Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 19, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | BANCORPSOUTH INC | ||
Entity Central Index Key | 701853 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $2,263,000,000 | ||
Entity Common Stock, Shares Outstanding | 96,281,355 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $204,231 | $208,961 |
Interest bearing deposits with other banks | 153,019 | 319,462 |
Available-for-sale securities, at fair value (amortized cost of $2,124,567 and $2,460,608, respectively) | 2,156,927 | 2,466,989 |
Loans and leases | 9,749,540 | 8,993,888 |
Less: Unearned income | 36,604 | 35,873 |
Allowance for credit losses | 142,443 | 153,236 |
Net loans and leases | 9,570,493 | 8,804,779 |
Loans held for sale | 141,015 | 69,593 |
Premises and equipment, net | 304,943 | 315,260 |
Accrued interest receivable | 41,985 | 42,150 |
Goodwill | 291,498 | 286,800 |
Other identifiable intangibles | 24,508 | 26,079 |
Bank-owned life insurance | 247,076 | 239,434 |
Other real estate owned | 33,984 | 69,338 |
Other assets | 156,690 | 180,888 |
Total Assets | 13,326,369 | 13,029,733 |
Demand: | ||
Noninterest bearing | 2,778,686 | 2,644,592 |
Interest bearing | 4,868,054 | 4,582,450 |
Savings | 1,331,963 | 1,234,130 |
Other time | 1,993,636 | 2,312,664 |
Total deposits | 10,972,339 | 10,773,836 |
Federal funds purchased and securities sold under agreement to repurchase | 388,166 | 421,028 |
Short term borrowings | 3,500 | |
Accrued interest payable | 3,400 | 4,836 |
Junior subordinated debt securities | 23,198 | 31,446 |
Long-term debt | 78,148 | 81,714 |
Other liabilities | 251,559 | 203,743 |
Total Liabilities | 11,720,310 | 11,516,603 |
Shareholders' Equity | ||
Common stock, $2.50 par value, Authorized - 500,000,000 shares; Issued - 95,254,903 and 95,231,691 shares, respectively | 240,637 | 238,079 |
Capital surplus | 324,271 | 312,900 |
Accumulated other comprehensive loss | -43,686 | -29,959 |
Retained earnings | 1,084,837 | 992,110 |
TOTAL SHAREHOLDERS' EQUITY | 1,606,059 | 1,513,130 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $13,326,369 | $13,029,733 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ||
Available-for-sale securities, amortized cost | $2,124,567 | $2,460,608 |
Shareholders' Equity | ||
Common stock, par value (in dollars per share) | $2.50 | $2.50 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 96,254,903 | 95,231,691 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
INTEREST REVENUE: | |||
Loans and leases | $404,559 | $396,441 | $425,611 |
Deposits with other banks | 532 | 1,694 | 1,711 |
Federal funds sold and securities purchased under agreement to resell | 3 | ||
Available-for-sale securities: | |||
Taxable | 27,755 | 33,286 | 39,408 |
Tax-exempt | 14,462 | 15,547 | 16,658 |
Loans held for sale | 2,949 | 2,539 | 3,033 |
Total interest revenue | 450,257 | 449,507 | 486,424 |
Deposits: | |||
Interest bearing demand | 7,851 | 9,645 | 16,111 |
Savings | 1,614 | 1,705 | 2,697 |
Other time | 20,675 | 29,729 | 39,797 |
Federal funds purchased and securities sold under agreement to repurchase | 331 | 297 | 274 |
Long-term debt | 2,463 | 1,803 | 1,446 |
Junior subordinated debt | 659 | 7,376 | 11,502 |
Other | 2 | 3 | 6 |
Total interest expense | 33,595 | 50,558 | 71,833 |
Net interest revenue | 416,662 | 398,949 | 414,591 |
Provision for credit losses | 7,500 | 28,000 | |
Net interest revenue, after provision for credit losses | 416,662 | 391,449 | 386,591 |
NONINTEREST REVENUE: | |||
Mortgage lending | 22,671 | 44,977 | 56,919 |
Credit card, debit card and merchant fees | 35,303 | 33,005 | 31,705 |
Deposit service charges | 50,622 | 52,905 | 56,877 |
Security gains, net | 37 | 46 | 442 |
Insurance commissions | 114,842 | 97,700 | 90,138 |
Wealth management | 23,531 | 22,966 | 20,872 |
Other | 22,140 | 23,467 | 23,196 |
Total noninterest revenue | 269,146 | 275,066 | 280,149 |
NONINTEREST EXPENSE: | |||
Salaries and employee benefits | 307,828 | 306,696 | 304,624 |
Occupancy, net of rental income | 41,345 | 41,109 | 42,140 |
Equipment | 16,869 | 18,386 | 20,849 |
Deposit insurance assessments | 8,190 | 11,755 | 16,478 |
Voluntary early retirement expense | 10,850 | ||
Write-off and amortization of bond issue cost | 48 | 2,995 | 153 |
Other | 144,126 | 143,058 | 164,949 |
Total noninterest expense | 518,406 | 534,849 | 549,193 |
Income before income taxes | 167,402 | 131,666 | 117,547 |
Income tax expense | 50,652 | 37,551 | 33,252 |
Net Income | $116,750 | $94,115 | $84,295 |
Earnings per share: Basic (in dollars per share) | $1.22 | $0.99 | $0.90 |
Earnings per share: Diluted (in dollars per share) | $1.21 | $0.99 | $0.90 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $116,750 | $94,115 | $84,295 |
Other comprehensive (loss) income, net of tax | |||
Unrealized (losses) gains on securities | 16,028 | -38,065 | 1,599 |
Pension and other postretirement benefits | -29,755 | 16,752 | -7,984 |
Other comprehensive (loss) income | -13,727 | -21,313 | -6,385 |
Comprehensive income | $103,023 | $72,802 | $77,910 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Capital Surplus [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2010 | |||||
Issuance of stock | $27,381 | $81,296 | $108,677 | ||
Issuance of stock (in shares) | 10,952,381 | ||||
Balance at Dec. 31, 2011 | 208,709 | 227,567 | -2,261 | 828,897 | 1,262,912 |
Balance (in shares) at Dec. 31, 2011 | 83,483,796 | ||||
Net income | 84,295 | 84,295 | |||
Change in fair value of available-for-sale securities, net of tax effect | 1,599 | 1,599 | |||
Change in pension funding status, net of tax effect | -7,984 | -7,984 | |||
Comprehensive income | 77,910 | ||||
Exercise of stock options | 17 | 67 | 84 | ||
Exercise of stock options (in shares) | 6,533 | 6,333 | |||
Income tax benefit (expense) from exercise of stock options | -32 | -32 | |||
Recognition of stock compensation | 281 | 3,073 | 3,354 | ||
Recognition of stock compensation (in shares) | 112,315 | ||||
Repurchase of stock | -13 | -62 | -75 | ||
Repurchase of stock (in shares) | -5,158 | ||||
Cash dividends declared | -3,778 | -3,778 | |||
Balance at Dec. 31, 2012 | 236,375 | 311,909 | -8,646 | 909,414 | 1,449,052 |
Balance (in shares) at Dec. 31, 2012 | 94,549,867 | ||||
Net income | 94,115 | 94,115 | |||
Change in fair value of available-for-sale securities, net of tax effect | -38,065 | -38,065 | |||
Change in pension funding status, net of tax effect | 16,752 | 16,752 | |||
Comprehensive income | 72,802 | ||||
Issuance of stock | 912 | ||||
Exercise of stock options | 147 | 765 | |||
Exercise of stock options (in shares) | 58,982 | ||||
Income tax benefit (expense) from exercise of stock options | 139 | 139 | |||
Recognition of stock compensation | 1,557 | 87 | 1,644 | ||
Recognition of stock compensation (in shares) | 622,842 | ||||
Cash dividends declared | -11,419 | -11,419 | |||
Balance at Dec. 31, 2013 | 238,079 | 312,900 | -29,959 | 992,110 | 1,513,130 |
Balance (in shares) at Dec. 31, 2013 | 95,231,691 | ||||
Net income | 116,750 | 116,750 | |||
Change in fair value of available-for-sale securities, net of tax effect | 16,028 | 16,028 | |||
Change in pension funding status, net of tax effect | -29,755 | -29,755 | |||
Comprehensive income | 103,023 | ||||
Exercise of stock options | 1,669 | 9,914 | 11,583 | ||
Exercise of stock options (in shares) | 667,739 | ||||
Income tax benefit (expense) from exercise of stock options | 1,856 | 1,856 | |||
Recognition of stock compensation | 963 | 238 | 1,201 | ||
Recognition of stock compensation (in shares) | 385,113 | ||||
Repurchase of stock | -74 | -637 | -711 | ||
Repurchase of stock (in shares) | -29,640 | ||||
Cash dividends declared | -24,023 | -24,023 | |||
Balance at Dec. 31, 2014 | $240,637 | $324,271 | ($43,686) | $1,084,837 | $1,606,059 |
Balance (in shares) at Dec. 31, 2014 | 96,254,903 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements of Shareholders' Equity and Comprehensive Income [Abstract] | |||
Change in fair value of available-for-sale securities, tax effect | $9,951 | ($23,621) | $1,002 |
Change in pension funding status, tax effect | ($18,432) | $10,376 | ($4,946) |
Cash dividends declared (in dollars per share) | $0.25 | $0.04 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net income | $116,750 | $94,115 | $84,295 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 7,500 | 28,000 | |
Depreciation and amortization | 27,272 | 26,544 | 27,720 |
Deferred taxes | -7,563 | 3,358 | -3,749 |
Amortization of intangibles | 4,443 | 2,979 | 3,222 |
Amortization of debt securities premium and discount, net | 13,089 | 15,062 | 13,422 |
Share-based compensation expense | 1,201 | 1,644 | 1,886 |
Security gains, net | -37 | -46 | -442 |
Net deferred loan origination expense | -6,809 | -7,639 | -7,944 |
Excess tax benefit from exercise of stock options | -1,856 | -139 | 32 |
Decrease in interest receivable | 165 | 2,206 | 6,910 |
Decrease in interest payable | -1,436 | -1,304 | -2,504 |
Realized gain on mortgages sold | -31,941 | -49,304 | -68,114 |
Proceeds from mortgages sold | 914,084 | 1,530,589 | 2,019,225 |
Origination of mortgages held for sale | -920,689 | -1,424,983 | -1,996,479 |
Loss on other real estate owned, net | 14,545 | 7,385 | 30,172 |
Increase in bank-owned life insurance | -8,848 | -8,314 | -8,074 |
(Increase) decrease in prepaid pension asset | 26,263 | -3,705 | 16,795 |
Decrease in prepaid deposit insurance assessments | 11,086 | ||
Other, net | 3,496 | 7,784 | 5,198 |
Net cash provided by operating activities | 142,129 | 203,732 | 160,657 |
Investing Activities: | |||
Proceeds from calls and maturities of available-for-sale securities | 584,260 | 584,926 | 520,952 |
Proceeds from sales of available-for-sale securities | 3,628 | ||
Purchases of available-for-sale securities | -252,467 | -718,432 | -430,819 |
Net (increase) decrease in loans and leases | -803,858 | -361,383 | 150,225 |
Purchases of premises and equipment | -17,211 | -25,459 | -24,680 |
Proceeds from sale of premises and equipment | 527 | 3,084 | 1,136 |
Acquisition of businesses, net of cash acquired | -7,060 | -17,360 | -5,971 |
Proceeds from sale of other real estate owned | 35,264 | 54,475 | 73,660 |
Proceeds of bank-owned life insurance, net of proceeds from death benefits | 1,206 | -22,961 | |
Other, net | -20 | 117 | -23 |
Net cash (used in) provided by investing activities | -459,359 | -480,032 | 265,147 |
Financing Activities: | |||
Net (decrease) increase in deposits | 198,503 | -314,310 | 132,957 |
Net increase (decrease) in short-term debt and other liabilities | -32,877 | 6,403 | 39,165 |
Redemption of junior subordinated debt securities | -8,248 | -128,866 | |
Advances of long-term debt | 8,000 | 50,000 | |
Repayment of long-term debt | -8,066 | -1,786 | |
Issuance of common stock | 11,583 | 912 | 110,229 |
Repurchase of common stock | -711 | -75 | |
Excess tax (benefit) expense from exercise of stock options | 1,856 | 139 | -32 |
Payment of cash dividends | -23,983 | -11,383 | -3,778 |
Net cash (used in) provided by financing activities | 146,057 | -398,891 | 278,466 |
(Decrease) increase in Cash and Cash Equivalents | -171,173 | -675,191 | 704,270 |
Cash and Cash Equivalents at Beginning of Year | 528,423 | 1,203,614 | 499,344 |
Cash and Cash Equivalents at End of Year | $357,250 | $528,423 | $1,203,614 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | (1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The consolidated financial statements of BancorpSouth, Inc. (the “Company”) have been prepared in conformity with U.S. GAAP. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and revenues and expenses for the periods reported. Actual results could differ significantly from those estimates. The Company’s subsidiaries are engaged in the business of banking, insurance, brokerage and other activities closely related to banking. The Company and its subsidiaries are subject to the regulations of certain federal and state regulatory agencies and undergo periodic examinations by those regulatory agencies. The following is a summary of the Company’s more significant accounting and reporting policies. Certain 2013 and 2012 amounts have been reclassified to conform with the 2014 presentation. | |
Principles of Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, BancorpSouth Bank and its wholly owned subsidiaries (the “Bank”) and Gumtree Wholesale Insurance Brokers, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Cash Flow Statements | |
Cash equivalents include cash and amounts due from banks, including interest bearing deposits with other banks. The Company paid interest of $35.0 million, $51.9 million and $74.3 million and income taxes of $50.7 million, $39.5 million and $28.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. Loans and leases of $25.0 million, $42.2 million and $89.4 million were charged-off during 2014, 2013 and 2012, respectively. Unsettled purchases of securities were $10.0 million, $1.2 million and $24.9 million at December 31, 2014, 2013 and 2012, respectively. Loans foreclosed and transferred to OREO were $14.7 million, $29.3 million and $32.4 million during 2014, 2013 and 2012, respectively. Loans to facilitate the sale of other real estate owned were $4.4 million, $13.7 million and $3.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Securities | |
Securities are classified as either held-to-maturity, trading or available-for-sale. Held-to-maturity securities are debt securities for which the Company has the ability and management has the intent to hold to maturity. They are reported at amortized cost. Trading securities are debt and equity securities that are bought and held principally for the purpose of selling them in the near term. They are reported at fair value, with unrealized gains and losses included in earnings. Available-for-sale securities are debt and equity securities not classified as either held-to-maturity securities or trading securities. They are reported at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of shareholders’ equity until realized. Gains and losses on securities are determined on the identified certificate basis. Amortization of premium and accretion of discount are computed using the interest method. | |
Securities are evaluated periodically to determine whether a decline in their value is other-than-temporary. The term “other-than-temporary” is not intended to indicate a permanent decline in value. Rather, it means that the prospects for near term recovery of value are not necessarily favorable, or that there is a lack of evidence to support fair values equal to, or greater than, the carrying value of the investment. Management reviews criteria such as the magnitude and duration of the decline, as well as the reasons for the decline, and whether the Company would be required to sell the securities before a full recovery of costs in order to predict whether the loss in value is other-than-temporary. Once a decline in value is determined to be other-than-temporary, the impairment is separated into (a) the amount of the impairment related to the credit loss and (b) the amount of the impairment related to all other factors. The value of the security is reduced by the other-than-temporary impairment with the amount of the impairment related to credit loss recognized as a charge to earnings and the amount of the impairment related to all other factors recognized in other comprehensive income. | |
Securities Purchased and Sold Under Agreements to Resell or Repurchase | |
Securities purchased under agreements to resell are accounted for as short-term investments and securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were acquired or sold plus accrued interest. The securities pledged as collateral are generally U.S. government and federal agency securities. | |
Loans and Leases | |
Loans and leases are recorded at the face amount of the notes reduced by collections of principal. Loans and leases include net unamortized deferred origination costs and fees. Net deferred origination costs and fees are recognized as a component of income using the effective interest method. In the event of a loan pay-off, the remaining net deferred origination costs and fees are automatically recognized into income and/or expense. Where doubt exists as to the collectibility of the loans and leases, interest income is recorded as payment is received. Interest is recorded monthly as earned on all other loans. | |
Loans of $500,000 or more that become 60 or more days past due are identified for review by the impairment group of the Bank, which decides whether an impairment exists and to what extent a specific allowance for credit loss should be made. Loans that do not meet these requirements may also be identified by management for impairment review, particularly if the loan is a small loan that is part of a larger relationship. Loans subject to such review are evaluated as to collateral dependency, current collateral value, guarantor or other financial support and likely disposition. Each such loan is individually evaluated for impairment. The impairment evaluation of real estate loans generally focuses on the fair value of underlying collateral obtained from appraisals, as the repayment of these loans may be dependent on the liquidation of the collateral. In certain circumstances, other information such as comparable sales data is deemed to be a more reliable indicator of fair value of the underlying collateral than the most recent appraisal. In these instances, such information is used in determining the impairment recorded for the loan. As the repayment of commercial and industrial loans is generally dependent upon the cash flow of the borrower or guarantor support, the impairment evaluation generally focuses on the discounted future cash flows of the borrower or guarantor support, as well as the projected liquidation of any pledged collateral. The Bank’s impairment group reviews the results of each evaluation and approves the final impairment amounts, which are then included in the analysis of the adequacy of the allowance for credit losses in accordance with FASB ASC 310. Loans identified for impairment are placed in non-accrual status. | |
The Company’s policy is to obtain an appraisal at the time of loan origination for real estate collateral securing a loan of $250,000 or more, consistent with regulatory guidelines. The Company’s policy is to obtain an updated appraisal when certain events occur, such as the refinancing of the debt, the renewal of the debt or events that indicate potential impairment. A new appraisal is generally ordered for loans greater than $500,000 that have characteristics of potential impairment, such as delinquency or other loan-specific factors identified by management, when a current appraisal (dated within the prior 12 months) is not available or when a current appraisal uses assumptions that are not consistent with the expected disposition of the loan collateral. In order to measure impairment properly at the time that a loan is deemed to be impaired, a staff appraiser may estimate the collateral fair value based upon earlier appraisals, sales contracts, approved foreclosure bids, comparable sales, officer estimates or current market conditions until a new appraisal is received. This estimate can be used to determine the extent of the impairment on the loan. After a loan is deemed to be impaired, it is management’s policy to obtain an updated appraisal on at least an annual basis. Management performs a review of the pertinent facts and circumstances of each impaired loan, such as changes in outstanding balances, information received from loan officers, and receipt of re-appraisals, on a monthly basis. As of each review date, management considers whether additional impairment should be recorded based on recent activity related to the loan-specific collateral as well as other relevant comparable assets. Any adjustment to reflect further impairments, either as a result of management’s periodic review or as a result of an updated appraisal, are made through recording additional loan loss provisions or charge-offs. | |
At December 31, 2014, impaired loans totaled $28.1 million, which was net of cumulative charge-offs of $5.5 million. Additionally, the Company had specific reserves of $1.5 million included in the allowance for credit losses. Impaired loans at December 31, 2014 were primarily from the Company’s commercial real estate portfolio. Impaired loan charge-offs are determined necessary when management does not anticipate any future recovery of collateral values. The loans were evaluated for impairment based on the fair value of the underlying collateral securing the loan. As part of the impairment review process, appraisals are used to determine the property values. The appraised values that are used are generally based on the disposition value of the property, which assumes Bank ownership of the property “as-is” and a 180- 360 day marketing period. If a current appraisal or one with an inspection date within the past 12 months using the necessary assumptions is not available, a new third-party appraisal is ordered. In cases where an impairment exists and a current appraisal is not available at the time of review, a staff appraiser may determine an estimated value based upon earlier appraisals, the sales contract, approved foreclosure bids, comparable sales, comparable appraisals, officer estimates or current market conditions until a new appraisal is received. After a new appraisal is received, the value used in the review will be updated and any adjustments to reflect further impairments are made. Appraisals are obtained from state-certified appraisers based on certain assumptions which may include foreclosure status, bank ownership, OREO marketing period of 180 days, costs to sell, construction or development status and the highest and best use of the property. A staff appraiser may make adjustments to appraisals based on sales contracts, comparable sales and other pertinent information if an appraisal does not incorporate the effect of these assumptions. | |
When a guarantor is relied upon as a source of repayment, the Company analyzes the strength of the guaranty. This analysis varies based on circumstances, but may include a review of the guarantor’s personal and business financial statements and credit history, a review of the guarantor’s tax returns and the preparation of a cash flow analysis of the guarantor. Management will continue to update its analysis on individual guarantors as circumstances change. Because of the continued weakness in the economy, subsequent analyses may result in the identification of the inability of some guarantors to perform under the agreed upon terms. | |
The Bank's policy provides that loans and leases are generally placed in non-accrual status if, in management’s opinion, payment in full of principal or interest is not expected or payment of principal or interest is more than 90 days past due, unless the loan or lease is both well-secured and in the process of collection. Once placed in non-accrual status, all accrued but uncollected interest related to the current fiscal year is reversed against the appropriate interest and fee income on loans and leases account with any accrued but uncollected interest related to prior fiscal years reversed against the allowance for credit losses account. | |
In the normal course of business, management grants concessions to borrowers, which would not otherwise be considered, where the borrowers are experiencing financial difficulty. Loans identified as meeting the criteria set out in FASB ASC 310 are identified as TDRs. The concessions granted most frequently for TDRs involve reductions or delays in required payments of principal and interest for a specified time, the rescheduling of payments in accordance with a bankruptcy plan or the charge-off of a portion of the loan. In most cases, the conditions of the credit also warrant nonaccrual status, even after the restructure occurs. As part of the credit approval process, the restructured loans are evaluated for adequate collateral protection in determining the appropriate accrual status at the time of restructure. TDR loans may be returned to accrual status in years after the restructure if there has been at least a six-month sustained period of repayment performance under the restructured loan terms by the borrower and the interest rate at the time of restructure was at or above market for a comparable loan. During 2014, the most common concessions involved rescheduling payments of principal and interest over a longer amortization period, granting a period of reduced principal payment or interest only payment for a limited time period, or the rescheduling of payments in accordance with a bankruptcy plan. | |
Provision and Allowance for Credit Losses | |
The provision for credit losses is the periodic cost of providing an allowance or reserve for estimated probable losses on loans and leases. The Bank’s Board of Directors has appointed a Credit Committee, composed of senior management and loan administration staff, which meets on at least a quarterly basis and more frequently if necessary to review the recommendations of several internal working groups developed for specific purposes including the allowance for loans and lease losses, impairments and charge-offs. The allowance for loan and lease losses group (“ALLL group”) bases its estimates of credit losses on three primary components: (1) estimates of inherent losses that may exist in various segments of performing loans and leases; (2) specifically identified losses in individually analyzed credits; and (3) qualitative factors that may impact the performance of the loan and lease portfolio. Factors such as financial condition of the borrower and guarantor, recent credit performance, delinquency, liquidity, cash flows, collateral type and value are used to assess credit risk. Expected loss estimates are influenced by the historical losses experienced by the Bank for loans and leases of comparable creditworthiness and structure. Specific loss assessments are performed for loans and leases of significant size and delinquency based upon the collateral protection and expected future cash flows to determine the amount of impairment under FASB ASC 310. In addition, qualitative factors such as changes in economic and business conditions, portfolio concentrations of risk, loan and lease growth, acquisitions and changes in portfolio risk resulting from regulatory changes are considered in determining the adequacy of the level of the allowance for credit losses. | |
Attention is paid to the quality of the loan and lease portfolio through a formal loan review process. An independent loan review department of the Bank is responsible for reviewing the credit rating and classification of individual credits and assessing trends in the portfolio, adherence to internal credit policies and procedures and other factors that may affect the overall adequacy of the allowance for credit losses. The ALLL group is responsible for ensuring that the allowance for credit losses provides coverage of both known and inherent losses. The ALLL group meets at least quarterly to determine the amount of adjustments to the allowance for credit losses. The ALLL group is composed of senior management from the Bank’s loan administration and finance departments. | |
In 2010, the Bank established a real estate risk management group and an impairment group. The real estate risk management group oversees compliance with regulations and U.S. GAAP related to lending activities where real estate is the primary collateral. The impairment group is responsible for evaluating loans that have been specifically identified through various channels, including examination of the Bank’s watch list, past due listings, findings of the internal loan review department, loan officer assessments and loans to borrowers or industries known to be experiencing problems. For all loans identified, the responsible loan officer in conjunction with his credit administrator is required to prepare an impairment analysis to be reviewed by the impairment group. The impairment group deems that a loan is impaired if it is probable that the Company will be unable to collect the contractual principal and interest on the loan. The impairment group also evaluates the circumstances surrounding the loan in order to determine if the loan officer used the most appropriate method for assessing the impairment of the loan (i.e., present value of expected future cash flows, observable market price or fair value of the underlying collateral). The impairment group meets on a monthly basis. | |
If concessions are granted to a borrower as a result of its financial difficulties, the loan is classified as a TDR and analyzed for possible impairment as part of the credit approval process. TDRs determined to be impaired are reserved in accordance with FASB ASC 310 in the same manner as impaired loans which are not TDRs. Should the borrower’s financial condition, collateral protection or performance deteriorate, warranting reassessment of the loan rating or impairment, additional reserves may be required. | |
Any loan or portion thereof which is classified as “loss” by regulatory examiners or which is determined by management to be uncollectible, because of factors such as the borrower’s failure to pay interest or principal, the borrower’s financial condition, economic conditions in the borrower’s industry or the inadequacy of underlying collateral, is charged off. In addition, bank regulatory agencies periodically review the Bank’s allowance for credit losses and may require an increase in the provision for credit losses or the recognition of further loan charge-offs, based on judgments different than those of management. | |
Loans Held for Sale | |
In the second quarter of 2014 the Company elected to carry loans held for sale at fair value. The fair value of loans held for sale is based on commitments outstanding from investors as well as what secondary markets are currently offering for portfolios with similar characteristics. Loans held for sale are subjected to recurring fair value adjustments. Loan sales are recognized when the transaction closes, the proceeds are collected, ownership is transferred and, through the sales agreement, continuing involvement consists of the right to service the loan for a fee for the life of the loan, if applicable. Gains on the sale of loans held for sale are recorded as part of mortgage lending revenue on the statement of income. | |
In the course of conducting the Company’s mortgage lending activities of originating mortgage loans and selling those loans in the secondary market, various representations and warranties are made to the purchasers of the mortgage loans. Every loan closed by the Bank’s mortgage center is run through a government agency automated underwriting system. Any exceptions noted during this process are remedied prior to sale. These representations and warranties also apply to underwriting the real estate appraisal opinion of value for the collateral securing these loans. Under the representations and warranties, failure by the Company to comply with the underwriting and/or appraisal standards could result in the Company being required to repurchase the mortgage loan or to reimburse the investor for losses incurred (i.e., make whole requests) if such failure cannot be cured by the Company within the specified period following discovery. During 2014, 21 mortgage loans totaling $2.3 million were repurchased or otherwise settled as a result of underwriting and appraisal standard exceptions or make whole requests. Losses of approximately $913,000 were recognized related to these repurchased and make whole loans. During 2013, 16 loans totaling approximately $931,000 were repurchased or otherwise settled as a result of underwriting and appraisal standard exceptions or make whole requests. Losses of approximately $661,000 were recognized related to these repurchased and make whole loans. During 2012, 14 mortgage loans totaling approximately $2.1 million were repurchased or otherwise settled as a result of underwriting and appraisal standard exceptions or make whole requests. Losses of approximately $782,000 were recognized related to these repurchased and make whole loans. At December 31, 2014, the Company had reserved $1.1 million for potential losses from representation and warranty obligations. | |
Government National Mortgage Association (“GNMA”) optional repurchase programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which the institution provides servicing. At the servicer’s option and without GNMA’s prior authorization, the servicer may repurchase such a delinquent loan for an amount equal to 100% of the remaining principal balance of the loan. Under FASB ASC 860, this buy-back option is considered a conditional option until the delinquency criteria are met, at which time the option becomes unconditional. When the Company is deemed to have regained effective control over these loans under the unconditional buy-back option, the loans can no longer be reported as sold and must be brought back onto the balance sheet as loans held for sale, regardless of whether the Company intends to exercise the buy-back option. These loans are reported as held for sale in accordance with U.S. GAAP with the offsetting liability being reported as other liabilities. At December 31, 2014, the amount of loans subject to buy back was $23.5 million. | |
Premises and Equipment | |
Premises and equipment are stated at cost, less accumulated depreciation and amortization. Provisions for depreciation and amortization, computed using straight-line methods, are charged to expense over the shorter of the lease term or the estimated useful lives of the assets. Costs of major additions and improvements are capitalized. Expenditures for routine maintenance and repairs are charged to expense as incurred. | |
Other Real Estate Owned | |
Real estate acquired through foreclosure, consisting of properties obtained through foreclosure proceedings or acceptance of a deed in lieu of foreclosure, is reported on an individual asset basis at the lower of cost or fair value, less estimated selling costs. Fair value is determined on the basis of current appraisals, comparable sales and other estimates of value obtained principally from independent sources. Any excess of the loan balance at the time of foreclosure over the fair value of the real estate held as collateral is charged to the allowance for credit losses. Based upon management’s evaluation of the real estate acquired through foreclosure, additional expense may be recorded and included in other noninterest expense when necessary in an amount sufficient to reflect any declines in estimated fair value. Gains and losses realized on the disposition of the properties are included in other noninterest expense. | |
Goodwill and Other Intangible Assets | |
Goodwill represents costs in excess of the fair value of net assets acquired in connection with purchase business combinations. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but instead tested for impairment at least annually in accordance with the provisions of FASB ASC 350, Intangibles – Goodwill and Other. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment in accordance with FASB ASC 360, Property, Plant and Equipment. Goodwill and other intangible assets are reviewed annually within the fourth quarter for possible impairment, or sooner if a goodwill impairment indicator is identified. If impaired, the asset is written down to its estimated fair value. No impairment charges have been recognized through December 31, 2014. See Note 9, Goodwill and Other Intangible Assets, for additional information. | |
Mortgage Servicing Rights | |
The Company recognizes as assets the rights to service mortgage loans for others, known as MSRs. The Company records MSRs at fair value on a recurring basis with subsequent remeasurement of MSRs based on change in fair value in accordance with FASB ASC 860. An estimate of the fair value of the Company’s MSRs is determined utilizing assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends and industry demand. Because the valuation is determined by using discounted cash flow models, the primary risk inherent in valuing the MSRs is the impact of fluctuating interest rates on the estimated life of the servicing revenue stream. The use of different estimates or assumptions could also produce different fair values. The Company does not hedge the change in fair value of MSRs and, therefore, the Company is susceptible to significant fluctuations in the fair value of its MSRs in changing interest rate environments. MSRs are included in the other assets category of the consolidated balance sheet. Changes in the fair value of MSRs are recorded as part of mortgage lending noninterest revenue on the consolidated statement of income. | |
Pension and Postretirement Benefits Accounting | |
The Company accounts for its defined benefit pension plans using an actuarial model as required by FASB ASC 715. This model uses an approach that allocates pension costs over the service period of employees in the plan. The Company also accounts for its other postretirement benefits using the requirements of FASB ASC 715. FASB ASC 715 requires the Company to recognize net periodic postretirement benefit costs as employees render the services necessary to earn their postretirement benefits. The principle underlying the accounting as required by FASB ASC 715 is that | |
employees render service ratably over the service period and, therefore, the income statement effects of the Company’s defined benefit pension and postretirement benefit plans should follow the same pattern. The Company accounts for the over-funded or under-funded status of its defined benefit and other postretirement plans as an asset or liability in its consolidated balance sheets and recognizes changes in that funded status in the year in which the changes occur through comprehensive income, as required by FASB ASC 715. | |
The discount rate is the rate used to determine the present value of the Company’s future benefit obligations for its pension and other postretirement benefit plans. The Company determines the discount rate to be used to discount plan liabilities at the measurement date with the assistance of its actuary using the actuary’s proprietary model. The Company developed a level equivalent yield using its actuary’s model as of December 31, 2014 and the expected cash flows from the BancorpSouth, Inc. Retirement Plan (the “Basic Plan”), the BancorpSouth, Inc. Restoration Plan (the “Restoration Plan”) and the BancorpSouth, Inc. Supplemental Executive Retirement Plan (the “Supplemental Plan”). Based on this analysis, the Company established its discount rate assumptions for determination of the projected benefit obligation at 4.10% for the Basic Plan, 3.90% for the Restoration Plan and 3.10% for the Supplemental Plan based on a December 31, 2014 measurement date. | |
The Company measured benefit obligations using the most recent RP-2014 mortality tables and MP-2014 mortality improvement scale in selecting mortality assumptions as of December 31, 2014. | |
Stock-Based Compensation | |
At December 31, 2014, the Company had three stock-based employee compensation plans. The Company recognizes compensation costs related to these stock-based employee compensation plans in accordance with FASB ASC 718, Compensation – Stock Compensation (“FASB ASC 718”). See Note 16, Stock Incentive and Stock Option Plans, for further disclosures regarding stock-based compensation. | |
Derivative Instruments | |
The derivative instruments held by the Company include commitments to fund fixed-rate mortgage loans to customers and forward commitments to sell individual, fixed-rate mortgage loans. The Company’s objective in obtaining the forward commitments is to mitigate the interest rate risk associated with the commitments to fund the fixed-rate mortgage loans. Both the commitments to fund fixed-rate mortgage loans and the forward commitments to sell individual fixed-rate mortgage loans are reported at fair value, with adjustments being recorded in current period earnings, and are not accounted for as hedges. | |
The Company also enters into derivative financial instruments to meet the financing, interest rate and equity risk management needs of its customers. Upon entering into these instruments to meet customer needs, the Company enters into offsetting positions to minimize interest rate and equity risk to the Company. These derivative financial instruments are reported at fair value with any resulting gain or loss recorded in current period earnings. These instruments and their offsetting positions are recorded in other assets and other liabilities on the consolidated balance sheets. As of December 31, 2014, the notional amount of customer related derivative financial instruments was $324.2 million with an average maturity of 49.5 months, an average interest receive rate of 2.5% and an average interest pay rate of 5.6%. | |
Income Taxes | |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Deferred tax assets and liabilities are included in the other assets and other liabilities category of the consolidated balance sheet as applicable. | |
Insurance Commissions | |
Commission income is recorded as of the effective date of insurance coverage or the billing date, whichever is later. Contingent commissions and commissions on premiums billed and collected directly by insurance companies are recorded as revenue when received, which is our first notification of amounts earned. The income effects of subsequent premium and fee adjustments are recorded when the adjustments become known. | |
Recent Pronouncements | |
In July 2012, the FASB issued an ASU regarding indefinite-lived intangible assets impairment. This ASU permits companies to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test on that asset. This ASU is effective for interim and annual periods beginning after September 15, 2012. Early adoption is permitted. This ASU did not have a material impact on the financial position and results of operations of the Company. | |
In January 2013, the FASB issued an ASU regarding clarification of the scope of disclosures about offsetting assets and liabilities. This ASU limits the scope of the new balance sheet offsetting disclosures in the original ASU issued in 2011 with respect to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. This ASU is effective for interim and annual periods beginning on or after January 1, 2013. The adoption of this ASU affected disclosures only and did not have an impact on the financial position and results of operations of the Company. | |
In February 2013, the FASB issued an ASU regarding the reporting of amounts reclassified out of accumulated other comprehensive income. This ASU requires entities to present information about reclassification adjustments from accumulated other comprehensive income in their interim and annual financial statements in a single note or on the face of the financial statements. This ASU is effective for interim and annual periods beginning after December 15, 2012. The adoption of this ASU affected disclosures only and did not have an impact on the financial position and results of operations of the Company. | |
In December 2014, the FASB issued an ASU regarding accounting for share-based payments. This ASU requires the entities to apply existing guidance in Topic 718 to any performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. The amendments in this update are effective for interim and annual periods beginning after December 15, 2015. This ASU is not expected to have a material impact on the financial position and results of operations of the Company. | |
BUSINESS_COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2014 | |
BUSINESS COMBINATIONS [Abstract] | |
BUSINESS COMBINATIONS | (2) BUSINESS COMBINATIONS |
On April 10, 2014, the Company purchased certain assets of Knox Insurance Group, LLC (“Knox”), an independent insurance agency located in Lafayette, Louisiana. Consideration paid to complete this transaction consisted of cash paid to Knox shareholders in the aggregate amount of $7.0 million. The provisions of the related purchase agreement also provide for additional aggregate consideration of up to $2.4 million in cash to be paid in three annual installments if certain performance criteria are met. This acquisition was not material to the financial position or results of operations of the Company. | |
On December 18, 2013, the Company announced the purchase of certain assets of GEM Insurance Agencies, LP (“GEM”), an independent insurance agency located in Houston, Texas. Consideration paid to complete this transaction consisted of cash paid to GEM in the aggregate amount of $20.7 million. The provisions of the related purchase agreement also provide for additional aggregate consideration of up to $6.2 million in cash to be paid in three annual installments if certain performance criteria are met. This acquisition was not material to the financial position or results of operations of the Company. | |
On July 2, 2012, the Company purchased certain assets of The Securance Group, Inc., an independent insurance agency with locations in Brewton, Montgomery and Troy, Alabama. Consideration paid to complete this transaction consisted of cash paid to The Securance Group shareholders in the aggregate amount of $6.7 million. The provisions of the related purchase agreement also provide for additional aggregate consideration of up to $2.0 million in cash to be paid in three annual installments if certain performance criteria are met. This acquisition was not material to the financial position or results of operations of the Company. | |
HELDTOMATURITY_SECURITIES
HELD-TO-MATURITY SECURITIES | 12 Months Ended |
Dec. 31, 2014 | |
HELD-TO-MATURITY SECURITIES [Abstract] | |
HELD-TO-MATURITY SECURITIES | (3) HELD-TO-MATURITY SECURITIES |
The Company had no held to maturity securities as of December 31, 2014, 2013 and 2012. | |
AVAILABLEFORSALE_SECURITIES
AVAILABLE-FOR-SALE SECURITIES | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
AVAILABLE-FOR-SALE SECURITIES [Abstract] | ||||||||||||
AVAILABLE-FOR-SALE SECURITIES | (4) AVAILABLE-FOR-SALE SECURITIES | |||||||||||
A comparison of amortized cost and estimated fair values of available-for-sale securities as of December 31, 2014 and 2013 follows: | ||||||||||||
2014 | ||||||||||||
Gross | Gross | Estimated | ||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||
Cost | Gains | Losses | Value | |||||||||
(In thousands) | ||||||||||||
U.S. Government agencies | $ 1,213,310 | $ 4,093 | $ 2,349 | $ 1,215,054 | ||||||||
Government agency issued residential | ||||||||||||
mortgage-backed securities | 204,918 | 4,751 | 439 | 209,230 | ||||||||
Government agency issued commercial | ||||||||||||
mortgage-backed securities | 241,449 | 2,319 | 3,200 | 240,568 | ||||||||
Obligations of states and political subdivisions | 458,026 | 25,986 | 148 | 483,864 | ||||||||
Other | 6,864 | 1,347 | - | 8,211 | ||||||||
Total | $ 2,124,567 | $ 38,496 | $ 6,136 | $ 2,156,927 | ||||||||
2013 | ||||||||||||
Gross | Gross | Estimated | ||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||
Cost | Gains | Losses | Value | |||||||||
(In thousands) | ||||||||||||
U.S. Government agencies | $ 1,455,417 | $ 9,065 | $ 6,133 | $ 1,458,349 | ||||||||
Government agency issued residential | ||||||||||||
mortgage-backed securities | 249,682 | 3,118 | 2,566 | 250,234 | ||||||||
Government agency issued commercial | ||||||||||||
mortgage-backed securities | 239,313 | 1,773 | 10,174 | 230,912 | ||||||||
Obligations of states and political subdivisions | 509,255 | 12,883 | 2,733 | 519,405 | ||||||||
Other | 6,941 | 1,148 | - | 8,089 | ||||||||
Total | $ 2,460,608 | $ 27,987 | $ 21,606 | $ 2,466,989 | ||||||||
At December 31, 2014, the Company’s available-for-sale securities included FHLB stock with a carrying value of $6.8 million compared to a required investment of $6.6 million. FHLB stock is carried at amortized cost in the financial statements. | ||||||||||||
Gross gains of approximately $49,000 and gross losses of approximately $12,000 were recognized in 2014, gross gains of approximately $72,000 and gross losses of approximately $26,000 were recognized in 2013 and gross gains of approximately $480,000 and gross losses of approximately $38,000 were recognized in 2012 on available-for-sale securities. No other-than-temporary impairment was recorded in 2014, 2013 or 2012. | ||||||||||||
Available-for-sale securities with a carrying value of $1.7 billion at December 31, 2014 were pledged to secure public and trust funds on deposit and for other purposes. Included in available-for-sale securities at December 31, 2014, were securities with a carrying value of $238.1 million issued by a political subdivision within the State of Mississippi and securities with a carrying value of $98.4 million issued by a political subdivision within the State of Arkansas. | ||||||||||||
The amortized cost and estimated fair value of available-for-sale securities at December 31, 2014 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Equity securities are considered as maturing after ten years. | ||||||||||||
Estimated | Weighted | |||||||||||
Amortized | Fair | Average | ||||||||||
Cost | Value | Yield | ||||||||||
(Dollars in thousands) | ||||||||||||
Maturing in one year or less | $ 305,125 | $ 306,995 | 1.44 | % | ||||||||
Maturing after one year through five years | 1,036,760 | 1,038,685 | 1.30 | |||||||||
Maturing after five years through ten years | 53,547 | 55,447 | 4.90 | |||||||||
Maturing after ten years | 282,768 | 306,002 | 6.00 | |||||||||
Mortgage-backed securities | 446,367 | 449,798 | 2.07 | |||||||||
Total | $ 2,124,567 | $ 2,156,927 | ||||||||||
A summary of temporarily impaired available-for-sale investments with continuous unrealized loss positions at December 31, 2014 and 2013 follows: | ||||||||||||
2014 | ||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||
Value | Losses | Value | Losses | Value | Losses | |||||||
(In thousands) | ||||||||||||
U.S. Government agencies | $ 237,891 | $ 471 | $ 283,643 | $ 1,878 | $ 521,534 | $ 2,349 | ||||||
Government agency issued residential | ||||||||||||
mortgage-backed securities | - | - | 24,565 | 439 | 24,565 | 439 | ||||||
Government agency issued commercial | ||||||||||||
mortgage-backed securities | 3,822 | 24 | 203,520 | 3,176 | 207,342 | 3,200 | ||||||
Obligations of states and political subdivisions | 17,317 | 62 | 10,616 | 86 | 27,933 | 148 | ||||||
Total | $ 259,030 | $ 557 | $ 522,344 | $ 5,579 | $ 781,374 | $ 6,136 | ||||||
2013 | ||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||
Value | Losses | Value | Losses | Value | Losses | |||||||
(In thousands) | ||||||||||||
U.S. Government agencies | $ 533,326 | $ 6,133 | $ - | $ - | $ 533,326 | $ 6,133 | ||||||
Government agency issued residential | ||||||||||||
mortgage-backed securities | 106,179 | 2,418 | 4,407 | 148 | 110,586 | 2,566 | ||||||
Government agency issued commercial | ||||||||||||
mortgage-backed securities | 176,253 | 8,578 | 27,225 | 1,596 | 203,478 | 10,174 | ||||||
Obligations of states and political subdivisions | 97,543 | 2,555 | 3,663 | 178 | 101,206 | 2,733 | ||||||
Total | $ 913,301 | $ 19,684 | $ 35,295 | $ 1,922 | $ 948,596 | $ 21,606 | ||||||
Based upon a review of the credit quality of these securities, and considering that the issuers were in compliance with the terms of the securities, management had no intent to sell these securities, and it was more likely than not that the Company would not be required to sell the securities prior to recovery of costs. Therefore, the impairments related to these securities were determined to be temporary. No other-than-temporary impairment was recorded in 2014. | ||||||||||||
LOANS_AND_LEASES
LOANS AND LEASES | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
LOANS AND LEASES [Abstract] | |||||||||||||||||||
LOANS AND LEASES | (5) LOANS AND LEASES | ||||||||||||||||||
The Company’s loan and lease portfolio is disaggregated into the following segments: commercial and industrial; real estate; credit card; and all other loans and leases. The real estate segment is further disaggregated into the following classes: consumer mortgage; home equity; agricultural; commercial and industrial-owner occupied; construction, acquisition and development and commercial. A summary of gross loans and leases by segment and class at December 31, 2014 and 2013 follows: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 1,753,041 | $ 1,538,302 | |||||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 2,257,726 | 1,976,073 | |||||||||||||||||
