — — — 20 1 280 Risk rating 3 246,462 366,149 241,985 145,339 93,751 324,569 122,950 1,541,205 Risk rating 4 14,992 37,444 55,406 21,240 13,313 67,084 62,356 271,835 Risk rating 5 — 243 246 479 831 1,343 40 3,182 Risk rating 6 71 5,361 2,926 4,064 3,432 10,567 1,189 27,610 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — 2 — 2 Total residential 1-4 family 261,784 409,197 300,563 171,122 111,327 403,729 186,538 1,844,260 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Multifamily residential Risk rating 1 $ — $ — $ — $ — $ — $ — $ — $ — Risk rating 2 — — — — — — — — Risk rating 3 3,314 9,827 37,755 44,407 31,436 53,068 6,537 186,344 Risk rating 4 669 77,185 69,546 64,295 8,116 18,490 7,822 246,123 Risk rating 5 — — — — — 3,006 — 3,006 Risk rating 6 — — — — 263 — — 263 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total multifamily residential 3,983 87,012 107,301 108,702 39,815 74,564 14,359 435,736 Total real estate $ 1,195,789 $ 2,642,599 $ 1,669,997 $ 906,631 $ 632,306 $ 2,383,543 $ 1,017,288 $ 10,448,153 Consumer Risk rating 1 $ 5,195 $ 2,952 $ 2,002 $ 839 $ 355 $ 1,114 $ 1,580 $ 14,037 Risk rating 2 — — — — 126 54 — 180 Risk rating 3 240,897 245,543 211,312 108,009 108,063 191,220 1,264 1,106,308 Risk rating 4 9,597 7,534 2,479 69 109 6,073 214 26,075 Risk rating 5 22 — 22 483 872 261 — 1,660 Risk rating 6 204 1,559 830 581 881 1,349 11 5,415 Risk rating 7 15 — — — — — — 15 Risk rating 8 — — — — — — — — Total consumer 255,930 257,588 216,645 109,981 110,406 200,071 3,069 1,153,690 Commercial and industrial Risk rating 1 $ 3,757 $ 918 $ 1,120 $ 236 $ 121 $ 20,835 $ 12,644 $ 39,631 Risk rating 2 174 1,293 220 12 164 218 963 3,044 Risk rating 3 487,896 272,608 78,507 50,340 77,761 170,610 227,043 1,364,765 Risk rating 4 115,025 34,474 55,812 33,000 27,189 71,854 378,417 715,771 Risk rating 5 21 547 16,318 3,352 201 980 1,767 23,186 Risk rating 6 12,498 75,536 4,942 1,154 9,086 12,180 63,198 178,594 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total commercial and industrial 619,371 385,376 156,919 88,094 114,522 276,677 684,032 2,324,991 Agricultural and other Risk rating 1 $ 408 $ 131 $ 16 $ 105 $ — $ 2 $ 563 $ 1,225 Risk rating 2 396 28 1 — 1,181 100 693 2,399 Risk rating 3 52,758 45,796 31,378 26,918 3,059 43,984 145,419 349,312 Risk rating 4 14,007 7,663 8,025 955 10,955 3,188 94,186 138,979 Risk rating 5 — 2,286 — 134 — 593 665 3,678 Risk rating 6 71 33 63 108 — 370 1,656 2,301 Risk rating 7 — — — — — — — — Risk rating 8 — — — — — — — — Total agricultural and other 67,640 55,937 39,483 28,220 15,195 48,237 243,182 497,894 Total $ 2,138,730 $ 3,341,500 $ 2,083,044 $ 1,132,926 $ 872,429 $ 2,908,528 $ 1,947,571 $ 14,424,728 The following table presents gross write-offs by origination date as of March 31, 2024 and December 31, 2023. March 31, 2024 Gross Loan Write-Offs by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate Commercial real estate loans Non-farm/non-residential $ — $ — $ — $ 750 $ 1 $ 351 $ — $ 1,102 Construction/land development — — — — 1 — — 1 Agricultural — — — — — — — — Residential real estate loans Residential 1-4 family — 1 68 — 25 65 — 159 Total real estate — 1 68 750 27 416 — 1,262 Consumer — 12 39 26 87 34 — 198 Commercial and industrial — 106 25 258 — 2 1,355 1,746 Agricultural & other 772 * — — — — — — 772 Total $ 772 $ 119 $ 132 $ 1,034 $ 114 $ 452 $ 1,355 $ 3,978 *The 2024 write-off consists entirely of overdrafts. December 31, 2023 Gross Loan Write-Offs by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate Commercial real estate loans Non-farm/non-residential $ — $ — $ — $ — $ 1,826 $ 502 $ — $ 2,328 Construction/land development — 2 168 5 — 88 — 263 Agricultural — — — — 1 6 — 7 Residential real estate loans Residential 1-4 family — 29 28 73 13 126 — 269 Total real estate — 31 196 78 1,840 722 — 2,867 Consumer — 51 44 98 63 263 25 544 Commercial and industrial — 407 1,110 894 911 5,369 466 9,157 Agricultural & other 3,252 ** 1 1 2 64 3 164 3,487 Total $ 3,252 $ 490 $ 1,351 $ 1,072 $ 2,878 $ 6,357 $ 655 $ 16,055 **The 2023 write-offs consists entirely of overdrafts. 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, 2024 and December 31, 2023. March 31, 2024 Term Loans Amortized Cost Basis by Origination Year 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Performing $ 91,081 $ 489,474 $ 1,103,713 $ 844,097 $ 421,053 $ 2,052,324 $ 571,030 $ 5,572,772 Non-performing — — 81 8,667 1,407 33,958 80 44,193 Total non-farm/non-residential 91,081 489,474 1,103,794 852,764 422,460 2,086,282 571,110 5,616,965 Construction/land development Performing $ 121,343 $ 505,026 $ 917,637 $ 334,866 $ 70,220 $ 123,226 $ 241,852 $ 2,314,170 Non-performing — — 11,796 1,673 1,157 817 942 16,385 Total construction/ land development 121,343 505,026 929,433 336,539 71,377 124,043 242,794 2,330,555 Agricultural Performing $ 20,686 $ 45,559 $ 67,502 $ 42,501 $ 38,750 $ 90,595 $ 31,611 $ 337,204 Non-performing — — — 71 — 343 — 414 Total agricultural 20,686 45,559 67,502 42,572 38,750 90,938 31,611 337,618 Total commercial real estate loans $ 233,110 $ 1,040,059 $ 2,100,729 $ 1,231,875 $ 532,587 $ 2,301,263 $ 845,515 $ 8,285,138 Residential real estate loans Residential 1-4 family Performing $ 71,946 $ 238,505 $ 420,458 $ 291,510 $ 162,453 $ 481,331 $ 210,075 $ 1,876,278 Non-performing — 530 4,220 3,169 3,203 12,154 420 23,696 Total residential 1-4 family 71,946 239,035 424,678 294,679 165,656 493,485 210,495 1,899,974 Multifamily residential Performing $ 424 $ 3,996 $ 106,711 $ 75,459 $ 108,441 $ 105,987 $ 14,908 $ 415,926 Non-performing — — — — — — — — Total multifamily residential 424 3,996 106,711 75,459 108,441 105,987 14,908 415,926 Total real estate $ 305,480 $ 1,283,090 $ 2,632,118 $ 1,602,013 $ 806,684 $ 2,900,735 $ 1,070,918 $ 10,601,038 Consumer Performing $ 47,780 $ 247,223 $ 250,314 $ 210,065 $ 103,311 $ 296,854 $ 2,985 $ 1,158,532 Non-performing — 114 654 880 901 2,129 18 4,696 Total consumer 47,780 247,337 250,968 210,945 104,212 298,983 3,003 1,163,228 Commercial and industrial Performing $ 54,767 $ 537,330 $ 373,206 $ 139,722 $ 75,802 $ 370,961 $ 717,451 $ 2,269,239 Non-performing — 2,797 2,903 710 523 5,637 2,966 15,536 Total commercial and industrial 54,767 540,127 376,109 140,432 76,325 376,598 720,417 2,284,775 Agricultural and other Performing $ 22,274 $ 60,787 $ 51,376 $ 37,565 $ 26,321 $ 60,546 $ 205,390 $ 464,259 Non-performing — 77 31 55 — 77 133 373 Total agricultural and other 22,274 60,864 51,407 37,620 26,321 60,623 205,523 464,632 Total $ 430,301 $ 2,131,418 $ 3,310,602 $ 1,991,010 $ 1,013,542 $ 3,636,939 $ 1,999,861 $ 14,513,673 December 31, 2023 Term Loans Amortized Cost Basis by Origination Year 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential Performing $ 388,831 $ 1,150,598 $ 821,373 $ 490,153 $ 404,061 $ 1,718,776 $ 536,349 $ 5,510,141 Non-performing — — 9,215 1,145 761 28,359 333 39,813 Total non-farm/non-residential 388,831 1,150,598 830,588 491,298 404,822 1,747,135 536,682 5,549,954 Construction/land development Performing $ 501,215 $ 918,390 $ 382,954 $ 88,204 $ 55,239 $ 81,028 $ 253,667 $ 2,280,697 Non-performing — 7,818 1,703 697 618 188 1,326 12,350 Total construction/land development 501,215 926,208 384,657 88,901 55,857 81,216 254,993 2,293,047 Agricultural Performing $ 39,976 $ 69,584 $ 46,809 $ 46,608 $ 20,485 $ 76,547 $ 24,716 $ 324,725 Non-performing — — 79 — — 352 — 431 Total agricultural 39,976 69,584 46,888 46,608 20,485 76,899 24,716 325,156 Total commercial real estate loans $ 930,022 $ 2,146,390 $ 1,262,133 $ 626,807 $ 481,164 $ 1,905,250 $ 816,391 $ 8,168,157 Residential real estate loans Residential 1-4 family Performing $ 261,784 $ 405,239 $ 298,207 $ 167,475 $ 108,091 $ 396,130 $ 185,948 $ 1,822,874 Non-performing — 3,958 2,356 3,647 3,236 7,599 590 21,386 Total residential 1-4 family 261,784 409,197 300,563 171,122 111,327 403,729 186,538 1,844,260 Multifamily residential Performing $ 3,983 $ 87,012 $ 107,301 $ 108,702 $ 39,815 $ 74,564 $ 14,359 $ 435,736 Non-performing — — — — — — — — Total multifamily residential 3,983 87,012 107,301 108,702 39,815 74,564 14,359 435,736 Total real estate $ 1,195,789 $ 2,642,599 $ 1,669,997 $ 906,631 $ 632,306 $ 2,383,543 $ 1,017,288 $ 10,448,153 Consumer Performing $ 255,771 $ 256,826 $ 215,831 $ 109,442 $ 110,267 $ 198,982 $ 3,060 $ 1,150,179 Non-performing 159 762 814 539 139 1,089 9 3,511 Total consumer 255,930 257,588 216,645 109,981 110,406 200,071 3,069 1,153,690 Commercial and industrial Performing $ 616,809 $ 382,190 $ 156,056 $ 87,531 $ 111,529 $ 273,434 $ 680,552 $ 2,308,101 Non-performing 2,562 3,186 863 563 2,993 3,243 3,480 16,890 Total commercial and industrial 619,371 385,376 156,919 88,094 114,522 276,677 684,032 2,324,991 Agricultural and other Performing $ 67,569 $ 55,904 $ 39,473 $ 28,220 $ 15,195 $ 48,203 $ 242,818 $ 497,382 Non-performing 71 33 10 — — 34 364 512 Total agricultural and other 67,640 55,937 39,483 28,220 15,195 48,237 243,182 497,894 Total $ 2,138,730 $ 3,341,500 $ 2,083,044 $ 1,132,926 $ 872,429 $ 2,908,528 $ 1,947,571 $ 14,424,728 |
Presentation of Troubled Debt Restructurings ("TDRs") by Class | The following table presents the amortized cost basis of modified loans to borrowers experiencing financial difficulty by class and modification type at March 31, 2024 and December 31, 2023. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below. March 31, 2024 Combination of Modifications Term Extension Interest Rate Reduction Principal Reduction Interest Only Interest Rate Reduction and Term Extension Principal Reduction and Interest Rate Reduction Term Extension and Interest Only Term Extension and Principal Reduction Post- Percentage of Total Class of Loans Receivable (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 396 $ 457 $ — $ 1,415 $ 347 $ — $ 16,023 $ — $ 18,638 0.33 % Construction/land development — — — 121 — — — — 121 0.01 Residential real estate loans Residential 1-4 family 626 724 105 56 500 — — 115 2,126 0.11 Total real estate 1,022 1,181 105 1,592 847 — 16,023 115 20,885 0.20 Consumer — — 1 9 — 4 — — 14 — Commercial and industrial 2,257 38 4 1,669 74 — — — 4,042 0.18 Total $ 3,279 $ 1,219 $ 110 $ 3,270 $ 921 $ 4 $ 16,023 $ 115 $ 24,941 0.17 % December 31, 2023 Combination of Modifications Term Extension Interest Rate Reduction Principal Reduction Interest Only Interest Rate Reduction and Term Extension Principal Reduction and Interest Rate Reduction Term Extension and Interest Only Term Extension and Principal Reduction Post- Percentage of Total Class of Loans Receivable (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 398 $ — $ — $ 1,537 $ 348 $ — $ 16,023 $ — $ 18,306 0.33 % Construction/land development — — — 149 — — — — 149 0.01 Residential real estate loans Residential 1-4 family 560 598 106 59 516 — — 116 1,955 0.11 Total real estate 958 598 106 1,745 864 — 16,023 116 20,410 0.20 Consumer 14 — 1 10 — 5 — — 30 — Commercial and industrial 2,253 38 42 1,763 74 — — — 4,170 0.18 Total $ 3,225 $ 636 $ 149 $ 3,518 $ 938 $ 5 $ 16,023 $ 116 $ 24,610 0.17 % |
Presentation of TDR's on Non-Accrual Status | The following table presents the amortized cost basis of loans that had a payment default during the three-months ended March 31, 2024 and were modified in the twelve months prior to that default to borrowers experiencing financial difficulty. March 31, 2024 Term Extension Interest Rate Reduction Principal Reduction Interest Only Combination Interest Rate Reduction and Term Extension Combination Interest Rate Reduction and Principal Reduction Combination Term Extension and Principal Reduction (Dollars in thousands) Real estate Commercial real estate loans Non-farm/non-residential $ — $ — $ — $ 319 $ — $ — $ — Residential real estate loans Residential 1-4 family 115 104 9 — 323 — 115 Total real estate 115 104 9 319 323 — 115 Commercial and industrial — — — 28 — — — Total $ 115 $ 104 $ 9 $ 347 $ 323 $ — $ 115 |
Summary of Total Foreclosed Assets | The following is a presentation of total foreclosed assets as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 (In thousands) Commercial real estate loans Non-farm/non-residential $ 29,894 $ 29,894 Construction/land development — 47 Residential real estate loans Residential 1-4 family 756 545 Total foreclosed assets held for sale $ 30,650 $ 30,486 |
Goodwill and Core Deposits an_2
Goodwill and Core Deposits and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023, were as follows: March 31, 2024 December 31, 2023 (In thousands) Goodwill Balance, beginning of period $ 1,398,253 $ 1,398,253 Acquisitions — — Balance, end of period $ 1,398,253 $ 1,398,253 March 31, 2024 December 31, 2023 (In thousands) Core Deposit Intangibles Balance, beginning of period $ 48,770 $ 58,455 Amortization expense (2,140) (2,477) Balance, March 31 $ 46,630 55,978 Amortization expense (7,208) Balance, end of year $ 48,770 |
Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles | The carrying basis and accumulated amortization of core deposit intangibles at March 31, 2024 and December 31, 2023 were : March 31, 2024 December 31, 2023 (In thousands) Gross carrying basis $ 128,888 $ 128,888 Accumulated amortization (82,258) (80,118) Net carrying amount $ 46,630 $ 48,770 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023 is presented in the following table: March 31, 2024 December 31, 2023 Overnight and Continuous Total Overnight and Continuous Total (In thousands) Securities sold under agreements to repurchase: Mortgage-backed securities $ 12,602 $ 12,602 $ — $ — Other securities 163,505 163,505 142,085 142,085 Total borrowings $ 176,107 $ 176,107 $ 142,085 $ 142,085 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Preferred Trust Securities and Subordinated Debentures | Subordinated debentures at March 31, 2024 and December 31, 2023 consisted of the following components: As of March 31, 2024 As of December 31, 2023 (In thousands) Subordinated debt securities Subordinated notes, net of issuance costs, issued in 2020, due 2030, fixed rate of 5.50% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty $ 141,756 $ 142,084 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 297,932 297,750 Total $ 439,688 $ 439,834 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of Provision (Benefit) for Income Taxes | The following is a summary of the components of the provision for income taxes for the three months ended March 31, 2024 and 2023: For the Three Months Ended March 31, 2024 2023 (In thousands) Current: Federal $ 23,327 $ 24,740 State 5,390 5,037 Total current 28,717 29,777 Deferred: Federal 1,273 146 State 294 30 Total deferred 1,567 176 Income tax expense $ 30,284 $ 29,953 |
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, 2024 and 2023: Three Months Ended March 31, 2024 2023 Statutory federal income tax rate 21.00 % 21.00 % Effect of non-taxable interest income (0.43) (0.78) Stock compensation 0.35 0.39 State income taxes, net of federal benefit 2.81 2.49 Executive officer compensation & other (0.51) (0.56) Effective income tax rate 23.22 % 22.54 % |
