Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 13, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | BANCORPSOUTH INC | ||
Entity Central Index Key | 701,853 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 2,090 | ||
Entity Common Stock, Shares Outstanding | 93,731,038 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 184,152 | $ 154,192 |
Interest bearing deposits with other banks | 38,813 | 43,777 |
Estimated Fair Value | 2,531,676 | 2,082,329 |
Loans and leases | 10,835,512 | 10,404,326 |
Less: Unearned income | 23,521 | 31,548 |
Allowance for credit losses | 123,736 | 126,458 |
Net loans and leases | 10,688,255 | 10,246,320 |
Loans held for sale, at fair value | 166,927 | 157,907 |
Premises and equipment, net | 305,561 | 308,125 |
Accrued interest receivable | 42,005 | 40,901 |
Goodwill | 300,798 | 291,498 |
Other identifiable intangibles | 21,894 | 20,545 |
Bank-owned life insurance | 258,648 | 251,534 |
Other real estate owned | 7,810 | 14,759 |
Other assets | 177,849 | 186,775 |
Total Assets | 14,724,388 | 13,798,662 |
Demand: | ||
Noninterest bearing | 3,250,537 | 3,031,528 |
Interest bearing | 5,034,470 | 5,003,806 |
Savings | 1,561,819 | 1,442,336 |
Other time | 1,841,315 | 1,853,491 |
Total deposits | 11,688,141 | 11,331,161 |
Securities sold under agreement to repurchase | 454,002 | 405,937 |
Short term borrowings | 92,000 | 62,000 |
Accrued interest payable | 3,975 | 3,071 |
Junior subordinated debt securities | 12,888 | 23,198 |
Long-term debt | 530,000 | 69,775 |
Other liabilities | 219,499 | 248,076 |
Total Liabilities | 13,000,505 | 12,143,218 |
Shareholders' Equity | ||
Common stock, $2.50 par value, Authorized - 500,000,000 shares; Issued - 93,696,687 and 94,162,728 shares, respectively | 234,242 | 235,407 |
Capital surplus | 271,292 | 282,934 |
Accumulated other comprehensive loss | (50,937) | (41,825) |
Retained earnings | 1,269,286 | 1,178,928 |
TOTAL SHAREHOLDERS' EQUITY | 1,723,883 | 1,655,444 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 14,724,388 | $ 13,798,662 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Available-for-sale securities, amortized cost | $ 2,521,592 | $ 2,059,445 |
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) | 93,696,687 | 94,162,728 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
INTEREST REVENUE: | |||
Loans and leases | $ 440,677 | $ 419,813 | $ 404,559 |
Deposits with other banks | 1,070 | 438 | 532 |
Available-for-sale securities: | |||
Taxable | 25,191 | 26,308 | 27,755 |
Tax-exempt | 11,625 | 13,075 | 14,462 |
Loans held for sale | 4,616 | 4,744 | 2,949 |
Total interest revenue | 483,179 | 464,378 | 450,257 |
Deposits: | |||
Interest bearing demand | 9,246 | 8,820 | 7,851 |
Savings | 1,826 | 1,703 | 1,614 |
Other time | 14,162 | 14,837 | 20,675 |
Federal funds purchased and securities sold under agreement to repurchase | 662 | 383 | 331 |
Long-term debt | 3,082 | 2,285 | 2,463 |
Junior subordinated debt | 747 | 667 | 659 |
Other | 2 | 1 | 2 |
Total interest expense | 29,727 | 28,696 | 33,595 |
Net interest revenue | 453,452 | 435,682 | 416,662 |
Provision for credit losses | 4,000 | (13,000) | |
Net interest revenue, after provision for credit losses | 449,452 | 448,682 | 416,662 |
NONINTEREST REVENUE: | |||
Mortgage lending | 41,735 | 35,530 | 22,671 |
Credit card, debit card and merchant fees | 37,010 | 36,533 | 35,303 |
Deposit service charges | 43,301 | 46,765 | 50,622 |
Security gains, net | 128 | 136 | 37 |
Insurance commissions | 115,955 | 116,744 | 114,842 |
Wealth management | 21,169 | 22,660 | 23,940 |
Other | 19,732 | 19,600 | 21,731 |
Total noninterest revenue | 279,030 | 277,968 | 269,146 |
NONINTEREST EXPENSE: | |||
Salaries and employee benefits | 328,217 | 322,469 | 307,828 |
Occupancy, net of rental income | 41,088 | 41,866 | 41,345 |
Equipment | 14,046 | 15,309 | 16,869 |
Deposit insurance assessments | 9,915 | 9,509 | 8,190 |
Regulatory settlement | 10,277 | ||
Other | 128,495 | 150,758 | 144,174 |
Total noninterest expense | 532,038 | 539,911 | 518,406 |
Income before income taxes | 196,444 | 186,739 | 167,402 |
Income tax expense | 63,716 | 59,248 | 50,652 |
Net Income | $ 132,728 | $ 127,491 | $ 116,750 |
Earnings per share: Basic (in dollars per share) | $ 1.41 | $ 1.33 | $ 1.22 |
Earnings per share: Diluted (in dollars per share) | $ 1.41 | $ 1.33 | $ 1.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $ 132,728 | $ 127,491 | $ 116,750 |
Other comprehensive (loss) income, net of tax | |||
Unrealized (losses) gains on securities | (7,897) | (5,847) | 16,028 |
Pension and other postretirement benefits | (1,215) | 7,708 | (29,755) |
Other comprehensive (loss) income | (9,112) | 1,861 | (13,727) |
Comprehensive income | $ 123,616 | $ 129,352 | $ 103,023 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Capital Surplus [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
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 | 662,721 | |||
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 | ||||
Net income | 127,491 | 127,491 | |||
Change in fair value of available-for-sale securities, net of tax effect | (5,847) | (5,847) | |||
Change in pension funding status, net of tax effect | 7,708 | 7,708 | |||
Comprehensive income | 129,352 | ||||
Exercise of stock options | $ 1,301 | 9,140 | 10,441 | ||
Exercise of stock options (in shares) | 520,538 | ||||
Income tax benefit (expense) from exercise of stock options | 1,079 | 1,079 | |||
Recognition of stock compensation | $ 958 | 11,393 | 12,351 | ||
Recognition of stock compensation (in shares) | 383,215 | ||||
Repurchase of stock | $ (7,489) | (62,949) | (70,438) | ||
Repurchase of stock (in shares) | (2,995,928) | ||||
Cash dividends declared | (33,400) | (33,400) | |||
Balance at Dec. 31, 2015 | $ 235,407 | 282,934 | (41,825) | 1,178,928 | 1,655,444 |
Balance (in shares) at Dec. 31, 2015 | 94,162,728 | ||||
Net income | 132,728 | 132,728 | |||
Change in fair value of available-for-sale securities, net of tax effect | (7,897) | (7,897) | |||
Change in pension funding status, net of tax effect | (1,215) | (1,215) | |||
Comprehensive income | 123,616 | ||||
Issuance of stock (in shares) | 146,396 | ||||
Exercise of stock options | $ 366 | 2,407 | 2,773 | ||
Income tax benefit (expense) from exercise of stock options | 1,484 | 1,484 | |||
Recognition of stock compensation | $ 1,062 | 6,035 | 7,097 | ||
Recognition of stock compensation (in shares) | 424,871 | ||||
Repurchase of stock | $ (2,593) | (21,568) | $ (24,161) | ||
Repurchase of stock (in shares) | (1,037,308) | (988,060) | |||
Cash dividends declared | (42,370) | $ (42,370) | |||
Balance at Dec. 31, 2016 | $ 234,242 | $ 271,292 | $ (50,937) | $ 1,269,286 | $ 1,723,883 |
Balance (in shares) at Dec. 31, 2016 | 93,696,687 |
Consolidated Statements of Sha7
Consolidated Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Shareholders' Equity and Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | $ (4,903) | $ (3,629) | $ 9,951 |
Change in pension funding status, tax effect | $ (752) | $ 4,774 | $ (18,432) |
Cash dividends declared (in dollars per share) | $ 0.45 | $ 0.35 | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | |||
Net income | $ 132,728 | $ 127,491 | $ 116,750 |
Adjustment to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 4,000 | (13,000) | |
Depreciation and amortization | 25,629 | 26,288 | 27,272 |
Deferred taxes | 10,521 | (11,356) | (7,563) |
Amortization of intangibles | 3,636 | 3,963 | 4,443 |
Amortization of debt securities premium and discount, net | 10,060 | 12,565 | 13,089 |
Share-based compensation expense | 7,097 | 5,585 | 1,201 |
Security gains, net | (128) | (136) | (37) |
Net deferred loan origination expense | (6,587) | (6,677) | (6,809) |
Excess tax benefit from exercise of stock options | (1,484) | (1,079) | (1,856) |
Decrease in interest receivable | (1,104) | 1,084 | 165 |
Decrease in interest payable | 904 | (329) | (1,436) |
Realized gain on mortgages sold | (56,047) | (46,058) | (31,941) |
Proceeds from mortgages sold | 1,698,588 | 1,468,729 | 914,084 |
Origination of mortgages held for sale | (1,651,981) | (1,440,411) | (920,689) |
Loss on other real estate owned, net | 2,954 | 5,703 | 14,545 |
Increase in bank-owned life insurance | (7,585) | (7,457) | (8,848) |
(Increase) decrease in prepaid pension asset | 26,263 | ||
Other, net | (27,705) | 8,401 | 3,496 |
Net cash provided by operating activities | 143,496 | 133,306 | 142,129 |
Investing Activities: | |||
Proceeds from calls and maturities of available-for-sale securities | 419,197 | 415,795 | 584,260 |
Proceeds from sales of available-for-sale securities | 35 | 1,110 | |
Purchases of available-for-sale securities | (891,155) | (374,181) | (252,467) |
Net (increase) decrease in loans and leases | (449,100) | (663,573) | (803,858) |
Purchases of premises and equipment | (25,091) | (30,401) | (17,211) |
Proceeds from sale of premises and equipment | 2,041 | 549 | 527 |
Acquisition of businesses, net of cash acquired | (11,197) | (7,060) | |
Proceeds from sale of other real estate owned | 13,719 | 20,723 | 35,264 |
Proceeds of bank-owned life insurance, net of proceeds from death benefits | 470 | 2,999 | 1,206 |
Other, net | (156) | (25) | (20) |
Net cash (used in) provided by investing activities | (941,237) | (627,004) | (459,359) |
Financing Activities: | |||
Net (decrease) increase in deposits | 356,980 | 358,822 | 198,503 |
Net increase (decrease) in short-term debt and other liabilities | 78,056 | 76,254 | (32,877) |
Redemption of junior subordinated debt securities | (10,310) | (8,248) | |
Advances of long-term debt | 500,000 | 8,000 | |
Repayment of long-term debt | (39,775) | (8,373) | (8,066) |
Issuance of common stock | 2,773 | 10,441 | 11,583 |
Repurchase of common stock | (24,161) | (70,438) | (711) |
Excess tax (benefit) expense from exercise of stock options | 1,484 | 1,079 | 1,856 |
Payment of cash dividends | (42,310) | (33,368) | (23,983) |
Net cash (used in) provided by financing activities | 822,737 | 334,417 | 146,057 |
(Decrease) increase in Cash and Cash Equivalents | 24,996 | (159,281) | (171,173) |
Cash and Cash Equivalents at Beginning of Year | 197,969 | 357,250 | 528,423 |
Cash and Cash Equivalents at End of Year | $ 222,965 | $ 197,969 | $ 357,250 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
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 2015 and 2014 amounts have been reclassified to conform with the 2016 presentation. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, BancorpSouth Bank and its wholly owned subsidiaries (the “Bank. 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 $28.8 million, $29.0 million and $35.0 million and income taxes of $47.4 million, $78.4 million and $60.7 million for the years ended December 31, 2016, 2015 and 2014, respectively. Loans and leases of $17.0 million, $26.7 million and $25.0 million were charged-off during 2016, 2015 and 2014, respectively. Unsettled purchases of securities were $10.0 million at December 31, 2014. There were no unsettled purchases of securities at December 31, 2016 and 2015. Loans foreclosed and transferred to OREO were $9.8 million, $7.4 million and $14.7 million during 2016, 2015 and 2014, respectively. Loans to facilitate the sale of other real estate owned were approximately $541,000 , $1.5 million and $4.4 million for the years ended December 31 , 2016, 2015 and 2014, respectively. The MSR and hedge market value adjustment was $1.0 million, ($1.2) million and ($6.4) million for the years ended December 31, 2016, 2015 and 2014, 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. Also, the security is written to fair value if intent or ability is not to hold for recovery. 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 are identified as impaired loans are reviewed by the impairment group which approves the amount of specific reserve, if any, and/or chargeoff amounts. The impairment evaluation of real estate loans generally focuses on the fair value of underlying collatera l l ess costs to sell 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 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. 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 received from outside appraisers, 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 and/or chargeoffs 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, 2016, impaired loans , excluding accruing TDRs totaled $38.2 million, which was net of cumulative charge- offs of $8.3 million. Additionally, the Company had specific reserves of $4.4 million included in the allowance for credit losses. Impaired loans at December 31, 2016 were primarily from the Company’s commercial real estate portfolio. Impaired loan charge-offs are determined necessary when management determines that the amount is not likely to be collected. 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. 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. 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 . During 2016, 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 (or credit) of providing an allowance or reserve for estimated probable incurred 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 a quarterly basis and more frequently if required 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 incurred losses that may exist in various segments of performing loans and leases based upon historical net loss experience ; (2) specifically identified losses in individually analyzed credits; and (3) qualitative factors that address estimates of incurred losses not fully identified by historical net loss experience . 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. Estimates of incurred losses are influenced by the historical net losses experienced by the Bank for loans and leases of comparable creditworthiness and structure. Specific loss assessments are performed for loans and leases classified as impaired loans based upon the collateral protection or expected future cash flows to determine the amount of impairment under FASB ASC 310. In addition, qualitative factors such as changes in economic conditions, concentrations of risk, 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 estimated incurred loan 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. The impairment group is responsible for evaluating individual loans that have been specifically identified as impaired loans 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 greater than $500,000 and it is probable that the Company will be unable to collect the contractual principal and interest on the loan and all loans restructured in a TDR. The impairment group also evaluates the circumstances surrounding the loan in order to determine the most appropriate method for measuring the impairment of the loan was used (i.e., present value of expected future cash flows, observable market price or fair value of the underlying collateral if the loan is collateral dependant ). 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 an impaired loan, with the amount of impairment, if any, determined as discussed above . TDRs are reserved in accordance with FASB ASC 310. Should the borrower’s financial condition, collateral protection or performance deteriorate, warranting reassessment of the loan rating or impairment, additional reserves and/or chargeoffs 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 and losses on the sale of loans held for sale are recorded as part of mortgage banking revenue on the consolidated statement of income. In the course of conducting the Company’s mortgage banking 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 2016, 25 mortgage loans totaling $1.6 million were repurchased or otherwise settled as a result of underwriting and appraisal standard exceptions or make whole requests. Losses of approximately $451,000 were recognized related to these repurchased and make whole loans. During 2015, 24 loans totaling approximately $2.0 million were repurchased or otherwise settled as a result of underwriting and appraisal standard exceptions or make whole requests. Losses of approximately $442,000 were recognized related to these repurchased and make whole loans. During 201 4 , 21 mortgage loans totaling $2. 1 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. At December 31, 2016, the Company had reserved $1.7 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 consolidated 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, 2016, the amount of loans subject to buy back was $22.3 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. Expen ditures 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 , less costs to sell, 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, 2016. See Note 8, 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 for all loans sold on a servicing retained basis with subsequent adjustments to fair value of MSRs 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 has historically not hedged the MSR asset. At December 31, 2016 there was a hedge in place designed to cover approximately 4% of the MSR value. The Company is susceptible to fluctuations in their value 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 banking 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, 2016 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, 3.94% for the Restoration Plan and 3.35% for the Supplemental Plan based on a December 31, 2016 measurement date. In 2016, the Company changed the method it use s to estimate the service and interest cost components of net periodic benefit cost for the defined benefit pension plans. Historically, the Company estimated the service and interest cost components using a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. The Company ha s elected to use a full yield curve approach in the estimation of these components of benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The Company has made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs. This change does not affect the measurement of the total benefit obligations as the change in the service cost and interest cost is completely offset in the actuarial (gain) loss reported. The Company ha s accounted for this change as a change in estimate and, accordingly, ha s accounted for it prospectively starting in 2016. The discount rates that the Company used to measure service and interest cost during 2016 were 4.62% and 3.77% for the Basic Plan, 4.46% and 3.45% for the Restoration Plan and 3.84% and 2.69% for the Supplemental Plan. The discount rates that the Company measured at year end and would have been used for service and interest cost under the prior estimation technique were 4.4 4 % for the Basic Plan, 4.20% for the Restoration Plan and 3.40% for the Supplemental Plan. The reductions in service cost and interest cost for 2016 associated with this change in estimate for the three plans are $648,000 and $1,710,000, respectively. The diluted earnings per share impact for 2016 of this change in estimate is $0.02. The Company measured benefit obligations using the most recent RP-2014 mortality tables and MP-2016 mortality improvement scale in selecting mortality assumptions as of December 31, 2016. Stock-Based Compensation At December 31, 2016, 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 15, 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, 2016, the notional amount of customer related derivative financial instruments was $213.6 million with an average maturity of 30.2 months, an average interest receive rate of 2.9% 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 September 2014, the FASB issued an ASU regarding accounting for revenue from contracts with customers. This ASU implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i)identify the contract(s)with a customer, (ii)identify the performance obligations in the contract, (iii)determine the transaction price, (iv)allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as)the entity satisfies a performance obligation. ASU 2014-09 was originally going to be effective on January 1, 2017; however, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606)–Deferral of the Effective Date" which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. The Company is currently evaluating the potential impact of ASU 2014-09 on the financial statements. In December 2014, the FASB issued an ASU regarding accounting for |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2016 | |
BUSINESS COMBINATIONS [Abstract] | |
BUSINESS COMBINATIONS | (2) BUSINESS COMBINATIONS During 2016, the Company had two insurance agency acquisitions which were not material to the operations of the Company. An insurance agency, headquarters in Metairie, LA, and an insurance agency, headquarters in Baton Rouge, LA, were acquired in May and December 2016, respectively. No acquisitions were made during the year ended December 31, 2015. 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. As of December 31, 2016, the Company has paid approximately $352,000 in cash under this agreement. 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. As of December 31, 2016, the Company has paid $4.6 million in cash under this agreement. This acquisition was not material to the financial position or results of operations of the Company. |
AVAILABLE-FOR-SALE SECURITIES
AVAILABLE-FOR-SALE SECURITIES | 12 Months Ended |
Dec. 31, 2016 | |
AVAILABLE-FOR-SALE SECURITIES [Abstract] | |
AVAILABLE-FOR-SALE SECURITIES | (3) AVAILABLE-FOR-SALE SECURITIES A comparison of amortized cost and estimated fair values of available-for-sale securities as of December 31, 2016 and 2015 follows: 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) U.S. Government agencies $ 1,794,231 $ 1,261 $ 6,065 $ 1,789,427 U.S. Government agency issued residential mortgage-backed securities 176,476 1,665 1,898 176,243 U.S. Government agency issued commercial mortgage-backed securities 171,840 1,648 1,209 172,279 Obligations of states and political subdivisions 346,609 15,547 2,151 360,005 FHLB and other securities 32,436 1,286 - 33,722 Total $ 2,521,592 $ 21,407 $ 11,323 $ 2,531,676 2015 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) U.S. Government agencies $ 1,246,261 $ 826 $ 2,447 $ 1,244,640 U.S. Government agency issued residential mortgage-backed securities 138,759 1,957 176 140,540 U.S. Government agency issued commercial mortgage-backed securities 261,544 2,414 3,265 260,693 Obligations of states and political subdivisions 394,769 22,813 83 417,499 FHLB and other securities 18,112 845 - 18,957 Total $ 2,059,445 $ 28,855 $ 5,971 $ 2,082,329 At December 31, 2016, the Company’s available-for-sale securities included FHLB stock with a carrying value of $32.3 million compared to a required investment of $31.0 million. At December 31, 2015, the Company’s available-for-sale securities included FHLB stock with a carrying value of $18.0 million compared to a required investment of $9.1 million. FHLB stock is carried at cost in the financial statements. Gross gains of approximately $128,000 and no gross losses were recognized in 2016, gross gains of approximately $136,000 and no gross losses were recognized in 2015 and gross gains of approximately $49,000 and gross losses of approximately $12,000 were recognized in 2014 on available-for-sale securities. No other-than-temporary impairment was recorded in 2016, 2015 or 2014. Available-for-sale securities with a carrying value of $1.6 billion at December 31, 2016 were pledged to secure public and trust funds on deposit and for other purposes. Included in available-for-sale securities at December 31, 2016, were securities with a carrying value of $ 183.0 million issued by a political subdivision within the State of Mississippi and securities with a carrying value of $ 54.1 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, 2016 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 $ 548,060 $ 548,347 0.96 % Maturing after one year through five years 1,331,619 1,326,489 1.30 Maturing after five years through ten years 53,517 54,418 5.71 Maturing after ten years 240,080 253,900 5.47 Mortgage-backed securities 348,316 348,522 2.13 Total $ 2,521,592 $ 2,531,676 A summary of temporarily impaired available-for-sale investments with continuous unrealized loss positions at December 31, 2016 and 2015 follows: 2016 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 $ 1,082,573 $ 6,065 $ - $ - $ 1,082,573 $ 6,065 U.S. Government agency issued residential mortgage-backed securities 71,599 1,783 15,375 115 86,974 1,898 U.S. Government agency issued commercial mortgage-backed securities 129,940 1,084 14,385 125 144,325 1,209 Obligations of states and political subdivisions 46,798 2,151 - - 46,798 2,151 Total $ 1,330,910 $ 11,083 $ 29,760 $ 240 $ 1,360,670 $ 11,323 2015 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 $ 762,568 $ 2,447 $ - $ - $ 762,568 $ 2,447 U.S. Government agency issued residential mortgage-backed securities 34,238 176 - - 34,238 176 U.S. Government agency issued commercial mortgage-backed securities 193,621 2,710 31,166 555 224,787 3,265 Obligations of states and political subdivisions 13,576 70 2,856 13 16,432 83 Total $ 1,004,003 $ 5,403 $ 34,022 $ 568 $ 1,038,025 $ 5,971 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 has no intent to sell these securities until the full recovery of unrealized losses, which may be until maturity, 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 2016 or 2015. |
LOANS AND LEASES
LOANS AND LEASES | 12 Months Ended |
Dec. 31, 2016 | |
LOANS AND LEASES [Abstract] | |
LOANS AND LEASES | (4) 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. 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, 2016 and 2015 follows: 2016 2015 Commercial and industrial $ 1,615,608 $ 1,752,273 Real estate Consumer mortgages 2,643,966 2,472,202 Home equity 628,846 589,752 Agricultural 245,377 259,360 Commercial and industrial-owner occupied 1,764,265 1,617,429 Construction, acquisition and development 1,157,248 945,045 Commercial real estate 2,237,719 2,188,048 Credit cards 109,656 112,165 All other 432,827 468,052 Gross loans and leases (1) $ 10,835,512 $ 10,404,326 Less: Unearned income 23,521 31,548 Net loans and leases $ 10,811,991 $ 10,372,778 (1)Gross loans and leases are net of deferred fees and costs of approximately $282,000 and ($232,000) at December 31, 2016 and 2015, respectively. The following table shows the Company’s loans and leases, net of unearned income, as of December 31, 2016 by geographical location: Alabama and Florida Panhandle Arkansas Louisiana Mississippi Missouri Tennessee Texas Other Total (In thousands) Commercial and industrial $ 150,644 $ 194,141 $ 181,338 $ 594,016 $ 78,450 $ 122,403 $ 225,390 $ 65,913 $ 1,612,295 Real estate Consumer mortgages 349,488 320,160 229,038 833,535 87,015 305,512 491,396 27,822 2,643,966 Home equity 98,427 44,608 71,030 230,337 22,734 145,079 15,070 1,561 628,846 Agricultural 6,579 87,424 26,624 67,797 5,481 13,482 37,950 40 245,377 Commercial and industrial-owner occupied 200,929 191,826 206,321 713,548 45,248 147,034 259,359 - 1,764,265 Construction, acquisition and development 122,912 74,124 53,071 370,193 25,741 176,539 334,668 - 1,157,248 Commercial real estate 315,091 374,388 226,718 558,378 199,968 190,228 372,948 - 2,237,719 Credit cards* - - - - - - - 109,656 109,656 All other 55,318 43,212 25,540 209,058 3,511 24,898 44,829 6,253 412,619 Total $ 1,299,388 $ 1,329,883 $ 1,019,680 $ 3,576,862 $ 468,148 $ 1,125,175 $ 1,781,610 $ 211,245 $ 10,811,991 * Credit card receivables are spread across all geographic regions but are not viewed by the Company’s management as part of the geographic breakdown. There are no other loan and lease concentrations which exceed 10% of total loans and leases not already 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. 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 were originated through the permanent financing of construction, acquisition and development loans. Future economic distress could negatively impact 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, 2016 and 2015: 2016 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 $ 3,231 $ 1,610 $ 9,152 $ 13,993 $ 1,598,302 $ 1,612,295 $ 58 Real estate Consumer mortgages 12,393 6,785 15,054 34,232 2,609,734 2,643,966 3,439 Home equity 2,771 670 2,959 6,400 622,446 628,846 - Agricultural 969 354 247 1,570 243,807 245,377 - Commercial and industrial-owner occupied 2,551 530 4,342 7,423 1,756,842 1,764,265 - Construction, acquisition and development 2,101 440 1,443 3,984 1,153,264 1,157,248 14 Commercial real estate 312 933 11,211 12,456 2,225,263 2,237,719 - Credit cards 466 297 501 1,264 108,392 109,656 472 All other 550 148 230 928 411,691 412,619 - Total $ 25,344 $ 11,767 $ 45,139 $ 82,250 $ 10,729,741 $ 10,811,991 $ 3,983 2015 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 $ 2,038 $ 817 $ 4,731 $ 7,586 $ 1,740,188 $ 1,747,774 $ 60 Real estate Consumer mortgages 13,827 4,692 13,604 32,123 2,440,079 2,472,202 1,655 Home equity 2,589 268 1,896 4,753 584,999 589,752 - Agricultural 176 139 - 315 259,045 259,360 - Commercial and industrial-owner occupied 1,189 3,105 4,034 8,328 1,609,101 1,617,429 - Construction, acquisition and development 1,017 207 2,409 3,633 941,412 945,045 - Commercial real estate 2,840 187 6,286 9,313 2,178,735 2,188,048 - Credit cards 420 343 323 1,086 111,079 112,165 298 All other 628 262 105 995 440,008 441,003 - Total $ 24,724 $ 10,020 $ 33,388 $ 68,132 $ 10,304,646 $ 10,372,778 $ 2,013 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. Loans are further characterized by the possibility that the Company will sustain some loss if the deficiencies are not corrected. 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, 2016 and 2015: December 31, 2016 Special Pass Mention Substandard Doubtful Loss Impaired (1) Total (In thousands) Commercial and industrial $ 1,562,263 $ - $ 41,618 $ 100 $ - $ 8,314 $ 1,612,295 Real estate Consumer mortgages 2,579,905 522 61,602 282 - 1,655 2,643,966 Home equity 616,758 - 11,231 - - 857 628,846 Agricultural 233,939 - 10,577 - - 861 245,377 Commercial and industrial-owner occupied 1,705,266 3,668 47,010 - - 8,321 1,764,265 Construction, acquisition and development 1,135,618 - 15,697 - - 5,933 1,157,248 Commercial real estate 2,179,318 634 45,471 - - 12,296 2,237,719 Credit cards 109,656 - - - - - 109,656 All other 405,611 - 7,008 - - - 412,619 Total $ 10,528,334 $ 4,824 $ 240,214 $ 382 $ - $ 38,237 $ 10,811,991 (1) Impaired loans are shown exclusive of accruing troubled debt restructurings and $2.2 million of non accruing TDRs. December 31, 2015 Special Pass Mention Substandard Doubtful Loss Impaired (1) Total (In thousands) Commercial and industrial $ 1,721,118 $ - $ 19,529 $ - $ - $ 7,127 $ 1,747,774 Real estate Consumer mortgages 2,399,081 - 68,768 363 - 3,990 2,472,202 Home equity 577,539 - 10,418 - - 1,795 589,752 Agricultural 250,579 - 7,909 - - 872 259,360 Commercial and industrial-owner occupied 1,554,984 - 50,304 - - 12,141 1,617,429 Construction, acquisition and development 920,372 - 17,090 - - 7,583 945,045 Commercial real estate 2,124,448 - 45,658 161 - 17,781 2,188,048 Credit cards 112,165 - - - - - 112,165 All other 433,333 - 7,465 102 - 103 441,003 Total $ 10,093,619 $ - $ 227,141 $ 626 $ - $ 51,392 $ 10,372,778 (1) Impaired loans are shown exclusive of accruing troubled debt restructurings and $2.6 million of non accruing TDRs. Loans considered impaired under FASB ASC 310 are loans greater than $500,000 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 and all loans restructured in a TDR. The Company’s recorded investment in loans considered impaired at December 31, 2016 and 2015 was $ 38.2 million and $51.4 million, respectively. At December 31, 2016 and 2015, $ 12.9 million and $15.0 million, respectively, of those impaired loans had a valuation allowance of $ 4.4 million and $2.4 million, respectively. The remaining balance of impaired loans of $ 25.3 million and $36.4 million at December 31, 2016 and 2015, respectively, have sufficient collateral supporting the collection of all contractual principal and interest or were charged down to the underlying collateral’s fair value, less estimated selling costs. Therefore, such loans did not have an associated valuation allowance. Impaired loans that were characterized as TDRs totaled $ 12.6 million and $12.5 million at December 31, 2016 and 2015, respectively. The following tables provide details regarding impaired loans and leases, net of unearned income, which exclude accruing TDRs, by segment and class as of and for the year ended December 31, 2016 and 2015: December 31, 2016 Unpaid Recorded Principal Related Investment Balance of Allowance Average Interest in Impaired Impaired for Credit Recorded Income Loans (1) Loans Losses Investment Recognized (In thousands) With no related allowance: Commercial and industrial $ 6,222 $ 11,856 $ - $ 6,394 $ 72 Real estate Consumer mortgages 1,655 2,305 - 1,851 22 Home equity 857 1,600 - 1,176 9 Agricultural 861 919 - 440 8 Commercial and industrial-owner occupied 8,321 9,520 - 10,314 355 Construction, acquisition and development 4,803 4,803 - 5,379 4 Commercial real estate 2,646 2,646 - 4,391 94 All other - - - - - Total $ 25,365 $ 33,649 $ - $ 29,945 $ 564 With an allowance: Commercial and industrial $ 2,092 $ 2,092 $ 1,837 $ 1,190 $ 20 Real estate Consumer mortgages - - - 431 - Home equity - - - 367 1 Agricultural - - - 352 - Commercial and industrial-owner occupied - - - 741 - Construction, acquisition and development 1,130 1,130 35 739 10 Commercial real estate 9,650 9,650 2,481 9,868 203 All other - - - - - Total $ 12,872 $ 12,872 $ 4,353 $ 13,688 $ 234 Total: Commercial and industrial $ 8,314 $ 13,948 $ 1,837 $ 7,584 $ 92 Real estate Consumer mortgages 1,655 2,305 - 2,282 22 Home equity 857 1,600 - 1,543 10 Agricultural 861 919 - 792 8 Commercial and industrial-owner occupied 8,321 9,520 - 11,055 355 Construction, acquisition and development 5,933 5,933 35 6,118 14 Commercial real estate 12,296 12,296 2,481 14,259 297 All other - - - - - Total $ 38,237 $ 46,521 $ 4,353 $ 43,633 $ 798 (1) Excludes $2.2 million of non-accruing TDRs . ( December 31, 2015 Unpaid Recorded Principal Related Investment Balance of Allowance Average Interest in Impaired Impaired for Credit Recorded Income Loans (1) Loans Losses Investment Recognized (In thousands) With no related allowance: Commercial and industrial $ 7,055 $ 13,986 $ - $ 3,749 $ 95 Real estate Consumer mortgages 3,990 4,545 - 3,579 76 Home equity 1,795 1,795 - 744 7 Agricultural 322 380 - 142 6 Commercial and industrial-owner occupied 12,141 13,332 - 6,904 226 Construction, acquisition and development 5,969 6,052 - 3,553 25 Commercial real estate 5,017 6,879 - 7,944 202 All other 103 103 - 172 3 Total $ 36,392 $ 47,072 $ - $ 26,787 $ 640 With an allowance: Commercial and industrial $ 72 $ 383 $ 78 $ 3,635 $ 84 Real estate Consumer mortgages - - - 368 9 Home equity - - - 668 15 Agricultural 550 550 159 47 - Commercial and industrial-owner occupied - - 326 1,866 51 Construction, acquisition and development 1,614 1,614 677 300 - Commercial real estate 12,764 13,185 1,110 3,582 44 All other - - - - - Total $ 15,000 $ 15,732 $ 2,350 $ 10,466 $ 203 Total: Commercial and industrial $ 7,127 $ 14,369 $ 78 $ 7,384 $ 179 Real estate Consumer mortgages 3,990 4,545 - 3,947 85 Home equity 1,795 1,795 - 1,412 22 Agricultural 872 930 159 189 6 Commercial and industrial-owner occupied 12,141 13,332 326 8,770 277 Construction, acquisition and development 7,583 7,666 677 3,853 25 Commercial real estate 17,781 20,064 1,110 11,526 246 All other 103 103 - 172 3 Total $ 51,392 $ 62,804 $ 2,350 $ 37,253 $ 843 (1) Excludes $2.6 million of non accruing TDRs. The following tables provide details regarding impaired loans and leases, net of unearned income, which include accruing TDRs, by segment and class as of and for the year ended December 31, 2016 and 2015: December 31, 2016 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 $ 6,222 $ 11,856 $ - $ 6,394 $ 72 Real estate Consumer mortgages 1,655 2,305 - 1,851 22 Home equity 857 1,600 - 1,176 9 Agricultural 861 919 - 440 8 Commercial and industrial-owner occupied 8,321 9,520 - 10,314 355 Construction, acquisition and development 4,803 4,803 - 5,379 4 Commercial real estate 2,646 2,646 - 4,391 94 All other - - - - - Total $ 25,365 $ 33,649 $ - $ 29,945 $ 564 With an allowance: Commercial and industrial $ 12,401 $ 12,424 $ 1,938 $ 4,045 $ 160 Real estate Consumer mortgages 2,453 2,734 300 2,241 55 Home equity 3 13 1 377 1 Agricultural 76 76 1 424 4 Commercial and industrial-owner occupied 4,937 5,406 103 4,643 124 Construction, acquisition and development 1,373 1,373 47 1,551 35 Commercial real estate 16,187 16,400 2,532 12,888 336 Credit cards 823 823 58 881 347 All other 2,890 2,927 23 1,894 78 Total $ 41,143 $ 42,176 $ 5,003 $ 28,944 $ 1,140 Total: Commercial and industrial $ 18,623 $ 24,280 $ 1,938 $ 10,439 $ 232 Real estate Consumer mortgages 4,108 5,039 300 4,092 77 Home equity 860 1,613 1 1,553 10 Agricultural 937 995 1 864 12 Commercial and industrial-owner occupied 13,258 14,926 103 14,957 479 Construction, acquisition and development 6,176 6,176 47 6,930 39 Commercial real estate 18,833 19,046 2,532 17,279 430 Credit cards 823 823 58 881 347 All other 2,890 2,927 23 1,894 78 Total $ 66,508 $ 75,825 $ 5,003 $ 58,889 $ 1,704 December 31, 2015 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 $ 7,055 $ 13,986 $ - $ 3,749 $ 95 Real estate Consumer mortgages 3,990 4,545 - 3,579 76 Home equity 1,795 1,795 - 744 7 Agricultural 322 380 - 142 6 Commercial and industrial-owner occupied 12,141 13,332 - 6,904 226 Construction, acquisition and development 5,969 6,052 - 3,553 25 Commercial real estate 5,017 6,879 - 7,944 202 All other 103 103 - 172 3 Total $ 36,392 $ 47,072 $ - $ 26,787 $ 640 With an allowance: Commercial and industrial $ 968 $ 1,294 $ 181 $ 4,251 $ 114 Real estate Consumer mortgages 1,787 1,896 226 2,056 75 Home equity 20 30 3 674 15 Agricultural 586 586 162 56 - Commercial and industrial-owner occupied 5,900 6,245 518 6,816 235 Construction, acquisition and development 3,328 3,328 721 1,759 42 Commercial real estate 13,616 14,250 1,217 7,802 187 Credit cards 939 939 34 1,024 102 All other 405 604 30 213 7 Total $ 27,549 $ 29,172 $ 3,092 $ 24,651 $ 777 Total: Commercial and industrial $ 8,023 $ 15,280 $ 181 $ 8,000 $ 209 Real estate Consumer mortgages 5,777 6,441 226 5,635 151 Home equity 1,815 1,825 3 1,418 22 Agricultural 908 966 162 198 6 Commercial and industrial-owner occupied 18,041 19,577 518 13,720 461 Construction, acquisition and development 9,297 9,380 721 5,312 67 Commercial real estate 18,633 21,129 1,217 15,746 389 Credit cards 939 939 34 1,024 102 All other 508 707 30 385 10 Total $ 63,941 $ 76,244 $ 3,092 $ 51,438 $ 1,417 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, 2016 and 2015: 2016 2015 (In thousands) Non-accrual loans and leases $ 71,812 $ 83,028 Loans and leases 90 days or more past due, still accruing 3,983 2,013 Restructured loans and leases still accruing 26,047 9,876 Total $ 101,842 $ 94,917 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 such loan or lease is both well-secured and in the process of collection. At December 31, 2016, the Company’s geographic NPL distribution was concentrated primarily in its Mississippi, Arkansas and Texas markets. The following table presents the Company’s nonaccrual loans and leases by segment and class at December 31, 2016 and 2015: 2016 2015 (In thousands) Commercial and industrial $ 13,679 $ 8,493 Real estate Consumer mortgages 21,084 21,637 Home equity 3,817 4,021 Agricultural 1,546 921 Commercial and industrial-owner occupied 10,791 16,512 Construction, acquisition and development 7,022 9,130 Commercial real estate 13,402 21,741 Credit cards 161 188 All other 310 385 Total $ 71,812 $ 83,028 The total amount of interest earned on NPLs was $ 1.9 million, $4.7 million and $3.9 million in 2016, 2015 and 2014, respectively. The gross interest income which would have been recorded under the original terms of those loans and leases amounted to $5.4 million, $6.7 million and $5.3 million in 2016, 2015 and 2014, respectively. In the normal course of business, management will sometimes grant concessions, which would not otherwise be considered, to borrowers that 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 period, the rescheduling of payments in accordance with a bankruptcy plan. In most cases, the conditions of the credit also warrant nonaccrual status, even after the restructure occurs. Other conditions that warrant a loan being considered a TDR include reductions in interest rates to below market rates due to bankruptcy plans or by the bank in an attempt to assist the borrower in working through liquidity problems. 