Home equity | 531,374 | 494,339 | |||||||||||||||||
Agricultural | 239,616 | 234,576 | |||||||||||||||||
Commercial and industrial-owner occupied | 1,522,536 | 1,473,320 | |||||||||||||||||
Construction, acquisition and development | 853,623 | 741,458 | |||||||||||||||||
Commercial real estate | 1,961,977 | 1,846,039 | |||||||||||||||||
Credit cards | 113,426 | 111,328 | |||||||||||||||||
All other | 516,221 | 578,453 | |||||||||||||||||
Total gross loans and leases | $ 9,749,540 | $ 8,993,888 | |||||||||||||||||
The following table shows the Company’s loans and leases, net of unearned income, as of December 31, 2014 by geographical location: | |||||||||||||||||||
Alabama | Greater | Corporate | |||||||||||||||||
and Florida | Memphis | Texas and | Banking | ||||||||||||||||
Panhandle | Arkansas* | Mississippi* | Missouri | Area | Tennessee* | Louisiana | and Other | Total | |||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 75,919 | $ 172,894 | $ 303,524 | $ 29,734 | $ 24,457 | $ 89,683 | $ 321,143 | $ 729,132 | $ 1,746,486 | ||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 183,605 | 283,462 | 710,307 | 69,501 | 115,178 | 175,401 | 556,457 | 163,815 | 2,257,726 | ||||||||||
Home equity | 73,380 | 39,546 | 174,587 | 21,661 | 68,777 | 88,505 | 62,872 | 2,046 | 531,374 | ||||||||||
Agricultural | 6,814 | 73,413 | 56,016 | 2,747 | 12,678 | 11,115 | 73,076 | 3,757 | 239,616 | ||||||||||
Commercial and industrial-owner occupied | 172,813 | 172,026 | 454,432 | 61,393 | 90,734 | 87,524 | 337,457 | 146,157 | 1,522,536 | ||||||||||
Construction, acquisition and development | 129,955 | 83,645 | 227,979 | 21,800 | 73,944 | 98,067 | 180,676 | 37,557 | 853,623 | ||||||||||
Commercial real estate | 285,105 | 327,703 | 294,254 | 200,352 | 98,403 | 126,197 | 436,519 | 193,444 | 1,961,977 | ||||||||||
Credit cards** | - | - | - | - | - | - | - | 113,426 | 113,426 | ||||||||||
All other | 28,728 | 38,680 | 131,704 | 2,726 | 35,142 | 33,101 | 67,260 | 148,831 | 486,172 | ||||||||||
Total | $ 956,319 | $ 1,191,369 | $ 2,352,803 | $ 409,914 | $ 519,313 | $ 709,593 | $ 2,035,460 | $ 1,538,165 | $ 9,712,936 | ||||||||||
*Excludes the Greater Memphis Area | |||||||||||||||||||
**Credit card receivables are spread across all geographic regions but are not viewed by the Company’s management as part of the geographic breakdown. | |||||||||||||||||||
The Company’s loan concentrations which exceed 10% of total loans are reflected in the preceding tables. A substantial portion of construction, acquisition and development loans are secured by real estate in markets in which the Company is located. The Company’s loan policy generally prohibits the use of interest reserves on loans made after March 2010. Certain of the construction, acquisition and development loans were structured with interest-only terms. A portion of the consumer mortgage and commercial real estate portfolios originated through the permanent financing of construction, acquisition and development loans. Future economic distress could negatively impact additional borrowers’ and guarantors’ ability to repay their debt which will make more of the Company’s loans collateral dependent. | |||||||||||||||||||
The following tables provide details regarding the aging of the Company’s loan and lease portfolio, net of unearned income, at December 31, 2014 and 2013: | |||||||||||||||||||
2014 | |||||||||||||||||||
90+ Days | |||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total | Total | Past Due still | ||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Outstanding | Accruing | |||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 2,322 | $ 544 | $ 601 | $ 3,467 | $ 1,743,019 | $ 1,746,486 | $ 41 | ||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 10,725 | 3,797 | 11,167 | 25,689 | 2,232,037 | 2,257,726 | 1,828 | ||||||||||||
Home equity | 1,834 | 397 | 658 | 2,889 | 528,485 | 531,374 | - | ||||||||||||
Agricultural | 365 | 1 | 130 | 496 | 239,120 | 239,616 | - | ||||||||||||
Commercial and industrial-owner occupied | 1,005 | 463 | 3,337 | 4,805 | 1,517,731 | 1,522,536 | 39 | ||||||||||||
Construction, acquisition and development | 4,547 | 278 | 1,568 | 6,393 | 847,230 | 853,623 | 387 | ||||||||||||
Commercial real estate | 4,722 | 1 | 1,545 | 6,268 | 1,955,709 | 1,961,977 | 137 | ||||||||||||
Credit cards | 447 | 312 | 379 | 1,138 | 112,288 | 113,426 | 327 | ||||||||||||
All other | 1,562 | 203 | 102 | 1,867 | 484,305 | 486,172 | 4 | ||||||||||||
Total | $ 27,529 | $ 5,996 | $ 19,487 | $ 53,012 | $ 9,659,924 | $ 9,712,936 | $ 2,763 | ||||||||||||
2013 | |||||||||||||||||||
90+ Days | |||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total | Total | Past Due still | ||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Outstanding | Accruing | |||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 3,122 | $ 310 | $ 601 | $ 4,033 | $ 1,525,216 | $ 1,529,249 | $ 27 | ||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 12,244 | 4,703 | 12,579 | 29,526 | 1,946,547 | 1,976,073 | 888 | ||||||||||||
Home equity | 1,860 | 869 | 740 | 3,469 | 490,870 | 494,339 | - | ||||||||||||
Agricultural | 319 | 206 | 883 | 1,408 | 233,168 | 234,576 | - | ||||||||||||
Commercial and industrial-owner occupied | 4,256 | 1,230 | 4,585 | 10,071 | 1,463,249 | 1,473,320 | - | ||||||||||||
Construction, acquisition and development | 2,557 | 2,658 | 7,005 | 12,220 | 729,238 | 741,458 | - | ||||||||||||
Commercial real estate | 5,597 | 321 | 2,539 | 8,457 | 1,837,582 | 1,846,039 | 311 | ||||||||||||
Credit cards | 455 | 235 | 350 | 1,040 | 110,288 | 111,328 | - | ||||||||||||
All other | 1,985 | 296 | 264 | 2,545 | 549,088 | 551,633 | - | ||||||||||||
Total | $ 32,395 | $ 10,828 | $ 29,546 | $ 72,769 | $ 8,885,246 | $ 8,958,015 | $ 1,226 | ||||||||||||
The Company utilizes an internal loan classification system to grade loans according to certain credit quality indicators. These credit quality indicators include, but are not limited to, recent credit performance, delinquency, liquidity, cash flows, debt coverage ratios, collateral type and loan-to-value ratio. The Company’s internal loan classification system is compatible with classifications used by the FDIC, as well as other regulatory agencies. Loans may be classified as follows: | |||||||||||||||||||
Pass: Loans which are performing as agreed with few or no signs of weakness. These loans show sufficient cash flow, capital and collateral to repay the loan as agreed. | |||||||||||||||||||
Special Mention: Loans where potential weaknesses have developed which could cause a more serious problem if not corrected. | |||||||||||||||||||
Substandard: Loans where well-defined weaknesses exist that require corrective action to prevent further deterioration. | |||||||||||||||||||
Doubtful: Loans having all the characteristics of Substandard and which have deteriorated to a point where collection and liquidation in full is highly questionable. | |||||||||||||||||||
Loss: Loans that are considered uncollectible or with limited possible recovery. | |||||||||||||||||||
Impaired: Loans for which it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement and for which a specific impairment reserve has been considered. | |||||||||||||||||||
The following tables provide details of the Company’s loan and lease portfolio, net of unearned income, by segment, class and internally assigned grade at December 31, 2014 and 2013: | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Special | |||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Impaired | Total | |||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 1,709,475 | $ 978 | $ 33,879 | $ - | $ - | $ 2,154 | $ 1,746,486 | ||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 2,167,965 | - | 84,975 | - | - | 4,786 | 2,257,726 | ||||||||||||
Home equity | 521,011 | - | 9,744 | - | - | 619 | 531,374 | ||||||||||||
Agricultural | 227,688 | - | 11,928 | - | - | - | 239,616 | ||||||||||||
Commercial and industrial-owner occupied | 1,450,158 | - | 64,420 | 491 | - | 7,467 | 1,522,536 | ||||||||||||
Construction, acquisition and development | 811,227 | - | 39,675 | 334 | - | 2,387 | 853,623 | ||||||||||||
Commercial real estate | 1,893,514 | - | 57,761 | 184 | - | 10,518 | 1,961,977 | ||||||||||||
Credit cards | 113,426 | - | - | - | - | - | 113,426 | ||||||||||||
All other | 471,662 | - | 14,340 | - | - | 170 | 486,172 | ||||||||||||
Total | $ 9,366,126 | $ 978 | $ 316,722 | $ 1,009 | $ - | $ 28,101 | $ 9,712,936 | ||||||||||||
31-Dec-13 | |||||||||||||||||||
Special | |||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Impaired | Total | |||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 1,495,972 | $ 978 | $ 30,886 | $ 99 | $ - | $ 1,314 | $ 1,529,249 | ||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 1,859,094 | 1,531 | 108,615 | 427 | - | 6,406 | 1,976,073 | ||||||||||||
Home equity | 478,283 | 250 | 14,570 | 96 | - | 1,140 | 494,339 | ||||||||||||
Agricultural | 214,728 | 779 | 18,187 | - | - | 882 | 234,576 | ||||||||||||
Commercial and industrial-owner occupied | 1,409,757 | 116 | 50,853 | 849 | - | 11,745 | 1,473,320 | ||||||||||||
Construction, acquisition and development | 674,299 | 1,459 | 49,401 | 587 | - | 15,712 | 741,458 | ||||||||||||
Commercial real estate | 1,751,553 | 386 | 76,199 | 420 | - | 17,481 | 1,846,039 | ||||||||||||
Credit cards | 111,328 | - | - | - | - | - | 111,328 | ||||||||||||
All other | 538,467 | 71 | 12,832 | - | - | 263 | 551,633 | ||||||||||||
Total | $ 8,533,481 | $ 5,570 | $ 361,543 | $ 2,478 | $ - | $ 54,943 | $ 8,958,015 | ||||||||||||
Loans considered impaired under FASB ASC 310 are loans for which, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company’s recorded investment in loans considered impaired at December 31, 2014 and 2013 was $28.1 million and $54.9 million, respectively. At December 31, 2014 and 2013, $6.1 million and $11.0 million, respectively, of those impaired loans had a valuation allowance of $1.5 million and $4.1 million, respectively. The remaining balance of impaired loans of $22.0 million and $44.0 million at December 31, 2014 and 2013, respectively, were charged down to the underlying collateral’s fair value, less estimated selling costs, which approximated net realizable value. Therefore, such loans did not have an associated valuation allowance. Impaired loans that were characterized as TDRs totaled $4.6 million and $19.1 million at December 31, 2014 and 2013, respectively. The average recorded investment in impaired loans during 2014 and 2013 was $33.9 million and $103.5 million, respectively. | |||||||||||||||||||
The following tables provide details regarding impaired loans and leases, net of unearned income, by segment and class at December 31, 2014 and 2013: | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Unpaid | |||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||
Investment | Balance of | Allowance | Average | Interest | |||||||||||||||
in Impaired | Impaired | for Credit | Recorded | Income | |||||||||||||||
Loans | Loans | Losses | Investment | Recognized | |||||||||||||||
(In thousands) | |||||||||||||||||||
With no related allowance: | |||||||||||||||||||
Commercial and industrial | $ 1,235 | $ 1,583 | $ - | $ 1,271 | $ 43 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 3,503 | 4,356 | - | 4,282 | 72 | ||||||||||||||
Home equity | 209 | 209 | - | 215 | 6 | ||||||||||||||
Agricultural | - | - | - | 370 | 2 | ||||||||||||||
Commercial and industrial-owner occupied | 6,503 | 7,634 | - | 4,687 | 70 | ||||||||||||||
Construction, acquisition and development | 2,387 | 3,654 | - | 5,796 | 66 | ||||||||||||||
Commercial real estate | 7,975 | 9,275 | - | 7,935 | 128 | ||||||||||||||
All other | 170 | 314 | - | 187 | 8 | ||||||||||||||
Total | $ 21,982 | $ 27,025 | $ - | $ 24,743 | $ 395 | ||||||||||||||
With an allowance: | |||||||||||||||||||
Commercial and industrial | $ 919 | $ 919 | $ 215 | $ 328 | $ 19 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 1,283 | 1,658 | 123 | 1,376 | 30 | ||||||||||||||
Home equity | 410 | 410 | 70 | - | - | ||||||||||||||
Agricultural | - | - | - | 43 | - | ||||||||||||||
Commercial and industrial-owner occupied | 964 | 1,094 | 89 | 1,203 | 21 | ||||||||||||||
Construction, acquisition and development | - | - | - | 542 | - | ||||||||||||||
Commercial real estate | 2,543 | 2,543 | 1,022 | 5,706 | 87 | ||||||||||||||
All other | - | - | - | 6 | - | ||||||||||||||
Total | $ 6,119 | $ 6,624 | $ 1,519 | $ 9,204 | $ 157 | ||||||||||||||
Total: | |||||||||||||||||||
Commercial and industrial | $ 2,154 | $ 2,502 | $ 215 | $ 1,599 | $ 62 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 4,786 | 6,014 | 123 | 5,658 | 102 | ||||||||||||||
Home equity | 619 | 619 | 70 | 215 | 6 | ||||||||||||||
Agricultural | - | - | - | 413 | 2 | ||||||||||||||
Commercial and industrial-owner occupied | 7,467 | 8,728 | 89 | 5,890 | 91 | ||||||||||||||
Construction, acquisition and development | 2,387 | 3,654 | - | 6,338 | 66 | ||||||||||||||
Commercial real estate | 10,518 | 11,818 | 1,022 | 13,641 | 215 | ||||||||||||||
All other | 170 | 314 | - | 193 | 8 | ||||||||||||||
Total | $ 28,101 | $ 33,649 | $ 1,519 | $ 33,947 | $ 552 | ||||||||||||||
31-Dec-13 | |||||||||||||||||||
Unpaid | |||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||
Investment | Balance of | Allowance | Average | Interest | |||||||||||||||
in Impaired | Impaired | for Credit | Recorded | Income | |||||||||||||||
Loans | Loans | Losses | Investment | Recognized | |||||||||||||||
(In thousands) | |||||||||||||||||||
With no related allowance: | |||||||||||||||||||
Commercial and industrial | $ 1,314 | $ 1,314 | $ - | $ 2,578 | $ 16 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 5,744 | 6,591 | - | 8,943 | 54 | ||||||||||||||
Home equity | 712 | 712 | - | 933 | 5 | ||||||||||||||
Agricultural | 882 | 1,472 | - | 3,286 | 4 | ||||||||||||||
Commercial and industrial-owner occupied | 9,938 | 12,681 | - | 8,150 | 76 | ||||||||||||||
Construction, acquisition and development | 11,549 | 13,497 | - | 25,877 | 103 | ||||||||||||||
Commercial real estate | 13,562 | 23,233 | - | 24,185 | 173 | ||||||||||||||
All other | 263 | 405 | - | 655 | 6 | ||||||||||||||
Total | $ 43,964 | $ 59,905 | $ - | $ 74,607 | $ 437 | ||||||||||||||
With an allowance: | |||||||||||||||||||
Commercial and industrial | $ - | $ - | $ 305 | $ 590 | $ - | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 662 | 662 | 309 | 3,417 | 31 | ||||||||||||||
Home equity | 428 | 428 | 37 | 444 | 3 | ||||||||||||||
Agricultural | - | - | 15 | 402 | 2 | ||||||||||||||
Commercial and industrial-owner occupied | 1,807 | 1,807 | 739 | 4,735 | 54 | ||||||||||||||
Construction, acquisition and development | 4,163 | 5,393 | 1,599 | 7,989 | 67 | ||||||||||||||
Commercial real estate | 3,919 | 3,919 | 1,138 | 11,280 | 51 | ||||||||||||||
All other | - | - | 4 | - | - | ||||||||||||||
Total | $ 10,979 | $ 12,209 | $ 4,146 | $ 28,857 | $ 208 | ||||||||||||||
Total: | |||||||||||||||||||
Commercial and industrial | $ 1,314 | $ 1,314 | $ 305 | $ 3,168 | $ 16 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 6,406 | 7,253 | 309 | 12,360 | 85 | ||||||||||||||
Home equity | 1,140 | 1,140 | 37 | 1,377 | 8 | ||||||||||||||
Agricultural | 882 | 1,472 | 15 | 3,688 | 6 | ||||||||||||||
Commercial and industrial-owner occupied | 11,745 | 14,488 | 739 | 12,885 | 130 | ||||||||||||||
Construction, acquisition and development | 15,712 | 18,890 | 1,599 | 33,866 | 170 | ||||||||||||||
Commercial real estate | 17,481 | 27,152 | 1,138 | 35,465 | 224 | ||||||||||||||
All other | 263 | 405 | 4 | 655 | 6 | ||||||||||||||
Total | $ 54,943 | $ 72,114 | $ 4,146 | $ 103,464 | $ 645 | ||||||||||||||
The following tables provide details regarding impaired loans and leases, net of unearned income, which include accruing TDRs, by segment and class at December 31, 2014 and 2013: | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Unpaid | |||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||
Investment | Balance of | Allowance | Average | Interest | |||||||||||||||
in Impaired | Impaired | for Credit | Recorded | Income | |||||||||||||||
Loans | Loans | Losses | Investment | Recognized | |||||||||||||||
(In thousands) | |||||||||||||||||||
With no related allowance: | |||||||||||||||||||
Commercial and industrial | $ 1,235 | $ 1,583 | $ - | $ 1,271 | $ 43 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 3,503 | 4,356 | - | 4,282 | 72 | ||||||||||||||
Home equity | 209 | 209 | - | 215 | 5 | ||||||||||||||
Agricultural | - | - | - | 370 | 2 | ||||||||||||||
Commercial and industrial-owner occupied | 6,503 | 7,634 | - | 4,687 | 71 | ||||||||||||||
Construction, acquisition and development | 2,387 | 3,654 | - | 5,796 | 66 | ||||||||||||||
Commercial real estate | 7,975 | 9,275 | - | 7,935 | 128 | ||||||||||||||
All other | 170 | 314 | - | 187 | 8 | ||||||||||||||
Total | $ 21,982 | $ 27,025 | $ - | $ 24,743 | $ 395 | ||||||||||||||
With an allowance: | |||||||||||||||||||
Commercial and industrial | $ 1,275 | $ 1,276 | $ 239 | $ 1,208 | $ 63 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 4,832 | 5,549 | 875 | 4,278 | 140 | ||||||||||||||
Home equity | 427 | 438 | 70 | 18 | 1 | ||||||||||||||
Agricultural | 8 | 8 | 1 | 305 | 11 | ||||||||||||||
Commercial and industrial-owner occupied | 5,520 | 5,856 | 404 | 6,571 | 243 | ||||||||||||||
Construction, acquisition and development | 1,488 | 1,752 | 241 | 2,410 | 70 | ||||||||||||||
Commercial real estate | 3,957 | 4,200 | 1,290 | 8,135 | 195 | ||||||||||||||
Credit cards | 1,109 | 1,109 | 64 | 1,374 | 137 | ||||||||||||||
All other | 154 | 195 | 46 | 143 | 5 | ||||||||||||||
Total | $ 18,770 | $ 20,383 | $ 3,230 | $ 24,442 | $ 865 | ||||||||||||||
Total: | |||||||||||||||||||
Commercial and industrial | $ 2,510 | $ 2,859 | $ 239 | $ 2,479 | $ 106 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 8,335 | 9,905 | 875 | 8,560 | 212 | ||||||||||||||
Home equity | 636 | 647 | 70 | 233 | 6 | ||||||||||||||
Agricultural | 8 | 8 | 1 | 675 | 13 | ||||||||||||||
Commercial and industrial-owner occupied | 12,023 | 13,490 | 404 | 11,258 | 314 | ||||||||||||||
Construction, acquisition and development | 3,875 | 5,406 | 241 | 8,206 | 136 | ||||||||||||||
Commercial real estate | 11,932 | 13,475 | 1,290 | 16,070 | 323 | ||||||||||||||
Credit cards | 1,109 | 1,109 | 64 | 1,374 | 137 | ||||||||||||||
All other | 324 | 509 | 46 | 330 | 13 | ||||||||||||||
Total | $ 40,752 | $ 47,408 | $ 3,230 | $ 49,185 | $ 1,260 | ||||||||||||||
31-Dec-13 | |||||||||||||||||||
Unpaid | |||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||
Investment | Balance of | Allowance | Average | Interest | |||||||||||||||
in Impaired | Impaired | for Credit | Recorded | Income | |||||||||||||||
Loans | Loans | Losses | Investment | Recognized | |||||||||||||||
(In thousands) | |||||||||||||||||||
With no related allowance: | |||||||||||||||||||
Commercial and industrial | $ 1,314 | $ 1,314 | $ - | $ 2,579 | $ 16 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 5,744 | 6,591 | - | 8,943 | 54 | ||||||||||||||
Home equity | 712 | 712 | - | 933 | 5 | ||||||||||||||
Agricultural | 882 | 1,472 | - | 3,286 | 4 | ||||||||||||||
Commercial and industrial-owner occupied | 9,938 | 12,681 | - | 8,150 | 76 | ||||||||||||||
Construction, acquisition and development | 11,549 | 13,497 | - | 25,877 | 103 | ||||||||||||||
Commercial real estate | 13,562 | 23,233 | - | 24,185 | 173 | ||||||||||||||
All other | 263 | 405 | - | 655 | 6 | ||||||||||||||
Total | $ 43,964 | $ 59,905 | $ - | $ 74,608 | $ 437 | ||||||||||||||
With an allowance: | |||||||||||||||||||
Commercial and industrial | $ 937 | $ 937 | $ 415 | $ 975 | $ 14 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 4,151 | 4,378 | 771 | 6,921 | 164 | ||||||||||||||
Home equity | 438 | 438 | - | 444 | 2 | ||||||||||||||
Agricultural | 625 | 639 | 43 | 871 | 21 | ||||||||||||||
Commercial and industrial-owner occupied | 9,590 | 9,997 | 1,371 | 11,895 | 350 | ||||||||||||||
Construction, acquisition and development | 10,897 | 13,933 | 1,554 | 15,181 | 320 | ||||||||||||||
Commercial real estate | 12,619 | 12,887 | 1,604 | 15,140 | 224 | ||||||||||||||
Credit cards | 1,639 | 1,639 | 51 | 2,018 | 202 | ||||||||||||||
All other | 1,307 | 1,310 | 198 | 646 | 24 | ||||||||||||||
Total | $ 42,203 | $ 46,158 | $ 6,007 | $ 54,091 | $ 1,321 | ||||||||||||||
Total: | |||||||||||||||||||
Commercial and industrial | $ 2,251 | $ 2,251 | $ 415 | $ 3,554 | $ 30 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 9,895 | 10,969 | 771 | 15,864 | 218 | ||||||||||||||
Home equity | 1,150 | 1,150 | - | 1,377 | 7 | ||||||||||||||
Agricultural | 1,507 | 2,111 | 43 | 4,157 | 25 | ||||||||||||||
Commercial and industrial-owner occupied | 19,528 | 22,678 | 1,371 | 20,045 | 426 | ||||||||||||||
Construction, acquisition and development | 22,446 | 27,430 | 1,554 | 41,058 | 423 | ||||||||||||||
Commercial real estate | 26,181 | 36,120 | 1,604 | 39,325 | 397 | ||||||||||||||
Credit cards | 1,639 | 1,639 | 51 | 2,018 | 202 | ||||||||||||||
All other | 1,570 | 1,715 | 198 | 1,301 | 30 | ||||||||||||||
Total | $ 86,167 | $ 106,063 | $ 6,007 | $ 128,699 | $ 1,758 | ||||||||||||||
NPLs consist of non-accrual loans and leases, loans and leases 90 days or more past due and still accruing, and loans and leases that have been restructured because of the borrower's weakened financial condition. The following table presents information concerning NPLs at December 31, 2014 and 2013: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Non-accrual loans and leases | $ 58,052 | $ 92,173 | |||||||||||||||||
Loans and leases 90 days or more past due, still accruing | 2,763 | 1,226 | |||||||||||||||||
Restructured loans and leases still accruing | 10,920 | 27,007 | |||||||||||||||||
Total | $ 71,735 | $ 120,406 | |||||||||||||||||
The Bank’s policy for all loan classifications provides that loans and leases are generally placed in non-accrual status if, in management’s opinion, payment in full of principal or interest is not expected or payment of principal or interest is more than 90 days past due, unless the loan or lease is both well-secured and in the process of collection. At December 31, 2014, the Company’s geographic NPL distribution was concentrated primarily in its Mississippi and Tennessee markets, including the greater Memphis, Tennessee area, a portion of which is in northwest Mississippi and Arkansas. The following table presents the Company’s nonaccrual loans and leases by segment and class at December 31, 2014 and 2013: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 3,934 | $ 3,079 | |||||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 23,668 | 25,645 | |||||||||||||||||
Home equity | 2,253 | 3,695 | |||||||||||||||||
Agricultural | 291 | 1,260 | |||||||||||||||||
Commercial and industrial-owner occupied | 11,190 | 18,568 | |||||||||||||||||
Construction, acquisition and development | 4,162 | 17,567 | |||||||||||||||||
Commercial real estate | 11,915 | 20,972 | |||||||||||||||||
Credit cards | 133 | 119 | |||||||||||||||||
All other | 506 | 1,268 | |||||||||||||||||
Total | $ 58,052 | $ 92,173 | |||||||||||||||||
The total amount of interest earned on NPLs was $3.9 million, $6.2 million and $4.3 million in 2014, 2013 and 2012, respectively. The gross interest income which would have been recorded under the original terms of those loans and leases amounted to $5.3 million, $7.3 million and $15.6 million in 2014, 2013 and 2012, respectively. | |||||||||||||||||||
In the normal course of business, management will sometimes grant concessions, which normally would not otherwise be considered, to borrowers that are experiencing financial difficulty. Restructured loans identified as meeting the criteria set out in FASB ASC 310 are identified as TDRs. The concessions granted most frequently for TDRs involve reductions or delays in required payments of principal and interest for a specified period, the rescheduling of payments in accordance with a bankruptcy plan or the charge-off of a portion of the loan. In most cases, the conditions of the credit also warrant nonaccrual status, even after the restructure occurs. As part of the credit approval process, the restructured loans are evaluated for adequate collateral protection in determining the appropriate accrual status at the time of restructure. TDR loans recorded as non-accrual may be returned to accrual status in years after the restructure if there has been at least a six-month period of sustained repayment performance by the borrower under the restructured loan terms and the interest rate at the time of restructure was at or above market for a comparable loan. | |||||||||||||||||||
The following tables summarize the financial effect of TDRs for the years ended December 31, 2014 and 2013: | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||
Number | Outstanding | Outstanding | |||||||||||||||||
of | Recorded | Recorded | |||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Commercial and industrial | 5 | $ 613 | $ 613 | ||||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 33 | 4,823 | 4,263 | ||||||||||||||||
Home equity | 2 | 31 | 30 | ||||||||||||||||
Agricultural | 1 | 10 | 10 | ||||||||||||||||
Commercial and industrial-owner occupied | 8 | 2,103 | 1,810 | ||||||||||||||||
Construction, acquisition and development | 3 | 924 | 924 | ||||||||||||||||
Commercial real estate | 7 | 1,426 | 1,519 | ||||||||||||||||
All other | 14 | 290 | 286 | ||||||||||||||||
Total | 73 | $ 10,220 | $ 9,455 | ||||||||||||||||
: | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||
Number | Outstanding | Outstanding | |||||||||||||||||
of | Recorded | Recorded | |||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Commercial and industrial | 3 | $ 919 | $ 919 | ||||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 23 | 1,843 | 1,840 | ||||||||||||||||
Home Equity | 2 | 25 | 10 | ||||||||||||||||
Commercial and industrial-owner occupied | 8 | 3,821 | 3,815 | ||||||||||||||||
Construction, acquisition and development | 15 | 3,071 | 2,826 | ||||||||||||||||
Commercial real estate | 4 | 1,574 | 1,570 | ||||||||||||||||
All other | 5 | 1,160 | 1,161 | ||||||||||||||||
Total | 60 | $ 12,413 | $ 12,141 | ||||||||||||||||
The following tables summarize TDRs modified within 2014 and 2013 for which there was a payment default during the indicated year (i.e., 30 days or more past due at any given time during 2014 or 2013): | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
Number of | Recorded | ||||||||||||||||||
Contracts | Investment | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 8 | $ 540 | |||||||||||||||||
Commercial and industrial-owner occupied | 2 | 784 | |||||||||||||||||
Construction, acquisition and development | 2 | 279 | |||||||||||||||||
Commercial real estate | 5 | 901 | |||||||||||||||||
All other | 6 | 65 | |||||||||||||||||
Total | 23 | $ 2,569 | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
Number of | Recorded | ||||||||||||||||||
Contracts | Investment | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Commercial and industrial | 3 | $ 129 | |||||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 9 | 823 | |||||||||||||||||
Commercial and industrial-owner occupied | 6 | 877 | |||||||||||||||||
Construction, acquisition and development | 3 | 1,874 | |||||||||||||||||
Commercial real estate | 4 | 3,625 | |||||||||||||||||
All other | 1 | 1 | |||||||||||||||||
Total | 26 | $ 7,329 | |||||||||||||||||
During 2014, 2013 and 2012, the most common concessions involved rescheduling payments of principal and interest over a longer amortization period, granting a period of reduced principal payment or interest only payment for a limited time period, or the rescheduling of payments in accordance with a bankruptcy plan. | |||||||||||||||||||
ALLOWANCE_FOR_CREDIT_LOSSES
ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
ALLOWANCE FOR CREDIT LOSSES [Abstract] | |||||||||||
ALLOWANCE FOR CREDIT LOSSES | (6) ALLOWANCE FOR CREDIT LOSSES | ||||||||||
The following table summarizes the changes in the allowance for credit losses for the years ended December 31, 2014, 2013 and 2012: | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Balance at beginning of year | $ 153,236 | $ 164,466 | $ 195,118 | ||||||||
Provision charged to expense | - | 7,500 | 28,000 | ||||||||
Recoveries | 14,234 | 23,462 | 30,746 | ||||||||
Loans and leases charged off | -25,027 | -42,192 | -89,398 | ||||||||
Balance at end of year | $ 142,443 | $ 153,236 | $ 164,466 | ||||||||
The following tables summarize the changes in the allowance for credit losses by segment and class for the years ended December 31, 2014 and 2013: | |||||||||||
2014 | |||||||||||
Balance, | Balance, | ||||||||||
Beginning of | End of | ||||||||||
Period | Charge-offs | Recoveries | Provision | Period | |||||||
(In thousands) | |||||||||||
Commercial and industrial | $ 18,376 | $ (2,546) | $ 2,298 | $ 3,291 | $ 21,419 | ||||||
Real estate | |||||||||||
Consumer mortgage | 39,525 | -6,037 | 3,267 | 3,260 | 40,015 | ||||||
Home equity | 5,663 | -1,359 | 625 | 4,613 | 9,542 | ||||||
Agricultural | 2,800 | -765 | 96 | 1,289 | 3,420 | ||||||
Commercial and industrial-owner occupied | 17,059 | -3,591 | 1,112 | 1,745 | 16,325 | ||||||
Construction, acquisition and development | 11,828 | -3,731 | 3,734 | -1,946 | 9,885 | ||||||
Commercial real estate | 43,853 | -1,795 | 1,458 | -19,954 | 23,562 | ||||||
Credit cards | 3,782 | -2,359 | 542 | 4,549 | 6,514 | ||||||
All other | 10,350 | -2,844 | 1,102 | 3,153 | 11,761 | ||||||
Total | $ 153,236 | $ (25,027) | $ 14,234 | $ - | $ 142,443 | ||||||
2013 | |||||||||||
Balance, | Balance, | ||||||||||
Beginning of | End of | ||||||||||
Period | Charge-offs | Recoveries | Provision | Period | |||||||
(In thousands) | |||||||||||
Commercial and industrial | $ 23,286 | $ (4,672) | $ 3,517 | $ (3,755) | $ 18,376 | ||||||
Real estate | |||||||||||
Consumer mortgage | 35,966 | -9,159 | 5,067 | 7,651 | 39,525 | ||||||
Home equity | 6,005 | -1,469 | 607 | 520 | 5,663 | ||||||
Agricultural | 3,301 | -736 | 215 | 20 | 2,800 | ||||||
Commercial and industrial-owner occupied | 20,178 | -3,855 | 2,724 | -1,988 | 17,059 | ||||||
Construction, acquisition and development | 21,905 | -6,745 | 4,682 | -8,014 | 11,828 | ||||||
Commercial real estate | 40,081 | -10,341 | 4,978 | 9,135 | 43,853 | ||||||
Credit cards | 3,611 | -2,316 | 629 | 1,858 | 3,782 | ||||||
All other | 10,133 | -2,899 | 1,043 | 2,073 | 10,350 | ||||||
Total | $ 164,466 | $ (42,192) | $ 23,462 | $ 7,500 | $ 153,236 | ||||||
The following tables provide the allowance for credit losses by segment and class based on impairment status at December 31, 2014 and 2013: | |||||||||||
31-Dec-14 | |||||||||||
Recorded | Allowance for | Allowance for | |||||||||
Balance of | Impaired Loans | All Other Loans | Total | ||||||||
Impaired Loans | and Leases | and Leases | Allowance | ||||||||
(In thousands) | |||||||||||
Commercial and industrial | $ 2,154 | $ 215 | $ 21,204 | $ 21,419 | |||||||
Real estate | |||||||||||
Consumer mortgage | 4,786 | 123 | 39,892 | 40,015 | |||||||
Home equity | 619 | 70 | 9,472 | 9,542 | |||||||
Agricultural | - | - | 3,420 | 3,420 | |||||||
Commercial and industrial-owner occupied | 7,467 | 89 | 16,236 | 16,325 | |||||||
Construction, acquisition and development | 2,387 | - | 9,885 | 9,885 | |||||||
Commercial real estate | 10,518 | 1,022 | 22,540 | 23,562 | |||||||
Credit cards | - | - | 6,514 | 6,514 | |||||||
All other | 170 | - | 11,761 | 11,761 | |||||||
Total | $ 28,101 | $ 1,519 | $ 140,924 | $ 142,443 | |||||||
31-Dec-13 | |||||||||||
Recorded | Allowance for | Allowance for | |||||||||
Balance of | Impaired Loans | All Other Loans | Total | ||||||||
Impaired Loans | and Leases | and Leases | Allowance | ||||||||
(In thousands) | |||||||||||
Commercial and industrial | $ 1,314 | $ 305 | $ 18,071 | $ 18,376 | |||||||
Real estate | |||||||||||
Consumer mortgage | 6,406 | 309 | 39,216 | 39,525 | |||||||
Home equity | 1,140 | 37 | 5,626 | 5,663 | |||||||
Agricultural | 882 | 15 | 2,785 | 2,800 | |||||||
Commercial and industrial-owner occupied | 11,745 | 739 | 16,320 | 17,059 | |||||||
Construction, acquisition and development | 15,712 | 1,599 | 10,229 | 11,828 | |||||||
Commercial real estate | 17,481 | 1,138 | 42,715 | 43,853 | |||||||
Credit cards | - | - | 3,782 | 3,782 | |||||||
All other | 263 | 4 | 10,346 | 10,350 | |||||||
Total | $ 54,943 | $ 4,146 | $ 149,090 | $ 153,236 | |||||||
Management evaluates impaired loans individually in determining the adequacy of the allowance for impaired loans. | |||||||||||
OTHER_REAL_ESTATE_OWNED
OTHER REAL ESTATE OWNED | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
OTHER REAL ESTATE OWNED [Abstract] | |||||||||||||||||||
OTHER REAL ESTATE OWNED | (7) OTHER REAL ESTATE OWNED | ||||||||||||||||||
The following table presents the activity in OREO for the years ended December 31, 2014 and 2013: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Balance at beginning of year | $ 69,338 | $ 103,248 | |||||||||||||||||
Additions to foreclosed properties | |||||||||||||||||||
New foreclosed property | 14,732 | 29,265 | |||||||||||||||||
Reductions in foreclosed properties | |||||||||||||||||||
Sales | -42,013 | -57,057 | |||||||||||||||||
Writedowns | -8,073 | -6,118 | |||||||||||||||||
Balance at end of year | $ 33,984 | $ 69,338 | |||||||||||||||||
Substantially all of these amounts related to construction, acquisition and development projects that were either completed or were in various stages of construction during the year presented. The following table presents the OREO by geographical location and collateral type at December 31, 2014: | |||||||||||||||||||
Alabama and | Greater | Texas | |||||||||||||||||
Florida | Memphis | and | |||||||||||||||||
Panhandle | Arkansas* | Mississippi* | Missouri | Area | Tennessee* | Louisiana | Other | Total | |||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ | 84 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 84 | |
Real estate | |||||||||||||||||||
Consumer mortgages | 309 | 97 | 1,181 | - | - | 198 | 509 | - | 2,294 | ||||||||||
Home equity | 24 | - | 188 | - | - | - | - | - | 212 | ||||||||||
Agricultural | - | - | 25 | - | - | - | - | - | 25 | ||||||||||
Commercial and industrial-owner | - | - | 1,162 | - | 223 | - | 60 | - | 1,445 | ||||||||||
occupied | |||||||||||||||||||
Construction, acquisition and development | 7,302 | 84 | 9,182 | - | 9,178 | 1,798 | 196 | - | 27,740 | ||||||||||
Commercial real estate | 1,000 | 256 | 767 | - | - | - | 63 | - | 2,086 | ||||||||||
All other | - | - | 98 | - | - | - | - | - | 98 | ||||||||||
Total | $ | 8,719 | $ | 437 | $ | 12,603 | $ | - | $ | 9,401 | $ | 1,996 | $ | 828 | $ | - | $ | 33,984 | |
* Excludes the Greater Memphis Area | |||||||||||||||||||
The Company incurred total foreclosed property expenses of $17.1 million, $11.7 million and $39.4 million in 2014, 2013 and 2012, respectively. Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $14.5 million, $7.4 million and $30.2 million in 2014, 2013 and 2012, respectively. | |||||||||||||||||||
PREMISES_AND_EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
PREMISES AND EQUIPMENT [Abstract] | |||||||
PREMISES AND EQUIPMENT | (8) PREMISES AND EQUIPMENT | ||||||
A summary by asset classification at December 31, 2014 and 2013 follows: | |||||||
Estimated | |||||||
Useful Life | |||||||
(Years) | 2014 | 2013 | |||||
(In thousands) | |||||||
Land | N/A | $ 78,021 | $ 77,264 | ||||
Buildings and improvements | 10 - 40 | 331,277 | 324,100 | ||||
Leasehold improvements | 10 - 39 | 9,653 | 8,771 | ||||
Equipment, furniture and fixtures | 3 - 12 | 275,607 | 274,016 | ||||
Construction in progress | N/A | 7,975 | 16,129 | ||||
Subtotal | 702,533 | 700,280 | |||||
Accumulated depreciation and amortization | 397,590 | 385,020 | |||||
Premises and equipment, net | $ 304,943 | $ 315,260 | |||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | (9) GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||
The following tables present the changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2014 and 2013: | |||||||||
2014 | |||||||||
Community | Insurance | ||||||||
Banking | Agencies | Total | |||||||
(In thousands) | |||||||||
Balance as of January 1, 2014 | $ 217,618 | $ 69,182 | $ 286,800 | ||||||
Goodwill recorded during the year | - | 4,698 | 4,698 | ||||||
Balance as of December 31, 2014 | $ 217,618 | $ 73,880 | $ 291,498 | ||||||
2013 | |||||||||
Community | Insurance | ||||||||
Banking | Agencies | Total | |||||||
(In thousands) | |||||||||
Balance as of January 1, 2013 | $ 217,618 | $ 57,555 | $ 275,173 | ||||||
Goodwill recorded during the year | - | 11,627 | 11,627 | ||||||
Balance as of December 31, 2013 | $ 217,618 | $ 69,182 | $ 286,800 | ||||||
The goodwill recorded in the Company’s Insurance Agencies reporting segment during 2014 was related to an insurance agency acquired during the second quarter of 2014. The goodwill recorded in the Company’s Insurance Agencies reporting segment during 2013 was related to an insurance agency acquired during the fourth quarter of 2013. | |||||||||
The Company’s policy is to assess goodwill for impairment at the reporting segment level on an annual basis or sooner if an event occurs or circumstances change which indicate that the fair value of a reporting segment is below its carrying amount. Impairment is the condition that exists when the carrying amount of goodwill exceeds its implied fair value. Accounting standards require management to estimate the fair value of each reporting segment in assessing impairment at least annually. The Company’s annual assessment date is during the Company’s fourth quarter. The Company performed a qualitative assessment of whether it was more likely than not that a reporting unit’s fair value was less than its carrying value during the fourth quarter of 2014. Based on this assessment, it was determined that each of the Company’s reporting segment’s fair value exceeded their carrying value. Therefore, the two-step quantitative goodwill impairment test was not deemed necessary and no goodwill impairment was recorded during 2014. The Company’s annual goodwill impairment evaluation for 2013 also indicated no impairment of goodwill for its reporting segments. The Company will continue to test reporting segment goodwill for potential impairment on an annual basis in the Company’s fourth quarter, or sooner if a goodwill impairment indicator is identified. | |||||||||
In the current economic environment, forecasting cash flows, credit losses and growth in addition to valuing the Company’s assets with any degree of assurance is very difficult and subject to significant changes over very short periods of time. Management will continue to update its analysis as circumstances change. As market conditions continue to be volatile and unpredictable, impairment of goodwill related to the Company’s reporting segments may be necessary in future periods. | |||||||||
The following tables present information regarding the components of the Company’s other identifiable intangible assets as of December 31, 2014 and 2013 and for the three-year period ended December 31, 2014: | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||
Amount | Amortization | Amount | Amortization | ||||||
Amortized intangible assets: | (In thousands) | ||||||||
Core deposit intangibles | $ 27,801 | $ 22,782 | $ 27,801 | $ 22,256 | |||||
Customer relationship intangibles | 49,639 | 31,821 | 46,967 | 28,329 | |||||
Non-solicitation intangibles | 1,650 | 667 | 1,450 | 242 | |||||
Total | $ 79,090 | $ 55,270 | $ 76,218 | $ 50,827 | |||||
Unamortized intangible assets: | |||||||||
Trade names | $ 688 | $ - | $ 688 | $ - | |||||
Year Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Aggregate amortization expense for: | (In thousands) | ||||||||
Core deposit intangibles | $ 526 | $ 582 | $ 946 | ||||||
Customer relationship intangibles | 3,492 | 2,231 | 2,163 | ||||||
Non-solicitation intangibles | 425 | 166 | 113 | ||||||
Total | $ 4,443 | $ 2,979 | $ 3,222 | ||||||
Customer relationship intangibles and non-solicitation intangibles were increased during 2014 and 2013 as a result of the insurance agencies acquired during the second quarter of 2014 and the fourth quarter of 2013, respectively. | |||||||||
The following table presents information regarding estimated amortization expense of the Company’s amortizable identifiable intangible assets for the year ending December 31, 2015, and the succeeding four years: | |||||||||
Core | Customer | Non- | |||||||
Deposit | Relationship | Solicitation | |||||||
Intangibles | Intangibles | Intangibles | Total | ||||||
Estimated amortization expense: | (In thousands) | ||||||||
For the year ending December 31, 2015 | 487 | 3,134 | 375 | 3,996 | |||||
For the year ending December 31, 2016 | 451 | 2,673 | 225 | 3,349 | |||||
For the year ending December 31, 2017 | 419 | 2,380 | 200 | 2,999 | |||||
For the year ending December 31, 2018 | 390 | 2,009 | 183 | 2,582 | |||||
For the year ending December 31, 2019 | 363 | 1,689 | - | 2,052 | |||||
TIME_DEPOSITS_AND_SHORTTERM_DE
TIME DEPOSITS AND SHORT-TERM DEBT | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
TIME DEPOSITS AND SHORT-TERM DEBT [Abstract] | |||||||||||||
TIME DEPOSITS AND SHORT-TERM DEBT | (10) TIME DEPOSITS AND SHORT-TERM DEBT | ||||||||||||
Certificates of deposit and other time deposits of $100,000 or more amounting to $948.1 million and $1.1 billion were outstanding at December 31, 2014 and 2013, respectively. Total interest expense relating to certificates of deposit and other time deposits of $100,000 or more totaled $11.4 million, $16.0 million and $20.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
For time deposits with a remaining maturity of more than one year at December 31, 2014, the aggregate amount of time deposits maturing in each of the following five years is presented in the following table: | |||||||||||||
Maturing in | Amount | ||||||||||||
(In thousands) | |||||||||||||
2016 | 314,836 | ||||||||||||
2017 | 185,858 | ||||||||||||
2018 | 113,533 | ||||||||||||
2019 | 170,331 | ||||||||||||
2020 | 17,275 | ||||||||||||
Thereafter | 36 | ||||||||||||
Total | $ 801,869 | ||||||||||||
The following tables present information relating to short-term debt for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
2014 | |||||||||||||
Maximum | |||||||||||||
End of Period | Daily Average | Outstanding | |||||||||||
Interest | Interest | at any | |||||||||||
Balance | Rate | Balance | Rate | Month End | |||||||||
(Dollars in thousands) | |||||||||||||
Federal funds purchased | $ - | - | % | $ 4,247 | 0.18 | % | $ 10,000 | ||||||
Securities sold under agreement to repurchase | 388,166 | 0.08 | 436,875 | 0.07 | 569,163 | ||||||||
Short-term FHLB advances | 3,500 | - | 3,108 | 2.60 | 3,500 | ||||||||
Total | $ 391,666 | $ 444,230 | $ 582,663 | ||||||||||
2013 | |||||||||||||
Maximum | |||||||||||||
End of Period | Daily Average | Outstanding | |||||||||||
Interest | Interest | at any | |||||||||||
Balance | Rate | Balance | Rate | Month End | |||||||||
(Dollars in thousands) | |||||||||||||
Federal funds purchased | $ - | - | % | $ 1,238 | 0.33 | % | $ - | ||||||
Securities sold under agreement to repurchase | 421,028 | 0.07 | 416,881 | 0.07 | 473,753 | ||||||||
Total | $ 421,028 | $ 418,119 | $ 473,753 | ||||||||||
2012 | |||||||||||||
Maximum | |||||||||||||
End of Period | Daily Average | Outstanding | |||||||||||
Interest | Interest | at any | |||||||||||
Balance | Rate | Balance | Rate | Month End | |||||||||
(Dollars in thousands) | |||||||||||||
Federal funds purchased | $ - | - | % | $ 1,180 | 0.32 | % | $ - | ||||||
Securities sold under agreement to repurchase | 414,611 | 0.07 | 379,871 | 0.07 | 423,553 | ||||||||
Short-term FHLB advances | - | - | 1,053 | 4.71 | 1,500 | ||||||||
Total | $ 414,611 | $ 382,104 | $ 425,053 | ||||||||||
Federal funds purchased generally mature the day following the date of purchase while securities sold under repurchase agreements generally mature within 30 days from the date of sale. Federal Reserve discount window borrowings generally mature within 90 days following the date of purchase and short-term FHLB borrowings generally mature within 30 days following the date of purchase. At December 31, 2014, the Bank had established non-binding federal funds borrowing lines of credit with other banks aggregating $696.0 million. | |||||||||||||
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
LONG-TERM DEBT [Abstract] | |||||
LONG-TERM DEBT | (11) LONG-TERM DEBT | ||||
The Bank has entered into a blanket floating lien security agreement with the FHLB of Dallas. Under the terms of this agreement, the Bank is required to maintain sufficient collateral to secure borrowings in an aggregate amount of the lesser of 75% of the book value (i.e., unpaid principal balance) of the Bank’s eligible mortgage loans pledged as collateral or 35% of the Bank’s assets. At December 31, 2014, there were no call features on long-term FHLB borrowings. | |||||
At December 31, 2014, long term debt was repayable as follows: | |||||
Final due date | Interest rate | Amount | |||
(In thousands) | |||||
2018 | variable | $ 48,148 | |||
2019 | 4.08% | 30,000 | |||
Total | $ 78,148 | ||||
On August 8, 2013, the Company entered into a Credit Agreement (the “Credit Agreement”) with U.S. Bank National Association (“U.S. Bank”) as a lender and administrative agent, and First Tennessee Bank, National Association, as a lender. The Credit Agreement includes an unsecured revolving loan of up to $25.0 million that terminates and the outstanding balance of which is payable in full on August 8, 2015, and an unsecured multi-draw term loan of up to $60.0 million, which commitment terminated on February 28, 2014 and the outstanding balance of which is payable in full on August 8, 2018. The proceeds from the term loan may be used to repurchase trust preferred securities, and the proceeds from the revolving loan may be used for working capital, capital expenditures and other lawful corporate purposes. Borrowings under the Credit Agreement bear interest at a Eurocurrency or base rate plus, in each case, an applicable interest rate margin. The interest rate on U.S. Bank borrowings was 2.03% at December 31, 2014. | |||||
The Company had long-term borrowings from U.S. Bank totaling $48.2 million and long-term borrowings from the FHLB totaling $30.0 million at December 31, 2014. | |||||
JUNIOR_SUBORDINATED_DEBT_SECUR
JUNIOR SUBORDINATED DEBT SECURITIES | 12 Months Ended |
Dec. 31, 2014 | |
JUNIOR SUBORDINATED DEBT SECURITIES [Abstract] | |
JUNIOR SUBORDINATED DEBT SECURITIES | (12) JUNIOR SUBORDINATED DEBT SECURITIES |
In 2002, the Company issued $128.9 million in 8.15% Junior Subordinated Debt Securities to BancorpSouth Capital Trust I (the “Trust”), a business trust. The Trust used the proceeds from the issuance of five million shares of 8.15% trust preferred securities, $25 face value per share, to acquire 8.15% Junior Subordinated Debt Securities. The Company redeemed the 8.15% Junior Subordinated Debt Securities and the related trust preferred securities at face value on August 12, 2013. As a result of the redemption, a pre-tax charge of $2.9 million was recorded during the third quarter of 2013 to write-off unamortized issuance costs. | |
Pursuant to the merger with Business Holding Corporation on December 31, 2004, the Company assumed the liability for $6.2 million in Junior Subordinated Debt Securities issued to Business Holding Company Trust I, a statutory trust. Business Holding Company Trust I used the proceeds from the issuance of 6,000 shares of trust preferred securities to acquire the Junior Subordinated Debt Securities. Both the Junior Subordinated Debt Securities and the trust preferred securities mature on April 7, 2034, and are callable at the option of the Company, in whole or in part, on any January 7, April 7, July 7 or October 7. The Junior Subordinated Debt Securities and the trust preferred securities pay a per annum rate of interest, reset quarterly, equal to the three month London Interbank Offered Rate (“LIBOR”) plus 2.85%. | |
Pursuant to the merger with American State Bank Corporation on December 1, 2005, the Company assumed the liability for $6.7 million in Junior Subordinated Debt Securities issued to American State Capital Trust I, a statutory trust. American State Capital Trust I used the proceeds from the issuance of 6,500 shares of trust preferred securities to acquire the Junior Subordinated Debt Securities. Both the Junior Subordinated Debt Securities and the trust preferred securities mature on April 7, 2034, and are callable at the option of the Company, in whole or in part, on July 7, October 7, January 7 or April 7. The Junior Subordinated Debt Securities and the trust preferred securities pay a per annum rate of interest, reset quarterly, equal to the three-month LIBOR plus 2.80%. | |
Pursuant to the merger with City Bancorp on March 1, 2007, the Company assumed the liability for $8.2 million in Junior Subordinated Debt Securities issued to Signature Bancshares Preferred Trust I, a statutory trust. Signature Bancshares Preferred Trust I used the proceeds from the issuance of 8,000 shares of trust preferred securities to acquire the Junior Subordinated Debt Securities. The Company redeemed the $8.2 million in Junior Subordinated Debt Securities and $8.0 million of the related trust preferred securities at par on January 8, 2014. | |
Pursuant to the merger with City Bancorp on March 1, 2007, the Company also assumed the liability for $10.3 million in Junior Subordinated Debt Securities issued to City Bancorp Preferred Trust I, a statutory trust. City Bancorp Preferred Trust I used the proceeds from the issuance of 10,000 shares of trust preferred securities to acquire the Junior Subordinated Debt Securities. Both the Junior Subordinated Debt Securities and the trust preferred securities mature on March 15, 2035, and are callable at the option of the Company, in whole or in part, on any March 15, June 15, September 15, or December 15. The Junior Subordinated Debt Securities and the trust preferred securities pay a per annum rate of interest, reset quarterly, equal to the three-month LIBOR plus 2.2%. | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
INCOME TAXES [Abstract] | |||||||
INCOME TAXES | (13) INCOME TAXES | ||||||
Total income taxes for the years ended December 31, 2014, 2013 and 2012 were allocated as follows: | |||||||
2014 | 2013 | 2012 | |||||
(In thousands) | |||||||
Income tax expense | $ 50,652 | $ 37,551 | $ 33,252 | ||||
Shareholders' equity for other comprehensive income | -8,481 | -13,249 | -3,943 | ||||
Shareholders' equity for stock option plans | -1,856 | -139 | 32 | ||||
Total | $ 40,315 | $ 24,163 | $ 29,341 | ||||
The components of income tax expense attributable to operations were as follows for the years ended December 31, 2014, 2013 and 2012: | |||||||
2014 | 2013 | 2012 | |||||
Current: | (In thousands) | ||||||
Federal | $ 51,014 | $ 32,729 | $ 34,316 | ||||
State | 7,201 | 1,570 | 3,389 | ||||
Deferred: | |||||||
Federal | -6,870 | 1,774 | -4,964 | ||||
State | -693 | 1,478 | 511 | ||||
Total | $ 50,652 | $ 37,551 | $ 33,252 | ||||
During 2014 and 2013, the Company recognized certain tax benefits related to stock options in the amount of $1.9 million and approximately $139,000, respectively. Such benefits were recorded as a reduction of income taxes payable and an increase in capital surplus. | |||||||
During 2014 and 2013, the Company reversed the deferred tax asset associated with stock options expiring during the current period in the amount of approximately $785,000 and $1.1 million, respectively. The reversal was recorded as a reduction of deferred tax assets and a reduction in capital surplus. | |||||||
Income tax expense differed from the amount computed by applying the U.S. federal income tax rate of 35% to income before income taxes resulting from the following: | |||||||
2014 | 2013 | 2012 | |||||
(In thousands) | |||||||
Tax expense at statutory rates | $ 58,591 | $ 46,083 | $ 41,141 | ||||
Increase (decrease) in taxes resulting from: | |||||||
State income taxes, net of federal tax benefit | 4,230 | 1,926 | 2,453 | ||||
Tax-exempt interest revenue | -7,371 | -7,423 | -7,789 | ||||
Tax-exempt earnings on life insurance | -3,076 | -2,889 | -2,790 | ||||
Deductible dividends paid on 401(k) plan | -458 | -187 | -100 | ||||
Tax credits | -1,771 | -578 | -466 | ||||
Other, net | 507 | 619 | 803 | ||||
