Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | HOME BANCSHARES, INC. | ||
Entity Central Index Key | 0001331520 | ||
Entity File Number | 000-51904 | ||
Entity Tax Identification Number | 71-0682831 | ||
Entity Incorporation, State or Country Code | AR | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
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 | ||
Trading Symbol | HOMB | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Public Float | $ 3,230 | ||
Entity Common Stock, Shares Outstanding | 166,065,960 | ||
Title of 12(g) Security | Common Stock, par value $0.01 per share | ||
Security Exchange Name | NASDAQ | ||
Documents Incorporated by Reference | Documents incorporated by reference: Part III is incorporated by reference from the registrant’s Proxy Statement relating to its 2020 Annual Meeting to be held on April 16, 2020. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 168,914 | $ 175,024 |
Interest-bearing deposits with other banks | 321,687 | 482,915 |
Cash and cash equivalents | 490,601 | 657,939 |
Federal funds sold | 325 | |
Investment securities – available-for-sale | 2,083,838 | 1,785,862 |
Investment securities – held-to-maturity | 192,776 | |
Loans receivable | 10,869,710 | 11,071,879 |
Allowance for loan losses | (102,122) | (108,791) |
Loans receivable, net | 10,767,588 | 10,963,088 |
Bank premises and equipment, net | 280,103 | 233,261 |
Foreclosed assets held for sale | 9,143 | 13,236 |
Cash value of life insurance | 102,562 | 148,621 |
Accrued interest receivable | 45,086 | 48,945 |
Deferred tax asset, net | 44,301 | 73,275 |
Goodwill | 958,408 | 958,408 |
Core deposit and other intangibles | 36,572 | 42,896 |
Other assets | 213,845 | 183,806 |
Total assets | 15,032,047 | 15,302,438 |
Deposits: | ||
Demand and non-interest-bearing | 2,367,091 | 2,401,232 |
Savings and interest-bearing transaction accounts | 6,933,964 | 6,624,407 |
Time deposits | 1,977,328 | 1,874,139 |
Total deposits | 11,278,383 | 10,899,778 |
Federal funds purchased | 5,000 | |
Securities sold under agreements to repurchase | 143,727 | 143,679 |
FHLB and other borrowed funds | 621,439 | 1,472,393 |
Accrued interest payable and other liabilities | 102,410 | 67,912 |
Subordinated debentures | 369,557 | 368,790 |
Total liabilities | 12,520,516 | 12,952,552 |
Stockholders’ equity: | ||
Common stock, par value $0.01; shares authorized 300,000,000 in 2019 and 200,000,000 in 2018; shares issued and outstanding 166,373,346 in 2019 and 170,720,072 in 2018 | 1,664 | 1,707 |
Capital surplus | 1,537,091 | 1,609,810 |
Retained earnings | 956,555 | 752,184 |
Accumulated other comprehensive income (loss) | 16,221 | (13,815) |
Total stockholders’ equity | 2,511,531 | 2,349,886 |
Total liabilities and stockholders’ equity | $ 15,032,047 | $ 15,302,438 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 200,000,000 |
Common stock, shares issued | 166,373,346 | 170,720,072 |
Common stock, shares outstanding | 166,373,346 | 170,720,072 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income: | |||
Loans | $ 658,345 | $ 630,596 | $ 479,189 |
Investment securities | |||
Taxable | 41,406 | 36,833 | 26,776 |
Tax-exempt | 13,015 | 13,257 | 11,967 |
Deposits – other banks | 5,188 | 4,649 | 2,309 |
Federal funds sold | 34 | 33 | 10 |
Total interest income | 717,988 | 685,368 | 520,251 |
Interest expense: | |||
Interest on deposits | 114,104 | 79,589 | 33,777 |
Federal funds purchased | 54 | 1 | 1 |
FHLB and other borrowed funds | 17,209 | 22,354 | 14,513 |
Securities sold under agreements to repurchase | 2,544 | 1,822 | 918 |
Subordinated debentures | 20,860 | 20,589 | 15,137 |
Total interest expense | 154,771 | 124,355 | 64,346 |
Net interest income | 563,217 | 561,013 | 455,905 |
Provision for loan losses | 1,325 | 4,322 | 44,250 |
Net interest income after provision for loan losses | 561,892 | 556,691 | 411,655 |
Non-interest income: | |||
Trust fees | 1,566 | 1,552 | 1,678 |
Mortgage lending income | 14,303 | 12,379 | 13,286 |
Insurance commissions | 2,278 | 2,110 | 1,948 |
Increase in cash value of life insurance | 2,752 | 2,856 | 1,989 |
Dividends from FHLB, FRB, First National Bankers' Bank & other | 7,707 | 5,757 | 3,485 |
Gain on acquisitions | 3,807 | ||
Gain on sale of SBA loans | 1,573 | 566 | 738 |
Gain (loss) on sale of branches, equipment and other assets, net | (3) | (120) | (960) |
Gain (loss) on OREO, net | 757 | 2,401 | 1,025 |
Gain (loss) on securities, net | (2) | 2,132 | |
Other income | 8,569 | 11,889 | 9,459 |
Total non-interest income | 99,516 | 102,832 | 99,636 |
Non-interest expense: | |||
Salaries and employee benefits | 154,177 | 143,545 | 119,369 |
Occupancy and equipment | 35,452 | 33,960 | 30,055 |
Data processing expense | 16,161 | 14,428 | 11,998 |
Other operating expenses | 69,997 | 72,070 | 78,786 |
Total non-interest expense | 275,787 | 264,003 | 240,208 |
Income before income taxes | 385,621 | 395,520 | 271,083 |
Income tax expense | 96,082 | 95,117 | 136,000 |
Net income | $ 289,539 | $ 300,403 | $ 135,083 |
Basic earnings per common share | $ 1.73 | $ 1.73 | $ 0.90 |
Diluted earnings per common share | $ 1.73 | $ 1.73 | $ 0.89 |
Service Charges on Deposit Accounts [Member] | |||
Non-interest income: | |||
Service charges | $ 25,930 | $ 26,851 | $ 24,922 |
Other Service Charges and Fees [Member] | |||
Non-interest income: | |||
Service charges | $ 34,086 | $ 36,591 | $ 36,127 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income available to all stockholders | $ 289,539 | $ 300,403 | $ 135,083 |
Net unrealized gain (loss) on available-for-sale securities | 41,262 | (12,983) | (3,419) |
Less: reclassification adjustment for realized (gains) losses included in income | (2,132) | ||
Effect of tax rate change on unrealized gain (loss) on available-for- sale securities | (737) | ||
Other comprehensive income (loss), before tax effect | 41,262 | (12,983) | (6,288) |
Tax effect on other comprehensive (loss) income | (10,767) | 3,579 | 2,467 |
Other comprehensive income (loss) | 30,495 | (9,404) | (3,821) |
Comprehensive income | $ 320,034 | $ 290,999 | $ 131,262 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Giant Holdings, Inc. [Member] | Stonegate Bank [Member] | Shore Premier Finance [Member] | Common Stock [Member] | Common Stock [Member]Giant Holdings, Inc. [Member] | Common Stock [Member]Stonegate Bank [Member] | Common Stock [Member]Shore Premier Finance [Member] | Capital Surplus [Member] | Capital Surplus [Member]Giant Holdings, Inc. [Member] | Capital Surplus [Member]Stonegate Bank [Member] | Capital Surplus [Member]Shore Premier Finance [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |
Beginning Balance at Dec. 31, 2016 | $ 1,327,490 | $ 1,405 | $ 869,737 | $ 455,948 | $ 400 | ||||||||||
Comprehensive income: | |||||||||||||||
Net income | 135,083 | 135,083 | |||||||||||||
Other comprehensive income (loss) | (3,821) | (3,821) | |||||||||||||
Net issuance of shares of common stock from exercise of stock options | 1,082 | 2 | 1,080 | ||||||||||||
Issuance of common stock | $ 77,317 | $ 741,633 | $ 27 | $ 309 | $ 77,290 | $ 741,324 | |||||||||
Repurchase of shares of common stock | (20,825) | (9) | (20,816) | ||||||||||||
Share-based compensation net issuance of shares of restricted common stock | 6,705 | 2 | 6,703 | ||||||||||||
Cash dividends - Common Stock | (60,373) | (60,373) | |||||||||||||
Ending balance at Dec. 31, 2017 | 2,204,291 | 1,736 | 1,675,318 | 530,658 | (3,421) | ||||||||||
Comprehensive income: | |||||||||||||||
Net income | 300,403 | 300,403 | |||||||||||||
Other comprehensive income (loss) | (9,404) | (9,404) | |||||||||||||
Net issuance of shares of common stock from exercise of stock options | 1,454 | 2 | 1,452 | ||||||||||||
Issuance of common stock | $ 28,201 | $ 13 | $ 28,188 | ||||||||||||
Impact of adoption of new accounting standards | [1] | 990 | (990) | ||||||||||||
Repurchase of shares of common stock | (104,276) | (53) | (104,223) | ||||||||||||
Share-based compensation net issuance of shares of restricted common stock | 9,084 | 9 | 9,075 | ||||||||||||
Cash dividends - Common Stock | (79,867) | (79,867) | |||||||||||||
Ending balance at Dec. 31, 2018 | 2,349,886 | 1,707 | 1,609,810 | 752,184 | (13,815) | ||||||||||
Comprehensive income: | |||||||||||||||
Net income | 289,539 | 289,539 | |||||||||||||
Other comprehensive income (loss) | 30,495 | 30,495 | |||||||||||||
Net issuance of shares of common stock from exercise of stock options | 1,407 | 1 | 1,406 | ||||||||||||
Impact of adoption of new accounting standards | [2] | 459 | (459) | ||||||||||||
Repurchase of shares of common stock | (84,888) | (45) | (84,843) | ||||||||||||
Share-based compensation net issuance of shares of restricted common stock | 10,719 | 1 | 10,718 | ||||||||||||
Cash dividends - Common Stock | (85,627) | (85,627) | |||||||||||||
Ending balance at Dec. 31, 2019 | $ 2,511,531 | $ 1,664 | $ 1,537,091 | $ 956,555 | $ 16,221 | ||||||||||
[1] | Represents the impact of adopting Accounting Standard Update (“ASU”) 2016-01. See Note 1 to the consolidated financial statements for more information. | ||||||||||||||
[2] | Represents the impact of adopting Accounting Standard Update (“ASU”) 2018-02. See Note 1 to the consolidated financial statements |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net issuance of shares of common stock from exercise of stock options | 93,372 | 201,371 | 185,116 |
Common stock shares repurchased | 4,542,222 | 5,307,689 | 857,800 |
Issuance of restricted common stock | 102,124 | 961,125 | 231,766 |
Common stock, cash dividends per share | $ / shares | $ 0.51 | $ 0.46 | $ 0.40 |
Shore Premier Finance [Member] | |||
Net issuance of shares of common stock | 1,250,000 | ||
Giant Holdings, Inc. [Member] | |||
Net issuance of shares of common stock | 2,738,038 | ||
Net issuance cost of common stock | $ 195 | ||
Stonegate Bank [Member] | |||
Net issuance of shares of common stock | 30,863,658 | ||
Net issuance cost of common stock | $ 630 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | |||
Net income | $ 289,539 | $ 300,403 | $ 135,083 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation & amortization | 19,427 | 19,205 | 16,716 |
Amortization of securities, net | 15,943 | 14,205 | 12,917 |
Accretion of purchased loans | (35,890) | (41,455) | (35,716) |
Share-based compensation | 10,719 | 9,084 | 6,705 |
Gain on assets | (1,942) | (3,302) | (4,223) |
Gain on acquisitions | (3,807) | ||
Provision for loan losses | 1,325 | 4,322 | 44,250 |
Deferred income tax effect | 28,974 | 3,289 | 34,084 |
Increase in cash value of life insurance | (2,752) | (2,856) | (1,989) |
Originations of mortgage loans held for sale | (469,451) | (347,410) | (333,558) |
Proceeds from sales of mortgage loans held for sale | 424,540 | 327,488 | 345,501 |
Changes in assets and liabilities: | |||
Accrued interest receivable | 3,859 | (2,413) | (6,451) |
Other assets | (27,087) | (736) | (38,408) |
Accrued interest payable and other liabilities | (9,789) | 24,078 | (31,033) |
Net cash provided by operating activities | 247,415 | 303,902 | 140,071 |
Investing Activities | |||
Net decrease (increase) in federal funds sold | 325 | 23,784 | (21,044) |
Net decrease (increase) in loans, excluding loans acquired | 245,366 | (329,001) | (137,219) |
Purchases of investment securities – available-for-sale | (609,510) | (500,713) | (692,482) |
Proceeds from maturities of investment securities – available-for-sale | 528,159 | 348,032 | 184,280 |
Proceeds from sale of investment securities – available-for-sale | 1,472 | 32,732 | |
Proceeds from sale of equity securities | 3,768 | ||
Purchases of investment securities – held-to-maturity | (281) | ||
Proceeds from maturities of investment securities – held-to-maturity | 31,360 | 58,162 | |
Proceeds from qualified sale of investment securities – held-to-maturity | 491 | ||
Redemptions (purchases) of other investments | 34,709 | (1,683) | 1,123 |
Proceeds from foreclosed assets held for sale | 14,190 | 19,249 | 18,734 |
Proceeds from sale of SBA loans | 21,843 | 9,443 | 13,630 |
Purchases of premises and equipment, net | (14,898) | (7,950) | (5,191) |
Return of investment on cash value of life insurance | 1,544 | 592 | |
Net cash proceeds (paid) received – market acquisitions | (377,411) | 227,842 | |
Net cash provided by (used in) investing activities | 221,656 | (779,578) | (318,631) |
Financing Activities | |||
Net increase in deposits, excluding deposits acquired | 378,605 | 511,276 | 476,623 |
Net increase (decrease) in securities sold under agreements to repurchase | 48 | (4,110) | 336 |
Net increase in federal funds purchased | 5,000 | ||
Net (decrease) increase in FHLB and other borrowed funds | (850,954) | 173,205 | (95,375) |
Proceeds from exercise of stock options | 1,407 | 1,454 | 1,082 |
Proceeds from issuance of subordinated debentures | 297,201 | ||
Repurchase of common stock | (84,888) | (104,276) | (20,825) |
Common stock issuance costs – market acquisitions | (825) | ||
Dividends paid on common stock | (85,627) | (79,867) | (60,373) |
Net cash (used in) provided by financing activities | (636,409) | 497,682 | 597,844 |
Net change in cash and cash equivalents | (167,338) | 22,006 | 419,284 |
Cash and cash equivalents – beginning of year | 657,939 | 635,933 | 216,649 |
Cash and cash equivalents – end of year | $ 490,601 | $ 657,939 | $ 635,933 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 bank subsidiary – Centennial Bank (sometimes referred to as “Centennial” or the “Bank”). The Bank has branch locations in Arkansas, Florida, South Alabama and New York City. The Company is subject to competition from other financial institutions. The Company also is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. A summary of the significant accounting policies of the Company follows: Operating Segments Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Bank is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the branches of the Bank provide a group of similar banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts. The individual bank branches have similar operating and economic characteristics. While the chief decision maker monitors the revenue streams of the various products, services and branch locations, operations are managed, and financial performance is evaluated on a Company-wide basis. Accordingly, all of the banking services and branch locations are considered by management to be aggregated into one reportable operating segment. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan 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 loan losses and the valuation of foreclosed assets, management obtains independent appraisals for significant properties. Principles of Consolidation The consolidated financial statements include the accounts of HBI and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. Reclassifications Various items within the accompanying consolidated financial statements for previous years have been reclassified to provide more comparative information. These reclassifications had no effect on net earnings or stockholders’ equity. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, cash held as demand deposits at various banks and the Federal Reserve Bank (“FRB”) and interest-bearing deposits with other banks. Investment Securities Interest on investment securities is recorded as income as earned. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains or losses on the sale of securities are determined using the specific identification method. Management determines the classification of securities as available-for-sale, held-to-maturity, or trading at the time of purchase based on the intent and objective of the investment and the ability to hold to maturity. Fair values of securities are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable securities. The Company has no held-to-maturity or trading securities. Securities available-for-sale are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income, net of taxes. Securities that are held as available-for-sale are used as a part of HBI’s 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. Effective January 1, 2019, as permitted by ASU 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities Loans Receivable and Allowance for Loan 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 loan losses is established through a provision for loan losses charged against income. The allowance represents an amount that, in management’s judgment, will be adequate to absorb probable credit losses on existing loans that may become uncollectible and probable credit losses inherent in the remainder of the loan portfolio. The amounts of provisions to the allowance for loan losses are based on management’s analysis and evaluation of the loan portfolio for identification of problem credits, internal and external factors that may affect collectability, relevant credit exposure, particular risks inherent in different kinds of lending, current collateral values and other relevant factors. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and classified loans less than $2.0 million and is based on historical charge-off experience and expected loss given default derived from the Bank’s internal risk rating process. Other adjustments may be made to the allowance for pools of loans accounted for under FASB ASC 310-30, Loans Acquired with Deteriorated Credit Quality, Loans considered impaired, under FASB ASC 310-10-35, are loans for which, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The aggregate amount of impairment of loans is utilized in evaluating the adequacy of the allowance for loan losses and amount of provisions thereto. Losses on impaired loans are charged against the allowance for loan losses when in the process of collection, it appears likely that such losses will be realized. The accrual of interest on impaired loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due. When accrual of interest is discontinued, all unpaid accrued interest is reversed. Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. 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 loan 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 loan 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, but payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status after being current for a period of at least six months. An exception to this six-month period can be made if it can be proven that the borrower has historically demonstrated repayment performance consistent with the terms of the loan and the Company expects to collect all principal and interest. Acquisition Accounting and Acquired Loans The Company accounts for its acquisitions under FASB ASC Topic 805, Business Combinations Fair Value Measurements Over the life of the purchased loans, the Company continues to estimate cash flows expected to be collected on individual loans or on pools of loans sharing common risk characteristics and are treated in the aggregate when applying various valuation techniques. The Company evaluates at each balance sheet date whether the present value of its loans determined using the effective interest rates has significantly decreased and if so, recognizes a provision for loan loss in its consolidated statement of income. For any significant increases in cash flows expected to be collected, the Company adjusts the amount of accretable yield recognized on a prospective basis over the loan’s or pool’s weighted-average life. For further discussion of the Company’s acquisitions, see Note 2 to the Notes to Consolidated Financial Statements. Foreclosed Assets Held for Sale Real estate and personal properties acquired through or in lieu of loan foreclosure are to be sold and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Valuations are periodically performed by management, and the real estate and personal properties are carried at fair value less costs to sell. Gains and losses from the sale of other real estate and personal properties are recorded in non-interest income, and expenses used to maintain the properties are included in non-interest expenses. Bank Premises and Equipment Bank premises and equipment are carried at cost or fair market value at the date of acquisition less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are used for tax purposes. Leasehold improvements are capitalized and amortized using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements whichever is shorter. The assets’ estimated useful lives for book purposes are as follows: Bank premises 15-40 years Furniture, fixtures, and equipment 3-15 years Cash value of life insurance The Company has purchased life insurance policies on certain key employees. Life insurance owned by the Company is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. During 2019, the Company made a strategic decision to surrender $47.5 million of its underperforming separate account bank owned life insurance (“BOLI”). When a BOLI contract is surrendered the gains within the policy become taxable as well as a 10% IRS penalty on the gain. As a result of this BOLI decision, the Company recorded a $3.7 million tax expense related to this transaction. As a result of this decision, the income earned on the increase in the cash value of life insurance will be lower in future periods. Intangible Assets Intangible assets consist of goodwill and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The core deposit intangible represents the excess intangible value of acquired deposit customer relationships as determined by valuation specialists. The core deposit intangibles are being amortized over 48 to 121 months on a straight-line basis. Goodwill is not amortized but rather is evaluated for impairment on at least an annual basis. The Company performed its annual impairment test of goodwill and core deposit intangibles during 2019, 2018 and 2017, as required by Intangibles - Goodwill and Other . The 2019, 2018 and 2017 tests indicated no impairment of the Company’s goodwill or core deposit intangibles. Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase consist of obligations of the Company to other parties. At the point funds deposited by customers become investable, those funds are used to purchase securities owned by the Company and held in its general account with the designation of Customers’ Securities. A third party maintains control over the securities underlying overnight repurchase agreements. The securities involved in these transactions are generally U.S. Treasury or Federal Agency issues. Securities sold under agreements to repurchase generally mature on the banking day following that on which the investment was initially purchased and are treated as collateralized financing transactions which are recorded at the amounts at which the securities were sold plus accrued interest. Interest rates and maturity dates of the securities involved vary and are not intended to be matched with funds from customers. Derivative Financial Instruments The Company may enter into derivative contracts for the purposes of managing exposure to interest rate risk. The Company records all derivatives on the consolidated balance sheet at fair value. Historically the Company’s policy has been not to invest in derivative type investments. During 2017, the Company acquired standalone derivative financial instruments from Stonegate (See Note 2). These derivative financial instruments consist of interest rate swaps and are recognized as assets and liabilities in the consolidated statements of financial condition at fair value. The Bank’s derivative instruments have not been designated as hedging instruments. These undesignated derivative instruments are recognized on the consolidated balance sheet at fair value, with changes in fair value recorded in other noninterest income. In addition, as of December 31, 2019 and December 31, 2018, the Company had derivative contracts outstanding associated with the mortgage loans held for sale portfolio. As of December 31, 2019 and 2018, these derivative instruments are not considered to be material to the Company’s financial position and results of operations. Stock Options The Company accounts for stock options in accordance with FASB ASC 718, Compensation - Stock Compensation, and FASB ASC 505-50, Equity-Based Payments to Non-Employees , which establishes standards for the accounting for transactions in which an entity (i) exchanges its equity instruments for goods and services, or (ii) incurs liabilities in exchange for goods and services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of the equity instruments. FASB ASC 718 requires that such transactions be recognized as compensation cost in the income statement based on their fair values on the measurement date, which is generally the date of the grant. In March 2016, the FASB issued ASU 2016-09, " Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company and its subsidiaries file consolidated tax returns. Its subsidiary provides for income taxes on a separate return basis, and remits to the Company amounts determined to be currently payable. Revenue Recognition. Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers • Service charges on deposit accounts – These represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. • Other service charges and fees – These represent credit card interchange fees and Centennial CFG loan fees. The interchange fees are recorded in the period the performance obligation is satisfied which is generally the cash basis based on agreed upon contracts. The Centennial CFG loan fees are based on loan or other negotiated agreements with customers and are accounted for under ASC Topic 310. Earnings per Share Basic earnings per share is computed based on the weighted-average number of shares outstanding during each year. Diluted earnings per share is computed using the weighted-average shares and all potential dilutive shares outstanding during the period. The following table sets forth the computation of basic and diluted earnings per share (EPS) for the years ended December 31: 2019 2018 2017 (In thousands, except per share data) Net income $ 289,539 $ 300,403 $ 135,083 Average common shares outstanding 167,804 173,657 150,806 Effect of common stock options — 467 722 Diluted common shares outstanding 167,804 174,124 151,528 Basic earnings per common share $ 1.73 $ 1.73 $ 0.90 Diluted earnings per common share $ 1.73 $ 1.73 $ 0.89 As of December 31, 2019, options to purchase 3.4 million shares of common stock, with a weighted average exercise price of $19.60, were excluded from the computation of diluted earnings per share as the majority of the options had an exercise price which was greater than the average market price of the common stock. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | 2. Business Combinations Acquisition of Shore Premier Finance On June 30, 2018, the Company, completed the acquisition of Shore Premier Finance (“SPF”), a division of Union Bank & Trust of Richmond, Virginia, the bank subsidiary of Union Bankshares Corporation. The Company paid a purchase price of approximately $377.4 million in cash, subject to certain post-closing adjustments, and 1,250,000 shares of HBI common stock valued at approximately $28.2 million at the time of closing. SPF provides direct consumer financing for United States Coast Guard (“USCG”) registered high-end sail and power boats. Additionally, SPF provides inventory floor plan lines of credit to marine dealers, primarily those selling USCG documented vessels. Including the purchase accounting adjustments, as of acquisition date, SPF had approximately $377.0 million in total assets, including $376.2 million in total loans, which resulted in goodwill of $30.5 million being recorded. This portfolio of loans is now housed in a division of Centennial known as Shore Premier Finance. The SPF division of Centennial is responsible for servicing the acquired loan portfolio and originating new loan production. In connection with this acquisition and the creation of the SPF division of Centennial, Centennial has opened a new loan production office in Chesapeake, Virginia. Through this loan production office, the SPF division of Centennial will continue its vision to build out a lending platform focusing on commercial and consumer marine loans. The Company has determined that the acquisition of the net assets of SPF constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. Acquisition of Stonegate Bank On September 26, 2017, the Company completed the acquisition of all of the issued and outstanding shares of common stock of Stonegate Bank (“Stonegate”), and merged Stonegate into Centennial. The Company paid a purchase price to the Stonegate shareholders of approximately $792.4 million for the Stonegate acquisition. Under the terms of the merger agreement, shareholders of Stonegate received 30,863,658 shares of HBI common stock valued at approximately $742.3 million at the time of closing plus approximately $50.1 million in cash in exchange for all outstanding shares of Stonegate common stock. In addition, the holders of outstanding stock options of Stonegate received approximately $27.6 million in cash in connection with the cancellation of their options immediately before the acquisition closed, for a total transaction value of approximately $820.0 million. Including the effects of purchase accounting adjustments, as of acquisition date, Stonegate had approximately $2.89 billion in total assets, $2.37 billion in loans and $2.53 billion in customer deposits. Stonegate formerly operated its banking business from 24 locations in key Florida markets with significant presence in Broward and Sarasota counties. The Company has determined that the acquisition of the net assets of Stonegate constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: Stonegate Bank Acquired from Stonegate Fair Value Adjustments As Recorded by HBI (Dollars in thousands) Assets Cash and due from banks $ 100,958 $ — $ 100,958 Interest-bearing deposits with other banks 135,631 — 135,631 Federal funds sold 1,515 — 1,515 Investment securities 103,041 474 103,515 Loans receivable 2,446,149 (74,067 ) 2,372,082 Allowance for loan losses (21,507 ) 21,507 — Loans receivable, net 2,424,642 (52,560 ) 2,372,082 Bank premises and equipment, net 38,868 (3,572 ) 35,296 Foreclosed assets held for sale 4,187 (801 ) 3,386 Cash value of life insurance 48,000 — 48,000 Accrued interest receivable 7,088 — 7,088 Deferred tax asset, net 27,340 11,990 39,330 Goodwill 81,452 (81,452 ) — Core deposit and other intangibles 10,505 20,364 30,869 Other assets 9,598 255 9,853 Total assets acquired $ 2,992,825 $ (105,302 ) $ 2,887,523 Liabilities Deposits Demand and non-interest-bearing $ 585,959 $ — $ 585,959 Savings and interest-bearing transaction accounts 1,776,256 — 1,776,256 Time deposits 163,567 (85 ) 163,482 Total deposits 2,525,782 (85 ) 2,525,697 FHLB borrowed funds 32,667 184 32,851 Securities sold under agreements to repurchase 26,163 — 26,163 Accrued interest payable and other liabilities 8,100 (484 ) 7,616 Subordinated debentures 8,345 1,489 9,834 Total liabilities assumed 2,601,057 1,104 2,602,161 Equity Total equity assumed 391,768 (391,768 ) — Total liabilities and equity assumed $ 2,992,825 $ (390,664 ) 2,602,161 Net assets acquired 285,362 Purchase price 792,370 Goodwill $ 507,008 The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above: Cash and due from banks, interest-bearing deposits with other banks and federal funds sold – The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets. Investment securities Loans The Company evaluated $2.37 billion of the loans purchased in conjunction with the acquisition in accordance with the provisions of FASB ASC Topic 310-20, Nonrefundable Fees and Other Costs, Loans and Debt Securities Acquired with Deteriorated Credit Quality, Bank premises and equipment Foreclosed assets held for sale Cash value of life insurance Accrued interest receivable Deferred tax asset Core deposit intangible Deposits FHLB borrowed funds Securities sold under agreements to repurchase Accrued interest payable and other liabilities Subordinated debentures The unaudited pro-forma combined consolidated financial information presents how the combined financial information of HBI and Stonegate might have appeared had the businesses actually been combined. The following schedule represents the unaudited pro forma combined financial information as of the years ended December 31, 2017, assuming the acquisition was completed as of January 1, 2017: Years Ended December 31, 2017 (In thousands, except per share data) Total interest income $ 610,697 Total non-interest income 107,179 Net income available to all shareholders 143,979 Basic earnings per common share $ 0.79 Diluted earnings per common share 0.79 The unaudited pro-forma consolidated financial information is presented for illustrative purposes only and does not indicate the financial results of the combined company had the companies actually been combined at the beginning of the period presented and had the impact of possible significant revenue enhancements and expense efficiencies from in-market cost savings, among other factors, been considered and, accordingly, does not attempt to predict or suggest future results. It also does not necessarily reflect what the historical results of the combined company would have been had the companies been combined during this period. Acquisition of The Bank of Commerce On February 28, 2017, the Company completed its acquisition of all of the issued and outstanding shares of common stock of The Bank of Commerce (“BOC”), a Florida state-chartered bank that operated in the Sarasota, Florida area, pursuant to an acquisition agreement, dated December 1, 2016, by and between HBI and Bank of Commerce Holdings, Inc. (“BCHI”), parent company of BOC. The Company merged BOC with and into Centennial effective as of the close of business on February 28, 2017. The acquisition of BOC was conducted in accordance with the provisions of Section 363 of the United States Bankruptcy Code (the “Bankruptcy Code”) pursuant to a voluntary petition for relief under Chapter 11 of the Bankruptcy Code filed by BCHI with the United States Bankruptcy Court for the Middle District of Florida (the “Bankruptcy Court”). The sale of BOC by BCHI was subject to certain bidding procedures approved by the Bankruptcy Court. On November 14, 2016, the Company submitted an initial bid to purchase the outstanding shares of BOC in accordance with the bidding procedures approved by the Bankruptcy Court. An auction was subsequently conducted on November 16, 2016, and the Company was deemed to be the successful bidder. The Bankruptcy Court entered a final order on December 9, 2016 approving the sale of BOC to the Company pursuant to and in accordance with the acquisition agreement. Under the terms of the acquisition agreement, the Company paid an aggregate of approximately $4.2 million in cash for the acquisition, which included the purchase of all outstanding shares of BOC common stock, the discounted purchase of certain subordinated debentures issued by BOC from the existing holders of the subordinated debentures, and an expense reimbursement to BCHI for approved administrative claims in connection with the bankruptcy proceeding. BOC formerly operated three branch locations in the Sarasota, Florida area. Including the effects of the purchase accounting adjustments, as of acquisition date, BOC had approximately $178.1 million in total assets, $118.5 million in loans after $5.8 million of loan discounts, and $139.8 million in deposits. The Company has determined that the acquisition of the net assets of BOC constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: The Bank of Commerce Acquired from BOC Fair Value Adjustments As Recorded by HBI (Dollars in thousands) Assets Cash and due from banks $ 4,610 $ — $ 4,610 Interest-bearing deposits with other banks 14,360 — 14,360 Investment securities 25,926 (113 ) 25,813 Loans receivable 124,289 (5,751 ) 118,538 Allowance for loan losses (2,037 ) 2,037 — Loans receivable, net 122,252 (3,714 ) 118,538 Bank premises and equipment, net 1,887 — 1,887 Foreclosed assets held for sale 8,523 (3,165 ) 5,358 Accrued interest receivable 481 — 481 Deferred tax asset, net — 4,198 4,198 Core deposit intangible — 968 968 Other assets 1,880 — 1,880 Total assets acquired $ 179,919 $ (1,826 ) $ 178,093 Liabilities Deposits Demand and non-interest-bearing $ 27,245 $ — $ 27,245 Savings and interest-bearing transaction accounts 32,300 — 32,300 Time deposits 79,945 270 80,215 Total deposits 139,490 270 139,760 FHLB borrowed funds 30,000 42 30,042 Accrued interest payable and other liabilities 564 (255 ) 309 Total liabilities assumed $ 170,054 $ 57 170,111 Net assets acquired 7,982 Purchase price 4,175 Pre-tax gain on acquisition $ 3,807 The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above: Cash and due from banks and interest-bearing deposits with other banks Investment securities Loans The Company evaluated $106.8 million of the loans purchased in conjunction with the acquisition in accordance with the provisions of FASB ASC Topic 310-20, Nonrefundable Fees and Other Costs, Loans and Debt Securities Acquired with Deteriorated Credit Quality, Bank premises and equipment – Bank premises and equipment were acquired from BOC at market value. Foreclosed assets held for sale Accrued interest receivable Deferred tax asset Core deposit intangible Deposits FHLB borrowed funds Accrued interest payable and other liabilities The Company’s operating results for the period ended December 31, 2017, include the operating results of the acquired assets and assumed liabilities subsequent to the acquisition date. Due to the fair value adjustments recorded and the fact BOC total assets acquired are less than 5% of total assets as of December 31, 2017 excluding BOC as recorded by HBI as of acquisition date, historical results are not believed to be material to the Company’s results, and thus no pro-forma information is presented. Acquisition of Giant Holdings, Inc. On February 23, 2017, the Company completed its acquisition of Giant Holdings, Inc. (“GHI”), parent company of Landmark Bank, N.A. (“Landmark”), pursuant to a definitive agreement and plan of merger whereby GHI merged with and into HBI and, immediately thereafter, Landmark merged with and into Centennial. The Company paid a purchase price to the GHI shareholders of approximately $96.0 million for the GHI acquisition. Under the terms of the agreement, shareholders of GHI received 2,738,038 shares of its common stock valued at approximately $77.5 million as of February 23, 2017, plus approximately $18.5 million in cash in exchange for all outstanding shares of GHI common stock. GHI formerly operated six branch locations in the Ft. Lauderdale, Florida area. Including the effects of the purchase accounting adjustments, as of acquisition date, GHI had approximately $398.1 million in total assets, $327.8 million in loans after $8.1 million of loan discounts, and $304.0 million in deposits. The Company has determined that the acquisition of the net assets of GHI constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: Giant Holdings, Inc. Acquired from GHI Fair Value Adjustments As Recorded by HBI (Dollars in thousands) Assets Cash and due from banks $ 41,019 $ — $ 41,019 Interest-bearing deposits with other banks 4,057 1 4,058 Investment securities 1,961 (5 ) 1,956 Loans receivable 335,886 (6,517 ) 329,369 Allowance for loan losses (4,568 ) 4,568 — Loans receivable, net 331,318 (1,949 ) 329,369 Bank premises and equipment, net 2,111 608 2,719 Cash value of life insurance 10,861 — 10,861 Accrued interest receivable 850 — 850 Deferred tax asset, net 2,286 1,807 4,093 Core deposit and other intangibles 172 3,238 3,410 Other assets 254 (489 ) (235 ) Total assets acquired $ 394,889 $ 3,211 $ 398,100 Liabilities Deposits Demand and non-interest-bearing $ 75,993 $ — $ 75,993 Savings and interest-bearing transaction accounts 139,459 — 139,459 Time deposits 88,219 324 88,543 Total deposits 303,671 324 303,995 FHLB borrowed funds 26,047 431 26,478 Accrued interest payable and other liabilities 14,552 18 14,570 Total liabilities assumed 344,270 773 345,043 Equity Total equity assumed 50,619 (50,619 ) — Total liabilities and equity assumed $ 394,889 $ (49,846 ) 345,043 Net assets acquired 53,057 Purchase price 96,015 Goodwill $ 42,958 The following is a description of the methods used to determine the fair values of significant assets and liabilities presented above: Cash and due from banks and interest-bearing deposits with other banks Investment securities Loans The Company evaluated $315.6 million of the loans purchased in conjunction with the acquisition in accordance with the provisions of FASB ASC Topic 310-20, Nonrefundable Fees and Other Costs, Loans and Debt Securities Acquired with Deteriorated Credit Quality, Bank premises and equipment Cash value of life insurance Accrued interest receivable Deferred tax asset Core deposit intangible Deposits FHLB borrowed funds Accrued interest payable and other liabilities The Company’s operating results for the period ended December 31, 2017, include the operating results of the acquired assets and assumed liabilities subsequent to the acquisition date. Due to the fair value adjustments recorded and the fact GHI total assets acquired are less than 5% of total assets as of December 31, 2017 excluding GHI as recorded by HBI as of acquisition date, historical results are not believed to be material to the Company’s results, and thus no pro-forma information is presented. