Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 25, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 000-06253 | ||
Entity Registrant Name | SIMMONS FIRST NATIONAL CORP | ||
Entity Incorporation, State or Country Code | AR | ||
Entity Tax Identification Number | 71-0407808 | ||
Entity Address, Address Line One | 501 Main Street | ||
Entity Address, City or Town | Pine Bluff | ||
Entity Address, State or Province | AR | ||
Entity Address, Postal Zip Code | 71601 | ||
City Area Code | 870 | ||
Local Phone Number | 541-1000 | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | SFNC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,187,379,555 | ||
Entity Common Stock, Shares Outstanding | 113,281,297 | ||
Entity Central Index Key | 0000090498 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the 2020 Annual Meeting of Shareholders of the Registrant to be held on April 23, 2020 , are incorporated by reference into Part III of this Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and non-interest bearing balances due from banks | $ 277,208 | $ 171,792 |
Interest bearing balances due from banks and federal funds sold | 719,415 | 661,666 |
Cash and cash equivalents | 996,623 | 833,458 |
Interest bearing balances due from banks – time | 4,554 | 4,934 |
Investment securities: | ||
Held-to-maturity | 40,927 | 289,194 |
Available-for-sale | 3,453,338 | 2,151,752 |
Total investments | 3,494,265 | 2,440,946 |
Mortgage loans held for sale | 58,102 | 26,799 |
Other assets held for sale | 260,332 | 1,790 |
Loans: | ||
Legacy loans | 9,630,076 | 8,430,388 |
Allowance for loan losses | (67,800) | (56,599) |
Loans acquired, net of discount and allowance | 4,795,184 | 3,292,783 |
Net loans | 14,357,460 | 11,666,572 |
Premises and equipment | 492,384 | 295,060 |
Foreclosed assets and other real estate owned | 19,121 | 25,565 |
Interest receivable | 62,707 | 49,938 |
Bank owned life insurance | 254,152 | 193,170 |
Goodwill | 1,055,520 | 845,687 |
Other intangible assets | 127,340 | 91,334 |
Other assets | 76,583 | 68,084 |
Total assets | 21,259,143 | 16,543,337 |
Deposits: | ||
Non-interest bearing transaction accounts | 3,741,093 | 2,672,405 |
Interest bearing transaction accounts and savings deposits | 9,090,878 | 6,830,191 |
Time deposits | 3,276,969 | 2,896,156 |
Total deposits | 16,108,940 | 12,398,752 |
Federal funds purchased and securities sold under agreements to repurchase | 150,145 | 95,792 |
Other borrowings | 1,297,599 | 1,345,450 |
Subordinated notes and debentures | 388,260 | 353,950 |
Other liabilities held for sale | 159,853 | 162 |
Accrued interest and other liabilities | 165,422 | 102,797 |
Total liabilities | 18,270,219 | 14,296,903 |
Stockholders’ equity: | ||
Preferred stock, 40,040,000 shares authorized; Series D, $0.01 par value, $1,000 liquidation value per share; 767 shares issued and outstanding at December 31, 2019 | 767 | |
Common stock, Class A, $0.01 par value; 175,000,000 shares authorized at December 31, 2019 and 2018; 113,628,601 and 92,347,643 shares issued and outstanding at December 31, 2019 and 2018, respectively | 1,136 | 923 |
Surplus | 2,117,282 | 1,597,944 |
Undivided profits | 848,848 | 674,941 |
Accumulated other comprehensive income (loss) | 20,891 | (27,374) |
Total stockholders’ equity | 2,988,924 | 2,246,434 |
Total liabilities and stockholders’ equity | $ 21,259,143 | $ 16,543,337 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, Series D, shares authorized (in shares) | 40,040,000 | |
Preferred stock, Series D, par value (in dollars per share) | $ 0.01 | |
Preferred stock, Series D, liquidation value (in dollars per share) | $ 1,000 | |
Preferred stock, Series D, shares issued (in shares) | 767 | |
Preferred stock, Series D, shares outstanding (in shares) | 767 | |
Common stock, Class A, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, Class A, shares authorized (in shares) | 175,000,000 | 175,000,000 |
Common stock, Class A, shares issued (in shares) | 113,628,601 | 92,347,643 |
Common stock, Class A, shares outstanding (in shares) | 113,628,601 | 92,347,643 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
INTEREST INCOME | ||||
Loans | $ 710,935 | $ 616,037 | $ 352,351 | |
Interest bearing balances due from banks and federal funds sold | 7,486 | 5,996 | 1,933 | |
Investment securities | 66,898 | 57,318 | 40,115 | |
Mortgage loans held for sale | 1,326 | 1,336 | 605 | |
TOTAL INTEREST INCOME | 786,645 | 680,687 | 395,004 | |
INTEREST EXPENSE | ||||
Deposits | 139,011 | 87,210 | 27,756 | |
Federal funds purchased and securities sold under agreements to repurchase | 1,010 | 423 | 347 | |
Other borrowings | 23,008 | 23,654 | 8,621 | |
Subordinated notes and debentures | 18,341 | 16,848 | 3,350 | |
TOTAL INTEREST EXPENSE | 181,370 | 128,135 | 40,074 | |
NET INTEREST INCOME | 605,275 | 552,552 | 354,930 | |
Provision for loan losses | 43,240 | 38,148 | 26,393 | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 562,035 | 514,404 | 328,537 | |
NON-INTEREST INCOME | ||||
Investment banking income | 2,313 | 3,141 | 2,793 | |
Bank owned life insurance income | 4,768 | 4,415 | 3,503 | |
Gain on sale of securities, net | 13,314 | 61 | 1,059 | |
Other income | 58,493 | 19,863 | 19,268 | |
TOTAL NON-INTEREST INCOME | 201,509 | 143,896 | 138,765 | |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 227,795 | 216,743 | 154,314 | |
Occupancy expense, net | 32,008 | 29,610 | 21,159 | |
Furniture and equipment expense | 18,220 | 16,323 | 19,366 | |
Other real estate and foreclosure expense | 3,442 | 4,480 | 3,042 | |
Deposit insurance | 4,416 | 8,721 | 3,696 | |
Merger related costs | 36,379 | 4,777 | 21,923 | |
Other operating expenses | 138,852 | 111,575 | 88,879 | |
TOTAL NON-INTEREST EXPENSE | 461,112 | 392,229 | 312,379 | |
INCOME BEFORE INCOME TAXES | 302,432 | 266,071 | 154,923 | |
Provision for income taxes | 64,265 | 50,358 | 61,983 | |
NET INCOME | 238,167 | 215,713 | 92,940 | |
Preferred stock dividends | 339 | 0 | 0 | |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ 237,828 | $ 215,713 | $ 92,940 | |
Basic earnings per share (in dollars per share) | $ 2.42 | $ 2.34 | $ 1.34 | [1] |
Diluted earnings per share (in dollars per share) | $ 2.41 | $ 2.32 | $ 1.33 | [1] |
Trust income | ||||
NON-INTEREST INCOME | ||||
NON-INTEREST INCOME | $ 25,040 | $ 23,128 | $ 18,570 | |
Service charges on deposit accounts | ||||
NON-INTEREST INCOME | ||||
NON-INTEREST INCOME | 44,782 | 42,508 | 36,079 | |
Other service charges and fees | ||||
NON-INTEREST INCOME | ||||
NON-INTEREST INCOME | 5,824 | 7,469 | 9,919 | |
Mortgage lending income | ||||
NON-INTEREST INCOME | ||||
NON-INTEREST INCOME | 15,017 | 9,230 | 9,708 | |
SBA lending income | ||||
NON-INTEREST INCOME | ||||
NON-INTEREST INCOME | 2,669 | 1,813 | 3,608 | |
Debit and credit card fees | ||||
NON-INTEREST INCOME | ||||
NON-INTEREST INCOME | $ 29,289 | $ 32,268 | $ 34,258 | |
[1] | Per share amounts for the year ended 2017 have been restated to reflect the effect of the two -for-one stock split on February 8, 2018. |
Consolidated Statements of In_2
Consolidated Statements of Income (Parentheticals) | Feb. 08, 2018 | Feb. 28, 2018 |
Income Statement [Abstract] | ||
Stock split, conversion ratio | 2 | 2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 238,167 | $ 215,713 | $ 92,940 |
OTHER COMPREHENSIVE INCOME (LOSS) | |||
Unrealized holding gains (losses) arising during the period on available-for-sale securities | 76,109 | (13,626) | 2,645 |
Unrealized holding gain on the transfer of held-to-maturity securities to available-for-sale per ASU 2017-12 | 2,547 | 0 | 0 |
Less: Reclassification adjustment for realized gains included in net income | 13,314 | 61 | 1,059 |
Other comprehensive income (loss), before tax effect | 65,342 | (13,687) | 1,586 |
Less: Tax effect of other comprehensive income (loss) | 17,077 | (3,577) | 622 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 48,265 | (10,110) | 964 |
COMPREHENSIVE INCOME | $ 286,432 | $ 205,603 | $ 93,904 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net income | $ 238,167 | $ 215,713 | $ 92,940 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 36,257 | 28,412 | 21,062 |
Provision for loan losses | 43,240 | 38,148 | 26,393 |
Gain on sale of investments | (13,314) | (61) | (1,059) |
Net accretion of investment securities and assets | (53,619) | (48,684) | (38,090) |
Net amortization (accretion) on borrowings | 394 | (380) | 561 |
Stock-based compensation expense | 12,921 | 9,725 | 10,681 |
Gain on sale of premises and equipment held for sale, net of impairment | 0 | 0 | (615) |
Gain on sale of foreclosed assets and other real estate owned | (33) | (650) | (1,076) |
Gain on sale of mortgage loans held for sale | (20,064) | (12,844) | (12,186) |
Loss (gain) on sale of loans | 4,451 | (10) | (18) |
Gain on sale of Visa, Inc. class B common stock | (42,860) | ||
Fair value write-down of closed branches | 0 | 836 | 325 |
Deferred income taxes | 34,911 | 8,412 | 23,251 |
Gain on sale of insurance lines of business | 0 | 0 | (3,708) |
Income from bank owned life insurance | (4,854) | (5,003) | (3,503) |
Originations of mortgage loans held for sale | (755,500) | (546,676) | (507,907) |
Proceeds from sale of mortgage loans held for sale | 756,642 | 556,759 | 526,245 |
Changes in assets and liabilities: | |||
Interest receivable | 3,231 | (6,227) | (2,432) |
Assets held in trading accounts | 0 | 0 | 41 |
Other assets | 42,189 | (1,414) | 12,456 |
Accrued interest and other liabilities | (35,886) | 33,978 | (14,194) |
Income taxes payable | 20,074 | (9,355) | (14,604) |
Net cash provided by operating activities | 266,347 | 260,679 | 114,563 |
INVESTING ACTIVITIES | |||
Net collections (originations) of loans | 23,806 | (912,793) | (719,219) |
Proceeds from sale of loans | 104,587 | 24,977 | 20,705 |
Decrease (increase) in due from banks - time | 1,130 | (1,620) | 3,233 |
Purchases of premises and equipment, net | (67,831) | (29,740) | (34,216) |
Proceeds from sale of premises and equipment | 0 | 0 | 3,475 |
Purchases of other real estate owned | 0 | 0 | (1,021) |
Proceeds from sale of foreclosed assets and other real estate owned | 17,986 | 27,751 | 18,255 |
Proceeds from sale of available-for-sale securities | 1,235,030 | 7,959 | 679,613 |
Proceeds from maturities of available-for-sale securities | 776,084 | 258,325 | 487,717 |
Purchases of available-for-sale securities | (1,710,483) | (825,914) | (854,708) |
Proceeds from maturities of held-to-maturity securities | 31,969 | 80,803 | 97,494 |
Purchases of held-to-maturity securities | 0 | (1,172) | (860) |
Proceeds from bank owned life insurance death benefits | 2,435 | 1,814 | 0 |
Purchases of bank owned life insurance | 0 | (4,000) | (143) |
Proceeds from the sale of insurance lines of business | 0 | 0 | 9,296 |
Cash received (paid) in business combinations | 178,260 | 0 | (48,092) |
Disposition of assets and liabilities held for sale | 1,235 | (55,211) | 0 |
Net cash provided by (used in) investing activities | 594,208 | (1,428,821) | (338,471) |
FINANCING ACTIVITIES | |||
Net change in deposits | (404,826) | 1,305,877 | 120,667 |
Proceeds from issuance of subordinated notes and other borrowings | 25,500 | 326,355 | 0 |
Repayments of subordinated debentures and subordinated debt | 0 | (113,990) | (3,000) |
Dividends paid on preferred stock | (339) | 0 | 0 |
Dividends paid on common stock | (63,921) | (55,646) | (35,116) |
Net change in other borrowed funds | (240,806) | (34,574) | 521,865 |
Net change in federal funds purchased and securities sold under agreements to repurchase | 40,207 | (26,652) | (71,003) |
Net shares (cancelled) issued under stock compensation plans | (2,389) | 1,162 | 2,260 |
Shares issued under employee stock purchase plan | 1,312 | 1,026 | 618 |
Repurchase of common stock | (10,128) | 0 | 0 |
Retirement of preferred stock | (42,000) | 0 | 0 |
Net cash (used in) provided by financing activities | (697,390) | 1,403,558 | 536,291 |
INCREASE IN CASH EQUIVALENTS | 163,165 | 235,416 | 312,383 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 833,458 | 598,042 | 285,659 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 996,623 | $ 833,458 | $ 598,042 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Surplus | Accumulated Other Comprehensive Income (Loss) | Undivided Profits | Hardeman County Investment Company, Inc. | Hardeman County Investment Company, Inc.Common Stock | Hardeman County Investment Company, Inc.Surplus | OKSB Merger | OKSB MergerCommon Stock | OKSB MergerSurplus | First Texas Merger | First Texas MergerCommon Stock | First Texas MergerSurplus | Reliance Bancshares, Inc. | Reliance Bancshares, Inc.Preferred Stock | Reliance Bancshares, Inc.Common Stock | Reliance Bancshares, Inc.Surplus | Landrum Company | Landrum CompanyPreferred Stock | Landrum CompanyCommon Stock | Landrum CompanySurplus |
Balance at Dec. 31, 2016 | $ 1,151,111 | $ 0 | $ 626 | $ 711,663 | $ (15,212) | $ 454,034 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Comprehensive income | 93,904 | 964 | 92,940 | ||||||||||||||||||||
Reclassify stranded tax effects due to 2017 tax law changes | 0 | (3,016) | 3,016 | ||||||||||||||||||||
Stock issued for employee stock purchase plan | 618 | 618 | |||||||||||||||||||||
Stock-based compensation plans, net | 12,941 | 3 | 12,938 | ||||||||||||||||||||
Stock issued for acquisition | $ 42,638 | $ 16 | $ 42,622 | $ 431,398 | $ 145 | $ 431,253 | $ 387,070 | $ 130 | $ 386,940 | ||||||||||||||
Dividends on common stock | (35,116) | (35,116) | |||||||||||||||||||||
Balance at Dec. 31, 2017 | 2,084,564 | 0 | 920 | 1,586,034 | (17,264) | 514,874 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Comprehensive income | 205,603 | (10,110) | 215,713 | ||||||||||||||||||||
Stock issued for employee stock purchase plan | 1,026 | 1,026 | |||||||||||||||||||||
Stock-based compensation plans, net | 10,887 | 3 | 10,884 | ||||||||||||||||||||
Dividends on common stock | (55,646) | (55,646) | |||||||||||||||||||||
Balance at Dec. 31, 2018 | 2,246,434 | 0 | 923 | 1,597,944 | (27,374) | 674,941 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Comprehensive income | 286,432 | 48,265 | 238,167 | ||||||||||||||||||||
Stock issued for employee stock purchase plan | 1,312 | 1 | 1,311 | ||||||||||||||||||||
Stock-based compensation plans, net | 10,532 | 3 | 10,529 | ||||||||||||||||||||
Stock issued for acquisition | $ 144,830 | $ 42,000 | $ 40 | $ 102,790 | $ 415,772 | $ 767 | $ 173 | $ 414,832 | |||||||||||||||
Preferred stock retirement | (42,000) | (42,000) | |||||||||||||||||||||
Stock repurchases - 390,000 shares | (10,128) | (4) | (10,124) | ||||||||||||||||||||
Dividends on preferred stock | (339) | (339) | |||||||||||||||||||||
Dividends on common stock | (63,921) | (63,921) | |||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 2,988,924 | $ 767 | $ 1,136 | $ 2,117,282 | $ 20,891 | $ 848,848 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) | 12 Months Ended | ||||
Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | |||
Stock issued for employee stock purchase plan, shares (in shares) | 60,413 | 39,782 | 26,002 | [1] | |
Stock issued for compensation plans, shares (in shares) | 261,200 | 278,743 | 359,286 | [1] | |
Stock repurchases (in shares) | 390,000 | 0 | |||
Cash dividends, per share (in dollars per share) | $ / shares | $ 0.64 | $ 0.60 | $ 0.50 | [1] | |
Hardeman County Investment Company, Inc. | |||||
Stock issued for acquisition, shares (in shares) | [1] | 1,599,940 | |||
OKSB Merger | |||||
Stock issued for acquisition, shares (in shares) | [1] | 14,488,604 | |||
First Texas Merger | |||||
Stock issued for acquisition, shares (in shares) | [1] | 12,999,840 | |||
Reliance Bancshares, Inc. | |||||
Stock issued for acquisition, shares (in shares) | 3,999,623 | ||||
Landrum Company | |||||
Stock issued for acquisition, shares (in shares) | 17,349,722 | ||||
[1] | All share and per share amounts for the year ended 2017 have been restated to reflect the effect of the two -for-one stock split on February 8, 2018. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation Simmons First National Corporation (“Company”) is primarily engaged in providing a full range of banking and other financial products and services to individual and corporate customers through its subsidiaries and their branch banks with offices. The Company is headquartered in Pine Bluff, Arkansas, and conducts banking operations in communities throughout Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas. The Company, through its subsidiaries, offers, among other things, consumer, real estate and commercial loans; checking, savings and time deposits; and specialized products and services (such as credit cards, trust and fiduciary services, investments, agricultural finance lending, equipment lending, insurance and small business administration (“SBA”) lending) from approximately 251 financial centers located throughout our market areas. The Company is subject to regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. Simmons Bank is an Arkansas state-chartered bank and a member of the Federal Reserve System through the Federal Reserve Bank of St. Louis. Due to the Company’s typical acquisition process, there may be brief periods of time during which the Company may operate another subsidiary bank that the Company acquired through a merger with a target bank holding company as a separate subsidiary while preparing for the merger and integration of that subsidiary bank into Simmons Bank. However, it is the Company’s intent to generally maintain Simmons Bank as the Company’s sole subsidiary bank. Operating Segments Operating segments are components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company is organized on a divisional basis. Each of the divisions provide a group of similar community banking services, including such products and services as loans; time deposits, checking and savings accounts; personal and corporate trust services; credit cards; investment management; insurance; and securities and investment services. Loan products include consumer, real estate, commercial, agricultural, equipment and SBA lending. The individual bank divisions have similar operating and economic characteristics. While the chief operating decision maker monitors the revenue streams of the various products, services, branch locations and divisions, operations are managed, financial performance is evaluated, and management makes decisions on how to allocate resources, on a Company-wide basis. Accordingly, the divisions are considered by management to be aggregated into one reportable operating segment, community banking. The Company also considers its trust, investment and insurance services to be operating segments. Information on these segments is not reported separately since they do not meet the quantitative thresholds under Accounting Standards Codification (“ASC”) Topic 280-10-50-12. Use of Estimates The preparation of financial statements, in accordance with accounting principles generally accepted in the United States (“US GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income items and expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in the accompanying consolidated financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the consolidated financial statements and actual results may differ from these estimates. Such estimates include, but are not limited to, the Company’s allowance for loan losses. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and the valuation of acquired loans. Management obtains independent appraisals for significant properties in connection with the determination of the allowance for loan losses and the valuation of foreclosed assets. Reclassifications Various items within the accompanying consolidated financial statements for previous years have been reclassified to provide more comparative information. These reclassifications were not material to the consolidated financial statements. Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. For purposes of the consolidated statements of cash flows, cash and cash equivalents are considered to include cash and non-interest bearing balances due from banks, interest bearing balances due from banks and federal funds sold and securities purchased under agreements to resell. Investment Securities Held-to-maturity securities, which include any security for which the Company has the positive intent and ability to hold until maturity, are carried at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized and accreted, respectively, to interest income using the constant yield method over the period to maturity. Available-for-sale securities, which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value. Realized gains and losses, based on specifically identified amortized cost of the individual security, are included in other income. Unrealized gains and losses are recorded, net of related income tax effects, in stockholders’ equity. Premiums and discounts are amortized and accreted, respectively, to interest income using the constant yield method over the period to maturity. Trading securities, if any, which include any security held primarily for near-term sale, are carried at fair value. Gains and losses on trading securities are included in other income. The Company applies accounting guidance related to recognition and presentation of other-than-temporary impairment under ASC Topic 320-10. When the Company does not intend to sell a debt security, and it is more likely than not, the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income for the noncredit portion of a previous other-than-temporary impairment is amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. As a result of this guidance, the Company’s consolidated statements of income reflect the full impairment (that is, the difference between the security’s amortized cost basis and fair value) on debt securities that the Company intends to sell or would more likely than not be required to sell before the expected recovery of the amortized cost basis. For available-for-sale and held-to-maturity debt securities that management has no intent to sell and believes that it more likely than not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive income. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security as projected based on cash flow projections. Mortgage Loans Held For Sale Mortgage Loans Held for Sale are carried at fair value which is determined on an aggregate basis. Adjustments to fair value are recognized monthly and reflected in earnings. The Company regularly sells mortgages into the capital markets to mitigate the effects of interest rate volatility during the period from the time an interest rate lock commitment (“IRLC”) is issued until the IRLC funds creating a mortgage loan held for sale and its subsequent sale into the secondary/capital markets. Loan sales are typically executed on a mandatory basis. Under a mandatory commitment, the Company agrees to deliver a specified dollar amount with predetermined terms by a certain date. Generally, the commitment is not loan specific, and any combination of loans can be delivered into the outstanding commitment provided the terms fall within the parameters of the commitment. Upon failure to deliver, the Company is subject to fees based on market movement. The IRLCs are derivative instruments; their fair values at December 31, 2019 and 2018 were not material. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to correspondent lenders, investors or aggregators. Gains and losses are determined by the difference between the sale price and the carrying amount in the loans sold, net of discounts collected, or premiums paid. Hedge instruments are, likewise, carried at fair value and associated gains/losses are realized at time of settlement. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-offs are reported at their outstanding principal adjusted for any loans charged off, the allowance for loan losses and any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on loans, except on certain government guaranteed loans, is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Discounts and premiums on purchased residential real estate loans are amortized to income using the interest method over the remaining period to contractual maturity, adjusted for anticipated prepayments. Discounts and premiums on purchased consumer loans are recognized over the expected lives of the loans using methods that approximate the interest method. For discussion of the Company’s accounting for acquired loans, see Acquisition Accounting, Acquired Loans later in this section. Allowance for Loan Losses The allowance for loan losses is management’s estimate of probable losses in the loan portfolio. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Allocations to the allowance for loan losses are categorized as either general reserves or specific reserves. The allowance for loan losses is calculated monthly based on management’s assessment of several factors such as (1) historical loss experience based on volumes and types, (2) volume and trends in delinquencies and nonaccruals, (3) lending policies and procedures including those for loan losses, collections and recoveries, (4) national, state and local economic trends and conditions, (5) external factors and pressure from competition, (6)the experience, ability and depth of lending management and staff, (7) seasoning of new products obtained and new markets entered through acquisition and (8) other factors and trends that will affect specific loans and categories of loans. The Company establishes general allocations for each major loan category. This category also includes allocations to loans which are collectively evaluated for loss such as credit cards, one-to-four family owner occupied residential real estate loans and other consumer loans. General reserves have been established, based upon the aforementioned factors and allocated to the individual loan categories. Specific reserves are provided on loans that are considered impaired when it is probable that the Company will not receive all amounts due according to the contractual terms of the loan, including scheduled principal and interest payments. This includes loans that are delinquent 90 days or more, nonaccrual loans and certain other loans identified by management. Certain other loans identified by management consist of performing loans where management expects that the Company will not receive all amounts due according to the contractual terms of the loan, including scheduled principal and interest payments. Specific reserves are accrued for probable losses on specific loans evaluated for impairment for which the basis of each loan, including accrued interest, exceeds the discounted amount of expected future collections of interest and principal or, alternatively, the fair value of loan collateral. Accrual of interest is discontinued and interest accrued and unpaid is removed at the time such amounts are delinquent 90 days unless management is aware of circumstances which warrant continuing the interest accrual. Interest is recognized for nonaccrual loans only upon receipt and only after all principal amounts are current according to the terms of the contract. Management’s evaluation of the allowance for loan losses is inherently subjective as it requires material estimates. The actual amounts of loan losses realized in the near term could differ from the amounts estimated in arriving at the allowance for loan losses reported in the financial statements. On January 1, 2020, the Company was required to adopt a new credit loss methodology, the Current Expected Credit Losses (“CECL”) methodology, which requires earlier recognition of credit losses. See Note 20, New Accounting Standards, for additional information regarding adoption. Reserve for Unfunded Commitments In addition to the allowance for loan losses, the Company has established a reserve for unfunded commitments, classified in other liabilities. This reserve is maintained at a level sufficient to absorb losses arising from unfunded loan commitments. The adequacy of the reserve for unfunded commitments is determined monthly based on methodology similar to the Company’s methodology for determining the allowance for loan losses. Net adjustments to the reserve for unfunded commitments are included in other non-interest expense. Acquisition Accounting, Loans Acquired The Company accounts for its acquisitions under ASC Topic 805, Business Combinations , which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. No allowance for loan losses related to the acquired loans is recorded on the acquisition date as the fair value of the loans acquired incorporates assumptions regarding credit risk. Loans acquired are recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820. The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. The Company evaluates loans acquired in accordance with the provisions of ASC Topic 310-20, Nonrefundable Fees and Other Costs . The fair value discount on these loans is accreted into interest income over the weighted average life of the loans using a constant yield method. These loans are not considered impaired. The Company evaluates purchased impaired loans in accordance with the provisions of ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . Purchased loans are considered impaired if there is evidence of credit deterioration since origination and if it is probable that not all contractually required payments will be collected. All loans acquired are considered impaired if there is evidence of credit deterioration since origination and if it is probable that not all contractually required payments will be collected. For impaired loans accounted for under ASC Topic 310-30, the Company continues to estimate cash flows expected to be collected on purchased credit impaired loans. The Company evaluates at each balance sheet date whether the present value of the purchased credit impaired loans determined using the effective interest rates has decreased significantly and if so, recognize a provision for loan loss in our consolidated statement of income. For any significant increases in cash flows expected to be collected, the Company adjusts the amount of accretable yield recognized on a prospective basis over the remaining life of the purchased credit impaired loan. For further discussion of our acquisition and loan accounting, see Note 2, Acquisitions, and Note 6, Loans Acquired. Trust Assets Trust assets (other than cash deposits) held by the Company in fiduciary or agency capacities for its customers are not included in the accompanying consolidated balance sheets since such items are not assets of the Company. Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized by the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Foreclosed Assets Held For Sale Assets acquired by foreclosure or in settlement of debt and held for sale are valued at estimated fair value as of the date of foreclosure, and a related valuation allowance is provided for estimated costs to sell the assets. Management evaluates the value of foreclosed assets held for sale periodically and increases the valuation allowance for any subsequent declines in fair value. Changes in the valuation allowance are charged or credited to other expense. Bank Owned Life Insurance The Company maintains bank-owned life insurance policies on certain current and former employees and directors, which are recorded at their cash surrender values as determined by the insurance carriers. The appreciation in the cash surrender value of the policies is recognized as a component of non-interest income in the Company’s consolidated statements of income. Goodwill and Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be separately distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset or liability. The Company performs an annual goodwill impairment test, and more frequently if circumstances warrant, in accordance with ASC Topic 350, Intangibles – Goodwill and Other, as amended by Accounting Standards Update (“ASU”) 2011-08 - Testing Goodwill for Impairment . ASC Topic 350 requires that goodwill and intangible assets that have indefinite lives be reviewed for impairment annually, or more frequently if certain conditions occur. Intangible assets with finite lives are amortized over the estimated life of the asset, and are reviewed for impairment whenever events or changes in circumstances indicated that the carrying value may not be recoverable. Impairment losses on recorded goodwill, if any, will be recorded as operating expenses. Derivative Financial Instruments The Company may enter into derivative contracts for the purposes of managing exposure to interest rate risk to meet the financing needs of its customers. A derivative instrument is a financial tool which derives its value from the value of some other financial instrument, variable index, including certain hedging instruments embedded in other contracts. These products are primarily designed to reduce interest rate risk for either the Company or its customers who proactively manage these risks. The Company records all derivatives on the balance sheet at fair value. In an effort to meet the financing needs of its customers, the Company has entered into fair value hedges. Fair value hedges include interest rate swap agreements on fixed rate loans. To qualify for hedge accounting, derivatives must be highly effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the point of inception of the derivative contract. For derivatives designated as hedging the exposure to changes in the fair value of the hedged item, the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain of the hedging instrument. The fair value hedges are considered to be highly effective and any hedge ineffectiveness was deemed not material. Fair value adjustments related to cash flow hedges are recorded in other comprehensive income and are reclassified to earnings when the hedged transaction is reflected in earnings. Securities Sold Under Agreements to Repurchase The Company sells securities under agreements to repurchase to meet customer needs for sweep accounts. At the point funds deposited by customers become investable, those funds are used to purchase securities owned by the Company and held in its general account with the designation of Customers’ Securities. A third party maintains control over the securities underlying overnight repurchase agreements. The securities involved in these transactions are generally U.S. Treasury or Federal Agency issues. Securities sold under agreements to repurchase generally mature on the banking day following that on which the investment was initially purchased and are treated as collateralized financing transactions which are recorded at the amounts at which the securities were sold plus accrued interest. Interest rates and maturity dates of the securities involved vary and are not intended to be matched with funds from customers. Revenue from Contracts with Customers ASC Topic 606, Revenue from Contracts with Customers , applies to all contracts with customers to provide goods or services in the ordinary course of business. However, Topic 606 specifically does not apply to revenue related to financial instruments, guarantees, insurance contracts, leases, or nonmonetary exchanges. Given these scope exceptions, interest income recognition and measurement related to loans and investments securities, the Company’s two largest sources of revenue, are not accounted for under Topic 606. Also, the Company does not use Topic 606 to account for gains or losses on its investments in securities, loans, and derivatives due to the scope exceptions. Certain revenue streams, such as service charges on deposit accounts, gains or losses on the sale of OREO, and trust income, fall under the scope of Topic 606 and the Company must recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. Topic 606 is applied using five steps: 1) identify the contract with the customer, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company has evaluated the nature of all contracts with customers that fall under the scope of Topic 606 and determined that further disaggregation of revenue from contracts with customers into categories was not necessary. There has not been significant revenue recognized in the current reporting periods resulting from performance obligations satisfied in previous periods. In addition, there has not been a significant change in timing of revenues received from customers. A description of performance obligations for each type of contract with customers is as follows: Service charges on deposit accounts – The Company’s primary source of funding comes from deposit accounts with its customers. Customers pay certain fees to access their cash on deposit including, but not limited to, non-transactional fees such as account maintenance, dormancy or statement rendering fees, and certain transaction-based fees such as ATM, wire transfer, overdraft or returned check fees. The Company generally satisfies its performance obligations as services are rendered. The transaction prices are fixed, and are charged either on a periodic basis or based on activity. Sale of OREO – In the normal course of business, the Company will enter into contracts with customers to sell OREO, which has generally been foreclosed upon by the Company. The Company generally satisfies its performance obligation upon conveyance of property from the Company to the customer, generally by way of an executed agreement. The transaction price is fixed, and on occasion the Company will finance a portion of the proceeds the customers uses to purchase the property. These properties are generally sold without recourse or warranty. Trust Income – The Company enters into contracts with its customers to manage assets for investment, and/or transact on their accounts. The Company generally satisfies its performance obligations as services are rendered. The management fee is a fixed percentage-based fee calculated upon the average balance of assets under management and is charged to customers on a monthly basis. Bankcard Fee Income – Periodic bankcard fees, net of direct origination costs, are recognized as revenue on a straight-line basis over the period the fee entitles the cardholder to use the card. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance in ASC Topic 740, Income Taxes . The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company files consolidated income tax returns with its subsidiaries. Earnings Per Share Basic earnings per share are computed based on the weighted average number of shares outstanding during each year. Diluted earnings per share are computed using the weighted average common shares and all potential dilutive common shares outstanding during the period. All share and per share amounts have been restated to reflect the effect of the two -for-one stock split during February 2018. The computation of per share earnings is as follows: (In thousands, except per share data) 2019 2018 2017 Net income available to common stockholders $ 237,828 $ 215,713 $ 92,940 Average common shares outstanding 98,351 92,268 69,385 Average potential dilutive common shares 446 562 468 Average diluted common shares 98,797 92,830 69,853 Basic earnings per share $ 2.42 $ 2.34 $ 1.34 Diluted earnings per share $ 2.41 $ 2.32 $ 1.33 There were no stock options excluded from the earnings per share calculation due to the related exercise price exceeding the average market price for the years ended December 31, 2019 , 2018 and 2017 . Stock-Based Compensation The Company has adopted various stock-based compensation plans. The plans provide for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and performance stock units. Pursuant to the plans, shares are reserved for future issuance by the Company, upon exercise of stock options or awarding of performance or bonus shares granted to directors, officers and other key employees. In accordance with ASC Topic 718, Compensation – Stock Compensation , the fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that uses various assumptions. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. For additional information, see Note 15, Employee Benefit Plans. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS The Landrum Company On October 31, 2019, the Company completed its merger with The Landrum Company (“Landrum”), pursuant to the terms of the Agreement and Plan of Merger dated as of July 30, 2019 (“Landrum Agreement”), at which time Landrum was merged with and into the Company, with the Company continuing as the surviving corporation. Pursuant to the terms of the Landrum Agreement, the shares of Landrum Class A Common Voting Stock, par value $0.01 per share, and Landrum Class B Common Nonvoting Stock, par value $0.01 per share, were converted into the right to receive, in the aggregate, approximately 17,350,000 shares of the Company’s common stock and each share of Landrum’s series E preferred stock was converted into the right to receive one share of the Company’s comparable series D preferred stock. The Company issued 17,349,722 shares of its common stock and 767 shares of its series D preferred stock, par value $0.01 per share, in exchange for all outstanding shares of Landrum capital stock to effect the merger. Prior to the acquisition, Landrum, headquartered in Columbia, Missouri, conducted banking business through its subsidiary bank, Landmark Bank, from 39 branches located in Missouri, Oklahoma and Texas. Including the effects of the acquisition method accounting adjustments, the Company acquired approximately $3.4 billion in assets, including approximately $2.0 billion (inclusive of loan discounts), and approximately $3.0 billion in deposits. The systems conversion occurred on February 14, 2020, at which time Landmark Bank merged into Simmons Bank, with Simmons Bank as the surviving institution. Goodwill of $131.3 million was recorded as a result of the transaction. The merger strengthened the Company’s market share and brought forth additional opportunities in the Company’s current footprint, which gave rise to the goodwill recorded. The goodwill will not be deductible for tax purposes. A summary, at fair value, of the assets acquired and liabilities assumed in the Landrum transaction, as of the acquisition date, is as follows: (In thousands) Acquired from Landrum Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 215,285 $ — $ 215,285 Due from banks - time 248 — 248 Investment securities 1,021,755 4,100 1,025,855 Loans acquired 2,049,137 (43,201 ) 2,005,936 Allowance for loan losses (22,736 ) 22,736 — Foreclosed assets 373 (183 ) 190 Premises and equipment 63,878 20,588 84,466 Bank owned life insurance 19,206 — 19,206 Goodwill 407 (407 ) — Core deposit intangible — 24,345 24,345 Other intangibles 412 4,704 5,116 Other assets 33,924 (7,251 ) 26,673 Total assets acquired $ 3,381,889 $ 25,431 $ 3,407,320 Liabilities Assumed Deposits: Non-interest bearing transaction accounts $ 716,675 $ — $ 716,675 Interest bearing transaction accounts and savings deposits 1,465,429 — 1,465,429 Time deposits 867,197 299 867,496 Total deposits 3,049,301 299 3,049,600 Other borrowings 10,055 — 10,055 Subordinated debentures 34,794 (877 ) 33,917 Accrued interest and other liabilities 31,057 (1,748 ) 29,309 Total liabilities assumed 3,125,207 (2,326 ) 3,122,881 Equity 256,682 (256,682 ) — Total equity assumed 256,682 (256,682 ) — Total liabilities and equity assumed $ 3,381,889 $ (259,008 ) $ 3,122,881 Net assets acquired 284,439 Purchase price 415,779 Goodwill $ 131,340 The purchase price allocation and certain fair value measurements remain preliminary due to the timing of the merger. Management will continue to review the estimated fair values and evaluate the assumed tax positions. The Company expects to finalize its analysis of the acquired assets and assumed liabilities in this transaction over the next few months, within one year of the merger. Therefore, adjustments to the estimated amounts and carrying values may occur. The Company’s operating results include the operating results of the acquired assets and assumed liabilities of Landrum subsequent to the acquisition date. Reliance Bancshares, Inc. On April 12, 2019, the Company completed its merger with Reliance Bancshares, Inc. (“Reliance”), headquartered in the St. Louis, Missouri, metropolitan area, pursuant to the terms of the Agreement and Plan of Merger (“Reliance Agreement”), dated November 13, 2018, as amended February 11, 2019. In the merger, each outstanding share of Reliance common stock, as well as each Reliance common stock equivalent was canceled and converted into the right to receive shares of the Company’s common stock and/or cash in accordance with the terms of the Reliance Agreement. In addition, each share of Reliance’s Series A Preferred Stock and Series B Preferred Stock was converted into the right to receive one share of Simmons’ comparable Series A Preferred Stock or Series B Preferred Stock, respectively, and each share of Reliance’s Series C Preferred Stock was converted into the right to receive one share of Simmons’ comparable Series C Preferred Stock (unless the holder of such Series C Preferred Stock elected to receive alternate consideration in accordance with the Reliance Agreement). The Company issued 3,999,623 shares of its common stock and paid $62.7 million in cash to effect the merger. The Company also issued $42.0 million of its Series A Preferred Stock and Series B Preferred Stock. On May 13, 2019, the Company redeemed all of the preferred stock issued in connection with the merger, and paid all accrued and unpaid dividends up to the date of redemption. On October 29, 2019, the Company amended its Amended and Restated Articles of Incorporation to cancel the Series C Preferred Stock, having 140 authorized shares, of which no shares were ever issued or outstanding. Prior to the acquisition, Reliance conducted banking business through its subsidiary bank, Reliance Bank, from 22 branches located in Missouri and Illinois. Including the effects of the acquisition method accounting adjustments, the Company acquired approximately $1.5 billion in assets, including approximately $1.1 billion in loans (inclusive of loan discounts), and approximately $1.2 billion in deposits. Contemporaneously with the completion of the Reliance merger, Reliance Bank was merged into Simmons Bank, with Simmons Bank as the surviving institution. Goodwill of $78.5 million was recorded as a result of the transaction. The merger strengthened the Company’s market share and brought forth additional opportunities in the Company’s St. Louis metropolitan area footprint, which gave rise to the goodwill recorded. The goodwill will not be deductible for tax purposes. A summary, at fair value, of the assets acquired and liabilities assumed in the Reliance transaction, as of the acquisition date, is as follows: (In thousands) Acquired from Reliance Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 25,693 $ — $ 25,693 Due from banks - time 502 — 502 Investment securities 287,983 (1,873 ) 286,110 Loans acquired 1,138,527 (41,657 ) 1,096,870 Allowance for loan losses (10,808 ) 10,808 — Foreclosed assets 11,092 (5,180 ) 5,912 Premises and equipment 32,452 (3,001 ) 29,451 Bank owned life insurance 39,348 — 39,348 Core deposit intangible — 18,350 18,350 Other assets 25,165 6,911 32,076 Total assets acquired $ 1,549,954 $ (15,642 ) $ 1,534,312 (In thousands) Acquired from Reliance Fair Value Adjustments Fair Value Liabilities Assumed Deposits: Non-interest bearing transaction accounts $ 108,845 $ (33 ) $ 108,812 Interest bearing transaction accounts and savings deposits 639,798 — 639,798 Time deposits 478,415 (1,758 ) 476,657 Total deposits 1,227,058 (1,791 ) 1,225,267 Securities sold under agreement to repurchase 14,146 — 14,146 Other borrowings 162,900 (5,500 ) 157,400 Accrued interest and other liabilities 8,185 268 8,453 Total liabilities assumed 1,412,289 (7,023 ) 1,405,266 Equity 137,665 (137,665 ) — Total equity assumed 137,665 (137,665 ) — Total liabilities and equity assumed $ 1,549,954 $ (144,688 ) $ 1,405,266 Net assets acquired 129,046 Purchase price 207,539 Goodwill $ 78,493 The purchase price allocation and certain fair value measurements remain preliminary due to the timing of the merger. Management will continue to review the estimated fair values and evaluate the assumed tax positions. The Company expects to finalize its analysis of the acquired assets and assumed liabilities in this transaction over the next few months, within one year of the merger. Therefore, adjustments to the estimated amounts and carrying values may occur. The Company’s operating results include the operating results of the acquired assets and assumed liabilities of Reliance subsequent to the acquisition date. Southwest Bancorp, Inc. On October 19, 2017, the Company completed the acquisition of Southwest Bancorp, Inc. (“OKSB”) headquartered in Stillwater, Oklahoma, including its wholly-owned bank subsidiary, Bank SNB. The Company issued 14,488,604 shares of its common stock valued at approximately $431.4 million as of October 19, 2017, plus $94.9 million in cash in exchange for all outstanding shares of OKSB common stock. Prior to the acquisition, OKSB conducted banking business through Bank SNB from 29 branches located in Texas, Oklahoma, Kansas and Colorado. In addition, OKSB owned a loan production office in Denver, Colorado. Including the effects of the acquisition method accounting adjustments, the Company acquired approximately $2.7 billion in assets, including approximately $2.0 billion in loans (inclusive of loan discounts) and approximately $2.0 billion in deposits. The Company completed the systems conversion and merged Bank SNB into Simmons Bank in May 2018. Goodwill of $229.1 million was recorded as a result of the transaction. The acquisition allowed the Company to enter the Texas, Oklahoma and Colorado banking markets and it also strengthened the Company’s Kansas franchise and its product offerings in the healthcare and real estate industries, all of which gave rise to the goodwill recorded. The goodwill is not deductible for tax purposes. A summary, at fair value, of the assets acquired and liabilities assumed in the OKSB transaction, as of the acquisition date, is as follows: (In thousands) Acquired from OKSB Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 79,517 $ — $ 79,517 Investment securities 485,468 (1,295 ) 484,173 Loans acquired 2,039,524 (43,071 ) 1,996,453 Allowance for loan losses (26,957 ) 26,957 — Foreclosed assets 6,284 (1,127 ) 5,157 Premises and equipment 21,210 5,457 26,667 Bank owned life insurance 28,704 — 28,704 Goodwill 13,545 (13,545 ) — Core deposit intangible 1,933 40,191 42,124 Other intangibles 3,806 — 3,806 Other assets 33,455 (9,141 ) 24,314 Total assets acquired $ 2,686,489 $ 4,426 $ 2,690,915 Liabilities Assumed Deposits: Non-interest bearing transaction accounts $ 485,971 $ — $ 485,971 Interest bearing transaction accounts and savings deposits 869,252 — 869,252 Time deposits 613,345 (2,213 ) 611,132 Total deposits 1,968,568 (2,213 ) 1,966,355 Securities sold under agreement to repurchase 11,256 — 11,256 Other borrowings 347,000 — 347,000 Subordinated debentures 46,393 — 46,393 Accrued interest and other liabilities 17,440 5,364 22,804 Total liabilities assumed 2,390,657 3,151 2,393,808 Equity 295,832 (295,832 ) — Total equity assumed 295,832 (295,832 ) — Total liabilities and equity assumed $ 2,686,489 $ (292,681 ) $ 2,393,808 Net assets acquired 297,107 Purchase price 526,251 Goodwill $ 229,144 During 2018, the Company finalized its analysis of the loans acquired along with other acquired assets and assumed liabilities. The Company’s operating results include the operating results of the acquired assets and assumed liabilities of OKSB subsequent to the acquisition date. First Texas BHC, Inc. On October 19, 2017, the Company completed the acquisition of First Texas BHC, Inc. (“First Texas”) headquartered in Fort Worth, Texas, including its wholly-owned bank subsidiary, Southwest Bank. The Company issued 12,999,840 shares of its common stock valued at approximately $387.1 million as of October 19, 2017, plus $70.0 million in cash in exchange for all outstanding shares of First Texas common stock. Prior to the acquisition, First Texas, through Southwest Bank, operated 15 banking centers, a trust office and a limited service branch in north Texas and a loan production office in Austin, Texas. Including the effects of the acquisition method accounting adjustments, the Company acquired approximately $2.4 billion in assets, including approximately $2.2 billion in loans (inclusive of loan discounts) and approximately $1.9 billion in deposits. The Company completed the systems conversion and merged Southwest Bank into Simmons Bank in February 2018. Goodwill of $240.8 million was recorded as a result of the transaction. The acquisition allowed the Company to enter the Texas banking markets and it also strengthened the Company’s specialty product offerings in the area of SBA lending and trust services, all of which gave rise to the goodwill recorded. The goodwill is not deductible for tax purposes. A summary, at fair value, of the assets acquired and liabilities assumed in the First Texas transaction, as of the acquisition date, is as follows: (In thousands) Acquired from First Texas Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 59,277 $ — $ 59,277 Investment securities 81,114 (596 ) 80,518 Loans acquired 2,246,212 (37,834 ) 2,208,378 Allowance for loan losses (20,864 ) 20,664 (200 ) Premises and equipment 24,864 10,123 34,987 Bank owned life insurance 7,190 — 7,190 Goodwill 37,227 (37,227 ) — Core deposit intangible — 7,328 7,328 Other assets 18,263 11,485 29,748 Total assets acquired $ 2,453,283 $ (26,057 ) $ 2,427,226 Liabilities Assumed Deposits: Non-interest bearing transaction accounts $ 74,410 $ — $ 74,410 Interest bearing transaction accounts and savings deposits 1,683,298 — 1,683,298 Time deposits 124,233 (283 ) 123,950 Total deposits 1,881,941 (283 ) 1,881,658 Securities sold under agreement to repurchase 50,000 — 50,000 Other borrowings 235,000 — 235,000 Subordinated debentures 30,323 589 30,912 Accrued interest and other liabilities 11,727 1,669 13,396 Total liabilities assumed 2,208,991 1,975 2,210,966 Equity 244,292 (244,292 ) — Total equity assumed 244,292 (244,292 ) — Total liabilities and equity assumed $ 2,453,283 $ (242,317 ) $ 2,210,966 Net assets acquired 216,260 Purchase price 457,103 Goodwill $ 240,843 During 2018, the Company finalized its analysis of the loans acquired along with other acquired assets and assumed liabilities. The Company’s operating results include the operating results of the acquired assets and assumed liabilities of First Texas subsequent to the acquisition date. Hardeman County Investment Company, Inc. On May 15, 2017, the Company completed the acquisition of Hardeman County Investment Company, Inc. (“Hardeman”), headquartered in Jackson, Tennessee, including its wholly-owned bank subsidiary, First South Bank. The Company issued 1,599,940 shares of its common stock valued at approximately $42.6 million as of May 15, 2017, plus $30.0 million in cash in exchange for all outstanding shares of Hardeman common stock. Prior to the acquisition, Hardeman conducted banking business through First South Bank from 10 branches located in western Tennessee. Including the effects of the acquisition method accounting adjustments, the Company acquired approximately $462.9 million in assets, including approximately $251.6 million in loans (inclusive of loan discounts) and approximately $389.0 million in deposits. The Company completed the systems conversion and merged First South Bank into Simmons Bank in September 2017. As part of the systems conversion, five existing Simmons Bank and First South Bank branches were consolidated or closed. Goodwill of $29.4 million was recorded as a result of the transaction. The merger strengthened the Company’s position in the western Tennessee market, and the Company will be able to achieve cost savings by integrating the two companies and combining accounting, data processing, and other administrative functions, all of which gave rise to the goodwill recorded. The goodwill is not deductible for tax purposes. A summary, at fair value, of the assets acquired and liabilities assumed in the Hardeman transaction, as of the acquisition date, is as follows: (In thousands) Acquired from Hardeman Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 8,001 $ — $ 8,001 Interest bearing balances due from banks - time 1,984 — 1,984 Investment securities 170,654 (285 ) 170,369 Loans acquired 257,641 (5,992 ) 251,649 Allowance for loan losses (2,382 ) 2,382 — Foreclosed assets 1,083 (452 ) 631 Premises and equipment 9,905 1,258 11,163 Bank owned life insurance 7,819 — 7,819 Goodwill 11,485 (11,485 ) — Core deposit intangible — 7,840 7,840 Other intangibles — 830 830 Other assets 2,639 (1 ) 2,638 Total assets acquired $ 468,829 $ (5,905 ) $ 462,924 (In thousands) Acquired from Hardeman Fair Value Adjustments Fair Value Liabilities Assumed Deposits: Non-interest bearing transaction accounts $ 76,555 $ — $ 76,555 Interest bearing transaction accounts and savings deposits 214,872 — 214,872 Time deposits 97,917 (368 ) 97,549 Total deposits 389,344 (368 ) 388,976 Securities sold under agreement to repurchase 17,163 — 17,163 Other borrowings 3,000 — 3,000 Subordinated debentures 6,702 — 6,702 Accrued interest and other liabilities 1,891 1,924 3,815 Total liabilities assumed 418,100 1,556 419,656 Equity 50,729 (50,729 ) — Total equity assumed 50,729 (50,729 ) — Total liabilities and equity assumed $ 468,829 $ (49,173 ) $ 419,656 Net assets acquired 43,268 Purchase price 72,639 Goodwill $ 29,371 During 2018, the Company finalized its analysis of the loans acquired along with other acquired assets and assumed liabilities. The Company’s operating results include the operating results of the acquired assets and assumed liabilities of Hardeman subsequent to the acquisition date. The following is a description of the methods used to determine the fair values of significant assets and liabilities presented in the acquisitions above. Cash and due from banks, time deposits due from banks and federal funds sold – The carrying amount of these assets is a reasonable estimate of fair value based on the short-term nature of these assets. Investment securities – Investment securities were acquired with an adjustment to fair value based upon quoted market prices if material. Otherwise, the carrying amount of these assets was deemed to be a reasonable estimate of fair value. Loans acquired – Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and current discount rates. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity concerns. The discount rate does not include a factor for credit losses as that has been included in the estimated cash flows. Loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. Foreclosed assets – These assets are presented at the estimated present values that management expects to receive when the properties are sold, net of related costs of disposal. Premises and equipment – Bank premises and equipment were acquired with an adjustment to fair value, which represents the difference between the Company’s current analysis of property and equipment values completed in connection with the acquisition and book value acquired. Bank owned life insurance – Bank owned life insurance is carried at its current cash surrender value, which is the most reasonable estimate of fair value. Goodwill – The consideration paid as a result of the acquisition exceeded the fair value of the assets acquired, resulting in an intangible asset, goodwill. Goodwill established prior to the acquisitions, if applicable, was written off. Core deposit intangible – This intangible asset represents the value of the relationships that the acquired banks had with their deposit customers. The fair value of this intangible asset was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, cost of the deposit base and the net maintenance cost attributable to customer deposits. Core deposit intangible established prior to the acquisitions, if applicable, was written off. Other intangibles – These intangible assets represent the value of the relationships that Hardeman had with their insurance customers and Landrum had with their wealth management customers. The fair value of these intangible assets was estimated based on a combination of discounted cash flow methodology and a market valuation approach. Intangible assets for the OKSB and Landrum acquisitions included mortgage servicing rights. Other intangibles established prior to the acquisitions, if applicable, were written off. Other assets – The fair value adjustment results from certain assets whose value was estimated to be less than book value, such as certain prepaid assets, receivables and other miscellaneous assets. Otherwise, the carrying amount of these assets was deemed to be a reasonable estimate of fair value. Deposits – The fair values used for the demand and savings deposits that comprise the transaction accounts acquired, by definition equal the amount payable on demand at the acquisition date. The Company performed a fair value analysis of the estimated weighted average interest rate of the certificates of deposits compared to the current market rates and recorded a fair value adjustment for the difference when material. Securities sold under agreement to repurchase – The carrying amount of securities sold under agreement to repurchase is a reasonable estimate of fair value based on the short-term nature of these liabilities. Other borrowings – The fair value of other borrowings is estimated based on borrowing rates currently available to the Company for borrowings with similar terms and maturities. Subordinated debentures – The fair value of subordinated debentures is estimated based on borrowing rates currently available to the Company for borrowings with similar terms and maturities. Accrued interest and other liabilities – The adjustment establishes a liability for unfunded commitments equal to the fair value of that liability at the date of acquisition. The carrying amount of accrued interest and the remainder of other liabilities was deemed to be a reasonable estimate of fair value. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The amortized cost and fair value of investment securities that are classified as held-to-maturity (“HTM”) and available-for-sale (“AFS”) are as follows: Years Ended December 31, 2019 2018 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Held-to-Maturity U.S. Government agencies $ — $ — $ — $ — $ 16,990 $ — $ (49 ) $ 16,941 Mortgage-backed securities 10,796 71 (59 ) 10,808 13,346 5 (412 ) 12,939 State and political subdivisions 27,082 849 — 27,931 256,863 3,029 (954 ) 258,938 Other securities 3,049 67 — 3,116 1,995 17 — 2,012 Total HTM $ 40,927 $ 987 $ (59 ) $ 41,855 $ 289,194 $ 3,051 $ (1,415 ) $ 290,830 Available-for-Sale U.S. Treasury $ 449,729 $ 112 $ (112 ) $ 449,729 $ — $ — $ — $ — U.S. Government agencies 194,207 1,313 (1,271 ) 194,249 157,523 518 (3,740 ) 154,301 Mortgage-backed securities 1,738,584 8,510 (4,149 ) 1,742,945 1,552,487 3,097 (32,684 ) 1,522,900 State and political subdivisions 860,539 20,983 (998 ) 880,524 320,142 171 (5,470 ) 314,843 Other securities 185,087 822 (18 ) 185,891 157,471 2,251 (14 ) 159,708 Total AFS $ 3,428,146 $ 31,740 $ (6,548 ) $ 3,453,338 $ 2,187,623 $ 6,037 $ (41,908 ) $ 2,151,752 Securities with limited marketability, such as stock in the Federal Reserve Bank and the FHLB, are carried at cost and are reported as other AFS securities in the table above. Certain investment securities are valued at less than their historical cost. Total fair value of these investments at December 31, 2019 and 2018 , was $1.3 billion and $1.7 billion , which is approximately 36.6% and 70.3% , respectively, of the Company’s combined AFS and HTM investment portfolios. The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at: Less Than 12 Months 12 Months or More Total (In thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses December 31, 2019 Held-to-Maturity Mortgage-backed securities $ 3,489 $ (30 ) $ 2,300 $ (29 ) $ 5,789 $ (59 ) Total HTM $ 3,489 $ (30 ) $ 2,300 $ (29 ) $ 5,789 $ (59 ) Available-for-Sale U.S. Treasury $ 299,667 $ (112 ) $ — $ — $ 299,667 $ (112 ) U.S. Government agencies 14,454 (130 ) 86,239 (1,141 ) 100,693 (1,271 ) Mortgage-backed securities 405,540 (1,326 ) 349,293 (2,823 ) 754,833 (4,149 ) State and political subdivisions 111,088 (975 ) 2,730 (23 ) 113,818 (998 ) Other securities 3,982 (18 ) — — 3,982 (18 ) Total AFS $ 834,731 $ (2,561 ) $ 438,262 $ (3,987 ) $ 1,272,993 $ (6,548 ) December 31, 2018 Held-to-Maturity U.S. Government agencies $ 992 $ (2 ) $ 15,948 $ (47 ) $ 16,940 $ (49 ) Mortgage-backed securities — — 12,177 (412 ) 12,177 (412 ) State and political subdivisions 39,149 (208 ) 50,889 (746 ) 90,038 (954 ) Total HTM $ 40,141 $ (210 ) $ 79,014 $ (1,205 ) $ 119,155 $ (1,415 ) Available-for-Sale U.S. Government agencies $ 26,562 $ (221 ) $ 108,636 $ (3,519 ) $ 135,198 $ (3,740 ) Mortgage-backed securities 163,560 (1,146 ) 1,037,679 (31,538 ) 1,201,239 (32,684 ) State and political subdivisions 129,075 (1,406 ) 132,020 (4,064 ) 261,095 (5,470 ) Other securities 65 (13 ) 99 (1 ) 164 (14 ) Total AFS $ 319,262 $ (2,786 ) $ 1,278,434 $ (39,122 ) $ 1,597,696 $ (41,908 ) The declines reflected in the preceding table primarily resulted from the rate for these investments yielding less than current market rates. Based on evaluation of available evidence, management believes the declines in fair value for these securities are temporary. Management does not have the intent to sell these securities, and management believes it is more likely than not the Company will not have to sell these securities before recovery of their amortized cost basis less any current period credit losses. Declines in the fair value of HTM and AFS securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Management has the ability and intent to hold the securities classified as HTM until they mature, at which time the Company expects to receive full value for the securities. Furthermore, as of December 31, 2019 , management also had the ability and intent to hold the securities classified as AFS for a period of time sufficient for a recovery of cost. The unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the bonds approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of December 31, 2019 , management believes the impairments detailed in the table above are temporary. Should the impairment of any of these securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified. Income earned on securities for the years ended December 31, 2019 , 2018 and 2017 , is as follows: (In thousands) 2019 2018 2017 Taxable: Held-to-maturity $ 1,207 $ 2,157 $ 2,521 Available-for-sale 45,934 40,926 25,996 Non-taxable: Held-to-maturity 1,412 7,424 8,693 Available-for-sale 18,345 6,811 2,905 Total $ 66,898 $ 57,318 $ 40,115 The amortized cost and estimated fair value by maturity of securities are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Held-to-Maturity Available-for-Sale (In thousands) Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 4,897 $ 4,919 $ 494,432 $ 494,338 After one through five years 15,972 16,325 72,949 73,370 After five through ten years 7,387 7,928 129,088 131,267 After ten years 1,875 1,875 825,155 842,798 Securities not due on a single maturity date 10,796 10,808 1,738,584 1,742,945 Other securities (no maturity) — — 167,938 168,620 Total $ 40,927 $ 41,855 $ 3,428,146 $ 3,453,338 Total other short-term investments was $163.7 million as of December 31, 2019 . The carrying value, which approximates the fair value, of securities pledged as collateral, to secure public deposits and for other purposes, amounted to $1.7 billion at December 31, 2019 and $1.0 billion at December 31, 2018 . There were approximately $13.3 million of gross realized gains and $4,000 of gross realized losses from the sale of securities during the year ended December 31, 2019 . The gross realized gains recognized during 2019 were primarily due to adjustments made to the bond portfolio during the first quarter based upon projected cash flow changes and, during the third quarter the Company sold approximately $89 million of bonds as part of a plan to rebalance its investment portfolio resulting in a net gain on the sale of securities of $7.3 million . There were approximately $65,000 of gross realized gains and $4,000 of gross realized losses from the sale of securities during the year ended December 31, 2018 . There were approximately $2.4 million of gross realized gains and $1.3 million of gross realized losses from the sale of securities during the year ended December 31, 2017 . The income tax expense/benefit related to security gains/losses was 26.135% of the gross amounts in 2019 and 2018 and 39.225% in 2017. The state and political subdivision debt obligations are predominately rated bonds, primarily issued in states in which we are located, and are evaluated on an ongoing basis. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities Held for Sale | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Other Assets and Other Liabilities Held for Sale | OTHER ASSETS AND OTHER LIABILITIES HELD FOR SALE On December 20, 2019, the Company, through Simmons Bank, entered into a Branch Purchase and Assumption Agreement (the “Spirit Agreement”) with Spirit of Texas Bank, SSB (“Spirit”), a wholly-owned subsidiary of Spirit of Texas Bancshares, Inc., pursuant to which Spirit will purchase certain assets and assume certain liabilities (the “Texas Branch Sale”) associated with five Simmons Bank locations in Austin, San Antonio, and Tilden, Texas (collectively, the “Texas Branches”). Pursuant to the terms of the Spirit Agreement, Spirit has agreed to assume certain deposit liabilities and to acquire certain loans, as well as cash, real property, personal property and other fixed assets associated with the Texas Branches. The combined loan and deposit balances of the Texas Branches (excluding certain loans and deposits not subject to the Texas Branch Sale) as of December 31, 2019 were approximately $259.9 million and $159.9 million , respectively. Pursuant to the terms and subject to the conditions of the Spirit Agreement, the purchase price for the transaction will be computed as the difference of (A) the sum of (i) the aggregate balance of the deposits to be assumed, together with accrued and unpaid interest thereon, (ii) the amount of certain accrued expenses, and (iii) the amount of certain other liabilities to be assumed, together with accrued and unpaid interest thereon, and (B) the sum of (i) the aggregate outstanding principal balance of the loans to be acquired, together with accrued and unpaid interest thereon, (ii) the aggregate amount of cash on hand, (iii) the amount of certain prepaid expenses, (iv) the appraised value of the real property to be acquired, and (v) the aggregate net book value of the personal property and ATMs to be acquired. The purchase price is subject to a customary post-closing adjustment based on the delivery within 30 calendar days following the closing date of a final closing statement setting forth the purchase price and any necessary adjustment payment amount. Additionally, Spirit will pay a premium to Simmons Bank in an amount equal to the average aggregate daily closing balance of the deposits to be acquired for the 15-business day period prior to the closing date multiplied by 5% . The completion of the Texas Branch Sale is subject to certain customary closing conditions. Subject to the satisfaction of such conditions, Spirit and Simmons Bank expect to close the Texas Branch Sale on February 28, 2020. Pending Branch Sale (Subsequent Event) On February 10, 2020, the Company, through Simmons Bank, entered into a Branch Purchase and Assumption Agreement (the “First Western Agreement”) with First Western Trust Bank (“First Western”), a wholly-owned subsidiary of First Western Financial, Inc., pursuant to which First Western will purchase certain assets and assume certain liabilities (the “Colorado Branch Sale”) associated with four Simmons Bank locations in Denver, Englewood, Highlands Ranch, and Lone Tree, Colorado (collectively, the “Colorado Branches”). Pursuant to the terms of the First Western Agreement, First Western has agreed to assume certain deposit liabilities and to acquire certain loans, as well as cash, personal property and other fixed assets associated with the Colorado Branches. The combined loan and deposit balances of the Colorado Branches (excluding certain loans and deposits not subject to the Colorado Branch Sale) as of December 31, 2019 , were approximately $105 million and $58 million , respectively. Pursuant to the terms and subject to the conditions of the First Western Agreement, the purchase price for the transaction will be computed as the difference of (A) the sum of (i) the aggregate balance of the deposits to be assumed, together with accrued and unpaid interest thereon, (ii) the amount of certain accrued expenses, and (iii) the amount of certain other liabilities to be assumed, together with accrued and unpaid interest thereon, and (B) the sum of (i) the aggregate outstanding principal balance of the loans to be acquired, together with accrued and unpaid interest thereon, (ii) the aggregate amount of cash on hand, (iii) the amount of certain prepaid expenses, and (iv) the aggregate net book value of the personal property and ATMs to be acquired. The purchase price is subject to a customary post-closing adjustment based on the delivery within 30 calendar days following the closing date of a final closing statement setting forth the purchase price and any necessary adjustment payment amount. Additionally, First Western will pay a premium to Simmons Bank in an amount equal to the average aggregate daily closing balance of the deposits to be acquired for the 30-business day period prior to the closing date multiplied by the Applicable Percentage. The “Applicable Percentage” equals (1) if the Colorado Branch Sale is completed on or before May 31, 2020, 6.06% , (2) if the Colorado Branch Sale is completed after May 31, 2020, but on or before July 31, 2020, 7.06% , or (3) if the Colorado Branch Sale is completed after July 31, 2020, 8.06% . The completion of the Colorado Branch Sale is subject to certain customary closing conditions. Subject to the satisfaction of such conditions, First Western and Simmons Bank expect to close the Colorado Branch Sale in the second or third quarter of 2020. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | LOANS AND ALLOWANCE FOR LOAN LOSSES At December 31, 2019 , the Company’s loan portfolio was $14.43 billion , compared to $11.72 billion at December 31, 2018 . The various categories of loans are summarized as follows: (In thousands) 2019 2018 Consumer: Credit cards $ 204,802 $ 204,173 Other consumer 191,946 201,297 Total consumer 396,748 405,470 Real estate: Construction and development 1,760,894 1,300,723 Single family residential 1,444,620 1,440,443 Other commercial 3,678,908 3,225,287 Total real estate 6,884,422 5,966,453 Commercial: Commercial 1,909,796 1,774,909 Agricultural 163,396 164,514 Total commercial 2,073,192 1,939,423 Other 275,714 119,042 Loans 9,630,076 8,430,388 Loans acquired, net of discount and allowance (1) 4,795,184 3,292,783 Total loans $ 14,425,260 $ 11,723,171 _________________________ (1) See Note 6, Loans Acquired, for segregation of loans acquired by loan class. Loan Origination/Risk Management – The Company seeks to manage its credit risk by diversifying its loan portfolio, determining that borrowers have adequate sources of cash flow for loan repayment without liquidation of collateral; obtaining and monitoring collateral; providing an adequate allowance for loans losses by regularly reviewing loans through the internal loan review process. The loan portfolio is diversified by borrower, purpose and industry. The Company seeks to use diversification within the loan portfolio to reduce its credit risk, thereby minimizing the adverse impact on the portfolio if weaknesses develop in either the economy or a particular segment of borrowers. Collateral requirements are based on credit assessments of borrowers and may be used to recover the debt in case of default. Furthermore, a factor that influenced the Company’s judgment regarding the allowance for loan losses consists of a nine-year historical loss average segregated by each primary loan sector. On an annual basis, historical loss rates are calculated for each sector. Consumer – The consumer loan portfolio consists of credit card loans and other consumer loans. Credit card loans are diversified by geographic region to reduce credit risk and minimize any adverse impact on the portfolio. Although they are regularly reviewed to facilitate the identification and monitoring of creditworthiness, credit card loans are unsecured loans, making them more susceptible to be impacted by economic downturns resulting in increasing unemployment. Other consumer loans include direct and indirect installment loans and overdrafts. Loans in this portfolio segment are sensitive to unemployment and other key consumer economic measures. Real estate – The real estate loan portfolio consists of construction loans, single family residential loans and commercial loans. Construction and development loans (“C&D”) and commercial real estate loans (“CRE”) can be particularly sensitive to valuation of real estate. Commercial real estate cycles are inevitable. The long planning and production process for new properties and rapid shifts in business conditions and employment create an inherent tension between supply and demand for commercial properties. While general economic trends often move individual markets in the same direction over time, the timing and magnitude of changes are determined by other forces unique to each market. CRE cycles tend to be local in nature and longer than other credit cycles. Factors influencing the CRE market are traditionally different from those affecting residential real estate markets; thereby making predictions for one market based on the other difficult. Additionally, submarkets within commercial real estate – such as office, industrial, apartment, retail and hotel – also experience different cycles, providing an opportunity to lower the overall risk through diversification across types of CRE loans. Management realizes that local demand and supply conditions will also mean that different geographic areas will experience cycles of different amplitude and length. The Company monitors these loans closely. Commercial – The commercial loan portfolio includes commercial and agricultural loans, representing loans to commercial customers and farmers for use in normal business or farming operations to finance working capital needs, equipment purchases or other expansion projects. Collection risk in this portfolio is driven by the creditworthiness of the underlying borrowers, particularly cash flow from customers’ business or farming operations. The Company continues its efforts to keep loan terms short, reducing the negative impact of upward movement in interest rates. Term loans are generally set up with one or three year balloons, and the Company has instituted a pricing mechanism for commercial loans. It is standard practice to require personal guaranties on commercial loans for closely-held or limited liability entities. Nonaccrual and Past Due Loans – Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Nonaccrual loans, excluding loans acquired, at December 31, 2019 and 2018 , segregated by class of loans, are as follows: (In thousands) 2019 2018 Consumer: Credit cards $ 382 $ 296 Other consumer 1,378 2,159 Total consumer 1,760 2,455 Real estate: Construction and development 4,538 1,269 Single family residential 18,102 11,939 Other commercial 9,361 7,205 Total real estate 32,001 20,413 Commercial: Commercial 36,575 10,049 Agricultural 500 1,284 Total commercial 37,075 11,333 Total $ 70,836 $ 34,201 An age analysis of past due loans, excluding loans acquired, segregated by class of loans, is as follows: (In thousands) Gross 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans 90 Days Past Due & Accruing December 31, 2019 Consumer: Credit cards $ 848 $ 641 $ 1,489 $ 203,313 $ 204,802 $ 259 Other consumer 4,057 595 4,652 187,294 191,946 — Total consumer 4,905 1,236 6,141 390,607 396,748 259 Real estate: Construction and development 4,968 605 5,573 1,755,321 1,760,894 — Single family residential 13,414 8,769 22,183 1,422,437 1,444,620 — Other commercial 4,302 3,969 8,271 3,670,637 3,678,908 — Total real estate 22,684 13,343 36,027 6,848,395 6,884,422 — Commercial: Commercial 6,253 12,174 18,427 1,891,369 1,909,796 — Agricultural 207 450 657 162,739 163,396 — Total commercial 6,460 12,624 19,084 2,054,108 2,073,192 — Other — — — 275,714 275,714 — Total $ 34,049 $ 27,203 $ 61,252 $ 9,568,824 $ 9,630,076 $ 259 December 31, 2018 Consumer: Credit cards $ 1,033 $ 506 $ 1,539 $ 202,634 $ 204,173 $ 209 Other consumer 4,264 896 5,160 196,137 201,297 4 Total consumer 5,297 1,402 6,699 398,771 405,470 213 Real estate: Construction and development 533 308 841 1,299,882 1,300,723 — Single family residential 7,769 4,127 11,896 1,428,547 1,440,443 — Other commercial 3,379 2,773 6,152 3,219,135 3,225,287 — Total real estate 11,681 7,208 18,889 5,947,564 5,966,453 — Commercial: Commercial 4,472 5,105 9,577 1,765,332 1,774,909 11 Agricultural 467 1,055 1,522 162,992 164,514 — Total commercial 4,939 6,160 11,099 1,928,324 1,939,423 11 Other — — — 119,042 119,042 — Total $ 21,917 $ 14,770 $ 36,687 $ 8,393,701 $ 8,430,388 $ 224 Impaired Loans – A loan is considered impaired when it is probable that the Company will not receive all amounts due according to the contractual terms of the loans, including scheduled principal and interest payments. This includes loans that are delinquent 90 days or more, nonaccrual loans and certain other loans identified by management. Certain other loans identified by management consist of performing loans with specific allocations of the allowance for loan losses. Impaired loans are carried at the present value of estimated future cash flows using the loan’s existing rate, or the fair value of the collateral if the loan is collateral dependent. Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. Impaired loans, or portions thereof, are charged-off when deemed uncollectible. Impaired loans, net of government guarantees and excluding loans acquired, segregated by class of loans, are as follows: (In thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Investment in Impaired Loans Interest Income Recognized December 31, 2019 Consumer: Credit cards $ 382 $ 382 $ — $ 382 $ — $ 373 $ 50 Other consumer 1,537 1,378 — 1,378 — 1,659 41 Total consumer 1,919 1,760 — 1,760 — 2,032 91 Real estate: Construction and development 4,648 4,466 72 4,538 4 2,464 61 Single family residential 19,466 15,139 2,963 18,102 42 15,470 382 Other commercial 10,645 4,713 3,740 8,453 694 9,983 247 Total real estate 34,759 24,318 6,775 31,093 740 27,917 690 Commercial: Commercial 53,436 6,582 28,998 35,580 5,007 28,219 697 Agricultural 525 383 116 499 — 908 22 Total commercial 53,961 6,965 29,114 36,079 5,007 29,127 719 Total $ 90,639 $ 33,043 $ 35,889 $ 68,932 $ 5,747 $ 59,076 $ 1,500 December 31, 2018 Consumer: Credit cards $ 296 $ 296 $ — $ 296 $ — $ 266 $ 85 Other consumer 2,311 2,159 — 2,159 — 3,719 112 Total consumer 2,607 2,455 — 2,455 — 3,985 197 Real estate: Construction and development 1,344 784 485 1,269 211 1,651 50 Single family residential 12,906 11,468 616 12,084 36 13,257 399 Other commercial 8,434 2,976 5,458 8,434 — 13,608 410 Total real estate 22,684 15,228 6,559 21,787 247 28,516 859 Commercial: Commercial 10,361 5,733 4,628 10,361 437 10,003 301 Agricultural 2,419 1,180 — 1,180 — 1,412 43 Total commercial 12,780 6,913 4,628 11,541 437 11,415 344 Total $ 38,071 $ 24,596 $ 11,187 $ 35,783 $ 684 $ 43,916 $ 1,400 At December 31, 2019 and 2018 , impaired loans, net of government guarantees and excluding loans acquired, totaled $68.9 million and $35.8 million , respectively. Allocations of the allowance for loan losses relative to impaired loans were $5,747,000 and $684,000 at December 31, 2019 and 2018 , respectively. Approximately $1.5 million , $1.4 million and $1.8 million of interest income was recognized on average impaired loans of $59.1 million , $43.9 million and $50.8 million for 2019 , 2018 and 2017 , respectively. Interest recognized on impaired loans on a cash basis during 2019 , 2018 and 2017 was not material. Included in certain impaired loan categories are troubled debt restructurings (“TDRs”). When the Company restructures a loan to a borrower that is experiencing financial difficulty and grants a concession that it would not otherwise consider, a “troubled debt restructuring” results and the Company classifies the loan as a TDR. The Company grants various types of concessions, primarily interest rate reduction and/or payment modifications or extensions, with an occasional forgiveness of principal. Under ASC Topic 310-10-35 – Subsequent Measurement , a TDR is considered to be impaired, and an impairment analysis must be performed. The Company assesses the exposure for each modification, either by collateral discounting or by calculation of the present value of future cash flows, and determines if a specific allocation to the allowance for loan losses is needed. Once an obligation has been restructured because of such credit problems, it continues to be considered a TDR until paid in full; or, if an obligation yields a market interest rate and no longer has any concession regarding payment amount or amortization, then it is not considered a TDR at the beginning of the calendar year after the year in which the improvement takes place. The Company returns TDRs to accrual status only if (1) all contractual amounts due can reasonably be expected to be repaid within a prudent period, and (2) repayment has been in accordance with the contract for a sustained period, typically at least six months. The following table presents a summary of TDRs, excluding loans acquired, segregated by class of loans. Accruing TDR Loans Nonaccrual TDR Loans Total TDR Loans (Dollars in thousands) Number Balance Number Balance Number Balance December 31, 2019 Real estate: Construction and development — $ — 1 $ 72 1 $ 72 Single-family residential 7 1,151 12 671 19 1,822 Other commercial 1 476 2 80 3 556 Total real estate 8 1,627 15 823 23 2,450 Commercial: Commercial 4 2,784 3 79 7 2,863 Total commercial 4 2,784 3 79 7 2,863 Total 12 $ 4,411 18 $ 902 30 $ 5,313 December 31, 2018 Real estate: Construction and development — $ — 3 $ 485 3 $ 485 Single-family residential 6 230 10 616 16 846 Other commercial 2 3,306 2 1,027 4 4,333 Total real estate 8 3,536 15 2,128 23 5,664 Commercial: Commercial 4 2,833 6 718 10 3,551 Total commercial 4 2,833 6 718 10 3,551 Total 12 $ 6,369 21 $ 2,846 33 $ 9,215 The following table presents loans that were restructured as TDRs during the years ended December 31, 2019 and 2018 , excluding loans acquired, segregated by class of loans. Modification Type (Dollars in thousands) Number of Loans Balance Prior to TDR Balance at December 31, Change in Maturity Date Change in Rate Financial Impact on Date of Restructure Year Ended December 31, 2019 Real estate: Single-family residential 4 $ 997 $ 996 $ 996 $ — $ — Total real estate 4 997 996 996 — — Total 4 $ 997 $ 996 $ 996 $ — $ — Year Ended December 31, 2018 Consumer: Other consumer 1 $ 91 $ 91 $ 91 $ — $ — Total consumer 1 91 91 91 — — Real estate: Construction and development 1 99 98 98 — — Single-family residential 1 61 62 62 — — Other commercial 2 392 390 390 — 212 Total real estate 4 552 550 550 — 212 Commercial: Commercial 3 2,363 2,358 2,358 — 190 Total commercial 3 2,363 2,358 2,358 — 190 Total 8 $ 3,006 $ 2,999 $ 2,999 $ — $ 402 During the year ended December 31, 2019 , the Company modified four loans with a total recorded investment of $997,000 prior to modification which were deemed troubled debt restructuring. The restructured loans were modified by deferring amortized principal payments, changing the maturity date and requiring interest-only payments for a period of up to 12 months. A specific reserve was not determined necessary for these loans based on the fair value of the collateral. Also, there was no immediate financial impact from the restructuring of these loans as it was not considered necessary to charge-off interest or principal on the date of restructure. During the year ended December 31, 2019 , three of the previously restructured loans with prior balances of $81,600 were paid off. During year ended December 31, 2018 , the Company modified eight loans with a total recorded investment of $3.0 million prior to modification which were deemed troubled debt restructuring. The restructured loans were modified by deferring amortized principal payments, changing the maturity date and requiring interest-only payments for a period of up to 12 months. Based upon the fair value of the collateral, a specific reserve of $402,000 was determined necessary for these loans. Also, there was no immediate financial impact from the restructuring of these loans, as it was not considered necessary to charge-off interest or principal on the date of restructure. During the year ended December 31, 2018 , seven of the previously restructured loans with prior balances of $655,000 were paid off. There were four loans, consisting of commercial and real estate construction loans, considered TDRs for which a payment default occurred during the year ended December 31, 2019 . The Company charged off approximately $552,000 for these loans. The Company defines a payment default as a payment received more than 90 days after its due date. During the year ended December 31, 2018 , there were two commercial real estate loans for which a payment default occurred that had been modified as a TDR within 12 months or less of the payment default. A charge off of approximately $92,400 was recorded for these loans and assets valued at $2,169,300 were transferred to OREO. Also, there was one single-family residential loan for which a payment default occurred that had been modified as a TDR within 12 months or less of the payment default. A charge off of approximately $26,500 was recorded for this loan. In addition to the TDRs that occurred during the periods provided in the preceding tables, the Company had TDRs with pre-modification loan balances of $2,288,000 at December 31, 2018 , for which OREO was received in full or partial satisfaction of the loans. There were no TDRs with pre-modification loan balances for which OREO was received in full or partial satisfaction of the loans during the year ended December 31, 2019 . At December 31, 2019 and 2018 , the Company had $5,789,000 and $3,899,000 , respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process. At December 31, 2019 and 2018 , the Company had $4,458,000 and $3,530,000 , respectively, of OREO secured by residential real estate properties. Credit Quality Indicators – As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the weighted-average risk rating of commercial and real estate loans, (ii) the level of classified commercial and real estate loans, (iii) net charge-offs, (iv) non-performing loans (see details above) and (v) the general economic conditions in the States of Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas. The Company utilizes a risk rating matrix to assign a risk rate to each of its commercial and real estate loans. Loans are rated on a scale of 1 to 8. A description of the general characteristics of the 8 risk ratings is as follows: • Risk Rate 1 – Pass (Excellent) – This category includes loans which are virtually free of credit risk. Borrowers in this category represent the highest credit quality and greatest financial strength. • Risk Rate 2 – Pass (Good) - Loans under this category possess a nominal risk of default. This category includes borrowers with strong financial strength and superior financial ratios and trends. These loans are generally fully secured by cash or equivalents (other than those rated “excellent”). • Risk Rate 3 – Pass (Acceptable – Average) - Loans in this category are considered to possess a normal level of risk. Borrowers in this category have satisfactory financial strength and adequate cash flow coverage to service debt requirements. If secured, the perfected collateral should be of acceptable quality and within established borrowing parameters. • Risk Rate 4 – Pass (Monitor) - Loans in the Watch (Monitor) category exhibit an overall acceptable level of risk, but that risk may be increased by certain conditions, which represent “red flags”. These “red flags” require a higher level of supervision or monitoring than the normal “Pass” rated credit. The borrower may be experiencing these conditions for the first time, or it may be recovering from weakness, which at one time justified a higher rating. These conditions may include: weaknesses in financial trends; marginal cash flow; one-time negative operating results; non-compliance with policy or borrowing agreements; poor diversity in operations; lack of adequate monitoring information or lender supervision; questionable management ability/stability. • Risk Rate 5 – Special Mention - A loan in this category has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention loans are not adversely classified (although they are “criticized”) and do not expose an institution to sufficient risk to warrant adverse classification. Borrowers may be experiencing adverse operating trends, or an ill-proportioned balance sheet. Non-financial characteristics of a Special Mention rating may include management problems, pending litigation, a non-existent, or ineffective loan agreement or other material structural weakness, and/or other significant deviation from prudent lending practices. • Risk Rate 6 – Substandard - A Substandard loan is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Loans so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. The loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. This does not imply ultimate loss of the principal, but may involve burdensome administrative expenses and the accompanying cost to carry the loan. • Risk Rate 7 – Doubtful - A loan classified Doubtful has all the weaknesses inherent in a substandard loan except that the weaknesses make collection or liquidation in full (on the basis of currently existing facts, conditions, and values) highly questionable and improbable. Doubtful borrowers are usually in default, lack adequate liquidity, or capital, and lack the resources necessary to remain an operating entity. The possibility of loss is extremely high, but because of specific pending events that may strengthen the asset, its classification as loss is deferred. Pending factors include: proposed merger or acquisition; liquidation procedures; capital injection; perfection of liens on additional collateral; and refinancing plans. Loans classified as Doubtful are placed on nonaccrual status. • Risk Rate 8 – Loss - Loans classified Loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loans has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this basically worthless loan, even though partial recovery may be affected in the future. Borrowers in the Loss category are often in bankruptcy, have formally suspended debt repayments, or have otherwise ceased normal business operations. Loans should be classified as Loss and charged-off in the period in which they become uncollectible. Loans acquired are evaluated using this internal grading system. Loans acquired are evaluated individually and include purchased credit impaired loans of $13.4 million and $4.1 million that are accounted for under ASC Topic 310-30 and are classified as substandard (Risk Rating 6) as of December 31, 2019 and 2018 , respectively. Of the remaining loans acquired and accounted for under ASC Topic 310-20, $103.1 million and $50.4 million were classified (Risk Ratings 6, 7 and 8 – see classified loans discussion below) at December 31, 2019 and 2018 , respectively. Purchased credit impaired loans are loans that showed evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all amounts contractually owed. Their fair value was initially based on the estimate of cash flows, both principal and interest, expected to be collected or estimated collateral values if cash flows are not estimable, discounted at prevailing market rates of interest. The difference between the undiscounted cash flows expected at acquisition and the fair value at acquisition is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition are not recognized as a yield adjustment. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Classified loans for the Company include loans in Risk Ratings 6, 7 and 8. Loans may be classified, but not considered impaired, due to one of the following reasons: (1) The Company has established minimum dollar amount thresholds for loan impairment testing. Loans rated 6 – 8 that fall under the threshold amount are not tested for impairment and therefore are not included in impaired loans. (2) Of the loans that are above the threshold amount and tested for impairment, after testing, some are considered to not be impaired and are not included in impaired loans. Total classified loans, excluding loans accounted for under ASC Topic 310-30, were $209.8 million and $119.0 million as of December 31, 2019 and 2018 , respectively. The following table presents a summary of loans by credit risk rating, segregated by class of loans. (In thousands) Risk Rate 1-4 Risk Rate 5 Risk Rate 6 Risk Rate 7 Risk Rate 8 Total December 31, 2019 Consumer: Credit cards $ 204,161 $ — $ 641 $ — $ — $ 204,802 Other consumer 190,350 — 1,596 — — 191,946 Total consumer 394,511 — 2,237 — — 396,748 Real estate: Construction and development 1,754,269 49 6,576 — — 1,760,894 Single family residential 1,415,603 4,868 24,146 3 — 1,444,620 Other commercial 3,621,296 28,873 28,739 — — 3,678,908 Total real estate 6,791,168 33,790 59,461 3 — 6,884,422 Commercial: Commercial 1,835,335 25,185 49,276 — — 1,909,796 Agricultural 162,808 41 547 — — 163,396 Total commercial 1,998,143 25,226 49,823 — — 2,073,192 Other 275,714 — — — — 275,714 Loans acquired 4,653,295 43,602 97,900 170 217 4,795,184 Total $ 14,112,831 $ 102,618 $ 209,421 $ 173 $ 217 $ 14,425,260 (In thousands) Risk Rate 1-4 Risk Rate 5 Risk Rate 6 Risk Rate 7 Risk Rate 8 Total December 31, 2018 Consumer: Credit cards $ 203,667 $ — $ 506 $ — $ — $ 204,173 Other consumer 198,840 — 2,457 — — 201,297 Total consumer 402,507 — 2,963 — — 405,470 Real estate: Construction and development 1,296,988 1,910 1,825 — — 1,300,723 Single family residential 1,420,052 1,628 18,528 235 — 1,440,443 Other commercial 3,193,289 17,169 14,829 — — 3,225,287 Total real estate 5,910,329 20,707 35,182 235 — 5,966,453 Commercial: Commercial 1,742,002 8,357 24,550 — — 1,774,909 Agricultural 162,824 75 1,615 — — 164,514 Total commercial 1,904,826 8,432 26,165 — — 1,939,423 Other 119,042 — — — — 119,042 Loans acquired 3,187,083 51,255 54,097 348 — 3,292,783 Total $ 11,523,787 $ 80,394 $ 118,407 $ 583 $ — $ 11,723,171 Net (charge-offs)/recoveries for the years ended December 31, 2019 and 2018 , excluding loans acquired, segregated by class of loans, were as follows: (In thousands) 2019 2018 Consumer: Credit cards $ (3,564 ) $ (3,046 ) Other consumer (2,537 ) (6,080 ) Total consumer (6,101 ) (9,126 ) Real estate: Construction and development (375 ) (1,775 ) Single family residential (703 ) (494 ) Other commercial (745 ) (2,645 ) Total real estate (1,823 ) (4,914 ) Commercial: Commercial (21,651 ) (5,878 ) Agricultural — — Total commercial (21,651 ) (5,878 ) Total $ (29,575 ) $ (19,918 ) Allowance for Loan Losses Allowance for Loan Losses – The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable losses that have been incurred within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. The Company’s allowance for loan loss methodology includes allowance allocations calculated in accordance with ASC Topic 310-10, Receivables , and allowance allocations calculated in accordance with ASC Topic 450-20, Loss Contingencies . Accordingly, the methodology is based on the Company’s internal grading system, specific impairment analysis, qualitative and quantitative factors. As mentioned above, allocations to the allowance for loan losses are categorized as either specific allocations or general allocations. A loan is considered impaired when it is probable that the Company will not receive all amounts due according to the contractual terms of the loan, including scheduled principal and interest payments. For a collateral dependent loan, the Company’s evaluation process includes a valuation by appraisal or other collateral analysis. This valuation is compared to the remaining outstanding principal balance of the loan. If a loss is determined to be probable, the loss is included in the allowance for loan losses as a specific allocation. If the loan is not collateral dependent, the measurement of loss is based on the difference between the expected and contractual future cash flows of the loan. The general allocation is calculated monthly based on management’s assessment of several factors such as (1) historical loss experience based on volumes and types, (2) volume and trends in delinquencies and nonaccruals, (3) lending policies and procedures including those for loan losses, collections and recoveries, (4) national, state and local economic trends and conditions, (5) external factors and pressure from competition, (6) the experience, ability and depth of lending management and staff, (7) seasoning of new products obtained and new markets entered through acquisition and (8) other factors and trends that will affect specific loans and categories of loans. The Company establishes general allocations for each major loan category. This category also includes allocations to loans which are collectively evaluated for loss such as credit cards, one-to-four family owner occupied residential real estate loans and other consumer loans. The following table details activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2019 and 2018 . Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. (In thousands) Commercial Real Estate Credit Card Other Consumer and Other Total December 31, 2019 Balance, beginning of year (2) $ 20,514 $ 29,743 $ 3,923 $ 2,419 $ 56,599 Provision for loan losses (1) 24,000 10,797 3,692 2,287 40,776 Charge-offs (22,023 ) (2,319 ) (4,585 ) (4,894 ) (33,821 ) Recoveries 372 496 1,021 2,357 4,246 Net charge-offs (21,651 ) (1,823 ) (3,564 ) (2,537 ) (29,575 ) Balance, end of year (2) $ 22,863 $ 38,717 $ 4,051 $ 2,169 $ 67,800 Period-end amount allocated to: Loans individually evaluated for impairment $ 5,007 $ 740 $ — $ — $ 5,747 Loans collectively evaluated for impairment 17,856 37,977 4,051 2,169 62,053 Balance, end of year (2) $ 22,863 $ 38,717 $ 4,051 $ 2,169 $ 67,800 December 31, 2018 Balance, beginning of year (2) $ 7,007 $ 27,281 $ 3,784 $ 3,596 $ 41,668 Provision for loan losses (1) 19,385 7,376 3,185 4,903 34,849 Charge-offs (6,623 ) (5,905 ) (4,051 ) (6,637 ) (23,216 ) Recoveries 745 991 1,005 557 3,298 Net charge-offs (5,878 ) (4,914 ) (3,046 ) (6,080 ) (19,918 ) Balance, end of year (2) $ 20,514 $ 29,743 $ 3,923 $ 2,419 $ 56,599 Period-end amount allocated to: Loans individually evaluated for impairment $ 437 $ 247 $ — $ — $ 684 Loans collectively evaluated for impairment 20,077 29,496 3,923 2,419 55,915 Balance, end of year (2) $ 20,514 $ 29,743 $ 3,923 $ 2,419 $ 56,599 _________________________ (1) Provision for loan losses of $2,464,000 attributable to loans acquired was excluded from this table for the year ended December 31, 2019 (total provision for loan losses for the year ended December 31, 2019 was $43,240,000 ). There were $3,015,000 in charge-offs for loans acquired and recoveries of $900,000 for loans acquired during the year ended December 31, 2019 resulting in an ending balance in the allowance related to loans acquired of $444,000 . Provision for loan losses of $3,299,000 attributable to loans acquired was excluded from this table for the year ended December 31, 2018 (total provision for loan losses for the year ended December 31, 2018 was $38,148,000 ). There were $3,622,000 in charge-offs for loans acquired during the year ended December 31, 2018 resulting in an ending balance in the allowance related to loans acquired of $95,000 . (2) Allowance for loan losses at December 31, 2019 inclu |
Loans Acquired
Loans Acquired | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans Acquired | LOANS ACQUIRED During the fourth quarter of 2019, the Company evaluated $1.995 billion of net loans ( $2.011 billion gross loans less $15.818 million discount) purchased in conjunction with the acquisition of Landrum in accordance with the provisions of ASC Topic 310-20, Nonrefundable Fees and Other Costs . The Company evaluated the remaining $11.2 million of net loans ( $15.823 million gross loans less $4.6 million discount) purchased in conjunction with the acquisition of Landrum for impairment in accordance with the provisions of ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . Purchased loans are considered impaired if there is evidence of credit deterioration since origination and if it is probable that not all contractually required payments will be collected. During the second quarter of 2019, the Company evaluated $1.097 billion of net loans ( $1.127 billion gross loans less $30.6 million discount) purchased in conjunction with the acquisition of Reliance in accordance with the provisions of ASC Topic 310-20. The Company evaluated the remaining $176,000 of net loans ( $385,000 gross loans less $209,000 discount) purchased in conjunction with the acquisition of Reliance for impairment in accordance with the provisions of ASC Topic 310-30. During the fourth quarter of 2017, the Company evaluated $1.985 billion of net loans ( $2.021 billion gross loans less $36.3 million discount) purchased in conjunction with the acquisition of OKSB in accordance with the provisions of ASC Topic 310-20. The Company evaluated the remaining $11.4 million of net loans ( $18.1 million gross loans less $6.7 million discount) purchased in conjunction with the acquisition of OKSB for impairment in accordance with the provisions of ASC Topic 310-30. Also during the fourth quarter of 2017, the Company evaluated $2.208 billion of net loans ( $2.246 billion gross loans less $37.8 million discount) purchased in conjunction with the acquisition of First Texas in accordance with the provisions of ASC Topic 310-20. During the second quarter of 2017, the Company evaluated $249.2 million of net loans ( $254.2 million gross loans less $5.0 million discount) purchased in conjunction with the acquisition of Hardeman in accordance with the provisions of ASC Topic 310-20. The Company evaluated the remaining $2.4 million of net loans ( $3.4 million gross loans less $990,000 discount) purchased in conjunction with the acquisition of Hardeman for impairment in accordance with the provisions of ASC Topic 310-30. For the acquisitions discussed above, the fair value discount associated with each acquisition is being accreted into interest income over the weighted average life of the loans using a constant yield method. See Note 1, Summary of Significant Accounting Policies, and Note 2, Acquisitions, for further discussions regarding the Company’s acquisition accounting policies and specific information on loans acquired from the above acquisitions. The following table reflects the carrying value of all loans acquired as of December 31, 2019 and 2018 : Loans Acquired At December 31, (In thousands) 2019 2018 Consumer: Other consumer $ 57,748 $ 15,658 Real estate: Construction and development 475,967 429,605 Single family residential 997,444 566,188 Other commercial 2,526,247 1,848,679 Total real estate 3,999,658 2,844,472 Commercial: Commercial 585,720 430,914 Agricultural 152,058 1,739 Total commercial 737,778 432,653 Total loans acquired (1) $ 4,795,184 $ 3,292,783 _________________________ (1) Loans acquired are reported net of a $444,000 and $95,000 allowance as of December 31, 2019 and 2018 , respectively. Nonaccrual loans acquired, excluding purchased credit impaired loans accounted for under ASC Topic 310-30, segregated by class of loans, are as follows (see Note 5, Loans and Allowance for Loan Losses, for discussion of nonaccrual loans): (In thousands) December 31, 2019 December 31, 2018 Consumer: Other consumer $ 327 $ 140 Real estate: Construction and development 751 114 Single family residential 9,593 6,603 Other commercial 7,221 1,167 Total real estate 17,565 7,884 Commercial: Commercial 4,349 13,578 Agricultural 253 38 Total commercial 4,602 13,616 Total $ 22,494 $ 21,640 An age analysis of past due loans acquired segregated by class of loans, is as follows (see Note 5, Loans and Allowance for Loan Losses, for discussion of past due loans): (In thousands) Gross 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans 90 Days Past Due & Accruing December 31, 2019 Consumer: Other consumer $ 827 $ 140 $ 967 $ 56,781 $ 57,748 $ — Real estate: Construction and development 824 473 1,297 474,670 475,967 — Single family residential 12,904 5,020 17,924 979,520 997,444 597 Other commercial 3,343 2,481 5,824 2,520,423 2,526,247 — Total real estate 17,071 7,974 25,045 3,974,613 3,999,658 597 Commercial: Commercial 4,326 1,377 5,703 580,017 585,720 — Agricultural 1,016 6 1,022 151,036 152,058 — Total commercial 5,342 1,383 6,725 731,053 737,778 — Total $ 23,240 $ 9,497 $ 32,737 $ 4,762,447 $ 4,795,184 $ 597 December 31, 2018 Consumer: Other consumer $ 337 $ 49 $ 386 $ 15,272 $ 15,658 $ 2 Real estate: Construction and development 8,283 27 8,310 421,295 429,605 — Single family residential 4,706 3,049 7,755 558,433 566,188 — Other commercial 168 577 745 1,847,934 1,848,679 — Total real estate 13,157 3,653 16,810 2,827,662 2,844,472 — Commercial: Commercial 1,302 9,542 10,844 420,070 430,914 — Agricultural 31 5 36 1,703 1,739 — Total commercial 1,333 9,547 10,880 421,773 432,653 — Total $ 14,827 $ 13,249 $ 28,076 $ 3,264,707 $ 3,292,783 $ 2 The following table presents a summary of loans acquired by credit risk rating, segregated by class of loans (see Note 5, Loans and Allowance for Loan Losses, for discussion of loan risk rating). Loans accounted for under ASC Topic 310-30 are all included in Risk Rate 1-4 in this table. (In thousands) Risk Rate 1-4 Risk Rate 5 Risk Rate 6 Risk Rate 7 Risk Rate 8 Total December 31, 2019 Consumer: Other consumer $ 57,318 $ — $ 430 $ — $ — $ 57,748 Real estate: Construction and development 474,750 21 1,159 — 37 475,967 Single family residential 978,681 1,181 17,455 127 — 997,444 Other commercial 2,446,685 40,872 38,690 — — 2,526,247 Total real estate 3,900,116 42,074 57,304 127 37 3,999,658 Commercial: Commercial 548,928 1,528 35,041 43 180 585,720 Agricultural 146,933 — 5,125 — — 152,058 Total commercial 695,861 1,528 40,166 43 180 737,778 Total $ 4,653,295 $ 43,602 $ 97,900 $ 170 $ 217 $ 4,795,184 December 31, 2018 Consumer: Other consumer $ 15,380 $ — $ 278 $ — $ — $ 15,658 Real estate: Construction and development 393,122 27,621 8,862 — — 429,605 Single family residential 553,460 2,081 10,299 348 — 566,188 Other commercial 1,822,179 9,137 17,363 — — 1,848,679 Total real estate 2,768,761 38,839 36,524 348 — 2,844,472 Commercial: Commercial 401,300 12,416 17,198 — — 430,914 Agricultural 1,642 — 97 — — 1,739 Total commercial 402,942 12,416 17,295 — — 432,653 Total $ 3,187,083 $ 51,255 $ 54,097 $ 348 $ — $ 3,292,783 Loans acquired were individually evaluated and recorded at estimated fair value, including estimated credit losses, at the time of acquisition. These loans are systematically reviewed by the Company to determine the risk of losses that may exceed those identified at the time of the acquisition. Techniques used in determining risk of loss are similar to the Company’s legacy loan portfolio, with most focus being placed on those loans which include the larger loan relationships and those loans which exhibit higher risk characteristics. The following is a summary of the loans acquired in the Landrum acquisition on October 31, 2019, as of the date of acquisition. (In thousands) Not Impaired Impaired Contractually required principal and interest at acquisition $ 2,033,315 $ 15,822 Non-accretable difference (expected losses and foregone interest) — (4,646 ) Cash flows expected to be collected at acquisition 2,033,315 11,176 Accretable yield (38,555 ) — Basis in acquired loans at acquisition $ 1,994,760 $ 11,176 The following is a summary of the loans acquired in the Reliance acquisition on April 12, 2019, as of the date of acquisition. (In thousands) Not Impaired Impaired Contractually required principal and interest at acquisition $ 1,138,142 $ 385 Non-accretable difference (expected losses and foregone interest) — (210 ) Cash flows expected to be collected at acquisition 1,138,142 175 Accretable yield (41,447 ) Basis in acquired loans at acquisition $ 1,096,695 $ 175 The following is a summary of the loans acquired in the OKSB acquisition on October 19, 2017, as of the date of acquisition. (In thousands) Not Impaired Impaired Contractually required principal and interest at acquisition $ 2,021,388 $ 18,136 Non-accretable difference (expected losses and foregone interest) — (6,731 ) Cash flows expected to be collected at acquisition 2,021,388 11,405 Accretable yield (36,340 ) — Basis in acquired loans at acquisition $ 1,985,048 $ 11,405 The following is a summary of the loans acquired in the First Texas acquisition on October 19, 2017, as of the date of acquisition. (In thousands) Not Impaired Impaired Contractually required principal and interest at acquisition $ 2,246,212 $ — Non-accretable difference (expected losses and foregone interest) — — Cash flows expected to be collected at acquisition 2,246,212 — Accretable yield (37,834 ) — Basis in acquired loans at acquisition $ 2,208,378 $ — The following is a summary of the loans acquired in the Hardeman acquisition on May 15, 2017, as of the date of acquisition. (In thousands) Not Impaired Impaired Contractually required principal and interest at acquisition $ 254,189 $ 3,452 Non-accretable difference (expected losses and foregone interest) — (990 ) Cash flows expected to be collected at acquisition 254,189 2,462 Accretable yield (5,002 ) — Basis in acquired loans at acquisition $ 249,187 $ 2,462 In addition to the accretable yield on acquired loans not considered to be impaired, the amount of the estimated cash flows expected to be received from the purchased credit impaired loans in excess of the fair values recorded for the purchased credit impaired loans is also referred to as the accretable yield. The accretable yield is recognized as interest income over the estimated lives of the loans. Each quarter, the Company estimates the cash flows expected to be collected from the acquired purchased credit impaired loans, and adjustments may or may not be required. This has resulted in an increase in interest income that is spread on a level-yield basis over the remaining expected lives of the loans. These adjustments will be recognized over the remaining lives of the purchased credit impaired loans. The accretable yield adjustments recorded in future periods will change as the Company continues to evaluate expected cash flows from the purchased credit impaired loans. Changes in the carrying amount of the accretable yield for all purchased impaired loans were as follows for the years ended December 31, 2019 , 2018 and 2017 . (In thousands) Accretable Yield Carrying Amount of Loans Balance, January 1, 2017 $ 1,655 $ 17,802 Additions — 13,793 Accretable yield adjustments 4,893 — Accretion (5,928 ) 5,928 Payments and other reductions, net — (20,407 ) Balance, December 31, 2017 620 17,116 Additions — — Accretable yield adjustments 2,045 — Accretion (1,205 ) 1,205 Payments and other reductions, net — (14,271 ) Balance, December 31, 2018 1,460 4,050 Additions — 11,351 Accretable yield adjustments 39 — Accretion (51 ) 51 Payments and other reductions, net — (2,068 ) Balance, December 31, 2019 $ 1,448 $ 13,384 Purchased impaired loans are evaluated on an individual borrower basis. Because some loans evaluated by the Company were determined to have experienced impairment in the estimated credit quality or cash flows, the Company recorded a provision and established an allowance for loan losses for loans acquired resulting in a total allowance on loans acquired of $444,000 at December 31, 2019 , $95,000 at December 31, 2018 and $418,000 at December 31, 2017 . |