Total | $ 50,652 | $ 37,551 | $ 33,252 | ||||
The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2014 and 2013 were as follows: | |||||||
2014 | 2013 | ||||||
Deferred tax assets: | (In thousands) | ||||||
Loans, principally due to allowance for credit losses | $ 53,922 | $ 58,003 | |||||
Other real estate owned | 4,605 | 6,799 | |||||
Mark to market - securities | 4,164 | 4,164 | |||||
Accrued liabilities, principally due to | |||||||
compensation arrangements and vacation accruals | 17,877 | 13,085 | |||||
Other | 129 | 2,993 | |||||
Unrecognized pension expense | 39,428 | 20,997 | |||||
Total gross deferred tax assets | 120,125 | 106,041 | |||||
Less: valuation allowance | - | - | |||||
Deferred tax assets | $ 120,125 | $ 106,041 | |||||
Deferred tax liabilities: | |||||||
Lease transactions | $ 25,033 | $ 29,997 | |||||
Employment benefits | 7,435 | 12,483 | |||||
Premises and equipment, principally due | |||||||
to differences in depreciation | 21,845 | 23,488 | |||||
Mortgage servicing rights | 19,409 | 20,679 | |||||
Intangible assets | 11,024 | 10,654 | |||||
Investments, principally due to interest income recognition | 592 | 133 | |||||
Deferred loan points | 3,851 | 2,806 | |||||
Other assets, principally due to expense recognition | 959 | 1,033 | |||||
Unrealized net gains on available-for-sale securities | 12,393 | 2,289 | |||||
Total gross deferred tax liabilities | 102,541 | 103,562 | |||||
Net deferred tax assets | $ 17,584 | $ 2,479 | |||||
Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deductible differences existing at December 31, 2014. | |||||||
The following table presents the activity in unrecognized tax benefits for 2014, 2013 and 2012: | |||||||
2014 | 2013 | 2012 | |||||
(In thousands) | |||||||
Unrecognized tax benefit, January 1 | $ - | $ 1,571 | $ 1,102 | ||||
Gross increases - tax positions in prior period | - | - | 199 | ||||
Gross decreases - tax positions in prior period | - | -1,571 | - | ||||
Gross increases - tax positions in current period | - | - | 270 | ||||
Settlements | - | - | - | ||||
Lapse of statute of limitations | - | - | - | ||||
Unrecognized tax benefit, December 31 | $ - | $ - | $ 1,571 | ||||
The balance of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $1.6 million at 2012. | |||||||
The Company recognizes accrued interest related to unrecognized tax benefits and penalties as a component of other noninterest expense. The Company accrued interest related to the unrecognized tax benefits noted above of approximately $329,000 during 2012 with no interest accrued in 2014 or 2013. The Company recognized a total accrued interest liability of approximately $560,000 at December 31, 2012 with no accrued interest liability recognized at December 31, 2014 and 2013. | |||||||
During 2013, a $1.6 million tax benefit was recorded as a result of the resolution of an uncertain tax position with the remainder of the settlement pertaining to accrued interest and penalties. The uncertain tax position related to the review of the tax treatment of items during the tax years 2007 through 2009. The review was resolved in our favor in 2013, resulting in the reversal of the uncertain tax position reserve for the matter. | |||||||
Management does not expect that unrecognized tax benefits will significantly increase or decrease within the next 12 months. | |||||||
The Company is subject to taxation in the United States and various states and local jurisdictions. The Company files a consolidated United States federal return. Based on the laws of the applicable state where the Company conducts business operations, the Company and its applicable subsidiaries either file a consolidated, combined or separate return. The tax years that remain open for examination for the Company’s major jurisdictions of the United States - Mississippi, Arkansas, Tennessee, Alabama, Louisiana and Missouri - are 2011, 2012 and 2013. | |||||||
PENSION_OTHER_POST_RETIREMENT_
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS [Abstract] | |||||||||||||
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS | (14) PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS | ||||||||||||
The Basic Plan is a non-contributory defined benefit pension plan managed by a trustee covering substantially all full-time employees who have at least one year of service and have attained the age of 21. For such employees hired prior to January 1, 2006, benefits are based on years of service and the employee’s compensation until January 1, 2017, at which time benefits will be based on a 2.5% cash balance formula. For such employees hired on or after January 1, 2006, benefits accrue based on a cash balance formula, effective January 1, 2012. The Company's funding policy is to contribute to the Basic Plan the amount that meets the minimum funding requirements set forth in the Employee Retirement Income Security Act of 1974, plus such additional amounts as the Company determines to be appropriate. The difference between the plan assets and projected benefit obligation is included in other assets or other liabilities, as appropriate. Actuarial assumptions are evaluated periodically. | |||||||||||||
The Restoration Plan provides for the payment of retirement benefits to certain participants in the Basic Plan. The Restoration Plan is a non-qualified plan that covers any employee whose benefit under the Basic Plan is limited by the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), and any employee who elects to participate in the BancorpSouth, Inc. Deferred Compensation Plan, which reduces the employee’s benefit under the Basic Plan. For such employees hired prior to January 1, 2006, benefits are based on years of service and the employee’s compensation until January 1, 2017, at which time benefits will be based on a 2.5% cash balance formula. For such employees hired on or after January 1, 2006, benefits accrue based on a cash balance formula, effective January 1, 2012. The Supplemental Plan is a non-qualified defined benefit supplemental retirement plan for certain key employees. Benefits commence when the employee retires and are payable over a period of ten years. | |||||||||||||
The Company measured benefit obligations using the most recent RP-2014 mortality tables and MP-2014 mortality improvement scale in selecting mortality assumptions as of December 31, 2014. | |||||||||||||
The Company uses a December 31 measurement date for its pension and other benefit plans. | |||||||||||||
A summary of the three defined benefit retirement plans at and for the years ended December 31, 2014, 2013 and 2012 follows: | |||||||||||||
Pension Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Change in benefit obligations: | (In thousands) | ||||||||||||
Projected benefit obligations at beginning of year | $ 201,696 | $ 213,804 | $ 182,362 | ||||||||||
Service cost | 8,936 | 10,735 | 9,670 | ||||||||||
Interest cost | 9,358 | 8,212 | 8,104 | ||||||||||
Amendments | - | 10,850 | 300 | ||||||||||
Actuarial loss | 53,131 | -18,794 | 22,417 | ||||||||||
Benefits paid | -9,029 | -22,116 | -8,232 | ||||||||||
Administrative expenses paid | -595 | -995 | -817 | ||||||||||
Projected benefit obligations at end of year | $ 263,497 | $ 201,696 | $ 213,804 | ||||||||||
Change in plans' assets: | |||||||||||||
Fair value of plans' assets at beginning of year | $ 196,447 | $ 203,704 | $ 195,004 | ||||||||||
Actual return on assets | 12,525 | 13,960 | 16,631 | ||||||||||
Employer contributions | 2,004 | 1,894 | 1,118 | ||||||||||
Benefits paid | -9,029 | -22,116 | -8,232 | ||||||||||
Administrative expenses paid | -595 | -995 | -817 | ||||||||||
Fair value of plans' assets at end of year | $ 201,352 | $ 196,447 | $ 203,704 | ||||||||||
Funded status: | |||||||||||||
Projected benefit obligations | $ (263,497) | $ (201,696) | $ (213,804) | ||||||||||
Fair value of plans' assets | 201,352 | 196,447 | 203,704 | ||||||||||
Net amount recognized | $ (62,145) | $ (5,249) | $ (10,100) | ||||||||||
Amounts recognized in the consolidated balance sheets consisted of: | |||||||||||||
Pension Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Prepaid benefit cost | $ 64,838 | $ 72,886 | $ 94,046 | ||||||||||
Accrued benefit liability | -23,902 | -23,241 | -22,123 | ||||||||||
Intangible asset | - | - | - | ||||||||||
Accumulated other comprehensive | |||||||||||||
income adjustment | -103,081 | -54,894 | -82,023 | ||||||||||
Net amount recognized | $ (62,145) | $ (5,249) | $ (10,100) | ||||||||||
Pre-tax amounts recognized in accumulated other comprehensive income consisted of: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Net transition obligation | $ - | $ 19 | |||||||||||
Net prior service benefit | -4,598 | -5,366 | |||||||||||
Net actuarial loss | 107,679 | 60,241 | |||||||||||
Total accumulated other comprehensive income | $ 103,081 | $ 54,894 | |||||||||||
The net prior service credit and net actuarial loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are approximately ($718,000) and $7.9 million, respectively. No further transition obligation remains to be amortized. | |||||||||||||
The components of net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||
Pension Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Components of net periodic benefit cost: | (In thousands) | ||||||||||||
Service cost | $ 8,936 | $ 10,735 | $ 9,670 | ||||||||||
Interest cost | 9,358 | 8,212 | 8,104 | ||||||||||
Expected return on assets | -10,534 | -10,974 | -11,263 | ||||||||||
Amortization of unrecognized transition amount | 18 | 18 | 18 | ||||||||||
Recognized prior service (benefit) cost | -768 | -768 | -768 | ||||||||||
Recognized net loss | 3,702 | 6,099 | 4,868 | ||||||||||
Special termination benefit | - | 10,850 | 300 | ||||||||||
Net periodic benefit cost | $ 10,712 | $ 24,172 | $ 10,929 | ||||||||||
The weighted-average assumptions used to determine benefit obligations at December 31, 2014 and 2013 were as follows: | |||||||||||||
Basic Plan | Restoration Plan | Supplemental Plan | |||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||
Discount rate | 4.10% | 4.90% | 3.90% | 4.50% | 3.10% | 3.65% | |||||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | |||||||
The weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||
Basic Plan | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate | 4.90% | 4.05% | 4.80% | ||||||||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% | ||||||||||
Expected rate of return on plan assets | 5.50% | 5.50% | 6.00% | ||||||||||
Restoration Plan | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate | 4.50% | 3.65% | 4.45% | ||||||||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% | ||||||||||
Expected rate of return on plan assets | N/A | N/A | N/A | ||||||||||
Supplemental Plan | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate | 3.65% | 2.85% | 3.85% | ||||||||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% | ||||||||||
Expected rate of return on plan assets | N/A | N/A | N/A | ||||||||||
The following table presents information related to the defined benefit plans that had accumulated benefit obligations in excess of plan assets at December 31, 2014 and 2013: | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Projected benefit obligation | $ 263,497 | $ 31,512 | |||||||||||
Accumulated benefit obligation | 252,227 | 29,191 | |||||||||||
Fair value of assets | 201,352 | - | |||||||||||
In selecting the expected long-term rate of return on assets used for the Basic Plan, the Company considered the average rate of earnings expected on the funds invested or to be invested to provide for the benefits of the plan. This included considering the trust asset allocation and the expected returns likely to be earned over the life of the plan. This basis is consistent with the prior year. The discount rate is the rate used to determine the present value of the Company’s future benefit obligations for its pension and other postretirement benefit plans. The discount rate used to discount plan liabilities is determined by matching the timing and duration of expected cash flows of the Company’s pension obligations to a yield curve generated from a broad portfolio of high-quality fixed income debt instruments. | |||||||||||||
The Company’s pension plan weighted-average asset allocations at December 31, 2014 and 2013 and the Company’s target allocations for 2015, by asset category, were as follows: | |||||||||||||
Plan assets at December 31 | Target for | ||||||||||||
Asset category: | 2014 | 2013 | 2015 | ||||||||||
Equity securities | 32.80% | 34.50% | 33% | ||||||||||
Debt securities | 64.60% | 62.10% | 67% | ||||||||||
Cash and equivalents | 2.60% | 3.40% | 0% | ||||||||||
Total | 100.00% | 100.00% | |||||||||||
Equity securities held in the Basic Plan included shares of the Company’s common stock with a fair value of $1.9 million (0.92% of total plan assets) and $2.1 million (1.06% of total plan assets) at December 31, 2014 and 2013, respectively. An analysis by management is performed annually to determine whether the Company will make a contribution to the Basic Plan. | |||||||||||||
The following table presents information regarding expected future benefit payments, which reflect expected service, as appropriate: | |||||||||||||
Pension | |||||||||||||
Benefits | |||||||||||||
Expected future benefit payments: | (In thousands) | ||||||||||||
2015 | $ 13,584 | ||||||||||||
2016 | 12,586 | ||||||||||||
2017 | 12,988 | ||||||||||||
2018 | 14,327 | ||||||||||||
2019 | 15,346 | ||||||||||||
2020-2024 | 79,151 | ||||||||||||
The following table presents the fair value of each major category of plan assets held in the Basic Plan at December 31, 2014 and 2013: | |||||||||||||
Pension Benefits | |||||||||||||
2014 | 2013 | ||||||||||||
Investments, at fair value: | (In thousands) | ||||||||||||
Cash | $ - | $ 57 | |||||||||||
U.S. agency debt obligations | 69,413 | 64,298 | |||||||||||
Mutual funds | 123,239 | 121,178 | |||||||||||
Common stock of BancorpSouth, Inc. | 1,852 | 2,091 | |||||||||||
Money market funds | 4,225 | 5,303 | |||||||||||
Brokered certificates of deposit | 2,009 | 2,973 | |||||||||||
Total investments, at fair value | 200,738 | 195,900 | |||||||||||
Accrued interest and dividends | 614 | 547 | |||||||||||
Fair value of plan assets | $ 201,352 | $ 196,447 | |||||||||||
Fair values are determined based on valuation techniques categorized as follows: Level 1 means the use of quoted prices for identical instruments in active markets; Level 2 means the use of quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable; Level 3 means the use of unobservable inputs. Quoted market prices, when available, are used to value investments. Pension plan investments include funds which invest in various types of investment securities and in various companies within various markets. Investment securities are exposed to several risks, such as interest rate, market and credit risks. Because of the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported. | |||||||||||||
The following tables set forth by level, within the FASB ASC 820, Fair Value Measurements and Disclosure (“FASB ASC 820”), fair value hierarchy, the plan investments at fair value as of December 31, 2014 and 2013: | |||||||||||||
31-Dec-14 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(In thousands) | |||||||||||||
U.S. agency debt obligations | $ - | $ 69,413 | $ - | $ 69,413 | |||||||||
Mutual funds | 123,239 | - | - | 123,239 | |||||||||
Common stock of BancorpSouth, Inc. | 1,852 | - | - | 1,852 | |||||||||
Money market funds | - | 4,225 | - | 4,225 | |||||||||
Brokered certificates of deposit | - | 2,009 | - | 2,009 | |||||||||
Total | $ 125,091 | $ 75,647 | $ - | $ 200,738 | |||||||||
31-Dec-13 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(In thousands) | |||||||||||||
U.S. agency debt obligations | $ - | $ 64,298 | $ - | $ 64,298 | |||||||||
Mutual funds | 121,178 | - | - | 121,178 | |||||||||
Common stock of BancorpSouth, Inc. | 2,091 | - | - | 2,091 | |||||||||
Money market funds | - | 5,303 | - | 5,303 | |||||||||
Brokered certificates of deposit | - | 2,973 | - | 2,973 | |||||||||
Total | $ 123,269 | $ 72,574 | $ - | $ 195,843 | |||||||||
There were no transfers between Levels of the fair value hierarchy in 2014 or 2013. | |||||||||||||
The following investments represented 5% or more of the total plan asset value as of December 31, 2014: | |||||||||||||
2014 | |||||||||||||
(In thousands) | |||||||||||||
Fidelity Advisor New Insights Institutional Fund | $ 10,715 | ||||||||||||
Fidelity Low Price Stock Fund | 14,594 | ||||||||||||
Franklin Mutual Discovery Z Fund | 11,597 | ||||||||||||
Pioneer Multi-Asset Floating Rate Fund | 24,934 | ||||||||||||
The Company has a defined contribution plan (commonly referred to as a “401(k) Plan”). Pursuant to the 401(k) Plan, employees may contribute a portion of their compensation, as set forth in the 401(k) Plan, subject to the limitations as established by the Code. Employee contributions (up to 5% of defined compensation) are matched dollar-for-dollar by the Company. Employer contributions were $9.5 million, $9.8 million and $9.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
FAIR_VALUE_DISCLOSURES
FAIR VALUE DISCLOSURES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
FAIR VALUE DISCLOSURES [Abstract] | |||||||||||
FAIR VALUE DISCLOSURES | (15) FAIR VALUE DISCLOSURES | ||||||||||
“Fair value” is defined by FASB ASC 820 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. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. The hierarchy is broken down into the following three levels, based on the reliability of inputs: | |||||||||||
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. | |||||||||||
Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data. | |||||||||||
Level 3: Significant unobservable inputs for the asset or liability that reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. | |||||||||||
Determination of Fair Value | |||||||||||
The Company uses the valuation methodologies listed below to measure different financial instruments at fair value. An indication of the level in the fair value hierarchy in which each instrument is generally classified is included. Where appropriate, the description includes details of the valuation models, the key inputs to those models as well as any significant assumptions. | |||||||||||
Available-for-sale securities. Available-for-sale securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are determined by matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities. The Company’s available-for-sale securities that are traded on an active exchange, such as the New York Stock Exchange, are classified as Level 1. Available-for-sale securities valued using matrix pricing are classified as Level 2. Available-for-sale securities valued using matrix pricing that has been adjusted to compensate for the present value of expected cash flows, market liquidity, credit quality and volatility are classified as Level 3. | |||||||||||
Mortgage servicing rights. The Company records MSRs at fair value on a recurring basis with subsequent remeasurement of MSRs based on change in fair value. An estimate of the fair value of the Company’s MSRs is determined by utilizing assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends and industry demand. All of the Company’s MSRs are classified as Level 3. | |||||||||||
Derivative instruments. The Company’s derivative instruments consist of commitments to fund fixed-rate mortgage loans to customers and forward commitments to sell individual fixed-rate mortgage loans. Fair value of these derivative instruments is measured on a recurring basis using recent observable market prices. The Company also enters into interest rate swaps to meet the financing, interest rate and equity risk management needs of its customers. The fair value of these instruments is either an observable market price or a discounted cash flow valuation using the terms of swap agreements but substituting original interest rates with prevailing interest rates ranging from 1.5% to 3.7%. The Company also considers the associated counterparty credit risk when determining the fair value of these instruments. The Company’s interest rate swaps, commitments to fund fixed-rate mortgage loans to customers and forward commitments to sell individual fixed-rate mortgage loans are classified as Level 3. | |||||||||||
Loans held for sale. In the second quarter of 2014, the Company elected to carry loans held for sale at fair value. The fair value of loans held for sale is based on commitments outstanding from investors as well as what secondary markets are currently offering for portfolios with similar characteristics. Therefore, loans held for sale are subjected to recurring fair value adjustments and are classified as Level 2. The Company obtains quotes, bids, or pricing indications on all or part of these loans directly from the buyers. Premiums and discounts received or to be received on the quotes, bids or pricing indications are indicative of the fact that the cost is lower or higher than fair value. Loans held for sale prior to the second quarter of 2014 were carried at the lower of cost or estimated fair value and were subject to nonrecurring fair value adjustments. | |||||||||||
Impaired loans. Loans considered impaired under FASB ASC 310 are loans for which, based on current information and events, it is probable that the creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. Impaired loans are subject to nonrecurring fair value adjustments to reflect (1) partial write-downs that are based on the observable market price or current appraised value of the collateral, or (2) the full charge-off of the loan carrying value. All of the Company’s impaired loans are classified as Level 3. | |||||||||||
Other real estate owned. OREO is carried at the lower of cost or estimated fair value, less estimated selling costs and is subjected to nonrecurring fair value adjustments. Estimated fair value is determined on the basis of independent appraisals and other relevant factors less an average of 7% for estimated costs to sell. All of the Company’s OREO is classified as Level 3. | |||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | |||||||||||
The following tables present the balances of the assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013: | |||||||||||
31-Dec-14 | |||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||
Assets: | (In thousands) | ||||||||||
Available-for-sale securities: | |||||||||||
U.S. Government agencies | $ - | $ 1,215,054 | $ - | $ 1,215,054 | |||||||
Government agency issued residential | |||||||||||
mortgage-back securities | - | 209,230 | - | 209,230 | |||||||
Government agency issued commercial | |||||||||||
mortgage-back securities | - | 240,568 | - | 240,568 | |||||||
Obligations of states and political | |||||||||||
subdivisions | - | 483,864 | - | 483,864 | |||||||
Other | 1,302 | 6,909 | - | 8,211 | |||||||
Mortgage servicing rights | - | - | 51,296 | 51,296 | |||||||
Derivative instruments | - | - | 23,830 | 23,830 | |||||||
Loans held for sale | - | 141,015 | - | 141,015 | |||||||
Total | $ 1,302 | $ 2,296,640 | $ 75,126 | $ 2,373,068 | |||||||
Liabilities: | |||||||||||
Derivative instruments | $ - | $ - | $ 23,207 | $ 23,207 | |||||||
31-Dec-13 | |||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||
Assets: | (In thousands) | ||||||||||
Available-for-sale securities: | |||||||||||
U.S. Government agencies | $ - | $ 1,458,349 | $ - | $ 1,458,349 | |||||||
Government agency issued residential | |||||||||||
mortgage-back securities | - | 250,234 | - | 250,234 | |||||||
Government agency issued commercial | |||||||||||
mortgage-back securities | - | 230,912 | - | 230,912 | |||||||
Obligations of states and political | |||||||||||
subdivisions | - | 519,405 | - | 519,405 | |||||||
Other | 1,102 | 6,987 | - | 8,089 | |||||||
Mortgage servicing rights | - | - | 54,662 | 54,662 | |||||||
Derivative instruments | - | - | 30,230 | 30,230 | |||||||
Total | $ 1,102 | $ 2,465,887 | $ 84,892 | $ 2,551,881 | |||||||
Liabilities: | |||||||||||
Derivative instruments | $ - | $ - | $ 29,352 | $ 29,352 | |||||||
The following tables present the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2014 and 2013: | |||||||||||
Mortgage | Available- | ||||||||||
Servicing | Derivative | for-sale | |||||||||
Rights | Instruments | Securities | |||||||||
(In thousands) | |||||||||||
Balance at December 31, 2013 | $ 54,662 | $ 878 | $ - | ||||||||
Total net gains for the year included in: | |||||||||||
Net loss | -12,244 | -255 | - | ||||||||
Other comprehensive income | - | - | - | ||||||||
Additions | 8,878 | - | - | ||||||||
Transfers in and/or out of Level 3 | - | - | - | ||||||||
Balance at December 31, 2014 | $ 51,296 | $ 623 | $ - | ||||||||
Net unrealized gains (losses) included in net income for the | |||||||||||
year relating to assets and liabilities held at December 31, 2014 | $ (6,444) | $ (255) | $ - | ||||||||
Mortgage | Available- | ||||||||||
Servicing | Derivative | for-sale | |||||||||
Rights | Instruments | Securities | |||||||||
(In thousands) | |||||||||||
Balance at December 31, 2012 | $ 37,882 | $ 2,911 | $ - | ||||||||
Total net gains for the year included in: | |||||||||||
Net (loss) income | 2,690 | -2,033 | - | ||||||||
Other comprehensive income | - | - | - | ||||||||
Additions | 14,090 | - | - | ||||||||
Transfers in and/or out of Level 3 | - | - | - | ||||||||
Balance at December 31, 2013 | $ 54,662 | $ 878 | $ - | ||||||||
Net unrealized (losses) gains included in net income for the | |||||||||||
year relating to assets and liabilities held at December 31, 2013 | $ 8,943 | $ (2,033) | $ - | ||||||||
The Company had no purchases or settlements during 2014 and 2013. | |||||||||||
Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis | |||||||||||
The following tables present the balances of assets and liabilities measured at fair value on a nonrecurring basis as of December 31, 2014 and 2013: | |||||||||||
31-Dec-14 | |||||||||||
Total | |||||||||||
Level 1 | Level 2 | Level 3 | Total | Gains (Losses) | |||||||
Assets: | (In thousands) | ||||||||||
Impaired loans | - | - | 28,101 | 28,101 | -1,519 | ||||||
Other real estate owned | - | - | 33,984 | 33,984 | -11,974 | ||||||
31-Dec-13 | |||||||||||
Total | |||||||||||
Level 1 | Level 2 | Level 3 | Total | Gains (Losses) | |||||||
Assets: | (In thousands) | ||||||||||
Loans held for sale | $ - | $ 69,593 | $ - | $ 69,593 | $ - | ||||||
Impaired loans | - | - | 54,943 | 54,943 | -4,146 | ||||||
Other real estate owned | - | - | 69,338 | 69,338 | -17,963 | ||||||
Fair Value of Financial Instruments | |||||||||||
FASB ASC 825, Financial Instruments (“FASB ASC 825”), requires that the Company disclose estimated fair values for its financial instruments. Fair value estimates, methods and assumptions that are used by the Company in estimating fair values of financial instruments and that are not disclosed above in this Note 15 are set forth below. | |||||||||||
Cash and Due From Banks. The carrying amounts for cash and due from banks approximate fair values due to their immediate and shorter-term maturities. | |||||||||||
Loans and Leases. Fair values are estimated for portfolios of loans and leases with similar financial characteristics. The fair value of loans and leases is calculated by discounting scheduled cash flows through the estimated maturity using rates the Company would currently offer customers based on the credit and interest rate risk inherent in the loan or lease. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market and borrower information. Estimated maturity represents the expected average cash flow period, which in some instances is different than the stated maturity. This entrance price approach results in a calculated fair value that would be different than an exit or estimated actual sales price approach and such differences could be significant. All of the Company’s loans and leases are classified as Level 3. | |||||||||||
Deposit Liabilities. Under FASB ASC 825, the fair value of deposits with no stated maturity, such as noninterest bearing demand deposits, interest bearing demand deposits and savings, is equal to the amount payable on demand as of the reporting date. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the prevailing rates offered for deposits of similar maturities. The Company’s noninterest bearing demand deposits, interest bearing demand deposits and savings are classified as Level 1. Certificates of deposit are classified as Level 2. | |||||||||||
Debt. The carrying amounts for federal funds purchased and repurchase agreements approximate fair value because of their short-term maturity. The fair value of the Company’s fixed-term FHLB advances is based on the discounted value of contractual cash flows. The discount rate is estimated using the prevailing rates available for advances of similar maturities. The fair value of the Company’s junior subordinated debt is based on market prices or dealer quotes. The Company’s federal funds purchased, repurchase agreements and junior subordinated debt are classified as Level 1. FHLB advances are classified as Level 2. | |||||||||||
Lending Commitments. The Company’s lending commitments are negotiated at prevailing market rates and are relatively short-term in nature. As a matter of policy, the Company generally makes commitments for fixed-rate loans for relatively short periods of time. Therefore, the estimated value of the Company’s lending commitments approximates the carrying amount and is immaterial to the financial statements. The Company’s lending commitments are classified as Level 2. The Company’s off-balance sheet commitments, including letters of credit, which totaled $101.3 million at December 31, 2014, are funded at current market rates at the date they are drawn upon. It is management’s opinion that the fair value of these commitments would approximate their carrying value, if drawn upon. See Note 24, Commitments and Contingent Liabilities, for additional information regarding lending commitments. | |||||||||||
The following table presents carrying and fair value information of financial instruments at December 31, 2014 and 2013: | |||||||||||
2014 | 2013 | ||||||||||
Carrying | Fair | Carrying | Fair | ||||||||
Value | Value | Value | Value | ||||||||
Assets: | (In thousands) | ||||||||||
Cash and due from banks | $ 204,231 | $ 204,231 | $ 208,961 | $ 208,961 | |||||||
Interest bearing deposits with other banks | 153,019 | 153,019 | 319,462 | 319,462 | |||||||
Available for sale securities | 2,156,927 | 2,156,927 | 2,466,989 | 2,466,989 | |||||||
Net loans and leases | 9,570,493 | 10,066,945 | 8,804,779 | 9,059,171 | |||||||
Loans held for sale | 141,015 | 141,015 | 69,593 | 70,063 | |||||||
Liabilities: | |||||||||||
Noninterest bearing deposits | 2,778,686 | 2,778,686 | 2,644,592 | 2,644,592 | |||||||
Savings and interest bearing deposits | 6,200,017 | 6,200,017 | 5,816,580 | 5,816,580 | |||||||
Other time deposits | 1,993,636 | 2,005,023 | 2,312,664 | 2,332,380 | |||||||
Federal funds purchased and securities | |||||||||||
sold under agreement to repurchase | |||||||||||
and other short-term borrowings | 391,666 | 391,743 | 421,028 | 414,238 | |||||||
Long-term debt and other borrowings | 101,372 | 106,218 | 113,201 | 112,721 | |||||||
Derivative instruments: | |||||||||||
Forward commitments to sell fixed rate | |||||||||||
mortgage loans | -1,163 | -1,163 | 654 | 654 | |||||||
Commitments to fund fixed rate | |||||||||||
mortgage loans | 2,137 | 2,137 | 567 | 567 | |||||||
Interest rate swap position to receive | 21,653 | 21,653 | 28,907 | 28,907 | |||||||
Interest rate swap position to pay | -22,004 | -22,004 | -29,249 | -29,249 | |||||||
STOCK_INCENTIVE_AND_STOCK_OPTI
STOCK INCENTIVE AND STOCK OPTION PLANS | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
STOCK INCENTIVE AND STOCK OPTION PLANS [Abstract] | |||||||||||
STOCK INCENTIVE AND STOCK OPTION PLANS | (16) STOCK INCENTIVE AND STOCK OPTION PLANS | ||||||||||
Key employees and directors of the Company and its subsidiaries have been granted stock options under the Company’s Long-Term Equity Incentive Plan, 1995 Non-Qualified Stock Option Plan for Non-Employees (the “1995 Plan”) and 1998 Stock Option Plan (collectively, the “Plans”). Further, restricted stock and restricted stock units may be awarded under the 1995 Plan, and restricted stock, restricted stock units and performance shares may be awarded under the Long-Term Equity Incentive Plan. All options granted pursuant to these plans have an exercise price equal to the market value on the date of the grant and are exercisable over periods of one to ten years. Upon the exercise of stock options, new shares are issued by the Company. | |||||||||||
The Company’s Directors’ Fee Unfunded Plan provides that a minimum of 50% of the compensation payable to each director is paid in the form of the Company’s common stock. This plan is registered under the Company’s dividend reinvestment plan and the shares are purchased through the Company’s dividend reinvestment plan which purchases shares in the open market. | |||||||||||
FASB ASC 718 requires that compensation expense be measured using estimates of fair value of all stock-based awards. Compensation expense arising from stock options that has been charged against income for the Plans was approximately $843,000, $1.3 million and $1.9 million for 2014, 2013 and 2012, respectively. As of December 31, 2014, there was approximately $22,000 of total unrecognized compensation cost related to nonvested stock options. That cost is expected to be recognized over the remaining vesting period of non-vested stock options. | |||||||||||
In January 2012, the Company granted stock options to purchase 338,681 shares of the Company’s common stock to its employees under the Long-Term Equity Incentive Plan. These stock options have a contractual life of seven years and vest over a one, two or three-year service period. No stock options were granted during 2014 or 2013. The following tables present the stock option activity under the Plans as of December 31, 2014, 2013 and 2012 and changes during the years then ended: | |||||||||||
2014 | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Weighted- | Remaining | Aggregate | |||||||||
Average | Contractual | Intrinsic | |||||||||
Exercise | Term | Value | |||||||||
Shares | Price | (years) | (In thousands) | ||||||||
Options | |||||||||||
Outstanding at January 1, 2014 | 1,884,318 | $ 19.69 | |||||||||
Exercised | -662,721 | 17.32 | |||||||||
Cancelled or forfeited | -19,500 | 20.26 | |||||||||
Expired | -145,120 | 23.26 | |||||||||
Outstanding at December 31, 2014 | 1,056,977 | $ 20.67 | 1.8 | $ 2,672 | |||||||
Exercisable at December 31, 2014 | 977,491 | $ 21.38 | 1.7 | $ 1,831 | |||||||
2013 | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Weighted- | Remaining | Aggregate | |||||||||
Average | Contractual | Intrinsic | |||||||||
Exercise | Term | Value | |||||||||
Shares | Price | (years) | (In thousands) | ||||||||
Options | |||||||||||
Outstanding at January 1, 2013 | 2,764,854 | $ 20.58 | |||||||||
Exercised | -64,000 | 15.97 | |||||||||
Cancelled or forfeited | -509,236 | 22.67 | |||||||||
Expired | -307,300 | 23.60 | |||||||||
Outstanding at December 31, 2013 | 1,884,318 | $ 19.69 | 2.7 | $ 10,806 | |||||||
Exercisable at December 31, 2013 | 1,715,431 | $ 20.45 | 2.5 | $ 8,528 | |||||||
2012 | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Weighted- | Remaining | Aggregate | |||||||||
Average | Contractual | Intrinsic | |||||||||
Exercise | Term | Value | |||||||||
Shares | Price | (years) | (In thousands) | ||||||||
Options | |||||||||||
Outstanding at January 1, 2012 | 2,714,023 | $ 21.72 | |||||||||
Granted | 338,681 | 11.93 | |||||||||
Exercised | -6,333 | 12.94 | |||||||||
Cancelled or forfeited | -174,183 | 22.04 | |||||||||
Expired | -107,334 | 20.03 | |||||||||
Outstanding at December 31, 2012 | 2,764,854 | $ 20.58 | 3.1 | $ 1,374 | |||||||
Exercisable at December 31, 2012 | 2,306,860 | $ 22.23 | 2.6 | $ 1,332 | |||||||
The following table presents the status of the Company’s nonvested options as of December 31, 2014 | |||||||||||
and changes during the year then ended: | |||||||||||
Weighted- | Weighted- | ||||||||||
Average | Average | ||||||||||
Exercise | Grant Date | ||||||||||
Shares | Price | Fair Value | |||||||||
Nonvested Options | |||||||||||
Outstanding at January 1, 2014 | 168,887 | $ 11.93 | $ 4.16 | ||||||||
Granted | - | - | - | ||||||||
Vested | -84,401 | 12.81 | 4.16 | ||||||||
Forfeited or cancelled | -5,000 | 11.93 | 4.15 | ||||||||
Outstanding at December 31, 2014 | 79,486 | $ 11.93 | $ 4.16 | ||||||||
The Company uses historical data to estimate stock option exercise and employee departure behavior used in the Black-Scholes-Merton option valuation model. Groups of participants (executive, non-executives and directors) are considered separately for valuation purposes. The expected term of stock options granted is derived from analysis of all historical data on stock option activity and represents the period of time that stock options granted are expected to be outstanding; the range given below results from certain groups of participants exhibiting different post-vesting behaviors. The risk-free rate for periods within the contractual term of the stock option is based on the U. S. Treasury yield curve in effect at the time of grant. The expected volatility is estimated based on the Company’s historical experience. The following table provides the range of assumptions used for stock options granted during the year ended December 31, 2012: | |||||||||||
2012 | |||||||||||
Expected volatility | 49.90% | ||||||||||
Weighted-average volatility | 49.90% | ||||||||||
Expected dividends | 2.50% | ||||||||||
Expected term (in years) | 4.8 - 4.9 | ||||||||||
Risk-free rate | 0.81% | ||||||||||
The weighted-average grant-date fair value of stock options granted during 2012 was $4.16. The intrinsic value of stock options exercised during the years ended December 31, 2014, 2013 and 2012 was $4.6 million, approximately $289,000 and approximately $9,000, respectively. | |||||||||||
The following table summarizes information about stock options outstanding at December 31, 2014: | |||||||||||
Options Outstanding | Options exercisable | ||||||||||
Range of | Number | Weighted-Avg | Weighted-Avg | Number | Weighted-Avg | ||||||
Exercise Prices | Outstanding | Remaining Life (years) | Exercise Price | Exercisable | Exercise Price | ||||||
$10.07 to $13.25 | 256,493 | 3.6 | $ 12.40 | 177,007 | $ 12.61 | ||||||
$17.10 to $22.97 | 322,534 | 1.7 | 22.27 | 322,534 | 22.27 | ||||||
$23.19 to $24.03 | 143,000 | 1.0 | 23.19 | 143,000 | 23.19 | ||||||
$24.27 to $25.31 | 334,950 | 1.0 | 24.39 | 334,950 | 24.39 | ||||||
$10.07 to $25.31 | 1,056,977 | 1.8 | $ 20.67 | 977,491 | $ 21.38 | ||||||
The Company’s Long-Term Equity Incentive plan allows for the issuance of performance shares. Performance shares entitle the recipient to receive shares of the Company’s common stock upon the achievement of performance goals that are specified in the award over a specified performance period. The recipient of performance shares is not treated as a shareholder of the Company and is not entitled to vote or receive dividends until the performance conditions stated in the award are satisfied and the shares of stock are actually issued to the recipient. | |||||||||||
In March 2011, the Company granted 125,410 performance shares to employees for the two-year performance period from January 1, 2011 through December 31, 2012. In January 2012, the Company granted 103,055 performance shares to employees for the two-year performance period from January 1, 2012 through December 31, 2013. In January 2013, the Company granted 83,620 performance shares to employees for the two-year performance period from January 1, 2013 through December 31, 2014. In January 2014, the Company granted 57,550 performance shares to employees for the two-year performance period from January 1, 2014 through December 31, 2015. All of these performance shares vest over a three-year period and are valued at the fair value of the Company’s stock at the grant date based upon the estimated number of shares expected to vest. Compensation expense of approximately $193,000 and $659,000 was recognized in 2013 and 2012, respectively, related to the 2011 grant of performance shares. Compensation expense of approximately $153,000, $650,000 and $731,000 was recognized in 2014, 2013 and 2012, respectively, related to the 2012 grant of performance shares. Compensation expense of approximately $477,000 and $801,000 was recognized in 2014 and 2013, respectively, related to the 2013 grant of performance shares. Compensation expense of approximately $500,000 was recognized in 2014 related to the 2014 grant of performance shares. | |||||||||||
In May 2012, the Company awarded 7,500 restricted stock units covering 7,500 shares of Company common stock to its directors with the shares of stock covered by this award issued to the directors in May 2013. In May 2013, the Company awarded 7,500 restricted stock units covering 7,500 shares of Company common stock to its directors with the shares of stock covered by this award issued to the directors in May 2014. In May 2014 the Company awarded 19,500 restricted stock units covering 19,500 shares of Company common stock to its directors with the shares of stock covered by the award to be issued to the directors in May 2015. Compensation expense of approximately $330,000, $140,000, and $67,000 was recognized in 2014, 2013, and 2012, respectively, related to the restricted stock units issued to the Company’s directors. | |||||||||||
In June 2012, pursuant to the Long-Term Equity Incentive Plan, the Company awarded 60,000 restricted stock units covering 60,000 shares of Company common stock to senior executives with the shares of stock covered by this award to be issued to the senior executives equally beginning in June 2013 over a five-year period. Compensation expense of approximately $180,000, $311,000 and $199,000 was recognized in 2014, 2013 and 2012 related to the restricted stock units issued to the Company’s senior executives. | |||||||||||
In November 2012, pursuant to the Long-Term Equity Incentive Plan, the Company awarded 24,083 shares of restricted stock to a senior executive with the shares of stock covered by this award to be issued to the senior executive in November 2017. Compensation expense of approximately $63,000 and $68,000 was recorded in 2014 and 2013, respectively, related to the restricted stock issued to the Company’s senior executive. Also in November 2012, pursuant to the Long-Term Equity Incentive Plan, the Company awarded 88,232 shares of restricted stock to a senior executive, with the shares of stock covered by this award to be issued to the senior executive in January 2015. Compensation expense of approximately $554,000 and $600,000 was recorded in 2014 and 2013, respectively, related to the restricted stock issued to the Company’s senior executive. | |||||||||||
In March 2013, pursuant to the Long-Term Equity Incentive Plan, the Company awarded 582,500 shares of restricted stock to employees, with the shares of stock covered by this award to be issued to employees in May 2018. Compensation expense of $1.7 million and $1.4 million was recorded in 2014 and 2013, respectively, related to the restricted stock issued to the Company’s employees. Also in March 2013, pursuant to the Long-Term Equity Incentive Plan, the Company awarded 21,341 shares of restricted stock to a senior executive with the shares of stock covered by this award to be issued to the senior executive equally beginning in March 2014 over a three-year period. Compensation expense of approximately $97,000, and $160,000 was recorded in 2014 and 2013, respectively, related to the restricted stock issued to the Company’s senior executive. | |||||||||||
In 2014, at various dates, pursuant to the Long-term Equity Incentive Plan, the Company awarded a total of 338,350 shares of restricted stock to employees with 64,500 shares vesting in February 2015, 51,500 vesting in February 2018, 196,100 vesting in May 2019 and 26,250 vesting in May 2020. Compensation expense of $2.2 million was recorded in 2014 related to these 2014 restricted stock awards issued to the Company’s employees. | |||||||||||
As of December 31, 2014, there was $11.6 million of unrecognized compensation cost related to unvested restricted stock compensation that is expected to be recognized over a weighted average period of 4.0 years. | |||||||||||
EARNINGS_PER_SHARE_AND_DIVIDEN
EARNINGS PER SHARE AND DIVIDEND DATA | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
EARNINGS PER SHARE AND DIVIDEND DATA [Abstract] | |||||||
EARNINGS PER SHARE AND DIVIDEND DATA | (17) EARNINGS PER SHARE AND DIVIDEND DATA | ||||||
Basic earnings per share (“EPS”) are calculated using the two-class method. The two-class method provides that unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of basic EPS. Diluted EPS is computed using the weighted-average number of shares determined for the basic EPS computation plus the shares resulting from the assumed exercise of all outstanding share-based awards using the treasury stock method. Weighted-average antidilutive stock options to purchase approximately 67,000, 1.2 million and 2.9 million shares of Company common stock with a weighted average exercise price of $24.89, $23.81 and $20.64 per share for 2014, 2013 and 2012, respectively, were excluded from diluted shares. There were no antidilutive other equity awards for 2014, 2013 and 2012. The following tables provide a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the years ended December 31, 2014, 2013 and 2012: | |||||||
2014 | |||||||
Income | Shares | Per Share | |||||
(Numerator) | (Denominator) | Amount | |||||
Basic EPS: | (In thousands, except per share amounts) | ||||||
Income available to common shareholders | $ 116,750 | 95,973 | $ 1.22 | ||||
Effect of dilutive stock options | - | 329 | |||||
Diluted EPS: | |||||||
Income available to common shareholders | |||||||
plus assumed exercise | $ 116,750 | 96,302 | $ 1.21 | ||||
2013 | |||||||
Income | Shares | Per Share | |||||
(Numerator) | (Denominator) | Amount | |||||
Basic EPS: | (In thousands, except per share amounts) | ||||||
Income available to common shareholders | $ 94,115 | 95,048 | $ 0.99 | ||||
Effect of dilutive stock options | - | 284 | |||||
Diluted EPS: | |||||||
Income available to common shareholders | |||||||
plus assumed exercise | $ 94,115 | 95,332 | $ 0.99 | ||||
2012 | |||||||
Income | Shares | Per Share | |||||
(Numerator) | (Denominator) | Amount | |||||
Basic EPS: | (In thousands, except per share amounts) | ||||||
Income available to common shareholders | $ 84,295 | 93,774 | $ 0.90 | ||||
Effect of dilutive stock options | - | 90 | |||||
Diluted EPS: | |||||||
Income available to common shareholders | |||||||
plus assumed exercise | $ 84,295 | 93,864 | $ 0.90 | ||||
Dividends to shareholders are paid from dividends paid to the Company by the Bank which are subject to approval by the applicable state regulatory authority. | |||||||
OTHER_COMPREHENSIVE_INCOME
OTHER COMPREHENSIVE INCOME | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
OTHER COMPREHENSIVE INCOME [Abstract] | |||||||
OTHER COMPREHENSIVE INCOME | (18) OTHER COMPREHENSIVE INCOME | ||||||
The following tables present the components of other comprehensive income (loss) and the related tax effects allocated to each component for the years ended December 31, 2014, 2013 and 2012: | |||||||
2014 | |||||||
Before | Tax | Net | |||||
Tax | (Expense) | of Tax | |||||
Amount | Benefit | Amount | |||||
(In thousands) | |||||||
Net unrealized gains on available-for-sale securities: | |||||||
Unrealized gains (losses) arising during | |||||||
holding period | $ 26,016 | $ (9,965) | $ 16,051 | ||||
Reclassification adjustment for net (gains) losses | |||||||
realized in net income (1) | -37 | 14 | -23 | ||||
Recognized employee benefit plan net | |||||||
periodic benefit cost (2) | -48,187 | 18,432 | -29,755 | ||||
Other comprehensive loss | $ (22,208) | $ 8,481 | $ (13,727) | ||||
2013 | |||||||
Before | Tax | Net | |||||
Tax | (Expense) | of Tax | |||||
Amount | Benefit | Amount | |||||
(In thousands) | |||||||
Net unrealized gains on available-for-sale securities: | |||||||
Unrealized (losses) gains arising during | |||||||
holding period | $ (61,640) | $ 23,603 | $ (38,037) | ||||
Reclassification adjustment for net (gains) losses | |||||||
realized in net income (1) | -46 | 18 | -28 | ||||
Recognized employee benefit plan net | |||||||
periodic benefit cost (2) | 27,128 | -10,376 | 16,752 | ||||
Other comprehensive loss | $ (34,558) | $ 13,245 | $ (21,313) | ||||
2012 | |||||||
Before | Tax | Net | |||||
Tax | (Expense) | of Tax | |||||
Amount | Benefit | Amount | |||||
(In thousands) | |||||||
Net unrealized gains on available-for-sale securities: | |||||||
Unrealized gains (losses) arising during | |||||||
holding period | $ 3,043 | $ (1,171) | $ 1,872 | ||||
Reclassification adjustment for net (gains) losses | |||||||
realized in net income (1) | -442 | 169 | -273 | ||||
Recognized employee benefit plan net | |||||||
periodic benefit cost (2) | -12,930 | 4,946 | -7,984 | ||||
Other comprehensive loss | $ (10,329) | $ 3,944 | $ (6,385) | ||||
-1 | Reclassification adjustments for net gains on available-for-sale securities are reported as security gains, net on the consolidated statement of income. | ||||||
-2 | Recognized employee benefit plan net periodic benefit cost include amortization of unrecognized transition amount, recognized prior service cost and recognized net loss. For more information, see Footnote 14 – Pension, Other Post Retirement Benefit and Profit Sharing Plans. | ||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | ||
Dec. 31, 2014 | |||
RELATED PARTY TRANSACTIONS [Abstract] | |||
RELATED PARTY TRANSACTIONS | (19) RELATED PARTY TRANSACTIONS | ||
The Bank has made, and expects in the future to continue to make in the ordinary course of business, loans to directors and executive officers of the Company and their affiliates. In management’s opinion, these transactions with directors and executive officers were made on substantially the same terms as those prevailing at the time for comparable transactions with other persons and did not involve more than the normal risk of collectibility or present any other unfavorable features. A summary of such outstanding loans is as follows: | |||
Amount | |||
(In thousands) | |||
Loans outstanding at December 31, 2013 | $ 34,616 | ||
New loans | 68,915 | ||
Repayments | -33,931 | ||
Changes in directors and executive officers | -42,351 | ||
Loans outstanding at December 31, 2014 | $ 27,249 | ||
MORTGAGE_SERVICING_RIGHTS
MORTGAGE SERVICING RIGHTS | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
MORTGAGE SERVICING RIGHTS [Abstract] | |||||||
MORTGAGE SERVICING RIGHTS | (20) MORTGAGE SERVICING RIGHTS | ||||||
MSRs, which are recognized as a separate asset on the date the corresponding mortgage loan is sold, are recorded at fair value as determined at each accounting period end. An estimate of the fair value of the Company’s MSRs is determined utilizing assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends and industry demand. Data and assumptions used in the fair value calculation related to MSRs as of December 31, 2014, 2013 and 2012 were as follows: | |||||||
2014 | 2013 | 2012 | |||||
(Dollars in thousands) | |||||||
Unpaid principal balance | $ | $ | $ | ||||
5,686,756 | 5,577,325 | 5,058,912 | |||||
Weighted-average prepayment speed (CPR) | 11.6 | 10.3 | 17.1 | ||||
Discount rate (annual percentage) | 9.8 | 10.3 | 10.8 | ||||
Weighted-average coupon interest rate (percentage) | 4.1 | 4.2 | 4.4 | ||||
Weighted-average remaining maturity (months) | 314.0 | 310.0 | 307.0 | ||||
Weighted-average servicing fee (basis points) | 26.5 | 26.6 | 27.1 | ||||
Because the valuation is determined by using discounted cash flow models, the primary risk inherent in valuing the MSRs is the impact of fluctuating interest rates on the estimated life of the servicing revenue stream. The use of different estimates or assumptions could also produce different fair values. The Company does not hedge the change in fair value of MSRs and, therefore, the Company is susceptible to significant fluctuations in the fair value of its MSRs in changing interest rate environments. | |||||||
