International Bancshares (IBOC) 10-Q7 May 202020 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 04, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	000-09439
Entity Registrant Name	INTERNATIONAL BANCSHARES CORPORATION
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	74-2157138
Entity Address, Address Line One	1200 San Bernardo Avenue
Entity Address, City or Town	Laredo
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78042-1359
City Area Code	956
Local Phone Number	722-7611
Title of 12(b) Security	Common Stock
Trading Symbol	IBOC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		63,270,747
Entity Central Index Key	0000315709
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Cond

Consolidated Statements of Condition - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 354,708	$ 256,820
Investment securities:
Held to maturity debt securities (Market value of $2,400 on March 31, 2020 and 2,400 on December 31, 2019)	2,400	2,400
Available for sale debt securities (Amortized cost of $3,512,611 on March 31, 2020 and $3,376,070 on December 31, 2019)	3,594,514	3,378,923
Equity securities with readily determinable fair values	6,125	6,095
Total investment securities	3,603,039	3,387,418
Loans	7,024,380	6,894,946
Less allowance for credit losses	(85,273)	(60,278)
Net loans	6,939,107	6,834,668
Bank premises and equipment, net	494,697	506,595
Accrued interest receivable	37,070	36,620
Other investments	298,852	318,427
Cash surrender value of life insurance policies	291,485	289,693
Goodwill	282,532	282,532
Other assets	204,919	200,121
Total assets	12,506,409	12,112,894
Deposits:
Demand-non-interest bearing	3,664,839	3,545,905
Savings and interest bearing demand	3,289,956	3,267,829
Time	2,055,093	2,012,300
Total deposits	9,009,888	8,826,034
Securities sold under repurchase agreements	266,472	236,536
Other borrowed funds	728,465	626,511
Junior subordinated deferrable interest debentures	134,642	134,642
Other liabilities	224,431	171,118
Total liabilities	10,363,898	9,994,841
Shareholders' equity:
Common shares of $1.00 par value. Authorized 275,000,000 shares; issued 96,225,516 shares on March 31, 2020 and 96,214,9679 shares on December 31, 2019	96,226	96,215
Surplus	148,508	148,075
Retained earnings	2,191,946	2,200,568
Accumulated other comprehensive income	64,352	2,345
Total shareholders' equity before treasury stock	2,501,032	2,447,203
Less cost of shares in treasury, 32,215,675 shares on March 31, 2020 and 31,015,061 on December 31, 2019	(358,521)	(329,150)
Total shareholders' equity	2,142,511	2,118,053
Total liabilities and shareholders' equity	$ 12,506,409	$ 12,112,894

Consolidated Statements of Co_2

Consolidated Statements of Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Consolidated Statements of Condition
Held to maturity, Market value (in dollars)	$ 2,400	$ 2,400
Available for sale, Amortized cost (in dollars)	$ 3,512,611	$ 3,376,070
Common shares, par value (in dollars per share)	$ 1	$ 1
Common shares, Authorized shares	275,000,000	275,000,000
Common shares, issued shares	96,225,516	96,214,967
Treasury, shares	32,215,675	31,015,061

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Interest income:
Loans, including fees	$ 99,230	$ 102,805
Investment securities:
Taxable	16,488	19,300
Tax-exempt	766	1,649
Other interest income	128	309
Total interest income	116,612	124,063
Interest expense:
Savings deposits	3,235	4,243
Time deposits	5,970	4,378
Securities sold under repurchase agreements	465	589
Other borrowings	2,826	3,494
Junior subordinated deferrable interest debentures	1,273	1,950
Total interest expense	13,769	14,654
Net interest income	102,843	109,409
Provision for credit loss expenses	16,836	7,420
Net interest income after provision for credit losses	86,007	101,989
Non-interest income:
Investment securities transactions, net	(5)	(4)
Other investments, net	(231)	3,948
Other income	4,809	2,540
Total non-interest income	35,130	36,129
Non-interest expense:
Employee compensation and benefits	36,330	36,409
Occupancy	6,899	6,377
Depreciation of bank premises and equipment	7,109	6,981
Professional fees	3,970	3,592
Deposit insurance assessments		783
Net expense, other real estate owned	3,002	995
Advertising	1,984	2,082
Software and software maintenance	4,491	4,497
Other	13,197	11,235
Total non-interest expense	76,982	72,951
Income before income taxes	44,155	65,167
Provision for income taxes	9,317	13,261
Net income	$ 34,838	$ 51,906
Basic earnings per common share:
Weighted average number of shares outstanding (in shares)	65,070,589	65,617,977
Net income (in dollars per share)	$ 0.54	$ 0.79
Fully diluted earnings per common share:
Weighted average number of shares outstanding (in shares)	65,228,824	65,831,162
Net income (in dollars per share)	$ 0.53	$ 0.79
Services charges on deposit accounts
Non-interest income:
Service charges	$ 17,637	$ 17,260
Other service charges, commissions and fees, Banking
Non-interest income:
Service charges	11,166	10,876
Other service charges, commissions and fees, Non-banking
Non-interest income:
Service charges	$ 1,754	$ 1,509

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Consolidated Statements of Comprehensive Income
Net income	$ 34,838	$ 51,906
Other comprehensive income, net of tax:
Net unrealized holding gains on securities available for sale arising during period (net of tax effects of $16,482, and $6,706)	62,003	25,226
Reclassification adjustment for losses on securities available for sale included in net income (net of tax effects of $1 and $1)	4	3
Other comprehensive income, net of tax	62,007	25,229
Comprehensive income	$ 96,845	$ 77,135

Consolidated Statements of Co_3

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Consolidated Statements of Comprehensive Income
Net unrealized holding gains (losses) on securities available for sale arising during period, tax effects	$ 16,482	$ 6,706
Reclassification adjustment for losses on securities available for sale included in net income, tax effects	$ 1	$ 1

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Surplus	Retained Earnings	Other Comprehensive Income (Loss)	Treasury Stock	Total
Balance at Dec. 31, 2018	$ 96,104	$ 145,283	$ 2,064,134	$ (54,634)	$ (311,305)	$ 1,939,582
Balance (in shares) at Dec. 31, 2018	96,104
Increase (decrease) in shareholders' equity
Net Income			51,906			51,906
Dividends:
Dividends			(32,822)			(32,822)
Purchase of treasury stock					(54)	(54)
Exercise of stock options	$ 33	565				598
Exercise of stock options (in shares)	33
Stock compensation expense recognized in earnings		265				265
Other comprehensive income, net of tax:
Net change in unrealized gains and losses on available for sale securities, net of reclassification adjustments				25,229		25,229
Balance at Mar. 31, 2019	$ 96,137	146,113	2,083,218	(29,405)	(311,359)	1,984,704
Balance (in shares) at Mar. 31, 2019	96,137
Balance at Dec. 31, 2019	$ 96,215	148,075	2,200,568	2,345	(329,150)	2,118,053
Balance (in shares) at Dec. 31, 2019	96,215
Increase (decrease) in shareholders' equity
Net Income			34,838			34,838
Dividends:
Dividends			(35,128)			(35,128)
Purchase of treasury stock					(29,371)	(29,371)
Exercise of stock options	$ 11	214				225
Exercise of stock options (in shares)	11
Stock compensation expense recognized in earnings		219				219
Other comprehensive income, net of tax:
Net change in unrealized gains and losses on available for sale securities, net of reclassification adjustments				62,007		62,007
Balance at Mar. 31, 2020	$ 96,226	$ 148,508	2,191,946	$ 64,352	$ (358,521)	2,142,511
Balance (in shares) at Mar. 31, 2020	96,226
Dividends:
Cumulative adjustment for adoption of new accounting standards, net of tax			$ (8,332)			$ (8,332)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Consolidated Statements of Shareholders' Equity
Cash Dividends (in dollars per share)	$ 0.55	$ 0.50
Purchase of treasury stock (in shares)	1,200,614	1,305

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net income	$ 34,838	$ 51,906
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit loss expenses	16,836	7,420
Specific reserve, other real estate owned	537	8
Depreciation of bank premises and equipment	7,109	6,981
Gain on sale of bank premises and equipment	(358)	(43)
Gain on sale of other real estate owned	(79)	(469)
Accretion of investment securities discounts	(120)	(55)
Amortization of investment securities premiums	7,373	4,024
Investment securities transactions, net	5	4
Unrealized gain on equity securities with readily determinable fair values	(30)	(138)
Stock based compensation expense	219	265
Losses (earnings) from affiliates and other investments	521	(3,444)
Deferred tax expense	(14,123)	(1,435)
Increase in accrued interest receivable	(450)	(603)
Increase in other assets	(228)	(20,685)
Increase in other liabilities	4,571	23,962
Net cash provided by operating activities	56,621	67,698
Investing activities:
Proceeds from maturities of securities	1,075
Proceeds from sales and calls of available for sale securities	18,920	41,420
Purchases of available for sale securities	(421,017)	(145,966)
Principal collected on mortgage backed securities	257,223	132,820
Net increase in loans	(120,789)	(147,124)
Purchases of other investments	(6,760)	(13,045)
Distributions from other investments	26,382	46,677
Purchases of bank premises and equipment	(2,769)	(6,130)
Proceeds from sales of bank premises and equipment	370	1,510
Proceeds from sales of other real estate owned	2,034	707
Net cash used in investing activities	(245,331)	(89,131)
Financing activities:
Net increase in non-interest bearing demand deposits	118,934	103,879
Net decrease (increase) in savings and interest-bearing demand deposits	22,127	78,512
Net increase (decrease) in time deposits	42,793	16,994
Net increase (decrease) in securities sold under repurchase agreements	29,936	48,641
Net decrease (increase) in other borrowed funds	101,954	(194,770)
Purchase of treasury stock	(29,371)	(54)
Proceeds from stock transactions	225	598
Net cash (used in) provided by financing activities	286,598	53,800
(Decrease) increase in cash and cash equivalents	97,888	32,367
Cash and cash equivalents at beginning of period	256,820	316,797
Cash and cash equivalents at end of period	354,708	349,164
Supplemental cash flow information:
Interest paid	13,353	13,982
Income taxes paid	206
Non-cash investing and financing activities:
Net transfers from loans to other real estate owned	486	704
Dividends declared, not yet paid on common stock	35,128	32,822
Establishment of lease liability and right-of-use asset		$ 6,171
Net transfers from bank premises and equipment to other assets	$ 7,546

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2020
Basis of Presentation
Basis of Presentation	Note 1 — Basis of Presentation Our accounting and reporting policies conform to accounting principles generally accepted in the United States of America and to general practices within the banking industry. Our consolidated financial statements include the accounts of International Bancshares Corporation, and our wholly-owned bank subsidiaries, International Bank of Commerce, Laredo (“IBC”), Commerce Bank, International Bank of Commerce, Zapata, International Bank of Commerce, Brownsville, International Bank of Commerce, Oklahoma (the “Subsidiary Banks”) and our wholly-owned non-bank subsidiaries, IBC Trading Company, Premier Tierra Holdings, Inc., IBC Charitable and Community Development Corporation, and IBC Capital Corporation. Our consolidated financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in our latest Annual Report on Form 10-K. Our consolidated statement of condition at December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“US GAAP”) for complete financial statements. Certain reclassifications have been made to make prior periods comparable. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results for the year ending December 31, 2020 or any future period. We operate as one segment. The operating information used by our chief executive officer for purposes of assessing performance and making operating decisions is the consolidated statements presented in this report. We have five active operating subsidiaries, the Subsidiary Banks. We apply the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), FASB ASC 280, “Segment Reporting,” in determining our reportable segments and related disclosures. We have evaluated all events or transactions that occurred through the date we issued these financial statements. During this period, we did not have any material recognizable or non-recognizable subsequent events. On January 1, 2019, we adopted the provisions of ASU 2016-02, “Leases.” ASU 2016-02 amends existing standards for accounting for leases by lessees, with accounting for leases by lessors remaining mainly unchanged from current guidance. The update requires that lessees recognize a lease liability and a right of use asset for all leases (with the exception of short-term leases) at the commencement date of the lease and disclose key information about leasing arrangements. The update is to be applied on a modified retrospective basis for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements. In January 2018, the FASB issued a proposal that provides an additional transition method that would allow entities to not apply the guidance in the update in the comparative periods presented in the consolidated financial statements, but instead recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. As part of our business model, we primarily own all property we occupy, with the exception of certain branches operating in grocery stores or shopping centers and certain ATM locations that were classified as operating leases under previous guidance. The adoption of the standard did not have a significant impact on our consolidated financial statements. As of the date of adoption, we recorded a right of use asset and a lease liability million. The right of use asset and lease liability are included in other assets and other liabilities, respectively, on our consolidated statement of condition. Amortization of the right of use asset for the three months ended March 31, 2020 and March 31, 2019 $320,000 and $214,000, respectively, and is included as a part of occupancy expense in our consolidated income statement. In June 2016, the FASB issued Accounting Standards Update No. 2016-13 to ASC 326, “Financial Instruments – Credit Losses.” The update amends existing standards for accounting for credit losses for financial assets. The update requires that the expected credit losses on the financial instruments held as of the end of the period being reported be measured based on historical experience, current conditions, and reasonable and supportable forecasts. The update also expands the required disclosures related to significant estimates and judgements used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s financial assets. The update also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The impact of the adoption of the standard is to be recorded as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The accounting standard was effective for us on January 1, 2020. The task force formed last year, which includes key members of the teams that work with the current calculation of the allowance for probable loan losses plus members representing the corporate accounting and risk management areas, has worked with the implementation of the update and validation to complete our model/tool. Based on the composition of the portfolio at December 31, 2019 and after finalizing the methodology, the adoption of the update increased our allowance for probable loan losses (referred to as the allowance for credit losses under ASU 2016-13), by approximately 17.2%, resulting in a cumulative-effect adjustment to retained earnings of approximately $8.3 million, net of tax. Please refer to Note 4 – Allowance for Credit Losses and the Critical Accounting Policies discussion in Management’s Discussion and Analysis.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2020
Fair Value Measurements
Fair Value Measurements	Note 2 — Fair Value Measurements ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. ASC 820 applies to all financial instruments that are being measured and reported on a fair value basis. ASC 820 defines fair value as 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; it also establishes a fair value hierarchy that prioritizes the inputs used in valuation methodologies into the following three levels: ● Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities. ● Level 2 Inputs - Observable inputs other than Level 1 inputs, 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 Inputs - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or other valuation techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of March 31, 2020 by level within the fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using (in Thousands) Quoted Prices in Active Significant Assets/Liabilities Markets for Other Significant Measured at Identical Observable Unobservable Fair Value Assets Inputs Inputs March 31, 2020 (Level 1) (Level 2) (Level 3) Measured on a recurring basis: Assets: Available for sale debt securities Residential mortgage-backed securities $ 3,520,332 $ — $ 3,520,332 $ — States and political subdivisions 74,182 — 74,182 — Equity Securities 6,125 6,125 — — $ 3,600,639 $ 6,125 $ 3,594,514 $ — The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of December 31, 2019 by level within the fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using (in Thousands) Quoted Prices in Active Significant Assets/Liabilities Markets for Other Significant Measured at Identical Observable Unobservable Fair Value Assets Inputs Inputs December 31, 2019 (Level 1) (Level 2) (Level 3) Measured on a recurring basis: Assets: Available for sale securities Residential mortgage - backed securities $ 3,285,548 $ — $ 3,285,548 $ — States and political subdivisions 93,375 — 93,375 — Equity Securities 6,095 6,095 — — $ 3,385,018 $ 6,095 $ 3,378,923 $ — Available-for-sale debt securities are classified within Level 2 of the valuation hierarchy. Equity securities with readily determinable fair values are classified within Level 1. For debt investments classified as Level 2 in the fair value hierarchy, we obtain 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. Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis. The instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table represents financial instruments measured at fair value on a non-recurring basis as of and for the period ended March 31, 2020 by level within the fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using (in thousands) Quoted Assets/Liabilities Prices in Measured at Active Significant Fair Value Markets for Other Significant Net Provision Period ended Identical Observable Unobservable (Credit) March 31, Assets Inputs Inputs During 2020 (Level 1) (Level 2) (Level 3) Period Measured on a non-recurring basis: Assets: Watch-List doubtful loans $ 254 $ — $ — $ 254 $ 93 Other real estate owned 2,581 — — 2,581 537 The following table represents financial instruments measured at fair value on a non-recurring basis as of and for the period ended December 31, 2019 by level within the fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using (in thousands) Quoted Assets/Liabilities Prices in Measured at Active Significant Fair Value Markets Other Significant Net (Credit) Year ended for Identical Observable Unobservable Provision December 31, Assets Inputs Inputs During 2019 (Level 1) (Level 2) (Level 3) Period Measured on a non-recurring basis: Assets: Impaired loans $ 826 $ — $ — $ 826 $ 43 Other real estate owned 21,614 — — 21,614 322 Equity investments without readily determinable fair values 28,166 — — 28,166 4,775 Our assets measured at fair value on a non-recurring basis at March 31, 2020 are limited to loans classified as Watch List – Doubtful and other real estate owned. At December 31, 2019, asset measured at fair value on a non-recurring basis also included an equity investment without a readily determinable fair value. The fair value of Watch-List Doubtful loans is derived in accordance with FASB ASC 310, “Receivables”. They are primarily comprised of collateral-dependent commercial loans. As the primary sources of loan repayments decline, the secondary repayment source, the collateral, takes on greater significance. Correctly evaluating the fair value becomes even more important. Re-measurement of the loan to fair value is done through a specific valuation allowance included in the allowance for credit losses. The fair value of the loan is based on the fair value of the collateral, as determined through either an appraisal or evaluation process. The basis for our appraisal and appraisal review process is based on regulatory guidelines and strives to comply with all regulatory appraisal laws, regulations, and the Uniform Standards of Professional Appraisal Practice. All appraisals and evaluations are “as is” (the property’s highest and best use) valuations based on the current conditions of the property/project at that point in time. The determination of the fair value of the collateral is based on the net realizable value, which is the appraised value less any closing costs, when applicable. As of March 31, 2020, we had $1,935,000 of doubtful commercial collateral dependent loans, of which $577,000 had an appraisal performed within the immediately preceding twelve months, and of which $812,000 had an evaluation performed within the immediately preceding twelve months. As of December 31, 2019, we had approximately $2,955,000 of impaired commercial collateral dependent loans, of which $1,426,000 had an appraisal performed within the immediately preceding twelve months and of which $847,000 had an evaluation performed within the immediately preceding twelve months. Our determination to either seek an appraisal or to perform an evaluation begins in weekly credit quality meetings, where the committee analyzes the existing collateral values of the impaired loans and where obsolete appraisals are identified. In order to determine whether we would obtain a new appraisal or perform an internal evaluation to determine the fair value of the collateral, the credit committee reviews the existing appraisal to determine if the collateral value is reasonable in view of the current use of the collateral and the economic environment related to the collateral. If the analysis of the existing appraisal does not find that the collateral value is reasonable under the current circumstances, we would obtain a new appraisal on the collateral or perform an internal evaluation of the collateral. The ultimate decision to get a new appraisal rests with the independent credit administration group. A new appraisal is not required if an internal evaluation, as performed by in-house experts, is able to appropriately update the original appraisal assumptions to reflect current market conditions and provide an estimate of the collateral’s market value for impairment analysis. The internal evaluations must be in writing and contain sufficient information detailing the analysis, assumptions and conclusions, and they must support performing an evaluation in lieu of ordering a new appraisal. Other real estate owned is comprised of real estate acquired by foreclosure and deeds in lieu of foreclosure. Other real estate owned is carried at the lower of the recorded investment in the property or its fair value less estimated costs to sell such property (as determined by independent appraisal) within Level 3 of the fair value hierarchy. Prior to foreclosure, the value of the underlying loan is written down to the fair value of the real estate to be acquired by a charge to the allowance for credit losses, if necessary. The fair value is reviewed periodically and subsequent write-downs are made, accordingly, through a charge to operations. Other real estate owned is included in other assets on the consolidated financial statements. For the three months ended March 31, 2020 and the twelve months ended December 31, 2019, we recorded $4,000 n charges to the allowance for credit losses in connection with loans transferred to other real estate owned. For the three months ended March 31, 2020 and the twelve months ended December 31, 2019, we recorded $537,000 and $322,000, respectively, in adjustments to fair value in connection with other real estate owned. The fair value estimates, methods, and assumptions for our financial instruments at March 31, 2020 and December 31, 2019 are outlined below. Cash and Cash Equivalents For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Time Deposits with Banks The carrying amounts of time deposits with banks approximate fair value. Investment Securities Held-to-Maturity The carrying amounts of investments held-to-maturity approximate fair value. Investment Securities For investment securities, which include U.S. Treasury securities, obligations of other U.S. government agencies, obligations of states and political subdivisions and mortgage pass-through and related securities, fair values are 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. See disclosures of fair value of investment securities in Note 6. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial, real estate and consumer loans, as outlined by regulatory reporting guidelines. Each category is segmented into fixed and variable interest rate terms and by performing and non-performing categories. For variable rate performing loans, the carrying amount approximates the fair value. For fixed-rate performing loans, except residential mortgage loans, the fair value is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the loan. For performing residential mortgage loans, fair value is estimated by discounting contractual cash flows adjusted for prepayment estimates using discount rates based on secondary market sources or the primary origination market. Fixed-rate performing loans are within Level 3 of the fair value hierarchy. At March 31, 2020 and December 31, 2019, the carrying amount of fixed-rate performing loans was $1,454,099,000 and $1,503,811,000, respectively, and the estimated fair value was $1,379,125,000 and $1,481,239,000, respectively. Accrued Interest The carrying amounts of accrued interest approximate fair value. Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposit accounts, savings accounts and interest bearing demand deposit accounts, was equal to the amount payable on demand as of March 31, 2020 and December 31, 2019. The fair value of time deposits is based on the discounted value of contractual cashflows. The discount rate is based on currently offered rates. Time deposits are within Level 3 of the fair value hierarchy. At March 31, 2020 and December 31, 2019, the carrying amount of time deposits was $2,055,093,000 and $2,012,300,000, respectively, and the estimated fair value was $2,047,202,000 and $2,011,950,000, respectively. Securities Sold Under Repurchase Agreements Securities sold under repurchase agreements include short- and long-term maturities. Due to the contractual terms of the short-term instruments, the carrying amounts approximated fair value at March 31, 2020 and December 31, 2019. Junior Subordinated Deferrable Interest Debentures We currently have floating-rate junior subordinated deferrable interest debentures outstanding. Due to the contractual terms of the floating-rate junior subordinated deferrable interest debentures, the carrying amounts approximated fair value at March 31, 2020 and December 31, 2019. Other Borrowed Funds We currently have short- and long-term borrowings issued from the Federal Home Loan Bank (“FHLB”). Due to the contractual terms of the short-term borrowings, the carrying amounts approximated fair value at March 31, 2020 and December 31, 2019. The long-term borrowings outstanding at March 31, 2020 and December 31, 2019 are fixed-rate borrowings and the fair value is based on established market spreads for similar types of borrowings. The fixed rate long-term borrowings are included in Level 2 of the fair value hierarchy. At March 31, 2020 and December 31, 2019, the carrying amount of the fixed rate long-term FHLB borrowings was $436,465,000 and $436,511,000, respectively, and the estimated fair value was $498,716,000 and $465,017,000 , respectively. Commitments to Extend Credit and Letters of Credit Commitments to extend credit and fund letters of credit are principally at current interest rates, and, therefore, the carrying amount approximates fair value. Limitations Fair value estimates are made at a point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument. Because no market exists for a significant portion of our financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-statement of condition financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets or liabilities include the bank premises and equipment and core deposit value. In addition, the tax ramifications related to the effect of fair value estimates have not been considered in the above estimates.