Right-Of-Use Lease Assets and L
Right-Of-Use Lease Assets and Lease Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Right-Of-Use Lease Assets and Lease Liabilities | RIGHT-OF-USE LEASE ASSETS AND LEASE LIABILITIES As of the first quarter 2019, the Company accounts for its leases in accordance with ASC Topic 842, Leases, which requires recognition of most leases, including operating leases, with a term greater than 12 months on the balance sheet. At lease commencement, the lease contract is reviewed to determine whether the contract is a finance lease or an operating lease; a lease liability is recognized on a discounted basis, related to the Company’s obligation to make lease payments; and a right-of-use asset is also recognized related to the Company’s right to use, or control the use of, a specified asset for the lease term. The Company accounts for lease and non-lease components (such as taxes, insurance and common area maintenance costs) separately as such amounts are generally readily determinable under the lease contracts. Lease payments over the expected term are discounted using the Company’s FHLB advance rates for borrowings of similar term. If it is reasonably certain that a renewal or termination option will be exercised, the effects of such options are included in the determination of the expected lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company’s leases are classified as operating leases with a term, including expected renewal or termination options, greater than one year, and are related to certain office facilities and office equipment. As of December 31, 2019 , right-of-use lease assets included in premises and equipment are $40.7 million and lease liabilities included in other liabilities are $40.9 million . Other information related to the Company’s operating leases is presented in the table below: 2019 2018 2017 Operating lease cost for the years ended December 31 $ 13,560,000 $ 13,378,000 $ 7,780,000 Weighted average remaining lease term 8.37 years Weighted average discount rate 3.27 % The Company’s remaining undiscounted minimum lease payments on operating leases as of December 31, 2019 are as follows: Year (In thousands) 2020 $ 10,071 2021 8,394 2022 7,095 2023 5,236 2024 3,345 Thereafter 13,659 Total undiscounted minimum lease payments 47,800 Less: Net present value adjustment 6,946 Lease liability included in other liabilities $ 40,854 See Note 20, New Accounting Standards, for additional information related to the adoption of ASC Topic 842. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill is tested annually, or more often than annually if circumstances warrant, for impairment. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated, and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. Goodwill totaled $1.1 billion at December 31, 2019 and $845.7 million at December 31, 2018 . During 2019, the Company recorded $131.3 million and $78.5 million of goodwill as a result of its acquisitions of Landrum and Reliance, respectively. Goodwill impairment was neither indicated nor recorded in 2019 , 2018 or 2017 . Core deposit premiums represent the value of the relationships that acquired banks had with their deposit customers and are amortized over periods ranging from 10 to 15 years and are periodically evaluated, at least annually, as to the recoverability of their carrying value. Other intangible assets represent the value of other acquired relationships, including relationships with trust and wealth management customers, and are being amortized over various periods ranging from 10 to 15 years . Changes in the carrying amount and accumulated amortization of the Company’s core deposit premiums and other intangible assets at December 31, 2019 and 2018 were as follows: (In thousands) 2019 2018 Core deposit premiums: Balance, beginning of year $ 79,807 $ 89,325 Acquisitions (1) 42,695 — Amortization (10,694 ) (9,518 ) Balance, end of year 111,808 79,807 Books of business and other intangibles: Balance, beginning of year 11,527 16,746 Acquisitions (2) 5,116 — Disposition of intangible asset — (3,849 ) Amortization (1,111 ) (1,370 ) Balance, end of year 15,532 11,527 Total other intangible assets, net $ 127,340 $ 91,334 _________________________ (1) Core deposit premiums of $24.3 million and $18.4 million were recorded as part of the Landrum and Reliance acquisitions during the fourth and second quarters of 2019, respectively. See Note 2, Acquisitions, for additional information on acquisitions completed during the period. (2) The Company recorded $5.1 million during the fourth quarter 2019 primarily related to the wealth management operations acquired from Landrum. See Note 2, Acquisitions, for additional information on acquisitions completed during the period. The carrying basis and accumulated amortization of the Company’s other intangible assets at December 31, 2019 and 2018 were as follows: (In thousands) 2019 2018 Core deposit premiums: Gross carrying amount $ 148,679 $ 105,984 Accumulated amortization (36,871 ) (26,177 ) Core deposit premiums, net 111,808 79,807 Books of business and other intangibles: Gross carrying amount 20,350 15,234 Accumulated amortization (4,818 ) (3,707 ) Books of business and other intangibles, net 15,532 11,527 Total other intangible assets, net $ 127,340 $ 91,334 Core deposit premium amortization expense recorded for the years ended December 31, 2019 , 2018 and 2017 was $10.7 million , $9.5 million and $6.0 million , respectively. Amortization expense recorded for books of business and other intangibles was $1.1 million , $1.4 million and $1.6 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The Company’s estimated remaining amortization expense on other intangible assets as of December 31, 2019 is as follows: Year (In thousands) 2020 $ 13,712 2021 13,650 2022 13,598 2023 13,316 2024 12,413 Thereafter 60,651 Total $ 127,340 |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Time Deposits | TIME DEPOSITS Time deposits included approximately $2.15 billion and $1.44 billion of certificates of deposit of $100,000 or more, at December 31, 2019 and 2018 , respectively. Of this total approximately $837.3 million and $753.2 million of certificates of deposit were over $250,000 at December 31, 2019 and 2018 , respectively. Brokered time deposits were $1.06 billion and $1.39 billion at December 31, 2019 and 2018 , respectively. Maturities of all time deposits are as follows: 2020 – $2.60 billion ; 2021 – $492.43 million ; 2022 – $112.03 million ; 2023 – $47.20 million ; 2024 – $16.82 million ; thereafter – $4.47 million . Deposits are the Company’s primary funding source for loans and investment securities. The mix and repricing alternatives can significantly affect the cost of this source of funds and, therefore, impact the interest margin. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision for income taxes for the years ended December 31 is comprised of the following components: (In thousands) 2019 2018 2017 Income taxes currently payable $ 29,354 $ 41,946 $ 38,732 Deferred income taxes 34,911 8,412 23,251 Provision for income taxes $ 64,265 $ 50,358 $ 61,983 The tax effects of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows as of December 31, 2019 and 2018 : (In thousands) 2019 2018 Deferred tax assets: Loans acquired $ 20,783 $ 12,536 Allowance for loan losses 16,732 13,947 Valuation of foreclosed assets 2,626 1,474 Tax NOLs from acquisition 18,118 7,242 Deferred compensation payable 2,750 2,707 Accrued equity and other compensation 6,677 8,182 Acquired securities 3,393 397 Unrealized loss on available-for-sale securities — 9,196 Right-of-use lease liability 10,221 — Other 7,886 7,042 Gross deferred tax assets 89,186 62,723 Deferred tax liabilities: Goodwill and other intangible amortization (41,221 ) (30,471 ) Accumulated depreciation (36,554 ) (13,361 ) Right-of-use lease asset (10,176 ) — Unrealized gain on available-for-sale securities (3,720 ) — Other (7,651 ) (5,360 ) Gross deferred tax liabilities (99,322 ) (49,192 ) Net deferred tax (liability) asset $ (10,136 ) $ 13,531 A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below for the years ended December 31: (In thousands) 2019 2018 2017 Computed at the statutory rate (1) $ 63,442 $ 55,875 $ 54,223 Increase (decrease) in taxes resulting from: State income taxes, net of federal tax benefit 5,860 5,015 1,582 Discrete items related to ASU 2016-09 (38 ) (2,439 ) (1,480 ) Tax exempt interest income (4,390 ) (3,168 ) (4,209 ) Tax exempt earnings on BOLI (852 ) (869 ) (926 ) Federal tax credits (2,933 ) (3,003 ) (1,586 ) Impact of DTA remeasurement — — 11,471 Other differences, net 3,176 (1,053 ) 2,908 Actual tax provision $ 64,265 $ 50,358 $ 61,983 _________________________ (1) The statutory rate was 21% for 2019 and 2018 compared to 35% for 2017. The Company follows ASC Topic 740, Income Taxes , which prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. ASC Topic 740 also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. The Company has no history of expiring net operating loss carryforwards and is projecting significant pre-tax and financial taxable income in future years. The Company expects to fully realize its deferred tax assets in the future. Income tax expense was lower during 2018 than 2017 largely due to discrete tax benefits related to tax accounting for a cost segregation study, excess tax benefits related to restricted stock and a state tax deferred tax asset (“DTA”) adjustment. The purpose of the cost segregation study was to analyze the costs included in various projects and recognize the benefit of recording tax depreciation in 2017 when the federal rate was higher. The purpose of the state DTA adjustment was due to an analysis of projected state apportionment after the 2017 acquisitions of First South Bank, Bank SNB and Southwest Bank were merged into Simmons Bank in 2018. On December 22, 2017, the President signed tax reform legislation (the “2017 Act”) which included a broad range of tax reform provisions affecting businesses, including corporate tax rates, business deductions, and international tax provisions. The 2017 Act reduced the corporate tax rate from 35% to 21% for tax years beginning after December 31, 2017. Under US GAAP, deferred tax assets and liabilities are required to be measured at the enacted tax rate expected to apply when temporary differences are to be realized or settled and the effect of a change in tax law is recorded discretely as a component of the income tax provision related to continuing operations in the period of enactment. As a result, the Company was required to remeasure its deferred taxes as of December 22, 2017 based upon the new 21% tax rate and the change was recorded in the 2017 income tax provision. The 2017 Act resulted in a one-time non-cash adjustment to income of $11.5 million in 2017. On December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provided guidance on accounting for the tax effects of the 2017 Act. SAB 118 provided a measurement period that should not exceed one year from the 2017 Act enactment date for companies to complete the accounting under ASC 740, Income Taxes . The Company’s financial results for the year ended December 31, 2017 reflected the income tax effects for the 2017 Act including several provisional amounts based on reasonable estimates. Any items that were estimated in 2017 were finalized in 2018 with no material impact to the company’s federal income tax expense. In February 2018, FASB issued ASU No. 2018-2, Income Statement-Reporting Comprehensive Income (Topic 220) (“ASU 2018-2”), that allowed a reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for stranded tax effects resulting from the 2017 Act. Previous US GAAP required the remeasurement of deferred tax assets and liabilities as a result of a change in tax laws or rates to be presented in net income from continuing operations. Consequently, the original deferred tax amount recorded through AOCI at the old rate will remain in AOCI despite the fact that its related deferred tax asset/liability will be reduced through continuing operations to reflect the new rate, resulting in “stranded” tax effects in AOCI. ASU 2018-2 required a reclassification from AOCI to retained earnings for those stranded tax effects resulting from the newly enacted federal corporate income tax rate. As permitted, the Company elected to early adopt the provisions of ASU 2018-2 during the fourth quarter 2017, which resulted in a reclassification from AOCI to retained earnings in the amount of $3.0 million . The amount of unrecognized tax benefits may increase or decrease in the future for various reasons including adding amounts for current tax year positions, expiration of open income tax returns due to the statutes of limitation, changes in management’s judgment about the level of uncertainty, status of examinations, litigation and legislative activity and the addition or elimination of uncertain tax positions. Section 382 of the Internal Revenue Code imposes an annual limit on the ability of a corporation that undergoes an “ownership change” to use its U.S. net operating losses to reduce its tax liability. The Company has engaged in two tax-free reorganization transactions in which acquired net operating losses are limited pursuant to Section 382. In total, approximately $84.0 million of federal net operating losses subject to the IRC Section 382 annual limitation are expected to be utilized by the Company, of which $52.1 million is related to the Reliance acquisition that closed during second quarter 2019. All of the acquired Reliance net operating losses are expected to be fully utilized by 2027, with the remaining acquired net operating loss carryforwards expected to be fully utilized by 2036. The Company files income tax returns in the U.S. federal jurisdiction. The Company’s U.S. federal income tax returns are open and subject to examinations from the 2016 tax year and forward. The Company’s various state income tax returns are generally open from the 2016 and later tax return years based on individual state statute of limitations. |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Securities Sold Under Agreements to Repurchase | SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE The Company utilizes securities sold under agreements to repurchase to facilitate the needs of its customers and to facilitate secured short-term funding needs. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. The Company monitors collateral levels on a continuous basis. The Company may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with the Company’s safekeeping agents. The gross amount of recognized liabilities for repurchase agreements was $133.2 million and $95.5 million at December 31, 2019 and 2018 , respectively. The remaining contractual maturity of the securities sold under agreements to repurchase in the consolidated balance sheets as of December 31, 2019 and 2018 is presented in the following tables. Remaining Contractual Maturity of the Agreements (In thousands) Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total December 31, 2019 Repurchase agreements: U.S. Government agencies $ 133,220 $ — $ — $ — $ 133,220 December 31, 2018 Repurchase agreements: U.S. Government agencies $ 95,542 $ — $ — $ — $ 95,542 |
Other Borrowings and Subordinat
Other Borrowings and Subordinated Debentures | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Other Borrowings and Subordinated Debentures | OTHER BORROWINGS AND SUBORDINATED NOTES AND DEBENTURES Debt at December 31, 2019 and 2018 consisted of the following components. (In thousands) 2019 2018 Other Borrowings FHLB advances, net of discount, due 2020 to 2033, 0.55% to 7.37%, secured by real estate loans $ 1,262,691 $ 1,345,450 Other long-term debt 34,908 — Total other borrowings 1,297,599 1,345,450 Subordinated Notes and Debentures Subordinated notes payable, due 4/1/2028, fixed-to-floating rate (fixed rate of 5.00% through 3/31/2023, floating rate of 2.15% above the three month LIBOR rate, reset quarterly) 330,000 330,000 Trust preferred securities, net of discount, due 9/15/2037, floating rate of 1.37% above the three month LIBOR rate, reset quarterly 10,310 10,310 Trust preferred securities, net of discount, due 6/6/2037, floating rate of 1.57% above the three month LIBOR rate, reset quarterly, callable without penalty 10,310 10,310 Trust preferred securities, due 12/15/2035, floating rate of 1.45% above the three month LIBOR rate, reset quarterly, callable without penalty 6,702 6,702 Trust preferred securities, net of discount, due 6/15/2037, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty 25,015 — Trust preferred securities, net of discount, due 12/15/2036, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty 3,004 — Other subordinated debentures, due 12/31/36, floating rate of prime rate minus 1.1%, reset quarterly 5,927 — Unamortized debt issuance costs (3,008 ) (3,372 ) Total subordinated notes and debentures 388,260 353,950 Total other borrowings and subordinated debt $ 1,685,859 $ 1,699,400 In March 2018, the Company issued $330.0 million in aggregate principal amount, of 5.00% Fixed-to-Floating Rate Subordinated Notes (“the Notes”) at a public offering price equal to 100% of the aggregate principal amount of the Notes. The Company incurred $3.6 million in debt issuance costs related to the offering during March 2018. The Notes will mature on April 1, 2028 and will bear interest at an initial fixed rate of 5.00% per annum, payable semi-annually in arrears. From and including April 1, 2023 to, but excluding, the maturity date or the date of earlier redemption, the interest rate will reset quarterly to an annual interest rate equal to the then-current three month LIBOR rate plus 215 basis points, payable quarterly in arrears. The Notes will be subordinated in right of payment to the payment of the Company’s other existing and future senior indebtedness, including all of its general creditors. The Notes are obligations of the Company only and are not obligations of, and are not guaranteed by, any of its subsidiaries. During 2018, the Company used a portion of the net proceeds from the sale of the Notes to repay certain outstanding indebtedness, including the amounts borrowed under the Revolving Credit Agreement (the “Credit Agreement”), certain trust preferred securities, both discussed below, and unsecured debt from correspondent banks. The Notes qualify for Tier 2 capital treatment. In 2017, the Company entered into the Credit Agreement with U.S. Bank National Association and executed an unsecured Revolving Credit Note pursuant to which the Company may borrow, prepay and re-borrow up to $75.0 million , the proceeds of which were primarily used to pay off amounts outstanding under a term note assumed with the First Texas acquisition. The Credit Agreement contained customary representations, warranties, and covenants of the Company, including, among other things, covenants that impose various financial ratio requirements. In October 2018, the Company and U.S. Bank National Association entered into a First Amendment to the Credit Agreement, which extended the expiration date from October 5, 2018 to October 4, 2019, reduced the $75.0 million to $50.0 million , and increased the commitment fee on the unused portion from an annual rate of 0.25% to 0.30% . In December 2018, the Company entered into a Second Amendment to the Credit Agreement that clarified the financial metrics contained in certain affirmative covenants are evaluated on a consolidated basis. On October 4, 2019, all amounts borrowed, together with applicable interest, fees, and other amounts owed by the Company were due and payable. The balance due under the Credit Agreement at the expiration date was zero . The Company did not renew the Credit Agreement upon the expiration date. The Company assumed subordinated debt of $33.9 million and $6.7 million in connection with the Landrum and Hardeman acquisitions in October 2019 and May 2017, respectively. In connection with the OKSB and First Texas acquisitions in October 2017, the Company assumed subordinated debt in an aggregate principal amount, net of discounts, of $77.3 million , all of which was repaid by the Notes and the Credit Agreement, previously discussed. At December 31, 2019 , the Company had $1.25 billion of Federal Home Loan Bank (“FHLB”) advances outstanding with original or expected maturities of one year or less, all of which are FHLB Owns the Option (“FOTO”) advances. FOTO advances are a low cost, fixed-rate source of funding in return for granting to FHLB the flexibility to choose a termination date earlier than the maturity date. Typically, FOTO exercise dates follow a specified lockout period at the beginning of the term when FHLB cannot terminate the FOTO advance. If FHLB exercises its option to terminate the FOTO advance at one of the specified option exercise dates, there is no termination or prepayment fee, and replacement funding will be available at then-prevailing market rates, subject to FHLB’s credit and collateral requirements. The Company’s FOTO advances outstanding at the end of the year have ten years to fifteen years maturity dates with lockout periods that have expired and, as a result, are considered and monitored by the Company as short-term advances. The possibility of the FHLB exercising the options is analyzed by the Company along with the market expected rate outcome. The Company had total FHLB advances of $1.26 billion at December 31, 2019 , with approximately $3.2 billion of additional advances available from the FHLB. The FHLB advances are secured by mortgage loans and investment securities totaling approximately $5.9 billion at December 31, 2019 . The trust preferred securities are tax-advantaged issues that qualified for Tier 1 capital treatment until December 31, 2017, when the Company reached $15 billion in assets. They still qualify for inclusion as Tier 2 capital at December 31, 2019 . Distributions on these securities are included in interest expense on long-term debt. Each of the trusts is a statutory business trust organized for the sole purpose of issuing trust securities and investing the proceeds thereof in junior subordinated debentures of the Company, the sole asset of each trust. The preferred securities of each trust represent preferred beneficial interests in the assets of the respective trusts and are subject to mandatory redemption upon payment of the junior subordinated debentures held by the trust. The common securities of each trust are wholly-owned by the Company. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payments on the related junior subordinated debentures. The Company’s obligations under the junior subordinated securities and other relevant trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of each respective trust’s obligations under the trust securities issued by each respective trust. The Company’s long-term debt primarily includes subordinated debt and long-term FHLB advances with an original maturity of greater than one year. Aggregate annual maturities of long-term debt at December 31, 2019 , are as follows: Year (In thousands) 2020 $ 3,299 2021 3,016 2022 2,187 2023 2,366 2024 2,446 Thereafter 422,545 Total $ 435,859 |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Capital Stock | CAPITAL STOCK On February 27, 2009, at a special meeting, the Company’s shareholders approved an amendment to the Articles of Incorporation to establish 40,040,000 authorized shares of preferred stock, $0.01 par value. The aggregate liquidation preference of all shares of preferred stock cannot exceed $80,000,000 . On February 12, 2019, the Company filed its Amended and Restated Articles of Incorporation (“February Amended Articles”) with the Arkansas Secretary of State. The February Amended Articles classified and designated three series of preferred stock out of the Corporation’s authorized preferred stock: Series A Preferred Stock, Par Value $0.01 Per Share (having 40,000 authorized shares); Series B Preferred Stock, Par Value $0.01 Per Share (having 2,000.02 authorized shares); and 7% Perpetual Convertible Preferred Stock, Par Value $0.01 Per Share, Series C (having 140 authorized shares). On October 29, 2019, the Company filed its Amended and Restated Articles of Incorporation (“October Amended Articles”) with the Arkansas Secretary of State. The October Amended Articles classified and designated Series D Preferred Stock, Par Value $0.01 Per Share, out of the Company’s authorized preferred stock. The October Amended Articles also canceled the Company’s 7% Perpetual Convertible Preferred Stock, Par Value $0.01 Per Share, Series C Preferred Stock, of which no shares were ever issued or outstanding. On January 18, 2018, the Board of Directors of the Company approved a two-for-one stock split of the Company’s outstanding Class A common stock (“Common Stock”) in the form of a 100% stock dividend for shareholders of record as of the close of business on January 30, 2018. The new shares were distributed by the Company’s transfer agent, Computershare, and the Company’s common stock began trading on a split-adjusted basis on the Nasdaq Global Select Market on February 9, 2018. All previously reported share and per share data included in filings subsequent to February 8, 2018 are restated to reflect the retroactive effect of this two -for-one stock split. On March 19, 2018, the Company filed a shelf registration with the SEC. The shelf registration statement provides increased flexibility and more efficient access to raise capital from time to time through the sale of common stock, preferred stock, debt securities, depository shares, warrants, purchase contracts, purchase units, subscription rights, units or a combination thereof, subject to market conditions. Specific terms and prices are determined at the time of any offering under a separate prospectus supplement that the Company is required to file with the SEC at the time of the specific offering. On April 19, 2018, shareholders of the Company approved an increase in the number of authorized shares from 120,000,000 to 175,000,000 . On July 23, 2012, the Company approved a stock repurchase program which authorized the repurchase of up to 1,700,000 shares (split adjusted) of common stock. On October 22, 2019, the Company announced a new stock repurchase program (the “Program”) that replaced the stock repurchase program approved on July 23, 2012, under which the Company may repurchase up to $60,000,000 of its Class A common stock currently issued and outstanding. The Program will terminate on October 31, 2021 (unless terminated sooner). Under the Program, the Company may repurchase shares of its common stock through open market and privately negotiated transactions or otherwise. The timing, pricing, and amount of any repurchases under the Program will be determined by the Company’s management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of the Company’s common stock, corporate considerations, the Company’s working capital and investment requirements, general market and economic conditions, and legal requirements. The Program does not obligate the Company to repurchase any common stock and may be modified, discontinued, or suspended at any time without prior notice. The Company anticipates funding for this Program to come from available sources of liquidity, including cash on hand and future cash flow. During 2019 , we repurchased 390,000 shares at an average price of $25.97 under the Program. We had no stock repurchases during 2018 . |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Transactions With Related Parties | TRANSACTIONS WITH RELATED PARTIES At December 31, 2019 and 2018 , Simmons Bank had extensions of credit to executive officers and directors and to companies in which Simmons Bank’s executive officers or directors were principal owners in the amount of $20.1 million at December 31, 2019 and $66.4 million at December 31, 2018 . (In thousands) 2019 2018 Balance, beginning of year $ 66,391 $ 58,867 New extensions of credit 2,503 7,661 Repayments (48,756 ) (137 ) Balance, end of year $ 20,138 $ 66,391 In management’s opinion, such loans and other extensions of credit, deposits and vendor contracts (which were not material) were made in the ordinary course of business and were made on substantially the same terms (including interest rates and collateral) as those prevailing at the time for comparable transactions with unrelated persons or through a competitive bid process. Further, in management’s opinion, these extensions of credit did not involve more than the normal risk of collectability or present other unfavorable features. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Retirement Plans The Company offers a qualified 401(k) Plan in which the Company makes matching contributions to encourage employees to save money for their retirement. The 401(k) Plan covers substantially all employees. Under the terms of the 401(k) Plan, employees may defer a portion of their eligible pay, up to the maximum allowed by I.R.S regulation, and the Company matches 100% of the first 3% of compensation and 50% of the next 2% of compensation for a total match of 4% of eligible pay for each participant who defers 5% or more of his or her eligible pay. Additionally, the Company may make profit-sharing contributions to the 401(k) Plan which are allocated among participants based upon 401(k) Plan compensation without regard to participant contributions. Contribution expense to the plan totaled $13,021,000 , $10,769,000 and $6,343,000 in 2019 , 2018 and 2017 , respectively. The Company also provides deferred compensation agreements with certain active and retired officers. The agreements provide monthly payments of retirement compensation for either stated periods or for the life of the participant. The charges to income for the plans were $2,294,000 for 2019 , $2,309,000 for 2018 and $1,596,000 for 2017 . Such charges reflect the straight-line accrual over the employment period of the present value of benefits due each participant, as of their full eligibility date, using an appropriate discount factor. Employee Stock Purchase Plan The Company established an Employee Stock Purchase Plan in 2015 which generally allows participants to make contributions of up to $25,000 per year, for the purpose of acquiring the Company’s common stock. At the end of each plan year, full shares of the Company’s stock are purchased for each employee based on that employee’s contributions. The Company has issued both general and special stock offerings under the plan. Substantially all employees are eligible for the general stock offering, under which full shares of the Company’s stock are purchased for an amount equal to 95% of their fair market value at the end of the plan year, or, if lower, 95% of their fair market value at the beginning of the plan year. The special stock offering is available to substantially all non-highly compensated employees with at least six months of service, and these employees may allocate up to $10,000 to this offering. Under the special stock offering, full shares of the Company’s stock are purchased for an amount equal to 85% of their fair market value at the end of the plan year, or, if lower, 85% of their fair market value at the beginning of the plan year. Stock-Based Compensation Plans The Company’s Board of Directors has adopted various stock-based compensation plans. The plans provide for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and performance stock units. Pursuant to the plans, shares are reserved for future issuance by the Company upon exercise of stock options or awarding of bonus shares granted to directors, officers and other key employees. Stock-based compensation expense for all stock-based compensation awards is based on the grant date fair value. For all awards except stock option awards, the grant date fair value is the market value per share as of the grant date. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company’s employee stock options. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that uses various assumptions. Expected volatility is based on historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Forfeitures are estimated at the time of grant, and are based partially on historical experience. Share and per share information regarding stock-based compensation plans has been adjusted to reflect the effects of the Company’s two -for-one stock split which became effective on February 8, 2018. The table below summarizes the transactions under the Company’s active stock compensation plans at December 31, 2019 , 2018 and 2017 , and changes during the years then ended: Stock Options Outstanding Stock Awards Outstanding Stock Units Outstanding (Shares in thousands) Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Balance, December 31, 2016 946 $ 21.43 278 $ 20.48 406 $ 22.70 Granted — — — — 906 28.86 Stock options exercised (122 ) 17.66 — — — — Stock awards/units vested (earned) — — (91 ) 19.40 (449 ) 27.13 Forfeited/expired (12 ) 22.67 (25 ) 21.91 (35 ) 25.76 Balance, December 31, 2017 812 21.98 162 20.85 828 26.13 Granted — — — — 429 29.16 Stock options exercised (112 ) 19.22 — — — — Stock awards/units vested (earned) — — (80 ) 20.41 (311 ) 25.56 Forfeited/expired (5 ) 21.73 (10 ) 20.12 (129 ) 27.95 Balance, December 31, 2018 695 22.42 72 21.45 817 27.65 Granted — — — — 842 26.05 Stock options exercised (3 ) 12.79 — — — — Stock awards/units vested (earned) — — (49 ) 20.72 (405 ) 26.75 Forfeited/expired — — (2 ) 21.82 (102 ) 28.10 Balance, December 31, 2019 692 $ 22.46 21 $ 23.19 1,152 $ 26.79 Exercisable, December 31, 2019 692 $ 22.46 The following table summarizes information about stock options under the plans outstanding at December 31, 2019 : Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares (In thousands) Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number of Shares (In thousands) Weighted Average Exercise Price $ 9.46 — $ 9.46 1 2.04 $9.46 1 $9.46 10.65 — 10.65 3 3.07 10.65 3 10.65 10.76 — 10.76 1 0.05 10.76 1 10.76 20.29 — 20.29 71 5.00 20.29 71 20.29 20.36 — 20.36 2 4.88 20.36 2 20.36 22.20 — 22.20 74 5.23 22.20 74 22.20 22.75 — 22.75 436 5.61 22.75 436 22.75 23.51 — 23.51 97 6.05 23.51 97 23.51 24.07 — 24.07 7 5.71 24.07 7 24.07 $ 9.46 — $ 24.07 692 5.55 $22.46 692 $22.46 The table below summarizes the Company’s performance stock unit activity for the years ended December 31, 2019 , 2018 and 2017 : (In thousands) Performance Stock Units Non-vested, December 31, 2016 181 Granted 57 Vested (earned) (57 ) Forfeited (4 ) Non-vested, December 31, 2017 177 Granted 72 Vested (earned) (55 ) Forfeited (17 ) Non-vested, December 31, 2018 177 Granted 118 Vested (earned) (93 ) Forfeited (3 ) Non-vested, December 31, 2019 199 Stock-based compensation expense was $12,921,000 in 2019 , $11,227,000 in 2018 and $11,763,000 in 2017 . Stock-based compensation expense is recognized ratably over the requisite service period for all stock-based awards. There was no unrecognized stock-based compensation expense related to stock options at December 31, 2019 . Unrecognized stock-based compensation expense related to non-vested stock awards and stock units was $20,852,000 at December 31, 2019 . At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 1.9 years . The intrinsic value of stock options outstanding and stock options exercisable at December 31, 2019 was $2,993,000 . Aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $26.79 at December 31, 2019 , and the exercise price multiplied by the number of options outstanding. There were 3,050 stock options exercised in 2019 with an intrinsic value of $43,000 . There were 111,728 stock options exercised in 2018 with an intrinsic value of $561,000 . There were 122,012 stock options exercised in 2017 with an intrinsic value of $1,329,000 . The fair value of the Company’s employee stock options granted is estimated on the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. There were no stock options granted during the years ended December 31, 2019 , 2018 and 2017 . |
Additional Cash Flow Informatio
Additional Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Additional Cash Flow Information | ADDITIONAL CASH FLOW INFORMATION The following is a summary of the Company’s additional cash flow information during the years ended December 31: (In thousands) 2019 2018 2017 Interest paid $ 182,541 $ 122,801 $ 39,384 Income taxes paid 51,999 25,718 35,770 Transfers of loans to foreclosed assets held for sale 4,760 16,858 6,983 Transfers of premises to foreclosed assets and other real estate owned 647 3,690 5,422 Transfers of premises held for sale to foreclosed assets and other real estate owned — — 3,188 Right-of-use lease assets obtained in exchange for lessee operating lease liabilities (adoption of ASU 2016-02) 32,757 — — Transfers of held-to-maturity to available-for-sale securities 216,373 — — Transfers of loans to other assets held for sale 259,939 — — Transfers of deposits to other liabilities held for sale 159,853 — — |
Other Income and Other Operatin
Other Income and Other Operating Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Operating Expenses | OTHER INCOME AND OTHER OPERATING EXPENSES Other income for the year ended December 31, 2019 was $58.5 million and primarily consisted of the gain on sale of Visa Inc. class B common stock of $42.9 million . Other income for the years ended December 31, 2018 and 2017 was $19.9 million and $19.3 million , respectively. Other operating expenses consisted of the following: (In thousands) 2019 2018 2017 Professional services $ 16,897 $ 16,685 $ 19,500 Postage 6,363 5,785 4,686 Telephone 7,685 5,947 4,262 Credit card expense 16,163 14,338 12,188 Marketing 16,499 8,410 11,141 Software and technology 25,146 15,558 2,204 Operating supplies 2,322 2,346 1,980 Amortization of intangibles 11,805 11,009 7,668 Branch right sizing expense 3,129 1,341 434 Other expense 32,843 30,156 24,816 Total other operating expenses $ 138,852 $ 111,575 $ 88,879 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS ASC Topic 820, Fair Value Measurements defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance also establishes a fair value hierarchy that requires the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Topic 820 describes three levels of inputs that may be used to measure fair value: • Level 1 Inputs – Quoted prices in active markets for identical assets or liabilities. • Level 2 Inputs – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets; quoted prices for similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 Inputs – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Following is a description of the inputs and valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Available-for-sale securities – Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities would include highly liquid government bonds, mortgage products and exchange traded equities. Other securities classified as available-for-sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. In order to ensure the fair values are consistent with ASC Topic 820, the Company periodically checks the fair values by comparing them to another pricing source, such as Bloomberg. The availability of pricing confirms Level 2 classification in the fair value hierarchy. The third-party pricing service is subject to an annual review of internal controls (SSAE 16), which is made available for the Company’s review. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. The Company’s investment in U.S. Treasury securities, if any, is reported at fair value utilizing Level 1 inputs. The remainder of the Company’s available-for-sale securities are reported at fair value utilizing Level 2 inputs. Derivative instruments – The Company’s derivative instruments are reported at fair value utilizing Level 2 inputs. The Company obtains fair value measurements from dealer quotes. Other assets and liabilities held for sale - The Company’s other assets and liabilities held for sale are reported at fair value utilizing Level 3 inputs. See Note 4, Other Assets and Other Liabilities Held for Sale. The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis as of December 31, 2019 and 2018 . Fair Value Measurements (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Available-for-sale securities U.S. Treasury $ 449,729 $ 449,729 $ — $ — U.S. Government agencies 194,249 — 194,249 — Mortgage-backed securities 1,742,945 — 1,742,945 — States and political subdivisions 880,524 — 880,524 — Other securities 185,891 — 185,891 — Other assets held for sale 260,332 — — 260,332 Derivative asset 14,903 — 14,903 — Other liabilities held for sale (159,853 ) — — (159,853 ) Derivative liability (12,650 ) — (12,650 ) — December 31, 2018 Available-for-sale securities U.S. Government agencies $ 154,301 $ — $ 154,301 $ — Mortgage-backed securities 1,522,900 — 1,522,900 — States and political subdivisions 314,843 — 314,843 — Other securities 159,708 — 159,708 — Other assets held for sale 1,790 — — 1,790 Derivative asset 6,242 — 6,242 — Other liabilities held for sale (162 ) — — (162 ) Derivative liability (5,283 ) — (5,283 ) — Certain financial assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets and liabilities measured at fair value on a nonrecurring basis include the following: Impaired loans (collateral dependent) – Loan impairment is reported when full payment under the loan terms is not expected. Allowable methods for determining the amount of impairment include estimating fair value using the fair value of the collateral for collateral-dependent loans. If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. If these allocations cause the allowance for loan losses to require an increase, such increase is reported as a component of the provision for loan losses. Loan losses are charged against the allowance when management believes the uncollectability of a loan is confirmed. Impaired loans that are collateral dependent are classified within Level 3 of the fair value hierarchy when impairment is determined using the fair value method. Appraisals are updated at renewal, if not more frequently, for all collateral dependent loans that are deemed impaired by way of impairment testing. Impairment testing is performed on all loans over $1.5 million rated Substandard or worse, all existing impaired loans regardless of size and all TDRs. All collateral dependent impaired loans meeting these thresholds have had updated appraisals or internally prepared evaluations within the last one to two years and these updated valuations are considered in the quarterly review and discussion of the corporate Special Asset Committee. On targeted CRE loans, appraisals/internally prepared valuations may be updated before the typical 1-3 year balloon/maturity period. If an updated valuation results in decreased value, a specific (ASC 310) impairment is placed against the loan, or a partial charge-down is initiated, depending on the circumstances and anticipation of the loan’s ability to remain a going concern, possibility of foreclosure, certain market factors, etc. Foreclosed assets and other real estate owned – Foreclosed assets and other real estate owned are reported at fair value, less estimated costs to sell. At foreclosure, if the fair value, less estimated costs to sell, of the real estate acquired is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for loan losses. Additionally, valuations are periodically performed by management and any subsequent reduction in value is recognized by a charge to income. The fair value of foreclosed assets and other real estate owned is estimated using Level 3 inputs based on unobservable market data. As of December 31, 2019 and 2018 , the fair value of foreclosed assets and other real estate owned less estimated costs to sell was $19.1 million and $25.6 million , respectively. The significant unobservable inputs (Level 3) used in the fair value measurement of collateral for collateral-dependent impaired loans and foreclosed assets primarily relate to the specialized discounting criteria applied to the borrower’s reported amount of collateral. The amount of the collateral discount depends upon the condition and marketability of the collateral, as well as other factors which may affect the collectability of the loan. Management’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset. It is reasonably possible that a change in the estimated fair value for instruments measured using Level 3 inputs could occur in the future. As the Company’s primary objective in the event of default would be to liquidate the collateral to settle the outstanding balance of the loan, collateral that is less marketable would receive a larger discount. During the reported periods, collateral discounts ranged from 10% to 40% for commercial and residential real estate collateral. Mortgage loans held for sale – Mortgage loans held for sale are reported at fair value if, on an aggregate basis, the fair value of the loans is less than cost. In determining whether the fair value of loans held for sale is less than cost when quoted market prices are not available, the Company may consider outstanding investor commitments, discounted cash flow analyses with market assumptions or the fair value of the collateral if the loan is collateral dependent. Such loans are classified within either Level 2 or Level 3 of the fair value hierarchy. Where assumptions are made using significant unobservable inputs, such loans held for sale are classified as Level 3. At December 31, 2019 and 2018 , the aggregate fair value of mortgage loans held for sale exceeded their cost. Accordingly, no mortgage loans held for sale were marked down and reported at fair value. The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of December 31, 2019 and 2018 . Fair Value Measurements Using (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Impaired loans (1) (2) (collateral dependent) $ 49,190 $ — $ — $ 49,190 Foreclosed assets and other real estate owned (1) 18,798 — — 18,798 December 31, 2018 Impaired loans (1) (2) (collateral dependent) $ 17,789 $ — $ — $ 17,789 Foreclosed assets and other real estate owned (1) 23,714 — — 23,714 ______________________ (1) These amounts represent the resulting carrying amounts on the consolidated balance sheets for impaired collateral dependent loans and foreclosed assets and other real estate owned for which fair value re-measurements took place during the period. (2) Specific allocations of $1,297,000 and $2,738,000 were related to the impaired collateral dependent loans for which fair value re-measurements took place during the periods ended December 31, 2019 and 2018 , respectively. ASC Topic 825, Financial Instruments , requires disclosure in annual financial statements of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis. The following methods and assumptions were used to estimate the fair value of each class of financial instruments not previously disclosed. Cash and cash equivalents – The carrying amount for cash and cash equivalents approximates fair value (Level 1). Interest bearing balances due from banks – The fair value of interest bearing balances due from banks – time is estimated using a discounted cash flow calculation that applies the rates currently offered on deposits of similar remaining maturities (Level 2). Held-to-maturity securities – Fair values for held-to-maturity securities equal quoted market prices, if available, such as for highly liquid government bonds (Level 1). If quoted market prices are not available, fair values are estimated based on quoted market prices of similar securities. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things (Level 2). In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Loans – The fair value of loans is estimated by discounting the future cash flows, using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Additional factors considered include the type of loan and related collateral, variable or fixed rate, classification status, remaining term, interest rate, historical delinquencies, loan to value ratios, current market rates and remaining loan balance. The loans were grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. The discount rates used for loans were based on current market rates for new originations of similar loans. Estimated credit losses were also factored into the projected cash flows of the loans. The fair value of loans is also estimated on an exit price basis incorporating the above factors (Level 3). Deposits – The fair value of demand deposits, savings accounts and money market deposits is the amount payable on demand at the reporting date (i.e., their carrying amount) (Level 2). The fair value of fixed-maturity time deposits is estimated using a discounted cash flow calculation that applies the rates currently offered for deposits of similar remaining maturities (Level 3). Federal Funds purchased, securities sold under agreement to repurchase and short-term debt – The carrying amount for Federal funds purchased, securities sold under agreement to repurchase and short-term debt are a reasonable estimate of fair value (Level 2). Other borrowings – For short-term instruments, the carrying amount is a reasonable estimate of fair value. For long-term debt, rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate the fair value (Level 2). Subordinated debentures – The fair value of subordinated debentures is estimated using the rates that would be charged for subordinated debentures of similar remaining maturities (Level 2). Accrued interest receivable/payable – The carrying amounts of accrued interest approximated fair value (Level 2). Commitments to extend credit, letters of credit and lines of credit – The fair value of commitments is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair values of letters of credit and lines of credit are based on fees currently charged for similar agreements or on the estimated cost to terminate or otherwise settle the obligations with the counterparties at the reporting date. The fair value of a financial instrument is the current amount that would be exchanged between willing parties, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows: Carrying Fair Value Measurements (In thousands) Amount Level 1 Level 2 Level 3 Total December 31, 2019 Financial assets: Cash and cash equivalents $ 996,623 $ 996,623 $ — $ — $ 996,623 Interest bearing balances due from banks - time 4,554 — 4,554 — 4,554 Held-to-maturity securities 40,927 — 41,855 — 41,855 Mortgage loans held for sale 58,102 — — 58,102 58,102 Interest receivable 62,707 — 62,707 — 62,707 Legacy loans, net 9,562,276 — — 9,517,472 9,517,472 Loans acquired, net 4,795,184 — — 4,772,716 4,772,716 Financial liabilities: Non-interest bearing transaction accounts 3,741,093 — 3,741,093 — 3,741,093 Interest bearing transaction accounts and savings deposits 9,090,878 — 9,090,878 — 9,090,878 Time deposits 3,276,969 — — 3,270,333 3,270,333 Federal funds purchased and securities sold under agreements to repurchase 150,145 — 150,145 — 150,145 Other borrowings 1,297,599 — 1,298,011 — 1,298,011 Subordinated notes and debentures 388,260 — 397,088 — 397,088 Interest payable 12,898 — 12,898 — 12,898 December 31, 2018 Financial assets: Cash and cash equivalents $ 833,458 $ 833,458 $ — $ — $ 833,458 Interest bearing balances due from banks - time 4,934 — 4,934 — 4,934 Held-to-maturity securities 289,194 — 290,830 — 290,830 Mortgage loans held for sale 26,799 — — 26,799 26,799 Interest receivable 49,938 — 49,938 — 49,938 Legacy loans, net 8,373,789 — — 8,280,690 8,280,690 Loans acquired, net 3,292,783 — — 3,256,174 3,256,174 Financial liabilities: Non-interest bearing transaction accounts 2,672,405 — 2,672,405 — 2,672,405 Interest bearing transaction accounts and savings deposits 6,830,191 — 6,830,191 — 6,830,191 Time deposits 2,896,156 — — 2,872,342 2,872,342 Federal funds purchased and securities sold under agreements to repurchase 95,792 — 95,792 — 95,792 Other borrowings 1,345,450 — 1,342,868 — 1,342,868 Subordinated debentures 353,950 — 355,812 — 355,812 Interest payable 9,897 — 9,897 — 9,897 The fair value of commitments to extend credit, letters of credit and lines of credit is not presented since management believes the fair value to be insignificant. |
Commitments and Credit Risk
Commitments and Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Credit Risk | COMMITMENTS AND CREDIT RISK The Company grants agri-business, commercial and residential loans to customers primarily throughout Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas, along with credit card loans to customers throughout the United States. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. At December 31, 2019 , the Company had outstanding commitments to extend credit aggregating approximately $634,788,000 and $3,991,931,000 for credit card commitments and other loan commitments, respectively. At December 31, 2018 , the Company had outstanding commitments to extend credit aggregating approximately $560,863,000 and $3,455,471,000 for credit card commitments and other loan commitments, respectively. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The Company had total outstanding letters of credit amounting to $71,074,000 and $39,101,000 at December 31, 2019 and 2018 , respectively, with terms ranging from 9 months to 15 years . At December 31, 2019 and 2018 , the Company had no deferred revenue under standby letter of credit agreements. At December 31, 2019 , the Company did not have concentrations of 5% or more of the investment portfolio in bonds issued by a single municipality. |
New Accounting Standards