The Company has one class of mortgage servicing asset comprised of closed end loans for one-to-four family residences, secured by first liens. The following table presents the activity in this class for the years indicated: | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Fair value at beginning of year | $ 54,662 | $ 37,882 | |||||
Additions: | |||||||
Origination of servicing assets | 8,878 | 14,090 | |||||
Changes in fair value: | |||||||
Due to payoffs/paydowns | -5,793 | -6,244 | |||||
Due to change in valuation inputs or assumptions | |||||||
used in the valuation model | -6,444 | 8,943 | |||||
Other changes in fair value | -7 | -9 | |||||
Fair value at end of year | $ 51,296 | $ 54,662 | |||||
All of the changes to the fair value of the MSRs are recorded as part of mortgage lending noninterest revenue on the income statement. As part of mortgage lending noninterest revenue, the Company recorded contractual servicing fees of $15.2 million, $14.6 million and $13.0 million and late and other ancillary fees of $1.2 million, $1.4 million and $1.4 million in 2014, 2013, and 2012, respectively. | |||||||
REGULATORY_MATTERS
REGULATORY MATTERS | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
REGULATORY MATTERS [Abstract] | |||||||||
REGULATORY MATTERS | (21) REGULATORY MATTERS | ||||||||
The Company is subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classification are also subject to qualitative judgments by regulators about components, risk weightings and other factors. Quantitative measures established by the Board of Governors of the Federal Reserve to ensure capital adequacy require the Company to maintain minimum capital amounts and ratios (risk-based capital ratios). All banking companies are required to have core capital (“Tier 1”) of at least 4% of risk-weighted assets, total capital of at least 8% of risk-weighted assets and a minimum Tier 1 leverage ratio of 4% of adjusted average assets. The regulations also define well capitalized levels of Tier 1, total capital and Tier 1 leverage as 6%, 10% and 5%, respectively. The Company and the Bank had Tier 1, total capital and Tier 1 leverage above the well capitalized levels at December 31, 2014 and 2013, respectively, as set forth in the following table: | |||||||||
2014 | 2013 | ||||||||
Amount | Ratio | Amount | Ratio | ||||||
(Dollars in thousands) | |||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||
BancorpSouth, Inc. | $ 1,351,807 | 13.27% | $ 1,255,244 | 12.99% | |||||
BancorpSouth Bank | 1,298,449 | 12.76 | 1,237,716 | 12.83 | |||||
Total capital (to risk-weighted assets) | |||||||||
BancorpSouth, Inc. | 1,479,791 | 14.52 | 1,376,752 | 14.25 | |||||
BancorpSouth Bank | 1,426,433 | 14.02 | 1,359,195 | 14.09 | |||||
Tier 1 leverage capital (to average assets) | |||||||||
BancorpSouth, Inc. | 1,351,807 | 10.55 | 1,255,244 | 9.93 | |||||
BancorpSouth Bank | 1,298,449 | 10.17 | 1,237,716 | 9.81 | |||||
SEGMENTS
SEGMENTS | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
SEGMENTS [Abstract] | |||||||||
SEGMENTS | (22) SEGMENTS | ||||||||
The Company is a financial holding company with subsidiaries engaged in the business of banking and activities closely related to banking. The Company determines reportable segments based upon the services offered, the significance of those services to the Company’s financial condition and operating results and management’s regular review of the operating results of those services. The Company’s primary segment is Community Banking, which includes providing a full range of deposit products, commercial loans and consumer loans. The Company has also designated two additional reportable segments - Insurance Agencies and General Corporate and Other. The Company’s insurance agencies serve as agents in the sale of commercial lines of insurance and full lines of property and casualty, life, health and employee benefits products and services. The General Corporate and Other operating segment includes mortgage lending, trust services, credit card activities, investment services and other activities not allocated to the Community Banking or Insurance Agencies operating segments. While the net income of the Community Banking operating segment remained consistent in 2014 compared to 2013, the increased net income of the Community Banking operating segment in 2013 compared to 2012 was primarily related to the corresponding decrease in the provision for credit losses. The increased net income of the General Corporate and Other operating segment in 2014 was primarily related to the decrease in noninterest expenses, such as voluntary early retirement expense and write-off of bond issue cost. The decreased net income of the General Corporate and Other operating segment in 2013 was primarily related to the decrease in mortgage lending revenue, as well as the voluntary early retirement opportunity expense recorded in 2013. | |||||||||
Results of operations and selected financial information by operating segment for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||
Community Banking | Insurance Agencies | General Corporate and Other | Total | ||||||
2014 | (In thousands) | ||||||||
Results of Operations | |||||||||
Net interest revenue | $ 381,604 | $ 117 | $ 34,941 | $ 416,662 | |||||
Provision for credit losses | -4,757 | - | 4,757 | - | |||||
Net interest income after provision | |||||||||
for credit losses | 386,361 | 117 | 30,184 | 416,662 | |||||
Noninterest revenue | 100,678 | 115,541 | 52,927 | 269,146 | |||||
Noninterest expense | 336,341 | 97,620 | 84,445 | 518,406 | |||||
Income (loss) before income taxes | 150,698 | 18,038 | -1,334 | 167,402 | |||||
Income tax expense (benefit) | 48,072 | 7,255 | -4,675 | 50,652 | |||||
Net income (loss) | $ 102,626 | $ 10,783 | $ 3,341 | $ 116,750 | |||||
Selected Financial Information | |||||||||
Total assets | $ 9,820,238 | $ 188,920 | $ 3,317,211 | $ 13,326,369 | |||||
Depreciation and amortization | 24,061 | 5,257 | 2,397 | 31,715 | |||||
Community Banking | Insurance Agencies | General Corporate and Other | Total | ||||||
2013 | (In thousands) | ||||||||
Results of Operations | |||||||||
Net interest revenue | $ 372,629 | $ 165 | $ 26,155 | $ 398,949 | |||||
Provision for credit losses | 5,824 | - | 1,676 | 7,500 | |||||
Net interest income after provision | |||||||||
for credit losses | 366,805 | 165 | 24,479 | 391,449 | |||||
Noninterest revenue | 108,507 | 99,103 | 67,456 | 275,066 | |||||
Noninterest expense | 324,513 | 86,557 | 123,779 | 534,849 | |||||
Income (loss) before income taxes | 150,799 | 12,711 | -31,844 | 131,666 | |||||
Income tax expense (benefit) | 47,454 | 5,175 | -15,078 | 37,551 | |||||
Net income (loss) | $ 103,345 | $ 7,536 | $ (16,766) | $ 94,115 | |||||
Selected Financial Information | |||||||||
Total assets | $ 9,809,428 | $ 187,424 | $ 3,032,881 | $ 13,029,733 | |||||
Depreciation and amortization | 22,912 | 3,655 | 2,956 | 29,523 | |||||
Community Banking | Insurance Agencies | General Corporate and Other | Total | ||||||
2012 | (In thousands) | ||||||||
Results of Operations | |||||||||
Net interest revenue | $ 389,466 | $ 270 | $ 24,855 | $ 414,591 | |||||
Provision for credit losses | 25,482 | - | 2,518 | 28,000 | |||||
Net interest income after provision | |||||||||
for credit losses | 363,984 | 270 | 22,337 | 386,591 | |||||
Noninterest revenue | 113,613 | 90,045 | 76,491 | 280,149 | |||||
Noninterest expense | 351,378 | 78,799 | 119,016 | 549,193 | |||||
Income (loss) before income taxes | 126,219 | 11,516 | -20,188 | 117,547 | |||||
Income tax expense (benefit) | 39,777 | 4,682 | -11,207 | 33,252 | |||||
Net income | $ 86,442 | $ 6,834 | $ (8,981) | $ 84,295 | |||||
Selected Financial Information | |||||||||
Total assets | $ 10,232,036 | $ 173,832 | $ 2,991,330 | $ 13,397,198 | |||||
Depreciation and amortization | 23,773 | 3,616 | 3,553 | 30,942 | |||||
DERIVATIVE_INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
DERIVATIVE INSTRUMENTS [Abstract] | |||||||||||||
DERIVATIVE INSTRUMENTS | (23) DERIVATIVE INSTRUMENTS | ||||||||||||
The derivative instruments held by the Company include commitments to fund fixed-rate mortgage loans to customers and forward commitments to sell individual, fixed-rate mortgage loans. The Company’s objective in obtaining the forward commitments is to mitigate the interest rate risk associated with the commitments to fund the fixed-rate mortgage loans. Both the commitments to fund fixed-rate mortgage loans and the forward commitments to sell individual fixed-rate mortgage loans are reported at fair value, with adjustments being recorded in current period earnings, and are not accounted for as hedges. At December 31, 2014, the notional amount of forward commitments to sell individual fixed-rate mortgage loans was $155.8 million, with a carrying value and fair value reflecting a loss of $1.2 million. At December 31, 2013, the notional amount of forward commitments to sell individual fixed-rate mortgage loans was $90.2 million, with a carrying value and fair value reflecting a gain of approximately $654,000. At December 31, 2014, the notional amount of commitments to fund individual fixed-rate mortgage loans was $85.2 million, with a carrying value and fair value reflecting a gain of $2.1 million. At December 31, 2013, the notional amount of commitments to fund individual fixed-rate mortgage loans was $55.4 million, with a carrying value and fair value reflecting a gain of approximately $567,000. | |||||||||||||
The Company also enters into derivative financial instruments in the form of interest rate swaps to meet the financing, interest rate and equity risk management needs of its customers. Upon entering into these interest rate swaps to meet customer needs, the Company enters into offsetting positions to minimize interest rate and equity risk to the Company. These derivative financial instruments are reported at fair value with any resulting gain or loss recorded in current period earnings. These instruments and their offsetting positions are recorded in other assets and other liabilities on the consolidated balance sheets. As of December 31, 2014, the notional amount of customer related derivative financial instruments was $324.2 million, with an average maturity of 49.5 months, an average interest receive rate of 2.5% and an average interest pay rate of 5.6%. As of December 31, 2013, the notional amount of customer related derivative financial instruments was $412.9 million, with an average maturity of 54.7 months, an average interest receive rate of 2.5% and an average interest pay rate of 5.6%. | |||||||||||||
Certain financial instruments, such as derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements or similar agreements. The Bank’s derivative transactions with upstream financial institution counterparties are generally executed under International Swaps and Derivative Association master agreements which include “right of set-off” provisions. In such cases, there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, the Bank does not generally offset such financial instruments for financial reporting purposes. | |||||||||||||
The following table presents components of financial instruments eligible for offsetting for the periods indicated: | |||||||||||||
31-Dec-14 | |||||||||||||
Gross Amounts Not Offset | |||||||||||||
in the Consolidated | |||||||||||||
Balance Sheet | |||||||||||||
Financial | |||||||||||||
Gross Amount | Gross Amount | Net Amount | Financial | Collateral | Net | ||||||||
Recognized | Offset | Recognized | Instruments | Pledged | Amount | ||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Derivatives: | |||||||||||||
Forward commitments | $ 2,177 | $ - | $ 2,177 | $ - | $ - | $ 2,177 | |||||||
Loan/lease interest rate swaps | 22,004 | - | 22,004 | - | - | 22,004 | |||||||
Total financial assets | $ 24,181 | $ - | $ 24,181 | $ - | $ - | $ 24,181 | |||||||
Financial liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Forward commitments | $ 1,203 | $ - | $ 1,203 | $ - | $ - | $ 1,203 | |||||||
Loan/lease interest rate swaps | 22,004 | - | 22,004 | - | -22,004 | - | |||||||
Repurchase arrangements | 388,166 | - | 388,166 | -388,166 | - | - | |||||||
Total financial liabilities | $ 411,373 | $ - | $ 411,373 | $ (388,166) | $ (22,004) | $ 1,203 | |||||||
31-Dec-13 | |||||||||||||
Gross Amounts Not Offset | |||||||||||||
in the Consolidated | |||||||||||||
Balance Sheet | |||||||||||||
Financial | |||||||||||||
Gross Amount | Gross Amount | Net Amount | Financial | Collateral | Net | ||||||||
Recognized | Offset | Recognized | Instruments | Pledged | Amount | ||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Derivatives: | |||||||||||||
Forward commitments | $ 1,324 | $ - | $ 1,324 | $ - | $ - | $ 1,324 | |||||||
Loan/lease interest rate swaps | 29,249 | - | 29,249 | - | - | 29,249 | |||||||
Total financial assets | $ 30,573 | $ - | $ 30,573 | $ - | $ - | $ 30,573 | |||||||
Financial liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Forward commitments | $ 103 | $ - | $ 103 | $ - | $ - | $ 103 | |||||||
Loan/lease interest rate swaps | 29,249 | - | 29,249 | - | -29,249 | - | |||||||
Repurchase arrangements | 421,028 | - | 421,028 | -421,028 | - | - | |||||||
Total financial liabilities | $ 450,380 | $ - | $ 450,380 | $ (421,028) | $ (29,249) | $ 103 | |||||||
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended | ||
Dec. 31, 2014 | |||
COMMITMENTS AND CONTINGENT LIABILITIES [Abstract] | |||
COMMITMENTS AND CONTINGENT LIABILITIES | (24) COMMITMENTS AND CONTINGENT LIABILITIES | ||
Leases | |||
Rent expense was $7.9 million for 2014, $7.4 million for 2013 and $7.2 million for 2012. Future minimum lease payments for the following five years for all non-cancelable operating leases with initial or remaining terms of one year or more consisted of the following at December 31, 2014: | |||
Amount | |||
(In thousands) | |||
2015 | $ 5,141 | ||
2016 | 3,887 | ||
2017 | 2,774 | ||
2018 | 1,225 | ||
2019 | 664 | ||
Thereafter | 3,781 | ||
Total future minimum lease payments | $ 17,472 | ||
Mortgage Loans Serviced for Others | |||
The Company services mortgage loans for others that are not included as assets in the Company’s accompanying consolidated financial statements. Included in the $5.7 billion of loans serviced for investors at December 31, 2014 was $1.2 million of primary recourse servicing pursuant to which the Company is responsible for any losses incurred in the event of nonperformance by the mortgagor. The Company's exposure to credit loss in the event of such nonperformance is the unpaid principal balance at the time of default. This exposure is limited by the underlying collateral, which consists of single family residences and either federal or private mortgage insurance. | |||
Lending Commitments | |||
In the normal course of business, there are outstanding various commitments and other arrangements for credit which are not reflected in the consolidated balance sheets. As of December 31, 2014, these included $101.3 million for letters of credit and $2.3 billion for interim mortgage financing, construction credit, credit card and revolving line of credit arrangements. The Company did not realize significant credit losses from these commitments and arrangements during the years ended December 31, 2014, 2013 and 2012. | |||
Litigation | |||
The nature of the Company’s business ordinarily results in a certain amount of claims, litigation, investigations and legal and administrative investigations and proceedings. Although the Company and its subsidiaries have developed policies and procedures to minimize the impact of legal noncompliance and other disputes, and endeavored to provide reasonable insurance coverage, litigation and regulatory actions present an ongoing risk. | |||
The Company and its subsidiaries are engaged in lines of business that are heavily regulated and involve a large volume of financial transactions and potential transactions with numerous customers or applicants. From time to time, borrowers, customers, former employees and other third parties have brought actions against the Company or its subsidiaries, in some cases claiming substantial damages. Financial services companies are subject to the risk of class action litigation and, from time to time, the Company and its subsidiaries are subject to such actions brought against it. Additionally, the Bank is, and management expects it to be, engaged in a number of foreclosure proceedings and other collection actions as part of its lending and leasing collections activities, which, from time to time, have resulted in counterclaims against the Bank. Various legal proceedings have arisen and may arise in the future out of claims against entities to which the Company is a successor as a result of business combinations. The Company’s insurance has deductibles, and will likely not cover all such litigation or other proceedings or the costs of defense. The Company and its subsidiaries may also be subject to enforcement actions by federal or state regulators, including the Securities and Exchange Commission, the Federal Reserve, the FDIC, the Consumer Financial Protection Bureau, the Department of Justice, state attorneys general and the Mississippi Department of Banking and Consumer Finance. | |||
When and as the Company determines it has meritorious defenses to the claims asserted, it vigorously defends against such claims. The Company will consider settlement of claims when, in management’s judgment and in consultation with counsel, it is in the best interests of the Company to do so. | |||
The Company cannot predict with certainty the cost of defense, the cost of prosecution or the ultimate outcome of litigation and other proceedings filed by or against it, its directors, management or employees, including remedies or damage awards. On at least a quarterly basis, the Company assesses its liabilities and contingencies in connection with outstanding legal proceedings as well as certain threatened claims (which are not considered incidental to the ordinary conduct of the Company’s business) utilizing the latest and most reliable information available. For matters where a loss is not probable or the amount of the loss cannot be estimated, no accrual is established. For matters where it is probable the Company will incur a loss and the amount can be reasonably estimated, the Company establishes an accrual for the loss. Once established, the accrual is adjusted periodically to reflect any relevant developments. The actual cost of any outstanding legal proceedings or threatened claims, however, may turn out to be substantially higher than the amount accrued. Further, the Company’s insurance will not cover all such litigation, other proceedings or claims, or the costs of defense. | |||
While the final outcome of any legal proceedings is inherently uncertain, based on the information available, advice of counsel and available insurance coverage, management believes that the litigation-related expense of $11.2 million accrued as of December 31, 2014 is adequate and that any incremental liability arising from the Company’s legal proceedings and threatened claims, including the matters described herein and those otherwise arising in the ordinary course of business, will not have a material adverse effect on the Company's business or consolidated financial condition. It is possible, however, that future developments could result in an unfavorable outcome for or resolution of any one or more of the lawsuits in which the Company or its subsidiaries are defendants, which may be material to the Company’s results of operations for a given fiscal period. | |||
On August 16, 2011, a shareholder filed a putative derivative action purportedly on behalf of the Company in the Circuit Court of Lee County, Mississippi, against certain current and past executive officers and members of the Board of Directors of the Company. The plaintiff in this shareholder derivative lawsuit asserts that the individual defendants violated their fiduciary duties by allegedly issuing materially false and misleading statements regarding the Company’s business and financial results. The plaintiff is seeking to recover alleged damages in an unspecified amount and equitable and/or injunctive relief, and attorney’s fees. A motion to dismiss filed by the defendants was granted by the Court on January 5, 2015, and the plaintiff filed a notice of appeal of that decision on February 2, 2015. Although it is not possible to predict the ultimate resolution or financial liability with respect to this litigation, management is currently of the opinion that the outcome of this lawsuit will not have a material adverse effect on the Company’s business, consolidated financial position or results of operations. | |||
On May 18, 2010, the Bank was named as a defendant in a purported class action lawsuit filed by an Arkansas customer of the Bank in the U.S. District Court for the Northern District of Florida. The suit challenges the manner in which overdraft fees were charged and the policies related to posting order of debit card and ATM transactions. The suit also makes a claim under Arkansas’ consumer protection statute. The plaintiff is seeking to recover damages in an unspecified amount and equitable relief. The case was transferred to pending multi-district litigation in the U.S. District Court for the Southern District of Florida wherein an order was entered certifying a class in this case. The consolidated pretrial proceedings in the multi-district litigation court have concluded and the case has been remanded to the U.S. District Court for the Northern District of Florida for further proceedings. There are significant uncertainties involved in any purported class action litigation. Although it is not possible to predict the ultimate resolution or financial liability with respect to this litigation, management is currently of the opinion that the outcome of this lawsuit will not have a material adverse effect on the Company’s business, consolidated financial position or results of operations. However, there can be no assurance that an adverse outcome or settlement would not have a material adverse effect on the Company’s consolidated results of operations for a given fiscal period. | |||
On July 31, 2014, the Company and its Chief Executive Officer and Chief Financial Officer were named in a purported class-action lawsuit filed in the U.S. District Court for the Middle District of Tennessee on behalf of certain purchasers of the Company’s common stock. The complaint has subsequently been amended to add the former President and Chief Operating Officer. The complaint alleges that the defendants made materially false and misleading statements regarding the Company’s procedures, systems and process related to certain of its compliance programs. The plaintiff seeks class certification, an unspecified amount of damages and awards of costs and attorneys’ fees and such other equitable relief as the Court may deem just and proper. No class has been certified and, at this stage of the lawsuit, management cannot determine the probability of an unfavorable outcome to the Company. Although it is not possible to predict the ultimate resolution or financial liability with respect to this litigation, management is currently of the opinion that the outcome of this lawsuit will not have a material adverse effect on the Company’s business, consolidated financial position or results of operations. | |||
Other | |||
In 2014, the CFPB issued a series of inter-related Civil Investigative Demands to the Bank seeking documents and information regarding the Bank’s fair lending program. The United States Department of Justice (the “DOJ”) also initiated a related investigation of the Bank pursuant to which it has requested the same documents and information. We have voluntarily provided documents and other information to, and are cooperating with each of, the CFPB and the DOJ with regard to these investigations. | |||
The Bank has since received notification from the CFPB that the staff of the CFPB is considering whether to recommend to the CFPB’s Office of Enforcement public enforcement action against the Bank and a referral to the DOJ for alleged violations of the Equal Credit Opportunity Act of 1974. We have timely responded to the CFPB as to why the Bank believes that (i) the practices of its fair lending program are lawful, and (ii) the CFPB should not commence enforcement action against the Bank. A copy of the response was also sent to the DOJ. | |||
If the CFPB and/or the DOJ determine to bring public enforcement actions, such actions could include demands for civil money penalties and/or assessments, changes to certain of the Bank’s business practices and/or compliance programs, enhanced monitoring and/or customer restitution. The Company and the Bank are unable at this time to determine the terms on which these investigations will be resolved or the timing of such resolution or to estimate reliably the amounts, or range of possible amounts, of any fines, penalties and/or restitution if enforcement action is taken against the Bank. If, however, the CFPB and/or the DOJ do bring public enforcement actions, the resolution of such actions could have a materially adverse effect upon the Company and the Bank’s assets, business, cash flows, financial condition, liquidity, prospects and/or results of operations during the period in which any such action would be resolved. | |||
CONDENSED_PARENT_COMPANY_INFOR
CONDENSED PARENT COMPANY INFORMATION | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
CONDENSED PARENT COMPANY INFORMATION [Abstract] | |||||||
CONDENSED PARENT COMPANY INFORMATION | (25) CONDENSED PARENT COMPANY INFORMATION | ||||||
The following condensed financial information reflects the accounts and transactions of the Company (excluding its subsidiaries) at the dates and for the years indicated: | |||||||
Condensed Balance Sheets | December 31, | ||||||
2014 | 2013 | ||||||
Assets: | (In thousands) | ||||||
Cash on deposit with subsidiary bank | $ 93,270 | $ 56,751 | |||||
Investment in subsidiaries | 1,576,708 | 1,527,137 | |||||
Other assets | 10,404 | 11,525 | |||||
Total assets | $ 1,680,382 | $ 1,595,413 | |||||
Liabilities and shareholders' equity: | |||||||
Total liabilities | $ 74,323 | $ 82,283 | |||||
Shareholders' equity | 1,606,059 | 1,513,130 | |||||
Total liabilities and shareholders' equity | $ 1,680,382 | $ 1,595,413 | |||||
Year Ended December 31, | |||||||
Condensed Statements of Income | 2014 | 2013 | 2012 | ||||
(In thousands) | |||||||
Dividends from subsidiaries | $ 60,000 | $ 35,000 | $ - | ||||
Other operating income | 585 | 1,775 | 1,253 | ||||
Total income | 60,585 | 36,775 | 1,253 | ||||
Operating expenses | 6,867 | 15,033 | 16,931 | ||||
Income (loss) before tax benefit and equity in undistributed earnings | 53,718 | 21,742 | -15,678 | ||||
Income tax benefit | 2,420 | 5,860 | 5,732 | ||||
Income (loss) before equity in undistributed earnings | |||||||
of subsidiaries | 56,138 | 27,602 | -9,946 | ||||
Equity in undistributed earnings of subsidiaries | 60,612 | 66,513 | 94,241 | ||||
Net income | $ 116,750 | $ 94,115 | $ 84,295 | ||||
Year Ended December 31, | |||||||
Condensed Statements of Cash Flows | 2014 | 2013 | 2012 | ||||
(In thousands) | |||||||
Operating activities: | |||||||
Net income | $ 116,750 | $ 94,115 | $ 84,295 | ||||
Adjustments to reconcile net income | |||||||
to net cash provided by (used in) operating activities | -61,862 | -62,419 | -95,231 | ||||
Net cash provided by (used in) operating activities | 54,888 | 31,696 | -10,936 | ||||
Financing activities: | |||||||
Cash dividends | -23,983 | -11,383 | -3,778 | ||||
Redemption of junior subordinated debt | -8,248 | -128,866 | - | ||||
Advance of long-term debt | 8,000 | 50,000 | - | ||||
Repayment of long-term debt | -8,066 | -1,786 | - | ||||
Common stock transactions, net | 13,928 | 2,696 | 112,008 | ||||
Net cash (used in) provided by financing activities | -18,369 | -89,339 | 108,230 | ||||
Increase (decrease) in cash and cash equivalents | 36,519 | -57,643 | 97,294 | ||||
Cash and cash equivalents at beginning of year | 56,751 | 114,394 | 17,100 | ||||
Cash and cash equivalents at end of year | $ 93,270 | $ 56,751 | $ 114,394 | ||||
OTHER_NONINTEREST_INCOME_AND_E
OTHER NONINTEREST INCOME AND EXPENSE | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
OTHER NONINTEREST INCOME AND EXPENSE [Abstract] | |||||||
OTHER NONINTEREST INCOME AND EXPENSE | (26) OTHER NONINTEREST INCOME AND EXPENSE | ||||||
The following table details other noninterest income for the three years ended December 31, 2014, 2013 and 2012: | |||||||
2014 | 2013 | 2012 | |||||
(In thousands) | |||||||
Bank-owned life insurance | 8,848 | 8,314 | 8,074 | ||||
Other miscellaneous income | 13,292 | 15,153 | 15,122 | ||||
Total other noninterest income | $ 22,140 | $ 23,467 | $ 23,196 | ||||
The following table details other noninterest expense for the three years ended December 31, 2014, 2013 and 2012: | |||||||
2014 | 2013 | 2012 | |||||
(In thousands) | |||||||
Advertising | $ 4,388 | $ 4,558 | $ 4,869 | ||||
Foreclosed property expense | 17,071 | 11,728 | 39,406 | ||||
Telecommunications | 8,720 | 8,481 | 8,515 | ||||
Public relations | 3,399 | 4,258 | 5,434 | ||||
Data processing | 11,144 | 10,962 | 10,234 | ||||
Computer software | 10,525 | 8,496 | 7,476 | ||||
Amortization of intangibles | 4,443 | 2,979 | 3,222 | ||||
Legal expenses | 9,822 | 20,426 | 9,334 | ||||
Merger expense | 1,761 | - | - | ||||
Postage and shipping | 4,745 | 4,369 | 4,465 | ||||
Other miscellaneous expense | 68,108 | 66,801 | 71,994 | ||||
Total other noninterest expense | $ 144,126 | $ 143,058 | $ 164,949 | ||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy) | 12 Months Ended |
Dec. 31, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, BancorpSouth Bank and its wholly owned subsidiaries (the “Bank”) and Gumtree Wholesale Insurance Brokers, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Cash Flow Statements | Cash Flow Statements |
Cash equivalents include cash and amounts due from banks, including interest bearing deposits with other banks. The Company paid interest of $35.0 million, $51.9 million and $74.3 million and income taxes of $50.7 million, $39.5 million and $28.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. Loans and leases of $25.0 million, $42.2 million and $89.4 million were charged-off during 2014, 2013 and 2012, respectively. Unsettled purchases of securities were $10.0 million, $1.2 million and $24.9 million at December 31, 2014, 2013 and 2012, respectively. Loans foreclosed and transferred to OREO were $14.7 million, $29.3 million and $32.4 million during 2014, 2013 and 2012, respectively. Loans to facilitate the sale of other real estate owned were $4.4 million, $13.7 million and $3.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Securities | Securities |
Securities are classified as either held-to-maturity, trading or available-for-sale. Held-to-maturity securities are debt securities for which the Company has the ability and management has the intent to hold to maturity. They are reported at amortized cost. Trading securities are debt and equity securities that are bought and held principally for the purpose of selling them in the near term. They are reported at fair value, with unrealized gains and losses included in earnings. Available-for-sale securities are debt and equity securities not classified as either held-to-maturity securities or trading securities. They are reported at fair value, with unrealized gains and losses excluded from earnings and reported, net of tax, as a separate component of shareholders’ equity until realized. Gains and losses on securities are determined on the identified certificate basis. Amortization of premium and accretion of discount are computed using the interest method. | |
Securities are evaluated periodically to determine whether a decline in their value is other-than-temporary. The term “other-than-temporary” is not intended to indicate a permanent decline in value. Rather, it means that the prospects for near term recovery of value are not necessarily favorable, or that there is a lack of evidence to support fair values equal to, or greater than, the carrying value of the investment. Management reviews criteria such as the magnitude and duration of the decline, as well as the reasons for the decline, and whether the Company would be required to sell the securities before a full recovery of costs in order to predict whether the loss in value is other-than-temporary. Once a decline in value is determined to be other-than-temporary, the impairment is separated into (a) the amount of the impairment related to the credit loss and (b) the amount of the impairment related to all other factors. The value of the security is reduced by the other-than-temporary impairment with the amount of the impairment related to credit loss recognized as a charge to earnings and the amount of the impairment related to all other factors recognized in other comprehensive income. | |
Securities Purchased And Sold Under Agreements To Resell or Repurchase | Securities Purchased and Sold Under Agreements to Resell or Repurchase |
Securities purchased under agreements to resell are accounted for as short-term investments and securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were acquired or sold plus accrued interest. The securities pledged as collateral are generally U.S. government and federal agency securities. | |
Loans And Leases | Loans and Leases |
Loans and leases are recorded at the face amount of the notes reduced by collections of principal. Loans and leases include net unamortized deferred origination costs and fees. Net deferred origination costs and fees are recognized as a component of income using the effective interest method. In the event of a loan pay-off, the remaining net deferred origination costs and fees are automatically recognized into income and/or expense. Where doubt exists as to the collectibility of the loans and leases, interest income is recorded as payment is received. Interest is recorded monthly as earned on all other loans. | |
Loans of $500,000 or more that become 60 or more days past due are identified for review by the impairment group of the Bank, which decides whether an impairment exists and to what extent a specific allowance for credit loss should be made. Loans that do not meet these requirements may also be identified by management for impairment review, particularly if the loan is a small loan that is part of a larger relationship. Loans subject to such review are evaluated as to collateral dependency, current collateral value, guarantor or other financial support and likely disposition. Each such loan is individually evaluated for impairment. The impairment evaluation of real estate loans generally focuses on the fair value of underlying collateral obtained from appraisals, as the repayment of these loans may be dependent on the liquidation of the collateral. In certain circumstances, other information such as comparable sales data is deemed to be a more reliable indicator of fair value of the underlying collateral than the most recent appraisal. In these instances, such information is used in determining the impairment recorded for the loan. As the repayment of commercial and industrial loans is generally dependent upon the cash flow of the borrower or guarantor support, the impairment evaluation generally focuses on the discounted future cash flows of the borrower or guarantor support, as well as the projected liquidation of any pledged collateral. The Bank’s impairment group reviews the results of each evaluation and approves the final impairment amounts, which are then included in the analysis of the adequacy of the allowance for credit losses in accordance with FASB ASC 310. Loans identified for impairment are placed in non-accrual status. | |
The Company’s policy is to obtain an appraisal at the time of loan origination for real estate collateral securing a loan of $250,000 or more, consistent with regulatory guidelines. The Company’s policy is to obtain an updated appraisal when certain events occur, such as the refinancing of the debt, the renewal of the debt or events that indicate potential impairment. A new appraisal is generally ordered for loans greater than $500,000 that have characteristics of potential impairment, such as delinquency or other loan-specific factors identified by management, when a current appraisal (dated within the prior 12 months) is not available or when a current appraisal uses assumptions that are not consistent with the expected disposition of the loan collateral. In order to measure impairment properly at the time that a loan is deemed to be impaired, a staff appraiser may estimate the collateral fair value based upon earlier appraisals, sales contracts, approved foreclosure bids, comparable sales, officer estimates or current market conditions until a new appraisal is received. This estimate can be used to determine the extent of the impairment on the loan. After a loan is deemed to be impaired, it is management’s policy to obtain an updated appraisal on at least an annual basis. Management performs a review of the pertinent facts and circumstances of each impaired loan, such as changes in outstanding balances, information received from loan officers, and receipt of re-appraisals, on a monthly basis. As of each review date, management considers whether additional impairment should be recorded based on recent activity related to the loan-specific collateral as well as other relevant comparable assets. Any adjustment to reflect further impairments, either as a result of management’s periodic review or as a result of an updated appraisal, are made through recording additional loan loss provisions or charge-offs. | |
At December 31, 2014, impaired loans totaled $28.1 million, which was net of cumulative charge-offs of $5.5 million. Additionally, the Company had specific reserves of $1.5 million included in the allowance for credit losses. Impaired loans at December 31, 2014 were primarily from the Company’s commercial real estate portfolio. Impaired loan charge-offs are determined necessary when management does not anticipate any future recovery of collateral values. The loans were evaluated for impairment based on the fair value of the underlying collateral securing the loan. As part of the impairment review process, appraisals are used to determine the property values. The appraised values that are used are generally based on the disposition value of the property, which assumes Bank ownership of the property “as-is” and a 180- 360 day marketing period. If a current appraisal or one with an inspection date within the past 12 months using the necessary assumptions is not available, a new third-party appraisal is ordered. In cases where an impairment exists and a current appraisal is not available at the time of review, a staff appraiser may determine an estimated value based upon earlier appraisals, the sales contract, approved foreclosure bids, comparable sales, comparable appraisals, officer estimates or current market conditions until a new appraisal is received. After a new appraisal is received, the value used in the review will be updated and any adjustments to reflect further impairments are made. Appraisals are obtained from state-certified appraisers based on certain assumptions which may include foreclosure status, bank ownership, OREO marketing period of 180 days, costs to sell, construction or development status and the highest and best use of the property. A staff appraiser may make adjustments to appraisals based on sales contracts, comparable sales and other pertinent information if an appraisal does not incorporate the effect of these assumptions. | |
When a guarantor is relied upon as a source of repayment, the Company analyzes the strength of the guaranty. This analysis varies based on circumstances, but may include a review of the guarantor’s personal and business financial statements and credit history, a review of the guarantor’s tax returns and the preparation of a cash flow analysis of the guarantor. Management will continue to update its analysis on individual guarantors as circumstances change. Because of the continued weakness in the economy, subsequent analyses may result in the identification of the inability of some guarantors to perform under the agreed upon terms. | |
The Bank's policy provides that loans and leases are generally placed in non-accrual status if, in management’s opinion, payment in full of principal or interest is not expected or payment of principal or interest is more than 90 days past due, unless the loan or lease is both well-secured and in the process of collection. Once placed in non-accrual status, all accrued but uncollected interest related to the current fiscal year is reversed against the appropriate interest and fee income on loans and leases account with any accrued but uncollected interest related to prior fiscal years reversed against the allowance for credit losses account. | |
In the normal course of business, management grants concessions to borrowers, which would not otherwise be considered, where the borrowers are experiencing financial difficulty. Loans identified as meeting the criteria set out in FASB ASC 310 are identified as TDRs. The concessions granted most frequently for TDRs involve reductions or delays in required payments of principal and interest for a specified time, the rescheduling of payments in accordance with a bankruptcy plan or the charge-off of a portion of the loan. In most cases, the conditions of the credit also warrant nonaccrual status, even after the restructure occurs. As part of the credit approval process, the restructured loans are evaluated for adequate collateral protection in determining the appropriate accrual status at the time of restructure. TDR loans may be returned to accrual status in years after the restructure if there has been at least a six-month sustained period of repayment performance under the restructured loan terms by the borrower and the interest rate at the time of restructure was at or above market for a comparable loan. During 2014, the most common concessions involved rescheduling payments of principal and interest over a longer amortization period, granting a period of reduced principal payment or interest only payment for a limited time period, or the rescheduling of payments in accordance with a bankruptcy plan. | |
Provision and Allowance For Credit Losses | Provision and Allowance for Credit Losses |
The provision for credit losses is the periodic cost of providing an allowance or reserve for estimated probable losses on loans and leases. The Bank’s Board of Directors has appointed a Credit Committee, composed of senior management and loan administration staff, which meets on at least a quarterly basis and more frequently if necessary to review the recommendations of several internal working groups developed for specific purposes including the allowance for loans and lease losses, impairments and charge-offs. The allowance for loan and lease losses group (“ALLL group”) bases its estimates of credit losses on three primary components: (1) estimates of inherent losses that may exist in various segments of performing loans and leases; (2) specifically identified losses in individually analyzed credits; and (3) qualitative factors that may impact the performance of the loan and lease portfolio. Factors such as financial condition of the borrower and guarantor, recent credit performance, delinquency, liquidity, cash flows, collateral type and value are used to assess credit risk. Expected loss estimates are influenced by the historical losses experienced by the Bank for loans and leases of comparable creditworthiness and structure. Specific loss assessments are performed for loans and leases of significant size and delinquency based upon the collateral protection and expected future cash flows to determine the amount of impairment under FASB ASC 310. In addition, qualitative factors such as changes in economic and business conditions, portfolio concentrations of risk, loan and lease growth, acquisitions and changes in portfolio risk resulting from regulatory changes are considered in determining the adequacy of the level of the allowance for credit losses. | |
Attention is paid to the quality of the loan and lease portfolio through a formal loan review process. An independent loan review department of the Bank is responsible for reviewing the credit rating and classification of individual credits and assessing trends in the portfolio, adherence to internal credit policies and procedures and other factors that may affect the overall adequacy of the allowance for credit losses. The ALLL group is responsible for ensuring that the allowance for credit losses provides coverage of both known and inherent losses. The ALLL group meets at least quarterly to determine the amount of adjustments to the allowance for credit losses. The ALLL group is composed of senior management from the Bank’s loan administration and finance departments. | |
In 2010, the Bank established a real estate risk management group and an impairment group. The real estate risk management group oversees compliance with regulations and U.S. GAAP related to lending activities where real estate is the primary collateral. The impairment group is responsible for evaluating loans that have been specifically identified through various channels, including examination of the Bank’s watch list, past due listings, findings of the internal loan review department, loan officer assessments and loans to borrowers or industries known to be experiencing problems. For all loans identified, the responsible loan officer in conjunction with his credit administrator is required to prepare an impairment analysis to be reviewed by the impairment group. The impairment group deems that a loan is impaired if it is probable that the Company will be unable to collect the contractual principal and interest on the loan. The impairment group also evaluates the circumstances surrounding the loan in order to determine if the loan officer used the most appropriate method for assessing the impairment of the loan (i.e., present value of expected future cash flows, observable market price or fair value of the underlying collateral). The impairment group meets on a monthly basis. | |
If concessions are granted to a borrower as a result of its financial difficulties, the loan is classified as a TDR and analyzed for possible impairment as part of the credit approval process. TDRs determined to be impaired are reserved in accordance with FASB ASC 310 in the same manner as impaired loans which are not TDRs. Should the borrower’s financial condition, collateral protection or performance deteriorate, warranting reassessment of the loan rating or impairment, additional reserves may be required. | |
Any loan or portion thereof which is classified as “loss” by regulatory examiners or which is determined by management to be uncollectible, because of factors such as the borrower’s failure to pay interest or principal, the borrower’s financial condition, economic conditions in the borrower’s industry or the inadequacy of underlying collateral, is charged off. In addition, bank regulatory agencies periodically review the Bank’s allowance for credit losses and may require an increase in the provision for credit losses or the recognition of further loan charge-offs, based on judgments different than those of management. | |
Loans Held For Sale | Loans Held for Sale |
In the second quarter of 2014 the Company elected to carry loans held for sale at fair value. The fair value of loans held for sale is based on commitments outstanding from investors as well as what secondary markets are currently offering for portfolios with similar characteristics. Loans held for sale are subjected to recurring fair value adjustments. Loan sales are recognized when the transaction closes, the proceeds are collected, ownership is transferred and, through the sales agreement, continuing involvement consists of the right to service the loan for a fee for the life of the loan, if applicable. Gains on the sale of loans held for sale are recorded as part of mortgage lending revenue on the statement of income. | |
In the course of conducting the Company’s mortgage lending activities of originating mortgage loans and selling those loans in the secondary market, various representations and warranties are made to the purchasers of the mortgage loans. Every loan closed by the Bank’s mortgage center is run through a government agency automated underwriting system. Any exceptions noted during this process are remedied prior to sale. These representations and warranties also apply to underwriting the real estate appraisal opinion of value for the collateral securing these loans. Under the representations and warranties, failure by the Company to comply with the underwriting and/or appraisal standards could result in the Company being required to repurchase the mortgage loan or to reimburse the investor for losses incurred (i.e., make whole requests) if such failure cannot be cured by the Company within the specified period following discovery. During 2014, 21 mortgage loans totaling $2.3 million were repurchased or otherwise settled as a result of underwriting and appraisal standard exceptions or make whole requests. Losses of approximately $913,000 were recognized related to these repurchased and make whole loans. During 2013, 16 loans totaling approximately $931,000 were repurchased or otherwise settled as a result of underwriting and appraisal standard exceptions or make whole requests. Losses of approximately $661,000 were recognized related to these repurchased and make whole loans. During 2012, 14 mortgage loans totaling approximately $2.1 million were repurchased or otherwise settled as a result of underwriting and appraisal standard exceptions or make whole requests. Losses of approximately $782,000 were recognized related to these repurchased and make whole loans. At December 31, 2014, the Company had reserved $1.1 million for potential losses from representation and warranty obligations. | |
Government National Mortgage Association (“GNMA”) optional repurchase programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which the institution provides servicing. At the servicer’s option and without GNMA’s prior authorization, the servicer may repurchase such a delinquent loan for an amount equal to 100% of the remaining principal balance of the loan. Under FASB ASC 860, this buy-back option is considered a conditional option until the delinquency criteria are met, at which time the option becomes unconditional. When the Company is deemed to have regained effective control over these loans under the unconditional buy-back option, the loans can no longer be reported as sold and must be brought back onto the balance sheet as loans held for sale, regardless of whether the Company intends to exercise the buy-back option. These loans are reported as held for sale in accordance with U.S. GAAP with the offsetting liability being reported as other liabilities. At December 31, 2014, the amount of loans subject to buy back was $23.5 million. | |
Premises and Equipment | Premises and Equipment |
Premises and equipment are stated at cost, less accumulated depreciation and amortization. Provisions for depreciation and amortization, computed using straight-line methods, are charged to expense over the shorter of the lease term or the estimated useful lives of the assets. Costs of major additions and improvements are capitalized. Expenditures for routine maintenance and repairs are charged to expense as incurred. | |
Other Real Estate Owned | Other Real Estate Owned |
Real estate acquired through foreclosure, consisting of properties obtained through foreclosure proceedings or acceptance of a deed in lieu of foreclosure, is reported on an individual asset basis at the lower of cost or fair value, less estimated selling costs. Fair value is determined on the basis of current appraisals, comparable sales and other estimates of value obtained principally from independent sources. Any excess of the loan balance at the time of foreclosure over the fair value of the real estate held as collateral is charged to the allowance for credit losses. Based upon management’s evaluation of the real estate acquired through foreclosure, additional expense may be recorded and included in other noninterest expense when necessary in an amount sufficient to reflect any declines in estimated fair value. Gains and losses realized on the disposition of the properties are included in other noninterest expense. | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets |
Goodwill represents costs in excess of the fair value of net assets acquired in connection with purchase business combinations. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but instead tested for impairment at least annually in accordance with the provisions of FASB ASC 350, Intangibles – Goodwill and Other. Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment in accordance with FASB ASC 360, Property, Plant and Equipment. Goodwill and other intangible assets are reviewed annually within the fourth quarter for possible impairment, or sooner if a goodwill impairment indicator is identified. If impaired, the asset is written down to its estimated fair value. No impairment charges have been recognized through December 31, 2014. See Note 9, Goodwill and Other Intangible Assets, for additional information. | |
Mortgage Servicing Rights | Mortgage Servicing Rights |
The Company recognizes as assets the rights to service mortgage loans for others, known as MSRs. The Company records MSRs at fair value on a recurring basis with subsequent remeasurement of MSRs based on change in fair value in accordance with FASB ASC 860. An estimate of the fair value of the Company’s MSRs is determined utilizing assumptions about factors such as mortgage interest rates, discount rates, mortgage loan prepayment speeds, market trends and industry demand. Because the valuation is determined by using discounted cash flow models, the primary risk inherent in valuing the MSRs is the impact of fluctuating interest rates on the estimated life of the servicing revenue stream. The use of different estimates or assumptions could also produce different fair values. The Company does not hedge the change in fair value of MSRs and, therefore, the Company is susceptible to significant fluctuations in the fair value of its MSRs in changing interest rate environments. MSRs are included in the other assets category of the consolidated balance sheet. Changes in the fair value of MSRs are recorded as part of mortgage lending noninterest revenue on the consolidated statement of income. | |
Pension and Postretirement Benefits Accounting | e. |
Pension and Postretirement Benefits Accounting | |
The Company accounts for its defined benefit pension plans using an actuarial model as required by FASB ASC 715. This model uses an approach that allocates pension costs over the service period of employees in the plan. The Company also accounts for its other postretirement benefits using the requirements of FASB ASC 715. FASB ASC 715 requires the Company to recognize net periodic postretirement benefit costs as employees render the services necessary to earn their postretirement benefits. The principle underlying the accounting as required by FASB ASC 715 is that | |
employees render service ratably over the service period and, therefore, the income statement effects of the Company’s defined benefit pension and postretirement benefit plans should follow the same pattern. The Company accounts for the over-funded or under-funded status of its defined benefit and other postretirement plans as an asset or liability in its consolidated balance sheets and recognizes changes in that funded status in the year in which the changes occur through comprehensive income, as required by FASB ASC 715. | |
The discount rate is the rate used to determine the present value of the Company’s future benefit obligations for its pension and other postretirement benefit plans. The Company determines the discount rate to be used to discount plan liabilities at the measurement date with the assistance of its actuary using the actuary’s proprietary model. The Company developed a level equivalent yield using its actuary’s model as of December 31, 2014 and the expected cash flows from the BancorpSouth, Inc. Retirement Plan (the “Basic Plan”), the BancorpSouth, Inc. Restoration Plan (the “Restoration Plan”) and the BancorpSouth, Inc. Supplemental Executive Retirement Plan (the “Supplemental Plan”). Based on this analysis, the Company established its discount rate assumptions for determination of the projected benefit obligation at 4.10% for the Basic Plan, 3.90% for the Restoration Plan and 3.10% for the Supplemental Plan based on a December 31, 2014 measurement date. | |
The Company measured benefit obligations using the most recent RP-2014 mortality tables and MP-2014 mortality improvement scale in selecting mortality assumptions as of December 31, 2014. | |
Stock-Based Compensation | Stock-Based Compensation |
At December 31, 2014, the Company had three stock-based employee compensation plans. The Company recognizes compensation costs related to these stock-based employee compensation plans in accordance with FASB ASC 718, Compensation – Stock Compensation (“FASB ASC 718”). See Note 16, Stock Incentive and Stock Option Plans, for further disclosures regarding stock-based compensation. | |
Derivative Instruments | Derivative Instruments |
The derivative instruments held by the Company include commitments to fund fixed-rate mortgage loans to customers and forward commitments to sell individual, fixed-rate mortgage loans. The Company’s objective in obtaining the forward commitments is to mitigate the interest rate risk associated with the commitments to fund the fixed-rate mortgage loans. Both the commitments to fund fixed-rate mortgage loans and the forward commitments to sell individual fixed-rate mortgage loans are reported at fair value, with adjustments being recorded in current period earnings, and are not accounted for as hedges. | |
The Company also enters into derivative financial instruments to meet the financing, interest rate and equity risk management needs of its customers. Upon entering into these instruments to meet customer needs, the Company enters into offsetting positions to minimize interest rate and equity risk to the Company. These derivative financial instruments are reported at fair value with any resulting gain or loss recorded in current period earnings. These instruments and their offsetting positions are recorded in other assets and other liabilities on the consolidated balance sheets. As of December 31, 2014, the notional amount of customer related derivative financial instruments was $324.2 million with an average maturity of 49.5 months, an average interest receive rate of 2.5% and an average interest pay rate of 5.6%. | |
Income Taxes | Income Taxes |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Deferred tax assets and liabilities are included in the other assets and other liabilities category of the consolidated balance sheet as applicable. | |
Insurance Commissions | Insurance Commissions |
Commission income is recorded as of the effective date of insurance coverage or the billing date, whichever is later. Contingent commissions and commissions on premiums billed and collected directly by insurance companies are recorded as revenue when received, which is our first notification of amounts earned. The income effects of subsequent premium and fee adjustments are recorded when the adjustments become known. | |
Recent Pronouncements | Recent Pronouncements |
In July 2012, the FASB issued an ASU regarding indefinite-lived intangible assets impairment. This ASU permits companies to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test on that asset. This ASU is effective for interim and annual periods beginning after September 15, 2012. Early adoption is permitted. This ASU did not have a material impact on the financial position and results of operations of the Company. | |
In January 2013, the FASB issued an ASU regarding clarification of the scope of disclosures about offsetting assets and liabilities. This ASU limits the scope of the new balance sheet offsetting disclosures in the original ASU issued in 2011 with respect to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. This ASU is effective for interim and annual periods beginning on or after January 1, 2013. The adoption of this ASU affected disclosures only and did not have an impact on the financial position and results of operations of the Company. | |
In February 2013, the FASB issued an ASU regarding the reporting of amounts reclassified out of accumulated other comprehensive income. This ASU requires entities to present information about reclassification adjustments from accumulated other comprehensive income in their interim and annual financial statements in a single note or on the face of the financial statements. This ASU is effective for interim and annual periods beginning after December 15, 2012. The adoption of this ASU affected disclosures only and did not have an impact on the financial position and results of operations of the Company. | |
AVAILABLEFORSALE_SECURITIES_Ta
AVAILABLE-FOR-SALE SECURITIES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
AVAILABLE-FOR-SALE SECURITIES [Abstract] | ||||||||||||
Amortized cost and estimated fair values of available-for-sale securities | ||||||||||||
2014 | ||||||||||||
Gross | Gross | Estimated | ||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||
Cost | Gains | Losses | Value | |||||||||
(In thousands) | ||||||||||||
U.S. Government agencies | $ 1,213,310 | $ 4,093 | $ 2,349 | $ 1,215,054 | ||||||||
Government agency issued residential | ||||||||||||
mortgage-backed securities | 204,918 | 4,751 | 439 | 209,230 | ||||||||
Government agency issued commercial | ||||||||||||
mortgage-backed securities | 241,449 | 2,319 | 3,200 | 240,568 | ||||||||
Obligations of states and political subdivisions | 458,026 | 25,986 | 148 | 483,864 | ||||||||
Other | 6,864 | 1,347 | - | 8,211 | ||||||||
Total | $ 2,124,567 | $ 38,496 | $ 6,136 | $ 2,156,927 | ||||||||
2013 | ||||||||||||
Gross | Gross | Estimated | ||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||
Cost | Gains | Losses | Value | |||||||||
(In thousands) | ||||||||||||
U.S. Government agencies | $ 1,455,417 | $ 9,065 | $ 6,133 | $ 1,458,349 | ||||||||
Government agency issued residential | ||||||||||||
mortgage-backed securities | 249,682 | 3,118 | 2,566 | 250,234 | ||||||||
Government agency issued commercial | ||||||||||||
mortgage-backed securities | 239,313 | 1,773 | 10,174 | 230,912 | ||||||||
Obligations of states and political subdivisions | 509,255 | 12,883 | 2,733 | 519,405 | ||||||||
Other | 6,941 | 1,148 | - | 8,089 | ||||||||
Total | $ 2,460,608 | $ 27,987 | $ 21,606 | $ 2,466,989 | ||||||||
Amortized cost and estimated fair value of available-for-sale securities by contractual maturity | ||||||||||||
Estimated | Weighted | |||||||||||
Amortized | Fair | Average | ||||||||||
Cost | Value | Yield | ||||||||||
(Dollars in thousands) | ||||||||||||
Maturing in one year or less | $ 305,125 | $ 306,995 | 1.44 | % | ||||||||
Maturing after one year through five years | 1,036,760 | 1,038,685 | 1.30 | |||||||||
Maturing after five years through ten years | 53,547 | 55,447 | 4.90 | |||||||||
Maturing after ten years | 282,768 | 306,002 | 6.00 | |||||||||
Mortgage-backed securities | 446,367 | 449,798 | 2.07 | |||||||||
Total | $ 2,124,567 | $ 2,156,927 | ||||||||||
Temporarily impaired available-for-sale securities with continuous unrealized loss positions | ||||||||||||
2014 | ||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||
Value | Losses | Value | Losses | Value | Losses | |||||||
(In thousands) | ||||||||||||
U.S. Government agencies | $ 237,891 | $ 471 | $ 283,643 | $ 1,878 | $ 521,534 | $ 2,349 | ||||||
Government agency issued residential | ||||||||||||
mortgage-backed securities | - | - | 24,565 | 439 | 24,565 | 439 | ||||||
Government agency issued commercial | ||||||||||||
mortgage-backed securities | 3,822 | 24 | 203,520 | 3,176 | 207,342 | 3,200 | ||||||
Obligations of states and political subdivisions | 17,317 | 62 | 10,616 | 86 | 27,933 | 148 | ||||||
Total | $ 259,030 | $ 557 | $ 522,344 | $ 5,579 | $ 781,374 | $ 6,136 | ||||||
2013 | ||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||
Value | Losses | Value | Losses | Value | Losses | |||||||
(In thousands) | ||||||||||||
U.S. Government agencies | $ 533,326 | $ 6,133 | $ - | $ - | $ 533,326 | $ 6,133 | ||||||
Government agency issued residential | ||||||||||||
mortgage-backed securities | 106,179 | 2,418 | 4,407 | 148 | 110,586 | 2,566 | ||||||
Government agency issued commercial | ||||||||||||
mortgage-backed securities | 176,253 | 8,578 | 27,225 | 1,596 | 203,478 | 10,174 | ||||||
Obligations of states and political subdivisions | 97,543 | 2,555 | 3,663 | 178 | 101,206 | 2,733 | ||||||
Total | $ 913,301 | $ 19,684 | $ 35,295 | $ 1,922 | $ 948,596 | $ 21,606 | ||||||
LOANS_AND_LEASES_Tables
LOANS AND LEASES (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
LOANS AND LEASES [Abstract] | |||||||||||||||||||
Gross loans and leases by segment and class | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 1,753,041 | $ 1,538,302 | |||||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 2,257,726 | 1,976,073 | |||||||||||||||||
Home equity | 531,374 | 494,339 | |||||||||||||||||
Agricultural | 239,616 | 234,576 | |||||||||||||||||
Commercial and industrial-owner occupied | 1,522,536 | 1,473,320 | |||||||||||||||||
Construction, acquisition and development | 853,623 | 741,458 | |||||||||||||||||
Commercial real estate | 1,961,977 | 1,846,039 | |||||||||||||||||
Credit cards | 113,426 | 111,328 | |||||||||||||||||
All other | 516,221 | 578,453 | |||||||||||||||||
Total gross loans and leases | $ 9,749,540 | $ 8,993,888 | |||||||||||||||||
Loans and leases, net of unearned income by segment, class and geographical location | |||||||||||||||||||
Alabama | Greater | Corporate | |||||||||||||||||
and Florida | Memphis | Texas and | Banking | ||||||||||||||||
Panhandle | Arkansas* | Mississippi* | Missouri | Area | Tennessee* | Louisiana | and Other | Total | |||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 75,919 | $ 172,894 | $ 303,524 | $ 29,734 | $ 24,457 | $ 89,683 | $ 321,143 | $ 729,132 | $ 1,746,486 | ||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 183,605 | 283,462 | 710,307 | 69,501 | 115,178 | 175,401 | 556,457 | 163,815 | 2,257,726 | ||||||||||
Home equity | 73,380 | 39,546 | 174,587 | 21,661 | 68,777 | 88,505 | 62,872 | 2,046 | 531,374 | ||||||||||
Agricultural | 6,814 | 73,413 | 56,016 | 2,747 | 12,678 | 11,115 | 73,076 | 3,757 | 239,616 | ||||||||||
Commercial and industrial-owner occupied | 172,813 | 172,026 | 454,432 | 61,393 | 90,734 | 87,524 | 337,457 | 146,157 | 1,522,536 | ||||||||||
Construction, acquisition and development | 129,955 | 83,645 | 227,979 | 21,800 | 73,944 | 98,067 | 180,676 | 37,557 | 853,623 | ||||||||||
Commercial real estate | 285,105 | 327,703 | 294,254 | 200,352 | 98,403 | 126,197 | 436,519 | 193,444 | 1,961,977 | ||||||||||
Credit cards** | - | - | - | - | - | - | - | 113,426 | 113,426 | ||||||||||
All other | 28,728 | 38,680 | 131,704 | 2,726 | 35,142 | 33,101 | 67,260 | 148,831 | 486,172 | ||||||||||
Total | $ 956,319 | $ 1,191,369 | $ 2,352,803 | $ 409,914 | $ 519,313 | $ 709,593 | $ 2,035,460 | $ 1,538,165 | $ 9,712,936 | ||||||||||
Aging of loan and lease portfolio, net of unearned income, by segment and class | |||||||||||||||||||
2014 | |||||||||||||||||||
90+ Days | |||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total | Total | Past Due still | ||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Outstanding | Accruing | |||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 2,322 | $ 544 | $ 601 | $ 3,467 | $ 1,743,019 | $ 1,746,486 | $ 41 | ||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 10,725 | 3,797 | 11,167 | 25,689 | 2,232,037 | 2,257,726 | 1,828 | ||||||||||||
Home equity | 1,834 | 397 | 658 | 2,889 | 528,485 | 531,374 | - | ||||||||||||
Agricultural | 365 | 1 | 130 | 496 | 239,120 | 239,616 | - | ||||||||||||
Commercial and industrial-owner occupied | 1,005 | 463 | 3,337 | 4,805 | 1,517,731 | 1,522,536 | 39 | ||||||||||||
Construction, acquisition and development | 4,547 | 278 | 1,568 | 6,393 | 847,230 | 853,623 | 387 | ||||||||||||
Commercial real estate | 4,722 | 1 | 1,545 | 6,268 | 1,955,709 | 1,961,977 | 137 | ||||||||||||
Credit cards | 447 | 312 | 379 | 1,138 | 112,288 | 113,426 | 327 | ||||||||||||
All other | 1,562 | 203 | 102 | 1,867 | 484,305 | 486,172 | 4 | ||||||||||||
Total | $ 27,529 | $ 5,996 | $ 19,487 | $ 53,012 | $ 9,659,924 | $ 9,712,936 | $ 2,763 | ||||||||||||
2013 | |||||||||||||||||||
90+ Days | |||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total | Total | Past Due still | ||||||||||||||
Past Due | Past Due | Past Due | Past Due | Current | Outstanding | Accruing | |||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 3,122 | $ 310 | $ 601 | $ 4,033 | $ 1,525,216 | $ 1,529,249 | $ 27 | ||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 12,244 | 4,703 | 12,579 | 29,526 | 1,946,547 | 1,976,073 | 888 | ||||||||||||
Home equity | 1,860 | 869 | 740 | 3,469 | 490,870 | 494,339 | - | ||||||||||||
Agricultural | 319 | 206 | 883 | 1,408 | 233,168 | 234,576 | - | ||||||||||||
Commercial and industrial-owner occupied | 4,256 | 1,230 | 4,585 | 10,071 | 1,463,249 | 1,473,320 | - | ||||||||||||
Construction, acquisition and development | 2,557 | 2,658 | 7,005 | 12,220 | 729,238 | 741,458 | - | ||||||||||||
Commercial real estate | 5,597 | 321 | 2,539 | 8,457 | 1,837,582 | 1,846,039 | 311 | ||||||||||||
Credit cards | 455 | 235 | 350 | 1,040 | 110,288 | 111,328 | - | ||||||||||||
All other | 1,985 | 296 | 264 | 2,545 | 549,088 | 551,633 | - | ||||||||||||
Total | $ 32,395 | $ 10,828 | $ 29,546 | $ 72,769 | $ 8,885,246 | $ 8,958,015 | $ 1,226 | ||||||||||||
Loan and lease portfolio, net of unearned income, by segment, class and internally assigned grade | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Special | |||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Impaired | Total | |||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 1,709,475 | $ 978 | $ 33,879 | $ - | $ - | $ 2,154 | $ 1,746,486 | ||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 2,167,965 | - | 84,975 | - | - | 4,786 | 2,257,726 | ||||||||||||
Home equity | 521,011 | - | 9,744 | - | - | 619 | 531,374 | ||||||||||||
Agricultural | 227,688 | - | 11,928 | - | - | - | 239,616 | ||||||||||||
Commercial and industrial-owner occupied | 1,450,158 | - | 64,420 | 491 | - | 7,467 | 1,522,536 | ||||||||||||
Construction, acquisition and development | 811,227 | - | 39,675 | 334 | - | 2,387 | 853,623 | ||||||||||||
Commercial real estate | 1,893,514 | - | 57,761 | 184 | - | 10,518 | 1,961,977 | ||||||||||||
Credit cards | 113,426 | - | - | - | - | - | 113,426 | ||||||||||||
All other | 471,662 | - | 14,340 | - | - | 170 | 486,172 | ||||||||||||
Total | $ 9,366,126 | $ 978 | $ 316,722 | $ 1,009 | $ - | $ 28,101 | $ 9,712,936 | ||||||||||||
31-Dec-13 | |||||||||||||||||||
Special | |||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Impaired | Total | |||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 1,495,972 | $ 978 | $ 30,886 | $ 99 | $ - | $ 1,314 | $ 1,529,249 | ||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 1,859,094 | 1,531 | 108,615 | 427 | - | 6,406 | 1,976,073 | ||||||||||||
Home equity | 478,283 | 250 | 14,570 | 96 | - | 1,140 | 494,339 | ||||||||||||
Agricultural | 214,728 | 779 | 18,187 | - | - | 882 | 234,576 | ||||||||||||
Commercial and industrial-owner occupied | 1,409,757 | 116 | 50,853 | 849 | - | 11,745 | 1,473,320 | ||||||||||||
Construction, acquisition and development | 674,299 | 1,459 | 49,401 | 587 | - | 15,712 | 741,458 | ||||||||||||
Commercial real estate | 1,751,553 | 386 | 76,199 | 420 | - | 17,481 | 1,846,039 | ||||||||||||
Credit cards | 111,328 | - | - | - | - | - | 111,328 | ||||||||||||
All other | 538,467 | 71 | 12,832 | - | - | 263 | 551,633 | ||||||||||||
Total | $ 8,533,481 | $ 5,570 | $ 361,543 | $ 2,478 | $ - | $ 54,943 | $ 8,958,015 | ||||||||||||
Impaired loans and leases, net of unearned income, by segment and class | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Unpaid | |||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||
Investment | Balance of | Allowance | Average | Interest | |||||||||||||||
in Impaired | Impaired | for Credit | Recorded | Income | |||||||||||||||
Loans | Loans | Losses | Investment | Recognized | |||||||||||||||
(In thousands) | |||||||||||||||||||
With no related allowance: | |||||||||||||||||||
Commercial and industrial | $ 1,235 | $ 1,583 | $ - | $ 1,271 | $ 43 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 3,503 | 4,356 | - | 4,282 | 72 | ||||||||||||||
Home equity | 209 | 209 | - | 215 | 6 | ||||||||||||||
Agricultural | - | - | - | 370 | 2 | ||||||||||||||
Commercial and industrial-owner occupied | 6,503 | 7,634 | - | 4,687 | 70 | ||||||||||||||
Construction, acquisition and development | 2,387 | 3,654 | - | 5,796 | 66 | ||||||||||||||
Commercial real estate | 7,975 | 9,275 | - | 7,935 | 128 | ||||||||||||||
All other | 170 | 314 | - | 187 | 8 | ||||||||||||||
Total | $ 21,982 | $ 27,025 | $ - | $ 24,743 | $ 395 | ||||||||||||||
With an allowance: | |||||||||||||||||||
Commercial and industrial | $ 919 | $ 919 | $ 215 | $ 328 | $ 19 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 1,283 | 1,658 | 123 | 1,376 | 30 | ||||||||||||||
Home equity | 410 | 410 | 70 | - | - | ||||||||||||||
Agricultural | - | - | - | 43 | - | ||||||||||||||
Commercial and industrial-owner occupied | 964 | 1,094 | 89 | 1,203 | 21 | ||||||||||||||
Construction, acquisition and development | - | - | - | 542 | - | ||||||||||||||
Commercial real estate | 2,543 | 2,543 | 1,022 | 5,706 | 87 | ||||||||||||||
All other | - | - | - | 6 | - | ||||||||||||||
Total | $ 6,119 | $ 6,624 | $ 1,519 | $ 9,204 | $ 157 | ||||||||||||||
Total: | |||||||||||||||||||
Commercial and industrial | $ 2,154 | $ 2,502 | $ 215 | $ 1,599 | $ 62 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 4,786 | 6,014 | 123 | 5,658 | 102 | ||||||||||||||
Home equity | 619 | 619 | 70 | 215 | 6 | ||||||||||||||
Agricultural | - | - | - | 413 | 2 | ||||||||||||||
Commercial and industrial-owner occupied | 7,467 | 8,728 | 89 | 5,890 | 91 | ||||||||||||||
Construction, acquisition and development | 2,387 | 3,654 | - | 6,338 | 66 | ||||||||||||||
Commercial real estate | 10,518 | 11,818 | 1,022 | 13,641 | 215 | ||||||||||||||
All other | 170 | 314 | - | 193 | 8 | ||||||||||||||
Total | $ 28,101 | $ 33,649 | $ 1,519 | $ 33,947 | $ 552 | ||||||||||||||
31-Dec-13 | |||||||||||||||||||
Unpaid | |||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||
Investment | Balance of | Allowance | Average | Interest | |||||||||||||||
in Impaired | Impaired | for Credit | Recorded | Income | |||||||||||||||
Loans | Loans | Losses | Investment | Recognized | |||||||||||||||
(In thousands) | |||||||||||||||||||
With no related allowance: | |||||||||||||||||||
Commercial and industrial | $ 1,314 | $ 1,314 | $ - | $ 2,578 | $ 16 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 5,744 | 6,591 | - | 8,943 | 54 | ||||||||||||||
Home equity | 712 | 712 | - | 933 | 5 | ||||||||||||||
Agricultural | 882 | 1,472 | - | 3,286 | 4 | ||||||||||||||
Commercial and industrial-owner occupied | 9,938 | 12,681 | - | 8,150 | 76 | ||||||||||||||
Construction, acquisition and development | 11,549 | 13,497 | - | 25,877 | 103 | ||||||||||||||
Commercial real estate | 13,562 | 23,233 | - | 24,185 | 173 | ||||||||||||||
All other | 263 | 405 | - | 655 | 6 | ||||||||||||||
Total | $ 43,964 | $ 59,905 | $ - | $ 74,607 | $ 437 | ||||||||||||||
With an allowance: | |||||||||||||||||||
Commercial and industrial | $ - | $ - | $ 305 | $ 590 | $ - | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 662 | 662 | 309 | 3,417 | 31 | ||||||||||||||
Home equity | 428 | 428 | 37 | 444 | 3 | ||||||||||||||
Agricultural | - | - | 15 | 402 | 2 | ||||||||||||||
Commercial and industrial-owner occupied | 1,807 | 1,807 | 739 | 4,735 | 54 | ||||||||||||||
Construction, acquisition and development | 4,163 | 5,393 | 1,599 | 7,989 | 67 | ||||||||||||||
Commercial real estate | 3,919 | 3,919 | 1,138 | 11,280 | 51 | ||||||||||||||
All other | - | - | 4 | - | - | ||||||||||||||
Total | $ 10,979 | $ 12,209 | $ 4,146 | $ 28,857 | $ 208 | ||||||||||||||
Total: | |||||||||||||||||||
Commercial and industrial | $ 1,314 | $ 1,314 | $ 305 | $ 3,168 | $ 16 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 6,406 | 7,253 | 309 | 12,360 | 85 | ||||||||||||||
Home equity | 1,140 | 1,140 | 37 | 1,377 | 8 | ||||||||||||||
Agricultural | 882 | 1,472 | 15 | 3,688 | 6 | ||||||||||||||
Commercial and industrial-owner occupied | 11,745 | 14,488 | 739 | 12,885 | 130 | ||||||||||||||
Construction, acquisition and development | 15,712 | 18,890 | 1,599 | 33,866 | 170 | ||||||||||||||
Commercial real estate | 17,481 | 27,152 | 1,138 | 35,465 | 224 | ||||||||||||||
All other | 263 | 405 | 4 | 655 | 6 | ||||||||||||||
Total | $ 54,943 | $ 72,114 | $ 4,146 | $ 103,464 | $ 645 | ||||||||||||||
The following tables provide details regarding impaired loans and leases, net of unearned income, which include accruing TDRs, by segment and class at December 31, 2014 and 2013: | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Unpaid | |||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||
Investment | Balance of | Allowance | Average | Interest | |||||||||||||||
in Impaired | Impaired | for Credit | Recorded | Income | |||||||||||||||
Loans | Loans | Losses | Investment | Recognized | |||||||||||||||
(In thousands) | |||||||||||||||||||
With no related allowance: | |||||||||||||||||||
Commercial and industrial | $ 1,235 | $ 1,583 | $ - | $ 1,271 | $ 43 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 3,503 | 4,356 | - | 4,282 | 72 | ||||||||||||||
Home equity | 209 | 209 | - | 215 | 5 | ||||||||||||||
Agricultural | - | - | - | 370 | 2 | ||||||||||||||
Commercial and industrial-owner occupied | 6,503 | 7,634 | - | 4,687 | 71 | ||||||||||||||
Construction, acquisition and development | 2,387 | 3,654 | - | 5,796 | 66 | ||||||||||||||
Commercial real estate | 7,975 | 9,275 | - | 7,935 | 128 | ||||||||||||||
All other | 170 | 314 | - | 187 | 8 | ||||||||||||||
Total | $ 21,982 | $ 27,025 | $ - | $ 24,743 | $ 395 | ||||||||||||||
With an allowance: | |||||||||||||||||||
Commercial and industrial | $ 1,275 | $ 1,276 | $ 239 | $ 1,208 | $ 63 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 4,832 | 5,549 | 875 | 4,278 | 140 | ||||||||||||||
Home equity | 427 | 438 | 70 | 18 | 1 | ||||||||||||||
Agricultural | 8 | 8 | 1 | 305 | 11 | ||||||||||||||
Commercial and industrial-owner occupied | 5,520 | 5,856 | 404 | 6,571 | 243 | ||||||||||||||
Construction, acquisition and development | 1,488 | 1,752 | 241 | 2,410 | 70 | ||||||||||||||
Commercial real estate | 3,957 | 4,200 | 1,290 | 8,135 | 195 | ||||||||||||||
Credit cards | 1,109 | 1,109 | 64 | 1,374 | 137 | ||||||||||||||
All other | 154 | 195 | 46 | 143 | 5 | ||||||||||||||
Total | $ 18,770 | $ 20,383 | $ 3,230 | $ 24,442 | $ 865 | ||||||||||||||
Total: | |||||||||||||||||||
Commercial and industrial | $ 2,510 | $ 2,859 | $ 239 | $ 2,479 | $ 106 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 8,335 | 9,905 | 875 | 8,560 | 212 | ||||||||||||||
Home equity | 636 | 647 | 70 | 233 | 6 | ||||||||||||||
Agricultural | 8 | 8 | 1 | 675 | 13 | ||||||||||||||
Commercial and industrial-owner occupied | 12,023 | 13,490 | 404 | 11,258 | 314 | ||||||||||||||
Construction, acquisition and development | 3,875 | 5,406 | 241 | 8,206 | 136 | ||||||||||||||
Commercial real estate | 11,932 | 13,475 | 1,290 | 16,070 | 323 | ||||||||||||||
Credit cards | 1,109 | 1,109 | 64 | 1,374 | 137 | ||||||||||||||
All other | 324 | 509 | 46 | 330 | 13 | ||||||||||||||
Total | $ 40,752 | $ 47,408 | $ 3,230 | $ 49,185 | $ 1,260 | ||||||||||||||
31-Dec-13 | |||||||||||||||||||
Unpaid | |||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||
Investment | Balance of | Allowance | Average | Interest | |||||||||||||||
in Impaired | Impaired | for Credit | Recorded | Income | |||||||||||||||
Loans | Loans | Losses | Investment | Recognized | |||||||||||||||
(In thousands) | |||||||||||||||||||
With no related allowance: | |||||||||||||||||||
Commercial and industrial | $ 1,314 | $ 1,314 | $ - | $ 2,579 | $ 16 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 5,744 | 6,591 | - | 8,943 | 54 | ||||||||||||||
Home equity | 712 | 712 | - | 933 | 5 | ||||||||||||||
Agricultural | 882 | 1,472 | - | 3,286 | 4 | ||||||||||||||
Commercial and industrial-owner occupied | 9,938 | 12,681 | - | 8,150 | 76 | ||||||||||||||
Construction, acquisition and development | 11,549 | 13,497 | - | 25,877 | 103 | ||||||||||||||
Commercial real estate | 13,562 | 23,233 | - | 24,185 | 173 | ||||||||||||||
All other | 263 | 405 | - | 655 | 6 | ||||||||||||||
Total | $ 43,964 | $ 59,905 | $ - | $ 74,608 | $ 437 | ||||||||||||||
With an allowance: | |||||||||||||||||||
Commercial and industrial | $ 937 | $ 937 | $ 415 | $ 975 | $ 14 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 4,151 | 4,378 | 771 | 6,921 | 164 | ||||||||||||||
Home equity | 438 | 438 | - | 444 | 2 | ||||||||||||||
Agricultural | 625 | 639 | 43 | 871 | 21 | ||||||||||||||
Commercial and industrial-owner occupied | 9,590 | 9,997 | 1,371 | 11,895 | 350 | ||||||||||||||
Construction, acquisition and development | 10,897 | 13,933 | 1,554 | 15,181 | 320 | ||||||||||||||
Commercial real estate | 12,619 | 12,887 | 1,604 | 15,140 | 224 | ||||||||||||||
Credit cards | 1,639 | 1,639 | 51 | 2,018 | 202 | ||||||||||||||
All other | 1,307 | 1,310 | 198 | 646 | 24 | ||||||||||||||
Total | $ 42,203 | $ 46,158 | $ 6,007 | $ 54,091 | $ 1,321 | ||||||||||||||
Total: | |||||||||||||||||||
Commercial and industrial | $ 2,251 | $ 2,251 | $ 415 | $ 3,554 | $ 30 | ||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgage | 9,895 | 10,969 | 771 | 15,864 | 218 | ||||||||||||||
Home equity | 1,150 | 1,150 | - | 1,377 | 7 | ||||||||||||||
Agricultural | 1,507 | 2,111 | 43 | 4,157 | 25 | ||||||||||||||
Commercial and industrial-owner occupied | 19,528 | 22,678 | 1,371 | 20,045 | 426 | ||||||||||||||
Construction, acquisition and development | 22,446 | 27,430 | 1,554 | 41,058 | 423 | ||||||||||||||
Commercial real estate | 26,181 | 36,120 | 1,604 | 39,325 | 397 | ||||||||||||||
Credit cards | 1,639 | 1,639 | 51 | 2,018 | 202 | ||||||||||||||
All other | 1,570 | 1,715 | 198 | 1,301 | 30 | ||||||||||||||
Total | $ 86,167 | $ 106,063 | $ 6,007 | $ 128,699 | $ 1,758 | ||||||||||||||
Non-performing loans and leases | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Non-accrual loans and leases | $ 58,052 | $ 92,173 | |||||||||||||||||
Loans and leases 90 days or more past due, still accruing | 2,763 | 1,226 | |||||||||||||||||
Restructured loans and leases still accruing | 10,920 | 27,007 | |||||||||||||||||
Total | $ 71,735 | $ 120,406 | |||||||||||||||||
Nonaccrual loans and leases by segment and class | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ 3,934 | $ 3,079 | |||||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 23,668 | 25,645 | |||||||||||||||||
Home equity | 2,253 | 3,695 | |||||||||||||||||
Agricultural | 291 | 1,260 | |||||||||||||||||
Commercial and industrial-owner occupied | 11,190 | 18,568 | |||||||||||||||||
Construction, acquisition and development | 4,162 | 17,567 | |||||||||||||||||
Commercial real estate | 11,915 | 20,972 | |||||||||||||||||
Credit cards | 133 | 119 | |||||||||||||||||
All other | 506 | 1,268 | |||||||||||||||||
Total | $ 58,052 | $ 92,173 | |||||||||||||||||
Troubled debt restructurings | The following tables summarize the financial effect of TDRs for the years ended December 31, 2014 and 2013: | ||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||
Number | Outstanding | Outstanding | |||||||||||||||||
of | Recorded | Recorded | |||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Commercial and industrial | 5 | $ 613 | $ 613 | ||||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 33 | 4,823 | 4,263 | ||||||||||||||||
Home equity | 2 | 31 | 30 | ||||||||||||||||
Agricultural | 1 | 10 | 10 | ||||||||||||||||
Commercial and industrial-owner occupied | 8 | 2,103 | 1,810 | ||||||||||||||||
Construction, acquisition and development | 3 | 924 | 924 | ||||||||||||||||
Commercial real estate | 7 | 1,426 | 1,519 | ||||||||||||||||
All other | 14 | 290 | 286 | ||||||||||||||||
Total | 73 | $ 10,220 | $ 9,455 | ||||||||||||||||
: | |||||||||||||||||||
31-Dec-13 | |||||||||||||||||||
Pre-Modification | Post-Modification | ||||||||||||||||||
Number | Outstanding | Outstanding | |||||||||||||||||
of | Recorded | Recorded | |||||||||||||||||
Contracts | Investment | Investment | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Commercial and industrial | 3 | $ 919 | $ 919 | ||||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 23 | 1,843 | 1,840 | ||||||||||||||||
Home Equity | 2 | 25 | 10 | ||||||||||||||||
Commercial and industrial-owner occupied | 8 | 3,821 | 3,815 | ||||||||||||||||
Construction, acquisition and development | 15 | 3,071 | 2,826 | ||||||||||||||||
Commercial real estate | 4 | 1,574 | 1,570 | ||||||||||||||||
All other | 5 | 1,160 | 1,161 | ||||||||||||||||
Total | 60 | $ 12,413 | $ 12,141 | ||||||||||||||||
The following tables summarize TDRs modified within 2014 and 2013 for which there was a payment default during the indicated year (i.e., 30 days or more past due at any given time during 2014 or 2013): | |||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||
Number of | Recorded | ||||||||||||||||||
Contracts | Investment | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 8 | $ 540 | |||||||||||||||||
Commercial and industrial-owner occupied | 2 | 784 | |||||||||||||||||
Construction, acquisition and development | 2 | 279 | |||||||||||||||||
Commercial real estate | 5 | 901 | |||||||||||||||||
All other | 6 | 65 | |||||||||||||||||
Total | 23 | $ 2,569 | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
Number of | Recorded | ||||||||||||||||||
Contracts | Investment | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Commercial and industrial | 3 | $ 129 | |||||||||||||||||
Real estate | |||||||||||||||||||
Consumer mortgages | 9 | 823 | |||||||||||||||||
Commercial and industrial-owner occupied | 6 | 877 | |||||||||||||||||
Construction, acquisition and development | 3 | 1,874 | |||||||||||||||||
Commercial real estate | 4 | 3,625 | |||||||||||||||||
All other | 1 | 1 | |||||||||||||||||
Total | 26 | $ 7,329 | |||||||||||||||||
ALLOWANCE_FOR_CREDIT_LOSSES_Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
ALLOWANCE FOR CREDIT LOSSES [Abstract] | |||||||||||
Summary Of Changes In Allowance For Credit Losses | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Balance at beginning of year | $ 153,236 | $ 164,466 | $ 195,118 | ||||||||
Provision charged to expense | - | 7,500 | 28,000 | ||||||||
Recoveries | 14,234 | 23,462 | 30,746 | ||||||||
Loans and leases charged off | -25,027 | -42,192 | -89,398 | ||||||||
Balance at end of year | $ 142,443 | $ 153,236 | $ 164,466 | ||||||||
Changes in the Allowance for Credit Losses by Segment and Class | |||||||||||
2014 | |||||||||||
Balance, | Balance, | ||||||||||
Beginning of | End of | ||||||||||
Period | Charge-offs | Recoveries | Provision | Period | |||||||
(In thousands) | |||||||||||
Commercial and industrial | $ 18,376 | $ (2,546) | $ 2,298 | $ 3,291 | $ 21,419 | ||||||
Real estate | |||||||||||
Consumer mortgage | 39,525 | -6,037 | 3,267 | 3,260 | 40,015 | ||||||
Home equity | 5,663 | -1,359 | 625 | 4,613 | 9,542 | ||||||
Agricultural | 2,800 | -765 | 96 | 1,289 | 3,420 | ||||||
Commercial and industrial-owner occupied | 17,059 | -3,591 | 1,112 | 1,745 | 16,325 | ||||||
Construction, acquisition and development | 11,828 | -3,731 | 3,734 | -1,946 | 9,885 | ||||||
Commercial real estate | 43,853 | -1,795 | 1,458 | -19,954 | 23,562 | ||||||
Credit cards | 3,782 | -2,359 | 542 | 4,549 | 6,514 | ||||||
All other | 10,350 | -2,844 | 1,102 | 3,153 | 11,761 | ||||||
Total | $ 153,236 | $ (25,027) | $ 14,234 | $ - | $ 142,443 | ||||||
2013 | |||||||||||
Balance, | Balance, | ||||||||||
Beginning of | End of | ||||||||||
Period | Charge-offs | Recoveries | Provision | Period | |||||||
(In thousands) | |||||||||||
Commercial and industrial | $ 23,286 | $ (4,672) | $ 3,517 | $ (3,755) | $ 18,376 | ||||||
Real estate | |||||||||||
Consumer mortgage | 35,966 | -9,159 | 5,067 | 7,651 | 39,525 | ||||||
Home equity | 6,005 | -1,469 | 607 | 520 | 5,663 | ||||||
Agricultural | 3,301 | -736 | 215 | 20 | 2,800 | ||||||
Commercial and industrial-owner occupied | 20,178 | -3,855 | 2,724 | -1,988 | 17,059 | ||||||
Construction, acquisition and development | 21,905 | -6,745 | 4,682 | -8,014 | 11,828 | ||||||
Commercial real estate | 40,081 | -10,341 | 4,978 | 9,135 | 43,853 | ||||||
Credit cards | 3,611 | -2,316 | 629 | 1,858 | 3,782 | ||||||
All other | 10,133 | -2,899 | 1,043 | 2,073 | 10,350 | ||||||
Total | $ 164,466 | $ (42,192) | $ 23,462 | $ 7,500 | $ 153,236 | ||||||
Allowance for Credit Losses by Segment, Class and Impairment Status | |||||||||||
31-Dec-14 | |||||||||||
Recorded | Allowance for | Allowance for | |||||||||
Balance of | Impaired Loans | All Other Loans | Total | ||||||||
Impaired Loans | and Leases | and Leases | Allowance | ||||||||
(In thousands) | |||||||||||
Commercial and industrial | $ 2,154 | $ 215 | $ 21,204 | $ 21,419 | |||||||
Real estate | |||||||||||
Consumer mortgage | 4,786 | 123 | 39,892 | 40,015 | |||||||
Home equity | 619 | 70 | 9,472 | 9,542 | |||||||
Agricultural | - | - | 3,420 | 3,420 | |||||||
Commercial and industrial-owner occupied | 7,467 | 89 | 16,236 | 16,325 | |||||||
Construction, acquisition and development | 2,387 | - | 9,885 | 9,885 | |||||||
Commercial real estate | 10,518 | 1,022 | 22,540 | 23,562 | |||||||
Credit cards | - | - | 6,514 | 6,514 | |||||||
All other | 170 | - | 11,761 | 11,761 | |||||||
Total | $ 28,101 | $ 1,519 | $ 140,924 | $ 142,443 | |||||||
31-Dec-13 | |||||||||||
Recorded | Allowance for | Allowance for | |||||||||
Balance of | Impaired Loans | All Other Loans | Total | ||||||||
Impaired Loans | and Leases | and Leases | Allowance | ||||||||
(In thousands) | |||||||||||
Commercial and industrial | $ 1,314 | $ 305 | $ 18,071 | $ 18,376 | |||||||
Real estate | |||||||||||
Consumer mortgage | 6,406 | 309 | 39,216 | 39,525 | |||||||
Home equity | 1,140 | 37 | 5,626 | 5,663 | |||||||
Agricultural | 882 | 15 | 2,785 | 2,800 | |||||||
Commercial and industrial-owner occupied | 11,745 | 739 | 16,320 | 17,059 | |||||||
Construction, acquisition and development | 15,712 | 1,599 | 10,229 | 11,828 | |||||||
Commercial real estate | 17,481 | 1,138 | 42,715 | 43,853 | |||||||
Credit cards | - | - | 3,782 | 3,782 | |||||||
All other | 263 | 4 | 10,346 | 10,350 | |||||||
Total | $ 54,943 | $ 4,146 | $ 149,090 | $ 153,236 | |||||||
OTHER_REAL_ESTATE_OWNED_Tables
OTHER REAL ESTATE OWNED (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
OTHER REAL ESTATE OWNED [Abstract] | |||||||||||||||||||
Activity in Other Real Estate Owned | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||
Balance at beginning of year | $ 69,338 | $ 103,248 | |||||||||||||||||
Additions to foreclosed properties | |||||||||||||||||||
New foreclosed property | 14,732 | 29,265 | |||||||||||||||||
Reductions in foreclosed properties | |||||||||||||||||||
Sales | -42,013 | -57,057 | |||||||||||||||||
Writedowns | -8,073 | -6,118 | |||||||||||||||||
Balance at end of year | $ 33,984 | $ 69,338 | |||||||||||||||||
Other Real Estate Owned By Geographical Location, Segment and Class | |||||||||||||||||||
Alabama and | Greater | Texas | |||||||||||||||||
Florida | Memphis | and | |||||||||||||||||
Panhandle | Arkansas* | Mississippi* | Missouri | Area | Tennessee* | Louisiana | Other | Total | |||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ | 84 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 84 | |
Real estate | |||||||||||||||||||
Consumer mortgages | 309 | 97 | 1,181 | - | - | 198 | 509 | - | 2,294 | ||||||||||
Home equity | 24 | - | 188 | - | - | - | - | - | 212 | ||||||||||
Agricultural | - | - | 25 | - | - | - | - | - | 25 | ||||||||||
Commercial and industrial-owner | - | - | 1,162 | - | 223 | - | 60 | - | 1,445 | ||||||||||
occupied | |||||||||||||||||||
Construction, acquisition and development | 7,302 | 84 | 9,182 | - | 9,178 | 1,798 | 196 | - | 27,740 | ||||||||||
Commercial real estate | 1,000 | 256 | 767 | - | - | - | 63 | - | 2,086 | ||||||||||
All other | - | - | 98 | - | - | - | - | - | 98 | ||||||||||
Total | $ | 8,719 | $ | 437 | $ | 12,603 | $ | - | $ | 9,401 | $ | 1,996 | $ | 828 | $ | - | $ | 33,984 | |
* Excludes the Greater Memphis Area | |||||||||||||||||||
PREMISES_AND_EQUIPMENT_Tables
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
PREMISES AND EQUIPMENT [Abstract] | |||||||
Summary By Asset Classification | |||||||
Estimated | |||||||
Useful Life | |||||||
(Years) | 2014 | 2013 | |||||
(In thousands) | |||||||
Land | N/A | $ 78,021 | $ 77,264 | ||||
Buildings and improvements | 10 - 40 | 331,277 | 324,100 | ||||
Leasehold improvements | 10 - 39 | 9,653 | 8,771 | ||||
Equipment, furniture and fixtures | 3 - 12 | 275,607 | 274,016 | ||||
Construction in progress | N/A | 7,975 | 16,129 | ||||
Subtotal | 702,533 | 700,280 | |||||
Accumulated depreciation and amortization | 397,590 | 385,020 | |||||
Premises and equipment, net | $ 304,943 | $ 315,260 | |||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |||||||||
Goodwill Carrying Amounts by Operating Segment | |||||||||
2014 | |||||||||
Community | Insurance | ||||||||
Banking | Agencies | Total | |||||||
(In thousands) | |||||||||
Balance as of January 1, 2014 | $ 217,618 | $ 69,182 | $ 286,800 | ||||||
Goodwill recorded during the year | - | 4,698 | 4,698 | ||||||
Balance as of December 31, 2014 | $ 217,618 | $ 73,880 | $ 291,498 | ||||||
2013 | |||||||||
Community | Insurance | ||||||||
Banking | Agencies | Total | |||||||
(In thousands) | |||||||||
Balance as of January 1, 2013 | $ 217,618 | $ 57,555 | $ 275,173 | ||||||
Goodwill recorded during the year | - | 11,627 | 11,627 | ||||||
Balance as of December 31, 2013 | $ 217,618 | $ 69,182 | $ 286,800 | ||||||
Carrying Value and Accumulated Amortization of Identifiable Intangible Assets | |||||||||
31-Dec-14 | 31-Dec-13 | ||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | ||||||
Amount | Amortization | Amount | Amortization | ||||||
Amortized intangible assets: | (In thousands) | ||||||||
Core deposit intangibles | $ 27,801 | $ 22,782 | $ 27,801 | $ 22,256 | |||||
Customer relationship intangibles | 49,639 | 31,821 | 46,967 | 28,329 | |||||
Non-solicitation intangibles | 1,650 | 667 | 1,450 | 242 | |||||
Total | $ 79,090 | $ 55,270 | $ 76,218 | $ 50,827 | |||||
Unamortized intangible assets: | |||||||||
Trade names | $ 688 | $ - | $ 688 | $ - | |||||
Aggregate Amortization Expense | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Aggregate amortization expense for: | (In thousands) | ||||||||
Core deposit intangibles | $ 526 | $ 582 | $ 946 | ||||||
Customer relationship intangibles | 3,492 | 2,231 | 2,163 | ||||||
Non-solicitation intangibles | 425 | 166 | 113 | ||||||
Total | $ 4,443 | $ 2,979 | $ 3,222 | ||||||
Future Estimated Amortization Expense | |||||||||
Core | Customer | Non- | |||||||
Deposit | Relationship | Solicitation | |||||||
Intangibles | Intangibles | Intangibles | Total | ||||||
Estimated amortization expense: | (In thousands) | ||||||||
For the year ending December 31, 2015 | 487 | 3,134 | 375 | 3,996 | |||||
For the year ending December 31, 2016 | 451 | 2,673 | 225 | 3,349 | |||||
For the year ending December 31, 2017 | 419 | 2,380 | 200 | 2,999 | |||||
For the year ending December 31, 2018 | 390 | 2,009 | 183 | 2,582 | |||||
For the year ending December 31, 2019 | 363 | 1,689 | - | 2,052 | |||||
TIME_DEPOSITS_AND_SHORTTERM_DE1
TIME DEPOSITS AND SHORT-TERM DEBT (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
TIME DEPOSITS AND SHORT-TERM DEBT [Abstract] | |||||||||||||
Maturities Of Time Deposits | |||||||||||||
Maturing in | Amount | ||||||||||||
(In thousands) | |||||||||||||
2016 | 314,836 | ||||||||||||
2017 | 185,858 | ||||||||||||
2018 | 113,533 | ||||||||||||
2019 | 170,331 | ||||||||||||
2020 | 17,275 | ||||||||||||
Thereafter | 36 | ||||||||||||
Total | $ 801,869 | ||||||||||||
Short-Term Debt Disclosure | |||||||||||||
2014 | |||||||||||||
Maximum | |||||||||||||
End of Period | Daily Average | Outstanding | |||||||||||
Interest | Interest | at any | |||||||||||
Balance | Rate | Balance | Rate | Month End | |||||||||
(Dollars in thousands) | |||||||||||||
Federal funds purchased | $ - | - | % | $ 4,247 | 0.18 | % | $ 10,000 | ||||||
Securities sold under agreement to repurchase | 388,166 | 0.08 | 436,875 | 0.07 | 569,163 | ||||||||
Short-term FHLB advances | 3,500 | - | 3,108 | 2.60 | 3,500 | ||||||||
Total | $ 391,666 | $ 444,230 | $ 582,663 | ||||||||||
2013 | |||||||||||||
Maximum | |||||||||||||
End of Period | Daily Average | Outstanding | |||||||||||
Interest | Interest | at any | |||||||||||
Balance | Rate | Balance | Rate | Month End | |||||||||
(Dollars in thousands) | |||||||||||||
Federal funds purchased | $ - | - | % | $ 1,238 | 0.33 | % | $ - | ||||||
Securities sold under agreement to repurchase | 421,028 | 0.07 | 416,881 | 0.07 | 473,753 | ||||||||
Total | $ 421,028 | $ 418,119 | $ 473,753 | ||||||||||
2012 | |||||||||||||
Maximum | |||||||||||||
End of Period | Daily Average | Outstanding | |||||||||||
Interest | Interest | at any | |||||||||||
Balance | Rate | Balance | Rate | Month End | |||||||||
(Dollars in thousands) | |||||||||||||
Federal funds purchased | $ - | - | % | $ 1,180 | 0.32 | % | $ - | ||||||
Securities sold under agreement to repurchase | 414,611 | 0.07 | 379,871 | 0.07 | 423,553 | ||||||||
Short-term FHLB advances | - | - | 1,053 | 4.71 | 1,500 | ||||||||
Total | $ 414,611 | $ 382,104 | $ 425,053 | ||||||||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
LONG-TERM DEBT [Abstract] | |||||
FHLB Fixed Term Advances, Repayment Summary | |||||
Final due date | Interest rate | Amount | |||
(In thousands) | |||||
2018 | variable | $ 48,148 | |||
2019 | 4.08% | 30,000 | |||
Total | $ 78,148 | ||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
INCOME TAXES [Abstract] | |||||||
Income Tax Allocation | |||||||
2014 | 2013 | 2012 | |||||
(In thousands) | |||||||
Income tax expense | $ 50,652 | $ 37,551 | $ 33,252 | ||||
Shareholders' equity for other comprehensive income | -8,481 | -13,249 | -3,943 | ||||
Shareholders' equity for stock option plans | -1,856 | -139 | 32 | ||||
Total | $ 40,315 | $ 24,163 | $ 29,341 | ||||
Components Of Income Tax (Benefit) Expense | |||||||
2014 | 2013 | 2012 | |||||
Current: | (In thousands) | ||||||
Federal | $ 51,014 | $ 32,729 | $ 34,316 | ||||
State | 7,201 | 1,570 | 3,389 | ||||
Deferred: | |||||||
Federal | -6,870 | 1,774 | -4,964 | ||||
State | -693 | 1,478 | 511 | ||||
Total | $ 50,652 | $ 37,551 | $ 33,252 | ||||
Income Tax Reconciliation | |||||||
2014 | 2013 | 2012 | |||||
(In thousands) | |||||||
Tax expense at statutory rates | $ 58,591 | $ 46,083 | $ 41,141 | ||||
Increase (decrease) in taxes resulting from: | |||||||
State income taxes, net of federal tax benefit | 4,230 | 1,926 | 2,453 | ||||
Tax-exempt interest revenue | -7,371 | -7,423 | -7,789 | ||||
Tax-exempt earnings on life insurance | -3,076 | -2,889 | -2,790 | ||||
Deductible dividends paid on 401(k) plan | -458 | -187 | -100 | ||||
Tax credits | -1,771 | -578 | -466 | ||||
Other, net | 507 | 619 | 803 | ||||
Total | $ 50,652 | $ 37,551 | $ 33,252 | ||||
Deferred Tax Assets and Deferred Tax Liabilities | |||||||
2014 | 2013 | ||||||
Deferred tax assets: | (In thousands) | ||||||
Loans, principally due to allowance for credit losses | $ 53,922 | $ 58,003 | |||||
Other real estate owned | 4,605 | 6,799 | |||||
Mark to market - securities | 4,164 | 4,164 | |||||
Accrued liabilities, principally due to | |||||||
compensation arrangements and vacation accruals | 17,877 | 13,085 | |||||
Other | 129 | 2,993 | |||||
Unrecognized pension expense | 39,428 | 20,997 | |||||
Total gross deferred tax assets | 120,125 | 106,041 | |||||
Less: valuation allowance | - | - | |||||
Deferred tax assets | $ 120,125 | $ 106,041 | |||||
Deferred tax liabilities: | |||||||
Lease transactions | $ 25,033 | $ 29,997 | |||||
Employment benefits | 7,435 | 12,483 | |||||
Premises and equipment, principally due | |||||||
to differences in depreciation | 21,845 | 23,488 | |||||
Mortgage servicing rights | 19,409 | 20,679 | |||||
Intangible assets | 11,024 | 10,654 | |||||
Investments, principally due to interest income recognition | 592 | 133 | |||||
Deferred loan points | 3,851 | 2,806 | |||||
Other assets, principally due to expense recognition | 959 | 1,033 | |||||
Unrealized net gains on available-for-sale securities | 12,393 | 2,289 | |||||
Total gross deferred tax liabilities | 102,541 | 103,562 | |||||
Net deferred tax assets | $ 17,584 | $ 2,479 | |||||
Activity In Unrecognized Tax Benefits | |||||||
2014 | 2013 | 2012 | |||||
(In thousands) | |||||||
Unrecognized tax benefit, January 1 | $ - | $ 1,571 | $ 1,102 | ||||
Gross increases - tax positions in prior period | - | - | 199 | ||||
Gross decreases - tax positions in prior period | - | -1,571 | - | ||||
Gross increases - tax positions in current period | - | - | 270 | ||||
Settlements | - | - | - | ||||
Lapse of statute of limitations | - | - | - | ||||
Unrecognized tax benefit, December 31 | $ - | $ - | $ 1,571 | ||||
PENSION_OTHER_POST_RETIREMENT_1
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS [Abstract] | |||||||||||||
Summary Of Defined Benefit Retirement Plans | |||||||||||||
Pension Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Change in benefit obligations: | (In thousands) | ||||||||||||
Projected benefit obligations at beginning of year | $ 201,696 | $ 213,804 | $ 182,362 | ||||||||||
Service cost | 8,936 | 10,735 | 9,670 | ||||||||||
Interest cost | 9,358 | 8,212 | 8,104 | ||||||||||
Amendments | - | 10,850 | 300 | ||||||||||
Actuarial loss | 53,131 | -18,794 | 22,417 | ||||||||||
Benefits paid | -9,029 | -22,116 | -8,232 | ||||||||||
Administrative expenses paid | -595 | -995 | -817 | ||||||||||
Projected benefit obligations at end of year | $ 263,497 | $ 201,696 | $ 213,804 | ||||||||||
Change in plans' assets: | |||||||||||||
Fair value of plans' assets at beginning of year | $ 196,447 | $ 203,704 | $ 195,004 | ||||||||||
Actual return on assets | 12,525 | 13,960 | 16,631 | ||||||||||
Employer contributions | 2,004 | 1,894 | 1,118 | ||||||||||
Benefits paid | -9,029 | -22,116 | -8,232 | ||||||||||
Administrative expenses paid | -595 | -995 | -817 | ||||||||||
Fair value of plans' assets at end of year | $ 201,352 | $ 196,447 | $ 203,704 | ||||||||||
Funded status: | |||||||||||||
Projected benefit obligations | $ (263,497) | $ (201,696) | $ (213,804) | ||||||||||
Fair value of plans' assets | 201,352 | 196,447 | 203,704 | ||||||||||
Net amount recognized | $ (62,145) | $ (5,249) | $ (10,100) | ||||||||||
Amounts Recognized In The Consolidated Balance Sheets | |||||||||||||
Pension Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Prepaid benefit cost | $ 64,838 | $ 72,886 | $ 94,046 | ||||||||||
Accrued benefit liability | -23,902 | -23,241 | -22,123 | ||||||||||
Intangible asset | - | - | - | ||||||||||
Accumulated other comprehensive | |||||||||||||
income adjustment | -103,081 | -54,894 | -82,023 | ||||||||||
Net amount recognized | $ (62,145) | $ (5,249) | $ (10,100) | ||||||||||
Pre-Tax Amounts Recognized In Accumulated Other Comprehensive Income | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Net transition obligation | $ - | $ 19 | |||||||||||
Net prior service benefit | -4,598 | -5,366 | |||||||||||
Net actuarial loss | 107,679 | 60,241 | |||||||||||
Total accumulated other comprehensive income | $ 103,081 | $ 54,894 | |||||||||||
Components Of Net Periodic Benefit Cost | |||||||||||||
Pension Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Components of net periodic benefit cost: | (In thousands) | ||||||||||||
Service cost | $ 8,936 | $ 10,735 | $ 9,670 | ||||||||||
Interest cost | 9,358 | 8,212 | 8,104 | ||||||||||
Expected return on assets | -10,534 | -10,974 | -11,263 | ||||||||||
Amortization of unrecognized transition amount | 18 | 18 | 18 | ||||||||||
Recognized prior service (benefit) cost | -768 | -768 | -768 | ||||||||||
Recognized net loss | 3,702 | 6,099 | 4,868 | ||||||||||
Special termination benefit | - | 10,850 | 300 | ||||||||||
Net periodic benefit cost | $ 10,712 | $ 24,172 | $ 10,929 | ||||||||||
Weighted-Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Cost | |||||||||||||
Basic Plan | Restoration Plan | Supplemental Plan | |||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||