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 $ 81,487 $ 81,251 Deferred compensation 4,969 7,619 Stock compensation 6,611 6,803 Non-accrual interest income 1,641 1,463 Real estate owned 70 79 Unrealized loss on investment securities, available-for-sale 88,778 81,493 Loan discounts 4,519 5,119 Investments 27,185 25,789 Other 19,531 14,691 Gross deferred tax assets 234,791 224,307 Deferred tax liabilities: Accelerated depreciation on premises and equipment 1,275 1,477 Tax basis on acquisitions 4,937 4,061 Core deposit intangibles 10,547 11,021 FHLB dividends 2,522 2,351 Other 12,628 8,233 Gross deferred tax liabilities 31,909 27,143 Net deferred tax assets $ 202,882 $ 197,164 |
Common Stock, Compensation Pl_2
Common Stock, Compensation Plans and Other (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Summary of Stock Option Transactions under Plan | The table below summarizes the stock option transactions under the Plan at March 31, 2024 and December 31, 2023 and changes during the three-month period and year then ended: For the Three Months Ended March 31, 2024 For the Year Ended December 31, 2023 Shares (000) Weighted- Shares (000) Weighted- Outstanding, beginning of year 2,776 $ 20.95 2,971 $ 20.45 Granted — — 25 22.63 Forfeited/Expired (19) 22.32 (10) 23.38 Exercised (188) 17.78 (210) 14.01 Outstanding, end of period 2,569 21.17 2,776 20.95 Exercisable, end of period 1,987 20.65 1,940 20.05 |
Summary of Stock Options on Valuation Assumptions | The assumptions used in determining the fair value of the 2024 and 2023 stock option grants were as follows: For the Three Months Ended March 31, 2024 For the Year Ended December 31, 2023 Expected dividend yield Not Applicable 2.98 % Expected stock price volatility Not Applicable 27.97 % Risk-free interest rate Not Applicable 3.37 % Expected life of options Not Applicable 6.5 years |
Summary of Currently Outstanding and Exercisable Options | The following is a summary of currently outstanding and exercisable options at March 31, 2024: Options Outstanding Options Exercisable Exercise Prices Options Weighted- Weighted- Options Weighted- $14.00 to $15.99 100 0.79 $ 14.71 100 $ 14.71 $16.00 to $17.99 87 1.01 17.05 87 17.05 $18.00 to $19.99 736 1.56 18.49 730 18.48 $20.00 to $21.99 261 4.37 20.88 194 20.99 $22.00 to $23.99 1,295 4.40 23.22 805 23.19 $24.00 to $25.99 91 4.15 25.59 71 25.95 2,570 1,987 |
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, 2024 and December 31, 2023 and changes during the period and year then ended: As of March 31, 2024 As of December 31, 2023 (In thousands) Beginning of year 1,429 1,381 Issued 238 261 Vested (433) (152) Forfeited (18) (61) End of period 1,216 1,429 Amount of expense for the three months and twelve months ended, respectively $ 2,008 $ 8,016 |
Non-Interest Expense (Tables)
Non-Interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and 2023: Three Months Ended March 31, 2024 2023 (In thousands) Salaries and employee benefits $ 60,910 $ 64,490 Occupancy and equipment 14,551 14,952 Data processing expense 9,147 8,968 Merger and acquisition expenses — — Other operating expenses: Advertising 1,654 2,231 Amortization of intangibles 2,140 2,477 Electronic banking expense 3,156 3,330 Directors’ fees 498 460 Due from bank service charges 276 273 FDIC and state assessment 3,318 3,500 Insurance 903 889 Legal and accounting 2,081 1,088 Other professional fees 2,236 2,284 Operating supplies 683 738 Postage 523 501 Telephone 470 528 Other expense 8,950 7,935 Total other operating expenses 26,888 26,234 Total non-interest expense $ 111,496 $ 114,644 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 2024 $ 7,018 $ 9,373 2025 8,566 8,549 2026 8,115 8,111 2027 7,227 7,223 2028 5,496 5,496 Thereafter 19,827 19,827 Total future minimum lease payments $ 56,249 $ 58,579 Discount effect of cash flows (12,903) (13,551) Present value of net future minimum lease payments $ 43,346 $ 45,028 |
Additional Information of Lease Expense | Additional information (dollar amounts in thousands): For the Three Months Ended Lease expense: March 31, 2024 March 31, 2023 Operating lease expense $ 2,598 $ 1,955 Short-term lease expense — — Variable lease expense 296 260 Total lease expense $ 2,894 $ 2,215 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 2,710 $ 2,023 Weighted-average remaining lease term (in years) 7.88 8.84 Weighted-average discount rate 3.42 % 3.48 % |
Additional Cash Flow Informat_2
Additional Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 (In thousands) Interest paid $ 109,589 $ 71,697 Income taxes paid 2,429 1,600 Assets acquired by foreclosure 435 16 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. March 31, 2024 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 1,175,258 $ 1,175,258 1 Federal funds sold 5,200 5,200 1 Investment securities - available for sale 3,400,884 3,400,884 2 Investment securities - held-to-maturity 1,280,586 1,159,145 2 Loans receivable, net of impaired loans and allowance 14,125,177 14,068,484 3 Accrued interest receivable 119,029 119,029 1 FHLB, FRB & FNBB Bank stock; other equity investments 226,765 226,765 3 Marketable equity securities 50,422 50,422 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 4,115,603 $ 4,115,603 1 Savings and interest-bearing transaction accounts 11,047,258 11,047,258 1 Time deposits 1,703,269 1,681,484 3 Securities sold under agreements to repurchase 176,107 176,107 1 FHLB and other borrowed funds 1,301,050 1,288,077 2 Accrued interest payable 21,860 21,860 1 Subordinated debentures 439,688 364,500 3 December 31, 2023 Carrying Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 1,000,213 $ 1,000,213 1 Federal funds sold 5,100 5,100 1 Investment securities - available for sale 3,507,841 3,507,841 2 Investment securities - held-to-maturity 1,281,982 1,170,481 2 Loans receivable, net of impaired loans and allowance 14,048,002 14,071,775 3 Accrued interest receivable 118,966 118,966 1 FHLB, FRB & FNBB Bank stock; other equity investments 223,748 223,748 3 Marketable equity securities 49,419 49,419 1 Financial liabilities: Deposits: Demand and non-interest bearing $ 4,085,501 $ 4,085,501 1 Savings and interest-bearing transaction accounts 11,050,347 11,050,347 1 Time deposits 1,651,863 1,633,091 3 Securities sold under agreements to repurchase 142,085 142,085 1 FHLB and other borrowed funds 1,301,300 1,291,926 2 Accrued interest payable 19,124 19,124 1 Subordinated debentures 439,834 358,682 3 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 segment | |
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, 2024 | Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net income | $ 100,109 | $ 102,962 |
Average shares outstanding (in shares) | 201,210 | 203,456 |
Effect of common stock options (in shares) | 180 | 169 |
Average diluted shares outstanding (in shares) | 201,390 | 203,625 |
Basic earnings per share (in dollars per share) | $ 0.50 | $ 0.51 |
Diluted earnings per share (in dollars per share) | $ 0.50 | $ 0.51 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Securities Available-for-Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | $ 3,763,609 | $ 3,840,927 | ||
Allowance for Credit Losses | (2,525) | (2,525) | $ (842) | $ (842) |
Net Carrying Amount | 3,761,084 | 3,838,402 | ||
Gross Unrealized Gains | 4,593 | 5,718 | ||
Gross Unrealized (Losses) | (364,793) | (336,279) | ||
Estimated Fair Value | 3,400,884 | 3,507,841 | ||
U.S. government-sponsored enterprises | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 342,771 | 361,494 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Amount | 342,771 | 361,494 | ||
Gross Unrealized Gains | 1,441 | 2,247 | ||
Gross Unrealized (Losses) | (18,537) | (17,093) | ||
Estimated Fair Value | 325,675 | 346,648 | ||
U.S. government-sponsored mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 1,667,526 | 1,711,668 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Amount | 1,667,526 | 1,711,668 | ||
Gross Unrealized Gains | 396 | 310 | ||
Gross Unrealized (Losses) | (215,187) | (191,557) | ||
Estimated Fair Value | 1,452,735 | 1,520,421 | ||
Private mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 190,155 | 191,522 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Amount | 190,155 | 191,522 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized (Losses) | (16,614) | (16,117) | ||
Estimated Fair Value | 173,541 | 175,405 | ||
Non-government-sponsored asset backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 367,066 | 370,203 | ||
Allowance for Credit Losses | 0 | |||
Net Carrying Amount | 367,066 | 370,203 | ||
Gross Unrealized Gains | 695 | 821 | ||
Gross Unrealized (Losses) | (6,421) | (7,551) | ||
Estimated Fair Value | 361,340 | 363,473 | ||
State and political subdivisions | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 980,415 | 990,318 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Amount | 980,415 | 990,318 | ||
Gross Unrealized Gains | 1,104 | 1,938 | ||
Gross Unrealized (Losses) | (81,647) | (75,931) | ||
Estimated Fair Value | 899,872 | 916,325 | ||
Other securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Amortized Cost | 215,676 | 215,722 | ||
Allowance for Credit Losses | (2,525) | (2,525) | ||
Net Carrying Amount | 213,151 | 213,197 | ||
Gross Unrealized Gains | 957 | 402 | ||
Gross Unrealized (Losses) | (26,387) | (28,030) | ||
Estimated Fair Value | $ 187,721 | $ 185,569 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Fair Value of Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | $ 1,282,591 | $ 1,283,987 | ||
Allowance for Credit Losses | (2,005) | (2,005) | $ (2,005) | $ (2,005) |
Net Carrying Amount | 1,280,586 | 1,281,982 | ||
Gross Unrealized Gains | 216 | 562 | ||
Gross Unrealized (Losses) | (121,657) | (112,063) | ||
Estimated Fair Value | 1,159,145 | 1,170,481 | ||
U.S. government-sponsored enterprises | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 43,353 | 43,285 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Amount | 43,353 | 43,285 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized (Losses) | (3,342) | (2,607) | ||
Estimated Fair Value | 40,011 | 40,678 | ||
U.S. government-sponsored mortgage-backed securities | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 129,077 | 130,278 | ||
Allowance for Credit Losses | 0 | 0 | ||
Net Carrying Amount | 129,077 | 130,278 | ||
Gross Unrealized Gains | 0 | 106 | ||
Gross Unrealized (Losses) | (6,093) | (4,362) | ||
Estimated Fair Value | 122,984 | 126,022 | ||
State and political subdivisions | ||||
Schedule of Held-to-maturity Securities [Line Items] | ||||
Amortized Cost | 1,110,161 | 1,110,424 | ||
Allowance for Credit Losses | (2,005) | (2,005) | ||
Net Carrying Amount | 1,108,156 | 1,108,419 | ||
Gross Unrealized Gains | 216 | 456 | ||
Gross Unrealized (Losses) | (112,222) | (105,094) | ||
Estimated Fair Value | $ 996,150 | $ 1,003,781 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 USD ($) security | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Carrying value of investment securities | $ 3,550,000,000 | $ 3,570,000,000 | ||
Investment securities pledged as collateral | 176,100,000 | 142,100,000 | ||
Available for sale securities sold | 0 | $ 0 | ||
Provision for credit loss | 0 | 0 | 1,683,000 | |
Investment securities, provision for credit losses | 2,525,000 | 842,000 | 2,525,000 | $ 842,000 |
Allowance for credit loss, held-to-maturity | 2,005,000 | $ 2,005,000 | 2,005,000 | $ 2,005,000 |
Debt securities available for sale unrealized loss position | 364,793,000 | 336,279,000 | ||
Fair value of unrealized losses | $ 361,287,000 | 333,485,000 | ||
Percentage of Company's investment portfolio | 34.70% | |||
Maturity description of investment portfolio | five years or less | |||
Number of investment securities available for sale | security | 1,570 | |||
Number of investment in debt securities available-for-sale unrealized loss position | security | 1,321 | |||
Number of investment securities held to maturity | security | 508 | |||
Unrealized losses | $ 121,657,000 | 112,063,000 | ||
Number of investments in debt securities held-to-maturity unrealized loss position | security | 492 | |||
U.S. government-sponsored enterprises | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities, provision for credit losses | $ 0 | 0 | ||
Allowance for credit loss, held-to-maturity | 0 | 0 | ||
Debt securities available for sale unrealized loss position | 18,537,000 | 17,093,000 | ||
Fair value of unrealized losses | $ 18,008,000 | 17,091,000 | ||
Number of investment in debt securities available-for-sale unrealized loss position | security | 63 | |||
Unrealized losses | $ 3,342,000 | 2,607,000 | ||
Number of investments in debt securities held-to-maturity unrealized loss position | security | 5 | |||
U.S. government-sponsored mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities, provision for credit losses | $ 0 | 0 | ||
Allowance for credit loss, held-to-maturity | 0 | 0 | ||
Debt securities available for sale unrealized loss position | 215,187,000 | 191,557,000 | ||
Fair value of unrealized losses | $ 214,231,000 | 189,391,000 | ||
Number of investment in debt securities available-for-sale unrealized loss position | security | 660 | |||
Unrealized losses | $ 6,093,000 | 4,362,000 | ||
Number of investments in debt securities held-to-maturity unrealized loss position | security | 20 | |||
Private mortgage-backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities, provision for credit losses | $ 0 | 0 | ||
Debt securities available for sale unrealized loss position | 16,614,000 | 16,117,000 | ||
Fair value of unrealized losses | $ 16,614,000 | 15,891,000 | ||
Number of investment in debt securities available-for-sale unrealized loss position | security | 32 | |||
Non-government-sponsored asset backed securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities, provision for credit losses | $ 0 | |||
Debt securities available for sale unrealized loss position | 6,421,000 | 7,551,000 | ||
Fair value of unrealized losses | $ 6,406,000 | 7,551,000 | ||
Number of investment in debt securities available-for-sale unrealized loss position | security | 33 | |||
State and political subdivisions | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities, provision for credit losses | $ 0 | 0 | ||
Allowance for credit loss, held-to-maturity | 2,005,000 | 2,005,000 | ||
Debt securities available for sale unrealized loss position | 81,647,000 | 75,931,000 | ||
Fair value of unrealized losses | $ 80,726,000 | 75,531,000 | ||
Number of investment in debt securities available-for-sale unrealized loss position | security | 471 | |||
Unrealized losses | $ 112,222,000 | 105,094,000 | ||
Number of investments in debt securities held-to-maturity unrealized loss position | security | 467 | |||
Other securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities, provision for credit losses | $ 2,525,000 | 2,525,000 | ||
Debt securities available for sale unrealized loss position | 26,387,000 | 28,030,000 | ||