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. TDRs recorded as non-accrual loans may generally 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 in accordance with the terms of the restructured loan. The following tables summarize the financial effect of TDRs for the years ended December 31, 2016 and 2015: December 31, 2016 Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Commercial and industrial 25 $ 14,469 $ 14,305 Real estate Consumer mortgages 16 1,429 1,354 Home equity 1 3 3 Agricultural 2 79 79 Commercial and industrial-owner occupied 10 4,344 4,331 Commercial real estate 5 8,931 6,702 All other 8 3,622 3,608 Total 67 $ 32,877 $ 30,382 : December 31, 2015 Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Commercial and industrial 11 $ 1,472 $ 1,452 Real estate Consumer mortgages 21 1,230 1,144 Home equity 1 20 20 Agricultural 3 37 36 Commercial and industrial-owner occupied 13 6,357 6,329 Construction, acquisition and development 3 217 215 Commercial real estate 9 12,565 12,144 All other 7 94 88 Total 68 $ 21,992 $ 21,428 The following tables summarize TDRs modified within 2016 and 2015 for which there was a payment default during the indicated year (i.e., 30 days or more past due at any given time during 2016 or 2015): Year Ended December 31, 2016 Number of Recorded Contracts Investment (Dollars in thousands) Commercial and industrial 8 $ 3,804 Real estate Consumer mortgages 7 597 Commercial and industrial-owner occupied 2 532 Construction, acquisition and development 1 14 Commercial real estate 1 9,336 All other 2 20 Total 21 $ 14,303 Year Ended December 31, 2015 Number of Recorded Contracts Investment (Dollars in thousands) Commercial and industrial 1 $ 84 Real estate Consumer mortgages 4 226 Agricultural 1 20 Commercial and industrial-owner occupied 1 517 Commercial real estate 2 197 Total 9 $ 1,044 During 2016, 2015 and 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 or a reduction in interest rates. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended |
Dec. 31, 2016 | |
ALLOWANCE FOR CREDIT LOSSES [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | (5) ALLOWANCE FOR CREDIT LOSSES The following table summarizes the changes in the allowance for credit losses for the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 (In thousands) Balance at beginning of year $ 126,458 $ 142,443 $ 153,236 Provision charged to expense 4,000 (13,000) - Recoveries 10,297 23,734 14,234 Loans and leases charged off (17,019) (26,719) (25,027) Balance at end of year $ 123,736 $ 126,458 $ 142,443 The following tables summarize the changes in the allowance for credit losses by segment and class for the years ended December 31, 2016 and 2015: 2016 Balance, Balance, Beginning of End of Period Charge-offs Recoveries Provision Period (In thousands) Commercial and industrial $ 17,583 $ (4,551) $ 1,833 $ 4,305 $ 19,170 Real estate Consumer mortgages 33,198 (2,687) 1,694 (1,819) 30,386 Home equity 6,949 (1,884) 506 1,603 7,174 Agricultural 2,524 (110) 175 (417) 2,172 Commercial and industrial-owner occupied 14,607 (1,095) 544 (1,157) 12,899 Construction, acquisition and development 15,925 (521) 1,373 (2,820) 13,957 Commercial real estate 25,508 (1,129) 2,411 (1,945) 24,845 Credit cards 4,047 (2,845) 850 5,735 7,787 All other 6,117 (2,197) 911 515 5,346 Total $ 126,458 $ (17,019) $ 10,297 $ 4,000 $ 123,736 2015 Balance, Balance, Beginning of End of Period Charge-offs Recoveries Provision Period (In thousands) Commercial and industrial $ 21,419 $ (10,022) $ 2,035 $ 4,151 $ 17,583 Real estate Consumer mortgages 40,015 (3,995) 2,693 (5,515) 33,198 Home equity 9,542 (1,204) 639 (2,028) 6,949 Agricultural 3,420 (33) 384 (1,247) 2,524 Commercial and industrial-owner occupied 16,325 (1,800) 2,834 (2,752) 14,607 Construction, acquisition and development 9,885 (1,039) 11,727 (4,648) 15,925 Commercial real estate 23,562 (3,723) 1,656 4,013 25,508 Credit cards 6,514 (2,632) 658 (493) 4,047 All other 11,761 (2,271) 1,108 (4,481) 6,117 Total $ 142,443 $ (26,719) $ 23,734 $ (13,000) $ 126,458 The following tables provide the allowance for credit losses by segment and class based on impairment status at December 31, 2016 and 2015: December 31, 2016 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 $ 8,314 $ 1,837 $ 17,333 $ 19,170 Real estate Consumer mortgages 1,655 - 30,386 30,386 Home equity 857 - 7,174 7,174 Agricultural 861 - 2,172 2,172 Commercial and industrial-owner occupied 8,321 - 12,899 12,899 Construction, acquisition and development 5,933 35 13,922 13,957 Commercial real estate 12,296 2,481 22,364 24,845 Credit cards - - 7,787 7,787 All other - - 5,346 5,346 Total $ 38,237 $ 4,353 $ 119,383 $ 123,736 December 31, 2015 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 $ 7,127 $ 78 $ 17,505 $ 17,583 Real estate Consumer mortgages 3,990 - 33,198 33,198 Home equity 1,795 - 6,949 6,949 Agricultural 872 159 2,365 2,524 Commercial and industrial-owner occupied 12,141 326 14,281 14,607 Construction, acquisition and development 7,583 677 15,248 15,925 Commercial real estate 17,781 1,110 24,398 25,508 Credit cards - - 4,047 4,047 All other 103 - 6,117 6,117 Total $ 51,392 $ 2,350 $ 124,108 $ 126,458 Management evaluates impaired loans individually in determining the adequacy of the allowance for impaired loans. As a result of the Company individually evaluating loans of $500,000 or greater for impairment, further review of remaining loans collectively, as well as the corresponding potential allowance, would be immaterial in the opinion of management. |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 12 Months Ended |
Dec. 31, 2016 | |
OTHER REAL ESTATE OWNED [Abstract] | |
OTHER REAL ESTATE OWNED | (6) OTHER REAL ESTATE OWNED The following table presents the activity in OREO for the years ended December 31, 2016 and 2015: 2016 2015 (In thousands) Balance at beginning of year $ 14,759 $ 33,984 Additions to foreclosed properties New foreclosed properties 9,752 7,422 Reductions in foreclosed properties Sales including realized gains and losses, net (14,183) (20,649) Writedowns for unrealized losses (2,518) (5,998) Balance at end of year $ 7,810 $ 14,759 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 collateral type at December 31, 2016 and 2015: December 31, 2016 2015 (In thousands) Commercial and industrial $ - $ 84 Real estate Consumer mortgages 857 2,477 Home equity 39 101 Agricultural 22 25 Commercial and industrial-owner occupied 1,958 1,074 Construction, acquisition and development 3,746 10,212 Commercial real estate 1,128 678 All other 60 108 Total $ 7,810 $ 14,759 The Company incurred total foreclosed property expenses of $ 4.4 million, $7.4 million and $17.1 million in 2016, 2015 and 2014, respectively. Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $ 3.0 million, $5.7 million and $14.5 million in 2016, 2015 and 2014, respectively. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2016 | |
PREMISES AND EQUIPMENT [Abstract] | |
PREMISES AND EQUIPMENT | (7) PREMISES AND EQUIPMENT A summary by asset classification at December 31, 2016 and 2015 follows: Estimated Useful Life (Years) 2016 2015 (In thousands) Land N/A $ 78,941 $ 78,908 Buildings and improvements 10-40 337,216 335,304 Leasehold improvements 10-39 10,603 10,795 Equipment, furniture and fixtures 3-12 291,842 279,854 Construction in progress N/A 20,365 21,123 Subtotal 738,967 725,984 Accumulated depreciation and amortization 433,406 417,859 Premises and equipment, net $ 305,561 $ 308,125 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | (8) 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, 2016 and 2015: 2016 Community Insurance Banking Agencies Total (In thousands) Balance as of January 1, 2016 $ 217,618 $ 73,880 $ 291,498 Goodwill recorded during the year - 9,300 9,300 Balance as of December 31, 2016 $ 217,618 $ 83,180 $ 300,798 2015 Community Insurance Banking Agencies Total (In thousands) Balance as of January 1, 2015 $ 217,618 $ 73,880 $ 291,498 Goodwill recorded during the year - - - Balance as of December 31, 2015 $ 217,618 $ 73,880 $ 291,498 The goodwill recorded in the Company’s Insurance Agencies reporting segment during 2016 was related to insurance agenc ies acquired during the second quarter and fourth quarter of 2016. No additional goodwill was recorded during 2015. 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 2016. 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 2016. The Company’s annual goodwill impairment evaluation for 2015 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, 2016 and 2015 and for the three-year period ended December 31, 2016: December 31, 2016 December 31, 2015 Gross Carrying Accumulated Gross Carrying Accumulated Amount Amortization Amount Amortization Amortized intangible assets: (In thousands) Core deposit intangibles $ 27,801 $ 23,721 $ 27,801 $ 23,269 Customer relationship intangibles 46,568 30,406 49,639 34,922 Non-solicitation intangibles 1,850 886 1,650 1,042 Total $ 76,219 $ 55,013 $ 79,090 $ 59,233 Unamortized intangible assets: Trade names $ 688 $ - $ 688 $ - Year Ended December 31, 2016 2015 2014 Aggregate amortization expense for: (In thousands) Core deposit intangibles $ 452 $ 487 $ 526 Customer relationship intangibles 2,890 3,101 3,492 Non-solicitation intangibles 294 375 425 Total $ 3,636 $ 3,963 $ 4,443 The following table presents information regarding estimated amortization expense of the Company’s amortizable identifiable intangible assets for the year ending December 31, 2017, 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, 2017 $ 419 $ 3,147 $ 448 $ 4,014 For the year ending December 31, 2018 390 2,696 419 3,505 For the year ending December 31, 2019 363 2,298 97 2,758 For the year ending December 31, 2020 340 1,844 - 2,184 For the year ending December 31, 2021 251 1,591 - 1,842 |
TIME DEPOSITS AND SHORT-TERM DE
TIME DEPOSITS AND SHORT-TERM DEBT | 12 Months Ended |
Dec. 31, 2016 | |
TIME DEPOSITS AND SHORT-TERM DEBT [Abstract] | |
TIME DEPOSITS AND SHORT-TERM DEBT | (9) TIME DEPOSITS AND SHORT-TERM DEBT Certificates of deposit and other time deposits of $100,000 or more amounting to $969.6 million and $910.2 million were outstanding at December 31, 2016 and 2015, respectively. Total interest expense relating to certificates of deposit and other time deposits of $100,000 or more totaled $8.7 million, $8.7 million and $11.4 million for the years ended December 31, 2016, 2015 and 2014, respectively. For time deposits with a remaining maturity of more than one year at December 31, 2016, 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) 2018 $ 274,928 2019 181,176 2020 181,906 2021 230,580 2022 111 Thereafter - Total $ 868,701 The following tables present information relating to short-term debt for the years ended December 31, 2016, 2015 and 2014: 2016 Maximum End of Period Daily Average Outstanding Interest Interest at any Balance Rate Balance Rate Month End (Dollars in thousands) Federal funds purchased $ - - % $ 1,678 0.51 % $ - Securities sold under agreement to repurchase 454,002 0.26 449,672 0.15 562,614 Short-term FHLB advances 92,000 0.55 4,658 0.44 92,000 Total $ 546,002 $ 456,008 $ 654,614 2015 Maximum End of Period Daily Average Outstanding Interest Interest at any Balance Rate Balance Rate Month End (Dollars in thousands) Federal funds purchased $ - - % $ 10,066 0.17 % $ 25,000 Securities sold under agreement to repurchase 405,937 0.12 416,172 0.09 558,107 Short-term FHLB advances 62,000 0.31 45,122 0.37 224,500 Total $ 467,937 $ 471,360 $ 807,607 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 4.83 3,108 2.60 3,500 Total $ 391,666 $ 444,230 $ 582,663 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, 2016, the Bank had established non-binding federal funds borrowing lines of credit with other banks aggregating $795.0 million. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2016 | |
LONG-TERM DEBT [Abstract] | |
LONG-TERM DEBT | (10) 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, 2016, there were no call features on long-term FHLB borrowings. At December 31, 2016, long term debt was repayable as follows: Final due date Interest rate Amount (In thousands) 2018 variable $ 500,000 2019 4.08% 30,000 Total $ 530,000 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 include d an unsecured revolving loan of up to $25.0 million that terminated and the outstanding balance of which was payable in full on August 8, 2015 , which the bank did not renew, and an unsecured multi-draw term loan of up to $60.0 million, which commitment terminated on February 28, 2014. The proceeds from the term loan were used to repurchase trust preferred securities. All principal and interest due under the Credit Agreement were repaid in full in October 2016 . The Company had no long-term borrowings from U.S. Bank and long-term borrowings from the FHLB totaling $530.0 million at December 31, 2016. The Company had long-term borrowings from U.S. Bank totaling $39.8 million and long-term borrowings from the FHLB totaling $30.0 million at December 31, 2015. |
JUNIOR SUBORDINATED DEBT SECURI
JUNIOR SUBORDINATED DEBT SECURITIES | 12 Months Ended |
Dec. 31, 2016 | |
JUNIOR SUBORDINATED DEBT SECURITIES [Abstract] | |
JUNIOR SUBORDINATED DEBT SECURITIES | (11) JUNIOR SUBORDINATED DEBT SECURITIES 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. 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% . The Company redeemed the $6.2 million in Junior Subordinated Debt Securities and the $6.0 million of related trust preferred securities issued to Business Holding Company Trust I at par on January 9, 2017. 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. 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% . The Company redeemed the $6.7 million in Junior Subordinated Debt securities and the $6.5 million of related trust preferred securities issued to American State Capital Trust I at par on January 9, 2017. 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. The Company redeemed the $10.3 million in Junior Subordinated Debt Securities and the $10.0 million of related trust preferred securities at par on December 14, 2016. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | (12) INCOME TAXES Total income taxes for the years ended December 31, 2016, 2015 and 2014 were allocated as follows: 2016 2015 2014 (In thousands) Income tax expense $ 63,716 $ 59,248 $ 50,652 Shareholders' equity for other comprehensive income (loss) (5,655) 1,145 (8,481) Shareholders' equity for stock option plans (1,484) (1,079) (1,856) Total $ 56,577 $ 59,314 $ 40,315 The components of income tax expense attributable to operations were as follows for the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Current: (In thousands) Federal $ 46,836 $ 62,369 $ 51,014 State 6,359 8,235 7,201 Deferred: Federal 9,361 (10,391) (6,870) State 1,160 (965) (693) Total $ 63,716 $ 59,248 $ 50,652 During 2016 and 2015, the Company recognized certain tax benefits related to stock options in the amount of $1.5 million and $1 .1 million, respectively. Such benefits were recorded as a reduction of income taxes payable and an increase in capital surplus. During 2016 and 2015, the Company reversed the deferred tax asset associated with stock options expiring during the current period in the amount of approximately $400,000 and $1.6 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: 2016 2015 2014 (In thousands) Tax expense at statutory rates $ 68,755 $ 65,359 $ 58,591 Increase (decrease) in taxes resulting from: State income taxes, net of federal tax benefit 4,875 4,709 4,230 Tax-exempt interest revenue (6,269) (6,881) (7,371) Tax-exempt earnings on life insurance (2,655) (2,589) (3,076) Deductible dividends paid on 401(k) plan (737) (617) (458) Tax credits (1,999) (1,871) (1,771) Penalties 1,065 1 - Meals and entertainment 469 481 486 Other, net 212 656 21 Total $ 63,716 $ 59,248 $ 50,652 The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2016 and 2015 were as follows: 2016 2015 Deferred tax assets: (In thousands) Loans, principally due to allowance for credit losses $ 46,721 $ 47,825 Other real estate owned 989 3,069 Mark to market - securities 4,153 4,160 Accrued liabilities, principally due to compensation arrangements and vacation accruals 15,149 24,153 Other 84 106 Unrecognized pension expense 35,407 34,654 Total gross deferred tax assets 102,503 113,967 Less: valuation allowance - - Deferred tax assets $ 102,503 $ 113,967 Deferred tax liabilities: Lease transactions $ 14,302 $ 18,868 Employment benefits 1,382 736 Premises and equipment, principally due to differences in depreciation 17,418 19,294 Mortgage servicing rights 24,638 21,652 Intangible assets 11,972 11,310 Investments, principally due to interest income recognition 1,974 2,387 Deferred loan points 6,065 4,785 Other assets, principally due to expense recognition 9 9 Unrealized net gains on available-for-sale securities 3,861 8,764 Total gross deferred tax liabilities 81,621 87,805 Net deferred tax assets $ 20,882 $ 26,162 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, 2016. There was no activity in unrecognized tax benefits for 2016, 2015 and 2014. The Company recognizes accrued interest related to unrecognized tax benefits and penalties as a component of other noninterest expense. The Company accrued no interest for 2016, 2015, 2014. 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 – federal, Mississippi, Arkansas, Tennessee, Alabama, Louisiana, Texas and Missouri - are 2013, 2014 and 2015. |
PENSION, OTHER POST RETIREMENT
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS | 12 Months Ended |
Dec. 31, 2016 | |
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS [Abstract] | |
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS | (13) 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-201 4 mortality tables and MP-2016 mortality improvement scale in selecting mortality assumptions as of December 31, 2016. 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, 2016, 2015 and 2014 follows: Pension Benefits 2016 2015 2014 Change in benefit obligations: (In thousands) Projected benefit obligations at beginning of year $ 259,511 $ 263,497 $ 201,696 Service cost 8,852 10,460 8,936 Interest cost 9,364 10,351 9,358 Actuarial (gain) loss 9,302 (14,308) 53,131 Benefits paid (10,343) (10,078) (9,029) Administrative expenses paid (702) (411) (595) Projected benefit obligations at end of year $ 275,984 $ 259,511 $ 263,497 Change in plans' assets: Fair value of plans' assets at beginning of year $ 195,019 $ 201,352 $ 196,447 Actual return on assets 11,745 1,761 12,525 Employer contributions 19,395 2,395 2,004 Benefits paid (10,343) (10,078) (9,029) Administrative expenses paid (702) (411) (595) Fair value of plans' assets at end of year $ 215,114 $ 195,019 $ 201,352 Funded status: Projected benefit obligations $ (275,984) $ (259,511) $ (263,497) Fair value of plans' assets 215,114 195,019 201,352 Net amount recognized $ (60,870) $ (64,492) $ (62,145) Amounts recognized in the consolidated balance sheets consisted of: Pension Benefits 2016 2015 2014 (In thousands) Prepaid benefit cost $ 57,048 $ 50,724 $ 64,838 Accrued benefit liability (25,352) (24,617) (23,902) Accumulated other comprehensive loss adjustment (92,566) (90,599) (103,081) Net amount recognized $ (60,870) $ (64,492) $ (62,145) Pre-tax amounts recognized in accumulated other comprehensive loss consisted of: December 31, 2016 2015 (In thousands) Net prior service benefit $ (3,162) $ (3,880) Net actuarial loss 95,728 94,479 Total accumulated other comprehensive loss $ 92,566 $ 90,599 The net prior service benefi t and net actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year are approximately ($743,000) and $6.9 million , respectively. No further transition obligation remains to be amortized. The components of net periodic benefit cost for the years ended December 31, 2016, 2015 and 2014 were as follows: Pension Benefits 2016 2015 2014 Components of net periodic benefit cost: (In thousands) Service cost $ 8,852 $ 10,460 $ 8,936 Interest cost 9,364 10,351 9,358 Expected return on assets (10,453) (10,775) (10,534) Amortization of unrecognized transition amount - - 18 Recognized prior service benefit (718) (718) (768) Recognized net loss 6,761 7,905 3,702 Net periodic benefit cost $ 13,806 $ 17,223 $ 10,712 The weighted-average assumptions used to determine benefit obligations at December 31, 2016 and 2015 were as follows: Basic Plan Restoration Plan Supplemental Plan 2016 2015 2016 2015 2016 2015 Discount rate 4.10% 4.44% 3.94% 4.20% 3.35% 3.40% 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, 2016, 2015 and 2014 were as follows: Basic Plan 2016 2015 2014 Discount rate 4.44% 4.10% 4.90% Rate of compensation increase 3.00% 3.00% 3.00% Expected rate of return on plan assets 5.50% 5.50% 5.50% Restoration Plan 2016 2015 2014 Discount rate 4.20% 3.90% 4.50% 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 2016 2015 2014 Discount rate 3.40% 3.10% 3.65% 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, 2016 and 2015: 2016 2015 (In thousands) Projected benefit obligation $ 275,984 $ 259,511 Accumulated benefit obligation 274,326 252,949 Fair value of assets 215,114 195,019 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. In 2016, the Company changed the method it use s to estimate the service and interest cost components of net periodic benefit cost for the defined benefit pension plans. Historically, the Company estimated the service and interest cost components using a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. The Company ha s elected to use a full yield curve approach in the estimation of these components of benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The Company ha s made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs. This change does not affect the measurement of the total benefit obligations as the change in the service cost and interest cost is completely offset in the actuarial (gain) loss reported. The Company ha s accounted for this change as a change in estimate and, accordingly, ha s accounted for it prospectively starting in 2016. The discount rates that the Company used to measure service and interest cost during 2016 were 4.62% and 3.77% for the Basic Plan, 4.46% and 3.45% for the Restoration Plan and 3.84% and 2.69% for the Supplemental Plan. The discount rates that the Company measured at year end and would have been used for service and interest cost under the prior estimation technique were 4.45% for the Basic Plan, 4.20% for the Restoration Plan and 3.40% for the Supplemental Plan. The reductions in service cost and interest cost for 2016 associated with this change in estimate for the three plans are $648,000 and $1,710,000, respectively. The diluted earnings per share impact for 2016 of this change in estimate is $0.02. The Company’s pension plan weighted-average asset allocations at December 31, 2016 and 2015 and the Company’s target allocations for 2017, by asset category, were as follows: Plan assets at December 31 Target for Asset category: 2016 2015 2017 Equity securities 42% 33% 45% Debt securities 53% 66% 55% Cash and equivalents 5% 1% 0% Total 100% 100% Equity securities held in the Basic Plan included shares of the Company’s common stock with a fair value of $2.6 million ( 1.19% of total plan assets) and $2.0 million ( 1.01% of total plan assets) at December 31, 2016 and 2015, 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) 2017 $ 13,248 2018 14,733 2019 15,613 2020 15,567 2021 16,383 2022-2026 83,353 The following table presents the fair value of each major category of plan assets held in the Basic Plan at December 31, 2016 and 2015: Pension Benefits 2016 2015 Investments, at fair value: (In thousands) Cash $ 4,650 $ - U.S. agency debt obligations 43,533 65,406 Mutual funds 132,580 118,313 Common stock of BancorpSouth, Inc. 2,554 1,974 Money market funds 6,045 1,761 Brokered certificates of deposit 25,166 6,957 Total investments, at fair value 214,528 194,411 Accrued interest and dividends 586 608 Fair value of plan assets $ 215,114 $ 195,019 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 Measurement (“FASB ASC 820”), fair value hierarchy, the plan investments at fair value as of December 31, 2016 and 2015: December 31, 2016 Level 1 Level 2 Level 3 Total (In thousands) Cash $ 4,650 $ - $ - $ 4,650 U.S. agency debt obligations - 43,533 - 43,533 Mutual funds 132,580 - - 132,580 Common stock of BancorpSouth, Inc. 2,554 - - 2,554 Money market funds - 6,045 - 6,045 Brokered certificates of deposit - 25,166 - 25,166 Total $ 139,784 $ 74,744 $ - $ 214,528 December 31, 2015 Level 1 Level 2 Level 3 Total (In thousands) U.S. agency debt obligations $ - $ 65,406 $ - $ 65,406 Mutual funds 118,313 - - 118,313 Common stock of BancorpSouth, Inc. 1,974 - - 1,974 Money market funds - 1,761 - 1,761 Brokered certificates of deposit - 6,957 - 6,957 Total $ 120,287 $ 74,124 $ - $ 194,411 There were no transfers between Levels of the fair value hierarchy in 2016 or 2015. The following investments represented 5% or more of the total plan asset value as of December 31, 2016: 2016 (In thousands) Fidelity Advisor New Insights Institutional Fund $ 15,411 Fidelity Total Bond 10,733 Franklin Mutual Discovery Z Fund 12,450 T. Rowe Price Growth Stock Fund 11,080 Pioneer Multi-Asset Floating Rate Fund 24,662 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 $10.7 million, $10.2 million and $9.5 million for the years ended December 31, 2016, 2015 and 2014, respectively. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 12 Months Ended |
Dec. 31, 2016 | |
FAIR VALUE DISCLOSURES [Abstract] | |
FAIR VALUE DISCLOSURES | (14) 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 NYSE , 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 2.1% to 4.4% . 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. 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. 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. Off-Balance sheet financial instruments. The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present creditworthiness of the counterparties. The Company has reviewed the unfunded portion of commitments to extend credit as well as standby and other letters of credit, and has determined that the fair value of such financial instruments is not material. The Company classifies the estimated fair value of credit-related financial instruments 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, 2016 and 2015: December 31, 2016 Level 1 Level 2 Level 3 Total Assets: (In thousands) Available-for-sale securities: U.S. Government agencies $ - $ 1,789,427 $ - $ 1,789,427 U.S. Government agency issued residential mortgage-back securities - 176,243 - 176,243 U.S. Government agency issued commercial mortgage-back securities - 172,279 - 172,279 Obligations of states and political subdivisions - 360,005 - 360,005 Other 1,218 32,504 - 33,722 Mortgage servicing rights - - 65,263 65,263 Derivative instruments - - 15,761 15,761 Loans held for sale - 166,927 - 166,927 Total $ 1,218 $ 2,697,385 $ 81,024 $ 2,779,627 Liabilities: Derivative instruments $ - $ - $ 9,623 $ 9,623 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: (In thousands) Available-for-sale securities: U.S. Government agencies $ - $ 1,244,640 $ - $ 1,244,640 U.S. Government agency issued residential mortgage-back securities - 140,540 - 140,540 U.S. Government agency issued commercial mortgage-back securities - 260,693 - 260,693 Obligations of states and political subdivisions - 417,499 - 417,499 Other 776 18,181 - 18,957 Mortgage servicing rights - - 57,268 57,268 Derivative instruments - - 19,508 19,508 Loans held for sale - 157,907 - 157,907 Total $ 776 $ 2,239,460 $ 76,776 $ 2,317,012 Liabilities: Derivative instruments $ - $ - $ 16,251 $ 16,251 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, 2016 and 2015: Mortgage Servicing Derivative Rights Instruments (In thousands) Balance at December 31, 2015 $ 57,268 $ 3,257 Total net gains for the year included in: Net (loss) gain (6,711) 2,881 Other comprehensive income - - Additions 14,706 - Transfers in and/or out of Level 3 - - Balance at December 31, 2016 $ 65,263 $ 6,138 Net unrealized gains (losses) included in net income for the year relating to Level 3 assets and liabilities at December 31, 2016 $ 1,526 $ 2,881 Mortgage Servicing Derivative Rights Instruments (In thousands) Balance at December 31, 2014 $ 51,296 $ 623 Total net gains for the year included in: Net (loss) gain (8,167) 2,634 Other comprehensive income - - Additions 14,139 - Transfers in and/or out of Level 3 - - Balance at December 31, 2015 $ 57,268 $ 3,257 Net unrealized gains (losses) included in net income for the year relating to Level 3 assets and liabilities at December 31, 2015 $ (1,161) $ 2,634 The Company had no purchases or settlements during 2016 and 2015. 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, 2016 and 2015: December 31, 2016 Year ended December 31, 2016 Level 1 Level 2 Level 3 Total Net Losses Assets: (In thousands) Impaired loans - - $ 38,237 $ 38,237 $ (2,560) Other real estate owned - - 7,810 7,810 (653) December 31, 2015 Year ended December 31, 2015 Level 1 Level 2 Level 3 Total Net Losses Assets: (In thousands) Impaired loans - - $ 51,392 $ 51,392 $ (12,323) Other real estate owned - - 14,759 14,759 (2,543) 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 1 4 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 long-term borrowings with U.S. Bank is based on the LIBOR rates plus an interest rate spread. 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 and U.S. Bank 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 $88.2 million at December 31, 2016, 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 23, 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, 2016 and 2015: 2016 2015 Carrying Fair Carrying Fair Value Value Value Value Assets: (In thousands) Cash and due from banks $ 184,152 $ 184,152 $ 154,192 $ 154,192 Interest bearing deposits with other banks 38,813 38,813 43,777 43,777 Available for sale securities 2,531,676 2,531,676 2,082,329 2,082,329 Net loans and leases 10,688,255 10,692,820 10,246,320 10,331,043 Loans held for sale 166,927 166,927 157,907 157,907 Liabilities: Noninterest bearing deposits 3,250,537 3,250,537 3,031,528 3,031,528 Savings and interest bearing deposits 6,596,289 6,596,289 6,446,142 6,446,142 Other time deposits 1,841,315 1,857,506 1,853,491 1,867,034 Federal funds purchased and securities sold under agreement to repurchase and other short-term borrowings 546,002 545,002 467,946 467,263 Long-term debt and other borrowings 542,888 547,273 92,973 98,502 Derivative instruments: Forward commitments to sell fixed rate mortgage loans 2,903 2,903 109 109 Commitments to fund fixed rate mortgage loans 3,362 3,362 3,390 3,390 Interest rate swap position to receive 9,061 9,061 15,614 15,614 Interest rate swap position to pay (9,175) (9,175) (15,856) (15,856) |
STOCK INCENTIVE AND STOCK OPTIO
STOCK INCENTIVE AND STOCK OPTION PLANS | 12 Months Ended |
Dec. 31, 2016 | |
STOCK INCENTIVE AND STOCK OPTION PLANS [Abstract] | |