Discount rate | 4.10% | 4.90% | 3.90% | 4.50% | 3.10% | 3.65% | |||||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | |||||||
The weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||
Basic Plan | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate | 4.90% | 4.05% | 4.80% | ||||||||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% | ||||||||||
Expected rate of return on plan assets | 5.50% | 5.50% | 6.00% | ||||||||||
Restoration Plan | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate | 4.50% | 3.65% | 4.45% | ||||||||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% | ||||||||||
Expected rate of return on plan assets | N/A | N/A | N/A | ||||||||||
Supplemental Plan | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate | 3.65% | 2.85% | 3.85% | ||||||||||
Rate of compensation increase | 3.00% | 3.00% | 3.00% | ||||||||||
Expected rate of return on plan assets | N/A | N/A | N/A | ||||||||||
Plans With Accumulated Benefit Obligations In Excess Of Plan Assets | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||
Projected benefit obligation | $ 263,497 | $ 31,512 | |||||||||||
Accumulated benefit obligation | 252,227 | 29,191 | |||||||||||
Fair value of assets | 201,352 | - | |||||||||||
Weighted-Average Asset Allocation | |||||||||||||
Plan assets at December 31 | Target for | ||||||||||||
Asset category: | 2014 | 2013 | 2015 | ||||||||||
Equity securities | 32.80% | 34.50% | 33% | ||||||||||
Debt securities | 64.60% | 62.10% | 67% | ||||||||||
Cash and equivalents | 2.60% | 3.40% | 0% | ||||||||||
Total | 100.00% | 100.00% | |||||||||||
Expected Future Benefit Payments | |||||||||||||
Pension | |||||||||||||
Benefits | |||||||||||||
Expected future benefit payments: | (In thousands) | ||||||||||||
2015 | $ 13,584 | ||||||||||||
2016 | 12,586 | ||||||||||||
2017 | 12,988 | ||||||||||||
2018 | 14,327 | ||||||||||||
2019 | 15,346 | ||||||||||||
2020-2024 | 79,151 | ||||||||||||
Fair Value Of Plan Assets | |||||||||||||
Pension Benefits | |||||||||||||
2014 | 2013 | ||||||||||||
Investments, at fair value: | (In thousands) | ||||||||||||
Cash | $ - | $ 57 | |||||||||||
U.S. agency debt obligations | 69,413 | 64,298 | |||||||||||
Mutual funds | 123,239 | 121,178 | |||||||||||
Common stock of BancorpSouth, Inc. | 1,852 | 2,091 | |||||||||||
Money market funds | 4,225 | 5,303 | |||||||||||
Brokered certificates of deposit | 2,009 | 2,973 | |||||||||||
Total investments, at fair value | 200,738 | 195,900 | |||||||||||
Accrued interest and dividends | 614 | 547 | |||||||||||
Fair value of plan assets | $ 201,352 | $ 196,447 | |||||||||||
Fair values are determined based on valuation techniques categorized as follows: Level 1 means the use of quoted prices for identical instruments in active markets; Level 2 means the use of quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable; Level 3 means the use of unobservable inputs. Quoted market prices, when available, are used to value investments. Pension plan investments include funds which invest in various types of investment securities and in various companies within various markets. Investment securities are exposed to several risks, such as interest rate, market and credit risks. Because of the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported. | |||||||||||||
The following tables set forth by level, within the FASB ASC 820, Fair Value Measurements and Disclosure (“FASB ASC 820”), fair value hierarchy, the plan investments at fair value as of December 31, 2014 and 2013: | |||||||||||||
31-Dec-14 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(In thousands) | |||||||||||||
U.S. agency debt obligations | $ - | $ 69,413 | $ - | $ 69,413 | |||||||||
Mutual funds | 123,239 | - | - | 123,239 | |||||||||
Common stock of BancorpSouth, Inc. | 1,852 | - | - | 1,852 | |||||||||
Money market funds | - | 4,225 | - | 4,225 | |||||||||
Brokered certificates of deposit | - | 2,009 | - | 2,009 | |||||||||
Total | $ 125,091 | $ 75,647 | $ - | $ 200,738 | |||||||||
31-Dec-13 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(In thousands) | |||||||||||||
U.S. agency debt obligations | $ - | $ 64,298 | $ - | $ 64,298 | |||||||||
Mutual funds | 121,178 | - | - | 121,178 | |||||||||
Common stock of BancorpSouth, Inc. | 2,091 | - | - | 2,091 | |||||||||
Money market funds | - | 5,303 | - | 5,303 | |||||||||
Brokered certificates of deposit | - | 2,973 | - | 2,973 | |||||||||
Total | $ 123,269 | $ 72,574 | $ - | $ 195,843 | |||||||||
Investments Representing 5% Or More Of Total Plan Asset Value | |||||||||||||
2014 | |||||||||||||
(In thousands) | |||||||||||||
Fidelity Advisor New Insights Institutional Fund | $ 10,715 | ||||||||||||
Fidelity Low Price Stock Fund | 14,594 | ||||||||||||
Franklin Mutual Discovery Z Fund | 11,597 | ||||||||||||
Pioneer Multi-Asset Floating Rate Fund | 24,934 | ||||||||||||
FAIR_VALUE_DISCLOSURES_Tables
FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
FAIR VALUE DISCLOSURES [Abstract] | |||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | |||||||||||
31-Dec-14 | |||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||
Assets: | (In thousands) | ||||||||||
Available-for-sale securities: | |||||||||||
U.S. Government agencies | $ - | $ 1,215,054 | $ - | $ 1,215,054 | |||||||
Government agency issued residential | |||||||||||
mortgage-back securities | - | 209,230 | - | 209,230 | |||||||
Government agency issued commercial | |||||||||||
mortgage-back securities | - | 240,568 | - | 240,568 | |||||||
Obligations of states and political | |||||||||||
subdivisions | - | 483,864 | - | 483,864 | |||||||
Other | 1,302 | 6,909 | - | 8,211 | |||||||
Mortgage servicing rights | - | - | 51,296 | 51,296 | |||||||
Derivative instruments | - | - | 23,830 | 23,830 | |||||||
Loans held for sale | - | 141,015 | - | 141,015 | |||||||
Total | $ 1,302 | $ 2,296,640 | $ 75,126 | $ 2,373,068 | |||||||
Liabilities: | |||||||||||
Derivative instruments | $ - | $ - | $ 23,207 | $ 23,207 | |||||||
31-Dec-13 | |||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||
Assets: | (In thousands) | ||||||||||
Available-for-sale securities: | |||||||||||
U.S. Government agencies | $ - | $ 1,458,349 | $ - | $ 1,458,349 | |||||||
Government agency issued residential | |||||||||||
mortgage-back securities | - | 250,234 | - | 250,234 | |||||||
Government agency issued commercial | |||||||||||
mortgage-back securities | - | 230,912 | - | 230,912 | |||||||
Obligations of states and political | |||||||||||
subdivisions | - | 519,405 | - | 519,405 | |||||||
Other | 1,102 | 6,987 | - | 8,089 | |||||||
Mortgage servicing rights | - | - | 54,662 | 54,662 | |||||||
Derivative instruments | - | - | 30,230 | 30,230 | |||||||
Total | $ 1,102 | $ 2,465,887 | $ 84,892 | $ 2,551,881 | |||||||
Liabilities: | |||||||||||
Derivative instruments | $ - | $ - | $ 29,352 | $ 29,352 | |||||||
Changes In Level Three Assets and Liabilities Measured At Fair Value On A Recurring Basis | |||||||||||
Mortgage | Available- | ||||||||||
Servicing | Derivative | for-sale | |||||||||
Rights | Instruments | Securities | |||||||||
(In thousands) | |||||||||||
Balance at December 31, 2013 | $ 54,662 | $ 878 | $ - | ||||||||
Total net gains for the year included in: | |||||||||||
Net loss | -12,244 | -255 | - | ||||||||
Other comprehensive income | - | - | - | ||||||||
Additions | 8,878 | - | - | ||||||||
Transfers in and/or out of Level 3 | - | - | - | ||||||||
Balance at December 31, 2014 | $ 51,296 | $ 623 | $ - | ||||||||
Net unrealized gains (losses) included in net income for the | |||||||||||
year relating to assets and liabilities held at December 31, 2014 | $ (6,444) | $ (255) | $ - | ||||||||
Mortgage | Available- | ||||||||||
Servicing | Derivative | for-sale | |||||||||
Rights | Instruments | Securities | |||||||||
(In thousands) | |||||||||||
Balance at December 31, 2012 | $ 37,882 | $ 2,911 | $ - | ||||||||
Total net gains for the year included in: | |||||||||||
Net (loss) income | 2,690 | -2,033 | - | ||||||||
Other comprehensive income | - | - | - | ||||||||
Additions | 14,090 | - | - | ||||||||
Transfers in and/or out of Level 3 | - | - | - | ||||||||
Balance at December 31, 2013 | $ 54,662 | $ 878 | $ - | ||||||||
Net unrealized (losses) gains included in net income for the | |||||||||||
year relating to assets and liabilities held at December 31, 2013 | $ 8,943 | $ (2,033) | $ - | ||||||||
Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis | |||||||||||
31-Dec-14 | |||||||||||
Total | |||||||||||
Level 1 | Level 2 | Level 3 | Total | Gains (Losses) | |||||||
Assets: | (In thousands) | ||||||||||
Impaired loans | - | - | 28,101 | 28,101 | -1,519 | ||||||
Other real estate owned | - | - | 33,984 | 33,984 | -11,974 | ||||||
31-Dec-13 | |||||||||||
Total | |||||||||||
Level 1 | Level 2 | Level 3 | Total | Gains (Losses) | |||||||
Assets: | (In thousands) | ||||||||||
Loans held for sale | $ - | $ 69,593 | $ - | $ 69,593 | $ - | ||||||
Impaired loans | - | - | 54,943 | 54,943 | -4,146 | ||||||
Other real estate owned | - | - | 69,338 | 69,338 | -17,963 | ||||||
Carrying And Fair Value Information | |||||||||||
2014 | 2013 | ||||||||||
Carrying | Fair | Carrying | Fair | ||||||||
Value | Value | Value | Value | ||||||||
Assets: | (In thousands) | ||||||||||
Cash and due from banks | $ 204,231 | $ 204,231 | $ 208,961 | $ 208,961 | |||||||
Interest bearing deposits with other banks | 153,019 | 153,019 | 319,462 | 319,462 | |||||||
Available for sale securities | 2,156,927 | 2,156,927 | 2,466,989 | 2,466,989 | |||||||
Net loans and leases | 9,570,493 | 10,066,945 | 8,804,779 | 9,059,171 | |||||||
Loans held for sale | 141,015 | 141,015 | 69,593 | 70,063 | |||||||
Liabilities: | |||||||||||
Noninterest bearing deposits | 2,778,686 | 2,778,686 | 2,644,592 | 2,644,592 | |||||||
Savings and interest bearing deposits | 6,200,017 | 6,200,017 | 5,816,580 | 5,816,580 | |||||||
Other time deposits | 1,993,636 | 2,005,023 | 2,312,664 | 2,332,380 | |||||||
Federal funds purchased and securities | |||||||||||
sold under agreement to repurchase | |||||||||||
and other short-term borrowings | 391,666 | 391,743 | 421,028 | 414,238 | |||||||
Long-term debt and other borrowings | 101,372 | 106,218 | 113,201 | 112,721 | |||||||
Derivative instruments: | |||||||||||
Forward commitments to sell fixed rate | |||||||||||
mortgage loans | -1,163 | -1,163 | 654 | 654 | |||||||
Commitments to fund fixed rate | |||||||||||
mortgage loans | 2,137 | 2,137 | 567 | 567 | |||||||
Interest rate swap position to receive | 21,653 | 21,653 | 28,907 | 28,907 | |||||||
Interest rate swap position to pay | -22,004 | -22,004 | -29,249 | -29,249 | |||||||
STOCK_INCENTIVE_AND_STOCK_OPTI1
STOCK INCENTIVE AND STOCK OPTION PLANS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
STOCK INCENTIVE AND STOCK OPTION PLANS [Abstract] | |||||||||||
Stock Option Activity | |||||||||||
2014 | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Weighted- | Remaining | Aggregate | |||||||||
Average | Contractual | Intrinsic | |||||||||
Exercise | Term | Value | |||||||||
Shares | Price | (years) | (In thousands) | ||||||||
Options | |||||||||||
Outstanding at January 1, 2014 | 1,884,318 | $ 19.69 | |||||||||
Exercised | -662,721 | 17.32 | |||||||||
Cancelled or forfeited | -19,500 | 20.26 | |||||||||
Expired | -145,120 | 23.26 | |||||||||
Outstanding at December 31, 2014 | 1,056,977 | $ 20.67 | 1.8 | $ 2,672 | |||||||
Exercisable at December 31, 2014 | 977,491 | $ 21.38 | 1.7 | $ 1,831 | |||||||
2013 | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Weighted- | Remaining | Aggregate | |||||||||
Average | Contractual | Intrinsic | |||||||||
Exercise | Term | Value | |||||||||
Shares | Price | (years) | (In thousands) | ||||||||
Options | |||||||||||
Outstanding at January 1, 2013 | 2,764,854 | $ 20.58 | |||||||||
Exercised | -64,000 | 15.97 | |||||||||
Cancelled or forfeited | -509,236 | 22.67 | |||||||||
Expired | -307,300 | 23.60 | |||||||||
Outstanding at December 31, 2013 | 1,884,318 | $ 19.69 | 2.7 | $ 10,806 | |||||||
Exercisable at December 31, 2013 | 1,715,431 | $ 20.45 | 2.5 | $ 8,528 | |||||||
2012 | |||||||||||
Weighted- | |||||||||||
Average | |||||||||||
Weighted- | Remaining | Aggregate | |||||||||
Average | Contractual | Intrinsic | |||||||||
Exercise | Term | Value | |||||||||
Shares | Price | (years) | (In thousands) | ||||||||
Options | |||||||||||
Outstanding at January 1, 2012 | 2,714,023 | $ 21.72 | |||||||||
Granted | 338,681 | 11.93 | |||||||||
Exercised | -6,333 | 12.94 | |||||||||
Cancelled or forfeited | -174,183 | 22.04 | |||||||||
Expired | -107,334 | 20.03 | |||||||||
Outstanding at December 31, 2012 | 2,764,854 | $ 20.58 | 3.1 | $ 1,374 | |||||||
Exercisable at December 31, 2012 | 2,306,860 | $ 22.23 | 2.6 | $ 1,332 | |||||||
The following table presents the status of the Company’s nonvested options as of December 31, 2014 | |||||||||||
and changes during the year then ended: | |||||||||||
Weighted- | Weighted- | ||||||||||
Average | Average | ||||||||||
Exercise | Grant Date | ||||||||||
Shares | Price | Fair Value | |||||||||
Nonvested Options | |||||||||||
Outstanding at January 1, 2014 | 168,887 | $ 11.93 | $ 4.16 | ||||||||
Granted | - | - | - | ||||||||
Vested | -84,401 | 12.81 | 4.16 | ||||||||
Forfeited or cancelled | -5,000 | 11.93 | 4.15 | ||||||||
Outstanding at December 31, 2014 | 79,486 | $ 11.93 | $ 4.16 | ||||||||
Assumptions Used for Stock Options | |||||||||||
2012 | |||||||||||
Expected volatility | 49.90% | ||||||||||
Weighted-average volatility | 49.90% | ||||||||||
Expected dividends | 2.50% | ||||||||||
Expected term (in years) | 4.8 - 4.9 | ||||||||||
Risk-free rate | 0.81% | ||||||||||
Stock Options Outstanding, By Exercise Price Range | |||||||||||
Options Outstanding | Options exercisable | ||||||||||
Range of | Number | Weighted-Avg | Weighted-Avg | Number | Weighted-Avg | ||||||
Exercise Prices | Outstanding | Remaining Life (years) | Exercise Price | Exercisable | Exercise Price | ||||||
$10.07 to $13.25 | 256,493 | 3.6 | $ 12.40 | 177,007 | $ 12.61 | ||||||
$17.10 to $22.97 | 322,534 | 1.7 | 22.27 | 322,534 | 22.27 | ||||||
$23.19 to $24.03 | 143,000 | 1.0 | 23.19 | 143,000 | 23.19 | ||||||
$24.27 to $25.31 | 334,950 | 1.0 | 24.39 | 334,950 | 24.39 | ||||||
$10.07 to $25.31 | 1,056,977 | 1.8 | $ 20.67 | 977,491 | $ 21.38 | ||||||
EARNINGS_PER_SHARE_AND_DIVIDEN1
EARNINGS PER SHARE AND DIVIDEND DATA (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
EARNINGS PER SHARE AND DIVIDEND DATA [Abstract] | |||||||
Basic and Diluted Earnings Per Share Computations | |||||||
2014 | |||||||
Income | Shares | Per Share | |||||
(Numerator) | (Denominator) | Amount | |||||
Basic EPS: | (In thousands, except per share amounts) | ||||||
Income available to common shareholders | $ 116,750 | 95,973 | $ 1.22 | ||||
Effect of dilutive stock options | - | 329 | |||||
Diluted EPS: | |||||||
Income available to common shareholders | |||||||
plus assumed exercise | $ 116,750 | 96,302 | $ 1.21 | ||||
2013 | |||||||
Income | Shares | Per Share | |||||
(Numerator) | (Denominator) | Amount | |||||
Basic EPS: | (In thousands, except per share amounts) | ||||||
Income available to common shareholders | $ 94,115 | 95,048 | $ 0.99 | ||||
Effect of dilutive stock options | - | 284 | |||||
Diluted EPS: | |||||||
Income available to common shareholders | |||||||
plus assumed exercise | $ 94,115 | 95,332 | $ 0.99 | ||||
2012 | |||||||
Income | Shares | Per Share | |||||
(Numerator) | (Denominator) | Amount | |||||
Basic EPS: | (In thousands, except per share amounts) | ||||||
Income available to common shareholders | $ 84,295 | 93,774 | $ 0.90 | ||||
Effect of dilutive stock options | - | 90 | |||||
Diluted EPS: | |||||||
Income available to common shareholders | |||||||
plus assumed exercise | $ 84,295 | 93,864 | $ 0.90 | ||||
OTHER_COMPREHENSIVE_INCOME_Tab
OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
OTHER COMPREHENSIVE INCOME [Abstract] | |||||||
Components Of Other Comprehensive Income | |||||||
2014 | |||||||
Before | Tax | Net | |||||
Tax | (Expense) | of Tax | |||||
Amount | Benefit | Amount | |||||
(In thousands) | |||||||
Net unrealized gains on available-for-sale securities: | |||||||
Unrealized gains (losses) arising during | |||||||
holding period | $ 26,016 | $ (9,965) | $ 16,051 | ||||
Reclassification adjustment for net (gains) losses | |||||||
realized in net income (1) | -37 | 14 | -23 | ||||
Recognized employee benefit plan net | |||||||
periodic benefit cost (2) | -48,187 | 18,432 | -29,755 | ||||
Other comprehensive loss | $ (22,208) | $ 8,481 | $ (13,727) | ||||
2013 | |||||||
Before | Tax | Net | |||||
Tax | (Expense) | of Tax | |||||
Amount | Benefit | Amount | |||||
(In thousands) | |||||||
Net unrealized gains on available-for-sale securities: | |||||||
Unrealized (losses) gains arising during | |||||||
holding period | $ (61,640) | $ 23,603 | $ (38,037) | ||||
Reclassification adjustment for net (gains) losses | |||||||
realized in net income (1) | -46 | 18 | -28 | ||||
Recognized employee benefit plan net | |||||||
periodic benefit cost (2) | 27,128 | -10,376 | 16,752 | ||||
Other comprehensive loss | $ (34,558) | $ 13,245 | $ (21,313) | ||||
2012 | |||||||
Before | Tax | Net | |||||
Tax | (Expense) | of Tax | |||||
Amount | Benefit | Amount | |||||
(In thousands) | |||||||
Net unrealized gains on available-for-sale securities: | |||||||
Unrealized gains (losses) arising during | |||||||
holding period | $ 3,043 | $ (1,171) | $ 1,872 | ||||
Reclassification adjustment for net (gains) losses | |||||||
realized in net income (1) | -442 | 169 | -273 | ||||
Recognized employee benefit plan net | |||||||
periodic benefit cost (2) | -12,930 | 4,946 | -7,984 | ||||
Other comprehensive loss | $ (10,329) | $ 3,944 | $ (6,385) | ||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
RELATED PARTY TRANSACTIONS [Abstract] | |||
Related party transactions | |||
Amount | |||
(In thousands) | |||
Loans outstanding at December 31, 2013 | $ 34,616 | ||
New loans | 68,915 | ||
Repayments | -33,931 | ||
Changes in directors and executive officers | -42,351 | ||
Loans outstanding at December 31, 2014 | $ 27,249 | ||
MORTGAGE_SERVICING_RIGHTS_Tabl
MORTGAGE SERVICING RIGHTS (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
MORTGAGE SERVICING RIGHTS [Abstract] | |||||||
Data and Assumptions Used in Fair Value Calculation | |||||||
2014 | 2013 | 2012 | |||||
(Dollars in thousands) | |||||||
Unpaid principal balance | $ | $ | $ | ||||
5,686,756 | 5,577,325 | 5,058,912 | |||||
Weighted-average prepayment speed (CPR) | 11.6 | 10.3 | 17.1 | ||||
Discount rate (annual percentage) | 9.8 | 10.3 | 10.8 | ||||
Weighted-average coupon interest rate (percentage) | 4.1 | 4.2 | 4.4 | ||||
Weighted-average remaining maturity (months) | 314.0 | 310.0 | 307.0 | ||||
Weighted-average servicing fee (basis points) | 26.5 | 26.6 | 27.1 | ||||
Activity in Class of Mortgage Servicing Assets | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Fair value at beginning of year | $ 54,662 | $ 37,882 | |||||
Additions: | |||||||
Origination of servicing assets | 8,878 | 14,090 | |||||
Changes in fair value: | |||||||
Due to payoffs/paydowns | -5,793 | -6,244 | |||||
Due to change in valuation inputs or assumptions | |||||||
used in the valuation model | -6,444 | 8,943 | |||||
Other changes in fair value | -7 | -9 | |||||
Fair value at end of year | $ 51,296 | $ 54,662 | |||||
REGULATORY_MATTERS_Tables
REGULATORY MATTERS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
REGULATORY MATTERS [Abstract] | |||||||||
Summary of Compliance with Regulatory Capital Requirements | |||||||||
2014 | 2013 | ||||||||
Amount | Ratio | Amount | Ratio | ||||||
(Dollars in thousands) | |||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||
BancorpSouth, Inc. | $ 1,351,807 | 13.27% | $ 1,255,244 | 12.99% | |||||
BancorpSouth Bank | 1,298,449 | 12.76 | 1,237,716 | 12.83 | |||||
Total capital (to risk-weighted assets) | |||||||||
BancorpSouth, Inc. | 1,479,791 | 14.52 | 1,376,752 | 14.25 | |||||
BancorpSouth Bank | 1,426,433 | 14.02 | 1,359,195 | 14.09 | |||||
Tier 1 leverage capital (to average assets) | |||||||||
BancorpSouth, Inc. | 1,351,807 | 10.55 | 1,255,244 | 9.93 | |||||
BancorpSouth Bank | 1,298,449 | 10.17 | 1,237,716 | 9.81 | |||||
SEGMENTS_Tables
SEGMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
SEGMENTS [Abstract] | |||||||||
Results of Operations and Selected Financial Information by Operating Segment | |||||||||
Community Banking | Insurance Agencies | General Corporate and Other | Total | ||||||
2014 | (In thousands) | ||||||||
Results of Operations | |||||||||
Net interest revenue | $ 381,604 | $ 117 | $ 34,941 | $ 416,662 | |||||
Provision for credit losses | -4,757 | - | 4,757 | - | |||||
Net interest income after provision | |||||||||
for credit losses | 386,361 | 117 | 30,184 | 416,662 | |||||
Noninterest revenue | 100,678 | 115,541 | 52,927 | 269,146 | |||||
Noninterest expense | 336,341 | 97,620 | 84,445 | 518,406 | |||||
Income (loss) before income taxes | 150,698 | 18,038 | -1,334 | 167,402 | |||||
Income tax expense (benefit) | 48,072 | 7,255 | -4,675 | 50,652 | |||||
Net income (loss) | $ 102,626 | $ 10,783 | $ 3,341 | $ 116,750 | |||||
Selected Financial Information | |||||||||
Total assets | $ 9,820,238 | $ 188,920 | $ 3,317,211 | $ 13,326,369 | |||||
Depreciation and amortization | 24,061 | 5,257 | 2,397 | 31,715 | |||||
Community Banking | Insurance Agencies | General Corporate and Other | Total | ||||||
2013 | (In thousands) | ||||||||
Results of Operations | |||||||||
Net interest revenue | $ 372,629 | $ 165 | $ 26,155 | $ 398,949 | |||||
Provision for credit losses | 5,824 | - | 1,676 | 7,500 | |||||
Net interest income after provision | |||||||||
for credit losses | 366,805 | 165 | 24,479 | 391,449 | |||||
Noninterest revenue | 108,507 | 99,103 | 67,456 | 275,066 | |||||
Noninterest expense | 324,513 | 86,557 | 123,779 | 534,849 | |||||
Income (loss) before income taxes | 150,799 | 12,711 | -31,844 | 131,666 | |||||
Income tax expense (benefit) | 47,454 | 5,175 | -15,078 | 37,551 | |||||
Net income (loss) | $ 103,345 | $ 7,536 | $ (16,766) | $ 94,115 | |||||
Selected Financial Information | |||||||||
Total assets | $ 9,809,428 | $ 187,424 | $ 3,032,881 | $ 13,029,733 | |||||
Depreciation and amortization | 22,912 | 3,655 | 2,956 | 29,523 | |||||
Community Banking | Insurance Agencies | General Corporate and Other | Total | ||||||
2012 | (In thousands) | ||||||||
Results of Operations | |||||||||
Net interest revenue | $ 389,466 | $ 270 | $ 24,855 | $ 414,591 | |||||
Provision for credit losses | 25,482 | - | 2,518 | 28,000 | |||||
Net interest income after provision | |||||||||
for credit losses | 363,984 | 270 | 22,337 | 386,591 | |||||
Noninterest revenue | 113,613 | 90,045 | 76,491 | 280,149 | |||||
Noninterest expense | 351,378 | 78,799 | 119,016 | 549,193 | |||||
Income (loss) before income taxes | 126,219 | 11,516 | -20,188 | 117,547 | |||||
Income tax expense (benefit) | 39,777 | 4,682 | -11,207 | 33,252 | |||||
Net income | $ 86,442 | $ 6,834 | $ (8,981) | $ 84,295 | |||||
Selected Financial Information | |||||||||
Total assets | $ 10,232,036 | $ 173,832 | $ 2,991,330 | $ 13,397,198 | |||||
Depreciation and amortization | 23,773 | 3,616 | 3,553 | 30,942 | |||||
DERIVATIVE_INSTRUMENTS_Tables
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
DERIVATIVE INSTRUMENTS [Abstract] | |||||||||||||
Offsetting Of Derivative Assets And Liabilities | |||||||||||||
31-Dec-14 | |||||||||||||
Gross Amounts Not Offset | |||||||||||||
in the Consolidated | |||||||||||||
Balance Sheet | |||||||||||||
Financial | |||||||||||||
Gross Amount | Gross Amount | Net Amount | Financial | Collateral | Net | ||||||||
Recognized | Offset | Recognized | Instruments | Pledged | Amount | ||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Derivatives: | |||||||||||||
Forward commitments | $ 2,177 | $ - | $ 2,177 | $ - | $ - | $ 2,177 | |||||||
Loan/lease interest rate swaps | 22,004 | - | 22,004 | - | - | 22,004 | |||||||
Total financial assets | $ 24,181 | $ - | $ 24,181 | $ - | $ - | $ 24,181 | |||||||
Financial liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Forward commitments | $ 1,203 | $ - | $ 1,203 | $ - | $ - | $ 1,203 | |||||||
Loan/lease interest rate swaps | 22,004 | - | 22,004 | - | -22,004 | - | |||||||
Repurchase arrangements | 388,166 | - | 388,166 | -388,166 | - | - | |||||||
Total financial liabilities | $ 411,373 | $ - | $ 411,373 | $ (388,166) | $ (22,004) | $ 1,203 | |||||||
31-Dec-13 | |||||||||||||
Gross Amounts Not Offset | |||||||||||||
in the Consolidated | |||||||||||||
Balance Sheet | |||||||||||||
Financial | |||||||||||||
Gross Amount | Gross Amount | Net Amount | Financial | Collateral | Net | ||||||||
Recognized | Offset | Recognized | Instruments | Pledged | Amount | ||||||||
(In thousands) | |||||||||||||
Financial assets: | |||||||||||||
Derivatives: | |||||||||||||
Forward commitments | $ 1,324 | $ - | $ 1,324 | $ - | $ - | $ 1,324 | |||||||
Loan/lease interest rate swaps | 29,249 | - | 29,249 | - | - | 29,249 | |||||||
Total financial assets | $ 30,573 | $ - | $ 30,573 | $ - | $ - | $ 30,573 | |||||||
Financial liabilities: | |||||||||||||
Derivatives: | |||||||||||||
Forward commitments | $ 103 | $ - | $ 103 | $ - | $ - | $ 103 | |||||||
Loan/lease interest rate swaps | 29,249 | - | 29,249 | - | -29,249 | - | |||||||
Repurchase arrangements | 421,028 | - | 421,028 | -421,028 | - | - | |||||||
Total financial liabilities | $ 450,380 | $ - | $ 450,380 | $ (421,028) | $ (29,249) | $ 103 | |||||||
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
COMMITMENTS AND CONTINGENT LIABILITIES [Abstract] | |||
Future Minimum Lease Payments | |||
Amount | |||
(In thousands) | |||
2015 | $ 5,141 | ||
2016 | 3,887 | ||
2017 | 2,774 | ||
2018 | 1,225 | ||
2019 | 664 | ||
Thereafter | 3,781 | ||
Total future minimum lease payments | $ 17,472 | ||
CONDENSED_PARENT_COMPANY_INFOR1
CONDENSED PARENT COMPANY INFORMATION (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
CONDENSED PARENT COMPANY INFORMATION [Abstract] | |||||||
Condensed Parent Company Information | |||||||
Condensed Balance Sheets | December 31, | ||||||
2014 | 2013 | ||||||
Assets: | (In thousands) | ||||||
Cash on deposit with subsidiary bank | $ 93,270 | $ 56,751 | |||||
Investment in subsidiaries | 1,576,708 | 1,527,137 | |||||
Other assets | 10,404 | 11,525 | |||||
Total assets | $ 1,680,382 | $ 1,595,413 | |||||
Liabilities and shareholders' equity: | |||||||
Total liabilities | $ 74,323 | $ 82,283 | |||||
Shareholders' equity | 1,606,059 | 1,513,130 | |||||
Total liabilities and shareholders' equity | $ 1,680,382 | $ 1,595,413 | |||||
Year Ended December 31, | |||||||
Condensed Statements of Income | 2014 | 2013 | 2012 | ||||
(In thousands) | |||||||
Dividends from subsidiaries | $ 60,000 | $ 35,000 | $ - | ||||
Other operating income | 585 | 1,775 | 1,253 | ||||
Total income | 60,585 | 36,775 | 1,253 | ||||
Operating expenses | 6,867 | 15,033 | 16,931 | ||||
Income (loss) before tax benefit and equity in undistributed earnings | 53,718 | 21,742 | -15,678 | ||||
Income tax benefit | 2,420 | 5,860 | 5,732 | ||||
Income (loss) before equity in undistributed earnings | |||||||
of subsidiaries | 56,138 | 27,602 | -9,946 | ||||
Equity in undistributed earnings of subsidiaries | 60,612 | 66,513 | 94,241 | ||||
Net income | $ 116,750 | $ 94,115 | $ 84,295 | ||||
Year Ended December 31, | |||||||
Condensed Statements of Cash Flows | 2014 | 2013 | 2012 | ||||
(In thousands) | |||||||
Operating activities: | |||||||
Net income | $ 116,750 | $ 94,115 | $ 84,295 | ||||
Adjustments to reconcile net income | |||||||
to net cash provided by (used in) operating activities | -61,862 | -62,419 | -95,231 | ||||
Net cash provided by (used in) operating activities | 54,888 | 31,696 | -10,936 | ||||
Financing activities: | |||||||
Cash dividends | -23,983 | -11,383 | -3,778 | ||||
Redemption of junior subordinated debt | -8,248 | -128,866 | - | ||||
Advance of long-term debt | 8,000 | 50,000 | - | ||||
Repayment of long-term debt | -8,066 | -1,786 | - | ||||
Common stock transactions, net | 13,928 | 2,696 | 112,008 | ||||
Net cash (used in) provided by financing activities | -18,369 | -89,339 | 108,230 | ||||
Increase (decrease) in cash and cash equivalents | 36,519 | -57,643 | 97,294 | ||||
Cash and cash equivalents at beginning of year | 56,751 | 114,394 | 17,100 | ||||
Cash and cash equivalents at end of year | $ 93,270 | $ 56,751 | $ 114,394 | ||||
OTHER_NONINTEREST_INCOME_AND_E1
OTHER NONINTEREST INCOME AND EXPENSE (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
OTHER NONINTEREST INCOME AND EXPENSE [Abstract] | |||||||
Other Noninterest Revenue | |||||||
2014 | 2013 | 2012 | |||||
(In thousands) | |||||||
Bank-owned life insurance | 8,848 | 8,314 | 8,074 | ||||
Other miscellaneous income | 13,292 | 15,153 | 15,122 | ||||
Total other noninterest income | $ 22,140 | $ 23,467 | $ 23,196 | ||||
Other Noninterest Expense | |||||||
2014 | 2013 | 2012 | |||||
(In thousands) | |||||||
Advertising | $ 4,388 | $ 4,558 | $ 4,869 | ||||
Foreclosed property expense | 17,071 | 11,728 | 39,406 | ||||
Telecommunications | 8,720 | 8,481 | 8,515 | ||||
Public relations | 3,399 | 4,258 | 5,434 | ||||
Data processing | 11,144 | 10,962 | 10,234 | ||||
Computer software | 10,525 | 8,496 | 7,476 | ||||
Amortization of intangibles | 4,443 | 2,979 | 3,222 | ||||
Legal expenses | 9,822 | 20,426 | 9,334 | ||||
Merger expense | 1,761 | - | - | ||||
Postage and shipping | 4,745 | 4,369 | 4,465 | ||||
Other miscellaneous expense | 68,108 | 66,801 | 71,994 | ||||
Total other noninterest expense | $ 144,126 | $ 143,058 | $ 164,949 | ||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
loan | loan | loan | |
item | |||
Cash Flow Statements [Abstract] | |||
Paid interest | $35,000,000 | $51,900,000 | $74,300,000 |
Income taxes paid | 50,700,000 | 39,500,000 | 28,100,000 |
Unsettled purchases of securities | 10,000,000 | 1,200,000 | 24,900,000 |
Loans foreclosed and transferred to OREO | 14,700,000 | 29,300,000 | 32,400,000 |
Mortgage Loan Related to Property Sales | 4,400,000 | 13,700,000 | 3,700,000 |
Loans and Leases [Abstract] | |||
Threshold loan amount for which a new appraisal is ordered, when characteristics of potential impairment exist | 500,000 | ||
Threshold loan amount for which an appraisal is obtained for real estate collateral | 250,000 | ||
Period over which an appraisal is considered current | 12 months | ||
Impaired loans | 28,101,000 | 54,943,000 | |
Cumulative charge-offs during the period | 25,000,000 | 42,200,000 | 89,400,000 |
Specific reserves included in the allowance for credit losses | 1,500,000 | ||
Days past due of principal or interest at which loans and leases may be placed in non-accrual status | 90 days | ||
Minimum sustained period of repayment performance for TDR loans to return to accrual status | 6 months | ||
Loans held for sale [Abstract] | |||
Number of mortgage loans repurchased | 21 | 16 | 14 |
Amount of mortgage loans repurchased | 2,300,000 | 931,000 | 2,100,000 |
Losses recognized related to repurchased and make whole loans | 913,000 | 661,000 | 782,000 |
Amount reserved for potential losses from representation and warranty obligations | 1,100,000 | ||
Percentage of remaining principal balance of delinquent loans that may be repurchased by the servicer (in hundredths) | 100.00% | ||
Amount of loans subject to buy back | 23,500,000 | ||
Derivative Instruments [Abstract] | |||
Notional amount | 324,200,000 | 412,900,000 | |
Average maturity | 49 months 15 days | 54 months 21 days | |
Average interest receive rate (in hundredths) | 2.50% | 2.50% | |
Average interest pay rate (in hundredths) | 5.60% | 5.60% | |
Stock-Based Compensation [Abstract] | |||
Number of stock-based employee compensation plans | 3 | ||
Compensation costs for unvested awards granted | 843,000 | ||
Impaired Loans [Member] | |||
Loans and Leases [Abstract] | |||
Cumulative charge-offs during the period | $5,500,000 | ||
Minimum [Member] | |||
Loans and Leases [Abstract] | |||
Marketing period | 180 days | ||
Maximum [Member] | |||
Loans and Leases [Abstract] | |||
Marketing period | 360 days | ||
Basic Plan [Member] | |||
Pension and Postretirement Benefits Accounting [Abstract] | |||
Discount rate assumptions for determination of projected benefit obligation (in hundredths) | 4.10% | 4.90% | |
Restoration Plan [Member] | |||
Pension and Postretirement Benefits Accounting [Abstract] | |||
Discount rate assumptions for determination of projected benefit obligation (in hundredths) | 3.90% | 4.50% | |
Supplemental Plan [Member] | |||
Pension and Postretirement Benefits Accounting [Abstract] | |||
Discount rate assumptions for determination of projected benefit obligation (in hundredths) | 3.10% | 3.65% |
BUSINESS_COMBINATIONS_Details
BUSINESS COMBINATIONS (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 18, 2013 | Dec. 31, 2013 | Jul. 02, 2013 | Jul. 02, 2012 | Dec. 31, 2012 | |
item | item | |||||
Knox Insurance Group, LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Effective date of business acquisition | 10-Apr-14 | |||||
Cash paid for business acquisition | $7,000,000 | |||||
Additional aggregate consideration | 2,400,000 | |||||
Number of annual installments for additional aggregate consideration | 3 | |||||
GEM Insurance Agencies, LP [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Effective date of business acquisition | 18-Dec-13 | |||||
Cash paid for business acquisition | 20,700,000 | 20,700,000 | ||||
Additional aggregate consideration | 6.2 | 6,200,000 | ||||
Number of annual installments for additional aggregate consideration | 3 | |||||
The Securance Group [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Effective date of business acquisition | 2-Jul-12 | |||||
Cash paid for business acquisition | 6,700,000 | 6,700,000 | ||||
Additional aggregate consideration | $2 | $2,000,000 | ||||
Number of annual installments for additional aggregate consideration | 3 |
AVAILABLEFORSALE_SECURITIES_De
AVAILABLE-FOR-SALE SECURITIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $2,124,567,000 | $2,460,608,000 | |
Gross Unrealized Gains | 38,496,000 | 27,987,000 | |
Gross Unrealized Losses | 6,136,000 | 21,606,000 | |
Estimated Fair Value | 2,156,927,000 | 2,466,989,000 | |
Carrying value of FHLB stock | 6,800,000 | ||
Required investment in FHLB stock | 6,600,000 | ||
Gross gains recognized on available-for-sale securities | 49,000 | 72,000 | 480,000 |
Gross losses recognized on available-for-sale securities | 12,000 | 26,000 | 38,000 |
Carrying value of available-for-sale securities pledged | 1,700,000,000 | ||
Available-for-sale securities, amortized cost, by contractual maturity [Abstract] | |||
Maturing in one year or less | 305,125,000 | ||
Maturing after one year through five years | 1,036,760,000 | ||
Maturing after five years through ten years | 53,547,000 | ||
Maturing after ten years | 282,768,000 | ||
Mortgage-backed securities | 446,367,000 | ||
Total | 2,124,567,000 | ||
Available-for-sale securities, estimated fair value, by contractual maturity [Abstract] | |||
Maturing in one year or less | 306,995,000 | ||
Maturing after one year through five years | 1,038,685,000 | ||
Maturing after five years through ten years | 55,447,000 | ||
Maturing after ten years | 306,002,000 | ||
Mortgage-backed securities | 449,798,000 | ||
Estimated Fair Value | 2,156,927,000 | 2,466,989,000 | |
Available-for-sale securities, weighted average yield, by contractual maturity [Abstract] | |||
Maturing in one year or less (in hundredths) | 1.44% | ||
Maturing after one year through five years (in hundredths) | 1.30% | ||
Maturing after five years through ten years (in hundredths) | 4.90% | ||
Maturing after ten years (in hundredths) | 6.00% | ||
Mortgage-backed securities (in hundredths) | 2.07% | ||
Available-for-sale securities with continuous unrealized loss positions [Abstract] | |||
Less Than 12 Months Fair Value | 259,030,000 | 913,301,000 | |
Less Than 12 Months Unrealized Losses | 557,000 | 19,684,000 | |
12 Months or Longer Fair Value | 522,344,000 | 35,295,000 | |
12 Months or Longer Unrealized Losses | 5,579,000 | 1,922,000 | |
Total Fair Value | 781,374,000 | 948,596,000 | |
Total Unrealized Losses | 6,136,000 | 21,606,000 | |
Mississippi [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying value of available-for-sale securities pledged | 238,100,000 | ||
Arkansas [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying value of available-for-sale securities pledged | 98,400,000 | ||
U.S. Agency Debt Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,213,310,000 | 1,455,417,000 | |
Gross Unrealized Gains | 4,093,000 | 9,065,000 | |
Gross Unrealized Losses | 2,349,000 | 6,133,000 | |
Estimated Fair Value | 1,215,054,000 | 1,458,349,000 | |
Available-for-sale securities, estimated fair value, by contractual maturity [Abstract] | |||
Estimated Fair Value | 1,215,054,000 | 1,458,349,000 | |
Available-for-sale securities with continuous unrealized loss positions [Abstract] | |||
Less Than 12 Months Fair Value | 237,891,000 | 533,326,000 | |
Less Than 12 Months Unrealized Losses | 471,000 | 6,133,000 | |
12 Months or Longer Fair Value | 283,643,000 | ||
12 Months or Longer Unrealized Losses | 1,878,000 | ||
Total Fair Value | 521,534,000 | 533,326,000 | |
Total Unrealized Losses | 2,349,000 | 6,133,000 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 204,918,000 | 249,682,000 | |
Gross Unrealized Gains | 4,751,000 | 3,118,000 | |
Gross Unrealized Losses | 439,000 | 2,566,000 | |
Estimated Fair Value | 209,230,000 | 250,234,000 | |
Available-for-sale securities, estimated fair value, by contractual maturity [Abstract] | |||
Estimated Fair Value | 209,230,000 | 250,234,000 | |
Available-for-sale securities with continuous unrealized loss positions [Abstract] | |||
Less Than 12 Months Fair Value | 106,179,000 | ||
Less Than 12 Months Unrealized Losses | 2,418,000 | ||
12 Months or Longer Fair Value | 24,565,000 | 4,407,000 | |
12 Months or Longer Unrealized Losses | 439,000 | 148,000 | |
Total Fair Value | 24,565,000 | 110,586,000 | |
Total Unrealized Losses | 439,000 | 2,566,000 | |
Government Agency Issued Commercial Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 241,449,000 | 239,313,000 | |
Gross Unrealized Gains | 2,319,000 | 1,773,000 | |
Gross Unrealized Losses | 3,200,000 | 10,174,000 | |
Estimated Fair Value | 240,568,000 | 230,912,000 | |
Available-for-sale securities, estimated fair value, by contractual maturity [Abstract] | |||
Estimated Fair Value | 240,568,000 | 230,912,000 | |
Available-for-sale securities with continuous unrealized loss positions [Abstract] | |||
Less Than 12 Months Fair Value | 3,822,000 | 176,253,000 | |
Less Than 12 Months Unrealized Losses | 24,000 | 8,578,000 | |
12 Months or Longer Fair Value | 203,520,000 | 27,225,000 | |
12 Months or Longer Unrealized Losses | 3,176,000 | 1,596,000 | |
Total Fair Value | 207,342,000 | 203,478,000 | |
Total Unrealized Losses | 3,200,000 | 10,174,000 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 458,026,000 | 509,255,000 | |
Gross Unrealized Gains | 25,986,000 | 12,883,000 | |
Gross Unrealized Losses | 148,000 | 2,733,000 | |
Estimated Fair Value | 483,864,000 | 519,405,000 | |
Available-for-sale securities, estimated fair value, by contractual maturity [Abstract] | |||
Estimated Fair Value | 483,864,000 | 519,405,000 | |
Available-for-sale securities with continuous unrealized loss positions [Abstract] | |||
Less Than 12 Months Fair Value | 17,317,000 | 97,543,000 | |
Less Than 12 Months Unrealized Losses | 62,000 | 2,555,000 | |
12 Months or Longer Fair Value | 10,616,000 | 3,663,000 | |
12 Months or Longer Unrealized Losses | 86,000 | 178,000 | |
Total Fair Value | 27,933,000 | 101,206,000 | |
Total Unrealized Losses | 148,000 | 2,733,000 | |
Other Available for Sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 6,864,000 | 6,941,000 | |
Gross Unrealized Gains | 1,347,000 | 1,148,000 | |
Estimated Fair Value | 8,211,000 | 8,089,000 | |
Available-for-sale securities, estimated fair value, by contractual maturity [Abstract] | |||
Estimated Fair Value | $8,211,000 | $8,089,000 |
LOANS_AND_LEASES_Gross_Loans_A
LOANS AND LEASES (Gross Loans And Leases By Segment And Class) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
LOANS AND LEASES [Abstract] | ||
Commercial and industrial | $1,753,041 | $1,538,302 |
Consumer mortgages | 2,257,726 | 1,976,073 |
Home equity | 531,374 | 494,339 |
Agricultural | 239,616 | 234,576 |
Commercial and industrial - owner occupied | 1,522,536 | 1,473,320 |
Construction, acquisition and development | 853,623 | 741,458 |
Commercial real estate | 1,961,977 | 1,846,039 |
Credit Cards | 113,426 | 111,328 |
All other | 516,221 | 578,453 |
Total | $9,749,540 | $8,993,888 |
LOANS_AND_LEASES_Loans_And_Lea
LOANS AND LEASES (Loans And Leases, Net Of Unearned Income By Segment, Class And Geographical Location) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | $1,746,486 | ||
Real estate [Abstract] | |||
Consumer mortgages | 2,257,726 | ||
Home equity | 531,374 | ||
Agricultural | 239,616 | ||
Commercial and industrial-owner occupied | 1,522,536 | ||
Construction, acquisition and development | 853,623 | ||
Commercial | 1,961,977 | ||
Credit cards | 113,426 | [1] | |
All other | 486,172 | ||
Total | 9,712,936 | 8,958,015 | |
Loan concentrations [Abstract] | |||
Maximum percentage of loan concentrations (in hundredths) | 10.00% | ||
Alabama and Florida Panhandle [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 75,919 | ||
Real estate [Abstract] | |||
Consumer mortgages | 183,605 | ||
Home equity | 73,380 | ||
Agricultural | 6,814 | ||
Commercial and industrial-owner occupied | 172,813 | ||
Construction, acquisition and development | 129,955 | ||
Commercial | 285,105 | ||
All other | 28,728 | ||
Total | 956,319 | ||
Arkansas [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 172,894 | [2] | |
Real estate [Abstract] | |||
Consumer mortgages | 283,462 | [2] | |
Home equity | 39,546 | [2] | |
Agricultural | 73,413 | [2] | |
Commercial and industrial-owner occupied | 172,026 | [2] | |
Construction, acquisition and development | 83,645 | [2] | |
Commercial | 327,703 | [2] | |
All other | 38,680 | [2] | |
Total | 1,191,369 | [2] | |
Mississippi [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 303,524 | [2] | |
Real estate [Abstract] | |||
Consumer mortgages | 710,307 | [2] | |
Home equity | 174,587 | [2] | |
Agricultural | 56,016 | [2] | |
Commercial and industrial-owner occupied | 454,432 | [2] | |
Construction, acquisition and development | 227,979 | [2] | |
Commercial | 294,254 | [2] | |
All other | 131,704 | [2] | |
Total | 2,352,803 | [2] | |
Missouri [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 29,734 | ||
Real estate [Abstract] | |||
Consumer mortgages | 69,501 | ||
Home equity | 21,661 | ||
Agricultural | 2,747 | ||
Commercial and industrial-owner occupied | 61,393 | ||
Construction, acquisition and development | 21,800 | ||
Commercial | 200,352 | ||
All other | 2,726 | ||
Total | 409,914 | ||
Greater Memphis Area [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 24,457 | ||
Real estate [Abstract] | |||
Consumer mortgages | 115,178 | ||
Home equity | 68,777 | ||
Agricultural | 12,678 | ||
Commercial and industrial-owner occupied | 90,734 | ||
Construction, acquisition and development | 73,944 | ||
Commercial | 98,403 | ||
All other | 35,142 | ||
Total | 519,313 | ||
Tennessee Excluding Greater Memphis Area [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 89,683 | [2] | |
Real estate [Abstract] | |||
Consumer mortgages | 175,401 | [2] | |
Home equity | 88,505 | [2] | |
Agricultural | 11,115 | [2] | |
Commercial and industrial-owner occupied | 87,524 | [2] | |
Construction, acquisition and development | 98,067 | [2] | |
Commercial | 126,197 | [2] | |
All other | 33,101 | [2] | |
Total | 709,593 | [2] | |
Texas and Louisiana [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 321,143 | ||
Real estate [Abstract] | |||
Consumer mortgages | 556,457 | ||
Home equity | 62,872 | ||
Agricultural | 73,076 | ||
Commercial and industrial-owner occupied | 337,457 | ||
Construction, acquisition and development | 180,676 | ||
Commercial | 436,519 | ||
All other | 67,260 | ||
Total | 2,035,460 | ||
Corporate Banking And Other [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 729,132 | ||
Real estate [Abstract] | |||
Consumer mortgages | 163,815 | ||
Home equity | 2,046 | ||
Agricultural | 3,757 | ||
Commercial and industrial-owner occupied | 146,157 | ||
Construction, acquisition and development | 37,557 | ||
Commercial | 193,444 | ||
Credit cards | 113,426 | [1] | |
All other | 148,831 | ||
Total | $1,538,165 | ||
[1] | Credit card receivables are spread across all geographic regions but are not viewed by the Companybs management as part of the geographic breakdown. | ||
[2] | Excludes the Greater Memphis Area |
LOANS_AND_LEASES_Aging_Of_Loan
LOANS AND LEASES (Aging Of Loan And Lease Portfolio, Net Of Unearned Income, By Segment And Class) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Aging of loan and lease portfolio [Abstract] | ||
30-59 Days Past Due | $27,529 | |
60-89 Days Past Due | 5,996 | |
90 Plus Days Past Due | 19,487 | |
Total Past Due | 53,012 | |
Current | 9,659,924 | |
Total | 9,712,936 | 8,958,015 |
90 Plus Days Past Due still Accruing | 2,763 | 1,226 |
Commercial And Industrial [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
30-59 Days Past Due | 2,322 | 3,122 |
60-89 Days Past Due | 544 | 310 |
90 Plus Days Past Due | 601 | 601 |
Total Past Due | 3,467 | 4,033 |
Current | 1,743,019 | 1,525,216 |
Total | 1,746,486 | 1,529,249 |
90 Plus Days Past Due still Accruing | 41 | 27 |
Credit Cards [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
30-59 Days Past Due | 447 | 455 |
60-89 Days Past Due | 312 | 235 |
90 Plus Days Past Due | 379 | 350 |
Total Past Due | 1,138 | 1,040 |
Current | 112,288 | 110,288 |
Total | 113,426 | 111,328 |
90 Plus Days Past Due still Accruing | 327 | |
All Other [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
30-59 Days Past Due | 1,562 | 1,985 |
60-89 Days Past Due | 203 | 296 |
90 Plus Days Past Due | 102 | 264 |
Total Past Due | 1,867 | 2,545 |
Current | 484,305 | 549,088 |
Total | 486,172 | 551,633 |
90 Plus Days Past Due still Accruing | 4 | |
Consumer Mortgages [Member] | Real Estate [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
30-59 Days Past Due | 10,725 | 12,244 |
60-89 Days Past Due | 3,797 | 4,703 |
90 Plus Days Past Due | 11,167 | 12,579 |
Total Past Due | 25,689 | 29,526 |
Current | 2,232,037 | 1,946,547 |
Total | 2,257,726 | 1,976,073 |
90 Plus Days Past Due still Accruing | 1,828 | 888 |
Home Equity [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total | 531,374 | |
Home Equity [Member] | Real Estate [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
30-59 Days Past Due | 1,834 | 1,860 |
60-89 Days Past Due | 397 | 869 |
90 Plus Days Past Due | 658 | 740 |
Total Past Due | 2,889 | 3,469 |
Current | 528,485 | 490,870 |
Total | 531,374 | 494,339 |
Agricultural [Member] | Real Estate [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
30-59 Days Past Due | 365 | 319 |
60-89 Days Past Due | 1 | 206 |
90 Plus Days Past Due | 130 | 883 |
Total Past Due | 496 | 1,408 |
Current | 239,120 | 233,168 |
Total | 239,616 | 234,576 |
Commercial And Industrial-Owner Occupied [Member] | Real Estate [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
30-59 Days Past Due | 1,005 | 4,256 |
60-89 Days Past Due | 463 | 1,230 |
90 Plus Days Past Due | 3,337 | 4,585 |
Total Past Due | 4,805 | 10,071 |
Current | 1,517,731 | 1,463,249 |
Total | 1,522,536 | 1,473,320 |
90 Plus Days Past Due still Accruing | 39 | |
Construction, Acquisition And Development [Member] | Real Estate [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
30-59 Days Past Due | 4,547 | 2,557 |
60-89 Days Past Due | 278 | 2,658 |
90 Plus Days Past Due | 1,568 | 7,005 |
Total Past Due | 6,393 | 12,220 |
Current | 847,230 | 729,238 |
Total | 853,623 | 741,458 |
90 Plus Days Past Due still Accruing | 387 | |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
30-59 Days Past Due | 4,722 | 5,597 |
60-89 Days Past Due | 1 | 321 |
90 Plus Days Past Due | 1,545 | 2,539 |
Total Past Due | 6,268 | 8,457 |
Current | 1,955,709 | 1,837,582 |
Total | 1,961,977 | 1,846,039 |
90 Plus Days Past Due still Accruing | $137 | $311 |
LOANS_AND_LEASES_Loan_And_Leas
LOANS AND LEASES (Loan And Lease Portfolio, Net Of Unearned Income, By Segment, Class And Internally Assigned Grade) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | $9,712,936 | $8,958,015 |
Home Equity [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 531,374 | |
Pass [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 9,366,126 | 8,533,481 |
Pass [Member] | Home Equity [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 521,011 | |
Special Mention [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 978 | 5,570 |
Substandard [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 316,722 | 361,543 |
Substandard [Member] | Home Equity [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 9,744 | |
Doubtful [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,009 | 2,478 |
Impaired [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 28,101 | 54,943 |
Impaired [Member] | Home Equity [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 619 | |
Commercial And Industrial [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,746,486 | 1,529,249 |
Commercial And Industrial [Member] | Pass [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,709,475 | 1,495,972 |
Commercial And Industrial [Member] | Special Mention [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 978 | 978 |
Commercial And Industrial [Member] | Substandard [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 33,879 | 30,886 |
Commercial And Industrial [Member] | Doubtful [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 99 | |
Commercial And Industrial [Member] | Impaired [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 2,154 | 1,314 |
Real Estate [Member] | Consumer Mortgages [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 2,257,726 | 1,976,073 |
Real Estate [Member] | Home Equity [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 531,374 | 494,339 |
Real Estate [Member] | Agricultural [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 239,616 | 234,576 |
Real Estate [Member] | Commercial And Industrial-Owner Occupied [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,522,536 | 1,473,320 |
Real Estate [Member] | Construction, Acquisition And Development [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 853,623 | 741,458 |
Real Estate [Member] | Commercial Real Estate [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,961,977 | 1,846,039 |
Real Estate [Member] | Pass [Member] | Consumer Mortgages [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 2,167,965 | 1,859,094 |
Real Estate [Member] | Pass [Member] | Home Equity [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 478,283 | |
Real Estate [Member] | Pass [Member] | Agricultural [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 227,688 | 214,728 |
Real Estate [Member] | Pass [Member] | Commercial And Industrial-Owner Occupied [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,450,158 | 1,409,757 |
Real Estate [Member] | Pass [Member] | Construction, Acquisition And Development [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 811,227 | 674,299 |
Real Estate [Member] | Pass [Member] | Commercial Real Estate [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,893,514 | 1,751,553 |
Real Estate [Member] | Special Mention [Member] | Consumer Mortgages [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,531 | |
Real Estate [Member] | Special Mention [Member] | Home Equity [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 250 | |
Real Estate [Member] | Special Mention [Member] | Agricultural [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 779 | |
Real Estate [Member] | Special Mention [Member] | Commercial And Industrial-Owner Occupied [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 116 | |
Real Estate [Member] | Special Mention [Member] | Construction, Acquisition And Development [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,459 | |
Real Estate [Member] | Special Mention [Member] | Commercial Real Estate [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 386 | |
Real Estate [Member] | Substandard [Member] | Consumer Mortgages [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 84,975 | 108,615 |
Real Estate [Member] | Substandard [Member] | Home Equity [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 14,570 | |