Loans

Loans	3 Months Ended
Loans	Mar. 31, 2020
Loans
Loans	Note 3 — Loans A summary of loans, by loan type at March 31, 2020 and December 31, 2019 is as follows: March 31, December 31, 2020 2019 (Dollars in Thousands) Commercial, financial and agricultural $ 3,504,826 $ 3,379,837 Real estate - mortgage 1,118,192 1,140,377 Real estate - construction 2,216,740 2,185,883 Consumer 45,440 47,800 Foreign 139,182 141,049 Total loans $ 7,024,380 $ 6,894,946

Allowance for Credit Losses

Allowance for Credit Losses	3 Months Ended
Allowance for Credit Losses	Mar. 31, 2020
Allowance for Credit Losses
Allowance for Credit Losses	Note 4 — Allowance for Credit Losses We adopted the provisions of ASU 2016-13 on January 1, 2020 on a modified retrospective basis. Results and information regarding our allowance for credit losses (“ACL”) included in this Note are calculated and presented in accordance with that accounting standards update. Results and information prior to January 1, 2020 are calculated and presented in accordance with previously applicable U.S. GAAP. ASU 2016-13 replaces the long-standing incurred loss model with an expected credit loss model that recognizes credit losses over the life of a financial asset. Expected credit losses capture historical information, current conditions, and reasonable and supportable forecasts of future conditions. The ACL is deducted from the amortized cost of an instrument to present the net amount expected to be collected on the financial asset. Our ACL primarily consists of the aggregate ACL estimates of our Subsidiary Banks. The estimates are established through charges to operations in the form of charges to provisions for credit loss expense. Loan losses or recoveries are charged or credited directly to the ACL. The ACL of each Subsidiary Bank is maintained at a level considered appropriate by management, based on estimated current expected credit losses in the current loan portfolio, including information about past events, current conditions and reasonable and supportable forecasts. The estimation of the ACL is based on a loss-rate methodology that measures lifetime losses on loan pools that have similar risk characteristics. Loans that do not have similar risk characteristics are evaluated on an individual basis. The segmentation of the loan portfolio into pools requires a balancing process between capturing similar risk characteristics and containing sufficient loss history to provide meaningful results. Our segmentation starts at the general loan category with further sub-segmentation based on collateral types that may be of meaningful size and/or may contain sufficient differences in risk characteristics based on management’s judgement that would warrant further segmentation. The general loan categories along with primary risk characteristics used in our calculation are as follows: Commercial and industrial loans. borrower’s abilities to generate revenues from equipment purchases, collect accounts receivable, and to turn inventory into sales are risk factors in the repayment of the loan. A small portion of this loan category is related to loans secured by oil & gas production and loans secured by aircraft. Construction and land development loans. Commercial real estate loans. 1-4 family mortgages. Consumer loans. The loan pools are further broken down using a risk-based segmentation based on internal classifications for commercial loans and past due status for consumer mortgage loans. Non-mortgage consumer loans are evaluated as one segment. On a weekly basis, commercial loan past due reports are reviewed by the credit quality committee to determine if a loan has any potential problems and if a loan should be placed on our internal Watch List report. Additionally, our credit department reviews the majority of our loans for proper internal classification purposes regardless of whether they are past due and segregates any loans with potential problems for further review. The credit department will discuss the potential problem loans with the servicing loan officers to determine any relevant issues that were not discovered in the evaluation. Also, an analysis of loans that is provided through examinations by regulatory authorities is considered in the review process. After the above analysis is completed, we will determine if a loan should be placed on an internal Watch List report because of issues related to the analysis of the credit, credit documents, collateral and/or payment history. Our internal Watch List report is segregated into the following categories: (i) Pass, (ii) Economic Monitoring, (iii) Special Review, (iv) Watch List—Pass, or (v) Watch List—Substandard, and (vi) Watch List—Doubtful. The loans placed in the Special Review category and lower rated credits reflect our opinion that the loans reflect potential weakness which require monitoring on a more frequent basis. Credits in those categories are reviewed and discussed on a regular basis, no less frequently than quarterly, with the credit department and the lending staff to determine if a change in category is warranted. The loans placed in the Watch List—Pass category and lower rated credits reflect our opinion that the credit contains weaknesses which represent a greater degree of risk, which warrant “extra attention.” Credits in this category are reviewed and discussed on a regular basis with the credit department and the lending staff to determine if a change in category is warranted. The loans placed in the Watch List—Substandard category are considered to be potentially inadequately protected by the current sound worth and debt service capacity of the borrower or of any pledged collateral. These credit obligations, even if apparently protected by collateral value, have shown defined weaknesses related to adverse financial, managerial, economic, market or political conditions which may jeopardize repayment of principal and interest. Furthermore, there is the possibility that we may sustain some future loss if such weaknesses are not corrected. The loans placed in the Watch List—Doubtful category have shown defined weaknesses and it is likely, based on current information and events, that we will be unable to collect all principal and/or interest amounts contractually due. Watch List—Doubtful loans are placed on non-accrual when they are moved to that category. For the purposes of the ACL, in order to maintain segments with sufficient history for meaningful results, the credits in the Pass and Economic Monitoring categories are aggregated, the credits in the Special Review and Watch List—Pass credits are aggregated, and the credits in the Watch List—Substandard category remain in their own segment. For loans that are classified as Watch List—Doubtful, management evaluates these credits in accordance with ASC 310-10, “Receivables,” and, if deemed necessary, a specific reserve is allocated to the loan. The specific reserve allocated under ASC 310-10, is based on (i) the present value of expected future cash flows discounted at the loan’s effective interest rate; (ii) the loan’s observable market price; or (iii) net realizable value of the fair value of the collateral if the loan is collateral dependent. Substantially all of our loans evaluated as Watch List—Doubtful under ASC 310-10 are measured using the fair value of collateral method. In rare cases, we may use other methods to determine the specific reserve of a loan under ASC 310-10 if such loan is not collateral dependent. Within each collectively evaluated pool, the robustness of the lifetime historical loss-rate is evaluated and, if needed, is supplemented with peer loss rates through a model risk adjustment. Certain qualitative loss factors are then evaluated to incorporate management’s two-year reasonable and supportable forecast period followed by a reversion to the pool’s average lifetime loss-rate. Those qualitative loss factors are: (i) trends in portfolio volume and composition, (ii) volume and trends in classified loans, delinquencies, non-accruals and TDR’s, (iii) concentration risk, (iv) trends in underlying collateral value, (v) changes in policies, procedures, and strategies, and (vi) economic conditions. Qualitative factors also include potential losses stemming from operational risk factors arising from fraud, natural disasters, pandemics and geopolitical events. Should any of the factors considered by management in evaluating the adequacy of the ACL change, our estimate could also change, which could affect the level of future credit loss expense. We have elected to not measure an ACL for accrued interest receivable given our timely approach in identifying and writing off uncollectible accrued interest. An ACL for off-balance sheet exposure is derived from a projected usage rate of any unfunded commitment multiplied by the historical loss rate, plus model risk adjustment, if any, of the on-balance sheet loan pools. Our management continually reviews the ACL of the Subsidiary Banks using the amounts determined from the estimates established on specific doubtful loans, the estimate established on quantitative historical loss percentages, and the estimate based on qualitative current conditions and reasonable and supportable two-year forecasted data. Our methodology reverts to the average lifetime loss-rate beyond the forecast period when we can no longer develop reasonable and supportable forecasts. Should any of the factors considered by management in evaluating the adequacy of the estimate for current expected credit losses change, our estimate of current expected credit losses could also change, which could affect the level of future credit loss expense. While the calculation of our ACL utilizes management’s best judgment and all information reasonably available, the adequacy of the ACL is dependent on a variety of factors beyond our control, including, among other things, the performance of the entire loan portfolio, the economy, government actions, changes in interest rates and the view of regulatory authorities towards loan classifications. A summary of the transactions in the allowance for credit loan losses by loan class is as follows: Three Months Ended March 31, 2020 Domestic Foreign Commercial Real Estate: Other Commercial Construction & Real Estate: Commercial Land Farmland & Real Estate: Residential: Residential: Commercial Development Commercial Multifamily First Lien Junior Lien Consumer Foreign Total (Dollars in Thousands) Balance at December 31, 2019 $ 11,145 $ 18,152 $ 16,533 $ 1,786 $ 3,762 $ 7,535 $ 542 $ 823 $ 60,278 Adoption of ASU 2016-13 4,247 13,391 (4,292) (355) (1,580) (429) (225) (410) 10,347 Losses charged to allowance (2,819) — (55) — (36) — (70) — (2,980) Recoveries credited to allowance 671 — 9 — 1 103 8 — 792 Net (losses) recoveries charged to allowance (2,148) — (46) — (35) 103 (62) — (2,188) Credit loss expense 5,823 5,878 2,809 327 635 1,243 68 53 16,836 Balance at March 31, $ 19,067 $ 37,421 $ 15,004 $ 1,758 $ 2,782 $ 8,452 $ 323 $ 466 $ 85,273 Three Months Ended March 31, 2019 Domestic Foreign Commercial Real Estate: Other Commercial Construction & Real Estate: Commercial Land Farmland & Real Estate: Residential: Residential: Commercial Development Commercial Multifamily First Lien Junior Lien Consumer Foreign Total (Dollars in Thousands) Balance at December 31, $ 12,596 $ 15,123 $ 19,353 $ 1,808 $ 3,467 $ 7,719 $ 447 $ 871 $ 61,384 Losses charged to allowance (2,764) — (1) — (1) (6) (63) — (2,835) Recoveries credited to allowance 638 20 283 — 1 102 17 — 1,061 Net (losses) recoveries charged to allowance (2,126) 20 282 — — 96 (46) — (1,774) Provision charged to operations 942 (354) 6,245 537 79 (70) 61 (20) 7,420 Balance at March 31, $ 11,412 $ 14,789 $ 25,880 $ 2,345 $ 3,546 $ 7,745 $ 462 $ 851 $ 67,030 The increase in credit loss expense for the three months ended March 31, 2020 can be primarily attributed to the economic changes that occurred in the first quarter as a result of COVID-19 and the impact of those changes on our first quarter ACL calculation. We adopted the provisions of ASU 2016-13 on January 1, 2020, resulting in a transition from the long-standing incurred loss model to an expected credit loss model. Impacting the provision for loan loss for the three months ended March 31, 2019 is a relationship that is secured by multiple pieces of real property on which car dealerships are operated. The relationship began deteriorating in the fourth quarter of 2018, triggered by significant fraud by a high level insider of the car dealership resulting in the dealerships unexpectedly filing for bankruptcy and creating an exposure for potential loss since the operations of the dealerships were the source of repayment from the borrower. The relationship further deteriorated in the first quarter of 2019 after the court approved debtor in possession plan sponsor discontinued its role in the process and thus did not fulfill its obligation to assume full responsibility of the accrued and unpaid interest. Although the relationship is secured by real property (the dealerships’ real estate), the real property has specialized use, contributing to the potential exposure for probable loss. During the first quarter of 2019, in light of the circumstances and management’s evaluation of the relationship, the decision was made to place the relationship on impaired, non-accrual status and place a specific reserve on the relationship in the amount of $9.5 million. The table below provides additional information on the balance of loans individually or collectively evaluated for impairment and their related allowance, by loan class as of March 31, 2020 and December 31, 2019: March 31, 2020 Loans Individually Loans Collectively Evaluated For Evaluated For Impairment Impairment Recorded Recorded Investment Allowance Investment Allowance (Dollars in Thousands) Domestic Commercial $ 1,649 $ 342 $ 1,367,362 $ 18,725 Commercial real estate: other construction & land development 936 116 2,215,804 37,305 Commercial real estate: farmland & commercial 517 — 1,932,848 15,004 Commercial real estate: multifamily 152 — 202,298 1,758 Residential: first lien 92 — 431,496 2,782 Residential: junior lien — — 686,604 8,452 Consumer 3 — 45,437 323 Foreign — — 139,182 466 Total $ 3,349 $ 458 $ 7,021,031 $ 84,815 December 31, 2019 Loans Individually Loans Collectively Evaluated For Evaluated For Impairment Impairment Recorded Recorded Investment Allowance Investment Allowance (Dollars in Thousands) Domestic Commercial $ 1,935 $ 249 $ 1,290,725 $ 10,895 Commercial real estate: other construction & land development 938 116 2,184,945 18,037 Commercial real estate: farmland & commercial 1,208 — 1,895,539 16,533 Commercial real estate: multifamily 165 — 190,265 1,786 Residential: first lien 6,278 — 427,623 3,762 Residential: junior lien 692 — 705,784 7,535 Consumer 1,195 — 46,605 542 Foreign 264 — 140,785 823 Total $ 12,675 $ 365 $ 6,882,271 $ 59,913 The table below provides additional information on loans accounted for on a non-accrual basis by loan class at March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 (Dollars in Thousands) Domestic Commercial $ 1,649 $ 1,901 Commercial real estate: other construction & land development 936 938 Commercial real estate: farmland & commercial 517 1,208 Commercial real estate: multifamily 152 165 Residential: first lien 624 670 Residential: junior lien — — Consumer 3 4 Total non-accrual loans $ 3,881 $ 4,886 Watch—List Doubtful loans are those loans where it is probable that all amounts due according to contractual terms of the loan agreement will not be collected. We have identified these loans through our normal loan review procedures. Watch—List Doubtful loans are measured based on (i) the present value of expected future cash flows discounted at the loan’s effective interest rate; (ii) the loan’s observable market price; or (iii) the fair value of the collateral if the loan is collateral dependent. Substantially all of our doubtful loans are measured at the fair value of the collateral. In limited cases, we may use other methods to determine the level of impairment of a loan if such loan is not collateral dependent. The following tables detail key information regarding our impaired loans by loan class at December 31, 2019, in accordance with ASC 310 prior to the adoption of ASU 2016-13: December 31, 2019 Unpaid Average Recorded Principal Related Recorded Interest Investment Balance Allowance Investment Recognized (Dollars in Thousands) Loans with Related Allowance Domestic Commercial $ 510 $ 516 $ 249 $ 514 $ — Commercial real estate: other construction & land development 126 169 116 131 — Total impaired loans with related allowance $ 636 $ 685 $ 365 $ 645 $ — December 31, 2019 Unpaid Average Recorded Principal Recorded Interest Investment Balance Investment Recognized (Dollars in Thousands) Loans with No Related Allowance Domestic Commercial $ 1,425 $ 1,516 $ 18,794 $ 2 Commercial real estate: other construction & land development 812 1,133 1,737 — Commercial real estate: farmland & commercial 1,208 1,841 22,357 — Commercial real estate: multifamily 165 168 651 — Residential: first lien 6,278 6,445 6,988 309 Residential: junior lien 692 692 1,023 42 Consumer 1,195 1,196 1,117 — Foreign 264 264 278 12 Total impaired loans with no related allowance $ 12,039 $ 13,255 $ 52,945 $ 365 The following table details key information regarding our impaired loans by loan class at March 31, 2019, in accordance with ASC 310 prior to the adoption of ASU 2016-13: March 31, 2019 Quarter to Date Average Recorded Interest Investment Recognized (Dollars in Thousands) Loans with Related Allowance Domestic Commercial $ 1,325 $ 1,908 Commercial real estate: other construction & land development 134 169 Commercial real estate: farmland & commercial 24,463 24,774 Total impaired loans with related allowance $ 25,922 $ 26,851 March 31, 2019 Quarter to Date Average Recorded Interest Investment Recognized (Dollars in Thousands) Loans with No Related Allowance Domestic Commercial $ 17,370 $ 1 Commercial real estate: other construction & land development 1,924 — Commercial real estate: farmland & commercial 2,305 — Commercial real estate: multifamily 506 — Residential: first lien 6,239 75 Residential: junior lien 912 11 Consumer 1,075 — Foreign 288 3 Total impaired loans with no related allowance $ 30,619 $ 90 The following table details loans accounted for as “troubled debt restructuring,” segregated by loan class. Loans accounted for as troubled debt restructuring are included in Watch List—Doubtful loans. March 31, 2020 December 31, 2019 (Dollars in Thousands) Domestic Commercial $ — $ 32 Residential: first lien 3,857 5,608 Residential: junior lien 680 692 Consumer 1,217 1,192 Foreign 256 264 Total troubled debt restructuring $ 6,010 $ 7,788 We are actively working with our customers affected by the current economic crisis arising from COVID-19. We have been offering and are prepared to continue to offer assistance in accordance with current regulatory guidance. That includes continuously reaching out to our customers and, in some cases, offering short-term payment deferral plans. To date, we have approximately $1,270,763,000 in loans with some degree of payment deferrals in our system. In accordance with interagency guidance issued in March 2020, these short-term deferrals are not considered troubled debt restructurings. With the passage of the Paycheck Protection Program (“PPP”), administered by the Small Business Association (“SBA”), we are actively assisting our customers with applications for loans through the PPP. PPP loans have a two-year term and earn interest at 1 %; however, the loans also include some forgiveness provisions that we expect most customers will utilize. These loans are intended to support eight weeks of payroll and other costs to help those businesses remain viable and allow their employees to pay their bills. As of May 5, 2020, we had approved and closed with the SBA 4,528 PPP loans totaling approximately $461,133,000 . The PPP loans are fully guaranteed by the U.S. government through the SBA. The Subsidiary Banks charge-off that portion of any loan which management considers to represent a loss as well as that portion of any other loan which is classified as a “loss” by bank examiners. Commercial and industrial or real estate loans are generally considered by management to represent a loss, in whole or part, when an exposure beyond any collateral coverage is apparent and when no further collection of the loss portion is anticipated based on the borrower’s financial condition and general economic conditions in the borrower’s industry. Generally, unsecured consumer loans are charged-off when 90 days past due. While our management believes that it is generally able to identify borrowers with financial problems reasonably early and to monitor credit extended to such borrowers carefully, there is no precise method of predicting loan losses. The determination that a loan is likely to be uncollectible and that it should be wholly or partially charged-off as a loss is an exercise of judgment. Similarly, the determination of the adequacy of the ACL can be made only on a subjective basis. It is the judgment of our management that the ACL at March 31, 2020 was adequate to absorb probable losses from loans in the portfolio at that date. The following tables present information regarding the aging of past due loans by loan class at March 31, 2020 and December 31, 2019: March 31, 2020 90 Days or Total 30 - 59 60 - 89 90 Days or greater & Past Total Days Days Greater still accruing Due Current Portfolio (Dollars in Thousands) Domestic Commercial $ 4,226 $ 776 $ 1,949 $ 997 $ 6,951 $ 1,362,060 $ 1,369,011 Commercial real estate: other construction & land development 8,953 1,479 145 145 10,577 2,206,163 2,216,740 Commercial real estate: farmland & commercial 22,566 1,543 47,658 47,658 71,767 1,861,598 1,933,365 Commercial real estate: multifamily 124 — 11 — 135 202,315 202,450 Residential: first lien 4,726 1,326 3,624 3,164 9,676 421,912 431,588 Residential: junior lien 1,509 513 1,173 1,173 3,195 683,409 686,604 Consumer 717 166 60 60 943 44,497 45,440 Foreign 3,466 482 1 1 3,949 135,233 139,182 Total past due loans $ 46,287 $ 6,285 $ 54,621 $ 53,198 $ 107,193 $ 6,917,187 $ 7,024,380 December 31, 2019 90 Days or Total 30 - 59 60 - 89 90 Days or greater & Past Total Days Days Greater still accruing Due Current Portfolio (Dollars in Thousands) Domestic Commercial $ 3,134 $ 626 $ 1,292 $ 421 $ 5,052 $ 1,287,608 $ 1,292,660 Commercial real estate: other construction & land development 509 55 — — 564 2,185,319 2,185,883 Commercial real estate: farmland & commercial 8,058 2,031 54,928 54,878 65,017 1,831,730 1,896,747 Commercial real estate: multifamily 313 — 165 — 478 189,952 190,430 Residential: first lien 3,229 1,670 3,660 3,107 8,559 425,342 433,901 Residential: junior lien 1,112 477 1,200 1,200 2,789 703,687 706,476 Consumer 467 75 88 88 630 47,170 47,800 Foreign 1,347 3 11 11 1,361 139,688 141,049 Total past due loans $ 18,169 $ 4,937 $ 61,344 $ 59,705 $ 84,450 $ 6,810,496 $ 6,894,946 A summary of the loan portfolio by credit quality indicator by loan class by year of origination at March 31, 2020 is presented below. A summary of the loan portfolio by credit quality indicator presented at December 31, 2019 is based on guidance prior to the adoption of ASU 2016-13 is also presented below: 2020 2019 2018 2017 2016 Prior Total (Dollars in Thousands) Balance at March 31, 2020 Domestic Commercial Pass $ 245,351 $ 533,082 $ 270,142 $ 145,268 $ 22,269 $ 13,917 $ 1,230,029 Special Review — 71,700 — — — — 71,700 Watch List - Pass — 11 — — — 26 37 Watch List - Substandard 62,569 2,517 504 6 — — 65,596 Watch List - Doubtful 353 608 455 229 4 — 1,649 Total Commercial $ 308,273 $ 607,918 $ 271,101 $ 145,503 $ 22,273 $ 13,943 $ 1,369,011 Commercial real estate: other construction & land development Pass $ 136,898 $ 1,064,250 $ 624,498 $ 238,744 $ 41,536 $ 17,556 $ 2,123,482 Special Review — 16,106 — — — — 16,106 Watch List - Pass 8,000 35,622 370 — — — 43,992 Watch List - Substandard 275 31,804 — — 145 — 32,224 Watch List - Doubtful — 812 124 — — — 936 Total Commercial real estate: other construction & land development $ 145,173 $ 1,148,594 $ 624,992 $ 238,744 $ 41,681 $ 17,556 $ 2,216,740 Commercial real estate: farmland & commercial Pass $ 139,114 $ 675,730 $ 385,302 $ 203,811 $ 132,509 $ 215,389 $ 1,751,855 Special Review 938 — 4,649 175 3,205 421 9,388 Watch List - Pass 16,713 5,956 2,648 124 587 1 26,029 Watch List - Substandard 1,668 52,471 — 2,348 85,594 3,495 145,576 Watch List - Doubtful — 243 — 41 — 233 517 Total Commercial real estate: farmland & commercial $ 158,433 $ 734,400 $ 392,599 $ 206,499 $ 221,895 $ 219,539 $ 1,933,365 Commercial real estate: multifamily Pass $ 10,623 $ 58,886 $ 38,954 $ 64,640 $ 14,660 $ 14,535 $ 202,298 Watch List - Doubtful 141 — — — — 11 152 Total Commercial real estate: multifamily $ 10,764 $ 58,886 $ 38,954 $ 64,640 $ 14,660 $ 14,546 $ 202,450 Residential: first lien Pass $ 27,821 $ 75,150 $ 88,482 $ 65,513 $ 40,903 $ 132,027 $ 429,896 Special Review — — — — 249 — 249 Watch List - Pass — — 144 — — — 144 Watch List - Substandard — — 624 — 51 — 675 Watch List - Doubtful 92 — — — — 532 624 Total Residential: first lien $ 27,913 $ 75,150 $ 89,250 $ 65,513 $ 41,203 $ 132,559 $ 431,588 Residential: junior lien Pass $ 33,344 $ 161,204 $ 105,315 $ 127,651 $ 100,080 $ 158,201 $ 685,795 Special Review — — — 809 — — 809 Total Residential: junior lien $ 33,344 $ 161,204 $ 105,315 $ 128,460 $ 100,080 $ 158,201 $ 686,604 Consumer Pass $ 10,732 $ 28,354 $ 3,613 $ 558 $ 172 $ 2,008 $ 45,437 Watch List - Doubtful — — — — — 3 3 Total Consumer $ 10,732 $ 28,354 $ 3,613 $ 558 $ 172 $ 2,011 $ 45,440 Foreign Pass $ 22,915 $ 79,118 $ 17,208 $ 7,403 $ 4,614 $ 7,924 $ 139,182 Total Foreign $ 22,915 $ 79,118 $ 17,208 $ 7,403 $ 4,614 $ 7,924 $ 139,182 Total Loans $ 717,547 $ 2,893,624 $ 1,543,032 $ 857,320 $ 446,578 $ 566,279 $ 7,024,380 December 31, 2019 Special Watch Watch List— Watch List— Pass Review List—Pass Substandard Impaired (Dollars in Thousands) Domestic Commercial $ 1,228,110 $ 569 $ 39 $ 62,007 $ 1,935 Commercial real estate: other construction & land development 2,090,370 18,721 41,949 33,905 938 Commercial real estate: farmland & commercial 1,710,446 13,184 20,183 151,726 1,208 Commercial real estate: multifamily 190,265 — — — 165 Residential: first lien 426,546 253 144 680 6,278 Residential: junior lien 704,958 826 — — 692 Consumer 46,605 — — — 1,195 Foreign 140,785 — — — 264 Total $ 6,538,085 $ 33,553 $ 62,315 $ 248,318 $ 12,675 The increase in Special Review Commercial loans at March 31, 2020 can be attributed to the movement of a relationship in the oil and gas production business from the Pass category.

Stock Options

Stock Options	3 Months Ended
Stock Options	Mar. 31, 2020
Stock Options
Stock Options	Note 5 — Stock Options On April 5, 2012, the Board of Directors adopted the 2012 International Bancshares Corporation Stock Option Plan (the “2012 Plan”). There are 800,000 shares of common stock available for stock option grants under the 2012 Plan, which may be qualified incentive stock options (“ISOs”) or non-qualified stock options. Options granted may be exercisable for a period of up to 10 years from the date of grant, excluding ISOs granted to 10% shareholders, which may be exercisable for a period of up to only five years . As of March 31, 2020, 9,414 shares were available for future grants under the 2012 Plan. A summary of option activity under the stock option plan for the nine months ended March 31, 2020 is as follows: Weighted Weighted average average remaining Aggregate Number of exercise contractual intrinsic options price term (years) value ($) (in Thousands) Options outstanding at December 31, 2019 658,588 $ 27.55 Plus: Options granted 26,500 16.84 Less: Options exercised 10,549 21.37 Options expired — — Options forfeited 7,263 29.55 Options outstanding at March 31, 2020 667,276 27.20 5.71 $ 2,131 Options fully vested and exercisable at March 31, 2020 393,999 $ 22.02 4.10 $ 1,825 Stock-based compensation expense included in the consolidated statements of income for the three months ended March 31, 2020 and March 31, 2019 is $219,000 and $265,000 , respectively. As of March 31, 2020, there was approximately $1,704,000 of total unrecognized stock-based compensation cost related to non-vested options granted under our plans that will be recognized over a weighted average period of 1.8 years.