New Accounting Standards | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS Recently Adopted Accounting Standards Cloud Computing Arrangements – In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (“ASU 2018-15”), that amends the definition of a hosting arrangement and requires a customer in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. The internal-use software guidance states that only qualifying costs incurred during the application development stage can be capitalized. The effective date is for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. Entities have the option to apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively in accordance with the applicable guidance. At the time of adoption, entities will be required to disclose the nature of its hosting arrangements that are service contracts and provide disclosures as if the deferred implementation costs were a separate, major depreciable asset class. The Company early adopted ASU 2018-15 in the first quarter 2019 and elected to apply the guidance prospectively to all software implementation costs incurred after the date of adoption. As of December 31, 2019 , $3.8 million of applicable software implementation costs have been capitalized and have not had a material impact on our financial position or results of operations. Derivatives and Hedging: Targeted Improvements - In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”), that changes both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results in order to better align a company’s risk management activities and financial reporting for hedging relationships. In summary, this amendment 1) expands the types of transactions eligible for hedge accounting; 2) eliminates the separate measurement and presentation of hedge ineffectiveness; 3) simplifies the requirements around the assessment of hedge effectiveness; 4) provides companies more time to finalize hedge documentation; and 5) enhances presentation and disclosure requirements. The effective date was for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. All transition requirements and elections should be applied to existing hedging relationships on the date of adoption and the effects should be reflected as of the beginning of the fiscal year of adoption. As part of this new guidance, entities are allowed to designate as the hedged item, an amount that is not expected to be affected by prepayments, defaults or other events affecting the timing and amount of cash flows in a closed portfolio of prepayable financial instruments (this is referred to as the “last-of-layer” method). Under the last-of-layer method, entities are able to reclassify, only at the time of adoption, eligible callable debt securities from held-to-maturity to available-for-sale without tainting its intentions to hold future debt securities to maturity. The available-for-sale security must be reported at fair value and any unrealized gain or loss must be recorded as an adjustment to other comprehensive income upon adoption. The Company evaluated its held-to-maturity portfolio during the first quarter 2019 and identified certain municipal bonds with a fair value of $216.4 million that met the last-of-layer criteria under ASU 2017-12 and as a result, reclassified those to available-for-sale and recorded an unrealized gain of $2.5 million during the first quarter 2019. Goodwill Impairment – In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), that eliminates Step 2 from the goodwill impairment test which required entities to compare the implied fair value of goodwill to its carrying amount. Under the amendments, the goodwill impairment will be measured as the excess of the reporting unit’s carrying amount over its fair value. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The effective date is for fiscal years beginning after December 15, 2019, with early adoption permitted for interim or annual impairment tests beginning in 2017. The Company early adopted ASU 2017-04 during the second quarter 2019 to coincide with the Company’s formal impairment analysis. See Note 8, Goodwill and Other Intangible Assets, for additional information. Leases - In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), that establishes the principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The new guidance results in a more consistent representation of the rights and obligations arising from leases by requiring lessees to recognize the lease asset and lease liabilities that arise from leases in the consolidated balance sheet and to disclose qualitative and quantitative information about lease transactions, such as information about variable lease payments and options to renew and terminate leases. The effective date was for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 requires entities to adopt the new lease standard using a modified retrospective transition method, meaning an entity initially applies the new lease standard at the beginning of the earliest period presented in the financial statements. Due to complexities associated with using this method, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements , to relieve entities of the requirement to present prior comparative years’ results when they adopt the new lease standard and giving entities the option to recognize the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings. Adoption of ASU 2016-02 resulted in the recognition of right-of-use assets of $32.8 million and right-of-use liabilities of $32.8 million on the consolidated balance sheet with no material impact to the results of operations. The Company has elected to adopt the guidance using the optional transition method, which allows for a modified retrospective method of adoption with a cumulative effect adjustment to retained earnings without restating comparable periods. The Company also elected the relief package of practical expedients for which there is no requirement to reassess existence of leases, their classification, and initial direct costs as well as an exemption for short-term leases with a term of less than one year, whereby the Company did not recognize a lease liability or right-of-use asset on the consolidated balance sheet but instead will recognize lease payments as an expense over the lease term as appropriate. See Note 7, Right-of-Use Lease Assets and Lease Liabilities, for additional information related to the Company’s right-of-use lease obligations. Stock Compensation: Scope of Modification Accounting - In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”), that provides clarity and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, to a change to the terms or conditions of a share-based payment award. An entity may change the terms or conditions of a share-based payment award for many different reasons, and the nature and effect of the change can vary significantly. The guidance clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting and the guidance should be applied prospectively to an award modified on or after the adoption date. ASU 2017-09 is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. Currently, the Company has not modified any existing awards nor has any plans to do so, therefore the adoption of ASU 2017-09 has not had a material effect on the Company’s results of operations, financial position or disclosures. Statement of Cash Flows - In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), designed to address the diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and distributions received from equity method investees. The amendments also provide guidance on when an entity should separate or aggregate cash flows based on the predominance principle. The effective date is for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new standard is required to be applied retrospectively, but may be applied prospectively if retrospective application would be impracticable. The adoption of ASU 2016-15 did not have a material impact on the Company’s results of operations, financial position or disclosures since the amendment applies to the classification of cash flows. The adoption also did not have a material impact on the consolidated statement of cash flows. Financial Assets and Financial Liabilities - In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), that makes changes primarily affecting the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. In February 2018, the FASB issued 2018-03 that clarified certain guidance and contained narrow scope amendments. The effective date is for fiscal periods beginning after December 15, 2017, including interim periods within those fiscal years. ASU 2016-01 did not have a material impact on the Company’s results of operations or financial position. However, this new guidance requires the disclosed estimated fair value of the Company’s loan portfolio to be based on an exit price calculation, which considers liquidity, credit and nonperformance risk of its loans. The adoption of ASU 2016-01 did not have a material impact on the Company’s fair value disclosures. Revenue Recognition - In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), that outlines a single comprehensive revenue recognition model for entities to follow in accounting for revenue from contracts with customers. The core principle of this revenue model is that an entity should recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive for those goods or services. In July 2015, the FASB issued ASU No. 2015-14, deferring the effective date to annual and interim periods beginning after December 15, 2017. The guidance does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other US GAAP, which comprises a significant portion of the Company’s revenue stream. However, the updated guidance affects the revenue recognition pattern for certain revenue streams, including service charges on deposit accounts, gains/losses on sale of other real estate owned (“OREO”), and trust income. The adoption of this standard did not have a material effect on the Company’s results of operations, financial position or disclosures. See Note 1, Summary of Significant Accounting Policies, for additional information. Recently Issued Accounting Standards Income Taxes – In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), that removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. ASU 2019-12 introduces the following new guidance: i) guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized or a separate transaction and ii) a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax. Additionally, ASU 2019-12 changes the following current guidance: i) making an intraperiod allocation, if there is a loss in continuing operations and gains outside of continuing operations, ii) determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting, iii) accounting for tax law changes and year-to-date losses in interim periods, and iv) determining how to apply the income tax guidance to franchise taxes that are partially based on income. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating all of the amendments in ASU 2019-12 and has not yet determined the impact of this new standard. Fair Value Measurement Disclosures – In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), that eliminates, amends and adds disclosure requirements for fair value measurements. These amendments are part of FASB’s disclosure review project and they are expected to reduce costs for preparers while providing more decision-useful information for financial statement users. The eliminated disclosure requirements include the 1) the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy; 2) the policy of timing of transfers between levels of the fair value hierarchy; and 3) the valuation processes for Level 3 fair value measurements. Among other modifications, the amended disclosure requirements remove the term “at a minimum” from the phrase “an entity shall disclose at a minimum” to promote the appropriate exercise of discretion by entities and clarifies that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Under the new disclosure requirements, entities must disclose the changes in unrealized gains or losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. ASU 2018-13 is not expected to have a material impact on the Company’s fair value disclosures. Credit Losses on Financial Instruments – In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires earlier measurement of credit losses, expands the range of information considered in determining expected credit losses and enhances disclosures. The main objective of ASU 2016-13 is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments replace the incurred loss impairment methodology in current US GAAP with a methodology (the current expected credit losses, or “CECL”, methodology) that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities and other receivables measured at amortized cost at the time the financial asset is originated or acquired. The allowance for credit losses is adjusted each period for changes in expected lifetime credit losses. This methodology replaces the multiple existing impairment methods in current guidance, which generally require that a loss be incurred before it is recognized. Within the life cycle of a loan or other financial asset, this new guidance will generally result in the earlier recognition of the provision for credit losses and the related allowance for credit losses than current practice. For available-for-sale debt securities that the Company intends to hold and where fair value is less than cost, credit-related impairment, if any, will be recognized through an allowance for credit losses and adjusted each period for changes in credit risk. The effective date for these amendments is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In preparation for implementation of ASU 2016-13, the Company formed a cross functional team that assessed its data and system needs and evaluated the potential impact of adopting the new guidance. The Company anticipated a significant change in the processes and procedures to calculate the loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In December 2018, the Federal Reserve, Office of the Comptroller of the Currency and FDIC issued a final rule revising regulatory capital rules in anticipation of the adoption of ASU 2016-13 that provides an option to phase in over a three year period on a straight line basis the day-one impact on earnings and tier one capital. The Company is electing to apply the CECL transition provision. The impact will be reflected as an adjustment to beginning retained earnings, net of income taxes, at adoption. Based on additional analysis performed, the Company has estimated that the allowance for credit losses will be approximately 1.40% to 1.50% of total loans upon adoption in the first quarter of 2020. This estimate is based upon the Company’s analysis of current conditions, assumptions and economic forecasts at this point in time. The preliminary estimate is subject to change based on continuing review and challenge of the models, methodologies and judgments as we work to finalize the CECL model. The impact at adoption is also influenced by the loan portfolio composition and quality at the adoption date, as well as, macroeconomic conditions and forecast at that time. The adoption of ASU 2016-13 in 2020 could also impact the Company’s ongoing earnings, perhaps materially. Implementation efforts for the adoption of CECL are near completion, including model development and validation, fulfillment of additional data needs for new disclosures and reporting requirements, and drafting of accounting policies. Model validations and user acceptance testing began in the last half of 2019, with loss forecast modeling taking place in the first half of 2019. The Company has finalized the relevant assumptions and overall estimation methodology including the following: • Loan Segmentation - Loans with similar risk characteristics are aggregated into homogeneous segments for collective assessment. • Reasonable and Supportable Forecast - Economic variables that are correlated with the historical loss performance of the portfolio segments are forecast utilizing a blended macroeconomic scenario over a one-year forecast horizon for all portfolio segments. • Reversion to Historical Loss Experience - The Company has elected to utilize a one-year straight-line reversion to historical loss experience over the remaining contractual life, adjusted for prepayments. • Individual Assessment - Loans that no longer share similar risk characteristics are individually assessed for estimated credit losses over the remaining life of the loans. • Qualitative Adjustments - The Company has elected qualitative adjustments to provide consideration for factors that have not been fully accounted for in the quantitative modeling process. Presently, the Company is not aware of any other changes to the Accounting Standards Codification that will have a material impact on the Company’s present or future financial position or results of operations. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS The Company utilizes derivative instruments to manage exposure to various types of interest rate risk for itself and its customers within policy guidelines. Transactions should only be entered into with an associated underlying exposure. All derivative instruments are carried at fair value. Derivative contracts involve the risk of dealing with institutional derivative counterparties and their ability to meet contractual terms. Institutional counterparties must have an investment grade credit rating and be approved by the Company’s asset/liability management committee. In arranging these products for its customers, the Company assumes additional credit risk from the customer and from the dealer counterparty with whom the transaction is undertaken. Credit risk exists due to the default credit risk created in the exchange of the payments over a period of time. Credit exposure on interest rate swaps is limited to the net favorable value and interest payments of all swaps with each counterparty. Access to collateral in the event of default is reasonably assured. Therefore, credit exposure may be reduced by the amount of collateral pledged by the counterparty. Hedge Structures The Company will seek to enter derivative structures that most effectively address the risk exposure and structural terms of the underlying position being hedged. The term and notional principal amount of a hedge transaction will not exceed the term or principal amount of the underlying exposure. In addition, the Company will use hedge indices which are the same as, or highly correlated to, the index or rate on the underlying exposure. Derivative credit exposure is monitored on an ongoing basis for each customer transaction and aggregate exposure to each counterparty is tracked. The Company has set a maximum outstanding notional contract amount at 10% of the Company’s assets. Customer Risk Management Interest Rate Swaps The Company’s qualified loan customers have the opportunity to participate in its interest rate swap program for the purpose of managing interest rate risk on their variable rate loans with the Company. The Company enters into such agreements with customers, then offsetting agreements are executed between the Company and an approved dealer counterparty to minimize market risk from changes in interest rates. The counterparty contracts are identical to customer contracts in terms of notional amounts, interest rates, and maturity dates, except for a fixed pricing spread or fee paid to the Company by the dealer counterparty. These interest rate swaps carry varying degrees of credit, interest rate and market or liquidity risks. The fair value of these derivative instruments is recognized as either derivative assets or liabilities in the accompanying consolidated balance sheets. The Company has a limited number of swaps that are standalone without a similar agreement with the loan customer. The Company has entered interest rate swap agreements that effectively convert the loan interest rate from floating rate based on LIBOR or Prime rate to a fixed rate for the customer. The Company has entered into offsetting agreements with dealer counterparties. The following table summarizes the fair values of loan derivative contracts recorded in the accompanying consolidated balance sheets. December 31, 2019 December 31, 2018 (In thousands) Notional Fair Value Notional Fair Value Derivative assets $ 401,969 $ 14,903 $ 274,247 $ 6,242 Derivative liabilities 387,075 12,650 245,717 5,283 Risk Participation Agreements The Company has a limited number of Risk Participation Agreement swaps, that are associated with loan participations, where the Company is not the counterparty to the interest rate swaps that are associated with the risk participation sold. The interest rate swap mark to market only impacts the Company if the swap is in a liability position to the counterparty and the customer defaults on payments to the counterparty. The notional amount of these contingent agreements is $62.9 million as of December 31, 2019 . Energy Hedging During 2019, the Company began providing energy derivative services to qualifying, high quality oil and gas borrowers for hedging purposes. The Company serves as an intermediary on energy derivative products between the Company’s borrowers and dealers. The Company will only enter into back-to-back trades, thus maintaining a balanced book between the dealer and the borrower. Energy hedging risk exposure to the Company’s customer increases as energy prices for crude oil and natural gas rise. As prices decrease, exposure to the exchange increases. These risks are mitigated by customer credit underwriting policies and establishing a predetermined hedge line for each borrower and by monitoring the exchange margin. The outstanding notional value as of December 31, 2019 for energy hedging Customer Sell to Company swaps were $20.7 million and the corresponding Company Sell to Dealer swaps were $20.7 million and the corresponding net fair value of the derivative asset and derivative liability was $709,000 |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | CONTINGENT LIABILITIES The Company and/or its subsidiaries have various unrelated legal proceedings, which, in the aggregate, are not expected to have a material adverse effect on the financial position of the Company and its subsidiaries. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Simmons Bank is subject to legal limitations on dividends that can be paid to the parent company without prior approval of the applicable regulatory agencies. The approval of the Commissioner of the Arkansas State Bank Department is required if the total of all dividends declared by an Arkansas state bank in any calendar year exceeds seventy-five percent ( 75% ) of the total of its net profits, as defined, for that year combined with seventy-five percent ( 75% ) of its retained net profits of the preceding year. At December 31, 2019 , Simmons Bank had approximately $160.2 million available for payment of dividends to the Company, without prior regulatory approval. The Company’s subsidiary bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and its subsidiary bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Effective January 1, 2015, the Company and the subsidiary bank became subject to new capital regulations (the “Basel III Capital Rules”) adopted by the Federal Reserve in July 2013 establishing a new comprehensive capital framework for U.S. Banks. The Basel III Capital Rules substantially revised the risk-based capital requirements applicable to bank holding companies and depository institutions compared to the previous U.S. risk-based capital rules. Full compliance with all of the final rule’s requirements was phased in over a multi-year schedule. The final rules included a new common equity Tier 1 capital to risk-weighted assets (CET1) ratio of 4.5% and a common equity Tier 1 capital conservation buffer of 2.5% of risk-weighted assets. CET1 generally consists of common stock; retained earnings; accumulated other comprehensive income and certain minority interests; all subject to applicable regulatory adjustments and deductions. The capital conservation buffer was fully phased in on January 1, 2019. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total, Tier 1 and common equity Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier 1 capital (as defined) to average assets (as defined). As of December 31, 2019 , the Company and its subsidiary bank met all capital adequacy requirements under the Basel III Capital Rules and exceeded the fully phased in capital conservation buffer. As of the most recent notification from regulatory agencies, the subsidiary bank was well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Company and its subsidiary bank must maintain minimum total risk-based, Tier 1 risk-based, common equity Tier 1 risk-based and Tier 1 leverage ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the institutions’ categories. The Company’s and the subsidiary banks’ actual capital amounts and ratios are presented in the following table. Actual Minimum For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provision (In thousands) Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) December 31, 2019 Total Risk-Based Capital Ratio Simmons First National Corporation $ 2,272,858 13.7 $ 1,327,216 8.0 N/A Simmons Bank 1,852,880 12.9 1,149,073 8.0 1,436,341 10.0 Landmark Bank 291,378 13.9 167,700 8.0 209,624 10.0 Tier 1 Risk-Based Capital Ratio Simmons First National Corporation 1,807,954 10.9 995,204 6.0 N/A Simmons Bank 1,777,602 12.3 867,123 6.0 1,156,164 8.0 Landmark Bank 290,016 13.8 126,094 6.0 168,125 8.0 Common Equity Tier 1 Capital Ratio Simmons First National Corporation 1,807,187 10.9 746,086 4.5 N/A Simmons Bank 1,777,602 12.3 650,342 4.5 939,383 6.5 Landmark Bank 270,016 12.9 94,192 4.5 136,055 6.5 Tier 1 Leverage Ratio Simmons First National Corporation 1,807,954 9.6 753,314 4.0 N/A Simmons Bank 1,777,602 10.7 664,524 4.0 830,655 5.0 Landmark Bank 290,016 8.8 131,825 4.0 164,782 5.0 December 31, 2018 Total Risk-Based Capital Ratio Simmons First National Corporation $ 1,778,938 13.3 $ 1,070,038 8.0 N/A Simmons Bank 1,532,864 11.5 1,066,340 8.0 1,332,925 10.0 Tier 1 Risk-Based Capital Ratio Simmons First National Corporation 1,361,380 10.2 800,812 6.0 N/A Simmons Bank 1,469,260 11.0 801,415 6.0 1,068,553 8.0 Common Equity Tier 1 Capital Ratio Simmons First National Corporation 1,361,380 10.2 600,609 4.5 N/A Simmons Bank 1,469,260 11.0 601,061 4.5 868,199 6.5 Tier 1 Leverage Ratio Simmons First National Corporation 1,361,380 8.8 618,809 4.0 N/A Simmons Bank 1,469,260 9.5 618,636 4.0 773,295 5.0 |
Condensed Financial Information
Condensed Financial Information (Parent Company Only) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information (Parent Company Only) | CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) Condensed Balance Sheets December 31, 2019 and 2018 (In thousands) 2019 2018 ASSETS Cash and cash equivalents $ 104,068 $ 219,063 Investment securities 743 2,848 Investments in wholly-owned subsidiaries 3,269,224 2,368,870 Loans 657 774 Intangible assets, net 133 133 Premises and equipment 27,351 5,804 Other assets 31,738 29,974 TOTAL ASSETS $ 3,433,914 $ 2,627,466 LIABILITIES Long-term debt $ 413,760 $ 353,950 Other liabilities 31,230 27,082 Total liabilities 444,990 381,032 STOCKHOLDERS’ EQUITY Preferred stock 767 — Common stock 1,136 923 Surplus 2,117,282 1,597,944 Undivided profits 848,848 674,941 Accumulated other comprehensive gain (loss): Unrealized appreciation (depreciation) on available-for-sale securities, net of income taxes of $7,392 and ($9,686) at December 31, 2019 and 2018 respectively 20,891 (27,374 ) Total stockholders’ equity 2,988,924 2,246,434 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,433,914 $ 2,627,466 Condensed Statements of Income Years Ended December 31, 2019 , 2018 and 2017 (In thousands) 2019 2018 2017 INCOME Dividends from subsidiaries $ 67,893 $ 145,980 $ 69,107 Other income 13,658 658 4,111 Income 81,551 146,638 73,218 EXPENSE 40,594 32,714 32,234 Income before income taxes and equity in undistributed net income of subsidiaries 40,957 113,924 40,984 Provision for income taxes (5,680 ) (10,732 ) (12,311 ) Income before equity in undistributed net income of subsidiaries 46,637 124,656 53,295 Equity in undistributed net income of subsidiaries 191,530 91,057 39,645 NET INCOME 238,167 215,713 92,940 Preferred stock dividends 339 — — NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 237,828 $ 215,713 $ 92,940 Condensed Statements of Comprehensive Income Years Ended December 31, 2019 , 2018 and 2017 (In thousands) 2019 2018 2017 NET INCOME $ 238,167 $ 215,713 $ 92,940 OTHER COMPREHENSIVE INCOME (LOSS) Equity in other comprehensive income (loss) of subsidiaries 48,265 (10,110 ) 964 COMPREHENSIVE INCOME $ 286,432 $ 205,603 $ 93,904 Condensed Statements of Cash Flows Years Ended December 31, 2019 , 2018 and 2017 (In thousands) 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 238,167 $ 215,713 $ 92,940 Items not requiring (providing) cash Stock-based compensation expense 12,921 9,725 10,681 Depreciation and amortization 1,637 880 1,183 Deferred income taxes (3,632 ) 26 1,190 Equity in undistributed net income of bank subsidiaries (191,530 ) (91,057 ) (39,645 ) Changes in: Other assets 3,299 1,524 8,585 Other liabilities (2,648 ) 17,340 (6,769 ) Net cash provided by operating activities 58,214 154,151 68,165 CASH FLOWS FROM INVESTING ACTIVITIES Net originations of loans 117 219 90 Net (purchases of) proceeds from premises and equipment (23,184 ) 3,342 (18 ) Repayment of (advances to) subsidiaries — 2,667 (15,000 ) Proceeds from maturities of available-for-sale securities 2,544 152 42 Purchases of available-for-sale securities (439 ) (211 ) (2,752 ) Cash paid in business combinations (36,811 ) — (100,468 ) Other, net 29 (1,903 ) — Net cash (used in) provided by investing activities (57,744 ) 4,266 (118,106 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of subordinated notes — 326,355 — Issuance (repayment) of long-term debt, net 2,000 (231,352 ) 8,014 (Cancellation) issuance of common stock, net (1,077 ) 2,188 2,878 Stock repurchases (10,128 ) — — Dividends paid on preferred stock (339 ) — — Dividends paid on common stock (63,921 ) (55,646 ) (35,116 ) Preferred stock retirement (42,000 ) — — Net cash (used in) provided by financing activities (115,465 ) 41,545 (24,224 ) (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (114,995 ) 199,962 (74,165 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 219,063 19,101 93,266 CASH AND CASH EQUIVALENTS, END OF YEAR $ 104,068 $ 219,063 $ 19,101 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation Simmons First National Corporation (“Company”) is primarily engaged in providing a full range of banking and other financial products and services to individual and corporate customers through its subsidiaries and their branch banks with offices. The Company is headquartered in Pine Bluff, Arkansas, and conducts banking operations in communities throughout Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas. The Company, through its subsidiaries, offers, among other things, consumer, real estate and commercial loans; checking, savings and time deposits; and specialized products and services (such as credit cards, trust and fiduciary services, investments, agricultural finance lending, equipment lending, insurance and small business administration (“SBA”) lending) from approximately 251 financial centers located throughout our market areas. The Company is subject to regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. The consolidated financial statements include the accounts of the Company and its subsidiaries. Significant intercompany accounts and transactions have been eliminated in consolidation. Simmons Bank is an Arkansas state-chartered bank and a member of the Federal Reserve System through the Federal Reserve Bank of St. Louis. Due to the Company’s typical acquisition process, there may be brief periods of time during which the Company may operate another subsidiary bank that the Company acquired through a merger with a target bank holding company as a separate subsidiary while preparing for the merger and integration of that subsidiary bank into Simmons Bank. However, it is the Company’s intent to generally maintain Simmons Bank as the Company’s sole subsidiary bank. |
Operating Segments | Operating Segments Operating segments are components of an enterprise about which separate financial information is available that is regularly evaluated by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company is organized on a divisional basis. Each of the divisions provide a group of similar community banking services, including such products and services as loans; time deposits, checking and savings accounts; personal and corporate trust services; credit cards; investment management; insurance; and securities and investment services. Loan products include consumer, real estate, commercial, agricultural, equipment and SBA lending. The individual bank divisions have similar operating and economic characteristics. While the chief operating decision maker monitors the revenue streams of the various products, services, branch locations and divisions, operations are managed, financial performance is evaluated, and management makes decisions on how to allocate resources, on a Company-wide basis. Accordingly, the divisions are considered by management to be aggregated into one reportable operating segment, community banking. The Company also considers its trust, investment and insurance services to be operating segments. Information on these segments is not reported separately since they do not meet the quantitative thresholds under Accounting Standards Codification (“ASC”) Topic 280-10-50-12. |
Use of Estimates | Use of Estimates The preparation of financial statements, in accordance with accounting principles generally accepted in the United States (“US GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income items and expenses and disclosure of contingent assets and liabilities. The estimates and assumptions used in the accompanying consolidated financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the consolidated financial statements and actual results may differ from these estimates. Such estimates include, but are not limited to, the Company’s allowance for loan losses. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and the valuation of acquired loans. Management obtains independent appraisals for significant properties in connection with the determination of the allowance for loan losses and the valuation of foreclosed assets. |
Reclassifications | Reclassifications Various items within the accompanying consolidated financial statements for previous years have been reclassified to provide more comparative information. These reclassifications were not material to the consolidated financial statements. |
Cash Equivalents | Cash Equivalents The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. For purposes of the consolidated statements of cash flows, cash and cash equivalents are considered to include cash and non-interest bearing balances due from banks, interest bearing balances due from banks and federal funds sold and securities purchased under agreements to resell. |
Investment Securities | Investment Securities Held-to-maturity securities, which include any security for which the Company has the positive intent and ability to hold until maturity, are carried at historical cost adjusted for amortization of premiums and accretion of discounts. Premiums and discounts are amortized and accreted, respectively, to interest income using the constant yield method over the period to maturity. Available-for-sale securities, which include any security for which the Company has no immediate plan to sell but which may be sold in the future, are carried at fair value. Realized gains and losses, based on specifically identified amortized cost of the individual security, are included in other income. Unrealized gains and losses are recorded, net of related income tax effects, in stockholders’ equity. Premiums and discounts are amortized and accreted, respectively, to interest income using the constant yield method over the period to maturity. Trading securities, if any, which include any security held primarily for near-term sale, are carried at fair value. Gains and losses on trading securities are included in other income. The Company applies accounting guidance related to recognition and presentation of other-than-temporary impairment under ASC Topic 320-10. When the Company does not intend to sell a debt security, and it is more likely than not, the Company will not have to sell the security before recovery of its cost basis, it recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held-to-maturity debt securities, the amount of an other-than-temporary impairment recorded in other comprehensive income for the noncredit portion of a previous other-than-temporary impairment is amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. As a result of this guidance, the Company’s consolidated statements of income reflect the full impairment (that is, the difference between the security’s amortized cost basis and fair value) on debt securities that the Company intends to sell or would more likely than not be required to sell before the expected recovery of the amortized cost basis. For available-for-sale and held-to-maturity debt securities that management has no intent to sell and believes that it more likely than not will not be required to sell prior to recovery, only the credit loss component of the impairment is recognized in earnings, while the noncredit loss is recognized in accumulated other comprehensive income. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security as projected based on cash flow projections. |
Mortgage Loans Held For Sale | Mortgage Loans Held For Sale Mortgage Loans Held for Sale are carried at fair value which is determined on an aggregate basis. Adjustments to fair value are recognized monthly and reflected in earnings. The Company regularly sells mortgages into the capital markets to mitigate the effects of interest rate volatility during the period from the time an interest rate lock commitment (“IRLC”) is issued until the IRLC funds creating a mortgage loan held for sale and its subsequent sale into the secondary/capital markets. Loan sales are typically executed on a mandatory basis. Under a mandatory commitment, the Company agrees to deliver a specified dollar amount with predetermined terms by a certain date. Generally, the commitment is not loan specific, and any combination of loans can be delivered into the outstanding commitment provided the terms fall within the parameters of the commitment. Upon failure to deliver, the Company is subject to fees based on market movement. The IRLCs are derivative instruments; their fair values at December 31, 2019 and 2018 were not material. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to correspondent lenders, investors or aggregators. Gains and losses are determined by the difference between the sale price and the carrying amount in the loans sold, net of discounts collected, or premiums paid. Hedge instruments are, likewise, carried at fair value and associated gains/losses are realized at time of settlement. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-offs are reported at their outstanding principal adjusted for any loans charged off, the allowance for loan losses and any unamortized deferred fees or costs on originated loans and unamortized premiums or discounts on purchased loans. For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, as well as premiums and discounts, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on loans, except on certain government guaranteed loans, is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Discounts and premiums on purchased residential real estate loans are amortized to income using the interest method over the remaining period to contractual maturity, adjusted for anticipated prepayments. Discounts and premiums on purchased consumer loans are recognized over the expected lives of the loans using methods that approximate the interest method. For discussion of the Company’s accounting for acquired loans, see Acquisition Accounting, Acquired Loans later in this section. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is management’s estimate of probable losses in the loan portfolio. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Allocations to the allowance for loan losses are categorized as either general reserves or specific reserves. The allowance for loan losses is calculated monthly based on management’s assessment of several factors such as (1) historical loss experience based on volumes and types, (2) volume and trends in delinquencies and nonaccruals, (3) lending policies and procedures including those for loan losses, collections and recoveries, (4) national, state and local economic trends and conditions, (5) external factors and pressure from competition, (6)the experience, ability and depth of lending management and staff, (7) seasoning of new products obtained and new markets entered through acquisition and (8) other factors and trends that will affect specific loans and categories of loans. The Company establishes general allocations for each major loan category. This category also includes allocations to loans which are collectively evaluated for loss such as credit cards, one-to-four family owner occupied residential real estate loans and other consumer loans. General reserves have been established, based upon the aforementioned factors and allocated to the individual loan categories. Specific reserves are provided on loans that are considered impaired when it is probable that the Company will not receive all amounts due according to the contractual terms of the loan, including scheduled principal and interest payments. This includes loans that are delinquent 90 days or more, nonaccrual loans and certain other loans identified by management. Certain other loans identified by management consist of performing loans where management expects that the Company will not receive all amounts due according to the contractual terms of the loan, including scheduled principal and interest payments. Specific reserves are accrued for probable losses on specific loans evaluated for impairment for which the basis of each loan, including accrued interest, exceeds the discounted amount of expected future collections of interest and principal or, alternatively, the fair value of loan collateral. Accrual of interest is discontinued and interest accrued and unpaid is removed at the time such amounts are delinquent 90 days unless management is aware of circumstances which warrant continuing the interest accrual. Interest is recognized for nonaccrual loans only upon receipt and only after all principal amounts are current according to the terms of the contract. Management’s evaluation of the allowance for loan losses is inherently subjective as it requires material estimates. The actual amounts of loan losses realized in the near term could differ from the amounts estimated in arriving at the allowance for loan losses reported in the financial statements. |
Reserve for Unfunded Commitments | Reserve for Unfunded Commitments In addition to the allowance for loan losses, the Company has established a reserve for unfunded commitments, classified in other liabilities. This reserve is maintained at a level sufficient to absorb losses arising from unfunded loan commitments. The adequacy of the reserve for unfunded commitments is determined monthly based on methodology similar to the Company’s methodology for determining the allowance for loan losses. Net adjustments to the reserve for unfunded commitments are included in other non-interest expense. |
Acquisition Accounting, Loans Acquired | Acquisition Accounting, Loans Acquired The Company accounts for its acquisitions under ASC Topic 805, Business Combinations , which requires the use of the acquisition method of accounting. All identifiable assets acquired, including loans, are recorded at fair value. No allowance for loan losses related to the acquired loans is recorded on the acquisition date as the fair value of the loans acquired incorporates assumptions regarding credit risk. Loans acquired are recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820. The fair value estimates associated with the loans include estimates related to expected prepayments and the amount and timing of undiscounted expected principal, interest and other cash flows. The Company evaluates loans acquired in accordance with the provisions of ASC Topic 310-20, Nonrefundable Fees and Other Costs . The fair value discount on these loans is accreted into interest income over the weighted average life of the loans using a constant yield method. These loans are not considered impaired. The Company evaluates purchased impaired loans in accordance with the provisions of ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . Purchased loans are considered impaired if there is evidence of credit deterioration since origination and if it is probable that not all contractually required payments will be collected. All loans acquired are considered impaired if there is evidence of credit deterioration since origination and if it is probable that not all contractually required payments will be collected. For impaired loans accounted for under ASC Topic 310-30, the Company continues to estimate cash flows expected to be collected on purchased credit impaired loans. The Company evaluates at each balance sheet date whether the present value of the purchased credit impaired loans determined using the effective interest rates has decreased significantly and if so, recognize a provision for loan loss in our consolidated statement of income. For any significant increases in cash flows expected to be collected, the Company adjusts the amount of accretable yield recognized on a prospective basis over the remaining life of the purchased credit impaired loan. For further discussion of our acquisition and loan accounting, see Note 2, Acquisitions, and Note 6, Loans Acquired. |
Trust Assets | Trust Assets Trust assets (other than cash deposits) held by the Company in fiduciary or agency capacities for its customers are not included in the accompanying consolidated balance sheets since such items are not assets of the Company. |
Premises and Equipment | Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are capitalized and amortized by the straight-line method over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. |
Foreclosed Assets Held For Sale | Foreclosed Assets Held For Sale Assets acquired by foreclosure or in settlement of debt and held for sale are valued at estimated fair value as of the date of foreclosure, and a related valuation allowance is provided for estimated costs to sell the assets. Management evaluates the value of foreclosed assets held for sale periodically and increases the valuation allowance for any subsequent declines in fair value. Changes in the valuation allowance are charged or credited to other expense. |
Bank Owned Life Insurance | Bank Owned Life Insurance The Company maintains bank-owned life insurance policies on certain current and former employees and directors, which are recorded at their cash surrender values as determined by the insurance carriers. The appreciation in the cash surrender value of the policies is recognized as a component of non-interest income in the Company’s consolidated statements of income. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Other intangible assets represent purchased assets that also lack physical substance but can be separately distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset or liability. The Company performs an annual goodwill impairment test, and more frequently if circumstances warrant, in accordance with ASC Topic 350, Intangibles – Goodwill and Other, as amended by Accounting Standards Update (“ASU”) 2011-08 - Testing Goodwill for Impairment . ASC Topic 350 requires that goodwill and intangible assets that have indefinite lives be reviewed for impairment annually, or more frequently if certain conditions occur. Intangible assets with finite lives are amortized over the estimated life of the asset, and are reviewed for impairment whenever events or changes in circumstances indicated that the carrying value may not be recoverable. Impairment losses on recorded goodwill, if any, will be recorded as operating expenses. |
Derivative Financial Instruments | Derivative Financial Instruments The Company may enter into derivative contracts for the purposes of managing exposure to interest rate risk to meet the financing needs of its customers. A derivative instrument is a financial tool which derives its value from the value of some other financial instrument, variable index, including certain hedging instruments embedded in other contracts. These products are primarily designed to reduce interest rate risk for either the Company or its customers who proactively manage these risks. The Company records all derivatives on the balance sheet at fair value. In an effort to meet the financing needs of its customers, the Company has entered into fair value hedges. Fair value hedges include interest rate swap agreements on fixed rate loans. To qualify for hedge accounting, derivatives must be highly effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the point of inception of the derivative contract. For derivatives designated as hedging the exposure to changes in the fair value of the hedged item, the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain of the hedging instrument. The fair value hedges are considered to be highly effective and any hedge ineffectiveness was deemed not material. Fair value adjustments related to cash flow hedges are recorded in other comprehensive income and are reclassified to earnings when the hedged transaction is reflected in earnings. |
Securities Sold Under Agreements to Repurchase | Securities Sold Under Agreements to Repurchase The Company sells securities under agreements to repurchase to meet customer needs for sweep accounts. At the point funds deposited by customers become investable, those funds are used to purchase securities owned by the Company and held in its general account with the designation of Customers’ Securities. A third party maintains control over the securities underlying overnight repurchase agreements. The securities involved in these transactions are generally U.S. Treasury or Federal Agency issues. Securities sold under agreements to repurchase generally mature on the banking day following that on which the investment was initially purchased and are treated as collateralized financing transactions which are recorded at the amounts at which the securities were sold plus accrued interest. Interest rates and maturity dates of the securities involved vary and are not intended to be matched with funds from customers. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers ASC Topic 606, Revenue from Contracts with Customers , applies to all contracts with customers to provide goods or services in the ordinary course of business. However, Topic 606 specifically does not apply to revenue related to financial instruments, guarantees, insurance contracts, leases, or nonmonetary exchanges. Given these scope exceptions, interest income recognition and measurement related to loans and investments securities, the Company’s two largest sources of revenue, are not accounted for under Topic 606. Also, the Company does not use Topic 606 to account for gains or losses on its investments in securities, loans, and derivatives due to the scope exceptions. Certain revenue streams, such as service charges on deposit accounts, gains or losses on the sale of OREO, and trust income, fall under the scope of Topic 606 and the Company must recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. Topic 606 is applied using five steps: 1) identify the contract with the customer, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company has evaluated the nature of all contracts with customers that fall under the scope of Topic 606 and determined that further disaggregation of revenue from contracts with customers into categories was not necessary. There has not been significant revenue recognized in the current reporting periods resulting from performance obligations satisfied in previous periods. In addition, there has not been a significant change in timing of revenues received from customers. A description of performance obligations for each type of contract with customers is as follows: Service charges on deposit accounts – The Company’s primary source of funding comes from deposit accounts with its customers. Customers pay certain fees to access their cash on deposit including, but not limited to, non-transactional fees such as account maintenance, dormancy or statement rendering fees, and certain transaction-based fees such as ATM, wire transfer, overdraft or returned check fees. The Company generally satisfies its performance obligations as services are rendered. The transaction prices are fixed, and are charged either on a periodic basis or based on activity. Sale of OREO – In the normal course of business, the Company will enter into contracts with customers to sell OREO, which has generally been foreclosed upon by the Company. The Company generally satisfies its performance obligation upon conveyance of property from the Company to the customer, generally by way of an executed agreement. The transaction price is fixed, and on occasion the Company will finance a portion of the proceeds the customers uses to purchase the property. These properties are generally sold without recourse or warranty. Trust Income – The Company enters into contracts with its customers to manage assets for investment, and/or transact on their accounts. The Company generally satisfies its performance obligations as services are rendered. The management fee is a fixed percentage-based fee calculated upon the average balance of assets under management and is charged to customers on a monthly basis. |
Bankcard Fee Income | Bankcard Fee Income – Periodic bankcard fees, net of direct origination costs, are recognized as revenue on a straight-line basis over the period the fee entitles the cardholder to use the card. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance in ASC Topic 740, Income Taxes . The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, based on the technical merits, that the tax position will be realized or sustained upon examination. The term more likely than not means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company files consolidated income tax returns with its subsidiaries. |
Earnings Per Share | Earnings Per Share Basic earnings per share are computed based on the weighted average number of shares outstanding during each year. Diluted earnings per share are computed using the weighted average common shares and all potential dilutive common shares outstanding during the period. All share and per share amounts have been restated to reflect the effect of the two -for-one stock split during February 2018. |
Stock-Based Compensation | Stock-Based Compensation The Company has adopted various stock-based compensation plans. The plans provide for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and performance stock units. Pursuant to the plans, shares are reserved for future issuance by the Company, upon exercise of stock options or awarding of performance or bonus shares granted to directors, officers and other key employees. In accordance with ASC Topic 718, Compensation – Stock Compensation , the fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that uses various assumptions. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. For additional information, see Note 15, Employee Benefit Plans. |