Real Estate [Member] | Substandard [Member] | Agricultural [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 11,928 | 18,187 |
Real Estate [Member] | Substandard [Member] | Commercial And Industrial-Owner Occupied [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 64,420 | 50,853 |
Real Estate [Member] | Substandard [Member] | Construction, Acquisition And Development [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 39,675 | 49,401 |
Real Estate [Member] | Substandard [Member] | Commercial Real Estate [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 57,761 | 76,199 |
Real Estate [Member] | Doubtful [Member] | Consumer Mortgages [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 427 | |
Real Estate [Member] | Doubtful [Member] | Home Equity [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 96 | |
Real Estate [Member] | Doubtful [Member] | Commercial And Industrial-Owner Occupied [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 491 | 849 |
Real Estate [Member] | Doubtful [Member] | Construction, Acquisition And Development [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 334 | 587 |
Real Estate [Member] | Doubtful [Member] | Commercial Real Estate [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 184 | 420 |
Real Estate [Member] | Impaired [Member] | Consumer Mortgages [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 4,786 | 6,406 |
Real Estate [Member] | Impaired [Member] | Home Equity [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,140 | |
Real Estate [Member] | Impaired [Member] | Agricultural [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 882 | |
Real Estate [Member] | Impaired [Member] | Commercial And Industrial-Owner Occupied [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 7,467 | 11,745 |
Real Estate [Member] | Impaired [Member] | Construction, Acquisition And Development [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 2,387 | 15,712 |
Real Estate [Member] | Impaired [Member] | Commercial Real Estate [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 10,518 | 17,481 |
Credit Cards [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 113,426 | 111,328 |
Credit Cards [Member] | Pass [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 113,426 | 111,328 |
All Other [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 486,172 | 551,633 |
All Other [Member] | Pass [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 471,662 | 538,467 |
All Other [Member] | Special Mention [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 71 | |
All Other [Member] | Substandard [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 14,340 | 12,832 |
All Other [Member] | Impaired [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | $170 | $263 |
LOANS_AND_LEASES_Impaired_Loan
LOANS AND LEASES (Impaired Loans And Leases) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | $28,101,000 | $54,943,000 |
Unpaid Balance of Impaired Loans | 33,649,000 | 72,114,000 |
Related Allowance for Credit Losses | 1,519,000 | 4,146,000 |
Average Recorded Investment | 33,947,000 | 103,464,000 |
Interest Income Recognized | 552,000 | 645,000 |
Impaired loans that were characterized as troubled debt restructurings | 4,600,000 | 19,100,000 |
Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 40,752,000 | 40,752,000 |
Unpaid Balance of Impaired Loans | 47,408,000 | 47,408,000 |
Related Allowance for Credit Losses | 3,230,000 | 3,230,000 |
Average Recorded Investment | 49,185,000 | 49,185,000 |
Interest Income Recognized | 1,260,000 | 1,260,000 |
Commercial And Industrial [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 2,510,000 | |
Unpaid Balance of Impaired Loans | 2,859,000 | |
Related Allowance for Credit Losses | 239,000 | |
Average Recorded Investment | 2,479,000 | |
Interest Income Recognized | 106,000 | |
All Other [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 324,000 | |
Unpaid Balance of Impaired Loans | 509,000 | |
Related Allowance for Credit Losses | 46,000 | |
Average Recorded Investment | 330,000 | |
Interest Income Recognized | 13,000 | |
Construction, Acquisition And Development [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 3,875,000 | |
Unpaid Balance of Impaired Loans | 5,406,000 | |
Related Allowance for Credit Losses | 241,000 | |
Average Recorded Investment | 8,206,000 | |
Interest Income Recognized | 136,000 | |
Credit Cards [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 1,109,000 | |
Unpaid Balance of Impaired Loans | 1,109,000 | |
Related Allowance for Credit Losses | 64,000 | |
Average Recorded Investment | 1,374,000 | |
Interest Income Recognized | 137,000 | |
Commercial And Industrial [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 2,154,000 | 1,314,000 |
Unpaid Balance of Impaired Loans | 2,502,000 | 1,314,000 |
Related Allowance for Credit Losses | 215,000 | 305,000 |
Average Recorded Investment | 1,599,000 | 3,168,000 |
Interest Income Recognized | 62,000 | 16,000 |
Commercial And Industrial [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 2,510,000 | |
Unpaid Balance of Impaired Loans | 2,859,000 | |
Related Allowance for Credit Losses | 239,000 | |
Average Recorded Investment | 2,479,000 | |
Interest Income Recognized | 106,000 | |
Real Estate [Member] | Consumer Mortgages [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 4,786,000 | 6,406,000 |
Unpaid Balance of Impaired Loans | 6,014,000 | 7,253,000 |
Related Allowance for Credit Losses | 123,000 | 309,000 |
Average Recorded Investment | 5,658,000 | 12,360,000 |
Interest Income Recognized | 102,000 | 85,000 |
Real Estate [Member] | Consumer Mortgages [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 8,335,000 | 8,335,000 |
Unpaid Balance of Impaired Loans | 9,905,000 | 9,905,000 |
Related Allowance for Credit Losses | 875,000 | 875,000 |
Average Recorded Investment | 8,560,000 | 8,560,000 |
Interest Income Recognized | 212,000 | 212,000 |
Real Estate [Member] | Home Equity [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 619,000 | 1,140,000 |
Unpaid Balance of Impaired Loans | 619,000 | 1,140,000 |
Related Allowance for Credit Losses | 70,000 | 37,000 |
Average Recorded Investment | 215,000 | 1,377,000 |
Interest Income Recognized | 6,000 | 8,000 |
Real Estate [Member] | Home Equity [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 636,000 | 636,000 |
Unpaid Balance of Impaired Loans | 647,000 | 647,000 |
Related Allowance for Credit Losses | 70,000 | 70,000 |
Average Recorded Investment | 233,000 | 233,000 |
Interest Income Recognized | 6,000 | 6,000 |
Real Estate [Member] | Agricultural [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 882,000 | |
Unpaid Balance of Impaired Loans | 1,472,000 | |
Related Allowance for Credit Losses | 15,000 | |
Average Recorded Investment | 413,000 | 3,688,000 |
Interest Income Recognized | 2,000 | 6,000 |
Real Estate [Member] | Agricultural [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 8,000 | 8,000 |
Unpaid Balance of Impaired Loans | 8,000 | 8,000 |
Related Allowance for Credit Losses | 1,000 | 1,000 |
Average Recorded Investment | 675,000 | 675,000 |
Interest Income Recognized | 13,000 | 13,000 |
Real Estate [Member] | Commercial And Industrial-Owner Occupied [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 7,467,000 | 11,745,000 |
Unpaid Balance of Impaired Loans | 8,728,000 | 14,488,000 |
Related Allowance for Credit Losses | 89,000 | 739,000 |
Average Recorded Investment | 5,890,000 | 12,885,000 |
Interest Income Recognized | 91,000 | 130,000 |
Real Estate [Member] | Commercial And Industrial-Owner Occupied [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 12,023,000 | 12,023,000 |
Unpaid Balance of Impaired Loans | 13,490,000 | 13,490,000 |
Related Allowance for Credit Losses | 404,000 | 404,000 |
Average Recorded Investment | 11,258,000 | 11,258,000 |
Interest Income Recognized | 314,000 | 314,000 |
Real Estate [Member] | Construction, Acquisition And Development [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 2,387,000 | 15,712,000 |
Unpaid Balance of Impaired Loans | 3,654,000 | 18,890,000 |
Related Allowance for Credit Losses | 1,599,000 | |
Average Recorded Investment | 6,338,000 | 33,866,000 |
Interest Income Recognized | 66,000 | 170,000 |
Real Estate [Member] | Construction, Acquisition And Development [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 3,875,000 | |
Unpaid Balance of Impaired Loans | 5,406,000 | |
Related Allowance for Credit Losses | 241,000 | |
Average Recorded Investment | 8,206,000 | |
Interest Income Recognized | 136,000 | |
Real Estate [Member] | Commercial Real Estate [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 10,518,000 | 17,481,000 |
Unpaid Balance of Impaired Loans | 11,818,000 | 27,152,000 |
Related Allowance for Credit Losses | 1,022,000 | 1,138,000 |
Average Recorded Investment | 13,641,000 | 35,465,000 |
Interest Income Recognized | 215,000 | 224,000 |
Real Estate [Member] | Commercial Real Estate [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 11,932,000 | 11,932,000 |
Unpaid Balance of Impaired Loans | 13,475,000 | 13,475,000 |
Related Allowance for Credit Losses | 1,290,000 | 1,290,000 |
Average Recorded Investment | 16,070,000 | 16,070,000 |
Interest Income Recognized | 323,000 | 323,000 |
Real Estate [Member] | Credit Cards [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 1,109,000 | |
Unpaid Balance of Impaired Loans | 1,109,000 | |
Related Allowance for Credit Losses | 64,000 | |
Average Recorded Investment | 1,374,000 | |
Interest Income Recognized | 137,000 | |
All Other [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 170,000 | 263,000 |
Unpaid Balance of Impaired Loans | 314,000 | 405,000 |
Related Allowance for Credit Losses | 4,000 | |
Average Recorded Investment | 193,000 | 655,000 |
Interest Income Recognized | 8,000 | 6,000 |
All Other [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 324,000 | |
Unpaid Balance of Impaired Loans | 509,000 | |
Related Allowance for Credit Losses | 46,000 | |
Average Recorded Investment | 330,000 | |
Interest Income Recognized | 13,000 | |
With No Related Allowance [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 21,982,000 | 43,964,000 |
Unpaid Balance of Impaired Loans | 27,025,000 | 59,905,000 |
Average Recorded Investment | 24,743,000 | 74,607,000 |
Interest Income Recognized | 395,000 | 437,000 |
With No Related Allowance [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 21,982,000 | 21,982,000 |
Unpaid Balance of Impaired Loans | 27,025,000 | 27,025,000 |
Average Recorded Investment | 24,743,000 | 24,743,000 |
Interest Income Recognized | 395,000 | 395,000 |
With No Related Allowance [Member] | Commercial And Industrial [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 1,235,000 | 1,314,000 |
Unpaid Balance of Impaired Loans | 1,583,000 | 1,314,000 |
Average Recorded Investment | 1,271,000 | 2,578,000 |
Interest Income Recognized | 43,000 | 16,000 |
With No Related Allowance [Member] | Commercial And Industrial [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 1,235,000 | 1,235,000 |
Unpaid Balance of Impaired Loans | 1,583,000 | 1,583,000 |
Average Recorded Investment | 1,271,000 | 1,271,000 |
Interest Income Recognized | 43,000 | 43,000 |
With No Related Allowance [Member] | Real Estate [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 6,503,000 | |
Unpaid Balance of Impaired Loans | 7,634,000 | |
Average Recorded Investment | 4,687,000 | |
Interest Income Recognized | 71,000 | |
With No Related Allowance [Member] | Real Estate [Member] | Consumer Mortgages [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 3,503,000 | 5,744,000 |
Unpaid Balance of Impaired Loans | 4,356,000 | 6,591,000 |
Average Recorded Investment | 4,282,000 | 8,943,000 |
Interest Income Recognized | 72,000 | 54,000 |
With No Related Allowance [Member] | Real Estate [Member] | Consumer Mortgages [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 3,503,000 | 3,503,000 |
Unpaid Balance of Impaired Loans | 4,356,000 | 4,356,000 |
Average Recorded Investment | 4,282,000 | 4,282,000 |
Interest Income Recognized | 72,000 | 72,000 |
With No Related Allowance [Member] | Real Estate [Member] | Home Equity [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 209,000 | 712,000 |
Unpaid Balance of Impaired Loans | 209,000 | 712,000 |
Average Recorded Investment | 215,000 | 933,000 |
Interest Income Recognized | 6,000 | 5,000 |
With No Related Allowance [Member] | Real Estate [Member] | Home Equity [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 209,000 | 209,000 |
Unpaid Balance of Impaired Loans | 209,000 | 209,000 |
Average Recorded Investment | 215,000 | 215,000 |
Interest Income Recognized | 5,000 | 5,000 |
With No Related Allowance [Member] | Real Estate [Member] | Agricultural [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 882,000 | |
Unpaid Balance of Impaired Loans | 1,472,000 | |
Average Recorded Investment | 370,000 | 3,286,000 |
Interest Income Recognized | 2,000 | 4,000 |
With No Related Allowance [Member] | Real Estate [Member] | Agricultural [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Average Recorded Investment | 370,000 | 370,000 |
Interest Income Recognized | 2,000 | 2,000 |
With No Related Allowance [Member] | Real Estate [Member] | Commercial And Industrial-Owner Occupied [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 6,503,000 | 9,938,000 |
Unpaid Balance of Impaired Loans | 7,634,000 | 12,681,000 |
Average Recorded Investment | 4,687,000 | 8,150,000 |
Interest Income Recognized | 70,000 | 76,000 |
With No Related Allowance [Member] | Real Estate [Member] | Commercial And Industrial-Owner Occupied [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 6,503,000 | |
Unpaid Balance of Impaired Loans | 7,634,000 | |
Average Recorded Investment | 4,687,000 | |
Interest Income Recognized | 71,000 | |
With No Related Allowance [Member] | Real Estate [Member] | Construction, Acquisition And Development [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 2,387,000 | 11,549,000 |
Unpaid Balance of Impaired Loans | 3,654,000 | 13,497,000 |
Average Recorded Investment | 5,796,000 | 25,877,000 |
Interest Income Recognized | 66,000 | 103,000 |
With No Related Allowance [Member] | Real Estate [Member] | Construction, Acquisition And Development [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 2,387,000 | 2,387,000 |
Unpaid Balance of Impaired Loans | 3,654,000 | 3,654,000 |
Average Recorded Investment | 5,796,000 | 5,796,000 |
Interest Income Recognized | 66,000 | 66,000 |
With No Related Allowance [Member] | Real Estate [Member] | Commercial Real Estate [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 7,975,000 | 13,562,000 |
Unpaid Balance of Impaired Loans | 9,275,000 | 23,233,000 |
Average Recorded Investment | 7,935,000 | 24,185,000 |
Interest Income Recognized | 128,000 | 173,000 |
With No Related Allowance [Member] | Real Estate [Member] | Commercial Real Estate [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 7,975,000 | 7,975,000 |
Unpaid Balance of Impaired Loans | 9,275,000 | 9,275,000 |
Average Recorded Investment | 7,935,000 | 7,935,000 |
Interest Income Recognized | 128,000 | 128,000 |
With No Related Allowance [Member] | All Other [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 170,000 | 263,000 |
Unpaid Balance of Impaired Loans | 314,000 | 405,000 |
Average Recorded Investment | 187,000 | 655,000 |
Interest Income Recognized | 8,000 | 6,000 |
With No Related Allowance [Member] | All Other [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 170,000 | 170,000 |
Unpaid Balance of Impaired Loans | 314,000 | 314,000 |
Average Recorded Investment | 187,000 | 187,000 |
Interest Income Recognized | 8,000 | 8,000 |
With An Allowance [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 6,119,000 | 10,979,000 |
Unpaid Balance of Impaired Loans | 6,624,000 | 12,209,000 |
Related Allowance for Credit Losses | 1,519,000 | 4,146,000 |
Average Recorded Investment | 9,204,000 | 28,857,000 |
Interest Income Recognized | 157,000 | 208,000 |
With An Allowance [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 18,770,000 | 18,770,000 |
Unpaid Balance of Impaired Loans | 20,383,000 | 20,383,000 |
Related Allowance for Credit Losses | 3,230,000 | 3,230,000 |
Average Recorded Investment | 24,442,000 | 24,442,000 |
Interest Income Recognized | 865,000 | 865,000 |
With An Allowance [Member] | Construction, Acquisition And Development [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 1,488,000 | |
Unpaid Balance of Impaired Loans | 1,752,000 | |
Related Allowance for Credit Losses | 241,000 | |
Average Recorded Investment | 2,410,000 | |
Interest Income Recognized | 70,000 | |
With An Allowance [Member] | Credit Cards [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 1,109,000 | |
Unpaid Balance of Impaired Loans | 1,109,000 | |
Related Allowance for Credit Losses | 64,000 | |
Average Recorded Investment | 1,374,000 | |
Interest Income Recognized | 137,000 | |
With An Allowance [Member] | Commercial And Industrial [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 919,000 | |
Unpaid Balance of Impaired Loans | 919,000 | |
Related Allowance for Credit Losses | 215,000 | 305,000 |
Average Recorded Investment | 328,000 | 590,000 |
Interest Income Recognized | 19,000 | |
With An Allowance [Member] | Commercial And Industrial [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 1,275,000 | 1,275,000 |
Unpaid Balance of Impaired Loans | 1,276,000 | 1,276,000 |
Related Allowance for Credit Losses | 239,000 | 239,000 |
Average Recorded Investment | 1,208,000 | 1,208,000 |
Interest Income Recognized | 63,000 | 63,000 |
With An Allowance [Member] | Real Estate [Member] | Consumer Mortgages [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 1,283,000 | 662,000 |
Unpaid Balance of Impaired Loans | 1,658,000 | 662,000 |
Related Allowance for Credit Losses | 123,000 | 309,000 |
Average Recorded Investment | 1,376,000 | 3,417,000 |
Interest Income Recognized | 30,000 | 31,000 |
With An Allowance [Member] | Real Estate [Member] | Consumer Mortgages [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 4,832,000 | 4,832,000 |
Unpaid Balance of Impaired Loans | 5,549,000 | 5,549,000 |
Related Allowance for Credit Losses | 875,000 | 875,000 |
Average Recorded Investment | 4,278,000 | 4,278,000 |
Interest Income Recognized | 140,000 | 140,000 |
With An Allowance [Member] | Real Estate [Member] | Home Equity [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 410,000 | 428,000 |
Unpaid Balance of Impaired Loans | 410,000 | 428,000 |
Related Allowance for Credit Losses | 70,000 | 37,000 |
Average Recorded Investment | 444,000 | |
Interest Income Recognized | 3,000 | |
With An Allowance [Member] | Real Estate [Member] | Home Equity [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 427,000 | 427,000 |
Unpaid Balance of Impaired Loans | 438,000 | 438,000 |
Related Allowance for Credit Losses | 70,000 | 70,000 |
Average Recorded Investment | 18,000 | 18,000 |
Interest Income Recognized | 1,000 | 1,000 |
With An Allowance [Member] | Real Estate [Member] | Agricultural [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Related Allowance for Credit Losses | 15,000 | |
Average Recorded Investment | 43,000 | 402,000 |
Interest Income Recognized | 2,000 | |
With An Allowance [Member] | Real Estate [Member] | Agricultural [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 8,000 | 8,000 |
Unpaid Balance of Impaired Loans | 8,000 | 8,000 |
Related Allowance for Credit Losses | 1,000 | 1,000 |
Average Recorded Investment | 305,000 | 305,000 |
Interest Income Recognized | 11,000 | 11,000 |
With An Allowance [Member] | Real Estate [Member] | Commercial And Industrial-Owner Occupied [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 964,000 | 1,807,000 |
Unpaid Balance of Impaired Loans | 1,094,000 | 1,807,000 |
Related Allowance for Credit Losses | 89,000 | 739,000 |
Average Recorded Investment | 1,203,000 | 4,735,000 |
Interest Income Recognized | 21,000 | 54,000 |
With An Allowance [Member] | Real Estate [Member] | Commercial And Industrial-Owner Occupied [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 5,520,000 | 5,520,000 |
Unpaid Balance of Impaired Loans | 5,856,000 | 5,856,000 |
Related Allowance for Credit Losses | 404,000 | 404,000 |
Average Recorded Investment | 6,571,000 | 6,571,000 |
Interest Income Recognized | 243,000 | 243,000 |
With An Allowance [Member] | Real Estate [Member] | Construction, Acquisition And Development [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 4,163,000 | |
Unpaid Balance of Impaired Loans | 5,393,000 | |
Related Allowance for Credit Losses | 1,599,000 | |
Average Recorded Investment | 542,000 | 7,989,000 |
Interest Income Recognized | 67,000 | |
With An Allowance [Member] | Real Estate [Member] | Construction, Acquisition And Development [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 1,488,000 | |
Unpaid Balance of Impaired Loans | 1,752,000 | |
Related Allowance for Credit Losses | 241,000 | |
Average Recorded Investment | 2,410,000 | |
Interest Income Recognized | 70,000 | |
With An Allowance [Member] | Real Estate [Member] | Commercial Real Estate [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 2,543,000 | 3,919,000 |
Unpaid Balance of Impaired Loans | 2,543,000 | 3,919,000 |
Related Allowance for Credit Losses | 1,022,000 | 1,138,000 |
Average Recorded Investment | 5,706,000 | 11,280,000 |
Interest Income Recognized | 87,000 | 51,000 |
With An Allowance [Member] | Real Estate [Member] | Commercial Real Estate [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 3,957,000 | 3,957,000 |
Unpaid Balance of Impaired Loans | 4,200,000 | 4,200,000 |
Related Allowance for Credit Losses | 1,290,000 | 1,290,000 |
Average Recorded Investment | 8,135,000 | 8,135,000 |
Interest Income Recognized | 195,000 | 195,000 |
With An Allowance [Member] | Real Estate [Member] | Credit Cards [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 1,109,000 | |
Unpaid Balance of Impaired Loans | 1,109,000 | |
Related Allowance for Credit Losses | 64,000 | |
Average Recorded Investment | 1,374,000 | |
Interest Income Recognized | 137,000 | |
With An Allowance [Member] | All Other [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Related Allowance for Credit Losses | 4,000 | |
Average Recorded Investment | 6,000 | |
With An Allowance [Member] | All Other [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 154,000 | 154,000 |
Unpaid Balance of Impaired Loans | 195,000 | 195,000 |
Related Allowance for Credit Losses | 46,000 | 46,000 |
Average Recorded Investment | 143,000 | 143,000 |
Interest Income Recognized | $5,000 | $5,000 |
LOANS_AND_LEASES_NonPerforming
LOANS AND LEASES (Non-Performing And Nonaccrual Loans and Leases) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | $58,052,000 | $92,173,000 | |
Loans and leases 90 days or more past due, still accruing | 2,763,000 | 1,226,000 | |
Restructured loans and leases still accruing | 10,920,000 | 27,007,000 | |
Total non-performing loans and leases | 71,735,000 | 120,406,000 | |
Days past due of principal or interest at which loans and leases may be placed in non-accrual status | 90 days | ||
Interest earned on NPLs | 3,900,000 | 6,200,000 | 4,300,000 |
Gross interest income which would have been recorded for NPLs | 5,300,000 | 7,300,000 | 15,600,000 |
Commercial And Industrial [Member] | |||
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | 3,934,000 | 3,079,000 | |
Loans and leases 90 days or more past due, still accruing | 41,000 | 27,000 | |
Real Estate [Member] | Consumer Mortgages [Member] | |||
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | 23,668,000 | 25,645,000 | |
Loans and leases 90 days or more past due, still accruing | 1,828,000 | 888,000 | |
Real Estate [Member] | Home Equity [Member] | |||
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | 2,253,000 | 3,695,000 | |
Real Estate [Member] | Agricultural [Member] | |||
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | 291,000 | 1,260,000 | |
Real Estate [Member] | Commercial And Industrial-Owner Occupied [Member] | |||
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | 11,190,000 | 18,568,000 | |
Loans and leases 90 days or more past due, still accruing | 39,000 | ||
Real Estate [Member] | Construction, Acquisition And Development [Member] | |||
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | 4,162,000 | 17,567,000 | |
Loans and leases 90 days or more past due, still accruing | 387,000 | ||
Real Estate [Member] | Commercial Real Estate [Member] | |||
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | 11,915,000 | 20,972,000 | |
Loans and leases 90 days or more past due, still accruing | 137,000 | 311,000 | |
Credit Cards [Member] | |||
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | 133,000 | 119,000 | |
Loans and leases 90 days or more past due, still accruing | 327,000 | ||
All Other [Member] | |||
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | 506,000 | 1,268,000 | |
Loans and leases 90 days or more past due, still accruing | $4,000 |
LOANS_AND_LEASES_Troubled_Debt
LOANS AND LEASES (Troubled Debt Restructurings) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
contract | contract | |
Financial effects of TDRs [Abstract] | ||
Number of Contracts | 73 | 60 |
Pre-Modification Outstanding Recorded Investment | $10,220 | $12,413 |
Post-Modification Outstanding Recorded Investment | 9,455 | 12,141 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | 23 | 26 |
Recorded Investment | 2,569 | 7,329 |
Commercial And Industrial [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | 5 | 3 |
Pre-Modification Outstanding Recorded Investment | 613 | 919 |
Post-Modification Outstanding Recorded Investment | 613 | 919 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | 3 | |
Recorded Investment | 129 | |
All Other [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | 14 | 5 |
Pre-Modification Outstanding Recorded Investment | 290 | 1,160 |
Post-Modification Outstanding Recorded Investment | 286 | 1,161 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | 6 | 1 |
Recorded Investment | 65 | 1 |
Consumer Mortgages [Member] | Real Estate [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | 33 | 23 |
Pre-Modification Outstanding Recorded Investment | 4,823 | 1,843 |
Post-Modification Outstanding Recorded Investment | 4,263 | 1,840 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | 8 | 9 |
Recorded Investment | 540 | 823 |
Home Equity [Member] | Real Estate [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | 31 | 25 |
Post-Modification Outstanding Recorded Investment | 30 | 10 |
Agricultural [Member] | Real Estate [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | 1 | |
Pre-Modification Outstanding Recorded Investment | 10 | |
Post-Modification Outstanding Recorded Investment | 10 | |
Commercial And Industrial-Owner Occupied [Member] | Real Estate [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | 8 | 8 |
Pre-Modification Outstanding Recorded Investment | 2,103 | 3,821 |
Post-Modification Outstanding Recorded Investment | 1,810 | 3,815 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | 2 | 6 |
Recorded Investment | 784 | 877 |
Construction, Acquisition And Development [Member] | Real Estate [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | 3 | 15 |
Pre-Modification Outstanding Recorded Investment | 924 | 3,071 |
Post-Modification Outstanding Recorded Investment | 924 | 2,826 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | 2 | 3 |
Recorded Investment | 279 | 1,874 |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | 7 | 4 |
Pre-Modification Outstanding Recorded Investment | 1,426 | 1,574 |
Post-Modification Outstanding Recorded Investment | 1,519 | 1,570 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | 5 | 4 |
Recorded Investment | $901 | $3,625 |
ALLOWANCE_FOR_CREDIT_LOSSES_Su
ALLOWANCE FOR CREDIT LOSSES (Summary Of Changes In The Allowance For Credit Losses) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | $153,236 | $164,466 | $195,118 |
Provision charged to expense | 7,500 | 28,000 | |
Recoveries | 14,234 | 23,462 | 30,746 |
Loans and leases charged off | -25,027 | -42,192 | -89,398 |
Balance at end of period | $142,443 | $153,236 | $164,466 |
ALLOWANCE_FOR_CREDIT_LOSSES_Ch
ALLOWANCE FOR CREDIT LOSSES (Changes In The Allowance For Credit Losses By Segment And Class) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | $153,236 | $164,466 | $195,118 |
Loans and leases charged off | -25,027 | -42,192 | -89,398 |
Recoveries | 14,234 | 23,462 | 30,746 |
Provision | 7,500 | 28,000 | |
Balance at end of period | 142,443 | 153,236 | 164,466 |
Commercial And Industrial [Member] | |||
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | 18,376 | 23,286 | |
Loans and leases charged off | -2,546 | -4,672 | |
Recoveries | 2,298 | 3,517 | |
Provision | 3,291 | -3,755 | |
Balance at end of period | 21,419 | 18,376 | |
Real Estate [Member] | Consumer Mortgages [Member] | |||
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | 39,525 | 35,966 | |
Loans and leases charged off | -6,037 | -9,159 | |
Recoveries | 3,267 | 5,067 | |
Provision | 3,260 | 7,651 | |
Balance at end of period | 40,015 | 39,525 | |
Real Estate [Member] | Home Equity [Member] | |||
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | 5,663 | 6,005 | |
Loans and leases charged off | -1,359 | -1,469 | |
Recoveries | 625 | 607 | |
Provision | 4,613 | 520 | |
Balance at end of period | 9,542 | 5,663 | |
Real Estate [Member] | Agricultural [Member] | |||
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | 2,800 | 3,301 | |
Loans and leases charged off | -765 | -736 | |
Recoveries | 96 | 215 | |
Provision | 1,289 | 20 | |
Balance at end of period | 3,420 | 2,800 | |
Real Estate [Member] | Commercial And Industrial-Owner Occupied [Member] | |||
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | 17,059 | 20,178 | |
Loans and leases charged off | -3,591 | -3,855 | |
Recoveries | 1,112 | 2,724 | |
Provision | 1,745 | -1,988 | |
Balance at end of period | 16,325 | 17,059 | |
Real Estate [Member] | Construction, Acquisition And Development [Member] | |||
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | 11,828 | 21,905 | |
Loans and leases charged off | -3,731 | -6,745 | |
Recoveries | 3,734 | 4,682 | |
Provision | -1,946 | -8,014 | |
Balance at end of period | 9,885 | 11,828 | |
Real Estate [Member] | Commercial Real Estate [Member] | |||
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | 43,853 | 40,081 | |
Loans and leases charged off | -1,795 | -10,341 | |
Recoveries | 1,458 | 4,978 | |
Provision | -19,954 | 9,135 | |
Balance at end of period | 23,562 | 43,853 | |
Credit Cards [Member] | |||
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | 3,782 | 3,611 | |
Loans and leases charged off | -2,359 | -2,316 | |
Recoveries | 542 | 629 | |
Provision | 4,549 | 1,858 | |
Balance at end of period | 6,514 | 3,782 | |
All Other [Member] | |||
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | 10,350 | 10,133 | |
Loans and leases charged off | -2,844 | -2,899 | |
Recoveries | 1,102 | 1,043 | |
Provision | 3,153 | 2,073 | |
Balance at end of period | $11,761 | $10,350 |
ALLOWANCE_FOR_CREDIT_LOSSES_Al
ALLOWANCE FOR CREDIT LOSSES (Allowance For Credit Losses By Segment, Class And Impairment Status) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded balance of impaired loans | $28,101 | $54,943 | ||
Allowance for impaired loans and leases | 1,519 | 4,146 | ||
Allowance for all other loans and leases | 140,924 | 149,090 | ||
Total allowance | 142,443 | 153,236 | 164,466 | 195,118 |
Commercial And Industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded balance of impaired loans | 2,154 | 1,314 | ||
Allowance for impaired loans and leases | 215 | 305 | ||
Allowance for all other loans and leases | 21,204 | 18,071 | ||
Total allowance | 21,419 | 18,376 | 23,286 | |
Real Estate [Member] | Consumer Mortgages [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded balance of impaired loans | 4,786 | 6,406 | ||
Allowance for impaired loans and leases | 123 | 309 | ||
Allowance for all other loans and leases | 39,892 | 39,216 | ||
Total allowance | 40,015 | 39,525 | 35,966 | |
Real Estate [Member] | Home Equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded balance of impaired loans | 619 | 1,140 | ||
Allowance for impaired loans and leases | 70 | 37 | ||
Allowance for all other loans and leases | 9,472 | 5,626 | ||
Total allowance | 9,542 | 5,663 | 6,005 | |
Real Estate [Member] | Agricultural [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded balance of impaired loans | 882 | |||
Allowance for impaired loans and leases | 15 | |||
Allowance for all other loans and leases | 3,420 | 2,785 | ||
Total allowance | 3,420 | 2,800 | 3,301 | |
Real Estate [Member] | Commercial And Industrial-Owner Occupied [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded balance of impaired loans | 7,467 | 11,745 | ||
Allowance for impaired loans and leases | 89 | 739 | ||
Allowance for all other loans and leases | 16,236 | 16,320 | ||
Total allowance | 16,325 | 17,059 | 20,178 | |
Real Estate [Member] | Construction, Acquisition And Development [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded balance of impaired loans | 2,387 | 15,712 | ||
Allowance for impaired loans and leases | 1,599 | |||
Allowance for all other loans and leases | 9,885 | 10,229 | ||
Total allowance | 9,885 | 11,828 | 21,905 | |
Real Estate [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded balance of impaired loans | 10,518 | 17,481 | ||
Allowance for impaired loans and leases | 1,022 | 1,138 | ||
Allowance for all other loans and leases | 22,540 | 42,715 | ||
Total allowance | 23,562 | 43,853 | 40,081 | |
Credit Cards [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for all other loans and leases | 6,514 | 3,782 | ||
Total allowance | 6,514 | 3,782 | 3,611 | |
All Other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded balance of impaired loans | 170 | 263 | ||
Allowance for impaired loans and leases | 4 | |||
Allowance for all other loans and leases | 11,761 | 10,346 | ||
Total allowance | $11,761 | $10,350 | $10,133 |
OTHER_REAL_ESTATE_OWNED_Detail
OTHER REAL ESTATE OWNED (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Mortgage Loans on Real Estate [Line Items] | |||
Balance at beginning of year | $69,338,000 | $103,248,000 | |
New foreclosed properties | 14,732,000 | 29,265,000 | |
Sales | -42,013,000 | -57,057,000 | |
Writedowns | -8,073,000 | -6,118,000 | |
Balance at end of year | 33,984,000 | 69,338,000 | 103,248,000 |
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 33,984,000 | 69,338,000 | 103,248,000 |
Foreclosed property expenses [Abstract] | |||
Total foreclosed property expenses | 17,071,000 | 11,728,000 | 39,406,000 |
Realized net losses on dispositions and holding losses on valuations of foreclosed properties | 14,500,000 | 7,400,000 | 30,200,000 |
Alabama and Florida Panhandle [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 8,719,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 8,719,000 | ||
Arkansas [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 437,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 437,000 | ||
Mississippi [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 12,603,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 12,603,000 | ||
Greater Memphis Area [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 9,401,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 9,401,000 | ||
Tennessee Excluding Greater Memphis Area [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 1,996,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 1,996,000 | ||
Texas and Louisiana [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 828,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 828,000 | ||
Commercial And Industrial [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 84,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 84,000 | ||
Commercial And Industrial [Member] | Alabama and Florida Panhandle [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 84,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 84,000 | ||
Real Estate [Member] | Consumer Mortgages [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 2,294,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 2,294,000 | ||
Real Estate [Member] | Home Equity [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 212,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 212,000 | ||
Real Estate [Member] | Agricultural [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 25,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 25,000 | ||
Real Estate [Member] | Commercial And Industrial-Owner Occupied [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 1,445,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 1,445,000 | ||
Real Estate [Member] | Construction, Acquisition And Development [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 27,740,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 27,740,000 | ||
Real Estate [Member] | Commercial Real Estate [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 2,086,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 2,086,000 | ||
Real Estate [Member] | Alabama and Florida Panhandle [Member] | Consumer Mortgages [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 309,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 309,000 | ||
Real Estate [Member] | Alabama and Florida Panhandle [Member] | Home Equity [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 24,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 24,000 | ||
Real Estate [Member] | Alabama and Florida Panhandle [Member] | Construction, Acquisition And Development [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 7,302,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 7,302,000 | ||
Real Estate [Member] | Alabama and Florida Panhandle [Member] | Commercial Real Estate [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 1,000,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 1,000,000 | ||
Real Estate [Member] | Arkansas [Member] | Consumer Mortgages [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 97,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 97,000 | ||
Real Estate [Member] | Arkansas [Member] | Construction, Acquisition And Development [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 84,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 84,000 | ||
Real Estate [Member] | Arkansas [Member] | Commercial Real Estate [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 256,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 256,000 | ||
Real Estate [Member] | Mississippi [Member] | Consumer Mortgages [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 1,181,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 1,181,000 | ||
Real Estate [Member] | Mississippi [Member] | Home Equity [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 188,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 188,000 | ||
Real Estate [Member] | Mississippi [Member] | Agricultural [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 25,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 25,000 | ||
Real Estate [Member] | Mississippi [Member] | Commercial And Industrial-Owner Occupied [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 1,162,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 1,162,000 | ||
Real Estate [Member] | Mississippi [Member] | Construction, Acquisition And Development [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 9,182,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 9,182,000 | ||
Real Estate [Member] | Mississippi [Member] | Commercial Real Estate [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 767,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 767,000 | ||
Real Estate [Member] | Greater Memphis Area [Member] | Commercial And Industrial-Owner Occupied [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 223,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 223,000 | ||
Real Estate [Member] | Greater Memphis Area [Member] | Construction, Acquisition And Development [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 9,178,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 9,178,000 | ||
Real Estate [Member] | Tennessee Excluding Greater Memphis Area [Member] | Consumer Mortgages [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 198,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 198,000 | ||
Real Estate [Member] | Tennessee Excluding Greater Memphis Area [Member] | Construction, Acquisition And Development [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 1,798,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 1,798,000 | ||
Real Estate [Member] | Texas and Louisiana [Member] | Consumer Mortgages [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 509,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 509,000 | ||
Real Estate [Member] | Texas and Louisiana [Member] | Commercial And Industrial-Owner Occupied [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 60,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 60,000 | ||
Real Estate [Member] | Texas and Louisiana [Member] | Construction, Acquisition And Development [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 196,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 196,000 | ||
Real Estate [Member] | Texas and Louisiana [Member] | Commercial Real Estate [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 63,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 63,000 | ||
All Other [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 98,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 98,000 | ||
All Other [Member] | Mississippi [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at end of year | 98,000 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | $98,000 |
PREMISES_AND_EQUIPMENT_Details
PREMISES AND EQUIPMENT (Details) (USD $) | 12 Months Ended | 24 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 702,533 | 700,280 | 702,533 |
Accumulated depreciation and amortization | 397,590 | 385,020 | 397,590 |
Premises and equipment, net | 304,943 | 315,260 | 304,943 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 78,021 | 77,264 | 78,021 |
Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 331,277 | 324,100 | 331,277 |
Buildings And Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life (Years) | 10 years | 10 years | |
Buildings And Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life (Years) | 40 years | 40 years | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 9,653 | 8,771 | 9,653 |
Leasehold Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life (Years) | 10 years | 10 years | |
Leasehold Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life (Years) | 39 years | 39 years | |
Equipment, Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 275,607 | 274,016 | 275,607 |
Equipment, Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life (Years) | 3 years | 3 years | |
Equipment, Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life (Years) | 12 years | ||
Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 7,975 | 16,129 | 7,975 |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Carrying Amounts Of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | |||
Balance, beginning of period | $286,800 | $275,173 | |
Goodwill recorded during the year | 4,698 | 11,627 | |
Balance, end of period | 291,498 | 286,800 | |
Community Banking [Member] | |||
Goodwill [Line Items] | |||
Balance, beginning of period | 217,618 | ||
Balance, end of period | 217,618 | 217,618 | 217,618 |
Insurance Agencies [Member] | |||
Goodwill [Line Items] | |||
Balance, beginning of period | 69,182 | 57,555 | |
Goodwill recorded during the year | 4,698 | 11,627 | |
Balance, end of period | $73,880 | $69,182 |
GOODWILL_AND_OTHER_INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Identifiable Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $79,090 | $76,218 |
Accumulated Amortization | 55,270 | 50,827 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,801 | 27,801 |
Accumulated Amortization | 22,782 | 22,256 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 49,639 | 46,967 |
Accumulated Amortization | 31,821 | 28,329 |
Non-Solicitation Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,650 | 1,450 |
Accumulated Amortization | 667 | 242 |
Trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $688 | $688 |
GOODWILL_AND_OTHER_INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS (Aggregate Amortization Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Total | $4,443 | $2,979 | $3,222 |
Core Deposits [Member] | |||
Total | 526 | 582 | 946 |
Customer Relationships [Member] | |||
Total | 3,492 | 2,231 | 2,163 |
Non-Solicitation Intangibles [Member] | |||
Total | $425 | $166 | $113 |
GOODWILL_AND_OTHER_INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS (Estimated Future Amortization Expense) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | |
For year ending December 31, 2015 | $3,996 |
For year ending December 31, 2016 | 3,349 |
For year ending December 31, 2017 | 2,999 |
For year ending December 31, 2018 | 2,582 |
For year ending December 31, 2019 | 2,052 |
Core Deposits [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
For year ending December 31, 2015 | 487 |
For year ending December 31, 2016 | 451 |
For year ending December 31, 2017 | 419 |
For year ending December 31, 2018 | 390 |
For year ending December 31, 2019 | 363 |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
For year ending December 31, 2015 | 3,134 |
For year ending December 31, 2016 | 2,673 |
For year ending December 31, 2017 | 2,380 |
For year ending December 31, 2018 | 2,009 |
For year ending December 31, 2019 | 1,689 |
Non-Solicitation Intangibles [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
For year ending December 31, 2015 | 375 |
For year ending December 31, 2016 | 225 |
For year ending December 31, 2017 | 200 |
For year ending December 31, 2018 | $183 |
TIME_DEPOSITS_AND_SHORTTERM_DE2
TIME DEPOSITS AND SHORT-TERM DEBT (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Short-term Debt [Line Items] | |||
Certificates of deposits and other time deposits over $100,000 outstanding | $948,100,000 | $1,100,000,000 | |
Interest expense relating to certificate and other time deposits of $100,000 or more | 11,400,000 | 16,000,000 | 20,800,000 |
Maturities of time deposits [Abstract] | |||
2016 | 314,836,000 | ||
2017 | 185,858,000 | ||
2018 | 113,533,000 | ||
2019 | 170,331,000 | ||
2020 | 17,275,000 | ||
Thereafter | 36,000 | ||
Total | 801,869,000 | ||
End of Period Balance | 391,666,000 | 421,028,000 | 414,611,000 |
Daily Average Balance | 444,230,000 | 418,119,000 | 382,104,000 |
Maximum Outstanding at any Month End | 582,663,000 | 473,753,000 | 425,053,000 |
Lines of credit with other banks | 696,000,000 | ||
Federal Funds Purchased [Member] | |||
Maturities of time deposits [Abstract] | |||
Daily Average Balance | 4,247,000 | 1,238,000 | |
Daily Average Interest Rate (in hundredths) | 0.18% | 0.33% | |
Maximum Outstanding at any Month End | 10,000,000 | ||
Period from date of sale that securities generally mature | 30 days | ||
Securities Sold Under Agreements to Repurchase [Member] | |||
Maturities of time deposits [Abstract] | |||
End of Period Balance | 388,166,000 | 421,028,000 | 414,611,000 |
End of Period Interest Rate (in hundredths) | 0.08% | 0.07% | 0.07% |
Daily Average Balance | 436,875,000 | 416,881,000 | 379,871,000 |
Daily Average Interest Rate (in hundredths) | 0.07% | 0.07% | 0.07% |
Maximum Outstanding at any Month End | 569,163,000 | 473,753,000 | 423,553,000 |
Federal Reserve Bank Advances [Member] | |||
Maturities of time deposits [Abstract] | |||
Period from date of purchase that borrowings generally mature | 90 days | ||
Federal Home Loan Bank [Member] | |||
Maturities of time deposits [Abstract] | |||
End of Period Balance | 3,500,000 | ||
Daily Average Balance | 3,108,000 | 1,053,000 | |
Daily Average Interest Rate (in hundredths) | 2.60% | 4.71% | |
Maximum Outstanding at any Month End | $3,500,000 | $1,500,000 | |
Period from date of purchase that borrowings generally mature | 30 days |
LONGTERM_DEBT_Narrative_Detail
LONG-TERM DEBT (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2002 | |
Debt Instrument [Line Items] | |||
Redemption date | 12-Aug-13 | ||
Credit Agreement borrowing capacity | $696,000,000 | ||
Long-term borrowings | 81,714,000 | 78,148,000 | |
Unsecured Revolving Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 2.03% | ||
Maturity date | 8-Aug-15 | ||
Credit Agreement borrowing capacity | 25,000,000 | ||
Multi-Draw Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | 8-Aug-18 | ||
Credit Agreement borrowing capacity | 60,000,000 | ||
U. S. Bank [Member] | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 48,200,000 | ||
Federal Home Loan Bank [Member] | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 30,000,000 | ||
Junior Subordinated Debt Securities of BancorpSouth Capital Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Junior Subordinated Debt Securities | 128,900,000 | ||
Interest rate | 8.15% | ||
Number of shares of trust preferred securities | 5,000,000 | ||
Trust preferred securities, value per share | $25 | ||
Write-off of unamortized issuance costs | $2,900,000 |
LONGTERM_DEBT_FHLB_Fixed_Term_
LONG-TERM DEBT (FHLB Fixed Term Advances, Repayment Summary) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Collateral requirements [Abstract] | |
Percentage of book value of eligible mortgage loans pledged as collateral (in hundredths) | 75.00% |
Percentage of Bank's assets (in hundredths) | 35.00% |
FHLB fixed term advances, repayment summary, amount [Abstract] | |
2018 | $48,148 |
2019 | 30,000 |
Total | $78,148 |
Minimum [Member] | |
FHLB fixed term advances, repayment summary, interest rate [Abstract] | |
Thereafter (in hundredths) | 4.08% |
JUNIOR_SUBORDINATED_DEBT_SECUR1
JUNIOR SUBORDINATED DEBT SECURITIES 2013 (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2004 | Dec. 01, 2005 | Mar. 01, 2007 | Dec. 31, 2002 | |
Debt Instrument [Line Items] | ||||||
Redemption date | 12-Aug-13 | |||||
Credit Agreement borrowing capacity | $696,000,000 | |||||
Unsecured Revolving Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 2.03% | |||||
Maturity date | 8-Aug-15 | |||||
Credit Agreement borrowing capacity | 25,000,000 | |||||
Multi-Draw Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | 8-Aug-18 | |||||
Credit Agreement borrowing capacity | 60,000,000 | |||||
Junior Subordinated Debt Securities of BancorpSouth Capital Trust I [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Junior Subordinated Debt Securities | 128,900,000 | |||||
Interest rate | 8.15% | |||||
Number of shares of trust preferred securities | 5,000,000 | |||||
Trust preferred securities, value per share | $25 | |||||
Write-off of unamortized issuance costs | 2,900,000 | |||||
Junior Subordinated Debt Securities of Business Holding Company Trust I [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Junior Subordinated Debt Securities | 6,200,000 | |||||
Number of shares of trust preferred securities | 6,000 | |||||
Maturity date | 7-Apr-34 | |||||
Interest rate spread over LIBOR | 2.85% | |||||
Junior Subordinated Debt Securities of American State Capital Trust I [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Junior Subordinated Debt Securities | 6,700,000 | |||||
Number of shares of trust preferred securities | 6,500 | |||||
Maturity date | 7-Apr-34 | |||||
Interest rate spread over LIBOR | 2.80% | |||||
Junior Subordinated Debt Securities of Signature Bancshares Preferred Trust I [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Junior Subordinated Debt Securities | 8,200,000 | |||||
Number of shares of trust preferred securities | 8,000 | |||||
Junior Subordinated Debt Securities of City Bancorp Preferred Trust I [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Junior Subordinated Debt Securities | $10,300,000 | |||||
Number of shares of trust preferred securities | 10,000 | |||||
Maturity date | 15-Mar-35 | |||||
Interest rate spread over LIBOR | 2.20% |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Allocation of income taxes [Abstract] | |||
Income tax expense (benefit) | $50,652,000 | $37,551,000 | $33,252,000 |
Shareholders' equity for other comprehensive income | -8,481,000 | -13,249,000 | -3,943,000 |
Shareholders' equity for stock option plans | -1,856,000 | -139,000 | 32,000 |
Total | 40,315,000 | 24,163,000 | 29,341,000 |
Current [Abstract] | |||
Federal | 51,014,000 | 32,729,000 | 34,316,000 |
State | 7,201,000 | 1,570,000 | 3,389,000 |
Deferred [Abstract] | |||