Fair value of unrealized losses | $ 25,302,000 | $ 28,030,000 | ||
Number of investment in debt securities available-for-sale unrealized loss position | security | 62 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost and Estimated Fair Value of Securities Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 15,856 | |
Due in one year or less, Amortized Cost | 0 | |
Due after one year through five years, Amortized Cost | 235,704 | |
Due after one year through five years, Amortized Cost | 28,202 | |
Due after five years through ten years, Amortized Cost | 396,977 | |
Due after five years through ten years, Amortized Cost | 313,321 | |
Due after ten years, Amortized Cost | 890,325 | |
Due after ten years, Amortized Cost | 811,991 | |
Amortized Cost | 3,763,609 | $ 3,840,927 |
Amortized Cost | 1,282,591 | 1,283,987 |
Estimated Fair Value | ||
Due in one year or less, Estimated Fair Value | 15,686 | |
Due in one year or less, Estimated Fair Value | 0 | |
Due after one year through five years, Estimated Fair Value | 220,573 | |
Due after one year through five years, Estimated Fair Value | 26,487 | |
Due after five years through ten years, Estimated Fair Value | 355,394 | |
Due after five years through ten years, Estimated Fair Value | 283,296 | |
Due after ten years, Estimated Fair Value | 821,615 | |
Due after ten years, Estimated Fair Value | 726,378 | |
Total, Estimated Fair Value | 3,400,884 | 3,507,841 |
Estimated Fair Value | 1,159,145 | 1,170,481 |
U.S. government-sponsored mortgage-backed securities | ||
Amortized Cost | ||
Securities not due at a single maturity date, Amortized Cost | 1,667,526 | |
Securities not due at a single maturity date, Amortized Cost | 129,077 | |
Amortized Cost | 1,667,526 | 1,711,668 |
Amortized Cost | 129,077 | 130,278 |
Estimated Fair Value | ||
Securities not due at a single maturity date, Estimated Fair Value | 1,452,735 | |
Securities not due at a single maturity date, Estimated Fair Value | 122,984 | |
Total, Estimated Fair Value | 1,452,735 | 1,520,421 |
Estimated Fair Value | 122,984 | 126,022 |
Private mortgage-backed securities | ||
Amortized Cost | ||
Securities not due at a single maturity date, Amortized Cost | 190,155 | |
Securities not due at a single maturity date, Amortized Cost | 0 | |
Amortized Cost | 190,155 | 191,522 |
Estimated Fair Value | ||
Securities not due at a single maturity date, Estimated Fair Value | 173,541 | |
Securities not due at a single maturity date, Estimated Fair Value | 0 | |
Total, Estimated Fair Value | 173,541 | 175,405 |
Non-government-sponsored asset backed securities | ||
Amortized Cost | ||
Securities not due at a single maturity date, Amortized Cost | 367,066 | |
Securities not due at a single maturity date, Amortized Cost | 0 | |
Amortized Cost | 367,066 | 370,203 |
Estimated Fair Value | ||
Securities not due at a single maturity date, Estimated Fair Value | 361,340 | |
Securities not due at a single maturity date, Estimated Fair Value | 0 | |
Total, Estimated Fair Value | $ 361,340 | $ 363,473 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | $ 116,466 | $ 143,467 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (3,506) | (2,794) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 2,878,261 | 2,887,122 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (361,287) | (333,485) |
Fair Value of Available-for-Sale Securities, Total | 2,994,727 | 3,030,589 |
Unrealized Losses of Available-for-Sale Securities, Total | (364,793) | (336,279) |
Held-to-maturity: | ||
Fair Value of Held-to-Maturity Securities, Less Than 12 Months | 52,941 | 69,991 |
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months | (1,440) | (1,158) |
Fair Value of Held-to-Maturity Securities, 12 Months or More | 1,082,683 | 1,062,828 |
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More | (120,217) | (110,905) |
Fair Value of Held-to-Matuirty Securities, Total | 1,135,624 | 1,132,819 |
Unrealized Losses of Held-to-Maturity Securities | (121,657) | (112,063) |
U.S. government-sponsored enterprises | ||
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 29,035 | 2,742 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (529) | (2) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 177,346 | 180,569 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (18,008) | (17,091) |
Fair Value of Available-for-Sale Securities, Total | 206,381 | 183,311 |
Unrealized Losses of Available-for-Sale Securities, Total | (18,537) | (17,093) |
Held-to-maturity: | ||
Fair Value of Held-to-Maturity Securities, Less Than 12 Months | 0 | 0 |
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months | 0 | 0 |
Fair Value of Held-to-Maturity Securities, 12 Months or More | 40,011 | 40,677 |
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More | (3,342) | (2,607) |
Fair Value of Held-to-Matuirty Securities, Total | 40,011 | 40,677 |
Unrealized Losses of Held-to-Maturity Securities | (3,342) | (2,607) |
U.S. government-sponsored mortgage-backed securities | ||
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 34,770 | 102,831 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (956) | (2,166) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 1,365,034 | 1,392,318 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (214,231) | (189,391) |
Fair Value of Available-for-Sale Securities, Total | 1,399,804 | 1,495,149 |
Unrealized Losses of Available-for-Sale Securities, Total | (215,187) | (191,557) |
Held-to-maturity: | ||
Fair Value of Held-to-Maturity Securities, Less Than 12 Months | 42,125 | 48,498 |
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months | (960) | (861) |
Fair Value of Held-to-Maturity Securities, 12 Months or More | 80,859 | 65,573 |
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More | (5,133) | (3,501) |
Fair Value of Held-to-Matuirty Securities, Total | 122,984 | 114,071 |
Unrealized Losses of Held-to-Maturity Securities | (6,093) | (4,362) |
Private mortgage-backed securities | ||
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 0 | 9,298 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | 0 | (226) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 173,541 | 166,107 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (16,614) | (15,891) |
Fair Value of Available-for-Sale Securities, Total | 173,541 | 175,405 |
Unrealized Losses of Available-for-Sale Securities, Total | (16,614) | (16,117) |
Non-government-sponsored asset backed securities | ||
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 17,486 | 0 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (15) | 0 |
Fair Value of Available-for-Sale Securities, 12 Months or More | 212,754 | 213,838 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (6,406) | (7,551) |
Fair Value of Available-for-Sale Securities, Total | 230,240 | 213,838 |
Unrealized Losses of Available-for-Sale Securities, Total | (6,421) | (7,551) |
State and political subdivisions | ||
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 32,760 | 28,596 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (921) | (400) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 782,538 | 769,860 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (80,726) | (75,531) |
Fair Value of Available-for-Sale Securities, Total | 815,298 | 798,456 |
Unrealized Losses of Available-for-Sale Securities, Total | (81,647) | (75,931) |
Held-to-maturity: | ||
Fair Value of Held-to-Maturity Securities, Less Than 12 Months | 10,816 | 21,493 |
Unrealized Losses of Held-to-Maturity Securities, Less Than 12 Months | (480) | (297) |
Fair Value of Held-to-Maturity Securities, 12 Months or More | 961,813 | 956,578 |
Unrealized Losses of Held-to-Maturity Securities, 12 Months or More | (111,742) | (104,797) |
Fair Value of Held-to-Matuirty Securities, Total | 972,629 | 978,071 |
Unrealized Losses of Held-to-Maturity Securities | (112,222) | (105,094) |
Other securities | ||
Available-for-sale: | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 2,415 | 0 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (1,085) | 0 |
Fair Value of Available-for-Sale Securities, 12 Months or More | 167,048 | 164,430 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (25,302) | (28,030) |
Fair Value of Available-for-Sale Securities, Total | 169,463 | 164,430 |
Unrealized Losses of Available-for-Sale Securities, Total | $ (26,387) | $ (28,030) |
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, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Available-for-Sale Investment Securities | |||
Beginning balance | $ 2,525 | $ 842 | $ 842 |
Provision for credit loss | 0 | 0 | 1,683 |
Ending balance | 2,525 | 842 | 2,525 |
Held-to-Maturity Investment Securities | |||
Beginning balance | 2,005 | 2,005 | 2,005 |
Provision for credit loss | 0 | 0 | 0 |
Ending balance | $ 2,005 | $ 2,005 | $ 2,005 |
Investment Securities - Bond Ra
Investment Securities - Bond Ratings (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 1,282,591 | $ 1,283,987 |
Aaa/AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 278,435 | |
Aa/AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 845,485 | |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 27,686 | |
Not rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,908 | |
Agency Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 129,077 | |
State and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,110,161 | 1,110,424 |
State and political subdivisions | Aaa/AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 235,082 | |
State and political subdivisions | Aa/AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 845,485 | |
State and political subdivisions | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 27,686 | |
State and political subdivisions | Not rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,908 | |
State and political subdivisions | Agency Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored enterprises | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 43,353 | $ 43,285 |
U.S. government-sponsored enterprises | Aaa/AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 43,353 | |
U.S. government-sponsored enterprises | Aa/AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored enterprises | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored enterprises | Not rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
U.S. government-sponsored enterprises | Agency Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
Other Security Investments [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 129,077 | |
Other Security Investments [Member] | Aaa/AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
Other Security Investments [Member] | Aa/AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
Other Security Investments [Member] | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
Other Security Investments [Member] | Not rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 0 | |
Other Security Investments [Member] | Agency Backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 129,077 |
Investment Securities - Sched_2
Investment Securities - Schedule of Income Earned on Available-for Sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investment Income [Line Items] | ||
Income earned on securities, taxable | $ 33,229 | $ 35,288 |
Income earned on securities, non-taxable | 7,803 | 7,963 |
Total | 41,032 | 43,251 |
Available-for-sale | ||
Investment Income [Line Items] | ||
Income earned on securities, taxable | 25,762 | 27,798 |
Income earned on securities, non-taxable | 4,695 | 4,826 |
Held-to-maturity | ||
Investment Income [Line Items] | ||
Income earned on securities, taxable | 7,467 | 7,490 |
Income earned on securities, non-taxable | $ 3,108 | $ 3,137 |
Loans Receivable - Summary of V
Loans Receivable - Summary of Various Categories of Loans Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 14,513,673 | $ 14,424,728 | ||
Allowance for credit losses | (290,294) | (288,234) | $ (287,169) | $ (289,669) |
Loans receivable, net | 14,223,379 | 14,136,494 | ||
Commercial real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 8,285,138 | 8,168,157 | ||
Commercial real estate loans | Non-farm/non-residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 5,616,965 | 5,549,954 | ||
Commercial real estate loans | Construction/land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 2,330,555 | 2,293,047 | ||
Allowance for credit losses | (35,921) | (33,877) | (31,172) | (32,243) |
Commercial real estate loans | Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 337,618 | 325,156 | ||
Residential real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit losses | (56,903) | (55,860) | (51,433) | (50,963) |
Residential real estate loans | Residential 1-4 family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,899,974 | 1,844,260 | ||
Residential real estate loans | Multifamily residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 415,926 | 435,736 | ||
Total real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 10,601,038 | 10,448,153 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,163,228 | 1,153,690 | ||
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 2,284,775 | 2,324,991 | ||
Allowance for credit losses | (91,008) | (92,810) | $ (92,396) | $ (89,354) |
Agricultural | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 278,609 | 307,327 | ||
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 186,023 | $ 190,567 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit loss | $ 290,294 | $ 287,169 | $ 288,234 | $ 289,669 |
Deteriorated Credit Quality | Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit loss | 90,500 | 130,700 | ||
Deteriorated Credit Quality | Happy Bancshares, Inc. | Accounting Standards Update 2016-13 | Cumulative Effect Period of Adoption Adjustment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for credit loss | 90,100 | |||
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 | 362 | |||
Mortgage Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Mortgage loans held for sale | 95,200 | $ 123,400 | ||
SBA Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans sold during period | 2,700 | 2,200 | ||
Gain on sale of guaranteed portion of loans | $ 198 | $ 139 |
Allowance for Credit Losses, _3
Allowance for Credit Losses, Credit Quality and Other - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) loan | Mar. 31, 2023 USD ($) loan | Dec. 31, 2023 USD ($) loan | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for credit losses on loans | $ 5,500 | $ 1,200 | |
Recovery of credit losses on unfunded commitments | (1,000) | 0 | |
Non-accrual loans | 67,055 | $ 59,971 | |
Loans Past Due Over 90 Days Still Accruing | 12,928 | 4,130 | |
Nonaccrual loans with specific reserve | 12,200 | 2,500 | |
Collateral-dependent impaired loans | 105,300 | 94,900 | |
Interest recognized on impaired loans | 685 | 1,800 | |
Amount of loan assessed for impairment on a quarterly basis | 2,000 | ||