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 3. Investment Securities Effective January 1, 2019, as permitted by ASU 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities December 31, 2019 Available-for-Sale Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 398,870 $ 1,001 $ (2,321 ) $ 397,550 Residential mortgage-backed securities 689,955 4,735 (1,241 ) 693,449 Commercial mortgage-backed securities 514,287 6,647 (642 ) 520,292 State and political subdivisions 425,989 13,824 (257 ) 439,556 Other securities 32,748 409 (166 ) 32,991 Total $ 2,061,849 $ 26,616 $ (4,627 ) $ 2,083,838 December 31, 2018 Available-for-Sale Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 418,605 $ 504 $ (4,976 ) $ 414,133 Residential mortgage-backed securities 580,183 1,230 (8,512 ) 572,901 Commercial mortgage-backed securities 463,084 539 (7,745 ) 455,878 State and political subdivisions 308,835 2,311 (2,589 ) 308,557 Other securities 34,336 304 (247 ) 34,393 Total $ 1,805,043 $ 4,888 $ (24,069 ) $ 1,785,862 Held-to-Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 3,261 $ 14 $ (71 ) $ 3,204 Residential mortgage-backed securities 39,707 20 (689 ) 39,038 Commercial mortgage-backed securities 17,587 58 (267 ) 17,378 State and political subdivisions 132,221 1,815 (46 ) 133,990 Total $ 192,776 $ 1,907 $ (1,073 ) $ 193,610 Assets, principally investment securities, having an amortized cost of approximately $865.4 million and $1.32 billion at December 31, 2019 and 2018, respectively, were pledged to secure public deposits and for other purposes required or permitted by law. Also, investment securities pledged as collateral for repurchase agreements totaled approximately $143.7 million at December 31, 2019 and 2018. The amortized cost and estimated fair value of securities classified as available-for-sale and held-to-maturity at December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale Amortized Estimated Cost Fair Value (In thousands) Due in one year or less $ 562,325 $ 565,204 Due after one year through five years 1,022,926 1,031,507 Due after five years through ten years 326,384 334,936 Due after ten years 150,214 152,191 Total $ 2,061,849 $ 2,083,838 For purposes of the maturity tables, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on anticipated maturities. The mortgage-backed securities may mature earlier than their weighted-average contractual maturities because of principal prepayments. During the year ended December 31, 2019, approximately $1.5 million in available-for-sale securities were sold. The gross realized loss on the sale for the year ended December 31, 2019 totaled approximately $2,000. The income tax expense/benefit to net security gains and losses was 25.819% of the gross amounts. During the year ended December 31, 2018, no available-for-sale securities were sold. However, approximately $3.8 million in equity securities carried at fair value were sold. There were no realized gains or losses recorded on the sales for the year ended December 31, 2018. The income tax expense/benefit to net security gains and losses was 26.135% of the gross amounts. During the year ended December 31, 2017, approximately $30.6 million in available-for-sale securities were sold. The gross realized gains and losses on the sales for the year ended December 31, 2017 totaled approximately $2.3 million and $127,000, respectively. The income tax expense/benefit to net security gains and losses was 39.225% of the gross amounts. During 2018, no held-to-maturity securities were sold. During 2017, one held-to-maturity security experienced its second downgrade in its credit rating. The Company made a strategic decision to sell this held-to-maturity security for approximately $483,000, which resulted in a gross realized loss on the sale for the year ended December 31, 2017 of approximately $7,000. The Company evaluates all securities quarterly to determine if any unrealized losses are deemed to be other than temporary. In completing these evaluations, the Company follows the requirements of FASB ASC 320, Investments - Debt and Equity Securities. For the year ended December 31, 2019, the Company had approximately $2.9 million in unrealized losses, which were in continuous loss positions for more than twelve months. Excluding impairment write downs taken in prior periods, the Company’s assessments indicated that the cause of the market depreciation was primarily the change in interest rates and not the issuer’s financial condition, or downgrades by rating agencies. In addition, approximately 76.6% of the Company’s investment portfolio matures in five years or less. As a result, the Company has the ability and intent to hold such securities until maturity. For the year ended December 31, 2018, the Company had approximately $21.8 million in unrealized losses, which were in continuous loss positions for more than twelve months. Excluding impairment write downs taken in prior periods, the Company’s assessments indicated that the cause of the market depreciation was primarily the change in interest rates and not the issuer’s financial condition, or downgrades by rating agencies. In addition, approximately 73.1% of the Company’s investment portfolio matures in five years or less. As a result, the Company has the ability and intent to hold such securities until maturity. The following shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2019 and 2018: December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) U.S. government-sponsored enterprises $ 129,951 $ (553 ) $ 143,287 $ (1,768 ) $ 273,238 $ (2,321 ) Residential mortgage-backed securities 141,877 (640 ) 90,058 (601 ) 231,935 (1,241 ) Commercial mortgage-backed securities 78,750 (330 ) 40,894 (312 ) 119,644 (642 ) State and political subdivisions 27,376 (245 ) 4,206 (12 ) 31,582 (257 ) Other securities 947 (2 ) 9,539 (164 ) 10,486 (166 ) Total $ 378,901 $ (1,770 ) $ 287,984 $ (2,857 ) $ 666,885 $ (4,627 ) December 31, 2018 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) U.S. government-sponsored enterprises $ 148,392 $ (1,398 ) $ 192,456 $ (3,649 ) $ 340,848 $ (5,047 ) Residential mortgage-backed securities 95,001 (713 ) 386,279 (8,488 ) 481,280 (9,201 ) Commercial mortgage-backed securities 33,917 (337 ) 368,705 (7,675 ) 402,622 (8,012 ) State and political subdivisions 64,376 (763 ) 77,602 (1,872 ) 141,978 (2,635 ) Other securities 3,364 (154 ) 8,307 (93 ) 11,671 (247 ) Total $ 345,050 $ (3,365 ) $ 1,033,349 $ (21,777 ) $ 1,378,399 $ (25,142 ) As of December 31, 2019, the Company's securities portfolio consisted of 1,329 investment securities, 307 of which were in an unrealized loss position. As noted in the table above, the total amount of the unrealized loss was $4.6 million. The U.S government-sponsored enterprises portfolio contained unrealized losses of $2.3 million on 87 securities. The residential mortgage-backed securities portfolio contained $1.2 million of unrealized losses on 148 securities, and the commercial mortgage-backed securities portfolio contained $642,078 of unrealized losses on 42 securities. The state and political subdivisions portfolio contained $256,950 of unrealized losses on 25 securities. In addition, the other securities portfolio contained $165,839 of unrealized losses on 5 securities. The unrealized losses on the Company's investments were a result of interest rate changes. The Company expects to recover the amortized cost basis over the term of the securities. Because the decline in market value was attributable to changes in interest rates and not credit quality, and because the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired at December 31, 2019. Income earned on securities for the years ended is as follows: December 31, 2019 2018 2017 (In thousands) Taxable: Available-for-sale $ 41,406 $ 35,026 $ 24,231 Held-to-maturity — 1,807 2,545 Tax-exempt: Available-for-sale 13,015 8,226 6,441 Held-to-maturity — 5,031 5,526 Total $ 54,421 $ 50,090 $ 38,743 |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans Receivable | 4. Loans Receivable The various categories of loans receivable are summarized as follows: December 31, 2019 2018 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 4,412,769 $ 4,806,684 Construction/land development 1,776,689 1,546,035 Agricultural 88,400 76,433 Residential real estate loans Residential 1-4 family 1,819,221 1,975,586 Multifamily residential 488,278 560,475 Total real estate 8,585,357 8,965,213 Consumer 511,909 443,105 Commercial and industrial 1,528,003 1,476,331 Agricultural 63,644 48,562 Other 180,797 138,668 Loans receivable $ 10,869,710 $ 11,071,879 During the year ended December 31, 2019, the Company sold $20.2 million of the guaranteed portion of certain SBA loans, which resulted in a gain of $1.6 million. During the year ended December 31, 2018, the Company sold $8.9 million of the guaranteed portion of certain SBA loans, which resulted in a gain of $566,036. During the year ended December 31, 2017, the Company sold $12.9 million of the guaranteed portion of certain SBA loans, which resulted in a gain of $738,135. Mortgage loans held for sale of approximately $83.1 million and $64.2 million at December 31, 2019 and 2018, 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. The Company had $1.99 billion of purchased loans, which includes $58.7 million of discount for credit losses on purchased loans, at December 31, 2019. The Company had zero and $58.7 million remaining of non-accretable discount for credit losses on purchased loans and accretable discount for credit losses on purchased loans, respectively, as of December 31, 2019. The Company had $2.90 billion of purchased loans, which includes $113.6 million of discount for credit losses on purchased loans, at December 31, 2018. The Company had $39.3 million and $74.3 million remaining of non-accretable discount for credit losses on purchased loans and accretable discount for credit losses on purchased loans, respectively, as of December 31, 2018. In 2019, the Company reevaluated its loan pools of purchased loans with deteriorated credit quality. These loans pools related specifically to acquired loans from the Heritage, Liberty, Landmark, Bay Cities, Bank of Commerce, Premier Bank, Stonegate and Shore Premier Finance acquisitions. At acquisition, a portion of these loans were recorded as purchased credit impaired loans on a pool by pool basis. Through the reevaluation of these loan pools, management determined that estimated losses for purchase credit impaired loans should be processed against the credit mark of the applicable pools. The remaining non-accretable mark was then moved to accretable mark to be recognized over the remaining weighted average life of the loan pools. The projected losses for these loans were less than the total credit mark. As such, the remaining $107.6 million of loans in these pools along with the $29.3 million in accretable yield were deemed to be immaterial and were reclassified out of the purchased credit impaired loans category. As of December 31, 2019, the company no longer holds any purchased loans with deteriorated credit quality. |
Allowance for Loan Losses, Cred
Allowance for Loan Losses, Credit Quality and Other | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Allowance for Loan Losses, Credit Quality and Other | 5. Allowance for Loan Losses, Credit Quality and Other The following table presents a summary of changes in the allowance for loan losses: December 31, 2019 (In thousands) Allowance for loan losses: Beginning balance $ 108,791 Loans charged off (10,603 ) Recoveries of loans previously charged off 2,609 Net loans recovered (charged off) (7,994 ) Provision for loan losses 1,325 Balance, December 31, 2019 $ 102,122 The following tables present the balance in the allowance for loan losses for the year ended December 31, 2019, and the allowance for loan losses and recorded investment in loans based on portfolio segment by impairment method as of December 31, 2019. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. Year Ended December 31, 2019 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 21,302 $ 42,336 $ 26,734 $ 14,981 $ 3,438 $ — $ 108,791 Loans charged off (1,450 ) (2,741 ) (1,661 ) (2,327 ) (2,424 ) — (10,603 ) Recoveries of loans previously charged off 95 244 926 504 840 — 2,609 Net loans recovered (charged off) (1,355 ) (2,497 ) (735 ) (1,823 ) (1,584 ) — (7,994 ) Provision for loan losses 6,486 (6,310 ) (5,864 ) 3,457 3,556 — 1,325 Balance, December 31 $ 26,433 $ 33,529 $ 20,135 $ 16,615 $ 5,410 $ — $ 102,122 As of December 31, 2019 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Period end amount allocated to: Loans individually evaluated for impairment $ 97 $ 164 $ 2,014 $ 2,401 $ — $ — $ 4,676 Loans collectively evaluated for impairment 26,336 33,365 18,121 14,214 5,410 — 97,446 Loans evaluated for impairment balance, December 31 26,433 33,529 20,135 16,615 5,410 — 102,122 Purchased credit impaired loans — — — — — — — Balance, December 31 $ 26,433 $ 33,529 $ 20,135 $ 16,615 $ 5,410 $ — $ 102,122 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 8,933 $ 58,676 $ 56,192 $ 82,434 $ 3,195 $ — $ 209,430 Loans collectively evaluated for impairment 1,767,756 4,442,493 2,251,307 1,445,569 753,155 — 10,660,280 Loans evaluated for impairment balance, December 31 1,776,689 4,501,169 2,307,499 1,528,003 756,350 — 10,869,710 Balance, December 31 $ 1,776,689 $ 4,501,169 $ 2,307,499 $ 1,528,003 $ 756,350 $ — $ 10,869,710 The following tables present the balance in the allowance for loan losses for the year ended December 31, 2018, and the allowance for loan losses and recorded investment in loans based on portfolio segment by impairment method as of December 31, 2018. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. Year Ended December 31, 2018 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 20,343 $ 43,939 $ 24,506 $ 15,292 $ 3,334 $ 2,852 $ 110,266 Loans charged off (399 ) (1,211 ) (2,744 ) (2,221 ) (2,413 ) — (8,988 ) Recoveries of loans previously charged off 180 527 924 624 936 — 3,191 Net loans recovered (charged off) (219 ) (684 ) (1,820 ) (1,597 ) (1,477 ) — (5,797 ) Provision for loan losses 1,178 (919 ) 4,048 1,286 1,581 (2,852 ) 4,322 Balance, December 31 $ 21,302 $ 42,336 $ 26,734 $ 14,981 $ 3,438 $ — $ 108,791 As of December 31, 2018 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Period end amount allocated to: Loans individually evaluated for impairment $ 732 $ 468 $ 100 $ 21 $ — $ — $ 1,321 Loans collectively evaluated for impairment 20,336 41,512 25,970 14,789 3,438 — 106,045 Loans evaluated for impairment balance, December 31 21,068 41,980 26,070 14,810 3,438 — 107,366 Purchased credit impaired loans 234 356 664 171 — — 1,425 Balance, December 31 $ 21,302 $ 42,336 $ 26,734 $ 14,981 $ 3,438 $ — $ 108,791 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 14,519 $ 58,706 $ 29,535 $ 30,251 $ 3,688 $ — $ 136,699 Loans collectively evaluated for impairment 1,522,520 4,741,484 2,473,467 1,431,608 624,561 — 10,793,640 Loans evaluated for impairment balance, December 31 1,537,039 4,800,190 2,503,002 1,461,859 628,249 — 10,930,339 Purchased credit impaired loans 8,996 82,927 33,059 14,472 2,086 — 141,540 Balance, December 31 $ 1,546,035 $ 4,883,117 $ 2,536,061 $ 1,476,331 $ 630,335 $ — $ 11,071,879 The following tables present the balance in the allowance for loan losses for the loan portfolio for the year ended December 31, 2017, and the allowance for loan losses and recorded investment in loans based on portfolio segment by impairment method as of December 31, 2017. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. Year Ended December 31, 2017 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 11,522 $ 28,188 $ 16,517 $ 12,756 $ 4,188 $ 6,831 $ 80,002 Loans charged off (1,632 ) (3,749 ) (3,980 ) (5,578 ) (2,532 ) — (17,471 ) Recoveries of loans previously charged off 462 1,042 676 464 841 — 3,485 Net loans recovered (charged off) (1,170 ) (2,707 ) (3,304 ) (5,114 ) (1,691 ) — (13,986 ) Provision for loan losses 9,991 18,458 11,293 7,650 837 (3,979 ) 44,250 Balance, December 31 $ 20,343 $ 43,939 $ 24,506 $ 15,292 $ 3,334 $ 2,852 $ 110,266 As of December 31, 2017 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Period end amount allocated to: Loans individually evaluated for impairment $ 1,378 $ 768 $ 188 $ 843 $ 7 $ — $ 3,184 Loans collectively evaluated for impairment 18,954 42,824 23,341 14,290 3,310 2,852 105,571 Loans evaluated for impairment balance, December 31 20,332 43,592 23,529 15,133 3,317 2,852 108,755 Purchased credit impaired loans 11 347 977 159 17 — 1,511 Balance, December 31 $ 20,343 $ 43,939 $ 24,506 $ 15,292 $ 3,334 $ 2,852 $ 110,266 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 26,860 $ 124,124 $ 20,431 $ 21,867 $ 500 $ — $ 193,782 Loans collectively evaluated for impairment 1,658,519 4,442,201 2,341,081 1,261,161 236,392 — 9,939,354 Loans evaluated for impairment balance, December 31 1,685,379 4,566,325 2,361,512 1,283,028 236,892 — 10,133,136 Purchased credit impaired loans 15,112 116,021 50,102 14,369 2,448 — 198,052 Balance, December 31 $ 1,700,491 $ 4,682,346 $ 2,411,614 $ 1,297,397 $ 239,340 $ — $ 10,331,188 The following is an aging analysis for loans receivable for the years ended December 31, 2019 and 2018: December 31, 2019 Loans Past Due 30-59 Days Loans Past Due 60-89 Days Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans Past Due 90 Days or More (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 1,628 $ 454 $ 14,160 $ 16,242 $ 4,396,527 $ 4,412,769 $ 3,194 Construction/land development 358 1,042 3,180 4,580 1,772,109 1,776,689 1,821 Agricultural 698 — 1,094 1,792 86,608 88,400 — Residential real estate loans Residential 1-4 family 3,150 3,956 21,928 29,034 1,790,187 1,819,221 1,614 Multifamily residential — — 331 331 487,947 488,278 — Total real estate 5,834 5,452 40,693 51,979 8,533,378 8,585,357 6,629 Consumer 659 179 1,949 2,787 509,122 511,909 317 Commercial and industrial 1,835 104 10,984 12,923 1,515,080 1,528,003 292 Agricultural and other 646 3 1,219 1,868 242,573 244,441 — Total $ 8,974 $ 5,738 $ 54,845 $ 69,557 $ 10,800,153 $ 10,869,710 $ 7,238 December 31, 2018 Loans Past Due 30-59 Days Loans Past Due 60-89 Days Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans Past Due 90 Days or More (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 3,598 $ 927 $ 24,710 $ 29,235 $ 4,777,449 $ 4,806,684 $ 9,679 Construction/land development 2,057 261 8,761 11,079 1,534,956 1,546,035 3,481 Agricultural 98 — 20 118 76,315 76,433 — Residential real estate loans Residential 1-4 family 5,890 3,745 19,137 28,772 1,946,814 1,975,586 1,753 Multifamily residential — 200 972 1,172 559,303 560,475 — Total real estate 11,643 5,133 53,600 70,376 8,894,837 8,965,213 14,913 Consumer 5,712 168 3,632 9,512 433,593 443,105 720 Commercial and industrial 1,237 87 6,977 8,301 1,468,030 1,476,331 1,526 Agricultural and other 1,121 — 33 1,154 186,076 187,230 — Total $ 19,713 $ 5,388 $ 64,242 $ 89,343 $ 10,982,536 $ 11,071,879 $ 17,159 Non-accruing loans at December 31, 2019 and 2018 were $47.6 million and $47.1 million, respectively. The following is a summary of the impaired loans as of December 31, 2019, 2018 and 2017: December 31, 2019 Year Ended Unpaid Contractual Principal Balance Total Recorded Investment Allocation of Allowance for Loan Losses Average Recorded Investment Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ 38 $ 38 $ — $ 40 $ 3 Construction/land development 30 30 — 22 2 Agricultural — — — 7 — Residential real estate loans Residential 1-4 family 288 288 — 253 22 Multifamily residential — — — — — Total real estate 356 356 — 322 27 Consumer 27 27 — 24 3 Commercial and industrial 55 55 — 124 3 Agricultural and other — — — — — Total loans without a specific valuation allowance 438 438 — 470 33 Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 24,533 24,010 159 34,612 1,729 Construction/land development 6,718 6,491 97 8,334 247 Agricultural 1,095 1,095 5 736 20 Residential real estate loans Residential 1-4 family 25,476 25,099 2,008 23,574 202 Multifamily residential 620 620 6 1,925 52 Total real estate 58,442 57,315 2,275 69,181 2,250 Consumer 1,980 1,949 — 2,744 27 Commercial and industrial 18,070 17,952 2,401 9,212 91 Agricultural and other 1,219 1,219 — 534 - Total loans with a specific valuation allowance 79,711 78,435 4,676 81,671 2,368 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 24,571 24,048 159 34,652 1,732 Construction/land development 6,748 6,521 97 8,356 249 Agricultural 1,095 1,095 5 743 20 Residential real estate loans Residential 1-4 family 25,764 25,387 2,008 23,827 224 Multifamily residential 620 620 6 1,925 52 Total real estate 58,798 57,671 2,275 69,503 2,277 Consumer 2,007 1,976 - 2,768 30 Commercial and industrial 18,125 18,007 2,401 9,336 94 Agricultural and other 1,219 1,219 - 534 - Total impaired loans $ 80,149 $ 78,873 $ 4,676 $ 82,141 $ 2,401 December 31, 2018 Year Ended Unpaid Contractual Principal Balance Total Recorded Investment Allocation of Allowance for Loan Losses Average Recorded Investment Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ 42 $ 42 $ — $ 34 $ 3 Construction/land development 16 16 — 27 1 Agricultural 11 11 — 15 1 Residential real estate loans Residential 1-4 family 223 223 — 193 16 Multifamily residential — — — — — Total real estate 292 292 — 269 21 Consumer 27 27 — 24 2 Commercial and industrial 236 236 — 199 13 Agricultural and other — — — — — Total loans without a specific valuation allowance 555 555 — 492 36 Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 42,474 38,594 460 34,891 1,632 Construction/land development 13,178 12,091 732 12,337 307 Agricultural 291 294 8 388 18 Residential real estate loans Residential 1-4 family 22,570 20,526 58 19,017 485 Multifamily residential 2,369 2,369 42 2,166 83 Total real estate 80,882 73,874 1,300 68,799 2,525 Consumer 3,830 3,629 — 1,236 52 Commercial and industrial 11,176 7,550 21 10,599 257 Agricultural and other 33 32 — 146 3 Total loans with a specific valuation allowance 95,921 85,085 1,321 80,780 2,837 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 42,516 38,636 460 34,925 1,635 Construction/land development 13,194 12,107 732 12,364 308 Agricultural 302 305 8 403 19 Residential real estate loans Residential 1-4 family 22,793 20,749 58 19,210 501 Multifamily residential 2,369 2,369 42 2,166 83 Total real estate 81,174 74,166 1,300 69,068 2,546 Consumer 3,857 3,656 — 1,260 54 Commercial and industrial 11,412 7,786 21 10,798 270 Agricultural and other 33 32 — 146 3 Total impaired loans $ 96,476 $ 85,640 $ 1,321 $ 81,272 $ 2,873 Note : Purchased credit impaired loans are accounted for on a pooled basis under ASC 310-30. All of these pools are currently considered to be performing resulting in none of the purchased credit impaired loans being classified as impaired loans as of December 31, 2018. December 31, 2017 Year Ended Unpaid Contractual Principal Balance Total Recorded Investment Allocation of Allowance for Loan Losses Average Recorded Investment Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ 29 $ 29 $ — $ 23 $ 2 Construction/land development 64 64 — 31 3 Agricultural 19 — — — 1 Residential real estate loans Residential 1-4 family 115 115 — 135 7 Multifamily residential — — — — — Total real estate 227 208 — 189 13 Consumer 18 — — — 1 Commercial and industrial 105 105 — 85 7 Agricultural and other — — — — — Total loans without a specific valuation allowance 350 313 — 274 21 Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 29,666 29,040 757 41,772 1,498 Construction/land development 12,976 12,157 1,378 10,556 262 Agricultural 281 303 11 268 11 Residential real estate loans Residential 1-4 family 19,770 18,689 124 22,347 363 Multifamily residential 1,627 1,627 64 1,412 81 Total real estate 64,320 61,816 2,334 76,355 2,215 Consumer 179 191 — 163 — Commercial and industrial 16,777 13,007 843 9,726 121 Agricultural and other 297 309 7 644 8 Total loans with a specific valuation allowance 81,573 75,323 3,184 86,888 2,344 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 29,695 29,069 757 41,795 1,500 Construction/land development 13,040 12,221 1,378 10,587 265 Agricultural 300 303 11 268 12 Residential real estate loans Residential 1-4 family 19,885 18,804 124 22,482 370 Multifamily residential 1,627 1,627 64 1,412 81 Total real estate 64,547 62,024 2,334 76,544 2,228 Consumer 197 191 — 163 1 Commercial and industrial 16,882 13,112 843 9,811 128 Agricultural and other 297 309 7 644 8 Total impaired loans $ 81,923 $ 75,636 $ 3,184 $ 87,162 $ 2,365 Note : Purchased credit impaired loans are accounted for on a pooled basis under ASC 310-30. All of these pools are currently considered to be performing resulting in none of the purchased credit impaired loans being classified as impaired loans as of December 31, 2017. Interest recognized on impaired loans during the years ended December 31, 2019, 2018 and 2017 was approximately $2.4 million, $2.9 million and $2.4 million, respectively. The amount of interest recognized on impaired loans on the cash basis is not materially different than the accrual basis. Credit Quality Indicators. As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the risk rating of loans, (ii) the level of classified loans, (iii) net charge-offs, (iv) non-performing loans and (v) the general economic conditions in Arkansas, Florida Alabama and New York. The Company utilizes a risk rating matrix to assign a risk rating to each of its loans. Loans are rated on a scale from 1 to 8. Descriptions of the general characteristics of the 8 risk ratings are as follows: • Risk rating 1 – Excellent. Loans in this category are to persons or entities of unquestionable financial strength, a highly liquid financial position, with collateral that is liquid and well margined. These borrowers have performed without question on past obligations, and the Bank expects their performance to continue. Internally generated cash flow covers current maturities of long-term debt by a substantial margin. Loans secured by bank certificates of deposit and savings accounts, with appropriate holds placed on the accounts, are to be rated in this category. • Risk rating 2 – Good. These are loans to persons or entities with strong financial condition and above-average liquidity that have previously satisfactorily handled their obligations with the Bank. Collateral securing the Bank’s debt is margined in accordance with policy guidelines. Internally generated cash flow covers current maturities of long-term debt more than adequately. Unsecured loans to individuals supported by strong financial statements and on which repayment is satisfactory may be included in this classification. • Risk rating 3 – Satisfactory. Loans to persons or entities with an average financial condition, adequate collateral margins, adequate cash flow to service long-term debt, and net worth comprised mainly of fixed assets are included in this category. These entities are minimally profitable now, with projections indicating continued profitability into the foreseeable future. Closely held corporations or businesses where a majority of the profits are withdrawn by the owners or paid in dividends are included in this rating category. Overall, these loans are basically sound. • Risk rating 4 – Watch. Borrowers who have marginal cash flow, marginal profitability or have experienced an unprofitable year and a declining financial condition characterize these loans. The borrower has in the past satisfactorily handled debts with the Bank, but in recent months has either been late, delinquent in making payments, or made sporadic payments. While the Bank continues to be adequately secured, margins have decreased or are decreasing, despite the borrower’s continued satisfactory condition. Other characteristics of borrowers in this class include inadequate credit information, weakness of financial statement and repayment capacity, but with collateral that appears to limit exposure. • Risk rating 5 – Other Loans Especially Mentioned (“OLEM”) . A loan criticized as OLEM has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. OLEM assets are not adversely classified and do not expose the institution to sufficient 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. The following is a presentation of classified loans (excluding loans accounted for under ASC Topic 310-30) by class as of December 31, 2019 and 2018: December 31, 2019 Risk Rated 6 Risk Rated 7 Risk Rated 8 Classified Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 29,444 $ 1,834 $ — $ 31,278 Construction/land development 14,748 546 — 15,294 Agricultural 1,324 — — 1,324 Residential real estate loans Residential 1-4 family 39,686 121 — 39,807 Multifamily residential 445 — — 445 Total real estate 85,647 2,501 — 88,148 Consumer 2,771 (1 ) — 2,770 Commercial and industrial 37,984 441 — 38,425 Agricultural and other 1,294 — — 1,294 Total $ 127,696 $ 2,941 $ — $ 130,637 December 31, 2018 Risk Rated 6 Risk Rated 7 Risk Rated 8 Classified Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 44,089 $ 484 $ — $ 44,573 Construction/land development 15,236 — — 15,236 Agricultural 301 3 — 304 Residential real estate loans Residential 1-4 family 34,731 253 — 34,984 Multifamily residential 972 — — 972 Total real estate 95,329 740 — 96,069 Consumer 3,226 3 — 3,229 Commercial and industrial 16,362 585 — 16,947 Agricultural and other 48 — — 48 Total $ 114,965 $ 1,328 $ — $ 116,293 Loans may be classified, but not considered impaired, due to one of the following reasons: (1) The Company has established minimum dollar amount thresholds for loan impairment testing. All loans over $2.0 million that are rated 5 – 8 are individually assessed for impairment on a quarterly basis. Loans rated 5 – 8 that fall under the threshold amount are not individually tested for impairment and therefore are not included in impaired loans; (2) of the loans that are above the threshold amount and tested for impairment, after testing, some are considered to not be impaired and are not included in impaired loans. The following is a presentation of loans receivable by class and risk rating as of December 31, 2019 and 2018: December 31, 2019 Risk Rated 1 Risk Rated 2 Risk Rated 3 Risk Rated 4 Risk Rated 5 Classified Total Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ — $ 655 $ 3,412,696 $ 922,487 $ 45,653 $ 31,278 $ 4,412,769 Construction/land development 5 612 833,749 926,877 152 15,294 1,776,689 Agricultural — — 69,512 16,689 875 1,324 88,400 Residential real estate loans Residential 1-4 family 833 802 1,511,398 256,879 9,502 39,807 1,819,221 Multifamily residential — - 355,241 105,728 26,864 445 488,278 Total real estate 838 2,069 6,182,596 2,228,660 83,046 88,148 8,585,357 Consumer 14,859 1,851 481,923 9,833 673 2,770 511,909 Commercial and industrial 39,556 7,910 862,068 525,766 54,278 38,425 1,528,003 Agricultural and other 1,567 10,197 171,398 58,030 1,955 1,294 244,441 Total risk rated loans $ 56,820 $ 22,027 $ 7,697,985 $ 2,822,289 $ 139,952 $ 130,637 10,869,710 Purchased credit impaired loans — Total loans receivable $ 10,869,710 December 31, 2018 Risk Rated 1 Risk Rated 2 Risk Rated 3 Risk Rated 4 Risk Rated 5 Classified Total Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 443 $ 296 $ 2,740,068 $ 1,912,191 $ 26,361 $ 44,573 $ 4,723,932 Construction/land development 17 645 264,507 1,255,258 1,377 15,236 1,537,040 Agricultural — — 37,377 38,295 282 304 76,258 Residential real estate loans Residential 1-4 family 715 738 1,453,859 446,557 7,078 34,984 1,943,931 Multifamily residential — — 388,572 169,526 — 972 559,070 Total real estate 1,175 1,679 4,884,383 3,821,827 35,098 96,069 8,840,231 Consumer 13,432 4,298 401,209 18,409 442 3,229 441,019 Commercial and industrial 21,673 13,310 737,218 649,390 23,321 16,947 1,461,859 Agricultural and other 737 3,423 133,901 48,567 554 48 187,230 Total risk rated loans $ 37,017 $ 22,710 $ 6,156,711 $ 4,538,193 $ 59,415 $ 116,293 10,930,339 Purchased credit impaired loans 141,540 Total loans receivable $ 11,071,879 Historically, the Company has graded loans receivable having risk ratings of 1 to 5 as “Pass,” with most of the Company’s loans being rated as “Satisfactory” (Risk rating 3) or “Watch” (Risk rating 4). The Company’s policy in recent years was to rate certain loans as “Watch” based solely on the borrower’s industry or the loan type and not due to a particular indication of weakness in the credit itself. These “Watch” loans included substantially all construction loans, accounts receivable loans, inventory lines of credit, SBA loans and agriculture loans. Over time, as the Company’s construction loan balances increased, the relative level of “Watch” loans grew. The Company determined that this policy election resulted in overestimating the overall risk in the loan portfolio, as it did not give consideration to the financial strength of the borrower. The Company determined that rating these loans as “Watch” could potentially mask the first opportunity to identify a weakness in a credit, and therefore, could lead to a later recognition of problem loans if loan quality deterioration occurred. Therefore, effective in the second quarter of 2019, the Company revised its “Watch” risk rating definition to no longer include certain loans solely based on industry and to focus on attributes such as the financial strength of the borrower/guarantor, repayment ability of the project on a global basis, equity and other relevant factors. In the second quarter of 2019, the Company reviewed the loans previously rated as “Watch” based on the change in philosophy and determined which loans should be moved to “Satisfactory” based on the attributes noted above. This resulted in approximately $1.5 billion in loans being moved from “Watch” to “Satisfactory.” The Company believes that this change more accurately portrays the risk in the loan portfolio. This did not have a material impact on the allowance for loan losses as the grading changes were within the “Pass” category. The following is a presentation of troubled debt restructurings (“TDRs”) by class as of December 31, 2019, 2018 and 2017: December 31, 2019 Number of Loans Pre- Modification Outstanding Balance Rate Modification Term Modification Rate & Term Modification Post- Modification Outstanding Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 14 $ 12,738 $ 6,622 $ 232 $ 4,397 $ 11,251 Construction/land development 3 618 546 12 19 577 Agricultural 2 387 387 — — 387 Residential real estate loans Residential 1-4 family 21 2,774 1,068 227 704 1,999 Multifamily residential 2 457 128 — 290 418 Total real estate 42 16,974 8,751 471 5,410 14,632 Consumer 3 39 24 3 — 27 Commercial and industrial 9 3,069 598 615 382 1,595 Total 54 20,082 9,373 1,089 5,792 16,254 December 31, 2018 Number of Loans Pre- Modification Outstanding Balance Rate Modification Term Modification Rate & Term Modification Post- Modification Outstanding Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 17 $ 15,227 $ 8,482 $ 982 $ 4,475 $ 13,939 Construction/land development 2 584 546 17 — 563 Agricultural 2 345 283 14 — 297 Residential real estate loans Residential 1-4 family 22 3,204 1,059 281 1,022 2,362 Multifamily residential 3 1,701 1,253 — 286 1,539 Total real estate 46 21,061 11,623 1,294 5,783 18,700 Consumer 5 38 18 9 — 27 Commercial and industrial 14 1,679 897 105 — 1,002 Total 65 22,778 12,538 1,408 5,783 19,729 December 31, 2017 Number of Loans Pre- Modification Outstanding Balance Rate Modification Term Modification Rate & Term Modification Post- Modification Outstanding Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 16 $ 16,853 $ 8,815 $ 250 $ 5,513 $ 14,578 Construction/land development 5 782 689 75 — 764 Agricultural 2 345 282 22 — 304 Residential real estate loans Residential 1-4 family 21 5,607 1,926 81 1,238 3,245 Multifamily residential 3 1,701 1,340 — 287 1,627 Total real estate 47 25,288 13,052 428 7,038 20,518 Consumer 3 19 — 18 — 18 Commercial and industrial 11 951 445 50 1 496 Agricultural and other 1 166 166 — — 166 Total 62 26,424 13,663 496 7,039 21,198 The following is a presentation of TDRs on non-accrual status as of December 31, 2019, 2018 and 2017 because they are not in compliance with the modified terms: December 31, 2019 December 31, 2018 December 31, 2017 Number of Loans Recorded Balance Number of Loans Recorded Balance Number of Loans Recorded Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 2 $ 1,363 4 $ 2,950 2 $ 1,161 Construction/land development 2 565 1 546 — — Agricultural 2 387 1 14 1 22 Residential real estate loans Residential 1-4 family 7 530 8 778 8 850 Multifamily residential 1 128 1 142 1 153 Total real estate 14 2,973 15 4,430 12 2,186 Consumer — — 1 2 — — Commercial and industrial 4 1,159 6 194 1 — Total 18 $ 4,132 22 $ 4,626 13 $ 2,186 The following is a presentation of total foreclosed assets as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 (In thousands) Commercial real estate loans Non-farm/non-residential $ 3,528 $ 5,555 Construction/land development 3,218 3,534 Agricultural — — Residential real estate loans Residential 1-4 family 2,397 4,142 Multifamily residential — 5 Total foreclosed assets held for sale $ 9,143 $ 13,236 The following is a summary of the purchased credit impaired loans acquired in the SPF, GHI, BOC and Stonegate acquisitions as of the dates of acquisition: SPF GHI BOC Stonegate (In thousands) Contractually required principal and interest at acquisition $ 3,496 $ 22,379 $ 18,586 $ 98,444 Non-accretable difference (expected losses and foregone interest) 285 4,462 2,811 23,297 Cash flows expected to be collected at acquisition 3,211 17,917 15,775 75,147 Accretable yield 808 2,071 1,043 11,761 Basis in purchased credit impaired loans at acquisition $ 2,403 $ 15,846 $ 14,732 $ 63,386 Changes in the carrying amount of the accretable yield for purchased credit impaired loans were as follows for the year ended December 31, 2019 for the Company’s acquisitions: Accretable Yield Carrying Amount of Loans (In thousands) Balance at beginning of period $ 33,759 $ 141,540 Reforecasted future interest payments for loan pools (370 ) — Accretion recorded to interest income (16,060 ) 16,060 Adjustment to yield 11,973 — Reclassification out of purchased credit impaired loans (1) (29,302 ) (107,555 ) Payments received, net — (50,045 ) Balance at end of period $ — $ — (1) At acquisition, a portion of the loans acquired from Heritage, Liberty, Landmark, Bay Cities, Bank of Commerce, Premier Bank, Stonegate and Shore Premier Finance were recorded as purchased credit impaired loans on a pool by pool basis. In the third and fourth quarters of 2019, the Company reevaluated these loan pools and determined the purchase credit impaired loan pools no longer have a material projected credit impairment. As such, the remaining loans in these pools are performing and have been reclassified out of purchased credit impaired loans. During 2019 , the loan pools were evaluated by the Company and are currently forecasted to have a quicker run-off than originally expected. As a result, the Company has reforecast the total accretable yield expectations for those loan pools by $370,000. This updated forecast does not change the expected weighted-average yields on the loan pools. During the 2019 impairment tests on the estimated cash flows of loans, the Company established that several loan pools were determined to have a materially projected credit improvement. As a result of this improvement, the Company will recognize approximately $12.0 million as an additional adjustment to yield over the weighted-average life of the loans. |
Goodwill and Core Deposits and
Goodwill and Core Deposits and Other Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 and 2018, were as follows: December 31, 2019 December 31, 2018 Goodwill (In thousands) Balance, beginning of period $ 958,408 $ 927,949 Acquisitions — 30,459 Balance, end of period $ 958,408 $ 958,408 December 31, 2019 December 31, 2018 Core Deposit and Other Intangibles (In thousands) Balance, beginning of period $ 42,896 $ 49,351 Acquisitions — — Amortization expense (6,324 ) (6,455 ) Balance, end of year $ 36,572 $ 42,896 The carrying basis and accumulated amortization of core deposits and other intangibles at December 31, 2019 and 2018 were: December 31, 2019 December 31, 2018 (In thousands) Gross carrying amount $ 86,625 $ 86,625 Accumulated amortization (50,053 ) (43,729 ) Net carrying amount $ 36,572 $ 42,896 Core deposit and other intangible amortization expense for the years ended December 31, 2019, 2018 and 2017 was approximately $6.3 million, $6.5 million The carrying amount of the Company’s goodwill was $958.4 million at December 31, 2019 and 2018, respectively. Goodwill is tested annually for impairment during the fourth quarter. During the 2019 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 | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [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 December 31, 2019 and 2018 other assets were $213.8 million and $183.8 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 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 $27.3 million and $25.1 million at December 31, 2019 and 2018, respectively. There were no transactions during the period that would indicate a material change in fair value. Therefore, these |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Deposits | 8. Deposits The aggregate amount of time deposits with a minimum denomination of $250,000 was $1.12 billion and $922.0 million at December 31, 2019 and 2018, respectively. The aggregate amount of time deposits with a minimum denomination of $100,000 was $1.54 billion and $1.41 billion at December 31, 2019 and 2018, respectively. Interest expense applicable to certificates in excess of $100,000 totaled $31.3 million, $17.7 million and $8.3 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019 and 2018, brokered deposits were $579.7 million and $660.2 million, respectively. The following is a summary of the scheduled maturities of all time deposits at December 31, 2019 (in thousands): One month or less $ 232,068 Over 1 month to 3 months 211,238 Over 3 months to 6 months 331,886 Over 6 months to 12 months 720,418 Over 12 months to 2 years 374,110 Over 2 years to 3 years 68,888 Over 3 years to 5 years 36,894 Over 5 years 1,826 Total time deposits $ 1,977,328 Deposits totaling approximately $2.21 billion and $1.97 billion at December 31, 2019 and 2018, respectively, were public funds obtained primarily from state and political subdivisions in the United States. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2019 | |
Brokers And Dealers [Abstract] | |
Securities Sold Under Agreements to Repurchase | 9. Securities Sold Under Agreements to Repurchase At December 31, 2019 and 2018 December 31, 2019 Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 22,714 $ — $ — $ — $ 22,714 Mortgage-backed securities 30,708 — — — 30,708 State and political subdivisions 84,540 — — — 84,540 Other securities 5,765 — — — 5,765 Total borrowings $ 143,727 $ — $ — $ — $ 143,727 December 31, 2018 Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 19,124 $ — $ — $ — $ 19,124 Mortgage-backed securities 9,184 — — — 9,184 State and political subdivisions 98,841 — — — 98,841 Other securities 16,530 — — — 16,530 Total borrowings $ 143,679 $ — $ — $ — $ 143,679 |