Investment Securities and Equit

Investment Securities and Equity Securities with Readily Determinable Fair Values	3 Months Ended
	Mar. 31, 2020
Investment Securities and Equity Securities with Readily Determinable Fair Values
Investment Securities and Equity Securities with Readily Determinable Fair Values	Note 6 — Investment Securities and Equity Securities with Readily Determinable Fair Values We classify debt securities into one of three categories: held-to maturity, available-for-sale, or trading. Such debt securities are reassessed for appropriate classification at each reporting date. Securities classified as “held-to-maturity” are carried at amortized cost for financial statement reporting, while securities classified as “available-for-sale” and “trading” are carried at their fair value. Unrealized holding gains and losses are included in net income for those securities classified as “trading,” while unrealized holding gains and losses related to those securities classified as “available-for-sale” are excluded from net income and reported net of tax as other comprehensive income (loss) and accumulated other comprehensive income (loss) until realized, or in the case of losses, when deemed other than temporary. In accordance with ASU 2016-13, which we adopted on January 1, 2020, available-for-sale and held-to-maturity debt securities in an unrealized loss position must be evaluated for the underlying cause of the loss. In the event that the deterioration in value is attributable to credit related reasons, then the amount of credit-related impairment should be recorded as a charge to our ACL with subsequent changes in the amount of impairment, up or down, also recorded through our ACL. The exception to this process will occur if we intend to sell an impaired available-for-sale debt security or if we will more likely than not be required to sell a credit impaired available-for-sale debt security prior to the value recovering to the security’s amortized cost. In those situations, the entire credit-related impairment amount must be recognized in earnings. We have evaluated the debt securities classified as available-for-sale and held-to-maturity at March 31, 2020 and have determined that no debt securities in an unrealized loss position are arising from credit related reasons and have therefore not recorded any allowances for debt securities in our ACL for the period. Unrealized gains and losses related to equity securities with readily determinable fair values are included in net income. The amortized cost and estimated fair value by type of investment security at March 31, 2020 are as follows: Held to Maturity Gross Gross Amortized unrealized unrealized Estimated Carrying cost gains losses fair value value (Dollars in Thousands) Other securities $ 2,400 $ — $ — $ 2,400 $ 2,400 Total investment securities $ 2,400 $ — $ — $ 2,400 $ 2,400 Available for Sale Debt Securities Gross Gross Amortized unrealized unrealized Estimated Carrying cost gains losses fair value value (1) (Dollars in Thousands) Residential mortgage-backed securities $ 3,441,216 $ 79,298 $ (182) $ 3,520,332 $ 3,520,332 Obligations of states and political subdivisions 71,395 2,796 (9) 74,182 74,182 Total investment securities $ 3,512,611 $ 82,094 $ (191) $ 3,594,514 $ 3,594,514 (1) Included in the carrying value of residential mortgage-backed securities are $548,581 of mortgage-backed securities issued by Ginnie Mae and $2,971,751 of mortgage-backed securities issued by Fannie Mae and Freddie Mac. The amortized cost and estimated fair value by type of investment security at December 31, 2019 are as follows: Held to Maturity Gross Gross Amortized unrealized unrealized Estimated Carrying cost gains losses fair value value (Dollars in Thousands) Other securities $ 2,400 $ — $ — $ 2,400 $ 2,400 Total investment securities $ 2,400 $ — $ — $ 2,400 $ 2,400 Available for Sale Gross Gross Estimated Amortized unrealized unrealized fair Carrying cost gains losses value value (1) (Dollars in Thousands) Residential mortgage-backed securities $ 3,285,623 $ 16,534 $ (16,609) $ 3,285,548 $ 3,285,548 Obligations of states and political subdivisions 90,447 2,933 (5) 93,375 93,375 Total investment securities $ 3,376,070 $ 19,467 $ (16,614) $ 3,378,923 $ 3,378,923 (1) Included in the carrying value of residential mortgage-backed securities are $521,247 of mortgage-backed securities issued by Ginnie Mae and $2,714,301 of mortgage-backed securities issued by Fannie Mae and Freddie. The amortized cost and estimated fair value of investment securities at March 31, 2020, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties. Held to Maturity Available for Sale Amortized Estimated Amortized Estimated Cost fair value Cost fair value (Dollars in Thousands) Due in one year or less $ 1,200 $ 1,200 $ — $ — Due after one year through five years 1,200 1,200 — — Due after five years through ten years — — 355 356 Due after ten years — — 71,040 73,826 Residential mortgage-backed securities — — 3,441,216 3,520,332 Total investment securities $ 2,400 $ 2,400 $ 3,512,611 $ 3,594,514 Residential mortgage-backed securities are securities primarily issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”), Federal National Mortgage Association (“Fannie Mae”), or the Government National Mortgage Association (“Ginnie Mae”). Investments in residential mortgage-backed securities issued by Ginnie Mae are fully guaranteed by the U.S. Government. Investments in residential mortgage-backed securities issued by Freddie Mac and Fannie Mae are not fully guaranteed by the U.S. Government, however, we believe that the quality of the bonds is similar to other AAA rated bonds with limited credit risk, particularly given the placement of Fannie Mae and Freddie Mac into conservatorship by the federal government in early September 2008 and because securities issued by others that are collateralized by residential mortgage-backed securities issued by Fannie Mae or Freddie Mac are rated consistently as AAA rated securities. The amortized cost and fair value of available-for-sale debt investment securities pledged to qualify for fiduciary powers, to secure public monies as required by law, repurchase agreements and short-term fixed borrowings was $997,342,000 and $1,020,890,000, respectively, at March 31, 2020. Proceeds from the sale and calls of debt securities available-for-sale were $18,920,000 for the three months ended March 31, 2020, which included $0 of mortgage-backed securities. Gross gains of $0 and gross losses of $5 were realized on the sales and calls for the three months ended March 31, 2020. Proceeds from the sale and call of debt securities available-for-sale were $41,420,000 for the three months ended March 31, 2019, which included $0 of mortgage-backed securities. Gross gains of $2 and gross losses of $6 were realized on the sales and calls for the three months ended March 31, 2019, respectively. Gross unrealized losses on debt investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position at March 31, 2020, were as follows: Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in Thousands) Available for sale: Residential mortgage-backed securities $ 7,144 $ (179) $ 361 $ (3) $ 7,505 $ (182) Obligations of states and political subdivisions 762 (9) — — 762 (9) $ 7,906 $ (188) $ 361 $ (3) $ 8,267 $ (191) Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2019 were as follows: Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in Thousands) Available for sale: Residential mortgage-backed securities $ 523,031 $ (2,269) $ 1,448,109 $ (14,340) $ 1,971,140 $ (16,609) Obligations of states and political subdivisions 766 (5) — — 766 (5) $ 523,797 $ (2,274) $ 1,448,109 $ (14,340) $ 1,971,906 $ (16,614) The unrealized losses on investments in residential mortgage-backed securities are primarily caused by changes in market interest rates. We have no intent to sell and will more than likely not be required to sell before a market price recovery or maturity of the securities; therefore, it is our conclusion that the investments in residential mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae are not considered other-than-temporarily impaired. Equity securities with readily determinable fair values consist primarily of Community Reinvestment Act funds. At March 31, 2020 and December 31, 2019, the balance in equity securities with readily determinable fair values recorded at fair value were $6,125,000 and $6,095,000 , respectively. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three months ended March 31, 2020 and the three months ended March 31, 2019: Three Months Ended March 31, 2020 (Dollars in Thousands) Net gains recognized during the period on equity securities $ 30 Less: Net gains and (losses) recognized during the period on equity securities sold during the period — Unrealized gains recognized during the reporting period on equity securities still held at the reporting date $ 30 Three Months Ended March 31, 2019 (Dollars in Thousands) Net losses recognized during the period on equity securities $ 138 Less: Net gains and (losses) recognized during the period on equity securities sold during the period — Unrealized gains recognized during the reporting period on equity securities still held at the reporting date $ 138

Other Borrowed Funds

Other Borrowed Funds	3 Months Ended
Other Borrowed Funds	Mar. 31, 2020
Other Borrowed Funds
Other Borrowed Funds	Note 7 — Other Borrowed Funds Other borrowed funds include FHLB borrowings, which are short-term and long-term borrowings issued by the FHLB of Dallas and the FHLB of Topeka at the market price offered at the time of funding. These borrowings are secured by residential mortgage-backed investment securities and a portion of our loan portfolio. At March 31, 2020, other borrowed funds totaled $728,465,000, an increase of 16.3% from $626,511,000 at December 31, 2019. The increase in borrowings can be primarily attributed to increased liquidity needs to fund operations, loan activity, and purchases of available-for-sale securities.

Junior Subordinated Deferrable

Junior Subordinated Deferrable Interest Debentures	3 Months Ended
Junior Subordinated Deferrable Interest Debentures	Mar. 31, 2020
Junior Subordinated Deferrable Interest Debentures
Junior Subordinated Interest Deferrable Debentures	Note 8 — Junior Subordinated Interest Deferrable Debentures As of March 31, 2020, we have five statutory business trusts under the laws of the State of Delaware, for the purpose of issuing trust preferred securities. The five statutory business trusts we formed (the “Trusts”) have each issued Capital and Common Securities and invested the proceeds thereof in an equivalent amount of junior subordinated debentures (“Debentures”) that we issued. As of March 31, 2020 and December 31, 2019, the principal amount of Debentures outstanding totaled $134,642,000. The Debentures are subordinated and junior in right of payment to all present and future senior indebtedness (as defined in the respective Indentures) and are pari passu For financial reporting purposes, the Trusts are treated as our investments and not consolidated in our consolidated financial statements. Although the Capital and Common Securities issued by each of the Trusts are not included as a component of shareholders’ equity on the consolidated statement of condition, the Capital and Common Securities are treated as capital for regulatory purposes. Specifically, under applicable regulatory guidelines, the Capital and Common Securities issued by the Trusts qualify as Tier 1 capital up to a maximum of 25 % of Tier 1 capital on an aggregate basis. Any amount that exceeds the 25 % threshold would qualify as Tier 2 capital. At March 31, 2020 and December 31, 2019, the total $134,642,000 of the Capital and Common Securities outstanding qualified as Tier 1 capital. The following table illustrates key information about each of the Capital and Common Securities and their interest rate at March 31, 2020: Junior Subordinated Deferrable Interest Repricing Interest Interest Optional Debentures Frequency Rate Rate Index(1) Maturity Date Redemption Date (1) (Dollars in Thousands) Trust VIII $ 25,774 Quarterly 4.88 % LIBOR + 3.05 October 2033 October 2008 Trust IX 41,238 Quarterly 3.53 % LIBOR + 1.62 October 2036 October 2011 Trust X 21,021 Quarterly 3.41 % LIBOR + 1.65 February 2037 February 2012 Trust XI 25,990 Quarterly 3.53 % LIBOR + 1.62 July 2037 July 2012 Trust XII 20,619 Quarterly 3.03 % LIBOR + 1.45 September 2037 September 2012 $ 134,642 (1) The Capital and Common Securities may be redeemed in whole or in part on any interest payment date after the Optional Redemption Date.

Common Stock and Dividends

Common Stock and Dividends	3 Months Ended
Common Stock and Dividends	Mar. 31, 2020
Common Stock and Dividends
Common Stock and Dividends	Note 9 — Common Stock and Dividends We paid cash dividends of $0.55 per share on April 3, 2020 to record holders of our common stock on April 1, 2020. We paid cash dividends of $0.50 and $0.55 per share on April 15 and October 15, 2019 to record holders of our common stock on April 1 and September 30, 2019, respectively. In April 2009, the Board of Directors re-established a formal stock repurchase program that authorized the repurchase of up to $40 million of common stock within the following 12 months . Annually since then, including on March 12, 2020, the Board of Directors extended the repurchase program and for the second year authorized an increase to purchase up to $50 million of common stock during the 12 month period commencing on March 16, 2020 (previous annual stock repurchase programs began on April 9). Shares of common stock may be purchased from time to time on the open market or through privately negotiated transactions. Shares purchased in this program will be held in treasury for reissue for various corporate purposes, including employee compensation plans. During the first quarter of 2020, the Board of Directors adopted a Rule 10b5-1 trading plan, and intends to adopt additional Rule 10b5-1 trading plans, that will allow us to purchase shares of our common stock during certain trading blackout periods when we ordinarily would not be in the market due to trading restrictions in our insider trading policy. During the term of a Rule 10b5-1 trading plan, purchases of common stock are automatic to the extent the conditions of the plan’s trading instructions are met. Shares purchased under the Rule 10b5-1 trading plan will be held in treasury for reissue for various corporate purposes, including employee stock compensation plans. As of May 5, 2020, a total of 12,261,282 shares had been repurchased under all programs at a cost of $356,883,000. We are not obligated to purchase shares under our stock repurchase program outside of its Rule 10b5-1 trading plan.

Commitments, Contingent Liabili

Commitments, Contingent Liabilities and Other Tax Matters	3 Months Ended
Commitments, Contingent Liabilities and Other Tax Matters	Mar. 31, 2020
Commitments, Contingent Liabilities and Other Tax Matters
Commitments, Contingent Liabilities and Other Tax Matters	Note 10 — Commitments and Contingent Liabilities and Other Tax Matters We are involved in various legal proceedings that are in various stages of litigation. We have determined, based on discussions with its counsel, that any material loss in such actions, individually or in the aggregate, is remote or the damages sought, even if fully recovered, would not be considered material to our consolidated financial position or results of operations. However, many of these matters are in various stages of proceedings and further developments could cause management to revise its assessment of these matters.

Capital Ratios

Capital Ratios	3 Months Ended
Capital Ratios	Mar. 31, 2020
Capital Requirements
Capital Ratios	Note 11 — Capital Ratios Banks and bank holding companies are subject to various regulatory capital requirements administered by state and federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amount and classifications are also subject to qualitative judgements by regulators about components, risk-weighting and other factors. On November 21, 2017, the OCC, the Federal Reserve and the FDIC finalized a proposed rule that extends the current treatment under the regulatory capital rules for certain regulatory capital deductions and risk weights and certain minority interest requirements, as they apply to banking organizations that are not subject to the advanced approaches capital rules. Effective January 1, 2018, the rule also pauses the full transition to the Basel III treatment of mortgage servicing assets, certain deferred tax assets, investments in the capital of unconsolidated financial institutions and minority interests. The agencies are also considering whether to make adjustments to the capital rules in response to CECL (the FASB Standard relating to current expected credit loss) and its potential impact on regulatory capital. On December 7, 2017, the Basel Committee on Banking Supervision unveiled the latest round of its regulatory capital framework, commonly called “Basel IV.” The framework makes changes to the capital framework first introduced as “Basel III” in 2010. The committee targeted 2022-2027 as the timeframe for implementation by regulators in individual countries, including the U.S. federal bank regulatory agencies (after notice and comment). On May 24, 2018, the EGRRCPA was enacted and, among other things, it includes a simplified capital rule change which effectively exempts banks with assets of less than $10 billion that exceed the “community bank leverage ratio,” from all risk-based capital requirements, including Basel III and its predecessors. The federal banking agencies must establish the “community bank leverage ratio” (a ratio of tangible equity to average consolidated assets) between 8% and 10% before community banks can begin to take advantage of this regulatory relief provision. Some of the Subsidiary Banks, with assets of less than $10 billion, may qualify for this exemption. Additionally, under the EGRRCPA, qualified bank holding companies with assets of up to $3 billion (currently $1 billion) will be eligible for the Federal Reserve’s Small Bank Holding Company Policy Statement, which eases limitations on the issuance of debt by holding companies. On August 28, 2018, the Federal Reserve issued an interim final rule expanding the applicability of its Small Bank Holding Company Policy Statement. While holding companies that meet the conditions of the policy statement are excluded from consolidated capital requirements, their depository institutions continue to be subject to minimum capital requirements. Finally, for banks that continue to be subject to the risk-based capital rules of Basel III (e.g., 150%), certain commercial real estate loans that were formally classified as high volatility commercial real estate 31 (“HVCRE”) will not be subject to heightened risk weights if they meet certain criteria. Also, while acquisition, development, and construction (“ADC”) loans will generally be subject to heightened risk weights, certain exceptions will apply. On September 18, 2018, the federal banking agencies issued a proposed rule modifying the agencies’ capital rules for HVCRE. We had a CET1 to risk-weighted assets ratio of 18.23% on March 31, 2020 and 18.58 % on December 31, 2019. We had a Tier 1 capital-to-average-total-asset (leverage) ratio of 16.03% and 16.65%, risk-weighted Tier 1 capital ratio of 19.45% and 19.80% and risk-weighted total capital ratio of 20.36% and 20.46 % at March 31, 2020 and December 31, 2019, respectively. Our CET1 capital consists of common stock and related surplus, net of treasury stock, and retained earnings. We and our Subsidiary Banks elected to opt-out of the requirement to include most components of accumulated other comprehensive income (loss) in the calculation of CET1 capital. CET1 is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities and subject to transition provisions. Tier 1 capital includes CET1 capital and additional Tier 1 capital. Additional Tier 1 capital includes the Capital and Common Securities issued by the Trusts (see Note 8 above) up to a maximum of 25% of Tier 1 capital on an aggregate basis. Any amount that exceeds the 25% threshold qualifies as Tier 2 capital. As of March 31, 2020, the total of $134,642,000 of the Capital and Common Securities outstanding qualified as Tier 1 capital. We actively monitor the regulatory capital ratios to ensure that our Subsidiary Banks are well-capitalized under the regulatory framework. The CET1, Tier 1 and Total capital ratios are calculated by dividing the respective capital amounts by risk-weighted assets. Risk-weighted assets are calculated based on regulatory requirements and include total assets, excluding goodwill and other intangible assets, allocated by risk-weight category, and certain off-balance-sheet items, among other things. The leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets, which exclude goodwill and other intangible assets, among other things. We and our Subsidiary Banks are subject to the regulatory capital requirements administered by the Federal Reserve, and, for our Subsidiary Banks, the FDIC. Regulatory authorities can initiate certain mandatory actions if we or any of our Subsidiary Banks fail to meet the minimum capital requirements, which could have a direct material effect on our financial statements. Management believes, as of March 31, 2020, that we and each of our Subsidiary Banks meet all capital adequacy requirements to which we are subject.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2020
Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis	The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of March 31, 2020 by level within the fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using (in Thousands) Quoted Prices in Active Significant Assets/Liabilities Markets for Other Significant Measured at Identical Observable Unobservable Fair Value Assets Inputs Inputs March 31, 2020 (Level 1) (Level 2) (Level 3) Measured on a recurring basis: Assets: Available for sale debt securities Residential mortgage-backed securities $ 3,520,332 $ — $ 3,520,332 $ — States and political subdivisions 74,182 — 74,182 — Equity Securities 6,125 6,125 — — $ 3,600,639 $ 6,125 $ 3,594,514 $ — The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of December 31, 2019 by level within the fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using (in Thousands) Quoted Prices in Active Significant Assets/Liabilities Markets for Other Significant Measured at Identical Observable Unobservable Fair Value Assets Inputs Inputs December 31, 2019 (Level 1) (Level 2) (Level 3) Measured on a recurring basis: Assets: Available for sale securities Residential mortgage - backed securities $ 3,285,548 $ — $ 3,285,548 $ — States and political subdivisions 93,375 — 93,375 — Equity Securities 6,095 6,095 — — $ 3,385,018 $ 6,095 $ 3,378,923 $ —
Assets measured at fair value on a non-recurring basis	The following table represents financial instruments measured at fair value on a non-recurring basis as of and for the period ended March 31, 2020 by level within the fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using (in thousands) Quoted Assets/Liabilities Prices in Measured at Active Significant Fair Value Markets for Other Significant Net Provision Period ended Identical Observable Unobservable (Credit) March 31, Assets Inputs Inputs During 2020 (Level 1) (Level 2) (Level 3) Period Measured on a non-recurring basis: Assets: Watch-List doubtful loans $ 254 $ — $ — $ 254 $ 93 Other real estate owned 2,581 — — 2,581 537 The following table represents financial instruments measured at fair value on a non-recurring basis as of and for the period ended December 31, 2019 by level within the fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using (in thousands) Quoted Assets/Liabilities Prices in Measured at Active Significant Fair Value Markets Other Significant Net (Credit) Year ended for Identical Observable Unobservable Provision December 31, Assets Inputs Inputs During 2019 (Level 1) (Level 2) (Level 3) Period Measured on a non-recurring basis: Assets: Impaired loans $ 826 $ — $ — $ 826 $ 43 Other real estate owned 21,614 — — 21,614 322 Equity investments without readily determinable fair values 28,166 — — 28,166 4,775