STOCK INCENTIVE AND STOCK OPTION PLANS | (15) 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. 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 $22,000 and approximately $843,000 for 2015 and 2014, respectively. As of December 31, 2015, there was no unrecognized compensation cost related to nonvested stock options. No stock options were granted during 2016, 2015 or 2014. The following tables present the stock option activity under the Plans as of December 31, 2016, 2015 and 2014 and changes during the years then ended: 2016 Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Exercise Term Value Shares Price (years) (In thousands) Options Outstanding at January 1, 2016 265,398 $ 19.43 Exercised (146,396) 18.94 Expired (41,700) 24.66 Outstanding at December 31, 2016 77,302 $ 17.54 1.0 $ 1,045 Exercisable at December 31, 2016 77,302 $ 17.54 1.0 $ 1,045 2015 Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Exercise Term Value Shares Price (years) (In thousands) Options Outstanding at January 1, 2015 1,056,977 $ 20.67 Exercised (520,538) 20.06 Cancelled or forfeited (237,286) 23.22 Expired (33,755) 21.93 Outstanding at December 31, 2015 265,398 $ 19.43 1.4 $ 1,268 Exercisable at December 31, 2015 265,398 $ 19.43 1.4 $ 1,268 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 As of December 31, 2015, the Company had no nonvested options. No changes to vested options were made during 2016. The intrinsic value of stock options exercised during the years ended December 31, 2016, 2015 and 2014 was approximately $798,000 , $2.5 million and $ 4.6 million, respectively. The following table summarizes information about stock options outstanding at December 31, 2016: Options Outstanding and Exercisable Range of Number Weighted-Avg Weighted-Avg Exercise Prices Outstanding Remaining Life (years) Exercise Price $11.93 to $12.59 24,402 2.1 $ 11.93 $12.60 to $18.86 20,500 0.9 13.25 $18.87 to $24.47 32,400 0.3 24.47 $10.07 to $25.31 77,302 1.0 $ 17.54 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 act ually issued to the recipient. 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. In January 2015, the Company granted 84,494 performance shares to employees for the two-year performance period from January 1, 2015 through December 31, 2016. In January 2016, the Company granted 99,277 performance shares to employees for the two-year performance period from January 1, 2016 through December 31, 2017. 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 $153,000 was recognized in 2014 related to the 2012 grant of performance shares. Compensation expense of approximately $458,000 and $477,000 was recognized in 2015 and 2014, respectively, related to the 2013 grant of performance shares. Compensation expense of approximately $575,000 , $842,000 and $500,000 was recognized in 2016, 2015 and 2014, respectively, related to the 2014 grant of performance shares. Compensation expense of $1.0 million and $1.3 million was recognized in 2016 and 2015 related to the 2015 grant of performance shares. Compensation expense of $210,000 was recognized in 2016 related to the 2016 grant of performance shares. 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. In May 2015, the Company awarded 24,750 restricted stock units covering 24,750 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 2016. In May 2016, the Company awarded 27,024 restricted stock units covering 27,024 shares of the Company common stock to its directors with the shares of stock covered by this award to be issued to the directors in May 2017. Compensation expense of approximately $622,000 , $510,000 , and $330,000 was recognized in 2016, 2015, and 2014, 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 $37,000 , $107,000 and $180,000 was recognized in 2016, 2015 and 2014 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, $63,000 and $63,000 was recorded in 2016, 2015 and 2014, 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 was recorded in 2014 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 592,500 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 $1.5 million, $1.5 million and $1.7 million was recorded in 2016, 2015 and 2014, 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 $10,000, $54,000 and $126,000 was recorded in 2016, 2015 and 2014 , 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 Compa ny awarded a total of 349,900 shares of restricted stock to employees with 64,500 shares vesting in February 2015, 51,500 shares vesting in February 2018, 207,650 shares vesting in May 2019 and 26,250 shares vesting in May 2020. Compensation expense of $1.2 million $1.3 million and $2.2 million was recorded in 2016, 2015 and 2014, respectively, related to these 2014 restricted stock awards issued to the Company’s employees. In 2015, at various dates, pursuant to the Long-term Equity Incentive Plan, the Company awarded a total of 273,269 shares of restricted stock to employees with 8,700 shares vesting in May 2018, 6,500 shares vesting in May 2019, and 258,069 shares vesting in May 2020. Compensation expense of $1.2 million and $1.0 million was recorded in 2016 and 2015 related to these 2015 restricted stock awards issued to the Company’s employees. In 2016, at various dates, pursuant to the Long-term Equity Incentive Plan, the Company awarded a total of 297,251 shares of restricted stock to employees with 16,750 shares vesting in May 2019, 203,000 shares vesting in May 2021, and 77,500 shares vesting in May 2023. Compensation expense of $1.0 million was recorded in 2016 related to these 2016 restricted stock awards issued to the Company’s employees. As of December 31, 2016, there was $14.4 million of unrecognized compensation cost related to unvested restricted stock compensation that is expected to be recognized over a weighted average period of 3.6 years. The following table summarizes the Company’s restricted stock activity for the years ended December 31, 2016, 2015 and 2014: Years Ended December 31, 2016 2015 2014 Weighted Average Weighted Average Weighted Average Shares Grant Date Shares Grant Date Shares Grant Date Fair Value Fair Value Fair Value Nonvested at beginning of year 1,075,543 $ 19.63 1,005,892 $ 18.78 716,156 $ 15.86 Granted 297,251 22.45 273,269 23.16 349,900 23.17 Forfeited (17,253) 20.06 (43,772) 19.28 (53,050) 18.18 Vested (7,113) 16.38 (159,846) 22.48 (7,114) 13 Nonvested at end of year 1,348,428 $ 20.27 1,075,543 $ 19.63 1,005,892 $ 18.78 The following table presents information regarding the vesting of the Company’s nonvested restricted stock at December 31, 2016: Vesting in Number of Shares 2017 24,083 2018 566,700 2019 211,700 2020 268,355 2021 200,090 2022 - 2023 77,500 Total Nonvested Shares 1,348,428 |
EARNINGS PER SHARE AND DIVIDEND
EARNINGS PER SHARE AND DIVIDEND DATA | 12 Months Ended |
Dec. 31, 2016 | |
EARNINGS PER SHARE AND DIVIDEND DATA [Abstract] | |
EARNINGS PER SHARE AND DIVIDEND DATA | (16) 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 9,450 , approximately 32,000 and 67,000 shares of Company common stock with a weighted average exercise price of $25.31 , $25.31 and $24.89 per share for 2016, 2015 and 2014, respectively, were excluded from diluted shares. There were no antidilutive other equity awards for 2016, 2015 and 2014. 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, 2016, 2015 and 2014: 2016 Income Shares Per Share (Numerator) (Denominator) Amount Basic EPS: (In thousands, except per share amounts) Income available to common shareholders $ 132,728 94,219 $ 1.41 Effect of dilutive stock options - 236 Diluted EPS: Income available to common shareholders plus assumed exercise $ 132,728 94,455 $ 1.41 2015 Income Shares Per Share (Numerator) (Denominator) Amount Basic EPS: (In thousands, except per share amounts) Income available to common shareholders $ 127,491 95,825 $ 1.33 Effect of dilutive stock options - 299 Diluted EPS: Income available to common shareholders plus assumed exercise $ 127,491 96,124 $ 1.33 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 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, 2016 | |
OTHER COMPREHENSIVE INCOME [Abstract] | |
OTHER COMPREHENSIVE INCOME | (17) 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, 2016, 2015 and 2014: 2016 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 $ (12,672) $ 4,854 $ (7,818) Reclassification adjustment for net (gains) losses realized in net income (1) (128) 49 (79) Recognized employee benefit plan net periodic benefit cost (2) (1,967) 752 (1,215) Other comprehensive (loss) income $ (14,767) $ 5,655 $ (9,112) 2015 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 $ (9,340) $ 3,577 $ (5,763) Reclassification adjustment for net (gains) losses realized in net income (1) (136) 52 (84) Recognized employee benefit plan net periodic benefit cost (2) 12,482 (4,774) 7,708 Other comprehensive income (loss) $ 3,006 $ (1,145) $ 1,861 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) income $ (22,208) $ 8,481 $ (13,727) (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, 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, 2016 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | (18) 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, 2015 $ 16,166 New loans to related parties, net of repayments 6,141 Changes in directors and executive officers (70) Loans outstanding at December 31, 2016 $ 22,237 |
MORTGAGE SERVICING RIGHTS
MORTGAGE SERVICING RIGHTS | 12 Months Ended |
Dec. 31, 2016 | |
MORTGAGE SERVICING RIGHTS [Abstract] | |
MORTGAGE SERVICING RIGHTS | (19) MORTGAGE SERVICING RIGHTS MSRs, which are recognized as a separate asset on the date the corresponding mortgage loan is sold on a servicing retained basis,, 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, 2016, 2015 and 2014 were as follows: 2016 2015 2014 (Dollars in thousands) Unpaid principal balance $6,384,649 $6,011,236 $5,686,756 Weighted-average prepayment speed (CPR) 9.4 10.3 11.6 Discount rate (annual percentage) 9.8 9.8 9.8 Weighted-average coupon interest rate (percentage) 3.9 4.0 4.1 Weighted-average remaining maturity (months) 323.0 319.0 314.0 Weighted-average servicing fee (basis points) 26.7 26.6 26.5 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. As of December 31, 2016, the Company had a hedge in place designed to cover approximately 4% of the MSR. The Company is susceptible to 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: 2016 2015 (In thousands) Fair value at beginning of year $ 57,268 $ 51,296 Additions: Origination of servicing assets 14,706 14,139 Changes in fair value: Due to payoffs/paydowns (8,231) (6,999) Due to change in valuation inputs or assumptions used in the valuation model 1,526 (1,161) Other changes in fair value (6) (7) Fair value at end of year $ 65,263 $ 57,268 All of the changes to the fair value of the MSRs are recorded as part of mortgage banking noninterest revenue on the income statement. As part of mortgage banking noninterest revenue, the Company recorded contractual servicing fees of $ 16.9 million, $16.1 million and $15.2 million and late and other ancillary fees of $1.8 million, $1.3 million and $1.2 million in 2016, 2015, and 2014, respectively. |
CAPITAL AND REGULATORY MATTERS
CAPITAL AND REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2016 | |
REGULATORY MATTERS [Abstract] | |
REGULATORY MATTERS | (20) CAPITAL AND 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 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 Common equity Tier 1 capital, Tier 1 capital, total capital and Tier 1 leverage as 6.5 %, 8 %, 10% and 5% , respectively. The Company and the Bank had common equity Tier 1, Tier 1, total capital and Tier 1 leverage above the well capitalized levels at December 31, 2016 and 2015, respectively, as set forth in the following table: 2016 2015 Amount Ratio Amount Ratio (Dollars in thousands) Common Equity Tier 1 capital (to risk-weighted assets) BancorpSouth, Inc. $ 1,467,979 12.23% $ 1,402,041 12.07% BancorpSouth Bank 1,311,542 10.94 1,369,419 11.80 Tier 1 capital (to risk-weighted assets) BancorpSouth, Inc. 1,480,867 12.34 1,425,239 12.27% BancorpSouth Bank 1,311,542 10.94 1,369,419 11.80 Total capital (to risk-weighted assets) BancorpSouth, Inc. 1,605,257 13.38 1,552,280 13.37 BancorpSouth Bank 1,435,932 11.97 1,496,460 12.90 Tier 1 leverage capital (to average assets) BancorpSouth, Inc. 1,480,867 10.32 1,425,239 10.61 BancorpSouth Bank 1,311,542 9.17 1,369,419 10.23 On December 11, 2014, the Company announced a stock repurchase program whereby the Company could acquire up to an aggregate of 6% or 5,764,000 shares of its common stock in the open market at prevailing market prices or in privately negotiated transactions during the period between December 11, 2014 through November 30, 2016 . The extent and timing of any repurchases depended on market conditions and other corporate, legal and regulatory considerations. Repurchased shares are held as authorized but unissued shares. These authorized but unissued shares will be available for use in connection with the Company’s stock option plans, other compensation programs, other transactions or for other corporate purposes as determined by the Company’s Board of Directors. On January 27, 2016 , the Company announced this stock repurchase plan was terminated. At the time of termination, 2,882,000 shares had been repurchased under this program. On January 27, 2016, the Company announced a new stock repurchase program whereby the Company may acquire up to an aggregate of 7,000,000 shares of its common stock in the open market at prevailing market prices or in privately negotiated transactions during the period between January 27, 2016 through December 29, 2017 . The extent and timing of any repurchases depends on market conditions and other corporate, legal and regulatory considerations. Repurchased shares are held as authorized but unissued shares. These authorized but unissued shares are available for use in connection with the Company’s stock option plans, other compensation programs, other transactions or for other corporate purposes as determined by the Company’s Board of Directors. At December 31, 2016, 988,060 shares had been repurchased under this program. |
SEGMENTS
SEGMENTS | 12 Months Ended |
Dec. 31, 2016 | |
SEGMENTS [Abstract] | |
SEGMENTS | (21) SEGMENT REPORTING 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 banking, trust services, credit card activities, investment services and other activities not allocated to the Community Banking or Insurance Agencies operating segments. Net income of the Community Banking operating segment increased in 2016 compared to 2015 and in 2015 compared to 2014. The increase in net income in 2016 compared to 2015 was due to the reduction of noninterest expenses while the increased net income of the Community Banking operating segment in 2015 compared to 2014 was primarily related to the corresponding decrease in the provision for credit losses. The net income of the General Corporate and Other operating segment remained consistent in 2016 compared to 2015 with the increase in 2015 compared to 2014 primarily related to the increase in noninterest revenue. Results of operations and selected financial information by operating segment for the years ended December 31, 2016, 2015 and 2014 were as follows: Community Banking Insurance Agencies General Corporate and Other Total 2016 (In thousands) Results of Operations Net interest revenue $ 414,706 $ 60 $ 38,686 $ 453,452 Provision for credit losses (641) - 4,641 4,000 Net interest income after provision for credit losses 415,347 60 34,045 449,452 Noninterest revenue 80,996 116,167 81,867 279,030 Noninterest expense 323,939 101,259 106,840 532,038 Income before income taxes 172,404 14,968 9,072 196,444 Income tax expense 57,289 6,031 396 63,716 Net income $ 115,115 $ 8,937 $ 8,676 $ 132,728 Selected Financial Information Total assets $ 10,991,377 $ 213,070 $ 3,519,941 $ 14,724,388 Depreciation and amortization 21,446 4,281 3,537 29,264 Community Banking Insurance Agencies General Corporate and Other Total 2015 (In thousands) Results of Operations Net interest revenue $ 397,204 $ 100 $ 38,378 $ 435,682 Provision for credit losses (12,859) - $ (141) (13,000) Net interest income after provision for credit losses 410,063 100 38,519 448,682 Noninterest revenue 82,938 116,780 78,250 277,968 Noninterest expense 332,920 101,120 105,871 539,911 Income (loss) before income taxes 160,081 15,760 10,898 186,739 Income tax expense (benefit) 51,186 6,363 1,699 59,248 Net income $ 108,895 $ 9,397 $ 9,199 $ 127,491 Selected Financial Information Total assets $ 10,127,861 $ 199,668 $ 3,471,133 $ 13,798,662 Depreciation and amortization 21,874 4,736 3,641 30,251 Community Banking Insurance Agencies General Corporate and Other Total 2014 (In thousands) Results of Operations Net interest revenue $ 381,467 $ 117 $ 35,078 $ 416,662 Provision for credit losses (4,757) - 4,757 - Net interest income after provision for credit losses 386,224 117 30,321 416,662 Noninterest revenue 95,752 115,541 57,853 269,146 Noninterest expense 329,893 97,620 90,893 518,406 Income (loss) before income taxes 152,083 18,038 (2,719) 167,402 Income tax expense (benefit) 47,482 7,255 (4,085) 50,652 Net income (loss) $ 104,601 $ 10,783 $ 1,366 $ 116,750 Selected Financial Information Total assets $ 9,814,879 $ 188,920 $ 3,322,570 $ 13,326,369 Depreciation and amortization 22,603 5,257 3,855 31,715 |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2016 | |
DERIVATIVE INSTRUMENTS [Abstract] | |
DERIVATIVE INSTRUMENTS | (22) 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, 2016, the notional amount of forward commitments to sell individual fixed-rate mortgage loans was $238.3 million, with a carrying value and fair value reflecting a gain of $ 2.9 million . At December 31, 2015, the notional amount of forward commitments to sell individual fixed-rate mortgage loans was $211.2 million, with a carrying value and fair value reflecting a gain of approximately $109,000 . At December 31, 2016, the notional amount of commitments to fund individual fixed-rate mortgage loans was $140.9 million, with a carrying value and fair value reflecting a gain of $3.4 million. At December 31, 2015, the notional amount of commitments to fund individual fixed-rate mortgage loans was $142.1 million, with a carrying value and fair value reflecting a gain of $3.4 million . 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, 2016, the notional amount of customer related derivative financial instruments was $213.6 million, with an average maturity of 30.2 months, an average interest receive rate of 2.9% and an average interest pay rate of 5.6% . As of December 31, 2015, the notional amount of customer related derivative financial instruments was $255.6 million, with an average maturity of 42.1 months, an average interest receive rate of 2.6% 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: December 31, 2016 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 $ 6,701 $ - $ 6,701 $ - $ - $ 6,701 Loan/lease interest rate swaps 9,175 - 9,175 - - 9,175 Total financial assets $ 15,876 $ - $ 15,876 $ - $ - $ 15,876 Financial liabilities: Derivatives: Forward commitments $ 448 $ - $ 448 $ - $ - $ 448 Loan/lease interest rate swaps 9,175 - 9,175 - (9,175) - Repurchase arrangements 454,002 - 454,002 (454,002) - - Total financial liabilities $ 463,625 $ - $ 463,625 $ (454,002) $ (9,175) $ 448 December 31, 2015 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 $ 3,894 $ - $ 3,894 $ - $ - $ 3,894 Loan/lease interest rate swaps 15,856 - 15,856 - - 15,856 Total financial assets $ 19,750 $ - $ 19,750 $ - $ - $ 19,750 Financial liabilities: Derivatives: Forward commitments $ 395 $ - $ 395 $ - $ - $ 395 Loan/lease interest rate swaps 15,856 - 15,856 - (15,856) - Repurchase arrangements 405,937 - 405,937 (405,937) - - Total financial liabilities $ 422,188 $ - $ 422,188 $ (405,937) $ (15,856) $ 395 |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
COMMITMENTS AND CONTINGENT LIABILITIES [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | (23) COMMITMENTS AND CONTINGENT LIABILITIES Leases Rent expense was $8.0 million for 2016, $8.1 million for 2015 and $7.9 million for 2014. 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, 2016: Amount (In thousands) 2017 $ 6,939 2018 4,883 2019 3,806 2020 2,856 2021 2,608 Thereafter 6,305 Total future minimum lease payments $ 27,397 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 $6. 4 billion of loans serviced for investors at December 31, 2016 was $ 3.1 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, 2016, these included $88.2 million for letters of credit and $2.5 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, 2016, 2015 and 2014. Litigation The nature of the Company’s business ordinarily results in a certain amount of claims, litigation, investigations and legal and administrative cases 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 and the potential loss, however, may turn out to be substantially higher than the amount accrued. Further, the Company’s insurance has deductibles and will likely 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, if applicable, management believes that the litigation-related expense of $3.5 million accrued as of December 31, 2016, which excludes amounts reserved for regulatory settlement expenses discussed below, 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 January 5, 2016, the Bank entered into an agreement to settle a class action lawsuit filed on May 18, 2010 by an Arkansas customer of the Bank in the U.S. District Court for the Northern District of Florida. The suit challenged the manner in which overdraft fees were charged and the policies related to the posting order of debit card and ATM transactions. The suit also made a claim under Arkansas’ consumer protection statute. The plaintiff was seeking to recover damages in an unspecified amount and equitable relief. As a result of this agreement, the Company recorded an expense of $16.5 million in the fourth quarter of 2015, representing amounts to be paid in connection with the settlement, net of amounts the Company had already accrued for this legal proceeding in previous periods. The settlement was approved by the court on July 15, 2016. Pursuant to the Court's order preliminarily approving the settlement, in the first quarter of 2016 the amounts accrued for settlement were paid into settlement escrow funds. On July 31, 2014, the Company, 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 was subsequently amended to add the former President and Chief Operating Officer. The complaint alleges that the defendants made misleading statements concerning the Company’s expectation that it would be able to close two merger transactions within a specified time period and the Company’s compliance with certain Bank Secrecy Act and anti-money laundering requirements. On July 10, 2015, the District Court granted in part and denied in part the defendants’ motion to dismiss and dismissed the claims concerning the Company’s expectations about the closing of the mergers . Class certification was granted by the District Court on April 21, 2016, and a petition for immediate appeal of the class certification was filed and was granted. Class certification was vacated by the U.S. Sixth Circuit Court of Appeals, and the case was remanded to the District Court for further proceedings. The plaintiff seeks an unspecified amount of damages and awards of costs and attorneys’ fees and such other equitable relief as the District Court may deem just and proper. At this stage of the lawsuit, management cannot determine the probability of an unfavorable outcome to the Company as it is uncertain whether the lead Plaintiff will be successful in certifying a class on its second attempt and the exact amount of damages (should the District Court grant class certification again) is uncertain. Although it is not possible to predict the ultimate resolution or financial liability with respect to the 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 June 29, 2016, the Bank, the CFPB and the DOJ agreed to a settlement set forth in a consent order (the “Consent Order”) related to the joint investigation by the CFPB and the DOJ of the Bank’s fair lending program during the period between January 1, 2011 and December 31, 2013. The Consent Order was signed by the United States District Court for the Northern District of Mississippi (the “District Court”) on July 25, 2016. In the first quarter of 2016, the Bank reserved $13.8 million to cover costs related to this matter, $10.3 million of which was reflected as regulatory settlement expense and $3.5 million of which was included in other noninterest expense. The settlement of this matter did not have a material financial impact on the second, third or fourth quarter 2016 financial results. For additional information regarding the terms of this settlement and the Consent Order, see the signed Consent Order and the Company’s Current Report on Form 8-K filed on June 29, 2016 which is incorporated into this Report by reference. |
CONDENSED PARENT COMPANY INFORM
CONDENSED PARENT COMPANY INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
CONDENSED PARENT COMPANY INFORMATION [Abstract] | |
CONDENSED PARENT COMPANY INFORMATION | ( 24) 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, 2016 2015 Assets: (In thousands) Cash on deposit with subsidiary bank $ 166,593 $ 86,767 Investment in subsidiaries 1,567,834 1,623,640 Other assets 4,846 11,237 Total assets $ 1,739,273 $ 1,721,644 Liabilities and shareholders' equity: Total liabilities $ 15,390 $ 66,200 Shareholders' equity 1,723,883 1,655,444 Total liabilities and shareholders' equity $ 1,739,273 $ 1,721,644 Year Ended December 31, Condensed Statements of Income 2016 2015 2014 (In thousands) Dividends from subsidiaries $ 192,000 $ 100,000 $ 60,000 Other operating income (loss) (404) 1,075 585 Total income 191,596 101,075 60,585 Operating expenses 7,547 8,419 6,867 Income before tax benefit and equity in undistributed earnings 184,049 92,656 53,718 Income tax benefit 3,051 2,818 2,420 Income before equity in undistributed earnings of subsidiaries 187,100 95,474 56,138 Equity in undistributed earnings of subsidiaries (54,372) 32,017 60,612 Net income $ 132,728 $ 127,491 $ 116,750 Year Ended December 31, Condensed Statements of Cash Flows 2016 2015 2014 (In thousands) Operating activities: Net income $ 132,728 $ 127,491 $ 116,750 Adjustments to reconcile net income to net cash provided by (used in) operating activities 60,882 (32,255) (61,862) Net cash provided by operating activities 193,610 95,236 54,888 Financing activities: Cash dividends (42,310) (33,368) (23,983) Redemption of junior subordinated debt (10,310) - (8,248) Advance of long-term debt - - 8,000 Repayment of long-term debt (39,775) (8,373) (8,066) Common stock transactions, net (21,389) (59,998) 13,928 Net cash used in financing activities (113,784) (101,739) (18,369) Increase (decrease) in cash and cash equivalents 79,826 (6,503) 36,519 Cash and cash equivalents at beginning of year 86,767 93,270 56,751 Cash and cash equivalents at end of year $ 166,593 $ 86,767 $ 93,270 |
OTHER NONINTEREST INCOME AND EX
OTHER NONINTEREST INCOME AND EXPENSE | 12 Months Ended |
Dec. 31, 2016 | |
OTHER NONINTEREST INCOME AND EXPENSE [Abstract] | |
OTHER NONINTEREST INCOME AND EXPENSE | ( 25) OTHER NONINTEREST INCOME AND EXPENSE The following table details other noninterest income for the three years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 (In thousands) Bank-owned life insurance $ 7,585 $ 7,457 $ 8,848 Other miscellaneous income 12,147 12,143 12,883 Total other noninterest income $ 19,732 $ 19,600 $ 21,731 The following table details other noninterest expense for the three years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 (In thousands) Advertising $ 5,044 $ 4,288 $ 4,388 Foreclosed property expense 4,354 7,418 17,071 Telecommunications 5,087 5,226 5,625 Public relations 2,694 2,769 4,101 Data processing 26,835 24,148 23,830 Computer software 11,381 10,500 10,525 Amortization of intangibles 3,635 3,963 4,443 Legal fees 8,543 30,346 9,822 Merger expense 2 25 1,761 Postage and shipping 4,236 4,535 4,745 Other miscellaneous expense 56,684 57,540 57,863 Total other noninterest expense $ 128,495 $ 150,758 $ 144,174 |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
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 subsidiary, BancorpSouth Bank and its wholly owned subsidiaries (the “Bank. 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 $28.8 million, $29.0 million and $35.0 million and income taxes of $47.4 million, $78.4 million and $60.7 million for the years ended December 31, 2016, 2015 and 2014, respectively. Loans and leases of $17.0 million, $26.7 million and $25.0 million were charged-off during 2016, 2015 and 2014, respectively. Unsettled purchases of securities were $10.0 million at December 31, 2014. There were no unsettled purchases of securities at December 31, 2016 and 2015. Loans foreclosed and transferred to OREO were $9.8 million, $7.4 million and $14.7 million during 2016, 2015 and 2014, respectively. Loans to facilitate the sale of other real estate owned were approximately $541,000 , $1.5 million and $4.4 million for the years ended December 31 , 2016, 2015 and 2014, respectively. The MSR and hedge market value adjustment was $1.0 million, ($1.2) million and ($6.4) million for the years ended December 31, 2016, 2015 and 2014, 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. Also, the security is written to fair value if intent or ability is not to hold for recovery. |
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 are identified as impaired loans are reviewed by the impairment group which approves the amount of specific reserve, if any, and/or chargeoff amounts. The impairment evaluation of real estate loans generally focuses on the fair value of underlying collatera l l ess costs to sell 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 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. 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 received from outside appraisers, 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 and/or chargeoffs 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, 2016, impaired loans , excluding accruing TDRs totaled $38.2 million, which was net of cumulative charge- offs of $8.3 million. Additionally, the Company had specific reserves of $4.4 million included in the allowance for credit losses. Impaired loans at December 31, 2016 were primarily from the Company’s commercial real estate portfolio. Impaired loan charge-offs are determined necessary when management determines that the amount is not likely to be collected. 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. 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. 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 . During 2016, 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 (or credit) of providing an allowance or reserve for estimated probable incurred 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 a quarterly basis and more frequently if required 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 incurred losses that may exist in various segments of performing loans and leases based upon historical net loss experience ; (2) specifically identified losses in individually analyzed credits; and (3) qualitative factors that address estimates of incurred losses not fully identified by historical net loss experience . 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. Estimates of incurred losses are influenced by the historical net losses experienced by the Bank for loans and leases of comparable creditworthiness and structure. Specific loss assessments are performed for loans and leases classified as impaired loans based upon the collateral protection or expected future cash flows to determine the amount of impairment under FASB ASC 310. In addition, qualitative factors such as changes in economic conditions, concentrations of risk, 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 estimated incurred loan 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. The impairment group is responsible for evaluating individual loans that have been specifically identified as impaired loans 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 greater than $500,000 and it is probable that the Company will be unable to collect the contractual principal and interest on the loan and all loans restructured in a TDR. The impairment group also evaluates the circumstances surrounding the loan in order to determine the most appropriate method for measuring the impairment of the loan was used (i.e., present value of expected future cash flows, observable market price or fair value of the underlying collateral if the loan is collateral dependant ). 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 an impaired loan, with the amount of impairment, if any, determined as discussed above . TDRs are reserved in accordance with FASB ASC 310. Should the borrower’s financial condition, collateral protection or performance deteriorate, warranting reassessment of the loan rating or impairment, additional reserves and/or chargeoffs 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 and losses on the sale of loans held for sale are recorded as part of mortgage banking revenue on the consolidated statement of income. In the course of conducting the Company’s mortgage banking 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 2016, 25 mortgage loans totaling $1.6 million were repurchased or otherwise settled as a result of underwriting and appraisal standard exceptions or make whole requests. Losses of approximately $451,000 were recognized related to these repurchased and make whole loans. During 2015, 24 loans totaling approximately $2.0 million were repurchased or otherwise settled as a result of underwriting and appraisal standard exceptions or make whole requests. Losses of approximately $442,000 were recognized related to these repurchased and make whole loans. During 201 4 , 21 mortgage loans totaling $2. 1 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. At December 31, 2016, the Company had reserved $1.7 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 consolidated 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, 2016, the amount of loans subject to buy back was $22.3 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. Expen ditures 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 , less costs to sell, 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, 2016. See Note 8, 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 for all loans sold on a servicing retained basis with subsequent adjustments to fair value of MSRs 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 has historically not hedged the MSR asset. At December 31, 2016 there was a hedge in place designed to cover approximately 4% of the MSR value. The Company is susceptible to fluctuations in their value 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 banking noninterest revenue on the consolidated statement of income. |
Pension and Postretirement Benefits Accounting | 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, 2016 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, 3.94% for the Restoration Plan and 3.35% for the Supplemental Plan based on a December 31, 2016 measurement date. In 2016, the Company changed the method it use s to estimate the service and interest cost components of net periodic benefit cost for the defined benefit pension plans. Historically, the Company estimated the service and interest cost components using a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. The Company ha s elected to use a full yield curve approach in the estimation of these components of benefit cost by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The Company has made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs. This change does not affect the measurement of the total benefit obligations as the change in the service cost and interest cost is completely offset in the actuarial (gain) loss reported. The Company ha s accounted for this change as a change in estimate and, accordingly, ha s accounted for it prospectively starting in 2016. The discount rates that the Company used to measure service and interest cost during 2016 were 4.62% and 3.77% for the Basic Plan, 4.46% and 3.45% for the Restoration Plan and 3.84% and 2.69% for the Supplemental Plan. The discount rates that the Company measured at year end and would have been used for service and interest cost under the prior estimation technique were 4.4 4 % for the Basic Plan, 4.20% for the Restoration Plan and 3.40% for the Supplemental Plan. The reductions in service cost and interest cost for 2016 associated with this change in estimate for the three plans are $648,000 and $1,710,000, respectively. The diluted earnings per share impact for 2016 of this change in estimate is $0.02. The Company measured benefit obligations using the most recent RP-2014 mortality tables and MP-2016 mortality improvement scale in selecting mortality assumptions as of December 31, 2016. |