FHLB and Other Borrowed Funds
FHLB and Other Borrowed Funds | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [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 $621.4 million and $1.47 billion at December 31, 2019 and 2018, respectively. The decrease is due to a change in the Company’s funding position whereby loan balances have decreased, and deposit balances have increased. As a result, the Company used the excess cash generated by these changes to pay down FHLB advances. The Company had no other borrowed funds as of December 31, 2019. Other borrowed funds were $2.5 million and are classified as short-term advances as of December 31, 2018. At December 31, 2019, $75.0 million and $546.4 million of the outstanding balance were issued as short-term and long-term advances, respectively. At December 31, 2018, $782.6 million and $689.8 million of the outstanding balance were issued as short-term and long-term advances, respectively. The FHLB advances mature from the current year to 2033 with fixed interest rates ranging from 1.20% to 2.85% and are secured by loans and investments securities. Expected maturities could differ from contractual maturities because FHLB may have the right to call or HBI the right to prepay certain obligations. Additionally, the Company had $1.26 billion and $821.3 million at December 31, 2019 and 2018, respectively, in letters of credit under a FHLB blanket borrowing line of credit, which are used to collateralize public deposits at December 31, 2019 and 2018, respectively. This increase is due to the Company using more letters of credit to collateralize public deposits rather than using investment securities. Maturities of borrowings with original maturities exceeding one year at December 31, 2019, are as follows (in thousands): By Contractual Maturity By Call Date 2020 $ 221,439 $ 621,439 2021 — — 2022 — — 2023 — — 2024 — — Thereafter 400,000 — $ 621,439 $ 621,439 Additionally, the parent company took out a $20.0 million line of credit for general corporate purposes during 2015. The balance on this line of credit at December 31, 2019 and 2018 was zero. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Subordinated Debentures | 11. Subordinated Debentures Subordinated debentures consist of subordinated debt securities and guaranteed payments on trust preferred securities. As of December 31, 2019 and 2018, subordinated debentures were $369.6 million and $368.8 million, respectively. Subordinated debentures at December 31, 2019 and 2018 contained the following components: As of December 31, 2019 As of December 31, 2018 (In thousands) Trust preferred securities Subordinated debentures, issued in 2006, due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty $ 3,093 $ 3,093 Subordinated debentures, issued in 2004, due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% above the three- month LIBOR rate, reset quarterly, thereafter, currently callable without penalty 15,464 15,464 Subordinated debentures, issued in 2005, due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% above the three- month LIBOR rate, reset quarterly, thereafter, currently callable without penalty 25,774 25,774 Subordinated debentures, issued in 2004, due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty 16,495 16,495 Subordinated debentures, issued in 2005, due 2035, floating rate of 2.15% above the three-month LIBOR rate, reset quarterly, currently callable without penalty 4,402 4,353 Subordinated debentures, issued in 2006, due 2036, fixed rate of 7.38% during the first five years and at a floating rate of 1.62% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty 5,756 5,662 Subordinated debt securities Subordinated notes, net of issuance costs, issued in 2017, due 2027, fixed rate of 5.625% during the first five years and at a floating rate of 3.575% above the then three-month LIBOR rate, reset quarterly, thereafter, callable in 2022 without penalty 298,573 297,949 Total $ 369,557 $ 368,790 Trust Preferred Securities. The Company holds trust preferred securities with a face amount of $73.3 million which are currently callable without penalty based on the terms of the specific agreements. The trust preferred securities are tax-advantaged issues that qualify for Tier 1 capital treatment subject to certain limitations. Distributions on these securities are included in interest expense. Each of the trusts is a statutory business trust organized for the sole purpose of issuing trust securities and investing the proceeds in the Company’s subordinated debentures, the sole asset of each trust. The trust preferred securities of each trust represent preferred beneficial interests in the assets of the respective trusts and are subject to mandatory redemption upon payment of the subordinated debentures held by the trust. The Company wholly owns the common securities of each trust. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related subordinated debentures. The Company’s obligations under the subordinated securities and other relevant trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of each respective trust’s obligations under the trust securities issued by each respective trust. The Bank acquired $12.5 million in trust preferred securities with a fair value of $9.8 million from the Stonegate acquisition. The difference between the fair value purchased of $9.8 million and the $12.5 million face amount, will be amortized into interest expense over the remaining life of the debentures. The associated subordinated debentures are redeemable, in whole or in part, prior to maturity at our option on a quarterly basis when interest is due and payable and in whole at any time within 90 days following the occurrence and continuation of certain changes in the tax treatment or capital treatment of the debentures. Subordinated Debt Securities . On April 3, 2017, the Company completed an underwritten public offering of $300.0 million in aggregate principal amount of its 5.625% Fixed-to-Floating Rate Subordinated Notes due 2027 (the “Notes”) for net proceeds, after underwriting discounts and issuance costs, of approximately $297.0 million. The Notes are unsecured, subordinated debt obligations and mature on April 15, 2027. From and including the date of issuance to, but excluding April 15, 2022, the Notes bear interest at an initial rate of 5.625% per annum. From and including April 15, 2022 to, but excluding the maturity date or earlier redemption, the Notes will bear interest at a floating rate equal to three-month LIBOR as calculated on each applicable date of determination plus a spread of 3.575%; provided, however, that in the event three-month LIBOR is less than zero, then three-month LIBOR shall be deemed to be zero The Company may, beginning with the interest payment date of April 15, 2022, and on any interest payment date thereafter, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to but excluding the date of redemption. The Company may also redeem the Notes at any time, including prior to April 15, 2022, at its option, in whole but not in part, if: (i) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the Notes for U.S. federal income tax purposes; (ii) a subsequent event occurs that could preclude the Notes from being recognized as Tier 2 capital for regulatory capital purposes; or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended; in each case, at a redemption price equal to 100% of the principal amount of the Notes plus any accrued and unpaid interest to but excluding the redemption date. The Notes provide the Company with additional Tier 2 regulatory capital to support expected future growth. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (“TCJA”) was signed into law. The TCJA made broad and complex changes to the U.S. tax code that affected our income tax rate in 2017. The TCJA reduced the U.S. federal corporate income tax rate from 35% to 21%. The following is a summary of the components of the provision (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 (In thousands) Current: Federal $ 50,418 $ 68,990 $ 76,569 State 16,690 22,838 25,347 Total current 67,108 91,828 101,916 Deferred: Federal 21,768 2,471 25,607 State 7,206 818 8,477 Total deferred 28,974 3,289 34,084 Income tax expense $ 96,082 $ 95,117 $ 136,000 The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Statutory federal income tax rate 21.00 % 21.00 % 35.00 % Effect of non-taxable interest income (0.83 ) (0.83 ) (1.57 ) Effect of gain on acquisitions — — (0.49 ) Stock compensation 0.10 (0.14 ) (0.67 ) State income taxes, net of federal benefit 3.71 4.30 4.05 Effect of tax rate change — — 13.62 Other 0.94 (0.28 ) 0.23 Effective income tax rate 24.92 % 24.05 % 50.17 % During 2019, the Company made a strategic decision to surrender $47.5 million of its underperforming BOLI. When a BOLI contract is surrendered the gains within the policy become taxable as well as a 10% IRS penalty on the gain. As a result of this BOLI decision, the Company recorded a $3.7 million tax expense related to this transaction. The effective tax rate excluding the BOLI tax expense was 23.97% for the year ended December 31, 2019. As of December 31, 2017, the Company performed an analysis to determine the impact of the revaluation of the deferred tax asset of approximately $113.5 million as a result of the TCJA. The impact as of December 31, 2017 of this was a one-time non-cash charge to the income statement of approximately $36.9 million that reduced the Company’s 2017 earnings. The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows: December 31, 2019 December 31, 2018 (In thousands) Deferred tax assets: Allowance for loan losses $ 25,829 $ 30,033 Deferred compensation 4,416 4,037 Stock compensation 5,960 4,259 Real estate owned 1,080 1,382 Unrealized loss on securities available-for-sale — 5,050 Loan discounts 11,996 23,755 Tax basis premium/discount on acquisitions 6,921 7,378 Investments 327 866 Other 8,940 10,243 Gross deferred tax assets 65,469 87,003 Deferred tax liabilities: Accelerated depreciation on premises and equipment 1,417 87 Unrealized gain on securities available-for-sale 5,717 — Core deposit intangibles 8,419 9,804 FHLB dividends 2,608 1,712 Other 3,007 2,125 Gross deferred tax liabilities 21,168 13,728 Net deferred tax assets $ 44,301 $ 73,275 The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and the states of Alabama, Arizona, Arkansas, California, Florida, Georgia, Illinois, New York, Oklahoma, Missouri, Pennsylvania, Tennessee, and Texas. The Company is no longer subject to U.S. Federal and state tax examinations by tax authorities for years before 2016. The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in other non-interest expense. During the years ended December 31, 2019, 2018 and 2017, the Company did not recognize any significant interest or penalties. |
Common Stock, Compensation Plan
Common Stock, Compensation Plans and Other | 12 Months Ended |
Dec. 31, 2019 | |
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. Stock Repurchases On January 18, 2019, the Company’s Board of Directors authorized the repurchase of up to an additional 5,000,000 shares of its common stock under the previously approved stock repurchase program, which brought the total amount of authorized shares to repurchase to 19,752,000 shares. During 2019, the Company utilized a portion of this stock repurchase program. During 2019, the Company repurchased a total of 4,542,222 shares with a weighted-average stock price of $18.66 per share. The 2019 earnings were used to fund the repurchases during the year. Shares repurchased under the program as of December 31, 2019 total 14,374,775 shares. The remaining balance available for repurchase is 5,377,225 shares at December 31, 2019. Stock Compensation Plans The Company has a stock option and performance incentive plan known as the Amended and Restated 2006 Stock Option and Performance Incentive Plan (the “Plan”). The purpose of the Plan is to attract and retain highly qualified officers, directors, key employees, and other persons, and to motivate those persons to improve the Company’s business results. The Plan provides for the granting of incentive and non-qualified stock options and other equity awards, including the issuance of restricted shares. As of December 31, 2019, the maximum total number of shares of the Company’s common stock available for issuance under the Plan was 13,288,000. At December 31, 2019, the Company had approximately 1,842,000 shares of common stock remaining available for future grants and approximately 5,253,000 shares of common stock reserved for issuance pursuant to outstanding awards under the Plan. During the third quarter of 2018, the Company granted 1,452,000 stock options and 843,500 shares of restricted stock to certain employees under the HOMB $2.00 performance incentive program (“HOMB $2.00”). The purpose of the performance-based incentive plan is to motivate employees to help the Company achieve $2.00 of diluted earnings per share, as adjusted (non-GAAP), over a consecutive four-quarter period. The intrinsic value of the stock options outstanding at December 31, 2019, 2018, and 2017 was $6.0 million, $2.9 million and $16.2 million, respectively. The intrinsic value of the stock options vested at December 31, 2019, 2018 and 2017 was $5.3 million, $2.8 million and $9.9 million, respectively. The intrinsic value of the stock options exercised during 2019, 2018 and 2017 was $332,000, $2.7 million, and $3.7 million, respectively. Total unrecognized compensation cost, net of income tax benefit, related to non-vested awards, which are expected to be recognized over the vesting periods, was approximately $10.8 million as of December 31, 2019. The table below summarized the stock option transactions under the Plan at December 31, 2019, 2018 and 2017 and changes during the years then ended: 2019 2018 2017 Shares (000) Weighted- average Exercisable Price Shares (000) Weighted- average Exercisable Price Shares (000) Weighted- average Exercisable Price Outstanding, beginning of year 3,617 $ 19.62 2,274 $ 16.23 2,397 $ 15.19 Granted 55 19.15 1,581 23.24 80 25.96 Forfeited/Expired (163 ) 22.43 (37 ) 22.30 — — Exercised (98 ) 15.21 (201 ) 9.25 (203 ) 7.82 Outstanding, end of year 3,411 19.60 3,617 19.62 2,274 16.23 Exercisable, end of year 1,353 $ 16.03 1,167 $ 15.31 1,016 $ 13.55 Stock-based compensation expense for stock-based compensation awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company's employee stock options. The weighted-average fair value of options granted during the year ended December 31, 2019 was $4.11 per share. The weighted-average fair value of options granted during the year ended December 31, 2018 was $5.58 per share. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model based on the weighted-average assumptions for expected dividend yield, expected stock price volatility, risk-free interest rate, and expected life of options granted. The assumptions used in determining the fair value of 2019, 2018 and 2017 stock option grants were as follows: For the Years Ended December 31, 2019 2018 2017 Expected dividend yield 2.70 % 2.05 % 1.39 % Expected stock price volatility 26.13 % 25.59 % 28.47 % Risk-free interest rate 2.48 % 2.82 % 2.06 % Expected life of options 6.5 years 6.5 years 6.5 years The following is a summary of currently outstanding and exercisable options at December 31, 2019: Options Outstanding Options Exercisable Exercise Prices Options Outstanding Shares (000) Weighted- Average Remaining Contractual Life (in years) Weighted- Average Exercise Price Options Exercisable Shares (000) Weighted- Average Exercise Price $6.56 to $8.62 213 2.71 $ 7.91 213 $ 7.91 $9.54 to $14.71 205 4.15 12.06 185 11.78 $16.77 to $16.86 152 4.59 16.80 142 16.80 $17.12 to $17.36 125 5.23 17.13 96 17.14 $17.40 to $18.46 978 5.63 18.45 563 18.44 $18.50 to $20.16 63 8.83 19.21 8 20.16 $20.58 to $21.25 160 6.17 21.08 95 21.09 $21.31 to $22.22 115 8.32 22.18 22 22.22 $22.70 to $23.32 1,318 8.56 23.32 — 22.70 $23.51 to $25.96 82 7.49 25.60 29 25.88 3,411 1,353 The table below summarizes the activity for the Company’s restricted stock issued and outstanding at December 31, 2019, 2018 and 2017 and changes during the years then ended: 2019 2018 2017 (In thousands) Beginning of year 1,873 1,145 958 Issued 181 1,010 232 Vested (340 ) (233 ) (45 ) Forfeited (78 ) (49 ) — End of year 1,636 1,873 1,145 Amount of expense for twelve months ended $ 8,427 $ 7,232 $ 5,237 Total unrecognized compensation cost, net of income tax benefit, related to non-vested restricted stock awards, which are expected to be recognized over the vesting periods, was approximately $28.2 million as of December 31, 2019. |
Non-Interest Expense
Non-Interest Expense | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Non-Interest Expense | 14. Non-Interest Expense The table below shows the components of non-interest expense for years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 (In thousands) Salaries and employee benefits $ 154,177 $ 143,545 $ 119,369 Occupancy and equipment 35,452 33,960 30,055 Data processing expense 16,161 14,428 11,998 Other operating expenses: Advertising 4,687 4,472 3,203 Merger and acquisition expenses — 6,013 25,743 Amortization of intangibles 6,324 6,455 4,207 Electronic banking expense 7,525 7,622 6,662 Directors' fees 1,602 1,281 1,259 Due from bank service charges 1,081 1,003 1,602 FDIC and state assessment 4,468 8,558 5,239 Hurricane expense 897 470 556 Insurance 2,846 3,100 2,512 Legal and accounting 5,017 3,548 2,993 Other professional fees 10,213 6,453 5,359 Operating supplies 2,021 2,222 1,978 Postage 1,266 1,303 1,184 Telephone 1,210 1,405 1,374 Other expense 20,840 18,165 14,915 Total other operating expenses 69,997 72,070 78,786 Total non-interest expense $ 275,787 $ 264,003 $ 240,208 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 15. Employee Benefit Plans 401(k) and Employee Stock Ownership Plan The Company has a retirement savings 401(k) plan in which substantially all employees may participate. The Company matches employees’ contributions based on a percentage of salary contributed by participants. Effective February 2019, the Company adopted a combined 401(k) plan and employee stock ownership plan, named the Home BancShares, Inc. 401(k) and Employee Stock Ownership Plan, in place of its existing 401(k) plan. The Company filed a registration statement on Form S-8 with the Securities and Exchange Commission on February 22, 2019 to register 2,000,000 shares of the Company’s common stock that participants may invest in through the plan. As of December 31, 2019, participants in the plan held approximately 1.1 million shares of the Company’s stock. These shares are allocated to the individual employees that have elected to own stock within the plan. While the plan also allows for discretionary employer contributions, no discretionary contributions were made for the years ended 2019, 2018 and 2017. The Company’s expense for the plan was approximately $2.1 million, $1.9 million and $1.6 million in 2019, 2018 and 2017, respectively, which is included in salaries and employee benefits expense. Chairman’s Retirement Plan On April 20, 2007, the Company’s Board of Directors approved a Chairman’s Retirement Plan for John W. Allison, the Company’s Chairman. The Chairman’s Retirement Plan provides a supplemental retirement benefit of $250,000 a year for 10 consecutive years or until Mr. Allison’s death, whichever occurs later. During 2011, Mr. Allison reached the age of 65 and became 100% vested in the plan. Therefore, he began receiving the supplemental retirement benefit due to him. He received $250,000 of this benefit during 2019, 2018 and 2017, respectively. An expense of approximately $129,903, $139,107 and $147,606 was accrued for 2019, 2018 and 2017 for this plan, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions In the ordinary course of business, loans may be made to officers and directors and their affiliated companies at substantially the same terms as comparable transactions with other borrowers. At December 31, 2019 and 2018, related party loans were approximately $63.0 million and $56.6 million, respectively. New loans and advances on prior commitments made to the related parties were $21.7 million and $3.1 million for the years ended December 31, 2019 and 2018, respectively. Repayments of loans made by the related parties were $15.3 million and $3.5 million for the years ended December 31, 2019 and 2018, respectively. At December 31, 2019 and 2018, directors, officers, and other related interest parties had demand, non-interest-bearing deposits of approximately $2.1 million and $1.7 million, respectively, savings and interest-bearing transaction accounts of approximately $6.5 million and $8.6 million, respectively, and time certificates of deposit of approximately $484,000 and $335,000, respectively. During each of 2019, 2018 and 2017, rent expense totaling approximately $100,000 was paid to related parties. In September 2017, the Company purchased a used airplane that was formerly owned by Capital Buyers, a company owned by the Company’s Chairman, John W. Allison, for a cash purchase price of $3.3 million. The purchase price paid by the Company was determined based on an independent third-party appraisal. In May 2017, the Company sold its 50% interest in the previous airplane to the unaffiliated third party with whom the Company co-owned that plane. Prior to such sale, the Company and the third party each contributed $50,000 annually, and the Company’s Chairman, Mr. Allison, contributed $25,000 annually, toward the fixed cost of the plane. The Company, the third party and Mr. Allison, shared an aggregate time allotment for use of the plane, split 40%, 40% and 20%, respectively. Any user that went over its or his time allotment was billed at a rate of $600 per hour. The Company continues to lease a hangar from Mr. Allison for an aggregate annual rent of $9,000. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 17. Leases The Company leases land and office facilities under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2042 and do not include renewal options based on economic factors that would have implied that continuation of the lease was reasonably certain. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. The leases generally include real estate taxes and common area maintenance (“CAM”) charges in the rental payments. Upon adoption of ASU 2016-02, the Company recorded a $47.1 million right-of-use (“ROU”) asset and $49.0 million lease liability within bank premises and equipment, net, and other liabilities, respectively, within the Company’s balance sheets. No cumulative adjustment to the opening balance of retained earnings was considered necessary due to the nature of the Company’s leases. Short-term leases are leases having a term of twelve months or less. As part of the standard adoption, the Company elected the package of practical expedients whereby we did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. In accordance with ASU 2018-11, the Company also elected the practical expedient whereby we elected to not separate nonlease components from the associated lease component of our operating leases. As a result, we account for these components as a single component under Topic 842 since (i) the timing and pattern of transfer of the nonlease components and the associated lease component are the same and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company recognizes short term leases on a straight-line basis and does not record a related ROU asset and liability for such leases. In addition, equipment leases were determined to be immaterial and a related ROU asset and liability for such leases is not recorded. As of December 31, 2019, the balances of the right-of-use asset and lease liability were $44.3 million and $47.0 million, respectively. The right-of-use asset is included in bank premises and equipment, net, and the lease liability is included in accrued interest payable and other liabilities. At December 31, 2019, the minimum rental commitments under these noncancelable operating leases are as follows (in thousands): 2020 $ 7,740 2021 6,774 2022 5,336 2023 4,760 2024 4,328 Thereafter 28,260 Total future minimum lease payments $ 57,198 Discount effect of cash flows (10,193 ) Present value of net future minimum lease payments $ 47,005 Additional information (dollar amounts in thousands): Year Ended December 31, Lease expense: 2019 Operating lease expense $ 8,217 Short-term lease expense 105 Variable lease expense 976 Total lease expense $ 9,298 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 7,931 Weighted-average remaining lease term 10.70 Weighted-average discount rate 3.62 % At December 31, 2018, the minimum rental commitments under these noncancelable operate leases were as follows (in thousands): 2019 $ 8,589 2020 7,826 2021 6,842 2022 5,269 2023 4,633 Thereafter 33,208 $ 66,367 For the years ended December 31, 2018 and 2017, operating lease expense was $9.0 million and $6.8 million, respectively. |
Significant Estimates and Conce
Significant Estimates and Concentrations of Credit Risks | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Significant Estimates and Concentrations of Credit Risks | 1 8 . 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 loan losses and certain concentrations of credit risk are reflected in Note 5, while deposit concentrations are reflected in Note 8. The Company’s primary market areas are in Arkansas, Florida, South Alabama and New York. The Company primarily grants loans to customers located within these markets unless the borrower has an established relationship with the Company. The diversity of the Company’s economic base tends to provide a stable lending environment. Although the Company has a loan portfolio that is diversified in both industry and geographic area, a substantial portion of its debtors’ ability to honor their contracts is dependent upon real estate values, tourism demand and the economic conditions prevailing in its market areas. Although the Company has a diversified loan portfolio, at December 31, 2019 and 2018, commercial real estate loans represented 57.8% and 58.1% of total loans receivable, respectively, and 250.0% and 273.6% of total stockholders’ equity, respectively. Residential real estate loans represented 21.2% and 22.9% of total loans receivable and 91.9% and 107.9% of total stockholders’ equity at December 31, 2019 and 2018, respectively. Approximately 75.7% of the Company’s total loans and 80.1% of the Company’s real estate loans as of December 31, 2019, are to borrowers whose collateral is located in Alabama, Arkansas, Florida and New York, the states in which the Company has its branch locations. Although general economic conditions in the Company’s market areas have been favorable, both nationally and locally, over the past three years and have remained strong in the current year, financial institutions still face circumstances and challenges which, in some cases, have resulted and could potentially result, in large declines in the fair values of investments and other assets, constraints on liquidity and significant credit quality problems, including severe volatility in the valuation of real estate and other collateral supporting loans. The financial statements have been prepared using values and information currently available to the Company. Any future volatility in the economy could cause the values of assets and liabilities recorded in the financial statements to change rapidly, resulting in material future adjustments in asset values, the allowance for loan losses and capital that could negatively impact the Company’s ability to meet regulatory capital requirements and maintain sufficient liquidity. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. Commitments and Contingencies In the ordinary course of business, the Company makes various commitments and incurs certain contingent liabilities to fulfill the financing needs of their customers. These commitments and contingent liabilities include lines of credit and commitments to extend credit and issue standby letters of credit. The Company applies the same credit policies and standards as they do in the lending process when making these commitments. The collateral obtained is based on the assessed creditworthiness of the borrower. At December 31, 2019 and 2018, commitments to extend credit of $2.77 billion and $2.34 billion, respectively, were outstanding. A percentage of these balances are participated out to other banks; therefore, the Company can call on the participating banks to fund future draws. Since some of these commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. Outstanding standby letters of credit are contingent commitments issued by the Company, generally to guarantee the performance of a customer in third-party borrowing arrangements. The term of the guarantee is dependent upon the creditworthiness of the borrower, some of which are long-term. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. The maximum amount of future payments the Company could be required to make under these guarantees at December 31, 2019 and 2018, is $58.9 million and $55.6 million, respectively. The Company and/or its bank subsidiary have various unrelated legal proceedings, most of which involve loan foreclosure activity pending, which, in the aggregate, are not expected to have a material adverse effect on the financial position or results of operations or cash flows of the Company and its subsidiary. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | 20. Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Transfers of financial instruments between levels within the fair value hierarchy are recognized on the date management determines that the underlying circumstances or assumptions have changed. Financial Assets and Liabilities Measured on a Recurring Basis Available-for-sale securities are the only material instruments valued on a recurring basis which are held by the Company at fair value. The Company does not have any Level 1 securities. Primarily all of the Company's securities are considered to be Level 2 securities. These Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. As of December 31, 2019 and 2018, Level 3 securities were immaterial. In addition, there were no material transfers between hierarchy levels during 2019, 2018 and 2017. 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 began use a third-party comparison pricing vendor in order to reflect consistency in the fair values of the investment securities sampled by the Company each quarter. Financial Assets and Liabilities Measured on a Nonrecurring Basis Impaired loans that are collateral dependent are the only material financial assets valued on a non-recurring basis which are held by the Company at fair value. Loan impairment is reported when full payment under the loan terms is not expected. Impaired loans are carried at the net realizable value of the collateral if the loan is collateral dependent. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. If these allocations cause the allowance for loan losses to require an increase, such increase is reported as a component of the provision for loan losses. The fair value of loans with specific allocated losses was $74.2 million and $84.3 million as of December 31, 2019 and 2018, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed $922,520 and $1.2 million of accrued interest receivable when impaired loans were put on non-accrual status during the years ended December 31, 2019 and 2018, respectively. Nonfinancial Assets and Liabilities Measured on a Nonrecurring Basis Foreclosed assets held for sale are the only material non-financial assets valued on a non-recurring basis which are held by the Company at fair value, less estimated costs to sell. At foreclosure, if the fair value, less estimated costs to sell, of the real estate acquired is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for loan losses. Additionally, valuations are periodically performed by management and any subsequent reduction in value is recognized by a charge to income. The fair value of foreclosed assets held for sale is estimated using Level 3 inputs based on appraisals of underlying collateral. As of December 31, 2019 and 2018, the fair value of foreclosed assets held for sale, less estimated costs to sell, was $9.1 million and $13.2 million, respectively. Foreclosed assets held for sale with a carrying value of approximately $1.1 million were remeasured during the year ended December 31, 2019, resulting in a write-down of approximately $291,000. Regulatory guidelines require the Company to reevaluate the fair value of foreclosed assets held for sale on at least an annual basis. The Company’s policy is to comply with the regulatory guidelines. The significant unobservable (Level 3) inputs used in the fair value measurement of collateral for collateral-dependent impaired loans and foreclosed assets primarily relate to customized discounting criteria applied to the customer’s reported amount of collateral. The amount of the collateral discount depends upon the condition and marketability of the underlying collateral. As the Company’s primary objective in the event of default would be to monetize the collateral to settle the outstanding balance of the loan, less marketable collateral would receive a larger discount. During the reported periods, collateral discounts ranged from 25% to 50% for commercial and residential real estate collateral. Fair Values of Financial Instruments The following table presents the estimated fair values of the Company’s financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. December 31, 2019 Carrying Amount Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 490,601 $ 490,601 1 Loans receivable, net of impaired loans and allowance 10,693,391 10,680,071 3 Accrued interest receivable 45,086 45,086 1 FHLB, Federal Reserve & First National Banker’s Bank stock; other equity investments 127,267 127,267 3 Financial liabilities: Deposits: Demand and non-interest bearing $ 2,367,091 $ 2,367,091 1 Savings and interest-bearing transaction accounts 6,933,964 6,933,964 1 Time deposits 1,977,328 1,991,120 3 Federal funds purchased 5,000 5,000 1 Securities sold under agreements to repurchase 143,727 143,727 1 FHLB and other borrowed funds 621,439 621,742 2 Accrued interest payable 8,001 8,001 1 Subordinated debentures 369,557 380,237 3 December 31, 2018 Carrying Amount Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 657,939 $ 657,939 1 Federal funds sold 325 325 1 Investment securities – held-to-maturity 192,776 193,610 2 Loans receivable, net of impaired loans and allowance 10,878,769 10,659,428 3 Accrued interest receivable 48,945 48,945 1 FHLB, Federal Reserve & First National Banker’s Bank stock; other equity investments 159,775 159,775 3 Financial liabilities: Deposits: Demand and non-interest bearing $ 2,401,232 $ 2,401,232 1 Savings and interest-bearing transaction accounts 6,624,407 6,624,407 1 Time deposits 1,874,139 1,852,816 3 Securities sold under agreements to repurchase 143,679 143,679 1 FHLB and other borrowed funds 1,472,393 1,464,073 2 Accrued interest payable 8,891 8,891 1 Subordinated debentures 368,790 366,159 3 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Regulatory Matters | 21. 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 2019, the Company requested approximately $232.5 million in regular dividends from its banking subsidiary. This dividend is equal to approximately 73.7% of the Company’s banking subsidiary’s year-to-date 2019 earnings. The Company’s banking subsidiary is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s regulators could require adjustments to regulatory capital not reflected in the consolidated financial statements. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios of total, common Tier 1 equity and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). Management believes that, as of December 31, 2019, the Company meets all capital adequacy requirements to which it is subject. In July 2013, the Federal Reserve Board and the other federal bank regulatory agencies issued a final rule to revise their risk-based and leverage capital requirements and their method for calculating risk-weighted assets to make them consistent with the agreements that were reached by the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” and certain provisions of the Dodd-Frank Act (“Basel III”). Basel III applies to all depository institutions, bank holding companies with total consolidated assets of $500 million or more, and savings and loan holding companies. Basel III became effective for the Company and its bank subsidiary on January 1, 2015. The capital conservation buffer requirement began being phased in beginning January 1, 2016 at the 0.625% level and increased by 0.625% on each subsequent January 1, until it reached 2.5% on January 1, 2019 when the phase-in period ended, and the full capital conservation buffer requirement became effective. Basel III permanently grandfathers trust preferred securities and other non-qualifying capital instruments that were issued and outstanding as of May 19, 2010 in the Tier 1 capital of bank holding companies with total consolidated assets of less than $15 billion as of December 31, 2009. The rule phases out of Tier 1 capital these non-qualifying capital instruments issued before May 19, 2010 by all other bank holding companies. Because our total consolidated assets were less than $15 billion as of December 31, 2009, our outstanding trust preferred securities continue to be treated as Tier 1 capital. However, now that the Company has exceeded $15 billion in assets, if the Company acquires another financial institution in the future, then the Tier 1 treatment of the Company’s outstanding trust preferred securities will be phased out, but those securities will still be treated as Tier 2 capital. Basel III amended the prompt corrective action rules to incorporate a “common equity Tier 1 capital” requirement and to raise the capital requirements for certain capital categories. In order to be adequately capitalized for purposes of the prompt corrective action rules, a banking organization is required to have at least a 4.5% “common equity Tier 1 risk-based capital” ratio, a 4% “Tier 1 leverage capital” ratio, a 6% “Tier 1 risk-based capital” ratio and an 8% “total risk-based capital” ratio. The Federal Reserve Board’s risk-based capital guidelines include the definitions for (1) a well-capitalized institution, (2) an adequately-capitalized institution, and (3) an undercapitalized institution. Under Basel III, the criteria for a well-capitalized institution are now: a 6.5% “common equity Tier 1 risk-based capital” ratio, a 5% “Tier 1 leverage capital” ratio, an 8% “Tier 1 risk-based capital” ratio, and a 10% “total risk-based capital” ratio. As of December 31, 2019, the Bank met the capital standards for a well-capitalized institution. The Company’s “common equity Tier 1 risk-based capital” ratio, “Tier 1 leverage capital” ratio, “Tier 1 risk-based capital” ratio, and “total risk-based capital” ratio were 12.44%, 11.27%, 13.03%, and 16.35%, respectively, as of December 31, 2019. The Company’s actual capital amounts and ratios along with the Company’s bank subsidiary are presented in the following table. Actual Minimum Capital Requirement – Basel III Phase-In Schedule Minimum Capital Requirement – Basel III Fully Phased-In Minimum To Be Well-Capitalized Under Prompt Corrective Action Provision Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2019 Common equity Tier 1 capital ratios: Home BancShares $ 1,500,756 12.44 % $ 844,665 7.00 % $ 844,665 7.00 % $ N/A N/A % Centennial Bank 1,744,543 14.47 843,863 7.00 843,863 7.00 783,587 6.50 Leverage ratios: Home BancShares $ 1,571,740 11.27 % $ 557,993 4.00 % $ 557,993 4.00 % $ N/A N/A % Centennial Bank 1,744,543 12.51 557,977 4.00 557,977 4.00 697,471 5.00 Tier 1 capital ratios: Home BancShares $ 1,571,740 13.03 % $ 1,025,665 8.50 % $ 1,025,665 8.50 % $ N/A N/A % Centennial Bank 1,744,543 14.47 1,024,691 8.50 1,024,691 8.50 964,415 8.00 Total risk-based capital ratios: Home BancShares $ 1,972,435 16.35 % $ 1,266,998 10.50 % $ 1,266,998 10.50 % $ N/A N/A % Centennial Bank 1,846,665 15.32 1,265,797 10.50 1,265,797 10.50 1,205,521 10.00 As of December 31, 2018 Common equity Tier 1 capital ratios: Home BancShares $ 1,362,859 11.34 % $ 766,158 6.375 % $ 841,271 7.00 % $ N/A N/A% Centennial Bank 1,654,810 13.77 766,116 6.375 841,225 7.00 781,138 6.50 Leverage ratios: Home BancShares $ 1,433,700 10.36 % $ 553,552 4.000 % $ 553,552 4.00 % $ N/A N/A% Centennial Bank 1,654,810 11.93 554,840 4.000 554,840 4.00 693,550 5.00 Tier 1 capital ratios: Home BancShares $ 1,433,700 11.93 % $ 946,386 7.875 % $ 1,021,496 8.50 % $ N/A N/A% Centennial Bank 1,654,810 13.77 946,378 7.875 1,021,488 8.50 961,400 8.00 Total risk-based capital ratios: Home BancShares $ 1,840,440 15.31 % $ 1,187,090 9.875 % $ 1,262,222 10.50 % $ N/A N/A% Centennial Bank 1,763,601 14.68 1,186,346 9.875 1,261,431 10.50 1,201,363 10.00 |
Additional Cash Flow Informatio
Additional Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Additional Cash Flow Information | 22. Additional Cash Flow Information In connection with the GHI acquisition, accounted for using the purchase method, the Company acquired approximately $398.1 million in assets, including $41.0 million in cash and cash equivalents, assumed $345.0 million in liabilities, issued 2,738,038 shares of its common stock valued at approximately $77.5 million as of February 23, 2017, and paid approximately $18.5 million in cash in exchange for all outstanding shares of GHI common stock. In connection with the BOC acquisition, accounted for using the purchase method, the Company acquired approximately $178.1 million in assets, including $4.6 million in cash and cash equivalents, assumed $170.1 million in liabilities, issued no equity and paid approximately $4.2 million in cash. As a result, the Company recorded a bargain purchase gain of $3.8 million. In connection with the Stonegate acquisition, accounted for using the purchase method, the Company acquired approximately $2.89 billion in assets, including $101.0 million in cash and cash equivalents, assumed $2.60 billion in liabilities, issued 30,863,658 shares of its common stock valued at approximately $742.3 million as of September 26, 2017, and paid $50.1 million in cash in exchange for all outstanding shares of Stonegate common stock. In connection with the SPF acquisition, accounted for using the purchase method, the Company acquired approximately $377.0 million in assets, including $376.2 million in loans, issued 1,250,000 shares of its common stock valued at approximately $28.2 million as of June 30, 2018, and paid $377.4 million in cash. The following is summary of t he Company’s additional cash flow information during the years ended December 31: 2019 2018 2017 (In thousands) Interest paid $ 155,661 $ 121,047 $ 61,930 Income taxes paid 89,692 69,282 124,830 Assets acquired by foreclosure 9,340 11,217 10,318 |