Loans (Tables)

Loans (Tables)	3 Months Ended
Loans (Tables)	Mar. 31, 2020
Loans
Summary of loans, by loan type	March 31, December 31, 2020 2019 (Dollars in Thousands) Commercial, financial and agricultural $ 3,504,826 $ 3,379,837 Real estate - mortgage 1,118,192 1,140,377 Real estate - construction 2,216,740 2,185,883 Consumer 45,440 47,800 Foreign 139,182 141,049 Total loans $ 7,024,380 $ 6,894,946

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	3 Months Ended
Allowance for Credit Losses (Tables)	Mar. 31, 2020
Allowance for Credit Losses
Loans individually or collectively evaluated for their impairment and related allowance, by loan class	Three Months Ended March 31, 2020 Domestic Foreign Commercial Real Estate: Other Commercial Construction & Real Estate: Commercial Land Farmland & Real Estate: Residential: Residential: Commercial Development Commercial Multifamily First Lien Junior Lien Consumer Foreign Total (Dollars in Thousands) Balance at December 31, 2019 $ 11,145 $ 18,152 $ 16,533 $ 1,786 $ 3,762 $ 7,535 $ 542 $ 823 $ 60,278 Adoption of ASU 2016-13 4,247 13,391 (4,292) (355) (1,580) (429) (225) (410) 10,347 Losses charged to allowance (2,819) — (55) — (36) — (70) — (2,980) Recoveries credited to allowance 671 — 9 — 1 103 8 — 792 Net (losses) recoveries charged to allowance (2,148) — (46) — (35) 103 (62) — (2,188) Credit loss expense 5,823 5,878 2,809 327 635 1,243 68 53 16,836 Balance at March 31, $ 19,067 $ 37,421 $ 15,004 $ 1,758 $ 2,782 $ 8,452 $ 323 $ 466 $ 85,273 Three Months Ended March 31, 2019 Domestic Foreign Commercial Real Estate: Other Commercial Construction & Real Estate: Commercial Land Farmland & Real Estate: Residential: Residential: Commercial Development Commercial Multifamily First Lien Junior Lien Consumer Foreign Total (Dollars in Thousands) Balance at December 31, $ 12,596 $ 15,123 $ 19,353 $ 1,808 $ 3,467 $ 7,719 $ 447 $ 871 $ 61,384 Losses charged to allowance (2,764) — (1) — (1) (6) (63) — (2,835) Recoveries credited to allowance 638 20 283 — 1 102 17 — 1,061 Net (losses) recoveries charged to allowance (2,126) 20 282 — — 96 (46) — (1,774) Provision charged to operations 942 (354) 6,245 537 79 (70) 61 (20) 7,420 Balance at March 31, $ 11,412 $ 14,789 $ 25,880 $ 2,345 $ 3,546 $ 7,745 $ 462 $ 851 $ 67,030 March 31, 2020 Loans Individually Loans Collectively Evaluated For Evaluated For Impairment Impairment Recorded Recorded Investment Allowance Investment Allowance (Dollars in Thousands) Domestic Commercial $ 1,649 $ 342 $ 1,367,362 $ 18,725 Commercial real estate: other construction & land development 936 116 2,215,804 37,305 Commercial real estate: farmland & commercial 517 — 1,932,848 15,004 Commercial real estate: multifamily 152 — 202,298 1,758 Residential: first lien 92 — 431,496 2,782 Residential: junior lien — — 686,604 8,452 Consumer 3 — 45,437 323 Foreign — — 139,182 466 Total $ 3,349 $ 458 $ 7,021,031 $ 84,815 December 31, 2019 Loans Individually Loans Collectively Evaluated For Evaluated For Impairment Impairment Recorded Recorded Investment Allowance Investment Allowance (Dollars in Thousands) Domestic Commercial $ 1,935 $ 249 $ 1,290,725 $ 10,895 Commercial real estate: other construction & land development 938 116 2,184,945 18,037 Commercial real estate: farmland & commercial 1,208 — 1,895,539 16,533 Commercial real estate: multifamily 165 — 190,265 1,786 Residential: first lien 6,278 — 427,623 3,762 Residential: junior lien 692 — 705,784 7,535 Consumer 1,195 — 46,605 542 Foreign 264 — 140,785 823 Total $ 12,675 $ 365 $ 6,882,271 $ 59,913
Loans accounted on non-accrual basis, by loan class	March 31, 2020 December 31, 2019 (Dollars in Thousands) Domestic Commercial $ 1,649 $ 1,901 Commercial real estate: other construction & land development 936 938 Commercial real estate: farmland & commercial 517 1,208 Commercial real estate: multifamily 152 165 Residential: first lien 624 670 Residential: junior lien — — Consumer 3 4 Total non-accrual loans $ 3,881 $ 4,886
Impaired loans, by loan class	The following tables detail key information regarding our impaired loans by loan class at December 31, 2019, in accordance with ASC 310 prior to the adoption of ASU 2016-13: December 31, 2019 Unpaid Average Recorded Principal Related Recorded Interest Investment Balance Allowance Investment Recognized (Dollars in Thousands) Loans with Related Allowance Domestic Commercial $ 510 $ 516 $ 249 $ 514 $ — Commercial real estate: other construction & land development 126 169 116 131 — Total impaired loans with related allowance $ 636 $ 685 $ 365 $ 645 $ — December 31, 2019 Unpaid Average Recorded Principal Recorded Interest Investment Balance Investment Recognized (Dollars in Thousands) Loans with No Related Allowance Domestic Commercial $ 1,425 $ 1,516 $ 18,794 $ 2 Commercial real estate: other construction & land development 812 1,133 1,737 — Commercial real estate: farmland & commercial 1,208 1,841 22,357 — Commercial real estate: multifamily 165 168 651 — Residential: first lien 6,278 6,445 6,988 309 Residential: junior lien 692 692 1,023 42 Consumer 1,195 1,196 1,117 — Foreign 264 264 278 12 Total impaired loans with no related allowance $ 12,039 $ 13,255 $ 52,945 $ 365 The following table details key information regarding our impaired loans by loan class at March 31, 2019, in accordance with ASC 310 prior to the adoption of ASU 2016-13: March 31, 2019 Quarter to Date Average Recorded Interest Investment Recognized (Dollars in Thousands) Loans with Related Allowance Domestic Commercial $ 1,325 $ 1,908 Commercial real estate: other construction & land development 134 169 Commercial real estate: farmland & commercial 24,463 24,774 Total impaired loans with related allowance $ 25,922 $ 26,851 March 31, 2019 Quarter to Date Average Recorded Interest Investment Recognized (Dollars in Thousands) Loans with No Related Allowance Domestic Commercial $ 17,370 $ 1 Commercial real estate: other construction & land development 1,924 — Commercial real estate: farmland & commercial 2,305 — Commercial real estate: multifamily 506 — Residential: first lien 6,239 75 Residential: junior lien 912 11 Consumer 1,075 — Foreign 288 3 Total impaired loans with no related allowance $ 30,619 $ 90
Loans accounted for as trouble debt restructuring, by Watch List Doubtful loans	March 31, 2020 December 31, 2019 (Dollars in Thousands) Domestic Commercial $ — $ 32 Residential: first lien 3,857 5,608 Residential: junior lien 680 692 Consumer 1,217 1,192 Foreign 256 264 Total troubled debt restructuring $ 6,010 $ 7,788
Information regarding the aging of past due loans, by loan class	March 31, 2020 90 Days or Total 30 - 59 60 - 89 90 Days or greater & Past Total Days Days Greater still accruing Due Current Portfolio (Dollars in Thousands) Domestic Commercial $ 4,226 $ 776 $ 1,949 $ 997 $ 6,951 $ 1,362,060 $ 1,369,011 Commercial real estate: other construction & land development 8,953 1,479 145 145 10,577 2,206,163 2,216,740 Commercial real estate: farmland & commercial 22,566 1,543 47,658 47,658 71,767 1,861,598 1,933,365 Commercial real estate: multifamily 124 — 11 — 135 202,315 202,450 Residential: first lien 4,726 1,326 3,624 3,164 9,676 421,912 431,588 Residential: junior lien 1,509 513 1,173 1,173 3,195 683,409 686,604 Consumer 717 166 60 60 943 44,497 45,440 Foreign 3,466 482 1 1 3,949 135,233 139,182 Total past due loans $ 46,287 $ 6,285 $ 54,621 $ 53,198 $ 107,193 $ 6,917,187 $ 7,024,380 December 31, 2019 90 Days or Total 30 - 59 60 - 89 90 Days or greater & Past Total Days Days Greater still accruing Due Current Portfolio (Dollars in Thousands) Domestic Commercial $ 3,134 $ 626 $ 1,292 $ 421 $ 5,052 $ 1,287,608 $ 1,292,660 Commercial real estate: other construction & land development 509 55 — — 564 2,185,319 2,185,883 Commercial real estate: farmland & commercial 8,058 2,031 54,928 54,878 65,017 1,831,730 1,896,747 Commercial real estate: multifamily 313 — 165 — 478 189,952 190,430 Residential: first lien 3,229 1,670 3,660 3,107 8,559 425,342 433,901 Residential: junior lien 1,112 477 1,200 1,200 2,789 703,687 706,476 Consumer 467 75 88 88 630 47,170 47,800 Foreign 1,347 3 11 11 1,361 139,688 141,049 Total past due loans $ 18,169 $ 4,937 $ 61,344 $ 59,705 $ 84,450 $ 6,810,496 $ 6,894,946
Summary of the loan portfolio by credit quality indicator, by loan class	2020 2019 2018 2017 2016 Prior Total (Dollars in Thousands) Balance at March 31, 2020 Domestic Commercial Pass $ 245,351 $ 533,082 $ 270,142 $ 145,268 $ 22,269 $ 13,917 $ 1,230,029 Special Review — 71,700 — — — — 71,700 Watch List - Pass — 11 — — — 26 37 Watch List - Substandard 62,569 2,517 504 6 — — 65,596 Watch List - Doubtful 353 608 455 229 4 — 1,649 Total Commercial $ 308,273 $ 607,918 $ 271,101 $ 145,503 $ 22,273 $ 13,943 $ 1,369,011 Commercial real estate: other construction & land development Pass $ 136,898 $ 1,064,250 $ 624,498 $ 238,744 $ 41,536 $ 17,556 $ 2,123,482 Special Review — 16,106 — — — — 16,106 Watch List - Pass 8,000 35,622 370 — — — 43,992 Watch List - Substandard 275 31,804 — — 145 — 32,224 Watch List - Doubtful — 812 124 — — — 936 Total Commercial real estate: other construction & land development $ 145,173 $ 1,148,594 $ 624,992 $ 238,744 $ 41,681 $ 17,556 $ 2,216,740 Commercial real estate: farmland & commercial Pass $ 139,114 $ 675,730 $ 385,302 $ 203,811 $ 132,509 $ 215,389 $ 1,751,855 Special Review 938 — 4,649 175 3,205 421 9,388 Watch List - Pass 16,713 5,956 2,648 124 587 1 26,029 Watch List - Substandard 1,668 52,471 — 2,348 85,594 3,495 145,576 Watch List - Doubtful — 243 — 41 — 233 517 Total Commercial real estate: farmland & commercial $ 158,433 $ 734,400 $ 392,599 $ 206,499 $ 221,895 $ 219,539 $ 1,933,365 Commercial real estate: multifamily Pass $ 10,623 $ 58,886 $ 38,954 $ 64,640 $ 14,660 $ 14,535 $ 202,298 Watch List - Doubtful 141 — — — — 11 152 Total Commercial real estate: multifamily $ 10,764 $ 58,886 $ 38,954 $ 64,640 $ 14,660 $ 14,546 $ 202,450 Residential: first lien Pass $ 27,821 $ 75,150 $ 88,482 $ 65,513 $ 40,903 $ 132,027 $ 429,896 Special Review — — — — 249 — 249 Watch List - Pass — — 144 — — — 144 Watch List - Substandard — — 624 — 51 — 675 Watch List - Doubtful 92 — — — — 532 624 Total Residential: first lien $ 27,913 $ 75,150 $ 89,250 $ 65,513 $ 41,203 $ 132,559 $ 431,588 Residential: junior lien Pass $ 33,344 $ 161,204 $ 105,315 $ 127,651 $ 100,080 $ 158,201 $ 685,795 Special Review — — — 809 — — 809 Total Residential: junior lien $ 33,344 $ 161,204 $ 105,315 $ 128,460 $ 100,080 $ 158,201 $ 686,604 Consumer Pass $ 10,732 $ 28,354 $ 3,613 $ 558 $ 172 $ 2,008 $ 45,437 Watch List - Doubtful — — — — — 3 3 Total Consumer $ 10,732 $ 28,354 $ 3,613 $ 558 $ 172 $ 2,011 $ 45,440 Foreign Pass $ 22,915 $ 79,118 $ 17,208 $ 7,403 $ 4,614 $ 7,924 $ 139,182 Total Foreign $ 22,915 $ 79,118 $ 17,208 $ 7,403 $ 4,614 $ 7,924 $ 139,182 Total Loans $ 717,547 $ 2,893,624 $ 1,543,032 $ 857,320 $ 446,578 $ 566,279 $ 7,024,380 December 31, 2019 Special Watch Watch List— Watch List— Pass Review List—Pass Substandard Impaired (Dollars in Thousands) Domestic Commercial $ 1,228,110 $ 569 $ 39 $ 62,007 $ 1,935 Commercial real estate: other construction & land development 2,090,370 18,721 41,949 33,905 938 Commercial real estate: farmland & commercial 1,710,446 13,184 20,183 151,726 1,208 Commercial real estate: multifamily 190,265 — — — 165 Residential: first lien 426,546 253 144 680 6,278 Residential: junior lien 704,958 826 — — 692 Consumer 46,605 — — — 1,195 Foreign 140,785 — — — 264 Total $ 6,538,085 $ 33,553 $ 62,315 $ 248,318 $ 12,675 The increase in Special Review Commercial loans at March 31, 2020 can be attributed to the movement of a relationship in the oil and gas production business from the Pass category.