Stock-Based Compensation | Stock-Based Compensation At December 31, 2016, 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 15, 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, 2016, the notional amount of customer related derivative financial instruments was $213.6 million with an average maturity of 30.2 months, an average interest receive rate of 2.9% 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 September 2014, the FASB issued an ASU regarding accounting for revenue from contracts with customers. This ASU implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i)identify the contract(s)with a customer, (ii)identify the performance obligations in the contract, (iii)determine the transaction price, (iv)allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as)the entity satisfies a performance obligation. ASU 2014-09 was originally going to be effective on January 1, 2017; however, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606)–Deferral of the Effective Date" which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. The Company is currently evaluating the potential impact of ASU 2014-09 on the financial statements. In December 2014, the FASB issued an ASU regarding accounting for share-based payments. This ASU requires 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 did not have a material impact on the financial position and results of operations of the Company. In February 2016, the FASB issued an ASU regarding accounting for leases. ASU 2016-02 requires all leases, except short-term leases, to be recognized on the lessee’s balance sheet at commencement date as a lease liability for the obligation of lease payments and a right-of-use asset for the right to use/control a specified asset for the lease term. This ASU is effective for interim and annual periods beginning after December 15, 2018. This ASU is not expected to have a material impact on the financial position and results of operations of the Company. In March 2016, the FASB issued an ASU regarding stock compensation and improvements to employee share-based payment accounting. This ASU changes five aspects of the accounting for share-based payment award transactions including 1) accounting for income taxes; 2) classification of excess tax benefits on the statement of cash flows; 3) forfeitures; 4) minimum statutory tax withholding requirements; 5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. This ASU is effective for interim and annual periods beginning after December 15, 2016. This ASU will not have a material impact on the financial position and results of operations of the Company. In June 2016, the FASB issued an ASU regarding credit losses on financial instruments. This ASU will provide financial statement users with more information regarding the expected credit losses on financial instruments and other commitments to extend credit at each reporting date rather than the incurred loss impairment method. This ASU is effective for interim and annual periods after December 15, 2019. The Company is currently evaluating the potential impact of this ASU on the financial statements. A steering committee has been formed consisting of key employees to evaluate the changes that will need to be put into place to ensure an easy transition for when this ASU will take effect. Much progress has been made and management feels prepared to continue forward with the current documentation to provide the necessary information for the new methods. In August 2016, the FASB issued an ASU regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update addresses eight specific cash flow items whose objective is to reduce existing diversity in practice. This ASU is effective for interim and annual periods after December 15, 2017. The adoption of this ASU is not expected to have a material impact on the financial position and results of operations of the Company. |
AVAILABLE-FOR-SALE SECURITIES (
AVAILABLE-FOR-SALE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
AVAILABLE-FOR-SALE SECURITIES [Abstract] | |
Amortized cost and estimated fair values of available-for-sale securities | 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) U.S. Government agencies $ 1,794,231 $ 1,261 $ 6,065 $ 1,789,427 U.S. Government agency issued residential mortgage-backed securities 176,476 1,665 1,898 176,243 U.S. Government agency issued commercial mortgage-backed securities 171,840 1,648 1,209 172,279 Obligations of states and political subdivisions 346,609 15,547 2,151 360,005 FHLB and other securities 32,436 1,286 - 33,722 Total $ 2,521,592 $ 21,407 $ 11,323 $ 2,531,676 2015 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) U.S. Government agencies $ 1,246,261 $ 826 $ 2,447 $ 1,244,640 U.S. Government agency issued residential mortgage-backed securities 138,759 1,957 176 140,540 U.S. Government agency issued commercial mortgage-backed securities 261,544 2,414 3,265 260,693 Obligations of states and political subdivisions 394,769 22,813 83 417,499 FHLB and other securities 18,112 845 - 18,957 Total $ 2,059,445 $ 28,855 $ 5,971 $ 2,082,329 |
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 $ 548,060 $ 548,347 0.96 % Maturing after one year through five years 1,331,619 1,326,489 1.30 Maturing after five years through ten years 53,517 54,418 5.71 Maturing after ten years 240,080 253,900 5.47 Mortgage-backed securities 348,316 348,522 2.13 Total $ 2,521,592 $ 2,531,676 |
Temporarily impaired available-for-sale securities with continuous unrealized loss positions | 2016 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 $ 1,082,573 $ 6,065 $ - $ - $ 1,082,573 $ 6,065 U.S. Government agency issued residential mortgage-backed securities 71,599 1,783 15,375 115 86,974 1,898 U.S. Government agency issued commercial mortgage-backed securities 129,940 1,084 14,385 125 144,325 1,209 Obligations of states and political subdivisions 46,798 2,151 - - 46,798 2,151 Total $ 1,330,910 $ 11,083 $ 29,760 $ 240 $ 1,360,670 $ 11,323 2015 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 $ 762,568 $ 2,447 $ - $ - $ 762,568 $ 2,447 U.S. Government agency issued residential mortgage-backed securities 34,238 176 - - 34,238 176 U.S. Government agency issued commercial mortgage-backed securities 193,621 2,710 31,166 555 224,787 3,265 Obligations of states and political subdivisions 13,576 70 2,856 13 16,432 83 Total $ 1,004,003 $ 5,403 $ 34,022 $ 568 $ 1,038,025 $ 5,971 |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
LOANS AND LEASES [Abstract] | |
Gross loans and leases by segment and class | 2016 2015 Commercial and industrial $ 1,615,608 $ 1,752,273 Real estate Consumer mortgages 2,643,966 2,472,202 Home equity 628,846 589,752 Agricultural 245,377 259,360 Commercial and industrial-owner occupied 1,764,265 1,617,429 Construction, acquisition and development 1,157,248 945,045 Commercial real estate 2,237,719 2,188,048 Credit cards 109,656 112,165 All other 432,827 468,052 Gross loans and leases (1) $ 10,835,512 $ 10,404,326 Less: Unearned income 23,521 31,548 Net loans and leases $ 10,811,991 $ 10,372,778 |
Loans and leases, net of unearned income by segment, class and geographical location | Alabama and Florida Panhandle Arkansas Louisiana Mississippi Missouri Tennessee Texas Other Total (In thousands) Commercial and industrial $ 150,644 $ 194,141 $ 181,338 $ 594,016 $ 78,450 $ 122,403 $ 225,390 $ 65,913 $ 1,612,295 Real estate Consumer mortgages 349,488 320,160 229,038 833,535 87,015 305,512 491,396 27,822 2,643,966 Home equity 98,427 44,608 71,030 230,337 22,734 145,079 15,070 1,561 628,846 Agricultural 6,579 87,424 26,624 67,797 5,481 13,482 37,950 40 245,377 Commercial and industrial-owner occupied 200,929 191,826 206,321 713,548 45,248 147,034 259,359 - 1,764,265 Construction, acquisition and development 122,912 74,124 53,071 370,193 25,741 176,539 334,668 - 1,157,248 Commercial real estate 315,091 374,388 226,718 558,378 199,968 190,228 372,948 - 2,237,719 Credit cards* - - - - - - - 109,656 109,656 All other 55,318 43,212 25,540 209,058 3,511 24,898 44,829 6,253 412,619 Total $ 1,299,388 $ 1,329,883 $ 1,019,680 $ 3,576,862 $ 468,148 $ 1,125,175 $ 1,781,610 $ 211,245 $ 10,811,991 |
Aging of loan and lease portfolio, net of unearned income, by segment and class | 2016 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 $ 3,231 $ 1,610 $ 9,152 $ 13,993 $ 1,598,302 $ 1,612,295 $ 58 Real estate Consumer mortgages 12,393 6,785 15,054 34,232 2,609,734 2,643,966 3,439 Home equity 2,771 670 2,959 6,400 622,446 628,846 - Agricultural 969 354 247 1,570 243,807 245,377 - Commercial and industrial-owner occupied 2,551 530 4,342 7,423 1,756,842 1,764,265 - Construction, acquisition and development 2,101 440 1,443 3,984 1,153,264 1,157,248 14 Commercial real estate 312 933 11,211 12,456 2,225,263 2,237,719 - Credit cards 466 297 501 1,264 108,392 109,656 472 All other 550 148 230 928 411,691 412,619 - Total $ 25,344 $ 11,767 $ 45,139 $ 82,250 $ 10,729,741 $ 10,811,991 $ 3,983 2015 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 $ 2,038 $ 817 $ 4,731 $ 7,586 $ 1,740,188 $ 1,747,774 $ 60 Real estate Consumer mortgages 13,827 4,692 13,604 32,123 2,440,079 2,472,202 1,655 Home equity 2,589 268 1,896 4,753 584,999 589,752 - Agricultural 176 139 - 315 259,045 259,360 - Commercial and industrial-owner occupied 1,189 3,105 4,034 8,328 1,609,101 1,617,429 - Construction, acquisition and development 1,017 207 2,409 3,633 941,412 945,045 - Commercial real estate 2,840 187 6,286 9,313 2,178,735 2,188,048 - Credit cards 420 343 323 1,086 111,079 112,165 298 All other 628 262 105 995 440,008 441,003 - Total $ 24,724 $ 10,020 $ 33,388 $ 68,132 $ 10,304,646 $ 10,372,778 $ 2,013 |
Loan and lease portfolio, net of unearned income, by segment, class and internally assigned grade | December 31, 2016 Special Pass Mention Substandard Doubtful Loss Impaired (1) Total (In thousands) Commercial and industrial $ 1,562,263 $ - $ 41,618 $ 100 $ - $ 8,314 $ 1,612,295 Real estate Consumer mortgages 2,579,905 522 61,602 282 - 1,655 2,643,966 Home equity 616,758 - 11,231 - - 857 628,846 Agricultural 233,939 - 10,577 - - 861 245,377 Commercial and industrial-owner occupied 1,705,266 3,668 47,010 - - 8,321 1,764,265 Construction, acquisition and development 1,135,618 - 15,697 - - 5,933 1,157,248 Commercial real estate 2,179,318 634 45,471 - - 12,296 2,237,719 Credit cards 109,656 - - - - - 109,656 All other 405,611 - 7,008 - - - 412,619 Total $ 10,528,334 $ 4,824 $ 240,214 $ 382 $ - $ 38,237 $ 10,811,991 (1) Impaired loans are shown exclusive of accruing troubled debt restructurings and $2.2 million of non accruing TDRs. December 31, 2015 Special Pass Mention Substandard Doubtful Loss Impaired (1) Total (In thousands) Commercial and industrial $ 1,721,118 $ - $ 19,529 $ - $ - $ 7,127 $ 1,747,774 Real estate Consumer mortgages 2,399,081 - 68,768 363 - 3,990 2,472,202 Home equity 577,539 - 10,418 - - 1,795 589,752 Agricultural 250,579 - 7,909 - - 872 259,360 Commercial and industrial-owner occupied 1,554,984 - 50,304 - - 12,141 1,617,429 Construction, acquisition and development 920,372 - 17,090 - - 7,583 945,045 Commercial real estate 2,124,448 - 45,658 161 - 17,781 2,188,048 Credit cards 112,165 - - - - - 112,165 All other 433,333 - 7,465 102 - 103 441,003 Total $ 10,093,619 $ - $ 227,141 $ 626 $ - $ 51,392 $ 10,372,778 (1) Impaired loans are shown exclusive of accruing troubled debt restructurings and $2.6 million of non accruing TDRs. |
Impaired loans and leases, net of unearned income, by segment and class | December 31, 2016 Unpaid Recorded Principal Related Investment Balance of Allowance Average Interest in Impaired Impaired for Credit Recorded Income Loans (1) Loans Losses Investment Recognized (In thousands) With no related allowance: Commercial and industrial $ 6,222 $ 11,856 $ - $ 6,394 $ 72 Real estate Consumer mortgages 1,655 2,305 - 1,851 22 Home equity 857 1,600 - 1,176 9 Agricultural 861 919 - 440 8 Commercial and industrial-owner occupied 8,321 9,520 - 10,314 355 Construction, acquisition and development 4,803 4,803 - 5,379 4 Commercial real estate 2,646 2,646 - 4,391 94 All other - - - - - Total $ 25,365 $ 33,649 $ - $ 29,945 $ 564 With an allowance: Commercial and industrial $ 2,092 $ 2,092 $ 1,837 $ 1,190 $ 20 Real estate Consumer mortgages - - - 431 - Home equity - - - 367 1 Agricultural - - - 352 - Commercial and industrial-owner occupied - - - 741 - Construction, acquisition and development 1,130 1,130 35 739 10 Commercial real estate 9,650 9,650 2,481 9,868 203 All other - - - - - Total $ 12,872 $ 12,872 $ 4,353 $ 13,688 $ 234 Total: Commercial and industrial $ 8,314 $ 13,948 $ 1,837 $ 7,584 $ 92 Real estate Consumer mortgages 1,655 2,305 - 2,282 22 Home equity 857 1,600 - 1,543 10 Agricultural 861 919 - 792 8 Commercial and industrial-owner occupied 8,321 9,520 - 11,055 355 Construction, acquisition and development 5,933 5,933 35 6,118 14 Commercial real estate 12,296 12,296 2,481 14,259 297 All other - - - - - Total $ 38,237 $ 46,521 $ 4,353 $ 43,633 $ 798 (1) Excludes $2.2 million of non-accruing TDRs . ( December 31, 2015 Unpaid Recorded Principal Related Investment Balance of Allowance Average Interest in Impaired Impaired for Credit Recorded Income Loans (1) Loans Losses Investment Recognized (In thousands) With no related allowance: Commercial and industrial $ 7,055 $ 13,986 $ - $ 3,749 $ 95 Real estate Consumer mortgages 3,990 4,545 - 3,579 76 Home equity 1,795 1,795 - 744 7 Agricultural 322 380 - 142 6 Commercial and industrial-owner occupied 12,141 13,332 - 6,904 226 Construction, acquisition and development 5,969 6,052 - 3,553 25 Commercial real estate 5,017 6,879 - 7,944 202 All other 103 103 - 172 3 Total $ 36,392 $ 47,072 $ - $ 26,787 $ 640 With an allowance: Commercial and industrial $ 72 $ 383 $ 78 $ 3,635 $ 84 Real estate Consumer mortgages - - - 368 9 Home equity - - - 668 15 Agricultural 550 550 159 47 - Commercial and industrial-owner occupied - - 326 1,866 51 Construction, acquisition and development 1,614 1,614 677 300 - Commercial real estate 12,764 13,185 1,110 3,582 44 All other - - - - - Total $ 15,000 $ 15,732 $ 2,350 $ 10,466 $ 203 Total: Commercial and industrial $ 7,127 $ 14,369 $ 78 $ 7,384 $ 179 Real estate Consumer mortgages 3,990 4,545 - 3,947 85 Home equity 1,795 1,795 - 1,412 22 Agricultural 872 930 159 189 6 Commercial and industrial-owner occupied 12,141 13,332 326 8,770 277 Construction, acquisition and development 7,583 7,666 677 3,853 25 Commercial real estate 17,781 20,064 1,110 11,526 246 All other 103 103 - 172 3 Total $ 51,392 $ 62,804 $ 2,350 $ 37,253 $ 843 (1) Excludes $2.6 million of non accruing TDRs. The following tables provide details regarding impaired loans and leases, net of unearned income, which include accruing TDRs, by segment and class as of and for the year ended December 31, 2016 and 2015: December 31, 2016 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 $ 6,222 $ 11,856 $ - $ 6,394 $ 72 Real estate Consumer mortgages 1,655 2,305 - 1,851 22 Home equity 857 1,600 - 1,176 9 Agricultural 861 919 - 440 8 Commercial and industrial-owner occupied 8,321 9,520 - 10,314 355 Construction, acquisition and development 4,803 4,803 - 5,379 4 Commercial real estate 2,646 2,646 - 4,391 94 All other - - - - - Total $ 25,365 $ 33,649 $ - $ 29,945 $ 564 With an allowance: Commercial and industrial $ 12,401 $ 12,424 $ 1,938 $ 4,045 $ 160 Real estate Consumer mortgages 2,453 2,734 300 2,241 55 Home equity 3 13 1 377 1 Agricultural 76 76 1 424 4 Commercial and industrial-owner occupied 4,937 5,406 103 4,643 124 Construction, acquisition and development 1,373 1,373 47 1,551 35 Commercial real estate 16,187 16,400 2,532 12,888 336 Credit cards 823 823 58 881 347 All other 2,890 2,927 23 1,894 78 Total $ 41,143 $ 42,176 $ 5,003 $ 28,944 $ 1,140 Total: Commercial and industrial $ 18,623 $ 24,280 $ 1,938 $ 10,439 $ 232 Real estate Consumer mortgages 4,108 5,039 300 4,092 77 Home equity 860 1,613 1 1,553 10 Agricultural 937 995 1 864 12 Commercial and industrial-owner occupied 13,258 14,926 103 14,957 479 Construction, acquisition and development 6,176 6,176 47 6,930 39 Commercial real estate 18,833 19,046 2,532 17,279 430 Credit cards 823 823 58 881 347 All other 2,890 2,927 23 1,894 78 Total $ 66,508 $ 75,825 $ 5,003 $ 58,889 $ 1,704 December 31, 2015 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 $ 7,055 $ 13,986 $ - $ 3,749 $ 95 Real estate Consumer mortgages 3,990 4,545 - 3,579 76 Home equity 1,795 1,795 - 744 7 Agricultural 322 380 - 142 6 Commercial and industrial-owner occupied 12,141 13,332 - 6,904 226 Construction, acquisition and development 5,969 6,052 - 3,553 25 Commercial real estate 5,017 6,879 - 7,944 202 All other 103 103 - 172 3 Total $ 36,392 $ 47,072 $ - $ 26,787 $ 640 With an allowance: Commercial and industrial $ 968 $ 1,294 $ 181 $ 4,251 $ 114 Real estate Consumer mortgages 1,787 1,896 226 2,056 75 Home equity 20 30 3 674 15 Agricultural 586 586 162 56 - Commercial and industrial-owner occupied 5,900 6,245 518 6,816 235 Construction, acquisition and development 3,328 3,328 721 1,759 42 Commercial real estate 13,616 14,250 1,217 7,802 187 Credit cards 939 939 34 1,024 102 All other 405 604 30 213 7 Total $ 27,549 $ 29,172 $ 3,092 $ 24,651 $ 777 Total: Commercial and industrial $ 8,023 $ 15,280 $ 181 $ 8,000 $ 209 Real estate Consumer mortgages 5,777 6,441 226 5,635 151 Home equity 1,815 1,825 3 1,418 22 Agricultural 908 966 162 198 6 Commercial and industrial-owner occupied 18,041 19,577 518 13,720 461 Construction, acquisition and development 9,297 9,380 721 5,312 67 Commercial real estate 18,633 21,129 1,217 15,746 389 Credit cards 939 939 34 1,024 102 All other 508 707 30 385 10 Total $ 63,941 $ 76,244 $ 3,092 $ 51,438 $ 1,417 |
Non-performing loans and leases | 2016 2015 (In thousands) Non-accrual loans and leases $ 71,812 $ 83,028 Loans and leases 90 days or more past due, still accruing 3,983 2,013 Restructured loans and leases still accruing 26,047 9,876 Total $ 101,842 $ 94,917 |
Nonaccrual loans and leases by segment and class | 2016 2015 (In thousands) Commercial and industrial $ 13,679 $ 8,493 Real estate Consumer mortgages 21,084 21,637 Home equity 3,817 4,021 Agricultural 1,546 921 Commercial and industrial-owner occupied 10,791 16,512 Construction, acquisition and development 7,022 9,130 Commercial real estate 13,402 21,741 Credit cards 161 188 All other 310 385 Total $ 71,812 $ 83,028 |
Troubled debt restructurings | The following tables summarize the financial effect of TDRs for the years ended December 31, 2016 and 2015: December 31, 2016 Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Commercial and industrial 25 $ 14,469 $ 14,305 Real estate Consumer mortgages 16 1,429 1,354 Home equity 1 3 3 Agricultural 2 79 79 Commercial and industrial-owner occupied 10 4,344 4,331 Commercial real estate 5 8,931 6,702 All other 8 3,622 3,608 Total 67 $ 32,877 $ 30,382 : December 31, 2015 Pre-Modification Post-Modification Number Outstanding Outstanding of Recorded Recorded Contracts Investment Investment (Dollars in thousands) Commercial and industrial 11 $ 1,472 $ 1,452 Real estate Consumer mortgages 21 1,230 1,144 Home equity 1 20 20 Agricultural 3 37 36 Commercial and industrial-owner occupied 13 6,357 6,329 Construction, acquisition and development 3 217 215 Commercial real estate 9 12,565 12,144 All other 7 94 88 Total 68 $ 21,992 $ 21,428 The following tables summarize TDRs modified within 2016 and 2015 for which there was a payment default during the indicated year (i.e., 30 days or more past due at any given time during 2016 or 2015): Year Ended December 31, 2016 Number of Recorded Contracts Investment (Dollars in thousands) Commercial and industrial 8 $ 3,804 Real estate Consumer mortgages 7 597 Commercial and industrial-owner occupied 2 532 Construction, acquisition and development 1 14 Commercial real estate 1 9,336 All other 2 20 Total 21 $ 14,303 Year Ended December 31, 2015 Number of Recorded Contracts Investment (Dollars in thousands) Commercial and industrial 1 $ 84 Real estate Consumer mortgages 4 226 Agricultural 1 20 Commercial and industrial-owner occupied 1 517 Commercial real estate 2 197 Total 9 $ 1,044 |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
ALLOWANCE FOR CREDIT LOSSES [Abstract] | |
Summary Of Changes In Allowance For Credit Losses | 2016 2015 2014 (In thousands) Balance at beginning of year $ 126,458 $ 142,443 $ 153,236 Provision charged to expense 4,000 (13,000) - Recoveries 10,297 23,734 14,234 Loans and leases charged off (17,019) (26,719) (25,027) Balance at end of year $ 123,736 $ 126,458 $ 142,443 |
Changes in the Allowance for Credit Losses by Segment and Class | 2016 Balance, Balance, Beginning of End of Period Charge-offs Recoveries Provision Period (In thousands) Commercial and industrial $ 17,583 $ (4,551) $ 1,833 $ 4,305 $ 19,170 Real estate Consumer mortgages 33,198 (2,687) 1,694 (1,819) 30,386 Home equity 6,949 (1,884) 506 1,603 7,174 Agricultural 2,524 (110) 175 (417) 2,172 Commercial and industrial-owner occupied 14,607 (1,095) 544 (1,157) 12,899 Construction, acquisition and development 15,925 (521) 1,373 (2,820) 13,957 Commercial real estate 25,508 (1,129) 2,411 (1,945) 24,845 Credit cards 4,047 (2,845) 850 5,735 7,787 All other 6,117 (2,197) 911 515 5,346 Total $ 126,458 $ (17,019) $ 10,297 $ 4,000 $ 123,736 2015 Balance, Balance, Beginning of End of Period Charge-offs Recoveries Provision Period (In thousands) Commercial and industrial $ 21,419 $ (10,022) $ 2,035 $ 4,151 $ 17,583 Real estate Consumer mortgages 40,015 (3,995) 2,693 (5,515) 33,198 Home equity 9,542 (1,204) 639 (2,028) 6,949 Agricultural 3,420 (33) 384 (1,247) 2,524 Commercial and industrial-owner occupied 16,325 (1,800) 2,834 (2,752) 14,607 Construction, acquisition and development 9,885 (1,039) 11,727 (4,648) 15,925 Commercial real estate 23,562 (3,723) 1,656 4,013 25,508 Credit cards 6,514 (2,632) 658 (493) 4,047 All other 11,761 (2,271) 1,108 (4,481) 6,117 Total $ 142,443 $ (26,719) $ 23,734 $ (13,000) $ 126,458 |
Allowance for Credit Losses by Segment, Class and Impairment Status | December 31, 2016 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 $ 8,314 $ 1,837 $ 17,333 $ 19,170 Real estate Consumer mortgages 1,655 - 30,386 30,386 Home equity 857 - 7,174 7,174 Agricultural 861 - 2,172 2,172 Commercial and industrial-owner occupied 8,321 - 12,899 12,899 Construction, acquisition and development 5,933 35 13,922 13,957 Commercial real estate 12,296 2,481 22,364 24,845 Credit cards - - 7,787 7,787 All other - - 5,346 5,346 Total $ 38,237 $ 4,353 $ 119,383 $ 123,736 December 31, 2015 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 $ 7,127 $ 78 $ 17,505 $ 17,583 Real estate Consumer mortgages 3,990 - 33,198 33,198 Home equity 1,795 - 6,949 6,949 Agricultural 872 159 2,365 2,524 Commercial and industrial-owner occupied 12,141 326 14,281 14,607 Construction, acquisition and development 7,583 677 15,248 15,925 Commercial real estate 17,781 1,110 24,398 25,508 Credit cards - - 4,047 4,047 All other 103 - 6,117 6,117 Total $ 51,392 $ 2,350 $ 124,108 $ 126,458 |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
OTHER REAL ESTATE OWNED [Abstract] | |
Activity in Other Real Estate Owned | 2016 2015 (In thousands) Balance at beginning of year $ 14,759 $ 33,984 Additions to foreclosed properties New foreclosed properties 9,752 7,422 Reductions in foreclosed properties Sales including realized gains and losses, net (14,183) (20,649) Writedowns for unrealized losses (2,518) (5,998) Balance at end of year $ 7,810 $ 14,759 |
Other Real Estate Owned By Geographical Location, Segment and Class | December 31, 2016 2015 (In thousands) Commercial and industrial $ - $ 84 Real estate Consumer mortgages 857 2,477 Home equity 39 101 Agricultural 22 25 Commercial and industrial-owner occupied 1,958 1,074 Construction, acquisition and development 3,746 10,212 Commercial real estate 1,128 678 All other 60 108 Total $ 7,810 $ 14,759 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PREMISES AND EQUIPMENT [Abstract] | |
Summary By Asset Classification | Estimated Useful Life (Years) 2016 2015 (In thousands) Land N/A $ 78,941 $ 78,908 Buildings and improvements 10-40 337,216 335,304 Leasehold improvements 10-39 10,603 10,795 Equipment, furniture and fixtures 3-12 291,842 279,854 Construction in progress N/A 20,365 21,123 Subtotal 738,967 725,984 Accumulated depreciation and amortization 433,406 417,859 Premises and equipment, net $ 305,561 $ 308,125 |
GOODWILL AND OTHER INTANGIBLE40
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Goodwill Carrying Amounts by Operating Segment | 2016 Community Insurance Banking Agencies Total (In thousands) Balance as of January 1, 2016 $ 217,618 $ 73,880 $ 291,498 Goodwill recorded during the year - 9,300 9,300 Balance as of December 31, 2016 $ 217,618 $ 83,180 $ 300,798 2015 Community Insurance Banking Agencies Total (In thousands) Balance as of January 1, 2015 $ 217,618 $ 73,880 $ 291,498 Goodwill recorded during the year - - - Balance as of December 31, 2015 $ 217,618 $ 73,880 $ 291,498 |
Carrying Value and Accumulated Amortization of Identifiable Intangible Assets | December 31, 2016 December 31, 2015 Gross Carrying Accumulated Gross Carrying Accumulated Amount Amortization Amount Amortization Amortized intangible assets: (In thousands) Core deposit intangibles $ 27,801 $ 23,721 $ 27,801 $ 23,269 Customer relationship intangibles 46,568 30,406 49,639 34,922 Non-solicitation intangibles 1,850 886 1,650 1,042 Total $ 76,219 $ 55,013 $ 79,090 $ 59,233 Unamortized intangible assets: Trade names $ 688 $ - $ 688 $ - |
Aggregate Amortization Expense | Year Ended December 31, 2016 2015 2014 Aggregate amortization expense for: (In thousands) Core deposit intangibles $ 452 $ 487 $ 526 Customer relationship intangibles 2,890 3,101 3,492 Non-solicitation intangibles 294 375 425 Total $ 3,636 $ 3,963 $ 4,443 |
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, 2017 $ 419 $ 3,147 $ 448 $ 4,014 For the year ending December 31, 2018 390 2,696 419 3,505 For the year ending December 31, 2019 363 2,298 97 2,758 For the year ending December 31, 2020 340 1,844 - 2,184 For the year ending December 31, 2021 251 1,591 - 1,842 |
TIME DEPOSITS AND SHORT-TERM 41
TIME DEPOSITS AND SHORT-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
TIME DEPOSITS AND SHORT-TERM DEBT [Abstract] | |
Maturities Of Time Deposits | Maturing in Amount (In thousands) 2018 $ 274,928 2019 181,176 2020 181,906 2021 230,580 2022 111 Thereafter - Total $ 868,701 |
Short-Term Debt Disclosure | 2016 Maximum End of Period Daily Average Outstanding Interest Interest at any Balance Rate Balance Rate Month End (Dollars in thousands) Federal funds purchased $ - - % $ 1,678 0.51 % $ - Securities sold under agreement to repurchase 454,002 0.26 449,672 0.15 562,614 Short-term FHLB advances 92,000 0.55 4,658 0.44 92,000 Total $ 546,002 $ 456,008 $ 654,614 2015 Maximum End of Period Daily Average Outstanding Interest Interest at any Balance Rate Balance Rate Month End (Dollars in thousands) Federal funds purchased $ - - % $ 10,066 0.17 % $ 25,000 Securities sold under agreement to repurchase 405,937 0.12 416,172 0.09 558,107 Short-term FHLB advances 62,000 0.31 45,122 0.37 224,500 Total $ 467,937 $ 471,360 $ 807,607 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 4.83 3,108 2.60 3,500 Total $ 391,666 $ 444,230 $ 582,663 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
LONG-TERM DEBT [Abstract] | |
FHLB Fixed Term Advances, Repayment Summary | Final due date Interest rate Amount (In thousands) 2018 variable $ 500,000 2019 4.08% 30,000 Total $ 530,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
INCOME TAXES [Abstract] | |
Income Tax Allocation | 2016 2015 2014 (In thousands) Income tax expense $ 63,716 $ 59,248 $ 50,652 Shareholders' equity for other comprehensive income (loss) (5,655) 1,145 (8,481) Shareholders' equity for stock option plans (1,484) (1,079) (1,856) Total $ 56,577 $ 59,314 $ 40,315 |
Components Of Income Tax (Benefit) Expense | 2016 2015 2014 Current: (In thousands) Federal $ 46,836 $ 62,369 $ 51,014 State 6,359 8,235 7,201 Deferred: Federal 9,361 (10,391) (6,870) State 1,160 (965) (693) Total $ 63,716 $ 59,248 $ 50,652 |
Income Tax Reconciliation | 2016 2015 2014 (In thousands) Tax expense at statutory rates $ 68,755 $ 65,359 $ 58,591 Increase (decrease) in taxes resulting from: State income taxes, net of federal tax benefit 4,875 4,709 4,230 Tax-exempt interest revenue (6,269) (6,881) (7,371) Tax-exempt earnings on life insurance (2,655) (2,589) (3,076) Deductible dividends paid on 401(k) plan (737) (617) (458) Tax credits (1,999) (1,871) (1,771) Penalties 1,065 1 - Meals and entertainment 469 481 486 Other, net 212 656 21 Total $ 63,716 $ 59,248 $ 50,652 |
Deferred Tax Assets and Deferred Tax Liabilities | 2016 2015 Deferred tax assets: (In thousands) Loans, principally due to allowance for credit losses $ 46,721 $ 47,825 Other real estate owned 989 3,069 Mark to market - securities 4,153 4,160 Accrued liabilities, principally due to compensation arrangements and vacation accruals 15,149 24,153 Other 84 106 Unrecognized pension expense 35,407 34,654 Total gross deferred tax assets 102,503 113,967 Less: valuation allowance - - Deferred tax assets $ 102,503 $ 113,967 Deferred tax liabilities: Lease transactions $ 14,302 $ 18,868 Employment benefits 1,382 736 Premises and equipment, principally due to differences in depreciation 17,418 19,294 Mortgage servicing rights 24,638 21,652 Intangible assets 11,972 11,310 Investments, principally due to interest income recognition 1,974 2,387 Deferred loan points 6,065 4,785 Other assets, principally due to expense recognition 9 9 Unrealized net gains on available-for-sale securities 3,861 8,764 Total gross deferred tax liabilities 81,621 87,805 Net deferred tax assets $ 20,882 $ 26,162 |
PENSION, OTHER POST RETIREMEN44
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS [Abstract] | |
Summary Of Defined Benefit Retirement Plans | Pension Benefits 2016 2015 2014 Change in benefit obligations: (In thousands) Projected benefit obligations at beginning of year $ 259,511 $ 263,497 $ 201,696 Service cost 8,852 10,460 8,936 Interest cost 9,364 10,351 9,358 Actuarial (gain) loss 9,302 (14,308) 53,131 Benefits paid (10,343) (10,078) (9,029) Administrative expenses paid (702) (411) (595) Projected benefit obligations at end of year $ 275,984 $ 259,511 $ 263,497 Change in plans' assets: Fair value of plans' assets at beginning of year $ 195,019 $ 201,352 $ 196,447 Actual return on assets 11,745 1,761 12,525 Employer contributions 19,395 2,395 2,004 Benefits paid (10,343) (10,078) (9,029) Administrative expenses paid (702) (411) (595) Fair value of plans' assets at end of year $ 215,114 $ 195,019 $ 201,352 Funded status: Projected benefit obligations $ (275,984) $ (259,511) $ (263,497) Fair value of plans' assets 215,114 195,019 201,352 Net amount recognized $ (60,870) $ (64,492) $ (62,145) |
Amounts Recognized In The Consolidated Balance Sheets | Pension Benefits 2016 2015 2014 (In thousands) Prepaid benefit cost $ 57,048 $ 50,724 $ 64,838 Accrued benefit liability (25,352) (24,617) (23,902) Accumulated other comprehensive loss adjustment (92,566) (90,599) (103,081) Net amount recognized $ (60,870) $ (64,492) $ (62,145) |
Pre-Tax Amounts Recognized In Accumulated Other Comprehensive Income | December 31, 2016 2015 (In thousands) Net prior service benefit $ (3,162) $ (3,880) Net actuarial loss 95,728 94,479 Total accumulated other comprehensive loss $ 92,566 $ 90,599 |
Components Of Net Periodic Benefit Cost | Pension Benefits 2016 2015 2014 Components of net periodic benefit cost: (In thousands) Service cost $ 8,852 $ 10,460 $ 8,936 Interest cost 9,364 10,351 9,358 Expected return on assets (10,453) (10,775) (10,534) Amortization of unrecognized transition amount - - 18 Recognized prior service benefit (718) (718) (768) Recognized net loss 6,761 7,905 3,702 Net periodic benefit cost $ 13,806 $ 17,223 $ 10,712 |
Weighted-Average Assumptions Used To Determine Benefit Obligation And Net Periodic Benefit Cost | Basic Plan Restoration Plan Supplemental Plan 2016 2015 2016 2015 2016 2015 Discount rate 4.10% 4.44% 3.94% 4.20% 3.35% 3.40% 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, 2016, 2015 and 2014 were as follows: Basic Plan 2016 2015 2014 Discount rate 4.44% 4.10% 4.90% Rate of compensation increase 3.00% 3.00% 3.00% Expected rate of return on plan assets 5.50% 5.50% 5.50% Restoration Plan 2016 2015 2014 Discount rate 4.20% 3.90% 4.50% 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 2016 2015 2014 Discount rate 3.40% 3.10% 3.65% 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 | 2016 2015 (In thousands) Projected benefit obligation $ 275,984 $ 259,511 Accumulated benefit obligation 274,326 252,949 Fair value of assets 215,114 195,019 |
Weighted-Average Asset Allocation | Plan assets at December 31 Target for Asset category: 2016 2015 2017 Equity securities 42% 33% 45% Debt securities 53% 66% 55% Cash and equivalents 5% 1% 0% Total 100% 100% |
Expected Future Benefit Payments | Pension Benefits Expected future benefit payments: (In thousands) 2017 $ 13,248 2018 14,733 2019 15,613 2020 15,567 2021 16,383 2022-2026 83,353 |
Fair Value Of Plan Assets | Pension Benefits 2016 2015 Investments, at fair value: (In thousands) Cash $ 4,650 $ - U.S. agency debt obligations 43,533 65,406 Mutual funds 132,580 118,313 Common stock of BancorpSouth, Inc. 2,554 1,974 Money market funds 6,045 1,761 Brokered certificates of deposit 25,166 6,957 Total investments, at fair value 214,528 194,411 Accrued interest and dividends 586 608 Fair value of plan assets $ 215,114 $ 195,019 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 Measurement (“FASB ASC 820”), fair value hierarchy, the plan investments at fair value as of December 31, 2016 and 2015: December 31, 2016 Level 1 Level 2 Level 3 Total (In thousands) Cash $ 4,650 $ - $ - $ 4,650 U.S. agency debt obligations - 43,533 - 43,533 Mutual funds 132,580 - - 132,580 Common stock of BancorpSouth, Inc. 2,554 - - 2,554 Money market funds - 6,045 - 6,045 Brokered certificates of deposit - 25,166 - 25,166 Total $ 139,784 $ 74,744 $ - $ 214,528 December 31, 2015 Level 1 Level 2 Level 3 Total (In thousands) U.S. agency debt obligations $ - $ 65,406 $ - $ 65,406 Mutual funds 118,313 - - 118,313 Common stock of BancorpSouth, Inc. 1,974 - - 1,974 Money market funds - 1,761 - 1,761 Brokered certificates of deposit - 6,957 - 6,957 Total $ 120,287 $ 74,124 $ - $ 194,411 |
Investments Representing 5% Or More Of Total Plan Asset Value | 2016 (In thousands) Fidelity Advisor New Insights Institutional Fund $ 15,411 Fidelity Total Bond 10,733 Franklin Mutual Discovery Z Fund 12,450 T. Rowe Price Growth Stock Fund 11,080 Pioneer Multi-Asset Floating Rate Fund 24,662 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
FAIR VALUE DISCLOSURES [Abstract] | |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | December 31, 2016 Level 1 Level 2 Level 3 Total Assets: (In thousands) Available-for-sale securities: U.S. Government agencies $ - $ 1,789,427 $ - $ 1,789,427 U.S. Government agency issued residential mortgage-back securities - 176,243 - 176,243 U.S. Government agency issued commercial mortgage-back securities - 172,279 - 172,279 Obligations of states and political subdivisions - 360,005 - 360,005 Other 1,218 32,504 - 33,722 Mortgage servicing rights - - 65,263 65,263 Derivative instruments - - 15,761 15,761 Loans held for sale - 166,927 - 166,927 Total $ 1,218 $ 2,697,385 $ 81,024 $ 2,779,627 Liabilities: Derivative instruments $ - $ - $ 9,623 $ 9,623 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: (In thousands) Available-for-sale securities: U.S. Government agencies $ - $ 1,244,640 $ - $ 1,244,640 U.S. Government agency issued residential mortgage-back securities - 140,540 - 140,540 U.S. Government agency issued commercial mortgage-back securities - 260,693 - 260,693 Obligations of states and political subdivisions - 417,499 - 417,499 Other 776 18,181 - 18,957 Mortgage servicing rights - - 57,268 57,268 Derivative instruments - - 19,508 19,508 Loans held for sale - 157,907 - 157,907 Total $ 776 $ 2,239,460 $ 76,776 $ 2,317,012 Liabilities: Derivative instruments $ - $ - $ 16,251 $ 16,251 |
Changes In Level Three Assets and Liabilities Measured At Fair Value On A Recurring Basis | Mortgage Servicing Derivative Rights Instruments (In thousands) Balance at December 31, 2015 $ 57,268 $ 3,257 Total net gains for the year included in: Net (loss) gain (6,711) 2,881 Other comprehensive income - - Additions 14,706 - Transfers in and/or out of Level 3 - - Balance at December 31, 2016 $ 65,263 $ 6,138 Net unrealized gains (losses) included in net income for the year relating to Level 3 assets and liabilities at December 31, 2016 $ 1,526 $ 2,881 Mortgage Servicing Derivative Rights Instruments (In thousands) Balance at December 31, 2014 $ 51,296 $ 623 Total net gains for the year included in: Net (loss) gain (8,167) 2,634 Other comprehensive income - - Additions 14,139 - Transfers in and/or out of Level 3 - - Balance at December 31, 2015 $ 57,268 $ 3,257 Net unrealized gains (losses) included in net income for the year relating to Level 3 assets and liabilities at December 31, 2015 $ (1,161) $ 2,634 |
Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis | December 31, 2016 Year ended December 31, 2016 Level 1 Level 2 Level 3 Total Net Losses Assets: (In thousands) Impaired loans - - $ 38,237 $ 38,237 $ (2,560) Other real estate owned - - 7,810 7,810 (653) December 31, 2015 Year ended December 31, 2015 Level 1 Level 2 Level 3 Total Net Losses Assets: (In thousands) Impaired loans - - $ 51,392 $ 51,392 $ (12,323) Other real estate owned - - 14,759 14,759 (2,543) |
Carrying And Fair Value Information | 2016 2015 Carrying Fair Carrying Fair Value Value Value Value Assets: (In thousands) Cash and due from banks $ 184,152 $ 184,152 $ 154,192 $ 154,192 Interest bearing deposits with other banks 38,813 38,813 43,777 43,777 Available for sale securities 2,531,676 2,531,676 2,082,329 2,082,329 Net loans and leases 10,688,255 10,692,820 10,246,320 10,331,043 Loans held for sale 166,927 166,927 157,907 157,907 Liabilities: Noninterest bearing deposits 3,250,537 3,250,537 3,031,528 3,031,528 Savings and interest bearing deposits 6,596,289 6,596,289 6,446,142 6,446,142 Other time deposits 1,841,315 1,857,506 1,853,491 1,867,034 Federal funds purchased and securities sold under agreement to repurchase and other short-term borrowings 546,002 545,002 467,946 467,263 Long-term debt and other borrowings 542,888 547,273 92,973 98,502 Derivative instruments: Forward commitments to sell fixed rate mortgage loans 2,903 2,903 109 109 Commitments to fund fixed rate mortgage loans 3,362 3,362 3,390 3,390 Interest rate swap position to receive 9,061 9,061 15,614 15,614 Interest rate swap position to pay (9,175) (9,175) (15,856) (15,856) |
STOCK INCENTIVE AND STOCK OPT46
STOCK INCENTIVE AND STOCK OPTION PLANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
STOCK INCENTIVE AND STOCK OPTION PLANS [Abstract] | |
Stock Option Activity | 2016 Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Exercise Term Value Shares Price (years) (In thousands) Options Outstanding at January 1, 2016 265,398 $ 19.43 Exercised (146,396) 18.94 Expired (41,700) 24.66 Outstanding at December 31, 2016 77,302 $ 17.54 1.0 $ 1,045 Exercisable at December 31, 2016 77,302 $ 17.54 1.0 $ 1,045 2015 Weighted- Average Weighted- Remaining Aggregate Average Contractual Intrinsic Exercise Term Value Shares Price (years) (In thousands) Options Outstanding at January 1, 2015 1,056,977 $ 20.67 Exercised (520,538) 20.06 Cancelled or forfeited (237,286) 23.22 Expired (33,755) 21.93 Outstanding at December 31, 2015 265,398 $ 19.43 1.4 $ 1,268 Exercisable at December 31, 2015 265,398 $ 19.43 1.4 $ 1,268 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 |
Stock Options Outstanding, By Exercise Price Range | Options Outstanding and Exercisable Range of Number Weighted-Avg Weighted-Avg Exercise Prices Outstanding Remaining Life (years) Exercise Price $11.93 to $12.59 24,402 2.1 $ 11.93 $12.60 to $18.86 20,500 0.9 13.25 $18.87 to $24.47 32,400 0.3 24.47 $10.07 to $25.31 77,302 1.0 $ 17.54 |
Restricted Stock Activity | Years Ended December 31, 2016 2015 2014 Weighted Average Weighted Average Weighted Average Shares Grant Date Shares Grant Date Shares Grant Date Fair Value Fair Value Fair Value Nonvested at beginning of year 1,075,543 $ 19.63 1,005,892 $ 18.78 716,156 $ 15.86 Granted 297,251 22.45 273,269 23.16 349,900 23.17 Forfeited (17,253) 20.06 (43,772) 19.28 (53,050) 18.18 Vested (7,113) 16.38 (159,846) 22.48 (7,114) 13 Nonvested at end of year 1,348,428 $ 20.27 1,075,543 $ 19.63 1,005,892 $ 18.78 |
bxs_Nonvested Restricted stock vesting schedule table textblock | Vesting in Number of Shares 2017 24,083 2018 566,700 2019 211,700 2020 268,355 2021 200,090 2022 - 2023 77,500 Total Nonvested Shares 1,348,428 |
EARNINGS PER SHARE AND DIVIDE47
EARNINGS PER SHARE AND DIVIDEND DATA (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
EARNINGS PER SHARE AND DIVIDEND DATA [Abstract] | |
Basic and Diluted Earnings Per Share Computations | 2016 Income Shares Per Share (Numerator) (Denominator) Amount Basic EPS: (In thousands, except per share amounts) Income available to common shareholders $ 132,728 94,219 $ 1.41 Effect of dilutive stock options - 236 Diluted EPS: Income available to common shareholders plus assumed exercise $ 132,728 94,455 $ 1.41 2015 Income Shares Per Share (Numerator) (Denominator) Amount Basic EPS: (In thousands, except per share amounts) Income available to common shareholders $ 127,491 95,825 $ 1.33 Effect of dilutive stock options - 299 Diluted EPS: Income available to common shareholders plus assumed exercise $ 127,491 96,124 $ 1.33 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 |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
OTHER COMPREHENSIVE INCOME [Abstract] | |
Components Of Other Comprehensive Income | 2016 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 $ (12,672) $ 4,854 $ (7,818) Reclassification adjustment for net (gains) losses realized in net income (1) (128) 49 (79) Recognized employee benefit plan net periodic benefit cost (2) (1,967) 752 (1,215) Other comprehensive (loss) income $ (14,767) $ 5,655 $ (9,112) 2015 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 $ (9,340) $ 3,577 $ (5,763) Reclassification adjustment for net (gains) losses realized in net income (1) (136) 52 (84) Recognized employee benefit plan net periodic benefit cost (2) 12,482 (4,774) 7,708 Other comprehensive income (loss) $ 3,006 $ (1,145) $ 1,861 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) income $ (22,208) $ 8,481 $ (13,727) |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
Related party transactions | Amount (In thousands) Loans outstanding at December 31, 2015 $ 16,166 New loans to related parties, net of repayments 6,141 Changes in directors and executive officers (70) Loans outstanding at December 31, 2016 $ 22,237 |
MORTGAGE SERVICING RIGHTS (Tabl
MORTGAGE SERVICING RIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
MORTGAGE SERVICING RIGHTS [Abstract] | |
Data and Assumptions Used in Fair Value Calculation | 2016 2015 2014 (Dollars in thousands) Unpaid principal balance $6,384,649 $6,011,236 $5,686,756 Weighted-average prepayment speed (CPR) 9.4 10.3 11.6 Discount rate (annual percentage) 9.8 9.8 9.8 Weighted-average coupon interest rate (percentage) 3.9 4.0 4.1 Weighted-average remaining maturity (months) 323.0 319.0 314.0 Weighted-average servicing fee (basis points) 26.7 26.6 26.5 |
Activity in Class of Mortgage Servicing Assets | 2016 2015 (In thousands) Fair value at beginning of year $ 57,268 $ 51,296 Additions: Origination of servicing assets 14,706 14,139 Changes in fair value: Due to payoffs/paydowns (8,231) (6,999) Due to change in valuation inputs or assumptions used in the valuation model 1,526 (1,161) Other changes in fair value (6) (7) Fair value at end of year $ 65,263 $ 57,268 |
CAPITAL AND REGULATORY MATTERS
CAPITAL AND REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
REGULATORY MATTERS [Abstract] | |
Summary of Compliance with Regulatory Capital Requirements | 2016 2015 Amount Ratio Amount Ratio (Dollars in thousands) Common Equity Tier 1 capital (to risk-weighted assets) BancorpSouth, Inc. $ 1,467,979 12.23% $ 1,402,041 12.07% BancorpSouth Bank 1,311,542 10.94 1,369,419 11.80 Tier 1 capital (to risk-weighted assets) BancorpSouth, Inc. 1,480,867 12.34 1,425,239 12.27% BancorpSouth Bank 1,311,542 10.94 1,369,419 11.80 Total capital (to risk-weighted assets) BancorpSouth, Inc. 1,605,257 13.38 1,552,280 13.37 BancorpSouth Bank 1,435,932 11.97 1,496,460 12.90 Tier 1 leverage capital (to average assets) BancorpSouth, Inc. 1,480,867 10.32 1,425,239 10.61 BancorpSouth Bank 1,311,542 9.17 1,369,419 10.23 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
SEGMENTS [Abstract] | |
Results of Operations and Selected Financial Information by Operating Segment | Community Banking Insurance Agencies General Corporate and Other Total 2016 (In thousands) Results of Operations Net interest revenue $ 414,706 $ 60 $ 38,686 $ 453,452 Provision for credit losses (641) - 4,641 4,000 Net interest income after provision for credit losses 415,347 60 34,045 449,452 Noninterest revenue 80,996 116,167 81,867 279,030 Noninterest expense 323,939 101,259 106,840 532,038 Income before income taxes 172,404 14,968 9,072 196,444 Income tax expense 57,289 6,031 396 63,716 Net income $ 115,115 $ 8,937 $ 8,676 $ 132,728 Selected Financial Information Total assets $ 10,991,377 $ 213,070 $ 3,519,941 $ 14,724,388 Depreciation and amortization 21,446 4,281 3,537 29,264 Community Banking Insurance Agencies General Corporate and Other Total 2015 (In thousands) Results of Operations Net interest revenue $ 397,204 $ 100 $ 38,378 $ 435,682 Provision for credit losses (12,859) - $ (141) (13,000) Net interest income after provision for credit losses 410,063 100 38,519 448,682 Noninterest revenue 82,938 116,780 78,250 277,968 Noninterest expense 332,920 101,120 105,871 539,911 Income (loss) before income taxes 160,081 15,760 10,898 186,739 Income tax expense (benefit) 51,186 6,363 1,699 59,248 Net income $ 108,895 $ 9,397 $ 9,199 $ 127,491 Selected Financial Information Total assets $ 10,127,861 $ 199,668 $ 3,471,133 $ 13,798,662 Depreciation and amortization 21,874 4,736 3,641 30,251 Community Banking Insurance Agencies General Corporate and Other Total 2014 (In thousands) Results of Operations Net interest revenue $ 381,467 $ 117 $ 35,078 $ 416,662 Provision for credit losses (4,757) - 4,757 - Net interest income after provision for credit losses 386,224 117 30,321 416,662 Noninterest revenue 95,752 115,541 57,853 269,146 Noninterest expense 329,893 97,620 90,893 518,406 Income (loss) before income taxes 152,083 18,038 (2,719) 167,402 Income tax expense (benefit) 47,482 7,255 (4,085) 50,652 Net income (loss) $ 104,601 $ 10,783 $ 1,366 $ 116,750 Selected Financial Information Total assets $ 9,814,879 $ 188,920 $ 3,322,570 $ 13,326,369 Depreciation and amortization 22,603 5,257 3,855 31,715 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
DERIVATIVE INSTRUMENTS [Abstract] | |
Offsetting Of Derivative Assets And Liabilities | December 31, 2016 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 $ 6,701 $ - $ 6,701 $ - $ - $ 6,701 Loan/lease interest rate swaps 9,175 - 9,175 - - 9,175 Total financial assets $ 15,876 $ - $ 15,876 $ - $ - $ 15,876 Financial liabilities: Derivatives: Forward commitments $ 448 $ - $ 448 $ - $ - $ 448 Loan/lease interest rate swaps 9,175 - 9,175 - (9,175) - Repurchase arrangements 454,002 - 454,002 (454,002) - - Total financial liabilities $ 463,625 $ - $ 463,625 $ (454,002) $ (9,175) $ 448 December 31, 2015 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 $ 3,894 $ - $ 3,894 $ - $ - $ 3,894 Loan/lease interest rate swaps 15,856 - 15,856 - - 15,856 Total financial assets $ 19,750 $ - $ 19,750 $ - $ - $ 19,750 Financial liabilities: Derivatives: Forward commitments $ 395 $ - $ 395 $ - $ - $ 395 Loan/lease interest rate swaps 15,856 - 15,856 - (15,856) - Repurchase arrangements 405,937 - 405,937 (405,937) - - Total financial liabilities $ 422,188 $ - $ 422,188 $ (405,937) $ (15,856) $ 395 |
COMMITMENTS AND CONTINGENT LI54
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
COMMITMENTS AND CONTINGENT LIABILITIES [Abstract] | |
Future Minimum Lease Payments | Amount (In thousands) 2017 $ 6,939 2018 4,883 2019 3,806 2020 2,856 2021 2,608 Thereafter 6,305 Total future minimum lease payments $ 27,397 |
CONDENSED PARENT COMPANY INFO55
CONDENSED PARENT COMPANY INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
CONDENSED PARENT COMPANY INFORMATION [Abstract] | |
Condensed Parent Company Information | Condensed Balance Sheets December 31, 2016 2015 Assets: (In thousands) Cash on deposit with subsidiary bank $ 166,593 $ 86,767 Investment in subsidiaries 1,567,834 1,623,640 Other assets 4,846 11,237 Total assets $ 1,739,273 $ 1,721,644 Liabilities and shareholders' equity: Total liabilities $ 15,390 $ 66,200 Shareholders' equity 1,723,883 1,655,444 Total liabilities and shareholders' equity $ 1,739,273 $ 1,721,644 Year Ended December 31, Condensed Statements of Income 2016 2015 2014 (In thousands) Dividends from subsidiaries $ 192,000 $ 100,000 $ 60,000 Other operating income (loss) (404) 1,075 585 Total income 191,596 101,075 60,585 Operating expenses 7,547 8,419 6,867 Income before tax benefit and equity in undistributed earnings 184,049 92,656 53,718 Income tax benefit 3,051 2,818 2,420 Income before equity in undistributed earnings of subsidiaries 187,100 95,474 56,138 Equity in undistributed earnings of subsidiaries (54,372) 32,017 60,612 Net income $ 132,728 $ 127,491 $ 116,750 Year Ended December 31, Condensed Statements of Cash Flows 2016 2015 2014 (In thousands) Operating activities: Net income $ 132,728 $ 127,491 $ 116,750 Adjustments to reconcile net income to net cash provided by (used in) operating activities 60,882 (32,255) (61,862) Net cash provided by operating activities 193,610 95,236 54,888 Financing activities: Cash dividends (42,310) (33,368) (23,983) Redemption of junior subordinated debt (10,310) - (8,248) Advance of long-term debt - - 8,000 Repayment of long-term debt (39,775) (8,373) (8,066) Common stock transactions, net (21,389) (59,998) 13,928 Net cash used in financing activities (113,784) (101,739) (18,369) Increase (decrease) in cash and cash equivalents 79,826 (6,503) 36,519 Cash and cash equivalents at beginning of year 86,767 93,270 56,751 Cash and cash equivalents at end of year $ 166,593 $ 86,767 $ 93,270 |
OTHER NONINTEREST INCOME AND 56
OTHER NONINTEREST INCOME AND EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
OTHER NONINTEREST INCOME AND EXPENSE [Abstract] | |
Other Noninterest Revenue | 2016 2015 2014 (In thousands) Bank-owned life insurance $ 7,585 $ 7,457 $ 8,848 Other miscellaneous income 12,147 12,143 12,883 Total other noninterest income $ 19,732 $ 19,600 $ 21,731 |
Other Noninterest Expense | 2016 2015 2014 (In thousands) Advertising $ 5,044 $ 4,288 $ 4,388 Foreclosed property expense 4,354 7,418 17,071 Telecommunications 5,087 5,226 5,625 Public relations 2,694 2,769 4,101 Data processing 26,835 24,148 23,830 Computer software 11,381 10,500 10,525 Amortization of intangibles 3,635 3,963 4,443 Legal fees 8,543 30,346 9,822 Merger expense 2 25 1,761 Postage and shipping 4,236 4,535 4,745 Other miscellaneous expense 56,684 57,540 57,863 Total other noninterest expense $ 128,495 $ 150,758 $ 144,174 |
SUMMARY OF SIGNIFICANT ACCOUN57
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)loanitem | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Cash Flow Statements [Abstract] | |||
Paid interest | $ 28,800,000 | $ 29,000,000 | $ 35,000,000 |
Income taxes paid | 47,400,000 | 78,400,000 | 60,700,000 |
Unsettled purchases of securities | 10,000,000 | ||
Loans foreclosed and transferred to OREO | 9,800,000 | 7,400,000 | 14,700,000 |
Mortgage Loan Related to Property Sales | 541,000 | 1,500,000 | $ 4,400,000 |
Loans and Leases [Abstract] | |||
Threshold loan amount for which a new appraisal is ordered, when characteristics of potential impairment exist | $ 500,000 | ||
Period over which an appraisal is considered current | 12 months | ||
Impaired loans | $ 38,237,000 | $ 51,392,000 | |
Specific reserves included in the allowance for credit losses | $ 4,400,000 | ||
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 | loan | 25 | 24 | 21 |
Amount of mortgage loans repurchased | $ 1,600,000 | $ 2,000,000 | |
Losses recognized related to repurchased and make whole loans | 451,000 | 442,000 | $ 913,000 |
Amount reserved for potential losses from representation and warranty obligations | $ 1,700,000 | ||
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 | $ 22,300,000 | ||
Derivative Instruments [Abstract] | |||
Notional amount | $ 213,600,000 | $ 255,600,000 | |
Average maturity | 30 months 6 days | 42 months 3 days | |
Average interest receive rate (in hundredths) | 2.90% | 2.60% | |
Average interest pay rate (in hundredths) | 5.60% | 5.60% | |
Stock-Based Compensation [Abstract] | |||
Number of stock-based employee compensation plans | item | 3 | ||
Basic Plan [Member] | |||
Pension and Postretirement Benefits Accounting [Abstract] | |||
Discount rate assumptions for determination of projected benefit obligation (in hundredths) | 4.10% | 4.44% | |
Restoration Plan [Member] | |||
Pension and Postretirement Benefits Accounting [Abstract] | |||
Discount rate assumptions for determination of projected benefit obligation (in hundredths) | 3.94% | 4.20% | |
Supplemental Plan [Member] | |||
Pension and Postretirement Benefits Accounting [Abstract] | |||
Discount rate assumptions for determination of projected benefit obligation (in hundredths) | 3.35% | 3.40% |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) $ in Thousands | Apr. 10, 2014USD ($) | Apr. 10, 2014USD ($) | Dec. 18, 2013USD ($)item | Dec. 31, 2016USD ($)item |
Business Acquisition [Line Items] | ||||
Number of annual installments for additional aggregate consideration | item | 3 | |||
Knox Insurance Group, LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Effective date of business acquisition | Apr. 10, 2014 | |||
Cash paid for business acquisition | $ 7,000 | |||
Additional aggregate consideration | $ 2,400 | $ 2,400 | $ 352 | |
Number of annual installments for additional aggregate consideration | item | 3 | |||
GEM Insurance Agencies, LP [Member] | ||||
Business Acquisition [Line Items] | ||||
Effective date of business acquisition | Dec. 18, 2013 | |||
Cash paid for business acquisition | $ 20,700 | |||
Additional aggregate consideration | $ 6,200 | $ 4,600 |
AVAILABLE-FOR-SALE SECURITIES59
AVAILABLE-FOR-SALE SECURITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 2,521,592 | $ 2,059,445 | |
Gross Unrealized Gains | 21,407 | 28,855 | |
Gross Unrealized Losses | 11,323 | 5,971 | |
Estimated Fair Value | 2,531,676 | 2,082,329 | |
Carrying value of FHLB stock | 32,300 | 18,000 | |
Required investment in FHLB stock | 31,000 | 9,100 | |
Gross gains recognized on available-for-sale securities | 128 | 136 | $ 49 |
Gross losses recognized on available-for-sale securities | $ 12 | ||
Carrying value of available-for-sale securities pledged | 1,600,000 | ||
Available-for-sale securities, amortized cost, by contractual maturity [Abstract] | |||
Maturing in one year or less | 548,060 | ||
Maturing after one year through five years | 1,331,619 | ||
Maturing after five years through ten years | 53,517 | ||
Maturing after ten years | 240,080 | ||
Mortgage-backed securities | 348,316 | ||
Total | 2,521,592 | ||
Available-for-sale securities, estimated fair value, by contractual maturity [Abstract] | |||
Maturing in one year or less | 548,347 | ||
Maturing after one year through five years | 1,326,489 | ||
Maturing after five years through ten years | 54,418 | ||
Maturing after ten years | 253,900 | ||
Mortgage-backed securities | 348,522 | ||
Estimated Fair Value | $ 2,531,676 | 2,082,329 | |
Available-for-sale securities, weighted average yield, by contractual maturity [Abstract] | |||
Maturing in one year or less (in hundredths) | 0.96% | ||
Maturing after one year through five years (in hundredths) | 1.30% | ||
Maturing after five years through ten years (in hundredths) | 5.71% | ||
Maturing after ten years (in hundredths) | 5.47% | ||
Mortgage-backed securities (in hundredths) | 2.13% | ||
Available-for-sale securities with continuous unrealized loss positions [Abstract] | |||
Less Than 12 Months Fair Value | $ 1,330,910 | 1,004,003 | |
Less Than 12 Months Unrealized Losses | 11,083 | 5,403 | |
12 Months or Longer Fair Value | 29,760 | 34,022 | |
12 Months or Longer Unrealized Losses | 240 | 568 | |
Total Fair Value | 1,360,670 | 1,038,025 | |
Total Unrealized Losses | 11,323 | 5,971 | |
Mississippi [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying value of available-for-sale securities pledged | 183,000 | ||
Arkansas [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying value of available-for-sale securities pledged | 54,100 | ||
U.S. Agency Debt Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 1,794,231 | 1,246,261 | |
Gross Unrealized Gains | 1,261 | 826 | |
Gross Unrealized Losses | 6,065 | 2,447 | |
Estimated Fair Value | 1,789,427 | 1,244,640 | |
Available-for-sale securities, estimated fair value, by contractual maturity [Abstract] | |||
Estimated Fair Value | 1,789,427 | 1,244,640 | |
Available-for-sale securities with continuous unrealized loss positions [Abstract] | |||
Less Than 12 Months Fair Value | 1,082,573 | 762,568 | |
Less Than 12 Months Unrealized Losses | 6,065 | 2,447 | |
Total Fair Value | 1,082,573 | 762,568 | |
Total Unrealized Losses | 6,065 | 2,447 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 176,476 | 138,759 | |
Gross Unrealized Gains | 1,665 | 1,957 | |
Gross Unrealized Losses | 1,898 | 176 | |
Estimated Fair Value | 176,243 | 140,540 | |
Available-for-sale securities, estimated fair value, by contractual maturity [Abstract] | |||
Estimated Fair Value | 176,243 | 140,540 | |
Available-for-sale securities with continuous unrealized loss positions [Abstract] | |||
Less Than 12 Months Fair Value | 71,599 | 34,238 | |
Less Than 12 Months Unrealized Losses | 1,783 | 176 | |
12 Months or Longer Fair Value | 15,375 | ||
12 Months or Longer Unrealized Losses | 115 | ||
Total Fair Value | 86,974 | 34,238 | |
Total Unrealized Losses | 1,898 | 176 | |
Government Agency Issued Commercial Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 171,840 | 261,544 | |
Gross Unrealized Gains | 1,648 | 2,414 | |
Gross Unrealized Losses | 1,209 | 3,265 | |
Estimated Fair Value | 172,279 | 260,693 | |
Available-for-sale securities, estimated fair value, by contractual maturity [Abstract] | |||
Estimated Fair Value | 172,279 | 260,693 | |
Available-for-sale securities with continuous unrealized loss positions [Abstract] | |||
Less Than 12 Months Fair Value | 129,940 | 193,621 | |
Less Than 12 Months Unrealized Losses | 1,084 | 2,710 | |
12 Months or Longer Fair Value | 14,385 | 31,166 | |
12 Months or Longer Unrealized Losses | 125 | 555 | |
Total Fair Value | 144,325 | 224,787 | |
Total Unrealized Losses | 1,209 | 3,265 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 346,609 | 394,769 | |
Gross Unrealized Gains | 15,547 | 22,813 | |
Gross Unrealized Losses | 2,151 | 83 | |
Estimated Fair Value | 360,005 | 417,499 | |
Available-for-sale securities, estimated fair value, by contractual maturity [Abstract] | |||
Estimated Fair Value | 360,005 | 417,499 | |
Available-for-sale securities with continuous unrealized loss positions [Abstract] | |||
Less Than 12 Months Fair Value | 46,798 | 13,576 | |
Less Than 12 Months Unrealized Losses | 2,151 | 70 | |
12 Months or Longer Fair Value | 2,856 | ||
12 Months or Longer Unrealized Losses | 13 | ||
Total Fair Value | 46,798 | 16,432 | |
Total Unrealized Losses | 2,151 | 83 | |
Other Available for Sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 32,436 | 18,112 | |
Gross Unrealized Gains | 1,286 | 845 | |
Estimated Fair Value | 33,722 | 18,957 | |
Available-for-sale securities, estimated fair value, by contractual maturity [Abstract] | |||
Estimated Fair Value | $ 33,722 | $ 18,957 |
LOANS AND LEASES (Gross Loans A
LOANS AND LEASES (Gross Loans And Leases By Segment And Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
LOANS AND LEASES [Abstract] | ||
Commercial and industrial | $ 1,615,608 | $ 1,752,273 |
Consumer mortgages | 2,643,966 | 2,472,202 |
Home equity | 628,846 | 589,752 |
Agricultural | 245,377 | 259,360 |
Commercial and industrial - owner occupied | 1,764,265 | 1,617,429 |
Construction, acquisition and development | 1,157,248 | 945,045 |
Commercial real estate | 2,237,719 | 2,188,048 |
Credit Cards | 109,656 | 112,165 |
All other | 432,827 | 468,052 |
Total | $ 10,835,512 | $ 10,404,326 |
LOANS AND LEASES (Loans And Lea
LOANS AND LEASES (Loans And Leases, Net Of Unearned Income By Segment, Class And Geographical Location) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | $ 1,612,295 | ||
Real estate [Abstract] | |||
Consumer mortgages | 2,643,966 | ||
Home equity | 628,846 | ||
Agricultural | 245,377 | ||
Commercial and industrial-owner occupied | 1,764,265 | ||
Construction, acquisition and development | 1,157,248 | ||
Commercial | 2,237,719 | ||
Credit cards | [1] | 109,656 | |
All other | 412,619 | ||
Total | $ 10,811,991 | $ 10,372,778 | |
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 | $ 150,644 | ||
Real estate [Abstract] | |||
Consumer mortgages | 349,488 | ||
Home equity | 98,427 | ||
Agricultural | 6,579 | ||
Commercial and industrial-owner occupied | 200,929 | ||
Construction, acquisition and development | 122,912 | ||
Commercial | 315,091 | ||
All other | 55,318 | ||
Total | 1,299,388 | ||
Arkansas [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 194,141 | ||
Real estate [Abstract] | |||
Consumer mortgages | 320,160 | ||
Home equity | 44,608 | ||
Agricultural | 87,424 | ||
Commercial and industrial-owner occupied | 191,826 | ||
Construction, acquisition and development | 74,124 | ||
Commercial | 374,388 | ||
All other | 43,212 | ||
Total | 1,329,883 | ||
Louisiana [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 181,338 | ||
Real estate [Abstract] | |||
Consumer mortgages | 229,038 | ||
Home equity | 71,030 | ||
Agricultural | 26,624 | ||
Commercial and industrial-owner occupied | 206,321 | ||
Construction, acquisition and development | 53,071 | ||
Commercial | 226,718 | ||
All other | 25,540 | ||
Total | 1,019,680 | ||
Mississippi [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 594,016 | ||
Real estate [Abstract] | |||
Consumer mortgages | 833,535 | ||
Home equity | 230,337 | ||
Agricultural | 67,797 | ||
Commercial and industrial-owner occupied | 713,548 | ||
Construction, acquisition and development | 370,193 | ||
Commercial | 558,378 | ||
All other | 209,058 | ||
Total | 3,576,862 | ||
Missouri [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 78,450 | ||
Real estate [Abstract] | |||
Consumer mortgages | 87,015 | ||
Home equity | 22,734 | ||
Agricultural | 5,481 | ||
Commercial and industrial-owner occupied | 45,248 | ||
Construction, acquisition and development | 25,741 | ||
Commercial | 199,968 | ||
All other | 3,511 | ||
Total | 468,148 | ||
Tennessee [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 122,403 | ||
Real estate [Abstract] | |||
Consumer mortgages | 305,512 | ||
Home equity | 145,079 | ||
Agricultural | 13,482 | ||
Commercial and industrial-owner occupied | 147,034 | ||
Construction, acquisition and development | 176,539 | ||
Commercial | 190,228 | ||
All other | 24,898 | ||
Total | 1,125,175 | ||
Texas [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 225,390 | ||
Real estate [Abstract] | |||
Consumer mortgages | 491,396 | ||
Home equity | 15,070 | ||
Agricultural | 37,950 | ||
Commercial and industrial-owner occupied | 259,359 | ||
Construction, acquisition and development | 334,668 | ||
Commercial | 372,948 | ||
All other | 44,829 | ||
Total | 1,781,610 | ||
Other Geographical Areas [Member] | |||
Loans and leases, net of unearned income [Abstract] | |||
Commercial and industrial | 65,913 | ||
Real estate [Abstract] | |||
Consumer mortgages | 27,822 | ||
Home equity | 1,561 | ||
Agricultural | 40 | ||
Credit cards | [1] | 109,656 | |
All other | 6,253 | ||
Total | $ 211,245 | ||
[1] | Credit card receivables are spread across all geographic regions but are not viewed by the Company's management as part of the geographic breakdown. |
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 ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Aging of loan and lease portfolio [Abstract] | ||
Total Past Due | $ 82,250 | $ 68,132 |
Current | 10,729,741 | 10,304,646 |
Total | 10,811,991 | 10,372,778 |
90 Plus Days Past Due still Accruing | 3,983 | 2,013 |
30 to 59 Days Past Due [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total Past Due | 25,344 | 24,724 |
60 to 89 Days Past Due [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total Past Due | 11,767 | 10,020 |
90 + Days Past Due [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total Past Due | 45,139 | $ 33,388 |
Commercial And Industrial [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total | 1,612,295 | |
Consumer Mortgages [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total | 2,643,966 | |
Home Equity [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total | 628,846 | |
Agricultural [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total | 245,377 | |
Credit Cards [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total | 109,656 | |
All Other [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total | 412,619 | |
Commercial And Industrial-Owner Occupied [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total | 1,764,265 | |
Construction, Acquisition And Development [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total | 1,157,248 | |
Commercial Real Estate [Member] | ||
Aging of loan and lease portfolio [Abstract] | ||
Total | $ 2,237,719 |
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 ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | $ 10,811,991 | $ 10,372,778 |
Alabama and Florida Panhandle [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,299,388 | |
Arkansas [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,329,883 | |
Mississippi [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 3,576,862 | |
Missouri [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 468,148 | |
Texas [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,781,610 | |
Other Geographical Areas [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 211,245 | |
Pass [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 10,528,334 | 10,093,619 |
Special Mention [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 4,824 | |
Substandard [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 240,214 | 227,141 |
Doubtful [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 382 | 626 |
Impaired [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 38,237 | 51,392 |
Commercial And Industrial [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,612,295 | 1,747,774 |
Credit Cards [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 109,656 | 112,165 |
Agricultural [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 259,360 | |
Agricultural [Member] | Pass [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 250,579 | |
Agricultural [Member] | Substandard [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 7,909 | |
Agricultural [Member] | Impaired [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 872 | |
Commercial And Industrial-Owner Occupied [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,617,429 | |
Commercial And Industrial-Owner Occupied [Member] | Pass [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 1,554,984 | |
Commercial And Industrial-Owner Occupied [Member] | Substandard [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 50,304 | |
Commercial And Industrial-Owner Occupied [Member] | Impaired [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 12,141 | |
All Other [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | $ 412,619 | 441,003 |
All Other [Member] | Pass [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 433,333 | |
All Other [Member] | Substandard [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 7,465 | |
All Other [Member] | Doubtful [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 102 | |
All Other [Member] | Impaired [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 103 | |
Construction, Acquisition And Development [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 945,045 | |
Construction, Acquisition And Development [Member] | Pass [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 920,372 | |
Construction, Acquisition And Development [Member] | Substandard [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 17,090 | |
Construction, Acquisition And Development [Member] | Impaired [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 7,583 | |
Commercial Real Estate [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 2,188,048 | |
Commercial Real Estate [Member] | Pass [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 2,124,448 | |
Commercial Real Estate [Member] | Substandard [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 45,658 | |
Commercial Real Estate [Member] | Doubtful [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | 161 | |
Commercial Real Estate [Member] | Impaired [Member] | ||
Loan and lease portfolio, net of unearned income, by grade [Abstract] | ||
Total | $ 17,781 |
LOANS AND LEASES (Impaired Loan
LOANS AND LEASES (Impaired Loans And Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | $ 38,237 | $ 51,392 |
Unpaid Balance of Impaired Loans | 46,521 | 62,804 |
Related Allowance for Credit Losses | 4,353 | 2,350 |
Average Recorded Investment | 43,633 | 37,253 |
Interest Income Recognized | 798 | 843 |
Impaired loans that were characterized as troubled debt restructurings | 12,600 | 12,500 |
Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 66,508 | 63,941 |
Unpaid Balance of Impaired Loans | 75,825 | 76,244 |
Related Allowance for Credit Losses | 5,003 | 3,092 |
Average Recorded Investment | 58,889 | 51,438 |
Interest Income Recognized | 1,704 | 1,417 |
Commercial And Industrial [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 8,314 | 7,127 |
Unpaid Balance of Impaired Loans | 13,948 | 14,369 |
Related Allowance for Credit Losses | 1,837 | 78 |
Average Recorded Investment | 7,584 | 7,384 |
Interest Income Recognized | 92 | 179 |
Commercial And Industrial [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 8,023 | |
Unpaid Balance of Impaired Loans | 15,280 | |
Related Allowance for Credit Losses | 181 | |
Average Recorded Investment | 8,000 | |
Interest Income Recognized | 209 | |
All Other [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 103 | |
Unpaid Balance of Impaired Loans | 103 | |
Average Recorded Investment | 172 | |
Interest Income Recognized | 3 | |
All Other [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 508 | |
Unpaid Balance of Impaired Loans | 707 | |
Related Allowance for Credit Losses | 30 | |
Average Recorded Investment | 385 | |
Interest Income Recognized | 10 | |
With No Related Allowance [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 25,365 | 36,392 |
Unpaid Balance of Impaired Loans | 33,649 | 47,072 |
Average Recorded Investment | 29,945 | 26,787 |
Interest Income Recognized | 564 | 640 |
With No Related Allowance [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 25,365 | 36,392 |
Unpaid Balance of Impaired Loans | 33,649 | 47,072 |
Average Recorded Investment | 29,945 | 26,787 |
Interest Income Recognized | 564 | 640 |
With No Related Allowance [Member] | Commercial And Industrial [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 6,222 | 7,055 |
Unpaid Balance of Impaired Loans | 11,856 | 13,986 |
Average Recorded Investment | 6,394 | 3,749 |
Interest Income Recognized | 72 | 95 |
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 | 7,055 | |
Unpaid Balance of Impaired Loans | 13,986 | |
Average Recorded Investment | 3,749 | |
Interest Income Recognized | 95 | |
With No Related Allowance [Member] | All Other [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 103 | |
Unpaid Balance of Impaired Loans | 103 | |
Average Recorded Investment | 172 | |
Interest Income Recognized | 3 | |
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 | 103 | |
Unpaid Balance of Impaired Loans | 103 | |
Average Recorded Investment | 172 | |
Interest Income Recognized | 3 | |
With Allowance [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 12,872 | 15,000 |
Unpaid Balance of Impaired Loans | 12,872 | 15,732 |
Related Allowance for Credit Losses | 4,353 | 2,350 |
Average Recorded Investment | 13,688 | 10,466 |
Interest Income Recognized | 234 | 203 |
With Allowance [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 41,143 | 27,549 |
Unpaid Balance of Impaired Loans | 42,176 | 29,172 |
Related Allowance for Credit Losses | 5,003 | 3,092 |
Average Recorded Investment | 28,944 | 24,651 |
Interest Income Recognized | 1,140 | 777 |
With Allowance [Member] | Commercial And Industrial [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 2,092 | 72 |
Unpaid Balance of Impaired Loans | 2,092 | 383 |