Condensed Financial Information
Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information (Parent Company Only) | 23. Condensed Financial Information (Parent Company Only) Condensed Balance Sheets December 31, (In thousands) 2019 2018 Assets Cash and cash equivalents $ 110,597 $ 64,359 Investments in wholly-owned subsidiaries 2,756,901 2,641,929 Investments in unconsolidated subsidiaries 2,201 2,201 Premises and equipment 1,737 2,545 Other assets 15,197 13,191 Total assets $ 2,886,633 $ 2,724,225 Liabilities Subordinated debentures $ 369,557 $ 368,790 Other liabilities 5,545 5,549 Total liabilities 375,102 374,339 Stockholders' Equity Common stock 1,664 1,707 Capital surplus 1,537,091 1,609,810 Retained earnings 956,555 752,184 Accumulated other comprehensive income (loss) 16,221 (13,815 ) Total stockholders' equity 2,511,531 2,349,886 Total liabilities and stockholders' equity $ 2,886,633 $ 2,724,225 Condensed Statements of Income Years Ended December 31, (In thousands) 2019 2018 2017 Income Dividends from banking subsidiary $ 232,532 $ 217,841 $ 86,695 Other income 125 599 2,241 Total income 232,657 218,440 88,936 Expenses 36,798 40,266 26,634 Income before income taxes and equity in undistributed net income of subsidiaries 195,859 178,174 62,302 Tax benefit for income taxes 9,703 10,873 8,826 Income before equity in undistributed net income of subsidiaries 205,562 189,047 71,128 Equity in undistributed net income of subsidiaries 83,977 111,356 63,955 Net income $ 289,539 $ 300,403 $ 135,083 Condensed Statements of Cash Flows Years Ended December 31, (In thousands) 2019 2018 2017 Cash flows from operating activities Net income $ 289,539 $ 300,403 $ 135,083 Items not requiring (providing) cash Depreciation 289 301 213 Amortization 796 788 612 Share-based compensation 10,719 9,084 6,705 Gain on assets (18 ) (111 ) (2,393 ) Equity in undistributed income of subsidiaries (83,977 ) (111,356 ) (63,955 ) Changes in other assets (2,006 ) (661 ) (10,748 ) Changes in other liabilities (504 ) (2,595 ) 14,202 Net cash provided by operating activities 214,838 195,853 79,719 Cash flows from investing activities Purchases of premises and equipment, net — — (4,075 ) Proceeds from sale of premises and equipment, net 508 4,262 3,957 Capital contribution to subsidiary — (881 ) (250,000 ) Purchase of Giant Holdings, Inc. — — (16,591 ) Purchase of Bank of Commerce — — (4,175 ) Disposition of RCA Air, LLC — — 382 Purchase of Stonegate Bank — — (40,649 ) Proceeds from sale of investment securities — 3,768 5,629 Net cash provided by (used in) investing activities 508 7,149 (305,522 ) Cash flows from financing activities Proceeds from exercise of stock options 1,407 1,454 1,082 Common stock issuance costs – market acquisitions — — (825 ) Repurchase of common stock (84,888 ) (104,276 ) (20,825 ) Proceeds from issuance of subordinated debt — — 297,201 Dividends paid (85,627 ) (79,867 ) (60,373 ) Net cash provided by (used in) financing activities (169,108 ) (182,689 ) 216,260 Increase (decrease) in cash and cash equivalents 46,238 20,313 (9,543 ) Cash and cash equivalents, beginning of year 64,359 44,046 53,589 Cash and cash equivalents, end of year $ 110,597 $ 64,359 $ 44,046 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 24. Recent Accounting Pronouncements In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases (Topic 842) Targeted Improvements In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update) In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-controlling Interests with a Scope Exception. Part I of this update addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. Part II of this update addresses the difficulty of navigating Topic 480, Distinguishing Liabilities from Equity , because of the existence of extensive pending content in the FASB Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable non-controlling interests. The amendments in Part II of this update do not have an accounting effect. This ASU is effective for interim and annual reporting periods beginning after December 15, 2018. The Company adopted the guidance effective January 1, 2019, and its adoption did not have a significant impact on the Company’s financial position or financial statement disclosures . In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The Company adopted the guidance effective January 1, 2019, and its adoption resulted in a $459,000 decrease to equity In March 2018, the FASB issued ASU 2018-04, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 Investments – Debt Securities Regulated Operations In March 2018, the FASB issued ASU 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 Income Tax Accounting Implications of the Tax Cuts and Jobs Act In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance also specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company adopted the guidance effective January 1, 2019, and its adoption did not have a significant impact on the Company’s financial position or financial statement disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, In October 2018, the FASB issued ASU No. 2018-16 , Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. In December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements . The amendments in this Update reinstate the exception in Topic 842 for lessors that are not manufacturers or dealers. Specifically, those lessors will use their cost, reflecting any volume or trade discounts that may apply, as the fair value of the underlying asset. However, if significant time lapses between the acquisition of the underlying asset and lease commencement, those lessors will be required to apply the definition of fair value (exit price) in Topic 820. In addition, the amendments in this Update address the concerns of lessors within the scope of Topic 942 about where “principal payments received under leases” should be presented. Specifically, lessors that are depository and lending institutions within the scope of Topic 942 will present all “principal payments received under leases” within investing activities. Finally, the amendments in this Update clarify the FASB’s original intent by explicitly providing an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements. The effective date for the amendments in this update is for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. clarify certain aspects of the accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-13, 2017-12 and 2016-01, respectively). In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief provide transition relief for entities adopting the Board’s credit losses standard, ASU 2016-13. Specifically, ASU 2019-05 amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that were previously recorded at amortized cost and are within the scope of the credit losses guidance in ASC 326-20, are eligible for the fair value option under ASC 825-10, and are not held-to-maturity debt securities. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in the update simplify the accounting for income taxes by removing the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the update also simplify the accounting for income taxes by requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements (However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority), requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events On February 14, 2020, the Company and Centennial, entered into a definitive agreement to acquire LH-Finance, the marine lending division of People’s United Bank, N.A (“People’s United”) of Bridgeport, Connecticut. Under the terms of the agreement, Centennial will acquire $404.8 million in LH-Finance loan balances from People’s United. The acquisition is expected to close in the first quarter of 2020 and is subject to customary closing conditions set forth in the purchase agreement. In connection with the acquisition, Centennial plans to establish a new loan production office in Baltimore, Maryland. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 loan 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 loan losses and the valuation of foreclosed assets, management obtains independent appraisals for significant properties. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of HBI and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. |
Reclassifications | Reclassifications Various items within the accompanying consolidated financial statements for previous years have been reclassified to provide more comparative information. These reclassifications had no effect on net earnings or stockholders’ equity. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, cash held as demand deposits at various banks and the Federal Reserve Bank (“FRB”) and interest-bearing deposits with other banks. |
Investment Securities | Investment Securities Interest on investment securities is recorded as income as earned. Amortization of premiums and accretion of discounts are recorded as interest income from securities. Realized gains and losses are recorded as net security gains (losses). Gains or losses on the sale of securities are determined using the specific identification method. Management determines the classification of securities as available-for-sale, held-to-maturity, or trading at the time of purchase based on the intent and objective of the investment and the ability to hold to maturity. Fair values of securities are based on quoted market prices where available. If quoted market prices are not available, estimated fair values are based on quoted market prices of comparable securities. The Company has no held-to-maturity or trading securities. Securities available-for-sale are reported at fair value with unrealized holding gains and losses reported as a separate component of stockholders’ equity and other comprehensive income, net of taxes. Securities that are held as available-for-sale are used as a part of HBI’s 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. Effective January 1, 2019, as permitted by ASU 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities |
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan 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 loan losses is established through a provision for loan losses charged against income. The allowance represents an amount that, in management’s judgment, will be adequate to absorb probable credit losses on existing loans that may become uncollectible and probable credit losses inherent in the remainder of the loan portfolio. The amounts of provisions to the allowance for loan losses are based on management’s analysis and evaluation of the loan portfolio for identification of problem credits, internal and external factors that may affect collectability, relevant credit exposure, particular risks inherent in different kinds of lending, current collateral values and other relevant factors. The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and classified loans less than $2.0 million and is based on historical charge-off experience and expected loss given default derived from the Bank’s internal risk rating process. Other adjustments may be made to the allowance for pools of loans accounted for under FASB ASC 310-30, Loans Acquired with Deteriorated Credit Quality, Loans considered impaired, under FASB ASC 310-10-35, are loans for which, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The aggregate amount of impairment of loans is utilized in evaluating the adequacy of the allowance for loan losses and amount of provisions thereto. Losses on impaired loans are charged against the allowance for loan losses when in the process of collection, it appears likely that such losses will be realized. The accrual of interest on impaired loans is discontinued when, in management’s opinion, the borrower may be unable to meet payments as they become due. When accrual of interest is discontinued, all unpaid accrued interest is reversed. Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. 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 loan 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 loan 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, but payments received are usually applied to principal. Non-accrual loans are generally returned to accrual status after being current for a period of at least six months. An exception to this six-month period can be made if it can be proven that the borrower has historically demonstrated repayment performance consistent with the terms of the loan and the Company expects to collect all principal and interest. |
Acquisition Accounting and Acquired Loans | Acquisition Accounting and Acquired Loans The Company accounts for its acquisitions under FASB ASC Topic 805, Business Combinations Fair Value Measurements Over the life of the purchased loans, the Company continues to estimate cash flows expected to be collected on individual loans or on pools of loans sharing common risk characteristics and are treated in the aggregate when applying various valuation techniques. The Company evaluates at each balance sheet date whether the present value of its loans determined using the effective interest rates has significantly decreased and if so, recognizes a provision for loan loss in its consolidated statement of income. For any significant increases in cash flows expected to be collected, the Company adjusts the amount of accretable yield recognized on a prospective basis over the loan’s or pool’s weighted-average life. For further discussion of the Company’s acquisitions, see Note 2 to the Notes to Consolidated Financial Statements. |
Foreclosed Assets Held for Sale | Foreclosed Assets Held for Sale Real estate and personal properties acquired through or in lieu of loan foreclosure are to be sold and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Valuations are periodically performed by management, and the real estate and personal properties are carried at fair value less costs to sell. Gains and losses from the sale of other real estate and personal properties are recorded in non-interest income, and expenses used to maintain the properties are included in non-interest expenses. |
Bank Premises and Equipment | Bank Premises and Equipment Bank premises and equipment are carried at cost or fair market value at the date of acquisition less accumulated depreciation. Depreciation expense is computed using the straight-line method over the estimated useful lives of the assets. Accelerated depreciation methods are used for tax purposes. Leasehold improvements are capitalized and amortized using the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements whichever is shorter. The assets’ estimated useful lives for book purposes are as follows: Bank premises 15-40 years Furniture, fixtures, and equipment 3-15 years |
Cash value of life insurance | Cash value of life insurance The Company has purchased life insurance policies on certain key employees. Life insurance owned by the Company is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. During 2019, the Company made a strategic decision to surrender $47.5 million of its underperforming separate account bank owned life insurance (“BOLI”). When a BOLI contract is surrendered the gains within the policy become taxable as well as a 10% IRS penalty on the gain. As a result of this BOLI decision, the Company recorded a $3.7 million tax expense related to this transaction. As a result of this decision, the income earned on the increase in the cash value of life insurance will be lower in future periods. |
Intangible Assets | Intangible Assets Intangible assets consist of goodwill and core deposit intangibles. Goodwill represents the excess purchase price over the fair value of net assets acquired in business acquisitions. The core deposit intangible represents the excess intangible value of acquired deposit customer relationships as determined by valuation specialists. The core deposit intangibles are being amortized over 48 to 121 months on a straight-line basis. Goodwill is not amortized but rather is evaluated for impairment on at least an annual basis. The Company performed its annual impairment test of goodwill and core deposit intangibles during 2019, 2018 and 2017, as required by Intangibles - Goodwill and Other . The 2019, 2018 and 2017 tests indicated no impairment of the Company’s goodwill or core deposit intangibles. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase consist of obligations of the Company to other parties. At the point funds deposited by customers become investable, those funds are used to purchase securities owned by the Company and held in its general account with the designation of Customers’ Securities. A third party maintains control over the securities underlying overnight repurchase agreements. The securities involved in these transactions are generally U.S. Treasury or Federal Agency issues. Securities sold under agreements to repurchase generally mature on the banking day following that on which the investment was initially purchased and are treated as collateralized financing transactions which are recorded at the amounts at which the securities were sold plus accrued interest. Interest rates and maturity dates of the securities involved vary and are not intended to be matched with funds from customers. |
Derivative Financial Instruments | Derivative Financial Instruments The Company may enter into derivative contracts for the purposes of managing exposure to interest rate risk. The Company records all derivatives on the consolidated balance sheet at fair value. Historically the Company’s policy has been not to invest in derivative type investments. During 2017, the Company acquired standalone derivative financial instruments from Stonegate (See Note 2). These derivative financial instruments consist of interest rate swaps and are recognized as assets and liabilities in the consolidated statements of financial condition at fair value. The Bank’s derivative instruments have not been designated as hedging instruments. These undesignated derivative instruments are recognized on the consolidated balance sheet at fair value, with changes in fair value recorded in other noninterest income. In addition, as of December 31, 2019 and December 31, 2018, the Company had derivative contracts outstanding associated with the mortgage loans held for sale portfolio. As of December 31, 2019 and 2018, these derivative instruments are not considered to be material to the Company’s financial position and results of operations. |
Stock Options | Stock Options The Company accounts for stock options in accordance with FASB ASC 718, Compensation - Stock Compensation, and FASB ASC 505-50, Equity-Based Payments to Non-Employees , which establishes standards for the accounting for transactions in which an entity (i) exchanges its equity instruments for goods and services, or (ii) incurs liabilities in exchange for goods and services that are based on the fair value of the entity’s equity instruments or that may be settled by the issuance of the equity instruments. FASB ASC 718 requires that such transactions be recognized as compensation cost in the income statement based on their fair values on the measurement date, which is generally the date of the grant. In March 2016, the FASB issued ASU 2016-09, " Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company and its subsidiaries file consolidated tax returns. Its subsidiary provides for income taxes on a separate return basis, and remits to the Company amounts determined to be currently payable. |
Revenue Recognition | Revenue Recognition. Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers • Service charges on deposit accounts – These represent general service fees for monthly account maintenance and activity or transaction-based fees and consist of transaction-based revenue, time-based revenue (service period), item-based revenue or some other individual attribute-based revenue. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (such as a wire transfer). Payment for such performance obligations are generally received at the time the performance obligations are satisfied. • Other service charges and fees – These represent credit card interchange fees and Centennial CFG loan fees. The interchange fees are recorded in the period the performance obligation is satisfied which is generally the cash basis based on agreed upon contracts. The Centennial CFG loan fees are based on loan or other negotiated agreements with customers and are accounted for under ASC Topic 310. |
Earnings per Share | 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 years ended December 31: 2019 2018 2017 (In thousands, except per share data) Net income $ 289,539 $ 300,403 $ 135,083 Average common shares outstanding 167,804 173,657 150,806 Effect of common stock options — 467 722 Diluted common shares outstanding 167,804 174,124 151,528 Basic earnings per common share $ 1.73 $ 1.73 $ 0.90 Diluted earnings per common share $ 1.73 $ 1.73 $ 0.89 As of December 31, 2019, options to purchase 3.4 million shares of common stock, with a weighted average exercise price of $19.60, were excluded from the computation of diluted earnings per share as the majority of the options had an exercise price which was greater than the average market price of the common stock. |
Fair Value Measurement | Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Transfers of financial instruments between levels within the fair value hierarchy are recognized on the date management determines that the underlying circumstances or assumptions have changed. Financial Assets and Liabilities Measured on a Recurring Basis Available-for-sale securities are the only material instruments valued on a recurring basis which are held by the Company at fair value. The Company does not have any Level 1 securities. Primarily all of the Company's securities are considered to be Level 2 securities. These Level 2 securities consist primarily of U.S. government-sponsored enterprises, mortgage-backed securities plus state and political subdivisions. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. As of December 31, 2019 and 2018, Level 3 securities were immaterial. In addition, there were no material transfers between hierarchy levels during 2019, 2018 and 2017. 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 began use a third-party comparison pricing vendor in order to reflect consistency in the fair values of the investment securities sampled by the Company each quarter. Financial Assets and Liabilities Measured on a Nonrecurring Basis Impaired loans that are collateral dependent are the only material financial assets valued on a non-recurring basis which are held by the Company at fair value. Loan impairment is reported when full payment under the loan terms is not expected. Impaired loans are carried at the net realizable value of the collateral if the loan is collateral dependent. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. If these allocations cause the allowance for loan losses to require an increase, such increase is reported as a component of the provision for loan losses. The fair value of loans with specific allocated losses was $74.2 million and $84.3 million as of December 31, 2019 and 2018, respectively. This valuation is considered Level 3, consisting of appraisals of underlying collateral. The Company reversed $922,520 and $1.2 million of accrued interest receivable when impaired loans were put on non-accrual status during the years ended December 31, 2019 and 2018, respectively. Nonfinancial Assets and Liabilities Measured on a Nonrecurring Basis Foreclosed assets held for sale are the only material non-financial assets valued on a non-recurring basis which are held by the Company at fair value, less estimated costs to sell. At foreclosure, if the fair value, less estimated costs to sell, of the real estate acquired is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for loan losses. Additionally, valuations are periodically performed by management and any subsequent reduction in value is recognized by a charge to income. The fair value of foreclosed assets held for sale is estimated using Level 3 inputs based on appraisals of underlying collateral. As of December 31, 2019 and 2018, the fair value of foreclosed assets held for sale, less estimated costs to sell, was $9.1 million and $13.2 million, respectively. Foreclosed assets held for sale with a carrying value of approximately $1.1 million were remeasured during the year ended December 31, 2019, resulting in a write-down of approximately $291,000. Regulatory guidelines require the Company to reevaluate the fair value of foreclosed assets held for sale on at least an annual basis. The Company’s policy is to comply with the regulatory guidelines. The significant unobservable (Level 3) inputs used in the fair value measurement of collateral for collateral-dependent impaired loans and foreclosed assets primarily relate to customized discounting criteria applied to the customer’s reported amount of collateral. The amount of the collateral discount depends upon the condition and marketability of the underlying collateral. As the Company’s primary objective in the event of default would be to monetize the collateral to settle the outstanding balance of the loan, less marketable collateral would receive a larger discount. During the reported periods, collateral discounts ranged from 25% to 50% for commercial and residential real estate collateral. Fair Values of Financial Instruments The following table presents the estimated fair values of the Company’s financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. December 31, 2019 Carrying Amount Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 490,601 $ 490,601 1 Loans receivable, net of impaired loans and allowance 10,693,391 10,680,071 3 Accrued interest receivable 45,086 45,086 1 FHLB, Federal Reserve & First National Banker’s Bank stock; other equity investments 127,267 127,267 3 Financial liabilities: Deposits: Demand and non-interest bearing $ 2,367,091 $ 2,367,091 1 Savings and interest-bearing transaction accounts 6,933,964 6,933,964 1 Time deposits 1,977,328 1,991,120 3 Federal funds purchased 5,000 5,000 1 Securities sold under agreements to repurchase 143,727 143,727 1 FHLB and other borrowed funds 621,439 621,742 2 Accrued interest payable 8,001 8,001 1 Subordinated debentures 369,557 380,237 3 December 31, 2018 Carrying Amount Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 657,939 $ 657,939 1 Federal funds sold 325 325 1 Investment securities – held-to-maturity 192,776 193,610 2 Loans receivable, net of impaired loans and allowance 10,878,769 10,659,428 3 Accrued interest receivable 48,945 48,945 1 FHLB, Federal Reserve & First National Banker’s Bank stock; other equity investments 159,775 159,775 3 Financial liabilities: Deposits: Demand and non-interest bearing $ 2,401,232 $ 2,401,232 1 Savings and interest-bearing transaction accounts 6,624,407 6,624,407 1 Time deposits 1,874,139 1,852,816 3 Securities sold under agreements to repurchase 143,679 143,679 1 FHLB and other borrowed funds 1,472,393 1,464,073 2 Accrued interest payable 8,891 8,891 1 Subordinated debentures 368,790 366,159 3 |
Recent Accounting Pronouncements | In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases (Topic 842) Targeted Improvements In May 2016, the FASB issued ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update) In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480) and Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments with Down Round Features; II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-controlling Interests with a Scope Exception. Part I of this update addresses the complexity of accounting for certain financial instruments with down round features. Down round features are features of certain equity-linked instruments (or embedded features) that result in the strike price being reduced on the basis of the pricing of future equity offerings. Current accounting guidance creates cost and complexity for entities that issue financial instruments (such as warrants and convertible instruments) with down round features that require fair value measurement of the entire instrument or conversion option. Part II of this update addresses the difficulty of navigating Topic 480, Distinguishing Liabilities from Equity , because of the existence of extensive pending content in the FASB Accounting Standards Codification. This pending content is the result of the indefinite deferral of accounting requirements about mandatorily redeemable financial instruments of certain nonpublic entities and certain mandatorily redeemable non-controlling interests. The amendments in Part II of this update do not have an accounting effect. This ASU is effective for interim and annual reporting periods beginning after December 15, 2018. The Company adopted the guidance effective January 1, 2019, and its adoption did not have a significant impact on the Company’s financial position or financial statement disclosures . In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities In February 2018, the FASB issued ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income The Company adopted the guidance effective January 1, 2019, and its adoption resulted in a $459,000 decrease to equity In March 2018, the FASB issued ASU 2018-04, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273 Investments – Debt Securities Regulated Operations In March 2018, the FASB issued ASU 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 Income Tax Accounting Implications of the Tax Cuts and Jobs Act In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The guidance also specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606. The Company adopted the guidance effective January 1, 2019, and its adoption did not have a significant impact on the Company’s financial position or financial statement disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, In October 2018, the FASB issued ASU No. 2018-16 , Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. In December 2018, the FASB issued ASU 2018-20, Narrow-Scope Improvements for Lessors. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842) Codification Improvements . The amendments in this Update reinstate the exception in Topic 842 for lessors that are not manufacturers or dealers. Specifically, those lessors will use their cost, reflecting any volume or trade discounts that may apply, as the fair value of the underlying asset. However, if significant time lapses between the acquisition of the underlying asset and lease commencement, those lessors will be required to apply the definition of fair value (exit price) in Topic 820. In addition, the amendments in this Update address the concerns of lessors within the scope of Topic 942 about where “principal payments received under leases” should be presented. Specifically, lessors that are depository and lending institutions within the scope of Topic 942 will present all “principal payments received under leases” within investing activities. Finally, the amendments in this Update clarify the FASB’s original intent by explicitly providing an exception to the paragraph 250-10-50-3 interim disclosure requirements in the Topic 842 transition disclosure requirements. The effective date for the amendments in this update is for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. clarify certain aspects of the accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-13, 2017-12 and 2016-01, respectively). In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses (Topic 326): Targeted Transition Relief provide transition relief for entities adopting the Board’s credit losses standard, ASU 2016-13. Specifically, ASU 2019-05 amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option for financial instruments that were previously recorded at amortized cost and are within the scope of the credit losses guidance in ASC 326-20, are eligible for the fair value option under ASC 825-10, and are not held-to-maturity debt securities. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in the update simplify the accounting for income taxes by removing the exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items and the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in the update also simplify the accounting for income taxes by requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements (However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority), requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. |
Shore Premier Finance [Member] | |
Business Combinations | The Company has determined that the acquisition of the net assets of SPF constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. |
Stonegate Bank [Member] | |
Business Combinations | The Company has determined that the acquisition of the net assets of Stonegate constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. |
Nonrefundable Fees and Other Costs | The Company evaluated $2.37 billion of the loans purchased in conjunction with the acquisition in accordance with the provisions of FASB ASC Topic 310-20, Nonrefundable Fees and Other Costs, |
The Bank of Commerce [Member] | |
Business Combinations | The Company has determined that the acquisition of the net assets of BOC constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. |
Nonrefundable Fees and Other Costs | The Company evaluated $106.8 million of the loans purchased in conjunction with the acquisition in accordance with the provisions of FASB ASC Topic 310-20, Nonrefundable Fees and Other Costs, |
Giant Holdings, Inc. [Member] | |
Business Combinations | The Company has determined that the acquisition of the net assets of GHI constitutes a business combination as defined by the ASC Topic 805. Accordingly, the assets acquired and liabilities assumed are presented at their fair values as required. Fair values were determined based on the requirements of ASC Topic 820. In many cases, the determination of these fair values required management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. |
Nonrefundable Fees and Other Costs | The Company evaluated $315.6 million of the loans purchased in conjunction with the acquisition in accordance with the provisions of FASB ASC Topic 310-20, Nonrefundable Fees and Other Costs, |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Estimated Useful Lives for Book Purposes | The assets’ estimated useful lives for book purposes are as follows: Bank premises 15-40 years Furniture, fixtures, and equipment 3-15 years |
Computation of Basic and Diluted Earnings per Common Share (EPS) | The following table sets forth the computation of basic and diluted earnings per share (EPS) for the years ended December 31: 2019 2018 2017 (In thousands, except per share data) Net income $ 289,539 $ 300,403 $ 135,083 Average common shares outstanding 167,804 173,657 150,806 Effect of common stock options — 467 722 Diluted common shares outstanding 167,804 174,124 151,528 Basic earnings per common share $ 1.73 $ 1.73 $ 0.90 Diluted earnings per common share $ 1.73 $ 1.73 $ 0.89 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stonegate Bank [Member] | |
Breakdown of Assets Acquired and Liabilities Assumed | The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: Stonegate Bank Acquired from Stonegate Fair Value Adjustments As Recorded by HBI (Dollars in thousands) Assets Cash and due from banks $ 100,958 $ — $ 100,958 Interest-bearing deposits with other banks 135,631 — 135,631 Federal funds sold 1,515 — 1,515 Investment securities 103,041 474 103,515 Loans receivable 2,446,149 (74,067 ) 2,372,082 Allowance for loan losses (21,507 ) 21,507 — Loans receivable, net 2,424,642 (52,560 ) 2,372,082 Bank premises and equipment, net 38,868 (3,572 ) 35,296 Foreclosed assets held for sale 4,187 (801 ) 3,386 Cash value of life insurance 48,000 — 48,000 Accrued interest receivable 7,088 — 7,088 Deferred tax asset, net 27,340 11,990 39,330 Goodwill 81,452 (81,452 ) — Core deposit and other intangibles 10,505 20,364 30,869 Other assets 9,598 255 9,853 Total assets acquired $ 2,992,825 $ (105,302 ) $ 2,887,523 Liabilities Deposits Demand and non-interest-bearing $ 585,959 $ — $ 585,959 Savings and interest-bearing transaction accounts 1,776,256 — 1,776,256 Time deposits 163,567 (85 ) 163,482 Total deposits 2,525,782 (85 ) 2,525,697 FHLB borrowed funds 32,667 184 32,851 Securities sold under agreements to repurchase 26,163 — 26,163 Accrued interest payable and other liabilities 8,100 (484 ) 7,616 Subordinated debentures 8,345 1,489 9,834 Total liabilities assumed 2,601,057 1,104 2,602,161 Equity Total equity assumed 391,768 (391,768 ) — Total liabilities and equity assumed $ 2,992,825 $ (390,664 ) 2,602,161 Net assets acquired 285,362 Purchase price 792,370 Goodwill $ 507,008 |
Schedule of Unaudited Pro Forma Combined Financial Information | The following schedule represents the unaudited pro forma combined financial information as of the years ended December 31, 2017, assuming the acquisition was completed as of January 1, 2017: Years Ended December 31, 2017 (In thousands, except per share data) Total interest income $ 610,697 Total non-interest income 107,179 Net income available to all shareholders 143,979 Basic earnings per common share $ 0.79 Diluted earnings per common share 0.79 |
The Bank of Commerce [Member] | |
Breakdown of Assets Acquired and Liabilities Assumed | The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: The Bank of Commerce Acquired from BOC Fair Value Adjustments As Recorded by HBI (Dollars in thousands) Assets Cash and due from banks $ 4,610 $ — $ 4,610 Interest-bearing deposits with other banks 14,360 — 14,360 Investment securities 25,926 (113 ) 25,813 Loans receivable 124,289 (5,751 ) 118,538 Allowance for loan losses (2,037 ) 2,037 — Loans receivable, net 122,252 (3,714 ) 118,538 Bank premises and equipment, net 1,887 — 1,887 Foreclosed assets held for sale 8,523 (3,165 ) 5,358 Accrued interest receivable 481 — 481 Deferred tax asset, net — 4,198 4,198 Core deposit intangible — 968 968 Other assets 1,880 — 1,880 Total assets acquired $ 179,919 $ (1,826 ) $ 178,093 Liabilities Deposits Demand and non-interest-bearing $ 27,245 $ — $ 27,245 Savings and interest-bearing transaction accounts 32,300 — 32,300 Time deposits 79,945 270 80,215 Total deposits 139,490 270 139,760 FHLB borrowed funds 30,000 42 30,042 Accrued interest payable and other liabilities 564 (255 ) 309 Total liabilities assumed $ 170,054 $ 57 170,111 Net assets acquired 7,982 Purchase price 4,175 Pre-tax gain on acquisition $ 3,807 |
Giant Holdings, Inc. [Member] | |
Breakdown of Assets Acquired and Liabilities Assumed | The following schedule is a breakdown of the assets acquired and liabilities assumed as of the acquisition date: Giant Holdings, Inc. Acquired from GHI Fair Value Adjustments As Recorded by HBI (Dollars in thousands) Assets Cash and due from banks $ 41,019 $ — $ 41,019 Interest-bearing deposits with other banks 4,057 1 4,058 Investment securities 1,961 (5 ) 1,956 Loans receivable 335,886 (6,517 ) 329,369 Allowance for loan losses (4,568 ) 4,568 — Loans receivable, net 331,318 (1,949 ) 329,369 Bank premises and equipment, net 2,111 608 2,719 Cash value of life insurance 10,861 — 10,861 Accrued interest receivable 850 — 850 Deferred tax asset, net 2,286 1,807 4,093 Core deposit and other intangibles 172 3,238 3,410 Other assets 254 (489 ) (235 ) Total assets acquired $ 394,889 $ 3,211 $ 398,100 Liabilities Deposits Demand and non-interest-bearing $ 75,993 $ — $ 75,993 Savings and interest-bearing transaction accounts 139,459 — 139,459 Time deposits 88,219 324 88,543 Total deposits 303,671 324 303,995 FHLB borrowed funds 26,047 431 26,478 Accrued interest payable and other liabilities 14,552 18 14,570 Total liabilities assumed 344,270 773 345,043 Equity Total equity assumed 50,619 (50,619 ) — Total liabilities and equity assumed $ 394,889 $ (49,846 ) 345,043 Net assets acquired 53,057 Purchase price 96,015 Goodwill $ 42,958 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale | The amortized cost and estimated fair value of investment securities that are classified as available-for-sale and held-to-maturity are as follows: December 31, 2019 Available-for-Sale Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 398,870 $ 1,001 $ (2,321 ) $ 397,550 Residential mortgage-backed securities 689,955 4,735 (1,241 ) 693,449 Commercial mortgage-backed securities 514,287 6,647 (642 ) 520,292 State and political subdivisions 425,989 13,824 (257 ) 439,556 Other securities 32,748 409 (166 ) 32,991 Total $ 2,061,849 $ 26,616 $ (4,627 ) $ 2,083,838 December 31, 2018 Available-for-Sale Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 418,605 $ 504 $ (4,976 ) $ 414,133 Residential mortgage-backed securities 580,183 1,230 (8,512 ) 572,901 Commercial mortgage-backed securities 463,084 539 (7,745 ) 455,878 State and political subdivisions 308,835 2,311 (2,589 ) 308,557 Other securities 34,336 304 (247 ) 34,393 Total $ 1,805,043 $ 4,888 $ (24,069 ) $ 1,785,862 |
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Classified as Held-to-Maturity | Held-to-Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value (In thousands) U.S. government-sponsored enterprises $ 3,261 $ 14 $ (71 ) $ 3,204 Residential mortgage-backed securities 39,707 20 (689 ) 39,038 Commercial mortgage-backed securities 17,587 58 (267 ) 17,378 State and political subdivisions 132,221 1,815 (46 ) 133,990 Total $ 192,776 $ 1,907 $ (1,073 ) $ 193,610 |