Revolver loans converted to term loans | $ 10,300 | $ 6,200 | |
Number of revolving loans convert to term loans | loan | 61 | 64 | |
Premodification balance | $ 668 | $ 52 | $ 20,200 |
Number of loans | loan | 3 | 3 | 21 |
Ending balance | $ 656 | ||
Loans, ending balance | 21,500 | $ 48 | |
Loan balance, nonaccrual | 1,000 | ||
Loans Past Due 30-59 Days | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, ending balance | 71 | ||
Past Due | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, ending balance | 20,500 | ||
Loans Past Due 90 Days or More | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans, ending balance | $ 1,100 | ||
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% | ||
Percentage of loan value of raw land | 65% | ||
Percentage of loan value of land to be acquired and developed | 75% | ||
Residential real estate loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for credit losses on loans | $ 1,183 | ||
Residential real estate loans | Maximum | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loan-to-value ratio | 90% | ||
Commercial and Industrial Loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for credit losses on loans | $ (157) | ||
Non-accrual loans | 10,969 | $ 9,982 | |
Loans Past Due Over 90 Days Still Accruing | $ 2,311 | $ 1,535 | |
Commercial and Industrial Loans | Minimum | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Commercial loans terms | 1 year | ||
Inventory financing percentage | 50% | ||
Commercial and Industrial Loans | Minimum | Loans Past Due 30-59 Days | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Accounts receivable financed percentage | 50% | ||
Commercial and Industrial Loans | Maximum | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Commercial loans terms | 7 years | ||
Inventory financing percentage | 80% | ||
Commercial and Industrial Loans | Maximum | Loans Past Due 30-59 Days | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Accounts receivable financed percentage | 80% |
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, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 288,234 | $ 289,669 | $ 287,169 |
Loans charged off | (3,978) | (4,288) | (11,767) |
Recoveries of loans previously charged off | 538 | 588 | 2,082 |
Net loans recovered (charged off) | (3,440) | (3,700) | (9,685) |
Provision for credit loss - loans | 5,500 | 1,200 | |
Provision for credit loss - loans | 1,200 | 10,750 | |
Ending balance | 290,294 | 287,169 | 288,234 |
Residential real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 55,860 | 50,963 | 51,433 |
Loans charged off | (159) | (59) | (210) |
Recoveries of loans previously charged off | 19 | 126 | 203 |
Net loans recovered (charged off) | (140) | 67 | (7) |
Provision for credit loss - loans | 1,183 | ||
Provision for credit loss - loans | 403 | 4,434 | |
Ending balance | 56,903 | 51,433 | 55,860 |
Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 92,810 | 89,354 | 92,396 |
Loans charged off | (1,746) | (3,006) | (6,151) |
Recoveries of loans previously charged off | 101 | 109 | 474 |
Net loans recovered (charged off) | (1,645) | (2,897) | (5,677) |
Provision for credit loss - loans | (157) | ||
Provision for credit loss - loans | 5,939 | 6,091 | |
Ending balance | 91,008 | 92,396 | 92,810 |
Consumer & Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 27,052 | 23,261 | 25,190 |
Loans charged off | (970) | (1,125) | (2,906) |
Recoveries of loans previously charged off | 391 | 327 | 785 |
Net loans recovered (charged off) | (579) | (798) | (2,121) |
Provision for credit loss - loans | 861 | ||
Provision for credit loss - loans | 2,727 | 3,983 | |
Ending balance | 27,334 | 25,190 | 27,052 |
Construction/land development | Commercial real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 33,877 | 32,243 | 31,172 |
Loans charged off | (1) | (25) | (238) |
Recoveries of loans previously charged off | 7 | 7 | 106 |
Net loans recovered (charged off) | 6 | (18) | (132) |
Provision for credit loss - loans | 2,038 | ||
Provision for credit loss - loans | (1,053) | 2,837 | |
Ending balance | 35,921 | 31,172 | 33,877 |
Other Commercial Real Estate | Commercial real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 78,635 | 93,848 | 86,978 |
Loans charged off | (1,102) | (73) | (2,262) |
Recoveries of loans previously charged off | 20 | 19 | 514 |
Net loans recovered (charged off) | (1,082) | (54) | (1,748) |
Provision for credit loss - loans | 1,575 | ||
Provision for credit loss - loans | (6,816) | (6,595) | |
Ending balance | $ 79,128 | $ 86,978 | $ 78,635 |
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, 2024 | Dec. 31, 2023 |
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | $ 67,055 | $ 59,971 |
Nonaccrual with Reserve | 12,171 | 2,534 |
Loans Past Due Over 90 Days Still Accruing | 12,928 | 4,130 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 12,887 | 13,178 |
Nonaccrual with Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 9,377 | 2,177 |
Commercial real estate loans | Construction/land development | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 15,782 | 12,094 |
Nonaccrual with Reserve | 9,059 | 0 |
Loans Past Due Over 90 Days Still Accruing | 603 | 255 |
Commercial real estate loans | Agricultural | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 414 | 431 |
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 | 22,037 | 20,351 |
Nonaccrual with Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 543 | 84 |
Residential real estate loans | Multifamily residential | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 0 | |
Nonaccrual with Reserve | 0 | |
Loans Past Due Over 90 Days Still Accruing | 0 | 0 |
Total real estate | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 51,120 | 46,054 |
Nonaccrual with Reserve | 9,059 | 0 |
Loans Past Due Over 90 Days Still Accruing | 10,523 | 2,516 |
Consumer | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 4,639 | 3,423 |
Nonaccrual with Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | 48 | 79 |
Commercial and industrial | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 10,969 | 9,982 |
Nonaccrual with Reserve | 3,112 | 2,534 |
Loans Past Due Over 90 Days Still Accruing | 2,311 | 1,535 |
Agricultural & other | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual | 327 | 512 |
Nonaccrual with Reserve | 0 | 0 |
Loans Past Due Over 90 Days Still Accruing | $ 46 | $ 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, 2024 | Dec. 31, 2023 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | $ 105,300 | $ 94,900 |
Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 60,992 | 52,594 |
Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 23,696 | 21,386 |
Other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 20,605 | 20,913 |
Commercial real estate loans | Non-farm/non-residential | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 44,193 | 39,813 |
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 | 16,385 | 12,350 |
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 | 414 | 431 |
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 | 23,696 | 21,386 |
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 | 0 | 0 |
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 | 60,992 | 52,594 |
Total real estate | Residential Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 23,696 | 21,386 |
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 | 4,696 | 3,511 |
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 | 15,536 | 16,890 |
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 | $ 373 | $ 512 |
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, 2024 | Dec. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | $ 14,513,673 | $ 14,424,728 |
Accruing Loans Past Due 90 Days or More | 12,928 | 4,130 |
Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 18,037 | 18,559 |
Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 5,974 | 5,947 |
Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 79,983 | 64,101 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 103,994 | 88,607 |
Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 14,409,679 | 14,336,121 |
Commercial real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 8,285,138 | 8,168,157 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 5,616,965 | 5,549,954 |
Accruing Loans Past Due 90 Days or More | 9,377 | 2,177 |
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 2,628 | 8,124 |
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,148 | 416 |
Commercial real estate loans | Non-farm/non-residential | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 22,264 | 15,355 |
Commercial real estate loans | Non-farm/non-residential | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 26,040 | 23,895 |
Commercial real estate loans | Non-farm/non-residential | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 5,590,925 | 5,526,059 |
Commercial real estate loans | Construction/land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 2,330,555 | 2,293,047 |
Accruing Loans Past Due 90 Days or More | 603 | 255 |
Commercial real estate loans | Construction/land development | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,525 | 1,430 |
Commercial real estate loans | Construction/land development | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 103 | 0 |
Commercial real estate loans | Construction/land development | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 16,385 | 12,349 |
Commercial real estate loans | Construction/land development | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 18,013 | 13,779 |
Commercial real estate loans | Construction/land development | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 2,312,542 | 2,279,268 |
Commercial real estate loans | Agricultural | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 337,618 | 325,156 |
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 | 301 | 474 |
Commercial real estate loans | Agricultural | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 311 | 314 |
Commercial real estate loans | Agricultural | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 414 | 431 |
Commercial real estate loans | Agricultural | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,026 | 1,219 |
Commercial real estate loans | Agricultural | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 336,592 | 323,937 |
Residential real estate loans | Residential 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,899,974 | 1,844,260 |
Accruing Loans Past Due 90 Days or More | 543 | 84 |
Residential real estate loans | Residential 1-4 family | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 10,488 | 4,346 |
Residential real estate loans | Residential 1-4 family | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,466 | 1,423 |
Residential real estate loans | Residential 1-4 family | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 22,580 | 20,435 |
Residential real estate loans | Residential 1-4 family | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 34,534 | 26,204 |
Residential real estate loans | Residential 1-4 family | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,865,440 | 1,818,056 |
Residential real estate loans | Multifamily residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 415,926 | 435,736 |
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 | 790 | 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 | 0 | 0 |
Residential real estate loans | Multifamily residential | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 790 | 0 |
Residential real estate loans | Multifamily residential | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 415,136 | 435,736 |
Total real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 10,601,038 | 10,448,153 |
Accruing Loans Past Due 90 Days or More | 10,523 | 2,516 |
Total real estate | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 15,732 | 14,374 |
Total real estate | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 3,028 | 2,153 |
Total real estate | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 61,643 | 48,570 |
Total real estate | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 80,403 | 65,097 |
Total real estate | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 10,520,635 | 10,383,056 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,163,228 | 1,153,690 |
Accruing Loans Past Due 90 Days or More | 48 | 79 |
Consumer | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 417 | 1,022 |
Consumer | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 151 | 303 |
Consumer | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 4,687 | 3,502 |
Consumer | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 5,255 | 4,827 |
Consumer | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,157,973 | 1,148,863 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 2,284,775 | 2,324,991 |
Accruing Loans Past Due 90 Days or More | 2,311 | 1,535 |
Commercial and industrial | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 1,426 | 2,089 |
Commercial and industrial | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 2,747 | 3,378 |
Commercial and industrial | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 13,280 | 11,517 |
Commercial and industrial | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 17,453 | 16,984 |
Commercial and industrial | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 2,267,322 | 2,308,007 |
Agricultural & other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 464,632 | 497,894 |
Accruing Loans Past Due 90 Days or More | 46 | 0 |
Agricultural & other | Loans Past Due 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 462 | 1,074 |
Agricultural & other | Loans Past Due 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 48 | 113 |
Agricultural & other | Loans Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 373 | 512 |
Agricultural & other | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | 883 | 1,699 |
Agricultural & other | Current Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans | $ 463,749 | $ 496,195 |
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 and Writeoffs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | $ 430,301 | $ 2,138,730 |
Year Two | 2,131,418 | 3,341,500 |
Year Three | 3,310,602 | 2,083,044 |
Year Four | 1,991,010 | 1,132,926 |
Year Five | 1,013,542 | 872,429 |
Prior | 3,636,939 | 2,908,528 |
Revolving Loans Amortized Cost Basis | 1,999,861 | 1,947,571 |
Total | 14,513,673 | 14,424,728 |
Writeoffs, Year One | 772 | 3,252 |
Writeoffs, Year Two | 119 | 490 |
Writeoffs, Year Three | 132 | 1,351 |
Writeoffs, Year Four | 1,034 | 1,072 |
Writeoffs, Year Five | 114 | 2,878 |
Writeoffs, Prior | 452 | 6,357 |
Writeoffs, Revolving | 1,355 | 655 |
Writeoffs, Total | 3,978 | 16,055 |
Commercial real estate loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 233,110 | 930,022 |
Year Two | 1,040,059 | 2,146,390 |
Year Three | 2,100,729 | 1,262,133 |
Year Four | 1,231,875 | 626,807 |
Year Five | 532,587 | 481,164 |