Related Allowance for Credit Losses | 1,837 | 78 |
Average Recorded Investment | 1,190 | 3,635 |
Interest Income Recognized | $ 20 | 84 |
With Allowance [Member] | Commercial And Industrial [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 968 | |
Unpaid Balance of Impaired Loans | 1,294 | |
Related Allowance for Credit Losses | 181 | |
Average Recorded Investment | 4,251 | |
Interest Income Recognized | 114 | |
With Allowance [Member] | All Other [Member] | Including Accruing TDRs [Member] | ||
Impaired loans and leases, net of unearned income [Abstract] | ||
Recorded Investment in Impaired Loans | 405 | |
Unpaid Balance of Impaired Loans | 604 | |
Related Allowance for Credit Losses | 30 | |
Average Recorded Investment | 213 | |
Interest Income Recognized | $ 7 |
LOANS AND LEASES (Non-Performin
LOANS AND LEASES (Non-Performing And Nonaccrual Loans and Leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | $ 71,812 | $ 83,028 | |
Loans and leases 90 days or more past due, still accruing | 3,983 | 2,013 | |
Restructured loans and leases still accruing | 26,047 | 9,876 | |
Total non-performing loans and leases | $ 101,842 | 94,917 | |
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 | $ 1,900 | 4,700 | $ 3,900 |
Gross interest income which would have been recorded for NPLs | 5,400 | 6,700 | $ 5,300 |
Commercial And Industrial [Member] | |||
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | 13,679 | 8,493 | |
Loans and leases 90 days or more past due, still accruing | 58 | 60 | |
Credit Cards [Member] | |||
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | 161 | 188 | |
Loans and leases 90 days or more past due, still accruing | 472 | 298 | |
All Other [Member] | |||
Nonaccrual loans and leases [Abstract] | |||
Non-accrual loans and leases | $ 310 | $ 385 |
LOANS AND LEASES (Troubled Debt
LOANS AND LEASES (Troubled Debt Restructurings) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)contract | Dec. 31, 2015USD ($)contract | |
Financial effects of TDRs [Abstract] | ||
Number of Contracts | contract | 67 | 68 |
Pre-Modification Outstanding Recorded Investment | $ 32,877 | $ 21,992 |
Post-Modification Outstanding Recorded Investment | $ 30,382 | $ 21,428 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | contract | 21 | 9 |
Recorded Investment | $ 14,303 | $ 1,044 |
Commercial And Industrial [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | contract | 25 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 14,469 | $ 1,472 |
Post-Modification Outstanding Recorded Investment | $ 14,305 | $ 1,452 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | contract | 8 | 1 |
Recorded Investment | $ 3,804 | $ 84 |
All Other [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | contract | 8 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 3,622 | $ 94 |
Post-Modification Outstanding Recorded Investment | $ 3,608 | $ 88 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | contract | 2 | |
Recorded Investment | $ 20 | |
Consumer Mortgages [Member] | Real Estate [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | contract | 16 | 21 |
Pre-Modification Outstanding Recorded Investment | $ 1,429 | $ 1,230 |
Post-Modification Outstanding Recorded Investment | $ 1,354 | $ 1,144 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | contract | 7 | 4 |
Recorded Investment | $ 597 | $ 226 |
Home Equity [Member] | Real Estate [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | contract | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 3 | $ 20 |
Post-Modification Outstanding Recorded Investment | $ 3 | $ 20 |
Agricultural [Member] | Real Estate [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | contract | 2 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 79 | $ 37 |
Post-Modification Outstanding Recorded Investment | $ 79 | $ 36 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | contract | 1 | |
Recorded Investment | $ 20 | |
Commercial And Industrial-Owner Occupied [Member] | Real Estate [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | contract | 10 | 13 |
Pre-Modification Outstanding Recorded Investment | $ 4,344 | $ 6,357 |
Post-Modification Outstanding Recorded Investment | $ 4,331 | $ 6,329 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | contract | 2 | 1 |
Recorded Investment | $ 532 | $ 517 |
Construction, Acquisition And Development [Member] | Real Estate [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | contract | 3 | |
Pre-Modification Outstanding Recorded Investment | $ 217 | |
Post-Modification Outstanding Recorded Investment | $ 215 | |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | contract | 1 | |
Recorded Investment | $ 14 | |
Commercial Real Estate [Member] | Real Estate [Member] | ||
Financial effects of TDRs [Abstract] | ||
Number of Contracts | contract | 5 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 8,931 | $ 12,565 |
Post-Modification Outstanding Recorded Investment | $ 6,702 | $ 12,144 |
TDRs modified for which there was a payment default [Abstract] | ||
Number of Contracts | contract | 1 | 2 |
Recorded Investment | $ 9,336 | $ 197 |
ALLOWANCE FOR CREDIT LOSSES (Su
ALLOWANCE FOR CREDIT LOSSES (Summary Of Changes In The Allowance For Credit Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | $ 126,458 | $ 142,443 | $ 153,236 |
Provision charged to expense | 4,000 | (13,000) | |
Recoveries | 10,297 | 23,734 | 14,234 |
Loans and leases charged off | (17,019) | (26,719) | (25,027) |
Balance at end of period | $ 123,736 | $ 126,458 | $ 142,443 |
ALLOWANCE FOR CREDIT LOSSES (Ch
ALLOWANCE FOR CREDIT LOSSES (Changes In The Allowance For Credit Losses By Segment And Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | $ 126,458 | $ 142,443 | $ 153,236 |
Loans and leases charged off | (17,019) | (26,719) | (25,027) |
Recoveries | 10,297 | 23,734 | 14,234 |
Provision | 4,000 | (13,000) | |
Balance at end of period | 123,736 | 126,458 | 142,443 |
Commercial And Industrial [Member] | |||
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | 17,583 | 21,419 | |
Loans and leases charged off | (4,551) | (10,022) | |
Recoveries | 1,833 | 2,035 | |
Provision | 4,305 | 4,151 | |
Balance at end of period | 19,170 | 17,583 | 21,419 |
Credit Cards [Member] | |||
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | 4,047 | 6,514 | |
Loans and leases charged off | (2,845) | (2,632) | |
Recoveries | 850 | 658 | |
Provision | 5,735 | (493) | |
Balance at end of period | 7,787 | 4,047 | 6,514 |
All Other [Member] | |||
Changes in the allowance for credit losses [Roll Forward] | |||
Balance at beginning of period | 6,117 | 11,761 | |
Loans and leases charged off | (2,197) | (2,271) | |
Recoveries | 911 | 1,108 | |
Provision | 515 | (4,481) | |
Balance at end of period | $ 5,346 | $ 6,117 | $ 11,761 |
ALLOWANCE FOR CREDIT LOSSES (Al
ALLOWANCE FOR CREDIT LOSSES (Allowance For Credit Losses By Segment, Class And Impairment Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ||||
Recorded balance of impaired loans | $ 38,237 | $ 51,392 | ||
Allowance for impaired loans and leases | 4,353 | 2,350 | ||
Allowance for all other loans and leases | 119,383 | 124,108 | ||
Total allowance | 123,736 | 126,458 | $ 142,443 | $ 153,236 |
Commercial And Industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded balance of impaired loans | 8,314 | 7,127 | ||
Allowance for impaired loans and leases | 1,837 | 78 | ||
Allowance for all other loans and leases | 17,333 | 17,505 | ||
Total allowance | 19,170 | 17,583 | 21,419 | |
Credit Cards [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for all other loans and leases | 7,787 | 4,047 | ||
Total allowance | 7,787 | 4,047 | 6,514 | |
All Other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Recorded balance of impaired loans | 103 | |||
Allowance for all other loans and leases | 5,346 | 6,117 | ||
Total allowance | $ 5,346 | $ 6,117 | $ 11,761 |
OTHER REAL ESTATE OWNED (Detail
OTHER REAL ESTATE OWNED (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | |||
Balance at beginning of year | $ 14,759 | $ 33,984 | |
New foreclosed properties | 9,752 | 7,422 | |
Sales | (14,183) | (20,649) | |
Writedowns | (2,518) | (5,998) | |
Balance at end of year | 7,810 | 14,759 | $ 33,984 |
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 14,759 | 33,984 | 33,984 |
Foreclosed property expenses [Abstract] | |||
Total foreclosed property expenses | 4,354 | 7,418 | 17,071 |
Realized net losses on dispositions and holding losses on valuations of foreclosed properties | 3,000 | 5,700 | $ 14,500 |
Commercial And Industrial [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at beginning of year | 84 | ||
Balance at end of year | 84 | ||
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | 84 | 84 | |
All Other [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Balance at beginning of year | 108 | ||
Balance at end of year | 60 | 108 | |
Other real estate owned by geographical location, segment and class [Abstract] | |||
Total | $ 108 | $ 108 |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Thousands | 24 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 738,967 | $ 725,984 |
Accumulated depreciation and amortization | 433,406 | 417,859 |
Premises and equipment, net | 305,561 | 308,125 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 78,941 | 78,908 |
Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 337,216 | 335,304 |
Buildings And Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 10 years | |
Buildings And Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 40 years | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 10,603 | 10,795 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 10 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (Years) | 39 years | |
Equipment, Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 291,842 | 279,854 |
Equipment, Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life (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 | $ 20,365 | $ 21,123 |
GOODWILL AND OTHER INTANGIBLE72
GOODWILL AND OTHER INTANGIBLE ASSETS (Carrying Amounts Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | ||
Balance, beginning of period | $ 291,498 | $ 291,498 |
Goodwill recorded during the year | 9,300 | |
Balance, end of period | 300,798 | 291,498 |
Community Banking [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 217,618 | 217,618 |
Goodwill recorded during the year | ||
Balance, end of period | 217,618 | 217,618 |
Insurance Agencies [Member] | ||
Goodwill [Line Items] | ||
Balance, beginning of period | 73,880 | 73,880 |
Goodwill recorded during the year | 9,300 | |
Balance, end of period | $ 83,180 | $ 73,880 |
GOODWILL AND OTHER INTANGIBLE73
GOODWILL AND OTHER INTANGIBLE ASSETS (Identifiable Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 76,219 | $ 79,090 |
Accumulated Amortization | 55,013 | 59,233 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 27,801 | 27,801 |
Accumulated Amortization | 23,721 | 23,269 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 46,568 | 49,639 |
Accumulated Amortization | 30,406 | 34,922 |
Non-Solicitation Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,850 | 1,650 |
Accumulated Amortization | 886 | 1,042 |
Trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 688 | $ 688 |
GOODWILL AND OTHER INTANGIBLE74
GOODWILL AND OTHER INTANGIBLE ASSETS (Aggregate Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total | $ 3,636 | $ 3,963 | $ 4,443 |
Core Deposits [Member] | |||
Total | 452 | 487 | 526 |
Customer Relationships [Member] | |||
Total | 2,890 | 3,101 | 3,492 |
Non-Solicitation Intangibles [Member] | |||
Total | $ 294 | $ 375 | $ 425 |
GOODWILL AND OTHER INTANGIBLE75
GOODWILL AND OTHER INTANGIBLE ASSETS (Estimated Future Amortization Expense) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
For year ending December 31, 2017 | $ 4,014 |
For year ending December 31, 2018 | 3,505 |
For year ending December 31, 2019 | 2,758 |
For year ending December 31, 2020 | 2,184 |
For year ending December 31, 2021 | 1,842 |
Core Deposits [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
For year ending December 31, 2017 | 419 |
For year ending December 31, 2018 | 390 |
For year ending December 31, 2019 | 363 |
For year ending December 31, 2020 | 340 |
For year ending December 31, 2021 | 251 |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
For year ending December 31, 2017 | 3,147 |
For year ending December 31, 2018 | 2,696 |
For year ending December 31, 2019 | 2,298 |
For year ending December 31, 2020 | 1,844 |
For year ending December 31, 2021 | 1,591 |
Non-Solicitation Intangibles [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
For year ending December 31, 2017 | 448 |
For year ending December 31, 2018 | 419 |
For year ending December 31, 2019 | $ 97 |
TIME DEPOSITS AND SHORT-TERM 76
TIME DEPOSITS AND SHORT-TERM DEBT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term Debt [Line Items] | |||
Certificates of deposits and other time deposits over $100,000 outstanding | $ 969,600 | $ 910,200 | |
Interest expense relating to certificate and other time deposits of $100,000 or more | 8,700 | 8,700 | $ 11,400 |
Maturities of time deposits [Abstract] | |||
2,018 | 274,928 | ||
2,019 | 181,176 | ||
2,020 | 181,906 | ||
2,021 | 230,580 | ||
2,022 | 111 | ||
Total | 868,701 | ||
End of Period Balance | 546,002 | 467,937 | 391,666 |
Daily Average Balance | 456,008 | 471,360 | 444,230 |
Maximum Outstanding at any Month End | 654,614 | 807,607 | 582,663 |
Lines of credit with other banks | 795,000 | ||
Federal Funds Purchased [Member] | |||
Maturities of time deposits [Abstract] | |||
Daily Average Balance | $ 1,678 | $ 10,066 | $ 4,247 |
Daily Average Interest Rate (in hundredths) | 0.51% | 0.17% | 0.18% |
Maximum Outstanding at any Month End | $ 25,000 | $ 10,000 | |
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 | $ 454,002 | $ 405,937 | $ 388,166 |
End of Period Interest Rate (in hundredths) | 0.26% | 0.12% | 0.08% |
Daily Average Balance | $ 449,672 | $ 416,172 | $ 436,875 |
Daily Average Interest Rate (in hundredths) | 0.15% | 0.09% | 0.07% |
Maximum Outstanding at any Month End | $ 562,614 | $ 558,107 | $ 569,163 |
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 | $ 92,000 | $ 62,000 | $ 3,500 |
End of Period Interest Rate (in hundredths) | 0.55% | 0.31% | 4.83% |
Daily Average Balance | $ 4,658 | $ 45,122 | $ 3,108 |
Daily Average Interest Rate (in hundredths) | 0.44% | 0.37% | 2.60% |
Maximum Outstanding at any Month End | $ 92,000 | $ 224,500 | $ 3,500 |
Period from date of purchase that borrowings generally mature | 30 days |
LONG-TERM DEBT (Narrative) (Det
LONG-TERM DEBT (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Credit Agreement borrowing capacity | $ 795,000,000 | |
Long-term borrowings | $ 530,000,000 | $ 69,775,000 |
Unsecured Revolving Loan [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Aug. 8, 2015 | |
Credit Agreement borrowing capacity | $ 25,000,000 | |
Multi-Draw Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Credit Agreement borrowing capacity | 60,000,000 | |
U. S. Bank [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | 39,800,000 | |
Federal Home Loan Bank [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 530,000,000 | $ 30,000,000 |
LONG-TERM DEBT (FHLB Fixed Term
LONG-TERM DEBT (FHLB Fixed Term Advances, Repayment Summary) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
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] | |
2,018 | $ 500,000 |
2,019 | 30,000 |
Total | $ 530,000 |
Minimum [Member] | |
FHLB fixed term advances, repayment summary, interest rate [Abstract] | |
Thereafter (in hundredths) | 4.08% |
JUNIOR SUBORDINATED DEBT SECU79
JUNIOR SUBORDINATED DEBT SECURITIES 2013 (Details) - USD ($) | Dec. 01, 2005 | Dec. 31, 2016 | Dec. 31, 2004 | Jan. 08, 2014 | Mar. 01, 2007 |
Debt Instrument [Line Items] | |||||
Credit Agreement borrowing capacity | $ 795,000,000 | ||||
Unsecured Revolving Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date | Aug. 8, 2015 | ||||
Credit Agreement borrowing capacity | $ 25,000,000 | ||||
Multi-Draw Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit Agreement borrowing capacity | $ 60,000,000 | ||||
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 | ||||
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 | ||||
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 | $ 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 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Allocation of income taxes [Abstract] | ||||
Income tax expense (benefit) | $ 63,716 | $ 59,248 | $ 50,652 | |
Shareholders' equity for other comprehensive income | (5,655) | 1,145 | (8,481) | |
Shareholders' equity for stock option plans | (1,484) | (1,079) | (1,856) | |
Total | 56,577 | 59,314 | 40,315 | |
Current [Abstract] | ||||
Federal | 46,836 | 62,369 | 51,014 | |
State | 6,359 | 8,235 | 7,201 | |
Deferred [Abstract] | ||||
Federal | 9,361 | (10,391) | (6,870) | |
State | 1,160 | (965) | (693) | |
Income Tax Expense (Benefit), Total | 63,716 | 59,248 | 50,652 | |
Statutory federal income tax rate (in hundredths) | 35.00% | |||
Income tax reconciliation [Abstract] | ||||
Reversal of deferred tax asset | 400 | 1,600 | ||
Tax expense at statutory rates | 68,755 | 65,359 | 58,591 | |
Increase (decrease) in taxes resulting from [Abstract] | ||||
State income taxes, net of federal tax benefit | 4,875 | 4,709 | 4,230 | |
Tax-exempt interest revenue | (6,269) | (6,881) | (7,371) | |
Tax-exempt earnings on life insurance | (2,655) | (2,589) | (3,076) | |
Deductible dividends paid on 401(k) plan | (737) | (617) | (458) | |
Penalties | 1,065 | 1 | ||
Tax credits | (1,999) | (1,871) | (1,771) | |
Meals and Entertainment | 469 | 481 | 486 | |
Other, net | 212 | 656 | 21 | |
Income Tax Expense (Benefit), Total | 63,716 | 59,248 | 50,652 | |
Deferred tax assets [Abstract] | ||||
Loans, principally due to allowance for credit losses | 46,721 | 47,825 | $ 46,721 | |
Other real estate owned | 989 | 3,069 | 989 | |
Mark to market - securities | 4,153 | 4,160 | 4,153 | |
Accrued liabilities, principally due to compensation arrangements and vacation accruals | 15,149 | 24,153 | 15,149 | |
Other | 84 | 106 | 84 | |
Unrecognized pension expense | 35,407 | 34,654 | 35,407 | |
Total gross deferred tax assets | 102,503 | 113,967 | 102,503 | |
Less: valuation allowance | ||||
Deferred tax assets | 102,503 | 113,967 | 102,503 | |
Deferred tax liabilities [Abstract] | ||||
Lease transactions | 14,302 | 18,868 | 14,302 | |
Employment benefits | 1,382 | 736 | 1,382 | |
Premises and equipment, principally due to differences in depreciation | 17,418 | 19,294 | 17,418 | |
Mortgage servicing rights | 24,638 | 21,652 | 24,638 | |
Intangible assets | 11,972 | 11,310 | 11,972 | |
Investments, principally due to interest income recognition | 1,974 | 2,387 | 1,974 | |
Deferred loan points | 6,065 | 4,785 | 6,065 | |
Other assets, principally due to expense recognition | 9 | 9 | 9 | |
Unrealized net losses on available-for-sale securities | 3,861 | 8,764 | 3,861 | |
Total gross deferred tax liabilities | 81,621 | 87,805 | 81,621 | |
Net deferred tax liabilities | 20,882 | 26,162 | $ 20,882 | |
Stock Options [Member] | ||||
Allocation of income taxes [Abstract] | ||||
Income tax expense (benefit) | 1,500 | 1,100 | ||
Deferred [Abstract] | ||||
Income Tax Expense (Benefit), Total | 1,500 | 1,100 | ||
Increase (decrease) in taxes resulting from [Abstract] | ||||
Income Tax Expense (Benefit), Total | 1,500 | 1,100 | ||
BancorpSouth, Inc. (Parent Company Only) [Member] | ||||
Allocation of income taxes [Abstract] | ||||
Income tax expense (benefit) | (3,051) | (2,818) | (2,420) | |
Deferred [Abstract] | ||||
Income Tax Expense (Benefit), Total | (3,051) | (2,818) | (2,420) | |
Increase (decrease) in taxes resulting from [Abstract] | ||||
Income Tax Expense (Benefit), Total | $ (3,051) | $ (2,818) | $ (2,420) |
PENSION, OTHER POST RETIREMEN81
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 259,511 | $ 263,497 | $ 201,696 | |||
Service cost | 8,852 | 10,460 | 8,936 | |||
Interest cost | 9,364 | 10,351 | 9,358 | |||
Actuarial loss | 9,302 | (14,308) | 53,131 | |||
Benefits paid | (10,343) | (10,078) | (9,029) | |||
Administrative expenses paid | (702) | (411) | (595) | |||
Projected benefit obligations at end of year | 275,984 | 259,511 | 263,497 | |||
Change in plans' assets: | ||||||
Fair value of plans assets at beginning of year | 195,019 | 201,352 | 196,447 | |||
Actual return on assets | 11,745 | 1,761 | 12,525 | |||
Employer contributions | 19,395 | 2,395 | 2,004 | |||
Benefits paid | (10,343) | (10,078) | (9,029) | |||
Administrative expenses paid | (702) | (411) | (595) | |||
Fair value of plans assets at end of year | 215,114 | 195,019 | 201,352 | |||
Funded status: | ||||||
Projected benefit obligations | (259,511) | (263,497) | (201,696) | $ (275,984) | $ (259,511) | $ (263,497) |
Fair value of plans assets | 195,019 | 201,352 | 196,447 | 215,114 | 195,019 | 201,352 |
Net amount recognized | (60,870) | (64,492) | (62,145) | |||
Amounts recognized in the consolidated balance sheets consisted of: | ||||||
Prepaid benefit cost | 57,048 | 50,724 | 64,838 | |||
Accrued benefit liability | (25,352) | (24,617) | (23,902) | |||
Accumulated other comprehensive income adjustment | (92,566) | (90,599) | (103,081) | |||
Net amount recognized | (60,870) | (64,492) | (62,145) | |||
Pre-tax amounts recognized in accumulated other comprehensive income consisted of: | ||||||
Net prior service (benefit) cost | (3,162) | (3,880) | ||||
Net actuarial loss | 95,728 | 94,479 | ||||
Total accumulated other comprehensive income | $ 92,566 | $ 90,599 | $ 103,081 | |||
Net transition obligation that will be amortized into net periodic cost over the next fiscal year | (743) | |||||
Recognized prior service (benefit) cost | (718) | (718) | (768) | |||
Net actuarial loss that will be amortized into net periodic cost over the next fiscal year | 6,900 | |||||
Components of net periodic benefit cost: | ||||||
Service cost | 8,852 | 10,460 | 8,936 | |||
Interest cost | 9,364 | 10,351 | 9,358 | |||
Expected return on assets | (10,453) | (10,775) | (10,534) | |||
Amortization of unrecognized transition amount | 18 | |||||
Recognized prior service (benefit) cost | (718) | (718) | (768) | |||
Recognized net loss | 6,761 | 7,905 | 3,702 | |||
Net periodic benefit cost | $ 13,806 | $ 17,223 | $ 10,712 | |||
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% | 4.44% | ||||
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) | 4.44% | 4.10% | 4.90% | |||
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% | 5.50% | |||
Restoration Plan and Supplemental Plan [Member] | ||||||
Accumulated benefit obligations in excess of plan assets [Abstract] | ||||||
Projected benefit obligation | $ 275,984 | $ 259,511 | ||||
Accumulated benefit obligation | 274,326 | 252,949 | ||||
Fair value of assets | $ 215,114 | $ 195,019 | ||||
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) | 3.94% | 4.20% | ||||
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) | 4.20% | 3.90% | 4.50% | |||
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) | 3.35% | 3.40% | ||||
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) | 3.40% | 3.10% | 3.65% | |||
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 beginning of year | $ 2,000 | |||||
Fair value of plans assets at end of year | 2,600 | $ 2,000 | ||||
Funded status: | ||||||
Fair value of plans assets | $ 2,000 | $ 2,000 | $ 2,600 | $ 2,000 |
PENSION, OTHER POST RETIREMEN82
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS (Information about Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Actual weighted-average asset allocation [Abstract] | ||||
Actual weighted average asset allocations | 100.00% | 100.00% | ||
Expected future benefit payments: | ||||
2,017 | $ 13,248 | |||
2,018 | 14,733 | |||
2,019 | 15,613 | |||
2,020 | 15,567 | |||
2,021 | 16,383 | |||
2022-2026 | $ 83,353 | |||
Fair value of plan assets [Abstract] | ||||
Threshold of plan asset value at which individual investments are disclosed (in hundredths) | 5.00% | |||
Equity Securities [Member] | ||||
Actual weighted-average asset allocation [Abstract] | ||||
Actual weighted average asset allocations | 42.00% | 33.00% | ||
Target asset allocations [Abstract] | ||||
Target Plan Asset Allocations 2016 | 45.00% | |||
Debt Securities [Member] | ||||
Actual weighted-average asset allocation [Abstract] | ||||
Actual weighted average asset allocations | 53.00% | 66.00% | ||
Target asset allocations [Abstract] | ||||
Target Plan Asset Allocations 2016 | 55.00% | |||
Cash and Cash Equivalents [Member] | ||||
Actual weighted-average asset allocation [Abstract] | ||||
Actual weighted average asset allocations | 5.00% | 1.00% | ||
Target asset allocations [Abstract] | ||||
Target Plan Asset Allocations 2016 | 0.00% | |||
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 | $ 15,411 | |||
FidelityTotalBond [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of investments that represent 5% or more of total plan asset value | 10,733 | |||
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 | 12,450 | |||
T Rowe Price Growth Stock Fund [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of investments that represent 5% or more of total plan asset value | 11,080 | |||
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 | 24,662 | |||
Pension Benefits [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 215,114 | $ 195,019 | $ 201,352 | $ 196,447 |
Fair value of plan assets | 214,528 | 194,411 | ||
Pension Benefits [Member] | Level 1 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 139,784 | 120,287 | ||
Pension Benefits [Member] | Level 2 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 74,744 | 74,124 | ||
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 | 4,650 | |||
Pension Benefits [Member] | Cash [Member] | Level 1 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 4,650 | |||
Pension Benefits [Member] | Cash [Member] | Level 3 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | ||||
Pension Benefits [Member] | U.S. Agency Debt Obligations [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 43,533 | 65,406 | ||
Fair value of plan assets | 65,406 | |||
Pension Benefits [Member] | U.S. Agency Debt Obligations [Member] | Level 2 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 43,533 | |||
Fair value of plan assets | 65,406 | |||
Pension Benefits [Member] | U.S. Agency Debt Obligations [Member] | Level 3 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | ||||
Fair value of plan assets | ||||
Pension Benefits [Member] | Mutual Funds [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 132,580 | 118,313 | ||
Fair value of plan assets | 118,313 | |||
Pension Benefits [Member] | Mutual Funds [Member] | Level 1 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 132,580 | |||
Fair value of plan assets | 118,313 | |||
Pension Benefits [Member] | Mutual Funds [Member] | Level 3 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | ||||
Fair value of plan assets | ||||
Pension Benefits [Member] | Common Stock [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 2,554 | 1,974 | ||
Fair value of plan assets | 1,974 | |||
Pension Benefits [Member] | Common Stock [Member] | Level 1 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 2,554 | |||
Fair value of plan assets | 1,974 | |||
Pension Benefits [Member] | Common Stock [Member] | Level 3 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | ||||
Fair value of plan assets | ||||
Pension Benefits [Member] | Money Market Funds [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 6,045 | 1,761 | ||
Fair value of plan assets | 1,761 | |||
Pension Benefits [Member] | Money Market Funds [Member] | Level 2 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 6,045 | |||
Fair value of plan assets | 1,761 | |||
Pension Benefits [Member] | Money Market Funds [Member] | Level 3 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | ||||
Fair value of plan assets | ||||
Pension Benefits [Member] | Brokered Certificates of Deposit [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 25,166 | 6,957 | ||
Fair value of plan assets | 6,957 | |||
Pension Benefits [Member] | Brokered Certificates of Deposit [Member] | Level 2 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 25,166 | |||
Fair value of plan assets | 6,957 | |||
Pension Benefits [Member] | Brokered Certificates of Deposit [Member] | Level 3 [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | ||||
Fair value of plan assets | ||||
Pension Benefits [Member] | Total Investments [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | 214,528 | 194,411 | ||
Pension Benefits [Member] | Accrued Interest and Dividends [Member] | ||||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | $ 586 | $ 608 | ||
Basic Plan [Member] | BancorpSouth, Inc. (Parent Company Only) [Member] | ||||
Actual weighted-average asset allocation [Abstract] | ||||
Actual weighted average asset allocations | 1.19% | 1.01% | ||
Fair value of plan assets [Abstract] | ||||
Fair value of plan assets | $ 2,600 | $ 2,000 |
PENSION, OTHER POST RETIREMEN83
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS (Defined Contribution Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
401(k) Plan [Abstract] | |||
Maximum percentage of defined compensation matched (in hundredths) | 5.00% | ||
Employer matching contributions | $ 10.7 | $ 10.2 | $ 9.5 |
FAIR VALUE DISCLOSURES (Assets
FAIR VALUE DISCLOSURES (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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, at fair value | $ 166,927 | $ 157,907 |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative interest rate | 2.10% | |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative interest rate | 4.40% | |
Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities [Abstract] | ||
U.S. Government agencies | $ 1,789,427 | 1,244,640 |
Government agency issued residential mortgage-backed securities | 176,243 | 140,540 |
Government agency issued commercial mortgage-backed securities | 172,279 | 260,693 |
Obligations of states and political subdivisions | 360,005 | 417,499 |
Other | 33,722 | 18,957 |
Mortgage servicing rights | 65,263 | 57,268 |
Derivative instruments | 15,761 | 19,508 |
Loans held for sale, at fair value | 166,927 | 157,907 |
Total | 2,779,627 | 2,317,012 |
Liabilities [Abstract] | ||
Derivative instruments | 9,623 | 16,251 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Available-for-sale securities [Abstract] | ||
Other | 1,218 | 776 |
Total | 1,218 | 776 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Available-for-sale securities [Abstract] | ||
U.S. Government agencies | 1,789,427 | 1,244,640 |
Government agency issued residential mortgage-backed securities | 176,243 | 140,540 |
Government agency issued commercial mortgage-backed securities | 172,279 | 260,693 |
Obligations of states and political subdivisions | 360,005 | 417,499 |
Other | 32,504 | 18,181 |
Loans held for sale, at fair value | 166,927 | 157,907 |
Total | 2,697,385 | 2,239,460 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Available-for-sale securities [Abstract] | ||
Mortgage servicing rights | 65,263 | 57,268 |
Derivative instruments | 15,761 | 19,508 |
Total | 81,024 | 76,776 |
Liabilities [Abstract] | ||
Derivative instruments | $ 9,623 | $ 16,251 |
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 ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Mortgage Servicing Rights [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 57,268 | $ 51,296 |
Net income | (6,711) | (8,167) |
Other comprehensive income | ||
Purchases, sales, issuances and settlements, net | (14,706) | 14,139 |
Transfers in and/or out of Level 3 | ||
Ending Balance | 65,263 | 57,268 |
Net unrealized (losses) gains included in net income for the year relating to assets and liabilities held | 1,526 | (1,161) |
Derivative Instruments [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 3,257 | 623 |
Net income | 2,881 | 2,634 |
Other comprehensive income | ||
Purchases, sales, issuances and settlements, net | ||
Transfers in and/or out of Level 3 | ||
Ending Balance | 6,138 | 3,257 |
Net unrealized (losses) gains included in net income for the year relating to assets and liabilities held | $ 2,881 | $ 2,634 |
FAIR VALUE DISCLOSURES (Asset86
FAIR VALUE DISCLOSURES (Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 38,237 | $ 51,392 |
Other real estate owned | 7,810 | 14,759 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | ||
Other real estate owned | ||
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 38,237 | 51,392 |
Other real estate owned | 7,810 | 14,759 |
Total Gains (Losses) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | (2,560) | (12,323) |
Other real estate owned | $ (653) | $ (2,543) |
FAIR VALUE DISCLOSURES (Carryin
FAIR VALUE DISCLOSURES (Carrying And Fair Value Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets [Abstract] | ||
Available-for-sale securities, at fair value | $ 2,531,676 | $ 2,082,329 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Assets [Abstract] | ||
Cash and due from banks | 184,152 | 154,192 |
Interest bearing deposits with other banks | 38,813 | 43,777 |
Available-for-sale securities, at fair value | 2,531,676 | 2,082,329 |
Net loans and leases | 10,688,255 | 10,246,320 |
Loans held for sale | 166,927 | 157,907 |
Liabilities [Abstract] | ||
Noninterest bearing deposits | 3,250,537 | 3,031,528 |
Savings and interest bearing deposits | 6,596,289 | 6,446,142 |
Other time deposits | 1,841,315 | 1,853,491 |
Federal funds purchased and securities sold under agreement to repurchase and other short-term borrowings | 546,002 | 467,946 |
Long-term debt and other borrowings | 542,888 | 92,973 |
Derivative instruments [Abstract] | ||
Forward commitments to sell fixed rate mortgage loans | 2,903 | 109 |
Commitments to fund fixed rate mortgage loans | 3,362 | 3,390 |
Interest rate swap position to receive | 9,061 | 15,614 |
Interest rate swap position to pay | (9,175) | (15,856) |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Assets [Abstract] | ||
Cash and due from banks | 184,152 | 154,192 |
Interest bearing deposits with other banks | 38,813 | 43,777 |
Available-for-sale securities, at fair value | 2,531,676 | 2,082,329 |
Net loans and leases | 10,692,820 | 10,331,043 |
Loans held for sale | 166,927 | 157,907 |
Liabilities [Abstract] | ||
Noninterest bearing deposits | 3,250,537 | 3,031,528 |
Savings and interest bearing deposits | 6,596,289 | 6,446,142 |
Other time deposits | 1,857,506 | 1,867,034 |
Federal funds purchased and securities sold under agreement to repurchase and other short-term borrowings | 545,002 | 467,263 |
Long-term debt and other borrowings | 547,273 | 98,502 |
Derivative instruments [Abstract] | ||
Forward commitments to sell fixed rate mortgage loans | 2,903 | 109 |
Commitments to fund fixed rate mortgage loans | 3,362 | 3,390 |
Interest rate swap position to receive | 9,061 | 15,614 |
Interest rate swap position to pay | $ (9,175) | $ (15,856) |
STOCK INCENTIVE AND STOCK OPT88
STOCK INCENTIVE AND STOCK OPTION PLANS (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||
May 31, 2016 | Jan. 31, 2016 | May 31, 2015 | Jan. 31, 2015 | May 31, 2014 | Jan. 31, 2014 | May 31, 2013 | Mar. 31, 2013 | Jan. 31, 2013 | Nov. 30, 2012 | Jun. 30, 2012 | Jan. 31, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | ||||||||||||||
Period for recognition of unrecognized expenses (in years) | 3 years 7 months 6 days | ||||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 27,024 | 24,750 | 19,500 | ||||||||||||
Shares of stock covered by award (in shares) | 27,024 | 24,750 | 19,500 | ||||||||||||
Long-Term Equity Incentive plan [Member] | Shares To Be Issued In 2015 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Compensation expense recognized (reversed) | $ 554 | ||||||||||||||
Stock Options [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Compensation expense recognized (reversed) | $ 22 | 843,000,000 | |||||||||||||
Assumptions used for stock options [Abstract] | |||||||||||||||
Intrinsic value of stock options exercised | $ 798 | 2,500 | 4,600 | ||||||||||||
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) | 37 | 107 | 180 | ||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 7,500 | 60,000 | |||||||||||||
Shares of stock covered by award (in shares) | 7,500 | 60,000 | |||||||||||||
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) | 622 | 510 | $ 330 | ||||||||||||