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 December 31, 2019, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available-for-Sale Amortized Estimated Cost Fair Value (In thousands) Due in one year or less $ 562,325 $ 565,204 Due after one year through five years 1,022,926 1,031,507 Due after five years through ten years 326,384 334,936 Due after ten years 150,214 152,191 Total $ 2,061,849 $ 2,083,838 |
Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale and Held to Maturity | The following shows gross unrealized losses and estimated fair value of investment securities classified as available-for-sale and held-to-maturity with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual investment securities have been in a continuous loss position as of December 31, 2019 and 2018: December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) U.S. government-sponsored enterprises $ 129,951 $ (553 ) $ 143,287 $ (1,768 ) $ 273,238 $ (2,321 ) Residential mortgage-backed securities 141,877 (640 ) 90,058 (601 ) 231,935 (1,241 ) Commercial mortgage-backed securities 78,750 (330 ) 40,894 (312 ) 119,644 (642 ) State and political subdivisions 27,376 (245 ) 4,206 (12 ) 31,582 (257 ) Other securities 947 (2 ) 9,539 (164 ) 10,486 (166 ) Total $ 378,901 $ (1,770 ) $ 287,984 $ (2,857 ) $ 666,885 $ (4,627 ) December 31, 2018 Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) U.S. government-sponsored enterprises $ 148,392 $ (1,398 ) $ 192,456 $ (3,649 ) $ 340,848 $ (5,047 ) Residential mortgage-backed securities 95,001 (713 ) 386,279 (8,488 ) 481,280 (9,201 ) Commercial mortgage-backed securities 33,917 (337 ) 368,705 (7,675 ) 402,622 (8,012 ) State and political subdivisions 64,376 (763 ) 77,602 (1,872 ) 141,978 (2,635 ) Other securities 3,364 (154 ) 8,307 (93 ) 11,671 (247 ) Total $ 345,050 $ (3,365 ) $ 1,033,349 $ (21,777 ) $ 1,378,399 $ (25,142 ) |
Schedule of Income Earned on Securities | Income earned on securities for the years ended is as follows: December 31, 2019 2018 2017 (In thousands) Taxable: Available-for-sale $ 41,406 $ 35,026 $ 24,231 Held-to-maturity — 1,807 2,545 Tax-exempt: Available-for-sale 13,015 8,226 6,441 Held-to-maturity — 5,031 5,526 Total $ 54,421 $ 50,090 $ 38,743 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Summary of Various Categories of Loans Receivable | The various categories of loans receivable are summarized as follows: December 31, 2019 2018 (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 4,412,769 $ 4,806,684 Construction/land development 1,776,689 1,546,035 Agricultural 88,400 76,433 Residential real estate loans Residential 1-4 family 1,819,221 1,975,586 Multifamily residential 488,278 560,475 Total real estate 8,585,357 8,965,213 Consumer 511,909 443,105 Commercial and industrial 1,528,003 1,476,331 Agricultural 63,644 48,562 Other 180,797 138,668 Loans receivable $ 10,869,710 $ 11,071,879 |
Allowance for Loan Losses, Cr_2
Allowance for Loan Losses, Credit Quality and Other (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Changes in Allowance for Loan Losses | The following table presents a summary of changes in the allowance for loan losses: December 31, 2019 (In thousands) Allowance for loan losses: Beginning balance $ 108,791 Loans charged off (10,603 ) Recoveries of loans previously charged off 2,609 Net loans recovered (charged off) (7,994 ) Provision for loan losses 1,325 Balance, December 31, 2019 $ 102,122 |
Balance of Allowance for Loan Losses | The following tables present the balance in the allowance for loan losses for the year ended December 31, 2019, and the allowance for loan losses and recorded investment in loans based on portfolio segment by impairment method as of December 31, 2019. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. Year Ended December 31, 2019 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 21,302 $ 42,336 $ 26,734 $ 14,981 $ 3,438 $ — $ 108,791 Loans charged off (1,450 ) (2,741 ) (1,661 ) (2,327 ) (2,424 ) — (10,603 ) Recoveries of loans previously charged off 95 244 926 504 840 — 2,609 Net loans recovered (charged off) (1,355 ) (2,497 ) (735 ) (1,823 ) (1,584 ) — (7,994 ) Provision for loan losses 6,486 (6,310 ) (5,864 ) 3,457 3,556 — 1,325 Balance, December 31 $ 26,433 $ 33,529 $ 20,135 $ 16,615 $ 5,410 $ — $ 102,122 As of December 31, 2019 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Period end amount allocated to: Loans individually evaluated for impairment $ 97 $ 164 $ 2,014 $ 2,401 $ — $ — $ 4,676 Loans collectively evaluated for impairment 26,336 33,365 18,121 14,214 5,410 — 97,446 Loans evaluated for impairment balance, December 31 26,433 33,529 20,135 16,615 5,410 — 102,122 Purchased credit impaired loans — — — — — — — Balance, December 31 $ 26,433 $ 33,529 $ 20,135 $ 16,615 $ 5,410 $ — $ 102,122 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 8,933 $ 58,676 $ 56,192 $ 82,434 $ 3,195 $ — $ 209,430 Loans collectively evaluated for impairment 1,767,756 4,442,493 2,251,307 1,445,569 753,155 — 10,660,280 Loans evaluated for impairment balance, December 31 1,776,689 4,501,169 2,307,499 1,528,003 756,350 — 10,869,710 Balance, December 31 $ 1,776,689 $ 4,501,169 $ 2,307,499 $ 1,528,003 $ 756,350 $ — $ 10,869,710 The following tables present the balance in the allowance for loan losses for the year ended December 31, 2018, and the allowance for loan losses and recorded investment in loans based on portfolio segment by impairment method as of December 31, 2018. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. Year Ended December 31, 2018 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 20,343 $ 43,939 $ 24,506 $ 15,292 $ 3,334 $ 2,852 $ 110,266 Loans charged off (399 ) (1,211 ) (2,744 ) (2,221 ) (2,413 ) — (8,988 ) Recoveries of loans previously charged off 180 527 924 624 936 — 3,191 Net loans recovered (charged off) (219 ) (684 ) (1,820 ) (1,597 ) (1,477 ) — (5,797 ) Provision for loan losses 1,178 (919 ) 4,048 1,286 1,581 (2,852 ) 4,322 Balance, December 31 $ 21,302 $ 42,336 $ 26,734 $ 14,981 $ 3,438 $ — $ 108,791 As of December 31, 2018 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Period end amount allocated to: Loans individually evaluated for impairment $ 732 $ 468 $ 100 $ 21 $ — $ — $ 1,321 Loans collectively evaluated for impairment 20,336 41,512 25,970 14,789 3,438 — 106,045 Loans evaluated for impairment balance, December 31 21,068 41,980 26,070 14,810 3,438 — 107,366 Purchased credit impaired loans 234 356 664 171 — — 1,425 Balance, December 31 $ 21,302 $ 42,336 $ 26,734 $ 14,981 $ 3,438 $ — $ 108,791 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 14,519 $ 58,706 $ 29,535 $ 30,251 $ 3,688 $ — $ 136,699 Loans collectively evaluated for impairment 1,522,520 4,741,484 2,473,467 1,431,608 624,561 — 10,793,640 Loans evaluated for impairment balance, December 31 1,537,039 4,800,190 2,503,002 1,461,859 628,249 — 10,930,339 Purchased credit impaired loans 8,996 82,927 33,059 14,472 2,086 — 141,540 Balance, December 31 $ 1,546,035 $ 4,883,117 $ 2,536,061 $ 1,476,331 $ 630,335 $ — $ 11,071,879 The following tables present the balance in the allowance for loan losses for the loan portfolio for the year ended December 31, 2017, and the allowance for loan losses and recorded investment in loans based on portfolio segment by impairment method as of December 31, 2017. Allocation of a portion of the allowance to one type of loans does not preclude its availability to absorb losses in other categories. Year Ended December 31, 2017 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Beginning balance $ 11,522 $ 28,188 $ 16,517 $ 12,756 $ 4,188 $ 6,831 $ 80,002 Loans charged off (1,632 ) (3,749 ) (3,980 ) (5,578 ) (2,532 ) — (17,471 ) Recoveries of loans previously charged off 462 1,042 676 464 841 — 3,485 Net loans recovered (charged off) (1,170 ) (2,707 ) (3,304 ) (5,114 ) (1,691 ) — (13,986 ) Provision for loan losses 9,991 18,458 11,293 7,650 837 (3,979 ) 44,250 Balance, December 31 $ 20,343 $ 43,939 $ 24,506 $ 15,292 $ 3,334 $ 2,852 $ 110,266 As of December 31, 2017 Construction/ Land Development Other Commercial Real Estate Residential Real Estate Commercial & Industrial Consumer & Other Unallocated Total (In thousands) Allowance for loan losses: Period end amount allocated to: Loans individually evaluated for impairment $ 1,378 $ 768 $ 188 $ 843 $ 7 $ — $ 3,184 Loans collectively evaluated for impairment 18,954 42,824 23,341 14,290 3,310 2,852 105,571 Loans evaluated for impairment balance, December 31 20,332 43,592 23,529 15,133 3,317 2,852 108,755 Purchased credit impaired loans 11 347 977 159 17 — 1,511 Balance, December 31 $ 20,343 $ 43,939 $ 24,506 $ 15,292 $ 3,334 $ 2,852 $ 110,266 Loans receivable: Period end amount allocated to: Loans individually evaluated for impairment $ 26,860 $ 124,124 $ 20,431 $ 21,867 $ 500 $ — $ 193,782 Loans collectively evaluated for impairment 1,658,519 4,442,201 2,341,081 1,261,161 236,392 — 9,939,354 Loans evaluated for impairment balance, December 31 1,685,379 4,566,325 2,361,512 1,283,028 236,892 — 10,133,136 Purchased credit impaired loans 15,112 116,021 50,102 14,369 2,448 — 198,052 Balance, December 31 $ 1,700,491 $ 4,682,346 $ 2,411,614 $ 1,297,397 $ 239,340 $ — $ 10,331,188 |
Summary of Aging Analysis for Loans Receivable | The following is an aging analysis for loans receivable for the years ended December 31, 2019 and 2018: December 31, 2019 Loans Past Due 30-59 Days Loans Past Due 60-89 Days Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans Past Due 90 Days or More (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 1,628 $ 454 $ 14,160 $ 16,242 $ 4,396,527 $ 4,412,769 $ 3,194 Construction/land development 358 1,042 3,180 4,580 1,772,109 1,776,689 1,821 Agricultural 698 — 1,094 1,792 86,608 88,400 — Residential real estate loans Residential 1-4 family 3,150 3,956 21,928 29,034 1,790,187 1,819,221 1,614 Multifamily residential — — 331 331 487,947 488,278 — Total real estate 5,834 5,452 40,693 51,979 8,533,378 8,585,357 6,629 Consumer 659 179 1,949 2,787 509,122 511,909 317 Commercial and industrial 1,835 104 10,984 12,923 1,515,080 1,528,003 292 Agricultural and other 646 3 1,219 1,868 242,573 244,441 — Total $ 8,974 $ 5,738 $ 54,845 $ 69,557 $ 10,800,153 $ 10,869,710 $ 7,238 December 31, 2018 Loans Past Due 30-59 Days Loans Past Due 60-89 Days Loans Past Due 90 Days or More Total Past Due Current Loans Total Loans Receivable Accruing Loans Past Due 90 Days or More (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 3,598 $ 927 $ 24,710 $ 29,235 $ 4,777,449 $ 4,806,684 $ 9,679 Construction/land development 2,057 261 8,761 11,079 1,534,956 1,546,035 3,481 Agricultural 98 — 20 118 76,315 76,433 — Residential real estate loans Residential 1-4 family 5,890 3,745 19,137 28,772 1,946,814 1,975,586 1,753 Multifamily residential — 200 972 1,172 559,303 560,475 — Total real estate 11,643 5,133 53,600 70,376 8,894,837 8,965,213 14,913 Consumer 5,712 168 3,632 9,512 433,593 443,105 720 Commercial and industrial 1,237 87 6,977 8,301 1,468,030 1,476,331 1,526 Agricultural and other 1,121 — 33 1,154 186,076 187,230 — Total $ 19,713 $ 5,388 $ 64,242 $ 89,343 $ 10,982,536 $ 11,071,879 $ 17,159 |
Summary of Impaired Loans | The following is a summary of the impaired loans as of December 31, 2019, 2018 and 2017: December 31, 2019 Year Ended Unpaid Contractual Principal Balance Total Recorded Investment Allocation of Allowance for Loan Losses Average Recorded Investment Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ 38 $ 38 $ — $ 40 $ 3 Construction/land development 30 30 — 22 2 Agricultural — — — 7 — Residential real estate loans Residential 1-4 family 288 288 — 253 22 Multifamily residential — — — — — Total real estate 356 356 — 322 27 Consumer 27 27 — 24 3 Commercial and industrial 55 55 — 124 3 Agricultural and other — — — — — Total loans without a specific valuation allowance 438 438 — 470 33 Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 24,533 24,010 159 34,612 1,729 Construction/land development 6,718 6,491 97 8,334 247 Agricultural 1,095 1,095 5 736 20 Residential real estate loans Residential 1-4 family 25,476 25,099 2,008 23,574 202 Multifamily residential 620 620 6 1,925 52 Total real estate 58,442 57,315 2,275 69,181 2,250 Consumer 1,980 1,949 — 2,744 27 Commercial and industrial 18,070 17,952 2,401 9,212 91 Agricultural and other 1,219 1,219 — 534 - Total loans with a specific valuation allowance 79,711 78,435 4,676 81,671 2,368 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 24,571 24,048 159 34,652 1,732 Construction/land development 6,748 6,521 97 8,356 249 Agricultural 1,095 1,095 5 743 20 Residential real estate loans Residential 1-4 family 25,764 25,387 2,008 23,827 224 Multifamily residential 620 620 6 1,925 52 Total real estate 58,798 57,671 2,275 69,503 2,277 Consumer 2,007 1,976 - 2,768 30 Commercial and industrial 18,125 18,007 2,401 9,336 94 Agricultural and other 1,219 1,219 - 534 - Total impaired loans $ 80,149 $ 78,873 $ 4,676 $ 82,141 $ 2,401 December 31, 2018 Year Ended Unpaid Contractual Principal Balance Total Recorded Investment Allocation of Allowance for Loan Losses Average Recorded Investment Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ 42 $ 42 $ — $ 34 $ 3 Construction/land development 16 16 — 27 1 Agricultural 11 11 — 15 1 Residential real estate loans Residential 1-4 family 223 223 — 193 16 Multifamily residential — — — — — Total real estate 292 292 — 269 21 Consumer 27 27 — 24 2 Commercial and industrial 236 236 — 199 13 Agricultural and other — — — — — Total loans without a specific valuation allowance 555 555 — 492 36 Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 42,474 38,594 460 34,891 1,632 Construction/land development 13,178 12,091 732 12,337 307 Agricultural 291 294 8 388 18 Residential real estate loans Residential 1-4 family 22,570 20,526 58 19,017 485 Multifamily residential 2,369 2,369 42 2,166 83 Total real estate 80,882 73,874 1,300 68,799 2,525 Consumer 3,830 3,629 — 1,236 52 Commercial and industrial 11,176 7,550 21 10,599 257 Agricultural and other 33 32 — 146 3 Total loans with a specific valuation allowance 95,921 85,085 1,321 80,780 2,837 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 42,516 38,636 460 34,925 1,635 Construction/land development 13,194 12,107 732 12,364 308 Agricultural 302 305 8 403 19 Residential real estate loans Residential 1-4 family 22,793 20,749 58 19,210 501 Multifamily residential 2,369 2,369 42 2,166 83 Total real estate 81,174 74,166 1,300 69,068 2,546 Consumer 3,857 3,656 — 1,260 54 Commercial and industrial 11,412 7,786 21 10,798 270 Agricultural and other 33 32 — 146 3 Total impaired loans $ 96,476 $ 85,640 $ 1,321 $ 81,272 $ 2,873 Note : Purchased credit impaired loans are accounted for on a pooled basis under ASC 310-30. All of these pools are currently considered to be performing resulting in none of the purchased credit impaired loans being classified as impaired loans as of December 31, 2018. December 31, 2017 Year Ended Unpaid Contractual Principal Balance Total Recorded Investment Allocation of Allowance for Loan Losses Average Recorded Investment Interest Recognized (In thousands) Loans without a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential $ 29 $ 29 $ — $ 23 $ 2 Construction/land development 64 64 — 31 3 Agricultural 19 — — — 1 Residential real estate loans Residential 1-4 family 115 115 — 135 7 Multifamily residential — — — — — Total real estate 227 208 — 189 13 Consumer 18 — — — 1 Commercial and industrial 105 105 — 85 7 Agricultural and other — — — — — Total loans without a specific valuation allowance 350 313 — 274 21 Loans with a specific valuation allowance Real estate: Commercial real estate loans Non-farm/non-residential 29,666 29,040 757 41,772 1,498 Construction/land development 12,976 12,157 1,378 10,556 262 Agricultural 281 303 11 268 11 Residential real estate loans Residential 1-4 family 19,770 18,689 124 22,347 363 Multifamily residential 1,627 1,627 64 1,412 81 Total real estate 64,320 61,816 2,334 76,355 2,215 Consumer 179 191 — 163 — Commercial and industrial 16,777 13,007 843 9,726 121 Agricultural and other 297 309 7 644 8 Total loans with a specific valuation allowance 81,573 75,323 3,184 86,888 2,344 Total impaired loans Real estate: Commercial real estate loans Non-farm/non-residential 29,695 29,069 757 41,795 1,500 Construction/land development 13,040 12,221 1,378 10,587 265 Agricultural 300 303 11 268 12 Residential real estate loans Residential 1-4 family 19,885 18,804 124 22,482 370 Multifamily residential 1,627 1,627 64 1,412 81 Total real estate 64,547 62,024 2,334 76,544 2,228 Consumer 197 191 — 163 1 Commercial and industrial 16,882 13,112 843 9,811 128 Agricultural and other 297 309 7 644 8 Total impaired loans $ 81,923 $ 75,636 $ 3,184 $ 87,162 $ 2,365 Note : Purchased credit impaired loans are accounted for on a pooled basis under ASC 310-30. All of these pools are currently considered to be performing resulting in none of the purchased credit impaired loans being classified as impaired loans as of December 31, 2017. |
Presentation of Classified Loans by Class and Risk Rating | The Company’s classified loans include loans in risk ratings 6, 7 and 8. The following is a presentation of classified loans (excluding loans accounted for under ASC Topic 310-30) by class as of December 31, 2019 and 2018: December 31, 2019 Risk Rated 6 Risk Rated 7 Risk Rated 8 Classified Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 29,444 $ 1,834 $ — $ 31,278 Construction/land development 14,748 546 — 15,294 Agricultural 1,324 — — 1,324 Residential real estate loans Residential 1-4 family 39,686 121 — 39,807 Multifamily residential 445 — — 445 Total real estate 85,647 2,501 — 88,148 Consumer 2,771 (1 ) — 2,770 Commercial and industrial 37,984 441 — 38,425 Agricultural and other 1,294 — — 1,294 Total $ 127,696 $ 2,941 $ — $ 130,637 December 31, 2018 Risk Rated 6 Risk Rated 7 Risk Rated 8 Classified Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 44,089 $ 484 $ — $ 44,573 Construction/land development 15,236 — — 15,236 Agricultural 301 3 — 304 Residential real estate loans Residential 1-4 family 34,731 253 — 34,984 Multifamily residential 972 — — 972 Total real estate 95,329 740 — 96,069 Consumer 3,226 3 — 3,229 Commercial and industrial 16,362 585 — 16,947 Agricultural and other 48 — — 48 Total $ 114,965 $ 1,328 $ — $ 116,293 The following is a presentation of loans receivable by class and risk rating as of December 31, 2019 and 2018: December 31, 2019 Risk Rated 1 Risk Rated 2 Risk Rated 3 Risk Rated 4 Risk Rated 5 Classified Total Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ — $ 655 $ 3,412,696 $ 922,487 $ 45,653 $ 31,278 $ 4,412,769 Construction/land development 5 612 833,749 926,877 152 15,294 1,776,689 Agricultural — — 69,512 16,689 875 1,324 88,400 Residential real estate loans Residential 1-4 family 833 802 1,511,398 256,879 9,502 39,807 1,819,221 Multifamily residential — - 355,241 105,728 26,864 445 488,278 Total real estate 838 2,069 6,182,596 2,228,660 83,046 88,148 8,585,357 Consumer 14,859 1,851 481,923 9,833 673 2,770 511,909 Commercial and industrial 39,556 7,910 862,068 525,766 54,278 38,425 1,528,003 Agricultural and other 1,567 10,197 171,398 58,030 1,955 1,294 244,441 Total risk rated loans $ 56,820 $ 22,027 $ 7,697,985 $ 2,822,289 $ 139,952 $ 130,637 10,869,710 Purchased credit impaired loans — Total loans receivable $ 10,869,710 December 31, 2018 Risk Rated 1 Risk Rated 2 Risk Rated 3 Risk Rated 4 Risk Rated 5 Classified Total Total (In thousands) Real estate: Commercial real estate loans Non-farm/non-residential $ 443 $ 296 $ 2,740,068 $ 1,912,191 $ 26,361 $ 44,573 $ 4,723,932 Construction/land development 17 645 264,507 1,255,258 1,377 15,236 1,537,040 Agricultural — — 37,377 38,295 282 304 76,258 Residential real estate loans Residential 1-4 family 715 738 1,453,859 446,557 7,078 34,984 1,943,931 Multifamily residential — — 388,572 169,526 — 972 559,070 Total real estate 1,175 1,679 4,884,383 3,821,827 35,098 96,069 8,840,231 Consumer 13,432 4,298 401,209 18,409 442 3,229 441,019 Commercial and industrial 21,673 13,310 737,218 649,390 23,321 16,947 1,461,859 Agricultural and other 737 3,423 133,901 48,567 554 48 187,230 Total risk rated loans $ 37,017 $ 22,710 $ 6,156,711 $ 4,538,193 $ 59,415 $ 116,293 10,930,339 Purchased credit impaired loans 141,540 Total loans receivable $ 11,071,879 |
Presentation of Troubled Debt Restructurings ("TDRs") by Class | The following is a presentation of troubled debt restructurings (“TDRs”) by class as of December 31, 2019, 2018 and 2017: December 31, 2019 Number of Loans Pre- Modification Outstanding Balance Rate Modification Term Modification Rate & Term Modification Post- Modification Outstanding Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 14 $ 12,738 $ 6,622 $ 232 $ 4,397 $ 11,251 Construction/land development 3 618 546 12 19 577 Agricultural 2 387 387 — — 387 Residential real estate loans Residential 1-4 family 21 2,774 1,068 227 704 1,999 Multifamily residential 2 457 128 — 290 418 Total real estate 42 16,974 8,751 471 5,410 14,632 Consumer 3 39 24 3 — 27 Commercial and industrial 9 3,069 598 615 382 1,595 Total 54 20,082 9,373 1,089 5,792 16,254 December 31, 2018 Number of Loans Pre- Modification Outstanding Balance Rate Modification Term Modification Rate & Term Modification Post- Modification Outstanding Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 17 $ 15,227 $ 8,482 $ 982 $ 4,475 $ 13,939 Construction/land development 2 584 546 17 — 563 Agricultural 2 345 283 14 — 297 Residential real estate loans Residential 1-4 family 22 3,204 1,059 281 1,022 2,362 Multifamily residential 3 1,701 1,253 — 286 1,539 Total real estate 46 21,061 11,623 1,294 5,783 18,700 Consumer 5 38 18 9 — 27 Commercial and industrial 14 1,679 897 105 — 1,002 Total 65 22,778 12,538 1,408 5,783 19,729 December 31, 2017 Number of Loans Pre- Modification Outstanding Balance Rate Modification Term Modification Rate & Term Modification Post- Modification Outstanding Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 16 $ 16,853 $ 8,815 $ 250 $ 5,513 $ 14,578 Construction/land development 5 782 689 75 — 764 Agricultural 2 345 282 22 — 304 Residential real estate loans Residential 1-4 family 21 5,607 1,926 81 1,238 3,245 Multifamily residential 3 1,701 1,340 — 287 1,627 Total real estate 47 25,288 13,052 428 7,038 20,518 Consumer 3 19 — 18 — 18 Commercial and industrial 11 951 445 50 1 496 Agricultural and other 1 166 166 — — 166 Total 62 26,424 13,663 496 7,039 21,198 |
Presentation of TDR's on Non-Accrual Status | The following is a presentation of TDRs on non-accrual status as of December 31, 2019, 2018 and 2017 because they are not in compliance with the modified terms: December 31, 2019 December 31, 2018 December 31, 2017 Number of Loans Recorded Balance Number of Loans Recorded Balance Number of Loans Recorded Balance (Dollars in thousands) Real estate: Commercial real estate loans Non-farm/non-residential 2 $ 1,363 4 $ 2,950 2 $ 1,161 Construction/land development 2 565 1 546 — — Agricultural 2 387 1 14 1 22 Residential real estate loans Residential 1-4 family 7 530 8 778 8 850 Multifamily residential 1 128 1 142 1 153 Total real estate 14 2,973 15 4,430 12 2,186 Consumer — — 1 2 — — Commercial and industrial 4 1,159 6 194 1 — Total 18 $ 4,132 22 $ 4,626 13 $ 2,186 |
Summary of Total Foreclosed Assets | The following is a presentation of total foreclosed assets as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 (In thousands) Commercial real estate loans Non-farm/non-residential $ 3,528 $ 5,555 Construction/land development 3,218 3,534 Agricultural — — Residential real estate loans Residential 1-4 family 2,397 4,142 Multifamily residential — 5 Total foreclosed assets held for sale $ 9,143 $ 13,236 |
Summary of Purchased Credit Impaired Loans Acquired | The following is a summary of the purchased credit impaired loans acquired in the SPF, GHI, BOC and Stonegate acquisitions as of the dates of acquisition: SPF GHI BOC Stonegate (In thousands) Contractually required principal and interest at acquisition $ 3,496 $ 22,379 $ 18,586 $ 98,444 Non-accretable difference (expected losses and foregone interest) 285 4,462 2,811 23,297 Cash flows expected to be collected at acquisition 3,211 17,917 15,775 75,147 Accretable yield 808 2,071 1,043 11,761 Basis in purchased credit impaired loans at acquisition $ 2,403 $ 15,846 $ 14,732 $ 63,386 |
Changes in Carrying Amount of Accretable Yield for Purchased Credit Impaired Loans | Changes in the carrying amount of the accretable yield for purchased credit impaired loans were as follows for the year ended December 31, 2019 for the Company’s acquisitions: Accretable Yield Carrying Amount of Loans (In thousands) Balance at beginning of period $ 33,759 $ 141,540 Reforecasted future interest payments for loan pools (370 ) — Accretion recorded to interest income (16,060 ) 16,060 Adjustment to yield 11,973 — Reclassification out of purchased credit impaired loans (1) (29,302 ) (107,555 ) Payments received, net — (50,045 ) Balance at end of period $ — $ — (1) At acquisition, a portion of the loans acquired from Heritage, Liberty, Landmark, Bay Cities, Bank of Commerce, Premier Bank, Stonegate and Shore Premier Finance were recorded as purchased credit impaired loans on a pool by pool basis. In the third and fourth quarters of 2019, the Company reevaluated these loan pools and determined the purchase credit impaired loan pools no longer have a material projected credit impairment. As such, the remaining loans in these pools are performing and have been reclassified out of purchased credit impaired loans. |
Goodwill and Core Deposits an_2
Goodwill and Core Deposits and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount and Accumulated Amortization of Company's Goodwill and Core Deposits and Other Intangibles | Changes in the carrying amount and accumulated amortization of the Company’s goodwill and core deposits and other intangibles at December 31, 2019 and 2018, were as follows: December 31, 2019 December 31, 2018 Goodwill (In thousands) Balance, beginning of period $ 958,408 $ 927,949 Acquisitions — 30,459 Balance, end of period $ 958,408 $ 958,408 December 31, 2019 December 31, 2018 Core Deposit and Other Intangibles (In thousands) Balance, beginning of period $ 42,896 $ 49,351 Acquisitions — — Amortization expense (6,324 ) (6,455 ) Balance, end of year $ 36,572 $ 42,896 |
Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles | The carrying basis and accumulated amortization of core deposits and other intangibles at December 31, 2019 and 2018 were: December 31, 2019 December 31, 2018 (In thousands) Gross carrying amount $ 86,625 $ 86,625 Accumulated amortization (50,053 ) (43,729 ) Net carrying amount $ 36,572 $ 42,896 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Summary of Scheduled Maturities of Time Deposits | The following is a summary of the scheduled maturities of all time deposits at December 31, 2019 (in thousands): One month or less $ 232,068 Over 1 month to 3 months 211,238 Over 3 months to 6 months 331,886 Over 6 months to 12 months 720,418 Over 12 months to 2 years 374,110 Over 2 years to 3 years 68,888 Over 3 years to 5 years 36,894 Over 5 years 1,826 Total time deposits $ 1,977,328 |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Brokers And Dealers [Abstract] | |
Summary of Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase | The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of December 31, 2019 and 2018 is presented in the following tables: December 31, 2019 Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 22,714 $ — $ — $ — $ 22,714 Mortgage-backed securities 30,708 — — — 30,708 State and political subdivisions 84,540 — — — 84,540 Other securities 5,765 — — — 5,765 Total borrowings $ 143,727 $ — $ — $ — $ 143,727 December 31, 2018 Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total (In thousands) Securities sold under agreements to repurchase: U.S. government-sponsored enterprises $ 19,124 $ — $ — $ — $ 19,124 Mortgage-backed securities 9,184 — — — 9,184 State and political subdivisions 98,841 — — — 98,841 Other securities 16,530 — — — 16,530 Total borrowings $ 143,679 $ — $ — $ — $ 143,679 |
FHLB and Other Borrowed Funds (
FHLB and Other Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Maturities of Borrowings with Original Maturities | Maturities of borrowings with original maturities exceeding one year at December 31, 2019, are as follows (in thousands): By Contractual Maturity By Call Date 2020 $ 221,439 $ 621,439 2021 — — 2022 — — 2023 — — 2024 — — Thereafter 400,000 — $ 621,439 $ 621,439 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Preferred Trust Securities and Subordinated Debentures | Subordinated debentures at December 31, 2019 and 2018 contained the following components: As of December 31, 2019 As of December 31, 2018 (In thousands) Trust preferred securities Subordinated debentures, issued in 2006, due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty $ 3,093 $ 3,093 Subordinated debentures, issued in 2004, due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% above the three- month LIBOR rate, reset quarterly, thereafter, currently callable without penalty 15,464 15,464 Subordinated debentures, issued in 2005, due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% above the three- month LIBOR rate, reset quarterly, thereafter, currently callable without penalty 25,774 25,774 Subordinated debentures, issued in 2004, due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty 16,495 16,495 Subordinated debentures, issued in 2005, due 2035, floating rate of 2.15% above the three-month LIBOR rate, reset quarterly, currently callable without penalty 4,402 4,353 Subordinated debentures, issued in 2006, due 2036, fixed rate of 7.38% during the first five years and at a floating rate of 1.62% above the three-month LIBOR rate, reset quarterly, thereafter, currently callable without penalty 5,756 5,662 Subordinated debt securities Subordinated notes, net of issuance costs, issued in 2017, due 2027, fixed rate of 5.625% during the first five years and at a floating rate of 3.575% above the then three-month LIBOR rate, reset quarterly, thereafter, callable in 2022 without penalty 298,573 297,949 Total $ 369,557 $ 368,790 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Components of Provision (Benefit) for Income Taxes | The following is a summary of the components of the provision (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 (In thousands) Current: Federal $ 50,418 $ 68,990 $ 76,569 State 16,690 22,838 25,347 Total current 67,108 91,828 101,916 Deferred: Federal 21,768 2,471 25,607 State 7,206 818 8,477 Total deferred 28,974 3,289 34,084 Income tax expense $ 96,082 $ 95,117 $ 136,000 |
Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate | The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the years ended December 31, 2019, 2018 and 2017: Year Ended December 31, 2019 2018 2017 Statutory federal income tax rate 21.00 % 21.00 % 35.00 % Effect of non-taxable interest income (0.83 ) (0.83 ) (1.57 ) Effect of gain on acquisitions — — (0.49 ) Stock compensation 0.10 (0.14 ) (0.67 ) State income taxes, net of federal benefit 3.71 4.30 4.05 Effect of tax rate change — — 13.62 Other 0.94 (0.28 ) 0.23 Effective income tax rate 24.92 % 24.05 % 50.17 % |
Differences between Tax Basis of Assets and Liabilities | The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows: December 31, 2019 December 31, 2018 (In thousands) Deferred tax assets: Allowance for loan losses $ 25,829 $ 30,033 Deferred compensation 4,416 4,037 Stock compensation 5,960 4,259 Real estate owned 1,080 1,382 Unrealized loss on securities available-for-sale — 5,050 Loan discounts 11,996 23,755 Tax basis premium/discount on acquisitions 6,921 7,378 Investments 327 866 Other 8,940 10,243 Gross deferred tax assets 65,469 87,003 Deferred tax liabilities: Accelerated depreciation on premises and equipment 1,417 87 Unrealized gain on securities available-for-sale 5,717 — Core deposit intangibles 8,419 9,804 FHLB dividends 2,608 1,712 Other 3,007 2,125 Gross deferred tax liabilities 21,168 13,728 Net deferred tax assets $ 44,301 $ 73,275 |
Common Stock, Compensation Pl_2
Common Stock, Compensation Plans and Other (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Stock Option Transactions under Plan | The table below summarized the stock option transactions under the Plan at December 31, 2019, 2018 and 2017 and changes during the years then ended: 2019 2018 2017 Shares (000) Weighted- average Exercisable Price Shares (000) Weighted- average Exercisable Price Shares (000) Weighted- average Exercisable Price Outstanding, beginning of year 3,617 $ 19.62 2,274 $ 16.23 2,397 $ 15.19 Granted 55 19.15 1,581 23.24 80 25.96 Forfeited/Expired (163 ) 22.43 (37 ) 22.30 — — Exercised (98 ) 15.21 (201 ) 9.25 (203 ) 7.82 Outstanding, end of year 3,411 19.60 3,617 19.62 2,274 16.23 Exercisable, end of year 1,353 $ 16.03 1,167 $ 15.31 1,016 $ 13.55 |
Summary of Stock Options on Valuation Assumptions | The assumptions used in determining the fair value of 2019, 2018 and 2017 stock option grants were as follows: For the Years Ended December 31, 2019 2018 2017 Expected dividend yield 2.70 % 2.05 % 1.39 % Expected stock price volatility 26.13 % 25.59 % 28.47 % Risk-free interest rate 2.48 % 2.82 % 2.06 % Expected life of options 6.5 years 6.5 years 6.5 years |
Summary of Currently Outstanding and Exercisable Options | The following is a summary of currently outstanding and exercisable options at December 31, 2019: Options Outstanding Options Exercisable Exercise Prices Options Outstanding Shares (000) Weighted- Average Remaining Contractual Life (in years) Weighted- Average Exercise Price Options Exercisable Shares (000) Weighted- Average Exercise Price $6.56 to $8.62 213 2.71 $ 7.91 213 $ 7.91 $9.54 to $14.71 205 4.15 12.06 185 11.78 $16.77 to $16.86 152 4.59 16.80 142 16.80 $17.12 to $17.36 125 5.23 17.13 96 17.14 $17.40 to $18.46 978 5.63 18.45 563 18.44 $18.50 to $20.16 63 8.83 19.21 8 20.16 $20.58 to $21.25 160 6.17 21.08 95 21.09 $21.31 to $22.22 115 8.32 22.18 22 22.22 $22.70 to $23.32 1,318 8.56 23.32 — 22.70 $23.51 to $25.96 82 7.49 25.60 29 25.88 3,411 1,353 |
Summary of Company's Restricted Stock Issued and Outstanding | The table below summarizes the activity for the Company’s restricted stock issued and outstanding at December 31, 2019, 2018 and 2017 and changes during the years then ended: 2019 2018 2017 (In thousands) Beginning of year 1,873 1,145 958 Issued 181 1,010 232 Vested (340 ) (233 ) (45 ) Forfeited (78 ) (49 ) — End of year 1,636 1,873 1,145 Amount of expense for twelve months ended $ 8,427 $ 7,232 $ 5,237 |
Non-Interest Expense (Tables)
Non-Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Components of Non-Interest Expense | The table below shows the components of non-interest expense for years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 (In thousands) Salaries and employee benefits $ 154,177 $ 143,545 $ 119,369 Occupancy and equipment 35,452 33,960 30,055 Data processing expense 16,161 14,428 11,998 Other operating expenses: Advertising 4,687 4,472 3,203 Merger and acquisition expenses — 6,013 25,743 Amortization of intangibles 6,324 6,455 4,207 Electronic banking expense 7,525 7,622 6,662 Directors' fees 1,602 1,281 1,259 Due from bank service charges 1,081 1,003 1,602 FDIC and state assessment 4,468 8,558 5,239 Hurricane expense 897 470 556 Insurance 2,846 3,100 2,512 Legal and accounting 5,017 3,548 2,993 Other professional fees 10,213 6,453 5,359 Operating supplies 2,021 2,222 1,978 Postage 1,266 1,303 1,184 Telephone 1,210 1,405 1,374 Other expense 20,840 18,165 14,915 Total other operating expenses 69,997 72,070 78,786 Total non-interest expense $ 275,787 $ 264,003 $ 240,208 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Minimum Rental Commitments under Operating Leases | At December 31, 2019, the minimum rental commitments under these noncancelable operating leases are as follows (in thousands): 2020 $ 7,740 2021 6,774 2022 5,336 2023 4,760 2024 4,328 Thereafter 28,260 Total future minimum lease payments $ 57,198 Discount effect of cash flows (10,193 ) Present value of net future minimum lease payments $ 47,005 |
Additional Information of Lease Expense | Additional information (dollar amounts in thousands): Year Ended December 31, Lease expense: 2019 Operating lease expense $ 8,217 Short-term lease expense 105 Variable lease expense 976 Total lease expense $ 9,298 Other information: Cash paid for amounts included in the measurement of lease liabilities $ 7,931 Weighted-average remaining lease term 10.70 Weighted-average discount rate 3.62 % |
Minimum Rental Commitments under Operating Leases | At December 31, 2018, the minimum rental commitments under these noncancelable operate leases were as follows (in thousands): 2019 $ 8,589 2020 7,826 2021 6,842 2022 5,269 2023 4,633 Thereafter 33,208 $ 66,367 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | The following table presents the estimated fair values of the Company’s financial instruments. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. December 31, 2019 Carrying Amount Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 490,601 $ 490,601 1 Loans receivable, net of impaired loans and allowance 10,693,391 10,680,071 3 Accrued interest receivable 45,086 45,086 1 FHLB, Federal Reserve & First National Banker’s Bank stock; other equity investments 127,267 127,267 3 Financial liabilities: Deposits: Demand and non-interest bearing $ 2,367,091 $ 2,367,091 1 Savings and interest-bearing transaction accounts 6,933,964 6,933,964 1 Time deposits 1,977,328 1,991,120 3 Federal funds purchased 5,000 5,000 1 Securities sold under agreements to repurchase 143,727 143,727 1 FHLB and other borrowed funds 621,439 621,742 2 Accrued interest payable 8,001 8,001 1 Subordinated debentures 369,557 380,237 3 December 31, 2018 Carrying Amount Fair Value Level (In thousands) Financial assets: Cash and cash equivalents $ 657,939 $ 657,939 1 Federal funds sold 325 325 1 Investment securities – held-to-maturity 192,776 193,610 2 Loans receivable, net of impaired loans and allowance 10,878,769 10,659,428 3 Accrued interest receivable 48,945 48,945 1 FHLB, Federal Reserve & First National Banker’s Bank stock; other equity investments 159,775 159,775 3 Financial liabilities: Deposits: Demand and non-interest bearing $ 2,401,232 $ 2,401,232 1 Savings and interest-bearing transaction accounts 6,624,407 6,624,407 1 Time deposits 1,874,139 1,852,816 3 Securities sold under agreements to repurchase 143,679 143,679 1 FHLB and other borrowed funds 1,472,393 1,464,073 2 Accrued interest payable 8,891 8,891 1 Subordinated debentures 368,790 366,159 3 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Summary of Company's Actual Capital Amount and Ratios | The Company’s actual capital amounts and ratios along with the Company’s bank subsidiary are presented in the following table. Actual Minimum Capital Requirement – Basel III Phase-In Schedule Minimum Capital Requirement – Basel III Fully Phased-In Minimum To Be Well-Capitalized Under Prompt Corrective Action Provision Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2019 Common equity Tier 1 capital ratios: Home BancShares $ 1,500,756 12.44 % $ 844,665 7.00 % $ 844,665 7.00 % $ N/A N/A % Centennial Bank 1,744,543 14.47 843,863 7.00 843,863 7.00 783,587 6.50 Leverage ratios: Home BancShares $ 1,571,740 11.27 % $ 557,993 4.00 % $ 557,993 4.00 % $ N/A N/A % Centennial Bank 1,744,543 12.51 557,977 4.00 557,977 4.00 697,471 5.00 Tier 1 capital ratios: Home BancShares $ 1,571,740 13.03 % $ 1,025,665 8.50 % $ 1,025,665 8.50 % $ N/A N/A % Centennial Bank 1,744,543 14.47 1,024,691 8.50 1,024,691 8.50 964,415 8.00 Total risk-based capital ratios: Home BancShares $ 1,972,435 16.35 % $ 1,266,998 10.50 % $ 1,266,998 10.50 % $ N/A N/A % Centennial Bank 1,846,665 15.32 1,265,797 10.50 1,265,797 10.50 1,205,521 10.00 As of December 31, 2018 Common equity Tier 1 capital ratios: Home BancShares $ 1,362,859 11.34 % $ 766,158 6.375 % $ 841,271 7.00 % $ N/A N/A% Centennial Bank 1,654,810 13.77 766,116 6.375 841,225 7.00 781,138 6.50 Leverage ratios: Home BancShares $ 1,433,700 10.36 % $ 553,552 4.000 % $ 553,552 4.00 % $ N/A N/A% Centennial Bank 1,654,810 11.93 554,840 4.000 554,840 4.00 693,550 5.00 Tier 1 capital ratios: Home BancShares $ 1,433,700 11.93 % $ 946,386 7.875 % $ 1,021,496 8.50 % $ N/A N/A% Centennial Bank 1,654,810 13.77 946,378 7.875 1,021,488 8.50 961,400 8.00 Total risk-based capital ratios: Home BancShares $ 1,840,440 15.31 % $ 1,187,090 9.875 % $ 1,262,222 10.50 % $ N/A N/A% Centennial Bank 1,763,601 14.68 1,186,346 9.875 1,261,431 10.50 1,201,363 10.00 |
Additional Cash Flow Informat_2
Additional Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Additional Cash Flow Information | The following is summary of t he Company’s additional cash flow information during the years ended December 31: 2019 2018 2017 (In thousands) Interest paid $ 155,661 $ 121,047 $ 61,930 Income taxes paid 89,692 69,282 124,830 Assets acquired by foreclosure 9,340 11,217 10,318 |
Condensed Financial Informati_2
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheets | Condensed Balance Sheets December 31, (In thousands) 2019 2018 Assets Cash and cash equivalents $ 110,597 $ 64,359 Investments in wholly-owned subsidiaries 2,756,901 2,641,929 Investments in unconsolidated subsidiaries 2,201 2,201 Premises and equipment 1,737 2,545 Other assets 15,197 13,191 Total assets $ 2,886,633 $ 2,724,225 Liabilities Subordinated debentures $ 369,557 $ 368,790 Other liabilities 5,545 5,549 Total liabilities 375,102 374,339 Stockholders' Equity Common stock 1,664 1,707 Capital surplus 1,537,091 1,609,810 Retained earnings 956,555 752,184 Accumulated other comprehensive income (loss) 16,221 (13,815 ) Total stockholders' equity 2,511,531 2,349,886 Total liabilities and stockholders' equity $ 2,886,633 $ 2,724,225 |
Schedule of Condensed Statements of Income | Condensed Statements of Income Years Ended December 31, (In thousands) 2019 2018 2017 Income Dividends from banking subsidiary $ 232,532 $ 217,841 $ 86,695 Other income 125 599 2,241 Total income 232,657 218,440 88,936 Expenses 36,798 40,266 26,634 Income before income taxes and equity in undistributed net income of subsidiaries 195,859 178,174 62,302 Tax benefit for income taxes 9,703 10,873 8,826 Income before equity in undistributed net income of subsidiaries 205,562 189,047 71,128 Equity in undistributed net income of subsidiaries 83,977 111,356 63,955 Net income $ 289,539 $ 300,403 $ 135,083 |