Prior | 2,301,263 | 1,905,250 |
Revolving Loans Amortized Cost Basis | 845,515 | 816,391 |
Total | 8,285,138 | 8,168,157 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 91,081 | 388,831 |
Year Two | 489,474 | 1,150,598 |
Year Three | 1,103,794 | 830,588 |
Year Four | 852,764 | 491,298 |
Year Five | 422,460 | 404,822 |
Prior | 2,086,282 | 1,747,135 |
Revolving Loans Amortized Cost Basis | 571,110 | 536,682 |
Total | 5,616,965 | 5,549,954 |
Writeoffs, Year One | 0 | 0 |
Writeoffs, Year Two | 0 | 0 |
Writeoffs, Year Three | 0 | 0 |
Writeoffs, Year Four | 750 | 0 |
Writeoffs, Year Five | 1 | 1,826 |
Writeoffs, Prior | 351 | 502 |
Writeoffs, Revolving | 0 | 0 |
Writeoffs, Total | 1,102 | 2,328 |
Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 121,343 | 501,215 |
Year Two | 505,026 | 926,208 |
Year Three | 929,433 | 384,657 |
Year Four | 336,539 | 88,901 |
Year Five | 71,377 | 55,857 |
Prior | 124,043 | 81,216 |
Revolving Loans Amortized Cost Basis | 242,794 | 254,993 |
Total | 2,330,555 | 2,293,047 |
Writeoffs, Year One | 0 | 0 |
Writeoffs, Year Two | 0 | 2 |
Writeoffs, Year Three | 0 | 168 |
Writeoffs, Year Four | 0 | 5 |
Writeoffs, Year Five | 1 | 0 |
Writeoffs, Prior | 0 | 88 |
Writeoffs, Revolving | 0 | 0 |
Writeoffs, Total | 1 | 263 |
Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 20,686 | 39,976 |
Year Two | 45,559 | 69,584 |
Year Three | 67,502 | 46,888 |
Year Four | 42,572 | 46,608 |
Year Five | 38,750 | 20,485 |
Prior | 90,938 | 76,899 |
Revolving Loans Amortized Cost Basis | 31,611 | 24,716 |
Total | 337,618 | 325,156 |
Writeoffs, Year One | 0 | 0 |
Writeoffs, Year Two | 0 | 0 |
Writeoffs, Year Three | 0 | 0 |
Writeoffs, Year Four | 0 | 0 |
Writeoffs, Year Five | 0 | 1 |
Writeoffs, Prior | 0 | 6 |
Writeoffs, Revolving | 0 | 0 |
Writeoffs, Total | 0 | 7 |
Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 71,946 | 261,784 |
Year Two | 239,035 | 409,197 |
Year Three | 424,678 | 300,563 |
Year Four | 294,679 | 171,122 |
Year Five | 165,656 | 111,327 |
Prior | 493,485 | 403,729 |
Revolving Loans Amortized Cost Basis | 210,495 | 186,538 |
Total | 1,899,974 | 1,844,260 |
Writeoffs, Year One | 0 | 0 |
Writeoffs, Year Two | 1 | 29 |
Writeoffs, Year Three | 68 | 28 |
Writeoffs, Year Four | 0 | 73 |
Writeoffs, Year Five | 25 | 13 |
Writeoffs, Prior | 65 | 126 |
Writeoffs, Revolving | 0 | 0 |
Writeoffs, Total | 159 | 269 |
Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 424 | 3,983 |
Year Two | 3,996 | 87,012 |
Year Three | 106,711 | 107,301 |
Year Four | 75,459 | 108,702 |
Year Five | 108,441 | 39,815 |
Prior | 105,987 | 74,564 |
Revolving Loans Amortized Cost Basis | 14,908 | 14,359 |
Total | 415,926 | 435,736 |
Total real estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 305,480 | 1,195,789 |
Year Two | 1,283,090 | 2,642,599 |
Year Three | 2,632,118 | 1,669,997 |
Year Four | 1,602,013 | 906,631 |
Year Five | 806,684 | 632,306 |
Prior | 2,900,735 | 2,383,543 |
Revolving Loans Amortized Cost Basis | 1,070,918 | 1,017,288 |
Total | 10,601,038 | 10,448,153 |
Writeoffs, Year One | 0 | 0 |
Writeoffs, Year Two | 1 | 31 |
Writeoffs, Year Three | 68 | 196 |
Writeoffs, Year Four | 750 | 78 |
Writeoffs, Year Five | 27 | 1,840 |
Writeoffs, Prior | 416 | 722 |
Writeoffs, Revolving | 0 | 0 |
Writeoffs, Total | 1,262 | 2,867 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 47,780 | 255,930 |
Year Two | 247,337 | 257,588 |
Year Three | 250,968 | 216,645 |
Year Four | 210,945 | 109,981 |
Year Five | 104,212 | 110,406 |
Prior | 298,983 | 200,071 |
Revolving Loans Amortized Cost Basis | 3,003 | 3,069 |
Total | 1,163,228 | 1,153,690 |
Writeoffs, Year One | 0 | 0 |
Writeoffs, Year Two | 12 | 51 |
Writeoffs, Year Three | 39 | 44 |
Writeoffs, Year Four | 26 | 98 |
Writeoffs, Year Five | 87 | 63 |
Writeoffs, Prior | 34 | 263 |
Writeoffs, Revolving | 0 | 25 |
Writeoffs, Total | 198 | 544 |
Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 54,767 | 619,371 |
Year Two | 540,127 | 385,376 |
Year Three | 376,109 | 156,919 |
Year Four | 140,432 | 88,094 |
Year Five | 76,325 | 114,522 |
Prior | 376,598 | 276,677 |
Revolving Loans Amortized Cost Basis | 720,417 | 684,032 |
Total | 2,284,775 | 2,324,991 |
Writeoffs, Year One | 0 | 0 |
Writeoffs, Year Two | 106 | 407 |
Writeoffs, Year Three | 25 | 1,110 |
Writeoffs, Year Four | 258 | 894 |
Writeoffs, Year Five | 0 | 911 |
Writeoffs, Prior | 2 | 5,369 |
Writeoffs, Revolving | 1,355 | 466 |
Writeoffs, Total | 1,746 | 9,157 |
Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 22,274 | 67,640 |
Year Two | 60,864 | 55,937 |
Year Three | 51,407 | 39,483 |
Year Four | 37,620 | 28,220 |
Year Five | 26,321 | 15,195 |
Prior | 60,623 | 48,237 |
Revolving Loans Amortized Cost Basis | 205,523 | 243,182 |
Total | 464,632 | 497,894 |
Writeoffs, Year One | 772 | 3,252 |
Writeoffs, Year Two | 0 | 1 |
Writeoffs, Year Three | 0 | 1 |
Writeoffs, Year Four | 0 | 2 |
Writeoffs, Year Five | 0 | 64 |
Writeoffs, Prior | 0 | 3 |
Writeoffs, Revolving | 0 | 164 |
Writeoffs, Total | 772 | 3,487 |
Risk rating 1 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 232 |
Prior | 342 | 116 |
Revolving Loans Amortized Cost Basis | 91 | 55 |
Total | 433 | 403 |
Risk rating 1 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 10 |
Year Four | 10 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 10 | 10 |
Risk rating 1 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 700 | 0 |
Year Two | 0 | 1,605 |
Year Three | 1,550 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 2,250 | 1,605 |
Risk rating 1 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 96 | 144 |
Revolving Loans Amortized Cost Basis | 2 | 2 |
Total | 98 | 146 |
Risk rating 1 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 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] | ||
Year One | 1,195,789 | |
Year Two | 2,642,599 | |
Year Three | 1,669,997 | |
Year Four | 906,631 | |
Year Five | 632,306 | |
Prior | 2,383,543 | |
Revolving Loans Amortized Cost Basis | 1,017,288 | |
Total | 10,448,153 | |
Risk rating 1 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 2,232 | 5,195 |
Year Two | 4,108 | 2,952 |
Year Three | 2,526 | 2,002 |
Year Four | 1,834 | 839 |
Year Five | 769 | 355 |
Prior | 1,238 | 1,114 |
Revolving Loans Amortized Cost Basis | 1,529 | 1,580 |
Total | 14,236 | 14,037 |
Risk rating 1 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 678 | 3,757 |
Year Two | 1,729 | 918 |
Year Three | 860 | 1,120 |
Year Four | 816 | 236 |
Year Five | 231 | 121 |
Prior | 20,920 | 20,835 |
Revolving Loans Amortized Cost Basis | 12,287 | 12,644 |
Total | 37,521 | 39,631 |
Risk rating 1 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 427 | 408 |
Year Two | 402 | 131 |
Year Three | 120 | 16 |
Year Four | 16 | 105 |
Year Five | 105 | 0 |
Prior | 0 | 2 |
Revolving Loans Amortized Cost Basis | 331 | 563 |
Total | 1,401 | 1,225 |
Risk rating 2 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 111 |
Prior | 109 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 109 | 111 |
Risk rating 2 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 759 |
Year Two | 138 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 179 | 186 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 317 | 945 |
Risk rating 2 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 247 |
Year Two | 245 | 0 |
Year Three | 0 | 1,936 |
Year Four | 1,908 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 2,153 | 2,183 |
Risk rating 2 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 259 |
Year Two | 867 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 14 | 20 |
Revolving Loans Amortized Cost Basis | 1 | 1 |
Total | 882 | 280 |
Risk rating 2 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 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] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 126 |
Prior | 170 | 54 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 170 | 180 |
Risk rating 2 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 174 |
Year Two | 160 | 1,293 |
Year Three | 1,221 | 220 |
Year Four | 208 | 12 |
Year Five | 10 | 164 |
Prior | 20 | 218 |
Revolving Loans Amortized Cost Basis | 1,130 | 963 |
Total | 2,749 | 3,044 |
Risk rating 2 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 71 | 396 |
Year Two | 308 | 28 |
Year Three | 28 | 1 |
Year Four | 1 | 0 |
Year Five | 0 | 1,181 |
Prior | 1,216 | 100 |
Revolving Loans Amortized Cost Basis | 743 | 693 |
Total | 2,367 | 2,399 |
Risk rating 3 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 83,363 | 305,742 |
Year Two | 331,573 | 584,860 |
Year Three | 594,821 | 568,413 |
Year Four | 581,031 | 243,177 |
Year Five | 241,146 | 216,746 |
Prior | 1,121,885 | 934,111 |
Revolving Loans Amortized Cost Basis | 437,309 | 440,414 |
Total | 3,391,128 | 3,293,463 |
Risk rating 3 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 103,471 | 300,941 |
Year Two | 338,932 | 499,984 |
Year Three | 491,298 | 130,342 |
Year Four | 113,870 | 62,134 |
Year Five | 50,553 | 22,656 |
Prior | 70,571 | 56,180 |
Revolving Loans Amortized Cost Basis | 47,987 | 44,603 |
Total | 1,216,682 | 1,116,840 |
Risk rating 3 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 12,689 | 30,252 |
Year Two | 35,840 | 43,291 |
Year Three | 43,636 | 22,919 |
Year Four | 20,758 | 25,992 |
Year Five | 24,044 | 10,678 |
Prior | 48,712 | 43,284 |
Revolving Loans Amortized Cost Basis | 26,975 | 20,104 |
Total | 212,654 | 196,520 |
Risk rating 3 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 68,236 | 246,462 |
Year Two | 222,450 | 366,149 |
Year Three | 374,959 | 241,985 |
Year Four | 238,269 | 145,339 |
Year Five | 140,564 | 93,751 |
Prior | 399,083 | 324,569 |
Revolving Loans Amortized Cost Basis | 123,952 | 122,950 |
Total | 1,567,513 | 1,541,205 |
Risk rating 3 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 424 | 3,314 |
Year Two | 3,300 | 9,827 |
Year Three | 25,242 | 37,755 |
Year Four | 37,413 | 44,407 |
Year Five | 44,195 | 31,436 |
Prior | 81,998 | 53,068 |
Revolving Loans Amortized Cost Basis | 6,867 | 6,537 |
Total | 199,439 | 186,344 |
Risk rating 3 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 44,644 | 240,897 |
Year Two | 230,405 | 245,543 |
Year Three | 238,893 | 211,312 |
Year Four | 206,923 | 108,009 |
Year Five | 102,296 | 108,063 |
Prior | 289,483 | 191,220 |
Revolving Loans Amortized Cost Basis | 1,196 | 1,264 |
Total | 1,113,840 | 1,106,308 |
Risk rating 3 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 21,943 | 487,896 |
Year Two | 475,638 | 272,608 |
Year Three | 267,003 | 78,507 |
Year Four | 73,719 | 50,340 |
Year Five | 52,985 | 77,761 |
Prior | 248,283 | 170,610 |
Revolving Loans Amortized Cost Basis | 227,129 | 227,043 |
Total | 1,366,700 | 1,364,765 |
Risk rating 3 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 17,995 | 52,758 |
Year Two | 51,938 | 45,796 |
Year Three | 40,941 | 31,378 |
Year Four | 30,317 | 26,918 |
Year Five | 25,416 | 3,059 |
Prior | 44,812 | 43,984 |
Revolving Loans Amortized Cost Basis | 140,789 | 145,419 |
Total | 352,208 | 349,312 |
Risk rating 4 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 7,718 | 83,089 |
Year Two | 157,901 | 557,540 |
Year Three | 499,982 | 242,217 |
Year Four | 251,916 | 224,378 |
Year Five | 157,181 | 149,258 |
Prior | 710,773 | 590,864 |
Revolving Loans Amortized Cost Basis | 133,521 | 95,360 |
Total | 1,918,992 | 1,942,706 |
Risk rating 4 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 17,872 | 198,874 |
Year Two | 165,321 | 417,244 |
Year Three | 426,339 | 252,602 |
Year Four | 220,985 | 22,713 |
Year Five | 19,545 | 32,342 |
Prior | 52,325 | 24,527 |
Revolving Loans Amortized Cost Basis | 193,864 | 209,063 |
Total | 1,096,251 | 1,157,365 |
Risk rating 4 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 7,297 | 9,477 |
Year Two | 9,474 | 24,688 |
Year Three | 22,316 | 20,358 |
Year Four | 18,238 | 19,532 |
Year Five | 13,622 | 7,873 |
Prior | 40,145 | 32,692 |
Revolving Loans Amortized Cost Basis | 4,636 | 4,612 |
Total | 115,728 | 119,232 |
Risk rating 4 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 3,710 | 14,992 |
Year Two | 14,286 | 37,444 |
Year Three | 43,663 | 55,406 |
Year Four | 52,466 | 21,240 |
Year Five | 20,855 | 13,313 |
Prior | 76,831 | 67,084 |
Revolving Loans Amortized Cost Basis | 85,756 | 62,356 |
Total | 297,567 | 271,835 |
Risk rating 4 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 669 |
Year Two | 696 | 77,185 |
Year Three | 81,319 | 69,546 |
Year Four | 38,046 | 64,295 |
Year Five | 64,246 | 8,116 |
Prior | 23,736 | 18,490 |
Revolving Loans Amortized Cost Basis | 8,041 | 7,822 |
Total | 216,084 | 246,123 |
Risk rating 4 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 904 | 9,597 |
Year Two | 7,573 | 7,534 |
Year Three | 8,067 | 2,479 |
Year Four | 1,015 | 69 |
Year Five | 49 | 109 |
Prior | 4,911 | 6,073 |
Revolving Loans Amortized Cost Basis | 255 | 214 |
Total | 22,774 | 26,075 |
Risk rating 4 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 32,124 | 115,025 |
Year Two | 50,433 | 34,474 |
Year Three | 33,941 | 55,812 |
Year Four | 44,843 | 33,000 |
Year Five | 19,245 | 27,189 |
Prior | 85,821 | 71,854 |
Revolving Loans Amortized Cost Basis | 425,396 | 378,417 |
Total | 691,803 | 715,771 |
Risk rating 4 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 3,781 | 14,007 |
Year Two | 8,139 | 7,663 |
Year Three | 9,975 | 8,025 |
Year Four | 7,231 | 955 |
Year Five | 642 | 10,955 |
Prior | 13,634 | 3,188 |
Revolving Loans Amortized Cost Basis | 62,823 | 94,186 |
Total | 106,225 | 138,979 |
Risk rating 5 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 800 | 10,000 |
Year Four | 10,612 | 0 |
Year Five | 0 | 14,095 |
Prior | 53,802 | 42,694 |
Revolving Loans Amortized Cost Basis | 0 | 758 |
Total | 65,214 | 67,547 |
Risk rating 5 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 641 |
Year Two | 635 | 1,163 |
Year Three | 0 | 0 |
Year Four | 0 | 3,306 |
Year Five | 0 | 218 |
Prior | 67 | 69 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 702 | 5,397 |
Risk rating 5 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 314 |
Prior | 882 | 571 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 882 | 885 |
Risk rating 5 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 158 | 243 |
Year Three | 670 | 246 |
Year Four | 29 | 479 |
Year Five | 298 | 831 |
Prior | 1,412 | 1,343 |
Revolving Loans Amortized Cost Basis | 0 | 40 |
Total | 2,567 | 3,182 |
Risk rating 5 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 150 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 3,006 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 150 | 3,006 |
Risk rating 5 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 22 |
Year Two | 5,052 | 0 |
Year Three | 0 | 22 |
Year Four | 223 | 483 |
Year Five | 165 | 872 |
Prior | 905 | 261 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 6,345 | 1,660 |
Risk rating 5 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 21 |
Year Two | 20 | 547 |
Year Three | 832 | 16,318 |
Year Four | 16,270 | 3,352 |