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 | $ 14,400 | ||||||||||||||
Compensation expense recognized (reversed) | $ 63 | ||||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 297,251 | 273,269 | 349,900 | ||||||||||||
Restricted Stock [Member] | Long-Term Equity Incentive plan [Member] | |||||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 297,251 | 273,269 | 349,900 | ||||||||||||
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 | 64,500 | |||||||||||||
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) | 592,500 | 8,700 | 51,500 | ||||||||||||
Restricted Stock [Member] | Long-Term Equity Incentive plan [Member] | Shares To Be Issued In 2019 [Member] | |||||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 16,750 | 6,500 | 207,650 | ||||||||||||
Restricted Stock [Member] | Long-Term Equity Incentive plan [Member] | Shares To Be Issued in 2020 [Member] | |||||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 258,069 | 26,250 | |||||||||||||
Restricted Stock [Member] | Long-Term Equity Incentive plan [Member] | Shares to Be Issued in 2021 [Member] | |||||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 203,000 | ||||||||||||||
Restricted Stock [Member] | Long-Term Equity Incentive plan [Member] | Shares To Be Issued in 2023 [Member] | |||||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 77,500 | ||||||||||||||
Restricted Stock [Member] | Long-Term Equity Incentive plan [Member] | Shares To Be Issued Beginning In March 2014 [Member] | |||||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 21,341 | ||||||||||||||
Period of issuance of restricted stock units | 3 years | ||||||||||||||
2014 grant of Restricted Stock [Member] | Long-Term Equity Incentive plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Compensation expense recognized (reversed) | $ 1,200 | $ 1,300 | $ 2,200 | ||||||||||||
2015 Grant of Restricted Stock [Member] | Long-Term Equity Incentive plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Compensation expense recognized (reversed) | 1,200 | 1,000 | |||||||||||||
2016 Grant of restricted Stock [Member] | Long-Term Equity Incentive plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Compensation expense recognized (reversed) | 1,000 | ||||||||||||||
2012 grant of performance shares [Member] | |||||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 103,055 | ||||||||||||||
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 | 153 | |||||||||||||
2013 grant of performance shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Compensation expense recognized (reversed) | 458 | 477 | |||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 83,620 | ||||||||||||||
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 | ||||||||||||||
2014 grant of performance shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Compensation expense recognized (reversed) | 575 | 842 | $ 500 | ||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 57,550 | ||||||||||||||
2015 grant of performance shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Compensation expense recognized (reversed) | 1,000 | $ 1,300 | |||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 84,494 | ||||||||||||||
2016 grant of performance shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Compensation expense recognized (reversed) | $ 210 | ||||||||||||||
Equity instruments other than options [Abstract] | |||||||||||||||
Number of awards granted (in shares) | 99,277 |
STOCK INCENTIVE AND STOCK OPT89
STOCK INCENTIVE AND STOCK OPTION PLANS (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at beginning of period, Shares | 1,056,977 | 1,884,318 | ||
Exercised, Shares | (662,721) | |||
Cancelled or forfeited, Shares | (19,500) | |||
Expired, Shares | (145,120) | |||
Outstanding at end of period, Shares | 1,056,977 | 1,056,977 | ||
Exercisable at end of period, Shares | 977,491 | 977,491 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Outstanding at beginning of period, Weighted-Average Exercise Price | $ 20.67 | $ 19.69 | ||
Exercised, Weighted-Average Exercise Price | 20.26 | |||
Cancelled or forfeited, Weighted-Average Exercise Price | 23.26 | |||
Outstanding at end of period, Weighted-Average Exercise Price | $ 20.67 | 20.67 | ||
Exercisable at end of period, Weighted-Average Exercise Price | $ 21.38 | $ 21.38 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Outstanding at end of period, Weighted-Average Remaining Contractual Term (years) | 1 year 9 months 18 days | 1 year 4 months 24 days | ||
Exercisable at end of period, Weighted-Average Remaining Contractual Term (years) | 1 year 8 months 12 days | 1 year 4 months 24 days | ||
Outstanding at end of period, Aggregate Intrinsic Value | $ 2,672 | $ 1,268 | $ 2,672 | |
Exercisable at end of period, Aggregate Intrinsic Value | $ 1,831 | $ 1,268 | $ 1,831 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at beginning of period, Shares | 265,398 | 1,056,977 | ||
Exercised, Shares | (146,396) | (520,538) | ||
Cancelled or forfeited, Shares | (237,286) | |||
Expired, Shares | (41,700) | (33,755) | ||
Outstanding at end of period, Shares | 1,056,977 | 77,302 | 265,398 | 1,056,977 |
Exercisable at end of period, Shares | 77,302 | 265,398 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Outstanding at beginning of period, Weighted-Average Exercise Price | $ 19.43 | $ 20.67 | ||
Exercised, Weighted-Average Exercise Price | 18.94 | 20.06 | ||
Cancelled or forfeited, Weighted-Average Exercise Price | 23.22 | |||
Expired, Weighted-Average Exercise Price | 24.66 | 21.93 | ||
Outstanding at end of period, Weighted-Average Exercise Price | $ 20.67 | 17.54 | 19.43 | $ 20.67 |
Exercisable at end of period, Weighted-Average Exercise Price | $ 17.54 | $ 19.43 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Outstanding at end of period, Weighted-Average Remaining Contractual Term (years) | 1 year | |||
Exercisable at end of period, Weighted-Average Remaining Contractual Term (years) | 1 year | |||
Outstanding at end of period, Aggregate Intrinsic Value | $ 1,045 | |||
Exercisable at end of period, Aggregate Intrinsic Value | $ 1,045 |
STOCK INCENTIVE AND STOCK OPT90
STOCK INCENTIVE AND STOCK OPTION PLANS (Nonvested Options) (Details) | 12 Months Ended |
Dec. 31, 2014$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding at beginning of period, Weighted-Average Exercise Price | $ 19.69 |
Granted, Weighted-Average Exercise Price | 17.32 |
Forfeited or cancelled, Weighted-Average Exercise Price | 23.26 |
Outstanding at end of period, Weighted-Average Exercise Price | $ 20.67 |
STOCK INCENTIVE AND STOCK OPT91
STOCK INCENTIVE AND STOCK OPTION PLANS (Stock Options Outstanding, By Exercise Price Range) (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period | |
Range of Exercise Prices, Lower Limit | $ 12.60 |
Range 1 of Exercise Prices [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period | |
Range of Exercise Prices, Lower Limit | 11.93 |
Range of Exercise Prices, Upper Limit | $ 12.59 |
Options Outstanding, Number Outstanding | shares | 24,402 |
Options Outstanding, Weighted-Average Remaining Life (years) | 2 years 1 month 6 days |
Options Outstanding, Weighted-Average Exercise Price | $ 11.93 |
Range 2 of Exercise Prices [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period | |
Range of Exercise Prices, Upper Limit | $ 18.86 |
Options Outstanding, Number Outstanding | shares | 20,500 |
Options Outstanding, Weighted-Average Remaining Life (years) | 10 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 13.25 |
Range 3 of Exercise Prices [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period | |
Range of Exercise Prices, Lower Limit | 18.87 |
Range of Exercise Prices, Upper Limit | $ 24.47 |
Options Outstanding, Number Outstanding | shares | 32,400 |
Options Outstanding, Weighted-Average Remaining Life (years) | 3 months 18 days |
Options Outstanding, Weighted-Average Exercise Price | $ 24.47 |
Range 4 of Exercise Prices [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period | |
Range of Exercise Prices, Lower Limit | 10.07 |
Range of Exercise Prices, Upper Limit | $ 25.31 |
Options Outstanding, Number Outstanding | shares | 77,302 |
Options Outstanding, Weighted-Average Remaining Life (years) | 1 year |
Options Outstanding, Weighted-Average Exercise Price | $ 17.54 |
STOCK INCENTIVE AND STOCK OPT92
STOCK INCENTIVE AND STOCK OPTION PLANS (Restricted Stock Activity) (Details) - $ / shares | 1 Months Ended | 12 Months Ended | ||||
May 31, 2016 | May 31, 2015 | May 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Granted, Shares | 27,024 | 24,750 | 19,500 | |||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Nonvested at beginning of year, Shares | 1,075,543 | 1,005,892 | 716,156 | |||
Granted, Shares | 297,251 | 273,269 | 349,900 | |||
Forfeited, Shares | (17,253) | (43,772) | (53,050) | |||
Vested, Shares | (7,113) | (159,846) | (7,114) | |||
Nonvested at end of year, Shares | 1,348,428 | 1,075,543 | 1,005,892 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Nonvested at beginning of year, Weighted-Average Grant Date Fair Value | $ 19.63 | $ 18.78 | $ 15.86 | |||
Granted, Weighted-Average Grant Date Fair Value | 22.45 | 23.16 | 23.17 | |||
Forfeited, Weighted-Average Grant Date Fair Value | 20.06 | 19.28 | 18.18 | |||
Vested, Weighted-Average Grant Date Fair Value | 16.38 | 22.48 | 13 | |||
Nonvested at end of year, Weighted-Average Grant Date Fair Value | $ 20.27 | $ 19.63 | $ 18.78 |
STOCK INCENTIVE AND STOCK OPT93
STOCK INCENTIVE AND STOCK OPTION PLANS (Nonvested Restricted Stock Vesting Schedule) (Details) - Restricted Stock [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
2,017 | 24,083 | |||
2,018 | 566,700 | |||
2,019 | 211,700 | |||
2,020 | 268,355 | |||
2,021 | 200,090 | |||
2,023 | $ 77,500 | |||
Total Nonvested Shares | 1,348,428 | 1,075,543 | 1,005,892 | 716,156 |
EARNINGS PER SHARE AND DIVIDE94
EARNINGS PER SHARE AND DIVIDEND DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Income (Numerator) [Abstract] | ||||
Income available to common shareholders | $ 132,728 | $ 127,491 | $ 116,750 | |
Income available to common shareholders plus assumed exercise | $ 132,728 | $ 127,491 | $ 116,750 | |
Shares (Denominator) [Abstract] | ||||
Income available to common shareholders (in shares) | 94,219,000 | 95,825,000 | 95,973,000 | |
Effect of dilutive stock options (in shares) | 236,000 | 299,000 | 329,000 | |
Income available to common shareholders plus assumed exercise (in shares) | 94,455,000 | 96,124,000 | 96,302,000 | |
Per share amount [Abstract] | ||||
Income available to common shareholders (in dollars per share) | $ 1.41 | $ 1.33 | $ 1.22 | |
Income available to common shareholders plus assumed exercise all outstanding share-based awards (in dollars per share) | $ 1.41 | $ 1.33 | $ 1.21 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from diluted shares (in shares) | 9,450 | 32,000 | 67,000 | |
Weighted average exercise price of antidilutive securities (in dollars per share) | $ 25.31 | $ 25.31 | $ 24.89 | |
Other Equity Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from diluted shares (in shares) | 0 |
OTHER COMPREHENSIVE INCOME (Det
OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Unrealized gains on available-for- sale securities, before tax amount [Abstract] | |||||
Unrealized gains (losses) arising during holding period, before tax amount | $ (12,672) | $ (9,340) | $ 26,016 | ||
Reclassification adjustment for net (gains) realized in net income, before tax amount | (128) | [1] | (136) | [1] | (37) |
Recognized employee benefit plan net | (1,967) | [2] | 12,482 | [2] | (48,187) |
Other comprehensive income (loss), before tax amount | (14,767) | 3,006 | (22,208) | ||
Unrealized gains on available-for- sale securities, tax (expense) benefit [Abstract] | |||||
Unrealized gains (losses) arising during holding period, tax (expense) benefit | 4,854 | 3,577 | (9,965) | ||
Reclassification adjustment for net (gains) losses realized in net income, tax (expense) benefit | 49 | [1] | 52 | [1] | 14 |
Change in pension funding status cost, tax (expense) benefit | 752 | [2] | (4,774) | [2] | 18,432 |
Other comprehensive (loss) income, tax (expense) benefit | 5,655 | (1,145) | 8,481 | ||
Unrealized gains on available-for- sale securities, net of tax amount [Abstract] | |||||
Unrealized gains (losses) arising during holding period, net of tax amount | (7,818) | (5,763) | 16,051 | ||
Reclassification adjustment for net (gains) losses realized in net income, net of tax amount | (79) | [1] | (84) | [1] | (23) |
Change in pension funding status cost, net of tax amount | (1,215) | [2] | 7,708 | [2] | (29,755) |
Other comprehensive (loss) income | $ (9,112) | $ 1,861 | $ (13,727) | ||
[1] | 2014BeforeTaxNetTax(Expense)of TaxAmountBenefitAmount(In thousands)Net unrealized gains on available-for-sale securities:Unrealized gains (losses) arising duringholding period$ 26,016$ (9,965)$ 16,051Reclassification adjustment for net (gains) lossesrealized in net income (1)(37)14(23)Recognized employee benefit plan netperiodic benefit cost (2)(48,187)18,432(29,755)Other comprehensive (loss) income$ (22,208)$ 8,481$ (13,727)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, 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) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Related party transactions [Roll Forward] | |
Loans outstanding at beginning of period | $ 16,166 |
New loans | 6,141 |
Changes in directors and executive officers | (70) |
Loans outstanding end of period | $ 22,237 |
MORTGAGE SERVICING RIGHTS (Deta
MORTGAGE SERVICING RIGHTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Data and assumptions used in fair value calculation [Abstract] | |||
Unpaid principal balance | $ 6,384,649 | $ 6,011,236 | $ 5,686,756 |
Weighted-average prepayment speed (CPR) (in hundredths) | 9.40% | 10.30% | 11.60% |
Discount rate (annual percentage) (in hundredths) | 9.80% | 9.80% | 9.80% |
Weighted-average coupon interest rate (percentage) (in hundredths) | 3.90% | 4.00% | 4.10% |
Weighted-average remaining maturity (months) | 323 months | 319 months | 314 months |
Weighted-average servicing fee (basis points) (in hundredths) | 0.267% | 0.266% | 0.265% |
Contractually specified servicing fees, late fees, and ancillary fees [Abstract] | |||
Contractual servicing fees | $ 16,900 | $ 16,100 | $ 15,200 |
Late and other ancillary fees | 1,800 | 1,300 | 1,200 |
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 | 57,268 | 51,296 | |
Additions [Abstract] | |||
Origination of servicing assets | 14,706 | 14,139 | |
Changes in fair value [Abstract] | |||
Due to payoffs/paydowns | (8,231) | (6,999) | |
Due to change in valuation inputs or assumptions used in the valuation model | 1,526 | (1,161) | |
Other changes in fair value | (6) | (7) | |
Fair value at end of period | $ 65,263 | $ 57,268 | $ 51,296 |
CAPITAL AND REGULATORY MATTER98
CAPITAL AND REGULATORY MATTERS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jan. 27, 2016 | Dec. 11, 2014 | Dec. 31, 2016 | Dec. 31, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
BXS_CommonEquityTierOneCapitalRequiredToBeWellCapitalizedToriskweightedassets (in Hundredths) | 6.50% | ||||
Tier one core capital required for capital adequacy to risk-weighted assets (in hundredths) | 4.00% | 4.00% | |||
Tier one total capital required for capital adequacy to risk-weighted assets (in hundredths) | 8.00% | 8.00% | |||
Tier one leverage ratio required for capital adequacy to average assets (in hundredths) | 4.00% | 4.00% | |||
Tier one risk based capital required to be well capitalized to risk-weighted assets (in hundredths) | 8.00% | 8.00% | |||
Total capital required to be well capitalized to risk-weighted assets (in hundredths) | 10.00% | 10.00% | |||
Tier one leverage capital required to be well capitalized to average assets (in hundredths) | 5.00% | 5.00% | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 7,000,000 | 5,764,000 | |||
Percent of Aggregate Shares Authorized to be repurchased | 6.00% | ||||
Stock Repurchased During Period, Shares | 2,882,000 | 988,060 | |||
Common Equity Tier 1 Capital (to risk-wieghted assets) [Abstract] | |||||
bxs_Common Equity Tier 1 Capital to Risk weighted assets (in hundredths) | 12.23% | 12.07% | |||
Bxs_Common Equity Tier 1 Capital | $ 1,467,979 | $ 1,402,041 | |||
Tier I capital (to risk-weighted assets) [Abstract] | |||||
Tier I capital | $ 1,480,867 | $ 1,480,867 | $ 1,425,239 | ||
Tier I capital to risk-weighted assets (in hundredths) | 12.34% | 12.34% | 12.27% | ||
Total capital (to risk-weighted assets) [Abstract] | |||||
Total capital | $ 1,605,257 | $ 1,605,257 | $ 1,552,280 | ||
Total capital to risk-weighted assets (in hundredths) | 13.38% | 13.38% | 13.37% | ||
Tier I leverage capital (to average assets) [Abstract] | |||||
Tier I leverage capital | $ 1,480,867 | $ 1,480,867 | $ 1,425,239 | ||
Tier I leverage capital to average assets (in hundredths) | 10.32% | 10.32% | 10.61% | ||
BancorpSouth Bank [Member] | |||||
Common Equity Tier 1 Capital (to risk-wieghted assets) [Abstract] | |||||
bxs_Common Equity Tier 1 Capital to Risk weighted assets (in hundredths) | 10.94% | 11.80% | |||
Bxs_Common Equity Tier 1 Capital | $ 1,311,542 | $ 1,369,419 | |||
Tier I capital (to risk-weighted assets) [Abstract] | |||||
Tier I capital | $ 1,311,542 | $ 1,311,542 | $ 1,369,419 | ||
Tier I capital to risk-weighted assets (in hundredths) | 10.94% | 10.94% | 11.80% | ||
Total capital (to risk-weighted assets) [Abstract] | |||||
Total capital | $ 1,435,932 | $ 1,435,932 | $ 1,496,460 | ||
Total capital to risk-weighted assets (in hundredths) | 11.97% | 11.97% | 12.90% | ||
Tier I leverage capital (to average assets) [Abstract] | |||||
Tier I leverage capital | $ 1,311,542 | $ 1,311,542 | $ 1,369,419 | ||
Tier I leverage capital to average assets (in hundredths) | 9.17% | 9.17% | 10.23% |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Results of Operations [Abstract] | |||
Net interest revenue | $ 453,452 | $ 435,682 | $ 416,662 |
Provision for credit losses | 4,000 | (13,000) | |
Net interest revenue, after provision for credit losses | 449,452 | 448,682 | 416,662 |
Noninterest revenue | 279,030 | 277,968 | 269,146 |
Noninterest expense | 532,038 | 539,911 | 518,406 |
Income before income taxes | 196,444 | 186,739 | 167,402 |
Income tax expense (benefit) | 63,716 | 59,248 | 50,652 |
Net Income | 132,728 | 127,491 | 116,750 |
Selected Financial Information [Abstract] | |||
Total assets at end of period | 14,724,388 | 13,798,662 | 13,326,369 |
Depreciation and amortization | 29,264 | 30,251 | 31,715 |
Community Banking [Member] | |||
Results of Operations [Abstract] | |||
Net interest revenue | 414,706 | 397,204 | 381,467 |
Provision for credit losses | (641) | (12,859) | (4,757) |
Net interest revenue, after provision for credit losses | 415,347 | 410,063 | 386,224 |
Noninterest revenue | 80,996 | 82,938 | 95,752 |
Noninterest expense | 323,939 | 332,920 | 329,893 |
Income before income taxes | 172,404 | 160,081 | 152,083 |
Income tax expense (benefit) | 57,289 | 51,186 | 47,482 |
Net Income | 115,115 | 108,895 | 104,601 |
Selected Financial Information [Abstract] | |||
Total assets at end of period | 10,991,377 | 10,127,861 | 9,814,879 |
Depreciation and amortization | 21,446 | 21,874 | 22,603 |
Insurance Agencies [Member] | |||
Results of Operations [Abstract] | |||
Net interest revenue | 60 | 100 | 117 |
Net interest revenue, after provision for credit losses | 60 | 100 | 117 |
Noninterest revenue | 116,167 | 116,780 | 115,541 |
Noninterest expense | 101,259 | 101,120 | 97,620 |
Income before income taxes | 14,968 | 15,760 | 18,038 |
Income tax expense (benefit) | 6,031 | 6,363 | 7,255 |
Net Income | 8,937 | 9,397 | 10,783 |
Selected Financial Information [Abstract] | |||
Total assets at end of period | 213,070 | 199,668 | 188,920 |
Depreciation and amortization | 4,281 | 4,736 | 5,257 |
General Corporate and Other [Member] | |||
Results of Operations [Abstract] | |||
Net interest revenue | 38,686 | 38,378 | 35,078 |
Provision for credit losses | 4,641 | (141) | 4,757 |
Net interest revenue, after provision for credit losses | 34,045 | 38,519 | 30,321 |
Noninterest revenue | 81,867 | 78,250 | 57,853 |
Noninterest expense | 106,840 | 105,871 | 90,893 |
Income before income taxes | 9,072 | 10,898 | (2,719) |
Income tax expense (benefit) | 396 | 1,699 | (4,085) |
Net Income | 8,676 | 9,199 | 1,366 |
Selected Financial Information [Abstract] | |||
Total assets at end of period | 3,519,941 | 3,471,133 | 3,322,570 |
Depreciation and amortization | $ 3,537 | $ 3,641 | $ 3,855 |
DERIVATIVE INSTRUMENTS (Details
DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Notional amount | $ 213,600 | $ 255,600 |
Difference in carrying value and fair value, reflecting a loss | $ 109 | |
Average maturity | 30 months 6 days | 42 months 3 days |
Average interest receive rate (in hundredths) | 2.90% | 2.60% |
Average interest pay rate (in hundredths) | 5.60% | 5.60% |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 238,300 | $ 211,200 |
Difference in carrying value and fair value, reflecting a gain | 2,900 | |
Commitments To Fund Fixed Rate Mortgage Loans [Member] | ||
Derivative [Line Items] | ||
Notional amount | 140,900 | 142,100 |
Difference in carrying value and fair value, reflecting a gain | $ 3,400 | $ 3,400 |
DERIVATIVE INSTRUMENTS (Offsett
DERIVATIVE INSTRUMENTS (Offsetting Of Derivative Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Assets And Liabilities [Line Items] | ||
Gross Amount Recognized | $ 15,876 | $ 19,750 |
Gross Amount Offset | ||
Net Amount Recognized | 15,876 | 19,750 |
Net Amount | 15,876 | 19,750 |
Gross Amount Recognized | 463,625 | 422,188 |
Gross Amount Offset | ||
Net Amount Recognized | 463,625 | 422,188 |
Financial Instruments | (454,002) | (405,937) |
Financial Collateral Pledged | (9,175) | (15,856) |
Net Amount | 448 | 395 |
Forward Commitments [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Gross Amount Recognized | 6,701 | 3,894 |
Gross Amount Offset | ||
Net Amount Recognized | 6,701 | 3,894 |
Net Amount | 6,701 | 3,894 |
Gross Amount Recognized | 448 | 395 |
Gross Amount Offset | ||
Net Amount Recognized | 448 | 395 |
Net Amount | 448 | 395 |
Loan/Lease Interest Rate Swaps [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Gross Amount Recognized | 9,175 | 15,856 |
Gross Amount Offset | ||
Net Amount Recognized | 9,175 | 15,856 |
Net Amount | 9,175 | 15,856 |
Gross Amount Recognized | 9,175 | 15,856 |
Gross Amount Offset | ||
Net Amount Recognized | 9,175 | 15,856 |
Financial Collateral Pledged | (9,175) | (15,856) |
Repurchase Arrangements [Member] | ||
Offsetting Assets And Liabilities [Line Items] | ||
Gross Amount Recognized | 454,002 | 405,937 |
Gross Amount Offset | ||
Net Amount Recognized | 454,002 | 405,937 |
Financial Instruments | $ (454,002) | $ (405,937) |
COMMITMENTS AND CONTINGENT L102
COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases [Abstract] | |||
Rent expense | $ 8,000 | $ 8,100 | $ 7,900 |
Future minimum lease payments [Abstract] | |||
2,016 | 6,939 | ||
2,017 | 4,883 | ||
2,018 | 3,806 | ||
2,019 | 2,856 | ||
2,020 | 2,608 | ||
Thereafter | 6,305 | ||
Total future minimum lease payments | 27,397 | ||
Mortgage loans serviced for others [Abstract] | |||
Loans serviced for investors | 6,384,649 | $ 6,011,236 | $ 5,686,756 |
Primary Recourse Servicing Loans [Member] | |||
Mortgage loans serviced for others [Abstract] | |||
Off-balance sheet, face amount of asset | 3,100 | ||
Letters of Credit [Member] | |||
Lending commitments [Abstract] | |||
Off-balance sheet, face amount of liability | 88,200 | ||
Interim Mortgage Financing, Construction Credit, Credit Card and Revolving Line of Credit Arrangements [Member] | |||
Lending commitments [Abstract] | |||
Off-balance sheet, face amount of liability | $ 2,500,000 |
CONDENSED PARENT COMPANY INF103
CONDENSED PARENT COMPANY INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets | ||||
Other assets | $ 177,849 | $ 186,775 | ||
Total Assets | 14,724,388 | 13,798,662 | $ 13,326,369 | |
Liabilities and shareholders' equity: | ||||
Total liabilities | 13,000,505 | 12,143,218 | ||
Shareholders' equity | 1,723,883 | 1,655,444 | 1,606,059 | $ 1,513,130 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 14,724,388 | 13,798,662 | ||
Condensed Statements of Income [Abstract] | ||||
Income before income taxes | 196,444 | 186,739 | 167,402 | |
Income tax benefit | (63,716) | (59,248) | (50,652) | |
Net Income | 132,728 | 127,491 | 116,750 | |
Operating activities: | ||||
Net income | 132,728 | 127,491 | 116,750 | |
Net cash provided by operating activities | 143,496 | 133,306 | 142,129 | |
Investing activities: | ||||
Net cash (used in) provided by investing activities | (941,237) | (627,004) | (459,359) | |
Financing activities: | ||||
Cash dividends | (42,310) | (33,368) | (23,983) | |
Redemption of junior subordinated debt securities | (10,310) | (8,248) | ||
Advance of long-term debt | 500,000 | 8,000 | ||
Repayment of long-term debt | (39,775) | (8,373) | (8,066) | |
Common stock transactions, net | 2,773 | 10,441 | 11,583 | |
Net cash (used in) provided by financing activities | 822,737 | 334,417 | 146,057 | |
(Decrease) increase in Cash and Cash Equivalents | 24,996 | (159,281) | (171,173) | |
Cash and Cash Equivalents at Beginning of Year | 197,969 | 357,250 | 528,423 | |
Cash and Cash Equivalents at End of Year | 222,965 | 197,969 | 357,250 | |
BancorpSouth, Inc. (Parent Company Only) [Member] | ||||
Assets | ||||
Cash on deposit with subsidiary bank | 166,593 | 86,767 | ||
Investment in subsidiaries | 1,567,834 | 1,623,640 | ||
Other assets | 4,846 | 11,237 | ||
Total Assets | 1,739,273 | 1,721,644 | ||
Liabilities and shareholders' equity: | ||||
Total liabilities | 15,390 | 66,200 | ||
Shareholders' equity | 1,723,883 | 1,655,444 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,739,273 | 1,721,644 | ||
Condensed Statements of Income [Abstract] | ||||
Dividends from subsidiaries | 192,000 | 100,000 | 60,000 | |
Other operating income | (404) | 1,075 | 585 | |
Total income | 191,596 | 101,075 | 60,585 | |
Operating expenses | 7,547 | 8,419 | 6,867 | |
Income before income taxes | 184,049 | 92,656 | 53,718 | |
Income tax benefit | 3,051 | 2,818 | 2,420 | |
Income (loss) before equity in undistributed earnings of subsidiaries | 187,100 | 95,474 | 56,138 | |
Equity in undistributed (distributed) earnings of subsidiaries | (54,372) | 32,017 | 60,612 | |
Net Income | 132,728 | 127,491 | 116,750 | |
Operating activities: | ||||
Net income | 132,728 | 127,491 | 116,750 | |
Adjustments to reconcile net income to net cash provided by operating activities | 60,882 | (32,255) | (61,862) | |
Net cash provided by operating activities | 193,610 | 95,236 | 54,888 | |
Financing activities: | ||||
Cash dividends | (42,310) | (33,368) | (23,983) | |
Redemption of junior subordinated debt securities | (10,310) | (8,248) | ||
Advance of long-term debt | 8,000 | |||
Repayment of long-term debt | (39,775) | (8,373) | (8,066) | |
Common stock transactions, net | (21,389) | (59,998) | 13,928 | |
Net cash (used in) provided by financing activities | (113,784) | (101,739) | (18,369) | |
(Decrease) increase in Cash and Cash Equivalents | 79,826 | (6,503) | 36,519 | |
Cash and Cash Equivalents at Beginning of Year | 86,767 | 93,270 | 56,751 | |
Cash and Cash Equivalents at End of Year | $ 166,593 | $ 86,767 | $ 93,270 |
OTHER NONINTEREST REVENUE AND E
OTHER NONINTEREST REVENUE AND EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other noninterest revenue [Abstract] | |||
Bank-owned life insurance | $ 7,585 | $ 7,457 | $ 8,848 |
Other miscellaneous income | 12,147 | 12,143 | 12,883 |
Total other noninterest income | 19,732 | 19,600 | 21,731 |
Other noninterest income [Abstract] | |||
Advertising | 5,044 | 4,288 | 4,388 |
Foreclosed property expense | 4,354 | 7,418 | 17,071 |
Telecommunications | 5,087 | 5,226 | 5,625 |
Public relations | 2,694 | 2,769 | 4,101 |
Data processing | 26,835 | 24,148 | 23,830 |
Computer software | 11,381 | 10,500 | 10,525 |
Amortization of intangibles | 3,636 | 3,963 | 4,443 |
Amortization of intangible | 3,635 | 3,963 | 4,443 |
Legal expenses | 8,543 | 30,346 | 9,822 |
Merger expense | 2 | 25 | 1,761 |
Postage and shipping | 4,236 | 4,535 | 4,745 |
Other miscellaneous expense | 56,684 | 57,540 | 57,863 |
Total other noninterest expense | $ 128,495 | $ 150,758 | $ 144,174 |
Uncategorized Items - c853-2016
Label | Element | Value |
Unallocated Financing Receivables [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | $ 995,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 928,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 440,008,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 411,691,000 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 1,086,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 1,264,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 111,079,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 108,392,000 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 7,586,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 13,993,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 1,740,188,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 1,598,302,000 |
Financing Receivables30 To59 Days Past Due [Member] | Unallocated Financing Receivables [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 628,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 550,000 |
Financing Receivables30 To59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 420,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 466,000 |
Financing Receivables30 To59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 2,038,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 3,231,000 |
Financing Receivables Equal To Greater Than90 Days Past Due [Member] | Unallocated Financing Receivables [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 105,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 230,000 |
Financing Receivables Equal To Greater Than90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 323,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 501,000 |
Financing Receivables Equal To Greater Than90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 4,731,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 9,152,000 |
Financing Receivables60 To89 Days Past Due [Member] | Unallocated Financing Receivables [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 262,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 148,000 |
Financing Receivables60 To89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 343,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 297,000 |
Financing Receivables60 To89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 817,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 1,610,000 |
Unallocated Financing Receivables [Member] | Pass [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 405,611,000 |
Unallocated Financing Receivables [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 7,008,000 |
Unallocated Financing Receivables [Member] | Including Accruing Troubled Debt Restructurings [Member] | Unallocated Financing Receivables [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,894,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 23,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 2,927,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 78,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 2,890,000 |
Unallocated Financing Receivables [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Unallocated Financing Receivables [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,894,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 23,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 2,927,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 78,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 2,890,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 8,770,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 11,055,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 326,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 13,332,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 9,520,000 |
Non Impaired Financing Receivable Related Allowance | us-gaap_LoansAndLeasesReceivableOtherAllowance | 14,281,000 |
Non Impaired Financing Receivable Related Allowance | us-gaap_LoansAndLeasesReceivableOtherAllowance | 12,899,000 |
Non-accrual loans and leases | us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus | 16,512,000 |
Non-accrual loans and leases | us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus | 10,791,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 8,328,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 7,423,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 1,609,101,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 1,756,842,000 |
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 1,617,429,000 |
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 1,764,265,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | us-gaap_OtherRealEstateAndForeclosedAssets | 1,074,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | us-gaap_OtherRealEstateAndForeclosedAssets | 1,958,000 |
Recoveries | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 2,834,000 |
Recoveries | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 544,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 1,800,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 1,095,000 |
Provision for credit losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | (2,752,000) |
Provision for credit losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | (1,157,000) |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 277,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 355,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 16,325,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 14,607,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 12,899,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 12,141,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 8,321,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 8,321,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | Pass [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 1,705,266,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | Special Mention [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 3,668,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 47,010,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,866,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 741,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 326,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 51,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | With No Related Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 6,904,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 10,314,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 13,332,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 9,520,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 226,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 355,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 12,141,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 8,321,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | Financing Receivables30 To59 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 1,189,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 2,551,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 4,034,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 4,342,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | Financing Receivables60 To89 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 3,105,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 530,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | Including Accruing Troubled Debt Restructurings [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 13,720,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 518,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 19,577,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 461,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 18,041,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 6,816,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 518,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 6,245,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 235,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 5,900,000 |
Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 6,904,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 13,332,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 226,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 12,141,000 |
Consumer Portfolio Segment [Member] | Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 112,165,000 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 109,656,000 |
Consumer Portfolio Segment [Member] | Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 112,165,000 |
Consumer Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | Consumer Portfolio Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 881,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 58,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 823,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 347,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 823,000 |
Consumer Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,024,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 34,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 939,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 102,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 939,000 |
Consumer Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Consumer Portfolio Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 881,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 58,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 823,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 347,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 823,000 |
Consumer Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,024,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 34,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 939,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 102,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 939,000 |
Commercial Real Estate Portfolio Segment [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 3,853,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 6,118,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 677,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 35,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 7,666,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 5,933,000 |
Non Impaired Financing Receivable Related Allowance | us-gaap_LoansAndLeasesReceivableOtherAllowance | 15,248,000 |
Non Impaired Financing Receivable Related Allowance | us-gaap_LoansAndLeasesReceivableOtherAllowance | 13,922,000 |
Non-accrual loans and leases | us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus | 9,130,000 |
Non-accrual loans and leases | us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus | 7,022,000 |
Loans and leases 90 days or more past due, still accruing | us-gaap_FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing | 14,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 3,633,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 3,984,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 941,412,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 1,153,264,000 |
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 945,045,000 |
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 1,157,248,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | us-gaap_OtherRealEstateAndForeclosedAssets | 10,212,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | us-gaap_OtherRealEstateAndForeclosedAssets | 3,746,000 |
Recoveries | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 11,727,000 |
Recoveries | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 1,373,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 1,039,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 521,000 |
Provision for credit losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | (4,648,000) |
Provision for credit losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | (2,820,000) |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 25,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 14,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 9,885,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 15,925,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 13,957,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 7,583,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 5,933,000 |
Commercial Real Estate Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 5,933,000 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 1,135,618,000 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 15,697,000 |
Commercial Real Estate Portfolio Segment [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 300,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 739,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 677,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 35,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 1,614,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 1,130,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 10,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 1,614,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 1,130,000 |
Commercial Real Estate Portfolio Segment [Member] | With No Related Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 3,553,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 5,379,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 6,052,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 4,803,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 25,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 4,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 5,969,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 4,803,000 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables30 To59 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 1,017,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 2,101,000 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 2,409,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 1,443,000 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables60 To89 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 207,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 440,000 |
Commercial Real Estate Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 5,312,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 721,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 9,380,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 67,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 9,297,000 |
Commercial Real Estate Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,759,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 721,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 3,328,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 42,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 3,328,000 |
Commercial Real Estate Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 3,553,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 6,052,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 25,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 5,969,000 |
Home Equity [Member] | Home Equity [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 589,752,000 |
Home Equity [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,412,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,543,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 1,795,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 1,600,000 |
Non Impaired Financing Receivable Related Allowance | us-gaap_LoansAndLeasesReceivableOtherAllowance | 6,949,000 |
Non Impaired Financing Receivable Related Allowance | us-gaap_LoansAndLeasesReceivableOtherAllowance | 7,174,000 |
Non-accrual loans and leases | us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus | 4,021,000 |
Non-accrual loans and leases | us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus | 3,817,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 4,753,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 6,400,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 584,999,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 622,446,000 |
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 589,752,000 |
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 628,846,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | us-gaap_OtherRealEstateAndForeclosedAssets | 101,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | us-gaap_OtherRealEstateAndForeclosedAssets | 39,000 |
Recoveries | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 639,000 |
Recoveries | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 506,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 1,204,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 1,884,000 |
Provision for credit losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | (2,028,000) |
Provision for credit losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | 1,603,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 22,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 10,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 9,542,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 6,949,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 7,174,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 1,795,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 857,000 |
Home Equity [Member] | Nonperforming Financing Receivable [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 857,000 |
Home Equity [Member] | Nonperforming Financing Receivable [Member] | Home Equity [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 1,795,000 |
Home Equity [Member] | Pass [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 616,758,000 |
Home Equity [Member] | Pass [Member] | Home Equity [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 577,539,000 |
Home Equity [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 11,231,000 |
Home Equity [Member] | Substandard [Member] | Home Equity [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 10,418,000 |
Home Equity [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 668,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 367,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 15,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 1,000 |
Home Equity [Member] | With No Related Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 744,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,176,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 1,795,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 1,600,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 7,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 9,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 1,795,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 857,000 |
Home Equity [Member] | Financing Receivables30 To59 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 2,589,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 2,771,000 |
Home Equity [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 1,896,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 2,959,000 |
Home Equity [Member] | Financing Receivables60 To89 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 268,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 670,000 |
Home Equity [Member] | Including Accruing Troubled Debt Restructurings [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,418,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 3,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 1,825,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 22,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 1,815,000 |
Home Equity [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 674,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 3,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 30,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 15,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 20,000 |
Home Equity [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 744,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 1,795,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 7,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 1,795,000 |
Commercial Real Estate Financing Receivable [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 11,526,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 14,259,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 1,110,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 2,481,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 20,064,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 12,296,000 |
Non Impaired Financing Receivable Related Allowance | us-gaap_LoansAndLeasesReceivableOtherAllowance | 24,398,000 |
Non Impaired Financing Receivable Related Allowance | us-gaap_LoansAndLeasesReceivableOtherAllowance | 22,364,000 |
Non-accrual loans and leases | us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus | 21,741,000 |
Non-accrual loans and leases | us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus | 13,402,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 9,313,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 12,456,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 2,178,735,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 2,225,263,000 |
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 2,188,048,000 |
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 2,237,719,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | us-gaap_OtherRealEstateAndForeclosedAssets | 678,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | us-gaap_OtherRealEstateAndForeclosedAssets | 1,128,000 |
Recoveries | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 1,656,000 |
Recoveries | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 2,411,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 3,723,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 1,129,000 |
Provision for credit losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | 4,013,000 |
Provision for credit losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | (1,945,000) |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 246,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 297,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 23,562,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 25,508,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 24,845,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 17,781,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 12,296,000 |
Commercial Real Estate Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 12,296,000 |
Commercial Real Estate Financing Receivable [Member] | Pass [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 2,179,318,000 |
Commercial Real Estate Financing Receivable [Member] | Special Mention [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 634,000 |
Commercial Real Estate Financing Receivable [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 45,471,000 |
Commercial Real Estate Financing Receivable [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 3,582,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 9,868,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 1,110,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 2,481,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 13,185,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 9,650,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 44,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 203,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 12,764,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 9,650,000 |
Commercial Real Estate Financing Receivable [Member] | With No Related Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 7,944,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 4,391,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 6,879,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 2,646,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 202,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 94,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 5,017,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 2,646,000 |
Commercial Real Estate Financing Receivable [Member] | Financing Receivables30 To59 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 2,840,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 312,000 |
Commercial Real Estate Financing Receivable [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 6,286,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 11,211,000 |
Commercial Real Estate Financing Receivable [Member] | Financing Receivables60 To89 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 187,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 933,000 |
Commercial Real Estate Financing Receivable [Member] | Including Accruing Troubled Debt Restructurings [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 15,746,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 1,217,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 21,129,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 389,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 18,633,000 |
Commercial Real Estate Financing Receivable [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 7,802,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 1,217,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 14,250,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 187,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 13,616,000 |
Commercial Real Estate Financing Receivable [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 7,944,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 6,879,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 202,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 5,017,000 |
Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 1,747,774,000 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 100,000 |
Commercial Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 8,314,000 |
Commercial Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 7,127,000 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 1,562,263,000 |
Commercial Portfolio Segment [Member] | Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 1,721,118,000 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 41,618,000 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 19,529,000 |
Commercial Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | Commercial Portfolio Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 10,439,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 1,938,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 24,280,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 232,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 18,623,000 |
Commercial Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Commercial Portfolio Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 4,045,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 1,938,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 12,424,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 160,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 12,401,000 |
Commercial Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Commercial Portfolio Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 6,394,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 11,856,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 72,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 6,222,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 14,957,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 103,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 14,926,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 479,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 13,258,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 6,930,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 47,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 6,176,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 39,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 6,176,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | Home Equity [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,553,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 1,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 1,613,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 10,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 860,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 17,279,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 2,532,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 19,046,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 430,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 18,833,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | Agricultural Real Estate Financing Receivable [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 864,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 1,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 995,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 12,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 937,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | Residential Portfolio Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 4,092,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 300,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 5,039,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 77,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 4,108,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 4,643,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 103,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 5,406,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 124,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 4,937,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,551,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 47,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 1,373,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 35,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 1,373,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Home Equity [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 377,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 1,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 13,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 1,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 3,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 12,888,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 2,532,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 16,400,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 336,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 16,187,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Agricultural Real Estate Financing Receivable [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 424,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 1,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 76,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 4,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 76,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Residential Portfolio Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 2,241,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 300,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 2,734,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 55,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 2,453,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Commercial And Industrial Owner Occupied Real Estate Financing Receivable [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 10,314,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 9,520,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 355,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 8,321,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 5,379,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 4,803,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 4,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 4,803,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Home Equity [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,176,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 1,600,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 9,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 857,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Commercial Real Estate Financing Receivable [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 4,391,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 2,646,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 94,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 2,646,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Agricultural Real Estate Financing Receivable [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 440,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 919,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 8,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 861,000 |
Real Estate Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Residential Portfolio Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,851,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 2,305,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 22,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 1,655,000 |
Agricultural Real Estate Financing Receivable [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 189,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 792,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 159,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 930,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 919,000 |
Non Impaired Financing Receivable Related Allowance | us-gaap_LoansAndLeasesReceivableOtherAllowance | 2,365,000 |
Non Impaired Financing Receivable Related Allowance | us-gaap_LoansAndLeasesReceivableOtherAllowance | 2,172,000 |
Non-accrual loans and leases | us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus | 921,000 |
Non-accrual loans and leases | us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus | 1,546,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 315,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 1,570,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 259,045,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 243,807,000 |
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 259,360,000 |
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 245,377,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | us-gaap_OtherRealEstateAndForeclosedAssets | 25,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | us-gaap_OtherRealEstateAndForeclosedAssets | 22,000 |
Recoveries | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 384,000 |
Recoveries | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 175,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 33,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 110,000 |
Provision for credit losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | (1,247,000) |
Provision for credit losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | (417,000) |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 6,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 8,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 3,420,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 2,524,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 2,172,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 872,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 861,000 |
Agricultural Real Estate Financing Receivable [Member] | Nonperforming Financing Receivable [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 861,000 |
Agricultural Real Estate Financing Receivable [Member] | Pass [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 233,939,000 |
Agricultural Real Estate Financing Receivable [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 10,577,000 |
Agricultural Real Estate Financing Receivable [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 47,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 352,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 159,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 550,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 550,000 |
Agricultural Real Estate Financing Receivable [Member] | With No Related Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 142,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 440,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 380,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 919,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 6,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 8,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 322,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 861,000 |
Agricultural Real Estate Financing Receivable [Member] | Financing Receivables30 To59 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 176,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 969,000 |
Agricultural Real Estate Financing Receivable [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 247,000 |
Agricultural Real Estate Financing Receivable [Member] | Financing Receivables60 To89 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 139,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 354,000 |
Agricultural Real Estate Financing Receivable [Member] | Including Accruing Troubled Debt Restructurings [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 198,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 162,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 966,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 6,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 908,000 |
Agricultural Real Estate Financing Receivable [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 56,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 162,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 586,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 586,000 |
Agricultural Real Estate Financing Receivable [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 142,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 380,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 6,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 322,000 |
Residential Portfolio Segment [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 3,947,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 2,282,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 4,545,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 2,305,000 |
Non Impaired Financing Receivable Related Allowance | us-gaap_LoansAndLeasesReceivableOtherAllowance | 33,198,000 |
Non Impaired Financing Receivable Related Allowance | us-gaap_LoansAndLeasesReceivableOtherAllowance | 30,386,000 |
Non-accrual loans and leases | us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus | 21,637,000 |
Non-accrual loans and leases | us-gaap_FinancingReceivableRecordedInvestmentNonaccrualStatus | 21,084,000 |
Loans and leases 90 days or more past due, still accruing | us-gaap_FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing | 1,655,000 |
Loans and leases 90 days or more past due, still accruing | us-gaap_FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing | 3,439,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 32,123,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 34,232,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 2,440,079,000 |
Current | us-gaap_FinancingReceivableRecordedInvestmentCurrent | 2,609,734,000 |
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 2,472,202,000 |
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 2,643,966,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | us-gaap_OtherRealEstateAndForeclosedAssets | 2,477,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | us-gaap_OtherRealEstateAndForeclosedAssets | 857,000 |
Recoveries | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 2,693,000 |
Recoveries | us-gaap_FinancingReceivableAllowanceForCreditLossesRecovery | 1,694,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 3,995,000 |
Financing Receivable, Allowance for Credit Losses, Write-downs | us-gaap_FinancingReceivableAllowanceForCreditLossesWriteOffs | 2,687,000 |
Provision for credit losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | (5,515,000) |
Provision for credit losses | us-gaap_ProvisionForLoanLeaseAndOtherLosses | (1,819,000) |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 85,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 22,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 40,015,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 33,198,000 |
Total allowance | us-gaap_FinancingReceivableAllowanceForCreditLosses | 30,386,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 3,990,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 1,655,000 |
Residential Portfolio Segment [Member] | Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 2,472,202,000 |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 282,000 |
Residential Portfolio Segment [Member] | Doubtful [Member] | Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 363,000 |
Residential Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 1,655,000 |
Residential Portfolio Segment [Member] | Nonperforming Financing Receivable [Member] | Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 3,990,000 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 2,579,905,000 |
Residential Portfolio Segment [Member] | Pass [Member] | Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 2,399,081,000 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 522,000 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 61,602,000 |
Residential Portfolio Segment [Member] | Substandard [Member] | Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income | us-gaap_LoansAndLeasesReceivableNetOfDeferredIncome | 68,768,000 |
Residential Portfolio Segment [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 368,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 431,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 9,000 |
Residential Portfolio Segment [Member] | With No Related Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 3,579,000 |
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 1,851,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 4,545,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 2,305,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 76,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 22,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 3,990,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 1,655,000 |
Residential Portfolio Segment [Member] | Financing Receivables30 To59 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 13,827,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 12,393,000 |
Residential Portfolio Segment [Member] | Financing Receivables Equal To Greater Than90 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 13,604,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 15,054,000 |
Residential Portfolio Segment [Member] | Financing Receivables60 To89 Days Past Due [Member] | Real Estate Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 4,692,000 |
Financing Receivable, Recorded Investment, Past Due | us-gaap_FinancingReceivableRecordedInvestmentPastDue | 6,785,000 |
Residential Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 5,635,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 226,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 6,441,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 151,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 5,777,000 |
Residential Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 2,056,000 |
Allowance for impaired loans and leases | us-gaap_ImpairedFinancingReceivableRelatedAllowance | 226,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 1,896,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 75,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | 1,787,000 |
Residential Portfolio Segment [Member] | Including Accruing Troubled Debt Restructurings [Member] | With No Related Allowance [Member] | Real Estate Segment [Member] | ||
Average Recorded Investment | us-gaap_ImpairedFinancingReceivableAverageRecordedInvestment | 3,579,000 |
Unpaid Balance of Impaired Loans | us-gaap_ImpairedFinancingReceivableUnpaidPrincipalBalance | 4,545,000 |
Interest Income Recognized | us-gaap_ImpairedFinancingReceivableInterestIncomeAccrualMethod | 76,000 |
Recorded balance of impaired loans | us-gaap_ImpairedFinancingReceivableRecordedInvestment | $ 3,990,000 |