Schedule of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years Ended December 31, (In thousands) 2019 2018 2017 Cash flows from operating activities Net income $ 289,539 $ 300,403 $ 135,083 Items not requiring (providing) cash Depreciation 289 301 213 Amortization 796 788 612 Share-based compensation 10,719 9,084 6,705 Gain on assets (18 ) (111 ) (2,393 ) Equity in undistributed income of subsidiaries (83,977 ) (111,356 ) (63,955 ) Changes in other assets (2,006 ) (661 ) (10,748 ) Changes in other liabilities (504 ) (2,595 ) 14,202 Net cash provided by operating activities 214,838 195,853 79,719 Cash flows from investing activities Purchases of premises and equipment, net — — (4,075 ) Proceeds from sale of premises and equipment, net 508 4,262 3,957 Capital contribution to subsidiary — (881 ) (250,000 ) Purchase of Giant Holdings, Inc. — — (16,591 ) Purchase of Bank of Commerce — — (4,175 ) Disposition of RCA Air, LLC — — 382 Purchase of Stonegate Bank — — (40,649 ) Proceeds from sale of investment securities — 3,768 5,629 Net cash provided by (used in) investing activities 508 7,149 (305,522 ) Cash flows from financing activities Proceeds from exercise of stock options 1,407 1,454 1,082 Common stock issuance costs – market acquisitions — — (825 ) Repurchase of common stock (84,888 ) (104,276 ) (20,825 ) Proceeds from issuance of subordinated debt — — 297,201 Dividends paid (85,627 ) (79,867 ) (60,373 ) Net cash provided by (used in) financing activities (169,108 ) (182,689 ) 216,260 Increase (decrease) in cash and cash equivalents 46,238 20,313 (9,543 ) Cash and cash equivalents, beginning of year 64,359 44,046 53,589 Cash and cash equivalents, end of year $ 110,597 $ 64,359 $ 44,046 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Segment$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Accounting Policy [Line Items] | |||
Number of Reportable Segments | Segment | 1 | ||
Non-classified loans and classified loans | $ 2,000,000 | ||
Surrender value of underperforming BOLI | 47,500,000 | ||
Tax expense related to BOLI transaction | 3,700,000 | ||
Impairment of goodwill | 0 | $ 0 | $ 0 |
Impairment of core deposit and other intangibles | 0 | 0 | $ 0 |
Option to purchase common stock | $ 3,400,000 | ||
Weighted average exercise price common stock | $ / shares | $ 19.60 | ||
Minimum [Member] | |||
Accounting Policy [Line Items] | |||
Intangible assets amortization period | 48 months | ||
Maximum [Member] | |||
Accounting Policy [Line Items] | |||
Intangible assets amortization period | 121 months | ||
IRS [Member] | |||
Accounting Policy [Line Items] | |||
Penalty percentage on gains surrendered within the policy of BOLI contract | 10.00% | ||
Accounting Standards Update 2017-12 [Member] | |||
Accounting Policy [Line Items] | |||
Fair value of securities held to maturity | 193,600,000 | ||
Net unrealized gain of held to maturity securities transferred to available for sale investment securities | $ 834,000 | ||
Federal Reserve Bank [Member] | |||
Accounting Policy [Line Items] | |||
Required reserve balance | $ 4,400,000 |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives for Book Purposes (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Bank Premises [Member] | Minimum [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful lives | 15 years |
Bank Premises [Member] | Maximum [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful lives | 40 years |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful lives | 3 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Useful lives | 15 years |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings per Common Share (EPS) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Net income | $ 289,539 | $ 300,403 | $ 135,083 |
Average common shares outstanding | 167,804 | 173,657 | 150,806 |
Effect of common stock options | 467 | 722 | |
Diluted common shares outstanding | 167,804 | 174,124 | 151,528 |
Basic earnings per common share | $ 1.73 | $ 1.73 | $ 0.90 |
Diluted earnings per common share | $ 1.73 | $ 1.73 | $ 0.89 |
Business Combinations - Acquisi
Business Combinations - Acquisition of Shore Premier Finance - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 30,459 | ||
Shore Premier Finance [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition date | Jun. 30, 2018 | ||
Business combination consideration paid | $ 377,400 | $ 377,400 | |
Business combination, common stock issued, shares | 1,250,000 | 1,250,000 | |
Business combination, common stock issued, value | $ 28,200 | $ 28,200 | |
Business combination, recognized identifiable assets acquired, Total Assets | 377,000 | 377,000 | |
Business combination, recognized identifiable liabilities assumed, Loans | $ 376,200 | 376,200 | |
Goodwill | $ 30,500 |
Business Combinations - Acqui_2
Business Combinations - Acquisition of Stonegate Bank - Additional Information (Detail) | Sep. 26, 2017USD ($)BankingCentershares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | |||
Loans purchased | $ 1,990,000,000 | $ 2,900,000,000 | |
Amount of discount on purchased loans | $ 58,700,000 | $ 113,600,000 | |
Stonegate Bank [Member] | |||
Business Acquisition [Line Items] | |||
Business combination consideration paid | $ 792,370,000 | ||
Business combination, common stock issued, shares | shares | 30,863,658 | ||
Business combination, common stock issued, value | $ 742,300,000 | ||
Business combination consideration paid in cash | 50,100,000 | ||
Business combination, recognized identifiable assets acquired, Total Assets | 2,887,523,000 | ||
Business acquisition of investment securities | 103,515,000 | ||
Loans purchased | 2,370,000,000 | ||
Loan discounts | 73,300,000 | ||
Amount of discount on purchased loans | 22,600,000 | ||
Business acquisition of bank premises and equipment | $ 3,600,000 | ||
Effective tax rates | 39.225% | ||
Core deposit intangible | $ 30,869,000 | ||
Customer deposits assumed pursuant to agreement | 2,525,697,000 | ||
Stonegate Bank [Member] | Credit Impaired Loans [Member] | |||
Business Acquisition [Line Items] | |||
Loans purchased | 74,300,000 | ||
Loan discounts | 23,300,000 | ||
Stonegate Bank [Member] | Fair Value Adjustments [Member] | |||
Business Acquisition [Line Items] | |||
Business combination, recognized identifiable assets acquired, Total Assets | (105,302,000) | ||
Business acquisition of investment securities | 474,000 | ||
Core deposit intangible | 20,364,000 | ||
Customer deposits assumed pursuant to agreement | (85,000) | ||
Stonegate Bank [Member] | Florida [Member] | |||
Business Acquisition [Line Items] | |||
Business combination, recognized identifiable assets acquired, Total Assets | 2,890,000,000 | ||
Business combination, recognized identifiable liabilities assumed, Loans | 2,370,000,000 | ||
Business combination, recognized identifiable assets acquired, Deposits | $ 2,530,000,000 | ||
Number of banking locations | BankingCenter | 24 | ||
Stonegate Bank [Member] | Shareholders [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition date | Sep. 26, 2017 | ||
Business combination consideration paid | $ 792,400,000 | ||
Business combination, common stock issued, shares | shares | 30,863,658 | ||
Business combination, common stock issued, value | $ 742,300,000 | ||
Business combination consideration paid in cash | 50,100,000 | ||
Stonegate Bank [Member] | Optionholders [Member] | |||
Business Acquisition [Line Items] | |||
Business combination consideration paid | 820,000,000 | ||
Business combination consideration paid in cash | $ 27,600,000 |
Business Combinations - Breakdo
Business Combinations - Breakdown of Assets Acquired and Liabilities Assumed (Detail) - USD ($) | Sep. 26, 2017 | Feb. 28, 2017 | Feb. 23, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||||||
Goodwill | $ 958,408,000 | $ 958,408,000 | $ 927,949,000 | |||
Equity | ||||||
Goodwill | $ 958,408,000 | $ 958,408,000 | $ 927,949,000 | |||
Stonegate Bank [Member] | ||||||
Assets | ||||||
Cash and due from banks | $ 100,958,000 | |||||
Interest-bearing deposits with other banks | 135,631,000 | |||||
Federal funds sold | 1,515,000 | |||||
Investment securities | 103,515,000 | |||||
Loans receivable | 2,372,082,000 | |||||
Loans receivable, net | 2,372,082,000 | |||||
Bank premises and equipment, net | 35,296,000 | |||||
Foreclosed assets held for sale | 3,386,000 | |||||
Cash value of life insurance | 48,000,000 | |||||
Accrued interest receivable | 7,088,000 | |||||
Deferred tax asset, net | 39,330,000 | |||||
Goodwill | 507,008,000 | |||||
Core deposit and other intangibles | 30,869,000 | |||||
Other assets | 9,853,000 | |||||
Total assets acquired | 2,887,523,000 | |||||
Deposits | ||||||
Demand and non-interest-bearing | 585,959,000 | |||||
Savings and interest-bearing transaction accounts | 1,776,256,000 | |||||
Time deposits | 163,482,000 | |||||
Total deposits | 2,525,697,000 | |||||
FHLB borrowed funds | 32,851,000 | |||||
Securities sold under agreements to repurchase | 26,163,000 | |||||
Accrued interest payable and other liabilities | 7,616,000 | |||||
Subordinated debentures | 9,834,000 | |||||
Total liabilities assumed | 2,602,161,000 | |||||
Equity | ||||||
Total liabilities and equity assumed | 2,602,161,000 | |||||
Net assets acquired | 285,362,000 | |||||
Purchase price | 792,370,000 | |||||
Goodwill | 507,008,000 | |||||
Stonegate Bank [Member] | Acquired from Acquisition [Member] | ||||||
Assets | ||||||
Cash and due from banks | 100,958,000 | |||||
Interest-bearing deposits with other banks | 135,631,000 | |||||
Federal funds sold | 1,515,000 | |||||
Investment securities | 103,041,000 | |||||
Loans receivable | 2,446,149,000 | |||||
Allowance for loan losses | (21,507,000) | |||||
Loans receivable, net | 2,424,642,000 | |||||
Bank premises and equipment, net | 38,868,000 | |||||
Foreclosed assets held for sale | 4,187,000 | |||||
Cash value of life insurance | 48,000,000 | |||||
Accrued interest receivable | 7,088,000 | |||||
Deferred tax asset, net | 27,340,000 | |||||
Goodwill | 81,452,000 | |||||
Core deposit and other intangibles | 10,505,000 | |||||
Other assets | 9,598,000 | |||||
Total assets acquired | 2,992,825,000 | |||||
Deposits | ||||||
Demand and non-interest-bearing | 585,959,000 | |||||
Savings and interest-bearing transaction accounts | 1,776,256,000 | |||||
Time deposits | 163,567,000 | |||||
Total deposits | 2,525,782,000 | |||||
FHLB borrowed funds | 32,667,000 | |||||
Securities sold under agreements to repurchase | 26,163,000 | |||||
Accrued interest payable and other liabilities | 8,100,000 | |||||
Subordinated debentures | 8,345,000 | |||||
Total liabilities assumed | 2,601,057,000 | |||||
Equity | ||||||
Total equity assumed | 391,768,000 | |||||
Total liabilities and equity assumed | 2,992,825,000 | |||||
Goodwill | 81,452,000 | |||||
Stonegate Bank [Member] | Fair Value Adjustments [Member] | ||||||
Assets | ||||||
Investment securities | 474,000 | |||||
Loans receivable | (74,067,000) | |||||
Allowance for loan losses | 21,507,000 | |||||
Loans receivable, net | (52,560,000) | |||||
Bank premises and equipment, net | (3,572,000) | |||||
Foreclosed assets held for sale | (801,000) | |||||
Deferred tax asset, net | 11,990,000 | |||||
Goodwill | (81,452,000) | |||||
Core deposit and other intangibles | 20,364,000 | |||||
Other assets | 255,000 | |||||
Total assets acquired | (105,302,000) | |||||
Deposits | ||||||
Time deposits | (85,000) | |||||
Total deposits | (85,000) | |||||
FHLB borrowed funds | 184,000 | |||||
Accrued interest payable and other liabilities | (484,000) | |||||
Subordinated debentures | 1,489,000 | |||||
Total liabilities assumed | 1,104,000 | |||||
Equity | ||||||
Total equity assumed | (391,768,000) | |||||
Total liabilities and equity assumed | (390,664,000) | |||||
Goodwill | $ (81,452,000) | |||||
The Bank of Commerce [Member] | ||||||
Assets | ||||||
Cash and due from banks | $ 4,610,000 | |||||
Interest-bearing deposits with other banks | 14,360,000 | |||||
Investment securities | 25,813,000 | |||||
Loans receivable | 118,538,000 | |||||
Loans receivable, net | 118,538,000 | |||||
Bank premises and equipment, net | 1,887,000 | |||||
Foreclosed assets held for sale | 5,358,000 | |||||
Accrued interest receivable | 481,000 | |||||
Deferred tax asset, net | 4,198,000 | |||||
Core deposit and other intangibles | 968,000 | |||||
Other assets | 1,880,000 | |||||
Total assets acquired | 178,093,000 | |||||
Deposits | ||||||
Demand and non-interest-bearing | 27,245,000 | |||||
Savings and interest-bearing transaction accounts | 32,300,000 | |||||
Time deposits | 80,215,000 | |||||
Total deposits | 139,760,000 | |||||
FHLB borrowed funds | 30,042,000 | |||||
Accrued interest payable and other liabilities | 309,000 | |||||
Total liabilities assumed | 170,111,000 | |||||
Equity | ||||||
Total equity assumed | 0 | |||||
Net assets acquired | 7,982,000 | |||||
Purchase price | 4,175,000 | |||||
Pre-tax gain on acquisition | 3,807,000 | |||||
The Bank of Commerce [Member] | Acquired from Acquisition [Member] | ||||||
Assets | ||||||
Cash and due from banks | 4,610,000 | |||||
Interest-bearing deposits with other banks | 14,360,000 | |||||
Investment securities | 25,926,000 | |||||
Loans receivable | 124,289,000 | |||||
Allowance for loan losses | (2,037,000) | |||||
Loans receivable, net | 122,252,000 | |||||
Bank premises and equipment, net | 1,887,000 | |||||
Foreclosed assets held for sale | 8,523,000 | |||||
Accrued interest receivable | 481,000 | |||||
Other assets | 1,880,000 | |||||
Total assets acquired | 179,919,000 | |||||
Deposits | ||||||
Demand and non-interest-bearing | 27,245,000 | |||||
Savings and interest-bearing transaction accounts | 32,300,000 | |||||
Time deposits | 79,945,000 | |||||
Total deposits | 139,490,000 | |||||
FHLB borrowed funds | 30,000,000 | |||||
Accrued interest payable and other liabilities | 564,000 | |||||
Total liabilities assumed | 170,054,000 | |||||
The Bank of Commerce [Member] | Fair Value Adjustments [Member] | ||||||
Assets | ||||||
Investment securities | (113,000) | |||||
Loans receivable | (5,751,000) | |||||
Allowance for loan losses | 2,037,000 | |||||
Loans receivable, net | (3,714,000) | |||||
Foreclosed assets held for sale | (3,165,000) | |||||
Deferred tax asset, net | 4,198,000 | |||||
Core deposit and other intangibles | 968,000 | |||||
Total assets acquired | (1,826,000) | |||||
Deposits | ||||||
Time deposits | 270,000 | |||||
Total deposits | 270,000 | |||||
FHLB borrowed funds | 42,000 | |||||
Accrued interest payable and other liabilities | (255,000) | |||||
Total liabilities assumed | $ 57,000 | |||||
Giant Holdings, Inc. [Member] | ||||||
Assets | ||||||
Cash and due from banks | $ 41,019,000 | |||||
Interest-bearing deposits with other banks | 4,058,000 | |||||
Investment securities | 1,956,000 | |||||
Loans receivable | 329,369,000 | |||||
Loans receivable, net | 329,369,000 | |||||
Bank premises and equipment, net | 2,719,000 | |||||
Cash value of life insurance | 10,861,000 | |||||
Accrued interest receivable | 850,000 | |||||
Deferred tax asset, net | 4,093,000 | |||||
Goodwill | 42,958,000 | |||||
Core deposit and other intangibles | 3,410,000 | |||||
Other assets | (235,000) | |||||
Total assets acquired | 398,100,000 | |||||
Deposits | ||||||
Demand and non-interest-bearing | 75,993,000 | |||||
Savings and interest-bearing transaction accounts | 139,459,000 | |||||
Time deposits | 88,543,000 | |||||
Total deposits | 303,995,000 | |||||
FHLB borrowed funds | 26,478,000 | |||||
Accrued interest payable and other liabilities | 14,570,000 | |||||
Total liabilities assumed | 345,043,000 | |||||
Equity | ||||||
Total liabilities and equity assumed | 345,043,000 | |||||
Net assets acquired | 53,057,000 | |||||
Purchase price | 96,015,000 | |||||
Goodwill | 42,958,000 | |||||
Giant Holdings, Inc. [Member] | Acquired from Acquisition [Member] | ||||||
Assets | ||||||
Cash and due from banks | 41,019,000 | |||||
Interest-bearing deposits with other banks | 4,057,000 | |||||
Investment securities | 1,961,000 | |||||
Loans receivable | 335,886,000 | |||||
Allowance for loan losses | (4,568,000) | |||||
Loans receivable, net | 331,318,000 | |||||
Bank premises and equipment, net | 2,111,000 | |||||
Cash value of life insurance | 10,861,000 | |||||
Accrued interest receivable | 850,000 | |||||
Deferred tax asset, net | 2,286,000 | |||||
Core deposit and other intangibles | 172,000 | |||||
Other assets | 254,000 | |||||
Total assets acquired | 394,889,000 | |||||
Deposits | ||||||
Demand and non-interest-bearing | 75,993,000 | |||||
Savings and interest-bearing transaction accounts | 139,459,000 | |||||
Time deposits | 88,219,000 | |||||
Total deposits | 303,671,000 | |||||
FHLB borrowed funds | 26,047,000 | |||||
Accrued interest payable and other liabilities | 14,552,000 | |||||
Total liabilities assumed | 344,270,000 | |||||
Equity | ||||||
Total equity assumed | 50,619,000 | |||||
Total liabilities and equity assumed | 394,889,000 | |||||
Giant Holdings, Inc. [Member] | Fair Value Adjustments [Member] | ||||||
Assets | ||||||
Interest-bearing deposits with other banks | 1,000 | |||||
Investment securities | (5,000) | |||||
Loans receivable | (6,517,000) | |||||
Allowance for loan losses | 4,568,000 | |||||
Loans receivable, net | (1,949,000) | |||||
Bank premises and equipment, net | 608,000 | |||||
Deferred tax asset, net | 1,807,000 | |||||
Core deposit and other intangibles | 3,238,000 | |||||
Other assets | (489,000) | |||||
Total assets acquired | 3,211,000 | |||||
Deposits | ||||||
Time deposits | 324,000 | |||||
Total deposits | 324,000 | |||||
FHLB borrowed funds | 431,000 | |||||
Accrued interest payable and other liabilities | 18,000 | |||||
Total liabilities assumed | 773,000 | |||||
Equity | ||||||
Total equity assumed | (50,619,000) | |||||
Total liabilities and equity assumed | $ (49,846,000) |
Business Combinations - Schedul
Business Combinations - Schedule of Unaudited Pro Forma Combined Financial Information (Detail) - Stonegate Bank [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Total interest income | $ 610,697 |
Total non-interest income | 107,179 |
Net income available to all shareholders | $ 143,979 |
Basic earnings per common share | $ / shares | $ 0.79 |
Diluted earnings per common share | $ / shares | $ 0.79 |
Business Combinations - Acqui_3
Business Combinations - Acquisition of The Bank of Commerce - Additional Information (Detail) | Feb. 28, 2017USD ($)BankingCenter | Dec. 31, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Loans purchased | $ 1,990,000,000 | $ 2,900,000,000 | ||
The Bank of Commerce [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition date | Feb. 28, 2017 | |||
Cash paid for acquisition | $ 4,175,000 | |||
Business combination, recognized identifiable assets acquired, Total Assets | 178,093,000 | |||
Loan discounts | 3,000,000 | |||
Business acquisition of investment securities | 25,813,000 | |||
Loans purchased | $ 106,800,000 | |||
Effective tax rates | 39.225% | |||
Core deposit intangible | $ 968,000 | |||
Customer deposits assumed pursuant to agreement | 139,760,000 | |||
The Bank of Commerce [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of total assets | 5.00% | |||
The Bank of Commerce [Member] | Credit Impaired Loans [Member] | ||||
Business Acquisition [Line Items] | ||||
Loan discounts | 2,800,000 | |||
Loans purchased | 17,500,000 | |||
The Bank of Commerce [Member] | Fair Value Adjustments [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, recognized identifiable assets acquired, Total Assets | (1,826,000) | |||
Business acquisition of investment securities | (113,000) | |||
Core deposit intangible | 968,000 | |||
Customer deposits assumed pursuant to agreement | $ 270,000 | |||
The Bank of Commerce [Member] | Florida [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of banking locations | BankingCenter | 3 | |||
Business combination, recognized identifiable assets acquired, Total Assets | $ 178,100,000 | |||
Business combination, recognized identifiable liabilities assumed, Loans | 118,500,000 | |||
Loan discounts | 5,800,000 | |||
Business combination, recognized identifiable assets acquired, Deposits | $ 139,800,000 |
Business Combinations - Acqui_4
Business Combinations - Acquisition of Giant Holdings, Inc. - Additional Information (Detail) | Feb. 23, 2017USD ($)BankingCentershares | Dec. 31, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Loans purchased | $ 1,990,000,000 | $ 2,900,000,000 | ||
Amount of discount on purchased loans | $ 58,700,000 | $ 113,600,000 | ||
Giant Holdings, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Business acquisition date | Feb. 23, 2017 | |||
Business combination consideration paid | $ 96,015,000 | |||
Business combination, common stock issued, shares | shares | 2,738,038 | |||
Business combination, common stock issued, value | $ 77,500,000 | |||
Business combination consideration paid in cash | 18,500,000 | |||
Business combination, recognized identifiable assets acquired, Total Assets | 398,100,000 | |||
Loan discounts | 3,600,000 | |||
Business acquisition of investment securities | 1,956,000 | |||
Loans purchased | 315,600,000 | |||
Amount of discount on purchased loans | 1,600,000 | |||
Business acquisition of bank premises and equipment | $ 608,000 | |||
Effective tax rates | 39.225% | |||
Core deposit intangible | $ 3,410,000 | |||
Customer deposits assumed pursuant to agreement | 303,995,000 | |||
Giant Holdings, Inc. [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of total assets | 5.00% | |||
Giant Holdings, Inc. [Member] | Credit Impaired Loans [Member] | ||||
Business Acquisition [Line Items] | ||||
Loan discounts | 4,500,000 | |||
Loans purchased | 20,300,000 | |||
Giant Holdings, Inc. [Member] | Fair Value Adjustments [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, recognized identifiable assets acquired, Total Assets | 3,211,000 | |||
Business acquisition of investment securities | (5,000) | |||
Core deposit intangible | 3,238,000 | |||
Customer deposits assumed pursuant to agreement | 324,000 | |||
Giant Holdings, Inc. [Member] | Florida [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination, recognized identifiable assets acquired, Total Assets | 398,100,000 | |||
Business combination, recognized identifiable liabilities assumed, Loans | 327,800,000 | |||
Business combination, recognized identifiable assets acquired, Deposits | 304,000,000 | |||
Loan discounts | $ 8,100,000 | |||
Number of banking locations | BankingCenter | 6 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Security | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Investments, Fair Value Disclosure | $ 193,600,000 | ||
Unrealized Gain (Loss) on Investments | 834,000,000 | ||
Carrying value of investment securities | $ 865,400,000 | 1,320,000,000 | |
Investment securities pledged as collateral | 143,700,000 | 143,700,000 | |
Available for sale securities sold | 1,500,000 | $ 0 | $ 30,600,000 |
Realized losses on available for sale securities | $ 2,000 | $ 127,000 | |
Income tax expense benefit to net security gains and losses | 25.819% | 26.135% | 39.225% |
Proceeds from sale of equity securities | $ 3,768,000 | ||
Realized gains or losses on available for sale securities | 0 | ||
Gross realized gains on available for sale securities | $ 2,300,000 | ||
Held-to-maturity securities sold | 0 | 483,000 | |
Gross realized loss on sale of held-to-maturity | $ 7,000 | ||
Fair value of unrealized losses | $ 2,900,000 | $ 21,800,000 | |
Percentage of Company's investment portfolio | 76.60% | 73.10% | |
Maturity description of investment portfolio | five years or less | five years or less | |
Number of investment securities available for sale | Security | 1,329 | ||
Number of investment in debt securities unrealized loss position | Security | 307 | ||
Debt securities available for sale unrealized loss position | $ 4,600,000 | ||
U.S. Government-Sponsored Enterprises [Member] | |||
Number of investment in debt securities unrealized loss position | Security | 87 | ||
Debt securities available for sale unrealized loss position | $ 2,300,000 | ||
Residential Mortgage-Backed Securities [Member] | |||
Number of investment in debt securities unrealized loss position | Security | 148 | ||
Debt securities available for sale unrealized loss position | $ 1,200,000 | ||
Commercial Mortgage-Backed Securities [Member] | |||
Number of investment in debt securities unrealized loss position | Security | 42 | ||
Debt securities available for sale unrealized loss position | $ 642,078 | ||
State and Political Subdivisions [Member] | |||
Number of investment in debt securities unrealized loss position | Security | 25 | ||
Debt securities available for sale unrealized loss position | $ 256,950 | ||
Other Securities [Member] | |||
Number of investment in debt securities unrealized loss position | Security | 5 | ||
Debt securities available for sale unrealized loss position | $ 165,839 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total, Amortized Cost | $ 2,061,849 | $ 1,805,043 |
Gross Unrealized Gains | 26,616 | 4,888 |
Gross Unrealized (Losses) | (4,627) | (24,069) |
Estimated Fair Value | 2,083,838 | 1,785,862 |
U.S. Government-Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total, Amortized Cost | 398,870 | 418,605 |
Gross Unrealized Gains | 1,001 | 504 |
Gross Unrealized (Losses) | (2,321) | (4,976) |
Estimated Fair Value | 397,550 | 414,133 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total, Amortized Cost | 689,955 | 580,183 |
Gross Unrealized Gains | 4,735 | 1,230 |
Gross Unrealized (Losses) | (1,241) | (8,512) |
Estimated Fair Value | 693,449 | 572,901 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total, Amortized Cost | 514,287 | 463,084 |
Gross Unrealized Gains | 6,647 | 539 |
Gross Unrealized (Losses) | (642) | (7,745) |
Estimated Fair Value | 520,292 | 455,878 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total, Amortized Cost | 425,989 | 308,835 |
Gross Unrealized Gains | 13,824 | 2,311 |
Gross Unrealized (Losses) | (257) | (2,589) |
Estimated Fair Value | 439,556 | 308,557 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total, Amortized Cost | 32,748 | 34,336 |
Gross Unrealized Gains | 409 | 304 |
Gross Unrealized (Losses) | (166) | (247) |
Estimated Fair Value | $ 32,991 | $ 34,393 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities Classified as Held-to-Maturity (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Estimated Fair Value | $ 192,776 |
Held-to-Maturity [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost | 192,776 |
Gross Unrealized Gains | 1,907 |
Gross Unrealized (Losses) | (1,073) |
Estimated Fair Value | 193,610 |
U.S. Government-Sponsored Enterprises [Member] | Held-to-Maturity [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost | 3,261 |
Gross Unrealized Gains | 14 |
Gross Unrealized (Losses) | (71) |
Estimated Fair Value | 3,204 |
Residential Mortgage-Backed Securities [Member] | Held-to-Maturity [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost | 39,707 |
Gross Unrealized Gains | 20 |
Gross Unrealized (Losses) | (689) |
Estimated Fair Value | 39,038 |
Commercial Mortgage-Backed Securities [Member] | Held-to-Maturity [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost | 17,587 |
Gross Unrealized Gains | 58 |
Gross Unrealized (Losses) | (267) |
Estimated Fair Value | 17,378 |
State and Political Subdivisions [Member] | Held-to-Maturity [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Amortized Cost | 132,221 |
Gross Unrealized Gains | 1,815 |
Gross Unrealized (Losses) | (46) |
Estimated Fair Value | $ 133,990 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Securities Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-Sale Securities, Amortized Cost | ||
Due in one year or less, Amortized Cost | $ 562,325 | |
Due after one year through five years, Amortized Cost | 1,022,926 | |
Due after five years through ten years, Amortized Cost | 326,384 | |
Due after ten years, Amortized Cost | 150,214 | |
Total, Amortized Cost | 2,061,849 | $ 1,805,043 |
Available-for-Sale Securities, Estimated Fair Value | ||
Due in one year or less, Estimated Fair Value | 565,204 | |
Due after one year through five years, Estimated Fair Value | 1,031,507 | |
Due after five years through ten years, Estimated Fair Value | 334,936 | |
Due after ten years, Estimated Fair Value | 152,191 | |
Total, Estimated Fair Value | $ 2,083,838 | $ 1,785,862 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses and Estimated Fair Value of Investment Securities Available for Sale and Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | $ 378,901 | $ 345,050 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (1,770) | (3,365) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 287,984 | 1,033,349 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (2,857) | (21,777) |
Fair Value of Available-for-Sale Securities, Total | 666,885 | 1,378,399 |
Unrealized Losses of Available-for-Sale Securities, Total | (4,627) | (25,142) |
U.S. Government-Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 129,951 | 148,392 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (553) | (1,398) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 143,287 | 192,456 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (1,768) | (3,649) |
Fair Value of Available-for-Sale Securities, Total | 273,238 | 340,848 |
Unrealized Losses of Available-for-Sale Securities, Total | (2,321) | (5,047) |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 141,877 | 95,001 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (640) | (713) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 90,058 | 386,279 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (601) | (8,488) |
Fair Value of Available-for-Sale Securities, Total | 231,935 | 481,280 |
Unrealized Losses of Available-for-Sale Securities, Total | (1,241) | (9,201) |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 78,750 | 33,917 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (330) | (337) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 40,894 | 368,705 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (312) | (7,675) |
Fair Value of Available-for-Sale Securities, Total | 119,644 | 402,622 |
Unrealized Losses of Available-for-Sale Securities, Total | (642) | (8,012) |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 27,376 | 64,376 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (245) | (763) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 4,206 | 77,602 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (12) | (1,872) |
Fair Value of Available-for-Sale Securities, Total | 31,582 | 141,978 |
Unrealized Losses of Available-for-Sale Securities, Total | (257) | (2,635) |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value of Available-for-Sale Securities, Less Than 12 Months | 947 | 3,364 |
Unrealized Losses of Available-for-Sale Securities, Less Than 12 Months | (2) | (154) |
Fair Value of Available-for-Sale Securities, 12 Months or More | 9,539 | 8,307 |
Unrealized Losses of Available-for-Sale Securities, 12 Months or More | (164) | (93) |
Fair Value of Available-for-Sale Securities, Total | 10,486 | 11,671 |
Unrealized Losses of Available-for-Sale Securities, Total | $ (166) | $ (247) |
Investment Securities - Sched_2
Investment Securities - Schedule of Income Earned on Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment Income [Line Items] | |||
Income earned on securities, taxable | $ 41,406 | $ 36,833 | $ 26,776 |
Income earned on securities, tax-exempt | 13,015 | 13,257 | 11,967 |
Income earned on securities, total | 54,421 | 50,090 | 38,743 |
Available-for-sale [Member] | |||
Investment Income [Line Items] | |||
Income earned on securities, taxable | 41,406 | 35,026 | 24,231 |
Income earned on securities, tax-exempt | $ 13,015 | 8,226 | 6,441 |
Held-to-Maturity [Member] | |||
Investment Income [Line Items] | |||
Income earned on securities, taxable | 1,807 | 2,545 | |
Income earned on securities, tax-exempt | $ 5,031 | $ 5,526 |
Loans Receivable - Summary of V
Loans Receivable - Summary of Various Categories of Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 10,869,710 | $ 11,071,879 |
Multifamily Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 488,278 | 560,475 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 4,412,769 | 4,806,684 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 1,776,689 | 1,546,035 |
Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 88,400 | 76,433 |
Residential 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 1,819,221 | 1,975,586 |
Residential and Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 8,585,357 | 8,965,213 |
Agricultural [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 63,644 | 48,562 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 180,797 | 138,668 |
Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 511,909 | 443,105 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 1,528,003 | $ 1,476,331 |
Loans Receivable - Additional I
Loans Receivable - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased loans | $ 1,990,000,000 | $ 2,900,000,000 | |
Amount of discount for credit losses on purchased loans | 58,700,000 | 113,600,000 | |
Non-accretable discount for credit losses on purchased loans | 0 | 39,300,000 | |
Accretable discount for credit losses on purchased loans | 58,700,000 | 74,300,000 | |
Remaining purchased loans reclassified into purchase credit impaired loans | 107,600,000 | ||
Accretable yield reclassified out of purchased credit impaired loans | 29,300,000 | ||
Deteriorated Credit Quality [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased loans | 0 | ||
Mortgage Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage loans held for sale | 83,100,000 | 64,200,000 | |
SBA Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans sold during period | 20,200,000 | 8,900,000 | $ 12,900,000 |
Gain on sale of guaranteed portion of loans | $ 1,600,000 | $ 566,036 | $ 738,135 |
Allowance for Loan Losses, Cr_3
Allowance for Loan Losses, Credit Quality and Other - Summary of Changes in Allowance for Loan Losses (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Receivables [Abstract] | |
Beginning balance | $ 108,791 |
Loans charged off | (10,603) |
Recoveries of loans previously charged off | 2,609 |
Net loans recovered (charged off) | (7,994) |
Provision for loan losses | 1,325 |
Ending balance | $ 102,122 |
Allowance for Loan Losses, Cr_4
Allowance for Loan Losses, Credit Quality and Other - Allowance for Loan Losses for the Roll Forwards (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 108,791 | ||
Loans charged off | (10,603) | ||
Net loans recovered (charged off) | (7,994) | ||
Provision for loan losses | 1,325 | ||
Ending balance | 102,122 | $ 108,791 | |
Loans Receivable [Member] | Allowance for Loan Losses [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 108,791 | 110,266 | $ 80,002 |
Loans charged off | (10,603) | (8,988) | (17,471) |
Recoveries of loans previously charged off | 2,609 | 3,191 | 3,485 |
Net loans recovered (charged off) | (7,994) | (5,797) | (13,986) |
Provision for loan losses | 1,325 | 4,322 | 44,250 |
Ending balance | 102,122 | 108,791 | 110,266 |
Loans Receivable [Member] | Residential Real Estate Loans [Member] | Allowance for Loan Losses [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 26,734 | 24,506 | 16,517 |
Loans charged off | (1,661) | (2,744) | (3,980) |
Recoveries of loans previously charged off | 926 | 924 | 676 |
Net loans recovered (charged off) | (735) | (1,820) | (3,304) |
Provision for loan losses | (5,864) | 4,048 | 11,293 |
Ending balance | 20,135 | 26,734 | 24,506 |
Loans Receivable [Member] | Commercial and Industrial [Member] | Allowance for Loan Losses [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 14,981 | 15,292 | 12,756 |
Loans charged off | (2,327) | (2,221) | (5,578) |
Recoveries of loans previously charged off | 504 | 624 | 464 |
Net loans recovered (charged off) | (1,823) | (1,597) | (5,114) |
Provision for loan losses | 3,457 | 1,286 | 7,650 |
Ending balance | 16,615 | 14,981 | 15,292 |
Loans Receivable [Member] | Unallocated [Member] | Allowance for Loan Losses [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 2,852 | 6,831 | |
Provision for loan losses | (2,852) | (3,979) | |
Ending balance | 2,852 | ||
Construction/Land Development [Member] | Loans Receivable [Member] | Allowance for Loan Losses [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 21,302 | 20,343 | 11,522 |
Loans charged off | (1,450) | (399) | (1,632) |
Recoveries of loans previously charged off | 95 | 180 | 462 |
Net loans recovered (charged off) | (1,355) | (219) | (1,170) |
Provision for loan losses | 6,486 | 1,178 | 9,991 |
Ending balance | 26,433 | 21,302 | 20,343 |
Other Commercial Real Estate [Member] | Loans Receivable [Member] | Allowance for Loan Losses [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 42,336 | 43,939 | 28,188 |
Loans charged off | (2,741) | (1,211) | (3,749) |
Recoveries of loans previously charged off | 244 | 527 | 1,042 |
Net loans recovered (charged off) | (2,497) | (684) | (2,707) |
Provision for loan losses | (6,310) | (919) | 18,458 |
Ending balance | 33,529 | 42,336 | 43,939 |
Consumer & Other [Member] | Loans Receivable [Member] | Allowance for Loan Losses [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 3,438 | 3,334 | 4,188 |
Loans charged off | (2,424) | (2,413) | (2,532) |
Recoveries of loans previously charged off | 840 | 936 | 841 |
Net loans recovered (charged off) | (1,584) | (1,477) | (1,691) |
Provision for loan losses | 3,556 | 1,581 | 837 |
Ending balance | $ 5,410 | $ 3,438 | $ 3,334 |
Allowance for Loan Losses, Cr_5
Allowance for Loan Losses, Credit Quality and Other - Recorded Investment in Loans Based on Portfolio Segment by Impairment Method (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchased credit impaired loans | $ 58,700 | $ 113,600 | ||
Allowance for loan losses | 102,122 | 108,791 | ||
Loans evaluated for impairment, ending balance | 10,869,710 | 10,930,339 | ||
Purchased credit impaired loans | 141,540 | |||
Total Loans Receivable | 10,869,710 | 11,071,879 | ||
Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans evaluated for impairment, ending balance | 1,528,003 | 1,461,859 | ||
Total Loans Receivable | 1,528,003 | 1,476,331 | ||
Loans Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Receivable | 10,869,710 | 11,071,879 | ||
Loans Receivable [Member] | Allowance for Loan Losses [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans individually evaluated for impairment | 4,676 | 1,321 | $ 3,184 | |
Loans collectively evaluated for impairment | 97,446 | 106,045 | 105,571 | |
Loans evaluated for impairment, ending balance | 102,122 | 107,366 | 108,755 | |
Purchased credit impaired loans | 1,425 | 1,511 | ||
Allowance for loan losses | 102,122 | 108,791 | 110,266 | $ 80,002 |
Loans individually evaluated for impairment | 209,430 | 136,699 | 193,782 | |
Loans collectively evaluated for impairment | 10,660,280 | 10,793,640 | 9,939,354 | |
Loans evaluated for impairment, ending balance | 10,869,710 | 10,930,339 | 10,133,136 | |
Purchased credit impaired loans | 141,540 | 198,052 | ||
Total Loans Receivable | 10,869,710 | 11,071,879 | 10,331,188 | |
Loans Receivable [Member] | Residential Real Estate Loans [Member] | Allowance for Loan Losses [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans individually evaluated for impairment | 2,014 | 100 | 188 | |
Loans collectively evaluated for impairment | 18,121 | 25,970 | 23,341 | |
Loans evaluated for impairment, ending balance | 20,135 | 26,070 | 23,529 | |
Purchased credit impaired loans | 664 | 977 | ||
Allowance for loan losses | 20,135 | 26,734 | 24,506 | 16,517 |
Loans individually evaluated for impairment | 56,192 | 29,535 | 20,431 | |
Loans collectively evaluated for impairment | 2,251,307 | 2,473,467 | 2,341,081 | |
Loans evaluated for impairment, ending balance | 2,307,499 | 2,503,002 | 2,361,512 | |
Purchased credit impaired loans | 33,059 | 50,102 | ||
Total Loans Receivable | 2,307,499 | 2,536,061 | 2,411,614 | |
Loans Receivable [Member] | Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Receivable | 1,528,003 | 1,476,331 | ||
Loans Receivable [Member] | Commercial and Industrial [Member] | Allowance for Loan Losses [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans individually evaluated for impairment | 2,401 | 21 | 843 | |
Loans collectively evaluated for impairment | 14,214 | 14,789 | 14,290 | |
Loans evaluated for impairment, ending balance | 16,615 | 14,810 | 15,133 | |
Purchased credit impaired loans | 171 | 159 | ||
Allowance for loan losses | 16,615 | 14,981 | 15,292 | 12,756 |
Loans individually evaluated for impairment | 82,434 | 30,251 | 21,867 | |
Loans collectively evaluated for impairment | 1,445,569 | 1,431,608 | 1,261,161 | |
Loans evaluated for impairment, ending balance | 1,528,003 | 1,461,859 | 1,283,028 | |
Purchased credit impaired loans | 14,472 | 14,369 | ||
Total Loans Receivable | 1,528,003 | 1,476,331 | 1,297,397 | |
Loans Receivable [Member] | Unallocated [Member] | Allowance for Loan Losses [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans collectively evaluated for impairment | 2,852 | |||
Loans evaluated for impairment, ending balance | 2,852 | |||
Allowance for loan losses | 2,852 | 6,831 | ||
Loans Receivable [Member] | Construction/Land Development [Member] | Allowance for Loan Losses [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans individually evaluated for impairment | 97 | 732 | 1,378 | |
Loans collectively evaluated for impairment | 26,336 | 20,336 | 18,954 | |
Loans evaluated for impairment, ending balance | 26,433 | 21,068 | 20,332 | |
Purchased credit impaired loans | 234 | 11 | ||
Allowance for loan losses | 26,433 | 21,302 | 20,343 | 11,522 |
Loans individually evaluated for impairment | 8,933 | 14,519 | 26,860 | |
Loans collectively evaluated for impairment | 1,767,756 | 1,522,520 | 1,658,519 | |
Loans evaluated for impairment, ending balance | 1,776,689 | 1,537,039 | 1,685,379 | |
Purchased credit impaired loans | 8,996 | 15,112 | ||
Total Loans Receivable | 1,776,689 | 1,546,035 | 1,700,491 | |