Stock Options (Tables)

Stock Options (Tables)	3 Months Ended
Stock Options (Tables)	Mar. 31, 2020
Stock Options
Summary of option activity under stock option plans	Weighted Weighted average average remaining Aggregate Number of exercise contractual intrinsic options price term (years) value ($) (in Thousands) Options outstanding at December 31, 2019 658,588 $ 27.55 Plus: Options granted 26,500 16.84 Less: Options exercised 10,549 21.37 Options expired — — Options forfeited 7,263 29.55 Options outstanding at March 31, 2020 667,276 27.20 5.71 $ 2,131 Options fully vested and exercisable at March 31, 2020 393,999 $ 22.02 4.10 $ 1,825

Investment Securities and Equ_2

Investment Securities and Equity Securities with Readily Determinable Fair Values (Tables)	3 Months Ended
	Mar. 31, 2020
Investment Securities and Equity Securities with Readily Determinable Fair Values
Amortized cost and estimated fair value by type of investment security	The amortized cost and estimated fair value by type of investment security at March 31, 2020 are as follows: Held to Maturity Gross Gross Amortized unrealized unrealized Estimated Carrying cost gains losses fair value value (Dollars in Thousands) Other securities $ 2,400 $ — $ — $ 2,400 $ 2,400 Total investment securities $ 2,400 $ — $ — $ 2,400 $ 2,400 Available for Sale Debt Securities Gross Gross Amortized unrealized unrealized Estimated Carrying cost gains losses fair value value (1) (Dollars in Thousands) Residential mortgage-backed securities $ 3,441,216 $ 79,298 $ (182) $ 3,520,332 $ 3,520,332 Obligations of states and political subdivisions 71,395 2,796 (9) 74,182 74,182 Total investment securities $ 3,512,611 $ 82,094 $ (191) $ 3,594,514 $ 3,594,514 (1) Included in the carrying value of residential mortgage-backed securities are $548,581 of mortgage-backed securities issued by Ginnie Mae and $2,971,751 of mortgage-backed securities issued by Fannie Mae and Freddie Mac. The amortized cost and estimated fair value by type of investment security at December 31, 2019 are as follows: Held to Maturity Gross Gross Amortized unrealized unrealized Estimated Carrying cost gains losses fair value value (Dollars in Thousands) Other securities $ 2,400 $ — $ — $ 2,400 $ 2,400 Total investment securities $ 2,400 $ — $ — $ 2,400 $ 2,400 Available for Sale Gross Gross Estimated Amortized unrealized unrealized fair Carrying cost gains losses value value (1) (Dollars in Thousands) Residential mortgage-backed securities $ 3,285,623 $ 16,534 $ (16,609) $ 3,285,548 $ 3,285,548 Obligations of states and political subdivisions 90,447 2,933 (5) 93,375 93,375 Total investment securities $ 3,376,070 $ 19,467 $ (16,614) $ 3,378,923 $ 3,378,923 (1) Included in the carrying value of residential mortgage-backed securities are $521,247 of mortgage-backed securities issued by Ginnie Mae and $2,714,301 of mortgage-backed securities issued by Fannie Mae and Freddie.
Amortized cost and fair value of investment securities, by contractual maturity	Held to Maturity Available for Sale Amortized Estimated Amortized Estimated Cost fair value Cost fair value (Dollars in Thousands) Due in one year or less $ 1,200 $ 1,200 $ — $ — Due after one year through five years 1,200 1,200 — — Due after five years through ten years — — 355 356 Due after ten years — — 71,040 73,826 Residential mortgage-backed securities — — 3,441,216 3,520,332 Total investment securities $ 2,400 $ 2,400 $ 3,512,611 $ 3,594,514
Gross unrealized losses on investment securities and the related fair value	Gross unrealized losses on debt investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position at March 31, 2020, were as follows: Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in Thousands) Available for sale: Residential mortgage-backed securities $ 7,144 $ (179) $ 361 $ (3) $ 7,505 $ (182) Obligations of states and political subdivisions 762 (9) — — 762 (9) $ 7,906 $ (188) $ 361 $ (3) $ 8,267 $ (191) Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2019 were as follows: Less than 12 months 12 months or more Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in Thousands) Available for sale: Residential mortgage-backed securities $ 523,031 $ (2,269) $ 1,448,109 $ (14,340) $ 1,971,140 $ (16,609) Obligations of states and political subdivisions 766 (5) — — 766 (5) $ 523,797 $ (2,274) $ 1,448,109 $ (14,340) $ 1,971,906 $ (16,614)
Summary of unrealized and realized gains and losses recognized in net income on equity securities	Three Months Ended March 31, 2020 (Dollars in Thousands) Net gains recognized during the period on equity securities $ 30 Less: Net gains and (losses) recognized during the period on equity securities sold during the period — Unrealized gains recognized during the reporting period on equity securities still held at the reporting date $ 30 Three Months Ended March 31, 2019 (Dollars in Thousands) Net losses recognized during the period on equity securities $ 138 Less: Net gains and (losses) recognized during the period on equity securities sold during the period — Unrealized gains recognized during the reporting period on equity securities still held at the reporting date $ 138

Junior Subordinated Deferrabl_2

Junior Subordinated Deferrable Interest Debentures (Tables)	3 Months Ended
Junior Subordinated Deferrable Interest Debentures (Tables)	Mar. 31, 2020
Junior Subordinated Deferrable Interest Debentures
Junior subordinated deferrable interest debentures, major types of business trusts	Junior Subordinated Deferrable Interest Repricing Interest Interest Optional Debentures Frequency Rate Rate Index(1) Maturity Date Redemption Date (1) (Dollars in Thousands) Trust VIII $ 25,774 Quarterly 4.88 % LIBOR + 3.05 October 2033 October 2008 Trust IX 41,238 Quarterly 3.53 % LIBOR + 1.62 October 2036 October 2011 Trust X 21,021 Quarterly 3.41 % LIBOR + 1.65 February 2037 February 2012 Trust XI 25,990 Quarterly 3.53 % LIBOR + 1.62 July 2037 July 2012 Trust XII 20,619 Quarterly 3.03 % LIBOR + 1.45 September 2037 September 2012 $ 134,642 (1) The Capital and Common Securities may be redeemed in whole or in part on any interest payment date after the Optional Redemption Date.

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Thousands	Jan. 01, 2020USD ($)	Mar. 31, 2020USD ($)segmentsubsidiary	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Jan. 01, 2019USD ($)
Basis of presentation
Number of operating segments \| segment		1
Number of active operating bank subsidiaries \| subsidiary		5
Right-of-use asset amortization		$ 320	$ 214
Retained earnings		$ 2,191,946		$ 2,200,568
ASU 2016-02
Basis of presentation
Right-of-use asset					$ 6,400
Statement of Financial Position Location					us-gaap:OtherAssets
Lease liability					$ 6,400
Statement of Financial Position Location					us-gaap:OtherLiabilities
ASU 2016-13 \| Restatement Adjustment
Basis of presentation
Percentage of allowance for loan losses	17.20%
Retained earnings	$ (8,300)

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value By Level) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Available for sale debt securities	$ 3,594,514	$ 3,378,923
Equity Securities	6,125	6,095
Marketable Securities	3,603,039	3,387,418
Assets/liabilities measured at fair value \| Residential mortgage-backed securities
Assets:
Available for sale debt securities	3,520,332	3,285,548
Assets/liabilities measured at fair value \| Obligations of states and political subdivisions
Assets:
Available for sale debt securities	74,182	93,375
Measured on a recurring basis: \| Assets/liabilities measured at fair value
Assets:
Marketable Securities	3,600,639	3,385,018
Measured on a recurring basis: \| Assets/liabilities measured at fair value \| Residential mortgage-backed securities
Assets:
Available for sale debt securities	3,520,332	3,285,548
Measured on a recurring basis: \| Assets/liabilities measured at fair value \| Obligations of states and political subdivisions
Assets:
Available for sale debt securities	74,182	93,375
Measured on a recurring basis: \| Assets/liabilities measured at fair value \| Equity securities with readily determinable fair values
Assets:
Equity Securities	6,125	6,095
Measured on a recurring basis: \| Assets/liabilities measured at fair value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Marketable Securities	6,125	6,095
Measured on a recurring basis: \| Assets/liabilities measured at fair value \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity securities with readily determinable fair values
Assets:
Equity Securities	6,125	6,095
Measured on a recurring basis: \| Assets/liabilities measured at fair value \| Significant Other Observable Inputs (Level 2)
Assets:
Marketable Securities	3,594,514	3,378,923
Measured on a recurring basis: \| Assets/liabilities measured at fair value \| Significant Other Observable Inputs (Level 2) \| Residential mortgage-backed securities
Assets:
Available for sale debt securities	3,520,332	3,285,548
Measured on a recurring basis: \| Assets/liabilities measured at fair value \| Significant Other Observable Inputs (Level 2) \| Obligations of states and political subdivisions
Assets:
Available for sale debt securities	$ 74,182	$ 93,375

Fair Value Measurements (Fair_2

Fair Value Measurements (Fair Value Measurement and Assumptions) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Assets:
Impaired Loans	$ 1,935	$ 2,955
Assumptions used in discounted cash flow model to determine fair value of investments classified within level 3
Impaired commercial collateral dependent receivables appraisals to determine fair value within immediately preceding twelve months	577	1,426
Impaired collateral dependent commercial loans with internal evaluation completed within last twelve months	812	847
Charges to allowance for probable loan losses in connection with other real estate owned	4	9,611
Adjustment to fair value in connection with other real estate owned	537	322
Measured on a non-recurring basis
Non-financial assets:
Equity investments without readily determinable fair values		4,775
Assumptions used in discounted cash flow model to determine fair value of investments classified within level 3
Change in net provision, impaired loans		43
Change in net provision, other real estate owned	537	322
Measured on a non-recurring basis \| Significant Unobservable Inputs (Level 3)
Assets:
Impaired Loans		826
Non-financial assets:
Other real estate owned	2,581	21,614
Equity investments without readily determinable fair values		28,166
Measured on a non-recurring basis \| Assets/liabilities measured at fair value
Assets:
Impaired Loans		826
Non-financial assets:
Other real estate owned	2,581	21,614
Equity investments without readily determinable fair values		$ 28,166
Watch List - Doubtful \| Measured on a non-recurring basis
Assumptions used in discounted cash flow model to determine fair value of investments classified within level 3
Change in net provision, impaired loans	93
Watch List - Doubtful \| Measured on a non-recurring basis \| Significant Unobservable Inputs (Level 3)
Assets:
Impaired Loans	254
Watch List - Doubtful \| Measured on a non-recurring basis \| Assets/liabilities measured at fair value
Assets:
Impaired Loans	$ 254

Fair Value Measurements (Other

Fair Value Measurements (Other Assumptions) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Deposits
Carrying amount of time deposits	$ 2,055,093	$ 2,012,300
Significant Unobservable Inputs (Level 3)
Loans
Carrying amount of fixed rate performing loans	1,454,099	1,503,811
Estimated fair value of fixed rate performing loans	1,379,125	1,481,239
Deposits
Carrying amount of time deposits	2,055,093	2,012,300
Estimated fair value of time deposits	2,047,202	2,011,950
Significant Other Observable Inputs (Level 2)
Other borrowed funds
Carrying amount of the long-term FHLB borrowings	436,465	436,511
Estimated fair value of long-term FHLB borrowings	$ 498,716	$ 465,017

Loans (Details)

Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Summary of loans, by loan type
Total loans	$ 7,024,380	$ 6,894,946
Commercial, financial and agricultural
Summary of loans, by loan type
Total loans	3,504,826	3,379,837
Real estate - mortgage
Summary of loans, by loan type
Total loans	1,118,192	1,140,377
Real estate - construction
Summary of loans, by loan type
Total loans	2,216,740	2,185,883
Consumer
Summary of loans, by loan type
Total loans	45,440	47,800
Foreign
Summary of loans, by loan type
Total loans	$ 139,182	$ 141,049

Allowance for Credit Losses (By

Allowance for Credit Losses (By Loan Class) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Allowance for probable loan losses
Balance at the beginning of the period	$ 60,278	$ 61,384
Losses charged to allowance	(2,980)	(2,835)
Recoveries credited to allowance	792	1,061
Net losses (recoveries) charged to allowance	(2,188)	(1,774)
Provision for credit loss expenses	16,836	7,420
Balance at the end of the period	85,273	67,030
Watch - List Impaired
Allowance for probable loan losses
Losses charged to allowance		(9,500)
Commercial
Allowance for probable loan losses
Balance at the beginning of the period	11,145	12,596
Losses charged to allowance	(2,819)	(2,764)
Recoveries credited to allowance	671	638
Net losses (recoveries) charged to allowance	(2,148)	(2,126)
Provision for credit loss expenses	5,823	942
Balance at the end of the period	19,067	11,412
Real estate - construction
Allowance for probable loan losses
Balance at the beginning of the period	18,152	15,123
Recoveries credited to allowance		20
Net losses (recoveries) charged to allowance		20
Provision for credit loss expenses	5,878	(354)
Balance at the end of the period	37,421	14,789
Commercial Real Estate: Farmland and Commercial
Allowance for probable loan losses
Balance at the beginning of the period	16,533	19,353
Losses charged to allowance	(55)	(1)
Recoveries credited to allowance	9	283
Net losses (recoveries) charged to allowance	(46)	282
Provision for credit loss expenses	2,809	6,245
Balance at the end of the period	15,004	25,880
Commercial Real Estate: Multifamily
Allowance for probable loan losses
Balance at the beginning of the period	1,786	1,808
Provision for credit loss expenses	327	537
Balance at the end of the period	1,758	2,345
Residential First Lien
Allowance for probable loan losses
Balance at the beginning of the period	3,762	3,467
Losses charged to allowance	(36)	(1)
Recoveries credited to allowance	1	1
Net losses (recoveries) charged to allowance	(35)
Provision for credit loss expenses	635	79
Balance at the end of the period	2,782	3,546
Residential Junior Lien
Allowance for probable loan losses
Balance at the beginning of the period	7,535	7,719
Losses charged to allowance		(6)
Recoveries credited to allowance	103	102
Net losses (recoveries) charged to allowance	103	96
Provision for credit loss expenses	1,243	(70)
Balance at the end of the period	8,452	7,745
Consumer
Allowance for probable loan losses
Balance at the beginning of the period	542	447
Losses charged to allowance	(70)	(63)
Recoveries credited to allowance	8	17
Net losses (recoveries) charged to allowance	(62)	(46)
Provision for credit loss expenses	68	61
Balance at the end of the period	323	462
Foreign
Allowance for probable loan losses
Balance at the beginning of the period	823	871
Provision for credit loss expenses	53	(20)
Balance at the end of the period	466	$ 851
ASU 2016-13 \| Restatement Adjustment
Allowance for probable loan losses
Balance at the beginning of the period	10,347
ASU 2016-13 \| Commercial \| Restatement Adjustment
Allowance for probable loan losses
Balance at the beginning of the period	4,247
ASU 2016-13 \| Real estate - construction \| Restatement Adjustment
Allowance for probable loan losses
Balance at the beginning of the period	13,391
ASU 2016-13 \| Commercial Real Estate: Farmland and Commercial \| Restatement Adjustment
Allowance for probable loan losses
Balance at the beginning of the period	(4,292)
ASU 2016-13 \| Commercial Real Estate: Multifamily \| Restatement Adjustment
Allowance for probable loan losses
Balance at the beginning of the period	(355)
ASU 2016-13 \| Residential First Lien \| Restatement Adjustment
Allowance for probable loan losses
Balance at the beginning of the period	(1,580)
ASU 2016-13 \| Residential Junior Lien \| Restatement Adjustment
Allowance for probable loan losses
Balance at the beginning of the period	(429)
ASU 2016-13 \| Consumer \| Restatement Adjustment
Allowance for probable loan losses
Balance at the beginning of the period	(225)
ASU 2016-13 \| Foreign \| Restatement Adjustment
Allowance for probable loan losses
Balance at the beginning of the period	$ (410)

Allowance for Credit Losses (Im

Allowance for Credit Losses (Impairment By Loan Class) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Loan loss allowances, impaired financing receivable, evaluated individually or collectively
Loans Individually Evaluated for Impairment, Recorded Investment	$ 3,349	$ 12,675
Loans Individually Evaluated for Impairment, Allowance	458	365
Loans Collectively Evaluated for Impairment, Recorded Investment	7,021,031	6,882,271
Loans Collectively Evaluated for Impairment, Allowance	84,815	59,913
Commercial
Loan loss allowances, impaired financing receivable, evaluated individually or collectively
Loans Individually Evaluated for Impairment, Recorded Investment	1,649	1,935
Loans Individually Evaluated for Impairment, Allowance	342	249
Loans Collectively Evaluated for Impairment, Recorded Investment	1,367,362	1,290,725
Loans Collectively Evaluated for Impairment, Allowance	18,725	10,895
Real estate - construction
Loan loss allowances, impaired financing receivable, evaluated individually or collectively
Loans Individually Evaluated for Impairment, Recorded Investment	936	938
Loans Individually Evaluated for Impairment, Allowance	116	116
Loans Collectively Evaluated for Impairment, Recorded Investment	2,215,804	2,184,945
Loans Collectively Evaluated for Impairment, Allowance	37,305	18,037
Commercial Real Estate: Farmland and Commercial
Loan loss allowances, impaired financing receivable, evaluated individually or collectively
Loans Individually Evaluated for Impairment, Recorded Investment	517	1,208
Loans Collectively Evaluated for Impairment, Recorded Investment	1,932,848	1,895,539
Loans Collectively Evaluated for Impairment, Allowance	15,004	16,533
Commercial Real Estate: Multifamily
Loan loss allowances, impaired financing receivable, evaluated individually or collectively
Loans Individually Evaluated for Impairment, Recorded Investment	152	165
Loans Collectively Evaluated for Impairment, Recorded Investment	202,298	190,265
Loans Collectively Evaluated for Impairment, Allowance	1,758	1,786
Residential First Lien
Loan loss allowances, impaired financing receivable, evaluated individually or collectively
Loans Individually Evaluated for Impairment, Recorded Investment	92	6,278
Loans Collectively Evaluated for Impairment, Recorded Investment	431,496	427,623
Loans Collectively Evaluated for Impairment, Allowance	2,782	3,762
Residential Junior Lien
Loan loss allowances, impaired financing receivable, evaluated individually or collectively
Loans Individually Evaluated for Impairment, Recorded Investment		692
Loans Collectively Evaluated for Impairment, Recorded Investment	686,604	705,784
Loans Collectively Evaluated for Impairment, Allowance	8,452	7,535
Consumer
Loan loss allowances, impaired financing receivable, evaluated individually or collectively
Loans Individually Evaluated for Impairment, Recorded Investment	3	1,195
Loans Collectively Evaluated for Impairment, Recorded Investment	45,437	46,605
Loans Collectively Evaluated for Impairment, Allowance	323	542
Foreign
Loan loss allowances, impaired financing receivable, evaluated individually or collectively
Loans Individually Evaluated for Impairment, Recorded Investment		264
Loans Collectively Evaluated for Impairment, Recorded Investment	139,182	140,785
Loans Collectively Evaluated for Impairment, Allowance	$ 466	$ 823