Year Five | 3,186 | 201 |
Prior | 972 | 980 |
Revolving Loans Amortized Cost Basis | 2,123 | 1,767 |
Total | 23,403 | 23,186 |
Risk rating 5 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 2,286 |
Year Three | 312 | 0 |
Year Four | 0 | 134 |
Year Five | 61 | 0 |
Prior | 593 | 593 |
Revolving Loans Amortized Cost Basis | 15 | 665 |
Total | 981 | 3,678 |
Risk rating 6 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 8,198 |
Year Three | 8,191 | 9,958 |
Year Four | 9,205 | 23,743 |
Year Five | 24,133 | 24,380 |
Prior | 199,371 | 179,350 |
Revolving Loans Amortized Cost Basis | 189 | 95 |
Total | 241,089 | 245,724 |
Risk rating 6 | Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 7,817 |
Year Three | 11,796 | 1,631 |
Year Four | 1,602 | 748 |
Year Five | 1,279 | 641 |
Prior | 901 | 254 |
Revolving Loans Amortized Cost Basis | 943 | 1,327 |
Total | 16,521 | 12,418 |
Risk rating 6 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 1,675 |
Year Four | 1,668 | 1,084 |
Year Five | 1,084 | 1,620 |
Prior | 1,199 | 352 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 3,951 | 4,731 |
Risk rating 6 | Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 71 |
Year Two | 1,274 | 5,361 |
Year Three | 5,386 | 2,926 |
Year Four | 3,915 | 4,064 |
Year Five | 3,939 | 3,432 |
Prior | 16,047 | 10,567 |
Revolving Loans Amortized Cost Basis | 784 | 1,189 |
Total | 31,345 | 27,610 |
Risk rating 6 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 263 |
Prior | 253 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 253 | 263 |
Risk rating 6 | Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 204 |
Year Two | 186 | 1,559 |
Year Three | 1,482 | 830 |
Year Four | 950 | 581 |
Year Five | 932 | 881 |
Prior | 2,276 | 1,349 |
Revolving Loans Amortized Cost Basis | 23 | 11 |
Total | 5,849 | 5,415 |
Risk rating 6 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 22 | 12,498 |
Year Two | 12,147 | 75,536 |
Year Three | 72,252 | 4,942 |
Year Four | 4,576 | 1,154 |
Year Five | 668 | 9,086 |
Prior | 20,577 | 12,180 |
Revolving Loans Amortized Cost Basis | 52,352 | 63,198 |
Total | 162,594 | 178,594 |
Risk rating 6 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 71 |
Year Two | 77 | 33 |
Year Three | 31 | 63 |
Year Four | 55 | 108 |
Year Five | 97 | 0 |
Prior | 368 | 370 |
Revolving Loans Amortized Cost Basis | 822 | 1,656 |
Total | 1,450 | 2,301 |
Risk rating 7 | Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 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] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 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] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 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] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 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] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 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] | ||
Year One | 0 | 15 |
Year Two | 13 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 13 | 15 |
Risk rating 7 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 5 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 5 | 0 |
Risk rating 7 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 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] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 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] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 72 |
Year Four | 72 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 72 | 72 |
Risk rating 8 | Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 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] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 2 | 2 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 2 | 2 |
Risk rating 8 | Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 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] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 1 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 1 | 0 |
Risk rating 8 | Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Risk rating 8 | Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 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, 2024 | Dec. 31, 2023 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | $ 430,301 | $ 2,138,730 |
Year Two | 2,131,418 | 3,341,500 |
Year Three | 3,310,602 | 2,083,044 |
Year Four | 1,991,010 | 1,132,926 |
Year Five | 1,013,542 | 872,429 |
Prior | 3,636,939 | 2,908,528 |
Revolving Loans Amortized Cost Basis | 1,999,861 | 1,947,571 |
Total | 14,513,673 | 14,424,728 |
Commercial real estate loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 233,110 | 930,022 |
Year Two | 1,040,059 | 2,146,390 |
Year Three | 2,100,729 | 1,262,133 |
Year Four | 1,231,875 | 626,807 |
Year Five | 532,587 | 481,164 |
Prior | 2,301,263 | 1,905,250 |
Revolving Loans Amortized Cost Basis | 845,515 | 816,391 |
Total | 8,285,138 | 8,168,157 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 91,081 | 388,831 |
Year Two | 489,474 | 1,150,598 |
Year Three | 1,103,794 | 830,588 |
Year Four | 852,764 | 491,298 |
Year Five | 422,460 | 404,822 |
Prior | 2,086,282 | 1,747,135 |
Revolving Loans Amortized Cost Basis | 571,110 | 536,682 |
Total | 5,616,965 | 5,549,954 |
Commercial real estate loans | Non-farm/non-residential | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 91,081 | 388,831 |
Year Two | 489,474 | 1,150,598 |
Year Three | 1,103,713 | 821,373 |
Year Four | 844,097 | 490,153 |
Year Five | 421,053 | 404,061 |
Prior | 2,052,324 | 1,718,776 |
Revolving Loans Amortized Cost Basis | 571,030 | 536,349 |
Total | 5,572,772 | 5,510,141 |
Commercial real estate loans | Non-farm/non-residential | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 81 | 9,215 |
Year Four | 8,667 | 1,145 |
Year Five | 1,407 | 761 |
Prior | 33,958 | 28,359 |
Revolving Loans Amortized Cost Basis | 80 | 333 |
Total | 44,193 | 39,813 |
Commercial real estate loans | Construction/land development | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 121,343 | 501,215 |
Year Two | 505,026 | 926,208 |
Year Three | 929,433 | 384,657 |
Year Four | 336,539 | 88,901 |
Year Five | 71,377 | 55,857 |
Prior | 124,043 | 81,216 |
Revolving Loans Amortized Cost Basis | 242,794 | 254,993 |
Total | 2,330,555 | 2,293,047 |
Commercial real estate loans | Construction/land development | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 121,343 | 501,215 |
Year Two | 505,026 | 918,390 |
Year Three | 917,637 | 382,954 |
Year Four | 334,866 | 88,204 |
Year Five | 70,220 | 55,239 |
Prior | 123,226 | 81,028 |
Revolving Loans Amortized Cost Basis | 241,852 | 253,667 |
Total | 2,314,170 | 2,280,697 |
Commercial real estate loans | Construction/land development | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 7,818 |
Year Three | 11,796 | 1,703 |
Year Four | 1,673 | 697 |
Year Five | 1,157 | 618 |
Prior | 817 | 188 |
Revolving Loans Amortized Cost Basis | 942 | 1,326 |
Total | 16,385 | 12,350 |
Commercial real estate loans | Agricultural | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 20,686 | 39,976 |
Year Two | 45,559 | 69,584 |
Year Three | 67,502 | 46,888 |
Year Four | 42,572 | 46,608 |
Year Five | 38,750 | 20,485 |
Prior | 90,938 | 76,899 |
Revolving Loans Amortized Cost Basis | 31,611 | 24,716 |
Total | 337,618 | 325,156 |
Commercial real estate loans | Agricultural | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 20,686 | 39,976 |
Year Two | 45,559 | 69,584 |
Year Three | 67,502 | 46,809 |
Year Four | 42,501 | 46,608 |
Year Five | 38,750 | 20,485 |
Prior | 90,595 | 76,547 |
Revolving Loans Amortized Cost Basis | 31,611 | 24,716 |
Total | 337,204 | 324,725 |
Commercial real estate loans | Agricultural | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 79 |
Year Four | 71 | 0 |
Year Five | 0 | 0 |
Prior | 343 | 352 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 414 | 431 |
Residential real estate loans | Residential 1-4 family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 71,946 | 261,784 |
Year Two | 239,035 | 409,197 |
Year Three | 424,678 | 300,563 |
Year Four | 294,679 | 171,122 |
Year Five | 165,656 | 111,327 |
Prior | 493,485 | 403,729 |
Revolving Loans Amortized Cost Basis | 210,495 | 186,538 |
Total | 1,899,974 | 1,844,260 |
Residential real estate loans | Residential 1-4 family | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 71,946 | 261,784 |
Year Two | 238,505 | 405,239 |
Year Three | 420,458 | 298,207 |
Year Four | 291,510 | 167,475 |
Year Five | 162,453 | 108,091 |
Prior | 481,331 | 396,130 |
Revolving Loans Amortized Cost Basis | 210,075 | 185,948 |
Total | 1,876,278 | 1,822,874 |
Residential real estate loans | Residential 1-4 family | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 530 | 3,958 |
Year Three | 4,220 | 2,356 |
Year Four | 3,169 | 3,647 |
Year Five | 3,203 | 3,236 |
Prior | 12,154 | 7,599 |
Revolving Loans Amortized Cost Basis | 420 | 590 |
Total | 23,696 | 21,386 |
Residential real estate loans | Multifamily residential | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 424 | 3,983 |
Year Two | 3,996 | 87,012 |
Year Three | 106,711 | 107,301 |
Year Four | 75,459 | 108,702 |
Year Five | 108,441 | 39,815 |
Prior | 105,987 | 74,564 |
Revolving Loans Amortized Cost Basis | 14,908 | 14,359 |
Total | 415,926 | 435,736 |
Residential real estate loans | Multifamily residential | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 424 | 3,983 |
Year Two | 3,996 | 87,012 |
Year Three | 106,711 | 107,301 |
Year Four | 75,459 | 108,702 |
Year Five | 108,441 | 39,815 |
Prior | 105,987 | 74,564 |
Revolving Loans Amortized Cost Basis | 14,908 | 14,359 |
Total | 415,926 | 435,736 |
Residential real estate loans | Multifamily residential | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total | 0 | 0 |
Total real estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 305,480 | 1,195,789 |
Year Two | 1,283,090 | 2,642,599 |
Year Three | 2,632,118 | 1,669,997 |
Year Four | 1,602,013 | 906,631 |
Year Five | 806,684 | 632,306 |
Prior | 2,900,735 | 2,383,543 |
Revolving Loans Amortized Cost Basis | 1,070,918 | 1,017,288 |
Total | 10,601,038 | 10,448,153 |
Consumer | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 47,780 | 255,930 |
Year Two | 247,337 | 257,588 |
Year Three | 250,968 | 216,645 |
Year Four | 210,945 | 109,981 |
Year Five | 104,212 | 110,406 |
Prior | 298,983 | 200,071 |
Revolving Loans Amortized Cost Basis | 3,003 | 3,069 |
Total | 1,163,228 | 1,153,690 |
Consumer | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 47,780 | 255,771 |
Year Two | 247,223 | 256,826 |
Year Three | 250,314 | 215,831 |
Year Four | 210,065 | 109,442 |
Year Five | 103,311 | 110,267 |
Prior | 296,854 | 198,982 |
Revolving Loans Amortized Cost Basis | 2,985 | 3,060 |
Total | 1,158,532 | 1,150,179 |
Consumer | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 159 |
Year Two | 114 | 762 |
Year Three | 654 | 814 |
Year Four | 880 | 539 |
Year Five | 901 | 139 |
Prior | 2,129 | 1,089 |
Revolving Loans Amortized Cost Basis | 18 | 9 |
Total | 4,696 | 3,511 |
Commercial and industrial | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 54,767 | 619,371 |
Year Two | 540,127 | 385,376 |
Year Three | 376,109 | 156,919 |
Year Four | 140,432 | 88,094 |
Year Five | 76,325 | 114,522 |
Prior | 376,598 | 276,677 |
Revolving Loans Amortized Cost Basis | 720,417 | 684,032 |
Total | 2,284,775 | 2,324,991 |
Commercial and industrial | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 54,767 | 616,809 |
Year Two | 537,330 | 382,190 |
Year Three | 373,206 | 156,056 |
Year Four | 139,722 | 87,531 |
Year Five | 75,802 | 111,529 |
Prior | 370,961 | 273,434 |
Revolving Loans Amortized Cost Basis | 717,451 | 680,552 |
Total | 2,269,239 | 2,308,101 |
Commercial and industrial | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 2,562 |
Year Two | 2,797 | 3,186 |
Year Three | 2,903 | 863 |
Year Four | 710 | 563 |
Year Five | 523 | 2,993 |
Prior | 5,637 | 3,243 |
Revolving Loans Amortized Cost Basis | 2,966 | 3,480 |
Total | 15,536 | 16,890 |
Agricultural & other | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 22,274 | 67,640 |
Year Two | 60,864 | 55,937 |
Year Three | 51,407 | 39,483 |
Year Four | 37,620 | 28,220 |
Year Five | 26,321 | 15,195 |
Prior | 60,623 | 48,237 |
Revolving Loans Amortized Cost Basis | 205,523 | 243,182 |
Total | 464,632 | 497,894 |
Agricultural & other | Performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 22,274 | 67,569 |
Year Two | 60,787 | 55,904 |
Year Three | 51,376 | 39,473 |
Year Four | 37,565 | 28,220 |
Year Five | 26,321 | 15,195 |
Prior | 60,546 | 48,203 |
Revolving Loans Amortized Cost Basis | 205,390 | 242,818 |
Total | 464,259 | 497,382 |
Agricultural & other | Non-performing | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Year One | 0 | 71 |
Year Two | 77 | 33 |
Year Three | 31 | 10 |
Year Four | 55 | 0 |
Year Five | 0 | 0 |
Prior | 77 | 34 |
Revolving Loans Amortized Cost Basis | 133 | 364 |
Total | $ 373 | $ 512 |
Allowance for Credit Losses,_10
Allowance for Credit Losses, Credit Quality and Other - Presentation of Troubled Debt Restructurings ("TDRs") by Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 24,941 | $ 24,610 |
Percentage of Total Class of Loans Receivable | 0.17% | 0.17% |
Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 3,279 | $ 3,225 |
Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 1,219 | 636 |
Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 110 | 149 |
Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 3,270 | 3,518 |
Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 921 | 938 |
Principal Reduction and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 4 | 5 |
Term Extension and Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 16,023 | 16,023 |
Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 115 | 116 |
Commercial real estate loans | Non-farm/non-residential | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 18,638 | $ 18,306 |
Percentage of Total Class of Loans Receivable | 0.33% | 0.33% |
Commercial real estate loans | Non-farm/non-residential | Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 396 | $ 398 |
Commercial real estate loans | Non-farm/non-residential | Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 457 | 0 |
Commercial real estate loans | Non-farm/non-residential | Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Commercial real estate loans | Non-farm/non-residential | Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 1,415 | 1,537 |
Commercial real estate loans | Non-farm/non-residential | Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 347 | 348 |
Commercial real estate loans | Non-farm/non-residential | Principal Reduction and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Commercial real estate loans | Non-farm/non-residential | Term Extension and Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 16,023 | 16,023 |