New Accounting Standards | Recently Adopted Accounting Standards Cloud Computing Arrangements – In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (“ASU 2018-15”), that amends the definition of a hosting arrangement and requires a customer in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. The internal-use software guidance states that only qualifying costs incurred during the application development stage can be capitalized. The effective date is for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. Entities have the option to apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively in accordance with the applicable guidance. At the time of adoption, entities will be required to disclose the nature of its hosting arrangements that are service contracts and provide disclosures as if the deferred implementation costs were a separate, major depreciable asset class. The Company early adopted ASU 2018-15 in the first quarter 2019 and elected to apply the guidance prospectively to all software implementation costs incurred after the date of adoption. As of December 31, 2019 , $3.8 million of applicable software implementation costs have been capitalized and have not had a material impact on our financial position or results of operations. Derivatives and Hedging: Targeted Improvements - In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”), that changes both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results in order to better align a company’s risk management activities and financial reporting for hedging relationships. In summary, this amendment 1) expands the types of transactions eligible for hedge accounting; 2) eliminates the separate measurement and presentation of hedge ineffectiveness; 3) simplifies the requirements around the assessment of hedge effectiveness; 4) provides companies more time to finalize hedge documentation; and 5) enhances presentation and disclosure requirements. The effective date was for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. All transition requirements and elections should be applied to existing hedging relationships on the date of adoption and the effects should be reflected as of the beginning of the fiscal year of adoption. As part of this new guidance, entities are allowed to designate as the hedged item, an amount that is not expected to be affected by prepayments, defaults or other events affecting the timing and amount of cash flows in a closed portfolio of prepayable financial instruments (this is referred to as the “last-of-layer” method). Under the last-of-layer method, entities are able to reclassify, only at the time of adoption, eligible callable debt securities from held-to-maturity to available-for-sale without tainting its intentions to hold future debt securities to maturity. The available-for-sale security must be reported at fair value and any unrealized gain or loss must be recorded as an adjustment to other comprehensive income upon adoption. The Company evaluated its held-to-maturity portfolio during the first quarter 2019 and identified certain municipal bonds with a fair value of $216.4 million that met the last-of-layer criteria under ASU 2017-12 and as a result, reclassified those to available-for-sale and recorded an unrealized gain of $2.5 million during the first quarter 2019. Goodwill Impairment – In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), that eliminates Step 2 from the goodwill impairment test which required entities to compare the implied fair value of goodwill to its carrying amount. Under the amendments, the goodwill impairment will be measured as the excess of the reporting unit’s carrying amount over its fair value. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The effective date is for fiscal years beginning after December 15, 2019, with early adoption permitted for interim or annual impairment tests beginning in 2017. The Company early adopted ASU 2017-04 during the second quarter 2019 to coincide with the Company’s formal impairment analysis. See Note 8, Goodwill and Other Intangible Assets, for additional information. Leases - In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), that establishes the principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The new guidance results in a more consistent representation of the rights and obligations arising from leases by requiring lessees to recognize the lease asset and lease liabilities that arise from leases in the consolidated balance sheet and to disclose qualitative and quantitative information about lease transactions, such as information about variable lease payments and options to renew and terminate leases. The effective date was for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 requires entities to adopt the new lease standard using a modified retrospective transition method, meaning an entity initially applies the new lease standard at the beginning of the earliest period presented in the financial statements. Due to complexities associated with using this method, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements , to relieve entities of the requirement to present prior comparative years’ results when they adopt the new lease standard and giving entities the option to recognize the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings. Adoption of ASU 2016-02 resulted in the recognition of right-of-use assets of $32.8 million and right-of-use liabilities of $32.8 million on the consolidated balance sheet with no material impact to the results of operations. The Company has elected to adopt the guidance using the optional transition method, which allows for a modified retrospective method of adoption with a cumulative effect adjustment to retained earnings without restating comparable periods. The Company also elected the relief package of practical expedients for which there is no requirement to reassess existence of leases, their classification, and initial direct costs as well as an exemption for short-term leases with a term of less than one year, whereby the Company did not recognize a lease liability or right-of-use asset on the consolidated balance sheet but instead will recognize lease payments as an expense over the lease term as appropriate. See Note 7, Right-of-Use Lease Assets and Lease Liabilities, for additional information related to the Company’s right-of-use lease obligations. Stock Compensation: Scope of Modification Accounting - In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”), that provides clarity and reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, to a change to the terms or conditions of a share-based payment award. An entity may change the terms or conditions of a share-based payment award for many different reasons, and the nature and effect of the change can vary significantly. The guidance clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting and the guidance should be applied prospectively to an award modified on or after the adoption date. ASU 2017-09 is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. Currently, the Company has not modified any existing awards nor has any plans to do so, therefore the adoption of ASU 2017-09 has not had a material effect on the Company’s results of operations, financial position or disclosures. Statement of Cash Flows - In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), designed to address the diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and distributions received from equity method investees. The amendments also provide guidance on when an entity should separate or aggregate cash flows based on the predominance principle. The effective date is for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new standard is required to be applied retrospectively, but may be applied prospectively if retrospective application would be impracticable. The adoption of ASU 2016-15 did not have a material impact on the Company’s results of operations, financial position or disclosures since the amendment applies to the classification of cash flows. The adoption also did not have a material impact on the consolidated statement of cash flows. Financial Assets and Financial Liabilities - In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), that makes changes primarily affecting the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. In February 2018, the FASB issued 2018-03 that clarified certain guidance and contained narrow scope amendments. The effective date is for fiscal periods beginning after December 15, 2017, including interim periods within those fiscal years. ASU 2016-01 did not have a material impact on the Company’s results of operations or financial position. However, this new guidance requires the disclosed estimated fair value of the Company’s loan portfolio to be based on an exit price calculation, which considers liquidity, credit and nonperformance risk of its loans. The adoption of ASU 2016-01 did not have a material impact on the Company’s fair value disclosures. Revenue Recognition - In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), that outlines a single comprehensive revenue recognition model for entities to follow in accounting for revenue from contracts with customers. The core principle of this revenue model is that an entity should recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive for those goods or services. In July 2015, the FASB issued ASU No. 2015-14, deferring the effective date to annual and interim periods beginning after December 15, 2017. The guidance does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other US GAAP, which comprises a significant portion of the Company’s revenue stream. However, the updated guidance affects the revenue recognition pattern for certain revenue streams, including service charges on deposit accounts, gains/losses on sale of other real estate owned (“OREO”), and trust income. The adoption of this standard did not have a material effect on the Company’s results of operations, financial position or disclosures. See Note 1, Summary of Significant Accounting Policies, for additional information. Recently Issued Accounting Standards Income Taxes – In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), that removes certain exceptions for investments, intraperiod allocations and interim calculations, and adds guidance to reduce complexity in accounting for income taxes. ASU 2019-12 introduces the following new guidance: i) guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized or a separate transaction and ii) a policy election to not allocate consolidated income taxes when a member of a consolidated tax return is not subject to income tax. Additionally, ASU 2019-12 changes the following current guidance: i) making an intraperiod allocation, if there is a loss in continuing operations and gains outside of continuing operations, ii) determining when a deferred tax liability is recognized after an investor in a foreign entity transitions to or from the equity method of accounting, iii) accounting for tax law changes and year-to-date losses in interim periods, and iv) determining how to apply the income tax guidance to franchise taxes that are partially based on income. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating all of the amendments in ASU 2019-12 and has not yet determined the impact of this new standard. Fair Value Measurement Disclosures – In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), that eliminates, amends and adds disclosure requirements for fair value measurements. These amendments are part of FASB’s disclosure review project and they are expected to reduce costs for preparers while providing more decision-useful information for financial statement users. The eliminated disclosure requirements include the 1) the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy; 2) the policy of timing of transfers between levels of the fair value hierarchy; and 3) the valuation processes for Level 3 fair value measurements. Among other modifications, the amended disclosure requirements remove the term “at a minimum” from the phrase “an entity shall disclose at a minimum” to promote the appropriate exercise of discretion by entities and clarifies that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Under the new disclosure requirements, entities must disclose the changes in unrealized gains or losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. ASU 2018-13 is not expected to have a material impact on the Company’s fair value disclosures. Credit Losses on Financial Instruments – In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires earlier measurement of credit losses, expands the range of information considered in determining expected credit losses and enhances disclosures. The main objective of ASU 2016-13 is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The amendments replace the incurred loss impairment methodology in current US GAAP with a methodology (the current expected credit losses, or “CECL”, methodology) that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities and other receivables measured at amortized cost at the time the financial asset is originated or acquired. The allowance for credit losses is adjusted each period for changes in expected lifetime credit losses. This methodology replaces the multiple existing impairment methods in current guidance, which generally require that a loss be incurred before it is recognized. Within the life cycle of a loan or other financial asset, this new guidance will generally result in the earlier recognition of the provision for credit losses and the related allowance for credit losses than current practice. For available-for-sale debt securities that the Company intends to hold and where fair value is less than cost, credit-related impairment, if any, will be recognized through an allowance for credit losses and adjusted each period for changes in credit risk. The effective date for these amendments is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In preparation for implementation of ASU 2016-13, the Company formed a cross functional team that assessed its data and system needs and evaluated the potential impact of adopting the new guidance. The Company anticipated a significant change in the processes and procedures to calculate the loan losses, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In December 2018, the Federal Reserve, Office of the Comptroller of the Currency and FDIC issued a final rule revising regulatory capital rules in anticipation of the adoption of ASU 2016-13 that provides an option to phase in over a three year period on a straight line basis the day-one impact on earnings and tier one capital. The Company is electing to apply the CECL transition provision. The impact will be reflected as an adjustment to beginning retained earnings, net of income taxes, at adoption. Based on additional analysis performed, the Company has estimated that the allowance for credit losses will be approximately 1.40% to 1.50% of total loans upon adoption in the first quarter of 2020. This estimate is based upon the Company’s analysis of current conditions, assumptions and economic forecasts at this point in time. The preliminary estimate is subject to change based on continuing review and challenge of the models, methodologies and judgments as we work to finalize the CECL model. The impact at adoption is also influenced by the loan portfolio composition and quality at the adoption date, as well as, macroeconomic conditions and forecast at that time. The adoption of ASU 2016-13 in 2020 could also impact the Company’s ongoing earnings, perhaps materially. Implementation efforts for the adoption of CECL are near completion, including model development and validation, fulfillment of additional data needs for new disclosures and reporting requirements, and drafting of accounting policies. Model validations and user acceptance testing began in the last half of 2019, with loss forecast modeling taking place in the first half of 2019. The Company has finalized the relevant assumptions and overall estimation methodology including the following: • Loan Segmentation - Loans with similar risk characteristics are aggregated into homogeneous segments for collective assessment. • Reasonable and Supportable Forecast - Economic variables that are correlated with the historical loss performance of the portfolio segments are forecast utilizing a blended macroeconomic scenario over a one-year forecast horizon for all portfolio segments. • Reversion to Historical Loss Experience - The Company has elected to utilize a one-year straight-line reversion to historical loss experience over the remaining contractual life, adjusted for prepayments. • Individual Assessment - Loans that no longer share similar risk characteristics are individually assessed for estimated credit losses over the remaining life of the loans. • Qualitative Adjustments - The Company has elected qualitative adjustments to provide consideration for factors that have not been fully accounted for in the quantitative modeling process. Presently, the Company is not aware of any other changes to the Accounting Standards Codification that will have a material impact on the Company’s present or future financial position or results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted | The computation of per share earnings is as follows: (In thousands, except per share data) 2019 2018 2017 Net income available to common stockholders $ 237,828 $ 215,713 $ 92,940 Average common shares outstanding 98,351 92,268 69,385 Average potential dilutive common shares 446 562 468 Average diluted common shares 98,797 92,830 69,853 Basic earnings per share $ 2.42 $ 2.34 $ 1.34 Diluted earnings per share $ 2.41 $ 2.32 $ 1.33 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of Assets Acquired and Liabilities Assumed | A summary, at fair value, of the assets acquired and liabilities assumed in the OKSB transaction, as of the acquisition date, is as follows: (In thousands) Acquired from OKSB Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 79,517 $ — $ 79,517 Investment securities 485,468 (1,295 ) 484,173 Loans acquired 2,039,524 (43,071 ) 1,996,453 Allowance for loan losses (26,957 ) 26,957 — Foreclosed assets 6,284 (1,127 ) 5,157 Premises and equipment 21,210 5,457 26,667 Bank owned life insurance 28,704 — 28,704 Goodwill 13,545 (13,545 ) — Core deposit intangible 1,933 40,191 42,124 Other intangibles 3,806 — 3,806 Other assets 33,455 (9,141 ) 24,314 Total assets acquired $ 2,686,489 $ 4,426 $ 2,690,915 Liabilities Assumed Deposits: Non-interest bearing transaction accounts $ 485,971 $ — $ 485,971 Interest bearing transaction accounts and savings deposits 869,252 — 869,252 Time deposits 613,345 (2,213 ) 611,132 Total deposits 1,968,568 (2,213 ) 1,966,355 Securities sold under agreement to repurchase 11,256 — 11,256 Other borrowings 347,000 — 347,000 Subordinated debentures 46,393 — 46,393 Accrued interest and other liabilities 17,440 5,364 22,804 Total liabilities assumed 2,390,657 3,151 2,393,808 Equity 295,832 (295,832 ) — Total equity assumed 295,832 (295,832 ) — Total liabilities and equity assumed $ 2,686,489 $ (292,681 ) $ 2,393,808 Net assets acquired 297,107 Purchase price 526,251 Goodwill $ 229,144 A summary, at fair value, of the assets acquired and liabilities assumed in the Hardeman transaction, as of the acquisition date, is as follows: (In thousands) Acquired from Hardeman Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 8,001 $ — $ 8,001 Interest bearing balances due from banks - time 1,984 — 1,984 Investment securities 170,654 (285 ) 170,369 Loans acquired 257,641 (5,992 ) 251,649 Allowance for loan losses (2,382 ) 2,382 — Foreclosed assets 1,083 (452 ) 631 Premises and equipment 9,905 1,258 11,163 Bank owned life insurance 7,819 — 7,819 Goodwill 11,485 (11,485 ) — Core deposit intangible — 7,840 7,840 Other intangibles — 830 830 Other assets 2,639 (1 ) 2,638 Total assets acquired $ 468,829 $ (5,905 ) $ 462,924 (In thousands) Acquired from Hardeman Fair Value Adjustments Fair Value Liabilities Assumed Deposits: Non-interest bearing transaction accounts $ 76,555 $ — $ 76,555 Interest bearing transaction accounts and savings deposits 214,872 — 214,872 Time deposits 97,917 (368 ) 97,549 Total deposits 389,344 (368 ) 388,976 Securities sold under agreement to repurchase 17,163 — 17,163 Other borrowings 3,000 — 3,000 Subordinated debentures 6,702 — 6,702 Accrued interest and other liabilities 1,891 1,924 3,815 Total liabilities assumed 418,100 1,556 419,656 Equity 50,729 (50,729 ) — Total equity assumed 50,729 (50,729 ) — Total liabilities and equity assumed $ 468,829 $ (49,173 ) $ 419,656 Net assets acquired 43,268 Purchase price 72,639 Goodwill $ 29,371 A summary, at fair value, of the assets acquired and liabilities assumed in the Reliance transaction, as of the acquisition date, is as follows: (In thousands) Acquired from Reliance Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 25,693 $ — $ 25,693 Due from banks - time 502 — 502 Investment securities 287,983 (1,873 ) 286,110 Loans acquired 1,138,527 (41,657 ) 1,096,870 Allowance for loan losses (10,808 ) 10,808 — Foreclosed assets 11,092 (5,180 ) 5,912 Premises and equipment 32,452 (3,001 ) 29,451 Bank owned life insurance 39,348 — 39,348 Core deposit intangible — 18,350 18,350 Other assets 25,165 6,911 32,076 Total assets acquired $ 1,549,954 $ (15,642 ) $ 1,534,312 (In thousands) Acquired from Reliance Fair Value Adjustments Fair Value Liabilities Assumed Deposits: Non-interest bearing transaction accounts $ 108,845 $ (33 ) $ 108,812 Interest bearing transaction accounts and savings deposits 639,798 — 639,798 Time deposits 478,415 (1,758 ) 476,657 Total deposits 1,227,058 (1,791 ) 1,225,267 Securities sold under agreement to repurchase 14,146 — 14,146 Other borrowings 162,900 (5,500 ) 157,400 Accrued interest and other liabilities 8,185 268 8,453 Total liabilities assumed 1,412,289 (7,023 ) 1,405,266 Equity 137,665 (137,665 ) — Total equity assumed 137,665 (137,665 ) — Total liabilities and equity assumed $ 1,549,954 $ (144,688 ) $ 1,405,266 Net assets acquired 129,046 Purchase price 207,539 Goodwill $ 78,493 A summary, at fair value, of the assets acquired and liabilities assumed in the First Texas transaction, as of the acquisition date, is as follows: (In thousands) Acquired from First Texas Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 59,277 $ — $ 59,277 Investment securities 81,114 (596 ) 80,518 Loans acquired 2,246,212 (37,834 ) 2,208,378 Allowance for loan losses (20,864 ) 20,664 (200 ) Premises and equipment 24,864 10,123 34,987 Bank owned life insurance 7,190 — 7,190 Goodwill 37,227 (37,227 ) — Core deposit intangible — 7,328 7,328 Other assets 18,263 11,485 29,748 Total assets acquired $ 2,453,283 $ (26,057 ) $ 2,427,226 Liabilities Assumed Deposits: Non-interest bearing transaction accounts $ 74,410 $ — $ 74,410 Interest bearing transaction accounts and savings deposits 1,683,298 — 1,683,298 Time deposits 124,233 (283 ) 123,950 Total deposits 1,881,941 (283 ) 1,881,658 Securities sold under agreement to repurchase 50,000 — 50,000 Other borrowings 235,000 — 235,000 Subordinated debentures 30,323 589 30,912 Accrued interest and other liabilities 11,727 1,669 13,396 Total liabilities assumed 2,208,991 1,975 2,210,966 Equity 244,292 (244,292 ) — Total equity assumed 244,292 (244,292 ) — Total liabilities and equity assumed $ 2,453,283 $ (242,317 ) $ 2,210,966 Net assets acquired 216,260 Purchase price 457,103 Goodwill $ 240,843 A summary, at fair value, of the assets acquired and liabilities assumed in the Landrum transaction, as of the acquisition date, is as follows: (In thousands) Acquired from Landrum Fair Value Adjustments Fair Value Assets Acquired Cash and due from banks $ 215,285 $ — $ 215,285 Due from banks - time 248 — 248 Investment securities 1,021,755 4,100 1,025,855 Loans acquired 2,049,137 (43,201 ) 2,005,936 Allowance for loan losses (22,736 ) 22,736 — Foreclosed assets 373 (183 ) 190 Premises and equipment 63,878 20,588 84,466 Bank owned life insurance 19,206 — 19,206 Goodwill 407 (407 ) — Core deposit intangible — 24,345 24,345 Other intangibles 412 4,704 5,116 Other assets 33,924 (7,251 ) 26,673 Total assets acquired $ 3,381,889 $ 25,431 $ 3,407,320 Liabilities Assumed Deposits: Non-interest bearing transaction accounts $ 716,675 $ — $ 716,675 Interest bearing transaction accounts and savings deposits 1,465,429 — 1,465,429 Time deposits 867,197 299 867,496 Total deposits 3,049,301 299 3,049,600 Other borrowings 10,055 — 10,055 Subordinated debentures 34,794 (877 ) 33,917 Accrued interest and other liabilities 31,057 (1,748 ) 29,309 Total liabilities assumed 3,125,207 (2,326 ) 3,122,881 Equity 256,682 (256,682 ) — Total equity assumed 256,682 (256,682 ) — Total liabilities and equity assumed $ 3,381,889 $ (259,008 ) $ 3,122,881 Net assets acquired 284,439 Purchase price 415,779 Goodwill $ 131,340 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | The amortized cost and fair value of investment securities that are classified as held-to-maturity (“HTM”) and available-for-sale (“AFS”) are as follows: Years Ended December 31, 2019 2018 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Estimated Fair Value Held-to-Maturity U.S. Government agencies $ — $ — $ — $ — $ 16,990 $ — $ (49 ) $ 16,941 Mortgage-backed securities 10,796 71 (59 ) 10,808 13,346 5 (412 ) 12,939 State and political subdivisions 27,082 849 — 27,931 256,863 3,029 (954 ) 258,938 Other securities 3,049 67 — 3,116 1,995 17 — 2,012 Total HTM $ 40,927 $ 987 $ (59 ) $ 41,855 $ 289,194 $ 3,051 $ (1,415 ) $ 290,830 Available-for-Sale U.S. Treasury $ 449,729 $ 112 $ (112 ) $ 449,729 $ — $ — $ — $ — U.S. Government agencies 194,207 1,313 (1,271 ) 194,249 157,523 518 (3,740 ) 154,301 Mortgage-backed securities 1,738,584 8,510 (4,149 ) 1,742,945 1,552,487 3,097 (32,684 ) 1,522,900 State and political subdivisions 860,539 20,983 (998 ) 880,524 320,142 171 (5,470 ) 314,843 Other securities 185,087 822 (18 ) 185,891 157,471 2,251 (14 ) 159,708 Total AFS $ 3,428,146 $ 31,740 $ (6,548 ) $ 3,453,338 $ 2,187,623 $ 6,037 $ (41,908 ) $ 2,151,752 |
Schedule of Unrealized Loss on Investments | The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at: Less Than 12 Months 12 Months or More Total (In thousands) Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses December 31, 2019 Held-to-Maturity Mortgage-backed securities $ 3,489 $ (30 ) $ 2,300 $ (29 ) $ 5,789 $ (59 ) Total HTM $ 3,489 $ (30 ) $ 2,300 $ (29 ) $ 5,789 $ (59 ) Available-for-Sale U.S. Treasury $ 299,667 $ (112 ) $ — $ — $ 299,667 $ (112 ) U.S. Government agencies 14,454 (130 ) 86,239 (1,141 ) 100,693 (1,271 ) Mortgage-backed securities 405,540 (1,326 ) 349,293 (2,823 ) 754,833 (4,149 ) State and political subdivisions 111,088 (975 ) 2,730 (23 ) 113,818 (998 ) Other securities 3,982 (18 ) — — 3,982 (18 ) Total AFS $ 834,731 $ (2,561 ) $ 438,262 $ (3,987 ) $ 1,272,993 $ (6,548 ) December 31, 2018 Held-to-Maturity U.S. Government agencies $ 992 $ (2 ) $ 15,948 $ (47 ) $ 16,940 $ (49 ) Mortgage-backed securities — — 12,177 (412 ) 12,177 (412 ) State and political subdivisions 39,149 (208 ) 50,889 (746 ) 90,038 (954 ) Total HTM $ 40,141 $ (210 ) $ 79,014 $ (1,205 ) $ 119,155 $ (1,415 ) Available-for-Sale U.S. Government agencies $ 26,562 $ (221 ) $ 108,636 $ (3,519 ) $ 135,198 $ (3,740 ) Mortgage-backed securities 163,560 (1,146 ) 1,037,679 (31,538 ) 1,201,239 (32,684 ) State and political subdivisions 129,075 (1,406 ) 132,020 (4,064 ) 261,095 (5,470 ) Other securities 65 (13 ) 99 (1 ) 164 (14 ) Total AFS $ 319,262 $ (2,786 ) $ 1,278,434 $ (39,122 ) $ 1,597,696 $ (41,908 ) |
Income Earned on Securities | Income earned on securities for the years ended December 31, 2019 , 2018 and 2017 , is as follows: (In thousands) 2019 2018 2017 Taxable: Held-to-maturity $ 1,207 $ 2,157 $ 2,521 Available-for-sale 45,934 40,926 25,996 Non-taxable: Held-to-maturity 1,412 7,424 8,693 Available-for-sale 18,345 6,811 2,905 Total $ 66,898 $ 57,318 $ 40,115 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value by maturity of securities are shown in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Held-to-Maturity Available-for-Sale (In thousands) Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 4,897 $ 4,919 $ 494,432 $ 494,338 After one through five years 15,972 16,325 72,949 73,370 After five through ten years 7,387 7,928 129,088 131,267 After ten years 1,875 1,875 825,155 842,798 Securities not due on a single maturity date 10,796 10,808 1,738,584 1,742,945 Other securities (no maturity) — — 167,938 168,620 Total $ 40,927 $ 41,855 $ 3,428,146 $ 3,453,338 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Categories of Loans | At December 31, 2019 , the Company’s loan portfolio was $14.43 billion , compared to $11.72 billion at December 31, 2018 . The various categories of loans are summarized as follows: (In thousands) 2019 2018 Consumer: Credit cards $ 204,802 $ 204,173 Other consumer 191,946 201,297 Total consumer 396,748 405,470 Real estate: Construction and development 1,760,894 1,300,723 Single family residential 1,444,620 1,440,443 Other commercial 3,678,908 3,225,287 Total real estate 6,884,422 5,966,453 Commercial: Commercial 1,909,796 1,774,909 Agricultural 163,396 164,514 Total commercial 2,073,192 1,939,423 Other 275,714 119,042 Loans 9,630,076 8,430,388 Loans acquired, net of discount and allowance (1) 4,795,184 3,292,783 Total loans $ 14,425,260 $ 11,723,171 _________________________ (1) See Note 6, Loans Acquired, for segregation of loans acquired by loan class. The following table reflects the carrying value of all loans acquired as of December 31, 2019 and 2018 : Loans Acquired At December 31, (In thousands) 2019 2018 Consumer: Other consumer $ 57,748 $ 15,658 Real estate: Construction and development 475,967 429,605 Single family residential 997,444 566,188 Other commercial 2,526,247 1,848,679 Total real estate 3,999,658 2,844,472 Commercial: Commercial 585,720 430,914 Agricultural 152,058 1,739 Total commercial 737,778 432,653 Total loans acquired (1) $ 4,795,184 $ 3,292,783 _________________________ (1) Loans acquired are reported net of a $444,000 and $95,000 allowance as of December 31, 2019 and 2018 , respectively. |
Schedule of Nonaccrual Loans, Excluding Loans Acquired | Nonaccrual loans, excluding loans acquired, at December 31, 2019 and 2018 , segregated by class of loans, are as follows: (In thousands) 2019 2018 Consumer: Credit cards $ 382 $ 296 Other consumer 1,378 2,159 Total consumer 1,760 2,455 Real estate: Construction and development 4,538 1,269 Single family residential 18,102 11,939 Other commercial 9,361 7,205 Total real estate 32,001 20,413 Commercial: Commercial 36,575 10,049 Agricultural 500 1,284 Total commercial 37,075 11,333 Total $ 70,836 $ 34,201 Nonaccrual loans acquired, excluding purchased credit impaired loans accounted for under ASC Topic 310-30, segregated by class of loans, are as follows (see Note 5, Loans and Allowance for Loan Losses, for discussion of nonaccrual loans): (In thousands) December 31, 2019 December 31, 2018 Consumer: Other consumer $ 327 $ 140 Real estate: Construction and development 751 114 Single family residential 9,593 6,603 Other commercial 7,221 1,167 Total real estate 17,565 7,884 Commercial: Commercial 4,349 13,578 Agricultural 253 38 Total commercial 4,602 13,616 Total $ 22,494 $ 21,640 |
Schedule of Aging Analysis of Past Due Loans, Excluding Loans Acquired | An age analysis of past due loans, excluding loans acquired, segregated by class of loans, is as follows: (In thousands) Gross 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans 90 Days Past Due & Accruing December 31, 2019 Consumer: Credit cards $ 848 $ 641 $ 1,489 $ 203,313 $ 204,802 $ 259 Other consumer 4,057 595 4,652 187,294 191,946 — Total consumer 4,905 1,236 6,141 390,607 396,748 259 Real estate: Construction and development 4,968 605 5,573 1,755,321 1,760,894 — Single family residential 13,414 8,769 22,183 1,422,437 1,444,620 — Other commercial 4,302 3,969 8,271 3,670,637 3,678,908 — Total real estate 22,684 13,343 36,027 6,848,395 6,884,422 — Commercial: Commercial 6,253 12,174 18,427 1,891,369 1,909,796 — Agricultural 207 450 657 162,739 163,396 — Total commercial 6,460 12,624 19,084 2,054,108 2,073,192 — Other — — — 275,714 275,714 — Total $ 34,049 $ 27,203 $ 61,252 $ 9,568,824 $ 9,630,076 $ 259 December 31, 2018 Consumer: Credit cards $ 1,033 $ 506 $ 1,539 $ 202,634 $ 204,173 $ 209 Other consumer 4,264 896 5,160 196,137 201,297 4 Total consumer 5,297 1,402 6,699 398,771 405,470 213 Real estate: Construction and development 533 308 841 1,299,882 1,300,723 — Single family residential 7,769 4,127 11,896 1,428,547 1,440,443 — Other commercial 3,379 2,773 6,152 3,219,135 3,225,287 — Total real estate 11,681 7,208 18,889 5,947,564 5,966,453 — Commercial: Commercial 4,472 5,105 9,577 1,765,332 1,774,909 11 Agricultural 467 1,055 1,522 162,992 164,514 — Total commercial 4,939 6,160 11,099 1,928,324 1,939,423 11 Other — — — 119,042 119,042 — Total $ 21,917 $ 14,770 $ 36,687 $ 8,393,701 $ 8,430,388 $ 224 An age analysis of past due loans acquired segregated by class of loans, is as follows (see Note 5, Loans and Allowance for Loan Losses, for discussion of past due loans): (In thousands) Gross 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans 90 Days Past Due & Accruing December 31, 2019 Consumer: Other consumer $ 827 $ 140 $ 967 $ 56,781 $ 57,748 $ — Real estate: Construction and development 824 473 1,297 474,670 475,967 — Single family residential 12,904 5,020 17,924 979,520 997,444 597 Other commercial 3,343 2,481 5,824 2,520,423 2,526,247 — Total real estate 17,071 7,974 25,045 3,974,613 3,999,658 597 Commercial: Commercial 4,326 1,377 5,703 580,017 585,720 — Agricultural 1,016 6 1,022 151,036 152,058 — Total commercial 5,342 1,383 6,725 731,053 737,778 — Total $ 23,240 $ 9,497 $ 32,737 $ 4,762,447 $ 4,795,184 $ 597 December 31, 2018 Consumer: Other consumer $ 337 $ 49 $ 386 $ 15,272 $ 15,658 $ 2 Real estate: Construction and development 8,283 27 8,310 421,295 429,605 — Single family residential 4,706 3,049 7,755 558,433 566,188 — Other commercial 168 577 745 1,847,934 1,848,679 — Total real estate 13,157 3,653 16,810 2,827,662 2,844,472 — Commercial: Commercial 1,302 9,542 10,844 420,070 430,914 — Agricultural 31 5 36 1,703 1,739 — Total commercial 1,333 9,547 10,880 421,773 432,653 — Total $ 14,827 $ 13,249 $ 28,076 $ 3,264,707 $ 3,292,783 $ 2 |
Schedule of Impaired Loans | Impaired loans, net of government guarantees and excluding loans acquired, segregated by class of loans, are as follows: (In thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Investment in Impaired Loans Interest Income Recognized December 31, 2019 Consumer: Credit cards $ 382 $ 382 $ — $ 382 $ — $ 373 $ 50 Other consumer 1,537 1,378 — 1,378 — 1,659 41 Total consumer 1,919 1,760 — 1,760 — 2,032 91 Real estate: Construction and development 4,648 4,466 72 4,538 4 2,464 61 Single family residential 19,466 15,139 2,963 18,102 42 15,470 382 Other commercial 10,645 4,713 3,740 8,453 694 9,983 247 Total real estate 34,759 24,318 6,775 31,093 740 27,917 690 Commercial: Commercial 53,436 6,582 28,998 35,580 5,007 28,219 697 Agricultural 525 383 116 499 — 908 22 Total commercial 53,961 6,965 29,114 36,079 5,007 29,127 719 Total $ 90,639 $ 33,043 $ 35,889 $ 68,932 $ 5,747 $ 59,076 $ 1,500 December 31, 2018 Consumer: Credit cards $ 296 $ 296 $ — $ 296 $ — $ 266 $ 85 Other consumer 2,311 2,159 — 2,159 — 3,719 112 Total consumer 2,607 2,455 — 2,455 — 3,985 197 Real estate: Construction and development 1,344 784 485 1,269 211 1,651 50 Single family residential 12,906 11,468 616 12,084 36 13,257 399 Other commercial 8,434 2,976 5,458 8,434 — 13,608 410 Total real estate 22,684 15,228 6,559 21,787 247 28,516 859 Commercial: Commercial 10,361 5,733 4,628 10,361 437 10,003 301 Agricultural 2,419 1,180 — 1,180 — 1,412 43 Total commercial 12,780 6,913 4,628 11,541 437 11,415 344 Total $ 38,071 $ 24,596 $ 11,187 $ 35,783 $ 684 $ 43,916 $ 1,400 |
Schedule of Troubled Debt Restructuring | The following table presents a summary of TDRs, excluding loans acquired, segregated by class of loans. Accruing TDR Loans Nonaccrual TDR Loans Total TDR Loans (Dollars in thousands) Number Balance Number Balance Number Balance December 31, 2019 Real estate: Construction and development — $ — 1 $ 72 1 $ 72 Single-family residential 7 1,151 12 671 19 1,822 Other commercial 1 476 2 80 3 556 Total real estate 8 1,627 15 823 23 2,450 Commercial: Commercial 4 2,784 3 79 7 2,863 Total commercial 4 2,784 3 79 7 2,863 Total 12 $ 4,411 18 $ 902 30 $ 5,313 December 31, 2018 Real estate: Construction and development — $ — 3 $ 485 3 $ 485 Single-family residential 6 230 10 616 16 846 Other commercial 2 3,306 2 1,027 4 4,333 Total real estate 8 3,536 15 2,128 23 5,664 Commercial: Commercial 4 2,833 6 718 10 3,551 Total commercial 4 2,833 6 718 10 3,551 Total 12 $ 6,369 21 $ 2,846 33 $ 9,215 The following table presents loans that were restructured as TDRs during the years ended December 31, 2019 and 2018 , excluding loans acquired, segregated by class of loans. Modification Type (Dollars in thousands) Number of Loans Balance Prior to TDR Balance at December 31, Change in Maturity Date Change in Rate Financial Impact on Date of Restructure Year Ended December 31, 2019 Real estate: Single-family residential 4 $ 997 $ 996 $ 996 $ — $ — Total real estate 4 997 996 996 — — Total 4 $ 997 $ 996 $ 996 $ — $ — Year Ended December 31, 2018 Consumer: Other consumer 1 $ 91 $ 91 $ 91 $ — $ — Total consumer 1 91 91 91 — — Real estate: Construction and development 1 99 98 98 — — Single-family residential 1 61 62 62 — — Other commercial 2 392 390 390 — 212 Total real estate 4 552 550 550 — 212 Commercial: Commercial 3 2,363 2,358 2,358 — 190 Total commercial 3 2,363 2,358 2,358 — 190 Total 8 $ 3,006 $ 2,999 $ 2,999 $ — $ 402 |
Summary of Loans by Credit Risk Rating | The following table presents a summary of loans by credit risk rating, segregated by class of loans. (In thousands) Risk Rate 1-4 Risk Rate 5 Risk Rate 6 Risk Rate 7 Risk Rate 8 Total December 31, 2019 Consumer: Credit cards $ 204,161 $ — $ 641 $ — $ — $ 204,802 Other consumer 190,350 — 1,596 — — 191,946 Total consumer 394,511 — 2,237 — — 396,748 Real estate: Construction and development 1,754,269 49 6,576 — — 1,760,894 Single family residential 1,415,603 4,868 24,146 3 — 1,444,620 Other commercial 3,621,296 28,873 28,739 — — 3,678,908 Total real estate 6,791,168 33,790 59,461 3 — 6,884,422 Commercial: Commercial 1,835,335 25,185 49,276 — — 1,909,796 Agricultural 162,808 41 547 — — 163,396 Total commercial 1,998,143 25,226 49,823 — — 2,073,192 Other 275,714 — — — — 275,714 Loans acquired 4,653,295 43,602 97,900 170 217 4,795,184 Total $ 14,112,831 $ 102,618 $ 209,421 $ 173 $ 217 $ 14,425,260 (In thousands) Risk Rate 1-4 Risk Rate 5 Risk Rate 6 Risk Rate 7 Risk Rate 8 Total December 31, 2018 Consumer: Credit cards $ 203,667 $ — $ 506 $ — $ — $ 204,173 Other consumer 198,840 — 2,457 — — 201,297 Total consumer 402,507 — 2,963 — — 405,470 Real estate: Construction and development 1,296,988 1,910 1,825 — — 1,300,723 Single family residential 1,420,052 1,628 18,528 235 — 1,440,443 Other commercial 3,193,289 17,169 14,829 — — 3,225,287 Total real estate 5,910,329 20,707 35,182 235 — 5,966,453 Commercial: Commercial 1,742,002 8,357 24,550 — — 1,774,909 Agricultural 162,824 75 1,615 — — 164,514 Total commercial 1,904,826 8,432 26,165 — — 1,939,423 Other 119,042 — — — — 119,042 Loans acquired 3,187,083 51,255 54,097 348 — 3,292,783 Total $ 11,523,787 $ 80,394 $ 118,407 $ 583 $ — $ 11,723,171 The following table presents a summary of loans acquired by credit risk rating, segregated by class of loans (see Note 5, Loans and Allowance for Loan Losses, for discussion of loan risk rating). Loans accounted for under ASC Topic 310-30 are all included in Risk Rate 1-4 in this table. (In thousands) Risk Rate 1-4 Risk Rate 5 Risk Rate 6 Risk Rate 7 Risk Rate 8 Total December 31, 2019 Consumer: Other consumer $ 57,318 $ — $ 430 $ — $ — $ 57,748 Real estate: Construction and development 474,750 21 1,159 — 37 475,967 Single family residential 978,681 1,181 17,455 127 — 997,444 Other commercial 2,446,685 40,872 38,690 — — 2,526,247 Total real estate 3,900,116 42,074 57,304 127 37 3,999,658 Commercial: Commercial 548,928 1,528 35,041 43 180 585,720 Agricultural 146,933 — 5,125 — — 152,058 Total commercial 695,861 1,528 40,166 43 180 737,778 Total $ 4,653,295 $ 43,602 $ 97,900 $ 170 $ 217 $ 4,795,184 December 31, 2018 Consumer: Other consumer $ 15,380 $ — $ 278 $ — $ — $ 15,658 Real estate: Construction and development 393,122 27,621 8,862 — — 429,605 Single family residential 553,460 2,081 10,299 348 — 566,188 Other commercial 1,822,179 9,137 17,363 — — 1,848,679 Total real estate 2,768,761 38,839 36,524 348 — 2,844,472 Commercial: Commercial 401,300 12,416 17,198 — — 430,914 Agricultural 1,642 — 97 — — 1,739 Total commercial 402,942 12,416 17,295 — — 432,653 Total $ 3,187,083 $ 51,255 $ 54,097 $ 348 $ — $ 3,292,783 |
Schedule of the Activity in the Allowance for Loan Losses | The Company’s recorded investment in loans, excluding loans acquired, as of December 31, 2019 and 2018 related to each balance in the allowance for loan losses by portfolio segment on the basis of the Company’s impairment methodology was as follows: (In thousands) Commercial Real Estate Credit Card Other Consumer and Other Total December 31, 2019 Loans individually evaluated for impairment $ 36,079 $ 31,093 $ 382 $ 1,378 $ 68,932 Loans collectively evaluated for impairment 2,037,113 6,853,329 204,420 466,282 9,561,144 Balance, end of period $ 2,073,192 $ 6,884,422 $ 204,802 $ 467,660 $ 9,630,076 December 31, 2018 Loans individually evaluated for impairment $ 13,062 $ 24,253 $ 296 $ 2,159 $ 39,770 Loans collectively evaluated for impairment 1,926,361 5,942,200 203,877 318,180 8,390,618 Balance, end of period $ 1,939,423 $ 5,966,453 $ 204,173 $ 320,339 $ 8,430,388 Net (charge-offs)/recoveries for the years ended December 31, 2019 and 2018 , excluding loans acquired, segregated by class of loans, were as follows: (In thousands) 2019 2018 Consumer: Credit cards $ (3,564 ) $ (3,046 ) Other consumer (2,537 ) (6,080 ) Total consumer (6,101 ) (9,126 ) Real estate: Construction and development (375 ) (1,775 ) Single family residential (703 ) (494 ) Other commercial (745 ) (2,645 ) Total real estate (1,823 ) (4,914 ) Commercial: Commercial (21,651 ) (5,878 ) Agricultural — — Total commercial (21,651 ) (5,878 ) Total $ (29,575 ) $ (19,918 ) The following table details activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2019 and 2018 . Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. (In thousands) Commercial Real Estate Credit Card Other Consumer and Other Total December 31, 2019 Balance, beginning of year (2) $ 20,514 $ 29,743 $ 3,923 $ 2,419 $ 56,599 Provision for loan losses (1) 24,000 10,797 3,692 2,287 40,776 Charge-offs (22,023 ) (2,319 ) (4,585 ) (4,894 ) (33,821 ) Recoveries 372 496 1,021 2,357 4,246 Net charge-offs (21,651 ) (1,823 ) (3,564 ) (2,537 ) (29,575 ) Balance, end of year (2) $ 22,863 $ 38,717 $ 4,051 $ 2,169 $ 67,800 Period-end amount allocated to: Loans individually evaluated for impairment $ 5,007 $ 740 $ — $ — $ 5,747 Loans collectively evaluated for impairment 17,856 37,977 4,051 2,169 62,053 Balance, end of year (2) $ 22,863 $ 38,717 $ 4,051 $ 2,169 $ 67,800 December 31, 2018 Balance, beginning of year (2) $ 7,007 $ 27,281 $ 3,784 $ 3,596 $ 41,668 Provision for loan losses (1) 19,385 7,376 3,185 4,903 34,849 Charge-offs (6,623 ) (5,905 ) (4,051 ) (6,637 ) (23,216 ) Recoveries 745 991 1,005 557 3,298 Net charge-offs (5,878 ) (4,914 ) (3,046 ) (6,080 ) (19,918 ) Balance, end of year (2) $ 20,514 $ 29,743 $ 3,923 $ 2,419 $ 56,599 Period-end amount allocated to: Loans individually evaluated for impairment $ 437 $ 247 $ — $ — $ 684 Loans collectively evaluated for impairment 20,077 29,496 3,923 2,419 55,915 Balance, end of year (2) $ 20,514 $ 29,743 $ 3,923 $ 2,419 $ 56,599 _________________________ (1) Provision for loan losses of $2,464,000 attributable to loans acquired was excluded from this table for the year ended December 31, 2019 (total provision for loan losses for the year ended December 31, 2019 was $43,240,000 ). There were $3,015,000 in charge-offs for loans acquired and recoveries of $900,000 for loans acquired during the year ended December 31, 2019 resulting in an ending balance in the allowance related to loans acquired of $444,000 . Provision for loan losses of $3,299,000 attributable to loans acquired was excluded from this table for the year ended December 31, 2018 (total provision for loan losses for the year ended December 31, 2018 was $38,148,000 ). There were $3,622,000 in charge-offs for loans acquired during the year ended December 31, 2018 resulting in an ending balance in the allowance related to loans acquired of $95,000 . (2) Allowance for loan losses at December 31, 2019 includes $444,000 of allowance for loans acquired (not shown in the table above). Allowance for loan losses at December 31, 2018 and 2017 includes $95,000 and $418,000 allowance for loans acquired, respectively. The total allowance for loan losses at December 31, 2019 , 2018 and 2017 was $68,244,000 , $56,694,000 and $42,086,000 , respectively. Activity in the allowance for loan losses for the year ended December 31, 2017 was as follows: (In thousands) Commercial Real Estate Credit Card Other Consumer and Other Total December 31, 2017 Balance, beginning of year (2) $ 7,739 $ 21,817 $ 3,779 $ 2,951 $ 36,286 Provision for loan losses (1) 7,002 12,463 2,889 2,173 24,527 Charge-offs (7,837 ) (7,989 ) (3,905 ) (3,767 ) (23,498 ) Recoveries 103 990 1,021 2,239 4,353 Net charge-offs (7,734 ) (6,999 ) (2,884 ) (1,528 ) (19,145 ) Balance, end of year (2) $ 7,007 $ 27,281 $ 3,784 $ 3,596 $ 41,668 _________________________ (1) Provision for loan losses of $1,866,000 attributable to loans acquired was excluded from this table for the year ended December 31, 2017 (total provision for loan losses for the year ended December 31, 2017 was $26,393,000 ). There were $2,402,000 in charge-offs for loans acquired during 2017 resulting in an ending balance in the allowance related to loans acquired of $418,000 . (2) Allowance for loan losses at December 31, 2017 includes $418,000 allowance for loans acquired (not shown in the table above). The total allowance for loan losses at December 31, 2017 was $42,086,000 . |
Loans Acquired (Tables)
Loans Acquired (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Carrying Value of All Loans Acquired | At December 31, 2019 , the Company’s loan portfolio was $14.43 billion , compared to $11.72 billion at December 31, 2018 . The various categories of loans are summarized as follows: (In thousands) 2019 2018 Consumer: Credit cards $ 204,802 $ 204,173 Other consumer 191,946 201,297 Total consumer 396,748 405,470 Real estate: Construction and development 1,760,894 1,300,723 Single family residential 1,444,620 1,440,443 Other commercial 3,678,908 3,225,287 Total real estate 6,884,422 5,966,453 Commercial: Commercial 1,909,796 1,774,909 Agricultural 163,396 164,514 Total commercial 2,073,192 1,939,423 Other 275,714 119,042 Loans 9,630,076 8,430,388 Loans acquired, net of discount and allowance (1) 4,795,184 3,292,783 Total loans $ 14,425,260 $ 11,723,171 _________________________ (1) See Note 6, Loans Acquired, for segregation of loans acquired by loan class. The following table reflects the carrying value of all loans acquired as of December 31, 2019 and 2018 : Loans Acquired At December 31, (In thousands) 2019 2018 Consumer: Other consumer $ 57,748 $ 15,658 Real estate: Construction and development 475,967 429,605 Single family residential 997,444 566,188 Other commercial 2,526,247 1,848,679 Total real estate 3,999,658 2,844,472 Commercial: Commercial 585,720 430,914 Agricultural 152,058 1,739 Total commercial 737,778 432,653 Total loans acquired (1) $ 4,795,184 $ 3,292,783 _________________________ (1) Loans acquired are reported net of a $444,000 and $95,000 allowance as of December 31, 2019 and 2018 , respectively. |
Schedule of Nonaccrual Loans, Excluding Loans Acquired | Nonaccrual loans, excluding loans acquired, at December 31, 2019 and 2018 , segregated by class of loans, are as follows: (In thousands) 2019 2018 Consumer: Credit cards $ 382 $ 296 Other consumer 1,378 2,159 Total consumer 1,760 2,455 Real estate: Construction and development 4,538 1,269 Single family residential 18,102 11,939 Other commercial 9,361 7,205 Total real estate 32,001 20,413 Commercial: Commercial 36,575 10,049 Agricultural 500 1,284 Total commercial 37,075 11,333 Total $ 70,836 $ 34,201 Nonaccrual loans acquired, excluding purchased credit impaired loans accounted for under ASC Topic 310-30, segregated by class of loans, are as follows (see Note 5, Loans and Allowance for Loan Losses, for discussion of nonaccrual loans): (In thousands) December 31, 2019 December 31, 2018 Consumer: Other consumer $ 327 $ 140 Real estate: Construction and development 751 114 Single family residential 9,593 6,603 Other commercial 7,221 1,167 Total real estate 17,565 7,884 Commercial: Commercial 4,349 13,578 Agricultural 253 38 Total commercial 4,602 13,616 Total $ 22,494 $ 21,640 |
Schedule of Aging Analysis of Past Due Loans, Excluding Loans Acquired | An age analysis of past due loans, excluding loans acquired, segregated by class of loans, is as follows: (In thousands) Gross 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans 90 Days Past Due & Accruing December 31, 2019 Consumer: Credit cards $ 848 $ 641 $ 1,489 $ 203,313 $ 204,802 $ 259 Other consumer 4,057 595 4,652 187,294 191,946 — Total consumer 4,905 1,236 6,141 390,607 396,748 259 Real estate: Construction and development 4,968 605 5,573 1,755,321 1,760,894 — Single family residential 13,414 8,769 22,183 1,422,437 1,444,620 — Other commercial 4,302 3,969 8,271 3,670,637 3,678,908 — Total real estate 22,684 13,343 36,027 6,848,395 6,884,422 — Commercial: Commercial 6,253 12,174 18,427 1,891,369 1,909,796 — Agricultural 207 450 657 162,739 163,396 — Total commercial 6,460 12,624 19,084 2,054,108 2,073,192 — Other — — — 275,714 275,714 — Total $ 34,049 $ 27,203 $ 61,252 $ 9,568,824 $ 9,630,076 $ 259 December 31, 2018 Consumer: Credit cards $ 1,033 $ 506 $ 1,539 $ 202,634 $ 204,173 $ 209 Other consumer 4,264 896 5,160 196,137 201,297 4 Total consumer 5,297 1,402 6,699 398,771 405,470 213 Real estate: Construction and development 533 308 841 1,299,882 1,300,723 — Single family residential 7,769 4,127 11,896 1,428,547 1,440,443 — Other commercial 3,379 2,773 6,152 3,219,135 3,225,287 — Total real estate 11,681 7,208 18,889 5,947,564 5,966,453 — Commercial: Commercial 4,472 5,105 9,577 1,765,332 1,774,909 11 Agricultural 467 1,055 1,522 162,992 164,514 — Total commercial 4,939 6,160 11,099 1,928,324 1,939,423 11 Other — — — 119,042 119,042 — Total $ 21,917 $ 14,770 $ 36,687 $ 8,393,701 $ 8,430,388 $ 224 An age analysis of past due loans acquired segregated by class of loans, is as follows (see Note 5, Loans and Allowance for Loan Losses, for discussion of past due loans): (In thousands) Gross 30-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans 90 Days Past Due & Accruing December 31, 2019 Consumer: Other consumer $ 827 $ 140 $ 967 $ 56,781 $ 57,748 $ — Real estate: Construction and development 824 473 1,297 474,670 475,967 — Single family residential 12,904 5,020 17,924 979,520 997,444 597 Other commercial 3,343 2,481 5,824 2,520,423 2,526,247 — Total real estate 17,071 7,974 25,045 3,974,613 3,999,658 597 Commercial: Commercial 4,326 1,377 5,703 580,017 585,720 — Agricultural 1,016 6 1,022 151,036 152,058 — Total commercial 5,342 1,383 6,725 731,053 737,778 — Total $ 23,240 $ 9,497 $ 32,737 $ 4,762,447 $ 4,795,184 $ 597 December 31, 2018 Consumer: Other consumer $ 337 $ 49 $ 386 $ 15,272 $ 15,658 $ 2 Real estate: Construction and development 8,283 27 8,310 421,295 429,605 — Single family residential 4,706 3,049 7,755 558,433 566,188 — Other commercial 168 577 745 1,847,934 1,848,679 — Total real estate 13,157 3,653 16,810 2,827,662 2,844,472 — Commercial: Commercial 1,302 9,542 10,844 420,070 430,914 — Agricultural 31 5 36 1,703 1,739 — Total commercial 1,333 9,547 10,880 421,773 432,653 — Total $ 14,827 $ 13,249 $ 28,076 $ 3,264,707 $ 3,292,783 $ 2 |
Summary of Loans by Credit Risk Rating | The following table presents a summary of loans by credit risk rating, segregated by class of loans. (In thousands) Risk Rate 1-4 Risk Rate 5 Risk Rate 6 Risk Rate 7 Risk Rate 8 Total December 31, 2019 Consumer: Credit cards $ 204,161 $ — $ 641 $ — $ — $ 204,802 Other consumer 190,350 — 1,596 — — 191,946 Total consumer 394,511 — 2,237 — — 396,748 Real estate: Construction and development 1,754,269 49 6,576 — — 1,760,894 Single family residential 1,415,603 4,868 24,146 3 — 1,444,620 Other commercial 3,621,296 28,873 28,739 — — 3,678,908 Total real estate 6,791,168 33,790 59,461 3 — 6,884,422 Commercial: Commercial 1,835,335 25,185 49,276 — — 1,909,796 Agricultural 162,808 41 547 — — 163,396 Total commercial 1,998,143 25,226 49,823 — — 2,073,192 Other 275,714 — — — — 275,714 Loans acquired 4,653,295 43,602 97,900 170 217 4,795,184 Total $ 14,112,831 $ 102,618 $ 209,421 $ 173 $ 217 $ 14,425,260 (In thousands) Risk Rate 1-4 Risk Rate 5 Risk Rate 6 Risk Rate 7 Risk Rate 8 Total December 31, 2018 Consumer: Credit cards $ 203,667 $ — $ 506 $ — $ — $ 204,173 Other consumer 198,840 — 2,457 — — 201,297 Total consumer 402,507 — 2,963 — — 405,470 Real estate: Construction and development 1,296,988 1,910 1,825 — — 1,300,723 Single family residential 1,420,052 1,628 18,528 235 — 1,440,443 Other commercial 3,193,289 17,169 14,829 — — 3,225,287 Total real estate 5,910,329 20,707 35,182 235 — 5,966,453 Commercial: Commercial 1,742,002 8,357 24,550 — — 1,774,909 Agricultural 162,824 75 1,615 — — 164,514 Total commercial 1,904,826 8,432 26,165 — — 1,939,423 Other 119,042 — — — — 119,042 Loans acquired 3,187,083 51,255 54,097 348 — 3,292,783 Total $ 11,523,787 $ 80,394 $ 118,407 $ 583 $ — $ 11,723,171 The following table presents a summary of loans acquired by credit risk rating, segregated by class of loans (see Note 5, Loans and Allowance for Loan Losses, for discussion of loan risk rating). Loans accounted for under ASC Topic 310-30 are all included in Risk Rate 1-4 in this table. (In thousands) Risk Rate 1-4 Risk Rate 5 Risk Rate 6 Risk Rate 7 Risk Rate 8 Total December 31, 2019 Consumer: Other consumer $ 57,318 $ — $ 430 $ — $ — $ 57,748 Real estate: Construction and development 474,750 21 1,159 — 37 475,967 Single family residential 978,681 1,181 17,455 127 — 997,444 Other commercial 2,446,685 40,872 38,690 — — 2,526,247 Total real estate 3,900,116 42,074 57,304 127 37 3,999,658 Commercial: Commercial 548,928 1,528 35,041 43 180 585,720 Agricultural 146,933 — 5,125 — — 152,058 Total commercial 695,861 1,528 40,166 43 180 737,778 Total $ 4,653,295 $ 43,602 $ 97,900 $ 170 $ 217 $ 4,795,184 December 31, 2018 Consumer: Other consumer $ 15,380 $ — $ 278 $ — $ — $ 15,658 Real estate: Construction and development 393,122 27,621 8,862 — — 429,605 Single family residential 553,460 2,081 10,299 348 — 566,188 Other commercial 1,822,179 9,137 17,363 — — 1,848,679 Total real estate 2,768,761 38,839 36,524 348 — 2,844,472 Commercial: Commercial 401,300 12,416 17,198 — — 430,914 Agricultural 1,642 — 97 — — 1,739 Total commercial 402,942 12,416 17,295 — — 432,653 Total $ 3,187,083 $ 51,255 $ 54,097 $ 348 $ — $ 3,292,783 |
Certain Loans Acquired in Transfer | The following is a summary of the loans acquired in the OKSB acquisition on October 19, 2017, as of the date of acquisition. (In thousands) Not Impaired Impaired Contractually required principal and interest at acquisition $ 2,021,388 $ 18,136 Non-accretable difference (expected losses and foregone interest) — (6,731 ) Cash flows expected to be collected at acquisition 2,021,388 11,405 Accretable yield (36,340 ) — Basis in acquired loans at acquisition $ 1,985,048 $ 11,405 The following is a summary of the loans acquired in the Reliance acquisition on April 12, 2019, as of the date of acquisition. (In thousands) Not Impaired Impaired Contractually required principal and interest at acquisition $ 1,138,142 $ 385 Non-accretable difference (expected losses and foregone interest) — (210 ) Cash flows expected to be collected at acquisition 1,138,142 175 Accretable yield (41,447 ) Basis in acquired loans at acquisition $ 1,096,695 $ 175 The following is a summary of the loans acquired in the First Texas acquisition on October 19, 2017, as of the date of acquisition. (In thousands) Not Impaired Impaired Contractually required principal and interest at acquisition $ 2,246,212 $ — Non-accretable difference (expected losses and foregone interest) — — Cash flows expected to be collected at acquisition 2,246,212 — Accretable yield (37,834 ) — Basis in acquired loans at acquisition $ 2,208,378 $ — The following is a summary of the loans acquired in the Landrum acquisition on October 31, 2019, as of the date of acquisition. (In thousands) Not Impaired Impaired Contractually required principal and interest at acquisition $ 2,033,315 $ 15,822 Non-accretable difference (expected losses and foregone interest) — (4,646 ) Cash flows expected to be collected at acquisition 2,033,315 11,176 Accretable yield (38,555 ) — Basis in acquired loans at acquisition $ 1,994,760 $ 11,176 Changes in the carrying amount of the accretable yield for all purchased impaired loans were as follows for the years ended December 31, 2019 , 2018 and 2017 . (In thousands) Accretable Yield Carrying Amount of Loans Balance, January 1, 2017 $ 1,655 $ 17,802 Additions — 13,793 Accretable yield adjustments 4,893 — Accretion (5,928 ) 5,928 Payments and other reductions, net — (20,407 ) Balance, December 31, 2017 620 17,116 Additions — — Accretable yield adjustments 2,045 — Accretion (1,205 ) 1,205 Payments and other reductions, net — (14,271 ) Balance, December 31, 2018 1,460 4,050 Additions — 11,351 Accretable yield adjustments 39 — Accretion (51 ) 51 Payments and other reductions, net — (2,068 ) Balance, December 31, 2019 $ 1,448 $ 13,384 The following is a summary of the loans acquired in the Hardeman acquisition on May 15, 2017, as of the date of acquisition. (In thousands) Not Impaired Impaired Contractually required principal and interest at acquisition $ 254,189 $ 3,452 Non-accretable difference (expected losses and foregone interest) — (990 ) Cash flows expected to be collected at acquisition 254,189 2,462 Accretable yield (5,002 ) — Basis in acquired loans at acquisition $ 249,187 $ 2,462 |
Right-Of-Use Lease Assets and_2
Right-Of-Use Lease Assets and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Expense and Supplemental Information | Other information related to the Company’s operating leases is presented in the table below: 2019 2018 2017 Operating lease cost for the years ended December 31 $ 13,560,000 $ 13,378,000 $ 7,780,000 Weighted average remaining lease term 8.37 years Weighted average discount rate 3.27 % |
Maturities of Operating Lease Liabilities | The Company’s remaining undiscounted minimum lease payments on operating leases as of December 31, 2019 are as follows: Year (In thousands) 2020 $ 10,071 2021 8,394 2022 7,095 2023 5,236 2024 3,345 Thereafter 13,659 Total undiscounted minimum lease payments 47,800 Less: Net present value adjustment 6,946 Lease liability included in other liabilities $ 40,854 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Other Intangibles | The carrying basis and accumulated amortization of the Company’s other intangible assets at December 31, 2019 and 2018 were as follows: (In thousands) 2019 2018 Core deposit premiums: Gross carrying amount $ 148,679 $ 105,984 Accumulated amortization (36,871 ) (26,177 ) Core deposit premiums, net 111,808 79,807 Books of business and other intangibles: Gross carrying amount 20,350 15,234 Accumulated amortization (4,818 ) (3,707 ) Books of business and other intangibles, net 15,532 11,527 Total other intangible assets, net $ 127,340 $ 91,334 Changes in the carrying amount and accumulated amortization of the Company’s core deposit premiums and other intangible assets at December 31, 2019 and 2018 were as follows: (In thousands) 2019 2018 Core deposit premiums: Balance, beginning of year $ 79,807 $ 89,325 Acquisitions (1) 42,695 — Amortization (10,694 ) (9,518 ) Balance, end of year 111,808 79,807 Books of business and other intangibles: Balance, beginning of year 11,527 16,746 Acquisitions (2) 5,116 — Disposition of intangible asset — (3,849 ) Amortization (1,111 ) (1,370 ) Balance, end of year 15,532 11,527 Total other intangible assets, net $ 127,340 $ 91,334 _________________________ (1) Core deposit premiums of $24.3 million and $18.4 million were recorded as part of the Landrum and Reliance acquisitions during the fourth and second quarters of 2019, respectively. See Note 2, Acquisitions, for additional information on acquisitions completed during the period. (2) The Company recorded $5.1 million during the fourth quarter 2019 primarily related to the wealth management operations acquired from Landrum. See Note 2, Acquisitions, for additional information on acquisitions completed during the period. |