Loans Receivable [Member] | Other Commercial Real Estate [Member] | Allowance for Loan Losses [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans individually evaluated for impairment | 164 | 468 | 768 | |
Loans collectively evaluated for impairment | 33,365 | 41,512 | 42,824 | |
Loans evaluated for impairment, ending balance | 33,529 | 41,980 | 43,592 | |
Purchased credit impaired loans | 356 | 347 | ||
Allowance for loan losses | 33,529 | 42,336 | 43,939 | 28,188 |
Loans individually evaluated for impairment | 58,676 | 58,706 | 124,124 | |
Loans collectively evaluated for impairment | 4,442,493 | 4,741,484 | 4,442,201 | |
Loans evaluated for impairment, ending balance | 4,501,169 | 4,800,190 | 4,566,325 | |
Purchased credit impaired loans | 82,927 | 116,021 | ||
Total Loans Receivable | 4,501,169 | 4,883,117 | 4,682,346 | |
Loans Receivable [Member] | Consumer & Other [Member] | Allowance for Loan Losses [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans individually evaluated for impairment | 7 | |||
Loans collectively evaluated for impairment | 5,410 | 3,438 | 3,310 | |
Loans evaluated for impairment, ending balance | 5,410 | 3,438 | 3,317 | |
Purchased credit impaired loans | 17 | |||
Allowance for loan losses | 5,410 | 3,438 | 3,334 | $ 4,188 |
Loans individually evaluated for impairment | 3,195 | 3,688 | 500 | |
Loans collectively evaluated for impairment | 753,155 | 624,561 | 236,392 | |
Loans evaluated for impairment, ending balance | 756,350 | 628,249 | 236,892 | |
Purchased credit impaired loans | 2,086 | 2,448 | ||
Total Loans Receivable | $ 756,350 | $ 630,335 | $ 239,340 |
Allowance for Loan Losses, Cr_6
Allowance for Loan Losses, Credit Quality and Other - Summary of Aging Analysis for Loans Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | $ 10,869,710 | $ 11,071,879 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 4,412,769 | 4,806,684 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 1,776,689 | 1,546,035 |
Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 88,400 | 76,433 |
Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 1,819,221 | 1,975,586 |
Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 8,585,357 | 8,965,213 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 511,909 | 443,105 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 1,528,003 | 1,476,331 |
Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 488,278 | 560,475 |
Loans Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 69,557 | 89,343 |
Current Loans | 10,800,153 | 10,982,536 |
Total Loans Receivable | 10,869,710 | 11,071,879 |
Accruing Loans Past Due 90 Days or More | 7,238 | 17,159 |
Loans Receivable [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 16,242 | 29,235 |
Current Loans | 4,396,527 | 4,777,449 |
Total Loans Receivable | 4,412,769 | 4,806,684 |
Accruing Loans Past Due 90 Days or More | 3,194 | 9,679 |
Loans Receivable [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,580 | 11,079 |
Current Loans | 1,772,109 | 1,534,956 |
Total Loans Receivable | 1,776,689 | 1,546,035 |
Accruing Loans Past Due 90 Days or More | 1,821 | 3,481 |
Loans Receivable [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,792 | 118 |
Current Loans | 86,608 | 76,315 |
Total Loans Receivable | 88,400 | 76,433 |
Loans Receivable [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 29,034 | 28,772 |
Current Loans | 1,790,187 | 1,946,814 |
Total Loans Receivable | 1,819,221 | 1,975,586 |
Accruing Loans Past Due 90 Days or More | 1,614 | 1,753 |
Loans Receivable [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 51,979 | 70,376 |
Current Loans | 8,533,378 | 8,894,837 |
Total Loans Receivable | 8,585,357 | 8,965,213 |
Accruing Loans Past Due 90 Days or More | 6,629 | 14,913 |
Loans Receivable [Member] | Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,974 | 19,713 |
Loans Receivable [Member] | Loans Past Due 30-59 Days [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,628 | 3,598 |
Loans Receivable [Member] | Loans Past Due 30-59 Days [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 358 | 2,057 |
Loans Receivable [Member] | Loans Past Due 30-59 Days [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 698 | 98 |
Loans Receivable [Member] | Loans Past Due 30-59 Days [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,150 | 5,890 |
Loans Receivable [Member] | Loans Past Due 30-59 Days [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,834 | 11,643 |
Loans Receivable [Member] | Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,738 | 5,388 |
Loans Receivable [Member] | Loans Past Due 60-89 Days [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 454 | 927 |
Loans Receivable [Member] | Loans Past Due 60-89 Days [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,042 | 261 |
Loans Receivable [Member] | Loans Past Due 60-89 Days [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,956 | 3,745 |
Loans Receivable [Member] | Loans Past Due 60-89 Days [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,452 | 5,133 |
Loans Receivable [Member] | Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 54,845 | 64,242 |
Loans Receivable [Member] | Loans Past Due 90 Days or More [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,160 | 24,710 |
Loans Receivable [Member] | Loans Past Due 90 Days or More [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,180 | 8,761 |
Loans Receivable [Member] | Loans Past Due 90 Days or More [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,094 | 20 |
Loans Receivable [Member] | Loans Past Due 90 Days or More [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 21,928 | 19,137 |
Loans Receivable [Member] | Loans Past Due 90 Days or More [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 40,693 | 53,600 |
Loans Receivable [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,787 | 9,512 |
Current Loans | 509,122 | 433,593 |
Total Loans Receivable | 511,909 | 443,105 |
Accruing Loans Past Due 90 Days or More | 317 | 720 |
Loans Receivable [Member] | Consumer [Member] | Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 659 | 5,712 |
Loans Receivable [Member] | Consumer [Member] | Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 179 | 168 |
Loans Receivable [Member] | Consumer [Member] | Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,949 | 3,632 |
Loans Receivable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,923 | 8,301 |
Current Loans | 1,515,080 | 1,468,030 |
Total Loans Receivable | 1,528,003 | 1,476,331 |
Accruing Loans Past Due 90 Days or More | 292 | 1,526 |
Loans Receivable [Member] | Commercial and Industrial [Member] | Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,835 | 1,237 |
Loans Receivable [Member] | Commercial and Industrial [Member] | Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 104 | 87 |
Loans Receivable [Member] | Commercial and Industrial [Member] | Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,984 | 6,977 |
Loans Receivable [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,868 | 1,154 |
Current Loans | 242,573 | 186,076 |
Total Loans Receivable | 244,441 | 187,230 |
Loans Receivable [Member] | Agricultural and Other [Member] | Loans Past Due 30-59 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 646 | 1,121 |
Loans Receivable [Member] | Agricultural and Other [Member] | Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3 | |
Loans Receivable [Member] | Agricultural and Other [Member] | Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,219 | 33 |
Loans Receivable [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 331 | 1,172 |
Current Loans | 487,947 | 559,303 |
Total Loans Receivable | 488,278 | 560,475 |
Loans Receivable [Member] | Multifamily Residential [Member] | Loans Past Due 60-89 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 200 | |
Loans Receivable [Member] | Multifamily Residential [Member] | Loans Past Due 90 Days or More [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 331 | $ 972 |
Allowance for Loan Losses, Cr_7
Allowance for Loan Losses, Credit Quality and Other - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)Rating | Dec. 31, 2017USD ($) | Jun. 30, 2019USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Non-accruing loans | $ 47,600 | $ 47,100 | ||
Interest recognized on impaired loans | $ 2,401 | $ 2,873 | $ 2,365 | |
Risk rating scale of loan | Loans are rated on a scale from 1 to 8. | |||
Amount of loan assessed for impairment on a quarterly basis | $ 2,000 | |||
Over $2,000,000 assessed minimum rated | Rating | 5 | |||
Over $2,000,000 assessed maximum rated | Rating | 8 | |||
Loan balances outstanding evaluated for impairment | 10,869,710 | $ 10,930,339 | ||
Reforecasted future interest payments for loan pools, Accretable Yield | 370,000 | |||
Adjustment to yield over the weighted average life of the loans | $ 11,973 | |||
Loan moved from Watch to Satisfactory [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loan balances outstanding evaluated for impairment | $ 1,500,000 |
Allowance for Loan Losses, Cr_8
Allowance for Loan Losses, Credit Quality and Other - Summary of Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | $ 438 | $ 555 | $ 350 |
Total Recorded Investment | 438 | 555 | 313 |
Average Recorded Investment | 470 | 492 | 274 |
Interest Recognized | 33 | 36 | 21 |
Unpaid Contractual Principal Balance | 79,711 | 95,921 | 81,573 |
Total Recorded Investment | 78,435 | 85,085 | 75,323 |
Allocation of Allowance for Loan Losses | 4,676 | 1,321 | 3,184 |
Average Recorded Investment | 81,671 | 80,780 | 86,888 |
Interest Recognized | 2,368 | 2,837 | 2,344 |
Unpaid Contractual Principal Balance | 80,149 | 96,476 | 81,923 |
Total Recorded Investment | 78,873 | 85,640 | 75,636 |
Average Recorded Investment | 82,141 | 81,272 | 87,162 |
Interest Recognized | 2,401 | 2,873 | 2,365 |
Commercial Real Estate Non Farm Nonresidential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 38 | 42 | 29 |
Total Recorded Investment | 38 | 42 | 29 |
Average Recorded Investment | 40 | 34 | 23 |
Interest Recognized | 3 | 3 | 2 |
Unpaid Contractual Principal Balance | 24,533 | 42,474 | 29,666 |
Total Recorded Investment | 24,010 | 38,594 | 29,040 |
Allocation of Allowance for Loan Losses | 159 | 460 | 757 |
Average Recorded Investment | 34,612 | 34,891 | 41,772 |
Interest Recognized | 1,729 | 1,632 | 1,498 |
Unpaid Contractual Principal Balance | 24,571 | 42,516 | 29,695 |
Total Recorded Investment | 24,048 | 38,636 | 29,069 |
Average Recorded Investment | 34,652 | 34,925 | 41,795 |
Interest Recognized | 1,732 | 1,635 | 1,500 |
Commercial Real Estate Construction Land Development Loan [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 30 | 16 | 64 |
Total Recorded Investment | 30 | 16 | 64 |
Average Recorded Investment | 22 | 27 | 31 |
Interest Recognized | 2 | 1 | 3 |
Unpaid Contractual Principal Balance | 6,718 | 13,178 | 12,976 |
Total Recorded Investment | 6,491 | 12,091 | 12,157 |
Allocation of Allowance for Loan Losses | 97 | 732 | 1,378 |
Average Recorded Investment | 8,334 | 12,337 | 10,556 |
Interest Recognized | 247 | 307 | 262 |
Unpaid Contractual Principal Balance | 6,748 | 13,194 | 13,040 |
Total Recorded Investment | 6,521 | 12,107 | 12,221 |
Average Recorded Investment | 8,356 | 12,364 | 10,587 |
Interest Recognized | 249 | 308 | 265 |
Agricultural [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 11 | 19 | |
Total Recorded Investment | 11 | ||
Average Recorded Investment | 7 | 15 | |
Interest Recognized | 1 | 1 | |
Unpaid Contractual Principal Balance | 1,095 | 291 | 281 |
Total Recorded Investment | 1,095 | 294 | 303 |
Allocation of Allowance for Loan Losses | 5 | 8 | 11 |
Average Recorded Investment | 736 | 388 | 268 |
Interest Recognized | 20 | 18 | 11 |
Unpaid Contractual Principal Balance | 1,095 | 302 | 300 |
Total Recorded Investment | 1,095 | 305 | 303 |
Average Recorded Investment | 743 | 403 | 268 |
Interest Recognized | 20 | 19 | 12 |
Residential 1-4 Family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 288 | 223 | 115 |
Total Recorded Investment | 288 | 223 | 115 |
Average Recorded Investment | 253 | 193 | 135 |
Interest Recognized | 22 | 16 | 7 |
Unpaid Contractual Principal Balance | 25,476 | 22,570 | 19,770 |
Total Recorded Investment | 25,099 | 20,526 | 18,689 |
Allocation of Allowance for Loan Losses | 2,008 | 58 | 124 |
Average Recorded Investment | 23,574 | 19,017 | 22,347 |
Interest Recognized | 202 | 485 | 363 |
Unpaid Contractual Principal Balance | 25,764 | 22,793 | 19,885 |
Total Recorded Investment | 25,387 | 20,749 | 18,804 |
Average Recorded Investment | 23,827 | 19,210 | 22,482 |
Interest Recognized | 224 | 501 | 370 |
Residential and Commercial Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 356 | 292 | 227 |
Total Recorded Investment | 356 | 292 | 208 |
Average Recorded Investment | 322 | 269 | 189 |
Interest Recognized | 27 | 21 | 13 |
Unpaid Contractual Principal Balance | 58,442 | 80,882 | 64,320 |
Total Recorded Investment | 57,315 | 73,874 | 61,816 |
Allocation of Allowance for Loan Losses | 2,275 | 1,300 | 2,334 |
Average Recorded Investment | 69,181 | 68,799 | 76,355 |
Interest Recognized | 2,250 | 2,525 | 2,215 |
Unpaid Contractual Principal Balance | 58,798 | 81,174 | 64,547 |
Total Recorded Investment | 57,671 | 74,166 | 62,024 |
Average Recorded Investment | 69,503 | 69,068 | 76,544 |
Interest Recognized | 2,277 | 2,546 | 2,228 |
Commercial and Industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 55 | 236 | 105 |
Total Recorded Investment | 55 | 236 | 105 |
Average Recorded Investment | 124 | 199 | 85 |
Interest Recognized | 3 | 13 | 7 |
Unpaid Contractual Principal Balance | 18,070 | 11,176 | 16,777 |
Total Recorded Investment | 17,952 | 7,550 | 13,007 |
Allocation of Allowance for Loan Losses | 2,401 | 21 | 843 |
Average Recorded Investment | 9,212 | 10,599 | 9,726 |
Interest Recognized | 91 | 257 | 121 |
Unpaid Contractual Principal Balance | 18,125 | 11,412 | 16,882 |
Total Recorded Investment | 18,007 | 7,786 | 13,112 |
Average Recorded Investment | 9,336 | 10,798 | 9,811 |
Interest Recognized | 94 | 270 | 128 |
Agricultural and Other [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1,219 | 33 | 297 |
Total Recorded Investment | 1,219 | 32 | 309 |
Allocation of Allowance for Loan Losses | 7 | ||
Average Recorded Investment | 534 | 146 | 644 |
Interest Recognized | 3 | 8 | |
Unpaid Contractual Principal Balance | 1,219 | 33 | 297 |
Total Recorded Investment | 1,219 | 32 | 309 |
Average Recorded Investment | 534 | 146 | 644 |
Interest Recognized | 3 | 8 | |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 27 | 27 | 18 |
Total Recorded Investment | 27 | 27 | |
Average Recorded Investment | 24 | 24 | |
Interest Recognized | 3 | 2 | 1 |
Unpaid Contractual Principal Balance | 1,980 | 3,830 | 179 |
Total Recorded Investment | 1,949 | 3,629 | 191 |
Average Recorded Investment | 2,744 | 1,236 | 163 |
Interest Recognized | 27 | 52 | |
Unpaid Contractual Principal Balance | 2,007 | 3,857 | 197 |
Total Recorded Investment | 1,976 | 3,656 | 191 |
Average Recorded Investment | 2,768 | 1,260 | 163 |
Interest Recognized | 30 | 54 | 1 |
Multifamily Residential [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 620 | 2,369 | 1,627 |
Total Recorded Investment | 620 | 2,369 | 1,627 |
Allocation of Allowance for Loan Losses | 6 | 42 | 64 |
Average Recorded Investment | 1,925 | 2,166 | 1,412 |
Interest Recognized | 52 | 83 | 81 |
Unpaid Contractual Principal Balance | 620 | 2,369 | 1,627 |
Total Recorded Investment | 620 | 2,369 | 1,627 |
Average Recorded Investment | 1,925 | 2,166 | 1,412 |
Interest Recognized | $ 52 | $ 83 | $ 81 |
Allowance for Loan Losses, Cr_9
Allowance for Loan Losses, Credit Quality and Other - Presentation of Classified Loans by Class and Risk Rating (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | $ 10,869,710 | $ 10,930,339 |
Loans receivable | 10,869,710 | 11,071,879 |
Purchased credit impaired loans | 141,540 | |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 4,412,769 | 4,723,932 |
Loans receivable | 4,412,769 | 4,806,684 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,776,689 | 1,537,040 |
Loans receivable | 1,776,689 | 1,546,035 |
Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 88,400 | 76,258 |
Loans receivable | 88,400 | 76,433 |
Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,819,221 | 1,943,931 |
Loans receivable | 1,819,221 | 1,975,586 |
Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 8,585,357 | 8,840,231 |
Loans receivable | 8,585,357 | 8,965,213 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 511,909 | 441,019 |
Loans receivable | 511,909 | 443,105 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,528,003 | 1,461,859 |
Loans receivable | 1,528,003 | 1,476,331 |
Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 244,441 | 187,230 |
Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 488,278 | 559,070 |
Loans receivable | 488,278 | 560,475 |
Classified Total [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 130,637 | 116,293 |
Classified Total [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 31,278 | 44,573 |
Classified Total [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 15,294 | 15,236 |
Classified Total [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,324 | 304 |
Classified Total [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 39,807 | 34,984 |
Classified Total [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 88,148 | 96,069 |
Classified Total [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 2,770 | 3,229 |
Classified Total [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 38,425 | 16,947 |
Classified Total [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,294 | 48 |
Classified Total [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 445 | 972 |
Risk Rated 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 56,820 | 37,017 |
Risk Rated 1 [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 443 | |
Risk Rated 1 [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 5 | 17 |
Risk Rated 1 [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 833 | 715 |
Risk Rated 1 [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 838 | 1,175 |
Risk Rated 1 [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 14,859 | 13,432 |
Risk Rated 1 [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 39,556 | 21,673 |
Risk Rated 1 [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,567 | 737 |
Risk Rated 2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 22,027 | 22,710 |
Risk Rated 2 [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 655 | 296 |
Risk Rated 2 [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 612 | 645 |
Risk Rated 2 [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 802 | 738 |
Risk Rated 2 [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 2,069 | 1,679 |
Risk Rated 2 [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,851 | 4,298 |
Risk Rated 2 [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 7,910 | 13,310 |
Risk Rated 2 [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 10,197 | 3,423 |
Risk Rated 3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 7,697,985 | 6,156,711 |
Risk Rated 3 [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 3,412,696 | 2,740,068 |
Risk Rated 3 [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 833,749 | 264,507 |
Risk Rated 3 [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 69,512 | 37,377 |
Risk Rated 3 [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,511,398 | 1,453,859 |
Risk Rated 3 [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 6,182,596 | 4,884,383 |
Risk Rated 3 [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 481,923 | 401,209 |
Risk Rated 3 [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 862,068 | 737,218 |
Risk Rated 3 [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 171,398 | 133,901 |
Risk Rated 3 [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 355,241 | 388,572 |
Risk Rated 4 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 2,822,289 | 4,538,193 |
Risk Rated 4 [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 922,487 | 1,912,191 |
Risk Rated 4 [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 926,877 | 1,255,258 |
Risk Rated 4 [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 16,689 | 38,295 |
Risk Rated 4 [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 256,879 | 446,557 |
Risk Rated 4 [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 2,228,660 | 3,821,827 |
Risk Rated 4 [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 9,833 | 18,409 |
Risk Rated 4 [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 525,766 | 649,390 |
Risk Rated 4 [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 58,030 | 48,567 |
Risk Rated 4 [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 105,728 | 169,526 |
Risk Rated 5 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 139,952 | 59,415 |
Risk Rated 5 [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 45,653 | 26,361 |
Risk Rated 5 [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 152 | 1,377 |
Risk Rated 5 [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 875 | 282 |
Risk Rated 5 [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 9,502 | 7,078 |
Risk Rated 5 [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 83,046 | 35,098 |
Risk Rated 5 [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 673 | 442 |
Risk Rated 5 [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 54,278 | 23,321 |
Risk Rated 5 [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,955 | 554 |
Risk Rated 5 [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 26,864 | |
Loans Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 10,869,710 | 11,071,879 |
Loans Receivable [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 4,412,769 | 4,806,684 |
Loans Receivable [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,776,689 | 1,546,035 |
Loans Receivable [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 88,400 | 76,433 |
Loans Receivable [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,819,221 | 1,975,586 |
Loans Receivable [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 8,585,357 | 8,965,213 |
Loans Receivable [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 511,909 | 443,105 |
Loans Receivable [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 1,528,003 | 1,476,331 |
Loans Receivable [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 244,441 | 187,230 |
Loans Receivable [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 488,278 | 560,475 |
Loans Receivable [Member] | Risk Rated 6 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 127,696 | 114,965 |
Loans Receivable [Member] | Risk Rated 6 [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 29,444 | 44,089 |
Loans Receivable [Member] | Risk Rated 6 [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 14,748 | 15,236 |
Loans Receivable [Member] | Risk Rated 6 [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,324 | 301 |
Loans Receivable [Member] | Risk Rated 6 [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 39,686 | 34,731 |
Loans Receivable [Member] | Risk Rated 6 [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 85,647 | 95,329 |
Loans Receivable [Member] | Risk Rated 6 [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 2,771 | 3,226 |
Loans Receivable [Member] | Risk Rated 6 [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 37,984 | 16,362 |
Loans Receivable [Member] | Risk Rated 6 [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,294 | 48 |
Loans Receivable [Member] | Risk Rated 6 [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 445 | 972 |
Loans Receivable [Member] | Risk Rated 7 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 2,941 | 1,328 |
Loans Receivable [Member] | Risk Rated 7 [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,834 | 484 |
Loans Receivable [Member] | Risk Rated 7 [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 546 | |
Loans Receivable [Member] | Risk Rated 7 [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 3 | |
Loans Receivable [Member] | Risk Rated 7 [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 121 | 253 |
Loans Receivable [Member] | Risk Rated 7 [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 2,501 | 740 |
Loans Receivable [Member] | Risk Rated 7 [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | (1) | 3 |
Loans Receivable [Member] | Risk Rated 7 [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 441 | 585 |
Loans Receivable [Member] | Classified Total [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable | 130,637 | 116,293 |
Loans Receivable [Member] | Classified Total [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 31,278 | 44,573 |
Loans Receivable [Member] | Classified Total [Member] | Commercial Real Estate Construction Land Development Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 15,294 | 15,236 |
Loans Receivable [Member] | Classified Total [Member] | Agricultural [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,324 | 304 |
Loans Receivable [Member] | Classified Total [Member] | Residential 1-4 Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 39,807 | 34,984 |
Loans Receivable [Member] | Classified Total [Member] | Residential and Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 88,148 | 96,069 |
Loans Receivable [Member] | Classified Total [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 2,770 | 3,229 |
Loans Receivable [Member] | Classified Total [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 38,425 | 16,947 |
Loans Receivable [Member] | Classified Total [Member] | Agricultural and Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | 1,294 | 48 |
Loans Receivable [Member] | Classified Total [Member] | Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable not covered by loss share | $ 445 | $ 972 |
Allowance for Loan Losses, C_10
Allowance for Loan Losses, Credit Quality and Other - Presentation of Troubled Debt Restructurings ("TDRs") by Class (Detail) - Loans Receivable [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 54 | 65 | 62 |
Pre-Modification Outstanding Balance | $ 20,082 | $ 22,778 | $ 26,424 |
Post-Modification Outstanding Balance | $ 16,254 | $ 19,729 | $ 21,198 |
Commercial Real Estate Non Farm Nonresidential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 14 | 17 | 16 |
Pre-Modification Outstanding Balance | $ 12,738 | $ 15,227 | $ 16,853 |
Post-Modification Outstanding Balance | $ 11,251 | $ 13,939 | $ 14,578 |
Commercial Real Estate Construction Land Development Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 3 | 2 | 5 |
Pre-Modification Outstanding Balance | $ 618 | $ 584 | $ 782 |
Post-Modification Outstanding Balance | $ 577 | $ 563 | $ 764 |
Agricultural [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 2 | 2 | 2 |
Pre-Modification Outstanding Balance | $ 387 | $ 345 | $ 345 |
Post-Modification Outstanding Balance | $ 387 | $ 297 | $ 304 |
Residential 1-4 Family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 21 | 22 | 21 |
Pre-Modification Outstanding Balance | $ 2,774 | $ 3,204 | $ 5,607 |
Post-Modification Outstanding Balance | $ 1,999 | $ 2,362 | $ 3,245 |
Residential and Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 42 | 46 | 47 |
Pre-Modification Outstanding Balance | $ 16,974 | $ 21,061 | $ 25,288 |
Post-Modification Outstanding Balance | 14,632 | 18,700 | $ 20,518 |
Agricultural and Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 1 | ||
Pre-Modification Outstanding Balance | $ 166 | ||
Post-Modification Outstanding Balance | 166 | ||
Rate Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 9,373 | 12,538 | 13,663 |
Rate Modification [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 6,622 | 8,482 | 8,815 |
Rate Modification [Member] | Commercial Real Estate Construction Land Development Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 546 | 546 | 689 |
Rate Modification [Member] | Agricultural [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 387 | 283 | 282 |
Rate Modification [Member] | Residential 1-4 Family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 1,068 | 1,059 | 1,926 |
Rate Modification [Member] | Residential and Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 8,751 | 11,623 | 13,052 |
Rate Modification [Member] | Agricultural and Other [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 166 | ||
Term Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 1,089 | 1,408 | 496 |
Term Modification [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 232 | 982 | 250 |
Term Modification [Member] | Commercial Real Estate Construction Land Development Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 12 | 17 | 75 |
Term Modification [Member] | Agricultural [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 14 | 22 | |
Term Modification [Member] | Residential 1-4 Family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 227 | 281 | 81 |
Term Modification [Member] | Residential and Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 471 | 1,294 | 428 |
Rate and Term Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 5,792 | 5,783 | 7,039 |
Rate and Term Modification [Member] | Commercial Real Estate Non Farm Nonresidential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 4,397 | 4,475 | 5,513 |
Rate and Term Modification [Member] | Commercial Real Estate Construction Land Development Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 19 | ||
Rate and Term Modification [Member] | Residential 1-4 Family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 704 | 1,022 | 1,238 |
Rate and Term Modification [Member] | Residential and Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | $ 5,410 | $ 5,783 | $ 7,038 |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 3 | 5 | 3 |
Pre-Modification Outstanding Balance | $ 39 | $ 38 | $ 19 |
Post-Modification Outstanding Balance | 27 | 27 | 18 |
Consumer [Member] | Rate Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 24 | 18 | |
Consumer [Member] | Term Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | $ 3 | $ 9 | $ 18 |
Commercial and Industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 9 | 14 | 11 |
Pre-Modification Outstanding Balance | $ 3,069 | $ 1,679 | $ 951 |
Post-Modification Outstanding Balance | 1,595 | 1,002 | 496 |
Commercial and Industrial [Member] | Rate Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 598 | 897 | 445 |
Commercial and Industrial [Member] | Term Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 615 | $ 105 | 50 |
Commercial and Industrial [Member] | Rate and Term Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | $ 382 | $ 1 | |
Multifamily Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 2 | 3 | 3 |
Pre-Modification Outstanding Balance | $ 457 | $ 1,701 | $ 1,701 |
Post-Modification Outstanding Balance | 418 | 1,539 | 1,627 |
Multifamily Residential [Member] | Rate Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | 128 | 1,253 | 1,340 |
Multifamily Residential [Member] | Rate and Term Modification [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Balance | $ 290 | $ 286 | $ 287 |
Allowance for Loan Losses, C_11
Allowance for Loan Losses, Credit Quality and Other - Presentation of TDR's on Non-Accrual Status (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 18 | 22 | 13 |
Recorded Balance | $ | $ 4,132 | $ 4,626 | $ 2,186 |
Multifamily Residential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 1 | 1 | 1 |
Recorded Balance | $ | $ 128 | $ 142 | $ 153 |
Commercial Real Estate Non Farm Nonresidential [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 2 | 4 | 2 |
Recorded Balance | $ | $ 1,363 | $ 2,950 | $ 1,161 |
Commercial Real Estate Construction Land Development Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 2 | 1 | |
Recorded Balance | $ | $ 565 | $ 546 | |
Agricultural [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 2 | 1 | 1 |
Recorded Balance | $ | $ 387 | $ 14 | $ 22 |
Residential 1-4 Family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 7 | 8 | 8 |
Recorded Balance | $ | $ 530 | $ 778 | $ 850 |
Residential and Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 14 | 15 | 12 |
Recorded Balance | $ | $ 2,973 | $ 4,430 | $ 2,186 |
Commercial and Industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 4 | 6 | 1 |
Recorded Balance | $ | $ 1,159 | $ 194 | |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | Contract | 1 | ||
Recorded Balance | $ | $ 2 |
Allowance for Loan Losses, C_12
Allowance for Loan Losses, Credit Quality and Other - Summary of Total Foreclosed Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 9,143 | $ 13,236 |
Commercial Real Estate Non Farm Nonresidential [Member] | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 3,528 | 5,555 |
Commercial Real Estate Construction Land Development Loan [Member] | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | 3,218 | 3,534 |
Residential 1-4 Family [Member] | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 2,397 | 4,142 |
Multifamily Residential [Member] | ||
Schedule Of Foreclosed Assets Activity [Line Items] | ||
Total foreclosed assets held for sale | $ 5 |
Allowance for Loan Losses, C_13
Allowance for Loan Losses, Credit Quality and Other - Summary of Purchased Credit Impaired Loans Acquired (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Non-accretable difference (expected losses and foregone interest) | $ 0 | $ 39,300 |
Accretable yield | 58,700 | $ 74,300 |
Shore Premier Finance [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | 3,496 | |
Non-accretable difference (expected losses and foregone interest) | 285 | |
Cash flows expected to be collected at acquisition | 3,211 | |
Accretable yield | 808 | |
Basis in purchased credit impaired loans at acquisition | 2,403 | |
Giant Holdings, Inc. [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | 22,379 | |
Non-accretable difference (expected losses and foregone interest) | 4,462 | |
Cash flows expected to be collected at acquisition | 17,917 | |
Accretable yield | 2,071 | |
Basis in purchased credit impaired loans at acquisition | 15,846 | |
The Bank of Commerce [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | 18,586 | |
Non-accretable difference (expected losses and foregone interest) | 2,811 | |
Cash flows expected to be collected at acquisition | 15,775 | |
Accretable yield | 1,043 | |
Basis in purchased credit impaired loans at acquisition | 14,732 | |
Stonegate Bank [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | 98,444 | |
Non-accretable difference (expected losses and foregone interest) | 23,297 | |
Cash flows expected to be collected at acquisition | 75,147 | |
Accretable yield | 11,761 | |
Basis in purchased credit impaired loans at acquisition | $ 63,386 |
Allowance for Loan Losses, C_14
Allowance for Loan Losses, Credit Quality and Other - Changes in Carrying Amount of Accretable Yield for Purchased Credit Impaired Loans (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Receivables [Abstract] | |
Balance at beginning of period, Accretable Yield | $ 33,759 |
Reforecasted future interest payments for loan pools, Accretable Yield | (370) |
Accretion recorded to interest income | (16,060) |
Adjustment to yield, Accretable Yield | 11,973 |
Reclassification out of purchased credit impaired loans | (29,302) |
Balance at beginning of period, Carrying Amount of Loans | 141,540 |
Accretion recorded to interest income | 16,060 |
Reclassification out of purchased credit impaired loans | (107,555) |
Payments received, net, Carrying Amount of Loans | $ (50,045) |
Goodwill and Core Deposits an_3
Goodwill and Core Deposits and Other Intangibles - Summary of Changes in Carrying Amount and Accumulated Amortization of Company's Goodwill and Core Deposits and Other Intangibles (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill | |||
Balance, beginning of period | $ 958,408 | $ 927,949 | |
Acquisitions | 30,459 | ||
Balance, end of period | 958,408 | 958,408 | $ 927,949 |
Core Deposit and Other Intangibles | |||
Balance, beginning of period | 42,896 | 49,351 | |
Amortization expense | (6,324) | (6,455) | (4,207) |
Balance, end of year | $ 36,572 | $ 42,896 | $ 49,351 |
Goodwill and Core Deposits an_4
Goodwill and Core Deposits and Other Intangibles - Summary of Carrying Amount and Accumulated Amortization of Core Deposits and Other Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Gross carrying amount | $ 86,625 | $ 86,625 | |
Accumulated amortization | (50,053) | (43,729) | |
Net carrying amount | $ 36,572 | $ 42,896 | $ 49,351 |
Goodwill and Core Deposits an_5
Goodwill and Core Deposits and Other Intangibles - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Core deposit and other intangible amortization | $ 6,324,000 | $ 6,455,000 | $ 4,207,000 |
Impairment of core deposit and other intangibles | 0 | 0 | 0 |
Amortization expense for year 2020 | 5,900,000 | ||
Amortization expense for year 2021 | 5,700,000 | ||
Amortization expense for year 2022 | 5,700,000 | ||
Amortization expense for year 2023 | 5,500,000 | ||
Amortization expense for year 2024 | 4,300,000 | ||
Carrying amount of Company's goodwill | 958,408,000 | 958,408,000 | 927,949,000 |
Impairment of goodwill | $ 0 | $ 0 | $ 0 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Other Assets [Line Items] | ||
Other assets | $ 213,845 | $ 183,806 |
Federal Home Loan Bank ("FHLB") and Federal Reserve Bank ("Federal Reserve") [Member] | ||
Schedule Of Other Assets [Line Items] | ||
Fair value of equity securities | 100,000 | 134,600 |
First National Bankers' Bank and Other Miscellaneous Holdings [Member] | ||
Schedule Of Other Assets [Line Items] | ||
Fair value of equity securities | $ 27,300 | $ 25,100 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deposits [Line Items] | |||
Time deposits with a minimum denomination of $250,000 | $ 1,120,000 | $ 922,000 | |
Time deposits with a minimum denomination of $100,000 | 1,540,000 | 1,410,000 | |
Interest expense applicable to certificate | 31,300 | 17,700 | $ 8,300 |
Brokered deposits | 579,700 | 660,200 | |
Total deposits | 11,278,383 | 10,899,778 | |
State and Political Subdivisions [Member] | |||
Deposits [Line Items] | |||
Total deposits | $ 2,210,000 | $ 1,970,000 |
Deposits - Summary of Scheduled
Deposits - Summary of Scheduled Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Banking And Thrift [Abstract] | ||
One month or less | $ 232,068 | |
Over 1 month to 3 months | 211,238 | |
Over 3 months to 6 months | 331,886 | |
Over 6 months to 12 months | 720,418 | |
Over 12 months to 2 years | 374,110 | |
Over 2 years to 3 years | 68,888 | |
Over 3 years to 5 years | 36,894 | |
Over 5 years | 1,826 | |
Total time deposits | $ 1,977,328 | $ 1,874,139 |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Securities Sold Under Agreements To Repurchase [Abstract] | ||
Securities sold under agreements to repurchase | $ 143,727 | $ 143,679 |
Securities sold under agreements to repurchase daily weighted average | $ 149,700 | $ 148,300 |
Securities Sold Under Agreeme_4
Securities Sold Under Agreements to Repurchase - Summary of Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 143,727 | $ 143,679 |
Overnight and Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 143,727 | 143,679 |
U.S. Government-Sponsored Enterprises [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 22,714 | 19,124 |
U.S. Government-Sponsored Enterprises [Member] | Overnight and Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 22,714 | 19,124 |
Mortgage-Backed Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 30,708 | 9,184 |
Mortgage-Backed Securities [Member] | Overnight and Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 30,708 | 9,184 |
State and Political Subdivisions [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 84,540 | 98,841 |
State and Political Subdivisions [Member] | Overnight and Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 84,540 | 98,841 |
Other Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | 5,765 | 16,530 |
Other Securities [Member] | Overnight and Continuous [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total borrowings | $ 5,765 | $ 16,530 |
FHLB and Other Borrowed Funds -
FHLB and Other Borrowed Funds - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Borrowed Funds [Line Items] | ||
FHLB borrowed funds | $ 621,400,000 | $ 1,470,000,000 |
Maturity of FHLB advances | 2033 | |
Short-term advances | $ 75,000,000 | 782,600,000 |
Long-term advances | 546,400,000 | 689,800,000 |
Other short term borrowings | 0 | 2,500,000 |
Line of credit | 1,260,000,000 | 821,300,000 |
Line of Credit [Member] | ||
Borrowed Funds [Line Items] | ||
Line of credit | 0 | $ 0 |
Credit facility, maximum borrowing capacity | $ 20,000,000 | |
Minimum [Member] | ||
Borrowed Funds [Line Items] | ||
FHLB interest rate | 1.20% | |
Maximum [Member] | ||
Borrowed Funds [Line Items] | ||
FHLB interest rate | 2.85% |
FHLB and Other Borrowed Funds_2
FHLB and Other Borrowed Funds - Maturities of Borrowings with Original Maturities (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
By Contractual Maturity [Member] | |
Borrowed Funds [Line Items] | |
2020 | $ 221,439 |
Thereafter | 400,000 |
Long-term Debt, Total | 621,439 |
By Call Date [Member] | |
Borrowed Funds [Line Items] | |
2020 | 621,439 |
Long-term Debt, Total | $ 621,439 |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 03, 2017 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Subordinated debentures | $ 369,557 | $ 368,790 | ||
Net proceeds from subordinated debt issuance, after underwriting discounts | $ 297,201 | |||
Trust Preferred Securities [Member] | ||||
Debt Instrument [Line Items] | ||||
Face value of company held trust preferred securities | 73,300 | |||
Trust Preferred Securities [Member] | Stonegate Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Trust preferred securities, face amount | 12,500 | |||
Trust preferred securities, fair value | $ 9,800 | |||
Debt instrument, redemption description | The associated subordinated debentures are redeemable, in whole or in part, prior to maturity at our option on a quarterly basis when interest is due and payable and in whole at any time within 90 days following the occurrence and continuation of certain changes in the tax treatment or capital treatment of the debentures | |||
5.625% Fixed-to-Floating Rate Subordinated Notes due 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Trust preferred securities, face amount | $ 300,000 | |||