Commercial real estate loans | Non-farm/non-residential | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Commercial real estate loans | Construction/land development | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 121 | $ 149 |
Percentage of Total Class of Loans Receivable | 0.01% | 0.01% |
Commercial real estate loans | Construction/land development | Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 0 | $ 0 |
Commercial real estate loans | Construction/land development | Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Commercial real estate loans | Construction/land development | Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Commercial real estate loans | Construction/land development | Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 121 | 149 |
Commercial real estate loans | Construction/land development | Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Commercial real estate loans | Construction/land development | Principal Reduction and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Commercial real estate loans | Construction/land development | Term Extension and Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Commercial real estate loans | Construction/land development | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Residential real estate loans | Residential 1-4 family | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 2,126 | $ 1,955 |
Percentage of Total Class of Loans Receivable | 0.11% | 0.11% |
Residential real estate loans | Residential 1-4 family | Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 626 | $ 560 |
Residential real estate loans | Residential 1-4 family | Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 724 | 598 |
Residential real estate loans | Residential 1-4 family | Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 105 | 106 |
Residential real estate loans | Residential 1-4 family | Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 56 | 59 |
Residential real estate loans | Residential 1-4 family | Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 500 | 516 |
Residential real estate loans | Residential 1-4 family | Principal Reduction and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Residential real estate loans | Residential 1-4 family | Term Extension and Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Residential real estate loans | Residential 1-4 family | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 115 | 116 |
Total real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 20,885 | $ 20,410 |
Percentage of Total Class of Loans Receivable | 0.20% | 0.20% |
Total real estate | Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 1,022 | $ 958 |
Total real estate | Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 1,181 | 598 |
Total real estate | Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 105 | 106 |
Total real estate | Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 1,592 | 1,745 |
Total real estate | Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 847 | 864 |
Total real estate | Principal Reduction and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Total real estate | Term Extension and Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 16,023 | 16,023 |
Total real estate | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 115 | 116 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 14 | $ 30 |
Percentage of Total Class of Loans Receivable | 0% | 0% |
Consumer | Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 0 | $ 14 |
Consumer | Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Consumer | Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 1 | 1 |
Consumer | Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 9 | 10 |
Consumer | Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Consumer | Principal Reduction and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 4 | 5 |
Consumer | Term Extension and Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Consumer | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 4,042 | $ 4,170 |
Percentage of Total Class of Loans Receivable | 0.18% | 0.18% |
Commercial and industrial | Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 2,257 | $ 2,253 |
Commercial and industrial | Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 38 | 38 |
Commercial and industrial | Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 4 | 42 |
Commercial and industrial | Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 1,669 | 1,763 |
Commercial and industrial | Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 74 | 74 |
Commercial and industrial | Principal Reduction and Interest Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Commercial and industrial | Term Extension and Interest Only | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | 0 | 0 |
Commercial and industrial | Term Extension and Principal Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post- Modification Outstanding Balance | $ 0 | $ 0 |
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 |
Mar. 31, 2024 USD ($) | |
Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | $ 115 |
Interest Rate Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 104 |
Principal Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 9 |
Interest Only | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 347 |
Combination Interest Rate Reduction and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 323 |
Principal Reduction and Interest Rate Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Term Extension and Principal Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 115 |
Commercial real estate loans | Non-farm/non-residential | Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Commercial real estate loans | Non-farm/non-residential | Interest Rate Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Commercial real estate loans | Non-farm/non-residential | Principal Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Commercial real estate loans | Non-farm/non-residential | Interest Only | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 319 |
Commercial real estate loans | Non-farm/non-residential | Combination Interest Rate Reduction and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Commercial real estate loans | Non-farm/non-residential | Principal Reduction and Interest Rate Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Commercial real estate loans | Non-farm/non-residential | Term Extension and Principal Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Residential real estate loans | Residential 1-4 family | Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 115 |
Residential real estate loans | Residential 1-4 family | Interest Rate Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 104 |
Residential real estate loans | Residential 1-4 family | Principal Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 9 |
Residential real estate loans | Residential 1-4 family | Interest Only | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Residential real estate loans | Residential 1-4 family | Combination Interest Rate Reduction and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 323 |
Residential real estate loans | Residential 1-4 family | Principal Reduction and Interest Rate Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Residential real estate loans | Residential 1-4 family | Term Extension and Principal Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 115 |
Total real estate | Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 115 |
Total real estate | Interest Rate Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 104 |
Total real estate | Principal Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 9 |
Total real estate | Interest Only | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 319 |
Total real estate | Combination Interest Rate Reduction and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 323 |
Total real estate | Principal Reduction and Interest Rate Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Total real estate | Term Extension and Principal Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 115 |
Commercial and industrial | Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Commercial and industrial | Interest Rate Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Commercial and industrial | Principal Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Commercial and industrial | Interest Only | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 28 |
Commercial and industrial | Combination Interest Rate Reduction and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Commercial and industrial | Principal Reduction and Interest Rate Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | 0 |
Commercial and industrial | Term Extension and Principal Reduction | |
Financing Receivable, Modifications [Line Items] | |
Payment default loans | $ 0 |
Allowance for Credit Losses,_12
Allowance for Credit Losses, Credit Quality and Other - Summary of Total Foreclosed Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commercial real estate loans | Non-farm/non-residential | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 29,894 | $ 29,894 |
Commercial real estate loans | Construction/land development | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 0 | 47 |
Residential real estate loans | Residential 1-4 family | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 756 | 545 |
Total real estate | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 30,650 | $ 30,486 |
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 | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | |
Goodwill | ||||
Balance, beginning of period | $ 1,398,253 | $ 1,398,253 | $ 1,398,253 | |
Acquisitions | 0 | 0 | ||
Balance, end of period | 1,398,253 | $ 1,398,253 | 1,398,253 | |
Core Deposit Intangibles | ||||
Balance, beginning of period | 48,770 | 58,455 | 55,978 | 58,455 |
Amortization expense | (2,140) | (2,477) | (7,208) | |
Balance, end of year | $ 46,630 | $ 55,978 | $ 48,770 | $ 48,770 |
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, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Gross carrying basis | $ 128,888 | $ 128,888 | ||
Accumulated amortization | (82,258) | (80,118) | ||
Net carrying amount | $ 46,630 | $ 48,770 | $ 55,978 | $ 58,455 |
Goodwill and Core Deposits an_5
Goodwill and Core Deposits and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Core deposit and other intangible amortization | $ 2,140 | $ 2,477 | $ 7,208 | |
Amortization expense for year 2023 | 8,400 | |||
Amortization expense for year 2024 | 8,000 | |||
Amortization expense for year 2025 | 7,800 | |||
Amortization expense for year 2026 | 6,600 | |||
Amortization expense for year 2027 | 4,200 | |||
Carrying amount of Company's goodwill | $ 1,398,253 | $ 1,398,253 | $ 1,398,253 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Other Assets [Line Items] | ||
Other assets | $ 347,928 | $ 323,573 |
Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("Federal Reserve") | ||
Schedule Of Other Assets [Line Items] | ||
Fair value of equity securities | 134,100 | 133,400 |
First National Bankers' Bank and Other Miscellaneous Holdings | ||
Schedule Of Other Assets [Line Items] | ||
Fair value of equity securities | $ 92,700 | $ 90,300 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Deposits [Line Items] | |||
Time deposits with a minimum denomination of $250,000 | $ 847,900 | $ 836,700 | |
Time deposits with a minimum denomination of $100,000 | 1,110,000 | 1,090,000 | |
Interest expense applicable to certificate | 11,600 | $ 2,900 | |
Brokered deposits | 407,400 | 401,000 | |
Total deposits | 16,866,130 | 16,787,711 | |
State and political subdivisions | |||
Deposits [Line Items] | |||
Total deposits | $ 3,060,000 | $ 3,050,000 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Securities sold under agreements to repurchase | $ 176,107 | $ 142,085 | |
Securities sold under agreements to repurchase daily weighted average | $ 172,000 | $ 134,900 |
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, 2024 | Dec. 31, 2023 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 176,107 | $ 142,085 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 176,107 | 142,085 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 12,602 | 0 |
Mortgage-backed securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 12,602 | 0 |
Other securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 163,505 | 142,085 |
Other securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 163,505 | $ 142,085 |
FHLB and Other Borrowed Funds (
FHLB and Other Borrowed Funds (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Borrowed Funds [Line Items] | ||
FHLB borrowed funds | $ 600 | $ 600 |
Other Borrowings | 701.1 | 701.3 |
Line of credit | 1,590 | 1,330 |
Bank Term Funding Program | ||
Borrowed Funds [Line Items] | ||
Funds drawn | 700 | 700 |
Federal Home Loan Bank Advances | ||
Borrowed Funds [Line Items] | ||
FHLB borrowed funds | $ 600 | $ 600 |
Minimum | ||
Borrowed Funds [Line Items] | ||
FHLB interest rate | 3.37% | |
Maximum | ||
Borrowed Funds [Line Items] | ||
FHLB interest rate | 4.84% |
Subordinated Debentures - Prefe
Subordinated Debentures - Preferred Trust Securities and Subordinated Debt Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Jan. 18, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||
Total | $ 439,688 | $ 439,834 | |
Subordinated notes, net of issuance costs, issued in 2020, due 2030, fixed rate of 5.50% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty | Subordinated debt securities | |||
Debt Instrument [Line Items] | |||
Total | $ 141,756 | 142,084 | |
Fixed rate | 5.50% | ||
Subordinated notes, net of issuance costs, issued in 2020, due 2030, fixed rate of 5.50% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty | Subordinated debt securities | SOFR | |||
Debt Instrument [Line Items] | |||
Floating rate | 5.345% | ||
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 | 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 | $ 297,932 | $ 297,750 | |
Fixed rate | 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 | 1.82% |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Jan. 18, 2022 | Mar. 31, 2024 | Apr. 01, 2022 | |
3.125% Fixed to Floating Rate Subordinated Notes due 2032 | |||
Debt Instrument [Line Items] | |||
Percentage of redemption price on principal | 100% | ||
Trust preferred securities, face amount | $ 300 | ||
Subordinated notes, Interest rate | 3.125% | ||
Proceeds from issuance of subordinated debentures | $ 296.4 | ||
SOFR | 3.125% Fixed to Floating Rate Subordinated Notes due 2032 | |||
Debt Instrument [Line Items] | |||
Floating rate | 1.82% | ||
Subordinated debt securities | Happy Bancshares, Inc. | |||
Debt Instrument [Line Items] | |||
Debt acquired | $ 144.4 | $ 140 | |
Fixed rate | 5.50% | ||
Subordinated debt securities | 3.125% Fixed to Floating Rate Subordinated Notes due 2032 | |||
Debt Instrument [Line Items] | |||
Fixed rate | 3.125% | ||