Schedule of Estimated Remaining Amortization Expense | The Company’s estimated remaining amortization expense on other intangible assets as of December 31, 2019 is as follows: Year (In thousands) 2020 $ 13,712 2021 13,650 2022 13,598 2023 13,316 2024 12,413 Thereafter 60,651 Total $ 127,340 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision for Income Taxes | The provision for income taxes for the years ended December 31 is comprised of the following components: (In thousands) 2019 2018 2017 Income taxes currently payable $ 29,354 $ 41,946 $ 38,732 Deferred income taxes 34,911 8,412 23,251 Provision for income taxes $ 64,265 $ 50,358 $ 61,983 |
Schedule of Deferred Income Tax Assets and Liabilities | The tax effects of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows as of December 31, 2019 and 2018 : (In thousands) 2019 2018 Deferred tax assets: Loans acquired $ 20,783 $ 12,536 Allowance for loan losses 16,732 13,947 Valuation of foreclosed assets 2,626 1,474 Tax NOLs from acquisition 18,118 7,242 Deferred compensation payable 2,750 2,707 Accrued equity and other compensation 6,677 8,182 Acquired securities 3,393 397 Unrealized loss on available-for-sale securities — 9,196 Right-of-use lease liability 10,221 — Other 7,886 7,042 Gross deferred tax assets 89,186 62,723 Deferred tax liabilities: Goodwill and other intangible amortization (41,221 ) (30,471 ) Accumulated depreciation (36,554 ) (13,361 ) Right-of-use lease asset (10,176 ) — Unrealized gain on available-for-sale securities (3,720 ) — Other (7,651 ) (5,360 ) Gross deferred tax liabilities (99,322 ) (49,192 ) Net deferred tax (liability) asset $ (10,136 ) $ 13,531 |
Schedule of Reconciliation of Income Tax Expense | A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below for the years ended December 31: (In thousands) 2019 2018 2017 Computed at the statutory rate (1) $ 63,442 $ 55,875 $ 54,223 Increase (decrease) in taxes resulting from: State income taxes, net of federal tax benefit 5,860 5,015 1,582 Discrete items related to ASU 2016-09 (38 ) (2,439 ) (1,480 ) Tax exempt interest income (4,390 ) (3,168 ) (4,209 ) Tax exempt earnings on BOLI (852 ) (869 ) (926 ) Federal tax credits (2,933 ) (3,003 ) (1,586 ) Impact of DTA remeasurement — — 11,471 Other differences, net 3,176 (1,053 ) 2,908 Actual tax provision $ 64,265 $ 50,358 $ 61,983 _________________________ (1) The statutory rate was 21% for 2019 and 2018 compared to 35% for 2017. |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Schedule of Repurchase Agreements | The remaining contractual maturity of the securities sold under agreements to repurchase in the consolidated balance sheets as of December 31, 2019 and 2018 is presented in the following tables. Remaining Contractual Maturity of the Agreements (In thousands) Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total December 31, 2019 Repurchase agreements: U.S. Government agencies $ 133,220 $ — $ — $ — $ 133,220 December 31, 2018 Repurchase agreements: U.S. Government agencies $ 95,542 $ — $ — $ — $ 95,542 |
Other Borrowings and Subordin_2
Other Borrowings and Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt at December 31, 2019 and 2018 consisted of the following components. (In thousands) 2019 2018 Other Borrowings FHLB advances, net of discount, due 2020 to 2033, 0.55% to 7.37%, secured by real estate loans $ 1,262,691 $ 1,345,450 Other long-term debt 34,908 — Total other borrowings 1,297,599 1,345,450 Subordinated Notes and Debentures Subordinated notes payable, due 4/1/2028, fixed-to-floating rate (fixed rate of 5.00% through 3/31/2023, floating rate of 2.15% above the three month LIBOR rate, reset quarterly) 330,000 330,000 Trust preferred securities, net of discount, due 9/15/2037, floating rate of 1.37% above the three month LIBOR rate, reset quarterly 10,310 10,310 Trust preferred securities, net of discount, due 6/6/2037, floating rate of 1.57% above the three month LIBOR rate, reset quarterly, callable without penalty 10,310 10,310 Trust preferred securities, due 12/15/2035, floating rate of 1.45% above the three month LIBOR rate, reset quarterly, callable without penalty 6,702 6,702 Trust preferred securities, net of discount, due 6/15/2037, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty 25,015 — Trust preferred securities, net of discount, due 12/15/2036, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty 3,004 — Other subordinated debentures, due 12/31/36, floating rate of prime rate minus 1.1%, reset quarterly 5,927 — Unamortized debt issuance costs (3,008 ) (3,372 ) Total subordinated notes and debentures 388,260 353,950 Total other borrowings and subordinated debt $ 1,685,859 $ 1,699,400 |
Schedule of Aggregate Annual Maturities of Long-term Debt | Aggregate annual maturities of long-term debt at December 31, 2019 , are as follows: Year (In thousands) 2020 $ 3,299 2021 3,016 2022 2,187 2023 2,366 2024 2,446 Thereafter 422,545 Total $ 435,859 |
Transactions With Related Par_2
Transactions With Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | (In thousands) 2019 2018 Balance, beginning of year $ 66,391 $ 58,867 New extensions of credit 2,503 7,661 Repayments (48,756 ) (137 ) Balance, end of year $ 20,138 $ 66,391 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Plan Transactions | The table below summarizes the transactions under the Company’s active stock compensation plans at December 31, 2019 , 2018 and 2017 , and changes during the years then ended: Stock Options Outstanding Stock Awards Outstanding Stock Units Outstanding (Shares in thousands) Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Number of Shares Weighted Average Exercise Price Balance, December 31, 2016 946 $ 21.43 278 $ 20.48 406 $ 22.70 Granted — — — — 906 28.86 Stock options exercised (122 ) 17.66 — — — — Stock awards/units vested (earned) — — (91 ) 19.40 (449 ) 27.13 Forfeited/expired (12 ) 22.67 (25 ) 21.91 (35 ) 25.76 Balance, December 31, 2017 812 21.98 162 20.85 828 26.13 Granted — — — — 429 29.16 Stock options exercised (112 ) 19.22 — — — — Stock awards/units vested (earned) — — (80 ) 20.41 (311 ) 25.56 Forfeited/expired (5 ) 21.73 (10 ) 20.12 (129 ) 27.95 Balance, December 31, 2018 695 22.42 72 21.45 817 27.65 Granted — — — — 842 26.05 Stock options exercised (3 ) 12.79 — — — — Stock awards/units vested (earned) — — (49 ) 20.72 (405 ) 26.75 Forfeited/expired — — (2 ) 21.82 (102 ) 28.10 Balance, December 31, 2019 692 $ 22.46 21 $ 23.19 1,152 $ 26.79 Exercisable, December 31, 2019 692 $ 22.46 |
Information about Stock Options under Plans Outstanding | The following table summarizes information about stock options under the plans outstanding at December 31, 2019 : Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares (In thousands) Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number of Shares (In thousands) Weighted Average Exercise Price $ 9.46 — $ 9.46 1 2.04 $9.46 1 $9.46 10.65 — 10.65 3 3.07 10.65 3 10.65 10.76 — 10.76 1 0.05 10.76 1 10.76 20.29 — 20.29 71 5.00 20.29 71 20.29 20.36 — 20.36 2 4.88 20.36 2 20.36 22.20 — 22.20 74 5.23 22.20 74 22.20 22.75 — 22.75 436 5.61 22.75 436 22.75 23.51 — 23.51 97 6.05 23.51 97 23.51 24.07 — 24.07 7 5.71 24.07 7 24.07 $ 9.46 — $ 24.07 692 5.55 $22.46 692 $22.46 |
Restricted Performance Stock Unit Activity | The table below summarizes the Company’s performance stock unit activity for the years ended December 31, 2019 , 2018 and 2017 : (In thousands) Performance Stock Units Non-vested, December 31, 2016 181 Granted 57 Vested (earned) (57 ) Forfeited (4 ) Non-vested, December 31, 2017 177 Granted 72 Vested (earned) (55 ) Forfeited (17 ) Non-vested, December 31, 2018 177 Granted 118 Vested (earned) (93 ) Forfeited (3 ) Non-vested, December 31, 2019 199 |
Additional Cash Flow Informat_2
Additional Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Additional Cash Flow Information | The following is a summary of the Company’s additional cash flow information during the years ended December 31: (In thousands) 2019 2018 2017 Interest paid $ 182,541 $ 122,801 $ 39,384 Income taxes paid 51,999 25,718 35,770 Transfers of loans to foreclosed assets held for sale 4,760 16,858 6,983 Transfers of premises to foreclosed assets and other real estate owned 647 3,690 5,422 Transfers of premises held for sale to foreclosed assets and other real estate owned — — 3,188 Right-of-use lease assets obtained in exchange for lessee operating lease liabilities (adoption of ASU 2016-02) 32,757 — — Transfers of held-to-maturity to available-for-sale securities 216,373 — — Transfers of loans to other assets held for sale 259,939 — — Transfers of deposits to other liabilities held for sale 159,853 — — |
Other Income and Other Operat_2
Other Income and Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Expenses | Other operating expenses consisted of the following: (In thousands) 2019 2018 2017 Professional services $ 16,897 $ 16,685 $ 19,500 Postage 6,363 5,785 4,686 Telephone 7,685 5,947 4,262 Credit card expense 16,163 14,338 12,188 Marketing 16,499 8,410 11,141 Software and technology 25,146 15,558 2,204 Operating supplies 2,322 2,346 1,980 Amortization of intangibles 11,805 11,009 7,668 Branch right sizing expense 3,129 1,341 434 Other expense 32,843 30,156 24,816 Total other operating expenses $ 138,852 $ 111,575 $ 88,879 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis as of December 31, 2019 and 2018 . Fair Value Measurements (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Available-for-sale securities U.S. Treasury $ 449,729 $ 449,729 $ — $ — U.S. Government agencies 194,249 — 194,249 — Mortgage-backed securities 1,742,945 — 1,742,945 — States and political subdivisions 880,524 — 880,524 — Other securities 185,891 — 185,891 — Other assets held for sale 260,332 — — 260,332 Derivative asset 14,903 — 14,903 — Other liabilities held for sale (159,853 ) — — (159,853 ) Derivative liability (12,650 ) — (12,650 ) — December 31, 2018 Available-for-sale securities U.S. Government agencies $ 154,301 $ — $ 154,301 $ — Mortgage-backed securities 1,522,900 — 1,522,900 — States and political subdivisions 314,843 — 314,843 — Other securities 159,708 — 159,708 — Other assets held for sale 1,790 — — 1,790 Derivative asset 6,242 — 6,242 — Other liabilities held for sale (162 ) — — (162 ) Derivative liability (5,283 ) — (5,283 ) — |
Fair Value, Assets Measured on Nonrecurring | The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of December 31, 2019 and 2018 . Fair Value Measurements Using (In thousands) Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Impaired loans (1) (2) (collateral dependent) $ 49,190 $ — $ — $ 49,190 Foreclosed assets and other real estate owned (1) 18,798 — — 18,798 December 31, 2018 Impaired loans (1) (2) (collateral dependent) $ 17,789 $ — $ — $ 17,789 Foreclosed assets and other real estate owned (1) 23,714 — — 23,714 ______________________ (1) These amounts represent the resulting carrying amounts on the consolidated balance sheets for impaired collateral dependent loans and foreclosed assets and other real estate owned for which fair value re-measurements took place during the period. (2) Specific allocations of $1,297,000 and $2,738,000 were related to the impaired collateral dependent loans for which fair value re-measurements took place during the periods ended December 31, 2019 and 2018 , respectively. |
Fair Value, by Balance Sheet Grouping | The estimated fair values, and related carrying amounts, of the Company’s financial instruments are as follows: Carrying Fair Value Measurements (In thousands) Amount Level 1 Level 2 Level 3 Total December 31, 2019 Financial assets: Cash and cash equivalents $ 996,623 $ 996,623 $ — $ — $ 996,623 Interest bearing balances due from banks - time 4,554 — 4,554 — 4,554 Held-to-maturity securities 40,927 — 41,855 — 41,855 Mortgage loans held for sale 58,102 — — 58,102 58,102 Interest receivable 62,707 — 62,707 — 62,707 Legacy loans, net 9,562,276 — — 9,517,472 9,517,472 Loans acquired, net 4,795,184 — — 4,772,716 4,772,716 Financial liabilities: Non-interest bearing transaction accounts 3,741,093 — 3,741,093 — 3,741,093 Interest bearing transaction accounts and savings deposits 9,090,878 — 9,090,878 — 9,090,878 Time deposits 3,276,969 — — 3,270,333 3,270,333 Federal funds purchased and securities sold under agreements to repurchase 150,145 — 150,145 — 150,145 Other borrowings 1,297,599 — 1,298,011 — 1,298,011 Subordinated notes and debentures 388,260 — 397,088 — 397,088 Interest payable 12,898 — 12,898 — 12,898 December 31, 2018 Financial assets: Cash and cash equivalents $ 833,458 $ 833,458 $ — $ — $ 833,458 Interest bearing balances due from banks - time 4,934 — 4,934 — 4,934 Held-to-maturity securities 289,194 — 290,830 — 290,830 Mortgage loans held for sale 26,799 — — 26,799 26,799 Interest receivable 49,938 — 49,938 — 49,938 Legacy loans, net 8,373,789 — — 8,280,690 8,280,690 Loans acquired, net 3,292,783 — — 3,256,174 3,256,174 Financial liabilities: Non-interest bearing transaction accounts 2,672,405 — 2,672,405 — 2,672,405 Interest bearing transaction accounts and savings deposits 6,830,191 — 6,830,191 — 6,830,191 Time deposits 2,896,156 — — 2,872,342 2,872,342 Federal funds purchased and securities sold under agreements to repurchase 95,792 — 95,792 — 95,792 Other borrowings 1,345,450 — 1,342,868 — 1,342,868 Subordinated debentures 353,950 — 355,812 — 355,812 Interest payable 9,897 — 9,897 — 9,897 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair values of loan derivative contracts recorded in the accompanying consolidated balance sheets. December 31, 2019 December 31, 2018 (In thousands) Notional Fair Value Notional Fair Value Derivative assets $ 401,969 $ 14,903 $ 274,247 $ 6,242 Derivative liabilities 387,075 12,650 245,717 5,283 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Actual Capital Amounts and Ratios | The Company’s and the subsidiary banks’ actual capital amounts and ratios are presented in the following table. Actual Minimum For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provision (In thousands) Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) December 31, 2019 Total Risk-Based Capital Ratio Simmons First National Corporation $ 2,272,858 13.7 $ 1,327,216 8.0 N/A Simmons Bank 1,852,880 12.9 1,149,073 8.0 1,436,341 10.0 Landmark Bank 291,378 13.9 167,700 8.0 209,624 10.0 Tier 1 Risk-Based Capital Ratio Simmons First National Corporation 1,807,954 10.9 995,204 6.0 N/A Simmons Bank 1,777,602 12.3 867,123 6.0 1,156,164 8.0 Landmark Bank 290,016 13.8 126,094 6.0 168,125 8.0 Common Equity Tier 1 Capital Ratio Simmons First National Corporation 1,807,187 10.9 746,086 4.5 N/A Simmons Bank 1,777,602 12.3 650,342 4.5 939,383 6.5 Landmark Bank 270,016 12.9 94,192 4.5 136,055 6.5 Tier 1 Leverage Ratio Simmons First National Corporation 1,807,954 9.6 753,314 4.0 N/A Simmons Bank 1,777,602 10.7 664,524 4.0 830,655 5.0 Landmark Bank 290,016 8.8 131,825 4.0 164,782 5.0 December 31, 2018 Total Risk-Based Capital Ratio Simmons First National Corporation $ 1,778,938 13.3 $ 1,070,038 8.0 N/A Simmons Bank 1,532,864 11.5 1,066,340 8.0 1,332,925 10.0 Tier 1 Risk-Based Capital Ratio Simmons First National Corporation 1,361,380 10.2 800,812 6.0 N/A Simmons Bank 1,469,260 11.0 801,415 6.0 1,068,553 8.0 Common Equity Tier 1 Capital Ratio Simmons First National Corporation 1,361,380 10.2 600,609 4.5 N/A Simmons Bank 1,469,260 11.0 601,061 4.5 868,199 6.5 Tier 1 Leverage Ratio Simmons First National Corporation 1,361,380 8.8 618,809 4.0 N/A Simmons Bank 1,469,260 9.5 618,636 4.0 773,295 5.0 |
Condensed Financial Informati_2
Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | (In thousands) 2019 2018 ASSETS Cash and cash equivalents $ 104,068 $ 219,063 Investment securities 743 2,848 Investments in wholly-owned subsidiaries 3,269,224 2,368,870 Loans 657 774 Intangible assets, net 133 133 Premises and equipment 27,351 5,804 Other assets 31,738 29,974 TOTAL ASSETS $ 3,433,914 $ 2,627,466 LIABILITIES Long-term debt $ 413,760 $ 353,950 Other liabilities 31,230 27,082 Total liabilities 444,990 381,032 STOCKHOLDERS’ EQUITY Preferred stock 767 — Common stock 1,136 923 Surplus 2,117,282 1,597,944 Undivided profits 848,848 674,941 Accumulated other comprehensive gain (loss): Unrealized appreciation (depreciation) on available-for-sale securities, net of income taxes of $7,392 and ($9,686) at December 31, 2019 and 2018 respectively 20,891 (27,374 ) Total stockholders’ equity 2,988,924 2,246,434 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 3,433,914 $ 2,627,466 |
Condensed Income Statement | (In thousands) 2019 2018 2017 INCOME Dividends from subsidiaries $ 67,893 $ 145,980 $ 69,107 Other income 13,658 658 4,111 Income 81,551 146,638 73,218 EXPENSE 40,594 32,714 32,234 Income before income taxes and equity in undistributed net income of subsidiaries 40,957 113,924 40,984 Provision for income taxes (5,680 ) (10,732 ) (12,311 ) Income before equity in undistributed net income of subsidiaries 46,637 124,656 53,295 Equity in undistributed net income of subsidiaries 191,530 91,057 39,645 NET INCOME 238,167 215,713 92,940 Preferred stock dividends 339 — — NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 237,828 $ 215,713 $ 92,940 |
Condensed Statement of Comprehensive Income | (In thousands) 2019 2018 2017 NET INCOME $ 238,167 $ 215,713 $ 92,940 OTHER COMPREHENSIVE INCOME (LOSS) Equity in other comprehensive income (loss) of subsidiaries 48,265 (10,110 ) 964 COMPREHENSIVE INCOME $ 286,432 $ 205,603 $ 93,904 |
Condensed Cash Flow Statement | (In thousands) 2019 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 238,167 $ 215,713 $ 92,940 Items not requiring (providing) cash Stock-based compensation expense 12,921 9,725 10,681 Depreciation and amortization 1,637 880 1,183 Deferred income taxes (3,632 ) 26 1,190 Equity in undistributed net income of bank subsidiaries (191,530 ) (91,057 ) (39,645 ) Changes in: Other assets 3,299 1,524 8,585 Other liabilities (2,648 ) 17,340 (6,769 ) Net cash provided by operating activities 58,214 154,151 68,165 CASH FLOWS FROM INVESTING ACTIVITIES Net originations of loans 117 219 90 Net (purchases of) proceeds from premises and equipment (23,184 ) 3,342 (18 ) Repayment of (advances to) subsidiaries — 2,667 (15,000 ) Proceeds from maturities of available-for-sale securities 2,544 152 42 Purchases of available-for-sale securities (439 ) (211 ) (2,752 ) Cash paid in business combinations (36,811 ) — (100,468 ) Other, net 29 (1,903 ) — Net cash (used in) provided by investing activities (57,744 ) 4,266 (118,106 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issuance of subordinated notes — 326,355 — Issuance (repayment) of long-term debt, net 2,000 (231,352 ) 8,014 (Cancellation) issuance of common stock, net (1,077 ) 2,188 2,878 Stock repurchases (10,128 ) — — Dividends paid on preferred stock (339 ) — — Dividends paid on common stock (63,921 ) (55,646 ) (35,116 ) Preferred stock retirement (42,000 ) — — Net cash (used in) provided by financing activities (115,465 ) 41,545 (24,224 ) (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (114,995 ) 199,962 (74,165 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 219,063 19,101 93,266 CASH AND CASH EQUIVALENTS, END OF YEAR $ 104,068 $ 219,063 $ 19,101 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | Feb. 08, 2018 | Feb. 28, 2018 | Dec. 31, 2019financial_centersegmentshares | Dec. 31, 2018shares | Dec. 31, 2017shares |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Number of financial centers | financial_center | 251 | ||||
Number of reportable segments | segment | 1 | ||||
Stock split, conversion ratio | 2 | 2 | |||
Employee Stock Option | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share (in shares) | shares | 0 | 0 | 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accounting Policies [Abstract] | ||||
Net income available to common stockholders | $ 237,828 | $ 215,713 | $ 92,940 | |
Average common shares outstanding (in shares) | 98,351 | 92,268 | 69,385 | |
Average potential dilutive common shares (in shares) | 446 | 562 | 468 | |
Average diluted common shares (in shares) | 98,797 | 92,830 | 69,853 | |
Basic earnings per share (in dollars per share) | $ 2.42 | $ 2.34 | $ 1.34 | [1] |
Diluted earnings per share (in dollars per share) | $ 2.41 | $ 2.32 | $ 1.33 | [1] |
[1] | Per share amounts for the year ended 2017 have been restated to reflect the effect of the two -for-one stock split on February 8, 2018. |
Acquisitions (Details)
Acquisitions (Details) $ / shares in Units, $ in Thousands | Oct. 31, 2019USD ($)$ / sharesshares | Apr. 12, 2019USD ($)shares | Oct. 19, 2017USD ($)branchshares | May 15, 2017USD ($)branchshares | Dec. 31, 2019USD ($)financial_center$ / sharesshares | Dec. 31, 2017USD ($) | Oct. 30, 2019USD ($)financial_center | Oct. 29, 2019$ / sharesshares | Jun. 30, 2019USD ($) | Apr. 11, 2019USD ($)financial_center | Dec. 31, 2018USD ($) | Oct. 18, 2017USD ($) | Jun. 30, 2017USD ($) | May 14, 2017USD ($) | Feb. 27, 2009$ / sharesshares |
Business Acquisition [Line Items] | |||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||
Number of financial centers | financial_center | 251 | ||||||||||||||
Goodwill | $ 1,055,520 | $ 845,687 | |||||||||||||
Preferred stock, shares authorized (in shares) | shares | 40,040,000 | 40,040,000 | |||||||||||||
Preferred stock, shares issued (in shares) | shares | 767 | ||||||||||||||
Landrum Company | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity interest issued or issuable (in shares) | shares | 17,349,722 | ||||||||||||||
Number of financial centers | financial_center | 39 | ||||||||||||||
Assets acquired | $ 3,407,320 | $ 3,381,889 | |||||||||||||
Loans acquired | 2,005,936 | $ 2,011,000 | 2,049,137 | ||||||||||||
Deposits acquired | 3,049,600 | 3,049,301 | |||||||||||||
Goodwill | $ 131,340 | 131,300 | $ 407 | ||||||||||||
Stock issued for acquisition | 415,772 | ||||||||||||||
Reliance Bancshares, Inc. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity interest issued or issuable (in shares) | shares | 3,999,623 | ||||||||||||||
Number of financial centers | financial_center | 22 | ||||||||||||||
Assets acquired | $ 1,534,312 | $ 1,549,954 | |||||||||||||
Loans acquired | 1,096,870 | $ 1,127,000 | 1,138,527 | ||||||||||||
Deposits acquired | 1,225,267 | $ 1,227,058 | |||||||||||||
Goodwill | 78,493 | 78,500 | |||||||||||||
Payments to acquire businesses, gross | 62,700 | ||||||||||||||
Stock issued for acquisition | $ 42,000 | $ 144,830 | |||||||||||||
OKSB Merger | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity interest issued or issuable (in shares) | shares | 14,488,604 | ||||||||||||||
Assets acquired | $ 2,690,915 | $ 2,686,489 | |||||||||||||
Loans acquired | 1,996,453 | 2,021,000 | 2,039,524 | ||||||||||||
Deposits acquired | 1,966,355 | 1,968,568 | |||||||||||||
Goodwill | 229,144 | 13,545 | |||||||||||||
Payments to acquire businesses, gross | 94,900 | ||||||||||||||
Stock issued for acquisition | $ 431,398 | ||||||||||||||
Equity interest issued or issuable, value assigned | $ 431,400 | ||||||||||||||
Number of bank branches | branch | 29 | ||||||||||||||
First Texas Merger | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity interest issued or issuable (in shares) | shares | 12,999,840 | ||||||||||||||
Assets acquired | $ 2,427,226 | 2,453,283 | |||||||||||||
Loans acquired | 2,208,378 | $ 2,246,000 | 2,246,212 | ||||||||||||
Deposits acquired | 1,881,658 | 1,881,941 | |||||||||||||
Goodwill | 240,843 | $ 37,227 | |||||||||||||
Payments to acquire businesses, gross | 70,000 | ||||||||||||||
Stock issued for acquisition | 387,070 | ||||||||||||||
Equity interest issued or issuable, value assigned | $ 387,100 | ||||||||||||||
Number of bank branches | branch | 15 | ||||||||||||||
Hardeman County Investment Company, Inc. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity interest issued or issuable (in shares) | shares | 1,599,940 | ||||||||||||||
Assets acquired | $ 462,924 | $ 468,829 | |||||||||||||
Loans acquired | 251,649 | $ 254,200 | 257,641 | ||||||||||||
Deposits acquired | 388,976 | 389,344 | |||||||||||||
Goodwill | 29,371 | $ 11,485 | |||||||||||||
Payments to acquire businesses, gross | 30,000 | ||||||||||||||
Stock issued for acquisition | $ 42,638 | ||||||||||||||
Equity interest issued or issuable, value assigned | $ 42,600 | ||||||||||||||
Number of bank branches | branch | 10 | ||||||||||||||
Common Class A | Landrum Company | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||
Preferred Class B | Landrum Company | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||
Series E Preferred Stock | Landrum Company | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity interest issued or issuable, conversion ratio (in shares) | 17,350,000 | ||||||||||||||
Series D Preferred Stock | Landrum Company | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||
Equity interest issued or issuable, conversion ratio (in shares) | 1 | ||||||||||||||
Series D Preferred Stock | Reliance Bancshares, Inc. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||
Preferred Stock | Landrum Company | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity interest issued or issuable (in shares) | shares | 767 | ||||||||||||||
Series A or B Preferred Stock | Reliance Bancshares, Inc. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity interest issued or issuable, conversion ratio (in shares) | 1 | ||||||||||||||
Series C Preferred Stock | Reliance Bancshares, Inc. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity interest issued or issuable, conversion ratio (in shares) | 1 | ||||||||||||||
Preferred stock, shares authorized (in shares) | shares | 140 | ||||||||||||||
Preferred stock, shares issued (in shares) | shares | 0 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 12, 2019 | Oct. 19, 2017 | May 15, 2017 | Dec. 31, 2019 | Oct. 30, 2019 | Jun. 30, 2019 | Apr. 11, 2019 | Dec. 31, 2018 | Oct. 18, 2017 | Jun. 30, 2017 | May 14, 2017 |
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 1,055,520 | $ 845,687 | ||||||||||
Liabilities Assumed | ||||||||||||
Goodwill | 1,055,520 | 845,687 | ||||||||||
Landrum Company | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash and due from banks | $ 215,285 | $ 215,285 | ||||||||||
Due from banks - time | 248 | 248 | ||||||||||
Investment securities | 1,025,855 | 1,021,755 | ||||||||||
Loans acquired | 2,005,936 | 2,011,000 | 2,049,137 | |||||||||
Allowance for loan losses | (22,736) | |||||||||||
Foreclosed assets | 190 | 373 | ||||||||||
Premises and equipment | 84,466 | 63,878 | ||||||||||
Bank owned life insurance | 19,206 | 19,206 | ||||||||||
Goodwill | 131,340 | 131,300 | 407 | |||||||||
Other assets | 26,673 | 33,924 | ||||||||||
Total assets acquired | 3,407,320 | 3,381,889 | ||||||||||
Liabilities Assumed | ||||||||||||
Non-interest bearing transaction accounts | 716,675 | 716,675 | ||||||||||
Interest bearing transaction accounts and savings deposits | 1,465,429 | 1,465,429 | ||||||||||
Time deposits | 867,496 | 867,197 | ||||||||||
Total deposits | 3,049,600 | 3,049,301 | ||||||||||
Other borrowings | 10,055 | 10,055 | ||||||||||
Subordinated debentures | 33,917 | 34,794 | ||||||||||
Accrued interest and other liabilities | 29,309 | 31,057 | ||||||||||
Total liabilities assumed | 3,122,881 | 3,125,207 | ||||||||||
Total equity assumed | 256,682 | |||||||||||
Total liabilities and equity assumed | 3,122,881 | 3,381,889 | ||||||||||
Net assets acquired | 284,439 | |||||||||||
Purchase price | 415,779 | |||||||||||
Goodwill | 131,340 | 131,300 | 407 | |||||||||
Landrum Company | Core deposit intangible | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | 24,345 | 0 | ||||||||||
Landrum Company | Other intangibles | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | 5,116 | $ 412 | ||||||||||
Landrum Company | Fair Value Adjustments | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash and due from banks | 0 | |||||||||||
Due from banks - time | 0 | |||||||||||
Investment securities | 4,100 | |||||||||||
Loans acquired | (43,201) | |||||||||||
Allowance for loan losses | 22,736 | |||||||||||
Foreclosed assets | (183) | |||||||||||
Premises and equipment | 20,588 | |||||||||||
Bank owned life insurance | 0 | |||||||||||
Goodwill | (407) | |||||||||||
Other assets | (7,251) | |||||||||||
Total assets acquired | 25,431 | |||||||||||
Liabilities Assumed | ||||||||||||
Non-interest bearing transaction accounts | 0 | |||||||||||
Interest bearing transaction accounts and savings deposits | 0 | |||||||||||
Time deposits | 299 | |||||||||||
Total deposits | 299 | |||||||||||
Other borrowings | 0 | |||||||||||
Subordinated debentures | (877) | |||||||||||
Accrued interest and other liabilities | (1,748) | |||||||||||
Total liabilities assumed | (2,326) | |||||||||||
Total equity assumed | (256,682) | |||||||||||
Total liabilities and equity assumed | (259,008) | |||||||||||
Goodwill | (407) | |||||||||||
Landrum Company | Fair Value Adjustments | Core deposit intangible | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | 24,345 | |||||||||||
Landrum Company | Fair Value Adjustments | Other intangibles | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | $ 4,704 | |||||||||||
Reliance Bancshares, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash and due from banks | $ 25,693 | $ 25,693 | ||||||||||
Due from banks - time | 502 | 502 | ||||||||||
Investment securities | 286,110 | 287,983 | ||||||||||
Loans acquired | 1,096,870 | $ 1,127,000 | 1,138,527 | |||||||||
Allowance for loan losses | 0 | (10,808) | ||||||||||
Foreclosed assets | 5,912 | 11,092 | ||||||||||
Premises and equipment | 29,451 | 32,452 | ||||||||||
Bank owned life insurance | 39,348 | 39,348 | ||||||||||
Goodwill | 78,493 | 78,500 | ||||||||||
Core deposit intangible | 18,350 | 0 | ||||||||||
Other assets | 32,076 | 25,165 | ||||||||||
Total assets acquired | 1,534,312 | 1,549,954 | ||||||||||
Liabilities Assumed | ||||||||||||
Non-interest bearing transaction accounts | 108,812 | 108,845 | ||||||||||
Interest bearing transaction accounts and savings deposits | 639,798 | 639,798 | ||||||||||
Time deposits | 476,657 | 478,415 | ||||||||||
Total deposits | 1,225,267 | 1,227,058 | ||||||||||
Securities sold under agreement to repurchase | 14,146 | 14,146 | ||||||||||
Other borrowings | 157,400 | 162,900 | ||||||||||
Accrued interest and other liabilities | 8,453 | 8,185 | ||||||||||
Total liabilities assumed | 1,405,266 | 1,412,289 | ||||||||||
Total equity assumed | 137,665 | |||||||||||
Total liabilities and equity assumed | 1,405,266 | $ 1,549,954 | ||||||||||
Net assets acquired | 129,046 | |||||||||||
Purchase price | 207,539 | |||||||||||
Goodwill | 78,493 | $ 78,500 | ||||||||||
Reliance Bancshares, Inc. | Fair Value Adjustments | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash and due from banks | 0 | |||||||||||
Due from banks - time | 0 | |||||||||||
Investment securities | (1,873) | |||||||||||
Loans acquired | (41,657) | |||||||||||
Allowance for loan losses | 10,808 | |||||||||||
Foreclosed assets | (5,180) | |||||||||||
Premises and equipment | (3,001) | |||||||||||
Bank owned life insurance | 0 | |||||||||||
Core deposit intangible | 18,350 | |||||||||||
Other assets | 6,911 | |||||||||||
Total assets acquired | (15,642) | |||||||||||
Liabilities Assumed | ||||||||||||
Non-interest bearing transaction accounts | (33) | |||||||||||
Interest bearing transaction accounts and savings deposits | 0 | |||||||||||
Time deposits | (1,758) | |||||||||||
Total deposits | (1,791) | |||||||||||
Securities sold under agreement to repurchase | 0 | |||||||||||
Other borrowings | (5,500) | |||||||||||
Accrued interest and other liabilities | 268 | |||||||||||
Total liabilities assumed | (7,023) | |||||||||||
Total equity assumed | (137,665) | |||||||||||
Total liabilities and equity assumed | $ (144,688) | |||||||||||
OKSB Merger | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash and due from banks | $ 79,517 | $ 79,517 | ||||||||||
Investment securities | 484,173 | 485,468 | ||||||||||
Loans acquired | 1,996,453 | 2,021,000 | 2,039,524 | |||||||||
Allowance for loan losses | (26,957) | |||||||||||
Foreclosed assets | 5,157 | 6,284 | ||||||||||
Premises and equipment | 26,667 | 21,210 | ||||||||||
Bank owned life insurance | 28,704 | 28,704 | ||||||||||
Goodwill | 229,144 | 13,545 | ||||||||||
Other assets | 24,314 | 33,455 | ||||||||||
Total assets acquired | 2,690,915 | 2,686,489 | ||||||||||
Liabilities Assumed | ||||||||||||
Non-interest bearing transaction accounts | 485,971 | 485,971 | ||||||||||
Interest bearing transaction accounts and savings deposits | 869,252 | 869,252 | ||||||||||
Time deposits | 611,132 | 613,345 | ||||||||||
Total deposits | 1,966,355 | 1,968,568 | ||||||||||
Securities sold under agreement to repurchase | 11,256 | 11,256 | ||||||||||
Other borrowings | 347,000 | 347,000 | ||||||||||
Subordinated debentures | 46,393 | 46,393 | ||||||||||
Accrued interest and other liabilities | 22,804 | 17,440 | ||||||||||
Total liabilities assumed | 2,393,808 | 2,390,657 | ||||||||||
Total equity assumed | 295,832 | |||||||||||
Total liabilities and equity assumed | 2,393,808 | 2,686,489 | ||||||||||
Net assets acquired | 297,107 | |||||||||||
Purchase price | 526,251 | |||||||||||
Goodwill | 229,144 | 13,545 | ||||||||||
OKSB Merger | Core deposit intangible | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | 42,124 | 1,933 | ||||||||||
OKSB Merger | Other intangibles | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | 3,806 | 3,806 | ||||||||||
OKSB Merger | Fair Value Adjustments | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash and due from banks | 0 | |||||||||||
Investment securities | (1,295) | |||||||||||
Loans acquired | (43,071) | |||||||||||
Allowance for loan losses | 26,957 | |||||||||||
Foreclosed assets | (1,127) | |||||||||||
Premises and equipment | 5,457 | |||||||||||
Bank owned life insurance | 0 | |||||||||||
Goodwill | (13,545) | |||||||||||
Other assets | (9,141) | |||||||||||
Total assets acquired | 4,426 | |||||||||||
Liabilities Assumed | ||||||||||||
Non-interest bearing transaction accounts | 0 | |||||||||||
Interest bearing transaction accounts and savings deposits | 0 | |||||||||||
Time deposits | (2,213) | |||||||||||
Total deposits | (2,213) | |||||||||||
Securities sold under agreement to repurchase | 0 | |||||||||||
Other borrowings | 0 | |||||||||||
Subordinated debentures | 0 | |||||||||||
Accrued interest and other liabilities | 5,364 | |||||||||||
Total liabilities assumed | 3,151 | |||||||||||
Total equity assumed | (295,832) | |||||||||||
Total liabilities and equity assumed | (292,681) | |||||||||||
Goodwill | (13,545) | |||||||||||
OKSB Merger | Fair Value Adjustments | Core deposit intangible | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | 40,191 | |||||||||||
OKSB Merger | Fair Value Adjustments | Other intangibles | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | 0 | |||||||||||
First Texas Merger | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash and due from banks | 59,277 | 59,277 | ||||||||||
Investment securities | 80,518 | 81,114 | ||||||||||
Loans acquired | 2,208,378 | $ 2,246,000 | 2,246,212 | |||||||||
Allowance for loan losses | (200) | (20,864) | ||||||||||
Premises and equipment | 34,987 | 24,864 | ||||||||||
Bank owned life insurance | 7,190 | 7,190 | ||||||||||
Goodwill | 240,843 | 37,227 | ||||||||||
Core deposit intangible | 7,328 | 0 | ||||||||||
Other assets | 29,748 | 18,263 | ||||||||||
Total assets acquired | 2,427,226 | 2,453,283 | ||||||||||
Liabilities Assumed | ||||||||||||
Non-interest bearing transaction accounts | 74,410 | 74,410 | ||||||||||
Interest bearing transaction accounts and savings deposits | 1,683,298 | 1,683,298 | ||||||||||
Time deposits | 123,950 | 124,233 | ||||||||||
Total deposits | 1,881,658 | 1,881,941 | ||||||||||
Securities sold under agreement to repurchase | 50,000 | 50,000 | ||||||||||
Other borrowings | 235,000 | 235,000 | ||||||||||
Subordinated debentures | 30,912 | 30,323 | ||||||||||
Accrued interest and other liabilities | 13,396 | 11,727 | ||||||||||
Total liabilities assumed | 2,210,966 | 2,208,991 | ||||||||||
Total equity assumed | 244,292 | |||||||||||
Total liabilities and equity assumed | 2,210,966 | 2,453,283 | ||||||||||
Net assets acquired | 216,260 | |||||||||||
Purchase price | 457,103 | |||||||||||
Goodwill | 240,843 | $ 37,227 | ||||||||||
First Texas Merger | Fair Value Adjustments | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash and due from banks | 0 | |||||||||||
Investment securities | (596) | |||||||||||
Loans acquired | (37,834) | |||||||||||
Allowance for loan losses | 20,664 | |||||||||||
Premises and equipment | 10,123 | |||||||||||
Bank owned life insurance | 0 | |||||||||||
Goodwill | (37,227) | |||||||||||
Core deposit intangible | 7,328 | |||||||||||
Other assets | 11,485 | |||||||||||
Total assets acquired | (26,057) | |||||||||||
Liabilities Assumed | ||||||||||||
Non-interest bearing transaction accounts | 0 | |||||||||||
Interest bearing transaction accounts and savings deposits | 0 | |||||||||||
Time deposits | (283) | |||||||||||
Total deposits | (283) | |||||||||||
Securities sold under agreement to repurchase | 0 | |||||||||||
Other borrowings | 0 | |||||||||||
Subordinated debentures | 589 | |||||||||||
Accrued interest and other liabilities | 1,669 | |||||||||||
Total liabilities assumed | 1,975 | |||||||||||
Total equity assumed | (244,292) | |||||||||||
Total liabilities and equity assumed | (242,317) | |||||||||||
Goodwill | $ (37,227) | |||||||||||
Hardeman County Investment Company, Inc. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash and due from banks | $ 8,001 | $ 8,001 | ||||||||||
Due from banks - time | 1,984 | 1,984 | ||||||||||
Investment securities | 170,369 | 170,654 | ||||||||||
Loans acquired | 251,649 | $ 254,200 | 257,641 | |||||||||
Allowance for loan losses | (2,382) | |||||||||||
Foreclosed assets | 631 | 1,083 | ||||||||||
Premises and equipment | 11,163 | 9,905 | ||||||||||
Bank owned life insurance | 7,819 | 7,819 | ||||||||||
Goodwill | 29,371 | 11,485 | ||||||||||
Other assets | 2,638 | 2,639 | ||||||||||
Total assets acquired | 462,924 | 468,829 | ||||||||||
Liabilities Assumed | ||||||||||||
Non-interest bearing transaction accounts | 76,555 | 76,555 | ||||||||||
Interest bearing transaction accounts and savings deposits | 214,872 | 214,872 | ||||||||||
Time deposits | 97,549 | 97,917 | ||||||||||
Total deposits | 388,976 | 389,344 | ||||||||||
Securities sold under agreement to repurchase | 17,163 | 17,163 | ||||||||||
Other borrowings | 3,000 | 3,000 | ||||||||||
Subordinated debentures | 6,702 | 6,702 | ||||||||||
Accrued interest and other liabilities | 3,815 | 1,891 | ||||||||||
Total liabilities assumed | 419,656 | 418,100 | ||||||||||
Total equity assumed | 50,729 | |||||||||||
Total liabilities and equity assumed | 419,656 | 468,829 | ||||||||||
Net assets acquired | 43,268 | |||||||||||
Purchase price | 72,639 | |||||||||||
Goodwill | 29,371 | 11,485 | ||||||||||
Hardeman County Investment Company, Inc. | Core deposit intangible | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | 7,840 | 0 | ||||||||||
Hardeman County Investment Company, Inc. | Other intangibles | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | 830 | $ 0 | ||||||||||
Hardeman County Investment Company, Inc. | Fair Value Adjustments | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash and due from banks | 0 | |||||||||||
Due from banks - time | 0 | |||||||||||
Investment securities | (285) | |||||||||||
Loans acquired | (5,992) | |||||||||||
Allowance for loan losses | 2,382 | |||||||||||
Foreclosed assets | (452) | |||||||||||
Premises and equipment | 1,258 | |||||||||||
Bank owned life insurance | 0 | |||||||||||
Goodwill | (11,485) | |||||||||||
Other assets | (1) | |||||||||||
Total assets acquired | (5,905) | |||||||||||
Liabilities Assumed | ||||||||||||
Non-interest bearing transaction accounts | 0 | |||||||||||
Interest bearing transaction accounts and savings deposits | 0 | |||||||||||
Time deposits | (368) | |||||||||||
Total deposits | (368) | |||||||||||
Securities sold under agreement to repurchase | 0 | |||||||||||
Other borrowings | 0 | |||||||||||
Subordinated debentures | 0 | |||||||||||
Accrued interest and other liabilities | 1,924 | |||||||||||
Total liabilities assumed | 1,556 | |||||||||||
Total equity assumed | (50,729) | |||||||||||
Total liabilities and equity assumed | (49,173) | |||||||||||
Goodwill | (11,485) | |||||||||||
Hardeman County Investment Company, Inc. | Fair Value Adjustments | Core deposit intangible | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | 7,840 | |||||||||||
Hardeman County Investment Company, Inc. | Fair Value Adjustments | Other intangibles | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Core deposit intangible | $ 830 |
Investment Securities - Summary
Investment Securities - Summary of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Held-to-Maturity | ||
Amortized Cost | $ 40,927 | $ 289,194 |
Gross Unrealized Gains | 987 | 3,051 |
Gross Unrealized (Losses) | (59) | (1,415) |
Estimated Fair Value | 41,855 | 290,830 |
Available-for-Sale | ||
Amortized Cost | 3,428,146 | 2,187,623 |
Gross Unrealized Gains | 31,740 | 6,037 |
Gross Unrealized (Losses) | (6,548) | (41,908) |
Estimated Fair Value | 3,453,338 | 2,151,752 |
U.S. Treasury | ||
Available-for-Sale | ||
Amortized Cost | 449,729 | 0 |
Gross Unrealized Gains | 112 | 0 |
Gross Unrealized (Losses) | (112) | 0 |
Estimated Fair Value | 449,729 | 0 |
U.S. Government agencies | ||
Held-to-Maturity | ||
Amortized Cost | 0 | 16,990 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | (49) |
Estimated Fair Value | 0 | 16,941 |
Available-for-Sale | ||
Amortized Cost | 194,207 | 157,523 |
Gross Unrealized Gains | 1,313 | 518 |
Gross Unrealized (Losses) | (1,271) | (3,740) |
Estimated Fair Value | 194,249 | 154,301 |
Mortgage-backed securities | ||
Held-to-Maturity | ||
Amortized Cost | 10,796 | 13,346 |
Gross Unrealized Gains | 71 | 5 |
Gross Unrealized (Losses) | (59) | (412) |
Estimated Fair Value | 10,808 | 12,939 |
Available-for-Sale | ||
Amortized Cost | 1,738,584 | 1,552,487 |
Gross Unrealized Gains | 8,510 | 3,097 |
Gross Unrealized (Losses) | (4,149) | (32,684) |
Estimated Fair Value | 1,742,945 | 1,522,900 |
State and political subdivisions | ||
Held-to-Maturity | ||
Amortized Cost | 27,082 | 256,863 |
Gross Unrealized Gains | 849 | 3,029 |
Gross Unrealized (Losses) | 0 | (954) |
Estimated Fair Value | 27,931 | 258,938 |
Available-for-Sale | ||
Amortized Cost | 860,539 | 320,142 |
Gross Unrealized Gains | 20,983 | 171 |
Gross Unrealized (Losses) | (998) | (5,470) |
Estimated Fair Value | 880,524 | 314,843 |
Other securities | ||
Held-to-Maturity | ||
Amortized Cost | 3,049 | 1,995 |
Gross Unrealized Gains | 67 | 17 |
Gross Unrealized (Losses) | 0 | 0 |
Estimated Fair Value | 3,116 | 2,012 |
Available-for-Sale | ||
Amortized Cost | 185,087 | 157,471 |
Gross Unrealized Gains | 822 | 2,251 |
Gross Unrealized (Losses) | (18) | (14) |
Estimated Fair Value | $ 185,891 | $ 159,708 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | |||
Securities continuous unrealized loss position, fair value | $ 1,300,000,000 | $ 1,700,000,000 | |
Securities continuous unrealized loss position fair value (as percent) | 36.60% | 70.30% | |
Short-term investments, total | $ 163,700,000 | ||
Securities pledged as collateral | 1,700,000,000 | $ 1,000,000,000 | |
Available-for-sale securities, gross realized losses | 13,300,000 | 65,000 | $ 2,400,000 |
Available-for-sale securities, gross realized losses | $ 4,000 | $ 4,000 | $ 1,300,000 |
Income tax benefit related to security gains (losses) (as percent) | 26.135% | 26.135% | 39.225% |
Bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale securities, gross realized losses | $ 7,300,000 | ||
Bonds sold amount | $ 89,000,000 |
Investment Securities - Securit
Investment Securities - Securities With Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Held-to-Maturity | ||
Held-to-maturity debt securities, less than 12 months, estimated fair value | $ 3,489 | $ 40,141 |
Held-to-maturity debt securities, less than 12 months, gross unrealized losses | (30) | (210) |
Held-to-maturity debt securities, 12 months or more, estimated fair value | 2,300 | 79,014 |
Held-to-maturity debt securities,12 months or more, gross unrealized losses | (29) | (1,205) |
Held-to-maturity debt securities, estimated fair value | 5,789 | 119,155 |
Held-to-maturity debt securities, gross unrealized losses | (59) | (1,415) |
Available-for-Sale | ||
Available-for-sale debt securities, less than 12 months, estimated fair value | 834,731 | 319,262 |
Available-for-sale debt securities, less than 12 months, gross unrealized losses | (2,561) | (2,786) |
Available-for-sale debt securities, 12 months or more, estimated fair value | 438,262 | 1,278,434 |
Available-for-sale debt securities, 12 months or more, gross unrealized losses | (3,987) | (39,122) |
Available-for-sale debt securities, estimated fair value | 1,272,993 | 1,597,696 |
Available-for-sale debt securities, gross unrealized losses | (6,548) | (41,908) |
U.S. Treasury | ||
Available-for-Sale | ||
Available-for-sale debt securities, less than 12 months, estimated fair value | 299,667 | |
Available-for-sale debt securities, less than 12 months, gross unrealized losses | (112) | |
Available-for-sale debt securities, 12 months or more, estimated fair value | 0 | |
Available-for-sale debt securities, 12 months or more, gross unrealized losses | 0 | |
Available-for-sale debt securities, estimated fair value | 299,667 | |
Available-for-sale debt securities, gross unrealized losses | (112) | |
U.S. Government agencies | ||
Held-to-Maturity | ||
Held-to-maturity debt securities, less than 12 months, estimated fair value | 992 | |
Held-to-maturity debt securities, less than 12 months, gross unrealized losses | (2) | |
Held-to-maturity debt securities, 12 months or more, estimated fair value | 15,948 | |
Held-to-maturity debt securities,12 months or more, gross unrealized losses | (47) | |
Held-to-maturity debt securities, estimated fair value | 16,940 | |
Held-to-maturity debt securities, gross unrealized losses | (49) | |
Available-for-Sale | ||
Available-for-sale debt securities, less than 12 months, estimated fair value | 14,454 | 26,562 |
Available-for-sale debt securities, less than 12 months, gross unrealized losses | (130) | (221) |
Available-for-sale debt securities, 12 months or more, estimated fair value | 86,239 | 108,636 |
Available-for-sale debt securities, 12 months or more, gross unrealized losses | (1,141) | (3,519) |
Available-for-sale debt securities, estimated fair value | 100,693 | 135,198 |
Available-for-sale debt securities, gross unrealized losses | (1,271) | (3,740) |
Mortgage-backed securities | ||
Held-to-Maturity | ||
Held-to-maturity debt securities, less than 12 months, estimated fair value | 3,489 | 0 |
Held-to-maturity debt securities, less than 12 months, gross unrealized losses | (30) | 0 |
Held-to-maturity debt securities, 12 months or more, estimated fair value | 2,300 | 12,177 |
Held-to-maturity debt securities,12 months or more, gross unrealized losses | (29) | (412) |
Held-to-maturity debt securities, estimated fair value | 5,789 | 12,177 |
Held-to-maturity debt securities, gross unrealized losses | (59) | (412) |
Available-for-Sale | ||
Available-for-sale debt securities, less than 12 months, estimated fair value | 405,540 | 163,560 |
Available-for-sale debt securities, less than 12 months, gross unrealized losses | (1,326) | (1,146) |
Available-for-sale debt securities, 12 months or more, estimated fair value | 349,293 | 1,037,679 |
Available-for-sale debt securities, 12 months or more, gross unrealized losses | (2,823) | (31,538) |
Available-for-sale debt securities, estimated fair value | 754,833 | 1,201,239 |
Available-for-sale debt securities, gross unrealized losses | (4,149) | (32,684) |
State and political subdivisions | ||
Held-to-Maturity | ||
Held-to-maturity debt securities, less than 12 months, estimated fair value | 39,149 | |
Held-to-maturity debt securities, less than 12 months, gross unrealized losses | (208) | |
Held-to-maturity debt securities, 12 months or more, estimated fair value | 50,889 | |
Held-to-maturity debt securities,12 months or more, gross unrealized losses | (746) | |
Held-to-maturity debt securities, estimated fair value | 90,038 | |
Held-to-maturity debt securities, gross unrealized losses | (954) | |
Available-for-Sale | ||
Available-for-sale debt securities, less than 12 months, estimated fair value | 111,088 | 129,075 |
Available-for-sale debt securities, less than 12 months, gross unrealized losses | (975) | (1,406) |
Available-for-sale debt securities, 12 months or more, estimated fair value | 2,730 | 132,020 |
Available-for-sale debt securities, 12 months or more, gross unrealized losses | (23) | (4,064) |
Available-for-sale debt securities, estimated fair value | 113,818 | 261,095 |
Available-for-sale debt securities, gross unrealized losses | (998) | (5,470) |
Other securities | ||
Available-for-Sale | ||
Available-for-sale debt securities, less than 12 months, estimated fair value | 3,982 | 65 |
Available-for-sale debt securities, less than 12 months, gross unrealized losses | (18) | (13) |
Available-for-sale debt securities, 12 months or more, estimated fair value | 0 | 99 |
Available-for-sale debt securities, 12 months or more, gross unrealized losses | 0 | (1) |
Available-for-sale debt securities, estimated fair value | 3,982 | 164 |
Available-for-sale debt securities, gross unrealized losses | $ (18) | $ (14) |
Investment Securities - Income
Investment Securities - Income Earned on Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income, Securities, Operating, by Taxable Status [Abstract] | |||
Total | $ 66,898 | $ 57,318 | $ 40,115 |
Held-to-maturity | |||
Interest Income, Securities, Operating, by Taxable Status [Abstract] | |||
Taxable | 1,207 | 2,157 | 2,521 |
Non-taxable | 1,412 | 7,424 | 8,693 |
Available-for-sale | |||
Interest Income, Securities, Operating, by Taxable Status [Abstract] | |||
Taxable | 45,934 | 40,926 | 25,996 |
Non-taxable | $ 18,345 | $ 6,811 | $ 2,905 |
Investment Securities - Maturit
Investment Securities - Maturities of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity, amortized cost, one year or less | $ 4,897 | |
Held-to-maturity, amortized cost, after one through five years | 15,972 | |
Held-to-maturity, amortized cost, after five through ten years | 7,387 | |
Held-to-maturity, amortized cost, after ten years | 1,875 | |
Held-to-maturity, amortized cost, securities not due on a single maturity date | 10,796 | |
Amortized Cost | 40,927 | $ 289,194 |
Held-to-maturity, fair value, one year or less | 4,919 | |
Held-to-maturity, fair value, after one through five years | 16,325 | |
Held-to-maturity, fair value, after five through ten years | 7,928 | |
Held-to-maturity, fair value, after ten years | 1,875 | |
Held-to-maturity, fair value, securities not due on a single maturity date | 10,808 | |
Held-to-maturity, fair value, total | 41,855 | 290,830 |
Available-for-sale, amortized cost, one year or less | 494,432 | |
Available-for-sale, amortized cost, after one through five years | 72,949 | |
Available-for-sale, amortized cost, after five through ten years | 129,088 | |
Available-for-sale, amortized cost, after ten years | 825,155 | |
Available-for-sale, amortized cost, securities not due on a single maturity date | 1,738,584 | |
Available-for-sale, amortized cost, other securities (no maturity) | 167,938 | |
Amortized Cost | 3,428,146 | 2,187,623 |
Available-for-sale, fair value, one year or less | 494,338 | |
Available-for-sale, fair value, after one through five years | 73,370 | |
Available-for-sale, fair value, after five through ten years | 131,267 | |
Available-for-sale, fair value, after ten years | 842,798 | |
Available-for-sale, fair value, securities not due on a single maturity date | 1,742,945 | |
Available-for-sale, fair value, other securities (no maturity) | 168,620 | |
Available-for-sale, fair value, total | $ 3,453,338 | $ 2,151,752 |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities Held for Sale (Details) - USD ($) $ in Millions | Aug. 01, 2020 | May 31, 2020 | Dec. 20, 2019 | Jul. 31, 2020 | Feb. 10, 2020 |
Spirit of Texas Bank, SSB | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total loans, excluding loans not subject to the Branch Purchase | $ 259.9 | ||||
Total deposits, excluding deposits not subject to the Branch Purchase | $ 159.9 | ||||
Post closing adjustment multiplier, percent | 5.00% | ||||
Subsequent Event | First Western Trust Bank | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total loans, excluding loans not subject to the Branch Purchase | $ 105 | ||||
Total deposits, excluding deposits not subject to the Branch Purchase | $ 58 | ||||
Forecast | First Western Trust Bank | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Post closing adjustment multiplier, percent | 8.06% | 6.06% | 7.06% |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | $ 14,430,000,000 | $ 11,720,000,000 | |
Impaired loans | 68,900,000 | 35,800,000 | |
Impaired loans, related allowance | 5,747,000 | 684,000 | |
Interest income recognized | 1,500,000 | 1,400,000 | $ 1,800,000 |
Average recorded investment | $ 59,100,000 | $ 43,900,000 | $ 50,800,000 |
Number of modified loans | loan | 4 | 8 | |
Total recorded investment on modified loans | $ 997,000 | $ 3,006,000 | |
Financial impact on date of restructure | $ 0 | $ 402,000 | |
Number of previously restructured loans paid off | loan | 3 | 7 | |
Restructured loans paid off | $ 81,600 | $ 655,000 | |
OREO secured by residential estate properties | 19,121,000 | 25,565,000 | |
Risk Ratings 6, 7 and 8 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired loans | 209,800,000 | 119,000,000 | |
Impaired | Substandard, Risk Rating 6 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Basis in acquired loans at acquisition | 13,400,000 | 4,100,000 | |
Impaired | Risk Ratings 6, 7 and 8 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Acquired loans | 103,100,000 | 50,400,000 | |
Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans which formal proceedings in process | 5,789,000 | 3,899,000 | |
Real Estate Acquired in Satisfaction of Debt | Residential Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
OREO secured by residential estate properties | 4,458,000 | 3,530,000 | |
Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | $ 6,884,422,000 | $ 5,966,453,000 | |
Number of modified loans | loan | 4 | 4 | |
Total recorded investment on modified loans | $ 997,000 | $ 552,000 | |
Financial impact on date of restructure | 0 | 212,000 | |
Real Estate | Real Estate Acquired in Satisfaction of Debt | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total recorded investment on modified loans | $ 0 | $ 2,288,000 | |
Real Estate | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans for which payment default | loan | 4 | 2 | |
Charge-off of loans | $ 552,000 | $ 92,400 | |
Loans transferred to OREO | 2,169,300 | ||
Real Estate | Single family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and leases receivable, gross | $ 1,444,620,000 | $ 1,440,443,000 | |
Number of modified loans | loan | 4 | 1 | |
Total recorded investment on modified loans | $ 997,000 | $ 61,000 | |
Financial impact on date of restructure | $ 0 | $ 0 | |
Number of loans for which payment default | loan | 1 | ||
Charge-off of loans | $ 26,500 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Loan Portfolio by Categories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | $ 14,430,000 | $ 11,720,000 |
Loans acquired, net of discount and allowance | 4,795,184 | 3,292,783 |
Total loans | 14,425,260 | 11,723,171 |
Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 9,630,076 | 8,430,388 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 396,748 | 405,470 |
Consumer | Credit cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 204,802 | 204,173 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 191,946 | 201,297 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 6,884,422 | 5,966,453 |
Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 1,760,894 | 1,300,723 |
Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 1,444,620 | 1,440,443 |
Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 3,678,908 | 3,225,287 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 2,073,192 | 1,939,423 |
Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 1,909,796 | 1,774,909 |
Commercial | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 163,396 | 164,514 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | $ 275,714 | $ 119,042 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Nonaccrual Loans, Excluding Loans Acquired, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | $ 70,836 | $ 34,201 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 1,760 | 2,455 |
Consumer | Credit cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 382 | 296 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 1,378 | 2,159 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 32,001 | 20,413 |
Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 4,538 | 1,269 |
Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 18,102 | 11,939 |
Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 9,361 | 7,205 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 37,075 | 11,333 |
Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 36,575 | 10,049 |