Subordinated debt issuance date | Apr. 3, 2017 | |||
Subordinated notes, Interest rate | 5.625% | |||
Net proceeds from subordinated debt issuance, after underwriting discounts | $ 297,000 | |||
Subordinated notes, Maturity date | Apr. 15, 2027 | |||
Notes issued, Interest rate terms | From and including April 15, 2022 to, but excluding the maturity date or earlier redemption, the Notes will bear interest at a floating rate equal to three-month LIBOR as calculated on each applicable date of determination plus a spread of 3.575%; provided, however, that in the event three-month LIBOR is less than zero, then three-month LIBOR shall be deemed to be zero | |||
Percentage of redemption price on principal | 100.00% | |||
5.625% Fixed-to-Floating Rate Subordinated Notes due 2027 [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
LIBOR plus rate, Percentage | 3.575% |
Subordinated Debentures - Prefe
Subordinated Debentures - Preferred Trust Securities and Subordinated Debentures (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Subordinated debentures, issued | $ 369,557 | $ 368,790 |
Due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued | 3,093 | 3,093 |
Due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued | 15,464 | 15,464 |
Due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued | 25,774 | 25,774 |
Due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued | 16,495 | 16,495 |
Due 2035, floating rate 2.15% [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued | 4,402 | 4,353 |
Due 2036, fixed Rate 7.38% during the first five years and at a floating rate of 1.62% [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued | 5,756 | 5,662 |
Due 2027, Fixed Rate of 5.625% During the First Five Years and at a Floating Rate of 3.575% [Member] | Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued | $ 298,573 | $ 297,949 |
Subordinated Debentures - Pre_2
Subordinated Debentures - Preferred Trust Securities and Subordinated Debentures (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued date | Dec. 31, 2006 | Dec. 31, 2006 |
Subordinated debentures, due date | Dec. 31, 2036 | Dec. 31, 2036 |
Fixed rate for first five years | 6.75% | 6.75% |
Due 2036, fixed rate of 6.75% during the first five years and at a floating rate of 1.85% [Member] | Trust Preferred Securities [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 1.85% | 1.85% |
Due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued date | Dec. 31, 2004 | Dec. 31, 2004 |
Subordinated debentures, due date | Dec. 31, 2034 | Dec. 31, 2034 |
Fixed rate for first five years | 6.00% | 6.00% |
Due 2034, fixed rate of 6.00% during the first five years and at a floating rate of 2.00% [Member] | Trust Preferred Securities [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 2.00% | 2.00% |
Due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued date | Dec. 31, 2005 | Dec. 31, 2005 |
Subordinated debentures, due date | Dec. 31, 2035 | Dec. 31, 2035 |
Fixed rate for first five years | 5.84% | 5.84% |
Due 2035, fixed rate of 5.84% during the first five years and at a floating rate of 1.45% [Member] | Trust Preferred Securities [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 1.45% | 1.45% |
Due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued date | Dec. 31, 2004 | Dec. 31, 2004 |
Subordinated debentures, due date | Dec. 31, 2034 | Dec. 31, 2034 |
Fixed rate for first five years | 4.29% | 4.29% |
Due 2034, fixed rate of 4.29% during the first five years and at a floating rate of 2.50% [Member] | Trust Preferred Securities [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 2.50% | 2.50% |
Due 2035, floating rate 2.15% [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued date | Dec. 31, 2005 | Dec. 31, 2005 |
Subordinated debentures, due date | Dec. 31, 2035 | Dec. 31, 2035 |
Due 2035, floating rate 2.15% [Member] | Trust Preferred Securities [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 2.15% | 2.15% |
Due 2036, fixed Rate 7.38% during the first five years and at a floating rate of 1.62% [Member] | Trust Preferred Securities [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued date | Dec. 31, 2006 | Dec. 31, 2006 |
Subordinated debentures, due date | Dec. 31, 2036 | Dec. 31, 2036 |
Fixed rate for first five years | 7.38% | 7.38% |
Due 2036, fixed Rate 7.38% during the first five years and at a floating rate of 1.62% [Member] | Trust Preferred Securities [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 1.62% | 1.62% |
Due 2027, Fixed Rate of 5.625% During the First Five Years and at a Floating Rate of 3.575% [Member] | Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated debentures, issued date | Dec. 31, 2017 | Dec. 31, 2017 |
Subordinated debentures, due date | Dec. 31, 2027 | Dec. 31, 2027 |
Fixed rate for first five years | 5.625% | 5.625% |
Due 2027, Fixed Rate of 5.625% During the First Five Years and at a Floating Rate of 3.575% [Member] | Subordinated Debt [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Floating rate above three-month LIBOR rate | 3.575% | 3.575% |
Subordinated debentures, callable year | 2022 | 2022 |
Income Taxes - Additional infor
Income Taxes - Additional information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 35.00% |
Surrender value of underperforming BOLI | $ 47.5 | ||
Penalty percentage on gain on policy surrendered | 10.00% | ||
Tax expense related to BOLI transaction | $ 3.7 | ||
Effective tax rate excluding BOLI tax expense | 23.97% | ||
Revaluation of deferred tax asset | $ 113.5 | ||
One-time non-cash charge | $ 36.9 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 50,418 | $ 68,990 | $ 76,569 |
State | 16,690 | 22,838 | 25,347 |
Total current | 67,108 | 91,828 | 101,916 |
Deferred: | |||
Federal | 21,768 | 2,471 | 25,607 |
State | 7,206 | 818 | 8,477 |
Total deferred | 28,974 | 3,289 | 34,084 |
Income tax expense | $ 96,082 | $ 95,117 | $ 136,000 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Statutory federal income tax rate | 21.00% | 21.00% | 35.00% |
Effect of non-taxable interest income | (0.83%) | (0.83%) | (1.57%) |
Effect of gain on acquisitions | (0.49%) | ||
Stock compensation | 0.10% | (0.14%) | (0.67%) |
State income taxes, net of federal benefit | 3.71% | 4.30% | 4.05% |
Effect of tax rate change | 13.62% | ||
Other | 0.94% | (0.28%) | 0.23% |
Effective income tax rate | 24.92% | 24.05% | 50.17% |
Income Taxes - Differences Betw
Income Taxes - Differences Between Tax Basis of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for loan losses | $ 25,829 | $ 30,033 |
Deferred compensation | 4,416 | 4,037 |
Stock compensation | 5,960 | 4,259 |
Real estate owned | 1,080 | 1,382 |
Unrealized loss on securities available-for-sale | 5,050 | |
Loan discounts | 11,996 | 23,755 |
Tax basis premium/discount on acquisitions | 6,921 | 7,378 |
Investments | 327 | 866 |
Other | 8,940 | 10,243 |
Gross deferred tax assets | 65,469 | 87,003 |
Deferred tax liabilities: | ||
Accelerated depreciation on premises and equipment | 1,417 | 87 |
Unrealized gain on securities available-for-sale | 5,717 | |
Core deposit intangibles | 8,419 | 9,804 |
FHLB dividends | 2,608 | 1,712 |
Other | 3,007 | 2,125 |
Gross deferred tax liabilities | 21,168 | 13,728 |
Net deferred tax assets | $ 44,301 | $ 73,275 |
Common Stock, Compensation Pl_3
Common Stock, Compensation Plans and Other - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 18, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock, shares authorized | 300,000,000 | 200,000,000 | |||
Common stock, par value | $ 0.01 | $ 0.01 | |||
Preferred stock, shares authorized | 5,500,000 | ||||
Preferred stock, par value | $ 0.01 | ||||
Number of additional shares authorized to repurchase | 5,000,000 | ||||
Number of shares authorized to be repurchased, total | 19,752,000 | ||||
Number of shares repurchased during period | 4,542,222 | 5,307,689 | 857,800 | ||
Weighted average stock price | $ 18.66 | ||||
Remaining balance available for repurchase | 5,377,225 | ||||
Repurchase of combining of all the shares | 14,374,775 | ||||
Maximum number of shares available for grants under the plan | 13,288,000 | ||||
Remaining shares of common stock available for future grants | 1,842,000 | ||||
Shares of common stock reserved for issuance | 5,253,000 | ||||
Stock options granted | 181,000 | 1,010,000 | 232,000 | ||
Intrinsic value of stock options outstanding | $ 6,000,000 | $ 2,900,000 | $ 16,200,000 | ||
Intrinsic value of stock options vested | 5,300,000 | 2,800,000 | 9,900,000 | ||
Intrinsic value of stock options exercised | 332,000 | $ 2,700,000 | $ 3,700,000 | ||
Unrecognized compensation cost net of income tax benefit, related to non-vested awards | $ 10,800,000 | ||||
Weighted average fair value of options granted (split adjusted) | $ 5.58 | $ 4.11 | |||
Restricted Shares [Member] | |||||
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 | $ 28,200,000 | ||||
HOMB $2.00 Performance Incentive Program [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 1,452,000 | ||||
Target diluted earnings per share | $ 2 | ||||
HOMB $2.00 Performance Incentive Program [Member] | Restricted Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 843,500 |
Common Stock, Compensation Pl_4
Common Stock, Compensation Plans and Other - Summary of Stock Option Transactions under Plan (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Outstanding, beginning of year | 3,617 | 2,274 | 2,397 |
Granted Shares | 55 | 1,581 | 80 |
Forfeited/Expired Shares | (163) | (37) | |
Exercised Shares | (98) | (201) | (203) |
Outstanding, end of year | 3,411 | 3,617 | 2,274 |
Exercisable, end of year | 1,353 | 1,167 | 1,016 |
Outstanding Weighted Average Exercisable Price, beginning of year | $ 19.62 | $ 16.23 | $ 15.19 |
Weighted Average Exercisable Price, Granted | 19.15 | 23.24 | 25.96 |
Weighted Average Exercisable Price, Forfeited/Expired | 22.43 | 22.30 | |
Weighted Average Exercisable Price, Exercised | 15.21 | 9.25 | 7.82 |
Outstanding Weighted Average Exercisable Price, end of year | 19.60 | 19.62 | 16.23 |
Exercisable Weighted Average Exercisable Price, end of year | $ 16.03 | $ 15.31 | $ 13.55 |
Common Stock, Compensation Pl_5
Common Stock, Compensation Plans and Other - Summary of Stock Options on Valuation Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | |||
Expected dividend yield | 2.70% | 2.05% | 1.39% |
Expected stock price volatility | 26.13% | 25.59% | 28.47% |
Risk-free interest rate | 2.48% | 2.82% | 2.06% |
Expected life of options | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Common Stock, Compensation Pl_6
Common Stock, Compensation Plans and Other - Summary of Currently Outstanding and Exercisable Options (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding Shares | shares | 3,411 |
Options Exercisable Shares | shares | 1,353 |
Exercise Prices Range $6.56 to $8.62 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit | $ 6.56 |
Exercise Prices, Upper Range Limit | $ 8.62 |
Options Outstanding Shares | shares | 213 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 2 years 8 months 15 days |
Options outstanding Weighted- Average Exercise Price | $ 7.91 |
Options Exercisable Shares | shares | 213 |
Options Exercisable Weighted- Average Exercise Price | $ 7.91 |
Exercise Prices Range $9.54 to $14.71 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit | 9.54 |
Exercise Prices, Upper Range Limit | $ 14.71 |
Options Outstanding Shares | shares | 205 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 4 years 1 month 24 days |
Options outstanding Weighted- Average Exercise Price | $ 12.06 |
Options Exercisable Shares | shares | 185 |
Options Exercisable Weighted- Average Exercise Price | $ 11.78 |
Exercise Prices Range $16.77 to $16.86 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit | 16.77 |
Exercise Prices, Upper Range Limit | $ 16.86 |
Options Outstanding Shares | shares | 152 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 4 years 7 months 2 days |
Options outstanding Weighted- Average Exercise Price | $ 16.80 |
Options Exercisable Shares | shares | 142 |
Options Exercisable Weighted- Average Exercise Price | $ 16.80 |
Exercise Prices Range $17.12 to $17.36 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit | 17.12 |
Exercise Prices, Upper Range Limit | $ 17.36 |
Options Outstanding Shares | shares | 125 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 5 years 2 months 23 days |
Options outstanding Weighted- Average Exercise Price | $ 17.13 |
Options Exercisable Shares | shares | 96 |
Options Exercisable Weighted- Average Exercise Price | $ 17.14 |
Exercise Prices Range $17.40 to $18.46 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit | 17.40 |
Exercise Prices, Upper Range Limit | $ 18.46 |
Options Outstanding Shares | shares | 978 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 5 years 7 months 17 days |
Options outstanding Weighted- Average Exercise Price | $ 18.45 |
Options Exercisable Shares | shares | 563 |
Options Exercisable Weighted- Average Exercise Price | $ 18.44 |
Exercise Prices Range $18.50 to $20.16 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit | 18.50 |
Exercise Prices, Upper Range Limit | $ 20.16 |
Options Outstanding Shares | shares | 63 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 8 years 9 months 29 days |
Options outstanding Weighted- Average Exercise Price | $ 19.21 |
Options Exercisable Shares | shares | 8 |
Options Exercisable Weighted- Average Exercise Price | $ 20.16 |
Exercise Prices Range $20.58 to $21.25 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit | 20.58 |
Exercise Prices, Upper Range Limit | $ 21.25 |
Options Outstanding Shares | shares | 160 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 6 years 2 months 1 day |
Options outstanding Weighted- Average Exercise Price | $ 21.08 |
Options Exercisable Shares | shares | 95 |
Options Exercisable Weighted- Average Exercise Price | $ 21.09 |
Exercise Prices Range $21.31 to $22.22 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit | 21.31 |
Exercise Prices, Upper Range Limit | $ 22.22 |
Options Outstanding Shares | shares | 115 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 8 years 3 months 25 days |
Options outstanding Weighted- Average Exercise Price | $ 22.18 |
Options Exercisable Shares | shares | 22 |
Options Exercisable Weighted- Average Exercise Price | $ 22.22 |
Exercise Prices Range $22.70 to $23.32 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit | 22.70 |
Exercise Prices, Upper Range Limit | $ 23.32 |
Options Outstanding Shares | shares | 1,318 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 8 years 6 months 21 days |
Options outstanding Weighted- Average Exercise Price | $ 23.32 |
Options Exercisable Weighted- Average Exercise Price | 22.70 |
Exercise Prices Range $23.51 to $25.96 [Member] | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Exercise Prices, Lower Range Limit | 23.51 |
Exercise Prices, Upper Range Limit | $ 25.96 |
Options Outstanding Shares | shares | 82 |
Options Outstanding Weighted- Average Remaining Contractual Life (in years) | 7 years 5 months 26 days |
Options outstanding Weighted- Average Exercise Price | $ 25.60 |
Options Exercisable Shares | shares | 29 |
Options Exercisable Weighted- Average Exercise Price | $ 25.88 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Beginning of year | 1,873 | 1,145 | 958 |
Issued | 181 | 1,010 | 232 |
Vested | (340) | (233) | (45) |
Forfeited | (78) | (49) | |
End of year | 1,636 | 1,873 | 1,145 |
Amount of expense for twelve months ended | $ 8,427 | $ 7,232 | $ 5,237 |
Non-Interest Expense - Componen
Non-Interest Expense - Components of Non-Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in Noncontrolling Interest [Line Items] | |||
Salaries and employee benefits | $ 154,177 | $ 143,545 | $ 119,369 |
Occupancy and equipment | 35,452 | 33,960 | 30,055 |
Data processing expense | 16,161 | 14,428 | 11,998 |
Other operating expenses: | |||
Advertising | 4,687 | 4,472 | 3,203 |
Merger and acquisition expenses | 6,013 | 25,743 | |
Amortization of intangibles | 6,324 | 6,455 | 4,207 |
Electronic banking expense | 7,525 | 7,622 | 6,662 |
Directors' fees | 1,602 | 1,281 | 1,259 |
Due from bank service charges | 1,081 | 1,003 | 1,602 |
FDIC and state assessment | 4,468 | 8,558 | 5,239 |
Other expense | 20,840 | 18,165 | 14,915 |
Insurance | 2,846 | 3,100 | 2,512 |
Legal and accounting | 5,017 | 3,548 | 2,993 |
Other professional fees | 10,213 | 6,453 | 5,359 |
Operating supplies | 2,021 | 2,222 | 1,978 |
Postage | 1,266 | 1,303 | 1,184 |
Telephone | 1,210 | 1,405 | 1,374 |
Total other operating expenses | 69,997 | 72,070 | 78,786 |
Total non-interest expense | 275,787 | 264,003 | 240,208 |
Hurricane Expense [Member] | |||
Other operating expenses: | |||
Other expense | $ 897 | $ 470 | $ 556 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2011 | Feb. 22, 2019 | Apr. 20, 2007 | |
Chairman's Retirement Plan [Member] | ||||||
Employee Benefit Plans [Line Items] | ||||||
Employee benefits plan expense | $ 129,903 | $ 139,107 | $ 147,606 | |||
Supplemental retirement benefit | $ 250,000 | |||||
Employee benefits plan vested | 100.00% | |||||
Supplemental retirement benefit plan during year | $ 250,000 | 250,000 | 250,000 | |||
Home BancShares, Inc. 401(k) and Employee Stock Ownership Plan [Member] | ||||||
Employee Benefit Plans [Line Items] | ||||||
Number of register common stock shares | 2,000,000 | |||||
Shares of company common stock held by employee | 1,100,000 | |||||
Employee benefits plan expense | $ 2,100 | 1,900 | 1,600 | |||
Discretionary contributions amount | $ 0 | $ 0 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017 | May 31, 2017 | Apr. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Other Related Party Transactions [Line Items] | ||||||
Related party loans | $ 63,000 | $ 56,600 | ||||
Related parties new loans and advances | 21,700 | 3,100 | ||||
Repayments of loans by related parties | 15,300 | 3,500 | ||||
Non interest-bearing deposits | 2,100 | 1,700 | ||||
Savings and interest-bearing transaction accounts | 6,500 | 8,600 | ||||
Certificates of time deposit | 484,000 | 335,000 | ||||
Rent expense totaling paid to related parties | 100,000 | $ 100,000 | $ 100,000 | |||
Amount contributed towards the fixed cost of plane | $ 50,000 | |||||
Percentage of time allotment for use of plane | 40.00% | |||||
Amount charged per hour for use of plane if exceeded the time limit | $ 600 | |||||
John W. Allison [Member] | ||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||
Amount contributed towards the fixed cost of plane | $ 25,000 | |||||
Percentage of time allotment for use of plane | 20.00% | |||||
Payment of annual lease rent | $ 9,000 | |||||
John W. Allison [Member] | Board of Directors Chairman [Member] | ||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||
Purchase price of used airplane | $ 3,300 | |||||
Unaffiliated Third Party [Member] | ||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||
Percentage of sale of assets in previous airplane | 50.00% | |||||
Third Party [Member] | ||||||
Schedule of Other Related Party Transactions [Line Items] | ||||||
Amount contributed towards the fixed cost of plane | $ 50,000 | |||||
Percentage of time allotment for use of plane | 40.00% |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||||
Right Of Use asset | $ 44,300 | $ 47,100 | ||
Lease liability | $ 47,005 | $ 49,000 | ||
Operating lease expense | $ 9,000 | $ 6,800 |
Leases - Minimum Rental Commitm
Leases - Minimum Rental Commitment under Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
2020 | $ 7,740 | ||
2021 | 6,774 | ||
2022 | 5,336 | ||
2023 | 4,760 | ||
2024 | 4,328 | ||
Thereafter | 28,260 | ||
Total future minimum lease payments | 57,198 | ||
Discount effect of cash flows | (10,193) | ||
Present value of net future minimum lease payments | $ 47,005 | $ 49,000 | |
2019 | $ 8,589 | ||
2020 | 7,826 | ||
2021 | 6,842 | ||
2022 | 5,269 | ||
2023 | 4,633 | ||
Thereafter | 33,208 | ||
Operating lease, minimum rental commitments | $ 66,367 |
Leases - Additional Informati_2
Leases - Additional Information of Lease Expense (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease expense: | |
Operating lease expense | $ 8,217 |
Short-term lease expense | 105 |
Variable lease expense | 976 |
Total lease expense | 9,298 |
Other information: | |
Cash paid for amounts included in the measurement of lease liabilities | $ 7,931 |
Weighted-average remaining lease term | 10 years 8 months 12 days |
Weighted-average discount rate | 3.62% |
Significant Estimates and Con_2
Significant Estimates and Concentrations of Credit Risks - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans Receivable [Member] | Geographic Concentration [Member] | South Alabama, Arkansas, Florida and New York City [Member] | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 75.70% | |
Loans Receivable [Member] | Commercial Real Estate [Member] | Credit Concentration [Member] | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 57.80% | 58.10% |
Loans Receivable [Member] | Residential Real Estate [Member] | Credit Concentration [Member] | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 21.20% | 22.90% |
Total Stockholders' Equity [Member] | Commercial Real Estate [Member] | Credit Concentration [Member] | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 250.00% | 273.60% |
Total Stockholders' Equity [Member] | Residential Real Estate [Member] | Credit Concentration [Member] | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 91.90% | 107.90% |
Residential Real Estate Loans [Member] | Geographic Concentration [Member] | South Alabama, Arkansas, Florida and New York City [Member] | ||
Commitment And Contingencies [Line Items] | ||
Concentration percentage | 80.10% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments And Contingencies Disclosure [Abstract] | ||
Commitments to extend credit outstanding | $ 2,770,000,000 | $ 2,340,000,000 |
Maximum amount of future payments by the company | $ 58,900,000 | $ 55,600,000 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of foreclosed assets held for sale | $ 1,100,000 | |
Disposal group, not discontinued operation, loss (gain) on write-down | $ 291,000 | |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of Collateral discount | 25.00% | |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of Collateral discount | 50.00% | |
Fair Value, Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of loans with specific allocated losses | $ 74,200,000 | $ 84,300,000 |
Accrued interest receivable reversed | 922,520 | 1,200,000 |
Fair value of foreclosed assets held for sale | $ 9,100,000 | $ 13,200,000 |
Financial Instruments - Estimat
Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Federal funds sold | $ 325 | |
Investment securities – held-to-maturity | 192,776 | |
Federal funds purchased | $ 5,000 | |
Fair Value, Inputs, Level 1 [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 490,601 | 657,939 |
Federal funds sold | 325 | |
Accrued interest receivable | 45,086 | 48,945 |
Demand and non-interest bearing | 2,367,091 | 2,401,232 |
Savings and interest-bearing transaction accounts | 6,933,964 | 6,624,407 |
Federal funds purchased | 5,000 | |
Securities sold under agreements to repurchase | 143,727 | 143,679 |
Accrued interest payable | 8,001 | 8,891 |
Fair Value, Inputs, Level 1 [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 490,601 | 657,939 |
Federal funds sold | 325 | |
Accrued interest receivable | 45,086 | 48,945 |
Demand and non-interest bearing | 2,367,091 | 2,401,232 |
Savings and interest-bearing transaction accounts | 6,933,964 | 6,624,407 |
Federal funds purchased | 5,000 | |
Securities sold under agreements to repurchase | 143,727 | 143,679 |
Accrued interest payable | 8,001 | 8,891 |
Fair Value, Inputs, Level 2 [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities – held-to-maturity | 192,776 | |
FHLB and other borrowed funds | 621,439 | 1,472,393 |
Fair Value, Inputs, Level 2 [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment securities – held-to-maturity | 193,610 | |
FHLB and other borrowed funds | 621,742 | 1,464,073 |
Fair Value, Level 3 Inputs [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net of impaired loans and allowance | 10,693,391 | 10,878,769 |
FHLB, Federal Reserve & First National Banker’s Bank stock; other equity investments | 127,267 | 159,775 |
Time deposits | 1,977,328 | 1,874,139 |
Subordinated debentures | 369,557 | 368,790 |
Fair Value, Level 3 Inputs [Member] | Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans receivable, net of impaired loans and allowance | 10,680,071 | 10,659,428 |
FHLB, Federal Reserve & First National Banker’s Bank stock; other equity investments | 127,267 | 159,775 |
Time deposits | 1,991,120 | 1,852,816 |
Subordinated debentures | $ 380,237 | $ 366,159 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2017 | Jan. 01, 2016 | Jul. 31, 2013 | Dec. 31, 2009 | |
Regulatory Matters [Line Items] | |||||||
Percentage of retained earnings plus current year earnings to be paid as maximum dividend | 75.00% | ||||||
Requested dividend by the company from its subsidiary | $ 232,500 | ||||||
Dividend equal to percentage of banking subsidiary's earnings | 73.70% | ||||||
Description of Regulatory Assets and Liabilities | 15 billion | ||||||
Assets | $ 15,032,047 | $ 15,302,438 | |||||
Basel III [Member] | |||||||
Regulatory Matters [Line Items] | |||||||
Consolidated risk weighted asset | $ 500,000 | ||||||
Capital conservation buffer, percentage | 0.625% | ||||||
Increase in capital conservation buffer | 0.625% | ||||||
Capital conservation buffer phase in period start date | Jan. 1, 2016 | ||||||
Capital conservation buffer phase in period end date | Jan. 1, 2019 | ||||||
Capital requirement, Ratio | 2.50% | ||||||
Description of Regulatory Assets and Liabilities | 15 billion | ||||||
Assets | $ 15,000,000 | ||||||
Basel III [Member] | Criteria 1 [Member] | |||||||
Regulatory Matters [Line Items] | |||||||
Tier 1 leverage capital ratio | 4.00% | ||||||
Tier 1 risk-based capital ratio | 4.50% | ||||||
Risk-based capital ratio | 6.00% | ||||||
Risk-based capital ratio | 8.00% | ||||||
Basel III [Member] | Criteria 2 [Member] | |||||||
Regulatory Matters [Line Items] | |||||||
Risk-based capital ratio | 16.35% | ||||||
Common equity Tier 1 risk-based capital ratio | 6.50% | ||||||
Tier 1 leverage capital ratio | 5.00% | ||||||
Tier 1 risk-based capital ratio | 8.00% | ||||||
Total risk-based capital ratio | 10.00% | ||||||
Common equity Tier 1 risk-based capital ratio | 12.44% | ||||||
Tier 1 leverage capital ratio | 11.27% | ||||||
Tier 1 risk-based capital ratio | 13.03% |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Company's Actual Capital Amount and Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Home BancShares, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital ratios, Actual, Amount | $ 1,500,756 | $ 1,362,859 |
Common equity Tier 1 capital ratios, Actual, Ratio | 12.44% | 11.34% |
Leverage ratios, Actual, Amount | $ 1,571,740 | $ 1,433,700 |
Leverage ratios, Actual, Ratio | 11.27% | 10.36% |
Tier 1 capital ratios, Actual, Amount | $ 1,571,740 | $ 1,433,700 |
Tier 1 capital ratios, Actual, Ratio | 13.03% | 11.93% |
Total risk-based capital ratios, Actual, Amount | $ 1,972,435 | $ 1,840,440 |
Total risk-based capital ratios, Actual, Ratio | 16.35% | 15.31% |
Centennial Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital ratios, Actual, Amount | $ 1,744,543 | $ 1,654,810 |
Common equity Tier 1 capital ratios, Actual, Ratio | 14.47% | 13.77% |
Common equity Tier 1 capital ratios, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provision, Amount | $ 783,587 | $ 781,138 |
Common equity Tier 1 capital ratios, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provision, Ratio | 6.50% | 6.50% |
Leverage ratios, Actual, Amount | $ 1,744,543 | $ 1,654,810 |
Leverage ratios, Actual, Ratio | 12.51% | 11.93% |
Leverage ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 697,471 | $ 693,550 |
Leverage ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 5.00% | 5.00% |
Tier 1 capital ratios, Actual, Amount | $ 1,744,543 | $ 1,654,810 |
Tier 1 capital ratios, Actual, Ratio | 14.47% | 13.77% |
Tier 1 capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 964,415 | $ 961,400 |
Tier 1 capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 8.00% | 8.00% |
Total risk-based capital ratios, Actual, Amount | $ 1,846,665 | $ 1,763,601 |
Total risk-based capital ratios, Actual, Ratio | 15.32% | 14.68% |
Total risk-based capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Amount | $ 1,205,521 | $ 1,201,363 |
Total risk-based capital ratios, Minimum To Be Well Capitalized Under Prompt Corrective Action Provision, Ratio | 10.00% | 10.00% |
Basel III Phase-In Schedule [Member] | Home BancShares, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 844,665 | $ 766,158 |
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 7.00% | 6.375% |
Leverage ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 557,993 | $ 553,552 |
Leverage ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 4.00% | 4.00% |
Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 1,025,665 | $ 946,386 |
Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 8.50% | 7.875% |
Total risk-based capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 1,266,998 | $ 1,187,090 |
Total risk-based capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 10.50% | 9.875% |
Basel III Phase-In Schedule [Member] | Centennial Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 843,863 | $ 766,116 |
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 7.00% | 6.375% |
Leverage ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 557,977 | $ 554,840 |
Leverage ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 4.00% | 4.00% |
Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 1,024,691 | $ 946,378 |
Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 8.50% | 7.875% |
Total risk-based capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 1,265,797 | $ 1,186,346 |
Total risk-based capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 10.50% | 9.875% |
Basel III Fully Phased-In [Member] | Home BancShares, Inc. [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 844,665 | $ 841,271 |
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 7.00% | 7.00% |
Leverage ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 557,993 | $ 553,552 |
Leverage ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 4.00% | 4.00% |
Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 1,025,665 | $ 1,021,496 |
Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 8.50% | 8.50% |
Total risk-based capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 1,266,998 | $ 1,262,222 |
Total risk-based capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 10.50% | 10.50% |
Basel III Fully Phased-In [Member] | Centennial Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 843,863 | $ 841,225 |
Common equity Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 7.00% | 7.00% |
Leverage ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 557,977 | $ 554,840 |
Leverage ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 4.00% | 4.00% |
Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 1,024,691 | $ 1,021,488 |
Tier 1 capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 8.50% | 8.50% |
Total risk-based capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Amount | $ 1,265,797 | $ 1,261,431 |
Total risk-based capital ratios, Minimum Capital Requirement - Basel III Fully Phased-In, Ratio | 10.50% | 10.50% |
Additional Cash Flow Informat_3
Additional Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 26, 2017 | Feb. 28, 2017 | Feb. 23, 2017 | Jun. 30, 2018 |
Giant Holdings, Inc. [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Business combination, common stock issued, shares | 2,738,038 | ||||
Business combination, common stock issued, value | $ 77,500 | ||||
Business combination consideration paid in cash | 18,500 | ||||
Business combination, recognized identifiable assets acquired, Total Assets | 398,100 | ||||
Business combination, recognized identifiable assets acquired, cash and cash equivalents | 41,019 | ||||
Assets acquired and liabilities assumed net | 345,043 | ||||
Cash paid for acquisition | $ 96,015 | ||||
The Bank of Commerce [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Business combination, recognized identifiable assets acquired, Total Assets | $ 178,093 | ||||
Business combination, recognized identifiable assets acquired, cash and cash equivalents | 4,610 | ||||
Assets acquired and liabilities assumed net | 170,111 | ||||
Equity issued | 0 | ||||
Cash paid for acquisition | 4,175 | ||||
Bargain purchase gain | $ 3,807 | ||||
Stonegate Bank [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Business combination, common stock issued, shares | 30,863,658 | ||||
Business combination, common stock issued, value | $ 742,300 | ||||
Business combination consideration paid in cash | 50,100 | ||||
Business combination, recognized identifiable assets acquired, Total Assets | 2,887,523 | ||||
Business combination, recognized identifiable assets acquired, cash and cash equivalents | 100,958 | ||||
Assets acquired and liabilities assumed net | 2,602,161 | ||||
Cash paid for acquisition | $ 792,370 | ||||
Shore Premier Finance [Member] | |||||
Supplemental Cash Flow Information [Line Items] | |||||
Business combination, common stock issued, shares | 1,250,000 | 1,250,000 | |||
Business combination, common stock issued, value | $ 28,200 | $ 28,200 | |||
Business combination, recognized identifiable assets acquired, Total Assets | 377,000 | 377,000 | |||
Cash paid for acquisition | 377,400 | 377,400 | |||
Business combination, recognized identifiable liabilities assumed, Loans | $ 376,200 | $ 376,200 |
Additional Cash Flow Informat_4
Additional Cash Flow Information - Summary of Additional Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Additional Cash Flow Elements And Supplemental Cash Flow Information [Abstract] | |||
Interest paid | $ 155,661 | $ 121,047 | $ 61,930 |
Income taxes paid | 89,692 | 69,282 | 124,830 |
Assets acquired by foreclosure | $ 9,340 | $ 11,217 | $ 10,318 |
Condensed Financial Informati_3
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Cash and cash equivalents | $ 490,601 | $ 657,939 | ||
Premises and equipment | 280,103 | 233,261 | ||
Other assets | 213,845 | 183,806 | ||
Total assets | 15,032,047 | 15,302,438 | ||
Liabilities | ||||
Subordinated debentures | 369,557 | 368,790 | ||
Total liabilities | 12,520,516 | 12,952,552 | ||
Stockholders’ equity: | ||||
Common stock | 1,664 | 1,707 | ||
Capital surplus | 1,537,091 | 1,609,810 | ||
Retained earnings | 956,555 | 752,184 | ||
Accumulated other comprehensive income (loss) | 16,221 | (13,815) | ||
Total stockholders’ equity | 2,511,531 | 2,349,886 | $ 2,204,291 | $ 1,327,490 |
Total liabilities and stockholders’ equity | 15,032,047 | 15,302,438 | ||
Home BancShares, Inc. [Member] | ||||
Assets | ||||
Cash and cash equivalents | 110,597 | 64,359 | ||
Investments in wholly-owned subsidiaries | 2,756,901 | 2,641,929 | ||
Investments in unconsolidated subsidiaries | 2,201 | 2,201 | ||
Premises and equipment | 1,737 | 2,545 | ||
Other assets | 15,197 | 13,191 | ||
Total assets | 2,886,633 | 2,724,225 | ||
Liabilities | ||||
Subordinated debentures | 369,557 | 368,790 | ||
Other liabilities | 5,545 | 5,549 | ||
Total liabilities | 375,102 | 374,339 | ||
Stockholders’ equity: | ||||
Common stock | 1,664 | 1,707 | ||
Capital surplus | 1,537,091 | 1,609,810 | ||
Retained earnings | 956,555 | 752,184 | ||
Accumulated other comprehensive income (loss) | 16,221 | (13,815) | ||
Total stockholders’ equity | 2,511,531 | 2,349,886 | ||
Total liabilities and stockholders’ equity | $ 2,886,633 | $ 2,724,225 |
Condensed Financial Informati_4
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income | |||
Net income | $ 289,539 | $ 300,403 | $ 135,083 |
Home BancShares, Inc. [Member] | |||
Income | |||
Dividends from banking subsidiary | 232,532 | 217,841 | 86,695 |
Other income | 125 | 599 | 2,241 |
Total income | 232,657 | 218,440 | 88,936 |
Expenses | 36,798 | 40,266 | 26,634 |
Income before income taxes and equity in undistributed net income of subsidiaries | 195,859 | 178,174 | 62,302 |
Tax benefit for income taxes | 9,703 | 10,873 | 8,826 |
Income before equity in undistributed net income of subsidiaries | 205,562 | 189,047 | 71,128 |
Equity in undistributed net income of subsidiaries | 83,977 | 111,356 | 63,955 |
Net income | $ 289,539 | $ 300,403 | $ 135,083 |
Condensed Financial Informati_5
Condensed Financial Information (Parent Company Only) - Schedule of Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 289,539 | $ 300,403 | $ 135,083 |
Items not requiring (providing) cash | |||
Depreciation | 19,427 | 19,205 | 16,716 |
Amortization | 15,943 | 14,205 | 12,917 |
Share-based compensation | 10,719 | 9,084 | 6,705 |
Gain on assets | (1,942) | (3,302) | (4,223) |
Changes in other assets | (27,087) | (736) | (38,408) |
Changes in other liabilities | (9,789) | 24,078 | (31,033) |
Net cash provided by operating activities | 247,415 | 303,902 | 140,071 |
Cash flows from investing activities | |||
Purchases of premises and equipment, net | (14,898) | (7,950) | (5,191) |
Net cash provided by (used in) investing activities | 221,656 | (779,578) | (318,631) |
Cash flows from financing activities | |||
Proceeds from exercise of stock options | 1,407 | 1,454 | 1,082 |
Common stock issuance costs – market acquisitions | (825) | ||
Repurchase of common stock | (84,888) | (104,276) | (20,825) |
Proceeds from issuance of subordinated debt | 297,201 | ||
Dividends paid | (85,627) | (79,867) | (60,373) |
Net cash (used in) provided by financing activities | (636,409) | 497,682 | 597,844 |
Increase (decrease) in cash and cash equivalents | (167,338) | 22,006 | 419,284 |
Cash and cash equivalents – beginning of year | 657,939 | 635,933 | 216,649 |
Cash and cash equivalents – end of year | 490,601 | 657,939 | 635,933 |
Home BancShares, Inc. [Member] | |||
Cash flows from operating activities | |||
Net income | 289,539 | 300,403 | 135,083 |
Items not requiring (providing) cash | |||
Depreciation | 289 | 301 | 213 |
Amortization | 796 | 788 | 612 |
Share-based compensation | 10,719 | 9,084 | 6,705 |
Gain on assets | (18) | (111) | (2,393) |
Equity in undistributed income of subsidiaries | (83,977) | (111,356) | (63,955) |
Changes in other assets | (2,006) | (661) | (10,748) |
Changes in other liabilities | (504) | (2,595) | 14,202 |
Net cash provided by operating activities | 214,838 | 195,853 | 79,719 |
Cash flows from investing activities | |||
Purchases of premises and equipment, net | (4,075) | ||
Proceeds from sale of premises and equipment, net | 508 | 4,262 | 3,957 |
Capital contribution to subsidiary | (881) | (250,000) | |
Disposition of RCA Air, LLC | 382 | ||
Proceeds from sale of investment securities | 3,768 | 5,629 | |
Net cash provided by (used in) investing activities | 508 | 7,149 | (305,522) |
Cash flows from financing activities | |||
Proceeds from exercise of stock options | 1,407 | 1,454 | 1,082 |
Common stock issuance costs – market acquisitions | (825) | ||
Repurchase of common stock | (84,888) | (104,276) | (20,825) |
Proceeds from issuance of subordinated debt | 297,201 | ||
Dividends paid | (85,627) | (79,867) | (60,373) |
Net cash (used in) provided by financing activities | (169,108) | (182,689) | 216,260 |
Increase (decrease) in cash and cash equivalents | 46,238 | 20,313 | (9,543) |
Cash and cash equivalents – beginning of year | 64,359 | 44,046 | 53,589 |
Cash and cash equivalents – end of year | $ 110,597 | $ 64,359 | 44,046 |
Giant Holdings, Inc. [Member] | Home BancShares, Inc. [Member] | |||
Cash flows from investing activities | |||
Purchase of business | (16,591) | ||
The Bank of Commerce [Member] | Home BancShares, Inc. [Member] | |||
Cash flows from investing activities | |||
Purchase of business | (4,175) | ||
Stonegate Bank [Member] | Home BancShares, Inc. [Member] | |||
Cash flows from investing activities | |||
Purchase of business | $ (40,649) |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2020 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Right Of Use asset | $ 44,300,000 | $ 47,100,000 | ||||
Lease liability | 47,005,000 | 49,000,000 | ||||
Adjustment to retained earnings, net of tax | 956,555,000 | $ 752,184,000 | ||||
Allowance for loan losses | $ 102,122,000 | $ 108,791,000 | ||||
Federal income tax rate | 21.00% | 21.00% | 35.00% | |||
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Adjustment to retain earning (accumulated deficit) | $ 990,000,000 | |||||
Accounting Standards Update 2016-01 [Member] | Accumulated Other Comprehensive Income [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Adjustment to retain earning (accumulated deficit) | $ 990,000,000 | |||||
Accounting Standards Update 2016-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Right Of Use asset | $ 44,300,000 | 47,100,000 | ||||
Lease liability | $ 47,000,000 | 49,000,000 | ||||
Accounting Standards Update 2016-13 [Member] | Subsequent Event [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative-effect adjustment allowance for loan losses | $ 44,000,000 | |||||
Adjustment to retained earnings, net of tax | 32,500,000 | |||||
Allowance for loan losses | 146,100,000 | |||||
Accounting Standards Update 2016-13 [Member] | Unfunded Commitments [member] | Subsequent Event [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Adjustment to retained earnings, net of tax | 11,500,000 | |||||
Reserve for unfunded commitments recognized | $ 15,500,000 | |||||
Accounting Standards Update 2017-12 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Fair value of securities held to maturity | $ 193,600,000 | |||||
Net unrealized gain of held to maturity securities transferred to available for sale investment securities | $ 834,000 | |||||
Accounting Standards Update 2018-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative-effect adjustment allowance for loan losses | $ 459,000,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | Feb. 14, 2020USD ($) |
Centennial Bank [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Acquisition of LH-Finance loan consideration amount | $ 404.8 |