Allowance for Credit Losses (No

Allowance for Credit Losses (Non-accrual Basis By Loan Class) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Loan loss allowances, financing receivable past due
Non-accrual loans, total	$ 3,881	$ 4,886
Commercial
Loan loss allowances, financing receivable past due
Non-accrual loans, total	1,649	1,901
Real estate - construction
Loan loss allowances, financing receivable past due
Non-accrual loans, total	936	938
Commercial Real Estate: Farmland and Commercial
Loan loss allowances, financing receivable past due
Non-accrual loans, total	517	1,208
Commercial Real Estate: Multifamily
Loan loss allowances, financing receivable past due
Non-accrual loans, total	152	165
Residential First Lien
Loan loss allowances, financing receivable past due
Non-accrual loans, total	624	670
Consumer
Loan loss allowances, financing receivable past due
Non-accrual loans, total	$ 3	$ 4

Allowance for Credit Losses (_2

Allowance for Credit Losses (Impaired Loans) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Interest Recognized
Total trouble debt restructuring	$ 6,010,000		$ 7,788,000
Amount of loans with some degree of payment deferred	$ 1,270,763,000
Term of receivable (in years)	2 years
Loans	$ 7,024,380,000		6,894,946,000
Amount of loans approved and closed	$ 461,133,000
Period of charge off for past due unsecured commercial loans	90 days
Class of Financing Receivable
Recorded investment:
Total impaired loans with related allowance		$ 25,922,000	636,000
Total impaired loans with no related allowance			12,039,000
Unpaid principal balance:
Total impaired loans with an allowance recorded			685,000
Total impaired loans with no related allowance recorded			13,255,000
Related Allowance			365,000
Average recorded investment:
Total impaired loans with an allowance recorded			645,000
Total impaired loans with no related allowance recorded		30,619,000	52,945,000
Interest Recognized
Total impaired loans with an allowance recorded		26,851,000
Total impaired loans with no related allowance recorded		90,000	365,000
Commercial
Interest Recognized
Total trouble debt restructuring			32,000
Loans	$ 1,369,011,000		1,292,660,000
Commercial \| Class of Financing Receivable
Recorded investment:
Total impaired loans with related allowance		1,325,000	510,000
Total impaired loans with no related allowance			1,425,000
Unpaid principal balance:
Total impaired loans with an allowance recorded			516,000
Total impaired loans with no related allowance recorded			1,516,000
Related Allowance			249,000
Average recorded investment:
Total impaired loans with an allowance recorded			514,000
Total impaired loans with no related allowance recorded		17,370,000	18,794,000
Interest Recognized
Total impaired loans with an allowance recorded		1,908,000
Total impaired loans with no related allowance recorded		1,000	2,000
Real estate - construction
Interest Recognized
Loans	2,216,740,000		2,185,883,000
Real estate - construction \| Class of Financing Receivable
Recorded investment:
Total impaired loans with related allowance		134,000	126,000
Total impaired loans with no related allowance			812,000
Unpaid principal balance:
Total impaired loans with an allowance recorded			169,000
Total impaired loans with no related allowance recorded			1,133,000
Related Allowance			116,000
Average recorded investment:
Total impaired loans with an allowance recorded			131,000
Total impaired loans with no related allowance recorded		1,924,000	1,737,000
Interest Recognized
Total impaired loans with an allowance recorded		169,000
Commercial Real Estate: Farmland and Commercial
Interest Recognized
Loans	1,933,365,000		1,896,747,000
Commercial Real Estate: Farmland and Commercial \| Class of Financing Receivable
Recorded investment:
Total impaired loans with related allowance		24,463,000
Total impaired loans with no related allowance			1,208,000
Unpaid principal balance:
Total impaired loans with no related allowance recorded			1,841,000
Average recorded investment:
Total impaired loans with no related allowance recorded		2,305,000	22,357,000
Interest Recognized
Total impaired loans with an allowance recorded		24,774,000
Commercial Real Estate: Multifamily
Interest Recognized
Loans	202,450,000		190,430,000
Commercial Real Estate: Multifamily \| Class of Financing Receivable
Recorded investment:
Total impaired loans with no related allowance			165,000
Unpaid principal balance:
Total impaired loans with no related allowance recorded			168,000
Average recorded investment:
Total impaired loans with no related allowance recorded		506,000	651,000
Residential First Lien
Interest Recognized
Total trouble debt restructuring	3,857,000		5,608,000
Loans	431,588,000		433,901,000
Residential First Lien \| Class of Financing Receivable
Recorded investment:
Total impaired loans with no related allowance			6,278,000
Unpaid principal balance:
Total impaired loans with no related allowance recorded			6,445,000
Average recorded investment:
Total impaired loans with no related allowance recorded		6,239,000	6,988,000
Interest Recognized
Total impaired loans with no related allowance recorded		75,000	309,000
Residential Junior Lien
Interest Recognized
Total trouble debt restructuring	680,000		692,000
Loans	686,604,000		706,476,000
Residential Junior Lien \| Class of Financing Receivable
Recorded investment:
Total impaired loans with no related allowance			692,000
Unpaid principal balance:
Total impaired loans with no related allowance recorded			692,000
Average recorded investment:
Total impaired loans with no related allowance recorded		912,000	1,023,000
Interest Recognized
Total impaired loans with no related allowance recorded		11,000	42,000
Consumer
Interest Recognized
Total trouble debt restructuring	1,217,000		1,192,000
Loans	45,440,000		47,800,000
Consumer \| Class of Financing Receivable
Recorded investment:
Total impaired loans with no related allowance			1,195,000
Unpaid principal balance:
Total impaired loans with no related allowance recorded			1,196,000
Average recorded investment:
Total impaired loans with no related allowance recorded		1,075,000	1,117,000
Foreign
Interest Recognized
Total trouble debt restructuring	256,000		264,000
Loans	$ 139,182,000		141,049,000
Foreign \| Class of Financing Receivable
Recorded investment:
Total impaired loans with no related allowance			264,000
Unpaid principal balance:
Total impaired loans with no related allowance recorded			264,000
Average recorded investment:
Total impaired loans with no related allowance recorded		288,000	278,000
Interest Recognized
Total impaired loans with no related allowance recorded		$ 3,000	$ 12,000
Paycheck Protection Program Loans
Interest Recognized
Interest rate on receivable	1.00%
Number of loans approved and closed	4,528

Allowance for Credit Losses (Ag

Allowance for Credit Losses (Aging By Loan Class) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing receivable recorded investment
Past due 90 days or Greater and Still Accruing	$ 53,198	$ 59,705
Past due	107,193	84,450
Loans, current	6,917,187	6,810,496
Total loans	7,024,380	6,894,946
30 to 59 Days
Financing receivable recorded investment
Past due	46,287	18,169
60 to 89 Days
Financing receivable recorded investment
Past due	6,285	4,937
90 Days or Greater
Financing receivable recorded investment
Past due	54,621	61,344
Commercial
Financing receivable recorded investment
Past due 90 days or Greater and Still Accruing	997	421
Past due	6,951	5,052
Loans, current	1,362,060	1,287,608
Total loans	1,369,011	1,292,660
Commercial \| 30 to 59 Days
Financing receivable recorded investment
Past due	4,226	3,134
Commercial \| 60 to 89 Days
Financing receivable recorded investment
Past due	776	626
Commercial \| 90 Days or Greater
Financing receivable recorded investment
Past due	1,949	1,292
Real estate - construction
Financing receivable recorded investment
Past due 90 days or Greater and Still Accruing	145
Past due	10,577	564
Loans, current	2,206,163	2,185,319
Total loans	2,216,740	2,185,883
Real estate - construction \| 30 to 59 Days
Financing receivable recorded investment
Past due	8,953	509
Real estate - construction \| 60 to 89 Days
Financing receivable recorded investment
Past due	1,479	55
Real estate - construction \| 90 Days or Greater
Financing receivable recorded investment
Past due	145
Commercial Real Estate: Farmland and Commercial
Financing receivable recorded investment
Past due 90 days or Greater and Still Accruing	47,658	54,878
Past due	71,767	65,017
Loans, current	1,861,598	1,831,730
Total loans	1,933,365	1,896,747
Commercial Real Estate: Farmland and Commercial \| 30 to 59 Days
Financing receivable recorded investment
Past due	22,566	8,058
Commercial Real Estate: Farmland and Commercial \| 60 to 89 Days
Financing receivable recorded investment
Past due	1,543	2,031
Commercial Real Estate: Farmland and Commercial \| 90 Days or Greater
Financing receivable recorded investment
Past due	47,658	54,928
Commercial Real Estate: Multifamily
Financing receivable recorded investment
Past due	135	478
Loans, current	202,315	189,952
Total loans	202,450	190,430
Commercial Real Estate: Multifamily \| 30 to 59 Days
Financing receivable recorded investment
Past due	124	313
Commercial Real Estate: Multifamily \| 90 Days or Greater
Financing receivable recorded investment
Past due	11	165
Residential First Lien
Financing receivable recorded investment
Past due 90 days or Greater and Still Accruing	3,164	3,107
Past due	9,676	8,559
Loans, current	421,912	425,342
Total loans	431,588	433,901
Residential First Lien \| 30 to 59 Days
Financing receivable recorded investment
Past due	4,726	3,229
Residential First Lien \| 60 to 89 Days
Financing receivable recorded investment
Past due	1,326	1,670
Residential First Lien \| 90 Days or Greater
Financing receivable recorded investment
Past due	3,624	3,660
Residential Junior Lien
Financing receivable recorded investment
Past due 90 days or Greater and Still Accruing	1,173	1,200
Past due	3,195	2,789
Loans, current	683,409	703,687
Total loans	686,604	706,476
Residential Junior Lien \| 30 to 59 Days
Financing receivable recorded investment
Past due	1,509	1,112
Residential Junior Lien \| 60 to 89 Days
Financing receivable recorded investment
Past due	513	477
Residential Junior Lien \| 90 Days or Greater
Financing receivable recorded investment
Past due	1,173	1,200
Consumer
Financing receivable recorded investment
Past due 90 days or Greater and Still Accruing	60	88
Past due	943	630
Loans, current	44,497	47,170
Total loans	45,440	47,800
Consumer \| 30 to 59 Days
Financing receivable recorded investment
Past due	717	467
Consumer \| 60 to 89 Days
Financing receivable recorded investment
Past due	166	75
Consumer \| 90 Days or Greater
Financing receivable recorded investment
Past due	60	88
Foreign
Financing receivable recorded investment
Past due 90 days or Greater and Still Accruing	1	11
Past due	3,949	1,361
Loans, current	135,233	139,688
Total loans	139,182	141,049
Foreign \| 30 to 59 Days
Financing receivable recorded investment
Past due	3,466	1,347
Foreign \| 60 to 89 Days
Financing receivable recorded investment
Past due	482	3
Foreign \| 90 Days or Greater
Financing receivable recorded investment
Past due	$ 1	$ 11

Allowance for Credit Losses (Po

Allowance for Credit Losses (Portfolio Credit Quality) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Loan portfolio by credit quality indicator
2020	$ 717,547
2019	2,893,624
2018	1,543,032
2017	857,320
2016	446,578
Prior	566,279
Total loans	7,024,380	$ 6,894,946
Pass
Loan portfolio by credit quality indicator
Total loans		6,538,085
Special Review
Loan portfolio by credit quality indicator
Total loans		33,553
Watch List - Pass
Loan portfolio by credit quality indicator
Total loans		62,315
Watch List - Substandard
Loan portfolio by credit quality indicator
Total loans		248,318
Commercial
Loan portfolio by credit quality indicator
2020	308,273
2019	607,918
2018	271,101
2017	145,503
2016	22,273
Prior	13,943
Total loans	1,369,011	1,292,660
Commercial \| Pass
Loan portfolio by credit quality indicator
2020	245,351
2019	533,082
2018	270,142
2017	145,268
2016	22,269
Prior	13,917
Total loans	1,230,029	1,228,110
Commercial \| Special Review
Loan portfolio by credit quality indicator
2019	71,700
Total loans	71,700	569
Commercial \| Watch List - Pass
Loan portfolio by credit quality indicator
2019	11
Prior	26
Total loans	37	39
Commercial \| Watch List - Substandard
Loan portfolio by credit quality indicator
2020	62,569
2019	2,517
2018	504
2017	6
Total loans	65,596	62,007
Commercial \| Watch List - Doubtful
Loan portfolio by credit quality indicator
2020	353
2019	608
2018	455
2017	229
2016	4
Total loans	1,649
Real estate - construction
Loan portfolio by credit quality indicator
2020	145,173
2019	1,148,594
2018	624,992
2017	238,744
2016	41,681
Prior	17,556
Total loans	2,216,740	2,185,883
Real estate - construction \| Pass
Loan portfolio by credit quality indicator
2020	136,898
2019	1,064,250
2018	624,498
2017	238,744
2016	41,536
Prior	17,556
Total loans	2,123,482	2,090,370
Real estate - construction \| Special Review
Loan portfolio by credit quality indicator
2019	16,106
Total loans	16,106	18,721
Real estate - construction \| Watch List - Pass
Loan portfolio by credit quality indicator
2020	8,000
2019	35,622
2018	370
Total loans	43,992	41,949
Real estate - construction \| Watch List - Substandard
Loan portfolio by credit quality indicator
2020	275
2019	31,804
2016	145
Total loans	32,224	33,905
Real estate - construction \| Watch List - Doubtful
Loan portfolio by credit quality indicator
2019	812
2018	124
Total loans	936
Commercial Real Estate: Farmland and Commercial
Loan portfolio by credit quality indicator
2020	158,433
2019	734,400
2018	392,599
2017	206,499
2016	221,895
Prior	219,539
Total loans	1,933,365	1,896,747
Commercial Real Estate: Farmland and Commercial \| Pass
Loan portfolio by credit quality indicator
2020	139,114
2019	675,730
2018	385,302
2017	203,811
2016	132,509
Prior	215,389
Total loans	1,751,855	1,710,446
Commercial Real Estate: Farmland and Commercial \| Special Review
Loan portfolio by credit quality indicator
2020	938
2018	4,649
2017	175
2016	3,205
Prior	421
Total loans	9,388	13,184
Commercial Real Estate: Farmland and Commercial \| Watch List - Pass
Loan portfolio by credit quality indicator
2020	16,713
2019	5,956
2018	2,648
2017	124
2016	587
Prior	1
Total loans	26,029	20,183
Commercial Real Estate: Farmland and Commercial \| Watch List - Substandard
Loan portfolio by credit quality indicator
2020	1,668
2019	52,471
2017	2,348
2016	85,594
Prior	3,495
Total loans	145,576	151,726
Commercial Real Estate: Farmland and Commercial \| Watch List - Doubtful
Loan portfolio by credit quality indicator
2019	243
2017	41
Prior	233
Total loans	517
Commercial Real Estate: Multifamily
Loan portfolio by credit quality indicator
2020	10,764
2019	58,886
2018	38,954
2017	64,640
2016	14,660
Prior	14,546
Total loans	202,450	190,430
Commercial Real Estate: Multifamily \| Pass
Loan portfolio by credit quality indicator
2020	10,623
2019	58,886
2018	38,954
2017	64,640
2016	14,660
Prior	14,535
Total loans	202,298	190,265
Commercial Real Estate: Multifamily \| Watch List - Doubtful
Loan portfolio by credit quality indicator
2020	141
Prior	11
Total loans	152
Residential First Lien
Loan portfolio by credit quality indicator
2020	27,913
2019	75,150
2018	89,250
2017	65,513
2016	41,203
Prior	132,559
Total loans	431,588	433,901
Residential First Lien \| Pass
Loan portfolio by credit quality indicator
2020	27,821
2019	75,150
2018	88,482
2017	65,513
2016	40,903
Prior	132,027
Total loans	429,896	426,546
Residential First Lien \| Special Review
Loan portfolio by credit quality indicator
2016	249
Total loans	249	253
Residential First Lien \| Watch List - Pass
Loan portfolio by credit quality indicator
2018	144
Total loans	144	144
Residential First Lien \| Watch List - Substandard
Loan portfolio by credit quality indicator
2018	624
2016	51
Total loans	675	680
Residential First Lien \| Watch List - Doubtful
Loan portfolio by credit quality indicator
2020	92
Prior	532
Total loans	624
Residential Junior Lien
Loan portfolio by credit quality indicator
2020	33,344
2019	161,204
2018	105,315
2017	128,460
2016	100,080
Prior	158,201
Total loans	686,604	706,476
Residential Junior Lien \| Pass
Loan portfolio by credit quality indicator
2020	33,344
2019	161,204
2018	105,315
2017	127,651
2016	100,080
Prior	158,201
Total loans	685,795	704,958
Residential Junior Lien \| Special Review
Loan portfolio by credit quality indicator
2017	809
Total loans	809	826
Consumer
Loan portfolio by credit quality indicator
2020	10,732
2019	28,354
2018	3,613
2017	558
2016	172
Prior	2,011
Total loans	45,440	47,800
Consumer \| Pass
Loan portfolio by credit quality indicator
2020	10,732
2019	28,354
2018	3,613
2017	558
2016	172
Prior	2,008
Total loans	45,437	46,605
Consumer \| Watch List - Doubtful
Loan portfolio by credit quality indicator
Prior	3
Total loans	3
Foreign
Loan portfolio by credit quality indicator
2020	22,915
2019	79,118
2018	17,208
2017	7,403
2016	4,614
Prior	7,924
Total loans	139,182	141,049
Foreign \| Pass
Loan portfolio by credit quality indicator
2020	22,915
2019	79,118
2018	17,208
2017	7,403
2016	4,614
Prior	7,924
Total loans	$ 139,182	$ 140,785