Commercial | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | $ 500 | $ 1,284 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Age Analysis of Past Due Loans, Excluding Loans Acquired, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 14,425,260 | $ 11,723,171 |
Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 61,252 | 36,687 |
Current | 9,568,824 | 8,393,701 |
Total Loans | 9,630,076 | 8,430,388 |
90 Days Past Due & Accruing | 259 | 224 |
Gross 30-89 Days Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 34,049 | 21,917 |
90 Days or More Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 27,203 | 14,770 |
Consumer | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,141 | 6,699 |
Current | 390,607 | 398,771 |
Total Loans | 396,748 | 405,470 |
90 Days Past Due & Accruing | 259 | 213 |
Consumer | Gross 30-89 Days Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4,905 | 5,297 |
Consumer | 90 Days or More Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,236 | 1,402 |
Consumer | Credit cards | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,489 | 1,539 |
Current | 203,313 | 202,634 |
Total Loans | 204,802 | 204,173 |
90 Days Past Due & Accruing | 259 | 209 |
Consumer | Credit cards | Gross 30-89 Days Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 848 | 1,033 |
Consumer | Credit cards | 90 Days or More Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 641 | 506 |
Consumer | Other consumer | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4,652 | 5,160 |
Current | 187,294 | 196,137 |
Total Loans | 191,946 | 201,297 |
90 Days Past Due & Accruing | 0 | 4 |
Consumer | Other consumer | Gross 30-89 Days Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4,057 | 4,264 |
Consumer | Other consumer | 90 Days or More Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 595 | 896 |
Real Estate | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 36,027 | 18,889 |
Current | 6,848,395 | 5,947,564 |
Total Loans | 6,884,422 | 5,966,453 |
90 Days Past Due & Accruing | 0 | 0 |
Real Estate | Gross 30-89 Days Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 22,684 | 11,681 |
Real Estate | 90 Days or More Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 13,343 | 7,208 |
Real Estate | Construction and development | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,573 | 841 |
Current | 1,755,321 | 1,299,882 |
Total Loans | 1,760,894 | 1,300,723 |
90 Days Past Due & Accruing | 0 | 0 |
Real Estate | Construction and development | Gross 30-89 Days Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4,968 | 533 |
Real Estate | Construction and development | 90 Days or More Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 605 | 308 |
Real Estate | Single family residential | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 22,183 | 11,896 |
Current | 1,422,437 | 1,428,547 |
Total Loans | 1,444,620 | 1,440,443 |
90 Days Past Due & Accruing | 0 | 0 |
Real Estate | Single family residential | Gross 30-89 Days Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 13,414 | 7,769 |
Real Estate | Single family residential | 90 Days or More Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 8,769 | 4,127 |
Real Estate | Other commercial | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 8,271 | 6,152 |
Current | 3,670,637 | 3,219,135 |
Total Loans | 3,678,908 | 3,225,287 |
90 Days Past Due & Accruing | 0 | 0 |
Real Estate | Other commercial | Gross 30-89 Days Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4,302 | 3,379 |
Real Estate | Other commercial | 90 Days or More Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3,969 | 2,773 |
Commercial | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 19,084 | 11,099 |
Current | 2,054,108 | 1,928,324 |
Total Loans | 2,073,192 | 1,939,423 |
90 Days Past Due & Accruing | 0 | 11 |
Commercial | Gross 30-89 Days Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,460 | 4,939 |
Commercial | 90 Days or More Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 12,624 | 6,160 |
Commercial | Commercial | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 18,427 | 9,577 |
Current | 1,891,369 | 1,765,332 |
Total Loans | 1,909,796 | 1,774,909 |
90 Days Past Due & Accruing | 0 | 11 |
Commercial | Commercial | Gross 30-89 Days Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,253 | 4,472 |
Commercial | Commercial | 90 Days or More Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 12,174 | 5,105 |
Commercial | Agricultural | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 657 | 1,522 |
Current | 162,739 | 162,992 |
Total Loans | 163,396 | 164,514 |
90 Days Past Due & Accruing | 0 | 0 |
Commercial | Agricultural | Gross 30-89 Days Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 207 | 467 |
Commercial | Agricultural | 90 Days or More Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 450 | 1,055 |
Other | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 275,714 | 119,042 |
Total Loans | 275,714 | 119,042 |
90 Days Past Due & Accruing | 0 | $ 0 |
Other | Gross 30-89 Days Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
Other | 90 Days or More Past Due | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 0 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Impaired Loans, Net of Government Guarantees and Excluding Loans Acquired, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Recorded Investment | $ 68,900 | $ 35,800 | |
Related Allowance | 5,747 | 684 | |
Average Investment in Impaired Loans | 59,100 | 43,900 | $ 50,800 |
Interest Income Recognized | 1,500 | 1,400 | $ 1,800 |
Loans, Excluding Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 90,639 | 38,071 | |
Recorded Investment With No Allowance | 33,043 | 24,596 | |
Recorded Investment With Allowance | 35,889 | 11,187 | |
Total Recorded Investment | 68,932 | 35,783 | |
Related Allowance | 5,747 | 684 | |
Average Investment in Impaired Loans | 59,076 | 43,916 | |
Interest Income Recognized | 1,500 | 1,400 | |
Consumer | Loans, Excluding Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 1,919 | 2,607 | |
Recorded Investment With No Allowance | 1,760 | 2,455 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 1,760 | 2,455 | |
Related Allowance | 0 | 0 | |
Average Investment in Impaired Loans | 2,032 | 3,985 | |
Interest Income Recognized | 91 | 197 | |
Consumer | Credit cards | Loans, Excluding Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 382 | 296 | |
Recorded Investment With No Allowance | 382 | 296 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 382 | 296 | |
Related Allowance | 0 | 0 | |
Average Investment in Impaired Loans | 373 | 266 | |
Interest Income Recognized | 50 | 85 | |
Consumer | Other consumer | Loans, Excluding Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 1,537 | 2,311 | |
Recorded Investment With No Allowance | 1,378 | 2,159 | |
Recorded Investment With Allowance | 0 | 0 | |
Total Recorded Investment | 1,378 | 2,159 | |
Related Allowance | 0 | 0 | |
Average Investment in Impaired Loans | 1,659 | 3,719 | |
Interest Income Recognized | 41 | 112 | |
Real Estate | Loans, Excluding Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 34,759 | 22,684 | |
Recorded Investment With No Allowance | 24,318 | 15,228 | |
Recorded Investment With Allowance | 6,775 | 6,559 | |
Total Recorded Investment | 31,093 | 21,787 | |
Related Allowance | 740 | 247 | |
Average Investment in Impaired Loans | 27,917 | 28,516 | |
Interest Income Recognized | 690 | 859 | |
Real Estate | Construction and development | Loans, Excluding Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 4,648 | 1,344 | |
Recorded Investment With No Allowance | 4,466 | 784 | |
Recorded Investment With Allowance | 72 | 485 | |
Total Recorded Investment | 4,538 | 1,269 | |
Related Allowance | 4 | 211 | |
Average Investment in Impaired Loans | 2,464 | 1,651 | |
Interest Income Recognized | 61 | 50 | |
Real Estate | Single family residential | Loans, Excluding Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 19,466 | 12,906 | |
Recorded Investment With No Allowance | 15,139 | 11,468 | |
Recorded Investment With Allowance | 2,963 | 616 | |
Total Recorded Investment | 18,102 | 12,084 | |
Related Allowance | 42 | 36 | |
Average Investment in Impaired Loans | 15,470 | 13,257 | |
Interest Income Recognized | 382 | 399 | |
Real Estate | Other commercial | Loans, Excluding Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 10,645 | 8,434 | |
Recorded Investment With No Allowance | 4,713 | 2,976 | |
Recorded Investment With Allowance | 3,740 | 5,458 | |
Total Recorded Investment | 8,453 | 8,434 | |
Related Allowance | 694 | 0 | |
Average Investment in Impaired Loans | 9,983 | 13,608 | |
Interest Income Recognized | 247 | 410 | |
Commercial | Loans, Excluding Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 53,961 | 12,780 | |
Recorded Investment With No Allowance | 6,965 | 6,913 | |
Recorded Investment With Allowance | 29,114 | 4,628 | |
Total Recorded Investment | 36,079 | 11,541 | |
Related Allowance | 5,007 | 437 | |
Average Investment in Impaired Loans | 29,127 | 11,415 | |
Interest Income Recognized | 719 | 344 | |
Commercial | Commercial | Loans, Excluding Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 53,436 | 10,361 | |
Recorded Investment With No Allowance | 6,582 | 5,733 | |
Recorded Investment With Allowance | 28,998 | 4,628 | |
Total Recorded Investment | 35,580 | 10,361 | |
Related Allowance | 5,007 | 437 | |
Average Investment in Impaired Loans | 28,219 | 10,003 | |
Interest Income Recognized | 697 | 301 | |
Commercial | Agricultural | Loans, Excluding Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Contractual Principal Balance | 525 | 2,419 | |
Recorded Investment With No Allowance | 383 | 1,180 | |
Recorded Investment With Allowance | 116 | 0 | |
Total Recorded Investment | 499 | 1,180 | |
Related Allowance | 0 | 0 | |
Average Investment in Impaired Loans | 908 | 1,412 | |
Interest Income Recognized | $ 22 | $ 43 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Troubled Debt Restructurings, Excluding Loans Acquired, Segregated by Class of Loans (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 4 | 8 |
Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 30 | 33 |
Total TDR loans | $ | $ 5,313 | $ 9,215 |
Loans, Excluding Acquired Loans | Accruing TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 12 | 12 |
Total TDR loans | $ | $ 4,411 | $ 6,369 |
Loans, Excluding Acquired Loans | Nonaccrual TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 18 | 21 |
Total TDR loans | $ | $ 902 | $ 2,846 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 4 | 4 |
Real Estate | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 23 | 23 |
Total TDR loans | $ | $ 2,450 | $ 5,664 |
Real Estate | Loans, Excluding Acquired Loans | Accruing TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 8 | 8 |
Total TDR loans | $ | $ 1,627 | $ 3,536 |
Real Estate | Loans, Excluding Acquired Loans | Nonaccrual TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 15 | 15 |
Total TDR loans | $ | $ 823 | $ 2,128 |
Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 1 | |
Real Estate | Construction and development | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 1 | 3 |
Total TDR loans | $ | $ 72 | $ 485 |
Real Estate | Construction and development | Loans, Excluding Acquired Loans | Accruing TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 0 | 0 |
Total TDR loans | $ | $ 0 | $ 0 |
Real Estate | Construction and development | Loans, Excluding Acquired Loans | Nonaccrual TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 1 | 3 |
Total TDR loans | $ | $ 72 | $ 485 |
Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 4 | 1 |
Real Estate | Single family residential | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 19 | 16 |
Total TDR loans | $ | $ 1,822 | $ 846 |
Real Estate | Single family residential | Loans, Excluding Acquired Loans | Accruing TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 7 | 6 |
Total TDR loans | $ | $ 1,151 | $ 230 |
Real Estate | Single family residential | Loans, Excluding Acquired Loans | Nonaccrual TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 12 | 10 |
Total TDR loans | $ | $ 671 | $ 616 |
Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 2 | |
Real Estate | Other commercial | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 3 | 4 |
Total TDR loans | $ | $ 556 | $ 4,333 |
Real Estate | Other commercial | Loans, Excluding Acquired Loans | Accruing TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 1 | 2 |
Total TDR loans | $ | $ 476 | $ 3,306 |
Real Estate | Other commercial | Loans, Excluding Acquired Loans | Nonaccrual TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 2 | 2 |
Total TDR loans | $ | $ 80 | $ 1,027 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 3 | |
Commercial | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 7 | 10 |
Total TDR loans | $ | $ 2,863 | $ 3,551 |
Commercial | Loans, Excluding Acquired Loans | Accruing TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 4 | 4 |
Total TDR loans | $ | $ 2,784 | $ 2,833 |
Commercial | Loans, Excluding Acquired Loans | Nonaccrual TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 3 | 6 |
Total TDR loans | $ | $ 79 | $ 718 |
Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 3 | |
Commercial | Commercial | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 7 | 10 |
Total TDR loans | $ | $ 2,863 | $ 3,551 |
Commercial | Commercial | Loans, Excluding Acquired Loans | Accruing TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 4 | 4 |
Total TDR loans | $ | $ 2,784 | $ 2,833 |
Commercial | Commercial | Loans, Excluding Acquired Loans | Nonaccrual TDR Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | 3 | 6 |
Total TDR loans | $ | $ 79 | $ 718 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Loans Restructured as TDRs, Excluding Loans Acquired, Segregated by Class of Loans (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 4 | 8 |
Balance Prior to TDR | $ 997 | $ 3,006 |
Balance | 996 | 2,999 |
Financial Impact on Date of Restructure | $ 0 | $ 402 |
Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 30 | 33 |
Change in Maturity Date | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 996 | $ 2,999 |
Change in Rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 0 | $ 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 1 | |
Balance Prior to TDR | $ 91 | |
Balance | 91 | |
Financial Impact on Date of Restructure | 0 | |
Consumer | Change in Maturity Date | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 91 | |
Consumer | Change in Rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 0 | |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 1 | |
Balance Prior to TDR | $ 91 | |
Balance | 91 | |
Financial Impact on Date of Restructure | 0 | |
Consumer | Other consumer | Change in Maturity Date | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 91 | |
Consumer | Other consumer | Change in Rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 0 | |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 4 | 4 |
Balance Prior to TDR | $ 997 | $ 552 |
Balance | 996 | 550 |
Financial Impact on Date of Restructure | $ 0 | $ 212 |
Real Estate | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 23 | 23 |
Real Estate | Change in Maturity Date | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 996 | $ 550 |
Real Estate | Change in Rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 0 | $ 0 |
Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 1 | |
Balance Prior to TDR | $ 99 | |
Balance | 98 | |
Financial Impact on Date of Restructure | $ 0 | |
Real Estate | Construction and development | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 1 | 3 |
Real Estate | Construction and development | Change in Maturity Date | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 98 | |
Real Estate | Construction and development | Change in Rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 0 | |
Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 4 | 1 |
Balance Prior to TDR | $ 997 | $ 61 |
Balance | 996 | 62 |
Financial Impact on Date of Restructure | $ 0 | $ 0 |
Real Estate | Single family residential | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 19 | 16 |
Real Estate | Single family residential | Change in Maturity Date | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 996 | $ 62 |
Real Estate | Single family residential | Change in Rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 0 | $ 0 |
Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 2 | |
Balance Prior to TDR | $ 392 | |
Balance | 390 | |
Financial Impact on Date of Restructure | $ 212 | |
Real Estate | Other commercial | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 3 | 4 |
Real Estate | Other commercial | Change in Maturity Date | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 390 | |
Real Estate | Other commercial | Change in Rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 0 | |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 3 | |
Balance Prior to TDR | $ 2,363 | |
Balance | 2,358 | |
Financial Impact on Date of Restructure | $ 190 | |
Commercial | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 7 | 10 |
Commercial | Change in Maturity Date | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 2,358 | |
Commercial | Change in Rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 0 | |
Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 3 | |
Balance Prior to TDR | $ 2,363 | |
Balance | 2,358 | |
Financial Impact on Date of Restructure | $ 190 | |
Commercial | Commercial | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of TDR loans | loan | 7 | 10 |
Commercial | Commercial | Change in Maturity Date | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 2,358 | |
Commercial | Commercial | Change in Rate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 0 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Loans by Credit Risk Rating, Segregated by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 14,425,260 | $ 11,723,171 |
Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 14,112,831 | 11,523,787 |
Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 102,618 | 80,394 |
Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 209,421 | 118,407 |
Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 173 | 583 |
Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 217 | 0 |
Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 9,630,076 | 8,430,388 |
Loans, Excluding Acquired Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 396,748 | 405,470 |
Loans, Excluding Acquired Loans | Consumer | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 394,511 | 402,507 |
Loans, Excluding Acquired Loans | Consumer | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Consumer | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,237 | 2,963 |
Loans, Excluding Acquired Loans | Consumer | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Consumer | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Consumer | Credit cards | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 204,802 | 204,173 |
Loans, Excluding Acquired Loans | Consumer | Credit cards | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 204,161 | 203,667 |
Loans, Excluding Acquired Loans | Consumer | Credit cards | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Consumer | Credit cards | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 641 | 506 |
Loans, Excluding Acquired Loans | Consumer | Credit cards | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Consumer | Credit cards | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 191,946 | 201,297 |
Loans, Excluding Acquired Loans | Consumer | Other consumer | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 190,350 | 198,840 |
Loans, Excluding Acquired Loans | Consumer | Other consumer | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Consumer | Other consumer | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,596 | 2,457 |
Loans, Excluding Acquired Loans | Consumer | Other consumer | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Consumer | Other consumer | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,884,422 | 5,966,453 |
Loans, Excluding Acquired Loans | Real Estate | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,791,168 | 5,910,329 |
Loans, Excluding Acquired Loans | Real Estate | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 33,790 | 20,707 |
Loans, Excluding Acquired Loans | Real Estate | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 59,461 | 35,182 |
Loans, Excluding Acquired Loans | Real Estate | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3 | 235 |
Loans, Excluding Acquired Loans | Real Estate | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,760,894 | 1,300,723 |
Loans, Excluding Acquired Loans | Real Estate | Construction and development | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,754,269 | 1,296,988 |
Loans, Excluding Acquired Loans | Real Estate | Construction and development | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 49 | 1,910 |
Loans, Excluding Acquired Loans | Real Estate | Construction and development | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,576 | 1,825 |
Loans, Excluding Acquired Loans | Real Estate | Construction and development | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Real Estate | Construction and development | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,444,620 | 1,440,443 |
Loans, Excluding Acquired Loans | Real Estate | Single family residential | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,415,603 | 1,420,052 |
Loans, Excluding Acquired Loans | Real Estate | Single family residential | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,868 | 1,628 |
Loans, Excluding Acquired Loans | Real Estate | Single family residential | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 24,146 | 18,528 |
Loans, Excluding Acquired Loans | Real Estate | Single family residential | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3 | 235 |
Loans, Excluding Acquired Loans | Real Estate | Single family residential | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,678,908 | 3,225,287 |
Loans, Excluding Acquired Loans | Real Estate | Other commercial | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,621,296 | 3,193,289 |
Loans, Excluding Acquired Loans | Real Estate | Other commercial | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 28,873 | 17,169 |
Loans, Excluding Acquired Loans | Real Estate | Other commercial | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 28,739 | 14,829 |
Loans, Excluding Acquired Loans | Real Estate | Other commercial | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Real Estate | Other commercial | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,073,192 | 1,939,423 |
Loans, Excluding Acquired Loans | Commercial | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,998,143 | 1,904,826 |
Loans, Excluding Acquired Loans | Commercial | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 25,226 | 8,432 |
Loans, Excluding Acquired Loans | Commercial | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 49,823 | 26,165 |
Loans, Excluding Acquired Loans | Commercial | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Commercial | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,909,796 | 1,774,909 |
Loans, Excluding Acquired Loans | Commercial | Commercial | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,835,335 | 1,742,002 |
Loans, Excluding Acquired Loans | Commercial | Commercial | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 25,185 | 8,357 |
Loans, Excluding Acquired Loans | Commercial | Commercial | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 49,276 | 24,550 |
Loans, Excluding Acquired Loans | Commercial | Commercial | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Commercial | Commercial | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Commercial | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 163,396 | 164,514 |
Loans, Excluding Acquired Loans | Commercial | Agricultural | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 162,808 | 162,824 |
Loans, Excluding Acquired Loans | Commercial | Agricultural | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 41 | 75 |
Loans, Excluding Acquired Loans | Commercial | Agricultural | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 547 | 1,615 |
Loans, Excluding Acquired Loans | Commercial | Agricultural | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Commercial | Agricultural | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 275,714 | 119,042 |
Loans, Excluding Acquired Loans | Other | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 275,714 | 119,042 |
Loans, Excluding Acquired Loans | Other | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Other | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Other | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans, Excluding Acquired Loans | Other | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,795,184 | 3,292,783 |
Loans acquired | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,653,295 | 3,187,083 |
Loans acquired | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 43,602 | 51,255 |
Loans acquired | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 97,900 | 54,097 |
Loans acquired | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 170 | 348 |
Loans acquired | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 217 | 0 |
Loans acquired | Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 57,748 | 15,658 |
Loans acquired | Consumer | Other consumer | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 57,318 | 15,380 |
Loans acquired | Consumer | Other consumer | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans acquired | Consumer | Other consumer | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 430 | 278 |
Loans acquired | Consumer | Other consumer | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans acquired | Consumer | Other consumer | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans acquired | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,999,658 | 2,844,472 |
Loans acquired | Real Estate | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,900,116 | 2,768,761 |
Loans acquired | Real Estate | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 42,074 | 38,839 |
Loans acquired | Real Estate | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 57,304 | 36,524 |
Loans acquired | Real Estate | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 127 | 348 |
Loans acquired | Real Estate | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 37 | 0 |
Loans acquired | Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 475,967 | 429,605 |
Loans acquired | Real Estate | Construction and development | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 474,750 | 393,122 |
Loans acquired | Real Estate | Construction and development | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 21 | 27,621 |
Loans acquired | Real Estate | Construction and development | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,159 | 8,862 |
Loans acquired | Real Estate | Construction and development | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans acquired | Real Estate | Construction and development | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 37 | 0 |
Loans acquired | Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 997,444 | 566,188 |
Loans acquired | Real Estate | Single family residential | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 978,681 | 553,460 |
Loans acquired | Real Estate | Single family residential | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,181 | 2,081 |
Loans acquired | Real Estate | Single family residential | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17,455 | 10,299 |
Loans acquired | Real Estate | Single family residential | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 127 | 348 |
Loans acquired | Real Estate | Single family residential | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans acquired | Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,526,247 | 1,848,679 |
Loans acquired | Real Estate | Other commercial | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,446,685 | 1,822,179 |
Loans acquired | Real Estate | Other commercial | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 40,872 | 9,137 |
Loans acquired | Real Estate | Other commercial | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 38,690 | 17,363 |
Loans acquired | Real Estate | Other commercial | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans acquired | Real Estate | Other commercial | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans acquired | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 737,778 | 432,653 |
Loans acquired | Commercial | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 695,861 | 402,942 |
Loans acquired | Commercial | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,528 | 12,416 |
Loans acquired | Commercial | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 40,166 | 17,295 |
Loans acquired | Commercial | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 43 | 0 |
Loans acquired | Commercial | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 180 | 0 |
Loans acquired | Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 585,720 | 430,914 |
Loans acquired | Commercial | Commercial | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 548,928 | 401,300 |
Loans acquired | Commercial | Commercial | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,528 | 12,416 |
Loans acquired | Commercial | Commercial | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 35,041 | 17,198 |
Loans acquired | Commercial | Commercial | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 43 | 0 |
Loans acquired | Commercial | Commercial | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 180 | 0 |
Loans acquired | Commercial | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 152,058 | 1,739 |
Loans acquired | Commercial | Agricultural | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 146,933 | 1,642 |
Loans acquired | Commercial | Agricultural | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans acquired | Commercial | Agricultural | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,125 | 97 |
Loans acquired | Commercial | Agricultural | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Loans acquired | Commercial | Agricultural | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans and Allowance for Loan_11
Loans and Allowance for Loan Losses - Net (Charge-Offs)/Recoveries, Excluding Loans Acquired, Segregated by Class of Loans (Details) - Loans, Excluding Acquired Loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net (charge-offs)/recoveries | $ (29,575) | $ (19,918) | $ (19,145) |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net (charge-offs)/recoveries | (6,101) | (9,126) | |
Consumer | Credit cards | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net (charge-offs)/recoveries | (3,564) | (3,046) | (2,884) |
Consumer | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net (charge-offs)/recoveries | (2,537) | (6,080) | |
Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net (charge-offs)/recoveries | (1,823) | (4,914) | (6,999) |
Real Estate | Construction and development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net (charge-offs)/recoveries | (375) | (1,775) | |
Real Estate | Single family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net (charge-offs)/recoveries | (703) | (494) | |
Real Estate | Other commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net (charge-offs)/recoveries | (745) | (2,645) | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net (charge-offs)/recoveries | (21,651) | (5,878) | $ (7,734) |
Commercial | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net (charge-offs)/recoveries | (21,651) | (5,878) | |
Commercial | Agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Net (charge-offs)/recoveries | $ 0 | $ 0 |
Loans and Allowance for Loan_12
Loans and Allowance for Loan Losses - Activity in the Allowance for Loan Losses, by Portfolio Segment, for the Current Year (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | $ 56,694 | $ 42,086 | |
Provision for loan losses | 43,240 | 38,148 | $ 26,393 |
Balance, end of period | 68,244 | 56,694 | 42,086 |
Loans, Excluding Acquired Loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 56,599 | 41,668 | 36,286 |
Provision for loan losses | 40,776 | 34,849 | 24,527 |
Charge-offs | (33,821) | (23,216) | (23,498) |
Recoveries | 4,246 | 3,298 | 4,353 |
Net charge-offs | (29,575) | (19,918) | (19,145) |
Balance, end of period | 67,800 | 56,599 | 41,668 |
Loans individually evaluated for impairment | 5,747 | 684 | |
Loans collectively evaluated for impairment | 62,053 | 55,915 | |
Loans acquired | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 95 | 418 | |
Provision for loan losses | 2,464 | 3,299 | 1,866 |
Charge-offs | (3,015) | (3,622) | (2,402) |
Recoveries | 900 | ||
Balance, end of period | 444 | 95 | 418 |
Other Consumer and Other | Loans, Excluding Acquired Loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 2,419 | 3,596 | 2,951 |
Provision for loan losses | 2,287 | 4,903 | 2,173 |
Charge-offs | (4,894) | (6,637) | (3,767) |
Recoveries | 2,357 | 557 | 2,239 |
Net charge-offs | (2,537) | (6,080) | (1,528) |
Balance, end of period | 2,169 | 2,419 | 3,596 |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 2,169 | 2,419 | |
Commercial | Loans, Excluding Acquired Loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 20,514 | 7,007 | 7,739 |
Provision for loan losses | 24,000 | 19,385 | 7,002 |
Charge-offs | (22,023) | (6,623) | (7,837) |
Recoveries | 372 | 745 | 103 |
Net charge-offs | (21,651) | (5,878) | (7,734) |
Balance, end of period | 22,863 | 20,514 | 7,007 |
Loans individually evaluated for impairment | 5,007 | 437 | |
Loans collectively evaluated for impairment | 17,856 | 20,077 | |
Real Estate | Loans, Excluding Acquired Loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 29,743 | 27,281 | 21,817 |
Provision for loan losses | 10,797 | 7,376 | 12,463 |
Charge-offs | (2,319) | (5,905) | (7,989) |
Recoveries | 496 | 991 | 990 |
Net charge-offs | (1,823) | (4,914) | (6,999) |
Balance, end of period | 38,717 | 29,743 | 27,281 |
Loans individually evaluated for impairment | 740 | 247 | |
Loans collectively evaluated for impairment | 37,977 | 29,496 | |
Consumer | Loans, Excluding Acquired Loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Net charge-offs | (6,101) | (9,126) | |
Consumer | Credit Card | Loans, Excluding Acquired Loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance, beginning of period | 3,923 | 3,784 | 3,779 |
Provision for loan losses | 3,692 | 3,185 | 2,889 |
Charge-offs | (4,585) | (4,051) | (3,905) |
Recoveries | 1,021 | 1,005 | 1,021 |
Net charge-offs | (3,564) | (3,046) | (2,884) |
Balance, end of period | 4,051 | 3,923 | $ 3,784 |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | $ 4,051 | $ 3,923 |
Loans and Allowance for Loan_13
Loans and Allowance for Loan Losses - Recorded Investment in Loans, Excluding Loans Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 14,425,260 | $ 11,723,171 |
Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans individually evaluated for impairment | 68,932 | 39,770 |
Loans collectively evaluated for impairment | 9,561,144 | 8,390,618 |
Total Loans | 9,630,076 | 8,430,388 |
Other Consumer and Other | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans individually evaluated for impairment | 1,378 | 2,159 |
Loans collectively evaluated for impairment | 466,282 | 318,180 |
Total Loans | 467,660 | 320,339 |
Commercial | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans individually evaluated for impairment | 36,079 | 13,062 |
Loans collectively evaluated for impairment | 2,037,113 | 1,926,361 |
Total Loans | 2,073,192 | 1,939,423 |
Real Estate | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans individually evaluated for impairment | 31,093 | 24,253 |
Loans collectively evaluated for impairment | 6,853,329 | 5,942,200 |
Total Loans | 6,884,422 | 5,966,453 |
Consumer | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 396,748 | 405,470 |
Consumer | Credit Card | Loans, Excluding Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans individually evaluated for impairment | 382 | 296 |
Loans collectively evaluated for impairment | 204,420 | 203,877 |
Total Loans | $ 204,802 | $ 204,173 |
Loans Acquired (Details)
Loans Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Oct. 31, 2019 | Oct. 30, 2019 | Jun. 30, 2019 | Apr. 12, 2019 | Apr. 11, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 19, 2017 | Oct. 18, 2017 | Jun. 30, 2017 | May 15, 2017 | May 14, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Loans | $ 14,425,260 | $ 11,723,171 | |||||||||||
Loans allowance | 68,244 | 56,694 | $ 42,086 | ||||||||||
Loans acquired | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Loans | 4,795,184 | 3,292,783 | |||||||||||
Loans allowance | 444 | 95 | $ 418 | ||||||||||
Landrum Company | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Loans | 1,995,000 | ||||||||||||
Loans acquired | 2,011,000 | $ 2,005,936 | $ 2,049,137 | ||||||||||
Discount | 15,818 | ||||||||||||
Landrum Company | Impaired | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Loans | 11,200 | ||||||||||||
Loans acquired | 15,823 | ||||||||||||
Discount | $ 4,600 | ||||||||||||
Reliance Bancshares, Inc. | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Loans | $ 1,097,000 | ||||||||||||
Loans acquired | 1,127,000 | $ 1,096,870 | $ 1,138,527 | ||||||||||
Discount | 30,600 | ||||||||||||
Reliance Bancshares, Inc. | Impaired | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Loans | 176 | ||||||||||||
Loans acquired | 385 | ||||||||||||
Discount | $ 209 | ||||||||||||
OKSB Merger | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Loans | 1,985,000 | ||||||||||||
Loans acquired | 2,021,000 | $ 1,996,453 | $ 2,039,524 | ||||||||||
Discount | 36,300 | ||||||||||||
OKSB Merger | Impaired | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Loans | 11,400 | ||||||||||||
Loans acquired | 18,100 | ||||||||||||
Discount | 6,700 | ||||||||||||
First Texas Merger | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Loans | 2,208,000 | ||||||||||||
Loans acquired | 2,246,000 | $ 2,208,378 | $ 2,246,212 | ||||||||||
Discount | $ 37,800 | ||||||||||||
Hardeman County Investment Company, Inc. | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Loans | $ 249,200 | ||||||||||||
Loans acquired | 254,200 | $ 251,649 | $ 257,641 | ||||||||||
Discount | 5,000 | ||||||||||||
Hardeman County Investment Company, Inc. | Impaired | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Loans | 2,400 | ||||||||||||
Loans acquired | 3,400 | ||||||||||||
Discount | $ 990 |
Loans Acquired - Carrying Value
Loans Acquired - Carrying Value of all Acquired Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 14,425,260 | $ 11,723,171 | |
Loans allowance | 68,244 | 56,694 | $ 42,086 |
Loans acquired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 4,795,184 | 3,292,783 | |
Loans allowance | 444 | 95 | $ 418 |
Loans acquired | Consumer | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 57,748 | 15,658 | |
Loans acquired | Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 3,999,658 | 2,844,472 | |
Loans acquired | Real Estate | Construction and development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 475,967 | 429,605 | |
Loans acquired | Real Estate | Single family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 997,444 | 566,188 | |
Loans acquired | Real Estate | Other commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,526,247 | 1,848,679 | |
Loans acquired | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 737,778 | 432,653 | |
Loans acquired | Commercial | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 585,720 | 430,914 | |
Loans acquired | Commercial | Agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 152,058 | $ 1,739 |
Loans Acquired - Nonaccrual Acq
Loans Acquired - Nonaccrual Acquired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | $ 70,836 | $ 34,201 |
Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 22,494 | 21,640 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 1,760 | 2,455 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 1,378 | 2,159 |
Consumer | Other consumer | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 327 | 140 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 32,001 | 20,413 |
Real Estate | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 17,565 | 7,884 |
Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 4,538 | 1,269 |
Real Estate | Construction and development | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 751 | 114 |
Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 18,102 | 11,939 |
Real Estate | Single family residential | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 9,593 | 6,603 |
Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 9,361 | 7,205 |
Real Estate | Other commercial | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 7,221 | 1,167 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 37,075 | 11,333 |
Commercial | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 4,602 | 13,616 |
Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 36,575 | 10,049 |
Commercial | Commercial | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 4,349 | 13,578 |
Commercial | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | 500 | 1,284 |
Commercial | Agricultural | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in nonaccrual status | $ 253 | $ 38 |
Loans Acquired - Age Analysis o
Loans Acquired - Age Analysis of Past Due Acquired Loans, Excluding Loans Covered by Loss Share (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | $ 14,430,000 | $ 11,720,000 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 396,748 | 405,470 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 191,946 | 201,297 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 6,884,422 | 5,966,453 |
Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 1,760,894 | 1,300,723 |
Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 1,444,620 | 1,440,443 |
Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 3,678,908 | 3,225,287 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 2,073,192 | 1,939,423 |
Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 1,909,796 | 1,774,909 |
Commercial | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 163,396 | 164,514 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable, gross | 275,714 | 119,042 |
Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 32,737 | 28,076 |
Current | 4,762,447 | 3,264,707 |
Loans and leases receivable, gross | 4,795,184 | 3,292,783 |
90 Days Past Due & Accruing | 597 | 2 |
Loans acquired | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 23,240 | 14,827 |
Loans acquired | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 9,497 | 13,249 |
Loans acquired | Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 967 | 386 |
Current | 56,781 | 15,272 |
Loans and leases receivable, gross | 57,748 | 15,658 |
90 Days Past Due & Accruing | 0 | 2 |
Loans acquired | Consumer | Other consumer | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 827 | 337 |
Loans acquired | Consumer | Other consumer | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 140 | 49 |
Loans acquired | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 25,045 | 16,810 |
Current | 3,974,613 | 2,827,662 |
Loans and leases receivable, gross | 3,999,658 | 2,844,472 |
90 Days Past Due & Accruing | 597 | 0 |
Loans acquired | Real Estate | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 17,071 | 13,157 |
Loans acquired | Real Estate | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 7,974 | 3,653 |
Loans acquired | Real Estate | Construction and development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,297 | 8,310 |
Current | 474,670 | 421,295 |
Loans and leases receivable, gross | 475,967 | 429,605 |
90 Days Past Due & Accruing | 0 | 0 |
Loans acquired | Real Estate | Construction and development | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 824 | 8,283 |
Loans acquired | Real Estate | Construction and development | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 473 | 27 |
Loans acquired | Real Estate | Single family residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 17,924 | 7,755 |
Current | 979,520 | 558,433 |
Loans and leases receivable, gross | 997,444 | 566,188 |
90 Days Past Due & Accruing | 597 | 0 |
Loans acquired | Real Estate | Single family residential | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 12,904 | 4,706 |
Loans acquired | Real Estate | Single family residential | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,020 | 3,049 |
Loans acquired | Real Estate | Other commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,824 | 745 |
Current | 2,520,423 | 1,847,934 |
Loans and leases receivable, gross | 2,526,247 | 1,848,679 |
90 Days Past Due & Accruing | 0 | 0 |
Loans acquired | Real Estate | Other commercial | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3,343 | 168 |
Loans acquired | Real Estate | Other commercial | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,481 | 577 |
Loans acquired | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,725 | 10,880 |
Current | 731,053 | 421,773 |
Loans and leases receivable, gross | 737,778 | 432,653 |
90 Days Past Due & Accruing | 0 | 0 |
Loans acquired | Commercial | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,342 | 1,333 |
Loans acquired | Commercial | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,383 | 9,547 |
Loans acquired | Commercial | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,703 | 10,844 |
Current | 580,017 | 420,070 |
Loans and leases receivable, gross | 585,720 | 430,914 |
90 Days Past Due & Accruing | 0 | 0 |
Loans acquired | Commercial | Commercial | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4,326 | 1,302 |
Loans acquired | Commercial | Commercial | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,377 | 9,542 |
Loans acquired | Commercial | Agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,022 | 36 |
Current | 151,036 | 1,703 |
Loans and leases receivable, gross | 152,058 | 1,739 |
90 Days Past Due & Accruing | 0 | 0 |
Loans acquired | Commercial | Agricultural | Gross 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,016 | 31 |
Loans acquired | Commercial | Agricultural | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 6 | $ 5 |
Loans Acquired - Summary of Acq
Loans Acquired - Summary of Acquired Loans, Excluding Loans Covered by Loss Share (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 14,425,260 | $ 11,723,171 |
Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 14,112,831 | 11,523,787 |
Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 102,618 | 80,394 |
Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 209,421 | 118,407 |
Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 173 | 583 |
Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 217 | 0 |
Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,795,184 | 3,292,783 |
Loans acquired | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,653,295 | 3,187,083 |
Loans acquired | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 43,602 | 51,255 |
Loans acquired | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 97,900 | 54,097 |
Loans acquired | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 170 | 348 |
Loans acquired | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 217 | 0 |
Consumer | Other consumer | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 57,748 | 15,658 |
Consumer | Other consumer | Loans acquired | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 57,318 | 15,380 |
Consumer | Other consumer | Loans acquired | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Consumer | Other consumer | Loans acquired | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 430 | 278 |
Consumer | Other consumer | Loans acquired | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Consumer | Other consumer | Loans acquired | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,999,658 | 2,844,472 |
Real Estate | Loans acquired | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 3,900,116 | 2,768,761 |
Real Estate | Loans acquired | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 42,074 | 38,839 |
Real Estate | Loans acquired | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 57,304 | 36,524 |
Real Estate | Loans acquired | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 127 | 348 |
Real Estate | Loans acquired | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 37 | 0 |
Real Estate | Construction and development | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 475,967 | 429,605 |
Real Estate | Construction and development | Loans acquired | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 474,750 | 393,122 |
Real Estate | Construction and development | Loans acquired | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 21 | 27,621 |
Real Estate | Construction and development | Loans acquired | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,159 | 8,862 |
Real Estate | Construction and development | Loans acquired | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Construction and development | Loans acquired | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 37 | 0 |
Real Estate | Single family residential | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 997,444 | 566,188 |
Real Estate | Single family residential | Loans acquired | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 978,681 | 553,460 |
Real Estate | Single family residential | Loans acquired | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,181 | 2,081 |
Real Estate | Single family residential | Loans acquired | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17,455 | 10,299 |
Real Estate | Single family residential | Loans acquired | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 127 | 348 |
Real Estate | Single family residential | Loans acquired | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Other commercial | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,526,247 | 1,848,679 |
Real Estate | Other commercial | Loans acquired | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,446,685 | 1,822,179 |
Real Estate | Other commercial | Loans acquired | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 40,872 | 9,137 |
Real Estate | Other commercial | Loans acquired | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 38,690 | 17,363 |
Real Estate | Other commercial | Loans acquired | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Real Estate | Other commercial | Loans acquired | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Commercial | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 737,778 | 432,653 |
Commercial | Loans acquired | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 695,861 | 402,942 |
Commercial | Loans acquired | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,528 | 12,416 |
Commercial | Loans acquired | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 40,166 | 17,295 |
Commercial | Loans acquired | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 43 | 0 |
Commercial | Loans acquired | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 180 | 0 |
Commercial | Commercial | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 585,720 | 430,914 |
Commercial | Commercial | Loans acquired | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 548,928 | 401,300 |
Commercial | Commercial | Loans acquired | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,528 | 12,416 |
Commercial | Commercial | Loans acquired | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 35,041 | 17,198 |
Commercial | Commercial | Loans acquired | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 43 | 0 |
Commercial | Commercial | Loans acquired | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 180 | 0 |
Commercial | Agricultural | Loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 152,058 | 1,739 |
Commercial | Agricultural | Loans acquired | Risk Rate 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 146,933 | 1,642 |
Commercial | Agricultural | Loans acquired | Risk Rate 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Commercial | Agricultural | Loans acquired | Risk Rate 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,125 | 97 |
Commercial | Agricultural | Loans acquired | Risk Rate 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 0 | 0 |
Commercial | Agricultural | Loans acquired | Risk Rate 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 0 | $ 0 |
Loans Acquired - Summary of the
Loans Acquired - Summary of the Non-covered Impaired Loans Acquired in Acquisitions - Loans Acquired, Not Covered By FDIC Loss Share (Details) - Loans Acquired, Not Covered By FDIC Loss Share - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 12, 2019 | Oct. 19, 2017 | May 15, 2017 |
Landrum Company | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Contractually required principal and interest at acquisition | $ 2,033,315 | |||
Non-accretable difference (expected losses and foregone interest) | 0 | |||
Cash flows expected to be collected at acquisition | 2,033,315 | |||
Accretable yield | (38,555) | |||
Basis in acquired loans at acquisition | 1,994,760 | |||
Landrum Company | Impaired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Contractually required principal and interest at acquisition | 15,822 | |||
Non-accretable difference (expected losses and foregone interest) | (4,646) | |||
Cash flows expected to be collected at acquisition | 11,176 | |||
Accretable yield | 0 | |||
Basis in acquired loans at acquisition | $ 11,176 | |||
Reliance Bancshares, Inc. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Contractually required principal and interest at acquisition | $ 1,138,142 | |||
Non-accretable difference (expected losses and foregone interest) | 0 | |||
Cash flows expected to be collected at acquisition | 1,138,142 | |||
Accretable yield | (41,447) | |||
Basis in acquired loans at acquisition | 1,096,695 | |||
Reliance Bancshares, Inc. | Impaired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Contractually required principal and interest at acquisition | 385 | |||
Non-accretable difference (expected losses and foregone interest) | (210) | |||
Cash flows expected to be collected at acquisition | 175 | |||
Accretable yield | ||||
Basis in acquired loans at acquisition | $ 175 | |||
OKSB Merger | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Contractually required principal and interest at acquisition | $ 2,021,388 | |||
Non-accretable difference (expected losses and foregone interest) | 0 | |||
Cash flows expected to be collected at acquisition | 2,021,388 | |||
Accretable yield | (36,340) | |||
Basis in acquired loans at acquisition | 1,985,048 | |||
OKSB Merger | Impaired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Contractually required principal and interest at acquisition | 18,136 | |||
Non-accretable difference (expected losses and foregone interest) | (6,731) | |||
Cash flows expected to be collected at acquisition | 11,405 | |||
Accretable yield | 0 | |||
Basis in acquired loans at acquisition | 11,405 | |||
First Texas Merger | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Contractually required principal and interest at acquisition | 2,246,212 | |||
Non-accretable difference (expected losses and foregone interest) | 0 | |||
Cash flows expected to be collected at acquisition | 2,246,212 | |||
Accretable yield | (37,834) | |||
Basis in acquired loans at acquisition | 2,208,378 | |||
First Texas Merger | Impaired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Contractually required principal and interest at acquisition | 0 | |||
Non-accretable difference (expected losses and foregone interest) | 0 | |||
Cash flows expected to be collected at acquisition | 0 | |||
Accretable yield | 0 | |||
Basis in acquired loans at acquisition | $ 0 | |||
Hardeman County Investment Company, Inc. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Contractually required principal and interest at acquisition | $ 254,189 | |||
Non-accretable difference (expected losses and foregone interest) | 0 | |||
Cash flows expected to be collected at acquisition | 254,189 | |||
Accretable yield | (5,002) | |||
Basis in acquired loans at acquisition | 249,187 | |||
Hardeman County Investment Company, Inc. | Impaired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Contractually required principal and interest at acquisition | 3,452 | |||
Non-accretable difference (expected losses and foregone interest) | (990) | |||
Cash flows expected to be collected at acquisition | 2,462 | |||
Accretable yield | 0 | |||
Basis in acquired loans at acquisition | $ 2,462 |
Loans Acquired - Changes in the
Loans Acquired - Changes in the Carrying Amount of the Accretable Yield for All Purchased Impaired and Non-impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accretable Yield | |||
Balance, accretable yield | $ 1,460 | $ 620 | $ 1,655 |
Additions, accretable yield | 0 | 0 | 0 |
Accretable yield adjustments, accretable yield | 39 | 2,045 | 4,893 |
Accretion, accretable yield | (51) | (1,205) | (5,928) |