Federal | -6,870,000 | 1,774,000 | -4,964,000 |
State | -693,000 | 1,478,000 | 511,000 |
Income Tax Expense (Benefit), Total | 50,652,000 | 37,551,000 | 33,252,000 |
Statutory federal income tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
Income tax reconciliation [Abstract] | |||
Reversal of deferred tax asset | 785,000 | 1,100,000 | |
Tax expense at statutory rates | 58,591,000 | 46,083,000 | 41,141,000 |
Increase (decrease) in taxes resulting from [Abstract] | |||
State income taxes, net of federal tax benefit | 4,230,000 | 1,926,000 | 2,453,000 |
Tax-exempt interest revenue | -7,371,000 | -7,423,000 | -7,789,000 |
Tax-exempt earnings on life insurance | -3,076,000 | -2,889,000 | -2,790,000 |
Deductible dividends paid on 401(k) plan | -458,000 | -187,000 | -100,000 |
Tax credits | -1,771,000 | -578,000 | -466,000 |
Other, net | 507,000 | 619,000 | 803,000 |
Income Tax Expense (Benefit), Total | 50,652,000 | 37,551,000 | 33,252,000 |
Deferred tax assets [Abstract] | |||
Loans, principally due to allowance for credit losses | 53,922,000 | 58,003,000 | |
Other real estate owned | 4,605,000 | 6,799,000 | |
Mark to market - securities | 4,164,000 | 4,164,000 | |
Accrued liabilities, principally due to compensation arrangements and vacation accruals | 17,877,000 | 13,085,000 | |
Other | 129,000 | 2,993,000 | |
Unrecognized pension expense | 39,428,000 | 20,997,000 | |
Total gross deferred tax assets | 120,125,000 | 106,041,000 | |
Less: valuation allowance | |||
Deferred tax assets | 120,125,000 | 106,041,000 | |
Deferred tax liabilities [Abstract] | |||
Lease transactions | 25,033,000 | 29,997,000 | |
Employment benefits | 7,435,000 | 12,483,000 | |
Premises and equipment, principally due to differences in depreciation | 21,845,000 | 23,488,000 | |
Mortgage servicing rights | 19,409,000 | 20,679,000 | |
Intangible assets | 11,024,000 | 10,654,000 | |
Investments, principally due to interest income recognition | 592,000 | 133,000 | |
Deferred loan points | 3,851,000 | 2,806,000 | |
Other assets, principally due to expense recognition | 959,000 | 1,033,000 | |
Unrealized net losses on available-for-sale securities | 12,393,000 | 2,289,000 | |
Total gross deferred tax liabilities | 102,541,000 | 103,562,000 | |
Net deferred tax liabilities | 17,584,000 | 2,479,000 | |
Activity in unrecognized tax benefits [Roll Forward] | |||
Unrecognized tax benefit, January 1 | 1,571,000 | 1,102,000 | |
Gross increases - tax positions in prior period | 199,000 | ||
Gross decreases - tax positions in prior period | -1,571,000 | ||
Gross increases - tax positions in current period | 270,000 | ||
Settlements | |||
Lapse of statute of limitations | |||
Unrecognized tax benefit, December 31 | 1,571,000 | ||
Tax benefits that, if recognized, would affect the effective tax rate | 1,600,000 | ||
Interest related to unrecognized tax benefits | 329,000 | 329,000 | |
Liability for interest | 560,000 | ||
Tax benefit recorded as result of resolution of uncertain tax position | 1,600,000 | ||
BancorpSouth, Inc. (Parent Company Only) [Member] | |||
Allocation of income taxes [Abstract] | |||
Income tax expense (benefit) | -2,420,000 | -5,860,000 | -5,732,000 |
Deferred [Abstract] | |||
Income Tax Expense (Benefit), Total | -2,420,000 | -5,860,000 | -5,732,000 |
Increase (decrease) in taxes resulting from [Abstract] | |||
Income Tax Expense (Benefit), Total | ($2,420,000) | ($5,860,000) | ($5,732,000) |
PENSION_OTHER_POST_RETIREMENT_2
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefits as a percentage of cash balance | 2.50% | ||
Pension Benefits [Member] | |||
Change in benefit obligations: | |||
Projected benefit obligations at beginning of year | $201,696,000 | $213,804,000 | $182,362,000 |
Service cost | 8,936,000 | 10,735,000 | 9,670,000 |
Interest cost | 9,358,000 | 8,212,000 | 8,104,000 |
Amendments | 10,850,000 | 300,000 | |
Actuarial loss | 53,131,000 | -18,794,000 | 22,417,000 |
Benefits paid | -9,029,000 | -22,116,000 | -8,232,000 |
Administrative expenses paid | -595,000 | -995,000 | -817,000 |
Projected benefit obligations at end of year | 263,497,000 | 201,696,000 | 213,804,000 |
Change in plans' assets: | |||
Fair value of plans assets at beginning of year | 196,447,000 | 203,704,000 | 195,004,000 |
Actual return on assets | 12,525,000 | 13,960,000 | 16,631,000 |
Employer contributions | 2,004,000 | 1,894,000 | 1,118,000 |
Benefits paid | -9,029,000 | -22,116,000 | -8,232,000 |
Administrative expenses paid | -595,000 | -995,000 | -817,000 |
Fair value of plans assets at end of year | 201,352,000 | 196,447,000 | 203,704,000 |
Funded status: | |||
Projected benefit obligations | -263,497,000 | -201,696,000 | -213,804,000 |
Fair value of plans assets | 201,352,000 | 196,447,000 | 203,704,000 |
Net amount recognized | -62,145,000 | -5,249,000 | -10,100,000 |
Amounts recognized in the consolidated balance sheets consisted of: | |||
Prepaid benefit cost | 64,838,000 | 72,886,000 | 94,046,000 |
Accrued benefit liability | -23,902,000 | -23,241,000 | -22,123,000 |
Intangible asset | |||
Accumulated other comprehensive income adjustment | -103,081,000 | -54,894,000 | -82,023,000 |
Net amount recognized | -62,145,000 | -5,249,000 | -10,100,000 |
Pre-tax amounts recognized in accumulated other comprehensive income consisted of: | |||
Net transition obligation | 19,000 | ||
Net prior service (benefit) cost | -4,598,000 | -5,366,000 | |
Net actuarial loss | 107,679,000 | 60,241,000 | |
Total accumulated other comprehensive income | 103,081,000 | 54,894,000 | 82,023,000 |
Net transition obligation that will be amortized into net periodic cost over the next fiscal year | -718,000 | ||
Recognized prior service (benefit) cost | -768,000 | -768,000 | -768,000 |
Net actuarial loss that will be amortized into net periodic cost over the next fiscal year | 7,900,000 | ||
Components of net periodic benefit cost: | |||
Service cost | 8,936,000 | 10,735,000 | 9,670,000 |
Interest cost | 9,358,000 | 8,212,000 | 8,104,000 |
Expected return on assets | -10,534,000 | -10,974,000 | -11,263,000 |
Amortization of unrecognized transition amount | 18,000 | 18,000 | 18,000 |
Recognized prior service (benefit) cost | -768,000 | -768,000 | -768,000 |
Recognized net loss | 3,702,000 | 6,099,000 | 4,868,000 |
Special termination benefit | 10,850,000 | 300,000 | |
Net periodic benefit cost | 10,712,000 | 24,172,000 | 10,929,000 |
Basic Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
General information | The Basic Plan is a non-contributory defined benefit pension plan managed by a trustee covering substantially all full-time employees who have at least one year of service and have attained the age of 21. For such employees hired prior to January 1, 2006, benefits are based on years of service and the employee's compensation | ||
Benefits as a percentage of cash balance | 2.50% | ||
Weighted-average assumptions used to determine benefit obligation [Abstract] | |||
Discount rate (in hundredths) | 4.10% | 4.90% | |
Rate of compensation increase (in hundredths) | 3.00% | 3.00% | |
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate (in hundredths) | 4.90% | 4.05% | 4.80% |
Rate of compensation increase (in hundredths) | 3.00% | 3.00% | 3.00% |
Expected rate of return on plan assets (in hundredths) | 5.50% | 5.50% | 6.00% |
Restoration Plan and Supplemental Plan [Member] | |||
Accumulated benefit obligations in excess of plan assets [Abstract] | |||
Projected benefit obligation | 263,497,000 | 31,512,000 | |
Accumulated benefit obligation | 252,227,000 | 29,191,000 | |
Fair value of assets | 201,352,000 | ||
Restoration Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
General information | The Restoration Plan provides for the payment of retirement benefits to certain participants in the Basic Plan. | ||
Weighted-average assumptions used to determine benefit obligation [Abstract] | |||
Discount rate (in hundredths) | 3.90% | 4.50% | |
Rate of compensation increase (in hundredths) | 3.00% | 3.00% | |
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate (in hundredths) | 4.50% | 3.65% | 4.45% |
Rate of compensation increase (in hundredths) | 3.00% | 3.00% | 3.00% |
Supplemental Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
General information | The Supplemental Plan is a non-qualified defined benefit supplemental retirement plan for certain key employees. Benefits commence when the employee retires and are payable over a period of ten years. | ||
Period after employee retirement during which benefits are payable | 10 years | ||
Weighted-average assumptions used to determine benefit obligation [Abstract] | |||
Discount rate (in hundredths) | 3.10% | 3.65% | |
Rate of compensation increase (in hundredths) | 3.00% | 3.00% | |
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | |||
Discount rate (in hundredths) | 3.65% | 2.85% | 3.85% |
Rate of compensation increase (in hundredths) | 3.00% | 3.00% | 3.00% |
BancorpSouth, Inc. (Parent Company Only) [Member] | Basic Plan [Member] | |||
Change in plans' assets: | |||
Fair value of plans assets at end of year | 1,900,000 | 2,100,000 | |
Funded status: | |||
Fair value of plans assets | $1,900,000 | $2,100,000 |
PENSION_OTHER_POST_RETIREMENT_3
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS (Information about Plan Assets) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Actual weighted-average asset allocation [Abstract] | ||||
Actual weighted average asset allocations | 100.00% | 100.00% | ||
Expected future benefit payments: | ||||
2015 | 13,584 | |||
2016 | 12,586 | |||
2017 | 12,988 | |||
2018 | 14,327 | |||
2019 | 15,346 | |||
2020-2024 | 79,151 | |||
Fair value of plan assets [Abstract] | ||||
Threshold of plan asset value at which individual investments are disclosed (in hundredths) | 5.00% | |||
Fidelity Advisor New Insight [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of investments that represent 5% or more of total plan asset value | 10,715 | |||
Fidelity Low Price Stock Fund [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of investments that represent 5% or more of total plan asset value | 14,594 | |||
Franklin Mutual Discovery Z Fund [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of investments that represent 5% or more of total plan asset value | 11,597 | |||
Pioneer Multi-Asset Floating Rate Fund [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of investments that represent 5% or more of total plan asset value | 24,934 | |||
Equity Securities [Member] | ||||
Actual weighted-average asset allocation [Abstract] | ||||
Actual weighted average asset allocations | 32.80% | 34.50% | ||
Target asset allocations [Abstract] | ||||
Target Plan Asset Allocations 2014 | 33.00% | |||
Debt Securities [Member] | ||||
Actual weighted-average asset allocation [Abstract] | ||||
Actual weighted average asset allocations | 64.60% | 62.10% | ||
Target asset allocations [Abstract] | ||||
Target Plan Asset Allocations 2014 | 67.00% | |||
Cash and Cash Equivalents [Member] | ||||
Actual weighted-average asset allocation [Abstract] | ||||
Actual weighted average asset allocations | 2.60% | 3.40% | ||
Target asset allocations [Abstract] | ||||
Target Plan Asset Allocations 2014 | 0.00% | |||
Pension Benefits [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 201,352 | 196,447 | 203,704 | 195,004 |
Fair value of plan assets | 200,738 | 195,843 | ||
Pension Benefits [Member] | Level 1 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 125,091 | 123,269 | ||
Pension Benefits [Member] | Level 2 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 75,647 | 72,574 | ||
Pension Benefits [Member] | Level 3 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | ||||
Pension Benefits [Member] | Cash [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 57 | |||
Pension Benefits [Member] | U.S. Agency Debt Obligations [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 69,413 | 64,298 | ||
Fair value of plan assets | 69,413 | 64,298 | ||
Pension Benefits [Member] | U.S. Agency Debt Obligations [Member] | Level 2 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 69,413 | 64,298 | ||
Pension Benefits [Member] | U.S. Agency Debt Obligations [Member] | Level 3 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | ||||
Pension Benefits [Member] | Mutual Funds [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 123,239 | 121,178 | ||
Fair value of plan assets | 123,239 | 121,178 | ||
Pension Benefits [Member] | Mutual Funds [Member] | Level 1 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 123,239 | 121,178 | ||
Pension Benefits [Member] | Mutual Funds [Member] | Level 3 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | ||||
Pension Benefits [Member] | Common Stock [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 1,852 | 2,091 | ||
Fair value of plan assets | 1,852 | 2,091 | ||
Pension Benefits [Member] | Common Stock [Member] | Level 1 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 1,852 | 2,091 | ||
Pension Benefits [Member] | Common Stock [Member] | Level 3 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | ||||
Pension Benefits [Member] | Money Market Funds [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 4,225 | 5,303 | ||
Fair value of plan assets | 4,225 | 5,303 | ||
Pension Benefits [Member] | Money Market Funds [Member] | Level 2 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 4,225 | 5,303 | ||
Pension Benefits [Member] | Money Market Funds [Member] | Level 3 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | ||||
Pension Benefits [Member] | Brokered Certificates of Deposit [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 2,009 | 2,973 | ||
Fair value of plan assets | 2,009 | 2,973 | ||
Pension Benefits [Member] | Brokered Certificates of Deposit [Member] | Level 2 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 2,009 | 2,973 | ||
Pension Benefits [Member] | Brokered Certificates of Deposit [Member] | Level 3 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | ||||
Pension Benefits [Member] | Total Investments [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 200,738 | 195,900 | ||
Pension Benefits [Member] | Accrued Interest and Dividends [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 614 | 547 | ||
Basic Plan [Member] | BancorpSouth, Inc. (Parent Company Only) [Member] | ||||
Actual weighted-average asset allocation [Abstract] | ||||
Actual weighted average asset allocations | 0.92% | 1.06% | ||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 1,900 | 2,100 |
PENSION_OTHER_POST_RETIREMENT_4
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS (Defined Contribution Plan) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
401(k) Plan [Abstract] | |||
Maximum percentage of defined compensation matched (in hundredths) | 5.00% | ||
Employer matching contributions | $9.50 | $9.80 | $9.20 |
FAIR_VALUE_DISCLOSURES_Assets_
FAIR VALUE DISCLOSURES (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage rate deduction to determine the fair value of other real estate owned (in hundredths) | 7.00% | |
Available-for-sale securities [Abstract] | ||
Loans held for sale | $141,015 | $69,593 |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative interest rate | 1.50% | |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative interest rate | 3.70% | |
Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities [Abstract] | ||
U.S. Government agencies | 1,215,054 | 1,458,349 |
Government agency issued residential mortgage-backed securities | 209,230 | 250,234 |
Government agency issued commercial mortgage-backed securities | 240,568 | 230,912 |
Obligations of states and political subdivisions | 483,864 | 519,405 |
Other | 8,211 | 8,089 |
Mortgage servicing rights | 51,296 | 54,662 |
Derivative instruments | 23,830 | 30,230 |
Loans held for sale | 141,015 | |
Total | 2,373,068 | 2,551,881 |
Liabilities [Abstract] | ||
Derivative instruments | 23,207 | 29,352 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Available-for-sale securities [Abstract] | ||
Other | 1,302 | 1,102 |
Total | 1,302 | 1,102 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Available-for-sale securities [Abstract] | ||
U.S. Government agencies | 1,215,054 | 1,458,349 |
Government agency issued residential mortgage-backed securities | 209,230 | 250,234 |
Government agency issued commercial mortgage-backed securities | 240,568 | 230,912 |
Obligations of states and political subdivisions | 483,864 | 519,405 |
Other | 6,909 | 6,987 |
Loans held for sale | 141,015 | |
Total | 2,296,640 | 2,465,887 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Available-for-sale securities [Abstract] | ||
Mortgage servicing rights | 51,296 | 54,662 |
Derivative instruments | 23,830 | 30,230 |
Total | 75,126 | 84,892 |
Liabilities [Abstract] | ||
Derivative instruments | $23,207 | $29,352 |
FAIR_VALUE_DISCLOSURES_Changes
FAIR VALUE DISCLOSURES (Changes in Level Three Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Servicing Rights [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $54,662 | $37,882 |
Net income | -12,244 | 2,690 |
Other comprehensive income | ||
Purchases, sales, issuances and settlements, net | -8,878 | 14,090 |
Transfers in and/or out of Level 3 | ||
Ending Balance | 51,296 | 54,662 |
Net unrealized (losses) gains included in net income for the year relating to assets and liabilities held | -6,444 | 8,943 |
Derivative Instruments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 878 | 2,911 |
Net income | -255 | -2,033 |
Other comprehensive income | ||
Purchases, sales, issuances and settlements, net | ||
Transfers in and/or out of Level 3 | ||
Ending Balance | 623 | 878 |
Net unrealized (losses) gains included in net income for the year relating to assets and liabilities held | -255 | -2,033 |
Available-for-sale Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | ||
Net income | ||
Other comprehensive income | ||
Purchases, sales, issuances and settlements, net | ||
Transfers in and/or out of Level 3 | ||
Ending Balance | ||
Net unrealized (losses) gains included in net income for the year relating to assets and liabilities held |
FAIR_VALUE_DISCLOSURES_Assets_1
FAIR VALUE DISCLOSURES (Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis) (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $69,593 | |
Impaired loans | 28,101 | 54,943 |
Other real estate owned | 33,984 | 69,338 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | ||
Impaired loans | ||
Other real estate owned | ||
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 69,593 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 28,101 | 54,943 |
Other real estate owned | 33,984 | 69,338 |
Total Gains (Losses) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | -1,519 | -4,146 |
Other real estate owned | ($11,974) | ($17,963) |
FAIR_VALUE_DISCLOSURES_Carryin
FAIR VALUE DISCLOSURES (Carrying And Fair Value Information) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets [Abstract] | ||
Available-for-sale securities, at fair value | $2,156,927 | $2,466,989 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Assets [Abstract] | ||
Cash and due from banks | 204,231 | 208,961 |
Interest bearing deposits with other banks | 153,019 | 319,462 |
Available-for-sale securities, at fair value | 2,156,927 | 2,466,989 |
Net loans and leases | 9,570,493 | 8,804,779 |
Loans held for sale | 141,015 | 69,593 |
Liabilities [Abstract] | ||
Noninterest bearing deposits | 2,778,686 | 2,644,592 |
Savings and interest bearing deposits | 6,200,017 | 5,816,580 |
Other time deposits | 1,993,636 | 2,312,664 |
Federal funds purchased and securities sold under agreement to repurchase and other short-term borrowings | 391,666 | 421,028 |
Long-term debt and other borrowings | 101,372 | 113,201 |
Derivative instruments [Abstract] | ||
Forward commitments to sell fixed rate mortgage loans | -1,163 | 654 |
Commitments to fund fixed rate mortgage loans | 2,137 | 567 |
Interest rate swap position to receive | 21,653 | 28,907 |
Interest rate swap position to pay | -22,004 | -29,249 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Assets [Abstract] | ||
Cash and due from banks | 204,231 | 208,961 |
Interest bearing deposits with other banks | 153,019 | 319,462 |
Available-for-sale securities, at fair value | 2,156,927 | 2,466,989 |
Net loans and leases | 10,066,945 | 9,059,171 |
Loans held for sale | 141,015 | 70,063 |
Liabilities [Abstract] | ||
Noninterest bearing deposits | 2,778,686 | 2,644,592 |
Savings and interest bearing deposits | 6,200,017 | 5,816,580 |
Other time deposits | 2,005,023 | 2,332,380 |
Federal funds purchased and securities sold under agreement to repurchase and other short-term borrowings | 391,743 | 414,238 |
Long-term debt and other borrowings | 106,218 | 112,721 |
Derivative instruments [Abstract] | ||
Forward commitments to sell fixed rate mortgage loans | -1,163 | 654 |
Commitments to fund fixed rate mortgage loans | 2,137 | 567 |
Interest rate swap position to receive | 21,653 | 28,907 |
Interest rate swap position to pay | ($22,004) | ($29,249) |
STOCK_INCENTIVE_AND_STOCK_OPTI2
STOCK INCENTIVE AND STOCK OPTION PLANS (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Mar. 31, 2011 | 31-May-13 | Jun. 30, 2012 | 31-May-12 | Dec. 31, 2012 | Nov. 30, 2012 | Mar. 31, 2013 | Jan. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Exercisable period of options, minimum (in years) | 1 year | ||||||||||||
Exercisable period of options, maximum (in years) | 10 years | ||||||||||||
Compensation expense recognized (reversed) | $843,000 | ||||||||||||
Period for recognition of unrecognized expenses (in years) | 4 years | ||||||||||||
Contractual life of stock options (in years) | 7 years | ||||||||||||
Stock option activity [Roll Forward] | |||||||||||||
Outstanding at beginning of period (in shares) | 2,764,854 | 2,764,854 | 2,714,023 | 2,714,023 | 2,764,854 | ||||||||
Granted (in shares) | -338,681 | ||||||||||||
Exercised (in shares) | -6,333 | ||||||||||||
Cancelled or forfeited (in shares) | -174,183 | ||||||||||||
Expired (in shares) | -107,334 | ||||||||||||
Outstanding at end of period (in shares) | 2,764,854 | 2,764,854 | 2,764,854 | ||||||||||
Exercisable at end of period (in shares) | 2,306,860 | 2,306,860 | 2,306,860 | ||||||||||
Stock options, additional disclosures [Abstract] | |||||||||||||
Outstanding at beginning of period, Weighted-average exercise price (in dollars per share) | $20.58 | $20.58 | $21.72 | 21.72 | 20.58 | ||||||||
Granted, Weighted-average exercise price (in dollars per share) | $11.93 | ||||||||||||
Exercised, Weighted-average exercise price (in dollars per share) | $12.94 | ||||||||||||
Cancelled or forfeited, Weighted-average exercise price (in dollars per share) | $22.04 | ||||||||||||
Expired, Weighted-average exercise price (in dollars per share) | $20.03 | ||||||||||||
Outstanding at end of period, Weighted-average exercise price (in dollars per share) | $20.58 | $20.58 | 20.58 | ||||||||||
Exercisable at end of period, Weighted-average exercise price (in dollars per share) | $22.23 | $22.23 | 22.23 | ||||||||||
Outstanding at end of period, Weighted-average remaining contractual term (in years) | 3 years 1 month 6 days | 2 years 8 months 12 days | |||||||||||
Exercisable at end of period, Weighted-average remaining contractual term (in years) | 2 years 7 months 6 days | 2 years 6 months | |||||||||||
Outstanding at end of period, Weighted-average intrinsic value | 1,374,000 | 10,806,000 | 1,374,000 | 1,374,000 | |||||||||
Exercisable at end of period, Weighted-average intrinsic value | 1,332,000 | 8,528,000 | 1,332,000 | 1,332,000 | |||||||||
Assumptions used for stock options [Abstract] | |||||||||||||
Expected volatility (in hundredths) | 49.90% | ||||||||||||
Weighted-average volatility (in hundredths) | 49.90% | ||||||||||||
Expected dividends (in hundredths) | 2.50% | ||||||||||||
Risk-free rate (in hundredths) | 0.81% | ||||||||||||
Minimum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting period (in years) | 1 year | ||||||||||||
Assumptions used for stock options [Abstract] | |||||||||||||
Expected term (in years) | 4 years 9 months 18 days | ||||||||||||
Midpoint [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting period (in years) | 2 years | ||||||||||||
Maximum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting period (in years) | 3 years | ||||||||||||
Assumptions used for stock options [Abstract] | |||||||||||||
Expected term (in years) | 4 years 10 months 24 days | ||||||||||||
1998 Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Minimum percentage of each director's compensation paid in form of the Company's common stock (in hundredths) | 50.00% | ||||||||||||
Stock Options [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Compensation expense recognized (reversed) | 1,300,000 | 1,900,000 | |||||||||||
Total unrecognized compensation cost related to nonvested stock options | 22,000 | ||||||||||||
Stock option activity [Roll Forward] | |||||||||||||
Outstanding at beginning of period (in shares) | 1,884,318 | 2,764,854 | 2,764,854 | ||||||||||
Granted (in shares) | -64,000 | ||||||||||||
Exercised (in shares) | -662,721 | -509,236 | |||||||||||
Cancelled or forfeited (in shares) | -19,500 | -307,300 | |||||||||||
Expired (in shares) | -145,120 | ||||||||||||
Outstanding at end of period (in shares) | 2,764,854 | 1,056,977 | 1,884,318 | 2,764,854 | 2,764,854 | ||||||||
Exercisable at end of period (in shares) | 977,491 | 1,715,431 | |||||||||||
Stock options, additional disclosures [Abstract] | |||||||||||||
Outstanding at beginning of period, Weighted-average exercise price (in dollars per share) | $19.69 | $20.58 | 20.58 | ||||||||||
Granted, Weighted-average exercise price (in dollars per share) | $15.97 | ||||||||||||
Exercised, Weighted-average exercise price (in dollars per share) | $17.32 | $22.67 | |||||||||||
Cancelled or forfeited, Weighted-average exercise price (in dollars per share) | $20.26 | $23.60 | |||||||||||
Expired, Weighted-average exercise price (in dollars per share) | $23.26 | ||||||||||||
Outstanding at end of period, Weighted-average exercise price (in dollars per share) | $20.58 | $20.67 | $19.69 | $20.58 | 20.58 | ||||||||
Exercisable at end of period, Weighted-average exercise price (in dollars per share) | $21.38 | ||||||||||||
Outstanding at end of period, Weighted-average remaining contractual term (in years) | 1 year 9 months 18 days | ||||||||||||
Exercisable at end of period, Weighted-average remaining contractual term (in years) | 1 year 8 months 12 days | ||||||||||||
Outstanding at end of period, Weighted-average intrinsic value | 2,672,000 | ||||||||||||
Exercisable at end of period, Weighted-average intrinsic value | 1,831,000 | ||||||||||||
Additional general disclosures [Abstract] | |||||||||||||
Vesting period, description | These stock options have a contractual life of seven years and vest over a one, two or three-year service period. | ||||||||||||
Assumptions used for stock options [Abstract] | |||||||||||||
Intrinsic value of stock options exercised | 4,600,000 | 289,000 | 9,000 | ||||||||||
Stock options outstanding [Abstract] | |||||||||||||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $20.45 | ||||||||||||
Nonvested Options [Member] | |||||||||||||
Stock option activity [Roll Forward] | |||||||||||||
Nonvested, outstanding at beginning of period (in shares) | 168,887 | ||||||||||||
Vested (in shares) | -84,401 | ||||||||||||
Cancelled or forfeited (in shares) | -5,000 | ||||||||||||
Nonvested, outstanding at end of period (in shares) | 79,486 | ||||||||||||
Stock options, additional disclosures [Abstract] | |||||||||||||
Outstanding at beginning of period, Weighted-average exercise price (in dollars per share) | $11.93 | ||||||||||||
Vested, Weighted-average exercise price (in dollars per share) | $12.81 | ||||||||||||
Cancelled or forfeited, Weighted-average exercise price (in dollars per share) | $11.93 | ||||||||||||
Outstanding at end of period, Weighted-average exercise price (in dollars per share) | $11.93 | ||||||||||||
Non-vested options, Weighted-Average grant date fair value [Roll Forward] | |||||||||||||
Outstanding at beginning of period, Weighted-average grant date fair value (in dollars per share) | $4.16 | ||||||||||||
Granted, Weighted-average grant date fair value (in dollars per share) | $4.16 | ||||||||||||
Vested, Weighted-average grant date fair value (in dollars per share) | $4.16 | ||||||||||||
Forfeited or cancelled, Weighted-average grant date fair value (in dollars per share) | $4.15 | ||||||||||||
Outstanding at end of period, Weighted-average grant date fair value (in dollars per share) | $4.16 | ||||||||||||
Performance Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Compensation expense recognized (reversed) | 500,000 | ||||||||||||
Performance Shares [Member] | Long-Term Equity Incentive plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Vesting period (in years) | 3 years | ||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||
Number of awards granted (in shares) | 103,055 | 125,410 | |||||||||||
Terms of award | two-year performance period from January 1, 2011 through December 31, 2012. | ||||||||||||
Restricted Stock Units [Member] | Long-Term Equity Incentive plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Compensation expense recognized (reversed) | 180,000 | 311,000 | 199,000 | ||||||||||
Equity instruments other than options [Abstract] | |||||||||||||
Number of awards granted (in shares) | 7,500 | 60,000 | 7,500 | ||||||||||
Shares of stock covered by award (in shares) | 7,500 | 60,000 | 7,500 | ||||||||||
Period of issuance of restricted stock units | 5 years | ||||||||||||
Restricted Stock Units [Member] | Long-Term Equity Incentive plan [Member] | Awarded To Directors In 2010, 2012 And 2013 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Compensation expense recognized (reversed) | 330,000 | 140,000 | 67,000 | ||||||||||
Restricted Stock Units [Member] | Long-Term Equity Incentive plan [Member] | Shares To Be Issued In 2017 [Member] | |||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||
Number of awards granted (in shares) | 24,083 | ||||||||||||
Restricted Stock [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
bxs_Sharebasedcompensationsharebasedpaymentarrangementsotherthanstockoptionsunrecognizedcostassociatedwithawardsnotyetvested | 11,600,000 | ||||||||||||
Compensation expense recognized (reversed) | 63,000 | 68,000 | |||||||||||
Restricted Stock [Member] | Long-Term Equity Incentive plan [Member] | Shares To Be Issued In 2015 [Member] | |||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||
Number of awards granted (in shares) | 88,232 | ||||||||||||
Restricted Stock [Member] | Long-Term Equity Incentive plan [Member] | Shares To Be Issued In 2018 [Member] | |||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||
Number of awards granted (in shares) | 582,500 | ||||||||||||
Restricted Stock [Member] | Long-Term Equity Incentive plan [Member] | Shares To Be Issued Beginning In March 2014 [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Compensation expense recognized (reversed) | 160,000 | ||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||
Number of awards granted (in shares) | 21,341 | ||||||||||||
Period of issuance of restricted stock units | 3 years | ||||||||||||
2011 grant of performance shares [Member] | Long-Term Equity Incentive plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Compensation expense recognized (reversed) | 193,000 | 659,000 | |||||||||||
2012 grant of performance shares [Member] | Long-Term Equity Incentive plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Compensation expense recognized (reversed) | $153,000 | $650,000 | $731,000 | ||||||||||
Equity instruments other than options [Abstract] | |||||||||||||
Terms of award | two-year performance period from January 1, 2012 through December 31, 2013 | ||||||||||||
2013 grant of performance shares [Member] | Long-Term Equity Incentive plan [Member] | |||||||||||||
Additional general disclosures [Abstract] | |||||||||||||
Vesting period, description | two-year performance period from January 1, 2013 through December 31, 2014 | ||||||||||||
Range 1 of Exercise Prices [Member] | |||||||||||||
Stock options outstanding [Abstract] | |||||||||||||
Range of Exercise Prices, lower limit (in dollars per share) | $10.07 | ||||||||||||
Range of Exercise Prices, upper limit (in dollars per share) | $13.25 | ||||||||||||
Number Outstanding (in shares) | 256,493 | ||||||||||||
Options Outstanding, Weighted Average Remaining Life (in years) | 3 years 7 months 6 days | ||||||||||||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $12.40 | ||||||||||||
Number Exercisable (in shares) | 177,007 | ||||||||||||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $12.61 | ||||||||||||
Range 2 of Exercise Prices [Member] | |||||||||||||
Stock options outstanding [Abstract] | |||||||||||||
Range of Exercise Prices, upper limit (in dollars per share) | $22.97 | ||||||||||||
Number Outstanding (in shares) | 322,534 | ||||||||||||
Options Outstanding, Weighted Average Remaining Life (in years) | 1 year 8 months 12 days | ||||||||||||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $22.27 | ||||||||||||
Number Exercisable (in shares) | 322,534 | ||||||||||||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $22.27 | ||||||||||||
Range 3 of Exercise Prices [Member] | |||||||||||||
Stock options outstanding [Abstract] | |||||||||||||
Range of Exercise Prices, lower limit (in dollars per share) | $23.19 | ||||||||||||
Range of Exercise Prices, upper limit (in dollars per share) | $24.03 | ||||||||||||
Number Outstanding (in shares) | 143,000 | ||||||||||||
Options Outstanding, Weighted Average Remaining Life (in years) | 1 year | ||||||||||||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $23.19 | ||||||||||||
Number Exercisable (in shares) | 143,000 | ||||||||||||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $23.19 | ||||||||||||
Range 4 of Exercise Prices [Member] | |||||||||||||
Stock options outstanding [Abstract] | |||||||||||||
Range of Exercise Prices, lower limit (in dollars per share) | $24.27 | ||||||||||||
Range of Exercise Prices, upper limit (in dollars per share) | $25.31 | ||||||||||||
Number Outstanding (in shares) | 334,950 | ||||||||||||
Options Outstanding, Weighted Average Remaining Life (in years) | 1 year | ||||||||||||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $24.39 | ||||||||||||
Number Exercisable (in shares) | 334,950 | ||||||||||||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $24.39 | ||||||||||||
Range 5 of Exercise Prices [Member] | |||||||||||||
Stock options outstanding [Abstract] | |||||||||||||
Range of Exercise Prices, lower limit (in dollars per share) | $10.07 | ||||||||||||
Range of Exercise Prices, upper limit (in dollars per share) | $25.31 | ||||||||||||
Number Outstanding (in shares) | 1,056,977 | ||||||||||||
Options Outstanding, Weighted Average Remaining Life (in years) | 1 year 9 months 18 days | ||||||||||||
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $20.67 | ||||||||||||
Number Exercisable (in shares) | 977,491 | ||||||||||||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $21.38 |
EARNINGS_PER_SHARE_AND_DIVIDEN2
EARNINGS PER SHARE AND DIVIDEND DATA (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (Numerator) [Abstract] | |||
Income available to common shareholders | $116,750 | $94,115 | $84,295 |
Income available to common shareholders plus assumed exercise | $116,750 | $94,115 | $84,295 |
Shares (Denominator) [Abstract] | |||
Income available to common shareholders (in shares) | 95,973,000 | 95,048,000 | 93,774,000 |
Effect of dilutive stock options (in shares) | 329,000 | 284,000 | 90,000 |
Income available to common shareholders plus assumed exercise (in shares) | 96,302,000 | 95,332,000 | 93,864,000 |
Per share amount [Abstract] | |||
Income available to common shareholders (in dollars per share) | $1.22 | $0.99 | $0.90 |
Income available to common shareholders plus assumed exercise all outstanding share-based awards (in dollars per share) | $1.21 | $0.99 | $0.90 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from diluted shares (in shares) | 67,000 | 1,200,000 | 2,900,000 |
Weighted average exercise price of antidilutive securities (in dollars per share) | $24.89 | $23.81 | $20.64 |
Other Equity Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from diluted shares (in shares) | 0 | 0 | 0 |
OTHER_COMPREHENSIVE_INCOME_Det
OTHER COMPREHENSIVE INCOME (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Unrealized gains on available-for- sale securities, before tax amount [Abstract] | |||||
Unrealized gains (losses) arising during holding period, before tax amount | $26,016 | ($61,640) | $3,043 | ||
Reclassification adjustment for net (gains) realized in net income, before tax amount | -37 | [1] | -46 | [1] | -442 |
Recognized employee benefit plan net | -48,187 | [2] | 27,128 | [2] | -12,930 |
Other comprehensive income (loss), before tax amount | -22,208 | -34,558 | -10,329 | ||
Unrealized gains on available-for- sale securities, tax (expense) benefit [Abstract] | |||||
Unrealized gains (losses) arising during holding period, tax (expense) benefit | -9,965 | 23,603 | -1,171 | ||
Reclassification adjustment for net (gains) losses realized in net income, tax (expense) benefit | 14 | [1] | 18 | [1] | 169 |
Change in pension funding status cost, tax (expense) benefit | 18,432 | [2] | -10,376 | [2] | 4,946 |
Other comprehensive (loss) income, tax (expense) benefit | 8,481 | 13,245 | 3,944 | ||
Unrealized gains on available-for- sale securities, net of tax amount [Abstract] | |||||
Unrealized gains (losses) arising during holding period, net of tax amount | 16,051 | -38,037 | 1,872 | ||
Reclassification adjustment for net (gains) losses realized in net income, net of tax amount | -23 | [1] | -28 | [1] | -273 |
Change in pension funding status cost, net of tax amount | -29,755 | [2] | 16,752 | [2] | -7,984 |
Other comprehensive (loss) income | ($13,727) | ($21,313) | ($6,385) | ||
[1] | Reclassification adjustments for net gains on available-for-sale securities are reported as security gains, net on the consolidated statement of income. | ||||
[2] | Recognized employee benefit plan net periodic benefit cost include amortization of unrecognized transition amount, recognized prior service cost and recognized net loss. For more information, see Footnote 14 - Pension, Other Post Retirement Benefit and Profit Sharing Plans. |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Related party transactions [Roll Forward] | |
Loans outstanding at beginning of period | $34,616 |
New loans | 68,915 |
Repayments | -33,931 |
Changes in directors and executive officers | -42,351 |
Loans outstanding end of period | $27,249 |
MORTGAGE_SERVICING_RIGHTS_Deta
MORTGAGE SERVICING RIGHTS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Data and assumptions used in fair value calculation [Abstract] | |||
Unpaid principal balance | $5,686,756,000 | $5,577,325,000 | $5,058,912,000 |
Weighted-average prepayment speed (CPR) (in hundredths) | 11.60% | 10.30% | 17.10% |
Discount rate (annual percentage) (in hundredths) | 9.80% | 10.30% | 10.80% |
Weighted-average coupon interest rate (percentage) (in hundredths) | 4.10% | 4.20% | 4.40% |
Weighted-average remaining maturity (months) | 314 months | 310 months | 307 months |
Weighted-average servicing fee (basis points) (in hundredths) | 0.27% | 0.27% | 0.27% |
Contractually specified servicing fees, late fees, and ancillary fees [Abstract] | |||
Contractual servicing fees | 15,200,000 | 14,600,000 | 13,000,000 |
Late and other ancillary fees | 1,200,000 | 1,400,000 | 1,400,000 |
Closed End Loans for One-to-Four Family Residences, Secured by First Liens [Member] | |||
Activity in mortgage servicing asset [Roll Forward] | |||
Fair value at beginning of period | 54,662,000 | 37,882,000 | |
Additions [Abstract] | |||
Origination of servicing assets | 8,878,000 | 14,090,000 | |
Changes in fair value [Abstract] | |||
Due to payoffs/paydowns | -5,793,000 | -6,244,000 | |
Due to change in valuation inputs or assumptions used in the valuation model | -6,444,000 | 8,943,000 | |
Other changes in fair value | -7,000 | -9,000 | |
Fair value at end of period | $51,296,000 | $54,662,000 |
REGULATORY_MATTERS_Details
REGULATORY MATTERS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier one core capital required for capital adequacy to risk-weighted assets (in hundredths) | 4.00% | |
Tier one total capital required for capital adequacy to risk-weighted assets (in hundredths) | 8.00% | |
Tier one leverage ratio required for capital adequacy to average assets (in hundredths) | 4.00% | |
Tier one risk based capital required to be well capitalized to risk-weighted assets (in hundredths) | 6.00% | |
Total capital required to be well capitalized to risk-weighted assets (in hundredths) | 10.00% | |
Tier one leverage capital required to be well capitalized to average assets (in hundredths) | 5.00% | |
Tier I capital (to risk-weighted assets) [Abstract] | ||
Tier I capital | $1,351,807 | $1,255,244 |
Tier I capital to risk-weighted assets (in hundredths) | 13.27% | 12.99% |
Total capital (to risk-weighted assets) [Abstract] | ||
Total capital | 1,479,791 | 1,376,752 |
Total capital to risk-weighted assets (in hundredths) | 14.52% | 14.25% |
Tier I leverage capital (to average assets) [Abstract] | ||
Tier I leverage capital | 1,351,807 | 1,255,244 |
Tier I leverage capital to average assets (in hundredths) | 10.55% | 9.93% |
BancorpSouth Bank [Member] | ||
Tier I capital (to risk-weighted assets) [Abstract] | ||
Tier I capital | 1,298,449 | 1,237,716 |
Tier I capital to risk-weighted assets (in hundredths) | 12.76% | 12.83% |
Total capital (to risk-weighted assets) [Abstract] | ||
Total capital | 1,426,433 | 1,359,195 |
Total capital to risk-weighted assets (in hundredths) | 14.02% | 14.09% |
Tier I leverage capital (to average assets) [Abstract] | ||
Tier I leverage capital | $1,298,449 | $1,237,716 |
Tier I leverage capital to average assets (in hundredths) | 10.17% | 9.81% |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Results of Operations [Abstract] | |||
Net interest revenue | $416,662 | $398,949 | $414,591 |
Provision for credit losses | 7,500 | 28,000 | |
Net interest revenue, after provision for credit losses | 416,662 | 391,449 | 386,591 |
Noninterest revenue | 269,146 | 275,066 | 280,149 |
Noninterest expense | 518,406 | 534,849 | 549,193 |
Income before income taxes | 167,402 | 131,666 | 117,547 |
Income tax expense (benefit) | 50,652 | 37,551 | 33,252 |
Net Income | 116,750 | 94,115 | 84,295 |
Selected Financial Information [Abstract] | |||
Total assets at end of period | 13,326,369 | 13,029,733 | 13,397,198 |
Depreciation and amortization | 31,715 | 29,523 | 30,942 |
Community Banking [Member] | |||
Results of Operations [Abstract] | |||
Net interest revenue | 381,604 | 372,629 | 389,466 |
Provision for credit losses | -4,757 | 5,824 | 25,482 |
Net interest revenue, after provision for credit losses | 386,361 | 366,805 | 363,984 |
Noninterest revenue | 100,678 | 108,507 | 113,613 |
Noninterest expense | 336,341 | 324,513 | 351,378 |
Income before income taxes | 150,698 | 150,799 | 126,219 |
Income tax expense (benefit) | 48,072 | 47,454 | 39,777 |
Net Income | 102,626 | 103,345 | 86,442 |
Selected Financial Information [Abstract] | |||
Total assets at end of period | 9,820,238 | 9,809,428 | 10,232,036 |
Depreciation and amortization | 24,061 | 22,912 | 23,773 |
Insurance Agencies [Member] | |||
Results of Operations [Abstract] | |||
Net interest revenue | 117 | 165 | 270 |
Net interest revenue, after provision for credit losses | 117 | 165 | 270 |
Noninterest revenue | 115,541 | 99,103 | 90,045 |
Noninterest expense | 97,620 | 86,557 | 78,799 |
Income before income taxes | 18,038 | 12,711 | 11,516 |
Income tax expense (benefit) | 7,255 | 5,175 | 4,682 |
Net Income | 10,783 | 7,536 | 6,834 |
Selected Financial Information [Abstract] | |||
Total assets at end of period | 188,920 | 187,424 | 173,832 |
Depreciation and amortization | 5,257 | 3,655 | 3,616 |
General Corporate and Other [Member] | |||
Results of Operations [Abstract] | |||
Net interest revenue | 34,941 | 26,155 | 24,855 |
Provision for credit losses | 4,757 | 1,676 | 2,518 |
Net interest revenue, after provision for credit losses | 30,184 | 24,479 | 22,337 |
Noninterest revenue | 52,927 | 67,456 | 76,491 |
Noninterest expense | 84,445 | 123,779 | 119,016 |
Income before income taxes | -1,334 | -31,844 | -20,188 |
Income tax expense (benefit) | -4,675 | -15,078 | -11,207 |
Net Income | 3,341 | -16,766 | -8,981 |
Selected Financial Information [Abstract] | |||
Total assets at end of period | 3,317,211 | 3,032,881 | 2,991,330 |
Depreciation and amortization | $2,397 | $2,956 | $3,553 |
DERIVATIVE_INSTRUMENTS_Details
DERIVATIVE INSTRUMENTS (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ||
Notional amount | $324,200,000 | $412,900,000 |
Average maturity | 49 months 15 days | 54 months 21 days |
Average interest receive rate (in hundredths) | 2.50% | 2.50% |
Average interest pay rate (in hundredths) | 5.60% | 5.60% |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Notional amount | 155,800,000 | 90,200,000 |
Difference in carrying value and fair value, reflecting a loss | 1,200,000 | |
Difference in carrying value and fair value, reflecting a gain | 654,000 | |
Commitments To Fund Fixed Rate Mortgage Loans [Member] | ||
Derivative [Line Items] | ||
Notional amount | 85,200,000 | 55,400,000 |
Difference in carrying value and fair value, reflecting a gain | $2,100,000 | $567,000 |
DERIVATIVE_INSTRUMENTS_Offsett
DERIVATIVE INSTRUMENTS (Offsetting Of Derivative Assets And Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Offsetting Assets And Liabilities [Line Items] | ||
Gross Amount Recognized | $24,181 | $30,573 |
Gross Amount Offset | ||
Net Amount Recognized | 24,181 | 30,573 |
Net Amount | 24,181 | 30,573 |
Gross Amount Recognized | 411,373 | 450,380 |
Gross Amount Offset | ||
Net Amount Recognized | 411,373 | 450,380 |
Financial Instruments | -388,166 | -421,028 |
Financial Collateral Pledged | -22,004 | -29,249 |
Net Amount | 1,203 | 103 |
Forward Commitments [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Gross Amount Recognized | 2,177 | 1,324 |
Gross Amount Offset | ||
Net Amount Recognized | 2,177 | 1,324 |
Net Amount | 2,177 | 1,324 |
Gross Amount Recognized | 1,203 | 103 |
Gross Amount Offset | ||
Net Amount Recognized | 1,203 | 103 |
Net Amount | 1,203 | 103 |
Loan/Lease Interest Rate Swaps [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Gross Amount Recognized | 22,004 | 29,249 |
Gross Amount Offset | ||
Net Amount Recognized | 22,004 | 29,249 |
Net Amount | 22,004 | 29,249 |
Gross Amount Recognized | 22,004 | 29,249 |
Gross Amount Offset | ||
Net Amount Recognized | 22,004 | 29,249 |
Financial Collateral Pledged | -22,004 | -29,249 |
Repurchase Arrangements [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Gross Amount Recognized | 388,166 | 421,028 |
Gross Amount Offset | ||
Net Amount Recognized | 388,166 | 421,028 |
Financial Instruments | ($388,166) | ($421,028) |
COMMITMENTS_AND_CONTINGENT_LIA2
COMMITMENTS AND CONTINGENT LIABILITIES (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Leases [Abstract] | |||
Rent expense | $7,900,000 | $7,400,000 | $7,200,000 |
Future minimum lease payments [Abstract] | |||
2015 | 5,141,000 | ||
2016 | 3,887,000 | ||
2017 | 2,774,000 | ||
2018 | 1,225,000 | ||
2019 | 664,000 | ||
Thereafter | 3,781,000 | ||
Total future minimum lease payments | 17,472,000 | ||
Mortgage loans serviced for others [Abstract] | |||
Loans serviced for investors | 5,686,756,000 | 5,577,325,000 | 5,058,912,000 |
Primary Recourse Servicing Loans [Member] | |||
Mortgage loans serviced for others [Abstract] | |||
Off-balance sheet, face amount of asset | 1,200,000 | ||
Letters of Credit [Member] | |||
Lending commitments [Abstract] | |||
Off-balance sheet, face amount of liability | 101,300,000 | ||
Interim Mortgage Financing, Construction Credit, Credit Card and Revolving Line of Credit Arrangements [Member] | |||
Lending commitments [Abstract] | |||
Off-balance sheet, face amount of liability | $2,300,000,000 |
CONDENSED_PARENT_COMPANY_INFOR2
CONDENSED PARENT COMPANY INFORMATION (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets | ||||
Other assets | $156,690 | $180,888 | ||
Total Assets | 13,326,369 | 13,029,733 | 13,397,198 | |
Liabilities and shareholders' equity: | ||||
Total liabilities | 11,720,310 | 11,516,603 | ||
Shareholders' equity | 1,606,059 | 1,513,130 | 1,449,052 | 1,262,912 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 13,326,369 | 13,029,733 | ||
Condensed Statements of Income [Abstract] | ||||
Income before income taxes | 167,402 | 131,666 | 117,547 | |
Income tax benefit | -50,652 | -37,551 | -33,252 | |
Net Income | 116,750 | 94,115 | 84,295 | |
Operating activities: | ||||
Net income | 116,750 | 94,115 | 84,295 | |
Net cash provided by operating activities | 142,129 | 203,732 | 160,657 | |
Investing activities: | ||||
Net cash (used in) provided by investing activities | -459,359 | -480,032 | 265,147 | |
Financing activities: | ||||
Cash dividends | -23,983 | -11,383 | -3,778 | |
Redemption of junior subordinated debt securities | -8,248 | -128,866 | ||
Advance of long-term debt | 8,000 | 50,000 | ||
Repayment of long-term debt | -8,066 | -1,786 | ||
Common stock transactions, net | 11,583 | 912 | 110,229 | |
Net cash (used in) provided by financing activities | 146,057 | -398,891 | 278,466 | |
(Decrease) increase in Cash and Cash Equivalents | -171,173 | -675,191 | 704,270 | |
Cash and Cash Equivalents at Beginning of Year | 528,423 | 1,203,614 | 499,344 | |
Cash and Cash Equivalents at End of Year | 357,250 | 528,423 | 1,203,614 | |
BancorpSouth, Inc. (Parent Company Only) [Member] | ||||
Assets | ||||
Cash on deposit with subsidiary bank | 93,270 | 56,751 | ||
Investment in subsidiaries | 1,576,708 | 1,527,137 | ||
Other assets | 10,404 | 11,525 | ||
Total Assets | 1,680,382 | 1,595,413 | ||
Liabilities and shareholders' equity: | ||||
Total liabilities | 74,323 | 82,283 | ||
Shareholders' equity | 1,606,059 | 1,513,130 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,680,382 | 1,595,413 | ||
Condensed Statements of Income [Abstract] | ||||
Dividends from subsidiaries | 60,000 | 35,000 | ||
Other operating income | 585 | 1,775 | 1,253 | |
Total income | 60,585 | 36,775 | 1,253 | |
Operating expenses | 6,867 | 15,033 | 16,931 | |
Income before income taxes | 53,718 | 21,742 | -15,678 | |
Income tax benefit | 2,420 | 5,860 | 5,732 | |
Income (loss) before equity in undistributed earnings of subsidiaries | 56,138 | 27,602 | -9,946 | |
Equity in undistributed (distributed) earnings of subsidiaries | 60,612 | 66,513 | 94,241 | |
Net Income | 116,750 | 94,115 | 84,295 | |
Operating activities: | ||||
Net income | 116,750 | 94,115 | 84,295 | |
Adjustments to reconcile net income to net cash provided by operating activities | -61,862 | -62,419 | -95,231 | |
Net cash provided by operating activities | 54,888 | 31,696 | -10,936 | |
Financing activities: | ||||
Cash dividends | -23,983 | -11,383 | -3,778 | |
Redemption of junior subordinated debt securities | -8,248 | -128,866 | ||
Advance of long-term debt | 8,000 | 50,000 | ||
Repayment of long-term debt | -8,066 | -1,786 | ||
Common stock transactions, net | 13,928 | 2,696 | 112,008 | |
Net cash (used in) provided by financing activities | -18,369 | -89,339 | 108,230 | |
(Decrease) increase in Cash and Cash Equivalents | 36,519 | -57,643 | 97,294 | |
Cash and Cash Equivalents at Beginning of Year | 56,751 | 114,394 | 17,100 | |
Cash and Cash Equivalents at End of Year | $93,270 | $56,751 | $114,394 |
OTHER_NONINTEREST_REVENUE_AND_
OTHER NONINTEREST REVENUE AND EXPENSE (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other noninterest revenue [Abstract] | |||
Bank-owned life insurance | $8,848 | $8,314 | $8,074 |
Other miscellaneous income | 13,292 | 15,153 | 15,122 |
Total other noninterest income | 22,140 | 23,467 | 23,196 |
Other noninterest income [Abstract] | |||
Advertising | 4,388 | 4,558 | 4,869 |
Foreclosed property expense | 17,071 | 11,728 | 39,406 |
Telecommunications | 8,720 | 8,481 | 8,515 |
Public relations | 3,399 | 4,258 | 5,434 |
Data processing | 11,144 | 10,962 | 10,234 |
Computer software | 10,525 | 8,496 | 7,476 |
Amortization of intangibles | 4,443 | 2,979 | 3,222 |
Legal expenses | 9,822 | 20,426 | 9,334 |
Merger expense | 1,761 | ||
Postage and shipping | 4,745 | 4,369 | 4,465 |
Other miscellaneous expense | 68,108 | 66,801 | 71,994 |
Total other noninterest expense | $144,126 | $143,058 | $164,949 |