Allowance for Credit Losses (_3

Allowance for Credit Losses (Portfolio Credit Quality By Loan Class) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Loan portfolio by credit quality indicator
Portfolio, total	$ 7,024,380	$ 6,894,946
Pass
Loan portfolio by credit quality indicator
Portfolio, total		6,538,085
Special Review
Loan portfolio by credit quality indicator
Portfolio, total		33,553
Watch List - Pass
Loan portfolio by credit quality indicator
Portfolio, total		62,315
Watch List - Substandard
Loan portfolio by credit quality indicator
Portfolio, total		248,318
Watch - List Impaired
Loan portfolio by credit quality indicator
Portfolio, total		12,675
Commercial
Loan portfolio by credit quality indicator
Portfolio, total	1,369,011	1,292,660
Commercial \| Pass
Loan portfolio by credit quality indicator
Portfolio, total	1,230,029	1,228,110
Commercial \| Special Review
Loan portfolio by credit quality indicator
Portfolio, total	71,700	569
Commercial \| Watch List - Pass
Loan portfolio by credit quality indicator
Portfolio, total	37	39
Commercial \| Watch List - Substandard
Loan portfolio by credit quality indicator
Portfolio, total	65,596	62,007
Commercial \| Watch - List Impaired
Loan portfolio by credit quality indicator
Portfolio, total		1,935
Real estate - construction
Loan portfolio by credit quality indicator
Portfolio, total	2,216,740	2,185,883
Real estate - construction \| Pass
Loan portfolio by credit quality indicator
Portfolio, total	2,123,482	2,090,370
Real estate - construction \| Special Review
Loan portfolio by credit quality indicator
Portfolio, total	16,106	18,721
Real estate - construction \| Watch List - Pass
Loan portfolio by credit quality indicator
Portfolio, total	43,992	41,949
Real estate - construction \| Watch List - Substandard
Loan portfolio by credit quality indicator
Portfolio, total	32,224	33,905
Real estate - construction \| Watch - List Impaired
Loan portfolio by credit quality indicator
Portfolio, total		938
Commercial Real Estate: Farmland and Commercial
Loan portfolio by credit quality indicator
Portfolio, total	1,933,365	1,896,747
Commercial Real Estate: Farmland and Commercial \| Pass
Loan portfolio by credit quality indicator
Portfolio, total	1,751,855	1,710,446
Commercial Real Estate: Farmland and Commercial \| Special Review
Loan portfolio by credit quality indicator
Portfolio, total	9,388	13,184
Commercial Real Estate: Farmland and Commercial \| Watch List - Pass
Loan portfolio by credit quality indicator
Portfolio, total	26,029	20,183
Commercial Real Estate: Farmland and Commercial \| Watch List - Substandard
Loan portfolio by credit quality indicator
Portfolio, total	145,576	151,726
Commercial Real Estate: Farmland and Commercial \| Watch - List Impaired
Loan portfolio by credit quality indicator
Portfolio, total		1,208
Commercial Real Estate: Multifamily
Loan portfolio by credit quality indicator
Portfolio, total	202,450	190,430
Commercial Real Estate: Multifamily \| Pass
Loan portfolio by credit quality indicator
Portfolio, total	202,298	190,265
Commercial Real Estate: Multifamily \| Watch - List Impaired
Loan portfolio by credit quality indicator
Portfolio, total		165
Residential First Lien
Loan portfolio by credit quality indicator
Portfolio, total	431,588	433,901
Residential First Lien \| Pass
Loan portfolio by credit quality indicator
Portfolio, total	429,896	426,546
Residential First Lien \| Special Review
Loan portfolio by credit quality indicator
Portfolio, total	249	253
Residential First Lien \| Watch List - Pass
Loan portfolio by credit quality indicator
Portfolio, total	144	144
Residential First Lien \| Watch List - Substandard
Loan portfolio by credit quality indicator
Portfolio, total	675	680
Residential First Lien \| Watch - List Impaired
Loan portfolio by credit quality indicator
Portfolio, total		6,278
Residential Junior Lien
Loan portfolio by credit quality indicator
Portfolio, total	686,604	706,476
Residential Junior Lien \| Pass
Loan portfolio by credit quality indicator
Portfolio, total	685,795	704,958
Residential Junior Lien \| Special Review
Loan portfolio by credit quality indicator
Portfolio, total	809	826
Residential Junior Lien \| Watch - List Impaired
Loan portfolio by credit quality indicator
Portfolio, total		692
Consumer
Loan portfolio by credit quality indicator
Portfolio, total	45,440	47,800
Consumer \| Pass
Loan portfolio by credit quality indicator
Portfolio, total	45,437	46,605
Consumer \| Watch - List Impaired
Loan portfolio by credit quality indicator
Portfolio, total		1,195
Foreign
Loan portfolio by credit quality indicator
Portfolio, total	139,182	141,049
Foreign \| Pass
Loan portfolio by credit quality indicator
Portfolio, total	$ 139,182	140,785
Foreign \| Watch - List Impaired
Loan portfolio by credit quality indicator
Portfolio, total		$ 264

Stock Options (Details)

Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Apr. 05, 2012
Stock options under 2012 Plan
Stock option details
Shares available for future grants	9,414		800,000
Maximum exercisable period for options granted	10 years
Number of options granted (in shares)	26,500
Stock option activity
Options outstanding at the beginning of the period (in shares)	658,588
Plus: Options granted (in shares)	26,500
Less:
Options exercised (in shares)	10,549
Options forfeited (in shares)	7,263
Options outstanding at the end of the period (in shares)	667,276
Options fully vested and exercisable at the end of the period (in shares)	393,999
Stock Options, Weighted average exercise price
Options outstanding at the beginning, weighted average exercise price (in dollars per share)	$ 27.55
Plus: Options granted, weighted average exercise price (in dollars per share)	16.84
Less:
Options exercised, weighted average exercise price (in dollars per share)	21.37
Options forfeited, weighted average exercise price (in dollars per share)	29.55
Options outstanding at the end, weighted average exercise price (in dollars per share)	27.20
Options fully vested and exercisable at the end, weighted average exercise price (in dollars per share)	$ 22.02
Stock Options, Weighted average remaining contractual term (years)
Options outstanding at the end, weighted average remaining contractual term (years)	5 years 8 months 15 days
Options fully vested and exercisable at the end, weighted average remaining contractual term (years)	4 years 1 month 6 days
Stock Options, Aggregate intrinsic value
Options outstanding at the end, aggregate intrinsic value	$ 2,131
Options fully vested and exercisable at the end, aggregate intrinsic value	1,825
Stock-based compensation expense	219	$ 265
Stock-based compensation cost, unrecognized, related to non-vested options	$ 1,704
Stock-based compensation cost, unrecognized, related to non-vested options, weighted-average period of recognition	1 year 9 months 18 days
Incentive stock options granted to 10% shareholders
Stock option details
Maximum exercisable period for options granted	5 years

Investment Securities and Equ_3

Investment Securities and Equity Securities with Readily Determinable Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Held-to-maturity securities
Amortized cost	$ 2,400	$ 2,400
Estimated fair value	2,400	2,400
Carrying Value	2,400	2,400
Available-for-sale securities
Amortized cost	3,512,611	3,376,070
Available for sale debt securities	3,594,514	3,378,923
Total Amortized cost	3,512,611	3,376,070
Total Gross unrealized gains	82,094	19,467
Total Gross unrealized losses	191	16,614
Assets/liabilities measured at fair value
Available-for-sale securities
Available for sale debt securities and equity securities	3,594,514	3,378,923
Carrying Value
Available-for-sale securities
Available for sale debt securities and equity securities	3,594,514	3,378,923
Residential mortgage-backed securities
Available-for-sale securities
Amortized cost	3,441,216	3,285,623
Gross unrealized gains	79,298	16,534
Gross unrealized losses	(182)	(16,609)
Residential mortgage-backed securities \| Assets/liabilities measured at fair value
Available-for-sale securities
Available for sale debt securities	3,520,332	3,285,548
Residential mortgage-backed securities \| Carrying Value
Available-for-sale securities
Available for sale debt securities	3,520,332	3,285,548
Mortgage-backed securities by Ginnie Mae
Available-for-sale securities
Available for sale debt securities	548,581	521,247
Mortgage-backed securities by Fannie Mae and Freddie Mac
Available-for-sale securities
Available for sale debt securities	2,971,751	2,714,301
Obligations of states and political subdivisions
Available-for-sale securities
Amortized cost	71,395	90,447
Gross unrealized gains	2,796	2,933
Gross unrealized losses	(9)	(5)
Obligations of states and political subdivisions \| Assets/liabilities measured at fair value
Available-for-sale securities
Available for sale debt securities	74,182	93,375
Obligations of states and political subdivisions \| Carrying Value
Available-for-sale securities
Available for sale debt securities	74,182	93,375
Other securities
Held-to-maturity securities
Amortized cost	2,400	2,400
Estimated fair value	2,400	2,400
Carrying Value	$ 2,400	$ 2,400

Investment Securities and Equ_4

Investment Securities and Equity Securities with Readily Determinable Fair Values (Contractual Maturities and Estimated Fair Values) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Held-to-maturity debt securities amortized cost disclosures
Due in one year or less, held-to-maturity debt securities amortized cost	$ 1,200
Due after one year through five years, held-to-maturity debt securities amortized cost	1,200
Amortized cost, held-to-maturity debt securities	2,400		$ 2,400
Held-to-maturity debt securities, Estimated fair value disclosures
Due in one year or less, held-to-maturity debt securities, Estimated fair value	1,200
Due after one year through five years, held-to-maturity debt securities, Estimated fair value	1,200
Estimated fair value	2,400		2,400
Available-for-sale debt securities amortized cost disclosures
Due after five years through ten years, available-for-sale debt securities amortized cost	355
Due after ten years, available-for-sale debt securities amortized cost	71,040
Residential mortgage-backed securities, amortized cost	3,441,216
Amortized cost, Available-for-sale securities	3,512,611		3,376,070
Available for sale debt securities, Estimated Fair Value Disclosures
Due after five years through ten years, available-for-sale debt securities, Estimated Fair Value	356
Due after ten years, available-for-sale debt securities, Estimated Fair Value	73,826
Residential mortgage-backed securities, Estimated Fair Value	3,520,332
Estimated fair value, Available for sale securities	3,594,514		$ 3,378,923
Proceeds from sales and calls of available for sale securities	18,920	$ 41,420
Proceeds from sales of mortgage-backed securities	0	0
Gross gains realized on sales	0	2
Gross losses realized on sales	5	$ 6
Collateral Pledged
Available-for-sale debt securities amortized cost disclosures
Amortized cost, Available-for-sale securities	997,342
Available for sale debt securities, Estimated Fair Value Disclosures
Fair value of available for sale investment securities pledged	$ 1,020,890

Investment Securities and Equ_5

Investment Securities and Equity Securities with Readily Determinable Fair Values (Fair Value and Gross Unrealized Loss) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Available for sale:
Fair value, less than 12 months	$ 7,906	$ 523,797
Unrealized losses, less than 12 Months	(188)	(2,274)
Fair value, 12 months or more	361	1,448,109
Unrealized losses, 12 Months or More	(3)	(14,340)
Fair value, Total	8,267	1,971,906
Unrealized losses, Total	(191)	(16,614)
Residential mortgage-backed securities
Available for sale:
Fair value, less than 12 months	7,144	523,031
Unrealized losses, less than 12 Months	(179)	(2,269)
Fair value, 12 months or more	361	1,448,109
Unrealized losses, 12 Months or More	(3)	(14,340)
Fair value, Total	7,505	1,971,140
Unrealized losses, Total	(182)	(16,609)
Obligations of states and political subdivisions
Available for sale:
Fair value, less than 12 months	762	766
Unrealized losses, less than 12 Months	(9)	(5)
Fair value, Total	762	766
Unrealized losses, Total	$ (9)	$ (5)

Investment Securities and Equ_6

Investment Securities and Equity Securities with Readily Determinable Fair Values (Unrealized and realized gains and losses recognized in net income on equity securities ) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Investment Securities and Equity Securities with Readily Determinable Fair Values
Equity Securities	$ 6,125		$ 6,095
Summary of unrealized and realized gains and losses recognized in net income on equity securities
Net gains (losses) recognized during the period on equity securities	30	$ 138
Unrealized gain on equity securities with readily determinable fair values	$ 30	$ 138

Other Borrowed Funds (Details)

Other Borrowed Funds (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Federal Home Loan Bank advances
Other borrowed funds	$ 728,465	$ 626,511
Percentage of increase in other borrowed funds	(16.30%)

Junior Subordinated Deferrabl_3

Junior Subordinated Deferrable Interest Debentures (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Junior subordinated deferrable interest debentures, major types of business trusts
Number of statutory business trusts issuing trust preferred securities \| item	5
Junior subordinated deferrable interest debentures	$ 134,642	$ 134,642
Maximum number of consecutive quarterly period available for deferral of interest payment on Trusts VI, VIII, IX, X, XI and XII \| item	20
Percentage of capital securities issued by trust qualifying as Tier I capital, maximum	25.00%
Percentage of capital securities issued by trust qualifying as Tier II capital, minimum	25.00%
Capital securities issued by the trust, qualifying as Tier I capital	$ 134,642
Trust XI
Junior subordinated deferrable interest debentures, major types of business trusts
Junior subordinated deferrable interest debentures	25,990
Trust X
Junior subordinated deferrable interest debentures, major types of business trusts
Junior subordinated deferrable interest debentures	$ 21,021

Junior Subordinated Deferrabl_4

Junior Subordinated Deferrable Interest Debentures (Key Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Junior subordinated deferrable interest debentures, major types of business trusts
Junior subordinated deferrable interest debentures	$ 134,642	$ 134,642
Trust VIII
Junior subordinated deferrable interest debentures, major types of business trusts
Junior subordinated deferrable interest debentures	$ 25,774
Interest rate (as a percent)	4.88%
Interest rate index	LIBOR
Spread on interest rate index (as a percent)	3.05%
Trust IX
Junior subordinated deferrable interest debentures, major types of business trusts
Junior subordinated deferrable interest debentures	$ 41,238
Interest rate (as a percent)	3.53%
Interest rate index	LIBOR
Spread on interest rate index (as a percent)	1.62%
Trust X
Junior subordinated deferrable interest debentures, major types of business trusts
Junior subordinated deferrable interest debentures	$ 21,021
Interest rate (as a percent)	3.41%
Interest rate index	LIBOR
Spread on interest rate index (as a percent)	1.65%
Trust XI
Junior subordinated deferrable interest debentures, major types of business trusts
Junior subordinated deferrable interest debentures	$ 25,990
Interest rate (as a percent)	3.53%
Interest rate index	LIBOR
Spread on interest rate index (as a percent)	1.62%
Trust XII
Junior subordinated deferrable interest debentures, major types of business trusts
Junior subordinated deferrable interest debentures	$ 20,619
Interest rate (as a percent)	3.03%
Interest rate index	LIBOR
Spread on interest rate index (as a percent)	1.45%

Common Stock and Dividends (Det

Common Stock and Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 03, 2020	Mar. 12, 2020	Oct. 15, 2019	Apr. 15, 2019	Apr. 30, 2009	May 05, 2020
Common Stock and Dividends
Cash dividends paid to common shareholders (in dollars per share)	$ 0.55		$ 0.55	$ 0.50
Repurchase of common stock, authorized amount		$ 50,000			$ 40,000
Period of repurchase of common stock		12 months			12 months
Cumulative number of shares repurchased under all stock repurchase programs						12,261,282
Cumulative cost of shares repurchased under all stock repurchase programs						$ 356,883

Capital Ratio (Details)

Capital Ratio (Details) - USD ($) $ in Thousands	3 Months Ended
Capital Ratio (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Capital Requirements
CET 1 ratio	18.23%	18.58%
Total Capital (to Risk Weighted Assets), Actual Ratio (as a percent)	20.36%	20.46%
Tier 1 capital (to Risk Weighted Assets), Actual Ratio (as a percent)	19.45%	19.80%
Tier 1 capital (to Average Assets), Actual Ratio (as a percent)	16.03%	16.65%
Percentage of capital securities issued by trust qualifying as Tier I capital, maximum	25.00%
Percentage of capital securities issued by trust qualifying as Tier II capital, minimum	25.00%
Capital securities issued by the trust, qualifying as Tier I capital	$ 134,642