Subordinated debt securities | SOFR | Happy Bancshares, Inc. | |||
Debt Instrument [Line Items] | |||
Floating rate | 5.345% | ||
Subordinated debt securities | SOFR | 3.125% Fixed to Floating Rate Subordinated Notes due 2032 | |||
Debt Instrument [Line Items] | |||
Floating rate | 1.82% | ||
Subordinated notes, net of issuance costs, issued in 2020, due 2030, fixed rate of 5.50% during the first five years and at a floating rate of 534.5 basis points above the then three-month SOFR rate, reset quarterly, thereafter, callable in 2025 without penalty | |||
Debt Instrument [Line Items] | |||
Percentage of redemption price on principal | 100% |
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, 2024 | Mar. 31, 2023 | |
Current: | ||
Federal | $ 23,327 | $ 24,740 |
State | 5,390 | 5,037 |
Total current | 28,717 | 29,777 |
Deferred: | ||
Federal | 1,273 | 146 |
State | 294 | 30 |
Total deferred | 1,567 | 176 |
Income tax expense | $ 30,284 | $ 29,953 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||
Statutory federal income tax rate | 21% | 21% |
Effect of non-taxable interest income | 0.43% | 0.78% |
Stock compensation | 0.35% | 0.39% |
State income taxes, net of federal benefit | 2.81% | 2.49% |
Executive officer compensation & other | (0.51%) | (0.56%) |
Effective income tax rate | 23.22% | 22.54% |
Income Taxes - Differences Betw
Income Taxes - Differences Between Tax Basis of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred tax assets: | ||
Allowance for credit losses | $ 81,487 | $ 81,251 |
Deferred compensation | 4,969 | 7,619 |
Stock compensation | 6,611 | 6,803 |
Non-accrual interest income | 1,641 | 1,463 |
Real estate owned | 70 | 79 |
Unrealized loss on investment securities, available-for-sale | 88,778 | 81,493 |
Loan discounts | 4,519 | 5,119 |
Investments | 27,185 | 25,789 |
Other | 19,531 | 14,691 |
Gross deferred tax assets | 234,791 | 224,307 |
Deferred tax liabilities: | ||
Accelerated depreciation on premises and equipment | 1,275 | 1,477 |
Tax basis on acquisitions | 4,937 | 4,061 |
Core deposit intangibles | 10,547 | 11,021 |
FHLB dividends | 2,522 | 2,351 |
Other | 12,628 | 8,233 |
Gross deferred tax liabilities | 31,909 | 27,143 |
Net deferred tax assets | $ 202,882 | $ 197,164 |
Common Stock, Compensation Pl_3
Common Stock, Compensation Plans and Other - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | 38 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred stock, shares authorized | 5,500,000 | 5,500,000 | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Number of shares repurchased during period | 1,025,934 | 590,000 | ||
Weighted average stock price (in dollars per share) | $ 23.38 | |||
Repurchase of combining of all the shares | 24,011,649 | |||
Remaining balance available for repurchase (in shares) | 15,740,351 | 15,740,351 | ||
Shares of common stock reserved for issuance | 5,117,620 | 5,117,620 | ||
Intrinsic value of stock options outstanding | $ 8.8 | $ 8.8 | ||
Intrinsic value of stock options vested | 7.9 | 7.9 | ||
Intrinsic value of stock options exercised | 1.2 | |||
Unrecognized compensation cost net of income tax benefit, related to non-vested awards | $ 2.4 | $ 2.4 | ||
Options granted (in shares) | 0 | 25,000 | ||
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 | 14,788,000 | ||
Remaining shares of common stock available for future grants | 2,548,186 | 2,548,186 | ||
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 | $ 14.5 | $ 14.5 |
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, 2024 | Dec. 31, 2023 | |
Shares | ||
Outstanding, beginning of year (in shares) | 2,776,000 | 2,971,000 |
Granted (in shares) | 0 | 25,000 |
Forfeited/Expired (in shares) | (19,000) | (10,000) |
Exercised (in shares) | (188,000) | (210,000) |
Outstanding, end of year (in shares) | 2,569,000 | 2,776,000 |
Exercisable, end of year (in shares) | 1,987,000 | 1,940,000 |
Weighted- Average Exercisable Price | ||
Outstanding, beginning of year (in dollars per share) | $ 20.95 | $ 20.45 |
Granted (in dollars per share) | 0 | 22.63 |
Forfeited/Expired (in dollars per share) | 22.32 | 23.38 |
Exercised (in dollars per share) | 17.78 | 14.01 |
Outstanding, ending of year (in dollars per share) | 21.17 | 20.95 |
Exercisable Weighted Average Exercisable Price, end of year (in dollars per share) | $ 20.65 | $ 20.05 |
Common Stock, Compensation Pl_5
Common Stock, Compensation Plans and Other - Summary of Stock Options on Valuation Assumptions (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |
Expected dividend yield | 2.98% |
Expected stock price volatility | 27.97% |
Risk-free interest rate | 3.37% |
Expected life of options | 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, 2024 $ / shares shares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares | shares | 2,570 |
Options Exercisable Shares | shares | 1,987 |
$14.00 to $15.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | $ 14 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 15.99 |
Options Outstanding Shares | shares | 100 |
Weighted- Average Remaining Contractual Life (in years) | 9 months 14 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 14.71 |
Options Exercisable Shares | shares | 100 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 14.71 |
$16.00 to $17.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 16 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 17.99 |
Options Outstanding Shares | shares | 87 |
Weighted- Average Remaining Contractual Life (in years) | 1 year 3 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 17.05 |
Options Exercisable Shares | shares | 87 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 17.05 |
$18.00 to $19.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 18 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 19.99 |
Options Outstanding Shares | shares | 736 |
Weighted- Average Remaining Contractual Life (in years) | 1 year 6 months 21 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 18.49 |
Options Exercisable Shares | shares | 730 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 18.48 |
$20.00 to $21.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 20 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 21.99 |
Options Outstanding Shares | shares | 261 |
Weighted- Average Remaining Contractual Life (in years) | 4 years 4 months 13 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 20.88 |
Options Exercisable Shares | shares | 194 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 20.99 |
$22.00 to $23.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 22 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 23.99 |
Options Outstanding Shares | shares | 1,295 |
Weighted- Average Remaining Contractual Life (in years) | 4 years 4 months 24 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 23.22 |
Options Exercisable Shares | shares | 805 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 23.19 |
$24.00 to $25.99 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit (in dollars per share) | 24 |
Exercise Prices, Upper Range Limit (in dollars per share) | $ 25.99 |
Options Outstanding Shares | shares | 91 |
Weighted- Average Remaining Contractual Life (in years) | 4 years 1 month 24 days |
Options outstanding Weighted- Average Exercise Price (in dollars per share) | $ 25.59 |
Options Exercisable Shares | shares | 71 |
Options Exercisable Weighted- Average Exercise Price (in dollars per share) | $ 25.95 |
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, 2024 | Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Beginning of year (in shares) | 1,429 | 1,381 |
Issued (in shares) | 238 | 261 |
Vested (in shares) | (433) | (152) |
Forfeited (in shares) | (18) | (61) |
End of year (in shares) | 1,216 | 1,429 |
Amount of expense for nine months and twelve months ended, respectively (in shares) | $ 2,008 | $ 8,016 |
Non-Interest Expense - Componen
Non-Interest Expense - Components of Non-Interest Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Noninterest Expense [Abstract] | |||
Salaries and employee benefits | $ 60,910 | $ 64,490 | |
Occupancy and equipment | 14,551 | 14,952 | |
Data processing expense | 9,147 | 8,968 | |
Merger and acquisition expenses | 0 | 0 | |
Other operating expenses: | |||
Advertising | 1,654 | 2,231 | |
Amortization of intangibles | 2,140 | 2,477 | $ 7,208 |
Electronic banking expense | 3,156 | 3,330 | |
Directors’ fees | 498 | 460 | |
Due from bank service charges | 276 | 273 | |
FDIC and state assessment | 3,318 | 3,500 | |
Insurance | 903 | 889 | |
Legal and accounting | 2,081 | 1,088 | |
Other professional fees | 2,236 | 2,284 | |
Operating supplies | 683 | 738 | |
Postage | 523 | 501 | |
Telephone | 470 | 528 | |
Other expense | 8,950 | 7,935 | |
Total other operating expenses | 26,888 | 26,234 | |
Total non-interest expense | $ 111,496 | $ 114,644 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) relatedParty property | Dec. 31, 2023 USD ($) | |
Leases [Abstract] | ||
Right of use asset | $ 40,600 | $ 42,200 |
Lease liability | $ 43,346 | $ 45,028 |
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 |
Number of lease properties | property | 3 | |
Number of related parties | relatedParty | 3 | |
Lease rent expense | $ 35 | |
Lease expense rate | 1.20% |
Leases - Minimum Rental Commitm
Leases - Minimum Rental Commitment under Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Remainder of fiscal year | $ 7,018 | |
Year 1 | 8,566 | $ 9,373 |
Year 2 | 8,115 | 8,549 |
Year 3 | 7,227 | 8,111 |
Year 4 | 5,496 | 7,223 |
Thereafter | 19,827 | |
Year 5 | 5,496 | |
Thereafter | 19,827 | |
Total future minimum lease payments | 56,249 | 58,579 |
Discount effect of cash flows | (12,903) | (13,551) |
Present value of net future minimum lease payments | $ 43,346 | $ 45,028 |
Leases - Additional Informati_2
Leases - Additional Information of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease expense: | ||
Operating lease expense | $ 2,598 | $ 1,955 |
Short-term lease expense | 0 | 0 |
Variable lease expense | 296 | 260 |
Total lease expense | 2,894 | 2,215 |
Other information: | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 2,710 | $ 2,023 |
Weighted-average remaining lease term (in years) | 7 years 10 months 17 days | 8 years 10 months 2 days |
Weighted-average discount rate | 3.42% | 3.48% |
Significant Estimates and Con_2
Significant Estimates and Concentrations of Credit Risks - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Loans Receivable | Geographic Concentration | South Alabama, Arkansas, Florida and New York City | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 79.30% | |
Loans Receivable | Commercial Real Estate | Credit Concentration | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 57.10% | 56.70% |
Loans Receivable | Residential Real Estate | Credit Concentration | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 16% | 15.80% |
Total Stockholders' Equity | Commercial Real Estate | Credit Concentration | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 217.40% | 215.50% |
Total Stockholders' Equity | Residential Real Estate | Credit Concentration | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 60.80% | 60.10% |
Residential Real Estate Loans | Geographic Concentration | South Alabama, Arkansas, Florida and New York City | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 83.70% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments to extend credit outstanding | $ 4,540 | $ 4,590 |
Maximum amount of future payments by the company | $ 148.6 | $ 185.5 |
Regulatory Matters (Detail)
Regulatory Matters (Detail) $ in Millions | 3 Months Ended | |
Mar. 27, 2020 | Mar. 31, 2024 USD ($) | |
Regulatory Matters [Line Items] | ||
Percentage of retained earnings plus current year earnings to be paid as maximum dividend | 75% | |
Requested dividend by the company from its subsidiary | $ 68.8 | |
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 | 0.1795 | |
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 | 0.1431 | |
Tier 1 leverage capital ratio | 0.1230 | |
Tier 1 risk-based capital ratio | 0.1431 | |
CECL | COVID -19 | ||
Regulatory Matters [Line Items] | ||
Allowable percentage of bank holding companies impact | 100% | |
Percentage of allowance for credit losses | 25% |
Additional Cash Flow Informat_3
Additional Cash Flow Information - Summary of Additional Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||
Interest paid | $ 109,589 | $ 71,697 |
Income taxes paid | 2,429 | 1,600 |
Assets acquired by foreclosure | $ 435 | $ 16 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of foreclosed assets held for sale | $ 0 | ||
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 | 18,500,000 | $ 10,500,000 | |
Accrued interest receivable reversed | 314,000 | $ 236,000 | |
Fair value of foreclosed assets held for sale | $ 30,700,000 | $ 30,500,000 |
Financial Instruments - Estimat
Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - available for sale | $ 3,400,884 | $ 3,507,841 |
Investment securities - held-to-maturity | 1,159,145 | 1,170,481 |
Fair Value, Inputs, Level 1 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,175,258 | 1,000,213 |
Federal funds sold | 5,200 | 5,100 |
Accrued interest receivable | 119,029 | 118,966 |
Marketable equity securities | 50,422 | 49,419 |
Demand and non-interest bearing | 4,115,603 | 4,085,501 |
Savings and interest-bearing transaction accounts | 11,047,258 | 11,050,347 |
Securities sold under agreements to repurchase | 176,107 | 142,085 |
Accrued interest payable | 21,860 | 19,124 |
Fair Value, Inputs, Level 1 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,175,258 | 1,000,213 |
Federal funds sold | 5,200 | 5,100 |
Accrued interest receivable | 119,029 | 118,966 |
Marketable equity securities | 50,422 | 49,419 |
Demand and non-interest bearing | 4,115,603 | 4,085,501 |
Savings and interest-bearing transaction accounts | 11,047,258 | 11,050,347 |
Securities sold under agreements to repurchase | 176,107 | 142,085 |
Accrued interest payable | 21,860 | 19,124 |
Fair Value, Inputs, Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - available for sale | 3,400,884 | 3,507,841 |
Investment securities - held-to-maturity | 1,280,586 | 1,281,982 |
FHLB and other borrowed funds | 1,301,050 | 1,301,300 |
Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities - available for sale | 3,400,884 | 3,507,841 |
Investment securities - held-to-maturity | 1,159,145 | 1,170,481 |
FHLB and other borrowed funds | 1,288,077 | 1,291,926 |
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 | 14,125,177 | 14,048,002 |
FHLB, FRB & FNBB Bank stock; other equity investments | 226,765 | 223,748 |
Time deposits | 1,703,269 | 1,651,863 |
Subordinated debentures | 439,688 | 439,834 |
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 | 14,068,484 | 14,071,775 |
FHLB, FRB & FNBB Bank stock; other equity investments | 226,765 | 223,748 |
Time deposits | 1,681,484 | 1,633,091 |
Subordinated debentures | $ 364,500 | $ 358,682 |