Payments and other reductions, accretable yield | 0 | 0 | 0 |
Balance, accretable yield | 1,448 | 1,460 | 620 |
Carrying Amount of Loans | |||
Balance, carrying amount of loans | 4,050 | 17,116 | 17,802 |
Additions, carrying amount of loans | 11,351 | 0 | 13,793 |
Accretion, carrying amount of loans | 51 | 1,205 | 5,928 |
Payments and other reductions, net, carrying amount of loans | (2,068) | (14,271) | (20,407) |
Balance, carrying amount of loans | $ 13,384 | $ 4,050 | $ 17,116 |
Right-Of-Use Lease Assets and_3
Right-Of-Use Lease Assets and Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease, right-of-use asset | $ 40,700 |
Lease liability included in other liabilities | $ 40,854 |
Right-Of-Use Lease Assets and_4
Right-Of-Use Lease Assets and Lease Liabilities - Lease Expense and Supplemental Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Operating lease, expense | $ 13,560,000 | ||
Operating lease, expense | $ 13,378,000 | $ 7,780,000 | |
Weighted average remaining lease term | 8 years 4 months 13 days | ||
Weighted average discount rate | 3.27% |
Right-Of-Use Lease Assets and_5
Right-Of-Use Lease Assets and Lease Liabilities - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 10,071 |
2021 | 8,394 |
2022 | 7,095 |
2023 | 5,236 |
2024 | 3,345 |
Thereafter | 13,659 |
Total undiscounted minimum lease payments | 47,800 |
Less: Net present value adjustment | 6,946 |
Lease liability included in other liabilities | $ 40,854 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2019 | Oct. 30, 2019 | Apr. 12, 2019 | |
Goodwill [Line Items] | ||||||
Goodwill | $ 1,055,520 | $ 845,687 | ||||
Amortization of intangibles | $ 11,805 | 11,009 | $ 7,668 | |||
Minimum | ||||||
Goodwill [Line Items] | ||||||
Finite-lived intangible asset, useful life | 10 years | |||||
Maximum | ||||||
Goodwill [Line Items] | ||||||
Finite-lived intangible asset, useful life | 15 years | |||||
Core deposit intangible | ||||||
Goodwill [Line Items] | ||||||
Amortization of intangibles | $ 10,694 | 9,518 | 6,000 | |||
Core deposit intangible | Minimum | ||||||
Goodwill [Line Items] | ||||||
Finite-lived intangible asset, useful life | 10 years | |||||
Core deposit intangible | Maximum | ||||||
Goodwill [Line Items] | ||||||
Finite-lived intangible asset, useful life | 15 years | |||||
Books of Business Intangible | ||||||
Goodwill [Line Items] | ||||||
Amortization of intangibles | $ 1,111 | $ 1,370 | $ 1,600 | |||
Landrum Company | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 131,300 | $ 131,340 | $ 407 | |||
Reliance Bancshares, Inc. | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 78,500 | $ 78,493 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | |
Finite-lived Intangible Assets [Roll Forward] | ||||
Core deposit premiums, beginning of period | $ 91,334 | |||
Amortization of intangibles | (11,805) | $ (11,009) | $ (7,668) | |
Total | 127,340 | 91,334 | ||
Core deposit premiums, end of period | 127,340 | 91,334 | ||
Core deposit intangible | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Core deposit premiums, beginning of period | 79,807 | 89,325 | ||
Acquisition of intangible asset | 42,695 | 0 | ||
Amortization of intangibles | (10,694) | (9,518) | (6,000) | |
Total | 79,807 | 79,807 | 89,325 | |
Core deposit premiums, end of period | 111,808 | 79,807 | 89,325 | |
Books of Business Intangible | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Core deposit premiums, beginning of period | 11,527 | 16,746 | ||
Acquisition of intangible asset | 5,116 | 0 | ||
Disposition of intangible asset | 0 | (3,849) | ||
Amortization of intangibles | (1,111) | (1,370) | (1,600) | |
Total | 11,527 | 11,527 | 16,746 | |
Core deposit premiums, end of period | 15,532 | $ 11,527 | $ 16,746 | |
Landrum Company | Core deposit intangible | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Total | 24,300 | |||
Core deposit premiums, end of period | 24,300 | |||
Reliance Bancshares, Inc. | Core deposit intangible | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Total | $ 18,400 | |||
Wealth Management Operations | Landrum Company | Core deposit intangible | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Total | 5,100 | |||
Core deposit premiums, end of period | $ 5,100 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Goodwill and Other Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | |||
Total | $ 127,340 | $ 91,334 | |
Core deposit intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 148,679 | 105,984 | |
Accumulated amortization | (36,871) | (26,177) | |
Total | 111,808 | 79,807 | $ 89,325 |
Books of Business Intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 20,350 | 15,234 | |
Accumulated amortization | (4,818) | (3,707) | |
Total | $ 15,532 | $ 11,527 | $ 16,746 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | $ 13,712 | |
2021 | 13,650 | |
2022 | 13,598 | |
2023 | 13,316 | |
2024 | 12,413 | |
Thereafter | 60,651 | |
Total | $ 127,340 | $ 91,334 |
Time Deposits (Details)
Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Time deposits, $100,000 or more | $ 2,150,000 | $ 1,440,000 |
Time deposits, at or above FDIC insurance limit | 837,300 | 753,200 |
Interest-bearing domestic deposit, brokered | 1,060,000 | $ 1,390,000 |
Time deposit maturities, next twelve months | 2,600,000 | |
Time deposit maturities, year two | 492,430 | |
Time deposit maturities, year three | 112,030 | |
Time deposit maturities, year four | 47,200 | |
Time deposit maturities, year five | 16,820 | |
Time deposit maturities, thereafter | $ 4,470 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income taxes currently payable | $ 29,354 | $ 41,946 | $ 38,732 |
Deferred income taxes | 34,911 | 8,412 | 23,251 |
Provision for income taxes | $ 64,265 | $ 50,358 | $ 61,983 |
Income Taxes - Tax Effects of T
Income Taxes - Tax Effects of Temporary Differences Related to Deferred Taxes Included in Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Loans acquired | $ 20,783 | $ 12,536 |
Allowance for loan losses | 16,732 | 13,947 |
Valuation of foreclosed assets | 2,626 | 1,474 |
Tax NOLs from acquisition | 18,118 | 7,242 |
Deferred compensation payable | 2,750 | 2,707 |
Accrued equity and other compensation | 6,677 | 8,182 |
Acquired securities | 3,393 | 397 |
Unrealized loss on available-for-sale securities | 0 | 9,196 |
Right-of-use lease liability | 10,221 | |
Other | 7,886 | 7,042 |
Gross deferred tax assets | 89,186 | 62,723 |
Deferred tax liabilities: | ||
Goodwill and other intangible amortization | (41,221) | (30,471) |
Accumulated depreciation | (36,554) | (13,361) |
Right-of-use lease asset | (10,176) | |
Unrealized gain on available-for-sale securities | (3,720) | 0 |
Other | (7,651) | (5,360) |
Gross deferred tax liabilities | (99,322) | (49,192) |
Net deferred tax (liability) asset | $ (10,136) | |
Net deferred tax (liability) asset | $ 13,531 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Computed at the statutory rate | $ 63,442 | $ 55,875 | $ 54,223 |
State income taxes, net of federal tax benefit | 5,860 | 5,015 | 1,582 |
Discrete items related to ASU 2016-09 | (38) | (2,439) | (1,480) |
Tax exempt interest income | (4,390) | (3,168) | (4,209) |
Tax exempt earnings on BOLI | (852) | (869) | (926) |
Federal tax credits | (2,933) | (3,003) | (1,586) |
Impact of DTA remeasurement | 0 | 0 | 11,471 |
Other differences, net | 3,176 | (1,053) | 2,908 |
Provision for income taxes | $ 64,265 | $ 50,358 | $ 61,983 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2019 | |
Income Taxes [Line Items] | |||||
Income tax expense (benefit), continuing operations, adjustment of deferred tax (asset) liability | $ 11,500 | ||||
Stockholders' equity, effects of tax law changes | $ 0 | ||||
Earliest Tax Year | Federal | |||||
Income Taxes [Line Items] | |||||
Open tax year | 2016 | ||||
Earliest Tax Year | State | |||||
Income Taxes [Line Items] | |||||
Open tax year | 2016 | ||||
Metropolitan | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards | $ 84,000 | ||||
Reliance Bancshares, Inc. | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards | $ 52,100 | ||||
Retained Earnings | |||||
Income Taxes [Line Items] | |||||
Stockholders' equity, effects of tax law changes | 3,016 | ||||
Retained Earnings | New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2018-02 | |||||
Income Taxes [Line Items] | |||||
Stockholders' equity, effects of tax law changes | $ 3,000 | ||||
AOCI | |||||
Income Taxes [Line Items] | |||||
Stockholders' equity, effects of tax law changes | $ (3,016) | ||||
AOCI | New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2018-02 | |||||
Income Taxes [Line Items] | |||||
Stockholders' equity, effects of tax law changes | $ (3,000) |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Financial assets sold under agreements to repurchase | $ 133.2 | $ 95.5 |
Securities Sold Under Agreeme_4
Securities Sold Under Agreements to Repurchase - Contractual Maturity of the Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 133,200 | $ 95,500 |
U.S. Government agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 133,220 | 95,542 |
Overnight and Continuous | U.S. Government agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 133,220 | 95,542 |
Up to 30 Days | U.S. Government agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
30-90 Days | U.S. Government agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | 0 | 0 |
Greater than 90 Days | U.S. Government agencies | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Repurchase agreements | $ 0 | $ 0 |
Other Borrowings and Subordin_3
Other Borrowings and Subordinated Debentures - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total other borrowings and subordinated debt | $ 1,685,859 | $ 1,699,400 |
Total other borrowings | ||
Debt Instrument [Line Items] | ||
Total other borrowings and subordinated debt | 1,297,599 | 1,345,450 |
FHLB advances, net of discount, due 2020 to 2033, 0.55% to 7.37%, secured by real estate loans | ||
Debt Instrument [Line Items] | ||
Total other borrowings and subordinated debt | 1,262,691 | 1,345,450 |
Other long-term debt | ||
Debt Instrument [Line Items] | ||
Total other borrowings and subordinated debt | 34,908 | 0 |
Total subordinated notes and debentures | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | (3,008) | (3,372) |
Total other borrowings and subordinated debt | 388,260 | 353,950 |
Subordinated Debt | Subordinated notes payable, due 4/1/2028, fixed-to-floating rate (fixed rate of 5.00% through 3/31/2023, floating rate of 2.15% above the three month LIBOR rate, reset quarterly) | ||
Debt Instrument [Line Items] | ||
Total other borrowings and subordinated debt, gross | 330,000 | 330,000 |
Subordinated Debt | Trust preferred securities, net of discount, due 9/15/2037, floating rate of 1.37% above the three month LIBOR rate, reset quarterly | ||
Debt Instrument [Line Items] | ||
Total other borrowings and subordinated debt, gross | 10,310 | 10,310 |
Subordinated Debt | Trust preferred securities, net of discount, due 6/6/2037, floating rate of 1.57% above the three month LIBOR rate, reset quarterly, callable without penalty | ||
Debt Instrument [Line Items] | ||
Total other borrowings and subordinated debt, gross | 10,310 | 10,310 |
Subordinated Debt | Trust preferred securities, due 12/15/2035, floating rate of 1.45% above the three month LIBOR rate, reset quarterly, callable without penalty | ||
Debt Instrument [Line Items] | ||
Total other borrowings and subordinated debt, gross | 6,702 | 6,702 |
Subordinated Debt | Trust preferred securities, net of discount, due 6/15/2037, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty | ||
Debt Instrument [Line Items] | ||
Total other borrowings and subordinated debt, gross | 25,015 | 0 |
Subordinated Debt | Trust preferred securities, net of discount, due 12/15/2036, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty | ||
Debt Instrument [Line Items] | ||
Total other borrowings and subordinated debt, gross | 3,004 | 0 |
Unsecured Debt | Other subordinated debentures, due 12/31/36, floating rate of prime rate minus 1.1%, reset quarterly | ||
Debt Instrument [Line Items] | ||
Total other borrowings and subordinated debt, gross | $ 5,927 | $ 0 |
Other Borrowings and Subordin_4
Other Borrowings and Subordinated Debentures - Long-term Debt 2 (Details) | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2018 | |
FHLB advances, net of discount, due 2020 to 2033, 0.55% to 7.37%, secured by real estate loans | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate (as percent) | 0.55% | |
FHLB advances, net of discount, due 2020 to 2033, 0.55% to 7.37%, secured by real estate loans | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate (as percent) | 7.37% | |
Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate (as percent) | 5.00% | 5.00% |
Subordinated Debt | Subordinated notes payable, due 4/1/2028, fixed-to-floating rate (fixed rate of 5.00% through 3/31/2023, floating rate of 2.15% above the three month LIBOR rate, reset quarterly) | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 2.15% | |
Subordinated Debt | Trust preferred securities, net of discount, due 9/15/2037, floating rate of 1.37% above the three month LIBOR rate, reset quarterly | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.37% | |
Subordinated Debt | Trust preferred securities, net of discount, due 6/6/2037, floating rate of 1.57% above the three month LIBOR rate, reset quarterly, callable without penalty | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.57% | |
Subordinated Debt | Trust preferred securities, due 12/15/2035, floating rate of 1.45% above the three month LIBOR rate, reset quarterly, callable without penalty | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.45% | |
Subordinated Debt | Trust preferred securities, net of discount, due 6/15/2037, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.85% | |
Subordinated Debt | Trust preferred securities, net of discount, due 12/15/2036, floating rate of 1.85% above the three month LIBOR rate, reset quarterly, callable without penalty | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.85% | |
Subordinated Debt | Other subordinated debentures, due 12/31/36, floating rate of prime rate minus 1.1%, reset quarterly | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.10% |
Other Borrowings and Subordin_5
Other Borrowings and Subordinated Debentures (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2018 | Sep. 30, 2018 | Oct. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 31, 2019 | Oct. 30, 2019 | Mar. 31, 2018 | May 15, 2017 | May 14, 2017 | |
Debt Instrument [Line Items] | |||||||||||
Commitment fee on unused portion of credit facility (as percent) | 0.25% | ||||||||||
Balance due | $ 1,685,859,000 | $ 1,699,400,000 | |||||||||
Repayments of subordinated debentures | 0 | 113,990,000 | $ 3,000,000 | ||||||||
FHLB advances outstanding | 1,250,000,000 | ||||||||||
Advances from Federal Home Loan Banks | 1,260,000,000 | ||||||||||
Additional advances from Federal Home Loan Bank | 3,200,000,000 | ||||||||||
Mortgage loans and investment securities securing FHLB advances | 5,900,000,000 | ||||||||||
Assets | $ 21,259,143,000 | $ 16,543,337,000 | $ 15,000,000,000 | ||||||||
Federal Home Loan Bank Owns the Options (FOTO) Advances | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term of debt instrument | 10 years | ||||||||||
Federal Home Loan Bank Owns the Options (FOTO) Advances | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term of debt instrument | 15 years | ||||||||||
Landrum Company | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Subordinated debentures | $ 33,917,000 | $ 34,794,000 | |||||||||
Hardeman County Investment Company, Inc. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Subordinated debentures | $ 6,702,000 | $ 6,702,000 | |||||||||
OKSB and First Texas Acquisitions | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of subordinated debentures | $ 77,300,000 | ||||||||||
U.S. Bank National Association | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit, maximum borrowing capacity | $ 50,000,000 | $ 75,000,000 | |||||||||
Commitment fee on unused portion of credit facility (as percent) | 0.30% | ||||||||||
Balance due | $ 0 | ||||||||||
Subordinated Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Face amount of debt | $ 330,000,000 | ||||||||||
Debt instrument, interest rate | 5.00% | 5.00% | |||||||||
Debt issuance costs | $ 3,600,000 |
Other Borrowings and Subordin_6
Other Borrowings and Subordinated Debentures - Aggregate Annual Maturities of Long-term Debt (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 3,299 |
2021 | 3,016 |
2022 | 2,187 |
2023 | 2,366 |
2024 | 2,446 |
Thereafter | 422,545 |
Total | $ 435,859 |
Capital Stock (Details)
Capital Stock (Details) | Oct. 29, 2019$ / sharesshares | Feb. 08, 2018 | Feb. 28, 2018 | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018shares | Oct. 22, 2019shares | Apr. 19, 2018shares | Apr. 18, 2018shares | Jul. 23, 2012shares | Feb. 27, 2009USD ($)$ / sharesshares |
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | 40,040,000 | 40,040,000 | ||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||||
Preferred stock, shares issued (in shares) | 767 | |||||||||
Preferred stock, Series D, shares outstanding (in shares) | 767 | |||||||||
Stock split, conversion ratio | 2 | 2 | ||||||||
Common stock, shares authorized (in shares) | 175,000,000 | 175,000,000 | 175,000,000 | 120,000,000 | ||||||
Stock repurchase program, number of shares authorized to be repurchased (in shares) | 60,000,000 | 1,700,000 | ||||||||
Stock repurchases (in shares) | 390,000 | 0 | ||||||||
Stock repurchases, average price | $ | $ 25.97 | |||||||||
Maximum | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred stock, liquidation preference, value | $ | $ 80,000,000 | |||||||||
Series A Preferred Stock | Reliance Bancshares, Inc. | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | 40,000 | |||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||
Series B Preferred Stock | Reliance Bancshares, Inc. | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | 2,000.02 | |||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||
Convertible Preferred Stock | Reliance Bancshares, Inc. | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||
Dividend rate (as percent) | 7.00% | |||||||||
Series C Preferred Stock | Reliance Bancshares, Inc. | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred stock, shares authorized (in shares) | 140 | |||||||||
Preferred stock, shares issued (in shares) | 0 | |||||||||
Preferred stock, Series D, shares outstanding (in shares) | 0 | |||||||||
Series D Preferred Stock | Reliance Bancshares, Inc. | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 |
Transactions With Related Par_3
Transactions With Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transactions [Abstract] | |||
Notes receivable, related parties | $ 20,138 | $ 66,391 | $ 58,867 |
Transactions With Related Par_4
Transactions With Related Parties - Related Party Transactions, Extensions of Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Notes Receivable, Related Parties rollforward [Roll Forward] | ||
Balance, beginning of year | $ 66,391 | $ 58,867 |
New extensions of credit | 2,503 | 7,661 |
Repayments | (48,756) | (137) |
Balance, end of year | $ 20,138 | $ 66,391 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) | Feb. 08, 2018 | Feb. 28, 2018 | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Share-based Payment Arrangement [Abstract] | |||||
Employer matching contribution, percent of match for first 3% of compensation | 100.00% | ||||
Employer matching contribution, percent of employees' gross pay, first 3% | 3.00% | ||||
Employer matching contribution, percent of match for the next 2% of compensation | 50.00% | ||||
Employer matching contribution, percent of employees' gross pay, next 2% | 2.00% | ||||
Employer matching contribution, percent of match total | 4.00% | ||||
Employer matching contribution, percent of employees' gross pay total | 5.00% | ||||
Employee stock ownership plan, contribution expense | $ 13,021,000 | $ 10,769,000 | $ 6,343,000 | ||
Deferred compensation expense | $ 2,294,000 | 2,309,000 | 1,596,000 | ||
Defined Contribution Plan Disclosure [Line Items] | |||||
Purchase price of common stock (as percent) | 95.00% | ||||
Stock split, conversion ratio | 2 | 2 | |||
Allocated stock-based compensation expense | $ 12,921,000 | $ 11,227,000 | $ 11,763,000 | ||
Compensation not yet recognized, stock options | 0 | ||||
Compensation not yet recognized, share-based awards other than options | $ 20,852,000 | ||||
Compensation cost not yet recognized, period for recognition | 1 year 10 months 24 days | ||||
Options outstanding, intrinsic value | $ 2,993,000 | ||||
Options exercisable, intrinsic value | $ 2,993,000 | ||||
Share price (in dollars per share) | $ / shares | $ 26.79 | ||||
Options, exercises in period | shares | 3,050 | 111,728 | 122,012 | ||
Options, exercises in period, intrinsic value | $ 43,000 | $ 561,000 | $ 1,329,000 | ||
Options, grants in period, gross | shares | 0 | 0 | 0 | ||
Employee Stock Purchase Plan 2015 | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Maximum annual contributions per employee, amount | $ 25,000 | ||||
Service period | 6 months | ||||
Special Employee Stock Purchase Plan 2015 | |||||
Defined Contribution Plan Disclosure [Line Items] | |||||
Maximum annual contributions per employee, amount | $ 10,000 | ||||
Purchase price of common stock (as percent) | 85.00% |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock Compensation Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Stock options outstanding number of shares, balance (in shares) | 695,000 | 812,000 | 946,000 |
Stock options outstanding number of shares, granted (in shares) | 0 | 0 | 0 |
Stock options outstanding number of shares, stock options exercised (in shares) | (3,050) | (111,728) | (122,012) |
Stock options outstanding number of shares, forfeited/expired (in shares) | 0 | (5,000) | (12,000) |
Stock options outstanding number of shares, balance (in shares) | 692,000 | 695,000 | 812,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Stock options outstanding weighted average exercise price, balance (in dollars per share) | $ 22.42 | $ 21.98 | $ 21.43 |
Stock options outstanding weighted average exercise price, granted (in dollars per share) | 0 | 0 | 0 |
Stock options outstanding weighted average exercise price, exercised (in dollars per share) | 12.79 | 19.22 | 17.66 |
Stock options outstanding weighted average exercise price, forfeited/expired (in dollars per share) | 0 | 21.73 | 22.67 |
Stock options outstanding weighted average exercise price, balance (in dollars per share) | $ 22.46 | $ 22.42 | $ 21.98 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Stock options outstanding number of shares, exercisable (in shares) | 692,000 | ||
Stock options outstanding weighted average exercise price, exercisable (in dollars per share) | $ 22.46 | ||
Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Stock awards/units outstanding number of shares, balance (in shares) | 72,000 | 162,000 | 278,000 |
Stock awards/units outstanding number of shares, granted (in shares) | 0 | 0 | 0 |
Stock options outstanding number of shares, stock awards/units vested (in shares) | (49,000) | (80,000) | (91,000) |
Stock awards/units outstanding number of shares, forfeited/expired (in shares) | (2,000) | (10,000) | (25,000) |
Stock awards/units outstanding number of shares, balance (in shares) | 21,000 | 72,000 | 162,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Stock awards/units outstanding weighted average grant-date fair-value, balance (in dollars per share) | $ 23.19 | $ 21.45 | $ 20.85 |
Stock awards/units outstanding weighted average grant-date fair-value, granted (in dollars per share) | 0 | 0 | 0 |
Stock awards/units outstanding weighted average grant-date fair-value, vested (in dollars per share) | 20.72 | 20.41 | 19.40 |
Stock awards/units outstanding weighted average grant-date fair-value, forfeited/expired (in dollars per share) | 21.82 | 20.12 | 21.91 |
Stock awards/units outstanding weighted average grant-date fair-value, balance (in dollars per share) | $ 21.45 | $ 20.85 | $ 20.48 |
Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Stock awards/units outstanding number of shares, balance (in shares) | 817,000 | 828,000 | 406,000 |
Stock awards/units outstanding number of shares, granted (in shares) | 842,000 | 429,000 | 906,000 |
Stock options outstanding number of shares, stock awards/units vested (in shares) | (405,000) | (311,000) | (449,000) |
Stock awards/units outstanding number of shares, forfeited/expired (in shares) | (102,000) | (129,000) | (35,000) |
Stock awards/units outstanding number of shares, balance (in shares) | 1,152,000 | 817,000 | 828,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Stock awards/units outstanding weighted average grant-date fair-value, balance (in dollars per share) | $ 26.79 | $ 27.65 | $ 26.13 |
Stock awards/units outstanding weighted average grant-date fair-value, granted (in dollars per share) | 26.05 | 29.16 | 28.86 |
Stock awards/units outstanding weighted average grant-date fair-value, vested (in dollars per share) | 26.75 | 25.56 | 27.13 |
Stock awards/units outstanding weighted average grant-date fair-value, forfeited/expired (in dollars per share) | 28.10 | 27.95 | 25.76 |
Stock awards/units outstanding weighted average grant-date fair-value, balance (in dollars per share) | $ 27.65 | $ 26.13 | $ 22.70 |
Restricted Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Stock awards/units outstanding number of shares, balance (in shares) | 177,000 | 177,000 | 181,000 |
Stock awards/units outstanding number of shares, granted (in shares) | 118,000 | 72,000 | 57,000 |
Stock options outstanding number of shares, stock awards/units vested (in shares) | (93,000) | (55,000) | (57,000) |
Stock awards/units outstanding number of shares, forfeited/expired (in shares) | (3,000) | (17,000) | (4,000) |
Stock awards/units outstanding number of shares, balance (in shares) | 199,000 | 177,000 | 177,000 |
Employee Benefit Plans - Stoc_2
Employee Benefit Plans - Stock Options Outstanding by Range of Exercise Prices (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Defined Contribution Plan Disclosure [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ 9.46 |
Exercise price range, upper range limit (in dollars per share) | $ 24.07 |
Number of outstanding options (in shares) | shares | 692 |
Outstanding options, weighted average remaining contractual term | 5 years 6 months 18 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 22.46 |
Number of exercisable options (in shares) | shares | 692 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 22.46 |
Range 01 | |
Defined Contribution Plan Disclosure [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 9.46 |
Exercise price range, upper range limit (in dollars per share) | $ 9.46 |
Number of outstanding options (in shares) | shares | 1 |
Outstanding options, weighted average remaining contractual term | 2 years 14 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 9.46 |
Number of exercisable options (in shares) | shares | 1 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 9.46 |
Range 02 | |
Defined Contribution Plan Disclosure [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 10.65 |
Exercise price range, upper range limit (in dollars per share) | $ 10.65 |
Number of outstanding options (in shares) | shares | 3 |
Outstanding options, weighted average remaining contractual term | 3 years 25 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 10.65 |
Number of exercisable options (in shares) | shares | 3 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 10.65 |
Range 03 | |
Defined Contribution Plan Disclosure [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 10.76 |
Exercise price range, upper range limit (in dollars per share) | $ 10.76 |
Number of outstanding options (in shares) | shares | 1 |
Outstanding options, weighted average remaining contractual term | 1 hour |
Outstanding options, weighted average exercise price (in dollars per share) | $ 10.76 |
Number of exercisable options (in shares) | shares | 1 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 10.76 |
Range 04 | |
Defined Contribution Plan Disclosure [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 20.29 |
Exercise price range, upper range limit (in dollars per share) | $ 20.29 |
Number of outstanding options (in shares) | shares | 71 |
Outstanding options, weighted average remaining contractual term | 5 years |
Outstanding options, weighted average exercise price (in dollars per share) | $ 20.29 |
Number of exercisable options (in shares) | shares | 71 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 20.29 |
Range 05 | |
Defined Contribution Plan Disclosure [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 20.36 |
Exercise price range, upper range limit (in dollars per share) | $ 20.36 |
Number of outstanding options (in shares) | shares | 2 |
Outstanding options, weighted average remaining contractual term | 4 years 10 months 17 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 20.36 |
Number of exercisable options (in shares) | shares | 2 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 20.36 |
Range 06 | |
Defined Contribution Plan Disclosure [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 22.20 |
Exercise price range, upper range limit (in dollars per share) | $ 22.20 |
Number of outstanding options (in shares) | shares | 74 |
Outstanding options, weighted average remaining contractual term | 5 years 2 months 23 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 22.20 |
Number of exercisable options (in shares) | shares | 74 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 22.20 |
Range 07 | |
Defined Contribution Plan Disclosure [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 22.75 |
Exercise price range, upper range limit (in dollars per share) | $ 22.75 |
Number of outstanding options (in shares) | shares | 436 |
Outstanding options, weighted average remaining contractual term | 5 years 7 months 9 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 22.75 |
Number of exercisable options (in shares) | shares | 436 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 22.75 |
Range 08 | |
Defined Contribution Plan Disclosure [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 23.51 |
Exercise price range, upper range limit (in dollars per share) | $ 23.51 |
Number of outstanding options (in shares) | shares | 97 |
Outstanding options, weighted average remaining contractual term | 6 years 18 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 23.51 |
Number of exercisable options (in shares) | shares | 97 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 23.51 |
Range 09 | |
Defined Contribution Plan Disclosure [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | 24.07 |
Exercise price range, upper range limit (in dollars per share) | $ 24.07 |
Number of outstanding options (in shares) | shares | 7 |
Outstanding options, weighted average remaining contractual term | 5 years 8 months 15 days |
Outstanding options, weighted average exercise price (in dollars per share) | $ 24.07 |
Number of exercisable options (in shares) | shares | 7 |
Exercisable options, weighted average exercise price (in dollars per share) | $ 24.07 |
Additional Cash Flow Informat_3
Additional Cash Flow Information - Additional Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Significant Noncash Transactions [Line Items] | |||
Interest paid | $ 182,541 | $ 122,801 | $ 39,384 |
Income taxes paid | 51,999 | 25,718 | 35,770 |
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities (adoption of ASU 2016-02) | 32,757 | ||
Transfers of held-to-maturity to available-for-sale securities | 216,373 | 0 | 0 |
Transfers of loans to other assets held for sale | 259,939 | 0 | 0 |
Transfers of deposits to other liabilities held for sale | 159,853 | 0 | 0 |
Transfers of loans to foreclosed assets held for sale | |||
Other Significant Noncash Transactions [Line Items] | |||
Real estate transferred | 4,760 | 16,858 | 6,983 |
Transfers of premises to foreclosed assets and other real estate owned | |||
Other Significant Noncash Transactions [Line Items] | |||
Real estate transferred | 647 | 3,690 | 5,422 |
Transfers of premises held for sale to foreclosed assets and other real estate owned | |||
Other Significant Noncash Transactions [Line Items] | |||
Real estate transferred | $ 0 | $ 0 | $ 3,188 |
Other Income and Other Operat_3
Other Income and Other Operating Expenses - Rental Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
Other income | $ 58,493 | $ 19,863 | $ 19,268 |
Gain on sale of Visa, Inc. class B common stock | $ 42,860 |
Other Income and Other Operat_4
Other Income and Other Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
Professional services | $ 16,897 | $ 16,685 | $ 19,500 |
Postage | 6,363 | 5,785 | 4,686 |
Telephone | 7,685 | 5,947 | 4,262 |
Credit card expense | 16,163 | 14,338 | 12,188 |
Marketing | 16,499 | 8,410 | 11,141 |
Software and technology | 25,146 | 15,558 | 2,204 |
Operating supplies | 2,322 | 2,346 | 1,980 |
Amortization of intangibles | 11,805 | 11,009 | 7,668 |
Branch right sizing expense | 3,129 | 1,341 | 434 |
Other expense | 32,843 | 30,156 | 24,816 |
Total other operating expenses | $ 138,852 | $ 111,575 | $ 88,879 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets Measure on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | $ 3,453,338 | $ 2,151,752 |
U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 449,729 | 0 |
U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 194,249 | 154,301 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 1,742,945 | 1,522,900 |
State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 880,524 | 314,843 |
Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 185,891 | 159,708 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets held for sale | 260,332 | 1,790 |
Derivative asset | 14,903 | 6,242 |
Other liabilities held for sale | (159,853) | (162) |
Derivative liability | (12,650) | (5,283) |
Fair Value, Measurements, Recurring | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 449,729 | |
Fair Value, Measurements, Recurring | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 194,249 | 154,301 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 1,742,945 | 1,522,900 |
Fair Value, Measurements, Recurring | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 880,524 | 314,843 |
Fair Value, Measurements, Recurring | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 185,891 | 159,708 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets held for sale | 0 | 0 |
Derivative asset | 0 | 0 |
Other liabilities held for sale | 0 | 0 |
Derivative liability | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 449,729 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets held for sale | 0 | 0 |
Derivative asset | 14,903 | 6,242 |
Other liabilities held for sale | 0 | 0 |
Derivative liability | (12,650) | (5,283) |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 194,249 | 154,301 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 1,742,945 | 1,522,900 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 880,524 | 314,843 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 185,891 | 159,708 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other assets held for sale | 260,332 | 1,790 |
Derivative asset | 0 | 0 |
Other liabilities held for sale | (159,853) | (162) |
Derivative liability | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale | $ 0 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets and other real estate owned | $ 19,121,000 | $ 25,565,000 |
Impairment of financing receivable, held-for-sale | 0 | |
Mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of financing receivable, held-for-sale | $ 0 | |
Measurement Input, Discount Rate | Commercial Real Estate | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned, measurement input | 0.10 | |
Measurement Input, Discount Rate | Commercial Real Estate | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned, measurement input | 0.40 | |
Foreclosed Assets Not Covered By FDIC Loss Share | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed assets and other real estate owned | $ 19,100,000 | $ 25,600,000 |
Criticized | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Threshold value for performing impairment testing on loans | $ 1,500,000 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value of Financial Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, related allowance | $ 5,747 | $ 684 |
Collateral Pledged | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, related allowance | 1,297 | 2,738 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans (collateral dependent) | 49,190 | 17,789 |
Foreclosed assets and other real estate owned | 18,798 | 23,714 |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans (collateral dependent) | 0 | 0 |
Foreclosed assets and other real estate owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans (collateral dependent) | 0 | 0 |
Foreclosed assets and other real estate owned | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans (collateral dependent) | 49,190 | 17,789 |
Foreclosed assets and other real estate owned | $ 18,798 | $ 23,714 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values and Related Carrying Amounts of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities | $ 41,855 | $ 290,830 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 996,623 | 833,458 |
Interest bearing balances due from banks - time | 4,554 | 4,934 |
Held-to-maturity securities | 40,927 | 289,194 |
Mortgage loans held for sale | 58,102 | 26,799 |
Interest receivable | 62,707 | 49,938 |
Federal funds purchased and securities sold under agreements to repurchase | 150,145 | 95,792 |
Other borrowings | 1,297,599 | 1,345,450 |
Subordinated notes and debentures | 388,260 | 353,950 |
Interest payable | 12,898 | 9,897 |
Carrying Amount | Non-interest bearing transaction accounts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 3,741,093 | 2,672,405 |
Carrying Amount | Interest bearing transaction accounts and savings deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 9,090,878 | 6,830,191 |
Carrying Amount | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 3,276,969 | 2,896,156 |
Carrying Amount | Legacy loans, net | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 9,562,276 | 8,373,789 |
Carrying Amount | Loans acquired, net | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 4,795,184 | 3,292,783 |
Fair Value Measurements | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 996,623 | 833,458 |
Interest bearing balances due from banks - time | 4,554 | 4,934 |
Held-to-maturity securities | 41,855 | 290,830 |
Mortgage loans held for sale | 58,102 | 26,799 |
Interest receivable | 62,707 | 49,938 |
Federal funds purchased and securities sold under agreements to repurchase | 150,145 | 95,792 |
Other borrowings | 1,298,011 | 1,342,868 |
Subordinated notes and debentures | 397,088 | 355,812 |
Interest payable | 12,898 | 9,897 |
Fair Value Measurements | Non-interest bearing transaction accounts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 3,741,093 | 2,672,405 |
Fair Value Measurements | Interest bearing transaction accounts and savings deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 9,090,878 | 6,830,191 |
Fair Value Measurements | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 3,270,333 | 2,872,342 |
Fair Value Measurements | Legacy loans, net | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 9,517,472 | 8,280,690 |
Fair Value Measurements | Loans acquired, net | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 4,772,716 | 3,256,174 |
Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 996,623 | 833,458 |
Interest bearing balances due from banks - time | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Interest receivable | 0 | 0 |
Federal funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Other borrowings | 0 | 0 |
Subordinated notes and debentures | 0 | 0 |
Interest payable | 0 | 0 |
Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-interest bearing transaction accounts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 0 | 0 |
Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest bearing transaction accounts and savings deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 0 | 0 |
Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 0 | 0 |
Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Legacy loans, net | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 0 | 0 |
Fair Value Measurements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans acquired, net | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 0 | 0 |
Fair Value Measurements | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Interest bearing balances due from banks - time | 4,554 | 4,934 |
Held-to-maturity securities | 41,855 | 290,830 |
Mortgage loans held for sale | 0 | 0 |
Interest receivable | 62,707 | 49,938 |
Federal funds purchased and securities sold under agreements to repurchase | 150,145 | 95,792 |
Other borrowings | 1,298,011 | 1,342,868 |
Subordinated notes and debentures | 397,088 | 355,812 |
Interest payable | 12,898 | 9,897 |
Fair Value Measurements | Significant Other Observable Inputs (Level 2) | Non-interest bearing transaction accounts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 3,741,093 | 2,672,405 |
Fair Value Measurements | Significant Other Observable Inputs (Level 2) | Interest bearing transaction accounts and savings deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 9,090,878 | 6,830,191 |
Fair Value Measurements | Significant Other Observable Inputs (Level 2) | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 0 | 0 |
Fair Value Measurements | Significant Other Observable Inputs (Level 2) | Legacy loans, net | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 0 | 0 |
Fair Value Measurements | Significant Other Observable Inputs (Level 2) | Loans acquired, net | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 0 | 0 |
Fair Value Measurements | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Interest bearing balances due from banks - time | 0 | 0 |
Held-to-maturity securities | 0 | 0 |
Mortgage loans held for sale | 58,102 | 26,799 |
Interest receivable | 0 | 0 |
Federal funds purchased and securities sold under agreements to repurchase | 0 | 0 |
Other borrowings | 0 | 0 |
Subordinated notes and debentures | 0 | 0 |
Interest payable | 0 | 0 |
Fair Value Measurements | Significant Unobservable Inputs (Level 3) | Non-interest bearing transaction accounts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 0 | 0 |
Fair Value Measurements | Significant Unobservable Inputs (Level 3) | Interest bearing transaction accounts and savings deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 0 | 0 |
Fair Value Measurements | Significant Unobservable Inputs (Level 3) | Time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits | 3,270,333 | 2,872,342 |
Fair Value Measurements | Significant Unobservable Inputs (Level 3) | Legacy loans, net | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | 9,517,472 | 8,280,690 |
Fair Value Measurements | Significant Unobservable Inputs (Level 3) | Loans acquired, net | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans, net | $ 4,772,716 | $ 3,256,174 |
Commitments and Credit Risk (De
Commitments and Credit Risk (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Commitments [Line Items] | ||
Outstanding letters of credit | $ 71,074,000 | $ 39,101,000 |
Standby Letters of Credit | ||
Other Commitments [Line Items] | ||
Deferred revenue | $ 0 | $ 0 |
Minimum | ||
Other Commitments [Line Items] | ||
Term of letter of credit | 9 months | 9 months |
Maximum | ||
Other Commitments [Line Items] | ||
Term of letter of credit | 15 years | 15 years |
Credit Card Commitments | ||
Other Commitments [Line Items] | ||
Outstanding commitments to extend credit | $ 634,788,000 | $ 560,863,000 |
Other Loan Commitments | ||
Other Commitments [Line Items] | ||
Outstanding commitments to extend credit | $ 3,991,931,000 | $ 3,455,471,000 |
New Accounting Standards (Detai
New Accounting Standards (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Unrealized holding gain on the transfer of held-to-maturity securities to available-for-sale per ASU 2017-12 | $ 2,547 | $ 0 | $ 0 | |||
Operating lease, right-of-use asset | 40,700 | |||||
Lease liability included in other liabilities | 40,854 | |||||
Accounting Standards Update 2018-15 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Software implementation costs, not yet capitalized | $ 3,800 | |||||
Accounting Standards Update 2017-12 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Fair value of HTM municipal bonds | $ 216,400 | |||||
Unrealized holding gain on the transfer of held-to-maturity securities to available-for-sale per ASU 2017-12 | $ 2,500 | |||||
Accounting Standards Update 2016-02 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Operating lease, right-of-use asset | $ 32,800 | |||||
Lease liability included in other liabilities | $ 32,800 | |||||
Forecast | Minimum | Accounting Standards Update 2016-13 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan and lease losses, period increase, percent | 1.40% | |||||
Forecast | Maximum | Accounting Standards Update 2016-13 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for loan and lease losses, period increase, percent | 1.50% |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments - Notional and Fair Value Amounts of Derivative Instruments (Details) - Interest Rate Swap - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets, notional amount | $ 401,969 | $ 274,247 |
Derivative assets, fair value | 14,903 | 6,242 |
Derivative liability, notional amount | 387,075 | 245,717 |
Derivative liabilities, fair value | $ 12,650 | $ 5,283 |
Derivative Instruments (Details
Derivative Instruments (Details) | Dec. 31, 2019USD ($) |
Risk Participation Agreements | |
Derivatives, Fair Value [Line Items] | |
Derivative, notional amount | $ 62,900,000 |
Energy Related Derivative | |
Derivatives, Fair Value [Line Items] | |
Derivative assets, notional amount | 20,700,000 |
Derivative liability, notional amount | 20,700,000 |
Derivative, net fair value | $ 709,000,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ in Millions | Dec. 31, 2019USD ($) |
Equity [Abstract] | |
Statutory amount available for dividend payments without regulatory approval | $ 160.2 |
Stockholders' Equity - Company'
Stockholders' Equity - Company's Significant Subsidiaries (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Simmons First National Corporation | ||
Capital | $ 2,272,858 | $ 1,778,938 |
Capital to Risk Weighted Assets | 13.70% | 13.30% |
Capital Required for Capital Adequacy | $ 1,327,216 | $ 1,070,038 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital | $ 1,807,954 | $ 1,361,380 |
Tier One Risk Based Capital to Risk Weighted Assets | 10.90% | 10.20% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 995,204 | $ 800,812 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Common Equity Tier One Capital | $ 1,807,187 | $ 1,361,380 |
Common Equity Tier One Capital Ratio | 10.90% | 10.20% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 746,086 | $ 600,609 |
Common Equity Tier One Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Tier One Leverage Capital | $ 1,807,954 | $ 1,361,380 |
Tier One Leverage Capital to Average Assets | 9.60% | 8.80% |
Tier One Leverage Capital Required for Capital Adequacy | $ 753,314 | $ 618,809 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Simmons Bank | ||
Capital | $ 1,852,880 | $ 1,532,864 |
Capital to Risk Weighted Assets | 12.90% | 11.50% |
Capital Required for Capital Adequacy | $ 1,149,073 | $ 1,066,340 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 1,436,341 | $ 1,332,925 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | $ 1,777,602 | $ 1,469,260 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.30% | 11.00% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 867,123 | $ 801,415 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,156,164 | $ 1,068,553 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Common Equity Tier One Capital | $ 1,777,602 | $ 1,469,260 |
Common Equity Tier One Capital Ratio | 12.30% | 11.00% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 650,342 | $ 601,061 |
Common Equity Tier One Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Common Equity Tier One Capital Required to be Well-Capitalized | $ 939,383 | $ 868,199 |
Common Equity Tier One Capital Required to Be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier One Leverage Capital | $ 1,777,602 | $ 1,469,260 |
Tier One Leverage Capital to Average Assets | 10.70% | 9.50% |
Tier One Leverage Capital Required for Capital Adequacy | $ 664,524 | $ 618,636 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 830,655 | $ 773,295 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Landmark Bank | ||
Capital | $ 291,378 | |
Capital to Risk Weighted Assets | 13.90% | |
Capital Required for Capital Adequacy | $ 167,700 | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | |
Capital Required to be Well Capitalized | $ 209,624 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | |
Tier One Risk Based Capital | $ 290,016 | |
Tier One Risk Based Capital to Risk Weighted Assets | 13.80% | |
Tier One Risk Based Capital Required for Capital Adequacy | $ 126,094 | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | |
Tier One Risk Based Capital Required to be Well Capitalized | $ 168,125 | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | |
Common Equity Tier One Capital | $ 270,016 | |
Common Equity Tier One Capital Ratio | 12.90% | |
Common Equity Tier One Capital Required for Capital Adequacy | $ 94,192 | |
Common Equity Tier One Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |
Common Equity Tier One Capital Required to be Well-Capitalized | $ 136,055 | |
Common Equity Tier One Capital Required to Be Well Capitalized to Risk Weighted Assets | 6.50% | |
Tier One Leverage Capital | $ 290,016 | |
Tier One Leverage Capital to Average Assets | 8.80% | |
Tier One Leverage Capital Required for Capital Adequacy | $ 131,825 | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | |
Tier One Leverage Capital Required to be Well Capitalized | $ 164,782 | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% |
Condensed Financial Informati_3
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Cash and cash equivalents | $ 996,623 | $ 833,458 | ||
Loans | 14,357,460 | 11,666,572 | ||
Premises and equipment | 492,384 | 295,060 | ||
Other assets | 76,583 | 68,084 | ||
Total assets | 21,259,143 | 16,543,337 | $ 15,000,000 | |
LIABILITIES | ||||
Long-term debt | 435,859 | |||
Total liabilities | 18,270,219 | 14,296,903 | ||
Stockholders’ equity: | ||||
Preferred stock | 767 | |||
Common stock | 1,136 | 923 | ||
Surplus | 2,117,282 | 1,597,944 | ||
Accumulated other comprehensive gain (loss): | 848,848 | 674,941 | ||
Total stockholders’ equity | 2,988,924 | 2,246,434 | $ 2,084,564 | $ 1,151,111 |
Total liabilities and stockholders’ equity | 21,259,143 | 16,543,337 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents | 104,068 | 219,063 | ||
Investment securities | 743 | 2,848 | ||
Investments in wholly-owned subsidiaries | 3,269,224 | 2,368,870 | ||
Loans | 657 | 774 | ||
Intangible assets, net | 133 | 133 | ||
Premises and equipment | 27,351 | 5,804 | ||
Other assets | 31,738 | 29,974 | ||
Total assets | 3,433,914 | 2,627,466 | ||
LIABILITIES | ||||
Long-term debt | 413,760 | 353,950 | ||
Other liabilities | 31,230 | 27,082 | ||
Total liabilities | 444,990 | 381,032 | ||
Stockholders’ equity: | ||||
Preferred stock | 767 | |||
Common stock | 1,136 | 923 | ||
Surplus | 2,117,282 | 1,597,944 | ||
Accumulated other comprehensive gain (loss): | 848,848 | 674,941 | ||
Unrealized appreciation (depreciation) on available-for-sale securities, net of income taxes of $7,392 and ($9,686) at December 31, 2019 and 2018 respectively | 20,891 | (27,374) | ||
Total stockholders’ equity | 2,988,924 | 2,246,434 | ||
Total liabilities and stockholders’ equity | $ 3,433,914 | $ 2,627,466 |
Condensed Financial Informati_4
Condensed Financial Information (Parent Company Only) - Condensed Balance Sheets 2 (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Parent Company | ||
Unrealized depreciation on available-for-sale securities, net of income taxes | $ 7,392 | $ (9,686) |
Condensed Financial Informati_5
Condensed Financial Information (Parent Company Only) - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Provision for income taxes | $ 64,265 | $ 50,358 | $ 61,983 |
NET INCOME | 238,167 | 215,713 | 92,940 |
Preferred stock dividends | 339 | 0 | 0 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | 237,828 | 215,713 | 92,940 |
Parent Company | |||
Income Statement [Abstract] | |||
Dividends from subsidiaries | 67,893 | 145,980 | 69,107 |
Other income | 13,658 | 658 | 4,111 |
Income | 81,551 | 146,638 | 73,218 |
EXPENSE | 40,594 | 32,714 | 32,234 |
Income before income taxes and equity in undistributed net income of subsidiaries | 40,957 | 113,924 | 40,984 |
Provision for income taxes | (5,680) | (10,732) | (12,311) |
Income before equity in undistributed net income of subsidiaries | 46,637 | 124,656 | 53,295 |
Equity in undistributed net income of subsidiaries | 191,530 | 91,057 | 39,645 |
NET INCOME | 238,167 | 215,713 | 92,940 |
Preferred stock dividends | 339 | 0 | 0 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ 237,828 | $ 215,713 | $ 92,940 |
Condensed Financial Informati_6
Condensed Financial Information (Parent Company Only) - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
NET INCOME | $ 238,167 | $ 215,713 | $ 92,940 |
OTHER COMPREHENSIVE INCOME (LOSS) | |||
Equity in other comprehensive income (loss) of subsidiaries | 48,265 | (10,110) | 964 |
COMPREHENSIVE INCOME | 286,432 | 205,603 | 93,904 |
Parent Company | |||
NET INCOME | 238,167 | 215,713 | 92,940 |
OTHER COMPREHENSIVE INCOME (LOSS) | |||
Equity in other comprehensive income (loss) of subsidiaries | 48,265 | (10,110) | 964 |
COMPREHENSIVE INCOME | $ 286,432 | $ 205,603 | $ 93,904 |
Condensed Financial Informati_7
Condensed Financial Information (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net income | $ 238,167 | $ 215,713 | $ 92,940 |
Items not requiring (providing) cash | |||
Stock-based compensation expense | 12,921 | 9,725 | 10,681 |
Deferred income taxes | 34,911 | 8,412 | 23,251 |
Changes in: | |||
Other assets | 42,189 | (1,414) | 12,456 |
Net cash provided by operating activities | 266,347 | 260,679 | 114,563 |
INVESTING ACTIVITIES | |||
Net collections (originations) of loans | 23,806 | (912,793) | (719,219) |
Repayment of (advances to) subsidiaries | 1,235 | (55,211) | 0 |
Proceeds from maturities of available-for-sale securities | 776,084 | 258,325 | 487,717 |
Purchases of available-for-sale securities | (1,710,483) | (825,914) | (854,708) |
Net cash provided by (used in) investing activities | 594,208 | (1,428,821) | (338,471) |
FINANCING ACTIVITIES | |||
Proceeds from issuance of subordinated notes and other borrowings | 25,500 | 326,355 | 0 |
Stock repurchases | 10,128 | 0 | 0 |
Dividends paid on preferred stock | (339) | 0 | 0 |
Dividends paid on common stock | (63,921) | (55,646) | (35,116) |
Retirement of preferred stock | (42,000) | 0 | 0 |
Net cash (used in) provided by financing activities | (697,390) | 1,403,558 | 536,291 |
Parent Company | |||
OPERATING ACTIVITIES | |||
Net income | 238,167 | 215,713 | 92,940 |
Items not requiring (providing) cash | |||
Stock-based compensation expense | 12,921 | 9,725 | 10,681 |
Depreciation and amortization | 1,637 | 880 | 1,183 |
Deferred income taxes | (3,632) | 26 | 1,190 |
Equity in undistributed net income of bank subsidiaries | (191,530) | (91,057) | (39,645) |
Changes in: | |||
Other assets | 3,299 | 1,524 | 8,585 |
Other liabilities | (2,648) | 17,340 | (6,769) |
Net cash provided by operating activities | 58,214 | 154,151 | 68,165 |
INVESTING ACTIVITIES | |||
Net collections (originations) of loans | 117 | 219 | 90 |
Net (purchases of) proceeds from premises and equipment | (23,184) | 3,342 | (18) |
Repayment of (advances to) subsidiaries | 0 | 2,667 | (15,000) |
Proceeds from maturities of available-for-sale securities | 2,544 | 152 | 42 |
Purchases of available-for-sale securities | (439) | (211) | (2,752) |
Cash paid in business combinations | (36,811) | 0 | (100,468) |
Other, net | 29 | (1,903) | 0 |
Net cash provided by (used in) investing activities | (57,744) | 4,266 | (118,106) |
FINANCING ACTIVITIES | |||
Proceeds from issuance of subordinated notes and other borrowings | 0 | 326,355 | 0 |
Issuance (repayment) of long-term debt, net | 2,000 | (231,352) | 8,014 |
(Cancellation) issuance of common stock, net | (1,077) | 2,188 | 2,878 |
Stock repurchases | 10,128 | 0 | 0 |
Dividends paid on preferred stock | (339) | 0 | 0 |
Dividends paid on common stock | (63,921) | (55,646) | (35,116) |
Retirement of preferred stock | (42,000) | 0 | 0 |
Net cash (used in) provided by financing activities | (115,465) | 41,545 | (24,224) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (114,995) | 199,962 | (74,165) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 219,063 | 19,101 | 93,266 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 104,068 | $ 219,063 | $ 19,101 |